Axalta Coating Systems Ltd (AXTA) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Axalta Coating Systems Q1 2025 earnings call. (Operator Instructions) Today's call is being recorded, and a replay will be available through May 14. Those listening after today's call should please note that information provided in the recording will not be updated and therefore, may no longer be current.

女士們、先生們，感謝你們的支持。歡迎參加艾仕得塗料系統 2025 年第一季財報電話會議。（操作員指示）今天的通話正在錄音，重播將持續到 5 月 14 日。今天通話結束後收聽的聽眾請注意，錄音中提供的資訊將不會更新，因此可能不再是最新的。

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

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

Good morning, everyone, and thank you for joining us on the call today to discuss our fiscal 2025 first quarter results. This is Colleen Lubic, Vice President of Investor Relations. Joining me today are Chris Villavarayan, CEO and President; and Carl Anderson, Chief Financial Officer.

大家早安，感謝您今天參加我們的電話會議，討論我們的 2025 財年第一季業績。我是投資者關係副總裁科琳‧魯比克 (Colleen Lubic)。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 posted our first quarter financial results and our earnings release this morning. As a reminder, you can find additional materials, including today's presentation and associated schedules on the Investor Relations section of our website at axalta.com, which we will be referring to during this call.

我們今天上午發布了第一季財務業績和收益報告。提醒一下，您可以在我們網站 axalta.com 的投資者關係部分找到其他資料，包括今天的簡報和相關時間表，我們將在本次電話會議中參考這些資料。

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.

我們準備好的演講稿、幻燈片簡報和今天的討論可能包含前瞻性陳述，反映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 full 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，全部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 contains various non-GAAP financial measures. We've included reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Refer to our filings with the SEC for more information. We kindly ask that you limit yourself to one question at a time to give others the opportunity to have their questions addressed.

我們的評論和投影片簡報還包含各種非公認會計準則財務指標。我們將這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標進行了對帳。請參閱我們向美國證券交易委員會 (SEC) 提交的文件以了解更多資訊。我們懇請您每次只提出一個問題，以便其他人也有機會得到解答。

I would like to turn the call over to Chris.

我想把電話轉給克里斯。

Thank you, Colleen. We're pleased to report another strong quarter of financial results for our first quarter record for adjusted EBITDA and adjusted diluted EPS. The I want to thank Axalta's employees for rallying together to deliver our A Plan priorities and maintaining our strong execution and resilient performance.

謝謝你，科琳。我們很高興地報告本季財務表現再次表現強勁，第一季調整後 EBITDA 和調整後稀釋每股盈餘均創歷史新高。我要感謝艾仕得的員工齊心協力，實現我們的 A 計畫重點，並保持強大的執行力和彈性表現。

Net sales remained flat to the first quarter of last year on a constant currency basis with contributions from CoverFlexx and a positive price-mix mitigating volume declines. Adjusted EBITDA was $270 million, representing a 4% increase year-over-year. Adjusted EBITDA margin grew by 140 basis points year-over-year, marking the tenth consecutive quarter of adjusted EBITDA margin growth.

以固定匯率計算，淨銷售額與去年第一季持平，這得益於 CoverFlexx 的貢獻以及積極的價格組合緩解了銷量下滑。調整後 EBITDA 為 2.7 億美元，較去年同期成長 4%。調整後 EBITDA 利潤率較去年同期成長 140 個基點，這是調整後 EBITDA 利潤率連續第十個季度成長。

Driving A Plan initiatives, improving our operations and reinvesting in the business remain a top priority for us. Despite wage inflation, operating expenses decreased by 4% from last year due to savings from our transformation initiative introduced in 2024. Capital expenditures have nearly doubled compared to Q1 of 2024, driven by incremental investments designed to enhance productivity in our operations.

推動計劃舉措、改善我們的營運和對業務進行再投資仍然是我們的首要任務。儘管薪資上漲，但由於我們於 2024 年推出的轉型計畫節省了開支，營運費用較去年同期下降了 4%。與 2024 年第一季相比，資本支出幾乎翻了一番，這得歸功於旨在提高營運生產力的增量投資。

Our balance sheet remains robust with total net leverage remaining steady for the year-end at 2.5 times. Adjusted diluted EPS grew by 16% year-over-year to $0.59. This marks the seventh consecutive quarter of adjusted diluted EPS growth.

我們的資產負債表依然強勁，年底總淨槓桿率維持穩定在 2.5 倍。調整後稀釋每股盈餘年增 16% 至 0.59 美元。這標誌著調整後稀釋每股盈餘連續第七個季度成長。

Innovation is fundamental to enhancing the customer experience. In the first quarter, we are proud to be the recipients of two Edison awards and a BIG Innovation award. This is the seventh consecutive year that Axalta has earned an Edison award, which honors industry-leading innovations in new products and services. This year, Axalta's Irus scan and Axalta's MyColor were recognized. Irus scan is the first handheld color measurement device for the collision repair industry.

創新對於提升客戶體驗至關重要。第一季度，我們很榮幸獲得兩項愛迪生獎和一項重大創新獎。這是艾仕得連續第七年榮獲愛迪生獎，該獎項旨在表彰新產品和服務領域行業領先的創新。今年，Axalta 的 Irus 掃描和 Axalta 的 MyColor 獲得認可。Irus scan 是第一款用於碰撞修復行業的手持式顏色測量設備。

It has the ability to capture color sparkle, hue shifting pigments and gloss to provide an accurate color match for vehicle repairs. Axalta's MyColor offers an innovative color creation delivery process. This technology streamlines automotive OEM approval enabling custom colors to be available in as little as four weeks instead of more than a year.

它能夠捕捉色彩閃光、色調變化的顏料和光澤，為車輛維修提供準確的顏色匹配。Axalta 的 MyColor 提供了一種創新的色彩創建交付流程。該技術簡化了汽車 OEM 審批，使客製化顏色能夠在短短四周內（而不是一年多）內完成。

We were presented with a BIG Innovation award by the Business Intelligence Group for our Voltatex product. Voltatex is a wire enamel that improves the reliability and efficiency of electric vehicles and other high-performance electrical systems. These awards underscore our strength of our product pipeline and our ability to convert investments in R&D and technology into solutions that appeal for our customers and differentiate Axalta's offerings.

我們的 Voltatex 產品榮獲商業智慧集團頒發的「重大創新獎」。Voltatex 是一種漆包線漆，可提高電動車和其他高性能電氣系統的可靠性和效率。這些獎項凸顯了我們的產品線實力以及我們將研發和技術投資轉化為吸引客戶並使艾仕得產品與眾不同的解決方案的能力。

Let's move to slide 4. Three of our four end markets showed macro declines in the quarter. Axalta, however, was able to generate positive organic net sales in both mobility end markets and achieve an organic net sales performance in refinish above industry trends compared to the same period last year.

讓我們翻到第 4 張投影片。本季度，我們的四個終端市場中有三個出現宏觀下滑。然而，與去年同期相比，艾仕得在兩個行動終端市場都實現了正的有機淨銷售額，並且在修補漆業務中實現了高於行業趨勢的有機淨銷售額。

In refinish, organic net sales decreased by 1%, while the industry was down mid single digits based on industry metrics that we track. The external demand pressures experienced in 2024 continued to affect collision claims and body shop repair activity in the first quarter.

在修補方面，有機淨銷售額下降了 1%，而根據我們追蹤的行業指標，整個行業的銷售額下降了中等個位數。2024 年經歷的外部需求壓力持續影響第一季的碰撞索賠和車身修理活動。

These factors are driven by insurance premium inflation, increasing repair costs and winning consumer confidence. Irrespective of the industry dynamics, we were able to add approximately 900 net new body shops, growing adjacencies and expand further in the economy segment.

這些因素包括保險費上漲、維修成本增加以及贏得消費者信心。無論產業動態如何，我們都能夠新增約 900 家車身修理廠，擴大鄰接範圍，並在經濟領域進一步擴張。

Organic net sales in light vehicle increased by 2%. Volume for light vehicle aligned with global auto production, which rose by 1%. We also achieved double-digit volume growth year-over-year in both China and Latin America, surpassing auto production rates in both those geographies.

輕型車有機淨銷售額成長2%。輕型車產量與全球汽車產量持平，成長了 1%。我們也在中國和拉丁美洲實現了同比兩位數的銷售成長，超過了這兩個地區的汽車生產率。

Commercial Vehicle organic net sales grew by 2%, while Class 8 heavy-duty production in North America dropped by 17%. We mitigated industry pressure from the heavy-duty truck sector by executing on our commercial transportation solution priorities across various applications, including recreational and public safety vehicles.

商用車有機淨銷售額成長了 2%，而北美 8 級重型車產量下降了 17%。我們透過在休閒和公共安全車輛等各種應用領域執行商業運輸解決方案優先事項，減輕了重型卡車領域帶來的行業壓力。

Additionally, we expanded our presence outside the Americas. As a result, together with strong performance in light vehicle and price-cost stability, the Mobility segment's margin expanded by 230 basis points to 16.5%, the highest margin since first quarter of 2021.

此外，我們也擴大了美洲以外的業務。因此，加上輕型車的強勁表現和價格成本的穩定，移動出行部門的利潤率擴大了 230 個基點，達到 16.5%，為 2021 年第一季以來的最高利潤率。

Industrial organic net sales decreased by 4% year-over-year, in line with broader trends. Across our end businesses, we continue to see mixed signals. Industrial production in the United States increased slightly year-over-year in the first quarter, but contracted in March, while most European economies experienced declines.

工業有機淨銷售額年減 4%，與整體趨勢一致。在我們的終端業務中，我們繼續看到混合訊號。美國第一季工業生產較去年同期略有成長，但3月出現萎縮，歐洲大部分經濟體則下滑。

North American housing declined for the fourth consecutive quarter, causing a slow start to the season for our North American Building Products business. Despite these challenges, the team's focus on portfolio mix and productivity improvements resulted in an adjusted EBITDA margin increase for the eighth consecutive quarter.

北美房屋市場連續第四個季度下滑，導致我們的北美建築產品業務本季開局緩慢。儘管面臨這些挑戰，但該團隊專注於投資組合和生產力改進，導致調整後的 EBITDA 利潤率連續第八個季度成長。

Let's move to slide 5. With the increased trade tensions that emerged during the quarter, we wanted to provide some color on Axalta's global landscape. As shown in the presentation, our business is geographically diverse with 38% of our net sales in North America and 16% in Asia Pacific.

讓我們翻到幻燈片 5。隨著本季貿易緊張局勢加劇，我們希望對艾仕得的全球格局提供一些介紹。如簡報中所示，我們的業務在地理上分佈廣泛，其中 38% 的淨銷售額來自北美，16% 來自亞太地區。

Most importantly, approximately 90% of our products are manufactured and sold within the same region, significantly reducing our exposure to international tariffs. Additionally, only about 10% of our total purchases are currently impacted by the new tariffs.

最重要的是，我們約 90% 的產品都在同一地區生產和銷售，大大降低了我們受到的國際關稅影響。此外，目前我們總採購量中只有約 10% 受到新關稅的影響。

The team has already done a fantastic job of maximizing USMCA compliant products in North America, minimizing tariffs across the regions. Based on our current business model, we estimate tariffs imposed in 2025 could now cost approximately $50 million annually with about $25 million expected to impact in 2025. Carl will take you through how this impacts the guidance later in the discussion.

該團隊已出色地完成了在北美最大限度地推廣符合 USMCA 要求的產品、最大限度降低各地區關稅的工作。根據我們目前的商業模式，我們估計 2025 年徵收的關稅每年可能造成約 5,000 萬美元的成本，預計 2025 年將造成約 2,500 萬美元的影響。卡爾將在後面的討論中向您介紹這將如何影響指導。

Through various means, including in-sourcing, sourcing raw materials locally, reformulating products managing strategic inventory and pricing, we believe we have avenues for structural improvements if tariffs were to become permanent.

透過各種方式，包括內部採購、在當地採購原材料、重新制定產品、管理策略性庫存和定價，我們相信，如果關稅成為永久性的，我們就有途徑進行結構性改進。

I will now turn the call over to Carl to go through our financial results an updated 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 年更新後的指引。

Thank you, Chris, and good morning, everyone. Let's turn to slide 6. First quarter net sales decreased by approximately 3% year-over-year to $1.26 billion, primarily driven by a 3% unfavorable foreign currency impact and lower volumes, partially offset by positive price-mix and contributions from CoverFlexx.

謝謝你，克里斯，大家早安。讓我們翻到第 6 張投影片。第一季淨銷售額年減約 3% 至 12.6 億美元，主要原因是 3% 的不利外匯影響和銷量下降，但積極的價格組合和 CoverFlexx 的貢獻部分抵消了這一影響。

Gross margins were 34% in the quarter, an increase of 110 basis points over last year. Income from operations increased by $55 million as we had significantly lower restructuring expense compared to a year ago when we announced and started to execute on our 2024 transformation initiatives.

本季毛利率為34%，較去年同期成長110個基點。由於與一年前我們宣布並開始執行 2024 年轉型計畫時相比，重組費用大幅降低，因此營業收入增加了 5,500 萬美元。

Adjusted EBITDA in the quarter was $270 million, 4% above last year, marking another record quarter for adjusted EBITDA performance. Variable costs declined by low single digits, slightly better than anticipated. For the full year 2025, we now believe that raw material costs will be approximately flat year-on-year, excluding the direct impact of tariffs.

本季調整後 EBITDA 為 2.7 億美元，比去年同期成長 4%，創下調整後 EBITDA 業績的新高。變動成本下降了個位數，略好於預期。對於 2025 年全年，我們現在認為，不包括關稅的直接影響，原材料成本將與去年同期基本持平。

Our productivity pipeline remains strong, and we expect it to drive sustained improvements to our operating model going forward. SG&A declined 2% when compared to the first quarter of last year, and our fixed operating expenses were down approximately 4%, inclusive of wage inflation.

我們的生產力管道依然強勁，我們預計它將推動我們未來營運模式的持續改善。與去年第一季相比，銷售、一般及行政費用下降了 2%，我們的固定營運費用下降了約 4%，其中包括薪資上漲。

We continue to benefit from savings related to the 2024 transformation initiatives. Additionally, incremental cost management initiatives implemented at the start of the year also helped to mitigate the challenges from a weaker macro. And lastly, adjusted diluted earnings per share increased 16% to $0.59, a first quarter record, driven by higher overall earnings and lower interest expense compared to the first quarter of last year.

我們將繼續受益於 2024 年轉型計畫相關的節省。此外，年初實施的增量成本管理措施也有助於緩解宏觀經濟疲軟帶來的挑戰。最後，調整後每股攤薄收益成長 16% 至 0.59 美元，創第一季新高，這得益於與去年第一季相比整體收益增加和利息支出減少。

Moving to slide 7. Net sales for performance coatings declined 3% year-over-year to $822 million, driven primarily by both lower volumes and unfavorable foreign currency impacts. These headwinds were partially offset by contributions from CoverFlexx.

移至幻燈片 7。高性能塗料的淨銷售額較去年同期下降 3% 至 8.22 億美元，主要原因是銷量下降和不利的外匯影響。這些不利因素被 CoverFlexx 的貢獻部分抵消。

Refinish net sales decreased 2% to $511 million. The incremental contributions from CoverFlexx partially offset foreign currency headwinds and volume declines in Europe and North America. Price mix was roughly flat in the quarter as price increases were offset by negative mix impacts.

修補漆淨銷售額下降 2% 至 5.11 億美元。CoverFlexx 的增量貢獻部分抵消了外匯不利因素以及歐洲和北美銷售的下降。由於價格上漲被價格組合的負面影響所抵消，本季價格組合基本上持平。

Industrial net sales declined 6% year-over-year to $311 million due to volume declines predominantly driven by weakness in North America and Europe, partially offset by growth in China. Positive price mix partially mitigated the impact of unfavorable foreign currency headwinds.

工業淨銷售額年減 6% 至 3.11 億美元，主要原因是北美和歐洲的疲軟導致銷量下降，但中國的成長部分抵消了這一影響。正面的價格組合部分緩解了不利的外匯逆風的影響。

Overall, first quarter performance coatings adjusted EBITDA increased 1% year-over-year to $197 million. Adjusted EBITDA margin increased by 100 basis points, 24.1%, primarily driven by lower operating expenses and lower variable costs.

總體而言，第一季高性能塗料調整後 EBITDA 年增 1% 至 1.97 億美元。調整後的 EBITDA 利潤率增加了 100 個基點，即 24.1%，主要由於營運費用和可變成本的降低。

Let's move to mobility coatings results on slide 8. Mobility coatings first quarter 2021 net sales were $440 million, a decrease of 1% from the prior year, inclusive of a 3% headwind from foreign currency. Light vehicle net sales were down 1% in the first quarter.

讓我們轉到第 8 張投影片上的移動塗層結果。2021 年第一季度，行動塗料淨銷售額為 4.4 億美元，較前一年下降 1%，其中包括 3% 的外匯逆風。第一季輕型車淨銷量下降1%。

On a constant currency basis, net sales grew 2%, driven by volume growth in China and Latin America, which more than offset anticipated declines in North America and Europe. Price mix was a low single-digit tailwind in the quarter, driven by selective pricing and favorable mix. Commercial vehicle net sales declined 3%, primarily due to foreign currency headwinds. On a constant currency basis, net sales grew 2%, driven primarily by positive price mix.

以固定匯率計算，淨銷售額成長 2%，這得益於中國和拉丁美洲的銷量成長，超過了北美和歐洲預期的下滑。受選擇性定價和有利組合的推動，本季價格組合呈現低個位數成長。商用車淨銷售額下降 3%，主要原因是外匯逆風。以固定匯率計算，淨銷售額成長 2%，主要受正面的價格組合推動。

Mobility coatings adjusted EBITDA in the quarter improved by 15% to $73 million. Adjusted EBITDA margin expanded by 230 basis points versus last year coming in at 16.5%. Margin expansion in both businesses were primarily driven by positive price mix and a reduction in operating expenses.

本季行動塗料調整後 EBITDA 成長 15%，達到 7,300 萬美元。調整後的 EBITDA 利潤率較去年同期的 16.5% 擴大了 230 個基點。兩項業務的利潤率擴大主要得益於積極的價格組合和營運費用的減少。

Turning to slide 9. Based on the current economic environment, we are updating our market expectations for the year. Uncertainty persists and recent industry data is coming in softer than we were forecasting at the beginning of the year.

翻到第 9 張投影片。根據當前的經濟環境，我們正在更新今年的市場預期。不確定性依然存在，最近的產業數據比我們年初預測的還要弱。

In our global refinish business, we now expect the industry to be down low single to mid single digits on a year-over-year basis compared to flat to down low single digits previously. Insurance claims data continues to post declines in both North America and Europe.

在我們的全球修補漆業務中，我們現在預計該行業的年同比增速將降低個位數至中個位數，而之前的成長速度是持平或低個位數。北美和歐洲的保險索賠數據持續下降。

Repair costs have increased by over 10% since 2022, and the average age of the car park is approaching 13 years in North America. These industry drivers, along with higher distribution inventory levels in North America are expected to offset an increase in miles driven.

自2022年以來，維修成本增加了10％以上，北美停車場的平均使用年限接近13年。這些行業驅動因素以及北美更高的分銷庫存水準預計將抵消行駛里程的增加。

Our strategy remains unchanged as we continue to add new body shops, expand further into the economy segment, accelerate accessory growth and look to add bolt-on M&A as evidenced by our execution during the quarter. Overall, we expect our refinish results to outpace industry trends and deliver strong adjusted EBITDA again this year.

我們的策略保持不變，我們將繼續增加新的車身修理廠，進一步擴展到經濟領域，加速配件成長，並尋求增加附加併購，正如我們本季的執行情況所證明的那樣。總體而言，我們預計今年我們的修補業績將超過行業趨勢並再次實現強勁的調整後 EBITDA。

For industrial, we previously anticipated modest low single-digit growth year-on-year with positive trends in Europe and North America expected in the second half. In February 2025, the ISM PMI signaled a second consecutive month of economic expansion.

對於工業，我們此前預計其同比增長將為溫和的低個位數，預計下半年歐洲和北美將呈現積極趨勢。2025年2月，ISM PMI顯示經濟連續第二個月擴張。

However, the rise in trade tensions and growing consumer pessimism led to a pullback in March manufacturing's PMI, erasing the gains from January and February. Additionally, GDP growth projection for the US, Europe and China are trending lower.

然而，貿易緊張局勢加劇和消費者悲觀情緒加劇，導致3月製造業PMI回落，抹去了1月和2月的漲幅。此外，美國、歐洲和中國的 GDP 成長預測呈下降趨勢。

Given the current climate, we now expect the industry to remain flat or to decline low single-digits with a clear outlook for economic expansion dependent on future trade policy developments.

鑑於當前的形勢，我們預計該行業將保持平穩或下降個位數，經濟擴張前景清晰，取決於未來的貿易政策發展。

Overall, we will continue to execute on our strategy of expanding margins in our Industrial business, cost actions and portfolio optimization. Global auto production for 2025 is now forecasted at just under 88 million units, a 2% decline from last year. Despite recent downward revisions due to tariffs and affordability concerns, we expect to outpace the industry, particularly in China and Brazil due to the successful ramp-up of new business wins.

整體而言，我們將繼續執行擴大工業業務利潤率、成本行動和投資組合優化的策略。目前預測 2025 年全球汽車產量將略低於 8,800 萬輛，比去年下降 2%。儘管近期由於關稅和負擔能力方面的擔憂而進行了下調，但我們預計仍將超越行業，特別是在中國和巴西，因為新業務的成功增長。

For the USMCA Class 8 market, the '25 production forecast has been revised down to 255,000 units, a decline of over 20% compared to 332,000 units in 2024. Initially, industry projections were roughly flat year-over-year, but these were adjusted in April in response to softer consumer trends impacting the freight sector.

對於 USMCA 8 級市場，25 年產量預測已下調至 255,000 輛，與 2024 年的 332,000 輛相比下降了 20% 以上。最初，產業預測與去年同期基本持平，但由於消費趨勢疲軟對貨運業的影響，4 月對預測進行了調整。

Our business, however, continues to perform well as we gain new business in commercial transportation solutions and in Brazil, which are all aligned with our A Plan strategy.

然而，我們的業務繼續表現良好，因為我們在商業運輸解決方案和巴西獲得了新業務，這些都符合我們的 A 計劃策略。

Let's turn to slide 10 for the second quarter and full year 2025 guidance. In the second quarter, we anticipate macro factors to affect all four end markets, primarily driven by slowing global demand and lower body shop activity in North America. Net sales for the company are projected to decrease low single-digits versus the prior year, with partial offsets from pricing actions in CoverFlexx.

讓我們翻到第 10 張投影片，了解 2025 年第二季和全年的指引。在第二季度，我們預計宏觀因素將影響所有四個終端市場，主要原因是全球需求放緩和北美汽車修理廠活動減少。預計該公司淨銷售額將比上年下降個位數，但 CoverFlexx 的定價舉措將部分抵消這一影響。

Second quarter adjusted EBITDA is projected to be between $280 million and $290 million, and adjusted diluted earnings per share is estimated to be between $0.60 and $0.63. While we expect to execute mitigation strategies and increased prices related to tariffs, we don't expect to see a full run rate of the FX in the second quarter.

第二季調整後的 EBITDA 預計在 2.8 億美元至 2.9 億美元之間，調整後的每股攤薄收益預計在 0.60 美元至 0.63 美元之間。雖然我們預計將執行緩解策略並提高與關稅相關的價格，但我們預計第二季外匯匯率不會全面上漲。

For the full year, we remain cautious regarding the global demand environment and are slightly revising down our net sales guide based on current industry dynamics. We now expect net sales to be in the range of [$5.3 billion to $5.375 billion], an approximate 1% increase at the midpoint year-on-year.

對於全年而言，我們對全球需求環境保持謹慎，並根據當前行業動態略微下調了淨銷售額指南。我們現在預計淨銷售額將在 [53 億美元至 53.75 億美元] 之間，以中間值計算年增約 1%。

With the weakening US dollar, we now expect the foreign exchange translation impact on revenue to be about a $25 million headwind year-on-year compared to $100 million headwind in our previous outlook. Our adjusted EBITDA and adjusted diluted earnings per share outlook remains unchanged as we are driving down operating costs to offset the impact from lower revenue.

由於美元走弱，我們現在預計外匯折算對營收的影響將年減約 2,500 萬美元，而我們先前的預測為 1 億美元。由於我們正在降低營運成本以抵消收入下降的影響，因此我們的調整後 EBITDA 和調整後稀釋每股盈餘預期保持不變。

Adjusted EBITDA margins for the full year are now expected to be close to 22%, expanding approximately 60 basis points over last year. In addition, free cash flow is now expected to be in the range of $475 million to $500 million, down slightly from our previous outlook, driven primarily from increased cash outlays from higher restructuring costs.

預計全年調整後 EBITDA 利潤率將接近 22%，比去年增長約 60 個基點。此外，目前預計自由現金流將在 4.75 億美元至 5 億美元之間，略低於我們先前的預測，主要原因是重組成本增加導致現金支出增加。

I will now hand the call back to Chris.

我現在將電話交還給克里斯。

Thanks, Carl. I want to emphasize that our top priority remains delivering on our a plan targets. From vast improvements in our safety metrics to supply chain optimization and meaningful business wins, we're transforming the company. Based on our 2025 full year guidance, we are on track to achieve four of our five financial objectives, a full year ahead of schedule, and the teams are executing well across all pillars.

謝謝，卡爾。我想強調的是，我們的首要任務仍然是實現我們的計劃目標。從安全指標的大幅改進到供應鏈的優化和有意義的業務勝利，我們正在改變公司。根據我們 2025 年全年的指導，我們預計提前一年實現五項財務目標中的四項，並且團隊在所有支柱方面都表現良好。

While the macro environment remains uncertain, the strategic actions we have taken enable us to be more stable and resilient through the cycles. We have consistently demonstrated our confidence for strong execution, meaningful cost actions and margin expansion.

儘管宏觀環境仍然不確定，但我們採取的策略行動使我們在週期中更加穩定和有韌性。我們始終如一地展現出對強勁執行力、有意義的成本行動和利潤率擴張的信心。

Thank you for joining us today. This concludes our prepared remarks. Operator, please open the line 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，請開通問答專線。

(Operator Instructions) Chris Parkinson, Wolfe Research.

（操作員指示）克里斯·帕金森（Chris Parkinson），沃爾夫研究公司。

Great. Thank you so much, Chris, Carl. There are three major things that have happened over the last 12 to 18 months, and it's across cost execution, share gains and ultimately, price discipline. A lot of things you spoke about at your Analyst Day last year.

偉大的。非常感謝，克里斯，卡爾。過去 12 到 18 個月發生了三件大事，涉及成本執行、市場份額增長以及最終的價格紀律。您在去年的分析師日上談到了很多事情。

Clearly, the world has changed as you've been highlighting in your prepared remarks, but can you just give a little bit more detail on how you're thinking about these three major facets as it relates to the current economic environment? Thank you so much.

顯然，正如您在準備好的發言中所強調的那樣，世界已經發生了變化，但您能否更詳細地說明一下您對這三個主要方面與當前經濟環境的關係的看法？太感謝了。

Yeah. Good morning, Chris. Thanks for the question. I think all of those three elements that we defined in the A Plan, if you put the five pillars of the A Plan, essentially, those are two of the main pillars of the A Plan, whether it's the operational excellence or growth in which we focused on not only share gains but also pricing.

是的。早上好，克里斯。謝謝你的提問。我認為，我們在 A 計劃中定義的所有這三個要素，如果把 A 計劃的五大支柱放在一起，本質上，這些都是 A 計劃的兩個主要支柱，無論是卓越運營還是增長，我們不僅關注份額增長，還關注定價。

And I think, as you can see, we've made significant progress through that. What's changed primarily, if you think about where we started a year ago and where we forecasted all four markets that even from an industry forecast, every one of those markets have significantly changed.

我認為，正如您所見，我們在這方面已經取得了重大進展。主要發生的變化是，如果您想想我們一年前從哪裡開始以及我們對所有四個市場的預測，即使從行業預測來看，每個市場都發生了重大變化。

If you look at mobility or light vehicle, we're down about [2 million bills] from where we forecasted. If you look at commercial vehicle, we're at [255,000 bills]. That's lower than replacement demand at [275,000]. If you look at refinish, you have seen significant changes here in terms of market decline.

如果你看一下移動性或輕型車輛，我們比預測的少了約 [200 萬張]。如果你看一下商用車，我們處於[255,000 張鈔票]。這低於[275,000]如果你看一下修補漆，你會發現市場衰退方面發生了顯著變化。

But the amazing thing, I think, what I'm really proud of what we've been able to accomplish is even in that macro environment, all of those those elements have come and played a significant part in our execution strategy.

但我認為令人驚訝的是，我為我們所取得的成就感到自豪的是，即使在宏觀環境下，所有這些因素都在我們的執行策略中發揮了重要作用。

From a cost standpoint, the margin expansion that you see consistently quarter-over-quarter and the EBITDA growth, and the EPS performance is all coming from really a lot of the proactive cost actions we took. From a share gain standpoint, you can see that across at least three of our four end markets, we continue to expand and gain market well beyond the current market environment.

從成本角度來看，利潤率逐季持續擴大、EBITDA 成長以及 EPS 表現都源自於我們採取的許多主動成本措施。從份額成長的角度來看，您可以看到，在我們四個終端市場中的至少三個市場中，我們繼續擴張並獲得遠遠超出當前市場環境的市場份額。

And finally, price mix has been a consistent good story for us. So I would say the strategy continues to work. The A Plan has, I think, been a great structure for us, and it's really providing the resilience in a tough market.

最後，價格組合對我們來說一直是個好消息。所以我想說這個策略仍然有效。我認為 A 計劃對我們來說是一個很好的結構，它確實在艱難的市場中提供了韌性。

Mike Leithead, Barclays.

巴克萊銀行的麥克萊特黑德。

Great. Thanks. Good morning. Question on refinished. You have that slide 9 on the macro, which is helpful. I think it shows collision claims, body shop activity down something like high single digits on a two year stack. And I think most investors historically have thought about refinish being a fairly steady industry.

偉大的。謝謝。早安.關於重新完成的問題。你有關於巨集的第 9 張幻燈片，它很有幫助。我認為它表明碰撞索賠、車身修理廠活動在兩年內下降了大約個位數。我認為大多數投資者都認為修補是一個相當穩定的行業。

So I guess how does your team get comfortable that this is just a macro blip and not something more structural like ADAS or changing consumer insurance behavior? And how, if at all, are you pivoting the Refinish business to help handle this downturn?

那麼我想，您的團隊如何確信這只是一個宏觀的曇花一現，而不是像 ADAS 或改變消費者保險行為那樣更具結構性的現象呢？如果有的話，您將如何調整修補漆業務來應對這次經濟衰退？

Yeah. That's a really good question, Mike. And I think if you look at the business and you even go back six to nine quarters, the business has been low to mid single digits claims decline for at least nine quarters. So we've been facing, let's call it, a weak macro in refinish for about nine quarters.

是的。這真是一個好問題，麥克。我認為，如果你看一下該業務，甚至回顧過去六到九個季度，你會發現該業務的索賠率至少連續九個季度處於低至中等個位數下降的趨勢。因此，我們一直面臨著所謂的修補宏觀經濟疲軟的問題，這種情況已經持續了大約九個季度了。

And what's driving that? Parts of it, you could argue, are structural and parts of it have been, let's call it, destocking that happened through the first half of last year related to a large distributor LKQ acquiring FinishMaster.

是什麼推動了這現象？您可能會說，其中一部分是結構性的，而另一部分則是去庫存，這種情況發生在去年上半年，與大型分銷商 LKQ 收購 FinishMaster 有關。

But if you went through some of the other changes, for example, we've faced three to four years of hyperinflation. We see claims have continued to go down, primarily also driven by the cost of repairs and full write-offs. Another aspect of this is insurance premiums. If you look from a '23 to a '24 basis have gone up about 20%. So there's been a lot of factors that have driven the decline.

但如果經歷其他一些變化，我們會發現我們已經面臨三到四年的惡性通貨膨脹。我們看到索賠金額持續下降，這主要也是由於維修成本和全額註銷所致。另一個方面是保險費。如果你從 23 年到 24 年來看，基礎已經上漲了約 20%。所以有很多因素導致了這種下降。

If you break it down to consumer confidence here, one of the things you can notice is folks have been pulling collision off their claims and a lot of it is also related to folks also cashing in claims just based on where the economy is.

如果你將其分解為消費者信心，你會注意到的一件事是，人們已經從索賠中撤回了碰撞險，而且這在很大程度上也與人們根據經濟狀況兌現索賠有關。

So to your question is how do you get comfortable around '25 and where the market is going? I think parts of that structural, let's call it, change, you might see some sign of life or light coming in the back half. Insurance claims are starting to flatline. Used car pricing is coming up, which helps. Miles driven is still continuing to grow up. We see a 1% increase. We had some bad weather last year.

所以你的問題是，你如何對 25 年左右的情況感到滿意，以及市場將走向何方？我認為，在結構性的某些部分（我們稱之為變化）中，你可能會在後半部看到一些生命跡像或光亮。保險理賠開始趨於平穩。二手車價格即將上漲，這很有幫助。邁爾斯還在不斷成長。我們看到了1%的成長。去年我們遇到了一些惡劣天氣。

And most importantly for me, the way I'm looking at it is the back half of last year, we had, let's call it, high single-digit decline. So we're going to start lapping it in the back half of this year. So I do believe there's an opportunity for this to become at least more stable.

對我來說最重要的是，我的看法是，去年下半年，我們經歷了所謂的高個位數下滑。因此我們將在今年下半年開始進行這項工作。因此我確實相信，這種情況至少有機會變得更加穩定。

But if you look at our guide, we're still predicting this to be down mid to high single digits. We've moved our forecast from flat to low single digits to mid single digits decline in the back half of the year. So it gives you a perspective that we're planning for the continued decline here. And any light of any balance or any stability in the market would be a good new story for us.

但如果你看一下我們的指南，我們仍然預測這個數字將下降中高個位數。我們已將下半年的預測從持平至低個位數下降調整為中位數個位數下降。因此，它為您提供了一個視角，即我們正在為持續的下滑做準備。市場中的任何平衡或穩定跡象對我們來說都是一個好的故事。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Thank you. How much of this 400 basis point margin expansion target for industrial has already been achieved? And do you have other initiatives that are still playing out this year that will drive that margin?

謝謝。工業利潤率擴大400個基點的目標已經達成了多少？今年您是否還有其他措施可以推動這項獲利成長？

And more importantly, are there other initiatives you're considering beyond the plan? I got the impression from your year ago investor event on the tour that the productivity initiatives that you're looking at now are just scratching the surface.

更重要的是，除了該計劃之外，您是否還在考慮其他舉措？從您一年前巡迴投資者活動中得到的印像是，您現在所關注的生產力舉措還只是觸及表面。

Good morning, Steve. It's Carl. I can take that question on industrial. So if I look at the margin performance, in 2024, we were pretty close to driving about 300 basis points of an increase in our industrial business. And I think as we kind of look forward this year, even in a pretty challenging macro.

早安，史蒂夫。是卡爾。我可以回答有關工業的問題。因此，如果我看一下利潤率表現，到 2024 年，我們的工業業務幾乎將成長約 300 個基點。我認為，當我們展望今年時，即使宏觀情況相當具有挑戰性。

We are planning for the two probably most likely exceed our 400 basis points margin target from improvement that we laid out a year ago. So I think the team has done a very good job of executing on various cost actions internally.

我們計劃將這兩者的利潤率提高 400 個基點，這很可能超出我們一年前所製定的改善目標。所以我認為團隊在內部執行各種成本行動方面做得非常好。

I think we're benefiting from our purchasing team and the continued progress that they're making and managing our raw materials in our buy. And then also, I think there are selective pricing actions that the team has been executing -- have executed over the last 12 months as well. So I think we feel very good about the margin trajectory of that business. And this year, we'll be exceeding the target we laid out back in May of last year.

我認為我們受益於我們的採購團隊以及他們在採購過程中不斷取得的進步和管理原料。而且，我認為團隊一直在執行選擇性定價行動——在過去 12 個月中也一直在執行。因此我認為我們對該業務的利潤率走勢非常滿意。今年，我們將超額完成去年五月所訂定的目標。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Hey, guys. Good morning, Chris. I just want to go back to your comments on auto refinish and just kind of zooming out to the high level, many of the factors you've touched on as it relates to affordability and collision claims and insurance, et cetera, are probably going to be quite sticky for a while.

嘿，大家好。早上好，克里斯。我只是想回到你對汽車修補的評論，只是放大到高層次，你提到的許多與負擔能力和碰撞索賠和保險等相關的因素可能會在一段時間內相當棘手。

So I'm just curious as to your thoughts as it relates to what could be the catalyst for the industry from a volume standpoint going forward? And just given your expansion into the broader market, the economy segment, et cetera, for that business, price mix has been very positive for that segment for a very long time. Do you see that trend line sort of changing as you adjust your strategy as well towards the economy. Thank you.

所以我只是好奇您的想法，從數量的角度來看，什麼可以成為未來該行業的催化劑？考慮到你們向更廣闊的市場、經濟領域等的擴張，對於該業務來說，價格組合在很長一段時間內對該領域一直非常有利。當您針對經濟調整策略時，您是否發現趨勢線正在改變？謝謝。

Yeah. Thanks for the question. Yeah. There are elements of that, that is sticky. If you think about where, for example, insurance claims and the broader macro, specifically, if consumer confidence continues to wane and folks with inflation sticking where it is, you're right, Ghansham, there's a risk that this stays for a bit longer.

是的。謝謝你的提問。是的。其中有一些元素，很棘手。例如，如果你考慮保險索賠和更廣泛的宏觀因素，具體來說，如果消費者信心繼續減弱，通膨持續存在，那麼你是對的，甘沙姆，這種情況可能會持續更長時間。

But if you start then breaking it down into our strategy, what are the things that will drive that? Well, one more thing, there are opportunities for that to break. For example, if you see where the backlogs were when you go back to COVID at body shops, they were quite long. We were talking about 12 weeks to 16 weeks. That is starting to come down.

但是如果你開始將其分解成我們的策略，那麼推動這項策略的因素是什麼？好吧，還有一件事，就有機會打破這種局面。例如，如果您在 COVID 疫情期間回到汽車修理廠，看看積壓的訂單在哪裡，您會發現它們已經相當長了。我們討論的是 12 週到 16 週。這一數字正在開始下降。

And what you can see is with the reduced backlogs, there's an opportunity there for repair costs to also go down over time, which will drive more business back into the body shops. Another element of this is with where the tariffs and where new car pricing is being driven, used car pricing going up also creates an opportunity where you have more folks putting cars into the repair base.

您可以看到，隨著積壓訂單的減少，維修成本也有機會隨著時間的推移而下降，這將為汽車修理廠帶來更多業務。另一個因素是，隨著關稅和新車定價的上漲，二手車價格上漲也創造了機會，讓更多的人將汽車送入維修基地。

And the final aspect of this is as I watch this, the car park continues to increase. So again, I do believe that there are opportunities for this marketplace to improve. We're not counting on that. And I think what's important to the second half of your question is how are we addressing this?

最後，當我看到這個畫面時，停車場的數量還在增加。所以，我再次相信這個市場還有改善的機會。我們不指望這一點。我認為你問題的後半部重要的是我們該如何解決這個問題？

If you look at our Q1 performance on body shop wins, normally, we average about 600 body shop net wins a quarter, we did 900. And if you look back over the last two to three years, we've done about 2,400 to 2,600 net body shop wins. So I see the strength of our performance in Q1 as a good sign of market share wins.

如果你看一下我們第一季在車身修理廠的業績，通常我們平均每季淨贏約 600 家車身修理廠，但我們贏了 900 家。如果回顧過去兩三年，我們已經淨賺了大約 2,400 到 2,600 個汽車修理廠。因此，我認為我們第一季的強勁表現是贏得市場份額的一個好兆頭。

And if you go back over that same period of time, what's essentially led to our overperformance because the market has been weak over the last couple of years is our continued win ratio. The cool part of this is also then getting into the mainstream and economy business.

如果回顧同一時期，就會發現我們之所以表現優異，主要是因為過去幾年市場一直疲軟，而我們持續的勝率也很高。這件事最酷的部分是進入主流和經濟業務。

Obviously, CoverFlexx helped us with this. Our market share there is significantly lower than where we are in the premium. As you know, in the premium we lead. Axalta is the leader in refinish. We have over 40% market share. But in mainstream and economy, this is somewhere between 9% to 11%.

顯然，CoverFlexx 幫助了我們。我們的市佔率明顯低於高端市場。如您所知，我們在保費方面處於領先地位。Axalta 是修補漆領域的領導者。我們的市佔率超過40%。但在主流和經濟領域，這一比例在 9% 到 11% 之間。

So we have a great opportunity to grow there. And a lot of the wins that we saw in last quarter was also in this space. This does affect us from -- if you look at from a margin perspective because it's lower than what we have in refinish, but net-net to Axalta, it's accretive. It's a great story for us. And certainly, the strategy that we're going to continue to execute over the next few quarters.

因此，我們在那裡擁有良好的發展機會。我們在上個季度看到的許多勝利也都來自這個領域。這確實對我們產生了影響——如果你從利潤率的角度來看，因為它低於我們在修補方面的利潤，但對於 Axalta 來說，它是增值的。對我們來說這是一個很棒的故事。當然，我們將在接下來的幾季繼續執行這項策略。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Good morning, all. Chris, I appreciate the detail that you provided on slide 5 regarding the gross tariff impacts and the mitigation actions. Just wondering if you could clarify a few things. Is the intent is to fully mitigate the tariff impacts that you quantified?

大家早安。克里斯，我很欣賞你在第 5 張幻燈片中提供的有關總關稅影響和緩解措施的詳細資訊。只是想知道您是否可以澄清一些事情。目的是否是為了完全減輕您所量化的關稅影響？

And how long might it take for you to accomplish that? And then I'm specifically curious about the bottom action of executing pricing. Have you announced any new pricing actions? Or if not, what timing are you contemplating for that lever?

您需要花多長時間才能實現這一目標？然後我特別好奇執行定價的底層行動。你們有宣布過任何新的定價措施嗎？或者如果不是，您考慮在什麼時間使用該槓桿？

Yeah. Good morning, Kevin. Good question. So stepping back and looking at the impact of tariffs for us, what I talked about was $25 million in this year or a $50 million year impact over the full year. If you break that down and you think about the impact for Axalta, again, as I said in my remarks, 90% is local for local and 10% of raws even after going back to the announcement we made at the year-end call, it's pretty much similar is the impact of raw materials that are going across orders.

是的。早安，凱文。好問題。所以退一步來看關稅對我們的影響，我所說的是今年的影響是 2,500 萬美元，或是全年的影響是 5,000 萬美元。如果您將其分解並考慮對 Axalta 的影響，那麼，正如我在演講中所說，90％ 是本地產品，10％ 是原材料，即使回到我們在年終電話會議上宣布的消息，跨訂單的原材料的影響也非常相似。

And then what I want to break it down to is there are probably about four or five levers we can pull before we look at pricing. And that's certainly the approach we're taking at speed first. And it's primarily, if you start looking at it, we have the opportunity to vertically integrate. We have -- with where volumes are in some of the regions, not so much in China, but certainly in North America, we have the ability to vertically integrate, which is essentially manufacture more in our facilities because we have available capacity.

然後我想將其分解為，在考慮定價之前，我們大概可以利用四到五個槓桿。這當然是我們首先採取的速度方法。如果你開始觀察的話，你會發現我們主要有機會進行垂直整合。我們在某些​​地區的產量較大，雖然中國產量不大，但北美肯定有，我們有能力進行垂直整合，這本質上就是在我們的工廠生產更多的產品，因為我們有可用的產能。

We're working with our supply base to essentially bring in material for local for local. So if they have plans or if they can move capacities around, we're working with that. Specific to refinish, we're also working on some strategic inventory actions.

我們正在與我們的供應基地合作，為當地提供材料。因此，如果他們有計劃或可以轉移產能，我們就會配合。具體到修補，我們還在進行一些策略性庫存行動。

So 90% what we do is we work through distribution and our distribution partners have inventory. So we're working with them to essentially use up some of the inventory until we determine or have a more clarity on where we're going with tariffs. And finally, there's lots of opportunity to reformulate working with our engineering teams to reformulate products of available supply on continent to be able to offset some of the cost and then, we will look at pricing.

因此，我們 90% 的工作是透過分銷來完成的，我們的分銷合作夥伴有庫存。因此，我們正在與他們合作，基本上用掉部分庫存，直到我們確定或更清楚地了解關稅的走向。最後，我們有很多機會與工程團隊合作重新制定配方，重新制定大陸供應的產品，以抵消部分成本，然後我們再考慮定價。

Now to your question on pricing, we have gone out with pricing as we normally do, we implemented about a 7% pricing, for example, in the beginning of the year in refinish in North America and about 4% in Europe. These are pricing actions that we took proactively in some regions because we were already facing the impact of the tariff coming in earlier on the 10% tariff -- the $10 million that we talked about in Q1.

現在回答您關於定價的問題，我們已經像往常一樣制定了定價，例如，在年初，我們在北美實施了約 7% 的修補定價，在歐洲實施了約 4% 的定價。這些都是我們在某些​​地區主動採取的定價行動，因為我們已經面臨早期 10% 關稅的影響——我們在第一季談到的 1000 萬美元。

Those were actions that we took. Again, as I look at it, it's certainly something that we have in plan to offset, but we are very confident in offsetting the $25 million of tariff impact this year. It might take us probably a quarter, but we'll certainly get it done this year.

這些都是我們採取的行動。再說一次，在我看來，這肯定是我們計劃要抵消的事情，但我們非常有信心今年能夠抵消 2500 萬美元的關稅影響。這可能需要四分之一的時間，但我們一定能在今年完成。

Joshua Spector, UBS.

瑞銀的 Joshua Spector。

Good morning. This is, Lucas. I'm on for Josh. So I just wanted to look at the updated EBITDA phasing for the year. You're now kind of pointing to low single-digit declines in 2Q, but then shifting to 7% growth in the second half. So on the one hand there, you've got some new wins coming in the second half.

早安.這是盧卡斯。我支持喬希。所以我只是想看看今年更新的 EBITDA 分階段情況。您現在指的是第二季出現低個位數下降，但下半年將轉為 7% 的成長。因此，一方面，你們在下半場取得了一些新的勝利。

But on the other hand, the macro environment is sort of getting weaker with increased headwinds there. So can you kind of just walk us through your assumptions in the setup there and what's giving you confidence on sort of being able to deliver on that stepped-up second half growth outlook? Thanks.

但另一方面，宏觀環境正在變得疲軟，逆風不斷增加。那麼，您能否向我們簡單介紹一下您在設定中所做的假設，以及是什麼讓您有信心實現下半年的成長前景？謝謝。

Yeah. Thanks, Lucas. Yeah. If you look at just the first half total EBITDA using the midpoint of our current guidance relative to the full year that implies about the first half will be about 48% of our total EBITDA. A year ago, we did about 49%. So I think the EBITDA progression year-on-year is very similar to what we had a year ago.

是的。謝謝，盧卡斯。是的。如果您只看上半年的總 EBITDA，使用我們目前指引相對於全年的中點，這意味著上半年將占我們總 EBITDA 的 48% 左右。一年前，我們的完成率約為 49%。因此我認為 EBITDA 的年成長率與一年前非常相似。

To your point, as we think about some of the wins, specifically in Brazil are beginning to ramp up in the third quarter, which will provide some significant tailwind as we think about that revenue that will be coming in the second half of the year.

正如您所說，當我們考慮一些勝利時，特別是在巴西的勝利在第三季度開始增加，這將為我們考慮下半年的收入提供一些重要的推動力。

And then I think as we look at the rest of the businesses as well, we are planning for overall revenue to be slightly higher as we think about it in the second half, just driven by a little bit more stabilization, what Chris pointed out and refinish as we kind of finish out the year as well as industrial, don't forget our industrial business was down about 6%. And in the first quarter, we believe that trend line will begin to change as we kind of get into the second half.

然後，我認為，當我們審視其他業務時，我們計劃在下半年實現整體收入略高，這只是受到一點穩定性的推動，正如克里斯指出的那樣，當我們在今年年底時進行重新整理，還有工業，別忘了我們的工業業務下降了約 6%。我們相信，在第一季度，隨著進入下半年，趨勢線將開始改變。

Jeff Zekauskas JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. Normally, your EBITDA steps up in second quarter from the first quarter. And normally, it's more refinish driven. I think you spoke about your refinish prices being flat year-over-year. So is the idea that it might take some time before the benefits of those price increases make themselves felt. And then secondly, can you talk about how the light vehicle market demand helped to you in March and April?

非常感謝。通常情況下，您的 EBITDA 在第二季度會比第一季上升。通常情況下，它更多是由修補驅動的。我想您說過您的修補價格與去年同期持平。因此，人們可能還需要一段時間才能感受到物價上漲帶來的好處。其次，您能談談三月和四月輕型車市場需求對您有何幫助嗎？

Yeah. Thanks, Jeff. If I look at -- you're right, typically, Q1 to Q2, you do see a sequential tick up. And you're seeing that right with our EBITDA guide. We're going to be up about $15 million EBITDA at the midpoint. And if I look at kind of the businesses as well, we're forecasting to be down about low single digit percent on a year-over-year basis in the second quarter.

是的。謝謝，傑夫。如果我看一下——你是對的，通常從第一季到第二季度，你確實會看到連續的上漲。您可以在我們的 EBITDA 指南中看到這一點。我們的 EBITDA 中期將增加約 1500 萬美元。如果我也看一下業務狀況，我們預測第二季的銷售額將比去年同期下降約個位數百分比。

But still that is implying that your second quarter revenue will be running probably $50 million to $70 million higher on a sequential basis. So that's still holding true for us embedded in the guide. The one thing that Chris referenced regarding some of the the cost impacts from tariffs, we are seeing that a little bit of headwind in the second quarter before we can fully recover that.

但這仍然意味著您的第二季收入將比上一季增加 5,000 萬至 7,000 萬美元。因此，這對於我們指南中的內容仍然適用。克里斯提到的關於關稅對成本的影響，我們在第二季看到一些阻力，然後才能完全恢復。

And that's when you'll start seeing some of those pricing actions kick in to provide a full quarter coverage. And then relative to mobility, I think the one point that we wanted to really highlight with that business, the team has done a really just a phenomenal job of continuing the outperformance in China as well as in Brazil. That is coming in.

那時你會開始看到一些定價行動開始發揮作用，以提供整個季度的覆蓋範圍。然後關於移動性，我認為我們真正想要強調的一點是，我們的團隊確實做得非常出色，在中國和巴西都保持了優異的表現。那正在發生。

And you can see the margin performance within that business now. We delivered 16.5% EBITDA margin in Q1. And as we look forward, even in this challenging macro for autos and what we're forecasting at this point, we expect that mobility business to be running north of 16% for the full year.

現在您可以看到該業務的利潤表現。我們第一季的 EBITDA 利潤率為 16.5%。展望未來，即使汽車產業面臨嚴峻的宏觀挑戰，根據我們目前的預測，我們預計全年移動出行業務的成長率將超過 16%。

Maybe just to add, I think Carl has captured all of it, just probably add a little bit more color on the refinish market. One of the other things that we're working with is working with our distribution partners who have inventory, obviously, in the system to be able to use up some of that inventory to manage the impact of tariffs. So that's how we've also defined our Q2 guide.

也許只是補充一下，我認為卡爾已經掌握了這一切，可能只是在修補市場上增加了一點色彩。我們正在進行的另一項工作是與系統中擁有庫存的分銷合作夥伴合作，以便能夠利用部分庫存來管理關稅的影響。這就是我們對第二季指南的定義。

And then when I come back, again, to add to Carl's point, I mean, on the mobility side, certainly, the marketplace has been in a great shape, not only if we look at our performance in LatAm and China, but we're also seeing signs of life in North America with currently some of the family plans that have been announced by the big three.

然後，當我回來再次補充卡爾的觀點時，我的意思是，在移動方面，當然，市場一直處於良好的狀態，不僅如果我們看看我們在拉美和中國的表現，而且我們也看到了北美復甦的跡象，目前三大運營商已經宣布了一些家庭計劃。

So we'll wait and see how all this plays out. Obviously, there's also the challenge of supply chains to make those cars based on the impact of tariffs on things like raw materials and semiconductors. But once we get past that, you do see an opportunity for quite a tailwind also in that marketplace.

因此我們將拭目以待，看看這一切將如何發展。顯然，由於關稅對原材料和半導體等產品的影響，製造這些汽車的供應鏈也面臨挑戰。但一旦我們克服了這個問題，你就會看到該市場也存在相當大的順風機會。

Vincent Andrews, Morgan Stanley

文森安德魯斯（Vincent Andrews），摩根士丹利

Hi. I just wanted to get a little more detail on the free cash flow guidance. It was, I think, a single target before $500 million. Now it's $475 million to $500 million. So what's causing the introduction of the range in the lower end? And just looking at your cash flow statement, can you remind us what's in that other accrued liabilities bucket that was a [$106 million] drawdown of cash in the quarter?

你好。我只是想了解更多有關自由現金流指導的細節。我認為，這是 5 億美元之前的單一目標。現在是 4.75 億美元到 5 億美元。那麼，是什麼原因導致引入較低端的範圍呢？僅看一下您的現金流量表，您能否提醒我們本季現金減少 [1.06 億美元] 的其他應計負債桶中有什麼？

Yeah. Thanks, Vincent. Yeah. If I look at the free cash flow guide, we did put a range on that. The one thing you'll notice in the first quarter, we had about $11 million of restructuring expense. A lot of that was cost actions as we were really getting out in front of some of the headwinds we're seeing from the macro environment.

是的。謝謝，文森特。是的。如果我查看自由現金流指南，我們確實為此設定了一個範圍。您會注意到，在第一季度，我們的重組費用約為 1,100 萬美元。其中很多是成本行動，因為我們確實正在應對宏觀環境中看到的一些不利因素。

So I would say the bulk of that impact on free cash flow is really driven by just higher restructuring cash outlays that we're going to have in the rest of the year is what drove the range. So overall, we feel very good. It's a very solid and very strong free cash flow year for us. And then as I think about your question about other liabilities, the big change there is the bulk of that relates to our annual bonus payment accrual as well as some additional restructuring charges.

因此，我想說，對自由現金流的影響主要是由我們在今年剩餘時間內將進行的更高的重組現金支出所驅動的，而這正是推動這一範圍的原因。所以整體來說，我們感覺非常好。對我們來說，這是自由現金流非常穩健、非常強勁的一年。然後，當我思考您關於其他負債的問題時，我發現其中最大的變化是大部分與我們的年度獎金支付應計以及一些額外的重組費用有關。

Aleksey Yefremov, KeyBanc.

阿列克謝·葉夫列莫夫，KeyBanc。

Thanks. Good morning, everyone. Chris, you already spoke about your refinish value segment. I was hoping to get a little more details on how this segment is doing relative to the broader market. Is this segment benefiting because of a value nature? Or is this segment of consumer not doing as well? And if you can tell us if you're growing in this segment faster than your refinish business overall, in line or slower?

謝謝。大家早安。克里斯，你已經談到了你的修補價值部分。我希望能獲得更多關於這一領域相對於大盤表現的詳細資訊。這個部分是否因為價值本質而受益？或者說這部分消費者的表現不太好？您能否告訴我們，您在這一領域的成長速度是否比整個修補業務的成長速度更快、一致還是更慢？

Sure. Great question. I'll break it into three sections. Aleksey, good morning. The first one is if you think about it for us, we got into this with CoverFlexx. Obviously, we had (inaudible) and we put all this together and what we were driving is to obviously expand our market share from, let's call it, that 10% up.

當然。好問題。我將把它分成三個部分。阿列克謝，早安。第一個是，如果你為我們考慮一下，我們與 CoverFlexx 合作過。顯然，我們已經（聽不清楚）並將所有這些結合起來，我們所要推動的顯然是擴大我們的市場份額，我們稱之為 10%。

And so, from that perspective, CoverFlexx as a whole, we're right on -- if we look at our 2024 deal metrics, we're right on plan. So that's working out well. If you look at the second half of your question, how is the market responding. Obviously, this is the, let's call it, this aspect relates to where consumers are a little bit more cautious.

因此，從這個角度來看，對於 CoverFlexx 整體而言，我們是正確的——如果我們看一下 2024 年的交易指標，我們的計劃是正確的。效果很好。如果你看問題的後半部分，市場反應如何。顯然，這就是，我們稱之為，這個方面與消費者更加謹慎有關。

This is more value driven. So the consumers here are not so much tied to insurance, and these are folks that are making choices on repairing their cars outside insurance or just improving the look of their cars. And from that perspective, the consumer confidence is waning. So you can see, let's call it, here, demand is a little bit weaker.

這更加以價值為導向。因此，這裡的消費者並不太依賴保險，他們可以選擇在保險之外修理汽車，或只是改善汽車的外觀。從這個角度來看，消費者信心正在減弱。所以你可以看到，這裡的需求有點弱。

Now to your last question about how we are performing here. I would say, if I looked at just Q1 performance in our win ratio, I would say we're performing above the market here. And you can also see it a little bit in our performance when I look at it in how our margins are trending because this is growing faster than our premium business because we have such significant market share in our premium business.

現在回答您的最後一個問題，關於我們在這裡的表現如何。我想說，如果我只看第一季的勝率表現，我會說我們的表現高於市場。當我觀察我們的利潤率趨勢時，你也可以從我們的業績中看出這一點，因為它的成長速度比我們的高端業務要快，因為我​​們在高端業務中佔有如此重要的市場份額。

This is obviously a business that we took on to grow. So it is growing faster. And so, that's a great sign. But again, I would say, the consumer confidence in this market, though, is probably dropping more than what we're seeing in our premium segment. So I hope that provides the color you're looking for.

這顯然是我們致力於發展的業務。因此它增長得更快。所以，這是一個好兆頭。但我還是要說，這個市場的消費者信心下降幅度可能比我們在高端市場看到的還要大。所以我希望它能提供您想要的顏色。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Hey. Good morning, this is [Calev] on for John. So for the full year sales guide you lowered that despite FX being less of a headwind than it was at the start of the year, but the EBITDA guide remained intact due to what you said earlier on the cost savings.

嘿。早安，我是 [Calev]，為 John 播報。因此，儘管外匯對全年銷售的影響比年初減弱，但您還是降低了全年銷售指南，但由於您之前提到的成本節約，EBITDA 指南保持不變。

But you also capped the $30 million to $40 million of cost savings goal for the year. So maybe could you just talk to like how that's exactly netting out or if there's maybe potential upside to the $30 million to $40 million cost savings you're looking for?

但您也將今年的成本節約目標限制在 3,000 萬至 4,000 萬美元之間。那麼，您能否談談這究竟是如何實現淨利潤的，或者您所尋求的 3000 萬至 4000 萬美元的成本節約是否具有潛在的上升空間？

Yeah. I think it's a good question. I think I had two points on that. I do think overall, based off some of the recent cost actions that we've executed, this was really under a different plan than maybe the original transformation initiative of the $30 million to $40 million that we're highlighting before. So we're definitely seeing more opportunities on the cost side that we're executing on. So I would say that would be the first point.

是的。我認為這是個好問題。我認為我對此有兩點看法。我確實認為，總體而言，根據我們最近執行的一些成本行動，這實際上是一個與我們之前強調的 3000 萬至 4000 萬美元的原始轉型計劃不同的計劃。因此，我們在執行成本方面確實看到了更多機會。所以我想說這是第一點。

I think the second point is when we started the year, when we gave a full year outlook at the time, I think there's always some degree, some level of conservatism as well that we had with the original outlook. And that's coming into play now, especially with revenue being a little bit softer than we originally were anticipating. And so, I would say it's between both of those items that allowed us to be able to hold serve on our EBITDA range at this point.

我認為第二點是，當我們開始新的一年時，當我們當時給出全年展望時，我認為我們對最初的展望總是有一定程度的保守性。現在這種情況開始顯現，尤其是在收入比我們最初預期的要低的情況下。因此，我想說，正是這兩個因素使得我們目前能夠維持 EBITDA 範圍。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Hi. Good morning. With this within the refinish business, you noted that you're seeing customers cashing in claims and with reduced insurance claims, probably a lot of damage or doings and things like that, that's not being repaired right now.

你好。早安.在修補業務中，您注意到您看到客戶兌現索賠，保險索賠減少，可能有很多損壞或類似的事情現在還沒有修復。

What does that mean when these damaged vehicles are sold when somebody wants to buy a new car or traded in for a used car. How much business do you guys have with big resellers like CarMax or AutoNation or other dealership groups? And are you starting to see any growth in that segment of the market for refinish coatings? Thanks.

當有人想買新車或換二手車時，這些受損車輛被出售意味著什麼。你們與 CarMax、AutoNation 或其他經銷商集團等大型經銷商有多少業務往來？您是否開始看到修補塗料市場領域的成長？謝謝。

Yeah. That's a great question, Mike. I think that's the good news, if there is any good news is the fact that with new car pricing going up with the possibility of tariffs is what we are seeing is used car pricing going up. And as you look at folks essentially turning in cars into a dealership, and the dealership looking at taking that repair cost and essentially splitting it up to your point and looking at things like CarMax, those folks and what they're doing in that space, which provides us an opportunity here to see a lot more cars coming in at some point.

是的。這個問題問得真好，麥克。我認為這是好消息，如果有什麼好消息的話，那就是隨著新車價格上漲以及關稅的可能性，我們看到二手車價格也在上漲。當你看到人們把汽車送到經銷商那裡，經銷商考慮承擔維修費用並將其分攤到你的觀點上，看看 CarMax 之類的東西，這些人以及他們在該領域所做的事情，這為我們提供了一個機會，讓我們在某個時候看到更多的汽車進入。

Again, I think it's a question of time that drives stability back in the marketplace because you've seen four to six quarters of, let's call it, significant decline in this marketplace. So I do believe that is a good opportunity for us. We have a really strong presence in the marketplace. So I do think that is an opportunity for us long term.

再說一次，我認為市場恢復穩定只是時間問題，因為我們已經看到這個市場經歷了四到六個季度的大幅下滑。所以我確實相信這對我們來說是一個很好的機會。我們在市場上佔有非常強大的地位。所以我確實認為這對我們而言是一個長期機會。

I think a lot of what is driving the current market is, as you, I'm sure, have heard from every call is the level of uncertainty. I think once we have some clarity on the uncertainty, the market dynamics will play out over a period of time. It's just a question of time.

我認為，推動當前市場趨勢的許多因素是不確定性程度，我相信您從每次電話會議中都聽到這種說法。我認為，一旦我們對不確定性有了一定的認識，市場動態就會在一段時間內發揮作用。這只是時間問題。

I think folks are just waiting to make decisions whether it's the folks like CarMax and the actual repair folks as well as the consumer itself. So as I view it, it's just a question of time. And obviously, the longer the uncertainty plays out, that creates a bit of a risk for us. But beyond that, I do believe that there's an opportunity for stabilization in the marketplace over time.

我認為人們只是在等待做出決定，無論是像 CarMax 這樣的人、實際的維修人員還是消費者本身。所以在我看來，這只是一個時間問題。顯然，不確定性持續的時間越長，造成我們的風險就越大。但除此之外，我確實相信隨著時間的推移，市場有機會趨於穩定。

Laurent Favre, BNP.

法國國家銀行的洛朗法夫爾。

Yeah. Good morning. A question on capital allocation, please. Can you talk about your priorities in terms of cash deployment between deleveraging given uncertainty versus fair buybacks or indeed other M&A as we hear that there are some assets on the block? Thank you.

是的。早安.請問一下關於資本配置的問題。您能否談談在現金配置方面的優先事項，考慮到不確定性，是去槓桿還是公平回購，或者實際上是其他併購，因為我們聽說有一些資產正在出售？謝謝。

Thank you. Yeah. So capital allocation for us continues and will remain a significant lever for us to drive value creation for our shareholders going forward. As I look at our free cash flow in the first quarter is always a seasonal low point. And if you think about the next three quarters, we expect to deliver about $500 million of cash flow over that time period.

謝謝。是的。因此，我們的資本配置將繼續進行，並將繼續成為我們推動未來為股東創造價值的重要槓桿。我認為第一季的自由現金流總是季節性的低點。如果你考慮接下來的三個季度，我們預計在此期間將產生約 5 億美元的現金流。

So if you look at the capital allocation priority here in the first quarter, we did ramp up our capital expenditures. We almost double that from what we did a year ago, which was consistent with our A Plan as we continue to see very significant productivity opportunities within our network.

因此，如果您查看第一季的資本配置優先級，我們確實增加了資本支出。與一年前相比，我們的產量幾乎翻了一番，這與我們的 A 計劃一致，因為我們繼續看到網絡內非常重要的生產力機會。

Having said all of that, though, if I look at just our interest expense and where that's running at about $180 million, that's exactly what we tagged to be the interest expense for 2036. Our net leverage is at 2.5 times. So as we go forward, our plan is really to allocate capital between share repurchases as well as opportunistic M&A.

儘管如此，如果我只看我們的利息支出，其金額約為 1.8 億美元，這正是我們所標記的 2036 年利息支出。我們的淨槓桿為2.5倍。因此，隨著我們前進，我們的計劃實際上是在股票回購和機會性併購之間分配資本。

Just given where we are from an overall interest expense and leverage profile, we are going to continue to naturally delever as we go forward. So it does open up those opportunities to be selective and focused really to buybacks and opportunistic M&A.

考慮到我們的整體利息支出和槓桿狀況，我們將在未來繼續自然地去槓桿。因此，它確實提供了選擇性和真正專注於回購和機會性併購的機會。

And just maybe just to add a little bit on the look on M&A. As I said in the last quarter, I think this is certainly something that we will continue to look at for the rest of the year. From our perspective, I think there were two things that coming in, we were trying to solve for Axalta.

或許只是為了增加一點對併購的看法。正如我在上個季度所說的那樣，我認為這肯定是我們在今年剩餘時間繼續關注的事情。從我們的角度來看，我認為有兩件事我們正在努力為艾仕得解決。

One was the financial performance and really building the foundation for us to be able to grow. And I think with what we have done with the four out of the five elements of the A Plan, we've certainly been able to accomplish that from my perspective even in the challenging macro.

一是財務表現，這確實為我們的發展奠定了基礎。我認為，憑藉我們已經實施的 A 計畫五個要素中的四個要素，從我的角度來看，即使在充滿挑戰的宏觀環境中，我們也一定能夠實現這一目標。

As I think about what is the next evolution of what we have to solve with Axalta, it's really the growth algorithm. And so, anything that provides a growth factor above our current end markets and that really provides value with the operational emphasis that we have for our shareholders and also for us as a company, I think those are the things that we will continue to look at an opportunistic path considering where the market plays out today.

當我思考下一步要用艾仕得 (Axalta) 解決什麼問題時，我發現這其實就是成長演算法。因此，任何能夠提供超越我們當前終端市場的成長因素，並且能夠真正為我們的股東和我們公司帶來營運價值的事物，我認為，考慮到當今市場的走勢，我們將繼續尋找機會。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Good morning, Chris, mobility margins, they were very nice in the quarter. Where can it go longer term? Can they get to upper teens or even 20% longer term? Thank you.

謝謝。早安，克里斯，本季的流動性利潤率非常好。長期來看它可以去哪裡？他們能否長期達到十幾歲甚至 20% 的水平？謝謝。

It's a good question, David. Good morning. I think we're certainly proud of where that team has done an exceptional job getting the margins. And what's interesting, if you really break it out and pull out of it and look at just taking a minute here is the fact that commercial vehicle has a significantly higher margin than our light vehicle business.

這是個好問題，大衛。早安.我認為我們確實為該團隊在獲取利潤方面所做的出色工作感到自豪。有趣的是，如果你真正把它分開並抽出時間看一下，你會發現商用車的利潤率明顯高於我們的輕型車業務。

And with the significant decline that we saw in Q1 and actually we're forecasting for the rest of the year, you can see what the teams have been able to do with the light vehicle business to be able to -- and combine to be able to manage the decline in margin.

鑑於我們在第一季看到的大幅下滑以及我們對今年剩餘時間的預測，您可以看到各團隊在輕型車業務方面採取了哪些措施，以及如何共同應對利潤率的下滑。

The really, really good story for me there is being proactive in going after and growing the CTS business, which is really looking at RVs and sports utility vehicles and all the ambulances and special fire trucks and getting all those contracts in place and being proactive to see the possibility of a decline and winning all that business. So that's been a great story.

對我來說，真正好的故事是積極主動地追求和發展 CTS 業務，這實際上關注的是房車和運動型多用途車以及所有救護車和專用消防車，並簽訂所有這些合同，積極主動地看到下滑的可能性並贏得所有這些業務。這是一個很棒的故事。

And I think going to your question on margins, if I look at this as a cyclical low point, there is opportunity for upside here in margin. Obviously, I would call it 16% is a good spot for us to start off with. And it's certainly something that we're planning to hold, and I look forward to maybe are talking about some better opportunities. But again, we want to see how we grow in LatAm and also continue to grow in CTS before we can commit to anything here.

我認為回到你關於利潤率的問題，如果我把這看作一個週期性的低點，那麼利潤率就有機會上漲。顯然，我認為 16% 是我們開始的一個好點。這當然是我們計劃舉辦的活動，我期待也許能夠談論一些更好的機會。但是，我們再次想看看我們在拉丁美洲的發展情況，以及我們在中美洲和加勒比地區繼續發展的情況，然後才能在這裡做出任何承諾。

Mike Sison, Wells Fargo.

富國銀行的麥克·西森。

Hey. Good morning. Just one quick one on refinish industry volumes are going to be down this year. What do you think happens to volumes if we do go into a US recession? And then could you maybe give me a quick history lesson.

嘿。早安.簡單來說，今年修補漆業的銷售量將會下降。如果美國真的陷入經濟衰退，您認為交易量會發生什麼變化？然後你能給我簡單講一下歷史課嗎？

When was the last time industry volumes were positive or collision claims were positive? And what was the environment? Was it better interest rates, better consumer sentiment, just maybe a backdrop of when those -- when the markets were better?

上一次產業銷售或碰撞索賠為正值是什麼時候？環境是什麼樣的？是利率更好、消費者信心更好，還是只是市場好轉的背景？

Yeah. I think just looking at data, I would say it's got to be prepandemic where volumes have been increasing to be honest with you. And if I look at it, certainly, if I look at my tenure here, and I would say that in the last nine quarters, we have continued to see volume declines and obviously, claims have also declined during that time.

是的。我認為，僅從數據來看，坦白說，疫情爆發前，病例數就已經在增加。如果我看一下，當然，如果我看看我在這裡的任期，我​​會說在過去的九個季度中，我們持續看到數量下降，顯然，索賠也在這段時間內下降。

If you look at our industry, our business, specifically in refinish, though, if you went back even beyond the nine quarters and you went right back to the pandemic and looked at four years or 16 quarters, this business has consistently grown sales and performed financially quarter-over-quarter better over the last at least 14 quarters that I have data in front of me.

如果你看看我們的行業、我們的業務，特別是在修補行業，如果你回顧過去 9 個季度，回到疫情期間，回顧 4 年或 16 個季度，你會發現，在過去至少 14 個季度裡，這項業務的銷售額一直在持續增長，財務表現也比上一季度更好，這是我手頭上掌握的數據。

And I would tell you the performance is really driven -- I think there's a perspective that this is pricing, but it's really a multitude of, let's call it, execution philosophies that they've driven, whether it's M&A, whether it's growing body shop, net body shops winning. It's the value proposition that they bring to the customers.

我想告訴你，業績的真正驅動力是——我認為有一種觀點認為這是定價，但實際上，這是他們推動的多種執行理念，無論是併購，還是汽車修理廠的增長，還是汽車修理廠的淨盈利。這是他們為顧客帶來的價值主張。

I look at the fact that whether it's for color or efficiency, we are the best in the marketplace at both of those things, and I can say that because we continue to be the leader in the premium segment. So the consistency of essentially reducing the time and the effort and the cost within our body shops is the reason why this team has won over 10,000 body shops if I look at that same period of the last three to four years.

我認為，無論是色彩還是效率，我們在市場上都是最好的，我可以這麼說，因為我們繼續成為高端領域的領導者。因此，如果我回顧過去三到四年的同一時期，那麼從本質上減少車身修理廠的時間、精力和成本就是這個團隊贏得超過 10,000 家車身修理廠的原因。

So I think that's the strength of our business even though we have seen volume declines for what I would say is over four to five years. Now specific to what the future holds for the business, I think as I said, I do believe that insurance premiums flat lining here as I look at Q1.

因此，我認為這是我們業務的優勢，儘管四到五年來我們的業務量一直在下降。現在具體來說，對於業務的未來發展，我想正如我所說的，我確實相信，從第一季來看，保費將保持穩定。

The fact that used car pricing is starting to go up and also the availability of capacity and let's call it, the possibility of repair costs coming down. And you can see this also with actions that certain states are taking. They're essentially driving the loss thresholds from 75% up to 85%.

事實上，二手車價格開始上漲，同時產能可用性以及維修成本下降的可能性也在下降。從某些州正在採取的行動中你也可以看出這一點。他們實際上將損失門檻從 75% 提高到了 85%。

I think four states have enacted that. And finally, the fact that we are wrapping high single-digit claims increases or decreases from the back half of last year into this year, I do believe that there's an opportunity for this marketplace to stabilize here. So I hope that gives you some clarity of what I see the back half of '25 going.

我認為已有四個州頒布了該法案。最後，事實上，我們將去年下半年高個位數的索賠增加或減少延續到了今年，我確實相信這個市場有機會在這裡穩定下來。所以我希望這能讓你更清楚地了解我對 25 年下半年的展望。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安 (Patrick Cunningham)。

Hi. Good morning and thanks for squeezing me in here. It seems like you're still forecasting some back half growth in industrials, but overall housing sentiment building products is not great with indirect and direct impacts from tariffs, high interest rates. So why does that outlook still hold? And how meaningful are these new business wins from a topline perspective?

你好。早安，感謝您抽空邀請我來這裡。看起來您仍然預測工業下半年會有所成長，但由於關稅、高利率的直接和間接影響，整體房屋市場情緒建築產品表現並不好。那麼為什麼這種觀點仍然存在呢？從營收角度來看，這些新業務的勝利有多大意義？

Yeah. Thanks, Patrick. Yeah. As I look at the second half for industrial, we are seeing the market up slightly, if I look on a sequential basis, but you're talking probably incrementally $10 million to $15 million higher each quarter, as I think about the third quarter and the fourth quarter from what the run rate was in the second quarter.

是的。謝謝，派崔克。是的。當我展望工業下半年時，如果按連續基數來看，我們看到市場略有上漲，但您說的是，每個季度的增量可能會達到 1000 萬到 1500 萬美元，因為我考慮到第三季度和第四季度的運行率與第二季度的相比。

So not a significant dollar increase, but I will tell you, as we think about the base business, the team in Asia Pacific continues to outperform. So we're seeing that growth is helping offset some of the weakness here you're seeing in North America. And I will say Europe has begun to stabilize and showing some pockets of potential growth as well. So I think those are the two areas where we think we have a little bit of higher revenue opportunities in the second half.

因此，美元的成長並不顯著，但我要告訴你，當我們考慮基礎業務時，亞太地區的團隊繼續表現出色。因此，我們看到成長正在幫助抵消北美地區的一些疲軟趨勢。我想說的是，歐洲已經開始穩定下來，並顯示出一些潛在的成長潛力。因此，我認為在下半年，這兩個領域都有可能帶來更高的收入。

Yeah. Maybe just to give a shoutout to our team in China, I think even looking at our April results, I would say specifically in what we do for coatings, our Voltatex product that we do provide coatings for both coaters and what we provide even for, let's call it, windings or rounds, we provide this product that essentially does a great job in connectivity or conductivity as well as reducing heat, and it's just an exceptional product that we've seen some great growth with. So the teams have done an exceptional job continuing to grow there. China has been a good story for us in our industrial business.

是的。也許只是為了向我們在中國的團隊致敬，我想即使看看我們四月份的業績，我也會特別說一下我們在塗層方面所做的工作，我們的 Voltatex 產品為塗佈機提供塗層，我們甚至為繞組或圓形提供塗層，我們提供的這款產品在連接性或導電性以及降低熱量方面基本上做得很好，這是一款出色的產品，我們看到了它的巨大增長。因此，這些團隊在那裡繼續發展，並做出了卓越的貢獻。對於我們的工業業務來說，中國一直是一個好故事。

Thank you. We have reached out allotted time for questions. I will now turn the program back over to Chris Villavarayan for any additional or closing remarks.

謝謝。我們已經安排了時間來回答問題。現在我將節目交還給 Chris Villavarayan，請他發表任何補充或結束語。

Well, thank you. Before we close, I really want to emphasize that the A plan is working. We consistently delivered operational excellence and exceeded our financial challenges financial targets in a challenging macro. Again, I really want to thank the Axalta's employees for uniting around a clear set of priorities.

好的，謝謝你。在結束之前，我真的想強調 A 計劃正在發揮作用。我們始終如一地保持卓越的運營，並在充滿挑戰的宏觀環境中超越了我們的財務挑戰財務目標。再次，我衷心感謝艾仕得的員工團結一致，共同實現明確的優先事項。

And while we believe the environment in 2025 is somewhat uncertain, I'm confident that our team will perform at the high level that we have, and we're well positioned for when the markets turn around. And with that, thank you for joining us today.

儘管我們認為 2025 年的環境有些不確定，但我相信我們的團隊將保持高水準的表現，並且我們為市場好轉做好了準備。最後，感謝您今天加入我們。

This does include today's program. Thank you for your participation. You may disconnect at any time and have a wonderful day.

這確實包括今天的節目。感謝您的參與。您可以隨時斷開連接並享受美好的一天。