Axalta Coating Systems Ltd. (AXTA) 2026 Q1 法說會逐字稿

Please stand by, your meeting is about to begin. Ladies and gentlemen, thank you for standing by. Welcome to Axalta Coating Systems Q1 2026 earnings call. (Operator Instructions). A question-and-answer session will follow the presentation by management. (Operator Instructions).

請稍候，您的會議即將開始。各位女士、先生，感謝您稍候等候。歡迎參加艾仕得塗料系統（Axalta Coating Systems）2026 年第一季財報電話會議。（接線員指示）。管理層簡報結束後將進行問答環節。（接線員指示）。

Today's call is being recorded, and a replay will be available through May 7, 2026. 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.

今天的電話會議將被錄音，重播將提供至 2026 年 5 月 7 日。在今日會議之後收聽重播者請注意，錄音中提供的資訊將不會更新，因此可能不再是最新資訊。

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

現在我將把電話會議交給投資人關係副總裁 Colleen Lubic。請開始。

Good morning, everyone, and thank you for joining us to discuss Axalta's first quarter 2026 financial results. I'm Colleen Lubic, Vice President of Investor Relations. Joining me today are Chris Villavarayan, our Chief Executive Officer; and Carl Anderson, our Chief Financial Officer.

各位早安，感謝各位參與我們討論艾仕得 2026 年第一季財務結果。我是投資人關係副總裁 Colleen Lubic。今天與我一同出席的有我們的執行長 Chris Villavarayan，以及財務長 Carl Anderson。

Before we begin, please turn to Slide 2 for our forward-looking statements and non-GAAP disclosures. We posted our first quarter 2026 financial results this morning. You can find today's presentation and supporting materials on the Investor Relations section of our website at axalta.com.

在開始之前，請翻到投影片第 2 頁，查看我們的前瞻性陳述與非 GAAP 揭露。我們今天早上已公布 2026 年第一季財務結果。您可在 axalta.com 網站的投資人關係專區找到今天的簡報與相關資料。

Our remarks today and a slide presentation may include forward-looking statements. reflecting our current views of future events and their potential impact on Axalta's performance and with respect to the proposed merger of equals between Axalta and AkzoNobel.

我們今天的發言與投影片簡報可能包含前瞻性陳述，反映我們目前對未來事件及其對艾仕得績效之潛在影響的看法，以及關於艾仕得與阿克蘇諾貝爾（AkzoNobel）擬議之對等合併案。

These statements involve risks and uncertainties and and actual results and outcomes may materially differ. We are under no obligation to update these statements.

這些陳述涉及風險與不確定性，實際結果與結果可能會有重大差異。我們沒有義務更新這些陳述。

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. Please refer to our filings with the SEC for more information.

我們的發言與投影片簡報亦包含多項非 GAAP 財務衡量指標。我們已提供這些非 GAAP 財務衡量指標與最直接可比之 GAAP 財務衡量指標的調節表。更多資訊請參閱我們向美國證券交易委員會（SEC）提交的文件。

With that, I would like to now turn the call over to Chris.

接下來，我想把電話會議交給 Chris。

Thank you, Colleen, and good morning, everyone. Turning to our first quarter highlights. We delivered strong results and exceeded expectations across our financial metrics. In the quarter, we generated net sales of $1.25 billion, adjusted EBITDA of $259 million and adjusted diluted EPS of $0.56, which came in 12% above expectations.

謝謝你，Colleen，各位早安。接著看我們第一季的重點。我們交出強勁成果，並在各項財務指標上超越預期。本季我們創造淨銷售額 12.5 億美元、調整後 EBITDA 2.59 億美元，以及調整後稀釋每股盈餘 0.56 美元，較預期高出 12%。

These results reflect disciplined execution and a focus on the levers within our control. We also set meaningful cash generation records this quarter with $68 million of cash from operations and $21 million of free cash flow, an improvement of $35 million year-over-year.

這些成果反映了嚴謹的執行力，以及專注於我們可控的槓桿。本季我們也創下具意義的現金創造紀錄：營運活動現金流入 6,800 萬美元、自由現金流 2,100 萬美元，較去年同期改善 3,500 萬美元。

This period marked the 12th consecutive quarter of year-over-year profitability improvement in our industrial business, while Mobility achieved a first quarter net sales record and adjusted EBITDA margin of 17.5% reflecting solid execution and cost discipline, and we saw stabilization in Refinish at nearly $500 million in sales, consistent with the last five quarters.

本期標誌著我們工業業務連續第 12 季實現年對年獲利能力改善；同時，Mobility 事業群創下第一季淨銷售額新高，調整後 EBITDA 利潤率達 17.5%，反映穩健執行與成本紀律；而 Refinish 方面，銷售額在接近 5 億美元水準趨於穩定，與過去五季一致。

Innovation has always been and remains an important differentiator for Axalta. During the quarter, we received six Business Intelligence Group Innovation Awards and three prestigious Edison Awards.

創新一直是、也仍然是艾仕得的重要差異化優勢。本季我們獲得六項 Business Intelligence Group 創新獎，以及三項享譽盛名的愛迪生獎（Edison Awards）。

Echo next Jet, a collaboration with Dura and ZAR enables OE manufacturers to provide next-generation personalized exterior finishes at production scale, shifting from a fixed pallet to unlimited customization without sacrificing quality, durability or efficiency and Alesta e-Pro FG Black a powder coating engineered for thermal stability and secondary fire protection in electric vehicle battery systems.

Echo NextJet 是與 Dura 與 ZAR 的合作，讓原廠（OE）製造商能以量產規模提供新一代個人化外觀表面處理，從固定色盤轉向無限客製化，同時不犧牲品質、耐久性或效率；以及 Alesta e-Pro FG Black，這是一款為電動車電池系統的熱穩定性與二次防火保護而設計的粉體塗料。

Echo NextJet and Alesta e-Pro FG Black were both acknowledged with Gold Edison Awards. St. Master AI, which was acknowledged with the Bronze Edison Award is a breakthrough intent manufacturing using advanced AI to address the challenge of color variability in paint manufacturing.

Echo NextJet 與 Alesta e-Pro FG Black 皆獲頒金獎愛迪生獎。St. Master AI 獲頒銅獎愛迪生獎，是一項突破性的智慧製造技術，運用先進 AI 解決塗料製造中的色差變異挑戰。

Edison Awards honor technologies that are redefining industries solving complex customer challenges and shaping the future. I want to recognize the smart and talented people at Axalta for developing and bringing to market advanced solutions with real-world impact.

愛迪生獎表彰正在重新定義產業、解決複雜客戶挑戰並塑造未來的技術。我想肯定艾仕得聰明且才華洋溢的同仁，開發並將具真實世界影響力的先進解決方案推向市場。

Let's turn to Slide 4. We Against a backdrop of macro uncertainty and elevated volatility, we remain focused on managing through what we can control.

我們來看投影片第 4 頁。在宏觀不確定性與高波動的背景下，我們仍專注於管理我們可控的事項。

While recent developments have increased uncertainty across cost and supply availability, our actions over the past several years have positioned us well to mitigate raw material inflation. We're closely monitoring developments across energy, logistics and the broader supply and demand landscape as it relates to the evolving situation in the Middle East.

儘管近期發展提高了成本與供應可得性方面的不確定性，但我們過去幾年的行動已使我們具備良好條件以緩解原物料通膨。我們正密切關注能源、物流以及更廣泛的供需情勢之發展，尤其是與中東局勢演變相關的影響。

From a purchasing perspective, we delivered 12 consecutive quarters of year-over-year improvement in variable costs due to strong productivity projects as well as focused implementation of procurement best practices. We now have approximately 60% of our direct spend under contract rather than spot buys.

從採購角度來看，受惠於強勁的生產力專案以及聚焦導入採購最佳實務，我們已連續 12 季實現變動成本年對年改善。目前我們約有 60% 的直接支出已簽訂合約，而非以現貨採購。

Many of our strategic supplier agreements are stronger and incorporate indexation, which is helping reduce volatility and improve visibility.

我們許多策略性供應商協議更為強健，並納入指數化機制，有助於降低波動並提升可視性。

As it relates to pricing, -- we plan to move quickly to offset the impact of inflation. We're driving solid discipline across the portfolio. In Refinish, we expect to implement mid-single-digit pricing in 2026, reflecting the value we deliver.

在定價方面，-- 我們計畫迅速採取行動以抵消通膨影響。我們在整體產品組合上推動良好的紀律。在 Refinish 方面，我們預期於 2026 年實施中個位數幅度的調價，反映我們所提供的價值。

In mobility, more than 50% of our revenue is now tied to raw material indices, which provides a natural hedge against cost volatility.

在 Mobility 方面，目前超過 50% 的營收已與原物料指數連動，這提供了對成本波動的自然避險。

Mobility has delivered six consecutive quarters of positive year-over-year price mix, reinforcing our ability to offset inflation. Across the rest of the portfolio, we are prudent and proactive with the pricing actions and surcharges in place, where appropriate to help protect margins.

Mobility 已連續六季實現正向的年對年價格/組合（price mix）表現，強化我們抵消通膨的能力。在其餘產品組合中，我們審慎且主動地採取定價行動，並在適當情況下實施附加費，以協助保護利潤率。

From a transformation and cost discipline standpoint, we continue to tightly manage our operating expenses.

在轉型與成本紀律方面，我們持續嚴格管理營運費用。

In the first quarter, SG&A declined 7% year-over-year on a constant currency basis and we exceeded our operational productivity targets. Even amid top-line pressure, our adjusted EBITDA margins have exceeded 20% for nine consecutive quarters, underscoring the durability of our operating model.

第一季在固定匯率基礎下，SG&A 年對年下降 7%，且我們超越了營運生產力目標。即使面臨營收端壓力，我們的調整後 EBITDA 利潤率已連續九季超過 20%，凸顯我們營運模式的韌性。

Supporting all of this is our resilient supply chain and cost structure. Approximately 90% of our direct buy is locally sourced, where variable costs represent about 60% of COGS. Inventory levels remain at roughly 115 days on hand, which helps limit the impact of inflation, particularly as we enter the second quarter.

支撐上述成果的是我們具韌性的供應鏈與成本結構。我們約 90% 的直接採購為在地採購，其中變動成本約占銷貨成本（COGS）的 60%。庫存水位仍約為 115 天在手天數，這有助於限制通膨影響，特別是在我們進入第二季之際。

Let's turn to Slide 5. We see solid execution across all our businesses. In Refinish, net body shop wins increased 10% year-over-year and generated net sales growth in the first quarter in three out of our four regions.

我們來看投影片第 5 頁。我們看到各項業務均有穩健執行。在 Refinish 方面，淨新增鈑噴維修廠（body shop）客戶年對年增加 10%，並在四個區域中的三個於第一季帶動淨銷售成長。

We're also expanding with leading MSOs, which remain a key focus for the business. In Industrial, our most diversified portfolio, the we global macro has been the story for the last few years.

我們也正與領先的 MSO（多據點連鎖營運商）擴大合作，這仍是該業務的重點。在工業事業群方面，作為我們最多元化的產品組合，過去幾年全球宏觀環境一直是主要主題。

However, we are starting to see signs of recovery. We delivered five consecutive quarters of net sales growth in Asia, driven by our Energy Solutions business, drove volume growth in Europe during the quarter with share gains in our e-code business, and we're seeing positive price/mix for seven straight quarters.

然而，我們開始看到復甦的跡象。在能源解決方案業務的帶動下，我們在亞洲連續五個季度實現淨銷售成長；本季度在歐洲，我們的 e-code 業務市占提升，帶動銷量成長；且我們已連續七個季度看到正向的價格／組合（price/mix）。

In mobility, we delivered record net sales in the first quarter of $452 million and growth in three out of our four regions. Commercial Transportation Solutions, which was a bright spot in 2025 and also delivered record first quarter sales, driven by continued success with new business wins.

在移動塗料（Mobility）方面，我們第一季淨銷售創下 4.52 億美元的紀錄，且四個區域中有三個實現成長。商用運輸解決方案（Commercial Transportation Solutions）在 2025 年表現亮眼，第一季同樣創下銷售紀錄，主要受惠於持續的新業務贏單。

Overall, new business wins and excellent operational performance across the portfolio are helping us offset the headwinds in North America where the macro environment has been tempered by economic anxiety, elevated consumer costs and higher for longer interest rates.

整體而言，新業務贏單以及全產品組合的卓越營運表現，正協助我們抵銷北美的不利因素；北美的總體環境受到經濟焦慮、消費者成本上升以及「利率維持較高水準更久」的影響而趨於保守。

With that, I'll turn the call over to Carl to discuss our financial results.

接下來，我把電話交給 Carl，請他說明我們的財務結果。

Thank you, Chris, and good morning, everyone. Turning to Slide 6. net sales were $1.254 billion, a 1% decrease year-over-year, primarily driven by lower volumes in Performance Coatings. This was partially offset by favorable foreign currency translation largely due to a stronger euro.

謝謝你，Chris，各位早安。請看第 6 張投影片。淨銷售為 12.54 億美元，年減 1%，主要是由於高性能塗料（Performance Coatings）銷量較低所致。這部分被有利的外幣換算所部分抵銷，主要來自歐元走強。

These dynamics were expected and contemplated in our first quarter guidance. Gross margin was 33% and down slightly from last year, driven primarily by unfavorable mix from lower volumes in North America.

這些動態符合預期，且已納入我們第一季的指引之中。毛利率為 33%，較去年略降，主要受北美銷量下降導致的不利產品組合影響。

Net income was $91 million, a decrease of $8 million from the prior year period. This was driven primarily by $22 million in transaction costs associated with the pending merger with AkzoNobel.

淨利為 9,100 萬美元，較去年同期減少 800 萬美元。主要原因是與待完成的 AkzoNobel 合併案相關的 2,200 萬美元交易成本。

These costs were partially offset by a $17 million discrete income tax benefit and a reduction in interest expense. SG&A was down slightly as we continue to aggressively manage our cost structure.

上述成本部分被 1,700 萬美元的一次性所得稅利益以及利息費用下降所抵銷。由於我們持續積極管理成本結構，SG&A（銷售、一般及行政費用）略有下降。

Adjusted EBITDA in the quarter was $259 million, resulting in an adjusted EBITDA margin of 20.6%, while both metrics were lower year-on-year, we did perform above expectations as reductions in operating expenses and variable costs helped to offset lower volumes in Performance Coatings.

本季調整後 EBITDA 為 2.59 億美元，調整後 EBITDA 利潤率為 20.6%。雖然兩項指標皆較去年同期下降，但我們的表現優於預期，因營運費用與變動成本的降低，有助於抵銷高性能塗料銷量下滑的影響。

Adjusted diluted earnings per share was $0.56, exceeding our outlook by 12%, supported by lower interest expense and stronger overall earnings in the quarter. Our momentum in cash generation remains strong. Cash provided by operating activities was $68 million, a company first quarter record. This was an increase of $42 million year-over-year.

調整後稀釋每股盈餘為 0.56 美元，較我們的展望高出 12%，主要受惠於利息費用下降以及本季整體獲利更強。我們的現金創造動能依然強勁。營運活動提供的現金為 6,800 萬美元，創公司第一季歷史新高。較去年同期增加 4,200 萬美元。

Free cash flow of $21 million was another first quarter record for Axalta and improved by $35 million versus the prior year period.

自由現金流為 2,100 萬美元，同樣創下 Axalta 第一季新高，較去年同期改善 3,500 萬美元。

This was primarily driven by improved working capital and lower interest payments. Performance Coatings first quarter net sales declined 2% year-over-year to $802 million. This decrease was driven by lower volumes, primarily in North America and unfavorable price/mix.

這主要由營運資金改善與利息支付降低所帶動。高性能塗料第一季淨銷售年減 2% 至 8.02 億美元。此下降主要由銷量下滑所致，主要發生在北美，並伴隨不利的價格／組合。

These impacts were partially mitigated by favorable foreign currency translation and contributions from our acquisitions and our Refinish business, which we continue to execute as part of our distribution strategy outside of North America. Refinish net sales declined 3% to $498 million, reflecting lower claims activity and shifting customer order patterns as anticipated.

上述影響部分被有利的外幣換算，以及我們的併購貢獻與修補漆（Refinish）業務所抵銷；作為我們北美以外通路策略的一部分，我們持續推進該業務的執行。修補漆淨銷售下降 3% 至 4.98 億美元，反映出理賠活動減少，以及如預期般客戶下單模式的轉變。

Industrial net sales declined 2% year-over-year to $304 million, with volume pressure in North America and Latin America, partially offset by price mix and foreign exchange. Notably, Europe and China delivered volume growth in the first quarter. First quarter Performance Coatings adjusted EBITDA was $180 million, down from $197 million a year ago.

工業（Industrial）淨銷售年減 2% 至 3.04 億美元，北美與拉丁美洲面臨銷量壓力，部分被價格／組合與外匯所抵銷。值得注意的是，歐洲與中國在第一季實現銷量成長。第一季高性能塗料調整後 EBITDA 為 1.80 億美元，低於去年同期的 1.97 億美元。

Adjusted EBITDA margin decreased by 170 basis points to 22.4% due to lower volumes and unfavorable price mix, which was partially offset by a reduction in operating and variable expenses. We do expect that price/mix will inflect positively beginning in the second quarter and carry on through the rest of the year.

調整後 EBITDA 利潤率下降 170 個基點至 22.4%，原因為銷量下降與不利的價格／組合；但部分被營運費用與變動費用下降所抵銷。我們預期價格／組合將自第二季起轉為正向，並延續至今年其餘時間。

Mobility Coatings delivered record first quarter net sales coming in at $452 million, an increase of 3% from the prior year period.

移動塗料（Mobility Coatings）第一季淨銷售創下紀錄，達 4.52 億美元，較去年同期成長 3%。

Light Vehicle net sales increased $9 million, driven by favorable foreign currency and organic growth in three of our four regions, including continued momentum from new business wins in Brazil. As planned, sales in China declined in line with lower auto production in the region.

輕型車（Light Vehicle）淨銷售增加 900 萬美元，主要由有利的外幣影響，以及我們四個區域中三個的有機成長所帶動，其中包括巴西新業務贏單帶來的持續動能。依計畫，中國銷售隨該地區汽車產量下降而下滑。

Commercial Vehicle net sales were also up 3% year-over-year, supported by favorable foreign currency impacts, new business wins, positive price mix and record commercial transportation solution sales, which together helped offset the effect of lower Class A truck production.

商用車（Commercial Vehicle）淨銷售亦年增 3%，受惠於有利的外幣影響、新業務贏單、正向的價格／組合，以及商用運輸解決方案銷售創新高；上述因素共同抵銷了 Class A 卡車產量下降的影響。

Mobility Coatings adjusted EBITDA totaled $79 million in the first quarter compared to $73 million a year ago, reflecting benefits from lower variable costs, favorable foreign currency and reduced operating expenses.

移動塗料第一季調整後 EBITDA 合計 7,900 萬美元，較去年同期的 7,300 萬美元增加，反映出變動成本下降、有利的外幣影響以及營運費用降低所帶來的效益。

Adjusted EBITDA margin increased 100 basis points year-over-year to 17.5%. In the first quarter, we delivered another period of consistent cash generation, which underscores the durability of our operating model. Interest expense declined 14% year-over-year -- and during the quarter, we repaid $54 million of gross debt and added with a net leverage ratio of 2.3times.

調整後 EBITDA 利潤率年增 100 個基點至 17.5%。第一季我們再次實現穩健的現金創造，凸顯我們營運模式的韌性。利息費用年減 14%；且本季我們償還 5,400 萬美元的總債務，並使淨槓桿比率達到 2.3 倍。

For full year 2026, we expect interest expense of approximately $150 million representing an improvement of more than $25 million versus last year and nearly 27% lower than 2024. For the rest of the year, we are planning on deploying most of our free cash flow to pay down our term loan and expect that our net leverage ratio will be below 2times at year-end.

針對 2026 全年，我們預期利息費用約為 1.50 億美元，較去年改善超過 2,500 萬美元，且較 2024 年降低近 27%。在今年剩餘期間，我們計畫將大部分自由現金流用於償還定期貸款，並預期年底淨槓桿比率將低於 2 倍。

As we turn to our outlook on Slide 10, I'll start with the macro assumptions underlying our 2026 guidance. External forecasts and key performance indicators remain relatively consistent with how we entered the year.

接著看第 10 張投影片的展望，我先說明支撐我們 2026 年指引的總體假設。外部預測與關鍵績效指標大致與我們年初的預期一致。

That said, geopolitical developments, including the situation I ran and broader Middle East tensions, have increased uncertainty across global markets, impacting energy prices, inflation and consumer sentiment.

不過，地緣政治發展（包括伊朗局勢以及更廣泛的中東緊張情勢）已提高全球市場的不確定性，並影響能源價格、通膨與消費者信心。

While the ultimate duration and economic impact of these developments is unclear, to heightened volatility has the potential to create additional pressure on both demand and cost in the back half of the year. In Refinish, we are seeing signs of a more stable market as destocking trends are abating and claims activity is sequentially expected to improve.

雖然這些發展的最終持續時間與經濟影響仍不明朗，但加劇的波動性可能在下半年對需求與成本帶來額外壓力。在修補漆方面，隨著去庫存趨勢趨緩，且理賠活動預期將逐季改善，我們看到市場更趨穩定的跡象。

Auto insurance premiums have moderated meaningfully. Used vehicle prices are rising and miles driven are trending favorably. At the same time, consumer sentiment inflation concerns are more challenged. All this being said, we are planning for second half volumes to improve compared to last year. In Industrial, we were encouraged by the results we saw in the first quarter, particularly in Europe and Asia.

汽車保險保費已明顯趨緩。二手車價格正在上升，行駛里程的趨勢也較為有利。同時，消費者信心與通膨疑慮則更具挑戰。綜合而言，我們規劃下半年銷量將較去年改善。在工業業務方面，我們對第一季看到的結果感到鼓舞，尤其是在歐洲與亞洲。

However, we remain cautious about the pace and timing of recovery in North America this year. Overall, our business is positioned very well for an eventual market recovery in North America as we are performing at record margin levels and have significantly improved our operational efficiency.

然而，對於今年北美復甦的速度與時點，我們仍保持審慎。整體而言，我們的業務已為北美市場最終復甦做好充分準備，因為我們正以創紀錄的利潤率水準運作，且已顯著提升營運效率。

In mobility, we are now assuming global auto production of approximately 91 million builds, down from our prior outlook of 92 million units.

在移動出行領域，我們目前假設全球汽車產量約為9,100萬輛，較先前展望的9,200萬輛下調。

In Commercial Vehicle, external forecasts for North America Class 8 builds have increased and we now assume approximately 274,000 units, up 10% from previous expectations.

在商用車領域，外部對北美Class 8產量的預測已上調，我們目前假設約為274,000輛，較先前預期提高10%。

With respect to the second quarter, we expect net sales to be roughly flat with adjusted EBITDA in the range of $280 million to $290 million and adjusted diluted earnings per share of approximately $0.65, roughly in line with a year ago.

就第二季而言，我們預期淨銷售額大致持平；調整後EBITDA預計介於2.80億至2.90億美元之間，調整後稀釋每股盈餘約為0.65美元，與去年同期大致一致。

For the full year, we are maintaining our previous guidance expectations for revenue, EBITDA, earnings per share and free cash flow. At this point, we are tracking closer to the lower end of EBITDA and EPS guidance given the demand signals we are seeing at this time.

就全年而言，我們維持先前對營收、EBITDA、每股盈餘及自由現金流的指引預期不變。就目前而言，鑑於我們此刻所看到的需求訊號，我們的追蹤結果更接近EBITDA與EPS指引區間的下緣。

We also continue to expect to deliver adjusted EBITDA margins of approximately 22%, in line with last year, as our pricing and cost actions are expected to help offset the incremental inflation we anticipate.

我們也仍預期可達成約22%的調整後EBITDA利潤率，與去年一致，因為我們的定價與成本措施預期將有助於抵銷我們所預期的額外通膨影響。

Overall, our outlook reflects disciplined execution and continued focus on margin protection, cash generation and confidence in our ability to perform yet again in any type of environment.

整體而言，我們的展望反映出嚴謹的執行力，以及持續聚焦於利潤率保護、現金創造，並對我們在任何環境下再次達成表現的能力充滿信心。

Turning to Slide 11, I'll provide an update on the pending merger of Ecos with AkzoNobel. The transaction continues to progress very well, and we remain firmly on track with all of our key strategic work streams. Both teams are highly aligned and are working together seamlessly as we prepare for the shareholder vote regulatory approvals and day one readiness.

接著看第11頁，我將就Ecos與AkzoNobel的待完成合併案提供最新進度。該交易持續推進得非常順利，我們在所有關鍵策略工作主軸上仍穩健按計畫進行。兩個團隊高度一致，並在為股東投票、監管核准以及第一天就緒（day one readiness）做準備時，無縫協作。

A critical pillar of this combination is the substantial synergy opportunity we have identified. We remain confident in our ability to deliver $600 million in annual run rate synergies. Integration planning between both companies is well underway with dedicated clean teams established to identify and accelerate these synergies, and designed to capture value quickly and deliver a seamless transition at ECOS.

此一結合的關鍵支柱之一，是我們已辨識出的可觀協同效益機會。我們仍有信心能實現每年6億美元的年度化（run rate）協同效益。雙方公司的整合規劃已在積極推進，並已成立專責的潔淨團隊（clean teams）以辨識並加速這些協同效益，旨在快速捕捉價值，並在ECOS實現無縫過渡。

On the regulatory front, filings are underway, including the US and the EU -- we have filed a confidential Form F-4 with the SEC and are progressing as planned. In parallel, we are maintaining active and constructive engagement with shareholders and we expect the shareholder votes for both companies to take place by early July.

在監管方面，申報作業正在進行中，包括美國與歐盟——我們已向SEC以保密方式提交Form F-4，並按計畫推進。同時，我們也持續與股東保持積極且具建設性的互動，並預期兩家公司股東投票將於7月上旬前完成。

Overall, we are excited and energized and remain confident in our ability to deliver meaningful substantial and sustainable value creation through the combination with AkzoNobel.

整體而言，我們感到振奮且充滿動能，並仍有信心透過與AkzoNobel的結合，創造具意義、可觀且可持續的價值。

With that, I will turn it over to Chris for closing remarks.

接下來，我把時間交給Chris做結語。

Thanks, Carl. We're executing well and delivering consistent performance while maintaining strong operational focus. At the same time, we have made significant progress towards our combination with AkzoNobel that we expect will strengthen our portfolio, enhance our financial profile and create significant long-term value for shareholders.

謝謝，Carl。我們執行得很好，在維持強勁營運聚焦的同時，持續交出穩健一致的表現。同時，我們在與AkzoNobel的結合方面也取得重大進展；我們預期這將強化我們的產品組合、提升財務體質，並為股東創造可觀的長期價值。

The transformational actions we have taken across procurement, fixed operating costs and network optimization have fundamentally improved the business and protected margins to prepare for the upside. We have built a solid foundation, which has strengthened with the Akzo combination, and we will be ready when the macro rebounds.

我們在採購、固定營運成本與網路優化方面所採取的轉型行動，已從根本上改善業務並保護利潤率，為上行機會做好準備。我們已建立穩固的基礎，並在與Akzo的結合下進一步強化；當總體環境反彈時，我們將做好準備。

Thank you for joining us today. I will now turn the call over to the operator to open the line for Q&A.

感謝各位今天參與。我現在把電話交回給接線員，開放提問與回答（Q&A）。

Gansham Panjabi, Baird.

Gansham Panjabi，Baird。

Yeah, thank you, operator. Good morning, everybody. Good morning, Chris. I guess just given the abrupt spike in the rum trail costs, has that dynamic changed the de-stocking dynamics impacting auto refinish, especially in North America?

是的，謝謝接線員。各位早安。Chris，早安。我想請教，鑑於輪胎成本突然飆升，這樣的變化是否改變了去庫存（de-stocking）的動態，並影響汽車修補漆（auto refinish），特別是在北美？

And could you just update us on your view for that timeline for volumes in that business since like tire and, just broader question as it relates to whether that dynamic might start to intersect with just a broader economic slowdown given the spike in inflation and the impact on the consumer, et cetera?

另外，能否請你更新一下你們對該業務量（volumes）回升時程的看法？以及更廣泛地說，鑑於通膨飆升及其對消費者等的影響，這樣的動態是否可能開始與更廣泛的經濟放緩相互交織？

Thank you. So I'll start and maybe I'll turn it over to Carl. But as we see it right now, we're certainly seeing stabilization and as April is closing and as we look at Q2, I would say we're showing a bit of an increase in volumes in Q2 or let's call it. In Q2 and we're certainly seeing that come through.

謝謝。我先回答，之後也許再交給Carl補充。但就我們目前所見，確實看到情勢趨於穩定；隨著4月接近結束、我們展望第二季，我會說第二季的量有些許增加，或就這麼說吧。在第二季，我們確實看到這點逐步反映出來。

So I would say the market is pretty stable and we're heading towards a recovery and if you look at Carl's last slide, if you look at all the indicators, they're all positioning the right way. Miles driven is up insurance costs are starting to abate, and we can start seeing that flatline, and also the used car pricing is trending the right way.

因此我會說市場相當穩定，我們正朝復甦前進；如果你看Carl最後一張投影片，所有指標都朝正確方向發展。行駛里程數上升，保險成本開始緩和，我們也開始看到其趨於持平；此外，二手車價格走勢也朝正確方向發展。

So all of this dynamic is heading the right way. For us, the incremental benefit here is also what's happening with destocking. Coating is starting to abate, and you can start seeing that in our results in Q2 or our guide for Q2. We're essentially seeing price mix start to turn markedly positive, and it's really driven by that.

所以整體動態都在往好的方向走。對我們而言，額外的利多也來自去庫存的進展。塗料（coating）端的去庫存正在緩和，你可以在我們第二季的結果或第二季指引中開始看到。我們基本上看到價格/組合（price mix）開始明顯轉為正向，而這主要就是由此所驅動。

And got to just add, I think in addition to all that, especially as we think about the second-half on price mix with some of the price actions the teams are executing, as Chris said, that will affect positively second-half, and you probably will see that in the second quarter as well. And we're also seeing the benefit from some of the more recent M&A transactions come through as well for the full year.

我再補充一下，除了上述因素之外，特別是我們在思考下半年價格/組合時，隨著團隊正在執行的一些定價措施，如Chris所說，這將對下半年帶來正面影響，而你可能在第二季也會看到。此外，我們也看到近期部分併購（M&A）交易的效益開始顯現，並將在全年持續反映。

Thank you.

謝謝。

You're welcome.

不客氣。

Mike Syson, Wells Fargo.

Mike Syson，Wells Fargo。

Hey, good morning. Nice start to the year. Just curious, when you think about the second-half of the year, third quarter, fourth quarter, you have more heads with raw material costs and such and if you get to the midpoint of guidance, you're going to need a much stronger, but a stronger second-half is first half.

嗨，早安。今年開局不錯。我只是好奇，當你們思考下半年、第三季與第四季時，原物料成本等方面會有更多順風（heads），而如果要達到指引的中位數，你們需要一個更強勁的下半年，而且下半年要比上半年更強。

Can you sort of walk us through how you get that ramp into the third and the fourth and how you think the raw material situation gets sort of handled during that time period?

你能否大致帶我們走一遍，你們如何在第三季與第四季實現這樣的爬升（ramp），以及你們如何看待在那段期間原物料情勢將如何被處理？

Sure, Mike. I think it's a very good question. If I look at Q1, you can see that we had a good quarter. We had pockets of improvements across all three businesses.

當然可以，Mike。我認為這是個非常好的問題。如果我看第一季，你可以看到我們有一個不錯的季度。我們在三個業務中都看到一些改善的亮點。

If you look at industrial, we had strong performance in Asia. We actually saw Europe return, which was good news.

如果你看工業業務，我們在亞洲表現強勁。我們也確實看到歐洲回升，這是個好消息。

Again one quarter doesn't certainly set a standard here going forward, so we're seeing positive momentum even as we look at April in industrial and now moving to refinish, again, we're starting to see sales inflect, and our performance, especially with the stocking coming out, is a positive here, too and in mobility, the real story here is the return of CV.

當然，單一季度並不能作為未來的標準，因此我們即便在觀察4月的工業業務時，仍看到正向動能；接著轉到修補漆（refinish），同樣地，我們開始看到銷售出現拐點，而我們的表現，特別是隨著去庫存結束，也是一個正面因素；至於移動出行，這裡真正的重點是商用車（CV）的回歸。

As you look at, and our performance also in CTS. The commercial vehicle market, if you look Q1 to Q1 of this year, was actually down 26%, but we're only down about 6%. And it's really our performance in the growth on the CTS side.

如你所見，我們在 CTS 的表現也是如此。商用車市場若以今年第一季對比去年第一季來看，實際上下滑了 26%，但我們只下滑了約 6%。這主要是我們在 CTS 端的成長表現所帶動。

So now if you project that forward, what's driving the benefit? It's three or four things. The first thing is we've already gone through with pricing across all three businesses and then if you look at how we're normally structured, it's usually 48% in the front half and about 52% in the back half.

所以如果你把這往前推演，究竟是什麼在驅動這個效益？大概有三到四個因素。第一，我們已經在三大業務全面完成調價；另外若看我們通常的結構，上半年通常約 48%，下半年約 52%。

If you look at us now, it's like 45%-55%. What's the difference? It's really three things. The first one is with destocking coming out, we expect that positive price mix and refinish to inflect and continue through the back half.

但現在看起來更像是 45%–55%。差異在哪裡？主要是三件事。第一，隨著去庫存結束，我們預期正向的價格/組合效益以及修補漆（refinish）將出現拐點，並在下半年持續。

The next element of this is really the CV volumes coming back, again, with commercial vehicle. Coming back in the back half, that strengthens us in the back half, really drives good margin performance, as you know that those margins are higher and closer to our refinish margin and the last element that we have here is a little bit of a pickup in Rev or, let's call it, markets.

第二個因素是商用車（CV）銷量回升，也就是商用車在下半年回來。下半年回升會強化我們下半年的表現，並真正帶動良好的毛利率表現；如你所知，那些毛利率較高，且更接近我們修補漆的毛利率。最後一個因素是 Rev，或者說市場，會有些許回升。

So we expect industrial to be up slightly and also refinish to continue to inflect through the back half. So those are the three things that are driving the positive momentum in the back. Again, the offset is certainly the inflation, which we have already priced for.

因此我們預期工業業務會小幅成長，修補漆也會在下半年持續出現拐點向上。所以這三件事正在驅動下半年的正向動能。當然，抵銷因素確實是通膨，而我們已經透過定價反映了。

You're welcome.

不客氣。

[John Roberts], Mizuho.

[John Roberts]，瑞穗（Mizuho）。

Thank you. This is Edlain Rodriguez for [John]. Good morning, everyone. Chris, you talked about the 50% of mobility revenue that's tied to the Raw Materials Index. Can you talk about any lag, if there's any in there? And also, for the remaining 50%, will prices come on time to not have any negative impact in the second-half of the year?

謝謝。我是 Edlain Rodriguez，代替[John]提問。各位早安。Chris，你提到有 50% 的移動出行（mobility）營收與原物料指數掛鉤。你能談談其中是否存在任何滯後（lag）嗎？另外，剩餘的 50%，價格是否能及時調整，以避免在今年下半年造成任何負面影響？

Yeah, that's a great question, and it's, reflective of what I would say the team has performed. If you look at the last three years, as this isn't the first time we've been here. I mean, if you look through the tariffs, if you look through.

是的，這是個很好的問題，也反映了我認為團隊的執行表現。如果你看過去三年，這不是我們第一次遇到這種情況。我的意思是，如果你回顧關稅、如果你回顧……

The Iran-Russia conflict, if you look through hyperinflation, this team over the last three years has had to deal with this many other times and I think this is the innate muscle that we've changed at Axalta, and it's really about driving that pricing discipline when we see it and so I would say, in terms of mobility, on the other 15%, we've already gone up with pricing.

伊朗—俄羅斯衝突、以及惡性通膨，過去三年這個團隊已經多次面對這些狀況；我認為這就是我們在 Axalta 所鍛鍊出的內在能力（muscle）。核心在於：當我們看到成本變動時，就能推動嚴謹的定價紀律。因此我會說，就移動出行而言，另外那 15% 我們已經完成調價。

There's a three to six-month lag with indexes, but you also get the positive on. Once this starts inflecting the right way.

指數機制大約有三到六個月的滯後，但同時你也會在一旦走勢開始朝正確方向拐點時，獲得正向效益。

But overall, as you can see our margins and what we're laying out as our guide for Q2 and the rest of the year, it shows the positive performance because we absolutely believe we can capture this not only through pricing, but also the cost actions from a productivity and a purchasing initiative standpoint that we have out there.

但整體而言，正如你從我們的毛利率，以及我們對第二季與今年其餘期間所提供的指引所看到的，這顯示出正向表現，因為我們完全相信不僅能透過定價來掌握，也能透過我們在生產力與採購倡議方面所推動的成本行動來達成。

You put all that together, the whole company will be running at about almost 22 points of margin, but this business. Will be running at 17 to 18, probably some of the best performance we've seen in the last five, six years.

把這些加總起來，整家公司毛利率將接近約 22 個點，但這個業務將落在 17 到 18 個點，可能是我們過去五、六年來看到的最佳表現之一。

Okay, thank you.

好的，謝謝。

David Beckleider, Deutsche Bank.

David Beckleider，德意志銀行（Deutsche Bank）。

Good morning. This is Emily Fusco on for [Dave Beckleider]. Just kind of turning back to refinish and the trends you're seeing, your competitors that have already reported have suggested share gains, so just kind of how would you characterize your positioning today or any more color you could give? Thank you.

早安。我是 Emily Fusco，代替[Dave Beckleider]提問。回到修補漆（refinish）以及你們看到的趨勢，你們已經公布財報的競爭對手提到市占提升；所以你會如何描述你們目前的定位，或能否提供更多說明？謝謝。

Yes, I think I've obviously stayed away on commenting with what our competitors do. Maybe I'll give you about three or four perspectives here.

是的，我顯然一直避免評論競爭對手的作為。我或許可以從三到四個角度來說明。

The first one is specific to, I think, some of the commentary that have come out in this quarter. It's easy to show an improvement from double-digits down to up double-digits, so maybe it's net zero. But moving from that and being more specific to us, we measure net body shop wins.

第一點是針對我認為本季一些已經出現的評論。從雙位數下滑改善到雙位數成長，看起來很容易，所以可能淨效果是零。但更具體回到我們自身，我們衡量的是淨新增合作鈑噴廠（net body shop wins）。

And as I described it, in our Q1 performance, we saw that go up 10%, and that is a record quarter for Axalta. And so how are we growing? And if you look at this data also over a three to four-year look, you'll notice we went from about 85,000 body shops to close to north of 95,000 body shops. So we continue to grow, and we can see that.

如我所描述，在我們第一季的表現中，這項指標成長了 10%，這是 Axalta 的創紀錄季度。那我們如何成長？如果你也把這些數據拉長到三到四年的區間，你會注意到我們從約 85,000 家鈑噴廠增加到接近、甚至超過 95,000 家。所以我們持續成長，而且我們看得到。

Conceptually, one of the things that we are growing more is in the economy space and mainstream space. This was obviously driven by our CoverFlex acquisition, which we did almost a year ago, that's really enabling us to grow in this region or this area.

在概念上，我們成長較多的一塊是在經濟型與主流市場（economy 與 mainstream）。這顯然是由我們近一年前完成的 CoverFlex 併購所帶動，這確實讓我們能在這個區域/領域成長。

We used to have about 9% market share. We moved north of 11%, so this has been a good story for us and as I look to the rest of the year, we believe, especially with MSOs in North America, where we can. Also start seeing that we're expanding.

我們過去大約有 9% 的市占。我們提升到超過 11%，所以這對我們來說是一個很好的故事；而展望今年其餘時間，我們相信，特別是在北美的 MSO（多據點維修連鎖）方面，我們也開始看到正在擴張。

We already have 9 out of 12, but with those MSOs, we continue to win more body shops. And on top of that, as I look at the economy mainstream, I believe this is going to be a very strong year for us.

我們已經拿下 12 家中的 9 家，但在這些 MSO 客戶上，我們持續贏得更多鈑噴廠。此外，當我看經濟型與主流市場時，我相信今年對我們而言會是非常強勁的一年。

Thank you.

謝謝。

You're welcome, Emily.

不客氣，Emily。

John McNulty, BMO Capital Markets.

John McNulty，BMO 資本市場（BMO Capital Markets）。

Hey, good morning. This is [Caleb] on for John. Just given some of like how much like the chemical spot rates have moved this year, can you help us understand a little bit better like why the inflation headwind is only like mid-single-digits this year and not higher like many people thought and maybe just kind of like what you're. What the raw material headwind will be as you're exiting Q4?

嗨，早安。我是 [Caleb]，代替 John 提問。考量到今年化學品即期價格（spot rates）波動幅度不小，你能否協助我們更好理解：為什麼今年通膨逆風只有中個位數百分比，而不是像很多人原先預期的更高？以及你們在第四季結束時，原物料逆風大概會是什麼樣的程度？

Sure. Good morning. I'll start and maybe I'll hand it over to Carl. I would say there are probably about three or four things that maybe were similar or differentiate us from others or peers than what we're seeing. I think first one is geographic mix.

當然。早安。我先回答，之後可能交給 Carl 補充。我會說大概有三到四個因素，可能與其他公司或同業相比相似或有所差異，這也是我們所看到的情況。我想第一個是地理組合。

If you look at the impact, which is more European and Asia, from an Asian impact, China is about 10% for us. Asia is, let's call it. Just north of 15 points a percent for us.

如果你看影響面，哪一塊更偏歐洲與亞洲；從亞洲的影響來看，中國對我們大約占10%。亞洲就這麼說吧。對我們來說略高於15個百分點。

So in terms of impact it's less for us from a geographic perspective the second part of this is if you think about our buy 60% of our COGS is ECOGS and of that about 40% to 50% are tied to oil so we're slightly better in this case as well compared to some of our peers the third element of this is something that we've been working on.

所以就影響而言，從地理角度看對我們比較小。第二部分是，如果你想想我們的採購，我們約60%的COGS是ECOGS，而其中約40%到50%與油價掛鉤，所以在這種情況下，相較於一些同業我們也稍微更有利。第三個要素是我們一直在推動的事情。

For quite a while, for the last three years, is really our purchasing initiatives and how we've driven our material buys. We used to be 60% on spot buys, we're now 60% on contracts and so we have a natural hedge here based on indices and the ability to manage this at least with some visibility through the full year.

相當長一段時間了，過去三年主要是我們的採購倡議，以及我們如何推動原物料採買。我們以前有60%是現貨採購，現在則有60%是在合約下採購，因此我們在這裡基於指數形成了天然避險，並且能夠在至少對全年有一定能見度的情況下加以管理。

So I think those are three the incremental benefit we also have is the inventory levels. We're sitting on 115 days that puts us at around four months and if you really think about it, it's different by business, and it gives us the ability to manage to push forward pricing faster or a little bit slower.

所以我認為這三點就是增量效益；我們另外還有的好處是庫存水位。

But in terms of the Q2 impact, we're seeing this to be low single-digits and increasing through the back half of the year. And I would say, as we get through the back half of the year, this might feel like high single-digits, but we will certainly be out there with pricing when we see that effect come through.

但就第二季的影響而言，我們看到會是低個位數，並在下半年逐步增加。我會說，當我們進入下半年時，這可能會感覺像是高個位數，但當我們看到那個影響開始顯現時，我們一定會透過調價來因應。

Maybe I'll turn it over to Carl.

也許我把問題交給Carl。

Yeah, and just maybe to add to that, if you look at just 2026, obviously, first quarter, we performed better, so we were low single-digits that benefit, as we think about a raw material performance.

好的，再補充一下，如果只看2026年，顯然第一季我們表現更好，所以就原物料表現來看，我們獲得的是低個位數的效益。

As Chris referenced, we do expect that for the full year to be mid-single-digits, and it's really going to be a focus and more of where we're going to be going as it relates to what oil is going to be doing a little bit longer-term, so whether it's mid-single-digits or potentially a little bit higher than as we're exiting the year.

如Chris提到的，我們預期全年會是中個位數；而這真的會成為重點，並且更取決於油價在較長期會怎麼走，所以當我們接近年底時，可能是中個位數，或甚至略高一些。

As we look at the business, we expect to continue to drive productivity within how we manage a purchase and spend, as well as other cost measures that we look to deploy.

就業務來看，我們預期會持續推動生產力提升，包括我們如何管理採購與支出，以及我們希望部署的其他成本措施。

Okay. Thank you.

好的。謝謝。

You're welcome.

不客氣。

[Matt Deyo], Bank of America.

[Matt Deyo]，美國銀行。

Hi. Rock Hoffman on for Matt. I think your slides are called out mid-single-digit pricing for refinish. Is that a full-year comment or a 2Q to 4Q comment? And how can I kind of square that away with the negative price mix you saw in 1Q? Also, any updates on the IRIS mixing rollout would be helpful as well.

嗨。我是Rock Hoffman，代Matt提問。我想你們投影片提到修補漆（refinish）是中個位數的定價。那是針對全年，還是針對第二季到第四季的評論？另外，我要如何把這點與你們在第一季看到的負向價格/組合（price mix）連結起來？還有，若能更新一下IRIS調漆（mixing）導入進度也會很有幫助。

Yeah, sure. Thanks for the question. Yeah, so if you think of the first quarter, pure price was about low single-digits, up about 2% on a year-over-year basis.

好的，當然。謝謝你的問題。如果你看第一季，純價格大約是低個位數，同比上升約2%。

Most of what you saw as far as in the quarter related to the negative impact was on mix and as we look forward, some of the pricing actions the team is putting into place here in the second quarter, as well as in the second half.

你在該季看到的大部分負面影響主要來自組合（mix）；往前看，團隊在第二季以及下半年正在推動一些定價行動。

So those numbers would be for what the full impact would be with the total gross pricing that we're going after, specifically for our refinish business.

所以那些數字代表的是我們所追求的總體毛定價（gross pricing）所帶來的完整影響，特別是針對我們的修補漆業務。

Really, as it relates to IRIS mix, we're pretty excited about that. The teams are executing very well. I think we're getting -- we're nearing 1,000 in total installations, and that's -- it will continue to be a big focus for our refinish team as we look to get, that out more broadly here in North America.

至於IRIS調漆，我們對此相當興奮。團隊執行得非常好。我想我們——我們的總安裝數已接近1,000套，而這——隨著我們希望在北美更廣泛地推廣，這仍會是修補漆團隊的一大重點。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Harrison, Seaport Research Partners.

Michael Harrison，Seaport Research Partners。

Hi, good morning. Morning. Was hoping that, Chris, maybe you could give us a little more detail on what you're seeing in commercial vehicle, just some thoughts on the timing of this big swing in Class 8.

嗨，早安。早安。我希望Chris你能多分享一些你在商用車看到的情況，特別是對Class 8這次大幅波動的時間點有什麼看法。

And then maybe it's more detail on what's going on in commercial transportation solutions. I assume that that's kind of the fruit of several quarters or years' worth of effort to build out that business. But maybe give us some more detail on the momentum you're seeing and any specific customer wins or markets or applications you would call out?

另外也想更深入了解商用運輸解決方案（CTS）目前的狀況。我猜這算是你們花了好幾季或好幾年努力把這個業務建起來的成果。但能否再多談談你們看到的動能，以及是否有任何具體的客戶得標、或你會特別點名的市場或應用？

Sure. Thanks, Mike. Great question. I'd love to. So as we look at commercial vehicle and obviously coming from my past, it's certainly very cyclical and as it goes down and goes below a replacement demand, you always expected in a few, let's call it a few quarters later to always pick up and we can certainly see that pick up.

當然。謝謝，Mike。問得很好。我很樂意。我們看商用車，顯然以我過去的經驗來看，這個產業非常具週期性；當景氣下行、並低於汰換需求時，你通常會預期在幾個——就說幾個季度之後會回升，而我們確實可以看到那個回升。

So Q1 was very weak, and as you can see from many of the OEs that have reported, if you do a Q over Q comp, you can see the decline. But as we get into Q2, we can already see those numbers pick up.

所以第一季非常疲弱；而且如你從許多已公布的OE（原廠）所看到的，如果做季度對季度比較，你會看到下滑。但進入第二季後，我們已經可以看到那些數字回升。

In terms, not only from a forecast perspective, but also what we see in April one of the things that we did is, as we got into the business and certainly a credit to the mobility team, in terms that we had such a strong presence and such leadership on the OE side of Class 8 and we wondered, the team wondered why we could take that technology and certainly match it in everything that CTS, and if you think of this space, it's really what we do in specialty, what we do in off-highway, what we do in military, and also whatever we do in RVs or the recreational space, so they set a plan to really grow in this space.

就這點而言，不只是從預測角度，也包括我們在4月看到的情況。我們做的一件事是：當我們深入這個業務時——也要肯定mobility團隊——我們在Class 8的OE端有非常強的布局與領導地位；我們（團隊）在想，為什麼不能把那套技術帶過來，並在CTS所涵蓋的各領域中加以匹配。若你看這個領域，基本上就是我們在特種車輛、非公路（off-highway）、軍用，以及RV或休閒領域所做的事情，因此他們制定了一個計畫，要在這個領域真正成長。

And just to give you a perspective, the overall market is about $3.5 billion, and we only have about 7% market share. So we saw this as a great opportunity to grow.

給你一個概念，整體市場大約是35億美元，而我們的市占率只有約7%。所以我們把這視為一個很好的成長機會。

And that's certainly the fruits of all that work is what you're seeing coming through in Q1, and it will certainly continue to come through as we go through the rest of the quarters. I'm not here to probably provide what our targets are going to be for the rest of the year, but I just want to point out, you can see the performance again. As I said earlier, coming through in Q1.

而你在第一季看到的，確實就是所有這些努力的成果開始顯現；隨著我們走過接下來的各個季度，這也一定會持續反映出來。我可能不會在這裡提供我們今年剩餘期間的目標，但我只是想指出，你可以再次看到這個表現。如我先前所說，在第一季已經開始顯現。

The market's down 26 points. We're just down 6 points. So that offset really happened from all the wins that we had on the CTS side.

大盤下跌了26點。我們只下跌了6點。所以這個抵銷效果，確實來自於我們在CTS端取得的所有勝利。

Now, going forward, the additional space opportunities here is this isn't just focused on North America. We're also looking at how we can really expand this globally and this is certainly, I think, something that's a bright star in our mobility business. The. Incremental difference we also made here was add capacity.

接下來，這裡額外的成長空間機會在於：這不只是聚焦北美。我們也在看如何真正把這項業務擴展到全球，而我認為這無疑是我們移動出行業務中的一顆明日之星。這個。我們在這裡做的另一個增量差異是增加產能。

Our CTS and our refinish business actually come out of our refinish lines and our refinish plants. So we needed to add capacity and really make sure that we were ready once we took this volume to that once CV returned, that we can ensure that we can protect and perform for those customers and we've certainly done that, the record capital investments that you have seen, part of that. Was to ensure that we're structurally in the right place for this business.

我們的CTS以及我們的修補漆（refinish）業務，實際上都來自我們的修補漆產線與修補漆工廠。因此我們需要增加產能，並真正確保一旦我們把這個量拉上來、當CV回升時，我們能確保可以保護並為這些客戶提供良好交付與表現；而我們確實做到了。你們看到的創紀錄資本投資，其中一部分就是為了這個。目的在於確保我們在結構上處於適合這項業務的正確位置。

So I think there's far more upside here in this business as we go forward, and I look forward to tell you more about it as the rest of the year progresses.

所以我認為，隨著我們往前走，這項業務還有更大的上行空間；也期待在今年其餘時間的進展中，能跟各位分享更多。

Sounds good. Thanks very much.

聽起來不錯。非常感謝。

You're welcome.

不客氣。

[Patrick Cunningham], Citi.

[Patrick Cunningham]，花旗。

Hey, guys. Good morning. This is actually Rachel Lee on for Patrick. So I know that you're still guiding to greater than $500 million for a full-year free cash flow. So given the potential for mid-single-digit inflation and working capital requirements, how are you managing inventory levels and receivables through the balance of the year?

嗨，各位。早安。我其實是Rachel Lee，代Patrick提問。我知道你們仍然指引全年自由現金流大於5億美元。那麼，考量到可能出現的中個位數通膨以及營運資金需求，你們在今年剩餘時間如何管理庫存水位與應收帳款？

Yeah, thanks, Rachel, for the question. So I think maybe we'll start in the first quarter. We were pleased with the performance. If you think about our cash conversion cycle, we improved by about six days year-on-year in the first quarter.

好的，謝謝你，Rachel，這個問題。我想也許先從第一季談起。我們對表現感到滿意。如果你看我們的現金轉換週期，第一季相較去年同期改善了大約6天。

And as I think what is in front of us for the rest of the year, as Chris said, we are pricing and so if I look at kind of what the impact is going to be in DSOs, we're going to get out in front of that a little bit.

至於今年剩餘時間的展望，如Chris所說，我們正在進行定價；所以如果我看對DSO（應收帳款週轉天數）的影響，我們會稍微提前因應。

So I think even with the mid-single-digit inflation kind of running through and getting into inventory, we still feel very confident in our ability to deliver on free cash flow.

因此我認為，即便中個位數通膨逐步反映並進入庫存成本，我們仍對達成自由現金流目標的能力非常有信心。

We're going to have lower interest expense this year on a year-over-year basis, and we continue to look to improve overall cash conversion cycles for not building off what we did in the first quarter, and I'm hoping that we will be able to improve that even a little bit more on a year-over-year comparison as we move throughout the year.

今年我們的利息費用將較去年同期降低，而且我們也會持續改善整體現金轉換週期，在第一季成果的基礎上再往前推進；我也希望隨著今年推進，我們在與去年同期比較時還能再多改善一些。

And I just wanted to add that to add to a few more comments. I think I really want to add to the performance that we saw in Q1, really a credit to the finance team and Carl for just driving some enormous performance in interest rates. And obviously, we'll get that tailwind for the rest of the year.

我也想補充幾點。我想特別強調我們在第一季看到的表現，這真的要歸功於財務團隊以及Carl，在利率方面推動了非常顯著的成果。而且很明顯地，我們在今年剩餘時間也會持續享有這股順風。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Great. Thank you so much. I realize you can't necessarily jump the gun in terms of the Axalta deal, but in terms of your own cost execution and just navigating what I think most of us would characterize as fairly difficult markets over the last few years, is there any kind of update in your thoughts or the trajectory of the synergy target with the companies?

很好。非常感謝。我知道你們未必能在Axalta交易方面搶先透露，但就你們自身的成本執行，以及在過去幾年我想多數人會形容為相當艱難的市場環境中航行而言，你們對於與對方公司協同效益目標的想法或達成軌跡，有沒有任何更新？

Presumably, you've still been in touch with them. You've been executing on your own. Just any quick update there would be very helpful. Thank you.

推測你們仍有保持聯繫。你們也在執行自身的計畫。這部分若能快速更新一下會很有幫助。謝謝。

Yeah, good morning, Christopher. Good question. Certainly, I think on both sides, we're managing costs. But I would say Greg and I have been working with a clean team environment.

好的，早安，Christopher。好問題。當然，我認為雙方都在管理成本。但我會說，Greg和我一直在「潔淨團隊（clean team）」的環境下合作。

We've had two exceptional teams on both sides work on this, especially as we get closer to the boat and also start heading towards close to really define what is the work streams with hired the help of some external consultants so that we can keep this very clean and also look at what actions and the more and more time both of us spend on this, we can really get comfortable with the actions and be able to reiterate that the $600 million is just the floor.

我們雙方都有兩支非常出色的團隊在做這件事，尤其是當我們更接近（交易）臨門一腳、也開始朝接近交割邁進時，我們在一些外部顧問的協助下，真正去定義各個工作流（work streams），以便保持流程非常乾淨；而且隨著我們投入的時間越來越多，雙方都能對相關行動更有把握，也能再次強調：6億美元只是底線。

And I would say, as we get half the vote, we're going to spend far more time on really driving the action so that we can hit a gate running.

我也會說，當我們拿到一半的表決權後，我們會投入更多時間真正推動這些行動，確保我們能在起跑線就全速衝刺。

We close, but I would say, every day we spend and we're on calls weekly, we get more and more comfortable with the fact that this will create enormous value, and I mean, you think about.

等到交割完成，但我會說，我們每天投入、而且每週都在通話，對於這將創造巨大的價值這件事，我們越來越有信心；我的意思是，你想想看。

All the different multitude of buckets that we can focus on in terms of scale and purchasing, we go from $2 billion to $6.5 billion plus.

在規模與採購方面，我們可以聚焦的不同面向非常多；我們的規模會從20億美元提升到65億美元以上。

There's an enormous ability here from scale, what we're doing right, what they're doing right, what the overall scale can provide and then from that, you can move to supply chain synergies, what we can do jointly from the fact that between the two of us.

這裡在規模上有非常大的能力：我們做得好的、他們做得好的、以及整體規模能帶來的效益；接著你可以延伸到供應鏈協同效益，基於我們兩家公司之間的事實。

We have almost 400 warehouses and locations and how we could improve all of that and drive utilization how we're approaching the same customers, and then you go into the duplicity of everything that you have in SG&A, and finally, even beyond that, the incremental opportunities when you look at indirect and all the other cost buckets. I would say there's just a basket that provides a great opportunity to work on once we become together as a combined company. Thank you.

我們擁有將近400個倉庫與據點，我們可以如何改善這一切並提升利用率、我們如何以相同客戶為對象進行布局；然後再看SG&A（銷售、一般及行政費用）中所有重複的部分；最後，甚至更進一步，當你看間接採購以及其他所有成本項目時，還有額外的增量機會。我會說，這就是一籃子機會，一旦我們成為一家合併公司，就能著手推動。謝謝。

You're welcome, Craig.

不客氣，Craig。

Thank you.

謝謝。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Hi, this is Matt Hettwer on for [Kevin McCarthy]. What are you seeing in the demand function for your industrial business? Sales look like they're stronger in Asia and Europe than domestically.

嗨，我是Matt Hettwer，代[Kevin McCarthy]提問。你們在工業業務的需求函數方面看到了什麼趨勢？銷售看起來在亞洲與歐洲比在國內更強。

Could you take us through how the business is doing regionally? And then finally, what are your thoughts on whether rising input costs for your customers in that business will lead to incremental demand weakness in the back half of the year?

你能帶我們了解一下各區域的業務表現嗎？最後，你怎麼看該業務中客戶投入成本上升，是否會在下半年導致額外的需求走弱？

Sure, I'd love to. I think maybe I'll first give you a perspective, again, to the two bright spots Asia continues to grow.

當然，我很樂意。我想我先給你一個觀點：再一次，兩個亮點之一是亞洲持續成長。

We've seen, let's call it, five quarters of growth and as we project forward, it still looks strong for us and again, this is primarily in our energy solutions business, where everything that we provide, whether it's impregnating resins for motors or all the coatings that we provide for battery enclosures.

我們看到可以說是連續五個季度的成長；而往前看，對我們而言仍然看起來很強勁。再者，這主要是在我們的能源解決方案業務，無論是我們提供給馬達用的浸漬樹脂，或是我們為電池外殼提供的各種塗料。

All of that is on a positive trend, and so certainly a tailwind that we see there. In Europe, that inflected last quarter, again, business that we gained here in E-Code, and we continue to see positive signs in volume across even powder and architectural extrusion in this region.

所有這些都呈現正向趨勢，因此我們確實看到這是一股順風。在歐洲，上季出現拐點，同樣地，我們在 E-Code 這裡拿到的業務，我們也持續看到本區域即使在粉末塗料與建築擠型方面的量能都有正向跡象。

So that's a positive inflection for us. Again, the positive here is also probably coming into the spring buying cycle, now moving to. North America, this continues to be weak. Again, I think interest rates being higher for longer has been an impact here, but we feel at some point this will inflict.

所以這對我們來說是正向的拐點。同樣地，這裡的正面因素也可能是進入春季採購週期所帶來的，現在轉到。北美，這仍然疲弱。同樣地，我認為利率在更長時間維持較高水準對這裡造成了影響，但我們覺得在某個時間點這將會出現拐點。

And just to add to that, for industrial in total, we're not -- for the full year, we're seeing it really flattish on a year-over-year basis. And so if you think about even in the second-half on your demand question, we're not seeing, in aggregate, it getting that much better through the year, and that's already reflected. In our guidance numbers that we put forward.

再補充一下，就整體工業端而言，我們並不是——就全年來看，我們看到它在年對年基礎上基本持平。因此，如果你就你提到的需求問題來看，即使在下半年，我們也沒有看到整體而言在今年內會明顯好轉，而這一點已經反映在。我們所提出的指引數字中。

Thank you.

謝謝。

You're welcome.

不客氣。

[Joshua Spector], UBS.

[Joshua Spector]，瑞銀（UBS）。

Good morning. This is Lucas. I'm on for Josh. I mean, it seems like there's kind of been a shift amongst, I guess, both you guys and the rest of the coatings peers towards like greater index linking the pricing to raw material shifts, so I guess that's probably happening more in the coatings businesses that seem to have less pricing power compared to those with more, and I guess while this sort of might reduce.

早安。我是 Lucas。我代替 Josh 上線。我的意思是，看起來你們以及其他同業塗料公司之間似乎有某種轉變，朝向更大程度地把定價與原材料變動做指數連結；所以我猜這可能更多發生在那些相較於定價能力較強者、定價能力較弱的塗料業務上；而我想，雖然這種作法可能會降低。

Shorter term earnings volatility at the front of the cycle. I mean, it then seems like it's set up to kind of give the pricing back on the back end and might like reduce the net price cost benefit that you're capturing over the full cycle. So, I mean, I probably would have said this was like a feature as opposed to a bug.

在週期前段的短期獲利波動。但它似乎也會在週期後段把價格讓回去，並可能降低你們在整個週期中所能捕捉到的淨價格/成本利益。所以，我的意思是，我可能會說這更像是一個特性而不是缺陷。

In the sense that you're getting more price cost over time and it's helping kind of drive your earnings growth in the medium term.

因為你會隨時間獲得更多的價格/成本效益，並有助於在中期推動獲利成長。

So do you think this shift is one, maybe just give us your view on how you see this shifting or not shifting overall? And then, I mean, would you, how do you think that supports or I guess impairs medium-term earnings growth cycle? Thanks.

所以你認為這個轉變是——也許先請你們談談你們如何看待這個轉變、或是否不會轉變的整體看法？然後，我的意思是，你們認為這對中期獲利成長週期是支持，或我想是削弱？謝謝。

Well, maybe I'll start and then hand it over to Carl. I would have to disagree with that a bit, primarily because of my view. On what the indexing provides. What the indexing provides is more visibility and control so that you can price. And as I look at our business model in two out of our three businesses, let's call it the indexing is not tied to that.

好，也許我先開始，然後交給 Carl。我得在某種程度上不同意這個看法，主要是因為我對。指數連結所提供的內容的看法。指數連結提供的是更高的可視性與可控性，讓你可以進行定價。而就我們的商業模式來看，在我們三個事業中的兩個，姑且稱之為指數連結並沒有與此綁定。

So when we talk about our refinished business and when we talk about our industrial business, the best part of what we do is we see the visibility from a purchasing aspect and then we are able to go right in and price.

所以當我們談到我們的修補漆（refinish）業務，以及我們談到我們的工業業務時，我們做得最好的部分是：從採購角度我們能看到可視性，然後我們就能直接進行定價。

And as you can see with. We have already defined in terms of pricing, both in our industrial and refinish business, we've already done that, we've already priced in Q1, we're already seeing the results, that's why we can already target almost 22 points of margin for Q2.

而且如你所見。就定價而言，我們在工業與修補漆業務都已經明確完成了；我們在第一季已經完成定價，我們已經看到成果，這也是為什麼我們在第二季就能鎖定接近 22 個百分點的利潤率。

Now moving into our mobility business, that's where there's indexing tied for 50% of the business to RMI indexing and here, your comment is valid with the exception of the fact that you do get it on a lag basis.

接著到我們的移動出行（mobility）業務，那裡有指數連結——約 50% 的業務與 RMI 指數連結綁定；在這裡，你的評論是成立的，但例外在於你確實會以滯後的方式取得。

On the rest of the business, we are able to price, and we have done it consistently through what I would call it through the last three risk factors that we have faced in the last.

至於其餘的業務，我們能夠定價，而且我們一直都能做到；我會說，面對我們在過去三年所遭遇的最後三個風險因素期間，我們都持續做到。

Three years, whether it's the inflation that we saw because of the tariffs, whether it was just the pure hyperinflation that we saw in North America, or whether it's the Iran conflict or, for that matter now, the Middle East conflict.

不論是因關稅而看到的通膨，不論是我們在北美看到的純粹惡性通膨，或是不論是伊朗衝突，或者就此而言現在的中東衝突。

My simple perspective here is we set a target that was 300 basis points to 400 basis points higher than where we were just three years ago. In our A plan, we set a target of 21 points of margin, and we have been performing at that.

我在這裡的簡單觀點是：我們設定了一個目標，比三年前的水準高出 300 到 400 個基點。在我們的 A 計畫中，我們設定了 21 個百分點的利潤率目標，而我們一直都在那個水準上表現。

Even through all these four crisis at north of 21% to 22% for the last and certainly that is reflective on our EBITDA performance for the last three years. But now I'll turn to Carl if I missed something.

即使經歷這四次危機，我們在過去仍維持在 21% 到 22% 以上；而這當然也反映在我們過去三年的 EBITDA 表現上。不過現在我把話交給 Carl，看看我是否漏了什麼。

I didn't think you missed anything, but just as a reminder, during this whole time period when we really started to increase the overall RMIs we had in place in our mobility business, we've more than doubled the margin during that time period.

我不覺得你漏了什麼，但提醒一下，在這整段期間，當我們真的開始在移動出行業務中提高整體 RMI 機制時，我們在那段期間的利潤率已經增加到原來的兩倍以上。

And if you look back over the last probably four or five years, the overall margin profile. While, but Axalta has expanded 600 basis points. So, we have best margins in the business, in the coatings business. So, we feel very good with our strategy and how we're executing.

而如果你回頭看過去大概四到五年，整體的利潤率輪廓。Axalta 的利潤率已擴張 600 個基點。所以我們在塗料業務中擁有最佳的利潤率。因此，我們對我們的策略以及我們的執行方式感到非常有信心。

Thank you. At this time, we have reached our allotted time for questions. I will now turn the call back over to Chris Villavarayan for closing comments.

謝謝。此時，我們已到達分配的提問時間。我現在把電話交回給 Chris Villavarayan 作結語。

Well, to everyone, thank you for calling in and certainly for your interest. I certainly want to start by congratulating the team for a good Q1, a solid Q1. We're certainly looking forward to Q2, and we believe that we have great plans to execute here, including working with Greg and the Axalta team towards our merger. And with that, thank you.

各位，感謝來電，當然也感謝你們的關注。我想先恭喜團隊第一季表現良好、第一季表現穩健。我們當然期待第二季，我們相信我們有很好的計畫可以在這裡執行，包括與 Greg 以及 Axalta 團隊合作推進我們的合併。就此，謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect

謝謝。今天的會議到此結束。感謝各位撥冗與會。您現在可以掛線