American Axle & Manufacturing Holdings Inc (AXL) 2025 Q3 法說會逐字稿

Good morning. My name is Nick, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the American Axle & Manufacturing third-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

早安.我叫尼克，今天我將擔任你們的會議主持人。此時此刻，我謹代表美國車軸製造公司歡迎各位參加 2025 年第三季財報電話會議。（操作員說明）提醒您，今天的通話將會被錄音。

I would now like to turn the call over to Mr. David LI'm, Head of Investor Relations. Please go ahead, Mr. David Lim.

現在我將把電話交給投資者關係主管大衛李先生。請繼續，林大衛先生。

Thank you, and good morning. I'd like to welcome everyone who is joining us on AAM's third quarter earnings call. Earlier this morning, we released our third quarter of 2025 earnings announcement. You can access that announcement on the Investor Relations page on our website, www.aam.com, and through the PR Newswire services.

謝謝，早安。歡迎各位參加AAM第三季財報電話會議。今天早些時候，我們發布了 2025 年第三季財報公告。您可以在我們網站 www.aam.com 的投資者關係頁面上以及透過 PR Newswire 服務取得該公告。

You can also find supplemental slides for this conference call on the Investor page of our website as well. Now to listen to a replay of this call, you can dial (877) 344-7529, replay access code 4346240. This replay will be available through November 14.

您也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。現在，若要收聽本次通話的錄音，您可以撥打 (877) 344-7529，重播接入碼為 4346240。本次回放將持續提供至11月14日。

As for upcoming investor conferences, we will be at the Barclays 16th Annual Global Automotive and Mobility Tech conference later this month. We will also attend Bank of America Leveraged Finance Conference and the UBS Global Industrials & Transportation Conference in December. We look forward to seeing you there.

至於即將舉行的投資者會議，我們將於本月稍後參加巴克萊銀行第16屆全球汽車和移動旅行技術年會。12月，我們也將參加美國銀行槓桿融資會議和瑞銀全球工業與交通運輸會議。我們期待在那裡見到你。

Now before we begin, I would like to remind everyone that the matters discussed in this call may contain comments and forward-looking statements that are 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, please reference slide 2 of our investor presentation or the press release that was issued today.

在正式開始之前，我想提醒大家，本次電話會議討論的事項可能包含評論和前瞻性陳述，這些內容存在風險和不確定性，無法預測或量化，並可能導致未來的活動和經營結果與討論的內容存在重大差異。如需了解更多信息，請參閱我們投資者簡報的第 2 頁或今天發布的新聞稿。

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 the non-GAAP measures to GAAP financial information is available in the presentation.

此外，在本次電話會議中，我們可能會提及某些非GAAP財務指標。有關這些非GAAP指標的資訊以及非GAAP指標與GAAP財務資訊的調節表，請參閱簡報。

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

接下來，我將把發言權交給AAM的董事長兼執行長大衛·道奇。

Thank you, David, and good morning, everyone. Thank you for joining us today to discuss AAM's financial results for the third quarter of 2025. Joining me on the call today is Chris May, AAM's Execute Vice President and Chief Financial Officer.

謝謝你，大衛，大家早安。感謝各位今天蒞臨本次會議，與我們共同探討AAM 2025年第三季的財務表現。今天和我一起參加電話會議的是 AAM 的執行副總裁兼財務長 Chris May。

To begin, I'll review the highlights of our third quarter financial performance. Then I will touch on some commentary about AAM's recent business developments. After Chris covers the details of our financial results, we will open up the call for any questions that you all may have.

首先，我將回顧我們第三季財務表現的亮點。接下來，我將簡單談談AAM近期的業務發展。在克里斯詳細介紹完我們的財務表現後，我們將開放問答環節，歡迎大家提出任何問題。

So let's begin. AAM's third quarter 2025 sales were $1.51 billion. AAM's adjusted earnings per share was $0.16 per share. Operating cash flow was $143.3 million and adjusted free cash flow was approximately $98.1 million. From a profitability perspective, AAM delivered strong year-over-year margin growth, driven by performance. AAM's adjusted EBITDA in the third quarter was $195 million or 12.9% of sales a robust 130 basis points improvement versus last year on flat sales.

那麼，我們就開始吧。AAM預計2025年第三季銷售額為15.1億美元。調整後每股收益為0.16美元。經營活動現金流為 1.433 億美元，調整後自由現金流約 9,810 萬美元。從獲利能力的角度來看，AAM 的利潤率實現了強勁的同比增長，這主要得益於其優異的業績。AAM 第三季調整後 EBITDA 為 1.95 億美元，佔銷售額的 12.9%，在銷售額持平的情況下，比去年同期強勁增長了 130 個基點。

This was led by our driveline business unit, which achieved adjusted EBITDA margins of 14.9%, the highest third quarter margin since 2020. The performance was supported by a focus on operational efficiency, continuous improvement, quality and managing factors under our control. On the metal forming side, we still have additional work to do to reach our full margin potential.

其中，我們的傳動系統業務部門表現突出，調整後的 EBITDA 利潤率達到 14.9%，這是自 2020 年以來第三季最高的利潤率。這一業績得益於我們對營運效率、持續改善、品質以及對我們可控因素的重視。在金屬成型方面，我們仍需努力才能充分發揮利潤潛力。

Let's talk about the operating environment. In the near term, we are seeing onshoring opportunities within our metal forming group, and we continue to assess our footprint to optimize, to support our customers' needs as we're all dealing with the tariff environment. With the discontinuation of the EV tax credit in the US, changes to emission regulations and trade policies, OEMs are assessing their long-range product plans and the market, especially trying to determine electric vehicle natural demand.

我們來談談運行環境。短期來看，我們在金屬成型業務方面看到了本土化的機會，我們將繼續評估我們的佈局以進行最佳化，從而在應對關稅環境的同時，更好地滿足客戶的需求。隨著美國電動車稅收抵免政策的取消、排放法規和貿易政策的變化，汽車製造商正在評估其長期產品計劃和市場，尤其是試圖確定電動車的自然需求。

Currently, bidding activity leans more towards ICE than EV and an extended ICE tail is good for AAM as we can further leverage our installed asset base with our core products. We continue to believe that large truck and SUV demand appear to be very healthy both sweet spots for AAM.

目前，競標活動更傾向於內燃機汽車而非電動車，而內燃機汽車市場的延長對AAM有利，因為我們可以進一步利用我們的核心產品來增強我們已安裝的資產基礎。我們仍然認為大型卡車和 SUV 的需求非常健康，這兩個領域都是 AAM 的理想領域。

With that said, we also have a strong foundational technology in electrification with our components, electric drive units and electric beam axles. Our portfolio will only strengthen and expand as we complete the Dowlais acquisition. As we have communicated earlier, our goal is to have a propulsion-agnostic product portfolio that adjusts with the market demands.

也就是說，我們在電氣化方面也擁有強大的基礎技術，包括我們的零件、電動驅動單元和電動梁軸。隨著我們完成對 Dowlais 的收購，我們的產品組合只會得到加強和擴展。正如我們之前所溝通的，我們的目標是擁有一個與推進系統無關的產品組合，並能根據市場需求進行調整。

Let me talk about some business updates on slide 4. From a deal transaction standpoint, both shareholder approvals were completed in July. In October, we completed the permanent financing for the transaction by securing $850 million of senior secured notes, $1.25 billion of senior unsecured notes and $835 million of term loans.

讓我在第 4 張投影片上談談一些業務的最新進展。從交易角度來看，兩項股東批准均已於7月完成。10 月份，我們透過獲得 8.5 億美元的優先擔保票據、12.5 億美元的優先無擔保票據和 8.35 億美元的定期貸款，完成了該交易的永久融資。

Additionally, we redeemed all of our 2027 senior notes and a portion of our 2028 senior notes with the financing mentioned. On the regulatory front, we continue to make great progress. The European Commission clearance decision was issued on October 1, meaning that the EU antitrust condition has been completely satisfied. We also recently cleared regulatory approval in Brazil this Thursday on November 6.

此外，我們利用上述融資贖回了全部 2027 年到期的優先票據和部分 2028 年到期的優先票據。在監管方面，我們持續取得巨大進展。歐盟委員會於10月1日發布了批准決定，這意味著歐盟反壟斷條件已完全滿足。我們最近也於11月6日（本週四）獲得了巴西的監管部門批准。

The combination now been cleared and the related conditions to the combination satisfied under the antitrust laws and eight of the 10 required jurisdictions or antitrust filings were made, namely in the United States, India, the UK, Korea, Taiwan, Turkey, the EU and most recently, Brazil. The clearances that remain outstanding under antitrust laws are Mexico and China. We expect Mexico to be cleared here in the fourth quarter of 2025.

該合併現已獲得批准，並且根據反壟斷法，與該合併相關的條件已得到滿足，並且已在 10 個所需的司法管轄區或反壟斷備案中完成了 8 個，即美國、印度、英國、韓國、台灣、土耳其、歐盟以及最近的巴西。根據反壟斷法，目前尚未獲得批准的地區是墨西哥和中國。我們預計墨西哥將在 2025 年第四季獲得批准。

In China, the parties are actively engaged with the state administration for market regulation otherwise known as SAMR with respect to its review of the combination, and AAM remains highly confident on obtaining antitrust clearance in late 2025 or early 2026. Regarding the deal closing timing, we now expect the deal to close in the first quarter of next year as we communicated in our press release on October 27. As such, we are very excited to close on this transformational combination.

在中國，雙方正積極與國家市場監督管理總局（SAMR）就合併事宜進行溝通，AAM 對在 2025 年底或 2026 年初獲得反壟斷批准仍然充滿信心。關於交易完成時間，正如我們在 10 月 27 日的新聞稿中所述，我們現在預計交易將於明年第一季完成。因此，我們非常高興能夠完成這項具有變革意義的合併。

From a product win perspective, AAM's won new and replacement programs as well as volume extensions in both business units. One win in particular is a meaningful volume uplift for a popular heavy-duty truck program. We supply critical transmission products for that platform. These wins in general support a broad spectrum of powertrains, signifying AAM's agnostic approach.

從產品贏得的角度來看，AAM 在兩個業務部門都贏得了新產品和替換產品項目以及銷售成長項目。其中一項特別的成功是，一款廣受歡迎的重型卡車專案實現了顯著的銷售提升。我們為該平台提供關鍵的傳輸產品。這些勝利總體上支持了各種動力系統，顯示了AAM的中立態度。

Transitioning to our guidance. We've updated our 2025 guidance ranges on the strength of our results through the first three quarters of the year. AAM is now targeting sales in the range of $5.8 billion to $5.9 billion, adjusted EBITDA of approximately $710 million to $745 million and adjusted free cash flow of approximately $180 million to $210 million.

過渡到我們的指導方針。根據今年前三個季度的良好業績，我們更新了 2025 年的業績預期範圍。AAM 目前的目標是銷售額在 58 億美元至 59 億美元之間，調整後 EBITDA 約為 7.1 億美元至 7.45 億美元，調整後自由現金流約為 1.8 億美元至 2.1 億美元。

Our guidance ranges are supported by an assumed North American production volume of approximately 15.1 million units and assumptions on certain platforms that we support. Chris will provide additional details on the assumptions underpinning our guidance. In summary, AAM continues to deliver solid performance while successfully navigating market volatility and policy uncertainties. We remain extremely focused on managing our business and driving efficiency regardless of the operating environment.

我們的指導範圍是基於北美約 1510 萬輛的產量假設以及我們支持的某些平台的假設而製定的。Chris 將提供更多關於我們指導意見所依據的假設的細節。總而言之，AAM 在成功應對市場波動和政策不確定性的同時，繼續保持穩健的表現。無論經營環境如何，我們始終高度專注於業務管理和提高效率。

Meanwhile, we continue to make excellent progress with the regulatory bodies to close our combination with Dowlais. We are excited about the combination's potential and the long-term vision of the new company. This deal is truly transformational, benefiting our customers, suppliers, employees and most importantly, our shareholders.

同時，我們在與監管機構的磋商中繼續取得顯著進展，以完成與 Dowlais 的合併。我們對此次合併的潛力以及新公司的長遠願景感到興奮。這項交易具有真正的改變意義，將惠及我們的客戶、供應商、員工，最重要的是，將惠及我們的股東。

Let me now turn the call over to our Executive Vice President and Chief Financial Officer, Chris May, for the third quarter financial details. Chris?

現在我將把電話轉交給我們的執行副總裁兼財務長克里斯梅，讓他介紹第三季的財務細節。克里斯？

Thank you, David, and good morning, everyone. I will cover the financial details of our third quarter 2025 results and our updated guidance with you today. I will also refer to the earnings slide deck as part of my prepared comments. So let's go ahead and begin with sales.

謝謝你，大衛，大家早安。今天我將向大家詳細介紹我們2025年第三季的財務表現以及我們更新後的業績指引。我也會在我的發言稿中提及獲利狀況幻燈片。那麼，我們就從銷售開始吧。

In the third quarter of 2025, AAM sales were $1.5 billion, flat versus the third quarter of 2024. slide 7 shows a walk of third quarter 2024 sales to third quarter 2025 sales. Volume mix and other was favorable by $8 million. Metal market pass-throughs and FX translation increased sales by approximately $25 million. And these gains were offset by $30 million of lower sales due to the successful sale of our commercial vehicle axle business in India that took place earlier in the year.

2025 年第三季度，AAM 的銷售額為 15 億美元，與 2024 年第三季持平。投影片 7 顯示了 2024 年第三季銷售額到 2025 年第三季銷售額的比較。銷量組合和其他因素有利，帶來了 800 萬美元的成長。金屬市場轉嫁和外匯兌換使銷售額增加了約 2,500 萬美元。由於今年稍早成功出售了我們在印度的商用車車軸業務，導致銷售額下降了 3000 萬美元，抵消了上述收益。

Now let's move on to profitability. Gross profit was $189 million in the third quarter of 2025 as compared to $171 million in the third quarter of 2024. For the third quarter of 2025, adjusted EBITDA was $194.7 million, and adjusted EBITDA margin was 12.9% versus $174.4 million and 11.6% last year. You can see the year-over-year walk down of adjusted EBITDA on slide 8.

現在我們來談談獲利能力。2025 年第三季毛利為 1.89 億美元，而 2024 年第三季毛利為 1.71 億美元。2025 年第三季度，調整後 EBITDA 為 1.947 億美元，調整後 EBITDA 利潤率為 12.9%，而去年同期分別為 1.744 億美元和 11.6%。您可以在第 8 張投影片上看到調整後 EBITDA 的年減情況。

In the quarter, adjusted EBITDA was higher due to volume, mix and other by $9 million versus the prior year. This unusual contribution margin rate this quarter was driven by mix. Sales of certain higher-margin programs increased while sales of lower-margin programs declined. Ram heavy-duty production, which is a significant program for us increased year-over-year. R&D was lower by $3 million versus last year as we continue to optimize our engineering spend.

本季度，由於銷售量、產品組合及其他因素，調整後 EBITDA 比上年同期成長了 900 萬美元。本季異常高的貢獻毛利率是由產品組合變化引起的。某些高利潤率項目的銷售額有所增長，而低利潤率項目的銷售額則有所下降。Ram重型卡車的生產是我們的一個重要項目，並且比去年同期成長。由於我們持續優化工程支出，研發費用比去年減少了 300 萬美元。

And lastly, performance and Other was favorable by $16 million. The year-over-year favorability was driven by a combination of factors, including operational performance and other productivity, partially offset by tariffs and SG&A expense timing. AAM remains focused on productivity, efficiency and cost optimization in all areas of our business.

最後，業績和其他方面有利，獲利1600萬美元。同比利好因素包括營運績效和其他生產力等，但部分被關稅和銷售、一般及行政費用的時間安排所抵銷。AAM始終致力於提高公司所有業務領域的生產力、效率和成本優化。

Let me now cover SG&A. SG&A expense, including R&D, in the third quarter of 2025 was $98.8 million or 6.6% of sales. This compares to $94.6 million or 6.3% of sales in the third quarter of 2024. AAM's R&D spending in the third quarter of 2025 was approximately $37 million, down from approximately $40 million. For the full year, we continue to anticipate R&D expense to be down on a year-over-year basis by nearly $20 million, driven by current market requirements and continued focus on engineering efficiency.

現在讓我來介紹銷售、一般及行政費用。2025 年第三季銷售、一般及行政費用（含研發費用）為 9,880 萬美元，佔銷售額的 6.6%。相比之下，2024 年第三季銷售額為 9,460 萬美元，佔銷售額的 6.3%。AAM 2025 年第三季的研發支出約為 3,700 萬美元，低於去年同期的約 4,000 萬美元。預計全年研發支出將年減近 2,000 萬美元，這主要得益於當前的市場需求以及對工程效率的持續關注。

Let's move now on to interest and taxes. Net interest expense was $35.7 million in the third quarter of 2025 compared to $38.1 million in the third quarter of 2024. The improvement was due to a lower weighted-average interest rate of our outstanding long-term debt and lower year-over-year debt balances.

接下來我們來談談利息和稅。2025 年第三季淨利息支出為 3,570 萬美元，而 2024 年第三季為 3,810 萬美元。這項改善是由於我們未償長期債務的加權平均利率降低以及年度債務餘額下降所致。

In the third quarter of 2025, we recorded income tax benefit of $10.9 million compared to a benefit of $12.1 million in the third quarter of 2024. The third quarter of 2025 includes a discrete benefit of $22 million related to the impact of the accounting for the 1 big beautiful bill. For the fourth quarter of 2025, we expect an adjusted tax rate of approximately 10% to 15%. As for cash taxes, we expect approximately $60 million to $75 million this year.

2025 年第三季度，我們錄得所得稅收益 1,090 萬美元，而 2024 年第三季則錄得 1,210 萬美元。2025 年第三季包含 2,200 萬美元的獨立收益，這與 1 大而美麗的法案的會計處理影響有關。我們預計 2025 年第四季的調整後稅率約為 10% 至 15%。至於現金稅收，我們預計今年約為 6,000 萬至 7,500 萬美元。

Taking all these sales and cost drivers into account, our GAAP net income was $9.2 million or $0.07 per share in the third quarter of 2025 compared to net income of $10 million or $0.08 per share in the third quarter of 2024. Adjusted earnings per share, which excludes the impact of items noted in our earnings press release, was $0.16 per share in the third quarter of 2025 compared to $0.20 per share for the third quarter of 2024.

考慮到所有這些銷售和成本驅動因素，我們 2025 年第三季的 GAAP 淨收入為 920 萬美元，即每股 0.07 美元，而 2024 年第三季的淨收入為 1,000 萬美元，即每股 0.08 美元。經調整後的每股盈餘（不包括我們在獲利新聞稿中提到的項目的影響）在 2025 年第三季為每股 0.16 美元，而 2024 年第三季為每股 0.20 美元。

Let's now move on to cash flow and the balance sheet. Net cash provided by operating activities for the third quarter of 2025 was $143 million, compared to $144 million in the third quarter of 2024. Capital expenditures, net of proceeds from the sale of property, plant and equipment for the third quarter of 2025 were $64 million. Cash payments for restructuring and acquisition-related activity for the third quarter of 2025 were $18.6 million. Reflecting the impact of these activities, AAM's adjusted free cash flow was $98 million in the third quarter of 2025.

接下來我們來看現金流量表和資產負債表。2025 年第三季經營活動產生的淨現金為 1.43 億美元，而 2024 年第三季為 1.44 億美元。2025 年第三季資本支出（扣除出售物業、廠房及設備所得）為 6,400 萬美元。2025 年第三季與重組和收購相關的現金支出為 1,860 萬美元。受這些活動的影響，AAM 2025 年第三季的調整後自由現金流為 9,800 萬美元。

From a debt leverage perspective, we ended the quarter with net debt of $1.9 billion and LTM adjusted EBITDA of $735 million, calculating a net leverage ratio of 2.6 times at September 31 -- through September 30, 2025. We also maintained a strong cash position of over $700 million. AAM ended the quarter with total available liquidity of approximately $1.7 billion, consisting of available cash and borrowing capacity on AAM's global credit facilities.

從債務槓桿角度來看，截至本季末，我們的淨負債為 19 億美元，過去 12 個月的調整後 EBITDA 為 7.35 億美元，計算出截至 2025 年 9 月 31 日的淨槓桿率為 2.6 倍。我們也維持了超過7億美元的強勁現金儲備。AAM 在本季末的總可用流動資金約為 17 億美元，其中包括可用現金和 AAM 全球信貸安排的借款能力。

With that background in place, let's talk about our guidance on slide 5. Our outlook has been updated from our previous targets. Our updated targets are as follows: for sales, our new range is $5.8 billion to $5.9 billion versus $5.75 billion to $5.95 billion previously. This new sales target is based upon a North America production assumption of approximately 15.1 million units and certain assumptions for our key programs.

有了這些背景知識，我們來談談第 5 張投影片上的指導原則。我們的展望已根據先前的目標進行了調整。我們更新後的目標如下：銷售額方面，新的目標範圍為 58 億美元至 59 億美元，而先前的目標範圍為 57.5 億美元至 59.5 億美元。這個新的銷售目標是基於北美地區約 1510 萬台的產量假設以及我們重點項目的某些假設。

We now anticipate GM's full-size pickup truck and SUV production in the range of 1.35 million to 1.39 million units. From an EBITDA perspective, AAM anticipates a range of $710 million to $745 million versus $695 million to $745 million previously. We now anticipate adjusted free cash flow in the range of $180 million to $210 million.

我們現在預計通用汽車全尺寸皮卡和SUV的產量將在135萬至139萬輛之間。從 EBITDA 的角度來看，AAM 預計 EBITDA 為 7.1 億美元至 7.45 億美元，而先前的預期為 6.95 億美元至 7.45 億美元。我們現在預計調整後的自由現金流將在 1.8 億美元至 2.1 億美元之間。

Our CapEx assumption is unchanged at approximately 5% of sales as we ready the organization for important upcoming launches especially for one of our new truck programs. In addition, while not included in our adjusted free cash flow figures, we estimate our restructuring-related cash payments for AAM as a stand-alone entity to be approximately $20 million for 2025 as we look to further optimize our business and further reduce fixed costs.

由於我們正在為即將到來的重要產品發布做準備，特別是為我們的新卡車項目之一做準備，因此我們的資本支出假設保持不變，約為銷售額的 5%。此外，雖然這筆款項未計入我們調整後的自由現金流數據中，但我們預計，到 2025 年，AAM 作為一家獨立實體，與重組相關的現金支出約為 2000 萬美元，因為我們希望進一步優化業務並進一步降低固定成本。

With the updated guidance in mind, let me provide some additional color on the fourth quarter operating environment that we see. From a production standpoint, we expect normal seasonality plus some additional production volatility. We anticipate AAM's project expense to be overweight in the fourth quarter as we prepare for some significant upcoming launches that I mentioned previously.

考慮到最新的指導意見，讓我再補充一些關於我們所看到的第四季經營環境的細節。從生產角度來看，我們預期會出現正常的季節性波動，外加一些額外的生產波動。我們預計 AAM 的專案支出在第四季度將佔比過高，因為我們正在為我之前提到的一些重要的即將推出的產品做準備。

We continue to be excited about the new Ram heavy-duty launch cycle that has gained momentum throughout the course of the year and we will continue to manage other costs such as R&D. We underscore that the guidance figures that we are providing today are on an AAM stand-alone basis, pre-combination basis and excludes any costs or expenses related to our announced Dowlais transaction.

我們對 Ram 全新重型皮卡的上市週期感到興奮，該週期在今年取得了長足的進展，我們將繼續控制研發等其他成本。我們強調，我們今天提供的指導數據是基於 AAM 獨立運作、合併前的數據，不包括與我們宣布的 Dowlais 交易相關的任何成本或費用。

As it relates to the Dowlais acquisition, as David mentioned earlier, we completed the permanent financing for the transaction. This includes a nice balance of term loans, secured notes and unsecured notes. As part of this positive financing activity, we're able to opportunistically refinance all of our existing 2027 senior notes and a portion of our 2028 senior notes.

關於 Dowlais 的收購，正如 David 之前提到的，我們已經完成了該交易的永久融資。這其中包括定期貸款、擔保票據和無擔保票據的良好平衡。作為這項積極融資活動的一部分，我們能夠抓住機會，對我們現有的所有 2027 年高級票據和部分 2028 年高級票據進行再融資。

As a result, we extended the weighted-average maturity of AAM senior debt to well over six years. The revised debt maturity profile provides AAM with flexibility, and we will have no significant maturities until 2028. This is very good news from multiple perspectives as we ready for the closing on the Dowlais acquisition. And for 2026, we expect to provide formal guidance early next year.

因此，我們將 AAM 優先債務的加權平均到期日延長至六年以上。修訂後的債務到期結構為 AAM 提供了靈活性，我們在 2028 年之前不會有任何重大到期債務。從多個角度來看，這都是個好消息，因為我們即將完成對 Dowlais 的收購。對於 2026 年，我們預計明年初提供正式的業績指引。

However, let me give you some of our thoughts as we head into next year. While the industry faces various challenges, we remain excited about our product and markets. We anticipate large SUV and pickup truck markets to remain healthy. As you know, our primary driveline truck platforms are the GM T1XX and the Ram heavy-duty platforms. We also have very good content on the Ford Super Duty.

不過，在展望明年之際，我想和大家分享一些我們的想法。儘管行業面臨各種挑戰，但我們對我們的產品和市場仍然充滿信心。我們預計大型SUV和皮卡市場將保持健康發展。如您所知，我們主要的動力傳動系統卡車平台是 GM T1XX 和 Ram 重型卡車平台。我們還有關於福特Super Duty的非常好的內容。

We believe ICE and ICE hybrid powertrains will continue to have meaningful longevity and consumer demand. Tariff and world trade dynamics should create opportunities for global suppliers with strong capabilities and scale such as AAM And also a soon-to-be much larger AAM with the completion of the Dowlais acquisition. And lastly, we will continue to focus on our core cost efficiencies and aggressively drive towards realizing our $300 million synergy goal.

我們相信內燃機和內燃機混合動力系統將繼續具有相當長的生命週期和消費者需求。關稅和世界貿易動態應該會為像 AAM 這樣擁有強大能力和規模的全球供應商創造機會。而且，隨著對 Dowlais 的收購完成，AAM 的規模也將大大擴大。最後，我們將繼續專注於提高核心成本效益，並積極努力實現 3 億美元的綜效目標。

So in conclusion, AAM delivered good results through the first three quarters of the year and has successfully navigated both production and tariff volatility. Fundamentally, we will continue to manage factors under our control and course correct through market, supply chain and policy changes that we may face. Furthermore, our aim is for continuous improvement and operational excellence, and they should manifest in future results.

綜上所述，AAM在今年前三個季度取得了良好的業績，並成功應對了生產和關稅的波動。從根本上講，我們將繼續管控我們可控的因素，並透過應對可能面臨的市場、供應鏈和政策變化來糾正方向。此外，我們的目標是持續改進和卓越運營，這些目標應該會在未來的業績中得到體現。

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?

感謝您今天抽空參與電話會議。我就說到這裡，把電話交還給大衛，我們開始問答環節。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 two. So at this time, please feel free to proceed with any questions you may have.

謝謝克里斯和大衛。我們預留了一些時間回答問題。請您將問題限制在兩個以內。所以，此時請隨時提出您可能有的任何問題。

(Operator Instructions)

（操作說明）

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thanks. Good morning, everyone. Chris, maybe just a first quick one, some housekeeping, I guess. Could you just remind us sort of what's in the bucket or what was driving it, like the $9 million volume mix other in EBITDA on $8 million sales. What just stands out a little bit what's going on in those buckets?

謝謝。各位早安。克里斯，或許只是先快速處理一些家務事吧。您能否提醒我們一下，這個桶子裡裝的是什麼，或者是什麼因素在驅動它，例如 900 萬美元的銷量組合，以及 800 萬美元銷售額中的 EBITDA 部分。這些桶子裡到底發生了什麼事？有點引人注目。

Yes, yes. That's a great question. With the -- of course, with the low change in revenue, obviously, you get a little bit of dynamics in a percentage ratio here. But we experienced in the quarter was a continued, I would say, year-over-year strong performance on the Ram platform. So we saw elevated sales from our full-size truck franchise from that standpoint. We had some clients in some of our other business, I think some passenger car and crossover vehicle and component business.

是的，是的。這是一個很好的問題。當然，由於收入變化不大，很明顯，這裡的百分比比率會有一些動態變化。但本季，Ram平台的表現依然強勁，可以說是年成長。因此，從這個角度來看，我們的全尺寸卡車特許經營業務的銷售額有所提升。我想，我們在其他一些業務領域也有一些客戶，例如乘用車、跨界車及其零件業務。

So that mix sort of caused dynamic of sort of a ratio of some higher-margin business coming in, in terms of -- versus prior year. And then some lower margin business sort of lower to give that sort of odd ratio between volume mix and other from a contribution margin mix to the revenue that you see. You do have some tariff recoveries flowing through that line as well that kind of accentuates that issue a little bit, but that's principally what's going on. All normal activities, it's just an odd mix.

因此，這種組合導致了一些高利潤業務的比例出現動態變化，與前一年相比。然後一些利潤率較低的業務，導致銷售量組成和其他貢獻毛利構成與收入之間的比例出現異常。確實也有一些關稅回收款項通過這條線路流入，這在某種程度上加劇了這個問題，但主要情況就是這樣。所有活動都很正常，只是組合方式有點奇怪。

Okay. David, just the second question and bigger picture. I was wondering if you could just sort of update us on your conversations with customers and -- in terms of sort of where [you're at] in reshoring activities and other sort of investments in the US.

好的。大衛，我只想問第二個問題，以及更宏觀的問題。我想請您簡要介紹一下您與客戶的溝通情況，以及您在將業務遷回美國和其他投資方面的最新進展。

And what type of conversations you've had with some of your customers there and opportunities? And I guess, are you also able to start to go to those customers with some of the potential benefits from the Dowlais acquisition? Or is that not yet feasible or part of those conversations?

你和那裡的客戶進行過哪些類型的對話，以及有哪些合作機會？那麼，您是否也能開始向這些客戶介紹收購 Dowlais 可能帶來的一些潛在好處呢？或者說，這目前還不可行，或不屬於這些討論的範疇？

Yes. Let me start with the last question first, Joe, is we're not able to have any discussions with customers regarding Dowlais directly because it will be considered gun jumping as far as the two of us working together. So we're very distinct in regards of only talking about what AAM can do today versus what Dowlais might be able to do in the future. So -- but that will enhance our opportunity clearly, once that becomes part of the AAM family.

是的。喬，我先回答最後一個問題，我們是否不能直接與客戶討論 Dowlais 的相關事宜，因為這會被視為我們兩人合作搶先行動。因此，我們之間的差異非常明顯，我們只討論 AAM 目前能做什麼，而 Dowlais 未來可能會做什麼。所以——但一旦它成為 AAM 大家庭的一員，那顯然會增強我們的機會。

As I indicated in my comments, and Chris did as well is that we are seeing a lot of opportunities from various customers, both the OEM level and the tier level on our metal forming business for localization, especially in forgings, in castings and powdered metal parts. So that's increasing some of our sales opportunities and nothing to announce at this time, but we're working actively with multiple customers right now.

正如我在評論中指出的，克里斯也指出的，我們看到來自各種客戶（包括 OEM 級別和一級供應商）的許多機會，可以在我們的金屬成型業務中進行本地化，尤其是在鍛件、鑄件和粉末冶金零件方面。因此，這增加了我們的一些銷售機會，目前還沒有什麼可以宣布的，但我們正在積極與多個客戶合作。

Regarding plant footprints, you know our policy is always to try to buy and build local in the local markets that we serve. That's mitigated a lot of tariff exposure to us. We're clearly watching the USMCA negotiations anticipating that there'll be a higher US content requirement in the future. We have had conversations with various customers about what their intentions are, knowing that we ship big products, we like to be in closer proximity to our customers.

關於工廠佔地面積，您也知道我們的政策始終是盡量在我們服務的當地市場採購和建造本地產品。這大大降低了我們面臨的關稅風險。我們顯然在關注美墨加協定談判，預計未來會有更高的美國產品含量要求。我們與許多客戶進行了溝通，並了解他們的意圖。我們知道我們運送的是大型產品，所以我們希望與客戶保持更緊密的聯繫。

So once they can make their final decisions, then we'll make appropriate footprint adjustments in concert and in alignment and in agreement with those customers on a go-forward basis. So I'd say, yes, there's ongoing discussions taking place. Nothing that we can announce at this time. It's going to be largely dependent on when the customers finalize their plant loading plans.

所以一旦他們能夠做出最終決定，那麼我們將與這些客戶協調一致，並達成共識，在未來做出適當的佈局調整。所以我認為，是的，目前正在進行相關討論。目前沒有什麼可以公佈的。這很大程度上取決於客戶何時最終確定其工廠負載計劃。

Tom Narayan, RBC.

Tom Narayan，RBC。

Hey, thanks for taking the question. The first 1 is just on the regulatory antitrust clearing. Just seeing if -- I mean, you guys are confident China late '25 or early '26. Just curious if that was like a surprise at all? Or was that always contemplated. Is there any -- is there a specific risk there? Or is there like a over there? Is that what's causing that where that might lead to divestitures or something? Just -- or is it just kind of just course, regular course of action? And then I have a follow-up.

嘿，謝謝你回答這個問題。第一個1只是關於監管反壟斷清算。只是想看看——我的意思是，你們對中國在 2025 年底或 2026 年初的表現有信心嗎？我只是好奇，這算不算是意外？或者，這一直都在考慮之中？是否存在某種具體的風險？或是那邊也有類似的地方嗎？是因為這個原因才會導致資產剝離或其他類似情況？只是——或者說，只是例行公事、常規操作流程？然後我還有一個後續問題。

Yes, Tom, this is David. We're highly confident in regards to we'll get all the jurisdictions approved. We clearly anticipated that Brazil, Mexico and China would be the long poles in the tent. Brazil, as I mentioned, we got verbal acknowledgment earlier in the month but we got final formal approval just yesterday. We expect Mexico here yet this month. In China, we're in discussions with them.

是的，湯姆，這是大衛。我們非常有信心能夠獲得所有司法管轄區的批准。我們早就預料到巴西、墨西哥和中國會是其中的佼佼者。正如我之前提到的，巴西方面在本月初給了我們口頭上的認可，但直到昨天才正式批准。我們預計本月墨西哥方面還會來。在中國，我們正在與他們進行磋商。

But I don't expect us to have to do anything from a large remedy standpoint in that area. We're just going through the normal discussions in their inquiries and questions. Just like we've done with other countries. Their process is just taking a little bit longer. We did anticipate that geopolitical issues could potentially impact this. But quite honestly, it hasn't. At this point in time, and we hope that it doesn't. But we're getting a full operation from SAMR at this time.

但我認為，從大規模補救措施的角度來看，我們不需要在這方面採取任何行動。我們只是在對他們的詢問和問題進行正常的討論。就像我們對待其他國家一樣。他們的流程只是需要更長的時間。我們確實預料到地緣政治問題可能會對此產生影響。但說實話，並沒有。目前來看，我們希望這種情況不會發生。但目前我們正在從國家市場監督管理總局（SAMR）獲得全面的營運支援。

Okay. Got it. And then my follow-up, just on the kind of production that you guys are assuming for North America 15.1. It does it does feel like it implies kind of a downshift in Q4, a pretty significant one. Just curious, maybe, is that baking in some conservatism? Maybe in [Xperia] seems to be -- there's some positive indications there on resolution there. I know that that's a market number, but just curious if that's just conservatism or something specific you're seeing?

好的。知道了。然後，我的後續問題是，關於你們對北美 15.1 版產量的預期。這似乎意味著第四季度產量會下降，而且下降幅度相當大。只是好奇，這是否暗示著某種保守主義傾向？或許在 Xperia 上是這樣——那裡的分辨率方面有一些積極的跡象。我知道這是市場數據，但我只是好奇這只是保守估計，還是你觀察到的某種特定現象？

Tom, this is Chris. Of course, we anchor this a little bit around, as you mentioned, a market number. But at this point in the year too, we are also really kind of calibrating and locking into our specific customer schedules. And as you may be aware, we've experienced a little bit of downtime in the fourth quarter early in the quarter, meaning October, early part of that.

湯姆，這是克里斯。當然，正如您所提到的，我們會在一定程度上以市場數據為基準。但到了每年的這個時候，我們也確實需要進行一些調整，以適應我們特定客戶的日程安排。您可能已經注意到，我們在第四季初，也就是10月初，經歷了一段短暫的停工期。

We had one of our customer assembly plants at Wentzville down, that impacted some of our production. We've seen a little bit of extra holiday downtime, we anticipate near the end of the year. And also, as you mentioned, the other issues in terms of supply chain. We've had a little bit around the edges in terms of some volatility there. But we're trying to calibrate into what we see in the current market environment and that's sort of our best estimate right now at the time.

我們在溫茨維爾的一家客戶組裝廠停產，這影響了我們的一些生產。我們看到假期期間出現了一些額外的空閒時間，預計年底前後也會出現這種情況。還有，正如您所提到的，供應鏈方面也存在其他問題。就波動性而言，我們這邊確實出現了一些小問題。但我們正在努力根據當前市場環境進行調整，這算是我們目前能做出的最佳估計。

Got it. Thanks.

知道了。謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great, thank you. Good morning, everyone. Just going back to the onshoring opportunity. As you think about that opportunity as well as your recent business wins and ICE extensions. I'm curious how you're thinking, at least at a high level of the kind of growth over market potential over the next two years or so.

太好了，謝謝。各位早安。再說回岸上生產的機會。當您考慮這一機會以及您最近取得的業務成功和 ICE 延期時。我很好奇您是如何看待未來兩年左右市場成長潛力的，至少從宏觀層面來說是如此。

What I would say, Itay, this is David. I think we have an opportunity to benefit strongly in our metal forming side of the business. With respect to the onshoring activity that we mentioned earlier, once we're able to pull Dowlais together, we also think there's in-sourcing opportunities because they buy a lot of their forging and some of their powder metal on the outside. So -- and casting. So we think there's some opportunity there.

伊泰，我想說的是，這位是大衛。我認為我們在金屬成型業務方面有很大的機會獲得豐厚的回報。關於我們之前提到的回流活動，一旦我們能夠將 Dowlais 整合起來，我們也認為會有內部生產的機會，因為他們從外部購買了很多鍛造件和一些粉末冶金產品。所以——還有選角。所以我們認為那裡存在一些機會。

I don't have off the top of my head, our position in regards to this growth over market, but I think we can keep up with the market with respect to what's going on. We do have some products that will be transitioning off some older transmission-related products. So clearly, we're going to have to offset that in order to show incremental growth aligned with the marketplace. But I would say, overall, we should be able to hopefully hold on to where the market is at.

我一時想不起來我們相對於市場成長的具體情況，但我認為我們能夠跟上市場的發展步伐。我們有一些產品將會逐步淘汰一些較舊的傳動相關產品。所以很顯然，我們必須彌補這一損失，才能實現與市場相符的增量成長。但我認為，整體而言，我們應該能夠守住目前的市場水準。

Yes. And I would say, Itay, this is Chris. In addition to with some of that with these extensions that we're seeing, obviously, some conversion into hybrid creates some opportunity for us. And you may recall from our last earnings call, we announced a great award with Scout. So these are examples where our next-gen technologies into electrification will also drive some of that uplift in terms of growth over market opportunities for us.

是的。我會說，Itay，這位是Chris。除了我們看到的這些擴展之外，顯然，向混合模式的轉變也為我們創造了一些機會。您可能還記得，在上次財報電話會議上，我們宣布了 Scout 獲得的重大獎項。因此，這些例子表明，我們的下一代電氣化技術也將推動市場機會的成長。

Terrific. That's very helpful. And as my follow-up, just on the kind of Q4 outlook, do you have any kind of bias within the EBITDA range. And maybe just talk about the different factors from here through year-end that may cause you to come in at the lower or maybe higher end of that range?

了不起。那很有幫助。我的後續問題是，關於第四季度的展望，您對 EBITDA 範圍有什麼偏好嗎？或許可以談談從現在到年底，哪些不同的因素可能會導致你的最終結果處於該範圍的較低端或較高端？

Yes. In terms of that range, I can obviously, the first and foremost, it does, it pins around our absolute revenue for the quarter, and our contribution margin generally somewhere between 25% to 35% range. So that is the key -- probably the primary factors as I think, about our EBITDA range inside of the fourth quarter.

是的。就這個範圍而言，首先，它確實圍繞著我們本季的絕對收入，而我們的貢獻毛利率通常在 25% 到 35% 之間。所以，這才是關鍵——我認為這可能是影響我們第四季 EBITDA 範圍的主要因素。

As I mentioned in my prepared remarks, we do have some, I would say, heavy load of project expenses, we're getting ready for some next-gen product launches also aligned with some of our heavier capital spend that we're anticipating here in the fourth quarter.

正如我在準備好的發言稿中提到的，我們確實有一些，可以說相當沉重的項目支出，我們正在為下一代產品的發布做準備，這也與我們預計在第四季度將要進行的一些較大的資本支出相一致。

But you do get a little timing movement associated with that. As I mentioned, also some of our production volatility caused a little bit, but we're also focused on some cost optimization side on our engineering spend as well as some productivity improvements in several of our facilities. So those are kind of the key factors that had plus or minus to it, but the largest piece is volume at the moment.

但這樣做確實會帶來一些時間上的偏差。正如我之前提到的，我們的一些生產波動也造成了一些影響，但我們也專注於工程支出方面的成本優化，以及提高我們幾個工廠的生產效率。所以這些都是一些有利有弊的關鍵因素，但目前最大的因素是成交量。

Terrific. That's very helpful. Thank you.

了不起。那很有幫助。謝謝。

James Picariello, BNP.

James Picariello，法國巴黎銀行。

Hey guys, this is Jake on for James. You saw a pretty healthy step-up in driveline margins this quarter. Could you just share if there were any one-timers in there? Or is this a number you guys think you can do going forward?

大家好，我是Jake，替James報道。本季傳動系統利潤率出現了相當可觀的成長。請問裡面有沒有隻發生過一次的？或者，你們覺得未來能達到這個數字嗎？

Yes. Look, each quarter obviously has a unique story, whether it's mix of volume of products, but we -- on the driveline side, if you look consistently now over the last four to six quarters has been very strong and stable in its ability to generate margins on its product mix. As we talked a little bit about Ram earlier on a year-over-year basis continues to be very strong for us.

是的。你看，每個季度的情況顯然都不一樣，無論是產品組合還是銷量，但我們——在傳動系統方面，如果你持續觀察過去四到六個季度，就會發現我們在產品組合方面創造利潤的能力非常強勁且穩定。正如我們之前簡單提到的，Ram 的業績年比表現依然非常強勁。

That's obviously one of our full-size truck franchise products that we supply. And then quite frankly, they doing a nice job of managing their cost environment. So each quarter is a little bit different in terms of its margin, but holistically, the trend is for them to continue to perform very strong.

這顯然是我們供應的全尺寸卡車特許經營產品之一。坦白說，他們在成本控制方面做得相當不錯。因此，每季的利潤率略有不同，但總體而言，趨勢是它們將繼續保持強勁的業績。

Thank you. And then you guys have pretty significant exposure on these heavy-duty heavier duty pickup trucks. So can you talk about the impact you're seeing from the expansion of the 232 tariffs to the medium and heavy duty truck space? Have you seen any kind of shifts from your patterns or you're potentially having easier time in discussions about [recoveries]?

謝謝。而且你們在這些重型皮卡車方面也獲得了相當高的曝光率。那麼，您能否談談232關稅擴大到中型和重型卡車領域所帶來的影響？你的模式是否有改變？或者你在討論相關話題時感覺更容易了？恢復情況？

Yes, Mike. Great question. Yes. No, we obviously have a lot of exposure on that -- those platforms for all three of the North American OEMs. And as you know, that's a very strong demand product and built all throughout North America in different locations. Right now, at the moment, no, we've not seen any negative impact associated with that. Our customers to build those very well in terms of capacity, in terms of meeting their end market demand as well. But currently, we're not seeing any significant impact associated with that.

是的，麥克。問得好。是的。不，我們顯然在這方面投入了很多——這三個北美原始設備製造商的平台。如您所知，這是一款需求量非常大的產品，在北美各地不同地點都有生產。目前來看，還沒有看到任何與之相關的負面影響。我們的客戶在產能方面建造得非常好，也能滿足終端市場的需求。但目前，我們還沒有看到這方面有任何重大影響。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Hi, thank you. This is Winnie on for Edison. So I guess I want to go back to the quarter for a little bit, especially the performance in other Markets category, which is very strong. I just wanted to see if you can break that down, the composition of it? And then what's sustainable, what's not on a go-forward basis?

您好，謝謝。這是溫妮為愛迪生電台所做的報道。所以我想稍微回顧一下本季的情況，特別是其他市場類別的表現，該類別表現非常強勁。我只是想看看你能不能把它分解一下，分析一下它的組成？那麼，哪些做法是可持續的，哪些做法是不可持續的呢？

Yeah, good morning, Winnie, this is Chris. I'll take that one. If you look at our performance bucket on our year-over-year walks, about two-thirds of that performance is associated with our driveline business unit sort of in response to the question that was just answered previously. And I would expect them to continue to have very strong normal operating performance. The remainder of this bucket was a net of a few things.

是的，早上好，溫妮，我是克里斯。我選那個。如果你看我們逐年業績的對比，大約三分之二的業績都​​與我們的傳動系統業務部門有關，這算是對先前回答的問題的一種回應。我預計他們將繼續保持非常強勁的正常營運表現。桶子裡剩下的東西是一些零零碎碎的小玩意兒。

We've seen some positive momentum in our, I would call it, material costs as a company. It was offset slightly by tariffs, a couple of million dollar net negative impact inside the quarter related to tariffs and then some timing of our SG&A expense also offset some of that gain. But structurally, again, I would expect the driveline to continue to perform very well. And metal form, I would expect to improve over the next couple of quarters as it relates to performance.

我們看到公司在材料成本方面出現了一些積極的成長勢頭。關稅略微抵銷了這項收益，本季關稅帶來的數百萬美元淨負面影響，以及銷售、一般及行政費用的時間安排，也抵銷了部分收益。但從結構上看，我預計傳動系統將繼續表現出色。至於金屬形態，我預計在接下來的幾個季度裡，其性能方面會有所改善。

That's very helpful. And then maybe just looking ahead to 2026. You've mentioned that mix in your quarter was a strong contribution to the strong incrementals that you guys have been seeing. Can you help us maybe think about how that could potentially roll forward to 2026?

那很有幫助。然後或許可以展望一下2026年。您曾提過，本季的產品組合是您們強勁成長的重要原因。您能否幫我們思考一下，這項計畫如何順利推進到 2026 年？

As we look at volume and mix heading into next year? And then maybe on the profit cost side, what are some of the good guys or bad guys, that you guys -- high level color, that would be great.

我們展望明年的銷售和產品組合會如何變化？然後，從利潤成本的角度來看，你們覺得哪些是好人或壞人？ ——高水準的分析，那就太好了。

Yes. As it relates to our contribution margin on our product mix, we've been pretty consistent. We see it flow through almost every quarter. Our range would be, 25% to 35% is our margin. So use that midpoint of 30%. It does depend a little bit on mix of products, but that's pretty constant. I would expect that to continue in that range going forward.

是的。就我們產品組合的貢獻毛利而言，我們一直相當穩定。我們幾乎每季都能看到這種情況。我們的利潤率範圍是25%到35%。所以就用30%這個中間值。這在一定程度上取決於產品組合，但產品組合本身是相當穩定的。我預計未來這一趨勢將繼續維持在這個範圍內。

Look, as we think into 2026, we're going to be very focused on optimizing our cost structure, keeping our product engineering spend in line with market trends. But really, we're going to start to pivot here in addition to our core productivity but pivot towards the acquisition with Dowlais and the synergy realization and really sort of growing our margin and cash flow opportunity from that perspective.

展望 2026 年，我們將非常注重優化成本結構，使產品工程支出與市場趨勢保持一致。但實際上，除了核心生產力之外，我們將開始轉向收購 Dowlais，實現協同效應，並從這個角度真正提高我們的利潤率和現金流機會。

Nathan Jones, Stifel.

內森瓊斯，斯蒂費爾。

Good morning, everyone. Just one follow-up on your mix equation in the third quarter and how to think about that going forward? Obviously, you can have some different impacts during any given quarter. But is that something more structural in the mix where these more profitable programs that you are on should structurally grow faster than some of these less profitable programs that It are may be rolling off and we should continue to see not necessarily from one quarter to the next, but a more structural improvement in that mix?

各位早安。關於您第三季的投資組合組成，以及未來應該如何考慮這個問題，我還有一個後續問題？顯然，在任何一個季度，你都可能產生不同的影響。但這種組合中是否存在更深層的結構性因素，即你參與的這些盈利能力更強的項目，其增長速度應該比一些盈利能力較弱、可能正在逐步退出的項目更快，我們應該會看到這種組合出現更深層次的結構性改善，而不僅僅是從一個季度到下一個季度？

I would expect, as I mentioned, Nathan, our standard contribution margin is around 25% to 35%. Our North America trucks generally are Towards the higher end of that range. Passenger cars are a little bit towards the lower end and crossover vehicles are sort of in the middle. I do not see that fundamentally changing going forward.

正如我之前提到的，Nathan，我預計我們的標準貢獻毛利率在 25% 到 35% 左右。我們的北美卡車通常都屬於該價格範圍的高端產品。乘用車的價格稍微低一些，而跨界車的價格則介於兩者之間。我認為這種情況未來不會發生根本性改變。

Okay. Maybe a question on the metals business. Maybe you could just talk about the restructuring actions that you have taken in that, what's left to do and the levers that you're currently pulling and the levers you need to pull in the future to get the margins back to a more acceptable level in that business?

好的。或許可以問一個關於金屬產業的問題。或許您可以談談您已經採取的重組措施，還有哪些工作要做，以及您目前正在採取哪些措施，以及將來需要採取哪些措施才能使該業務的利潤率恢復到更可接受的水平？

Yes. This is David Dauch. We're clearly looking and acting on restructuring efforts with some activity that we've got ongoing in Europe right now. We're executing that plan. We hope to have that completed into next year. So that would be positive. The other part is addressing just some utilization matters and throughput matters within a couple of our existing plants that have struggled a little bit.

是的。這是大衛道奇。我們顯然正在尋求並採取行動進行重組，目前我們在歐洲已經進行了一些相關活動。我們正在執行該計劃。我們希望明年能完成這項工作。那將是件好事。另一部分則是解決我們現有幾家工廠在利用率和產量上遇到的一些問題，這些工廠的運作狀況有些困難。

One, first on labor availability and just technical skill sets. So we're addressing those matters. We're highly confident that we can get the margins back up into a double-digit type category. I don't know historically, if we can get them to those levels next year, but we'll continue to work in that direction. But obviously, we've had some challenges there that have been lingering on a little bit longer than we would like, but we're very focused on what we need to do to fix those matters going forward here. So I'll leave it at that.

首先，從勞動力供應和技術技能來看。所以我們正在處理這些問題。我們非常有信心能夠將利潤率恢復到兩位數水準。我不知道從歷史數據來看，我們明年能否將他們提升到那些水平，但我們會繼續朝著這個方向努力。但很顯然，我們遇到了一些挑戰，這些挑戰持續的時間比我們希望的要長一些，但我們非常專注於接下來需要做些什麼來解決這些問題。我就說到這兒吧。

Doug Karson, Bank of America.

道格·卡森，美國銀行。

Great. Thanks guys, good morning. I want to focus on the balance sheet just for a moment. So it looks like net leverage is in good shape at 2.6x. I just wanted to kind of double click on the Dowlais acquisition and being kind of conservatively set. Am I right in saying that pro forma net leverage is about flat following the acquisition?

偉大的。謝謝各位，早安。我想花一點時間重點來看資產負債表。所以看起來淨槓桿率在2.6倍，狀況良好。我只是想再強調一下對道萊斯公司的收購，以及我目前較保守的策略。我的理解是，收購完成後，備考淨槓桿率基本上維持不變，這種說法正確嗎？

Yes, We -- when the announced the -- this is Chris. When we announced the transaction earlier in the year, our leverage we closed last year was around 2.8x. First quarter, we were around 2.9x. And we said at that point in time, we would expect the leverage of the company once at close to be somewhat around neutral to that time spot and location. We still expect that to be true based upon what we stated earlier in the year.

是的，我們——當宣布——這是克里斯。今年稍早我們宣布這筆交易時，去年完成的交易槓桿率約為2.8倍。第一季度，槓桿率約2.9倍。當時我們表示，預計公司交易完成後，槓桿率將與當時的水平大致持平。根據我們年初的說法，我們仍然認為情況會如此。

What you are seeing going on this year inside of AAM stand-alone as we had several initiatives to monetize some of our assets, exiting our joint venture in China, our sale of India commercial vehicle and pool cash towards that close. And this is tracking exactly along the line of the plan we anticipated and able to make that statement earlier in the year that we expect to be around leverage neutral at close from our numbers that we had when we made the announcement. So we're still expecting that to be true.

今年，AAM獨立營運部門內部發生了一些變化，我們採取了多項舉措來將部分資產貨幣化，包括退出我們在中國的合資企業、出售印度商用車業務以及籌集資金以完成交易。這與我們的預期計劃完全一致，我們今年稍早就已宣布，預計收盤時槓桿率將保持中性，這與我們當時公佈的數據相符。所以我們仍然認為情況會是這樣。

That's great. Thanks for that update. If I could just look at maybe at the long-term leverage framework. So since the Metaldyne acquisition, I remember in maybe 2016, lowering leverage and focus on the balance sheet was pretty much a priority for almost 10 years. How do you kind of look at the future framework for leverage now that the company's revenue is almost going to be double and you've got, I guess, more diversity. Just kind of curious of where leverage is going to go over the intermediate term?

那太棒了。謝謝你提供的最新資訊。如果我能看看長期槓桿框架就好了。所以自從收購 Metaldyne 以來，我記得大概在 2016 年，降低槓桿率和關注資產負債表幾乎成了近 10 年的首要任務。鑑於公司收入幾乎要翻一番，而且業務也更加多元化，您如何看待未來的槓桿框架？我只是有點好奇槓桿率在中期會如何改變？

Yes. In the -- well, first of all, in the short term, our priority will continue to be to delever the company. We will deploy as an -- on an overweight perspective, our cash generation to paying down debt. That is our anticipation. That was our commitment when we announced the transaction with Dowlais earlier in the year. And I would expect that in the near term and transitioning towards the medium term.

是的。首先，短期內，我們的首要任務仍然是降低公司的槓桿率。我們將採取超配策略，利用現金流償還債務。這就是我們的預期。今年早些時候，我們宣布與 Dowlais 達成交易時，就做出了這樣的承諾。我預計這種情況會在短期內發生，並逐漸過渡到中期。

Through that announcement earlier in the year, we did indicate once we cross the 2.5 times net leverage threshold, we would have, I would call it a little more balanced capital allocation playbook. We'll continue to focus on paying down debt. We'll continue to focus on reducing the leverage of the company. That is a priority for us, but we would open up our playbook to maybe consider some other actions from a shareholder perspective. But reducing the leverage, continuing to pay down debt in the near term will be our top priority and will continue to be a priority in the medium and longer term.

今年稍早的公告中，我們確實表示，一旦淨槓桿超過 2.5 倍，我們將採取更平衡的資本配置策略。我們將繼續專注於償還債務。我們將繼續致力於降低公司的槓桿率。這確實是我們的首要任務，但我們也會考慮從股東角度出發，採取一些其他行動。但降低槓桿率，在短期內繼續償還債務將是我們的首要任務，並且在中長期內也將繼續是我們的首要任務。

Great. Thanks so much for that. That's it from us.

偉大的。非常感謝。以上就是我們今天的報道。

Tom Narayan, RBC.

Tom Narayan，RBC。

Hey, thanks for bringing back in. Just a quick one on the press release you guys issued on October 27 that discusses some of the some of the management folks you guys invited from the Dowlais side. Just curious how you see that playing out? Is it like kind of a plug-and-play where those folks continue to lead their respective kind of organizations? Yes, just again a high level after seeing that press release, curious how you think about integrating executives from Dowlais.

嘿，謝謝你帶我回來。關於你們在 10 月 27 日發布的新聞稿，其中提到了你們從 Dowlais 方面邀請的一些管理人員，我想簡單提一下。我很好奇你覺得這件事會如何發展？是不是就像即插即用一樣，這些人繼續領導他們各自的組織？是的，看完那份新聞稿後，我再次感到非常好奇，您如何看待整合道萊斯的管理人員。

Yes. Tom, this is David. Clearly, we are hopeful that Roberto Fioroni would join the executive team. Initial indications, we're headed down that path. At the same time, he made a personal and family decision. We have and will respect those decisions. At the same time, we'll make the necessary adjustments from a management team standpoint. Roberto's current capacity is the CFO at Dowlais.

是的。湯姆，這是大衛。顯然，我們希望羅伯托·菲奧羅尼能夠加入管理團隊。初步跡象表明，我們正在朝著這個方向發展。同時，他做出了一個個人和家庭方面的決定。我們過去尊重這些決定，將來也會繼續尊重這些決定。同時，我們將從管理團隊的角度做出必要的調整。Roberto 目前的職位是 Dowlais 公司的財務長。

Chris is clearly the CFO at American Axle. So we'll continue with Chris in the capacity where we are. And then we'll make some slight adjustments in regards to other things that we are planning. So again, we're disappointed that Roberto can't join us. But at the same time, we've got an outstanding executive team today, and we'll continue to lead the organization going forward, and we're going to work collectively together to blend the teams at all the different levels, including the Board of Directors so that we can pick the best athletes and have the best talent to support the strategic combination of the two companies.

克里斯顯然是美國車軸公司的財務長。所以，我們將繼續讓克里斯擔任他目前的職位。然後，我們會對我們正在計劃的其他事項進行一些細微的調整。所以，我們再次感到失望，羅伯託不能加入我們。但同時，我們現在擁有一支傑出的管理團隊，我們將繼續領導該組織向前發展，我們將共同努力，融合各個不同層級的團隊，包括董事會，以便我們能夠挑選出最優秀的運動員，並擁有最優秀的人才來支持兩家公司的戰略合併。

Got it. Thanks a lot.

知道了。多謝。

Yeah, thank you, Tom.

是啊，謝謝你，湯姆。

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

感謝各位參與本次電話會議，並感謝你們對AAM的關注。我們非常期待未來與您交流。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。