American Axle & Manufacturing Holdings Inc (AXL) 2022 Q2 法說會逐字稿

Good morning, everyone. My name is Jamie, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the American Axle & Manufacturing Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

大家，早安。我的名字是 Jamie，今天我將成為您的會議主持人。在這個時候，我想歡迎大家參加 American Axle & Manufacturing 2022 年第二季度收益電話會議。 （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 floor over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim.

我現在想請投資者關係主管 David Lim 先生髮言。請繼續，林先生。

Thank you, and good morning. I'd like to welcome everyone who is joining us on AAM's second quarter earnings call. Earlier this morning, we released our second quarter of 2022 earnings announcement. You can access this announcement on the Investor Relations page of our website, www.aam.com, and through the PR Newswire services.

謝謝你，早上好。我想歡迎所有加入我們參加 AAM 第二季度財報電話會議的人。今天早上早些時候，我們發布了 2022 年第二季度的收益公告。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此公告。

You can also find supplemental slides for this conference call on the Investor page of our website as well. To listen to a replay of this call, you can dial 1 (877) 344-7529, replay access code 2211523. This replay will be available through August 12.

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。要收聽此通話的重播，您可以撥打 1 (877) 344-7529，重播訪問代碼 2211523。此重播將持續到 8 月 12 日。

Regarding the Investor Relations calendar, we would like investors to save the date for a technology investor event in the City of Lights, Las Vegas, on January 4, 2023, a day before CES opens. Additional details will be forthcoming in the coming months.

關於投資者關係日曆，我們希望投資者將 2023 年 1 月 4 日，即 CES 開幕前一天在拉斯維加斯光之城舉行的技術投資者活動的日期保存下來。更多細節將在未來幾個月內公佈。

With that said, I would like to remind everyone that the matters discussed in this call may contain comments and forward-looking statements subject to risks and uncertainties, which cannot be predicted or quantified, and which may cause future activities and results of operations to differ materially from those discussed. For additional information, we ask that you refer to our filings with the Securities and Exchange Commission.

話雖如此，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。如需更多信息，請參閱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. 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.

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。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。

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

現在讓我把事情交給 AAM 的董事長兼首席執行官 David Dauch。

Thank you, David, and good morning, everyone. Thank you for joining us today to discuss AAM's financial results for the second quarter of 2022. Joining me on the call today are Mike Simonte, AAM's President; and Chris May, AAM's Vice President and Chief Financial Officer.

謝謝你，大衛，大家早上好。感謝您今天加入我們討論 AAM 2022 年第二季度的財務業績。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。

I will review the highlights of our second quarter financial performance. And next I will touch on some exciting business development news in the quarter, including our recent announcement regarding Mercedes-AMG, a number of new electrification component wins and the completion of our Tekfor acquisition. Lastly, I'll discuss our updated 2022 financial outlook before turning things over to Chris. After Chris covers the details of our financial results, we will open up the call for any questions that you all may have.

我將回顧我們第二季度財務業績的亮點。接下來我將談到本季度一些令人興奮的業務發展新聞，包括我們最近關於梅賽德斯-AMG 的公告、一些新的電氣化組件的勝利以及我們完成對 Tekfor 的收購。最後，在將事情交給克里斯之前，我將討論我們更新的 2022 年財務展望。在克里斯介紹了我們財務業績的詳細信息後，我們將向大家提出任何問題。

So let's begin. AAM second quarter 2022 financial results were impacted by rising input costs and the continuing global supply chain volatility. We cannot control the macro environment, but we can manage our business, which includes the continuity of supply to our customers, product quality and manufacturing optimization, all while position AAM for sustainable profits and free cash flow generation.

那麼讓我們開始吧。 AAM 2022 年第二季度財務業績受到投入成本上升和全球供應鏈持續波動的影響。我們無法控制宏觀環境，但我們可以管理我們的業務，包括向客戶供應的連續性、產品質量和製造優化，同時將 AAM 定位為可持續利潤和產生自由現金流。

AAM's second quarter sales were $1.44 billion. Production shutdowns continue to occur, but to a lesser degree compared to last year, but similar to recent quarters. In our view, OEMs will likely continue to prioritize their light truck output, which is good for AAM. OEMs cannot build their large trucks fast enough as inventory levels on key platforms that we support remain low and consumer demand appears to be resilient. However, we are closely monitoring the macroeconomic background that you are all aware of. As for our products, we believe all-wheel drive and 4-wheel drive mix tend to be more resilient compared to other vehicle features, especially with full-size trucks.

AAM 第二季度的銷售額為 14.4 億美元。停產繼續發生，但與去年相比程度較小，但與最近幾個季度相似。我們認為，原始設備製造商可能會繼續優先考慮其輕型卡車產量，這對 AAM 有利。由於我們支持的關鍵平台上的庫存水平仍然很低，而且消費者需求似乎具有彈性，原始設備製造商無法以足夠快的速度製造大型卡車。但是，我們正在密切關注你們都知道的宏觀經濟背景。至於我們的產品，我們相信全輪驅動和四輪驅動組合與其他車輛功能相比往往更具彈性，尤其是全尺寸卡車。

AAM's adjusted EBITDA in the first quarter of 2022 was $195 million or 13.6% of sales. In the quarter, the results were negatively impacted by rising input costs, semiconductor availability and other supply chain constraints. Semiconductor conditions continue to improve, but we believe supply chain challenges will persist into 2023, and in certain regions, these headwinds may take longer to resolve. That said, we remain focused on sales contribution conversion, supporting R&D and mitigating inflationary headwinds.

AAM 在 2022 年第一季度的調整後 EBITDA 為 1.95 億美元，佔銷售額的 13.6%。在本季度，業績受到投入成本上升、半導體可用性和其他供應鏈限制的負面影響。半導體狀況繼續改善，但我們認為供應鏈挑戰將持續到 2023 年，在某些地區，這些不利因素可能需要更長時間才能解決。也就是說，我們仍然專注於銷售貢獻轉換、支持研發和緩解通脹逆風。

Chris will cover more details with you. Additionally, we're happy to share that we have made very good progress on commercial inflation recovery discussions with our OEM customers and in line with the expectations that we shared with you last quarter.

克里斯將向您介紹更多細節。此外，我們很高興地分享，我們在與 OEM 客戶的商業通脹復甦討論方面取得了非常好的進展，並且符合我們上個季度與您分享的預期。

AAM's earnings per share in the second quarter of 2022 was $0.19. AAM's adjusted EPS was $0.22 per share. Even with these challenges, AAM continued to deliver positive adjusted free cash flow generation in the quarter. This is a compelling strength of our operating model. AAM's second quarter 2022 adjusted free cash flow was $114 million.

AAM 在 2022 年第二季度的每股收益為 0.19 美元。 AAM 的調整後每股收益為 0.22 美元。即使面臨這些挑戰，AAM 在本季度繼續產生積極的調整後自由現金流。這是我們運營模式的一個引人注目的優勢。 AAM 的 2022 年第二季度調整後自由現金流為 1.14 億美元。

Our capital allocation strategy, supported by our free cash flow is very straightforward. Strengthen the balance sheet, continue with our long-term goals in electrification and conduct smart, high-value bolt-on M&A when it makes tactical and strategic sense. And in the second quarter, we did just add. We deployed capital to a high-value acquisition and continue to pay down gross debt.

在自由現金流的支持下，我們的資本配置策略非常簡單。加強資產負債表，繼續實現我們在電氣化方面的長期目標，並在具有戰術和戰略意義的情況下進行明智的、高價值的附加併購。在第二季度，我們只是添加了。我們將資金用於高價值收購，並繼續償還總債務。

Now let's talk about some recent key highlights for the quarter, which you can see on Slide 4. Our electrification dialogues with OEMs continues to be very constructive. The auto manufacturers remain extremely focused with their respective electrification product plans. It is our goal to be a partner and supplier with our strong leadership in electric drive units, subassemblies and components.

現在讓我們談談本季度最近的一些關鍵亮點，您可以在幻燈片 4 中看到這些亮點。我們與 OEM 的電氣化對話仍然非常具有建設性。汽車製造商仍然非常關注各自的電氣化產品計劃。我們的目標是成為合作夥伴和供應商，在電力驅動單元、子組件和組件方面擁有強大的領導地位。

Our technical and commercial efforts are experiencing very positive traction and reaction from our customers. In the quarter, we also announced that AAM has begun to supply electric drive units for Mercedes-AMG. This rear-drive unit was recently named a 2022 Automotive News PACE Award finalist. We are very pleased to partner with and support Mercedes-AMG as we continue to grow this relationship.

我們的技術和商業努力得到了客戶非常積極的關注和反應。在本季度，我們還宣布 AAM 已開始為梅賽德斯-AMG 提供電動驅動單元。該後驅動單元最近被評為 2022 年汽車新聞 PACE 獎決賽選手。隨著我們繼續發展這種關係，我們很高興與梅賽德斯-AMG 合作並為其提供支持。

The P3 drive technology is also garnering interest from other manufacturers. AAM was also awarded numerous electric vehicle component contracts in the quarter with multiple global OEMs. Our proven electric gear and component technology will support both front and rear drive units for these OEMs' respective programs. In addition, our proven in strong electric technology is driving the possibility of various technical partnerships with manufacturers. For AAM, this is an excellent step to further build already solid relationships and support current and future customers, and we see this as a growing opportunity.

P3 驅動技術也引起了其他製造商的興趣。 AAM 在本季度還與多家全球 OEM 簽訂了多項電動汽車零部件合同。我們久經考驗的電動齒輪和組件技術將支持這些 OEM 各自項目的前後驅動單元。此外，我們久經考驗的強大電氣技術正在推動與製造商建立各種技術合作夥伴關係的可能性。對於 AAM 來說，這是進一步建立穩固的關係並支持當前和未來客戶的絕佳一步，我們認為這是一個不斷增長的機會。

Finally, AAM's acquisition of Tekfor became effective on June 1. As a reminder, the acquisition has strong synergy potential, improves our geographic mix and enhances our portfolio in electrification components.

最後，AAM 對 Tekfor 的收購於 6 月 1 日生效。提醒一下，此次收購具有強大的協同潛力，改善了我們的地理組合併增強了我們在電氣化組件方面的產品組合。

Tekfor generated approximately EUR 285 million in sales in 2021. AAM acquired Tekfor on an enterprise value of approximately EUR 125 million. This purchase adheres to our strategy of high-value, quick return bolt-on acquisitions. While we just closed on this transaction in June 2022, we believe we are on track to bring meaningful synergies in 2023 as we leverage our strengths, capabilities and product portfolio. We are very excited about Tekfor and we once again welcome the Tekfor team to the AAM family.

Tekfor 在 2021 年的銷售額約為 2.85 億歐元。AAM 以約 1.25 億歐元的企業價值收購了 Tekfor。此次收購符合我們高價值、快速回報的附加收購戰略。雖然我們剛剛在 2022 年 6 月完成了這項交易，但我們相信，隨著我們利用我們的優勢、能力和產品組合，我們有望在 2023 年帶來有意義的協同效應。我們對 Tekfor 感到非常興奮，我們再次歡迎 Tekfor 團隊加入 AAM 大家庭。

Now let's talk about our guidance on Slide 5. We've updated our financial outlook to reflect the best information we had available and to take into consideration the completion of the Tekfor acquisition. AAM is now targeting sales of $5.75 billion to $5.95 billion compared to $5.6 billion to $5.8 billion previously; adjusted EBITDA of approximately $790 million to $830 million compared to $785 million to $830 million previously; and adjusted free cash flow of approximately $300 million to $350 million, which is unchanged.

現在讓我們談談我們對幻燈片 5 的指導。我們更新了我們的財務展望，以反映我們現有的最佳信息，並考慮到 Tekfor 收購的完成。 AAM 現在的目標銷售額為 57.5 億至 59.5 億美元，而此前為 56 億至 58 億美元；調整後的 EBITDA 約為 7.9 億美元至 8.3 億美元，而此前為 7.85 億美元至 8.3 億美元；調整後的自由現金流約為 3 億至 3.5 億美元，沒有變化。

From an end market perspective, our North American production assumption is unchanged at approximately 14.3 million to 14.7 million units as the second half is difficult to predict with a number of macro and supply chain factors. However, we are hoping to see greater volumes in the second half. During these uncertain times, we are managing variables that are under our control, and we believe we are nicely positioned when the production environment improves, driven by strong demand and inventory replenishment. We underscore that the AAM team is confident in successfully navigating these possible future economic challenges with our deep industry experience.

從終端市場的角度來看，我們的北美產量假設保持不變，約為 1,430 萬至 1,470 萬輛，因為下半年由於許多宏觀和供應鏈因素難以預測。但是，我們希望在下半年看到更多的交易量。在這些不確定的時期，我們正在管理我們可以控制的變量，並且我們相信，在強勁的需求和庫存補充的推動下，當生產環境改善時，我們處於有利位置。我們強調，AAM 團隊有信心憑藉我們深厚的行業經驗成功應對未來可能面臨的經濟挑戰。

In conclusion, our aim is on the future, and we will continue to focus on generating strong free cash flow, strengthening our balance sheet, securing our traditional business, which we made tremendous progress on, advancing our electrification product portfolio and positioning AAM for profitable growth, especially in the area of electrification.

總之，我們的目標是面向未來，我們將繼續專注於產生強勁的自由現金流、加強資產負債表、保護我們取得巨大進展的傳統業務、推進我們的電氣化產品組合併將 AAM 定位為盈利增長，尤其是在電氣化領域。

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

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。克里斯？

Thank you, David, and good morning, everyone. I will cover the financial details of our first quarter results with you today. I will also refer to the earnings slide deck as part of my prepared comments.

謝謝你，大衛，大家早上好。今天，我將向您介紹我們第一季度業績的財務細節。作為我準備好的評論的一部分，我還將參考收益幻燈片。

So let's go ahead and begin with sales. In the second quarter of 2022, AAM sales were $1.44 billion compared to $1.28 billion in the second quarter of 2021. Slide 7 shows a walk of second quarter 2021 sales to second quarter 2022 sales. First, we account for the lower year-over-year impact from semiconductors and supply chain challenges.

所以讓我們繼續，從銷售開始。 2022 年第二季度，AAM 銷售額為 14.4 億美元，而 2021 年第二季度為 12.8 億美元。幻燈片 7 顯示了從 2021 年第二季度到 2022 年第二季度的銷售額。首先，我們考慮到半導體和供應鏈挑戰的同比影響較小。

While we continue to be impacted by this issue, we did experience year-over-year improvement, which we estimate to be approximately $63 million to sales in the quarter. Positive volume mix and other was $45 million. The Tekfor acquisition contributed $29 million to sales, which effectively represents activity for the month of June. Total market pass-throughs and FX added approximately $27 million.

雖然我們繼續受到這個問題的影響，但我們確實經歷了同比改進，我們估計本季度的銷售額約為 6300 萬美元。正量組合和其他為 4500 萬美元。收購 Tekfor 為銷售額貢獻了 2900 萬美元，這實際上代表了 6 月份的活動。總的市場傳遞和外匯增加了大約 2700 萬美元。

During the last several quarters, we've continued to see volatility in the primary index-related inputs to the metal-based materials that we purchase. You may recall, we hedged this risk with our customers by passing through the majority of index-related changes. The metal portion of this column reflects these elevated pass-throughs on a year-over-year comparison.

在過去的幾個季度中，我們繼續看到與我們購買的金屬材料的主要指數相關的投入波動。您可能還記得，我們通過傳遞大多數與指數相關的變化來與客戶對沖這種風險。該列的金屬部分反映了這些較高的通過率與年度比較。

Now let's move on to profitability. Gross profit was $173.5 million in the second quarter of 2022 as compared to $190 million in the second quarter of 2021. Adjusted EBITDA was $195.1 million in the second quarter of 2022 versus $222.6 million last year.

現在讓我們繼續討論盈利能力。 2022 年第二季度的毛利潤為 1.735 億美元，而 2021 年第二季度為 1.90 億美元。2022 年第二季度調整後的 EBITDA 為 1.951 億美元，而去年為 2.226 億美元。

Please refer to our adjusted EBITDA walk on Slide 8. In the quarter, improvements in semiconductor availability and the supply chain added $12 million to EBITDA versus the second quarter of 2021. Volume mix and other added $9 million.

請參閱我們在幻燈片 8 上調整後的 EBITDA。與 2021 年第二季度相比，本季度半導體可用性和供應鏈的改進為 EBITDA 增加了 1200 萬美元。銷量組合和其他增加了 900 萬美元。

Second quarter material, freight and utility inflation, net of recoveries, negatively impacted EBITDA by $12 million. This is a sequential improvement versus the first quarter impact of $28 million, driven by continued progress of recoveries with customers.

第二季度的材料、貨運和公用事業通脹（扣除回收後）對 EBITDA 產生了 1200 萬美元的負面影響。與第一季度 2800 萬美元的影響相比，這是一個連續的改善，這是由客戶恢復的持續進展推動的。

R&D was higher by approximately $5 million, driven by launches and electrification development. And lastly, our new acquisition, Tekfor, also contributed to the quarter for one month's activity of approximately $2 million. We continue to experience year-over-year increases in index-related metal costs, as I mentioned previously, and the retained portion negatively impacted us this quarter was approximately $16 million.

在發射和電氣化發展的推動下，研發費用增加了約 500 萬美元。最後，我們新收購的 Tekfor 也為本季度貢獻了大約 200 萬美元的一個月活動。正如我之前提到的，我們繼續經歷與指數相關的金屬成本的同比增長，而本季度對我們產生的負面影響的保留部分約為 1600 萬美元。

Let me now cover SG&A. SG&A expense, including R&D, in the second quarter of 2022 was $84.8 million or 5.9% of sales. This compares to $86.2 million or 6.7% of sales in the second quarter of 2021. AAM's R&D spending in the second quarter of 2022 was $35.2 million compared to $30 million last year. We continue to control our SG&A costs while investing in and increasing our R&D spend to advance our next-generation electric drive technology platforms.

現在讓我介紹一下SG&A。 2022 年第二季度，包括研發在內的 SG&A 費用為 8480 萬美元，佔銷售額的 5.9%。相比之下，2021 年第二季度為 8620 萬美元，佔銷售額的 6.7%。AAM 在 2022 年第二季度的研發支出為 3520 萬美元，而去年為 3000 萬美元。我們繼續控制我們的 SG&A 成本，同時投資和增加我們的研發支出，以推進我們的下一代電力驅動技術平台。

On a U.S. GAAP basis, you'll notice we recorded a gain on market purchase of our Tekfor acquisition for $11.6 million. This demonstrates some of the value inside of this transaction.

根據美國公認會計原則，您會注意到我們以 1160 萬美元的價格記錄了我們對 Tekfor 收購的市場購買收益。這證明了這筆交易的一些價值。

Let's move on to interest and taxes. Net interest expense was $39.5 million in the second quarter of 2022 compared to $47.3 million in the second quarter of 2021. We continue to benefit from debt reduction and refinancing actions in the form of lower interest costs.

讓我們繼續討論利息和稅收。 2022 年第二季度的淨利息支出為 3950 萬美元，而 2021 年第二季度為 4730 萬美元。我們繼續以降低利息成本的形式從減債和再融資行動中受益。

In the second quarter of 2022, we recorded income tax expense of $0.6 million compared to an expense of $2.4 million in the second quarter of 2021. For 2022, we expect our effective tax rate to be approximately 15% to 20%. We would expect cash taxes to be in the $50 million to $60 million range. Taking all these sales and cost drivers into account, our GAAP net income was $22.9 million or $0.19 per share in the second quarter of 2022 compared to $16 million or $0.13 per share in the second quarter of 2021.

在 2022 年第二季度，我們記錄的所得稅費用為 60 萬美元，而 2021 年第二季度的費用為 240 萬美元。到 2022 年，我們預計我們的有效稅率約為 15% 至 20%。我們預計現金稅將在 5000 萬至 6000 萬美元之間。考慮到所有這些銷售和成本驅動因素，我們 2022 年第二季度的 GAAP 淨收入為 2290 萬美元或每股 0.19 美元，而 2021 年第二季度為 1600 萬美元或每股 0.13 美元。

Adjusted earnings per share, which excludes the impacts of the items noted in our earnings press release, was $0.22 per share in the second quarter of 2022 compared to $0.29 per share for the second quarter of 2021.

調整後的每股收益（不包括我們收益新聞稿中提到的項目的影響）在 2022 年第二季度為每股 0.22 美元，而在 2021 年第二季度為每股 0.29 美元。

Let's now move on to cash flow and the balance sheet. Net cash provided by operating activities for the second quarter of 2022 was $146.7 million. Capital expenditures, net of proceeds from the sale of property, plant and equipment for the second quarter of 2022 were $42.6 million.

現在讓我們繼續討論現金流和資產負債表。 2022年第二季度經營活動提供的淨現金為1.467億美元。資本支出（扣除 2022 年第二季度出售物業、廠房和設備的收益）為 4260 萬美元。

Cash payments for restructuring and acquisition-related activity for the second quarter of 2022 were $8.1 million. Cash payments related to the Malvern fire we experienced in September of 2020 net of recoveries was $2.1 million in the quarter. In total, we expect approximately $30 million to $40 million in restructuring and acquisition-related costs in 2022. This amount now includes the Tekfor acquisition activity.

2022 年第二季度重組和收購相關活動的現金支付為 810 萬美元。我們在 2020 年 9 月經歷的與 Malvern 火災相關的現金支付在本季度扣除追回款後為 210 萬美元。總體而言，我們預計 2022 年重組和收購相關成本約為 3000 萬至 4000 萬美元。這一數額現在包括 Tekfor 收購活動。

Reflecting the impact of these activities, AAM generated adjusted free cash flow of $114.3 million in the second quarter of 2022. AAM's strong second quarter cash flow performance provided funding to accomplish multiple capital allocation priorities, those being to invest in Tekfor and continue to pay down additional debt in the quarter.

反映這些活動的影響，AAM 在 2022 年第二季度產生了 1.143 億美元的調整後自由現金流。AAM 第二季度強勁的現金流表現為完成多個資本分配優先事項提供了資金，這些優先事項將投資於 Tekfor 並繼續償還本季度的額外債務。

From a debt leverage perspective, we ended the quarter with net debt of $2.5 billion and LTM adjusted EBITDA of $739 million, calculating a net leverage ratio of 3.4x at June 30. We expect to continue to strengthen AAM's balance sheet by reducing our gross debt and lowering future interest payments. As just mentioned, in the quarter, we reduced our outstanding debt by over $30 million.

從債務槓桿的角度來看，本季度末我們的淨債務為 25 億美元，LTM 調整後 EBITDA 為 7.39 億美元，計算出 6 月 30 日的淨槓桿率為 3.4 倍。我們預計將通過減少總債務來繼續加強 AAM 的資產負債表並降低未來的利息支付。如前所述，在本季度，我們將未償債務減少了超過 3000 萬美元。

Before we move on to the Q&A portion of the call, let me close out my comments with some thoughts on our 2022 financial outlook. As you can see from our press release, we have updated our outlook to $5.75 billion to $5.95 billion of sales and $790 million to $830 million of adjusted EBITDA. Our adjusted free cash flow target of $300 million to $350 million is unchanged.

在我們繼續電話的問答部分之前，讓我以對我們 2022 年財務前景的一些想法來結束我的評論。正如您從我們的新聞稿中看到的那樣，我們已將我們的展望更新為 57.5 億美元至 59.5 億美元的銷售額和 7.9 億美元至 8.3 億美元的調整後 EBITDA。我們調整後的 3 億至 3.5 億美元的自由現金流目標保持不變。

The update primarily reflects the completion of the Tekfor acquisition. We expect modest EBITDA contribution from Tekfor this year and then increase as our cost synergies are on track for our 2023 delivery. We also contemplated small FX translation and other impacts for the year.

此次更新主要反映了 Tekfor 收購的完成。我們預計 Tekfor 今年的 EBITDA 貢獻不大，然後隨著我們的成本協同效應在 2023 年交付的軌道上實現增長。我們還考慮了這一年的小型外匯轉換和其他影響。

In general, the production environment remains volatile and the availability of labor is a challenge for the industry. As customary, we evaluated the latest and best information we have regarding customer production schedules and operating environments, including inflation headwinds and projected recoveries in currency.

總的來說，生產環境仍然不穩定，勞動力的可用性對行業來說是一個挑戰。按照慣例，我們評估了我們掌握的有關客戶生產計劃和運營環境的最新和最佳信息，包括通脹逆風和預計的貨幣復甦。

Our North American production assumption for 2022 is unchanged at 14.3 million to 14.7 million units. We expect the cadence of sales and related profitability to align with industry estimates of stronger second half volume timing versus the first half of the year. We continue to assume our customers will prioritize building full-size pickups and SUVs, but we foresee continued volatility in most areas of our business due to macro conditions.

我們對 2022 年的北美產量假設保持不變，為 1430 萬至 1470 萬輛。我們預計銷售和相關盈利能力的節奏將與行業對下半年銷量時間比上半年更強勁的預期保持一致。我們繼續假設我們的客戶將優先考慮製造全尺寸皮卡和 SUV，但我們預計由於宏觀條件，我們的大部分業務領域將持續波動。

That said, we will continue to focus on what we can control. So for a midpoint check of the year, our focus is on driving optimization, customer recoveries, integrating Tekfor, developing class-leading electrification technology, positioning AAM for 2023 and working our capital allocation plan.

也就是說，我們將繼續專注於我們可以控制的事情。因此，對於今年的中期檢查，我們的重點是推動優化、客戶恢復、整合 Tekfor、開發一流的電氣化技術、為 2023 年定位 AAM 以及實施我們的資本分配計劃。

Thank you for your time and participation on the call today. I'm going to stop here and turn the call back over to David so we can start the Q&A. David?

感謝您抽出時間參加今天的電話會議。我要在這裡停下來，把電話轉給大衛，這樣我們就可以開始問答了。大衛？

Thank you, Chris and David. We have reserved some time to take questions. I would ask that you please limit your questions to no more than 2. So at this time, please feel free to proceed with any questions you may have.

謝謝你，克里斯和大衛。我們預留了一些時間來回答問題。我想請您將您的問題限制在不超過 2 個。因此，此時，請隨時繼續處理您可能遇到的任何問題。

(Operator Instructions) And our first question today comes from John Murphy from Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的 John Murphy。

I just wanted to just ask a first question on GM trucks. Obviously, inventory is de minimis. And even if the market gets a little bit wobbly here, there's still going to be some inventory rebuild. So there's still potential for huge cap or maybe even upside in volumes over time as we go into 2023 for those trucks. I'm just curious, as you think about the inventory levels and that sell-through, it doesn't seem like there's unit risk, but there might be mix risk. So could you just remind us what your content range is on those trucks? And then also what kind of impact is 95,000 units that have been built but not finalized and delivered to dealers might have on your business or not?

我只想問關於通用卡車的第一個問題。顯然，庫存是微不足道的。即使這裡的市場有點不穩定，仍然會有一些庫存重建。因此，隨著我們進入 2023 年，這些卡車仍有可能出現巨大的上限，甚至可能隨著時間的推移銷量上揚。我只是好奇，當您考慮庫存水平和銷售量時，似乎沒有單位風險，但可能存在混合風險。那麼您能否提醒我們您在這些卡車上的內容範圍是什麼？然後還有 95,000 台已建成但尚未最終確定並交付給經銷商的單位可能對您的業務產生什麼樣的影響？

Yes, John, this is Chris. I'll take that content question. Our average full-size North American pickup truck or SUV content is approximately $1,500 to $1,600. And that, of course, would be a blend of front-wheel drive and 4-wheel drive vehicle applications and a blend of the light-duty and heavy-duty trucks. So to the extent that there's stronger mix, for example, on the 4-wheel drive, we're in excess of that. If it's a little bit lighter, 2-wheel drive, we're a little bit under that weight. So hopefully, that sort of parameters and dimensions are content exposure on that vehicle.

是的，約翰，這是克里斯。我會回答那個內容問題。我們的平均全尺寸北美皮卡車或 SUV 內容約為 1,500 至 1,600 美元。當然，這將是前輪驅動和四輪驅動車輛應用的混合，以及輕型和重型卡車的混合。因此，如果有更強的組合，例如，在四輪驅動上，我們就超過了。如果它更輕一點，兩輪驅動，我們的重量會稍微低一點。因此，希望這種參數和尺寸是該車輛上的內容曝光。

And as for the inventory elements for General Motors, look, we see strong schedules going forward, continued demand for this product. We don't anticipate any disruptions in production schedules that we're aware of on a go-forward basis in relation to the item you mentioned there.

至於通用汽車的庫存元素，看，我們看到了強勁的時間表，對該產品的持續需求。我們預計不會出現與您在其中提到的項目相關的生產計劃的任何中斷。

Okay. And then just a second question on the AMG rear-drive unit and other e-drive units, can you sort of remind us what the content potential is there on those and what sort of the economics are from a margin and return profile? Are they similar, the margins and returns to corp. average? And how should we think about content on those programs?

好的。然後是關於 AMG 後驅動單元和其他電動驅動單元的第二個問題，你能提醒我們這些內容的潛力是什麼，以及從利潤率和回報情況來看是什麼樣的經濟性？它們是否相似，利潤和回報給公司。平均？我們應該如何看待這些節目的內容？

Yes. I would think from a margin perspective, John, very similar to corp. average. And as you know, we don't provide margin specific information on particular platforms. But I think corporate average from a broad perspective, and from a content perspective, very high. This is a very high contented vehicle for us. You've heard us articulate from our electric drive units. When we're supplying these applications into these vehicles, we can have content per vehicle in the $2,500 plus range, and it falls right inside of our thought process there. It's a nice application for it. It's a very great application for us.

是的。我認為從利潤的角度來看，John，與 corp 非常相似。平均。如您所知，我們不提供特定平台上的保證金特定信息。但我認為從廣泛的角度來看，企業平均水平很高，從內容的角度來看，非常高。這對我們來說是一輛非常滿意的交通工具。您已經從我們的電動驅動裝置中聽到了我們的清晰表達。當我們將這些應用程序提供到這些車輛中時，我們每輛車的內容可以在 2,500 美元以上的範圍內，這正好屬於我們的思考過程。這是一個很好的應用程序。這對我們來說是一個非常棒的應用程序。

Our next question comes from Ryan Brinkman from JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

I wanted to ask on the AMG win, which means you'll now have content on electrified vehicles ranging from like the 39 horsepower Baojun E300 to the 843 horsepower AMG GT, right? So does this maybe highlight the comprehensiveness of your electrification capabilities? But what also can you say like directionally speaking about the relative competition for or content per vehicle or profitability of components or systems for high-end versus low-end electrified vehicles?

我想問一下 AMG 的勝利，這意味著您現在將擁有從 39 馬力的寶駿 E300 到 843 馬力的 AMG GT 等電動汽車的內容，對吧？那麼這是否可能突出您的電氣化能力的全面性？但是，關於高端與低端電動汽車的相對競爭或每輛車的內容或組件或系統的盈利能力，您還能說些什麼呢？

And one of your driveline supplier competitors have stated that they desire to more narrowly target the light vehicle electrification space with only high torque applications. So I thought to get your thoughts on the relative attractiveness of these different ends of the end market.

您的一位傳動系統供應商競爭對手錶示，他們希望更狹窄地瞄準僅具有高扭矩應用的輕型車輛電氣化空間。因此，我想了解您對終端市場這些不同端的相對吸引力的看法。

Ryan, this is David Dauch here. First of all, thanks for your question. We're very excited about the progress that we're making in electrification with the portfolio that we're developing, the interest that we're garnering from our customers. But most importantly, the business that we're announcing and launching. And the Mercedes-AMG is just another example of the innovation, the technologies that our team continues to bring forward.

瑞恩，這裡是大衛·道奇。首先，感謝您的提問。我們對我們正在開發的產品組合在電氣化方面取得的進展以及我們從客戶那裡獲得的興趣感到非常興奮。但最重要的是，我們正在宣布和推出的業務。梅賽德斯-AMG 只是創新的另一個例子，我們的團隊繼續推出的技術。

You know we launched one of the first electric drive vehicles with the I-PACE. At the same time, this product is probably the most complex product that we've ever made because it's a hybrid type application that is still involves an engine as well as an electric assist or electric drive with tremendous horsepower and range capability. So we continue to look at the market, assess the customer needs, which are evolving, trying to understand where we think that sweet spot of the market is. We're developing a portfolio, a range of portfolio of products that is platform-based so we can try to achieve economies of scale, but also satisfy that market.

您知道我們推出了第一款配備 I-PACE 的電動汽車。同時，該產品可能是我們製造過的最複雜的產品，因為它是一種混合型應用，仍然涉及發動機以及具有巨大馬力和續航能力的電動助力或電動驅動。因此，我們繼續關注市場，評估不斷變化的客戶需求，試圖了解我們認為市場的最佳點在哪裡。我們正在開發一個產品組合，一系列基於平台的產品組合，因此我們可以嘗試實現規模經濟，同時滿足該市場。

And we're trying to identify a product whereby we can give you a base electric axle. If you want to feature it up and include torque vectoring and other type of performance features in that, you can do that. If you want to decontent it to be more like what we've seen in some of the Chinese applications, then we can do that as well. So right now, our strategy is working. We're growing in China. We're growing in Europe, and we're also growing in North America with respect to our electrification initiatives.

我們正在嘗試確定一種產品，以便我們可以為您提供基礎電動車軸。如果您想突出它並在其中包含扭矩矢量和其他類型的性能特徵，您可以這樣做。如果你想讓它變得更像我們在一些中國應用程序中看到的那樣，那麼我們也可以這樣做。所以現在，我們的策略正在奏效。我們在中國成長。我們在歐洲發展壯大，在電氣化計劃方面我們也在北美髮展壯大。

On the content per vehicle, I think Chris has given you a good indication already with his earlier answer. We're seeing a number of our programs that are north to that 2,000, 2,500 range. When you factor in the motor, the inverter and the gearbox into the equation and whether it's 1 or 2 axles, all depend on the requirements of the vehicle.

關於每輛車的內容，我認為克里斯已經用他之前的回答給了你一個很好的指示。我們看到我們的許多計劃都在 2,000、2,500 範圍內。當您將電機、逆變器和變速箱考慮在內時，無論是 1 軸還是 2 軸，都取決於車輛的要求。

And from a competition standpoint, they've got to decide where they want to compete, where we want to -- we have to decide where we want to compete. We're going to concentrate on the light vehicle side. However, parts of the light vehicle side will take us into the lower range of the commercial vehicle side as well. But we'll continue to assess that going forward, but we're concentrating our resources and our efforts on the light vehicle side of the business. But hopefully that addressed your question.

從競爭的角度來看，他們必須決定他們想去哪裡競爭，我們想去哪裡——我們必須決定我們想去哪裡競爭。我們將專注於輕型車輛方面。但是，輕型車側的部分內容也會將我們帶入商用車側的較低範圍。但我們將繼續評估這一點，但我們將資源和精力集中在業務的輕型車輛方面。但希望這能解決你的問題。

Okay. Yes. And then just my follow-up here is, I think you gave some indication that you're seeing increased traction with recovering some of these non-commodity supply chain costs, et cetera, via negotiations with the automakers. At the same time, what's the latest that's happening with those non-commodity supply chain costs? Could they actually start to come down in the back half even as you get to more recoveries?

好的。是的。然後我的後續行動是，我認為您已經表明，通過與汽車製造商的談判，您看到收回部分非商品供應鏈成本等方面的吸引力正在增加。同時，這些非商品供應鏈成本的最新情況是什麼？即使你得到更多的恢復，他們真的會在後半區開始下降嗎？

Like I know that it seems like freight and diesel and ocean shipping might be coming down. At the same time, is electricity and natural gas still going up or labor? I'm not sure. How are those nonmaterial costs do you think going to net out in the back half of the year and then in relation to the recoveries as well?

就像我知道的那樣，貨運、柴油和海運可能會下降。同時，電、天然氣還在漲還是要漲？我不確定。您認為這些非物質成本將如何在今年下半年扣除，然後與回收相關？

Yes. Ryan, this is Chris. I'll take that one. From a nonmaterial type of cost, if you think about some of the items that you listed out there, for example, labor costs, obviously there's some pressure from that standpoint. We've talked about that previously and that would be sticky. Once those start to get elevated, those run rates will start to build in over an extended period of time, meaning into future years. So typically it doesn't ebb and flow.

是的。瑞恩，這是克里斯。我會拿那個。從非物質成本類型來看，如果您考慮列出的一些項目，例如勞動力成本，顯然從這個角度來看存在一些壓力。我們之前已經討論過這個問題，這很棘手。一旦這些開始提高，這些運行率將在很長一段時間內開始建立，這意味著到未來幾年。所以通常它不會潮起潮落。

From a utility standpoint, we've started to increase utility costs in a very meaningful way at the back half of last year. That continues to be very elevated here this year. In the short term, certainly don't see that abating very much in almost any regions of the world, but in particular as it relates to Europe. And then I would call sort of the metal pass-through type of elements that aren't part of the structural BOM, if you will, so those index related. Those change, as you know, every 30 days for us. They continue to kind of go up and down. Some elements are very elevated such as aluminum. That continues to remain very elevated. We've seen scrap sort of trend down a little bit recently, but I wouldn't call 1 or 2 months a trend here. We need to see this play out for a period of time.

從公用事業的角度來看，我們在去年下半年開始以一種非常有意義的方式增加公用事業成本。今年這裡的情況繼續非常高。在短期內，在世界上幾乎任何地區，當然不會看到這種情況大幅減少，尤其是與歐洲有關的情況。然後我會調用不屬於結構 BOM 的金屬傳遞類型的元素，如果你願意的話，那麼這些索引相關。如您所知，這些變化對我們來說每 30 天發生一次。他們繼續上升和下降。一些元素非常高，例如鋁。這仍然非常高。我們最近看到廢品的趨勢有點下降，但我不會在這裡稱 1 或 2 個月為趨勢。我們需要在一段時間內看到這種情況。

So hopefully, that provides a little color to your question.

因此，希望這能為您的問題提供一點色彩。

And our next question comes from James Picariello from BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 James Picariello。

Just following up on the inflation conversation. I think in the last quarterly guide, the inflation, the all-in inflation number was like $60 million headwind. I don't know if that's my number or yours, but is that still intact?

只是跟進通脹對話。我認為在上一個季度指南中，通貨膨脹，總的通貨膨脹數字就像是 6000 萬美元的逆風。我不知道那是我的還是你的，但它仍然完好無損嗎？

Yes, that's correct. That's the number we articulated.

對，那是正確的。這就是我們闡明的數字。

Okay. And the R&D spend for the year, my apologies if I missed this. How is that tracking for the full year in terms of the increase?

好的。以及這一年的研發支出，如果我錯過了，我深表歉意。全年的增長情況如何？

Yes. So R&D, you may recall, we articulated coming into the year, we expected to sort of be that sort of $35 million to $40 million a quarter range. The first 2 quarters of this year, we've been right around the $35 million range. We'll continue to invest in our R&D to support the continued growth of our electrification platforms, which is the primary consumer of that, and then launch, of course, current products. And we would expect that $35 million to $40 million range per quarter still to be intact for the balance of the year.

是的。所以研發，你可能還記得，我們明確表示進入這一年，我們預計每季度將達到 3500 萬到 4000 萬美元。今年前兩個季度，我們一直在 3500 萬美元左右。我們將繼續投資於我們的研發，以支持我們的電氣化平台的持續增長，這是我們的主要消費者，然後當然是推出當前的產品。我們預計，在今年餘下的時間裡，每季度 3500 萬至 4000 萬美元的範圍仍將保持不變。

And then also just, James, to double back on your material question, we talked $60 million. Just to say that $60 million net of recoveries. I just want to make sure we're clear with that. So you can see that trend starting to play through the course of the year. We had $28 million in the first quarter, $12 million here in the second quarter, as you saw some of those recoveries take traction. And I would expect sort of that $10 million to $15 million per quarter over the next couple of quarters to get us to that $60 million or so range. So, just articulating a little bit on the timing for that.

然後，詹姆斯，為了再次回答你的實質性問題，我們談了 6000 萬美元。只是說6000萬美元的回收淨額。我只是想確保我們清楚這一點。因此，您可以看到這一趨勢在一年中開始發揮作用。我們第一季度有 2800 萬美元，第二季度有 1200 萬美元，因為你看到其中一些復甦受到了牽引。我預計在接下來的幾個季度中，每季度大約 1000 萬到 1500 萬美元，可以讓我們達到 6000 萬美元左右的範圍。所以，只是闡明一點時間。

Got it. Is there any way to dimension what the recovery looks like on the top line, what's embedded there?

知道了。有什麼方法可以衡量復甦在頂線上的樣子，其中嵌入了什麼？

Yes, we've not provided that information for a variety of reasons, but we've been focused on the net impact to the company.

是的，出於各種原因，我們沒有提供該信息，但我們一直專注於對公司的淨影響。

Yes. Okay. Last quick one for me. Just in terms of the debt repayment, do you have a targeted magnitude for the full year in terms of your debt reduction?

是的。好的。給我最後一個快速的。就債務償還而言，您是否有全年減債的目標幅度？

We paid another $25 million down on our term loan be in the second quarter similar to the first quarter. We paid some additional form debt down. I would expect to continue to deploy some of our free cash flow generation through the balance of the end of the year into gross debt reductions as well. We've not quantified specifically how much per quarter, but that's in sort of the ZEB code that you've seen us over the past couple of quarters do, we'll continue to do that on a go-forward basis. At least that's our current thinking as we sit here today.

我們在與第一季度相似的第二季度又支付了 2500 萬美元的定期貸款首付。我們還清了一些額外的形式債務。我希望在年底之前繼續將我們的一些自由現金流量用於減少總債務。我們沒有具體量化每季度多少，但這是您在過去幾個季度中看到的 ZEB 代碼，我們將繼續在前進的基礎上這樣做。至少這是我們今天坐在這裡時的當前想法。

(Operator Instructions) Our next question comes from Jason Spak (sic) [Joseph Spak] from RBC Capital Markets.

（操作員說明）我們的下一個問題來自加拿大皇家銀行資本市場的 Jason Spak (sic) [Joseph Spak]。

It's Joe. One quick housekeeping. I know you said how much Tekfor contributed in the quarter. I didn't hear how much you're expecting for the balance of the year? Like how much are the sort of revenue guidance raise, I guess, was related to Tekfor? Was that all of it? And basically everything else is unchanged?

是喬。一個快速的家政服務。我知道你說過 Tekfor 在本季度貢獻了多少。我沒聽說你對今年的餘額有多少期望？我猜，這種收入指導提高了多少與 Tekfor 有關？這就是全部嗎？基本上其他一切都沒有改變？

Yes. Pretty much that's the case, Joe. It's actually a tad bit higher than that. We do have a little reduction for some foreign currency translation, but principally think about that as the bulk of Tekfor coming on for the balance of the year.

是的。差不多就是這樣，喬。它實際上比這高一點。我們確實對一些外幣換算有所減少，但主要認為這是 Tekfor 的大部分內容將在今年的餘額中出現。

Okay. And then just secondly, going back to the AMG one. Like I was wondering if you could just sort of talk a little bit about how that had -- if that sort of opened up sort of other discussions either within Mercedes or potentially with other automakers. I mean I know a lot of times, even within automakers, they'll try something out on newer technology on sort of higher end vehicles and then try to sort of cascade things down. And obviously, this is a very high-performance product, but there's clearly applications for a broader range of products. So is there anything that you could sort of point to that sort of come up in your conversations with Mercedes or other customers to that effect?

好的。其次，回到 AMG。就像我想知道你是否可以稍微談談它是如何產生的——如果那種在梅賽德斯內部或可能與其他汽車製造商之間開啟其他討論。我的意思是我知道很多時候，即使是在汽車製造商內部，他們也會在高端汽車上嘗試一些新技術，然後嘗試將其級聯。顯然，這是一款非常高性能的產品，但顯然有更廣泛的產品應用。那麼，在您與梅賽德斯或其他客戶的對話中，您有什麼可以指出的嗎？

Joe, this is David. Again, like you said, I mean, there's a lot of technology that's garnered from the rating side. Other technology is garnered from the performance group, so the OEMs. In this case, with Mercedes it's the AMG group. So we're honored to be a partner with them and to be selected by them to provide this very unique product that we brought forward to them.

喬，這是大衛。再說一次，就像你說的，我的意思是，有很多技術是從評級方面獲得的。其他技術是從性能組獲得的，OEM 也是如此。在這種情況下，梅賽德斯是 AMG 集團。因此，我們很榮幸成為他們的合作夥伴，並被他們選中來提供我們為他們帶來的這種非常獨特的產品。

Like I said in my earlier comments, it's probably the most complex product that we've ever made. We did it in partnership and side-by-side developing it with AMG. It's clearly gotten their attention as well as people -- other people's attention within the Mercedes organization. I expect that you'll see other variants that will come off of this using this type of product, but also will open us to share with them the balance of our portfolio. And then they've got to make their individual decisions as far as how much they want to do themselves versus what they may offer to the supply base. All we want to do is make sure that we're positioned very favorably to capture any new and incremental business should they decide to put it on the outside.

就像我在之前的評論中所說的那樣，它可能是我們做過的最複雜的產品。我們與 AMG 合作並共同開發它。這顯然引起了他們和人們的注意——梅賽德斯組織內其他人的注意。我希望您會看到使用此類產品的其他變體，但也會讓我們與他們分享我們產品組合的平衡。然後，他們必須做出自己的決定，即他們想要自己做多少，以及他們可能向供應基地提供什麼。我們要做的就是確保我們處於非常有利的位置，以便在他們決定將其放在外部時捕獲任何新的和增量業務。

As I also indicated in my comments, there are other OEMs that are interested in this technology now that it's in the public marketplace. And so we're hopeful that we can solidify some new business on that as well.

正如我在評論中所指出的那樣，現在還有其他 OEM 對這項技術感興趣，因為它已經在公共市場上。因此，我們希望我們也可以鞏固一些新業務。

And ladies and gentlemen, at this time, and showing no additional questions, I'd like to turn the floor back over to David Lim for any closing remarks.

女士們，先生們，在這個時候，我沒有提出任何其他問題，我想把發言權轉回給 David Lim 來做任何結束語。

Thank you. And we thank all of you who have participated in this call and appreciate your interest in AAM. We certainly look forward to talking with you in the future. Thanks.

謝謝你。我們感謝所有參與此次電話會議的人，並感謝您對 AAM 的興趣。我們當然期待在未來與您交談。謝謝。

And with that, we'll conclude today's conference call. We do thank you for joining today's presentation. You may now disconnect your lines.

至此，我們將結束今天的電話會議。我們非常感謝您參加今天的演講。您現在可以斷開線路。