American Axle & Manufacturing Holdings Inc (AXL) 2018 Q4 法說會逐字稿

Good morning.

早上好。

My name is Sia, and I will be the conference facilitator today.

我叫 Sia，今天我將擔任會議主持人。

At this time, I would like to welcome everyone to the American Axle & Manufacturing Fourth Quarter 2018 Earnings Conference Call.

在這個時候，我想歡迎大家參加 American Axle & Manufacturing 2018 年第四季度收益電話會議。

(Operator Instructions) As a reminder, today's call is being recorded.

（操作員說明）作為提醒，今天的通話正在錄音中。

I would now like to turn the call over to Mr. Jason Parsons, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Jason Parsons 先生。

Please go ahead, Mr. Parsons.

請繼續，帕森斯先生。

Thank you, and good morning.

謝謝你，早上好。

I would like to welcome everyone who is joining us on AAM's fourth quarter earnings call.

我想歡迎所有加入我們參加 AAM 第四季度財報電話會議的人。

Earlier this morning, we released our fourth quarter and full year 2018 earnings announcement.

今天早上早些時候，我們發布了 2018 年第四季度和全年收益公告。

You can access this announcement on the Investor Relations page of our website, www.aam.com, and through the PR Newswire Services.

您可以在我們網站 www.aam.com 的投資者關係頁面上以及通過美通社服務訪問本公告。

You can also find supplemental slides for this conference call on the Investor page of our website as well.

您還可以在我們網站的投資者頁面上找到本次電話會議的補充幻燈片。

To listen to a replay of this call, you can dial 1 (855) 859-2056, reservation number 3389085.

要收聽此電話的重播，您可以撥打 1 (855) 859-2056，預訂號碼 3389085。

This replay will be available beginning at 3:00 p.m.

此重播將於下午 3:00 開始提供。

today through 11:59 Eastern Time February 21.

今天到東部時間 2 月 21 日 11:59。

Before we begin, I would like to remind everyone that the matters discussed in this call may contain comments and forward-looking statements subject to risk and uncertainties, which cannot be predicted or quantified, and which may cause future activities and results of operations to differ materially from those discussed.

在開始之前，我想提醒大家，本次電話會議中討論的事項可能包含受風險和不確定性影響的評論和前瞻性陳述，這些風險和不確定性無法預測或量化，並可能導致未來的活動和經營結果有所不同實質上來自討論的那些。

For additional information, we ask that you to refer to our filings with the Securities and Exchange Commission.

如需更多信息，我們請您參考我們提交給證券交易委員會的文件。

Also during this call, we may refer to certain non-GAAP financial measures.

同樣在本次電話會議期間，我們可能會參考某些非公認會計準則財務指標。

Information regarding these non-GAAP measures as well as a reconciliation of these non-GAAP measures to GAAP financial information is available on our website.

有關這些非 GAAP 措施的信息以及這些非 GAAP 措施與 GAAP 財務信息的對賬，請訪問我們的網站。

Over the next couple months, we expect to participate in the following conferences: The Citi Global Industrials Conference on February 20, the J.P. Morgan Global High Yield & Leveraged Finance Conference on February 26 and the Bank of America Merrill Lynch New York Auto Summit on April 17.

在接下來的幾個月中，我們預計將參加以下會議：2 月 20 日的花旗全球工業會議、2 月 26 日的摩根大通全球高收益和槓桿金融會議以及 4 月的美銀美林紐約汽車峰會17.

In addition, we are always happy to host investors at any of our facilities.

此外，我們總是很樂意在我們的任何設施中接待投資者。

Please feel free to contact me to schedule a visit.

請隨時與我聯繫以安排訪問。

With that, let me turn things over to AAM's Chairman and CEO, David Dauch.

有了這個，讓我把事情交給 AAM 的董事長兼首席執行官 David Dauch。

Thank you, Jason, and good morning to everyone.

謝謝你，傑森，大家早上好。

Thank you for joining us today to discuss AAM's financial results for the fourth quarter and full year of 2018.

感謝您今天加入我們，討論 AAM 2018 年第四季度和全年的財務業績。

Joining me on the call today are Mike Simonte, AAM's President; and Chris May, AAM's Vice President and Chief Financial Officer.

今天和我一起參加電話會議的是 AAM 總裁 Mike Simonte；和 AAM 的副總裁兼首席財務官 Chris May。

To begin my comments today, I will review the highlights of our fourth quarter and full year 2018 financial performance.

在今天開始我的評論之前，我將回顧我們 2018 年第四季度和全年財務業績的亮點。

Next, I'll comment on the performance of AAM's business units.

接下來，我將評論 AAM 業務部門的表現。

And lastly, I'll review our 2019 financial outlook before turning things over to Chris.

最後，在將事情交給克里斯之前，我將回顧一下我們 2019 年的財務前景。

After Chris covers the details of our financial results, we will open up the call for any questions that you may have.

在克里斯介紹了我們財務業績的詳細信息後，我們將向您提出任何問題。

Let me start by stating that AAM's full year 2018 financial results reflect record sales, gross profit and operating cash flow despite some launch and operating-related challenges during the second half of the year.

首先讓我說明 AAM 的 2018 年全年財務業績反映了創紀錄的銷售額、毛利潤和經營現金流，儘管在下半年存在一些與啟動和運營相關的挑戰。

AAM's fourth quarter 2018 sales were $1.69 billion compared to $1.73 billion in the fourth quarter of 2017.

AAM 2018 年第四季度的銷售額為 16.9 億美元，而 2017 年第四季度為 17.3 億美元。

For the full year 2018, AAM's sales increased to $7.27 billion, $1 billion higher than our full year 2017 and the new annual record for AAM.

2018 年全年，AAM 的銷售額增至 72.7 億美元，比 2017 年全年高出 10 億美元，創下 AAM 的年度新紀錄。

The primary reasons for this increase are related to operating for a full year as an integrated company, a solid new business backlog, strong light truck, SUV and crossover vehicle production volumes and higher customer pass-throughs related to metal market.

這一增長的主要原因與作為一家綜合性公司的全年運營、穩健的新業務積壓、強勁的輕型卡車、SUV 和跨界車產量以及與金屬市場相關的更高客戶通過率有關。

From a profitability perspective, AAM made progress in the fourth quarter on the launch and operational issues that we faced in the third quarter 2018 and continues to expect resolution of the matters by the second quarter of this year.

從盈利能力的角度來看，AAM 在第四季度在我們在 2018 年第三季度面臨的啟動和運營問題上取得了進展，並繼續期望在今年第二季度之前解決這些問題。

AAM's adjusted EBITDA in the fourth quarter of 2018 was $244 million or 14.4% of sales.

AAM 在 2018 年第四季度的調整後 EBITDA 為 2.44 億美元，佔銷售額的 14.4%。

This compared to $295.7 million in the fourth quarter 2017 or 17.1% of sales.

相比之下，2017 年第四季度為 2.957 億美元，佔銷售額的 17.1%。

For the full year 2018, AAM's adjusted EBITDA was $1,184,000,000.

2018 年全年，AAM 的調整後 EBITDA 為 1,184,000,000 美元。

This is another record for AAM, but it did not meet the expectations that we set forth for ourselves at the beginning of the year.

這是 AAM 的另一個記錄，但它沒有達到我們在年初為自己設定的期望。

AAM's adjusted EBITDA margin was 16.3% for the full year of 2018 compared to 17.6% for the full year of 2017.

AAM 2018 年全年的調整後 EBITDA 利潤率為 16.3%，而 2017 年全年為 17.6%。

AAM's adjusted EPS in the fourth quarter 2018 was $0.45 per share compared to $0.89 per share in the fourth quarter of 2017.

AAM 在 2018 年第四季度的調整後每股收益為 0.45 美元，而 2017 年第四季度為每股 0.89 美元。

For the full year of 2018, AAM's adjusted EPS was $3.28 per share compared to $3.75 per share in the full year of 2017.

2018 年全年，AAM 的調整後每股收益為 3.28 美元，而 2017 年全年為每股 3.75 美元。

It is important to highlight, and as we noted in our press release this morning, that we recorded a noncash goodwill impairment of $485.5 million in the fourth quarter of 2018 related to our casting and powertrain business units, the impact of which has been excluded from our adjusted EBITDA and adjusted EPS calculations.

重要的是要強調，正如我們在今天上午的新聞稿中指出的那樣，我們在 2018 年第四季度記錄了與我們的鑄造和動力總成業務部門相關的非現金商譽減值 4.855 億美元，其影響已被排除在外我們調整後的 EBITDA 和調整後的每股收益計算。

This impairment is the result of our annual goodwill impairment cap and reflects changing market dynamics and recent underperformance in these business units.

這種減值是我們年度商譽減值上限的結果，反映了不斷變化的市場動態和這些業務部門最近的表現不佳。

We've been very transparent about these matters in recent discussions with the investor community.

在最近與投資者社區的討論中，我們對這些問題非常透明。

It does not change our overall view of our long-term goals and objectives for AAM in any way, shape or form.

它不會以任何方式、形式或形式改變我們對 AAM 的長期目標和目標的總體看法。

AAM continued to deliver strong free cash flow generation in 2018.

AAM 在 2018 年繼續產生強勁的自由現金流。

AAM's adjusted free cash flow in the fourth quarter of 2018 was $142.4 million.

AAM 在 2018 年第四季度的調整後自由現金流為 1.424 億美元。

For the full year 2018, AAM's adjusted free cash flow was $322.3 million compared to $341 million for the full year 2017.

2018 年全年，AAM 調整後的自由現金流為 3.223 億美元，而 2017 年全年為 3.41 億美元。

Our net debt leverage ratio at the end of 2018 was 2.8x, and we continued to make prepayments on our gross debt with a $100 million payment in the fourth quarter of 2018.

我們在 2018 年底的淨債務槓桿率為 2.8 倍，我們繼續在 2018 年第四季度支付 1 億美元的總債務預付款項。

Chris will provide additional information regarding the details of our financial results in a few minutes.

克里斯將在幾分鐘內提供有關我們財務業績細節的更多信息。

Let's now turn to our business units and segment performance for the fourth quarter of 2018.

現在讓我們談談我們 2018 年第四季度的業務部門和部門業績。

The driveline business unit recorded sales of $996 million in the fourth quarter 2018 and delivered $146.5 million of segment adjusted EBITDA.

傳動系統業務部門在 2018 年第四季度的銷售額為 9.96 億美元，並實現了 1.465 億美元的部門調整 EBITDA。

Sales in this business unit were down versus the third quarter due to lower production days as a result of normal seasonality as well as additional downtime due to customer program changeovers.

該業務部門的銷售額與第三季度相比有所下降，原因是正常的季節性因素導致生產天數減少以及客戶程序轉換導致的額外停機時間。

AAM did see improvement in the operating and the launch performance in this business unit, especially as it relates to the build-out of the current Ram heavy-duty truck and the launch of the next-generation vehicle.

AAM 確實看到該業務部門的運營和發佈業績有所改善，尤其是與當前 Ram 重型卡車的擴建和下一代車輛的發布有關。

We also made meaningful progress on most of the supplier delivery issues that we faced back in the third quarter.

我們還在第三季度面臨的大多數供應商交付問題上取得了有意義的進展。

As it relates to our current production, the only remaining issue we have is with a core product metal supplier that we are in the process of resourcing and insourcing.

由於它與我們目前的生產有關，我們唯一剩下的問題是我們正在尋找資源和內包的核心產品金屬供應商。

As it relates to our electric driveline supply issues, one of the issues had been resolved, and we are moving forward with the resource supplier.

由於它與我們的電力傳動系統供應問題有關，其中一個問題已經解決，我們正在與資源供應商合作。

The other issue, which relates to an aluminum casting supplier, continues to drive excess cost, including labor and material and premium freight, and we are working hard to get this critical issue corrected, but do expect to incur premium cost at least into the first quarter of 2019, no different than what we told you before.

另一個與鋁鑄件供應商有關的問題繼續導致成本過高，包括勞動力、材料和溢價運費，我們正在努力糾正這個關鍵問題，但預計至少會在第一階段產生溢價成本2019 年季度，與我們之前告訴您的沒有什麼不同。

The metal forming business unit recorded sales of $339 million and segment adjusted EBITDA of $54.6 million in the fourth quarter of 2018.

金屬成型業務部門在 2018 年第四季度的銷售額為 3.39 億美元，部門調整後的 EBITDA 為 5460 萬美元。

Despite lower sales due to seasonality and program changeovers, this business unit performed at over 16% EBITDA margin level for the quarter.

儘管由於季節性和計劃轉換導致銷售額下降，但該業務部門本季度的 EBITDA 利潤率水平超過 16%。

On a full year basis, this business unit performed very well with an adjusted EBITDA margin of nearly 19%.

在全年的基礎上，該業務部門的表現非常好，調整後的 EBITDA 利潤率接近 19%。

The powertrain business unit recorded sales of $263 million and segment adjusted EBITDA of $32.3 million.

動力總成業務部門的銷售額為 2.63 億美元，部門調整後 EBITDA 為 3230 萬美元。

As you remember from the third quarter, we experienced significant excess project and launch related expense and expense-related costs from this business unit in the third quarter of 2018.

正如您在第三季度所記得的那樣，我們在 2018 年第三季度經歷了該業務部門的大量超額項目和啟動相關費用和費用相關成本。

We did, however, make improvements in launch-related expenses such as premium labor, scrap and indirect materials during the fourth quarter.

然而，我們確實在第四季度改善了與發布相關的費用，例如優質勞動力、廢料和間接材料。

While we were able to increase EBITDA margin sequentially by 30 basis points, we continue to be negatively impacted by excess launch cost and operating performance issues.

雖然我們能夠將 EBITDA 利潤率連續提高 30 個基點，但我們繼續受到超額發射成本和運營績效問題的負面影響。

However, the powertrain business unit is on track with its performance improvement plan, and we expect to see continued progress in these areas through the first half of 2019.

然而，動力總成業務部門的績效改進計劃正在步入正軌，我們預計這些領域將在 2019 年上半年繼續取得進展。

And the casting business unit recorded sales of $218.5 million and segment adjusted EBITDA of $10.6 million.

鑄造業務部門的銷售額為 2.185 億美元，部門調整後的 EBITDA 為 1060 萬美元。

We continue to be impacted by labor and operational inefficiency and input cost inflation in this business unit.

我們繼續受到該業務部門勞動力和運營效率低下以及投入成本膨脹的影響。

As part of our improvement initiatives, we've been able to negotiate some price increase with our commercial, industry customers.

作為我們改進計劃的一部分，我們已經能夠與我們的商業、行業客戶協商價格上漲。

This price impact started in the fourth quarter of 2018, but the majority of these actions will begin to favorably impact the business in the first quarter of 2019.

這種價格影響始於 2018 年第四季度，但其中大部分行動將在 2019 年第一季度開始對業務產生有利影響。

We expect this to help improve the performance of this business unit as we go forward.

我們希望這將有助於在我們前進的過程中提高該業務部門的績效。

As we announced back in January at the Detroit auto show, we are consolidating our powertrain business unit into both our driveline and metal forming business units.

正如我們在一月份在底特律車展上宣布的那樣，我們正在將我們的動力總成業務部門整合到我們的動力傳動系統和金屬成型業務部門。

We are moving 12 facilities that make up $600 million in sales, focused on highly engineered products, into our driveline segment.

我們正在將銷售額達 6 億美元、專注於高度工程化產品的 12 家工廠轉移到我們的傳動系統部門。

These products include differential assembly and vibration control systems.

這些產品包括差速器總成和振動控制系統。

The remaining 12 facilities representing about $500 million in sales and focused on forming and sintered operations are being integrated into our metal forming business unit.

其餘 12 家工廠的銷售額約為 5 億美元，專注於成型和燒結業務，正在整合到我們的金屬成型業務部門。

This business restructuring will assist us in accelerating and finalizing the integration process, which we are working to complete here by the end of 2019.

這次業務重組將幫助我們加速和完成整合過程，我們正在努力在 2019 年底之前完成。

Furthermore, it will enhance the alignment of AAM's product and process technologies and will help us accelerate the implementation of AAM's operating system, including important program management and launch readiness discipline, which we are lacking.

此外，它將加強 AAM 產品和工藝技術的一致性，並將幫助我們加快 AAM 操作系統的實施，包括我們所缺乏的重要項目管理和啟動準備紀律。

We will also achieve greater efficiencies within our corporate and business unit support teams and expect an annual cost savings of $10 million to $20 million.

我們還將提高公司和業務部門支持團隊的效率，預計每年可節省 1000 萬至 2000 萬美元的成本。

Keep in mind that these savings are in addition to the integration synergies associated with the MPG acquisition.

請記住，這些節省是在與 MPG 收購相關的整合協同效應之外的。

As you know, our objective was to secure $120 million in annual run rate cost savings by April 1, 2019.

如您所知，我們的目標是在 2019 年 4 月 1 日之前確保每年節省 1.2 億美元的運營成本。

We achieved this in January of 2019, a few months earlier.

幾個月前，我們在 2019 年 1 月實現了這一目標。

Let me wrap up 2018 with a look back at some of the overall highlights.

讓我回顧一下一些整體亮點，以結束 2018 年。

Despite the challenges that we faced in the second half of the year, it was still a great year for AAM in many regards.

儘管我們在下半年面臨挑戰，但在許多方面對 AAM 來說仍然是偉大的一年。

We hit record sales of over $7 billion in revenues for the first time as a company.

作為一家公司，我們的銷售額首次達到創紀錄的 70 億美元以上。

We were also recognized as a Fortune 500 company.

我們還被評為財富 500 強公司。

In addition, we also hit the highest adjusted EBITDA dollar mark and second-highest adjusted EBITDA margin in our company's history.

此外，我們還達到了公司歷史上最高的調整後 EBITDA 美元大關和第二高的調整後 EBITDA 利潤率。

From a technology perspective, we were awarded our fifth Global EcoTrac program, won 2 Lightweighting Awards for our advanced QUANTUM technology and launched our first e-AAM electric drive system on the Jaguar I-PACE vehicle.

從技術角度來看，我們獲得了第五個全球 EcoTrac 計劃，憑藉先進的 QUANTUM 技術獲得了 2 個輕量化獎，並在捷豹 I-PACE 車輛上推出了我們的第一個 e-AAM 電驅動系統。

Strategically, we sold the aftermarket division of our powertrain BU, formed an important joint venture with Wuling Motors in China and met key integration and synergy attainment milestones.

在戰略上，我們出售了動力總成事業部的售後部門，與五菱汽車在中國成立了一家重要的合資企業，實現了關鍵的整合和協同效應里程碑。

We also achieved 14 performance and quality awards from our customers, including our second consecutive supplier of the year award from General Motors.

我們還獲得了客戶頒發的 14 項性能和質量獎項，包括我們連續第二次獲得通用汽車頒發的年度供應商獎。

And we continued to generate strong free cash flow and made over $200 million in senior debt payments.

我們繼續產生強勁的自由現金流，並支付了超過 2 億美元的高級債務。

Needless to say, 2018 was a pivotal and busy year for AAM.

毋庸置疑，2018 年對於 AAM 來說是關鍵而忙碌的一年。

Before I turn over to Chris, let me provide some quick comments on AAM's 2019 full year financial outlook.

在向 Chris 介紹之前，讓我簡要介紹一下 AAM 的 2019 年全年財務展望。

Today, we are reaffirming the targets we shared with you at the auto show conference in Detroit back in January.

今天，我們重申我們在一月份在底特律舉行的車展大會上與您分享的目標。

AAM is targeting full year sales between $7.3 billion and $7.4 billion in 2019.

AAM 的目標是 2019 年全年銷售額在 73 億美元至 74 億美元之間。

We are also targeting adjusted EBITDA for 2019 in the range of $1.2 billion to $1.25 billion, an increase over 2018.

我們還將 2019 年調整後的 EBITDA 設定在 12 億美元至 12.5 億美元之間，比 2018 年有所增加。

And AAM is targeting adjusted free cash flow in the range of $350 million to $400 million, which contemplates capital spending of approximately 7% of sales.

AAM 的目標是調整後的自由現金流在 3.5 億美元至 4 億美元之間，預計資本支出約佔銷售額的 7%。

As we look towards 2019, we expect to profitably grow, further diversify our business and continue our trend of delivering strong free cash flow metrics.

展望 2019 年，我們預計將實現盈利增長，進一步多元化我們的業務，並繼續我們提供強勁自由現金流指標的趨勢。

Make no mistake, 2019 will be another exciting year for AAM, especially considering the strength of light truck, SUV and crossover vehicles in the marketplace, coupled with a strong economy.

毫無疑問，2019 年對於 AAM 來說將是又一個激動人心的一年，尤其是考慮到輕型卡車、SUV 和跨界車在市場上的實力，再加上強勁的經濟形勢。

Critical to our success in 2019 will be our ability to launch flawlessly and to restore operational excellence and discipline to our production operations, especially the legacy MPG facilities.

我們在 2019 年取得成功的關鍵將是我們能夠完美啟動並恢復我們的生產運營的卓越運營和紀律，特別是傳統的 MPG 設施。

We have approximately 50 product and program launches in 2019, including significant Ram HD and GM full-size truck launches.

我們在 2019 年推出了大約 50 款產品和計劃，其中包括重要的 Ram HD 和 GM 全尺寸卡車發布。

Many of these launches as well as our performance improvement plans will be completed by the first half of the year.

其中許多發布以及我們的績效改進計劃將在今年上半年完成。

The benefits from our business unit realignment, along with further synergy attainment activities should help drive improved performance for the year, especially the second half of the year.

我們的業務部門重組帶來的好處以及進一步的協同實現活動將有助於推動今年，尤其是下半年的業績改善。

That concludes my prepared remarks.

我準備好的發言到此結束。

Let me now turn the call over to our Vice President and Chief Financial Officer, Chris May.

現在讓我把電話轉給我們的副總裁兼首席財務官克里斯·梅。

Chris?

克里斯？

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早上好。

I will cover the financial details of our fourth quarter and full year 2018 results with you today.

今天，我將向您介紹我們第四季度和 2018 年全年業績的財務細節。

And I will also refer to the earnings slide deck as part of my prepared comments.

我還將參考收益幻燈片作為我準備好的評論的一部分。

So let's go ahead and get started with sales.

因此，讓我們繼續開始銷售。

In the fourth quarter 2018, AAM sales were $1.69 billion compared to $1.73 billion in the fourth quarter of 2017.

2018 年第四季度，AAM 銷售額為 16.9 億美元，而 2017 年第四季度為 17.3 億美元。

Slide 12 shows a walk down of fourth quarter 2017 sales to the fourth quarter 2018 sales.

幻燈片 12 顯示了從 2017 年第四季度到 2018 年第四季度的銷售額。

The year-over-year decrease relates mainly to the impact of the transition to the next-generation GM full-size truck platform, partially offset by continued realization of our new business backlog.

同比下降主要與向下一代通用汽車全尺寸卡車平台過渡的影響有關，部分被我們新業務積壓的持續實現所抵消。

Higher metal market pass-throughs also contributed slightly to the higher sales of about $8 million.

較高的金屬市場傳遞也對約 800 萬美元的較高銷售額略有貢獻。

For the full year 2018, AAM's sales increased over 15% to $7.27 billion as compared to $6.27 billion in the full year 2017.

2018 年全年，AAM 的銷售額增長超過 15%，達到 72.7 億美元，而 2017 年全年的銷售額為 62.7 億美元。

Having a full year impact of the MPG acquisition added over $700 million to the top line in 2018 as compared to 2017.

與 2017 年相比，收購 MPG 的全年影響在 2018 年增加了超過 7 億美元的收入。

But AAM also grew organically, mainly on the strength of our new business backlog.

但 AAM 也實現了有機增長，這主要得益於我們新業務的積壓。

This increase also reflected higher customer metal market pass-throughs, which increased sales, but had a detrimental impact on our margin in 2018 of about 20 to 30 basis points.

這一增長也反映了更高的客戶金屬市場通過率，這增加了銷售額，但對我們 2018 年的利潤率產生了約 20 至 30 個基點的不利影響。

Now let's move on to profitability.

現在讓我們繼續討論盈利能力。

As David covered earlier, we made progress on some of the launch and operational challenges that we faced last quarter.

正如 David 之前提到的，我們在上個季度面臨的一些啟動和運營挑戰方面取得了進展。

Gross profit was $225.3 million or 13.3% of sales in the fourth quarter of 2018.

2018 年第四季度毛利潤為 2.253 億美元，佔銷售額的 13.3%。

For the full year 2018, AAM achieved record gross profit of $1,140,000,000.

2018 年全年，AAM 實現了創紀錄的 1,140,000,000 美元的毛利潤。

This equates to 15.7% of sales.

這相當於銷售額的 15.7%。

Adjusted EBITDA was $244 million in the fourth quarter 2018 or 14.4% of sales as compared to $295.7 million or 17.1% of sales in the fourth quarter of 2017.

2018 年第四季度調整後 EBITDA 為 2.44 億美元，佔銷售額的 14.4%，而 2017 年第四季度為 2.957 億美元，佔銷售額的 17.1%。

You can see a year-over-year walk down of adjusted EBITDA on Slide 13.

您可以在幻燈片 13 上看到調整後 EBITDA 的同比下降。

Lower volume and mix impacted EBITDA by $26 million as we saw lower sales in some of our more profitable programs within the quarter.

由於我們在本季度的一些更有利可圖的計劃中看到銷售額下降，因此數量和組合的減少對 EBITDA 產生了 2600 萬美元的影響。

In addition, the timing of year-over-year customer pricing updates also impacted the quarter, along with a slight impact from metal market and FX.

此外，同比客戶定價更新的時間也影響了本季度，金屬市場和外匯也有輕微影響。

Consistent with recent quarters, we continued to see inflationary pressures on material and freight.

與最近幾個季度一致，我們繼續看到材料和貨運方面的通脹壓力。

On a year-over-year basis, this impacted EBITDA in the amount of $14 million, of which approximately $3 million related to tariffs.

與去年同期相比，這對 EBITDA 產生了 1400 萬美元的影響，其中約 300 萬美元與關稅有關。

While we believe that these inflationary pressures have started to level off some, we have factored some additional inflation pressures in our 2019 financial targets, mostly to reflect a full year impact of these issues that emerged in 2018.

雖然我們認為這些通脹壓力已經開始趨於平穩，但我們在 2019 年的財務目標中考慮了一些額外的通脹壓力，主要是為了反映 2018 年出現的這些問題對全年的影響。

On a year-over-year basis, we also experienced higher launch and project-related costs in the fourth quarter 2018 of about $10 million.

與去年同期相比，我們在 2018 年第四季度還經歷了更高的啟動和項目相關成本，約為 1000 萬美元。

As you may recall, this year-over-year headwind was $30 million in the third quarter, and we've seen some improvement in areas such as scrap, premium labor and outside processing costs.

您可能還記得，第三季度的同比逆風為 3000 萬美元，我們已經看到廢料、優質勞動力和外部加工成本等領域有所改善。

We do expect to make continued progress on these costs in the first half of 2019, and anticipate seeing significant year-over-year decreases in these costs by the second half of 2019.

我們確實預計在 2019 年上半年這些成本將繼續取得進展，並預計到 2019 年下半年這些成本將同比大幅下降。

We also continued to experience run rate inflation on labor and utility costs similar to what we experienced in the third quarter.

我們還繼續經歷與第三季度類似的勞動力和公用事業成本的運行率通脹。

As for supply disruptions, we are still working on a few key issues to resolve, but many of these issues were resolved in the fourth quarter.

至於供應中斷，我們仍在努力解決一些關鍵問題，但其中許多問題在第四季度得到解決。

Our castings business unit continued with some operational cost increases with indirect input and additional maintenance costs in the fourth quarter of 2018.

2018 年第四季度，由於間接投入和額外維護成本，我們的鑄件業務部門繼續增加了一些運營成本。

We continue to realize benefit from our synergy attainment activities with a year-over-year increase of $10 million in the fourth quarter of 2018 and in line with our overall run rate achievement and goals.

我們繼續從我們的協同實現活動中受益，2018 年第四季度同比增長 1000 萬美元，符合我們的整體運行率成就和目標。

When you look at the sequential EBITDA changes in EBITDA from the third quarter of 2018 to the fourth quarter, which is detailed on Page 14, the largest impact we had was related to volume, mix and pricing.

當您查看從 2018 年第三季度到第四季度 EBITDA 的連續 EBITDA 變化時（詳見第 14 頁），我們受到的最大影響與數量、組合和定價有關。

Sales were down nearly $125 million, which caused a $46 million reduction to EBITDA on a quarter-to-quarter comparison.

銷售額下降近 1.25 億美元，導致 EBITDA 環比減少 4600 萬美元。

We did see a small benefit related to metal market and FX, mainly reflecting an FX remeasurement loss that occurred in the third quarter, but did not recur in the fourth quarter.

我們確實看到了與金屬市場和外匯相關的小幅收益，主要反映了第三季度發生的外匯重新計量損失，但在第四季度沒有再次發生。

And lastly, and most importantly, we did see an $11 million improvement related to launch and operational improvements from the third quarter to the fourth quarter.

最後，也是最重要的一點，從第三季度到第四季度，我們確實看到了與發布和運營改進相關的 1100 萬美元的改進。

This is in line with the improvements we expected to achieve.

這符合我們預期實現的改進。

A couple of other things to know on the fourth quarter 2018 as it relates to adjustments to EBITDA.

關於 2018 年第四季度的其他一些與 EBITDA 調整有關的事情。

In the fourth quarter 2018, we incurred $12.1 million of restructuring and acquisition-related costs.

2018 年第四季度，我們發生了 1210 萬美元的重組和收購相關成本。

These costs have been excluded from adjusted EBITDA and adjusted EPS.

這些成本已從調整後的 EBITDA 和調整後的每股收益中排除。

We also recorded a noncash goodwill and timing impairment charge in the fourth quarter of 2018 of $485.5 million.

我們還在 2018 年第四季度記錄了 4.855 億美元的非現金商譽和時間減值費用。

$405 million relates to our casting business unit and $80 million to our powertrain business unit.

4.05 億美元用於我們的鑄造業務部門，8000 萬美元用於我們的動力總成業務部門。

As you know, we are required by U.S. GAAP to perform an annual goodwill impairment test, which we perform in the fourth quarter of every year on a reporting unit basis.

如您所知，美國公認會計原則要求我們進行年度商譽減值測試，我們在每年第四季度以報告單位為基礎進行。

Due in part to recent performance and lower-than-anticipated passenger car volumes in our casting and powertrain business units as well as a general contraction of market valuation multiples relating to similar businesses, the process we used for this accounting impairment test under ASC 350 resulted in a fair market valuation lower than the carrying value of these business units.

部分由於我們的鑄造和動力總成業務部門的近期業績和低於預期的乘用車銷量，以及與類似業務相關的市場估值倍數普遍收縮，我們在 ASC 350 下用於此會計減值測試的過程導致在公平的市場估值低於這些業務單位的賬面價值。

Accordingly, we impaired all of the goodwill that was recorded on the balance sheet of the casting business unit and a small portion of the powertrain goodwill.

因此，我們減值了記錄在鑄造業務部門資產負債表上的所有商譽和一小部分動力總成商譽。

But as David mentioned, this GAAP accounting charge does not change AAM's views on the long-term success of its business, and you can clearly see the other segments in our business are very strong.

但正如大衛所說，這項 GAAP 會計收費並沒有改變 AAM 對其業務長期成功的看法，您可以清楚地看到我們業務中的其他部門非常強大。

For the full year of 2018, AAM's adjusted EBITDA increased to $1,184,000,000.

2018 年全年，AAM 的調整後 EBITDA 增加到 1,184,000,000 美元。

Adjusted EBITDA margin for the full year 2018 was 16.3% of sales.

2018 年全年調整後的 EBITDA 利潤率為銷售額的 16.3%。

Now let me cover SG&A.

現在讓我介紹一下SG&A。

SG&A expense, including R&D, in the fourth quarter 2018 was $97.1 million or 5.7% of sales.

2018 年第四季度，包括研發在內的 SG&A 費用為 9710 萬美元，佔銷售額的 5.7%。

This compares to $101 million in the fourth quarter 2016 (sic) [2017] or 5.8% of sales.

相比之下，2016 年第四季度（原文如此）[2017 年] 為 1.01 億美元，佔銷售額的 5.8%。

AAM's R&D spending in the fourth quarter 2018 was $35.9 million compared to $38.6 million in the fourth quarter of 2017.

AAM 在 2018 年第四季度的研發支出為 3590 萬美元，而 2017 年第四季度為 3860 萬美元。

For the full year 2018, SG&A expense was $385.7 million or 5.3% of sales.

2018 年全年，SG&A 費用為 3.857 億美元，佔銷售額的 5.3%。

This compares to $390.1 million for the full year 2017 or 6.2% of sales.

相比之下，2017 年全年為 3.901 億美元，佔銷售額的 6.2%。

AAM's R&D spending for the full year 2018 was $146 million compared to $162 million in the full year 2017.

AAM 2018 年全年的研發支出為 1.46 億美元，而 2017 年全年為 1.62 億美元。

Through all of our year-over-year SG&A comparisons in 2018, you can clearly see the realization of many of AAM's synergy benefits.

通過我們在 2018 年的所有年度 SG&A 比較，您可以清楚地看到 AAM 的許多協同效益的實現。

Now let's move on to interest and taxes.

現在讓我們繼續討論利息和稅收。

Net interest expense was $53.4 million in the fourth quarter 2018 compared to $55 million in the fourth quarter 2017.

2018 年第四季度的淨利息支出為 5340 萬美元，而 2017 年第四季度為 5500 萬美元。

For the full year 2018, net interest expense was $214 million as compared to $193 million in 2017.

2018 年全年，淨利息支出為 2.14 億美元，而 2017 年為 1.93 億美元。

This increase reflects the full year impact of additional debt required to fund the MPG acquisition.

這一增長反映了為 MPG 收購提供資金所需的額外債務對全年的影響。

In the fourth quarter 2018, we recorded an income tax benefit of $88.5 million compared to a benefit of $13.1 million in the fourth quarter 2017.

2018 年第四季度，我們的所得稅收益為 8850 萬美元，而 2017 年第四季度的收益為 1310 萬美元。

The primary reason for this significant benefit in the fourth quarter relates to the tax effect of certain elements of our goodwill impairment.

第四季度這一重大收益的主要原因與我們商譽減值的某些要素的稅收影響有關。

For the full year, when adjusting for the tax impact on restructuring and acquisition-related items, goodwill impairment gained and the sale of our business and other recurring items, we were running at an effective tax rate of just over 13%.

全年，在調整重組和收購相關項目的稅收影響、獲得的商譽減值以及出售我們的業務和其他經常性項目時，我們的有效稅率略高於 13%。

This is a little bit lower than we expected to be at the beginning of the year due to the final impact and benefits of U.S. tax reform as well as some additional tax synergies we identified.

由於美國稅制改革的最終影響和好處以及我們發現的一些額外的稅收協同效應，這比我們在年初的預期要低一些。

As we look towards 2019, we expect our effective tax rate to be around 20%.

展望 2019 年，我們預計我們的有效稅率將在 20% 左右。

The increase in our effective tax rate year-over-year relates to higher projected tax expense in certain foreign subsidiaries.

我們的有效稅率同比增加與某些外國子公司的預計稅收支出增加有關。

Taking all of these sales and cost drivers into account, GAAP net loss was $361.8 million or $3.24 per share in the fourth quarter 2018 compared to net income of $106.3 million or $0.93 per share in the fourth quarter 2017.

考慮到所有這些銷售和成本驅動因素，2018 年第四季度的 GAAP 淨虧損為 3.618 億美元或每股 3.24 美元，而 2017 年第四季度的淨收入為 1.063 億美元或每股 0.93 美元。

For the full year 2018, AAM's GAAP net loss was $57.5 million or $0.51 per share compared to $337.1 million or $3.21 per share for the full year of 2017.

2018 年全年，AAM 的 GAAP 淨虧損為 5750 萬美元或每股 0.51 美元，而 2017 年全年為 3.371 億美元或每股 3.21 美元。

Adjusted earnings per share excludes the impact of the items discussed on this call and noting in our earnings press release.

調整後的每股收益不包括本次電話會議中討論的項目的影響，並在我們的收益新聞稿中註明。

Adjusted EPS for the fourth quarter of 2018 was $0.45 per share compared to $0.89 per share in the fourth quarter 2017.

2018 年第四季度調整後每股收益為 0.45 美元，而 2017 年第四季度為每股 0.89 美元。

For the full year 2018, adjusted EPS was $3.28 compared to $3.71 for the full year 2017.

2018 年全年調整後每股收益為 3.28 美元，而 2017 年全年為 3.71 美元。

Let's now move on to cash flow and the balance sheet.

現在讓我們繼續討論現金流和資產負債表。

Net cash provided by operating activities in the fourth quarter 2018 was $258.3 million.

2018 年第四季度經營活動提供的淨現金為 2.583 億美元。

Capital expenditures, net of proceeds from the sale of property, plant and equipment in the fourth quarter was $131.2 million.

資本支出，扣除第四季度出售物業、廠房和設備的收益後為 1.312 億美元。

Cash payment for restructuring and acquisition-related activity for the fourth quarter of 2018 were $15.3 million.

2018 年第四季度重組和收購相關活動的現金支付為 1530 萬美元。

Reflecting the impact of this activity, AAM generated adjusted free cash flow of $142.4 million in the fourth quarter of 2018.

反映這一活動的影響，AAM 在 2018 年第四季度產生了 1.424 億美元的調整後自由現金流。

For the full year of 2018, AAM generated adjusted free cash flow of $322 million compared to $341 million in the full year 2017.

2018 年全年，AAM 產生的調整後自由現金流為 3.22 億美元，而 2017 年全年為 3.41 億美元。

This represents an adjusted free cash flow yield of approximately 20%.

這意味著調整後的自由現金流收益率約為 20%。

From a debt leverage perspective, we ended the year with a net debt to LTM adjusted EBITDA or net leverage ratio of 2.8x at December 31.

從債務槓桿的角度來看，截至 12 月 31 日，我們的淨債務與 LTM 調整後的 EBITDA 或淨槓桿比率為 2.8 倍。

In the fourth quarter of 2018, we prepaid $100 million on our 7.75% senior notes that are due in 2019.

2018 年第四季度，我們為 2019 年到期的 7.75% 優先票據預付了 1 億美元。

We are pleased to utilize the free cash flow generating power of AAM to do exactly what we said we would do, reduce our leverage and future interest expense.

我們很高興利用 AAM 的自由現金流產生能力來完全按照我們所說的去做，降低我們的槓桿率和未來的利息支出。

The balance of these notes, $100 million are now current and will be paid no later than November of this year.

這些票據的餘額 1 億美元現在是流動的，將不遲於今年 11 月支付。

AAM ended 2018 with total available liquidity of over $1.4 billion, consisting of available cash and borrowing capacity on AAM's global credit facilities.

截至 2018 年底，AAM 的可用流動資金總額超過 14 億美元，包括可用現金和 AAM 全球信貸額度的借貸能力。

Before we move to the Q&A, let me close my comments with a quick note on our 2019 guidance.

在進入問答環節之前，讓我簡要介紹一下我們 2019 年的指導意見，以結束我的評論。

David reaffirmed our full year financial targets that we previously communicated to you, so I'm not going to repeat them.

大衛重申了我們之前與您溝通過的全年財務目標，因此我不會重複這些目標。

I do think it's important to note, however, that customer downtime in Q1 related to the next-generation Ram HD truck, which is then followed by a ramp-up of production of this vehicle through the balance of the quarter as well as downtime in General Motors full-size truck facilities as they prepare for their upcoming launches will have a significant impact on sales and profits in the first quarter 2019.

然而，我認為重要的是要注意，第一季度的客戶停機時間與下一代 Ram HD 卡車有關，然後在本季度的剩餘時間內增加了這款車的產量，並在通用汽車為即將推出的產品做準備的全尺寸卡車設施將對 2019 年第一季度的銷售和利潤產生重大影響。

Based upon these factors, we expect the first quarter to have the lowest sales per production day of the year.

基於這些因素，我們預計第一季度每個生產日的銷售額將是一年中最低的。

We have heard several of our customers and peers provide very similar commentary.

我們聽說我們的一些客戶和同行提供了非常相似的評論。

While we typically do not provide quarterly guidance, we thought it would be helpful to do so during this period of heavy launch activity.

雖然我們通常不提供季度指導，但我們認為在這個發射活動繁重的時期這樣做會有所幫助。

We included a Slide 16, a sequential bridge from the fourth quarter of 2018 to the first quarter of 2019.

我們包括了一張幻燈片 16，這是從 2018 年第四季度到 2019 年第一季度的連續橋樑。

We expect that our normal anticipated project expense for 2019 to be front-loaded and have the most impact in the first quarter as compared to the rest of the year as we prepare for the launches in the first half of the year that represent approximately 80% of all of our 2019 launches.

我們預計我們 2019 年的正常預期項目費用將提前承擔，並且與今年剩餘時間相比，第一季度的影響最大，因為我們為上半年的發布做準備，約佔 80%在我們 2019 年推出的所有產品中。

We will also continue to make progress on reducing and eliminating the excess launch-related costs and improving the performance within our operations as we progress through 2019.

隨著我們在 2019 年的推進，我們還將繼續在減少和消除與發射相關的多餘成本以及提高我們的運營績效方面取得進展。

That being said, let me reiterate that all of these factors were contemplated in the full year 2019 guidance we provided in mid-January.

話雖如此，讓我重申，我們在 1 月中旬提供的 2019 年全年指導中考慮了所有這些因素。

Nothing has changed.

什麼也沒有變。

We have reaffirmed this guidance with you today.

我們今天與您重申了這一指導。

To wrap things up, despite the challenges we faced in 2018, we still achieved solid financial performance and continued to generate significant cash flow.

總而言之，儘管我們在 2018 年面臨挑戰，但我們仍然取得了穩健的財務業績並繼續產生大量現金流。

We've begun to improve on our launch and operational performance and have gained momentum in the latter part of 2018 and into the first part of this year.

我們已經開始改進我們的發布和運營績效，並在 2018 年下半年和今年上半年獲得了動力。

And not to forget, our cash flow generation has been strong.

不要忘記，我們的現金流量一直很強勁。

We have been disciplined in managing our capital spending and elements of our working capital.

我們一直在管理我們的資本支出和營運資本的要素方面自律。

I expect these trends to continue into 2019.

我預計這些趨勢將持續到 2019 年。

We are looking forward to a great year for AAM.

我們期待 AAM 迎來美好的一年。

Thank you for your time and participation on the call today.

感謝您抽出時間參加今天的電話會議。

I'm going to stop here and turn the call back over to Jason, so we could start the Q&A.

我將在此停下來，將電話轉回給 Jason，這樣我們就可以開始問答了。

Thank you, Chris and David.

謝謝你，克里斯和大衛。

We have reserved some time to take questions.

我們預留了一些時間來回答問題。

(Operator Instructions) So at this time, please feel free to proceed with any questions you may have.

（操作員說明）因此，此時，請隨時繼續處理您可能遇到的任何問題。

(Operator Instructions) And the first question will come from Rod Lache with Wolfe Research.

（操作員說明）第一個問題將來自 Wolfe Research 的 Rod Lache。

I wanted to ask you about the casting side of the business a little bit more.

我想再問你一些關於演員選角的事情。

Obviously, the business has been very weak.

顯然，業務一直很疲軟。

You had a goodwill impairment.

你有商譽減值。

The business is not being consolidated into the rest of the business.

該業務並未整合到其他業務中。

So it sounds -- it seems like you're signaling something here, that at the very least that, that business is really separate.

所以聽起來 - 似乎你在這裡發出信號，至少那個業務是真正獨立的。

And I was wondering if you could just speak to what you're really thinking here?

我想知道你是否可以直接說出你在這裡的真實想法？

Could this be a candidate for divestiture?

這可能是剝離的候選人嗎？

Could this be more valuable to someone else?

這對別人來說會更有價值嗎？

Or are there real synergies at some point to holding it?

還是在某個時候持有它有真正的協同作用？

Yes, Rod, this is David.

是的，羅德，這是大衛。

We are not trying to telegraph anything.

我們不是想電報任何事情。

I mean, we had 4 business units when we started the year.

我的意思是，年初時我們有 4 個業務部門。

Now we made the decision to consolidate to 3 business units by consolidating our powertrain business unit into driveline and metal forming, as I outlined.

正如我所概述的，現在我們決定通過將我們的動力總成業務部門合併為傳動系統和金屬成型來合併為 3 個業務部門。

We just felt that it was the final stage of the integration in the powertrain.

我們只是覺得這是動力總成集成的最後階段。

It was predominantly legacy MPG facilities.

它主要是傳統的 MPG 設施。

But back to your question on castings.

但回到你關於鑄件的問題。

Our focus right now is fixing the labor issues and the operational stability issues.

我們現在的重點是解決勞工問題和運營穩定性問題。

We are making improvement there.

我們正在那裡進行改進。

At the same time, as I covered, we have addressed some of the price initiatives with the industrial and commercial.

同時，正如我所介紹的，我們已經與工業和商業部門討論了一些價格舉措。

We don't have anything to announce at this time.

我們目前沒有任何要宣布的事情。

As we said to you before and others before, we are always assessing core and noncore assets and at the appropriate time we will communicate that to everybody.

正如我們之前對您和其他人所說的那樣，我們一直在評估核心和非核心資產，並在適當的時候將其傳達給所有人。

Okay.

好的。

And just secondly, on the performance improvement plan.

其次，關於績效改進計劃。

You talked about $11 million of sequential improvement in the fourth quarter.

您談到了第四季度 1100 萬美元的連續改進。

Was there anything unusual in that number in terms of recovery from a customer?

就從客戶那裡收回來的情況而言，這個數字有什麼不尋常的地方嗎？

Was -- can you just talk to that?

是——你能談談嗎？

And what are you expecting from Q4 to Q1 in terms of the magnitude of the improvement?

就改進幅度而言，您對第四季度到第一季度的預期是什麼？

And then just also related to that, it sounded like one of the more challenging problems was at your Bluffton plant, you replaced management there.

然後也與此相關，聽起來更具挑戰性的問題之一是在您的布拉夫頓工廠，您更換了那裡的管理人員。

Is that still a significant drag?

這仍然是一個很大的阻力嗎？

How does that kind of play out in the numbers?

這種情況如何在數字中發揮作用？

Hey, Rod, this is Chris.

嘿，羅德，這是克里斯。

I will cover some of those financial numbers, and then we'll proceed to the rest of your questions there.

我將介紹其中一些財務數據，然後我們將繼續討論您的其餘問題。

As it relates to the $11 million on the sequential loss from Q3 into Q4, I would tell you that's clearly the net number.

由於它與從第三季度到第四季度的連續虧損 1100 萬美元有關，我會告訴你這顯然是淨數字。

We saw good performance improvements on our driveline side of the house.

我們在房子的傳動系統方面看到了良好的性能改進。

We did get some customer recoveries that we did talk about in the fourth quarter, but we also had some premiums associated with that.

我們確實得到了一些我們在第四季度談到的客戶恢復，但我們也有一些與此相關的溢價。

So net-net, that is probably neutral in the quarter, but offset any incremental costs, but our driveline performed well in terms of on its path of improvement.

因此，net-net 在本季度可能是中性的，但抵消了任何增量成本，但我們的動力傳動系統在其改進路徑上表現良好。

We saw improvement in our powertrain business as well from some of the premium costs that we incurred in the third quarter.

從第三季度產生的一些溢價成本中，我們也看到了動力總成業務的改善。

You asked us about castings earlier.

你之前問過我們關於鑄件的問題。

If you look at the segment information for castings, you can actually see they ceded back a little bit.

如果您查看鑄件的細分信息，您實際上可以看到他們退讓了一點。

So their operational improvement was slightly negative in the quarter.

因此，他們的運營改善在本季度略有負面。

So if you do that math, driveline and powertrain, total was greater than $11 million, casting was down a little, but trending in the areas that we targeted.

因此，如果你計算一下，傳動系統和動力總成，總價值超過 1100 萬美元，鑄造略有下降，但在我們的目標領域有趨勢。

Supplier issues getting resolved.

供應商問題得到解決。

Premium freight, outside processing, labor issues getting resolved and kind of working through that.

優質貨運、外部加工、勞動力問題得到解決並通過這些工作。

So holistically on the plan that we described to you.

如此全面地按照我們向您描述的計劃。

You asked about also going into the first quarter of 2019.

你問到也進入 2019 年第一季度。

We did put a bridge in our earnings deck as well.

我們也確實在我們的收益平台上架起了一座橋樑。

We would anticipate on track another $5 million to $15 million in terms of improvements, again, targeting those key areas that we just talked about and improved on in the fourth quarter.

我們預計在改進方面再增加 500 萬至 1500 萬美元，目標是我們剛剛在第四季度談到並改進的那些關鍵領域。

We continue to chip away at those and make progress.

我們將繼續減少這些並取得進展。

Yes, then, Rod, this is David.

是的，那麼，羅德，這是大衛。

In regards to your comment on Bluffton.

關於您對布拉夫頓的評論。

We did change out part of the management team there.

我們確實改變了那裡的管理團隊的一部分。

We've got an AAM team settled into that facility now.

我們現在已經有一個 AAM 團隊進入該設施。

We are making marked improvements and starting to address some of the premium costs that we have been incurring there.

我們正在做出顯著的改進，並開始解決我們在那裡產生的一些溢價成本。

But as we indicated, some of those challenges will continue into the first half of 2019, but we're highly confident we can put them behind us by then.

但正如我們所指出的，其中一些挑戰將持續到 2019 年上半年，但我們非常有信心到那時我們可以將它們拋在腦後。

The next question will come from Brian Johnson with Barclays.

下一個問題將來自巴克萊銀行的布賴恩約翰遜。

Yes.

是的。

So news of the day is Amazon investing in Rivian.

因此，當天的新聞是亞馬遜投資 Rivian。

There had been rumors, not confirmed one way or the other that GM could be investing it all.

有傳言說，通用汽車可能會全部投資，但並沒有得到證實。

Ford, of course, made noises about an all-electric pickup as is another firm out in Silicon Valley making noises about it.

當然，福特和矽谷的另一家公司一樣，對全電動皮卡發出了聲音。

So just kind of want your thinking on the pickup eDrive opportunity, which you've talked about.

因此，只是希望您考慮一下您已經談到的皮卡 eDrive 機會。

And then, in particular, where your primary customer could be going in that and your involvement, if any?

然後，特別是，您的主要客戶可能會去哪里以及您的參與（如果有的話）？

Hey, Brian, this is David.

嘿，布賴恩，這是大衛。

Clearly, we are finding our future for electrification, but we are also a strong believer that the IC engine, especially on pickup trucks, is going to be around for a longer period of time than planned.

顯然，我們正在尋找電氣化的未來，但我們也堅信 IC 發動機，尤其是皮卡車上的發動機，將比計劃的更長時間。

We recognize and appreciate what Rivian is doing and selling a potential niche that is there, more from an off-road and maybe a fun vehicle type application versus the heavy use of pickups for construction, agriculture and other types of needs.

我們認識到並欣賞 Rivian 正在做的事情，並銷售了一個潛在的利基市場，更多地來自越野，也許是一種有趣的車輛類型應用，而不是大量使用皮卡來滿足建築、農業和其他類型的需求。

But clearly GM and Amazon have made commitments that they want to get into this business, GM from an electrification standpoint would like to see zero emissions over time.

但很明顯，通用汽車和亞馬遜已經承諾他們希望進入這項業務，從電氣化的角度來看，通用汽車希望隨著時間的推移實現零排放。

That needs to include trucks as well.

這也需要包括卡車。

And we're going to be part of that solution.

我們將成為該解決方案的一部分。

We're already developing and testing electric axle applications for truck applications.

我們已經在為卡車應用開發和測試電動車軸應用。

And as you know, we already have electric axles in crossover vehicles and then also in the future performance passenger cars.

如您所知，我們已經在跨界車以及未來的高性能乘用車中使用了電動車橋。

So we're prepared, we're working with our customers.

所以我們準備好了，我們正在與我們的客戶合作。

At the same time, our customers are going to dictate the integration of electrification along with the market with respect to pickup trucks.

與此同時，我們的客戶將決定電氣化與皮卡市場的整合。

Okay.

好的。

And in terms of what percent of the market you think could go electric for pickup and when?

就你認為電動皮卡的市場份額而言，什麼時候？

Do you have any -- so you mentioned off-road, high torque, luxury.

你有沒有 - 所以你提到了越野，高扭矩，豪華。

And so should we be thinking sort of Raptor-ish kind of applications versus crew cabs and commercial use?

那麼，我們是否應該考慮使用類似 Raptor 的應用程序而不是乘員室和商業用途？

Yes, Brian, as I said, I think it's niche applications.

是的，Brian，正如我所說，我認為這是小眾應用。

You can put whatever percentage you want to put on there, but it would be very low compared to what I think IC engines and powertrains will continue to support the product portfolio that's there today.

你可以放任何你想放在那裡的百分比，但與我認為 IC 發動機和動力系統將繼續支持今天的產品組合相比，它會非常低。

Okay.

好的。

Second question, there has been some press around labor unrest and strikes and lobbing for higher wage in Mexico.

第二個問題，墨西哥出現了一些關於勞工騷亂、罷工和遊說提高工資的新聞。

Do you expect any kind of wage and salary inflation in Mexico?

您預計墨西哥會出現任何形式的工資和薪金通脹嗎？

And does your guidance assume that?

你的指導是否假設了這一點？

Well, we always have labor and wage inflation in Mexico each and every year.

好吧，我們每年都會在墨西哥遇到勞動力和工資上漲的情況。

We negotiate those every year, benefits every other year, and we've been able to offset that with productivity.

我們每年就這些進行談判，每隔一年就獲得利益，我們已經能夠用生產力來抵消它。

We're obviously have a couple -- we obviously keep a watchful eye with respect to the marketplace.

我們顯然有一對——我們顯然對市場保持警惕。

But we feel we're in solid shape at this time in Mexico.

但我們覺得我們此時在墨西哥處於穩固狀態。

The next question will come from Joe Spak with RBC Capital Markets.

下一個問題將來自 RBC Capital Markets 的 Joe Spak。

Just want to turn back to castings for a second.

只是想回到鑄件一秒鐘。

I know it's been a difficult year.

我知道這是艱難的一年。

I think way back when, though, you indicated you thought this could eventually be a 15% EBITDA margin business.

不過，我回想一下，當您表示您認為這最終可能是 15% 的 EBITDA 利潤率業務時。

I mean, given what you've experienced this year, is that still the view?

我的意思是，鑑於你今年所經歷的，這仍然是觀點嗎？

And do the pricing actions and some of the other operational actions get you there?

定價行動和其他一些運營行動是否能讓您實現目標？

Or does something else need to occur?

還是需要發生其他事情？

And any sort of updated time frame for when you think that might be achievable, would be helpful?

當您認為這可能實現時，任何形式的更新時間框架會有所幫助嗎？

Yes, Joe, this is David.

是的，喬，這是大衛。

You're spot on.

你很準。

Again, our initial goal was to get this business back over 10%, which we did back in the second quarter of '18.

同樣，我們最初的目標是讓這項業務恢復 10% 以上，這是我們在 18 年第二季度所做的。

Unfortunately, we've slid here in the third quarter and fourth quarter of '18.

不幸的是，我們在 18 年的第三季度和第四季度滑到了這裡。

As I indicated, we did take some commercial actions with the industrial and commercial vehicle customers, which will help us in regards to some of the profitability.

正如我所指出的，我們確實與工業和商用車客戶採取了一些商業行動，這將有助於我們提高一些盈利能力。

But the biggest issue that we're still working to resolve right now is, we had a labor shortage.

但我們現在仍在努力解決的最大問題是，我們有勞動力短缺。

That creates instability in the operations.

這會導致運營不穩定。

That labor shortage is getting better for us now.

勞動力短缺現在對我們來說正在好轉。

And therefore, we expect to see improvements in our operations as we go forward.

因此，我們希望在我們前進的過程中看到我們的運營有所改善。

So resetting ourselves, we're just trying to get ourselves back to a 10%, but ultimately getting back to that 12% to 15%, our longer-term goal.

所以重新調整自己，我們只是想讓自己回到 10%，但最終回到 12% 到 15%，這是我們的長期目標。

We have plans to do that.

我們有計劃這樣做。

Okay.

好的。

Second, just on SG&A.

其次，僅在 SG&A 上。

I think in the middle of this past year, you sort of talk about that being -- coming in around 6% of sales.

我認為在過去的一年年中，你會談到這一點——約佔銷售額的 6%。

It came in lower.

它進來了。

How much of that was sort of maybe some tightening of the belt versus -- given some of the issues in some of the businesses?

考慮到某些業務中的一些問題，其中有多少可能是勒緊褲腰帶？

And how should we think about that going forward?

我們應該如何看待未來的發展？

Yes, Joe, this is Chris.

是的，喬，這是克里斯。

Yes, certainly that was our thought process early in the year.

是的，這當然是我們年初的想法。

Couple things, as we went through the year, occurred.

當我們度過這一年時，發生了幾件事。

Our sales came in a little bit higher, which, just on a percentage basis, spins that up a little bit, not a lot, but a little bit.

我們的銷售額稍微高了一點，僅按百分比計算，就稍微增加了一點，不是很多，而是一點點。

We've been managing very closely, very diligently our R&D expenditures.

我們一直非常密切、非常勤奮地管理我們的研發支出。

Those were down a little bit.

那些下降了一點。

Still investing where we need to, to continue to grow this business but investing in tools to optimize our ability to engineer new products in a more cost-efficient manner, you're seeing that play out.

仍在我們需要的地方投資，繼續發展這項業務，但投資於工具以優化我們以更具成本效益的方式設計新產品的能力，你會看到這種情況正在發揮作用。

Of course, our synergies continue to kind of build through that momentum.

當然，我們的協同效應繼續通過這種勢頭建立。

But managing cost on the SG&A line is critical, one of the key elements to our success, and we thought we were pretty successful in 2018.

但管理 SG&A 線上的成本至關重要，這是我們成功的關鍵要素之一，我們認為 2018 年我們非常成功。

Looking forward, I would tell you, we would think more closely, we're guiding a little bit towards 6% in '18, I think for '19, a bit closer to 5.5% to 6%.

展望未來，我會告訴你，我們會更仔細地考慮，我們將在 18 年引導到 6%，我認為在 19 年，接近 5.5% 到 6%。

So we'll drop down below the 6%, closer to where we were in '18.

因此，我們將降至 6% 以下，更接近 18 年的水平。

Okay.

好的。

Last one, the fifth EcoTrac award.

最後一項，第五屆 EcoTrac 獎。

Can you just remind us sort of the size of that EcoTrac business today in totality?

您能否提醒我們今天 EcoTrac 業務的總體規模？

And then how large does it get once all those 5 awards are launched?

那麼一旦這 5 個獎項全部推出，它會有多大？

Yes.

是的。

That business will grow by 2020 in our backlog, well over $800 million.

到 2020 年，我們的積壓業務將增長，超過 8 億美元。

It's actually $550 million, $600 million today.

實際上是 5.5 億美元，今天是 6 億美元。

At the same time, we expect it to grow beyond that 2020 calendar year period of time as well.

同時，我們預計它也將增長到 2020 年日曆年之後。

The next question will come from John Murphy with Bank of America.

下一個問題將來自美國銀行的約翰墨菲。

If we look at Slide 5, and the issues that you've had with the MPG assets.

如果我們看一下幻燈片 5，以及您在 MPG 資產方面遇到的問題。

You seem to have gotten a pretty good strangle hold on this pretty quickly.

你似乎很快就很好地扼殺了這個。

But if so, I mean, from a customer standpoint, I got to imagine they're reasonably happy.

但如果是這樣，我的意思是，從客戶的角度來看，我必須想像他們會相當高興。

I'm just curious, as you look at the competitive set out there and everything that's going on in casting and metal forming and all sorts of metal launches in the industry, it doesn't sound like you're really in a unique position of having some of these launch issues.

我只是好奇，當你看到那裡的競爭環境，以及鑄造和金屬成型領域正在發生的一切，以及該行業的各種金屬發佈時，聽起來你並不真正處於一個獨特的位置有一些這些啟動問題。

So I'm just curious, when you think -- a lot of folks look at this as maybe a potential to dispose of assets and raise cash and fix the balance sheet.

所以我很好奇，當你想到 - 很多人認為這可能是處置資產、籌集現金和修復資產負債表的潛力。

But as you look at this and the customer receptivity to what you've done and what you've identified, is there maybe a greater potential for you to kind of consolidate some of these other underperforming assets into this business?

但是，當您看到這一點以及客戶對您所做的事情和您所確定的事情的接受度時，您是否有更大的潛力將其他一些表現不佳的資產整合到這項業務中？

I mean, I guess, so the first question is really competitive landscape or other folks running into the same issues?

我的意思是，我猜，所以第一個問題是真正的競爭格局還是其他人遇到了同樣的問題？

And two, maybe is this a more of an opportunity than an issue?

第二，也許這更像是一個機會而不是一個問題？

Yes, John, this is David.

是的，約翰，這是大衛。

As you know, our company is an engineering and manufacturing based company that's heavily focused on operational excellence.

如您所知，我們公司是一家以工程和製造為基礎的公司，非常注重卓越運營。

We stumbled in the third quarter based on some launch issues and some operational challenges.

由於一些發布問題和一些運營挑戰，我們在第三季度跌跌撞撞。

As I've covered with you on the driveline side, we've for the most part got those operational issues behind us.

正如我在傳動系統方面向您介紹的那樣，我們在很大程度上已經解決了這些運營問題。

We're still working on one launch issue with the JLR side of things.

我們仍在研究 JLR 方面的一個發布問題。

Our metal forming group has done an exceptional job in regards to integrating and consolidating the marketplace and the MPG acquisition, so that's been very positive for us in both those areas, and we would continue to look to be a consolidator there.

我們的金屬成型集團在整合和鞏固市場以及收購 MPG 方面做得非常出色，因此這對我們在這兩個領域都非常有利，我們將繼續尋求成為整合者。

The powertrain business unit, clearly we took that over from MPG and we've announced now that we're going to integrate that into our core driveline and metal forming businesses.

動力總成業務部門，顯然是我們從 MPG 手中接手的，我們現在宣布我們將把它整合到我們的核心動力傳動系統和金屬成型業務中。

And then on the castings side, that business was really a roll-up under American Securities and the Grede organization.

然後在鑄件方面，該業務實際上是美國證券公司和格雷德組織下的一個匯總。

And so we'll continue to evaluate what needs to be done in that respect.

因此，我們將繼續評估在這方面需要做些什麼。

But as we've said as along, I mean, we've got to fix our balance sheet first.

但正如我們一直所說的，我的意思是，我們必須首先修復我們的資產負債表。

We'll balance our priorities as it relates to the capital uses.

我們將平衡與資本使用相關的優先事項。

But at the same time, longer term -- mid term and longer term, we want to continue to consolidate, roll-up our core businesses.

但與此同時，從長期來看——中期和長期，我們希望繼續鞏固、提升我們的核心業務。

Okay, that's helpful.

好的，這很有幫助。

And then maybe just lastly on Trade 301 and 232.

然後也許就在 Trade 301 和 232 上。

Just curious what your thoughts are there?

只是好奇你的想法是什麼？

Are you seeing any sort of customer inventory building in front of any risk around either one of those?

您是否看到任何類型的客戶庫存在圍繞其中任何一個的任何風險之前建立？

And how you sort of think about how to manage that as they manage it as well?

以及您如何考慮如何在他們管理它的同時管理它？

Yes, hey, John, this is Chris.

是的，嘿，約翰，這是克里斯。

We told you from a dollar perspective for us, impact here in 2018 close to $5 million.

我們從美元的角度告訴您，2018 年的影響接近 500 萬美元。

We are anticipating closer towards $15 million impact from those tariffs in 2019.

我們預計 2019 年這些關稅的影響將接近 1500 萬美元。

We've been working some ways to mitigate that.

我們一直在努力減輕這種情況。

And sort of the crux to you question, we're monitoring, we're watching behaviors.

你的問題的關鍵是，我們正在監控，我們正在觀察行為。

We don't see anything abnormal at this point.

在這一點上，我們沒有看到任何異常。

But as you know, there are some announcements coming out here in the next short period of time, which we'll pay very close attention to and then we'll act appropriately.

但如你所知，在接下來的很短的時間內會有一些公告在這裡發布，我們會密切關注，然後我們會採取適當的行動。

The next question will come from Ryan Brinkman with JP Morgan.

下一個問題將來自摩根大通的 Ryan Brinkman。

Now that it seems we're about more than halfway through the GM light-duty, full-size pickup truck launch.

現在看來，通用汽車輕型、全尺寸皮卡車的發布已經完成了一半以上。

Can you give us an update both on this program and your involvement in it, specifically?

您能否向我們提供有關該計劃以及您參與其中的最新情況，特別是？

And I know IHS hasn't had the best track record forecasting this program, but it looks like they materially increased their outlook this morning for the T1.

而且我知道 IHS 並沒有最好的預測這個項目的記錄，但看起來他們今天早上大幅提高了 T1 的前景。

What are you seeing in terms of demand from the customer?

您對客戶的需求有何看法？

And then also, I think importantly, how have your decremental margins tracking relative to your expectations, I think, on the roughly sort of 35% lower content per vehicle on those trucks?

然後，我認為重要的是，相對於您的預期，您的遞減利潤率如何跟踪，我認為，在這些卡車上每輛車的含量大約降低 35% 的情況下？

Ryan, this is David.

瑞恩，這是大衛。

Let me start with the first part of the question, and I'll have Chris cover the second part.

讓我從問題的第一部分開始，然後讓 Chris 討論第二部分。

But as we communicated earlier from the current K2XX program to the T1, we had 100% of the business on the K2 program, and we are maintaining about 65% of that business on the T1 program, where GM insourced some work and then there's some other activity there in addition to vehicle architecture-type items.

但正如我們之前從當前的 K2XX 計劃與 T1 溝通的那樣，我們在 K2 計劃上擁有 100% 的業務，我們在 T1 計劃上維持約 65% 的業務，通用汽車將一些工作外包，然後有一些除了車輛架構類型的項目外，還有其他活動。

So everything is directionally in line with what we've communicated to you in regards to what our share of the business was going to be going forward.

因此，一切都與我們向您傳達的關於我們在業務中的份額將要向前發展的內容定向一致。

The launches at Fort Wayne have gone very smooth.

韋恩堡的發射非常順利。

The launches in Silao have gone very smooth.

Silao 的發布非常順利。

We're very pleased with the performance of our team with respect to the launch and production performance.

我們對我們團隊在發布和生產方面的表現感到非常滿意。

And then clearly, we've got the heavy-duty and the SUVs that we'll deal with over the next 1.5 years period of time, as they work through their launch cadence.

然後很明顯，我們已經擁有了我們將在未來 1.5 年的時間內處理的重型和 SUV，因為它們正在按照他們的發布節奏工作。

With respect to volumes, we're pretty well aligned with General Motors in regards to about 1.25 million vehicles.

就銷量而言，我們與通用汽車在大約 125 萬輛汽車方面非常一致。

And IHS, the last time I had seen it, I didn't see today's announcement, was around 1.24 million.

而IHS，上一次看到，沒看到今天的公告，是124萬左右。

I believe we're the #1.

我相信我們是#1。

So -- but I think we feel good about that, and then, Chris, on the decremental margins, I'll let you speak to that.

所以 - 但我認為我們對此感覺很好，然後，克里斯，在遞減的邊緣，我會讓你談談。

Yes, Ryan, this Chris.

是的，瑞恩，這個克里斯。

From the decremental margin standpoint, we have historically talked about that platform closer on the 30% contribution margin basis and that is continuing to track both up and down on that platform.

從遞減邊際的角度來看，我們歷來在 30% 的邊際貢獻基礎上更接近地討論過該平台，並且繼續在該平台上上下跟踪。

Nothing [since] that assessment.

[自從]那次評估之後，什麼都沒有。

Yes, that's helpful.

是的，這很有幫助。

And then just the last question from me.

然後是我的最後一個問題。

Just wanted to probe a little bit more around this Section 232, if I can.

如果可以的話，只是想對第 232 條進行更多探討。

If these tariffs are extended from steel and aluminum to also cover autos and auto parts, is it your understanding that Mexico would be exempt as part of last year's new USMCA?

如果這些關稅從鋼鐵和鋁擴展到汽車和汽車零部件，您是否理解墨西哥將作為去年新 USMCA 的一部分獲得豁免？

If so, I would think that the core historical American Axle business should not really see any impact.

如果是這樣，我認為美國車橋的核心歷史業務應該不會真正受到任何影響。

But I thought to ask about the former Metaldyne side.

但我想問問以前的Metaldyne方面。

Whether you import much product into the U.S. from outside Canada or Mexico, I don't think so, but was curious?

無論您是從加拿大以外還是從墨西哥向美國進口很多產品，我不這麼認為，但很好奇？

Yes, Ryan, this is Chris, again.

是的，瑞恩，我又是克里斯。

In terms of holistically as a company, we do import a little bit outside of the North America, and that's the amounts I mentioned earlier in terms of our impact.

就作為一家公司的整體而言，我們確實在北美以外進口了一些產品，這就是我之前提到的影響我們的數量。

As you know, our philosophy is to try to source -- historically, it's been our philosophy to try and source in the region for which we produce as well as our vertical integration strategies, continue to mitigate a little bit of any of these type of actions.

如您所知，我們的理念是嘗試採購——從歷史上看，我們的理念是嘗試在我們生產的地區以及我們的垂直整合戰略中採購，繼續減輕任何這些類型的行動。

Our operational thought right now is, watching this sort of transpire over the last year or so, Mexico has typically been exempt when there has been some activity in this area.

我們現在的操作思路是，在過去一年左右的時間裡看到這種情況，當該地區有一些活動時，墨西哥通常會被豁免。

We would be hopeful that, that continues.

我們希望這種情況繼續下去。

Yes, Ryan, this is David.

是的，瑞恩，這是大衛。

Our policy from an AAM standpoint from a production and sourcing standpoint is to predominantly produce and source products in the markets that our customers are going to consume those products.

從生產和採購的角度來看，我們的 AAM 政策是主要在我們的客戶將要消費這些產品的市場中生產和採購產品。

That's why from an historical AAM standpoint, we haven't been impacted as much with respect to the tariff side of things.

這就是為什麼從歷史 AAM 的角度來看，我們在關稅方面沒有受到太大影響。

Some of the legacy MPG side, we did get some of the impact, which is what Chris has outlined.

一些傳統的 MPG 方面，我們確實得到了一些影響，這就是 Chris 所概述的。

And we're in the process, as we said, of mitigating some of those issues, including some resourcing and following the historical AAM policy as it relates to flat loading and sourcing.

正如我們所說，我們正在緩解其中一些問題，包括一些資源，並遵循與扁平裝載和採購相關的歷史 AAM 政策。

The next question will come from Armintas Sinkevicius with Morgan Stanley.

下一個問題將來自摩根士丹利的 Armintas Sinkevicius。

Can you talk about the landscape of the eDrive awards?

您能談談 eDrive 獎項的概況嗎？

How the bidding is going?

招標進展如何？

Just an update there that would be helpful.

只是那裡的更新會有所幫助。

Yes, you understand, Armintas, in regards to the 2 book programs that we have, one being a P4 solution that's on the Jaguar I-PACE.

是的，Armintas，您明白，關於我們擁有的 2 本書程序，其中一個是 Jaguar I-PACE 上的 P4 解決方案。

And that business continues to ramp up from a volume standpoint.

從數量的角度來看，該業務繼續增長。

So we had a couple challenges, as I mentioned to you in the presentation.

因此，正如我在演示文稿中向您提到的那樣，我們遇到了一些挑戰。

But we will work our way through that here in the first quarter.

但我們將在第一季度解決這個問題。

We're on schedule to deliver our P3 solution in that 2020 calendar year period of time.

我們正按計劃在 2020 日曆年期間交付我們的 P3 解決方案。

And then right now, we're working on, I'd say, 8 to 10 electrification initiatives that have global implications.

然後現在，我們正在研究 8 到 10 項具有全球影響的電氣化計劃。

Nothing to announce at this time.

目前沒有什麼要宣布的。

But we're quoting various levels, from components to subassemblies to gearboxes to full assemblies.

但我們引用了不同的級別，從組件到子組件到齒輪箱到完整組件。

And we're hopeful that we can secure some of that as we move forward.

我們希望在我們前進的過程中能夠確保其中的一些。

Okay.

好的。

And to the question around Rivian earlier.

以及前面關於 Rivian 的問題。

What is your understanding of the architecture?

你對架構的理解是什麼？

Does that include an eDrive?

這包括電子驅動器嗎？

Does that include just electric motors?

這是否僅包括電動機？

How would you fit into a truck architecture?

您將如何適應卡車架構？

We've got to understand a little bit more about that.

我們必須對此有所了解。

I'm not the expert on Rivian.

我不是 Rivian 的專家。

But I think it's more of skate design that still has a knee axle application, not so much a corner module or corner wheel-in application.

但我認為更多的是滑板設計仍然有膝軸應用，而不是角落模塊或角落輪入應用。

But that's about all I really know at this time, but clearly we'll investigate that further.

但這就是我目前真正知道的一切，但顯然我們會進一步調查。

The final question is from James Picariello with KeyBanc Capital.

最後一個問題來自 KeyBanc Capital 的 James Picariello。

Just to your free cash flow targets.

只是為了您的自由現金流目標。

I mean, you clearly have high confidence in achieving the $1.5 billion through 2020.

我的意思是，您顯然對到 2020 年實現 15 億美元充滿信心。

This does include a material ramp down in CapEx toward 6% of the sales.

這確實包括資本支出大幅下降至銷售額的 6%。

Can you speak to what drives the rationalization in CapEx?

您能談談是什麼推動了資本支出的合理化嗎？

What are some of the key examples of the opportunity that you've identified here?

您在此處發現的機會的一些關鍵示例是什麼？

Because you are reducing the investment run rate by roughly $100 million give or take by next year.

因為您將在明年之前將投資運行率降低大約 1 億美元。

You'll, obviously, still be investing for growth.

顯然，你仍然會為增長而投資。

So any color here would be helpful.

所以這裡的任何顏色都會有幫助。

Yes, no, great question.

是的，不，好問題。

And 6% is laid out for that time period, as we mentioned and you just pointed out.

正如我們提到的，你剛剛指出，6% 是在那個時間段內安排的。

But if you think about what was driving some of our elevated CapEx, a little bit in '18, and you saw us achieve a little better than we thought as well in prior years, it was not only our new book of business, which is very high in 2018, also in 2019 with the launches that we've been discussing, but also significant replacement business on the General Motors full-size truck, also on the Ram HD, both of those programs drove significant capital expenditures into those next-generation platforms.

但是，如果您考慮一下是什麼推動了我們在 18 年提高了一些資本支出，並且您看到我們取得的成就比我們在前幾年的預期要好一些，這不僅是我們的新業務書籍，它是2018 年非常高，同樣在 2019 年，隨著我們一直在討論的發布，以及通用汽車全尺寸卡車和 Ram HD 的重大更換業務，這兩個項目都為下一個項目帶來了大量資本支出——代平台。

And those really start to, from an investment standpoint, phase down here through 2019 where we'll see that benefit in 2020.

從投資的角度來看，這些真的開始逐步減少到 2019 年，我們將在 2020 年看到這種好處。

Got it.

知道了。

And maybe you already quantified this.

也許你已經量化了這一點。

But with respect to the $35 million-or-so that you identified as addressable inefficiencies as of last quarter, could you provide -- you've obviously provided the helpful status updates through the quarters in one of those slides, but can you quantify what was captured in the fourth quarter and what that cadence looks like through the year?

但是，關於您在上個季度確定為可解決的低效率的 3500 萬美元左右，您能否提供 - 您顯然已經在其中一張幻燈片中提供了各個季度的有用狀態更新，但是您能量化什麼嗎？是在第四季度捕獲的，這一年的節奏是什麼樣的？

When you say cadence, you mean into 2019?

當您說節奏時，您的意思是進入 2019 年？

Yes, right.

是的，沒錯。

You had that status update through 2Q '19.

您在 2Q '19 之前獲得了該狀態更新。

You had the $35 million that you've identified.

你有你已經確定的 3500 萬美元。

Just wondering if you could quantify that cadence in terms of recapturing?

只是想知道您是否可以根據重新捕獲來量化這種節奏？

Correct.

正確的。

We'll recapture in the first quarter of 2019 another $5 million to $15 million sequential run rate savings, and then $5 million to $10 million in the second quarter.

我們將在 2019 年第一季度再獲得 500 萬至 1500 萬美元的連續運行率節省，然後在第二季度再獲得 500 萬至 1000 萬美元。

And then hopefully these are all put behind us.

然後希望這些都被拋在腦後。

But again, it will target areas of premium freight, which we've been reducing sequentially.

但同樣，它將針對優質貨運領域，我們一直在減少這些領域。

It will target reductions in inefficient labor, inefficient scrap output, things of those nature as well as some outside premium costs associated with material.

它的目標是減少低效勞動力、低效廢品產量、這些性質的東西以及與材料相關的一些外部溢價成本。

So those are the areas we're targeting.

所以這些是我們的目標領域。

And that sequence of improvement, I'd expect to be very similar to what we dialogued in the last quarter, and we're on track to deliver that.

我希望這一系列的改進與我們在上個季度的對話非常相似，而且我們有望實現這一目標。

Okay.

好的。

And just lastly on the electrification questions have already been asked.

最後，關於電氣化的問題已經被問到了。

But can you just provide context on the regional breakout, generally, within that $500 million in new business opportunity that is currently being quoted out there?

但是，您能否提供有關區域突破的背景信息，一般來說，在目前正在報價的 5 億美元的新商機中？

Just wondering from a regional perspective.

只是從區域的角度想知道。

It touches all 3 of the major regions, it relates to North America, Europe and China.

它涉及所有三個主要地區，涉及北美、歐洲和中國。

I'd say Europe and China, it's weighted more heavily in those areas than it is in North America.

我想說的是歐洲和中國，在這些地區的權重比在北美的權重更大。

Thank you, James, and we thank all of you who have participated on this call, and appreciate your interest in AAM.

謝謝你，James，我們感謝所有參與此次電話會議的人，並感謝你對 AAM 的興趣。

We certainly look forward to talking with you in the future.

我們當然期待在未來與您交談。

This concludes today's call.

今天的電話會議到此結束。

Ladies and gentlemen, thank you for participating in today's conference call.

女士們，先生們，感謝你們參加今天的電話會議。

You may now disconnect.

您現在可以斷開連接。