Axalta Coating Systems Ltd (AXTA) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Axalta's Coating Systems Q4 2024 earnings call. (Operator instructions). Today's call will be recorded.

女士們、先生們，感謝你們的支持。歡迎參加艾仕得塗料系統 2024 年第四季財報電話會議。（操作員指令）。今天的通話將會被錄音。

I will now turn the call over to Colleen Lubic, Vice President of Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係副總裁科琳·盧比克 (Colleen Lubic)。請繼續。

Thank you and good morning. This is Colleen Lubic, Vice President of Investor Relations. We appreciate your continued interest in Axalta and welcome you to our fourth quarter and full year 2024 financial results conference call. Joining me today are Chris Villavarayan, CEO and President; and Carl Anderson, Chief Financial Officer.

謝謝你，早安。我是投資者關係副總裁科琳‧盧比克 (Colleen Lubic)。感謝您對艾仕得的持續關注，歡迎您參加我們的 2024 年第四季和全年財務業績電話會議。今天與我一起出席的還有執行長兼總裁 Chris Villavarayan；以及財務長卡爾·安德森（Carl Anderson）。

We released our financial results this morning and posted a slide presentation to the investor relations section of our website at axalta.com, which we will be referencing during this call.

我們今天早上發布了財務結果，並在我們網站 axalta.com 的投資者關係部分發布了幻燈片演示，我們將在本次電話會議中參考該演示。

Our prepared remarks, the slide presentation, and our discussion today may contain forward-looking statements reflecting the company's current view of future events and their potential effect on Axalta's operating and financial performance.

我們準備好的演講、幻燈片簡報和今天的討論可能包含前瞻性陳述，反映了公司當前對未來事件的看法及其對艾仕得營運和財務表現的潛在影響。

These statements involve uncertainties and risks, and actual results may differ materially from those forward-looking statements. Please note that the company is under no obligation to provide updates to these forward-looking statements.

這些聲明涉及不確定性和風險，實際結果可能與這些前瞻性聲明有重大差異。請注意，本公司沒有義務對這些前瞻性陳述進行更新。

Our remarks and the slide presentation also contain various non-GAAP financial measures. We've included reconciliation of these non-GAAP financial measures in the most directly comparable GAAP financial measures. Refer to our filings with the SEC for more information.

我們的評論和投影片簡報也包含各種非公認會計準則財務指標。我們已將這些非 GAAP 財務指標的對帳納入最直接可比較的 GAAP 財務指標中。請參閱我們向美國證券交易委員會提交的文件以了解更多資訊。

Please note that we did recently update the presentation for certain of our non-GAAP measures as described in the current report on Form-8K that we furnished the SEC on January 21.

請注意，我們最近確實更新了某些非公認會計準則指標的呈現方式，如我們於 1 月 21 日向美國證券交易委員會提交的 8K 表當前報告中所述。

I will now turn the call over to Chris.

現在我將電話轉給克里斯。

Thanks, Colleen, and good morning everyone. Let's move to slide 3. I'm excited to share that we achieved another record fourth quarter of full year net sales and adjusted EBITDA. 2024 represented the highest net sales and adjusted EBITDA in our history.

謝謝，科琳，大家早安。我們來看第 3 張投影片。我很高興地告訴大家，我們在第四季的全年淨銷售額和調整後 EBITDA 再創紀錄。 2024年是我們歷史上淨銷售額和調整後EBITDA最高的一年。

These outstanding results were made possible by the collective efforts of our global team as one Axalta. The culture that we have established with our aid plan that has brought our priorities into focus. Despite weakness across all our four end markets, we outperform consistently this year in light vehicle and refinish our two largest end markets. I want to express my appreciation to the Axalta team for their dedication throughout the year that has clearly paid off with these great results.

這些優異的成績離不開艾仕得全球團隊的共同努力。我們透過援助計劃建立起來的文化使我們的優先事項成為焦點。儘管我們的四個終端市場都表現疲軟，但今年我們在輕型車和整車修補兩個最大的終端市場中表現持續優異。我要對艾仕得團隊表示感謝，他們的全年奉獻顯然帶來了這些出色的成績。

We delivered fourth quarter company record net sales of $1.3 billion. Contributions from the (inaudible) acquisition in our refinished economy segment, net new body shop wins, and above industry growth in light vehicle more than offset a softer macroeconomic environment and foreign currency headwidths.

我們第四季的淨銷售額達到創紀錄的 13 億美元。我們的修補經濟部門的（聽不清楚）收購、新車身修理廠的淨贏利以及輕型車輛的行業增長所帶來的貢獻，遠遠抵消了較弱的宏觀經濟環境和外幣頭寸的影響。

Adjusted EBITDA increased by 10% year-over-year to fourth quarter company record of $275 million. We delivered this result despite meaningful foreign currency headwinds in our fourth quarter not anticipated in our prior guidance. This represents the 10th consecutive quarter of year-over-year adjusted EBITDA growth.

調整後 EBITDA 年成長 10%，第四季達到公司歷史最高的 2.75 億美元。儘管第四季出現了我們先前預期未曾預料到的重大外匯逆風，我們仍取得了這項業績。這代表調整後 ​​EBITDA 連續第 10 季年增率。

Adjusted EBITDA margins improved by 170 basis points versus the prior year to 21%, which, as was the margin objective set in our 2026, A plan. We're proud to deliver this result well in advance of our target date. Margin expansion was driven by favorable impacts from price mix, low variable costs, savings from our transformation initiative, and conversion on revenue from light vehicle volume growth.

調整後的 EBITDA 利潤率較上年提高 170 個基點，達到 21%，這與我們的 2026 年 A 計畫中設定的利潤率目標一致。我們很榮幸能夠提前完成這項目標。利潤率的擴大主要得益於價格組合、低變動成本、轉型措施帶來的節約以及輕型汽車銷售成長帶來的收入轉換等有利影響。

As you can see on this chart, adjusted diluted EPS was another great story for Axalta, growing 30% year-over-year to $0.60 in the quarter. In addition, our balance sheet continued to improve, with total net leverage ratio declining for the eighth consecutive quarter for another company record of 2.5 times, the high end of the range that we set in our, A plan.

正如您在該圖表中看到的，調整後的稀釋每股收益對於 Axalta 來說是另一個偉大的業績，本季度同比增長 30% 至 0.60 美元。此外，我們的資產負債表持續改善，總淨槓桿率連續八個季度下降，再創公司歷史新高，達到 2.5 倍，達到我們 A 計畫設定的範圍的高端。

Let's move to slide 4. Culture is at the foundation of our transformation. As demonstrated by the strength of our financial results, we have aligned the organization around the tenants of accountability, execution, and operational excellence. We are committed to safety in everything that we do and strive towards zero incidents.

我們來看第 4 張投影片。文化是我們轉型的基礎。正如我們強勁的財務表現所證明的那樣，我們已圍繞責任、執行力和卓越營運等原則調整了組織結構。我們致力於確保一切工作的安全，並努力實現零事故。

This year we achieved a TRIR of 0.3% and reduced our injury rate by approximately 50% compared to two years ago. In addition, we made investments in our operations and engineering, streamlined and optimized our organizational structure and brought our corporate employees together under one roof at the Navy Yard in Philadelphia.

今年，我們的 TRIR 達到了 0.3%，與兩年前相比，受傷率降低了約 50%。此外，我們還對營運和工程進行了投資，精簡和優化了組織結構，並將公司員工聚集在費城海軍造船廠的同一屋簷下。

Specific to operational excellence, we enhanced efficiency, reduced costs, and improved profitability across our manufacturing sites and supply chain. Notably, we reduced variable costs by 7%, improved delivery times by 10%, and began the closure of two manufacturing sites, one in North America and the other in Europe, which will optimize our operations and improve our fixed costs.

具體到卓越運營，我們提高了效率、降低了成本並提高了整個製造工廠和供應鏈的盈利能力。值得注意的是，我們將變動成本降低了 7%，交貨時間縮短了 10%，並開始關閉兩個製造基地（一個位於北美，另一個位於歐洲），這將優化我們的營運並改善我們的固定成本。

Combined efforts across operations, procurement, and product management reduce complexity in our manufacturing sites. We made good progress in reducing the number of SKUs while creating common raw inputs across our portfolio.

營運、採購和產品管理的共同努力降低了我們製造基地的複雜性。我們在減少 SKU 數量的同時在整個產品組合中創建通用的原始輸入方面取得了良好進展。

This work is paying off. Our transformation savings are already ahead of plan, having achieved approximately $20 million in 2024 towards their goal of $75 million as described in the A plan. Growth is a major pillar of our A plan. Our teams executed strategic plans to win new business and deliver industry outperformance in a year where all of our end markets were down single digits.

這項工作已取得成效。我們的轉型節約已經提前完成了計劃，到 2024 年已經實現了約 2000 萬美元的節約，距離 A 計劃中描述的 7500 萬美元的目標相差無幾。成長是我們 A 計劃的主要支柱。在所有終端市場都出現個位數下滑的一年裡，我們的團隊執行了戰略計劃，贏得了新業務並實現了超越行業的業績。

Due to their efforts, we secured approximately 2,800 net new body shop wins in refinished and completed the acquisition of the Cover Flex Group, which positions as well in the fast growing economy segment. We drove full year light vehicle net sales growth of 5% despite a decline in global auto bills, and in industrial coatings, we increased our margins and earned a creative new business which will ramp up to around $40 million at full run rate in 2025.

由於他們的努力，我們在汽車修補方面獲得了約 2,800 家新車身修理廠的淨訂單，並完成了對 Cover Flex Group 的收購，該集團在快速增長的經濟領域也佔有一席之地。儘管全球汽車帳單下降，但我們全年輕型汽車淨銷售額仍增長了 5%，而在工業塗料方面，我們提高了利潤率，並獲得了一項富有創意的新業務，按 2025 年的滿負荷運轉計算，該業務將增至約 4,000 萬美元。

At this point, I would like to take a moment and thank Shelly Bausch for her valuable contributions to Axalta as President of the industrial business over the past few years. She is responsible for returning the industrial business to profitability and pivoting it towards accretive growth in a challenging macro. As you may know, we announced a couple of weeks ago that Shelly is stepping down from her role at Axalta.

現在，我想花點時間感謝 Shelly Bausch 在過去幾年擔任工業業務總裁期間為 Axalta 做出的寶貴貢獻。她負責讓工業業務恢復獲利，並在充滿挑戰的宏觀環境下實現增值成長。您可能知道，我們幾週前宣布雪莉將辭去艾仕得公司的職務。

[Timbose], who most recently was senior Vice President and Chief Transformation Officer at Axalta will succeed Shelley. Tim has a strong track record of driving margin growth and business transformation. He was an excellent choice to take this business forward.

[Timbose] 最近擔任 Axalta 的高級副總裁兼首席轉型官，將接替 Shelley。蒂姆在推動利潤成長和業務轉型方面有著出色的業績。他是推動這項業務發展的絕佳人選。

Another key pillar of the A plan is sustainable innovation, which is what makes Axalta a global leader in coatings. We continue to push the boundaries in all and markets and have been widely recognized for these efforts.

A計畫的另一個重要支柱是永續創新，這使得艾仕得成為塗料領域的全球領導者。我們不斷突破各市場的界限，並因此獲得了廣泛認可。

We have talked about the expected benefits of our game changing Axalta Irus mix machine. We are progressing well with the adoption of this new technology, installing 300 to date. We expect this number to nearly double in 2025.

我們已經討論了改變遊戲規則的 Axalta Irus 混合機的預期收益。我們在採用這項新技術方面進展順利，迄今已安裝了 300 個。我們預計到 2025 年這一數字將幾乎翻倍。

This machine combined with Axalta Irus machine scan and Axalta Nimbus delivers a full package of cutting edge tools that measure and mix color faster and more accurately driving efficiency and effectiveness to our body shop customers.

該機器與 Axalta Irus 機器掃描儀和 Axalta Nimbus 相結合，提供了一整套尖端工具，可以更快、更準確地測量和混合顏色，從而為我們的車身修理廠客戶提高效率和效益。

In January, we announced a strategic partnership with Durr or automotive digital paint Solutions, combining Axalta's groundbreaking technology with Durr's robotic experience. Durr will serve as a robotics integrator for Exalta's NextJet for light vehicle OES. I believe this agreement is an important step in delivering the vehicle customization customers desire and is driving the future of digital paint technology.

今年 1 月，我們宣布與 Durr 汽車數位噴漆解決方案建立戰略合作夥伴關係，將 Axalta 的突破性技術與 Durr 的機器人經驗相結合。Durr 將擔任 Exalta NextJet 輕型車輛 OES 的機器人整合商。我相信這項協議是滿足車輛客製化客戶需求的重要一步，並將推動數位噴漆技術的未來發展。

During 2024, Axalta was recognized with six prestigious industry awards for technology and innovation. three Edison, two big, and one R&D 100. These achievements bring Axalta's total to 24 innovation awards over the last five years and demonstrates our commitment to developing smarter and innovative solutions for our customers.

2024年，艾仕得以技術與創新榮獲六項業界著名獎項。三個愛迪生，兩個大，和一個研發100。這些成就使艾仕得在過去五年中獲得的創新獎項總數達到 24 項，並體現了我們致力於為客戶開發更聰明、創新的解決方案的承諾。

Let's turn to slide 5. By all measures, 2024 was an excellent year for Axalta. We had the highest fourth quarter and annual net sales in the history of the company.

讓我們翻到第 5 張投影片。從各方面來看，2024 年對艾仕得來說都是輝煌的一年。我們實現了公司歷史上最高的第四季和年度淨銷售額。

We exceeded $1.1 billion in adjusted EBITDA for the first time and expanded our full year adjusted diluted EPS by 40%. I'm encouraged by the significant performance we have demonstrated in our financial results since May, when we released our 2026 A plan, which is proving to be a great framework for value creation.

我們的調整後 EBITDA 首次超過 11 億美元，全年調整後稀釋每股收益成長 40%。自從我們 5 月發布 2026 A 計劃以來，我們的財務業績表現顯著，這令我備受鼓舞，事實證明這是一個創造價值的絕佳框架。

With adjusted EBITDA margins at 21%, self-help programs in place and working, and a strong commercial playbook, we're establishing a strong foundation for long-term value creation.

調整後的 EBITDA 利潤率為 21%，自助計劃已實施並發揮作用，並且擁有強大的商業策略，我們正在為長期價值創造奠定堅實的基礎。

I will now turn the call over to Carl to go through our financial results and 2025 guidance.

現在我將把電話轉給卡爾，讓他介紹我們的財務表現和 2025 年指引。

Thank you, Chris, and good morning everyone. Before I comment on her performance, I wanted to note changes to certain of our non-GAAP financial measures that we announced in an AK on January 21.

謝謝你，克里斯，大家早安。在我對她的表現發表評論之前，我想指出我們在 1 月 21 日的 AK 中宣布的某些非 GAAP 財務指標的變化。

In order to align more closely with our peers and market practice, as well as following the resolution of an SEC comment letter, we are ceasing to adjust for step up depreciation and amortisation from the acquisition of DuPont performance coatings in the calculation of adjusted EBIT and adjusted net income, beginning with the fourth quarter of 2024.

為了與同業和市場慣例更加一致，以及遵循美國證券交易委員會意見函的解決方案，從 2024 年第四季度開始，我們將停止在計算調整後息稅前利潤和調整後淨收入時調整收購杜邦高性能塗料所產生的逐步折舊和攤銷。

Concurrently, we are beginning to adjust for the amortization of all acquired intangibles in the computation of those same metrics. These changes will also impact the calculations of return on invested capital and adjusted diluted earnings per share. The metrics reported today reflect these changes, and comparable historical information is available at axalta.com.

同時，我們開始在計算相同指標時調整所有收購無形資產的攤銷。這些變化也將影響投資資本回報率和調整後每股攤薄收益的計算。今天報告的指標反映了這些變化，可在 axalta.com 上取得類似的歷史資訊。

For the full year 2024, step up depreciation and amortization from the acquisition of DuPont Performance coatings was $48 million and the amortization of all acquired intangibles was $92 million.

2024 年全年，收購杜邦高性能塗料的折舊和攤提額為 4,800 萬美元，所有收購無形資產的攤提額為 9,200 萬美元。

Please turn to side 6 for a review of our fourth quarter results. Fourth quarter net sales increased by 1% year-over-year to $1.3 billion. Primarily driven by a 2% price mix impact and the acquisition of CoverFlexx, partially offset by foreign currency translation and lower volumes.

請參閱第 6 面以查看我們第四季的業績。第四季淨銷售額年增1%至13億美元。主要受 2% 的價格組合影響和收購 CoverFlexx 的影響，部分被外幣折算和交易量下降所抵消。

Gross margins were 34% in the quarter, an increase of 150 basis points from the prior year period, while income from operations increased $25 million. Improvement was driven by price mix contributions and lower variable costs. We experienced some additional benefit from lower raw material, energy, and freight expenses when compared to last year in the fourth quarter.

本季毛利率為 34%，較去年同期增加 150 個基點，營業收入增加 2,500 萬美元。價格組合貢獻和較低的變動成本推動了改進。與去年第四季相比，原材料、能源和運費的降低也為我們帶來了一些額外好處。

For the full year, variable costs declined 7%. Currently, we see inflation in certain areas, but overall excess supply in many sectors continues to be our primary factor in prices.

全年變動成本下降了 7%。目前，我們看到某些領域出現了通貨膨脹，但許多行業的整體供應過剩仍然是影響價格的主要因素。

In 2025, we anticipate minimal raw material inflation in the first quarter and project that we will experience low single digit inflation for raw materials for the full year 2025, which we expect to offset with our productivity programs. We remain disciplined in managing our fixed operating expenses in the quarter.

我們預計 2025 年第一季原物料通膨率將很小，並預期 2025 年全年原物料通膨率將為個位數低位，我們預期這一通膨率將透過我們的生產力計畫予以抵銷。我們在本季繼續嚴格管理固定營運費用。

SG&A was roughly flat compared to last year, as the benefits from productivity programs and the transformation initiative came in ahead of plan which minimize the impact of higher labor costs. Adjusted EBITDA in the quarter was $275 million, 10% better than last year, marking a fourth quarter record.

銷售、一般及行政開支與去年同期基本持平，因為生產力計劃和轉型計劃帶來的收益超出計劃，從而最大限度地減少了勞動力成本上漲的影響。本季調整後 EBITDA 為 2.75 億美元，較去年同期成長 10%，創下第四季的最高紀錄。

Adjusted diluted earnings per share increased 30% to $0.60 per share, exceeding our expectations primarily driven by lower tax and interest expense. Fourth quarter of 2024 cash provided by operating activities was $234 million and free cash flow totaled $177 million.

調整後每股攤薄收益成長 30% 至每股 0.60 美元，超出我們的預期，主要得益於稅收和利息支出的下降。2024 年第四季經營活動提供的現金為 2.34 億美元，自由現金流總計 1.77 億美元。

The year-over-year decrease was driven primarily by increased planned capital expenditures as we continue to focus on scaling up our investments into our business. Additionally, higher than anticipated working capital was driven primarily by account receivable timing and lower payables resulting from inventory reductions.

年比下降主要是由於我們繼續專注於擴大對業務的投資，導致計劃資本支出增加。此外，營運資本高於預期主要是由於應收帳款時間和庫存減少導致的應付帳款減少。

Moving to slide 7. Performance coating's fourth quarter net sales declined 1% year-over-year to $843 million. Primarily because of lower volumes and unfavorable foreign currency translation. These headwinds were partially offset by contributions from the CoverFlexx acquisition and positive price mix in both end markets.

移至幻燈片 7。高性能塗料第四季淨銷售額年減 1% 至 8.43 億美元。主要是因為交易量較低和外幣折算不利。這些不利因素被 CoverFlexx 收購和兩個終端市場的積極價格組合所部分抵消。

We finished net sales increased 2% to $545 million in the quarter. Incremental contributions from acquisitions and net body shop wins help mitigate foreign currency headwinds and volume declines from industry trends. Industrial net sales declined 5% year-over-year to $298 million due to volume declines predominantly driven by demand weakness in North America compared to the prior year period.

本季我們的淨銷售額成長了 2%，達到 5.45 億美元。收購和車身修理廠淨利帶來的增量貢獻有助於緩解外匯阻力和產業趨勢導致的銷售下降。工業淨銷售額較去年同期下降 5% 至 2.98 億美元，主要原因是北美需求疲軟導致銷售下降。

Industry conditions remain soft in the fourth quarter, and we expect this to continue through the first quarter of 2025. Despite the macro conditions, we expanded adjusted EBITDA margins by approximately 300 basis points this year and are on track to exceed the 400 basis point margin improvement objective set in the A plan.

第四季產業狀況依然疲軟，我們預計這種情況將持續到 2025 年第一季。儘管宏觀條件如此，我們今年的調整後 EBITDA 利潤率仍提高了約 300 個基點，並有望超過 A 計劃中設定的 400 個基點的利潤率改善目標。

Fourth quarter performance coatings adjusted EBITDA increased 4% year-over-year to $198 million. Adjusted EBITDA margin increased by 90 basis points to 23.5%, primarily driven by lower variable costs, favorable price mix, and contributions from CoverFlexx.

第四季高性能塗料調整後 EBITDA 較去年同期成長 4% 至 1.98 億美元。調整後的 EBITDA 利潤率增加了 90 個基點，達到 23.5%，這主要得益於較低的變動成本、有利的價格組合以及 CoverFlexx 的貢獻。

Let's move to Mobility coatings results on slide 8. Mobility coating's fourth quarter 2024 net sales were $468 million, an increase of 4% from the prior year period. Light vehicle net sales grew 9% in the fourth quarter. Volumes increased 6% year-over-year even as global auto production was down 5%.

讓我們轉到幻燈片 8 上的移動塗層結果。Mobility Coating 的 2024 年第四季淨銷售額為 4.68 億美元，較去年同期成長 4%。第四季輕型車淨銷量成長9%。儘管全球汽車產量下降了 5%，但產量仍比去年同期增加了 6%。

The volume growth was primarily driven by China and Latin America, which more than offset anticipated declines in North America and Europe. Price was a mid single digit tailwind in the quarter, driven by the timing of pricing benefits when compared to the fourth quarter of last year.

銷量成長主要受中國和拉丁美洲推動，抵消了北美和歐洲預期的下滑。與去年第四季相比，受定價優勢時機的推動，本季價格呈現中位數個位數上漲。

Commercial vehicle net sales declined 10% year-over-year, predominantly driven by a 13% drop in Class A production in North America and Latin America, which was consistent with the prior guidance framework. Mobility coatings adjusted EBITDA in the quarter improved to 77 million from $59 million a 29% increase year-over-year.

商用車淨銷量年減 10%，主要原因是北美和拉丁美洲 A 級車產量下降 13%，這與先前的指導框架一致。本季行動塗料調整後 EBITDA 從 5,900 萬美元增至 7,700 萬美元，年增 29%。

Adjusted the EBITDA margin improved by 320 basis points versus the fourth quarter of last year, coming in at 16.4%. In addition, the full year adjusted even margins of our Mobility business ended the year at 15.3%. Through commercial courage and operational excellence, we have more than doubled the Mobility coating adjusted EBITDA margin in two years.

調整後 EBITDA 利潤率較去年第四季提高 320 個基點，達到 16.4%。此外，我們行動業務的全年調整後利潤率最終達到 15.3%。憑藉商業勇氣和卓越的運營，我們在兩年內將行動塗層調整後的 EBITDA 利潤率提高了一倍以上。

Turning to side 9 for a review of our full year results. Net sales grew 2% year-over-year to $5.3 billion, a new company record.

請翻到第 9 頁回顧我們的全年業績。淨銷售額年增2%至53億美元，創下公司新紀錄。

The improvement was driven by late vehicle volume growth and contributions from acquisitions, partially offset by foreign currency translation headlines, largely impacting the fourth quarter. Volumes grew up modestly on a full year basis as growth and mobility coatings was offset by a low single digit decline in performance coatings.

業績改善的動力來自於後期汽車銷售成長和收購帶來的貢獻，但被外幣折算的影響部分抵消，對第四季度產生了較大影響。由於性能塗料的個位數低幅下滑，成長與流動性塗料的銷售額抵消了這一影響，因此全年銷量溫和增長。

We also achieved a record full year adjusted EBITDA of $1,116 million predominantly driven by lower variable costs, positive price mix, and an approximately $20 million benefit from our transformation initiative announced early in 2024.

我們還實現了創紀錄的全年調整後 EBITDA，達到 11.16 億美元，這主要得益於較低的變動成本、積極的價格組合以及 2024 年初宣布的轉型計劃帶來的約 2000 萬美元收益。

Adjusted EBITDA margin improved by 280 basis points to 21.2%, achieving the full year margin target outlined in the 2026 A plan, two years earlier than planned. Adjusted diluted earnings per share increased by 40% to $2.35. We plan to remain disciplined and strategic with capital deployment, which we expect will drive near double digit EPS growth over the next several years. And finally, free cash flow of $451 million was roughly flat to the prior year as higher earnings were offset by higher working capital.

調整後EBITDA利潤率提升280個基點至21.2%，實現了2026 A計畫中提出的全年利潤率目標，比原計畫提早兩年。調整後每股攤薄收益成長 40% 至 2.35 美元。我們計劃在資本配置方面保持紀律和戰略性，預計這將在未來幾年推動每股收益實現近兩位數的成長。最後，4.51 億美元的自由現金流與去年基本持平，因為更高的收益被更高的營運資本所抵銷。

Turning to slide 10. We are excited to announce that we ended the year with a net leverage ratio of 2.5 times, which is almost a half turn better than a year ago and is in line with the top end of our 2026, A plan target.

翻到第 10 張投影片。我們很高興地宣布，今年年底我們的淨槓桿率為 2.5 倍，比一年前提高了近半倍，並且與我們 2026 年 A 計劃目標的最高值一致。

Our balance sheet is now in much stronger position which provides greater optionality in how we can deploy capital going forward to create shareholder value. In the fourth quarter, we paid off the remaining $105 million of revolver borrowings that was used to help finance the CoverFlexx acquisition. We ended the year with $1.4 billion in total liquidity, including a cash balance of approximately $600 million.

我們的資產負債表現處於更強勁的地位，這為我們未來如何部署資本以創造股東價值提供了更大的選擇權。第四季度，我們償還了用於融資 CoverFlexx 收購的剩餘 1.05 億美元循環借款。截至年底，我們的總流動資金為 14 億美元，其中包括約 6 億美元的現金餘額。

Capital outlays in 2024 amounted to approximately $630 million deployed with $300 million for M&A, $140 million in capital expenditures, approximately $90 million of gross debt reduction, and $100 million in share repurchases.

2024 年的資本支出約為 6.3 億美元，其中 3 億美元用於併購，1.4 億美元用於資本支出，約 9,000 萬美元用於總債務減免，1 億美元用於股票回購。

In 2025, as outlined in the A plan, we intend to increase cap back to approximately $175 million to $190 million as we believe there are significant investment opportunities to drive productivity in our operations. We have $600 million remaining in share repurchase authority in a pipeline of accretive M&A opportunities which we plan to evaluate in 2025.

2025 年，如 A 計畫所述，我們打算將上限提高至約 1.75 億美元至 1.9 億美元，因為我們相信有很大的投資機會可以提高我們營運的生產力。我們在一系列增值性併購機會中剩餘 6 億美元的股票回購權，我們計劃在 2025 年對這些機會進行評估。

And finally, we continue to make excellent progress on our return on invested capital target of 15%. In 2024, we expanded ROIC by 270 basis points to 14.6% and have line of sight to potentially achieve our target this year.

最後，我們在實現 15% 的投資資本報酬率目標方面繼續取得了優異的進展。2024 年，我們將 ROIC 擴大 270 個基點至 14.6%，並且預計在今年實現目標。

Let's turn to slide 11 for our view on 2025 guidance. The new tariffs put into place by the US government on Canada, Mexico, and China have the potential to create a challenging global trade environment. The duration of these actions and the ultimate impacts of global demand remain uncertain. Specific to Axalta, a majority of our raw materials are bought within the local trade borders where we produce.

讓我們翻到第 11 張投影片來了解我們對 2025 年指引的看法。美國政府對加拿大、墨西哥和中國徵收的新關稅可能會對全球貿易環境造成挑戰。這些行動的持續時間以及全球需求的最終影響仍不確定。具體到艾仕得，我們的原料大部分都是在我們生產的當地貿易邊界內購買的。

In addition, less than 10% of the raw materials used in our US production are imported from China, and we have minimal raw material purchases from Mexico and Canada. We are actively evaluating resourcing some of our direct material by and we'll explore pricing actions as appropriate. We also believe there is excess capacity in the US for certain customers to shift some production if required.

此外，我們在美國生產中使用的原料不到10%是從中國進口的，從墨西哥和加拿大購買的原料也很少。我們正在積極評估部分直接材料的資源，並將探討適當的定價行動。我們也認為，美國擁有過剩產能，如果需要，某些客戶可以轉移部分生產。

Understanding that this is obviously a fluid situation, we are forecasting a full year adjusted EBITDA impact of $10 million from tariffs, which is included in our guidance. The demand impact is still being assessed through discussions with customers. However, we still believe that net sales in 2025 will grow by little single digits.

我們知道這顯然是一個不穩定的情況，我們預測關稅將對全年調整後的 EBITDA 產生 1000 萬美元的影響，這已包含在我們的指導範圍內。目前仍在透過與客戶討論來評估需求影響。不過，我們仍然相信2025年的淨銷售額將維持個位數成長。

For the full year, we expect revenue to be in a range of $5.35 billion to $5.4 billion with positive contributions from both segments. We expect macro volatility to extend into 2025, and have plans to remain agile and execute against our strategy. In our refinished business, we are expecting industry volumes to be flat to down low single digit percentages in both North America and AMEA.

我們預計全年收入將在 53.5 億美元至 54 億美元之間，兩個部門都將做出積極貢獻。我們預計宏觀波動將延續到 2025 年，並​​計劃保持靈活並執行我們的策略。在我們的修補業務中，我們預計北美和亞洲、中東和非洲地區的行業銷量將持平或下降個位數百分比。

We are expecting to continue to gain share in both regions from Body Shop gains, increase sales from accessories, and do it-yourself in retail, and we plan to harness the full value of CoverFlexx that should more than offset industry volume decline.

我們期望透過 Body Shop 的成長繼續贏得這兩個地區的市場份額，增加配件銷售額，以及增加零售中的 DIY 業務，並且我們計劃充分利用 CoverFlexx 的價值，這應該足以抵消行業銷量的下滑。

In addition, we plan on driving pricing actions across all regions that will take effect in March. Overall, we are planning for another record net sales years in our refinished business. In industrial, we expect global industry volumes to be flat to up low single digit percent versus 2024.

此外，我們計劃在所有地區推行定價行動，該行動將於三月生效。整體而言，我們計劃在修補業務中再創淨銷售額新高。在工業領域，我們預計全球工業產量將與 2024 年持平或略有上升。

Industry conditions in Europe are still challenged, which we expect to continue at least through the first half of 2025. Industry dynamics aside, we will continue to focus on gaining accretive growth, customers, and margin improvement consistent with A plan strategy.

歐洲的產業狀況仍面臨挑戰，我們預計這種情況至少會持續到 2025 年上半年。拋開產業動態，我們將繼續專注於實現與 A 計畫策略一致的增值成長、客戶和利潤提高。

For light vehicle, we assume global auto production will be in line with current industry forecasts of approximately 89 million bill. Our volume should continue to outpace global trends primarily due to customer mix and new business wins in China and Latin America.

對於輕型車，我們假設全球汽車產量將與目前產業預測的約 8,900 萬輛一致。我們的銷售將繼續超過全球趨勢，這主要歸功於客戶結構以及在中國和拉丁美洲的新業務。

Lastly, in commercial vehicle, we assume North America Class 8 bills will remain below prior year before demand ramps back up in the second half and into 2026. Overall production is forecasted to be flat compared to 2024.

最後，在商用車方面，我們假設北美 8 級紙幣的價格將保持在低於上一年的水平，然後需求將在下半年和 2026 年回升。預計總產量將與 2024 年持平。

For the full year, we expected just the diluted earnings per share to be between $2.50 and $2.60 per share, which is an increase of approximately 9% above 2024 at the midpoint of the range. Adjusted EBITDA is expected to be between $1,150 million and $1,175 million translating to an adjusted EBITDA margin of greater than 21%.

就全年而言，我們預計每股攤薄收益將在 2.50 美元至 2.60 美元之間，比 2024 年的中點增長約 9%。調整後的 EBITDA 預計在 11.5 億美元至 11.75 億美元之間，這意味著調整後的 EBITDA 利潤率將超過 21%。

Our guidance includes flat variable costs versus 2024, plus approximately $10 million in direct tariff costs. We also expect that our transformation initiative will drive $30 million to $40 million of incremental benefit this year, mitigating headwinds from labor inflation. Full year free cash flow is expected to be approximately $500 million in 2025, which assumes increased capital expenditures partially offset by reduced cash interest.

我們的指導包括與 2024 年相比的固定變動成本，加上約 1000 萬美元的直接關稅成本。我們也預計，我們的轉型措施今年將帶來 3,000 萬至 4,000 萬美元的增量收益，緩解勞動力通膨帶來的阻力。預計 2025 年全年自由現金流約 5 億美元，假設資本支出增加，部分被現金利息減少抵銷。

I will now hand the call back to Chris to review slide 12 and provide an update against our A plan targets.

我現在將把電話交還給克里斯，讓他審查第 12 張幻燈片，並根據我們的 A 計劃目標提供最新資訊。

Thanks, Carl. We did a tremendous job accelerating performance in 2024, and I have an opportunity to pull forward our A plan if the macroeconomic environment is more favorable than we anticipate. We expect to achieve greater than 21% adjusted EBITDA margins and deliver more than 50% in adjusted diluted EPS growth for next year against 2023 at the midpoint. This will be another year to stay focused and execute the key initiatives within our control. Our team is poised and ready, and I believe 2025 will prove to be another powerful story for us.

謝謝，卡爾。我們在 2024 年加速業績方面做了大量工作，如果宏觀經濟環境比我們預期的更有利，我就有機會推進我們的 A 計劃。我們預計明年的調整後 EBITDA 利潤率將超過 21%，且調整後稀釋每股收益將比 2023 年中位數成長 50% 以上。這將是我們集中精力、執行力所能及的關鍵舉措的另一年。我們的團隊已經做好準備，我相信 2025 年將會是我們另一個輝煌的年份。

Thank you for joining us today. This concludes our prepared remarks. Operator, please open the lines for Q&A.

感謝您今天加入我們。我們的準備好的演講到此結束。接線員，請開通問答線。

(Operator instructions)

（操作員指令）

Mike Leithead, Barclays.

巴克萊銀行的麥克萊特黑德。

Great, thanks. Good morning guys. Two questions for me on mobility. First, in light vehicle 6% volume growth is a big number. So is that mostly a dynamic of your customers winning share or are you winning like for like market share as well on the coatings market?

太好了，謝謝。大家早安。我有兩個關於移動性的問題。首先，輕型車6%的銷售成長是一個很大的數字。那麼，這主要是由於您的客戶贏得了份額，還是您在塗料市場上也贏得了相同的市場份額？

And then second price mix of 4% of the segment seems also like a big number. Is that mostly mixed dynamic or just help us better understand how you got there?

然後，4% 的第二個價格組合似乎也是一個很大的數字。這主要是混合動態還是只是幫助我們更好地理解你是如何到達那裡的？

Well, I'll start with that good morning, Mike, and happy New Year, and I'll start with the first one and I'll turn the second one over to Carl. Specific to the mobility wins, it's actually a combination of both. First, as you can see, over the last nine quarters, we made choices with partnering with the right local players, primarily in China, especially and as well as the new winds that we're seeing in (inaudible).

好吧，我先說聲早安，麥克，新年快樂，我先說第一個，然後第二個交給卡爾。具體到機動性方面的優勢，其實是兩者的結合。首先，正如你所看到的，在過去的九個季度裡，我們選擇與合適的本地企業合作，主要是在中國，尤其是我們看到的新風。（聽不清楚）。

And so we're winning customers beyond what I would call market, we're gaining market share here and we can significantly see that quarter-over-quarter, especially if you look at China, we've had double digit growth through many of the quarters over the last year.

因此，我們贏得了超出我所說的市場範圍的客戶，我們正在獲得市場份額，並且我們可以明顯地看到，每個季度都實現了兩位數的增長，特別是如果你看看中國，去年我們在很多季度都實現了兩位數的增長。

When you look forward as well, the customers that we chose to play with, especially in China has worked out to be the customers that are growing. We've picked EV players as well as players that are in the Ice market that are really growing market share beyond what what we can see that the overall market is growing, and this is driven by two areas, not only their performance in China, but also their growth in Southeast Asia.

展望未來，我們選擇合作的客戶，尤其是中國的客戶，已成為正在成長的客戶。我們選擇了電動車廠商以及冰上汽車市場的廠商，他們的市場份額確實在增長，超出了我們所看到的總體市場的增長，這是由兩個方面推動的，不僅是他們在中國的表現，還有他們在東南亞的增長。

We're seeing, how well they're doing, whether it's in Malaysia, Indonesia, exports into the Sri Lanka, even Australia, New Zealand. It's really playing well and we've partnered with the right players, as well as we've partnered early on with customers that we believe are our market share is growing beyond.

我們看到他們的表​​現非常出色，無論是在馬來西亞、印度尼西亞，或是出口到斯里蘭卡，甚至是澳洲、紐西蘭。它確實運作良好，我們已經與合適的參與者合作，我們很早就與客戶合作，我們相信我們的市場份額正在不斷增長。

It might just on your price mix question related, part of it is mixed just with the different products and businesses that we came in the fourth quarter this year compared to last year. The other component was a year ago in the fourth quarter of 2023, there was, the comparison also provides a little bit higher price mix when you compare it to what happened a year ago.

這可能只是與您的價格組合問題有關，部分原因在於我們今年第四季與去年相比推出的不同產品和業務。另一個因素是一年前，即 2023 年第四季度，與一年前的情況相比，價格組合也略高一些。

Great. Thank you guys.

偉大的。謝謝你們。

Thank you.

謝謝。

Chris Parkinson, Wolfe Research.

克里斯·帕金森（Chris Parkinson），沃爾夫研究公司。

First of all, an obligatory go birds, hopefully the city of Philadelphia is fully adopted you guys. When we take a step back and look at what's happening in the refinished market and we just look at the claims data over the last year. You're clearly outperforming we know you want some decent size customers or some very decent customers In the US.

首先，義不容辭的加油，希望費城能完全接納你們。當我們回顧一下修補市場正在發生的事情時，我們只看去年的索賠數據。您的表現顯然非常出色，我們知道您想要一些規模可觀的客戶，或者美國的一些非常好的客戶。

You're penetrating iris pretty well in Europe. Can you just go ahead and give us some additional color on just how to triangulate how you perceive your relative performance and your two primary geographies over the next 12 months and what the investment community should be monitoring to confirm that outperformance. Thank you so much.

您在歐洲的虹膜滲透力相當強。您能否繼續向我們提供一些額外的信息，說明如何衡量您在未來 12 個月的相對錶現和兩個主要地區的表現，以及投資界應該關注什麼來確認這種優異表現。太感謝了。

Yeah, thanks, Chris, and yeah, certainly looking forward to this weekend. But a lot of it is, we set out a strategy focused on four pillars, driving, continued body shop wins, moving into adjacent seats, driving into the retail segment as well as M&A, okay with what we did with Coverflexx. Those were the four pillars that we drove in '24 in what was a low and declining market.

是的，謝謝，克里斯，是的，我非常期待這個週末。但其中許多都是，我們制定了專注於四大支柱的策略，推動、繼續贏得車身修理廠、進入相鄰席位、進入零售領域以及併購，就像我們對 Coverflexx 所做的那樣。這些是我們在 2024 年市場低迷和衰退時期所推動的四大支柱。

And as we look at '25, the market is no different across our two major geographies as you've defined, Europe and North America. So from our perspective we're going to be focused across those four elements going forward. Last year was a great story for us. We've averaged on 2,500 body shop wins is what we've always talked about, as Chris, and over the last four years we've done 10,000, but last year we did 2,800.

當我們展望25年時，正如您所定義的，我們的兩個主要地區，即歐洲和北美，的市場並沒有什麼不同。因此，從我們的角度來看，我們今後將重點放在這四個要素。去年對我們來說是偉大的一年。正如克里斯所說，我們一直在談論的是，我們平均每年在車身修理廠完成 2,500 筆維修，過去四年中我們完成了 10,000 筆維修，但去年我們完成了 2,800 筆維修。

And so if you look at next year, where the team is very focused on continuing to drive that body shop win and staying well above plan. That's the first thing.

所以如果你展望明年，你會發現團隊將非常專注於繼續推動車身修理廠的勝利並保持遠超計劃的狀態。這是第一件事。

The second one, we're going to continue to look at a creative M&A. CoverFlexx has been a great story for us. A year and a half ago, Andre Cohen, an acquisition that allowed us to go into distribution, and Europe certainly played a great part.

第二，我們將繼續關注創意的併購。CoverFlexx 對我們來說是一個偉大的故事。一年半前，我們收購了安德烈科恩（Andre Cohen），這讓我們得以進入分銷領域，歐洲無疑發揮了重要作用。

And on top of that, through our retail stores, we're going to push more in terms of adjacencies. So what can we push in terms of fillers and putties and things like that we've got that, we got out of our U-Paul acquisition. That's certainly another element.

除此之外，透過我們的零售店，我們將在鄰接方面做出更多推動。那麼，在填料和油灰以及類似產品方面，我們可以推廣什麼呢？這當然是另一個因素。

And the final part of this is really the the Irish mix launch. So we did 300 last year. Our expectation is to double this year, mostly in Europe so that we can continue to drive that. We expect the market to be weaker as we have defined flat to weaker. What's different between the two years, I would say, weather is a little different. I mean destocking, consumers pulling out whether it's from high insurance rates or essentially pocketing the insurance claims, that those are the challenges we're facing.

這最後一個部分實際上是愛爾蘭混合音樂的發布。所以我們去年做了300。我們的預期是今年的銷量將翻一番，主要是在歐洲，以便我們能夠繼續推動這一目標。我們預計市場將會走弱，正如我們已經定義的持平至走弱。我覺得這兩年有什麼不同嗎？我的意思是去庫存，消費者撤資，無論是因為高保險費率，還是基本上將保險索賠收入囊中，這些都是我們面臨的挑戰。

But I would say, weather is something that has been different. Obviously when you compare to '24 in Q1 and what we are seeing in weather with the with the snowstorms all the way along the East coast as well as, snow all the way down to Florida and the devastation on the West coast. We haven't seen it through. We're not expecting it, but if that comes through as a tailwind in Q2, that's certainly something we will be watching for.

但我想說，天氣已經不一樣了。顯然，當你與第一季的 24 年進行比較時，我們會發現天氣狀況是，東海岸全境都出現了暴風雪，而佛羅裡達州也一直下著雪，西海岸也遭受了嚴重破壞。我們還沒有看透它。我們並沒有期待這一點，但如果這成為第二季度的順風，那麼我們肯定會關注它。

That's very helpful. And just as a quick follow up, at your analyst day last year you spoke a lot about industrial ski rationalization and certain things seem to be well ahead of schedule throughout mid-year and it also seems as though you were able to raise price on certain substrates a little bit better than perhaps you were previously anticipating. Could you just give us a quick update on how the street should be thinking about those dynamics in the '25. Thank you.

這非常有幫助。作為一個簡短的跟進，在去年的分析師日上，您談了很多關於工業滑雪合理化的問題，某些事情似乎在年中提前完成了，而且似乎您能夠將某些基材的價格提高得比您之前預期的要好一些。您能否簡單向我們介紹華爾街應該如何看待 25 年的這些動態。謝謝。

That's a great story for us, Chris. I just purely focused on the margin story and then I'll get into the sales story a bit. From a margin story, if when we released the A plan just nine months ago in May, we had a plan to get 400 basis points of margin improvement and if you listen to Carl's script, we've essentially accomplished 300 basis points out of that.

克里斯，這對我們來說是一個精彩的故事。我只是純粹專注在利潤故事，然後再稍微談談銷售故事。從利潤率來看，如果我們在九個月前的五月發布 A 計劃時，我們計劃將利潤率提高 400 個基點，如果你聽卡爾的腳本，我們基本上已經實現了 300 個基點。

Shelly's done a great job driving that, and I believe Tim will certainly accomplish the 100 basis points, and I do believe there's actually upside on the margin story in industrial, so that I believe we can get better than what we have defined in the A plan by just continuing to focus on margin here.

Shelly 在推動這一目標方面做得很好，我相信 Tim 一定能實現 100 個基點的目標，而且我確實相信工業利潤率實際上還有上升空間，因此我相信只要繼續關注利潤率，我們就能比 A 計劃中定義的更好。

And that does involve a little bit more rationalization of the portfolio, which we will be focused on. What's interesting is, even with all that drive, we were able to get $40 million of new incremental business.

這確實涉及到投資組合的進一步合理化，我們將重點關注這一點。有趣的是，即使付出了這麼多努力，我們仍然能夠獲得 4,000 萬美元的新增量業務。

From a perspective of market, it's actually the only market we're defining for next year to go up, to be flat to up slightly, and my expectation is with the administration's focus as one thing towards driving the economy. My expectation is, we should expect to see something improve on the back half of the year, number one.

從市場角度來看，它實際上是我們預計明年唯一一個上漲、持平或略有上漲的市場，我預計政府將把重點放在推動經濟發展上。我的預期是，首先，我們應該期待看到今年下半年有所改善。

Number two, the areas where we play. So the building products business that we play in North America, my expectations is that would pick up in the back half as well as energy solutions. Energy solutions, we are getting pulled, especially from a customer perspective with all our EV work in China towards really entering that market and seeing that those businesses sit inside our industrial business.

第二，我們玩耍的區域。因此，我預計我們在北美開展的建築產品業務和能源解決方案業務將在下半年回升。能源解決方案，我們正在受到吸引，特別是從客戶的角度來看，我們在中國的所有電動車工作都真正進入了該市場，並且看到這些業務融入了我們的工業業務中。

So battery coatings and what we do for motors, coatings for motors such as impregnating resins, all sits in our industrial business, and my expectation is we would see some more growth there in the back half of the year.

因此，電池塗層以及我們為引擎所做的工作，引擎塗層（例如浸漬樹脂）都屬於我們的工業業務，我預計我們將在今年下半年看到更多的成長。

Thank you so much.

太感謝了。

You're welcome, Chris.

別客氣，克里斯。

John McNulty, BMO Capital Markets.

BMO資本市場部的約翰·麥克納爾蒂 (John McNulty) 說。

Yeah, good morning. Thanks for taking my question. So as part of the transformation initiative, I think you've got $30 million to $40 million of efficiency that are expected to come in, I guess this year, I guess, can you help us to think about if there are any additional levers to pull, especially if the macro or tariff issues get a little bit worse than expected? Do you have different things that you can pull to adjust that to maybe accelerate it a little bit faster or get bigger numbers from it as we look through 2025?

是的，早安。感謝您回答我的問題。因此，作為轉型計劃的一部分，我認為您預計今年將獲得 3,000 萬至 4,000 萬美元的效率收入，我想，您能否幫助我們思考是否還有任何額外的槓桿可以拉動，特別是如果宏觀或關稅問題比預期的要糟糕一些？您是否可以採取不同的措施來調整這種情況，以便在我們展望 2025 年時加速這一進程或獲得更大的數字？

Yeah, good morning, John. Yeah, I think it's a fair characterization is that we do have additional levers that we would have at our disposal and that we're actively working on. So I think as you think about the transformation activities, there's probably a little bit more we could do for that this year potentially, but I think some of the other areas for us is whether it's when we've talked about it previously would be on our freight cost, and some of the logistic work that the team is doing.

是的，早上好，約翰。是的，我認為公平的說法是，我們確實擁有可用的額外槓桿，而且我們正在積極努力。因此，我認為當您考慮轉型活動時，我們今年可能會做更多的事情，但我認為對我們來說其他一些領域是我們之前談到的運費成本，以及團隊正在做的一些物流工作。

We have really, significant plans to kind of, have that really impact us in '26, but I will tell you there's a lot of energy in trying to see if we can pull that forward a little bit in the '25 as well. Also I think for us as we think about productivity within inside the company within our plant network that continues to be a very big focus for us.

我們確實制定了重大計劃，這些計劃會對我們在26年產生重大影響，但我要告訴你，我們投入了大量精力嘗試，看看是否能在25年將其提前一點。此外，我認為對我們來說，當我們考慮公司內部、工廠網路內的生產力時，這仍然是一個非常重要的焦點。

You can see it. We have a pretty significant step up in capital expenditures this year. So you may not get, the full run rate, but there's hopefully some a little bit more upside as we think about some of those levers for this year.

你可以看到它。我們今年的資本支出有相當大的成長。因此，您可能無法獲得完整的運行率，但當我們考慮今年的一些槓桿時，希望還會有一些更多的上行空間。

Got it. Okay, no, that's helpful. And then I guess just the second question just is on the balance sheet. So you've executed it as you kind of expected you've got the balance sheet in pretty solid shape, I guess. Can you speak to what you're seeing in terms of opportunities out there? It sounds like the M&A markets may be starting to kind of reopen up again.

知道了。好的，不，這很有幫助。然後我想第二個問題就是關於資產負債表的。所以，我想，您已經按照預期執行了它，而且您的資產負債表已經相當穩健了。您能談談您看到的外部機會嗎？這聽起來像是併購市場可能開始重新開放。

I know you had some success over the last couple of years even when they were somewhat closed, but I guess what are you seeing from an M&A pipeline perspective and should we assume that if it doesn't happen, if if things don't materialize, it goes primarily towards buybacks.

我知道過去幾年你們取得了一些成功，即使在它們有些關閉的時候，但我想從併購管道的角度來看你們看到了什麼？

Yeah, this is certainly something that, Carl and I bounce off back and forth here, John, but certainly, from where Carl and the finance team have done an exceptional job getting us down to a 2.5 times leverage here at the top end of our A plan. From my perspective, we're here a year and a half ahead of plan. And I also look at it as a great place from where the marketplace is. I think the current volatility in the marketplace is actually creating more opportunities for M&A for us, and I would, I think that the best way I can characterize this is you should expect to hear more from us on this front in the next couple of quarters.

是的，這確實是我和卡爾反覆討論的問題，約翰，但可以肯定的是，卡爾和財務團隊做得非常出色，使我們的 A 計劃最高槓桿率降至 2.5 倍。從我的角度來看，我們比計劃提前了一年半。而且我也將這裡視為一個絕佳的市場所在地。我認為當前市場的波動實際上為我們創造了更多的併購機會，我認為我能描述的最佳方式是，您應該會在接下來的幾個季度聽到我們在這方面的更多消息。

We do see the opportunity to do more in more in M&A as long as it certainly hits our ROIC targets or our return targets. But, with what, how the company has performed structurally where we're taking it operationally. I certainly see this as an opportunity where we can look at Bolton, that we can continue to create value, the last two certainly have helped us do that and especially in this environment, we can continue to do more here.

只要能夠達到我們的投資報酬率目標或回報目標，我們確實看到了在併購中做更多事情的機會。但是，從結構上看，公司表現如何，從營運上看，我們又將如何應對。我當然認為這是一個機會，我們可以看看博爾頓，我們可以繼續創造價值，最後兩個肯定幫助我們做到了這一點，特別是在這種環境下，我們可以繼續在這裡做更多的事情。

Great. Thanks very much for the color.

偉大的。非常感謝這個顏色。

You're welcome.

不客氣。

Mike Schumacher, Wells Fargo.

富國銀行的麥克舒馬赫。

Hey, nice end of the year. I guess I had a question on the refinished market. You sort of know that it would be kind of flattish this year. It really hasn't helped you a lot, although you've been able to grow through, not a lot of growth in the market over the last couple of years. But, where do you think we are in the refinished market?

嘿，美好的一年結束了。我想我對翻新市場有個疑問。你知道今年的情況會比較平穩。它確實沒有為你帶來太大的幫助，儘管你已經能夠成長，但是在過去的幾年中，市場並沒有太大的成長。但是，您認為我們在修補市場中處於什麼位置？

Is it a market that could grow the next couple of years? I don't suspect we peaked here. Just give us some of the dynamics that you see that could maybe help grow the market over the next couple of years. And on the flip side, what risks do you see in '25 is the macro just seems challenging again. Thank you.

這個市場在未來幾年還會成長嗎？我不懷疑我們在這裡達到頂峰。請向我們介紹一下您認為未來幾年可能有助於市場成長的一些動態。另一方面，您認為 25 年的風險是什麼？謝謝。

Thanks. Yeah, good question, Mike. I think, as you can see, what we're forecasting for the market is for it to be flat to down a little bit. And so what's driving it? I think there's a lot of factors. There are factors that I believe are transitory, and I think there are factors that I would argue, we need to wait and see and watch if it, which were, which are more structural, right?

謝謝。是的，麥克，你問得好。我認為，正如您所看到的，我們對市場的預測是持平或略有下降。那麼，是什麼推動了這個進程呢？我認為有很多因素。我認為有些因素是暫時的，而有些因素則需要我們拭目以待，看看哪些因素更具結構性，對嗎？

And so in terms of factors that I would call a transitory insurance rates with where inflation is and where consumers are, and, folks essentially deciding to pull, spending on fixing their cars to essentially buy groceries. I think those are elements that consumer confidence can certainly change that as well as any drop in insurance rates.

因此，就我所說的暫時性保險費率與通貨膨脹、消費者狀況以及人們基本上決定將修理汽車的支出用於購買食品雜貨等因素有關。我認為這些都是消費者信心以及保險費率下降可以改變現狀的因素。

Also, something that will be a tailwind for us is you got to remember where backlogs were in body shops, right? I mean, you go back to '23 backlogs were all the way to up to eight to six to eight weeks. Right now we're actually getting back to normalized backlogs. I would call it two to three weeks. And you would ask why so?

此外，對我們來說有利的一點是，你必須記住車身修理廠的積壓訂單在哪裡，對嗎？我的意思是，回顧 23 年，積壓工作一直長達八到六到八週。目前我們實際上正在恢復正常積壓狀態。我認為是兩到三週。你可能會問為什麼會這樣？

I mean, if I had to wait eight weeks to fix my car, I'm either not, I'm just going to cash it and and just work with the car I have, especially if it's a minor collision or you have other conditions where you have insurance companies also making calls when you're right on the edge to write off the car. So I do believe there are elements that are transitory. Elements that I would say that we have to wait and see how this plays out is obviously the destocking that we've seen in the marketplace, a lot of which we saw in '24, two very large distributors coming together and consolidating, you would see that they've probably optimized their inventory platform and so do you see that coming back?

我的意思是，如果我必須等待八週才能修好我的車，我要么不等，要么就直接兌現它，然後處理好我現有的車，特別是如果是輕微碰撞，或者你有其他情況，當你正處於註銷汽車的邊緣時，保險公司也會打來電話。因此我確實相信有些因素是暫時的。我想說的是，我們必須拭目以待，看看事情會如何發展，顯然是我們在市場上看到的去庫存現象，我們在 24 年就看到了很多這樣的現象，兩家非常大的分銷商合併合併，你會看到他們可能優化了他們的庫存平台，那麼你認為這種情況會回來嗎？

Probably not. So those are the things that we're balancing over time. My expectation is all the transitory elements when you start taking all that together, plus the fact that I do believe if you look at the United States, if you look at what we're driving to return to work and miles, those are all going up.

可能不是。所以這些都是我們正在隨著時間的推移而平衡的事情。我的預期是，當你把所有這些暫時的因素綜合起來時，再加上我確實相信的事實，如果你看看美國，如果你看看我們重返工作崗位的人數和里程，這些都在增加。

So my expectation is over time this will change, but the way we're forecasting it, just as we did in '24 is to expect this market to be flat to down so that we overperformed. So even in this market, we're even in '25, we're putting that as our forecast so that we keep our teams overperforming and anything that comes on top of that will be upside.

因此，我的預期是，隨著時間的推移，這種情況會發生變化，但我們預測的方式就像我們在 24 年所做的那樣，預計這個市場將持平或下降，這樣我們才能表現得很好。因此，即使在這個市場中，甚至在 25 年，我們也將其作為我們的預測，以便我們保持團隊的超額表現，並且在此基礎上出現的任何都會是上行趨勢。

And then, again, as I answered, Mike's first question, if, weather, which we haven't tracked in all of this with the significant weather that we have seen this year. And again, this is something that you usually see a quarter later in Q2 or Q3, that could be a tailwind, but again, this is not something that we're counting on at this point.

然後，正如我回答麥克的第一個問題時所說的那樣，天氣，我們今年還沒有跟踪過所有這些重要的天氣狀況。再說一次，這通常會在第二季或第三季晚些時候看到，這可能是一個順風，但再說一次，這不是我們目前所依賴的事情。

Thank you.

謝謝。

You're welcome.

不客氣。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you and good morning everyone. I wondering if you can touch a little bit more on the free cash flow. You'd raised the free cash flow guidance, at 3Q, so I think about $500 million and I think you wind up coming in below the prior guidance. So could you just bridge us to what happened between where you thought things were going to be at 2Q, 3Q and 4Q.

謝謝大家，早安。我想知道您是否可以再多談談自由現金流。您在第三季提高了自由現金流指導價位，所以我認為大約是 5 億美元，但我認為最終會低於之前的指導價位。那麼您能否簡單介紹一下您認為第二季、第三季和第四季的情況？

And then, that shortfall this year, how much of it do you think you can make back up next year? I see you got it to $500 million, but that was kind of what you were expecting for this year. So if you just help us, from 2Q all the way through next year, that would be great.

那麼，今年的缺口，您認為明年可以彌補多少？我看到你將其定為 5 億美元，但這正是你今年的預期。因此，如果您能從第二季一直到明年幫助我們，那就太好了。

Yeah, good morning, Vincent. Yeah, I think for pre-cash flow, for us this was really just working capital and from a timing perspective, so, if we kind of look at, kind of what happened and this is on a year-over-year type of kind of comparison as well. We had about a $70 million working capital, higher working capital this year than what we kind of did a year ago and so relative to the guide, it's really just the timing of some of the receivables and collections as relates to that, our account payables.

是的，早上好，文森。是的，我認為對於預現金流來說，對我們來說這實際上只是營運資本，從時間角度來看，所以，如果我們看一下發生了什麼，這也是同比類型的比較。我們的營運資本約為 7,000 萬美元，今年的營運資本比一年前有所增加，因此相對於指南而言，這實際上只是與我們的應付帳款相關的一些應收帳款和收款的時間安排。

If I look at my DPOs, we're down probably six to seven days on as well in the quarter. So we do think a lot of that will reverse itself and come back into 2025. We did kind of go forward with just the $500 million of free cash flow as a starting point. But, as I look at the business, I would expect that should definitely be the floor and we would hopefully drive that up as we go throughout the year, depending on obviously market conditions.

如果我查看我的 DPO，我們本季的 DPO 可能也減少了六到七天。因此，我們確實認為，很多情況將會逆轉，並在 2025 年重新出現。我們確實以 5 億美元的自由現金流作為起點向前邁進。但是，當我審視業務時，我預計這肯定應該是底線，並且我們希望在全年過程中推動這一數字上升，這顯然取決於市場狀況。

Okay. And as a follow up, the wins that you've had in light vehicle, I think you cited better than industry, performance and (inaudible) of the last 10 quarters. Have those wins been on index-based contracts or they've been on fixed base contracts or no notable trend between the two?

好的。接下來，您在輕型車領域的成功，我認為您提到的比過去 10 個季度的行業表現、性能和（聽不清楚）都要好。這些收益是基於指數的合約還是基於固定基數的合約，或者兩者之間沒有明顯的趨勢？

It's a combination of both I would say as far as on those type of wins that we've had to date. So some are index based, some are not, obviously depends on the jurisdiction and really the end customer as we think about that, Vincent. But I do think, a point on Latin America for us. It was a very strong quarter. And that's where we still have pretty significant upside as we kind of go forward.

就我們迄今為止所取得的勝利而言，我想說這是兩者的結合。所以有些是基於指數的，有些不是，顯然取決於管轄權和最終客戶，正如我們所想的那樣，文森特。但我確實認為，拉丁美洲對我們來說是一個觀點。這是一個非常強勁的季度。這就是說，隨著我們繼續前進，我們仍然具有相當大的上升空間。

So we did increase the total wins that were beginning to come in this additional wins that will be coming in in 2025. So we're now we're seeing that $60 million to $70 million originally. I think we kind of gave a $50 million number. So that business will be rolling on here over the next 18 months. So we're very excited about just what we're seeing specifically in the Brazil market.

因此，我們確實增加了 2025 年開始出現的總勝利次數。所以我們現在看到的最初金額是 6,000 萬到 7,000 萬美元。我想我們給了一個 5,000 萬美元的數字。因此，未來 18 個月內，這項業務將會繼續進行。因此，我們對巴西市場的具體表現感到非常興奮。

Just maybe only add to that, Vincent. In terms of jurisdictions, as we moved our RMI indexing from about 30% of our total mobility up to over north of 50%. And it depends on the regions. For example, in [lattta], because there's so much volatility, we stay, we avoid RMI indexing or having something because we, the customers are used to having conversations at a much faster pace than if you were in other regions like North America, Europe.

可能只是補充一點，文森特。就司法管轄區而言，我們將 RMI 指數從總流動性的 30% 左右提升至 50% 以上。這取決於地區。例如，在 [lattta]，由於波動性很大，我們會避免 RMI 索引或進行某些操作，因為我們的客戶習慣以比在北美、歐洲等其他地區更快的速度進行對話。

Okay. Thanks very much. That's helpful.

好的。非常感謝。這很有幫助。

John Roberts, Mizuo.

約翰·羅伯茨（John Roberts），米祖奧。

Thank you and congrats on a nice quarter and guidance. Do you think you'll be providing new multi-year targets once you hit all of the 2026 A plan targets?

謝謝您，並祝賀您度過了一個美好的季度並取得了良好的業績。您是否認為一旦實現了所有 2026 年 A 計畫目標，您將提供新的多年期目標？

Absolutely. If you really look at this, with a little bit of help from a macro, we're forecasting all our macros to be down with the slight improvement in industrial. But, just finishing on page 12, and if you really look at the performance of where we are against our A plan and it's something that we just released in May of last year.

絕對地。如果你認真看一下，在宏觀經濟的幫助下，我們預測所有宏觀經濟都會隨著工業的略微改善而下降。但是，剛完成第 12 頁，如果您真正看看我們相對於我們的 A 計劃的表現，您會發現這是我們去年 5 月剛剛發布的。

And even if you look at sales, sales would be up $100 million more if it wasn't for FX. My perspective is we can accelerate a ton of this through '25. And so my hope is that, maybe by the end of this year, but certainly by the beginning of next year, we release our next plan and we show you guys where we can go with this company in the future. I'm absolutely thrilled that of the performance that we've had to date with this company, and I do believe there's a great upside with what else we can do with it.

即使從銷售額來看，如果沒有 FX，銷售額也會增加 1 億美元。我的觀點是，我們可以透過 25 年來加速這一進程。因此，我希望，也許在今年年底，但肯定是在明年年初，我們能夠發布我們的下一個計劃，向大家展示我們公司未來的發展方向。我對我們迄今為止與這家公司的合作表現感到非常興奮，我相信我們還能利用它來做出更大的貢獻。

And I apologize if I missed this. But how are you thinking about FX for both the March quarter and full '25, both sales and EBITDA?

如果我錯過了這一點，我深感抱歉。但是，您如何看待 3 月季度和整個 25 年的銷售額和 EBITDA 的外匯表現？

Yeah, I think as we think about full year, we're planning, somewhere between $80 million to $100 million of FX headwinds on a year-over-year basis. So call that, 1.5% to close to 2% on a year-over-year comparison. In the first quarter we're seeing pretty close to around say 25, most likely $30 million of FX headwinds in the first quarter.

是的，我認為，當我們考慮全年時，我們預計外匯逆風將與去年同期相比在 8,000 萬至 1 億美元之間。與去年同期相比，這一數字約為 1.5% 至 2%。在第一季度，我們看到外匯逆風接近 2500 萬美元，很可能是 3000 萬美元。

And if you think about the EBITDA impact on that, maybe just from a Q1 basis, it's probably in that $5 million range, which is also similar to actually if you kind of go back even into the fourth quarter of last year when we were put the guide out for the year, we did have FX kind of really move against us relative to our guide in October and that was probably another $5 million headwind that we had on EBITDA for Q4.

如果您考慮 EBITDA 對此的影響，也許僅從第一季度來看，它可能在 500 萬美元的範圍內，這也與去年第四季度的情況類似，當時我們發布了年度指南，相對於 10 月份的指南，外匯確實對我們產生了不利影響，這可能是我們第四季度 EBITDA 面臨的另一個 500 萬美元的不利因素。

Thank you.

謝謝。

Thank you.

謝謝。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪 (Duffy Fischer)。

Yeah, good morning guys. Question, just when you guys talk about like let's say the 2,800 wins you had last year in refinish. Help us with the economics on that. Like what would the average sales be on a win and then what do the margins look like initially? Do you come in below average and then grow into it over a couple of years or how do we take those numbers and roll those through a model?

是的，大家早安。問題是，當你們談論去年你們在修補方面取得的 2,800 場勝利時。幫助我們解決這方面的經濟問題。例如，獲勝的平均銷​​售額是多少，最初的利潤率是多少？您一開始的業績是否低於平均水平，然後在幾年內逐漸提高到平均水平，或者我們如何獲取這些數字並將其通過模型推算出來？

So we don't break that out to that level of detail, but one thing I would say is, it would be, I mean, as you can see in the performance of the business overall year-over-year, even if you take out a bit for pricing, what you can see is it's coming at or accretive to the margins in the refinished business. So I think that's the best way to characterize that. But we don't break out the sales per shop or provide an average in that sense.

因此，我們不會將其分解到那麼詳細的程度，但我想說的是，我的意思是，正如你所看到的，整體業務同比表現一樣，即使你在定價上花費了一點，你也可以看到它正在增加或提高修補業務的利潤率。所以我認為這是描述這一點的最佳方式。但我們不會列出每家商店的銷售額，也不會提供平均值。

Duffy, but one other thing for you is, another way to look at this is we also provide a net number, right? So this includes, this is inclusive of, what losses we have. So every time you look at this number, just look at it as always incremental sales for us that's coming into the portfolio. And so you take that and what we do on average for pricing, for the business and you can quickly get a sense that as you can see the improvement in the business year-over-year that, it's coming in at or slightly a creative to the overall margin of the business.

達菲，但對你來說還有一件事，另一種看待這個問題的方式是我們還提供了一個淨數，對嗎？所以這包括了我們所遭受的損失。因此，每次你看到這個數字時，就把它看作是我們產品組合中不斷增加的銷售量。因此，您可以考慮到這一點，以及我們為業務定價所採取的平均措施，並且您很快就會感覺到，正如您所看到的，業務逐年改善，它對業務的整體利潤率產生了或略微的提升。

Yeah, and Duffy, if you look at just performance coatings. In total for the year '24, the margin expansion was 250 basis points. Obviously part of that was industrial, but with refinished being the larger component of that. You could see that, even with all these new winds coming on, there was still expansion during the year, which is consistent with how we think about when we go to market.

是的，還有達菲，如果你只看性能塗層。整體來看，24年利潤率擴大了250個基點。顯然，其中一部分是工業性的，但修補是其中更大的組成部分。你可以看到，即使出現了所有這些新風，今年仍然實現了擴張，這與我們進入市場時的想法一致。

Thank you. And then just the $10 million number that you gave out for tariffs. Is that incremental just on the tariffs that are kind of being talked about, the Mexico, the China, the Canada, or is that inclusive of things like the anti-dumping on Epoxy and TIO2 into Europe that have kind of already occurred? And if it's not inclusive of those roughly how big is that hit been on some of these raw materials that are getting anti-dumping?

謝謝。然後您給出的關稅數字是 1000 萬美元。這種增量關稅是否只針對正在討論的墨西哥、中國、加拿大的關稅，還是包括已經發生的對歐洲的環氧樹脂和二氧化鈦的反傾銷措施？如果不包括這些，那麼遭受反傾銷的一些原料受到的打擊大概有多大？

Yeah, so Duffy, I think we looked at obviously as we were preparing yesterday with the fluid situation, the $10 million was really attempting to incorporate both what we did in the 10% in China as well as what we saw from Canada and Mexico yesterday, obviously. There's a 30 day reprieve on that. So it's probably a little bit less than $10 million as we think about it now just based off what we're seeing from Canada and Mexico.

是的，達菲，我認為我們在昨天為不斷變化的情況做準備時顯然已經考慮到了這一點，這 1000 萬美元實際上試圖將我們在中國的 10% 以及昨天我們在加拿大和墨西哥看到的情況結合起來。有 30 天的寬限期。因此，根據我們從加拿大和墨西哥看到的情況來看，這個數字可能略低於 1000 萬美元。

But as relates to, some of those other anti-dumping, TIO2, that's kind of already fully loaded into our Outlook at this point. I think the teams have done, a good job in managing around that, as we think about, whether that's their alternative sources, whether that's just some other productivity initiatives that we've been that we're executing.

但就其他一些反傾銷措施，如 TIO2 等而言，目前這些措施已完全納入我們的展望中。我認為團隊在管理這個問題方面做得很好，正如我們所想，這是否是他們的替代來源，是否只是我們正在執行的一些其他生產力措施。

Perfect. Thank you guys.

完美的。謝謝你們。

Just one last thing for you, Duffy, on the $10 million, I mean, obviously this is a full year review and as as a team, it's not like we found out about tariffs in the last week. It's or on Saturday, we've obviously known tariffs were coming for a couple of months here.

達菲，關於 1000 萬美元，我還有最後一句話要告訴你，顯然這是一個全年回顧，作為一個團隊，我們並不是在上週才發現關稅的消息。今天是星期六，我們顯然已經知道幾個月後就會徵收關稅。

One of the things that we are working is looking at onshoring and also having making sure some of our suppliers have strategic inventories on the continent or in in the United States. And so certainly so that's our top end of our goal at our number based on what we got from just the weekend, but we do that there's mitigation activities that we can certainly drive towards that.

我們正在進行的工作之一是研究在岸外包，同時確保我們的一些供應商在非洲大陸或美國擁有戰略庫存。所以根據我們週末得到的數據，這肯定是我們的最高目標，但我們確實可以採取緩解措施來實現這一目標。

Thanks, again,

再次感謝，

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Hey guys, good morning. Chris, obviously, a lot of progress on your self-improvement initiatives last year, maybe you can share some specifics in terms of what we should look forward to in 2025 at Axalta. And then for my second question, Carl, in terms of the EBITDA improvement '24 versus '25 of, let's say, $50 million plus or minus.

嘿，大家早安。克里斯，顯然，去年您在自我提升方面取得了很大進展，也許您可以分享一些具體內容，例如我們應該對 2025 年艾仕得抱有怎樣的期待。然後是我的第二個問題，卡爾，就 2024 年與 2025 年相比的 EBITDA 成長而言，假設是增加或減少 5000 萬美元。

Can you just summarize the bridge items? I know you called out cost savings of $30 million to $40 million and then a bit of a tariff impact. But just what are you embedding sort of for base volume and price on a core basis, excluding CoverFlexx. Thanks.

能簡單總結一下橋樑計畫嗎？我知道您提到了節省 3000 萬至 4000 萬美元的成本，而且還有一點關稅影響。但是，除了 CoverFlexx 之外，您在核心基礎上嵌入了什麼樣的基本數量和價格呢？謝謝。

So I'm going to start, thanks for the question, Ghansham, and Happy New Year. So if I think about the self-help and if I broke it up into the three or four initiatives, the overall under our transformation initiative, one of the first things that we had is to look at our SG&A. We had a plan to reduce 5% of our salaried workforce around 600 folks as with what you saw in how we announced it last quarter or for the full year of '23, we had a target of $10 million for last year.

那麼我要開始了，感謝 Ghansham 的提問，新年快樂。因此，如果我考慮自助，並將其分為三到四個舉措，那麼在我們的轉型舉措下，我們要做的第一件事就是查看銷售、一般和行政費用。我們原本計劃裁減 5% 的受薪員工，約 600 人，正如您在我們上個季度或 23 年全年宣布的那樣，我們去年的目標是 1000 萬美元。

We accomplished $20 million. Our target for this year is about $30 million. and conceptually with the, let's call it, negotiations that we put in place, inclusive of the two plants that we had in Europe and North America to close, we are on schedule or there might be a little bit of upside, but our expectation is to still hit that $30 million.

我們完成了2000萬美元。我們今年的目標約為3000萬美元。從概念上講，透過我們進行的談判，包括關閉我們位於歐洲和北美的兩家工廠，我們的進度正在按計劃進行，或者可能會有一點上行空間，但我們的預期仍是達到 3,000 萬美元。

In terms of what are the other initiatives, the other one was supply chain. And again, with the current dynamics in terms of volumes and where things are moving, this remains still a very, very strong opportunity, and we certainly see, this is something that we can continue to drive here. Overall, across this over the three-year plan, we had about $25 million, and that's certainly something that we're going to continue to drive.

至於其他舉措，另一個是供應鏈。而且，從目前的數量和事物發展的動態來看，這仍然是一個非常非常好的機會，我們當然看到，這是我們可以繼續推動的事情。總體而言，在整個三年計劃中，我們已籌集到約 2500 萬美元，我們肯定會繼續努力。

Now I think to that question, in terms, the next one is productivity within our plants. And to the question about our free cash flow impact or our working capital impact, one of the elements is capital in Q4, if you noticed, actually doubled from Q3. And what we're doing is really investing in our plants to start driving productivity.

現在我認為，就這個問題而言，下一個問題是我們工廠的生產力。對於我們的自由現金流影響或營運資本影響的問題，其中一個因素是第四季度的資本，如果你注意到的話，實際上比第三季度翻了一番。我們所做的實際上是投資我們的工廠以開始提高生產力。

Now that's not going to come quickly, but my expectation is we're certainly going to be in a different spot in '26 because of the levels of investments that we're putting. We needed, half of that investment was needed because it's sustaining going through COVID, we, there was a lot of capital or a lot of investments that we did not make.

這不會很快實現，但我預計，由於我們投入的投資水平，我們在 26 年肯定會處於不同的位置。我們需要一半的投資，因為它要持續應對 COVID，我們有很多資金或投資沒有投入。

But I would call it a quarter to another half of it is driven towards productivity initiatives. And that certainly will come into fruit in about, I would say, the back half of this year into '26. So those are the elements that I believe are what's still left on the self-help front that will certainly keep us going in the right path as I look to where the markets are heading for '25.

但我認為其中四分之一到一半是用來推動生產力措施。我想說，這肯定會在今年下半年到26年實現。所以，我相信，這些是自助方面仍剩下的因素，當我展望25年的市場走向時，這些因素必將使我們沿著正確的道路前進。

(inaudible) the bridge on just EBITDA year-over-year, it's relatively straightforward and simple the way that we're looking at it. So I would say on the incremental $100 million or so of higher revenue, kind of at the midpoint, you should expect us to convert at that at 35% to 40%, so call that $35 million to $40 million, which will kind of get you to the low end of the guide, everything else being equal.

（聽不清楚）僅就 EBITDA 同比變動而言，我們的看法是相對直接且簡單的。因此，我想說，在增加的 1 億美元左右的收入上，也就是中間值，你應該期望我們的轉換率達到 35% 到 40%，也就是 3500 萬到 4000 萬美元，這將使你達到指南的低端，其他所有條件都相同。

As it relates to the transformation initiatives of the $30 million to $40 million, we believe that will be somewhat offset with labor inflation that we are expecting this year as well as the potential impact from tariffs.

至於 3000 萬至 4000 萬美元的轉型計劃，我們認為這將在一定程度上被我們今年預計的勞動力通膨以及關稅的潛在影響所抵消。

I think above and beyond that, where there could be further opportunity to get to the higher point would be, again, right now, we are assuming kind of a flattish variable COG or raw material environment on a net basis. If there's a little bit of opportunity there that would actually help us get to the upper end of the range.

我認為除此之外，還有可能進一步有機會達到更高的點，現在，我們假設淨基礎上的可變 COG 或原材料環境有點平穩。如果存在一點機會，這實際上會幫助我們達到範圍的上限。

And as Chris said, it's productivity. I think the productivity, again, if we're successful on some of the execution items that could provide a little bit more tailwind as well.

正如克里斯所說，這就是生產力。我認為，如果我們在某些​​執行專案上取得成功，生產力也可能提供更多的順風。

Perfect, thank you.

非常好，謝謝。

Aleksey Yefremov, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Aleksey Yefremov。

Thanks and good morning everyone. I wanted to come back to the refinish market and ask you about your mainstream versus premium market strategy. Any update there on how this is evolving? Do you, maybe use additional M&A to enhance this mainstream market strategy in coming for us.

謝謝，大家早安。我想回到修補市場並詢問您關於主流市場與高端市場策略的問題。有關於此事進展的最新消息嗎？您是否會使用額外的併購來增強我們的主流市場策略？

Yes. So thanks for the question, Aleksey. And again, thanks. Happy New Year to you too. And just in terms of the premium segment, if you look at a lot of the body shop wins, these have been very, very focused on the premium side. The entry with CoverFlexx has really given us an opportunity into the mainstream and economy. So, in terms of how well that's working, I would say we're largely in line with our deal dynamics that we established in buying it.

是的。感謝阿列克謝提問。再次感謝。也祝你新年快樂。僅就高端市場而言，如果你觀察很多車身修理廠的成功案例，你會發現它們都非常專注於高端市場。CoverFlexx 的加入確實為我們進入主流和經濟提供了機會。因此，就其運作而言，我想說我們基本上符合我們在購買時建立的交易動態。

I would say the market is slightly weaker based on obviously the consumers are essentially pocketing the insurance claim versus investing but or getting their cars fixed. But that said, the business case has been very strong and where it's really played out well is the fact that we can drive the adjacencies, whether it's fillers, whether it's everything else that Axalta provides parties and everything that we bring in from third parties with tapes and all of that is really helping us strengthen that market.

我想說的是，市場略顯疲軟，顯然是因為消費者基本上是將保險索賠收入囊中，而不是進行投資或修理汽車。但話雖如此，商業案例非常強大，而且真正發揮良好作用的是，我們可以推動鄰接關係，無論是填料，還是艾仕得為各方提供的所有其他產品，以及我們從第三方引進的所有膠帶，所有這些都確實幫助我們加強了該市場。

I do believe, Aleksey, that there is far more opportunities and adjacencies here, especially in other regions, right? So we have obviously started here with North America, but I do believe that there are more opportunities as we think about Europe and Asia, and these are the things that we're going to be focused here in the next two quarters.

阿列克謝，我確實相信這裡有更多機會和鄰接點，特別是在其他地區，對嗎？因此，我們顯然是從北美開始的，但我相信，當我們考慮歐洲和亞洲時，會有更多的機會，這些都是我們在接下來的兩個季度將要關注的事情。

Great. Thanks, Chris. And maybe to follow up on Carl's answer on the $100 million of revenue. Can you provide any details on the volume versus price you already gave us FX?

偉大的。謝謝，克里斯。也許可以跟進卡爾關於 1 億美元收入的回答。您能否提供有關您已提供給我們的 FX 的數量與價格的詳細資訊？

Yes. I mean I think as we look at it in total, we are expecting, as I said in the prepared remarks, our Vintage team is going to be executing some pricing actions beginning in March. If I look at price mix for the full year. We do expect it to be positive, probably up in that 1% to 2%, volumes kind of being down a little bit with some offsets as we think about kind of new business wins. So if you think about the bridge, I mean, we're kind of managing it in total. That's why I think, I obviously tend to look at just the conversion on that incremental revenue into that 35% to 40% range.

是的。我的意思是，我認為從總體來看，正如我在準備好的演講中所說，我們預計我們的 Vintage 團隊將從 3 月開始執行一些定價行動。如果我看一下全年的價格組合。我們確實預計它會是正成長，可能會成長 1% 到 2%，而當我們考慮贏得新業務時，銷量會略有下降，但會有一些補償。所以如果你考慮一下這座橋，我的意思是，我們正在全面管理它。這就是為什麼我認為我顯然傾向於只看增量收入的轉換率在 35% 到 40% 的範圍內。

Great. Thanks a lot.

偉大的。多謝。

Thank you,

謝謝你，

Mike Harrison, Seaport Research Partners.

麥克‧哈里森（Mike Harrison），海港研究夥伴。

Hi, good morning,Congrats on a nice quarter. Was hoping that we could dig in, Chris, a little bit more on what you guys are seeing in the China light vehicle market. It sounds like you guys are pretty happy with the customers that you're positioned with, but if you look at, there's more than 100 different car brands there, a lot of them over time could be consolidated. Do you guys view this as a threat or as an opportunity. Maybe just talk a little bit about how you're thinking about your longer-term position within the Chinese light vehicle market.

嗨，早上好，恭喜您度過了一個愉快的季度。克里斯，希望我們能更深入地了解你們對中國輕型車市場的看法。聽起來你們對你們的客戶群非常滿意，但如果你看一下，那裡有 100 多個不同的汽車品牌，其中許多品牌隨著時間的推移可能會合併。你們認為這是威脅還是機會？也許您可以稍微談談您如何看待自己在中國輕型車市場的長期地位。

Okay. Thanks for the question, Mike. Maybe I'll break it up into three parts because I will first give you a view of the customer dynamics and then maybe move it into a little bit of market dynamics, which is, which also enables growth and why we believe strongly in this marketplace.

好的。謝謝你的提問，麥克。也許我會把它分成三個部分，因為我先給你介紹客戶動態，然後再談談市場動態，這也促進了成長，也是我們堅信這個市場的原因。

So from a customer dynamics, the folks that we are partnered with in China are some of the largest players, especially in the EV space and on the Ice side as well. What differentiated us, what enabled us to to get in here early was really, I think, four factors.

因此，從客戶動態來看，我們在中國合作的公司都是最大的參與者之一，特別是在電動車領域和冰雪領域。我認為，我們的與眾不同之處、讓我們提前進入這一領域的真正原因有四。

The first one was we worked, we started off early with companies that were just starting out or and we were very, very focused on the local market as opposed to entrenched players from the outside. And this enabled us to build that partnership over many years.

第一個是我們很早就開始與那些剛起步的公司合作，我們非常非常關注本地市場，而不是來自外部的根深蒂固的參與者。這使我們能夠在多年內建立這種夥伴關係。

The second one and it enabled us to be embedded in their plans. So a lot of our folks work within their plans to provide the quality, the service, the timely delivery and response and has just done just an amazing job in building the relationship.

第二個讓我們能夠融入他們的計劃。因此，我們的許多員工都按照計劃努力提供優質服務、及時交付和回應，在建立關係方面做得非常出色。

And that second element is really around the relationships between our teams and there's, over time, in developing the colors. China has just done an amazing job of breaking boundaries. The customers' demand for color just breaks boundaries, and that's something that we've always been there.

第二個要素實際上與我們團隊之間的關係有關，並且隨著時間的推移，顏色會不斷發展。中國在打破界限方面做了令人驚奇的工作。客戶對於色彩的需求突破了界限，這是我們始終堅持的。

And the last element of this is, as we work through these two, we put in capacity, I believe, before many others and had the capacity as they were growing. We built a new plant. We expanded a plant and all of that really enabled us to grow. So the strength that we have with the large players to your point, if there is any consolidation, my expectation is that the large players will lead a lot of the consolidation, and we have a good place there.

最後一個要素是，當我們處理這兩個問題時，我相信我們比其他許多人更早投入了能力，並且在他們成長的過程中具備了這種能力。我們建了一座新工廠。我們擴建了工廠，這一切確實使我們得以成長。因此，正如您所說，我們與大型參與者之間的實力對比，如果有任何整合，我預計大型參與者將引領大量的整合，而我們在那裡佔有一席之地。

The second part of this is specific to the market dynamics. The stimulus has helped, but I think it's been a part of their growth story. Obviously, the capability that the new vehicles coming out of China, especially on the EV side, the electronics and just the interaction with the vehicles have really played a part and just that demand is not only a China specific demand, but we're certainly seeing it in Southeast Asia.

第二部分具體涉及市場動態。刺激措施確實起到了幫助作用，但我認為這只是他們成長故事的一部分。顯然，中國推出的新型汽車，尤其是電動車、電子設備以及與汽車的互動能力確實發揮了作用，而且這種需求不僅是中國特有的需求，我們在東南亞也看到了這種需求。

So I think, China has become the manufacturing hub for, again, as I said, Malaysia, Indonesia, Australia, New Zealand, Bangladesh, I mean, and even Sri Lanka and that demand is also pushing demand for us from a refinish standpoint because we supply these customers.

所以我認為，中國已經成為馬來西亞、印尼、澳洲、紐西蘭、孟加拉國，甚至斯里蘭卡的製造中心，從修補的角度來看，這種需求也推動了我們的需求，因為我們為這些客戶提供產品。

So this relationship has been great on both those two fronts. And in the final expectation is, I do think China is going to drive to make sure that is specific to this industry that the demand stays strong beyond stimulus going forward. And all of this will play well for us in '25.

因此，在這兩個方面，我們之間的關係都非常良好。最後的預期是，我確實認為中國將努力確保該行業的需求在刺激措施實施後仍然保持強勁。這一切對於我們25年來說都會有好的結果。

All right. Thanks for that. And then I was hoping that you could also talk a little bit more about this agreement with Durr on digital pains. Maybe talk about how this partnership can help you accelerate the commercialization of the next jet product line.

好的。謝謝。然後我希望你也可以進一步談談與杜爾就數位難題達成的協議。也許可以談談這種合作關係如何幫助您加速下一代噴射產品線的商業化。

Sure. Great. Thanks for the question on this one. This is certainly something that we are proud of and a true credit to the mobility team. Hadi, who is the President there and his team and the great work that they've done driving this. Durr is a leader. I mean they have over 50% of the robotics and in systems in OE plants and they're just putting two leaders together, us from at the coatings side and putting them together and the ability for us to essentially coat a two tone car.

當然。偉大的。感謝您提出這個問題。這無疑是我們引以為傲的事情，也是行動團隊的真正功勞。哈迪是那裡的總統，他和他的團隊為推動這一進程做出了巨大貢獻。杜爾是一位領導者。我的意思是，他們擁有超過 50% 的 OE 工廠機器人和系統，他們只是將兩個領導者聚集在一起，我們從塗層方面將它們放在一起，使我們基本上能夠為雙色汽車塗裝。

So imagine if you had to change paint a black or coat a black roof or a herd, the normal process as it goes through a paint process, it's pulled off to an off-line process and that is done and it creates inefficiencies and it creates cost. And what we've been able to do is through this process, put it through the mainline and bringing two strong companies together.

想像一下，如果您必須將油漆改為黑色，或者將屋頂或牛群塗成黑色，那麼正常的油漆過程就會被轉移到離線過程中，這樣做會造成效率低下並增加成本。我們能夠做的就是透過這個過程，將其納入主線，並將兩家強大的公司合併在一起。

And I believe this technology, it's not just two toning hoods. But whatever you want in terms of essentially putting a logo or putting something specific on a car, that's something that we're able to do write off the main paint line. It's a great technology and something that we're absolutely proud of.

我相信這項技術不僅僅是兩個調色罩。但無論您想在汽車上放置徽標還是放置特定的東西，我們都能夠在主噴漆線上完成。這是一項偉大的技術，我們對此感到非常自豪。

The additional feature here from a sustainability standpoint is the overspray coming from this is negligible. So the amount that we drive in terms of reducing overspray and paint is something that I think will be a great win for OEs as well in the future.

從永續性的角度來看，此處的附加特點是由此產生的過度噴塗可以忽略不計。因此，我認為我們在減少過度噴塗和油漆方面所做的努力在未來對於原始設備製造商來說也將是一個巨大的勝利。

Thanks very much.

非常感謝。

You're welcome.

不客氣。

Jeffrey Zekauskas, JPMorgan.

摩根大通的 Jeffrey Zekauskas。

Thanks very much. Two questions. In order to hit your free cash flow target for next year, your cash flow from operations has to rise by, I don't know, $100 million or $115 million. So I take it one principal way you would do that is increasing accounts payable. Is that a big piece of that increase? And secondly. I'm sorry, go ahead.

非常感謝。兩個問題。為了達到明年的自由現金流目標，你的營運現金流必須增加，我不知道，1 億美元或 1.15 億美元。因此，我認為實現這一目標的一個主要方法是增加應付帳款。這是成長的很大一部分嗎？其次。抱歉，請說。

Yes, just to answer maybe the first question, Jeff. Yes, I think it's specifically within working capital, I think there's a couple of different things. I think one is as they did reference, our DPOs did dip a lot lower in the fourth quarter, kind of, I would say, more abnormally. So that would, we would probably normalize that, so that's, call it, six, seven days. So that's going to be definitely a piece of the story.

是的，也許只是回答第一個問題，傑夫。是的，我認為這具體是在營運資金範圍內，我認為有幾件不同的事情。我認為，正如他們所提到的，我們的 DPO 在第四季度確實下降了很多，我想說，這有點不正常。因此，我們可能會將其正常化，也就是六、七天。所以這肯定是故事的一部分。

And then on account receivables, again, I think there continues to be some further opportunities as we think about managing that as we kind of go forward. And, of course, inventory will continue to be in focus for us. I think the teams did a very good job late in the year, but I think we need to see a consistent performance as we think about (inaudible).

關於應收帳款，我再次認為，隨著我們考慮如何管理應收帳款，在未來的發展中還會存在一些進一步的機會。當然，庫存仍將是我們的關注重點。我認為球隊在年底的表現非常好，但我認為我們需要看到球隊穩定的表現，因為我們在考慮（聽不清楚）。

And then for Chris, if it turned out that there really were 25% tariffs on Canada and Mexico, what do you think that would do to the price of a car made in the US. And how do you think it would affect car production?

然後對於克里斯來說，如果事實證明對加拿大和墨西哥確實徵收 25% 的關稅，您認為這會對美國製造的汽車價格產生什麼影響。您認為這會對汽車生產產生什麼影響？

So first, maybe in terms of, I kind of look at it from our perspective first, and then maybe I'll bring in. If I think about Axalta, and we certainly, since the weekend, we were very, very focused in terms of looking at how much of an impact this would have on us. And in reality, if I think about the number of cars that are built in Mexico and Canada, this would affect about 5% to 6% of our revenue.

因此，首先，也許就我而言，我首先會從我們的角度來看待這個問題，然後我可能會引入一些內容。如果我考慮艾仕得，那麼從週末開始，我們當然就非常非常專注於觀察這會對我們產生多大的影響。實際上，如果我考慮在墨西哥和加拿大生產的汽車數量，這將影響我們約 5% 至 6% 的收入。

Now in terms of the impact per car, this would have about a $3,000 impact per car. However, as I said, the track of tariffs is not something new. We've known about this for a couple of months. So we've certainly, the mobility teams have certainly started working with our OEs because the OEs have been making plans to look at at least the ones that we've been associated with to look at moving production, looking at what they can do to offset a lot of this.

就每輛汽車的影響而言，這將產生約 3,000 美元的影響。不過，正如我所說，關稅的軌跡並不是什麼新鮮事。我們幾個月前就已經知道這個消息了。因此，我們的行動團隊肯定已經開始與我們的原始設備製造商 (OE) 合作，因為原始設備製造商一直在製定計劃，至少考察那些與我們合作過的原始設備製造商，以研究轉移生產，研究他們可以做些什麼來抵消其中的大部分影響。

And there are specifics also when you think about what's actually built, components that are built in the US then ship to Mexico as part of an overall assembly strategy and then brought back. So there are elements of this.

當你考慮實際建造的內容時，也會發現一些具體情況，這些零件在美國製造，然後作為整體組裝策略的一部分運往墨西哥，然後運回。因此存在這樣的因素。

But overall, I would say, the impact on a car is about 3,000, but my expectation is over, based on the time we have and over the time we have, the OEs will be driving significantly to find measures around that. And that is what we're absolutely focused with our customers to make sure that we help them offset.

但總體而言，我想說對汽車的影響約為 3,000，但我的預期是，基於我們擁有的時間，隨著時間的推移，OE 將大力推動尋找解決該問題的措施。這正是我們絕對專注於客戶的事情，以確保我們能夠幫助他們抵消損失。

Thanks so much.

非常感謝。

You're welcome.

不客氣。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

This is [Rock Hoffman] on for Stephen. Just drilling into Refinish within the 2,800 net body shop wins, what fraction of those are adopting Irus Mix? And has your view of the market potential for this technology expanded beyond high-end premium facilities?

這是 [Rock Hoffman] 為 Stephen 主持的。僅在 2,800 家汽車車身修理廠的淨訂單中，就只有 Refinish 一家，其中有多少人採用了 Irus Mix？您認為這項技術的市場潛力是否已擴展到高端優質設施之外？

No. We're still very focused on the high-end premium facilities. I would say the 2,800, most of those are just starting without the Irus Mix. We're using the Irus Mix actually launching it in Europe. And a lot of that is with our premium customers in Europe.

不。我們仍然非常注重高端優質設施。我想說的是，這 2,800 大部分都是剛起步，沒有使用 Irus Mix。我們正在使用 Irus Mix，並將其在歐洲推出。其中很多是我們的歐洲優質客戶。

Again, next year, we're doubling the number of installations. There is probably a good chance that some of those 2,800 might have those, but at this time, we're starting with the customers that have been with us for a long time and making sure that they have the access to the equipment first.

明年，我們的安裝數量將增加一倍。這 2,800 人中的一些人很可能擁有這些設備，但目前，我們將從與我們合作了很長時間的客戶開始，並確保他們首先能夠使用這些設備。

So I think Marco, that's it. To close, I did want to take a minute and really say I'm really excited about what's happening here at Axalta. It's been two years since I've joined this incredible team and since then, we have worked closely together towards a common A plan goal to optimize all areas of this great company and perform at a higher level. The improvement that we have made over this period clearly shows that we're on to something.

所以我認為馬可就是這樣。最後，我確實想花一點時間來真正說一下我對艾仕得所發生的事情感到非常興奮。我加入這個不可思議的團隊已經兩年了，自那時起，我們就緊密合作，朝著共同的 A 計畫目標努力，以優化這家偉大公司的各個領域，並實現更高的績效。我們在這段期間所取得的進步清楚地表明我們已經取得了一些進展。

In two years, we have increased sales by more than 8%, expanded EBITDA margins by 460 basis points, EPS by 46%, free cash flow by 177%, and improved the leverage from 3.8 times to 2.5 times. This would not be possible without the dedication and company pride of every single employee here, and I am absolutely thankful for that.

兩年內，我們的銷售額成長了 8% 以上，EBITDA 利潤率擴大了 460 個基點，每股盈餘成長了 46%，自由現金流成長了 177%，槓桿率從 3.8 倍提高到了 2.5 倍。如果沒有這裡每一位員工的奉獻精神和公司自豪感，這一切都不可能實現，我對此深表感謝。

It's been an amazing ride, and it's exceeded my expectation in every single way. And I can't wait to show you what we're going to do in 2025. Happy New Year, everybody, and I look forward to working with you this year. Thank you.

這是一次奇妙的旅程，它各個方面都超出了我的預期。我迫不及待地想向你們展示我們在 2025 年要做的事情。大家新年快樂，我期待今年與大家合作。謝謝。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。