Axalta Coating Systems Ltd (AXTA) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Axalta Coating Systems' Q3 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加艾仕得塗料系統公司2025年第三季財報電話會議。（操作說明）

Today's call is being recorded, and a replay will be available through November 4. Those listening after today's call should please note that the information provided in the recording will not be updated and therefore, may no longer be current.

今天的電話會議正在錄音，錄音回放將持續到11月4日。今天收聽電話會議的聽眾請注意，錄音中提供的資訊不會更新，因此可能不再是最新資訊。

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

現在我將把電話交給投資者關係副總裁科琳·盧比克。

Good morning, everyone, and thank you for joining us to discuss Axalta's third-quarter 2025 financial results. I'm Colleen Lubic, Vice President of Investor Relations. With me today are Chris Villavarayan, our President and CEO; and Carl Anderson, our Chief Financial Officer. We posted our third quarter 2025 financial results and earnings release this morning. You can find today's presentation and supporting materials on the Investor Relations section of our website at axalta.com, which we will be referring to on this call.

各位早安，感謝各位參加本次會議，共同探討艾仕得2025年第三季財務表現。我是投資者關係副總裁科琳·盧比克。今天陪我一起的還有我們的總裁兼執行長克里斯·維拉瓦拉揚，以及我們的財務長卡爾·安德森。今天早上我們發布了2025年第三季財務業績和收益報告。您可以在我們網站 axalta.com 的投資者關係部分找到今天的簡報和相關資料，我們將在本次電話會議上提及這些資料。

Our remarks today and the slide presentation may include forward-looking statements reflecting our current views of future events and the potential impact on Axalta's performance. These statements involve risks and uncertainties, and actual results may differ materially. We are under no obligation to update these statements.

我們今天的演講和幻燈片演示可能包含前瞻性陳述，反映我們目前對未來事件的看法以及對艾仕得業績的潛在影響。這些聲明涉及風險和不確定性，實際結果可能與聲明有重大差異。我們沒有義務更新這些聲明。

Our remarks and the slide presentation also contains various non-GAAP financial measures. We 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.

我們的發言和幻燈片簡報中也包含各種非GAAP財務指標。我們提供了這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。更多資訊請參閱我們向美國證券交易委員會提交的文件。

I would like to now turn the call over to Chris.

現在我想把電話交給克里斯。

Thanks, Colleen, and good morning, everyone. Let's look at slide 3. We're pleased to report another strong quarter with record adjusted EBITDA and record adjusted diluted EPS driven by our disciplined execution. Our team's focus on customer service and leadership in technology enabled us to outperform industry trends in many regions as we continue to secure new business across our global end markets. Net sales were approximately $1.3 billion.

謝謝Colleen，大家早安。我們來看第三張投影片。我們很高興地宣布，在嚴格執行的推動下，本季業績再創新高，調整後 EBITDA 和調整後攤薄每股收益均創歷史新高。我們團隊專注於客戶服務和技術領域的領先地位，這使我們能夠在許多地區超越行業趨勢，並繼續在全球終端市場獲得新業務。淨銷售額約13億美元。

While the broader macro environment remains challenged, especially in North America, we're successfully navigating these headwinds. Industry trends were more stable in Europe, which represents more than 35% of our net sales. Global auto production was again a bright spot with current forecast ticking up in October to approximately 91 million builds for the full year 2025, a 2% increase versus 2024.

儘管宏觀環境仍然充滿挑戰，尤其是在北美，但我們正在成功克服這些不利因素。歐洲的產業趨勢較為穩定，歐洲市場占我們淨銷售額的 35% 以上。全球汽車生產再次成為亮點，10 月的預測顯示，2025 年全年產量將達到約 9,100 萬輛，比 2024 年增長 2%。

We posted adjusted EBITDA of $294 million with a margin of 22.8%. This marks 12 consecutive quarters of adjusted EBITDA and adjusted EBITDA margin growth year over year. The results demonstrate the culture of continuous improvements that we have established across the company. To that point, we expanded the adjusted EBITDA margin in both segments. Performance Coatings adjusted EBITDA increased by 20 basis points from the prior year period to 25.5%, up 170 basis points from the second quarter of 2025.

我們公佈的調整後 EBITDA 為 2.94 億美元，利潤率為 22.8%。這標誌著調整後 EBITDA 和調整後 EBITDA 利潤率連續第 12 季同比增長。結果反映了我們在公司內部建立的持續改善文化。為此，我們提高了兩個業務部門的調整後 EBITDA 利潤率。高效能塗料業務調整後 EBITDA 較上年同期成長 20 個基點至 25.5%，較 2025 年第二季成長 170 個基點。

Net sales in Mobility increased 4% to the third quarter record of $460 million due to sustained growth in China and Latin America. The team's focus on new business wins, margin stabilization and operational rigor resulted in an adjusted EBITDA margin of 18% for the segment, an expansion of 230 basis points compared to last year.

由於中國和拉丁美洲市場的持續成長，行動業務淨銷售額成長 4%，達到第三季創紀錄的 4.6 億美元。該團隊專注於贏得新業務、穩定利潤率和嚴格運營，使得該部門的調整後 EBITDA 利潤率達到 18%，比去年增長了 230 個基點。

During Q3, we executed 100 million in share repurchases, reducing our shares outstanding by over 3% since 2023. Adjusted diluted EPS was $0.67, up 6% versus last year. This reflects our robust earnings power and our commitment to returning capital to our shareholders. Lastly, our net leverage was maintained at 2.5 times, remaining the lowest level in Axalta's history. Let's turn to slide 4.

第三季度，我們執行了 1 億股股票回購，自 2023 年以來，我們的流通股減少了 3% 以上。經調整後的稀釋每股收益為 0.67 美元，比去年增長 6%。這體現了我們強勁的獲利能力以及我們對股東回報資本的承諾。最後，我們的淨槓桿率維持在 2.5 倍，為艾仕得歷史上的最低水準。讓我們翻到第4張投影片。

Achieving our A Plan target remains top priority, and the third quarter results show that the strategy is leading to enhanced profitability. This quarter marks the sixth consecutive period with an adjusted EBITDA margin above our A Plan target of 21%. The consistency of our adjusted EBITDA margin performance speaks to the foundational improvements we've made to our business.

實現我們的 A 計劃目標仍然是首要任務，第三季的業績表明，該策略正在提高盈利能力。本季是連續第六個季度調整後 EBITDA 利潤率超過我們 A 計劃目標 21%。我們調整後的 EBITDA 利潤率表現穩定，這反映了我們對業務的基礎性改善。

Our Mobility segment continues to perform well, driving 2% organic net sales growth year-to-date. This top line momentum was driven by roughly $60 million in new business wins and 12 quarters of adjusted EBITDA margin expansion in the segment, driven by strength in China and Latin America.

我們的行動旅遊業務部門持續表現良好，今年迄今實現了 2% 的有機淨銷售額成長。這項營收成長動能主要得益於約 6,000 萬美元的新業務收入，以及該業務部門連續 12 季的調整後 EBITDA 利潤率擴張，而這又得益於中國和拉丁美洲市場的強勁表現。

In Refinish, we generated approximately $90 million this year in incremental net sales from the execution of our strategies, which include gaining more than 2,200 net new body shops, expanding into adjacencies, implementing pricing actions and integrating CoverFlexx. We believe that we're well positioned for growth in the business as volumes are expected to stabilize and grow into next year.

在汽車修補漆領域，我們今年透過執行各項策略，實現了約 9,000 萬美元的淨增量銷售額，這些策略包括新增 2,200 多家汽車修理廠、拓展到鄰近領域、實施定價措施以及整合 CoverFlexx。我們相信，隨著銷售量預計在明年趨於穩定並成長，我們已做好充分準備迎接業務成長。

On the industrial side, profitability remains ahead of schedule despite mid single-digit declines in net sales were exceeding our 2026 A Plan target for profitability expansion one year early. The results show the effectiveness of our strategic product mix and cost management. This has been a great story, and I believe the business is well positioned to capitalize on volume upside once demand rebounds.

在工業方面，儘管淨銷售額出現了個位數的下滑，但盈利能力仍然超前於預期，並且提前一年實現了我們 2026 年 A 計劃中盈利能力擴張的目標。結果顯示了我們策略性產品組合和成本管理的有效性。這是一個很棒的故事，我相信一旦需求反彈，該公司已做好充分準備，能夠抓住銷售成長帶來的機會。

Additionally, our cost discipline has been outstanding. Interest expense is down 15% year-to-date, bolstering our adjusted diluted EPS performance. Operating expenses declined by 5%, supported by our 2024 Transformation Initiative. This initiative is running well ahead of plan and has delivered approximately $40 million in incremental savings in 2025, further supporting margin expansion.

此外，我們的成本控制一直非常出色。今年迄今為止，利息支出下降了 15%，提振了我們調整後的稀釋每股盈餘。在我們的 2024 年轉型計畫的支持下，營運費用下降了 5%。這項計畫進展順利，遠遠超出預期，預計到 2025 年將節省約 4,000 萬美元，進一步支持利潤率擴張。

Before turning the call over to Carl to discuss the results, I want to emphasize that we have delivered strong year-to-date results and are on track to achieve record adjusted EBITDA and record adjusted diluted EPS for the full year. Our performance reflects Axalta's dedication, the strength of the A Plan, and our commitment to delivering value to our shareholders. In the final quarter of this year, we remain focused on execution, operational excellence, and disciplined capital allocation.

在將電話轉交給卡爾討論業績之前，我想強調，我們今年迄今為止取得了強勁的業績，並且有望實現全年調整後 EBITDA 和調整後攤薄每股收益的紀錄。我們的業績體現了艾仕得的奉獻精神、A計劃的強大實力以及我們為股東創造價值的承諾。今年最後一個季度，我們將繼續專注於執行、卓越營運和嚴格的資本配置。

Thank you, Chris, and good morning, everyone. In the third quarter, net sales were approximately $1.3 billion, down 2% year over year, primarily due to macro headwinds in North America. Positive price cost actions and disciplined cost management helped to offset mix headwinds, resulting in gross margins holding steady at 35%. Variable costs declined 1% year over year, and we expect the raw material environment to remain relatively flat through at least the first half of next year.

謝謝你，克里斯，大家早安。第三季淨銷售額約 13 億美元，年減 2%，主要原因是北美宏觀經濟情勢不利。積極的價格成本措施和嚴格的成本管理有助於抵消產品組合不利因素，從而使毛利率穩定在 35%。變動成本年減 1%，我們預期原物料環境至少在明年上半年將保持相對穩定。

SG&A expenses declined 7%, reflecting our ongoing focus on efficiency and cost management. Adjusted EBITDA increased $3 million versus last year to $294 million, a quarterly record. Adjusted diluted earnings per share increased 6% to $0.67, another quarterly record, primarily driven by lower interest expense and fewer shares outstanding.

銷售、一般及行政費用下降了 7%，這反映了我們持續專注於效率和成本管理。調整後的 EBITDA 比去年同期成長 300 萬美元，達到 2.94 億美元，創季度新高。經調整後的稀釋每股盈餘成長 6% 至 0.67 美元，再次創下季度新高，主要得益於利息支出減少和流通股數量減少。

Operating cash flow was $137 million and free cash flow totaled $89 million. The decline from last year was driven by higher capital expenditures of $17 million and higher working capital as we have strategically held higher inventory levels this year to manage tariff uncertainty. We anticipate that free cash flow will improve significantly in the fourth quarter as working capital unwinds.

經營活動產生的現金流為 1.37 億美元，自由現金流總計 8,900 萬美元。與去年相比的下降是由於資本支出增加 1700 萬美元以及營運資金增加，因為我們今年策略性地保持了較高的庫存水準以應對關稅的不確定性。我們預計，隨著營運資金的釋放，第四季自由現金流將顯著改善。

Net sales for Performance Coatings, as shown on slide 6, declined 6% year over year to $828 million, driven primarily by trends in North America, impacting both businesses. Refinish net sales came in at $517 million, slightly up on a sequential basis from the second quarter. Lower body shop activity and customer order patterns drove declines versus last year in organic net sales, impacting both volume and price mix. This was partially mitigated by favorable foreign currency translation and growth in Europe and Southeast Asia. Industrial net sales declined 4% year over year to $311 million primarily due to volume softness in North America, driven by weakness in industrial production and building and construction.

如投影片 6 所示，高效能塗料業務的淨銷售額年減 6% 至 8.28 億美元，主要受北美市場趨勢的影響，對兩項業務均造成了衝擊。汽車修補漆淨銷售額為 5.17 億美元，較第二季略有成長。與去年相比，車身修理廠活動減少和客戶訂單模式改變導致有機淨銷售額下降，影響了銷售和價格組合。有利的匯率波動以及歐洲和東南亞的成長在一定程度上緩解了這個問題。工業淨銷售額較去年同期下降 4% 至 3.11 億美元，主要原因是北美地區銷量疲軟，而北美地區的銷量疲軟又受到工業生產和建築業疲軟的拖累。

Positive price/mix and favorable foreign currency translation partially mitigated volume headwinds. Performance Coatings delivered adjusted EBITDA of $211 million with a margin of 25.5%, an increase of 20 basis points year over year and 170 basis points sequentially. Let's look at slide 7.

正面的價格/產品組合和有利的匯率變動在一定程度上緩解了銷量下滑的不利因素。高效能塗料業務調整後 EBITDA 為 2.11 億美元，利潤率為 25.5%，較去年同期成長 20 個基點，較上季成長 170 個基點。我們來看第7張投影片。

Mobility Coatings third quarter 2025 net sales were $460 million, an increase of 4% from the prior year. Light Vehicle net sales increased 7% in the third quarter due to net sales growth in Latin America and China and positive price/mix, which offset volume declines in North America and Europe.

Mobility Coatings 2025 年第三季淨銷售額為 4.6 億美元，比上年成長 4%。由於拉丁美洲和中國的淨銷量增長以及價格/產品組合的積極變化，第三季度輕型汽車淨銷量增長了 7%，抵消了北美和歐洲的銷量下滑。

Commercial Vehicle net sales declined 7%, primarily due to volume declines from lower Class 8 production, which were partially offset by positive price mix, new business wins and favorable impacts from foreign currency. Adjusted EBITDA for Mobility increased 20% year over year to $83 million, with adjusted EBITDA margin expanding to 18%. The team's focus on accretive new business wins and cost control have delivered 12 consecutive quarters of adjusted EBITDA year-over-year margin growth, as Chris mentioned earlier.

商用車淨銷售額下降 7%，主要原因是 8 級卡車產量下降導致銷量下滑，但價格組合利好、新業務拓展以及外匯匯率的有利影響部分抵消了這一下滑。行動業務調整後 EBITDA 較去年同期成長 20% 至 8,300 萬美元，調整後 EBITDA 利潤率擴大至 18%。正如克里斯之前提到的，團隊專注於贏得增值的新業務和控製成本，已經連續 12 個季度實現了調整後 EBITDA 同比利潤率的增長。

Capital allocation continues to be a critical part of Axalta's value creation story as shown on slide 8. Since the third quarter of 2023, diluted earnings per share has increased 55% and adjusted diluted earnings per share has grown more than 40%. We have reduced interest expense by 17% in the third quarter, and our net leverage ratio remained steady at 2.5 times aligned with our strategy.

如投影片 8 所示，資本配置仍是艾仕得價值創造故事的關鍵部分。自 2023 年第三季以來，稀釋後每股盈餘成長了 55%，調整後稀釋後每股盈餘成長了 40% 以上。第三季度，我們的利息支出減少了 17%，淨槓桿率維持在 2.5 倍，符合我們的策略。

Consistent with the A Plan, we have increased capital expenditures by approximately 50% when compared to the third quarter of last year, bringing our year-to-date spend to $138 million. Through the third quarter of this year, we have repurchased $165 million of shares with $100 million being deployed this quarter. Overall, our share count has decreased by 5 million shares since the beginning of the year or 3% since 2023.

與 A 計畫一致，與去年第三季相比，我們的資本支出增加了約 50%，使我們今年迄今的支出達到 1.38 億美元。今年第三季度，我們已回購了價值 1.65 億美元的股票，其中 1 億美元將在本季投入使用。總體而言，自年初以來，我們的股票數量減少了 500 萬股，或自 2023 年以來減少了 3%。

In the fourth quarter, we expect to accelerate our share repurchase strategy by repurchasing up to $250 million of our stock. Upon completion, we would have deployed over 90% of our free cash flow to share repurchases this year while still maintaining our leverage target. As we move forward, we expect to continue to generate sustainable earnings growth and strong free cash flow. The strength of our balance sheet gives us the flexibility to effectively allocate capital to drive long-term value for our shareholders. Let's turn to slide 9 for a look at the full year.

第四季度，我們預計將加速股票回購策略，回購最多 2.5 億美元的股票。完成後，我們將在今年把超過 90% 的自由現金流用於股票回購，同時仍能維持我們的槓桿目標。展望未來，我們預計將繼續實現可持續的獲利成長和強勁的自由現金流。我們穩健的資產負債表使我們能夠靈活有效地配置資本，從而為股東創造長期價值。讓我們翻到第 9 張投影片，看看全年的狀況。

We expect to deliver record adjusted diluted earnings per share and adjusted EBITDA on lower revenue expectations. Previously, we anticipated that the external environment in North America and Europe would pick up in the third quarter, which would have generated a sequential benefit to net sales in the fourth quarter. However, this improvement did not materialize as expected, and we are adjusting our forecast for the softer demand. Additionally, we also expect softer Class 8 production levels and lower Light Vehicle builds in some regions, given some of the temporary supply challenges that are impacting the industry.

我們預計在營收預期降低的情況下，調整後稀釋每股盈餘和調整後 EBITDA 將創歷史新高。此前，我們預計北美和歐洲的外部環境將在第三季好轉，這將對第四季的淨銷售額產生環比成長。然而，這項改善並未如預期般實現，我們正在調整預測以應對疲軟的需求。此外，鑑於一些暫時的供應挑戰正在影響汽車產業，我們也預計部分地區的 8 級卡車產量將有所下降，輕型車輛產量也將減少。

In the fourth quarter, we now expect net sales to decline by mid-single digits compared to last year. Adjusted EBITDA is anticipated to be approximately $284 million and adjusted diluted earnings per share is projected to be around $0.60.

我們現在預計，第四季淨銷售額將比去年同期下降個位數百分比。調整後 EBITDA 預計約 2.84 億美元，調整後稀釋每股盈餘預計約 0.60 美元。

For the full year 2025, our updated outlook reflects net sales of more than $5.1 billion, with adjusted EBITDA expected to be about $1.140 billion which is at the low end of our previous EBITDA guidance range. We are expecting a significant increase in free cash flow in the fourth quarter, which should put us around $450 million for the year, consistent with last year, but down slightly from our previous view. Additionally, we are forecasting adjusted diluted earnings per share to be $2.50 for the full year, an increase of 6% versus 2024 and an increase of approximately 50% versus the full year of 2023.

對於 2025 年全年，我們更新後的展望反映出淨銷售額將超過 51 億美元，調整後的 EBITDA 預計約為 11.4 億美元，處於我們先前 EBITDA 指導範圍的下限。我們預計第四季自由現金流將大幅成長，全年自由現金流將達到 4.5 億美元左右，與去年持平，但略低於我們先前的預期。此外，我們預測全年調整後稀釋每股收益為 2.50 美元，比 2024 年增長 6%，比 2023 年全年增長約 50%。

I will now turn the call back to Chris.

現在我將把電話轉回給克里斯。

Thanks, Carl. We're well underway to deliver another record earnings year here in 2025, and we have always operated with the commitments made, commitments delivered mindset, and we're excited on what we can accomplish in 2026. Next year, we are planning for an improved Refinish demand environment in North America as claims stabilize and destocking headwinds abate.

謝謝你，卡爾。我們正穩步推進，力爭在 2025 年再創獲利紀錄。我們一直秉持著「言出必行」的理念，對 2026 年的成就充滿期待。明年，隨著索賠趨於穩定和去庫存不利因素的減弱，我們預計北美地區的汽車修補漆需求環境將會改善。

We continue to gain new body shops and are excited about our growth opportunities in accessories and the economy segment. Light Vehicle global production outlook is expected to be stable, and we expect to have another record year in our mobility business. In North America, expectations for lower interest rates and less trade volatility should provide a positive backdrop for customer demand in our industrial business.

我們不斷新增汽車修理廠，並對配件和經濟型汽車領域的成長機會感到興奮。輕型汽車全球生產前景預計將保持穩定，我們預計移動出行業務將再創佳績。在北美，市場預期利率將下降，貿易波動性將降低，這將為我們工業業務的客戶需求提供積極的背景。

Our team is poised and ready to execute on new business wins and manage costs through operational excellence and a strong pipeline of productivity projects. The team remains fully committed to delivering on our $1.2 billion adjusted EBITDA target. We expect to repurchase a significant amount of Axalta stock given my confidence on where we can take the business in the years to come. We're all about creating value for our shareholders, and I'm more excited than ever of what we can accomplish.

我們的團隊已做好充分準備，透過卓越的營運和強大的生產力項目儲備，贏得新的業務並控製成本。團隊仍將全力以赴，實現12億美元的調整後EBITDA目標。鑑於我對公司未來發展前景的信心，我們預計將回購大量艾仕得股票。我們始終致力於為股東創造價值，我對我們能達成的成就感到無比興奮。

Thanks for joining us today. Operator, please open the lines for Q&A.

感謝您今天收看我們的節目。接線員，請開通問答線。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Hey, guys. Good morning. I guess first off on 3Q, just as it relates to the auto Refinish component down 7% for the third quarter, at least for the volume component, how would you disaggregate that between just volumes in the industry versus the inventory destocking? And then just related to that, Chris, you talked about 2026. What are the specific strategies that you're pursuing to support an improvement going into next year from a commercial standpoint? Thank you.

嘿，夥計們。早安.首先，關於第三季度，就汽車修補漆業務而言，第三季度銷量下降了 7%，至少就銷量而言，你會如何區分這僅僅是行業銷量下降還是庫存減少造成的？然後，克里斯，你剛才還談到了 2026 年。從商業角度來看，為了在明年取得進步，您正在採取哪些具體策略？謝謝。

Hey. Good morning. Gotcha. Thanks for the question. Well, giving you a view of Q3, what -- the way we look at it is markets are down about mid- to high-single digits. And I would call it specific to us, destocking is also around that mid-single digit's number and our performance. So whether if you look at the $90 million that I've talked about in terms of the growth that we had in the business or the incremental sales, whether it's what we did in pricing actions, what we did with new body shop wins of 2,200, which is really a good news story for us. Because on average, if you look at us, net new body shop wins for us, if you look at the last three years, average is around 2,400. So here we are in Q3, and we're already at 2,200. So it's actually a pretty good year for us.

嘿。早安.明白了。謝謝你的提問。嗯，就第三季而言，我們認為市場下跌了大約個位數中高段。而且我認為，就我們而言，去庫存也達到了個位數中段的水平，這與我們的業績有關。所以，無論是從我剛才提到的 9000 萬美元的業務增長還是增量銷售來看，無論是我們在定價方面採取的措施，還是我們贏得的 2200 家新車身修理廠，這對我們來說都是一個真正的好消息。因為平均而言，如果你看一下我們，我們新增的車身修理廠淨利潤，如果你看一下過去三年，平均約為 2400 家。現在我們已經進入第三季度，並且已經達到了 2200。所以對我們來說，今年其實算是相當不錯的一年。

And then on top of that, whatever we do with adjacency sales as well as the CoverFlexx integration. So I think all of that is driven what's, as you pointed out, let's call it, this mid- to high single-digit drop in sales as you look at Q3. So what gives me confidence as I think about where is the market and do we see stabilization? And I can sit here and talk to you about insurance rates and what's happening with claims.

此外，還有我們對鄰近銷售以及 CoverFlexx 整合所做的一切。所以我認為這一切都是由你指出的，我們姑且稱之為第三季銷售額中高個位數下降所驅動的。那麼，是什麼讓我對市場現況以及市場是否趨於穩定充滿信心呢？我可以坐在這裡和你談談保險費率以及理賠情況。

But I think it's really important to start looking at our numbers. And if you look at our Q1, Q2, Q3 numbers for Refinish, we're running around that $520 million sales. And if you look at Q4, we're essentially saying that's going to drop down by about $20 million, which is what is seasonal and normal for us. So you can start seeing the business is starting to stabilize, and that's what gives me confidence as I look at next year and coming out, so we expect Q1 as always to be a little bit lower.

但我認為，認真檢視我們的數據真的非常重要。如果你看我們第一季、第二季、第三季的汽車修補漆業務數據，我們的銷售額都在 5.2 億美元左右。如果你看一下第四季度，我們基本上可以確定它會下降大約 2000 萬美元，這對我們來說是季節性的，也是正常的。所以你可以看出業務開始趨於穩定，這讓我對明年充滿信心，因此我們預計第一季業績將像往常一樣略有下降。

But primarily Q2, we should be lapping where we were with the destocking. And then if you have the tailwind of destocking coming out starting Q2, plus assume the same win rate that we've had for this year, what we've done on average on our Refinish business of $70 million to $90 million, you can start seeing that Refinish really starts picking up at the back half of next year. So I hope that answers that question for you.

但主要還是在第二季度，我們應該能夠恢復到之前的去庫存水準。然後，如果從第二季開始，庫存減少的順風帶來利好，再加上假設我們今年的成功率保持不變，那麼我們在修補漆業務上的平均收入將達到 7000 萬至 9000 萬美元，你就會發現修補漆業務將在明年下半年真正開始回暖。希望這能解答你的疑問。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Thank you so much. Chris, ever since you've taken the helm, I mean, costs have been a tremendous focus of your strategy. Can you just kind of give us any context to help us conceptualize where we stand today and how we should be thinking about the ongoing progress as it relates to 2026 in the context of your end market backdrop? Is this something that can continuously improve even when volumes kind of come back? Or is this something where you're going to have to add back costs and you're really operating at a fair rate? I mean, just anything to help us triangulate how we should be thinking about that progress over the next 12 to 18 months would be incredibly helpful? Thank you.

偉大的。太感謝了。克里斯，自從你掌舵以來，成本一直是你策略的重點。您能否提供一些背景信息，幫助我們理解我們目前的處境，以及在你們的終端市場背景下，我們應該如何看待與 2026 年相關的持續進展？即使銷量回升，這種情況也能持續改善嗎？或者，這是否意味著你需要把成本加回去，而實際上你的營運價格是合理的？我的意思是，任何能幫助我們確定未來 12 到 18 個月內應該如何看待這一進展的資訊都將非常有幫助？謝謝。

Sure, Chris. I think coming in 2 years ago or 2.5 years ago, I think there was always this view that what Axalta had done with Axalta Way I, Axalta Way II, how could there be more cost in Axalta. And as you can see, I think if you went back to '22 and what we have accomplished, I'm really proud of the team. We have essentially executed on over 500 basis points and a lot of that is really what we have driven in cost.

當然可以，克里斯。我認為，在兩年前或兩年半前，人們普遍認為，艾仕得已經推出了艾仕得之路 I 和艾仕得之路 II，艾仕得還能增加多少成本呢？正如你所看到的，如果你回顧 2022 年我們所取得的成就，我真的為這支球隊感到驕傲。我們基本上已經執行了超過 500 個基點的調整，而這很大程度上正是我們降低成本的原因。

Obviously, when we put the A Plan in place, the markets across all our four end markets are in a different spot. And really, a lot of the performance is really coming from what we were able to do with our cost actions. And I actually use a term that I think Carl uses all the time, which is we're still early in our innings. And why do I feel that is if I look forward, again, take a look at how much we're investing in capital. And if you look between '23, '24 and '25, even as we look at this year, under a challenged macro, we're investing more than we ever have in our plans. And so if you have that return coming through in productivity for next year, you have an element of that.

顯然，當我們實施 A 計劃時，我們所有四個終端市場的市場狀況都發生了變化。實際上，許多業績的提升都歸功於我們在成本控制方面所取得的成就。我其實用了一個卡爾常用的說法，那就是我們才剛開始。我之所以會有這種感覺，是因為如果我展望未來，再看看我們在資本上投入了多少資金。即使展望今年，在宏觀經濟面臨挑戰的情況下，我們仍然會比以往任何時候都增加對計畫的投資。因此，如果明年生產力方面能取得這樣的回報，你就具備了其中的要素。

If you look at our Transformation Initiative, we talked about that being about $75 million. To date, we have accomplished about $60 million to $70 million. We still have a flow-through of about probably $20 million into next year. So you got that as well. And then what we can do with supply chain optimization, what we can do with footprint optimization, I still think, as Carl pointed it out, we're still early in our innings. I think there's still opportunities -- there is opportunity with costs that we can continue to drive into next year. And it will be a portion of our plan while we drive the growth as we think about '26.

如果您查看我們的轉型計劃，我們曾提到該計劃的預算約為 7500 萬美元。截至目前，我們已經完成了大約 6,000 萬至 7,000 萬美元。我們預計明年仍有約 2000 萬美元的資金流入。所以你也得到了。至於我們能透過供應鏈優化做些什麼，我們能透過佔地面積優化做些什麼，我仍然認為，正如卡爾指出的那樣，我們仍處於起步階段。我認為仍然存在機會——我們可以繼續降低成本，並將這種趨勢延續到明年。這將是我們計劃的一部分，我們將在考慮 2026 年目標的同時推動成長。

Thank you.

謝謝。

Joshua Spector, UBS.

約書亞‧斯佩克特，瑞銀集團。

This is Lucas Beaumont -- this is Lucas Beaumont for Josh. So I mean, most of your '26 outlook comments kind of focused on Refinish. So then maybe if you could just kind of talk us through your expectations there for the other end markets, mainly industrial and commercial vehicles that you didn't really call that much. Thanks.

這是盧卡斯·博蒙特——這是盧卡斯·博蒙特為喬許錄製的。我的意思是，你對2026年的展望評論大多集中在翻新方面。那麼，您能否跟我們談談您對其他終端市場（主要是您不太常提及的工業和商用車輛市場）的預期呢？謝謝。

Sure, Lucas. Good morning. So as I look at it, commercial vehicle, we still expect that to be, let's call it, very muted, certainly a different perspective than what we expected for the year being this pre-buy year when we started the plan two years ago. I think the expectation was '26 was going to be $60. I think this year, we're probably looking at '26 being around that $225 to $250 range at best. So I think the market certainly is down about 30%, but a true credit to the team is what they've really accomplished in pivoting towards commercial transportation solutions.

當然可以，盧卡斯。早安.所以在我看來，商用車市場仍然預計會非常低迷，這肯定與我們兩年前開始製定計劃時對今年（也就是預購年）的預期有所不同。我認為當時的預期是 26 年的價格會是 60 美元。我認為今年，26 年的價格最多可能在 225 美元到 250 美元之間。所以我認為市場肯定下跌了大約 30%，但團隊真正值得稱讚的是他們在轉向商業運輸解決方案方面所取得的成就。

So even if you look at our performance for this year, sales are down about 30% -- 25% to 30% in terms of volumes in Class 8. And we're down of just about 7%. And it's really because the teams have pivoted towards commercial transportation solutions. And what is that as we started selling to marine, we started selling to military, we started selling to RVs, off-highway. And so the teams pivoted to smaller customers, but a ton of smaller customers, and we're really able to pivot that.

所以即使從我們今年的業績來看，銷量也下降了約 30%——8 級貨車銷量下降了 25% 到 30%。我們下降了大約7%。這其實是因為各團隊已經轉向商業運輸解決方案。當我們開始向海軍陸戰隊、軍隊、房車和越野車市場銷售產品時，那又意味著什麼呢？因此，團隊轉向服務規模較小的客戶，而且是大量的小型客戶，我們確實能夠做到這一點。

So as we look into '26, we believe that we can still continue to grow that business on the CTS side and also grow it globally. We do have opportunities in Latin America. We also have opportunities in China. So that's a great perspective. But as I think about CTS and one of the things that we're primarily focusing on is really adding capacity also for our Commercial Vehicle business because at some point, that's going to return. We're well beyond -- below replacement volumes. So if you think about '27, when that returns, we certainly need to have the capacity. So that's, again, one of the things that we're focused on investing.

展望 2026 年，我們相信我們仍然可以在 CTS 方面繼續發展這項業務，並在全球範圍內發展這項業務。我們在拉丁美洲確實有一些機會。我們在中國也有機會。這是一個很好的視角。但就 CTS 而言，我們目前主要關注的事情之一是真正增加商用車業務的產能，因為在某種程度上，它終將恢復。我們遠低於——低於替代水準的銷量。所以，想想 2027 年，當這種情況再次出現時，我們肯定需要具備相應的能力。所以，這再次成為我們重點投資的領域之一。

If I look at industrial, our plans for industrial is the markets remain somewhat muted. There are signs if interest rates keep coming down, mortgage rates are at the lowest point in '25 at this point. But again, we need further interest rate cuts and obviously some kind of drive to improve residential and construction into next year. So it's not something that we're counting on, but it certainly will provide a tailwind. I think as we look at it right now, Freddie Mac and Fannie Mae are expecting about 3% to 4% growth into next year. Again, we're not counting on it because that was also a thought process for this year. But certainly, from an industrial dynamic, our perspective is that volume so that market stays flat to possibly up slightly.

就工業領域而言，我們的工業計劃是，市場仍然有些低迷。有跡象表明，如果利率繼續下降，目前的抵押貸款利率將處於 2025 年以來的最低點。但是，我們仍然需要進一步降低利率，而且顯然還需要採取一些措施來改善明年的住宅和建築業。所以這不是我們指望的事情，但它肯定會帶來助力。我認為，就目前來看，房地美和房利美預計明年將實現約 3% 至 4% 的成長。我們再次強調，我們並不指望它，因為這也是我們今年考慮的方向之一。但從產業動態的角度來看，我們認為銷售應該保持平穩，市場可能會略有成長。

Commercial Vehicle, as I pointed out, will be down. Light Vehicle, we're expecting a slight step down. We're at about 91 million builds this year and our thought process is it will be slightly lower maybe by 200,000 or 300,000 vehicles for next year. And then finally, Refinish, we're expecting a stable environment into next year. So volumes down, but stable into next year.

正如我之前提到的，商用車將會停駛。輕型車輛方面，我們預計會有小幅下滑。今年我們的產量約為 9,100 萬輛，我們認為明年的產量可能會略有下降，也許會減少 20 萬到 30 萬輛。最後，關於修補漆業務，我們預計明年市場環境將保持穩定。所以銷售量會下降，但預計明年將保持穩定。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

Good morning. Can you just rehash maybe some of the internal discussion around a dividend and thoughts there? And whether or not the Board is becoming maybe more receptive to this? And I guess, as I think more holistically about capital deployment, I know or I should say people generally, would say that you want to kind of be more acquisitive and reshape the portfolio a little bit, but how does your appetite change? Or does your appetite change for acquisitions considerably given your own valuation here today?

早安.您能否簡要回顧一下關於分紅的內部討論以及您對此的看法？董事會是否開始對此更加接受呢？我想，當我更全面地思考資本部署時，我知道或應該說，人們普遍會說，你應該更積極地進行收購，並稍微調整一下投資組合，但是你的投資意願會如何變化呢？或者，鑑於您今天的估值，您對收購的興趣是否發生了顯著變化？

Good morning, Matt. This is Carl. So as I think about capital allocation here in the near term, we do see tremendous value in our stock at this point. So that's why you're seeing a pretty significant shift, not only what we did in the third quarter, but also plans to deploy up to $250 million in the fourth quarter to buying back shares.

早安，馬特。這是卡爾。因此，就近期資本配置而言，我們認為目前我們的股票具有巨大的價值。所以，這就是為什麼你會看到相當大的轉變，不僅包括我們在第三季所做的事情，還包括在第四季度投入高達 2.5 億美元用於回購股票的計劃。

I think as we look at the dividend, obviously, this is a Board decision. We've had many discussions as it relates to that. And I think as we launch the next A Plan, I think that's probably a time that we'll spend even more with the Board on making a final decision on that. We do recognize we're currently an outlier at least in the chemical space. But I just continue, and we continue to see just tremendous value of repurchasing shares at this point.

我認為，就股息而言，這顯然是董事會的決定。我們已經就此進行了多次討論。我認為，當我們啟動下一個 A 計畫時，我們可能會花更多的時間與董事會一起做出最終決定。我們確實意識到，至少在化學領域，我們目前是一個特例。但我仍然堅持這樣做，而且我們仍然認為在目前這個階段回購股票具有巨大的價值。

And I do think that fits into your M&A question. Again, where our trading multiples are right now, M&A is a little bit more challenging, what we can look to accomplish here in the near term. That's why I got back pivoting back and deploying more into share repurchases here, I think, is the appropriate and prudent move. But as we move forward, I think as -- where we could take this business longer term, M&A will definitely play a part of that. But I think we're a little bit of a timing window at this point.

我認為這符合你提出的併購問題。再說一遍，就我們目前的交易倍數而言，併購更具挑戰性，這是我們近期可以著手實現的目標。這就是為什麼我重新調整策略，增加對股票回購的投入，我認為這是恰當且謹慎​​的做法。但展望未來，我認為——無論我們未來將這項業務發展到什麼程度，併購肯定會在其中發揮作用。但我認為我們現在面臨著一個時間窗口。

Just maybe to add a little bit to Carl, especially when we look at where we can get '26 and I think as we're building more confidence around the $1.2 billion for '26, it really puts light to the fact that we should probably be focused on buying back Axalta.

也許可以給卡爾補充一點，特別是當我們考慮 2026 年的預算時，我認為隨著我們對 2026 年 12 億美元的預算越來越有信心，這確實凸顯了我們應該專注於回購艾仕得的事實。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Thank you. Could you dive a little deeper into some of the underlying drivers in the Refinish business, auto accident rates, insurance inflation, overall repair costs, those are the things I think, that caused the dip in the business? And what are you seeing from those drivers?

謝謝。您能否更深入地探討一下汽車修補漆業務的一些根本驅動因素，例如汽車事故率、保險通膨、整體維修成本等等，我認為正是這些因素導致了該業務的下滑？你從這些司機身上看到了什麼？

Sure. Absolutely, John. Good morning. So first, as I look at accident rate, accidents or collisions, I think nothing's changed. Accidents are still occurring. That's around -- there's a slight decline. It's about down 1%, but overall accidents are, let's call it, flat to down 1%. If I look at claims, obviously, this is the big driver to what's driving the disconnect. And if I look at North America, that's down about high-single digits. Europe is lower, let's call it, in that mid single-digit range.

當然。當然，約翰。早安.首先，從事故率、事故或碰撞來看，我認為沒有任何變化。事故仍在發生。差不多就是這樣——略有下降。雖然下降了約 1%，但總體而言，事故數量持平或下降了 1%。如果我仔細分析這些說法，很明顯，這是造成這種脫節的主要原因。而如果我看一下北美，降幅大約是個位數。歐洲的降幅較低，我們姑且稱之為個位數中段。

And the primary driver here is exactly what happened and what we've talked about quarter over quarter, which is insurance premiums going up significantly and also consumers pulling back from just a sense of the confidence and the macro. And around this, I think what you can start getting a sense and obviously, we've spent a lot of time, because the Refinish business is such a large and very important part of Axalta is certainly something that we've watched carefully.

而主要驅動因素正是我們每季都在討論的事情，那就是保險費大幅上漲，以及消費者因為信心不足和宏觀經濟狀況不佳而減少支出。圍繞著這一點，我認為大家可以開始有所了解，而且顯然，我們投入了大量時間，因為修補漆業務是艾仕得非常重要的一部分，我們當然也一直在密切關注。

And I think the good news is when I look at insurance cost -- insurance costs, as we said, if you look back to '24, insurance costs were going up almost double digits. If I look at '25, you can start seeing insurance premiums starting to go flat. And that's an overall perspective for the United States, actually in 27 states, insurance costs are actually coming down quite a bit. And I would say, overall, that would mean the other half of the states are going back -- going the wrong way. But overall, insurance rates are stable and starting to get flat.

我認為好消息是，當我們審視保險成本時——正如我們所說，回顧 2024 年，保險成本幾乎以兩位數的速度增長。如果我看一下 2025 年的數據，你會發現保費開始趨於平穩。從美國整體情況來看，實際上在 27 個州，保險成本實際上已經大幅下降。總的來說，我認為這意味著另一半州正在走回頭路——走錯了方向。但總體而言，保險費率保持穩定，並開始趨於平穩。

From a repair cost perspective, what we're starting to notice is repair costs are also starting to get flat and go down 1%. Again, as volumes and backlog start reducing at the body shops, you can start seeing that folks are starting to drive to balance this out. So I would -- that's one of the good perspectives that I think is driving a stable environment as I think of how we're preparing into '26.

從維修成本的角度來看，我們開始注意到維修成本也開始趨於平穩並下降 1%。再次，隨著汽車修理廠的產量和積壓訂單開始減少，你會發現人們開始開車來平衡這種情況。所以我認為——這是我思考我們如何為 2026 年做準備時，推動環境穩定的一個重要因素。

From a perspective of what we're seeing on the premium side, especially with cost of vehicles going up, as well as what's happening with used car pricing, you can certainly see that work is also starting to drive back. The leading indicators are starting to turn positive. And a perfect example of this is if you look at CarMax or Navana -- Carvana, you can start seeing that their performance is also improving by 20%. So that's a great indicator.

從高端市場的角度來看，尤其是車輛成本上漲以及二手車價格的趨勢，可以明顯看出，市場需求也開始回升。領先指標開始轉好。一個很好的例子就是 CarMax 或 Navana（Carvana），你會發現它們的表現也提高了 20%。所以這是一個很好的指標。

Those guys are also large customers of ours, and we can start seeing as cars are coming back from lease or being returned, those folks are also having to fix cars before they obviously try to sell them again. So I think the right market environment is starting to switch. Obviously, winter is also coming, if I think about early next year, so I certainly believe '26 will be a different pace as we start the year for Refinish.

這些人也是我們的大客戶，我們開始看到，隨著租賃車輛到期或車輛被歸還，這些人也必須先修理車輛，然後再嘗試再次出售。所以我認為，合適的市場環境正在開始轉變。顯然，冬天也即將到來，如果我考慮明年初的話，所以我確信 2026 年 Refinish 的發展節奏將會有所不同。

Michael Harrison, Seaport Research Partners.

Michael Harrison，Seaport Research Partners。

Hi. Good morning.

你好。早安.

Good morning.

早安.

I was hoping that you could talk a little bit about some of the costs that you've been able to take out. I understand that the focus has been on structural cost. But I think, in particular, in Performance Coatings, very surprising to see the margin performance even with volumes and with price/mix lower. So to what extent are some of the cost actions you're taking right now temporary in nature or related to lower discretionary spend that we might need to think about accruing or coming back as we think about next year's cost structure, whether that's incentive comp or other discretionary spend? Thank you.

我希望您能談談您已經節省的一些費用。我了解到，重點一直放在結構性成本上。但我認為，尤其是在高性能塗料領域，即使銷售量和價格/組合較低，利潤率表現仍然非常令人驚訝。那麼，您目前採取的一些成本控制措施在多大程度上是暫時的，或者與減少可自由支配支出有關？我們在考慮明年的成本結構時，可能需要考慮將這些支出計入或重新納入考慮範圍，無論是激勵性薪酬還是其他可自由支配支出？謝謝。

Good morning, Mike. Yeah, I think as we look at the cost actions we've taken not only in the third quarter, but really over the last couple of years, the vast majority, if not more, are really structural reductions that -- we have an ability to operate more efficiently and how we run the business. I would say there are some tactical things that we've done as it relates to more discretionary around T&E as an example. So some of that may come back as we get into next year.

早上好，麥克。是的，我認為當我們審視我們不僅在第三季度，而且在過去幾年中採取的成本控制措施時，絕大多數（如果不是更多的話）都是結構性削減，這使我們能夠更有效率地經營業務。我想說，我們在差旅費方面採取了一些策略性措施，例如賦予差旅費更大的自主權。所以到了明年，其中一些問題可能會再次出現。

But I think as I look forward, maybe the better way to think about it is for every $1 of incremental revenue, our conversion rate on that to EBITDA, used to be around 35%, I would expect that should be running closer to -- we're going to be probably getting close to about 40%. And that just speaks to the overall structural reductions we've made and that we expect to stick as we move forward.

但展望未來，我認為更好的思考方式是，每增加 1 美元的收入，我們將其轉化為 EBITDA 的轉換率過去約為 35%，我預計這個轉換率應該會接近——我們可能會接近 40%。這正體現了我們已經進行的整體結構性削減，而且我們希望這些削減措施能夠持續下去。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

Hi. Good morning. Just on the Refinish side, it's pretty firmly low single-digit price/mix declines. Is this primarily stemming from mix as you move into more mainstream and economy? And how would you characterize your outlook on underlying structural price into 2026?

你好。早安.單就汽車修補漆市場而言，價格/產品組合的下降幅度相當穩定，僅為個位數。這主要是由於你轉向更主流和更經濟的混合模式造成的嗎？您如何看待2026年之前的潛在結構性價格走勢？

Good morning, Patrick. Just -- maybe it's actually two things. The first one is you're absolutely right as we're growing more into our mainstream and economy and certainly, if you look at our new body shop wins, one of the reasons we're doing so good at body shop wins for this year ahead of what we normally have is foray into mainstream and economy. And with the acquisition of CoverFlexx that's really enabled us to grow.

早上好，派崔克。或許——實際上包含兩件事。首先，您說得完全正確，我們正在逐步融入主流經濟領域。當然，如果您看看我們新贏得的車身修理廠訂單，您會發現我們今年在車身修理廠訂單方面取得如此佳績的原因之一，就是我們進軍主流經濟領域。收購 CoverFlexx 確實使我們得以成長。

Actually, the last two quarters, Q3 and Q2, were some of the highest number of mainstream and economy body shops with one in that segment. We have normally focused on the premium segment. And so you are seeing, let's call it, negative mix from that because the margins in mainstream and economy are lower than our premium margins. However, it's still accretive to Performance Coatings margins or overall Axalta margins.

事實上，最近兩個季度（第三季和第二季）主流和經濟型汽車修理廠的數量都達到了最高水平，其中有一家屬於該細分市場。我們通常專注於高端市場。因此，你會看到，我們姑且稱之為負面組合，因為主流和經濟型產品的利潤率低於我們的高端產品利潤率。然而，這仍然有利於高性能塗料業務的利潤率或艾仕得整體利潤率。

But separate from that, also, when you think about the fact that in this last year, most of our impact from destocking is primarily a North American issue and so whether it's the volume decline that we have seen because of where the market is in North America, plus destocking North America was one of our highest or is one of our highest margin businesses. So it drives a negative mix as well. And as we flip into next year and we get past the destocking issue, I think a lot of that will still be mitigated as especially because the mainstream wins, it will take quite a bit to offset the, let's call it, the step-up from destocking that we expect into next year.

但除此之外，也要考慮到，在過去一年裡，我們去庫存的影響主要集中在北美地區，因此，無論是由於北美市場狀況導致的銷量下降，還是北美去庫存業務曾經是我們利潤率最高的業務之一，都讓我們感到擔憂。所以這也會導致負面結果。隨著我們進入明年，並克服了去庫存問題，我認為許多問題仍將得到緩解，尤其是因為主流市場會取得勝利，需要相當大的力度才能抵消我們預計明年去庫存帶來的增長。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Good morning, everyone. I was hoping to get some of your initial thoughts on Refinish pricing strategy for next year. Should we expect '26 to be a typical Refinish year? Or are you adjusting your expense based on this current environment?

各位早安。我希望能了解您對明年汽車修補漆定價策略的初步想法。我們是否可以預期 2026 年將是 Refinish 的典型年份？還是您根據當前環境調整了支出？

Our plan is to probably to stick to a similar pattern as what we've accomplished for this year. So, Aleksey, that normal 2% is net pricing is what we drive. At this point, that's exactly what we're thinking for next year. Primarily, it's certainly a model that's worked and I don't see us needing anything further than that.

我們的計劃大概會沿用今年以來所取得的成就模式。所以，阿列克謝，我們推動的正常2%淨價。目前，這正是我們對明年的計畫。首先，這無疑是一個行之有效的模式，我認為我們不需要在此基礎上做任何改進。

As we pivot into, let's call it, more mainstream as well, I mean the pricing dynamic is slightly different there. But overall, the aspect of driving growth, driving what we're going to be doing on the, let's call it, adjacencies perspective, those have a little bit of a different pricing mix, let's call it algorithm. But other than that, what we do for the premium business will be probably in line with what we did this year.

隨著我們向更主流的方向轉型，我的意思是，那裡的定價機制略有不同。但總的來說，在推動成長方面，在所謂的「鄰近性」方面，我們將採取一些不同的定價策略，我們稱之為演算法。但除此之外，我們在高端業務方面所做的工作可能與我們今年所做的工作保持一致。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Thank you. Good morning. Just on Q4, in terms of two things, on production, are you running your plans normally? Or are you drawing down some inventory that could be a hit to earnings? And on SG&A, should we think about a similar year-over-year decline in SG&A expenses, as you saw in Q3 of roughly 7% year over year? Thank you.

謝謝。早安.僅就第四季而言，就兩方面而言，在生產方面，你們的計劃是否按正常程序執行？或者，您是否正在回收一些庫存，這可能會對收益造成影響？至於銷售、一般及行政費用，我們是否應該考慮像第三季那樣年減約 7% 的銷售、一般及行政費用？謝謝。

Good morning, Dave. Yeah, SGA, I would expect that performance in the fourth quarter will be very similar to what we saw in the third quarter as it relates to that reduction. And then as it relates to inventory, we are expecting a drawdown as we think about the working capital unwind. As I said in my prepared remarks, the third quarter, we did actually run higher inventory levels really just due to some tariff uncertainty in North America, but also within Brazil as we were ramping up our new business wins in that market. So overall, the fourth quarter is shaping up to be a very strong free cash flow quarter, but a big part of that will be the inventory reduction.

早上好，戴夫。是的，SGA，我預計第四季的業績將與第三季在削減成本方面的情況非常相似。至於庫存方面，由於我們正在考慮減少營運資金，預計庫存將會下降。正如我在準備好的演講稿中所說，第三季度，我們的庫存水準確實有所上升，這主要是由於北美關稅的不確定性，以及我們在巴西市場不斷擴大新業務所致。因此，總體而言，第四季度有望成為自由現金流非常強勁的季度，但這很大程度上要歸功於庫存減少。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Good morning. Thanks for taking my question. Can you flesh out a little bit what you saw on the raw material side, what you were seeing kind of in some of the major buckets, how much tariffs impacted you if you think you're pretty much through that tariff headwind at this point at least from an incremental headwind perspective?

早安.謝謝您回答我的問題。您能否詳細說明您在原材料方面看到的情況，您在一些主要類別中看到的情況，以及關稅對您產生了多大的影響？如果您認為目前您已經基本擺脫了關稅帶來的不利影響（至少從漸進式不利影響的角度來看），關稅對您的影響有多大？

Good morning, John. For raw materials, in tariffs, we're probably about $20 million or the expectation would be incremental costs that have kind of come in that we've been able to kind of manage through pretty effectively. So at this point, and you never know, but I would say we believe we're pretty much kind of behind that.

早安，約翰。就原材料而言，關稅方面，我們預計約為 2000 萬美元，或者說，預計這將是一些新增成本，我們已經能夠相當有效地應對這些成本。所以目前來看，雖然誰也說不準，但我認為我們基本上已經落後於那個階段了。

And kind of the big buckets for us, in total, as we referenced, we saw the raw material basket down about 1% in the third quarter. And if I look at kind of the big items, I think solvents continue to be a very low pricing environment, and we continue to see that benefit. Same thing as it relates to (inaudible) is another one that we've seen lower cost. There's been some offsets to that in some of the other baskets, such as monomers as well as some pigments as well. But net-net, very stable backdrop to raw materials at this point and we do believe that's going to continue on at least for the next three to four quarters.

正如我們之前提到的，對我們來說，主要支出項目總體上有所下降，第三季原材料支出下降了約 1%。如果我看一下主要商品，我認為溶劑的價格仍然非常低，我們繼續從中受益。與（聽不清楚）相關的是，我們看到另一種成本較低的產品。但在其他類別中，例如單體和一些顏料，則出現了一些偏差。但總的來說，目前原材料市場環境非常穩定，我們相信這種情況至少會持續三到四季。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you and good morning. Chris, the slide indicates that you're expecting Refinish revenue to turn positive in 2Q '26. Do you expect volume to turn positive in 2Q '26? Or is that going to come later in the year or not at all?

謝謝，早安。Chris，投影片顯示你預計 Refinish 的營收將在 2026 年第二季轉正。你預計2026年第二季銷售會轉正嗎？或者要等到今年晚些時候，還是根本不會推出？

No, volumes -- good morning, Vincent. We're expecting volumes to also turn positive into Q2 as well. I think you'll get two benefits. Obviously, if you think about our body shop wins as well as the adjacencies, a lot of that will transition. Obviously, there's a bit of a ramp-up with that as well beyond what we have this year. So that you would have that tailwind on top of, let's call it, just the destocking coming -- abating. And so that you will get probably a drive from both of that. So from our perspective, we expect volumes to start trending positive in Q2 of next year.

不，是卷——早上好，文森。我們預計第二季銷售也將轉正。我認為你會獲得兩方面的好處。顯然，如果你考慮到我們在車身修理廠取得的成功以及相關業務，很多方面都會發生轉變。顯然，今年的規模還不夠大，還需要進一步擴大。這樣一來，除了即將到來的、我們姑且稱之為「去庫存化」的趨勢之外，你還會得到這股順風——去庫存化趨勢正在減弱。因此，你可能會從這兩方面獲得動力。因此，從我們的角度來看，我們預計銷售量將在明年第二季開始呈現正面趨勢。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. You said you might purchase up to $250 million in shares in the fourth quarter. What will determine that? Does that have to do with the price of your shares and how much have you bought so far this quarter?

非常感謝。你曾說過，你可能會在第四季購買價值高達 2.5 億美元的股票。什麼因素會決定這一點？這是否與你的股票價格以及你本季迄今的購買量有關？

Good morning, Jeff. Yeah, I think for the quarter, we repurchased $100 million of shares in the third quarter. In the second quarter, we repurchased $65 million. So we've done $165 million to date. The $250 million is where the market is today, even if it's up probably 10% plus, we're a buyer of the stock. We have a big belief in where we can continue to take this company as it relates to earnings and revenue and what the future will bring. And at these trading multiples, it makes all the sense in the world to deploy almost all of our capital at this point to buying back shares. So we will be a big buyer of the shares here in the fourth quarter.

早安，傑夫。是的，我認為本季度，我們在第三季度回購了價值 1 億美元的股票。第二季度，我們回購了價值 6,500 萬美元的股票。所以到目前為止，我們已經完成了1.65億美元。目前的市場規模在 2.5 億美元左右，即使股價可能上漲 10% 以上，我們仍然是該股票的買家。我們對公司未來的發展充滿信心，相信公司在獲利和收入方面能夠取得更大的成就，也相信公司的未來會更加光明。以目前的交易倍數來看，此時將幾乎所有資金用於回購股票是完全合理的。因此，我們將在第四季大量買入這些股票。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

Hey. Good morning. I'm just curious if -- I don't want to be a [Debbie Downer], but is 2026 Refinish doesn't normalize as an industry, how does your strategy change? And is there enough market share gain for you to generate some volume growth in the second half next year? And then BASF sold their business to private equity, are there opportunities -- is that good for the industry? Are there opportunities for market share gains? How do you sort of view that?

嘿。早安.我只是好奇——我不想當個掃興的人，但如果到 2026 年，汽車修補行業沒有正常化，你們的策略會如何改變？那麼，您能否獲得足夠的市場份額，從而在明年下半年實現銷售成長呢？後來巴斯夫將業務出售給了私募股權公司，這其中是否存在機會——這對行業來說是好事嗎？是否存在提升市場佔有率的機會？你對此有何看法？

Good morning, Mike. So maybe I'll start with the first one. If I think about Refinish, overall, this industry has been very stable. Obviously, I look at what happened this year as something that is more temporary. And certainly, as we look at where our numbers are coming in and once you take out destocking, you can get a sense that with the drop that we have seen there's a sense of stabilization that's happening. And I certainly see it as I look at our sales quarter over quarter over quarter.

早上好，麥克。那我或許會從第一個開始。如果從汽車修補漆的角度來看，整體而言，這個產業一直非常穩定。顯然，我認為今年發生的事情是暫時的。當然，當我們觀察我們的數據來源，並剔除去庫存因素後，我們就能感受到，隨著我們所看到的下降，市場正在趨於穩定。從我們每季的銷售數據來看，我確實看到了這一點。

And so -- and if you start thinking about the fact that if you put in perspective the fact that Axalta is a leader in the Refinish space and certainly, with our market position and as I look at what's happening as we enter the economy space, certainly, as I think about the number of body shop wins in this challenging market, where we're all chasing sales, Axalta is winning when I think about the 2,200 body shops.

所以——如果你開始思考這樣一個事實，如果你從這個角度來看待艾仕得在修補漆領域處於領先地位的事實，當然，憑藉我們的市場地位，當我看到我們進入經濟型市場時正在發生的事情，當然，當我想到在這個充滿挑戰的市場中贏得的汽車修理廠數量時，我們都在追逐銷售額，當我想到2200得汽車修理廠就贏了，艾仕。

So as I think about next year in a market that is in a similar perspective, I think if you pull out the destocking, there is still an opportunity for us to continue to grow, and we will pivot into other areas. So as you look at what are we doing into adjacencies, as I look at pushing what we're doing with putties, fillers, aerosols, we've essentially been able to take the product out of Europe within the U-POL acquisition and really pull it into North America. And we've gotten on thousands of shelves at O'Reilly and AutoZone to be able to take our aerosol product to market.

所以，當我展望明年，在類似的市場情況下，我認為，如果排除去庫存因素，我們仍然有機會繼續成長，我們將轉向其他領域。所以，當我們審視我們在鄰近領域所做的事情，當我審視我們在膩子、填料、氣霧劑方面所做的工作時，我們基本上已經能夠透過收購 U-POL 將產品從歐洲帶出來，並真正將其引入北美。我們的氣霧劑產品已經上架了 O'Reilly 和 AutoZone 的數千個貨架，得以推向市場。

And in essence, what we can do with private branding, what we can do with just expanding that portfolio even with some small bolt-on tuck-ins, I think there's an incredible opportunity with what we have as our strength in the market to be able to continue to grow that segment. We've been very focused on cost. I think as I look at next year, we can certainly pivot towards growth, especially with the strength of the underlying business. So as I think about Refinish, I think with what we have in the portfolio, as well as small elements that if we need to add, we can certainly have a growth story even in a challenged market. So that's the first perspective, as I think about, let's call it, Refinish.

從本質上講，我們可以透過自有品牌來實現這一點，即使只是透過一些小的附加產品來擴展產品組合，我認為憑藉我們在市場上的優勢，我們擁有一個絕佳的機會來繼續發展這一細分市場。我們一直非常注重成本控制。展望明年，我認為我們一定能夠轉向成長，尤其是在公司基本面強勁的情況下。所以，當我思考汽車修補漆業務時，我認為憑藉我們現有的產品組合，以及我們可能需要添加的一些小元素，即使在充滿挑戰的市場中，我們也一定能夠實現成長。所以這是我思考的第一個角度，我們姑且稱之為「翻新」。

To answer the question on BASF, obviously, BASF has been a competitor of ours for a very long time back to DuPont days and all the 11 years of Axalta, and they certainly play a very strong -- they're a very strong competitor of ours in most -- both the Mobility space and the Refinish space. So it's a competitor we know well. And as I think about what is necessary under (inaudible), I think the drive for margin will probably drive a very good competitor. And I think it will drive some discipline into the marketplace. And we've known them well.

要回答關於巴斯夫的問題，顯然，巴斯夫從杜邦時代到艾仕得的11年間一直是我們的競爭對手，而且他們在大多數領域，包括汽車零件和修補漆領域，都是我們非常強大的競爭對手。所以，這是我們非常熟悉的競爭對手。當我思考在（聽不清楚）情況下需要什麼時，我認為對利潤率的追求可能會造就一個非常優秀的競爭對手。我認為這將為市場帶來一些紀律。我們和他們很熟。

So it's probably a good story overall. So I don't expect anything different there. The good news is really the multiple that BASF was sold for. It really shows the valuation that the, let's call it, that Axalta is undervalued. And I think going back to Carl's comments, this is why we're doubling down on buying 90% of our free cash flow, using that to buy back shares.

所以總的來說，這可能是個不錯的故事。所以我預計那裡的情況也不會有什麼不同。真正的好消息是巴斯夫的出售價格倍數很高。這確實表明，我們不妨稱Axalta為「被低估的」估值。我認為，回到卡爾的評論，這就是為什麼我們要加倍投入，用90%的自由現金流回購股票。

And to the question earlier about why are we confident about $250 million for next year. We're just going to essentially use our Q4 cash flow and essentially continue to buy back Axalta. And if I look at '26, and once you get very confident and once I feel confident around '26, I think the free cash flow from there, we have about $150 million left in our authorization. We'll certainly go back for another $0.5 billion or $1 billion. And I think we can certainly focus on continuing to buy back Axalta because it really shows the value that our margins can provide and what we can do with the business long term, and we'll certainly be an acquirer of our stock.

至於之前有人問到為什麼我們對明年要達成 2.5 億美元的目標有信心。我們基本上會利用第四季的現金流，繼續回購艾仕得的股票。如果我展望 2026 年，一旦我對 2026 年充滿信心，我認為從那時起，我們的自由現金流還有大約 1.5 億美元的授權額度。我們肯定還會再追加 5 億美元或 10 億美元。我認為我們當然可以繼續專注於回購艾仕得的股票，因為這真正反映了我們的利潤率所能帶來的價值，以及我們能夠為這項業務帶來的長期收益，我們肯定會繼續收購自己的股票。

(Operator Instructions) Kevin McCarthy, Vertical Research Partners.

（操作說明）凱文·麥卡錫，垂直研究夥伴公司。

Thank you and good morning, everyone. Chris, are you still working on a new company-wide strategic plan to follow the A Plan? If so, I was wondering if you could just comment at least just qualitatively on what you think the company might need to focus on operationally in the years to come versus last couple of years? It sounds like you see runway on cost and clearly, a lot of room to accelerate repurchases. But any other color on where you'd like to take the company strategically?

謝謝大家，大家早安。克里斯，你還在製定新的公司策略計畫來延續A計畫嗎？如果是這樣的話，我想請您至少就公司未來幾年在營運方面需要重點關注的方面，定性地談談您的看法，看看與過去幾年相比有哪些需要改進的地方？聽起來你們在成本控制方面還有迴旋餘地，而且顯然有很大的空間加快回購速度。但對於公司未來的策略發展方向，您還有其他想法嗎？

Thanks for the question. Good morning, Kevin. And so certainly, I think if we think about the five elements that we defined under the A Plan, under four of them, we're certainly in a great position and we are there, a year ahead of plan. So you -- it really positions you to what we need to work on. And the five were say I growth, number one.

謝謝你的提問。早安，凱文。所以，我認為，如果我們考慮一下我們在 A 計劃下定義的五個要素，那麼在其中四個要素方面，我們肯定處於非常有利的位置，而且我們已經提前一年完成了計劃。所以，這確實能讓你了解我們需要努力的方向。而這五件事分別是：成長，第一。

Second was margin. We set a target of 21%. We're close to 23% as we stand right now. The next one was EPS, and we're certainly well beyond our plan there were, as I think about it, will be 70%, if I look at where we'll close the full year. The next one was leverage ratio, and we're -- we set a target of 2 to 2.5, and we'll be the -- right there at the end of this year at 2.5, probably 2.4.

其次是利潤率。我們設定了21%的目標。目前我們接近23%。下一個指標是每股盈餘 (EPS)，我們肯定遠遠超過了原計劃，仔細想想，如果以全年結束時的業績來看，應該能達到 70%。下一個指標是槓桿率，我們設定的目標是 2 到 2.5，到今年年底，我們就能達到 2.5，可能會達到 2.4。

And then finally, under ROIC, we're also very close to that target. So the primary focus, as I think about, A 2029, which are -- Kevin, our plan is to roll that out by May of next year, is to really drive the growth elements. I think the underlying business is performing exceptionally well coming in -- we had two areas to focus on. If I go back to the beginning of '23 and in the A Plan, we focused -- we wanted to essentially make sure we got the underlying business where we needed to. And I think that's certainly been a good story for us.

最後，根據 ROIC 指標，我們也非常接近目標。因此，我認為，2029 年的主要重點是——凱文，我們的計劃是在明年 5 月之前推出——真正推動成長要素。我認為公司的基本面表現非常出色——我們有兩個重點領域需要關注。如果我回到 2023 年初，在 A 計劃中，我們專注於——我們基本上想要確保我們的基本業務達到我們所需的水平。我認為這對我們來說無疑是個好消息。

And now it's to really pivot to growth. And so as I look at what we will define in the A Plan, there will be primarily a plan that uses -- Axalta has one of the highest margins in the coatings industry. And I think we can use a little bit of that firepower as well as really focus this exceptional team towards what we need to do to drive growth, and that's what you're going to see a lot more in the A plan.

現在，真正要轉向成長了。因此，當我審視我們將在 A 計劃中定義的內容時，主要會有一個利用——艾仕得在塗料行業擁有最高利潤率之一的計劃。我認為我們可以利用這種力量，讓這支優秀的團隊真正專注於我們需要做的事情來推動成長，而這正是你在 A 計畫中將會看到的更多內容。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

Great. Thanks for taking my question. I hope you guys are well. I guess I just wanted to go back to just kind of a structural question on Refinish as well as Industrial. It appears that Refinish claims are obviously down significantly high-single digits this year. Industrial has also been down maybe double digits for a little while now. So what's it really going to take to get these markets back going? Is it kind of inflation on the Refinish side and maybe PMIs on the Industrial side or what do you think? And is there anything that you guys can do within your own control to maybe spur some demand if you talk about innovation or maybe adding on the economy side or some other initiatives? Thanks.

偉大的。謝謝您回答我的問題。希望你們一切都好。我想回到關於汽車翻新和工業領域的一些結構性問題。今年汽車修補索賠案件數量似乎明顯大幅下降，降幅接近兩位數。工業板塊也已經連續一段時間出現兩位數的下滑。那麼，究竟需要做些什麼才能讓這些市場重新運作呢？您認為這是汽車修補漆市場的通貨膨脹，還是工業領域的採購經理人指數（PMI）波動造成的？那麼，在你們自身可控的範圍內，有沒有辦法刺激需求，例如在創新方面，或是在經濟發展方面，或採取一些其他措施？謝謝。

So we normally start on the Refinish side. So good morning, Arun, thanks for the question. I'm going to start with Industrial. The Industrial story, as I said in my prepared remarks, I think has been a great story. And even if you look at this quarter, I'd say the markets have been down, let's call it, high-single digits, probably just north of 7%, and we're down about 4%.

所以我們通常從翻新部分開始。早安，Arun，謝謝你的提問。我先從工業領域開始。正如我在準備好的演講稿中所說，我認為工業發展的故事非常精彩。即使只看本季度，我認為市場已經下跌了，我們姑且稱之為接近兩位數的跌幅，可能略高於 7%，而我們下跌了約 4%。

And if I look back and go back to '22, which we were still in the COVID times, the sales, the industrial market, to your point, has been down about 20% to 25%. But we've been down -- we went back all the way to '22, our sales are only down about $100 million. So down, let's call it, mid- to high-single digits. And so what's really -- why is this a good story is, if I look through the fact that in that time, the team has driven some incredible performance in the business.

如果我回顧到 2022 年，當時我們還處於 COVID 疫情時期，正如你所說，工業市場的銷售額下降了約 20% 到 25%。但我們經歷了一段低谷期——從 2022 年至今，我們的銷售額只下降了約 1 億美元。所以，我們姑且稱之為下降到個位數中高段吧。所以，真正讓這個故事精彩的地方在於，如果我忽略了這段時間團隊在業務上取得的一些令人難以置信的業績。

We set a target of 400 basis points of margin improvement. And I would say we're north of 500 at this point. And I still think there's more gas in the tank in that business. So we took a business that was, let's call it, very low single-digit margins to almost -- well, above double-digit margins. It's been a great story for us. And what did we do? We really (inaudible) down some customers.

我們設定了利潤率提升400個基點的目標。我想說，我們現在已經超過 500 了。我仍然認為這個行業還有很大的發展空間。因此，我們將一家利潤率非常低（比如說只有個位數）的企業，發展到了接近兩位數以上的利潤率。對我們來說，這真是一個很棒的故事。我們做了什麼？我們確實（聽不清楚）流失了一些客戶。

We focused on pricing for the value that we bring to the business. And we really invested and essentially picked -- that business has three, let's call it, segments, it's got building products, it's got industrial sales, and it's got energy solutions. We focus -- and underneath that, there's 12 sub businesses. We focused on a few. We essentially really drove the performance through those to where we knew that we made a difference to our customers and we have certainly driven the margin as well as the growth in that business.

我們專注於根據我們為企業帶來的價值來定價。我們確實投入了大量資金，並且基本上挑選了——該業務有三個，我們姑且稱之為業務板塊，分別是建築產品、工業銷售和能源解決方案。我們專注於－其下轄12個子業務部門。我們重點關注了其中幾個。我們主要透過這些措施來推動業績成長，因為我們知道我們為客戶帶來了改變，而且我們也確實提高了利潤率，並促進了業務成長。

Our Energy Solutions business is doing great. If we look at China, it's growing. We provide impregnating resins in that business for motors. We provide coatings for battery casings which is doing great in not only what we provide for vehicles, but also for the industry as cell for data centers. So that's again, a business that's doing very, very well. And so it's been a great business. The margins are in a great spot. There are still elements in that business that we can look at probably at some point, as I've said before, that we might get out of.

我們的能源解決方案業務發展勢頭良好。以中國為例，它正在成長。我們為電機產業提供浸漬樹脂。我們為電池外殼提供塗層，這種塗層不僅在我們為汽車提供的塗層中表現出色，而且在資料中心電池等行業中也表現出色。所以，這又是一家經營狀況非常好的企業。所以，這一直是一項非常成功的生意。利潤率非常理想。正如我之前所說，我們或許會在某個時候考慮退出該業務中的某些方面。

But that said, the overall business is at a great spot. And what I think is necessary for that to grow is pretty straightforward. It's -- I think waiting for mortgage rates to adjust and or come down and building -- to your point, PMI, anything that can spur construction is certainly something that we're waiting for. But on top of that, we do believe that we can drive growth in Energy Solutions, coil and certain aspects of that business. So that's Industrial Solutions.

但即便如此，公司整體業務狀況良好。我認為要實現這一點，所需的條件其實很簡單。我認為，我們正在等待抵押貸款利率調整或下降，以及——正如你所說，PMI（私人抵押貸款保險）等任何能夠刺激建築業發展的因素，這當然是我們正在等待的。但除此之外，我們相信我們能夠推動能源解決方案、線圈以及該業務某些方面的成長。以上就是工業解決方案。

In Refinish, I do believe that next year, we should see some stability. The destocking issue for us is specific for us because we have -- we go to market through three large distributors and one of those distributors essentially worked on acquiring another one. And that essentially meant that there was over 100 locations and warehouses that were essentially closed down. And so inventory was taken out of the system that takes about a year because of the process they went through. And in essence, we see that as something that will switch and will be temporary and something that we will get out of in Q2 of next year.

我認為，在汽車修補漆領域，明年應該會趨於穩定。對我們來說，去庫存問題是特殊的，因為我們透過三個大型分銷商進入市場，而其中一個分銷商實際上正在收購另一個分銷商。這實際上意味著有超過 100 個地點和倉庫基本上關閉了。因此，由於他們經歷了一系列流程，庫存從系統中移除，這大約需要一年的時間。從本質上講，我們認為這種情況將會改變，而且是暫時的，我們將在明年第二季擺脫這種狀況。

So that's what gives me confidence in that market that we should have some level of stability. But our story here is really the fact that we continue to win. We believe that we can grow that market at the same rate or better as we proved this year. And we can certainly grow through new body shop wins. We can certainly push more in terms of adjacencies, and we can certainly get into the economy space.

所以，這讓我對這個市場充滿信心，相信它會保持一定程度的穩定。但我們真正的故事在於，我們一直在贏。我們相信，我們能夠以與今年相同的速度甚至更快的速度發展這個市場。我們當然可以透過贏得新的汽車修理廠業務而成長。我們當然可以在鄰近領域取得更大進展，也完全可以進入經濟領域。

We have only 9% market share that we moved to 11 and we believe we can continue to grow that. So that's our story. And I think as we -- as Q1 starts up and as you look at our full year guide for next year, you should get confident around what our story is going to be for '26.

我們最初的市佔率只有 9%，現在已經成長到 11%，我們相信我們還能繼續成長。這就是我們的故事。我認為，隨著第一季的開始，以及您查看我們明年的全年業績指引，您應該對我們 2026 年的發展前景充滿信心。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Good morning. I just wanted to come back to two brief points. So one on the working capital, how do you see your working capital days evolving when your end markets recover? And secondly, on SG&A, what do you see is -- can we annualize the back half of this year as a run rate for next year or will there be a kind of reset in a healthier environment?

早安.我只想簡單重申兩點。那麼，關於營運資金，您認為當您的終端市場復甦時，您的營運資金週轉天數會如何變化？其次，關於銷售、一般及行政費用，您認為──我們能否將今年下半年的費用作為明年的年化率，還是會在更健康的環境下進行某種調整？

So SG&A, I think you'll definitely see the same impact in the fourth quarter that you saw in the third quarter. As you kind of flip into the next year, there probably will be a slight increase, as I think about SG&A, just as a percent of sales as we think about having a little bit higher cost as it relates to merits in the organization. But it will still be running at a pretty low level on a percentage of sales basis as we kind of go forward.

所以，我認為銷售、一般及行政費用在第四季肯定會受到與第三季相同的影響。隨著時間推移進入下一年，我認為銷售、一般及行政費用（SG&A）佔銷售額的百分比可能會略有上升，因為我們認為，與組織績效相關的成本略高一些也是正常的。但隨著業務的推進，其銷售額佔比仍將維持在較低水準。

And then on working capital, as I said, I think in the fourth quarter, we are anticipating a pretty big increase from free cash flow. A lot of that is, as you can just look at how the third quarter came in, there will be some inventory reduction. It's a very strong seasonal quarter for us anyways. If I kind of go back in time, fourth quarter of '23, we generated over $250 million of free cash flow, over $200 million back in the fourth quarter of 2022 as well. So that speaks to the power and the acceleration of what we expect in the fourth quarter.

至於營運資金，正如我所說，我認為在第四季度，我們預計自由現金流將出現相當大的成長。從第三季的業績來看，很大程度是因為庫存會減少。無論如何，這都是我們業績非常強勁的旺季。如果我回顧過去，2023 年第四季度，我們產生了超過 2.5 億美元的自由現金流，2022 年第四季也產生了超過 2 億美元的自由現金流。這說明第四季我們將迎來強勁的成長動能和加速發展。

And then as we move forward into next year on an increasing revenue environment, I think we will be very, very targeted on running the right inventory level. So we don't want to overshoot that as we think about managing overall working capital because I think getting into next year, the free cash flow capability should be very, very strong again for us.

隨著我們進入明年，在收入不斷增長的環境下，我認為我們將非常非常注重保持合適的庫存水準。所以，我們在考慮如何管理整體營運資本時，不想過度擴張，因為我認為到了明年，我們的自由現金流能力應該會再次非常非常強勁。

Thank you. At this time, there are no further questions. And this does conclude today's presentation. We appreciate your participation, and you may disconnect at any time.

謝謝。目前沒有其他問題了。今天的演講到此結束。感謝您的參與，您可以隨時斷開連線。