博格華納 (BWA) 2025 Q3 法說會逐字稿

Good morning. My name is Ashiya, and I'll be your conference specialist. At this time, I would like to welcome everyone to the BorgWarner 2025 third quarter results conference call. (Operator Instructions) I would now like to turn the call over to Patrick Nolan, Vice President of Investor Relations.

早安.我叫蘆屋，我將擔任您的會議專員。此時此刻，我謹代表博格華納歡迎各位參加2025年第三季業績電話會議。（操作員指示）現在我將把電話交給投資者關係副總裁帕特里克·諾蘭。

Mr. Nolan, you may begin your conference.

諾蘭先生，您可以開始您的會議了。

Thank you, Ashiya. Good morning, everyone, and thank you for joining us today. We issued our earnings release earlier this morning. It's posted on our website, borgwarner.com, both on our home page and on our Investor Relations home page. With regard to our Investor Relations calendar, we will be attending multiple investor conferences between now and our next earnings release. Please see the Events section of our IR page for a full list.

謝謝你，蘆屋。各位早安，感謝大家今天收看我們的節目。我們今天早上早些時候發布了盈利報告。這些資訊已發佈在我們的網站 borgwarner.com 上，包括首頁和投資者關係首頁。關於我們的投資者關係日程安排，從現在到我們發布下一份財報之間，我們將參加多場投資者會議。請查看我們投資者關係頁面的「活動」部分，以了解完整清單。

Before we begin, I need to inform you that during this call, we may make forward-looking statements, which involve risks and uncertainties as detailed in our 10-K. Our actual results may differ significantly from the matters discussed today. During today's presentation, we will highlight certain non-GAAP measures in order to provide a clearer picture about the core business performed and for comparison purposes with prior periods.

在開始之前，我需要告知各位，在本次電話會議中，我們可能會發表一些前瞻性聲明，這些聲明涉及風險和不確定性，詳情請參閱我們的 10-K 表格。我們的實際結果可能與今天討論的內容有很大不同。在今天的簡報中，我們將重點介紹一些非GAAP指標，以便更清楚地了解核心業務的執行情況，並與先前期間進行比較。

When you hear us say on a comparable basis, that means excluding the impact of FX, net M&A and other noncomparable items. When you hear us say adjusted, that means excluding noncomparable items. When you hear us say organic, that means excluding the impact of FX and any net M&A. We will also refer to our incremental margin performance. Our incremental margin is defined as the organic change in our adjusted operating income divided by the organic change in our sales.

當我們說以可比較基礎計算時，這意味著排除外匯影響、淨併購和其他不可比較項目的影響。當我們說「調整後」時，指的是排除不具可比性的項目。當我們說有機成長時，這意味著不包括外匯影響和任何淨併購活動的影響。我們也會提及我們的增量利潤表現。我們的增量利潤率定義為調整後營業收入的有機成長除以銷售額的有機成長。

We'll also refer to our growth compared to our market. When you hear us say market, that means the change in light and commercial vehicle production weighted for our geographic exposure. Please note that we have posted today's earnings call presentation to the IR page of our website. We encourage you to follow along with these slides during our discussion.

我們也會提及我們相對於市場的成長情況。當我們說「市場」時，指的是根據我們的地理分佈加權的輕型和商用車產量的變化。請注意，我們已將今天的財報電話會議簡報發佈到我們網站的投資者關係頁面上。我們建議您在討論過程中對照這些投影片進行操作。

With that, I'm happy to turn the call over to Joe.

這樣，我就很樂意把電話交給喬了。

Thank you, Pat, and good morning, everyone. I'm very pleased to share our results for the third quarter of 2025 and provide an overall company update, starting on slide 5. I wish to begin by thanking our employees, customers and suppliers for all of their trust and efforts during the quarter and for their continued support. In the quarter, we achieved organic sales growth of just over 2% despite headwinds for downtime at one of our European customers due to a cyber-related shutdown. Excluding the decline in our CV battery and Charging Systems segment, our organic sales were up approximately 4% year-over-year.

謝謝你，帕特，大家早安。我很高興與大家分享我們 2025 年第三季的業績，並提供公司整體最新情況，從第 5 頁開始。首先，我要感謝我們的員工、客戶和供應商在本季給予的信任和努力，以及他們一直以來的支持。本季度，儘管由於網路安全相關的停機事件導致我們的一家歐洲客戶出現服務中斷，給我們帶來了不利影響，但我們仍實現了略高於 2% 的有機銷售成長。剔除 CV 電池和充電系統業務的下滑，我們的有機銷售額年增約 4%。

I'm excited to report that the strong award activity we saw in the first half continued into the third quarter. Today, I will share eight new business awards across both foundational products and e-products, which are just a sampling of the awards that we secured during the quarter. We believe these awards illustrate the strength of our portfolio and the demand for efficient powertrain technology around the globe. Our adjusted operating margin performance was strong in the third quarter, coming in at 10.7%, which increased 60 basis points year-over-year despite a 60 basis point net tariff headwind. This strong underlying operational performance was driven by capitalizing on higher sales, continuing to focus on cost controls across our business and turning earnings into strong free cash flow.

我很高興地報告，上半年強勁的頒獎勢頭延續到了第三季。今天，我將分享我們在基礎產品和電子產品領域獲得的八項新業務獎項，這只是我們本季獲得的部分獎項。我們相信這些獎項體現了我們產品組合的實力以及全球對高效動力總成技術的需求。第三季度，我們調整後的營業利潤率表現強勁，達到 10.7%，年增 60 個基點，儘管淨關稅上漲了 60 個基點。這一強勁的基本營運業績得益於更高的銷售額、持續專注於業務成本控制以及將收益轉化為強勁的自由現金流。

Lastly, we remain focused on the efficient deployment of our capital to drive shareholder value. In the quarter, we returned approximately $136 million or over 50% of our third quarter free cash flow to shareholders to share repurchases and payment of our quarterly cash dividend. Looking back on our year-to-date performance, I'm very proud of our team and our results. As Craig will detail, our year-to-date performance remains strong and has enabled us to once again increase our adjusted margin, adjusted EPS and free cash flow guidance for the full year.

最後，我們將持續專注於高效率運用資本，以提升股東價值。本季度，我們將第三季自由現金流的約 1.36 億美元（超過 50%）返還給股東，用於股票回購和支付季度現金股利。回顧我們今年迄今為止的表現，我為我們的團隊和所取得的成績感到非常自豪。正如克雷格將詳細介紹的那樣，我們今年迄今為止的業績仍然強勁，並使我們能夠再次提高全年的調整後利潤率、調整後每股收益和自由現金流預期。

Now let's look at some of the new foundational product awards on slide 6. First, BorgWarner has been awarded several four-wheel drive contracts with Chery to supply its on-demand transfer case with mechanical locking for their pickup truck vehicles and its all-wheel drive coupling for Chery's SUV models. We believe the new programs further strengthen the long-term partnership between the two companies and advanced drivetrain systems with mass production scheduled to begin in 2027. We are honored to extend our collaboration with Chery and the drivetrain technology field. As a global leader in this sector, BorgWarner brings a broad product portfolio, deep technical expertise and sharp insights into international markets.

現在讓我們來看看第 6 頁投影片上的一些新的基礎產品獎項。首先，博格華納已與奇瑞簽訂了多項四驅車合同，為其皮卡車提供帶機械鎖定的按需分動箱，並為奇瑞SUV車型提供全輪驅動耦合器。我們相信，這些新項目將進一步加強兩家公司之間的長期合作關係，並有望在 2027 年開始大規模生產的先進動力傳動系統。我們很榮幸能夠拓展與奇瑞以及動力傳動技術領域的合作。作為該領域的全球領導者，博格華納擁有廣泛的產品組合、深厚的技術專長和對國際市場的敏銳洞察力。

Next, BorgWarner has solidified an agreement with Stellantis to supply our 50-millimeter variable turbine geometry or VTG turbocharger for the OEMs GME T4 EVO four-cylinder gasoline engine. This turbocharger will be featured on the automakers 2026 Jeep Grand Cherokee. Additionally, BorgWarner will supply its electric variable cam timing or eVCT technology on the OEM's Jeep Cherokee engine. We are pleased to partner with Stellantis on these exciting project launches. Our long-standing relationship includes supplying Stellantis with a number of turbos for previous vehicle models, and this specific project marks our shift into the next generation of turbocharging.

接下來，博格華納與Stellantis達成協議，為OEM廠商GME T4 EVO四缸汽油引擎提供50毫米可變幾何渦輪增壓器（VTG）。這款渦輪增壓器將應用於該汽車製造商 2026 年 Jeep 大切諾基車型。此外，博格華納將為該 OEM 廠商的 Jeep Cherokee 引擎提供其電動可變凸輪正時或 eVCT 技術。我們很高興能與Stellantis合作推出這些令人興奮的計畫。我們與 Stellantis 有著長期的合作關係，曾為該公司先前的車型提供許多渦輪增壓器，而這個特定的項目標誌著我們向下一代渦輪增壓技術邁進。

The integration of BorgWarner's eVCT into the Jeep Cherokee engine marks the first use of an eVCT on a Stellantis engine. I'm excited to see continued demand for our market-leading foundational products across our portfolio.

將博格華納的 eVCT 整合到 Jeep Cherokee 引擎中，標誌著 eVCT 首次應用於 Stellantis 引擎。我很高興看到我們產品組合中市場領先的基礎產品持續受到市場歡迎。

Now let's look at some new e-product awards on slide 7. First, BorgWarner has secured a contract to supply a 7-in-1 integrated drive module, or iDM, to a leading Chinese OEM with mass production expected to start in 2026. Exclusively designed for the customer's hybrid SUV, BorgWarner's iDM integrate multiple functions within a single compact unit to boost overall system performance and efficiency.

現在讓我們來看看第 7 張投影片上的一些新的電子產品獎。首先，博格華納已獲得一份合同，將向中國一家領先的OEM廠商供應7合1集成驅動模組（iDM），預計將於2026年開始量產。博格華納的 iDM 專為客戶的混合動力 SUV 設計，將多種功能整合在一個緊湊的單元中，以提高整體系統性能和效率。

BorgWarner's 7-in-1 iDM combines two electric motors, featuring the company's patented high-voltage hairpin winding technology, a dual inverter integrated with an onboard charger, DC to DC converter and voltage boost function as well as an e-gear transmission. With deep expertise in electrified propulsion and full stack in-house capabilities covering e-motors, power electronics and gear boxes, BorgWarner is able to provide a flexible and highly integrated solution tailored to the customers' needs.

博格華納的 7 合 1 iDM 結合了兩個電動機，採用該公司專利的高壓髮夾式繞組技術、集成車載充電器、直流到直流轉換器和升壓功能的雙逆變器以及 e-gear 變速器。憑藉在電氣化推進方面的深厚專業知識和涵蓋馬達、電力電子設備和齒輪箱的全堆疊式內部能力，博格華納能夠提供靈活且高度整合的解決方案，以滿足客戶的需求。

Next, BorgWarner is strengthening its electrified propulsion collaboration with Great Wall Motor. Building on two previously announced dual inverter programs, BorgWarner has secured two additional projects with this OEM with mass production scheduled by the end of 2025. We believe the extension of this partnership not only reflects recognition of our products and technologies, but also underscores our strong commitment to supporting our customers with new energy strategies. We remain dedicated to accelerating their electrified vehicle portfolio.

接下來，博格華納將加強與長城汽車在電動推進系統領域的合作。繼先前宣布的兩項雙逆變器計畫之後，博格華納又與這家原始設備製造商達成了兩項新的合作項目，計劃於 2025 年底開始量產。我們相信，此次合作關係的擴展不僅體現了對我們產品和技術的認可，也突顯了我們致力於透過新能源策略支持客戶的堅定承諾。我們將繼續致力於加快其電動車產品組合的開發。

Lastly, BorgWarner has secured a contract to supply its battery system to the all-new HOLON Urban, a 15-person, Level 4 autonomous fully electric shuttle. The system utilizes two 57-kilowatt-hour battery packs and incorporates a modular design with cylindrical NMC cells, which offer the latest generation cell chemistry and benchmark setting energy density. Additionally, BorgWarner's NMC battery system includes a robust stainless steel battery case and uses a compact active liquid cooling system.

最後，博格華納已獲得一份合同，將為其全新 HOLON Urban（一款可容納 15 人的 L4 級自動駕駛全電動穿梭巴士）提供電池系統。該系統採用兩個 57 千瓦時的電池組，並採用模組化設計，配備圓柱形 NMC 電池，提供最新一代的電池化學技術和標竿級的能量密度。此外，博格華納的 NMC 電池系統包括一個堅固的不銹鋼電池外殼，並採用緊湊型主動式液冷系統。

To summarize, the takeaways from today are the following: First, BorgWarner's third quarter results were strong. Second, we secured multiple new business awards across our entire portfolio. And third, we continued returning capital to shareholders. As we focus on a successful finish to 2025 and look towards early 2026, I expect BorgWarner to remain focused on three factors to drive value for our shareholders. First, we must continue to focus on driving strong financial performance.

總而言之，今天的主要訊息如下：首先，博格華納第三季業績強勁。其次，我們在整個業務組合中獲得了多個新業務獎項。第三，我們繼續向股東返還資本。展望 2026 年初，我們專注於成功完成 2025 年的目標，並期待博格華納繼續專注於三個因素，為我們的股東創造價值。首先，我們必須持續專注於推動強勁的財務表現。

To me, this means successfully launching profitable business around the globe that supports our customers' needs for leading-edge powertrain technology for combustion, hybrid and electric vehicles, as well as continuously taking the steps to manage our overall cost structure. I expect this to support expanded earnings and cash flow.

對我而言，這意味著在全球範圍內成功開展盈利業務，以滿足客戶對燃油車、混合動力車和電動車領先動力系統技術的需求，並不斷採取措施來管理我們的整體成本結構。我預計這將有助於提高利潤和現金流。

Second, we must continue to capitalize on the strong quoting environment that we've been seeing over the last several quarters. BorgWarner intends to remain focused on securing new business across our portfolio which I expect to contribute to our long-term top line and bottom line growth.

其次，我們必須繼續利用過去幾季以來一直保持強勁的報價環境。博格華納將繼續專注於在我們業務組合中獲取新業務，我預計這將有助於我們實現長期營收和利潤成長。

And last, we need to stay focused on creating additional shareholder value with our strong free cash flow. I expect this to be achieved through a balanced capital allocation approach that rewards shareholders, while also making inorganic investments that will grow the earnings power of BorgWarner and improve our long-term positioning.

最後，我們需要繼續專注於利用我們強大的自由現金流創造更多股東價值。我希望透過平衡的資本配置方式來實現這一目標，既能回報股東，又能進行非有機投資，從而提高博格華納的獲利能力，改善我們的長期地位。

I continue to firmly believe in the strength of BorgWarner. The 17 awards we've announced over the last six months provides me even more confidence that our product strategy is built to drive long-term profitable growth across our entire portfolio. In combination with our deep and long-standing global customer relationships and our disciplined financial approach, our talented team will continue to drive BorgWarner to the next level of success.

我仍然堅信博格華納的實力。過去六個月我們宣布獲得的 17 項獎項讓我更加確信，我們的產品策略旨在推動我們整個產品組合的長期獲利成長。憑藉我們深厚的全球客戶關係和嚴謹的財務管理，我們才華橫溢的團隊將繼續推動博格華納邁向新的成功階段。

With that, I will turn the call over to Craig.

接下來，我將把電話交給克雷格。

Thank you, Joe, and good morning, everyone. Before I dive into the financials, I'd like to provide a quick overview of our third quarter results. First, we reported just under $3.6 billion in sales, which was up 2% year-over-year, excluding foreign exchange. This performance was modestly weaker than our market production in the quarter due to downtime at one of our European customers and a decline in our battery and charging sales. Second, we had strong adjusted operating margin performance in the quarter at 10.7%.

謝謝你，喬，大家早安。在深入分析財務數據之前，我想先簡單概述一下我們第三季的業績。首先，我們公佈的銷售額略低於 36 億美元，年增 2%（不計外匯影響）。由於我們的一位歐洲客戶出現停機，以及電池和充電產品銷售下降，本季業績略遜於我們的市場產量。其次，本季我們獲得了強勁的調整後營業利潤率，達到 10.7%。

This performance represents a 60 basis point improvement year-over-year despite a $17 million net tariff headwind in the quarter. This also represents the sixth quarter in a row with an adjusted operating margin at or above 10%, which we believe demonstrates the consistency of our operating performance. Third, we had strong free cash flow in the quarter of $266 million, which was a 32% increase from a year ago.

儘管本季面臨 1,700 萬美元的淨關稅不利影響，但這一業績仍比上年同期提高了 60 個基點。這也標誌著我們連續第六個季度調整後營業利潤率達到或超過 10%，我們認為這證明了我們經營業績的穩定性。第三，本季我們的自由現金流強勁，達到 2.66 億美元，比去年同期成長了 32%。

Now let's turn to slide 8 for a look at our year-over-year sales walk for the third quarter. Last year's Q3 sales were just over $3.4 billion. You can see that stronger foreign currencies drove a year-over-year increase in sales of $69 million. Then you can see an increase in organic sales, which was primarily driven by a 6% increase in light vehicle e-product sales and a 4% increase in foundational sales, partially offset by lower battery and charging sales. Some of all this was just over $3.6 billion of sales in Q3.

現在讓我們翻到第 8 張投影片，看看我們第三季的年比銷售額。去年第三季的銷售額略高於34億美元。可以看出，外幣走強推動銷售額年增 6,900 萬美元。然後可以看到有機銷售額的成長，這主要是由輕型汽車電子產品銷售額成長 6% 和基礎銷售額成長 4% 推動的，但部分被電池和充電產品銷售額的下降所抵消。第三季銷售額略高於 36 億美元。

Turning to slide 9. You can see our earnings and cash flow performance for the quarter. Our third quarter adjusted operating income was $385 million, equating to a strong 10.7% adjusted operating margin. This performance includes a 60 basis point headwind from net tariff costs. That compares to adjusted operating income from continuing operations of $350 million or a 10.1% adjusted operating margin from a year ago.

翻到第9張投影片。您可以查看我們本季的獲利和現金流表現。我們第三季調整後的營業收入為 3.85 億美元，調整後的營業利益率高達 10.7%。這項業績包含了淨關稅成本帶來的 60 個基點的不利影響。相較之下，去年同期持續經營業務的調整後營業收入為 3.5 億美元，調整後營業利益率為 10.1%。

On a comparable basis, adjusted operating income increased $46 million on $73 million of higher sales. We believe this is great performance and reflects our ability to capitalize on higher sales as well as a continued focus on cost controls across our business. Our adjusted EPS from continuing operations was up $0.15 compared to a year ago as a result of higher adjusted operating income and the impact of our share repurchases during 2024 and 2025. And finally, free cash flow from continuing operations was a generation of $266 million, which was up $65 million from a year ago as a result of higher net earnings and lower capital expenditures.

以可比口徑計算，調整後的營業收入增加了 4,600 萬美元，銷售額增加了 7,300 萬美元。我們認為這是非常出色的業績，反映了我們能夠充分利用更高的銷售額，以及我們持續專注於整個業務的成本控制。由於調整後的營業收入增加以及我們在 2024 年和 2025 年的股票回購的影響，我們持續經營業務的調整後每股收益比上年同期增長了 0.15 美元。最後，持續經營產生的自由現金流為 2.66 億美元，比去年同期增加了 6,500 萬美元，這是由於淨利潤增加和資本支出減少所致。

Now let's take a look at our full year outlook, on slide 10. We are now projecting total 2025 sales in the range of $14.1 million to $14.3 billion which has been narrowed from our prior guidance of $14.0 billion to $14.4 billion. This adjusted range incorporates a higher market production outlook, offset by the expected impact of a cyber-related shutdown at a European customer, the impact of supply constrained production for key North American platform and global semiconductor supply concerns. On a combined basis, these customer and supplier related factors are expected to be a 60 basis point headwind to our year-over-year sales growth.

現在讓我們來看看第 10 頁的全年展望。我們現在預計 2025 年的總銷售額將在 1,410 萬美元至 143 億美元之間，比我們先前預測的 140 億美元至 144 億美元有所縮小。調整後的範圍包含了更高的市場生產前景，但被歐洲客戶因網路安全問題而停產的預期影響、北美主要平台供應受限生產的影響以及全球半導體供應問題所抵消。綜合來看，這些與客戶和供應商相關的因素預計將對我們的年比銷售成長造成 60 個基點的不利影響。

Now let's review our year-over-year sales walk. Starting with foreign currencies. Our guidance now assumes an expected full year sales benefit of $170 million compared to 2024 due to the strengthening of the euro versus the US dollar. Within our 2025 guidance, our full year end market assumption has improved to flat to down 1% year-over-year versus down 0.5% to down 2.5% previously.

現在讓我們回顧一下我們同比的銷售情況。首先從外幣說起。由於歐元對美元走強，我們目前的預期是全年銷售額將比 2024 年增加 1.7 億美元。在我們對 2025 年的預測中，全年年底市場預期已從先前的同比下降 0.5% 至 2.5% 改善至同比持平或下降 1%。

This improvement is driven by stronger industry production that we saw during the third quarter and an improved production outlook in the fourth quarter compared to our prior outlook. Within this guidance, we continue to expect a tailwind from tariff-related recoveries of up to 1% of sales as this is a pass-through recovery of our costs to our customers.

這項改善得益於第三季產業生產力的加大，以及第四季生產前景較先前預期的改善。在這項指導原則下，我們繼續預期關稅相關收益將帶來高達銷售額 1% 的利好，因為這是我們向客戶轉嫁成本的一種方式。

Additionally, we expect the company's full year sales outgrowth to be roughly flat, which reflects a 100 basis point headwind from our battery business and a 60 basis point headwind from the customer and supplier impacts I just referenced. Based on these assumptions, we expect our 2025 organic sales change to be down 1% to flat year-over-year.

此外，我們預計公司全年銷售成長將大致持平，這反映了電池業務帶來的 100 個基點的不利影響，以及我剛才提到的客戶和供應商影響帶來的 60 個基點的不利影響。基於這些假設，我們預計 2025 年有機銷售額將年減 1% 或持平。

Now let's switch to margin. We are increasing our full year adjusted operating margin to be in the range of 10.3% to 10.5% compared to our previous guidance range of 10.1% to 10.3%. We view this as strong underlying performance supported by our solid year-to-date operational results, which we fully expect to continue for the remainder of 2025.

現在我們來談談邊際效益。我們將全年調整後營業利潤率預期從先前的 10.1% 至 10.3% 上調至 10.3% 至 10.5%。我們認為這是強勁的基本面表現，這得益於我們今年迄今穩健的營運業績，我們完全有理由相信這種勢頭將在 2025 年剩餘時間內持續下去。

Based on this sales and margin outlook, we're expecting full year adjusted EPS in the range of $4.60 to $4.75 per diluted share, which is a 3% increase versus our prior guidance or an 8% increase versus 2024 at the midpoint of our range. Additionally, we are increasing our full year free cash flow guidance to a range of $850 million to $950 million, which is $150 million increase from our prior guidance.

根據這項銷售和利潤率預期，我們預計全年調整後每股收益將在 4.60 美元至 4.75 美元之間，比我們之前的預期增長 3%，或比 2024 年預期增長 8%（按我們預期範圍的中點計算）。此外，我們將全年自由現金流預期提高至 8.5 億美元至 9.5 億美元，比先前的預期增加了 1.5 億美元。

With that, that's our 2025 outlook. Let me summarize my financial remarks. Overall, we were very pleased with our third quarter results. Our adjusted margin, adjusted EPS and free cash flow performance were strong despite net tariff cost headwinds in the quarter. Our third quarter performance allowed us to increase our margin, EPS and free cash flow guidance. And on top of that, we returned $136 million of cash to shareholders or over 50% of our free cash flow in the quarter through our share repurchases and dividend.

以上就是我們對2025年的展望。讓我總結一下我的財務方面發言。整體而言，我們對第三季的業績非常滿意。儘管本季淨關稅成本面臨不利因素，但我們的調整後利潤率、調整後每股盈餘和自由現金流表現依然強勁。第三季的出色業績使我們能夠提高利潤率、每股盈餘和自由現金流預期。除此之外，我們也透過股票回購和分紅，向股東返還了 1.36 億美元現金，相當於本季自由現金流的 50% 以上。

As I look towards the end of the year, we're focused on delivering the improved financial performance outlined in our guidance. We now expect our adjusted operating margin to be up 20 to 40 basis points year-over-year despite tariff headwinds and second half volume challenges. The midpoint of our revised adjusted EPS guidance represents more than an 8% increase year-over-year, which demonstrates our focus on consistently growing earnings.

展望年底，我們將專注於實現業績指引中概述的財務表現提升目標。儘管面臨關稅不利因素和下半年銷售挑戰，但我們現在預計調整後的營業利潤率將年增 20 至 40 個基點。我們修訂後的調整後每股盈餘預期中位數年增超過 8%，這表明我們專注於持續提高獲利能力。

And finally, we expect to have another year of strong free cash flow of $900 million at the midpoint of our guidance, which is more than a 23% increase versus 2024. By continuing to focus on near-term execution, growing the long-term earnings power of the company through organic and inorganic investments and following a balanced deployment of our capital, we believe BorgWarner will create significant shareholder value for years to come.

最後，我們預計2024年將再次實現強勁的自由現金流，達到預期目標的中位數9億美元，比2024年成長超過23%。透過繼續專注於近期執行，透過有機和無機投資提高公司的長期盈利能力，並均衡部署我們的資本，我們相信博格華納將在未來幾年創造巨大的股東價值。

With that, I'd like to turn the call back over to Pat.

那麼，我想把電話交還給帕特。

Thank you, Craig. Ashiya we're ready to open it up for questions.

謝謝你，克雷格。Ashiya，我們準備開始接受提問。

(Operator Instructions)

（操作說明）

Chris McNally, Evercore.

克里斯·麥克納利，Evercore。

Chris, can you hear us?

克里斯，你聽得到我們說話嗎？

Sorry, was on mute. There we go. Joe, Craig, impressive results, particularly, we know that the Q4 Oswego impact is obviously material to board given the high content on the F-Series. In the prepared remarks, I just want to make sure you talked about 60 basis points. Could you just dive in a little bit to the visibility you have on Q4 specifically for that single large kind of impact because whether it's 60 basis points, $80 million to $100 million rev impact, that's like $0.07 to $0.08 for the full year. So that's my first question.

抱歉，我剛才靜音了。好了。Joe、Craig，成績令人印象深刻，尤其是考慮到 F 系列的高含量，我們知道第四季度 Oswego 的影響顯然對董事會來說是實質的。在準備好的發言稿中，我只想確認你提到了 60 個基點。您能否深入探討您對第四季業績的預期，特別是針對這一重大影響，因為無論是 60 個基點，還是 8,000 萬至 1 億美元的營收影響，這相當於全年每股收益的 0.07 至 0.08 美元。這是我的第一個問題。

Thanks, Chris. Appreciate the comments about the quarter. In our guide, what we've included for that North American program, it's $50 million to $100 million impact in the fourth.

謝謝你，克里斯。感謝您對本季的評價。在我們的指南中，我們為北美項目納入的數據顯示，該項目在第四季度將產生 5,000 萬至 1 億美元的影響。

Okay. Perfect. And then the second question, it's really around -- your divisional margins were also very impressive. The only questionable area I saw was around Power Drive or PDS. Obviously, we're going to see a pickup in the European NEV volumes in the second half, and that should start to flow nicely to margins.

好的。完美的。第二個問題其實是關於──你們部門的利潤率也非常令人印象深刻。我唯一看到的可疑區域是 Power Drive 或 PDS 附近。顯然，我們將在下半年看到歐洲新能源汽車銷售回升，這應該會開始對利潤率產生正面影響。

I know the year-over-year compare in that one division. It's not easy to get a $20 million onetime recovery last year. So the incrementals look more like high-single digits. Can you talk about how you walk us, Craig, from sort of a minus 6% margin year to something better as we exit the year and think about getting incrementals start to get back to that sort of mid- to high teens next year, which will close the gap to ultimately getting close to breakeven.

我知道該部門的同比數據。去年要一次性追回 2,000 萬美元並不容易。所以增量看起來比較像是接近兩位數的個位數。克雷格，你能談談你是如何帶領我們走出利潤率為負 6% 的困境，並在年底前取得更好的業績，並考慮明年增量利潤率回升到 15% 到 10% 左右，從而最終接近盈虧平衡點的嗎？

Yes. Thanks, Chris. So when you look at Power Drive Systems sales for the quarter coming in a little over $580 million, it's about 12% growth, excluding foreign exchange year-over-year, led by growth in China. So that was really nice to see. As you mentioned, the conversion was a little bit upside down.

是的。謝謝你，克里斯。因此，當查看動力驅動系統本季的銷售額時，會發現其略高於 5.8 億美元，年增約 12%（不計外匯因素），這主要得益於中國市場的成長。看到這一幕真是太好了。正如您所說，換算結果有點顛倒了。

You did reference a customer-related recovery last year that we talked about, it was about a $24 million recovery. Pricing was definitely an impact in the quarter year-over-year. As we look into the fourth quarter and for the full year, our expectations remain intact, which is on that extra growth in PDS, we expect to convert in the mid-teens. That's success for us, and we're focused on executing that for the full year. Q3 was really just a timing impact related to customer pricing between Q3 and Q4.

您去年確實提到一筆與客戶相關的追償款項，我們當時也討論過，追償金額約 2,400 萬美元。價格因素無疑對本季同比業績產生了影響。展望第四季和全年，我們的預期依然不變，即 PDS 的額外成長預計將達到 15% 左右。對我們來說，這就是成功，我們將專注於在全年實現這一目標。第三季其實只是第三季和第四季之間客戶定價方面的時序影響。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Great. Just is there anything unusual in Q3's margin? It's obviously very strong. If I look at it year-over-year, it's above that sort of mid-teen conversion. And even sequentially, sales are down, and it's up any onetime items that we should be thinking about as maybe not reoccurring?

偉大的。第三季的利潤率有什麼異常之處嗎？它顯然非常強。如果按年來看，它的轉換率高於十幾歲中期的水平。即使按季度來看，銷售額也在下降，而且任何一次性項目（我們應該考慮是否應該將其視為非經常性項目）的銷售額都在上升？

Actually, no, no onetime items. When you look at our performance, it was fantastic pretty much across the board. Adjusted operating income increasing $29 million on a little over $70 million of sales. That's a 40% incremental conversion. The company was really able to capitalize on the higher sales environment in the quarter.

實際上，沒有一次性物品。從整體表現來看，我們幾乎在所有方面都表現出色。調整後的營業收入增加了2900萬美元，銷售額略高於7000萬美元。這意味著轉換率提高了 40%。公司確實充分利用了本季較高的銷售環境。

On top of that, Colin, we've been focused on cost controls. For the last several quarters, items like supply chain savings, productivity, lower cost of poor quality, all really, really important items to deliver, in my opinion, a fantastic result. We're really pleased with the performance.

除此之外，科林，我們一直專注於成本控制。在過去的幾個季度裡，供應鏈節省、生產力提高、降低劣質產品成本等因素，在我看來，都是取得優秀成果的重要因素。我們對演出效果非常滿意。

Got it. And as we look into '26, I mean is this quarter rate the right sort of jump off point into next year? Or is that just too optimistic?

知道了。展望 2026 年，我的意思是，這個季度的利率是否是明年合適的起點？還是這過於樂觀了？

We're going to continue to focus in 2026 just how we executed in 2025. So we're going to focus on capitalizing on of that extra sales growth. We're going to plan to convert in the mid-teens like we've talked about many times and we're going to use all the levers within our control to do that, meaning a focus on cost controls, again, supply chain savings, restructuring, productivity, lower cost of poor quality. We're going to use all of those levers to continue to expand margins as we move forward.

2026年，我們將繼續以2025年的方式執行各項工作。因此，我們將集中精力利用這部分的額外銷售成長。我們將按照之前多次討論過的方向，計劃在十幾度的時候實現轉型，我們將利用一切可控的手段來實現這一目標，這意味著我們將再次專注於成本控制、供應鏈節約、重組、提高生產力、降低劣質產品的成本。我們將利用所有這些手段，在未來的發展中繼續擴大利潤率。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

I wanted to focus on battery and charging a little bit. I wanted to get a sense from you if you thought this low $100 million a quarter level of sales is a good run rate going forward? And then despite those lower sales, clearly good work on the cost side because the loss went down. So I mean, do you think you're -- with the actions you've taken today properly rightsized that now? Or is there more opportunity to take costs out and rightsize that business?

我想重點談談電池和充電方面的問題。我想聽聽您的意見，您是否認為每季1億美元的銷售額水準對於未來的發展是否合理？儘管銷售額有所下降，但成本控制方面顯然做得很好，因為虧損減少了。所以我的意思是，你認為你今天採取的行動是否已經適當地調整了規模？或者，還有更多機會削減成本並調整企業規模？

Yes. So we do continue to see sales headwind in the battery business, mainly due to the adoption challenges in this market, but to a lesser degree, in Europe. So we expect the decline in the battery and charging sales to be that 100 basis point headwind in the overall outgrowth of 2025. In the near-term, these trends are difficult to predict. However, I'm pleased with the cost actions, as we've referenced, that the team has taken in the business.

是的。因此，我們繼續看到電池業務面臨銷售逆風，這主要是由於該市場（歐洲）的普及挑戰，但程度較輕的是，歐洲市場也面臨同樣的挑戰。因此，我們預計電池和充電產品銷售額的下降將成為 2025 年整體成長的 100 個基點的不利因素。短期內，這些趨勢難以預測。但是，正如我們之前提到的，我對團隊在業務中採取的成本控制措施感到滿意。

So I think an important note is that in 2025, the business is expected to be slightly EBITDA and free cash flow positive Therefore, we're positioning the business for profitable growth in the future. While we navigate these uncertain times on the sales in the short-term, we do still strongly believe in the long-term outlook for this business.

所以我認為需要特別指出的是，預計到 2025 年，該業務的 EBITDA 和自由現金流將略微為正。因此，我們正在為該業務未來的獲利成長做好準備。儘管短期內銷售面臨不確定性，但我們仍然對公司的長期前景充滿信心。

Second question, I just wanted to focus on the TTT segment for a second here. If you look in the market, there's obviously been a lot of demand for stationary generators given some of the data center build-out, those are diesel engines typically have a turbo. And I just wanted to sort of get a sense from you guys whether you've been participating in that opportunity, how much it's maybe helped growth this year and what you see as an outlook for that business going forward? Like you obviously had some excess diesel turbo capacity from engines coming down. So have you just been able to repurpose that? Or had that been changed over to gas?

第二個問題，我想在這裡集中討論一下 TTT 部分。如果你觀察市場，你會發現由於一些資料中心的建設，對固定式發電機的需求顯然很大，這些發電機通常是柴油發動機，帶有渦輪增壓器。我只是想了解一下各位是否參與了這項計劃，它對今年的業務成長有多大幫助，以及你們對這項業務未來的前景有何看法？顯然，你們有一些過剩的柴油渦輪增壓能力，因為引擎已經下線了。所以你就能夠重新利用它嗎？還是已經改用天然氣了？

So yes, we do supply turbos for the stationary power stations in support of the industrial and specifically the data center market, although we haven't disclosed specific sales. I mean, just to provide broader context here, about 17% of BorgWarner sales is commercial vehicle and off-highway, which includes stationary power. So we're excited about the potential there.

是的，我們確實為固定式發電站提供渦輪機，以支援工業市場，特別是資料中心市場，儘管我們尚未揭露具體的銷售額。我的意思是，為了提供更廣泛的背景信息，博格華納的銷售額中約有 17% 來自商用車和非公路車輛，其中包括固定動力設備。所以我們對那裡的潛力感到興奮。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

I just want to return to PDS, to Power Drive. And curious what the backlog and the sales trajectory by region looks like, how would you assess the growth for this year thus far? And then just high level, how you foresee the regional trajectories, North America, Europe, Asia playing out into next year?

我只想回到PDS，回到Power Drive。我很好奇各地區的積壓訂單和銷售趨勢如何，您如何評估今年迄今的成長情況？那麼，從宏觀層面來看，您如何預測北美、歐洲、亞洲等區域經濟明年的發展趨勢？

Yes. Thanks for the question. So specifically in the third quarter, the light vehicle e-product growth year-over-year is about 7%. More broadly, on the full year, that business is up year-to-date 27% versus last year. So we're really excited to see those sales start to pull through.

是的。謝謝你的提問。具體來說，第三季輕型汽車電子產品年增約 7%。更廣泛地說，從全年來看，該業務今年迄今比去年同期成長了 27%。所以我們很高興看到這些銷售額開始顯現成效。

And as Craig referenced on the incrementals we expect for the full year to achieve our goals of mid- to high-teen incrementals on that business. We do see in this particular market, EV sales were strong through the third quarter. In the fourth quarter and beyond, we expect those market sales to subside. But remember, we're not participating in a lot of those sales where customers are in-sourcing the product. where we do see excellent growth is in China.

正如 Craig 提到的增量，我們預計全年將實現該業務十幾到十幾的增量目標。我們看到，在這個特定的市場中，電動車的銷售在第三季表現強勁。我們預計，第四季及以後，這些市場銷售額將會下降。但請記住，我們並沒有參與許多客戶自行生產產品的銷售活動。我們真正看到顯著成長的市場是中國。

That's where a lot of the music is playing on new energy vehicles. Our teams are performing well there, and that's where you see the pull-through of much of our backlog. To a lesser degree, there is growth in Europe, and we expect that to continue into 2026.

這就是新能源汽車領域目前的發展趨勢。我們的團隊在那裡表現出色，因此你可以看到我們積壓的大部分工作都在那裡得到了解決。歐洲的成長幅度較小，我們預計這種成長勢頭將持續到 2026 年。

Got it. That's really helpful. And then apologies if I missed this, but for tariffs, regarding the $38 million net headwind the company has incurred year-to-date. What's embedded for the fourth quarter recovery of that within the guide? And then any color or thoughts on the M&A pipeline and how you're balancing that view against buybacks?

知道了。這真的很有幫助。如果我錯過了什麼，請見諒。關於關稅，該公司今年迄今已遭受 3,800 萬美元的淨不利影響。該指南中對第四季經濟復甦的具體內容是什麼？那麼，您對併購計畫有何看法或想法？您是如何平衡併購與股票回購之間的關係的？

Sure. So I'll handle the tariff question. Through the first three quarters, tariffs have been a negative recovery for us, back up recovery. As we move into the fourth quarter, we expect that to flip. We expect it to be a benefit for us in that $25 million range.

當然。關稅問題就由我來處理。前三個季度，關稅對我們的復甦造成了負面影響，阻礙了復甦進程。進入第四季後，我們預計這種情況會逆轉。我們預計這將為我們帶來 2500 萬美元左右的收益。

Regarding M&A, we still remain active and we're very disciplined in our approach. We continue to believe there's some compelling opportunities for companies with BorgWarner's financial and operational strength. As we've mentioned in the past, we're really focused on three priorities when we consider potential acquisitions. The first one is inorganic investments must have strong industrial logic. We want to leverage the many core competencies that BorgWarner has. The second is really around near-term accretiveness. We want to see near-term profitability. Why is that? Because we want to grow the earnings power of the company.

在併購方面，我們依然保持活躍，我們採取的方法非常嚴謹。我們仍然認為，對於擁有博格華納這樣雄厚財力和營運​​實力的公司來說，存在著一些極具吸引力的機會。正如我們之前提到的，我們在考慮潛在收購時，主要專注於三個優先事項。第一點是，非有機投資必須具有強大的產業邏輯。我們希望充分利用博格華納的眾多核心競爭力。第二個問題其實與近期增值能力有關。我們希望看到短期獲利。這是為什麼？因為我們希望提高公司的獲利能力。

We're in a much better position now than if you look five or six years ago. We like our portfolio. But this is a question about strengthening the portfolio and expanding our earnings power. And then finally, we need to ensure we pay a fair price for any asset. So I continue to see inorganic investment as an opportunity to grow BorgWarner's earning power and improve our long-term positioning.

我們現在的處境比五、六年前好得多。我們很喜歡我們的投資組合。但這關乎如何加強投資組合和擴大我們的獲利能力。最後，我們需要確保為任何資產支付公平的價格。因此，我仍然認為非有機投資是提高博格華納獲利能力和改善我們長期地位的機會。

Luke Junk, Baird.

盧克瓊克，貝爾德。

Craig, maybe to start with the operating margin range relative to implied 4Q even as you're tightening the revenue range, keeping a couple of 100 bps of room there. That's not dissimilar from prior years, but I guess I'm just thinking with additional variables in the macro, the tariff recovery that you mentioned, customer production impacts, this Nexperia chip situation. Just any way to scale those factors that you haven't spoken to and you think kind of within the range, maybe some of the sensitivity.

Craig，或許可以先從相對於第四季的隱含營業利潤率範圍入手，即使你正在收緊收入範圍，也要留出幾百個基點的空間。這與往年的情況並無太大差別，但我認為我只是考慮到了宏觀經濟中的其他變量，例如您提到的關稅恢復、客戶生產的影響以及 Nexperia 晶片的情況。只是想找到一種方法來衡量那些你還沒談到，但你認為在一定範圍內的因素，也許是一些敏感度因素。

Sure. Thanks, Luke. So I'll talk about the fourth quarter guide in the context of our year-to-date average. So when you think about our year-to-date average from a sales perspective, sales coming in right around $3.6 billion per quarter. And our operating margin right around 10.3% for the year.

當然。謝謝你，盧克。因此，我將結合今年迄今的平均值來談談第四季的業績指引。所以，從銷售角度來看，我們今年迄今的平均銷售額約為每季 36 億美元。我們全年的營業利潤率約為 10.3%。

As you go to the high end of the fourth quarter, we would expect revenue to come in pretty similar to our year-to-date average. And if that's the case, we expect our margin to come in right around 10.8%. What you're seeing is that tariff benefit really coming through the P&L, that $25 million-ish I spoke about earlier. At the low end of the range, we would have revenue coming in quite a bit lower, around $3.35 billion. And we would decrement on that but also have that tariff benefit, which would hold us at that 10.3% that year-to-date average.

進入第四季末，我們預計營收將與年初至今的平均值非常接近。如果真是這樣的話，我們預期利潤率將在 10.8% 左右。你現在看到的是關稅帶來的好處真正體現在損益表中，也就是我之前提到的大約 2500 萬美元。如果以最低預期計算，我們的收入會低得多，約為 33.5 億美元。我們將減少這部分支出，但同時也享受關稅優惠，這將使我們的年初至今平均成長率保持在 10.3%。

Got it. And then for my follow-up, Joe, just relative to flattish outgrowth this year just at a high level, what are some of the major moving pieces you're thinking about going into next year? Obviously, you're going to be lapping the charging exit in North America post tax credit, I think the reversion to combustion helps to some extent and then the awards that you walked us through this morning, those China awards especially some quick turns and the awards even with some '26 launches that you're announcing today. Just how do you think about those elements and maybe anything key that I've missed?

知道了。那麼，喬，我的後續問題是，就今年整體成長較為平緩而言，你認為明年需要重點關注哪些面向？顯然，在北美享受稅收抵免後，充電出口將會落後。我認為回歸內燃機在某種程度上有所幫助，還有你今天早上帶我們了解的那些獎項，特別是那些中國獎項，一些快速的轉變，以及你今天宣布的一些 2026 年的發布獎項。您如何看待這些要素？還有什麼我遺漏的關鍵點嗎？

Sure. So in 2025, we are seeing some downtime at a European customer due to a cyber attack on their operations, which I referenced in my remarks, And then as we've spoken about the North American customer that had a fire issue, which is affecting their operations. So those two things pulled down our outgrowth in addition to the battery business.

當然。因此，在 2025 年，我們看到一位歐洲客戶由於其營運遭受網路攻擊而出現一些停機時間，我在演講中提到了這一點。此外，正如我們之前談到的，一位北美客戶遇到了火災問題，這影響了他們的營運。所以，除了電池業務之外，這兩件事也拖累了我們的業務成長。

With that said, I'm really pleased with the improved year-over-year performance that we expect to deliver in '25. At the midpoint of our guidance, we expect a 30 basis point improvement in margins, 8% growth in EPS and more than 20% increase in free cash flow. So Craig and I are focused really on growing the earnings power of the company. And 2025 is a great example of despite the flattish sales and outgrowth, our ability to deliver on that objective.

綜上所述，我對我們預計在 2025 年實現的年比業績提升感到非常滿意。根據我們的預期，在中點，我們預期利潤率將提高 30 個基點，每股盈餘將成長 8%，自由現金流將成長超過 20%。因此，克雷格和我目前專注於提升公司的獲利能力。2025 年就是一個很好的例子，儘管銷售額和成長停滯不前，但我們仍然有能力實現這一目標。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Wanted to start first with a question on your exposure to the North America EV market. And I know that North America is a smaller piece of Power Drive. But with all the headlines here now of maybe some impairments that some of the OEMs are taking or program cancellations. Maybe you could just remind us, we see the current revenue, but were there other further maybe bookings that now have to be reconsidered that may dampen the pace of growth within Power Drive or some of the margin considerations there as well? And what recovery you may need from automakers?

首先想問一個關於您對北美電動車市場了解程度的問題。我知道北美只是動力驅動力中較小的一部分。但現在到處都是關於一些原始設備製造商可能遭受損失或項目取消的新聞報道。您或許可以提醒我們一下，我們看到了目前的收入，但是否還有其他潛在的訂單現在需要重新考慮，這可能會減緩動力驅動業務的成長速度，或影響到利潤率？你需要從汽車製造商那裡獲得哪些補償？

Yes. So good question. First, as I look back on 2024 and 2025, it's clear that our outgrowth was impacted by EV programs that we booked several years ago. So as you mentioned, the volume of many of these programs, at least in the Western world and specifically this market, has been lower than expected. So I would expect this dynamic will continue into 2026.

是的。問得好。首先，回顧 2024 年和 2025 年，很明顯，我們幾年前預定的電動車專案對我們的成長產生了影響。正如您所提到的，至少在西方世界，尤其是在這個市場，許多此類節目的數量都低於預期。因此，我預計這種趨勢將持續到2026年。

I can tell you though, we're not satisfied with that outgrowth that we're seeing in 2025. So what I am pleased with is our booking strength. We referenced 17 bookings that we've shared with you. It's just a representative of the strong booking year we're having, and I expect these bookings to support our midterm goals for our foundational and e-product businesses to outgrow their respective markets. And this -- we'll start to see the benefit of that in the top line in 2027 and beyond.

但我可以告訴你，我們對 2025 年看到的這種成長並不滿意。因此，我對我們的預訂實力感到滿意。我們引用了先前與您分享的 17 個預訂資訊。這只是我們今年強勁預訂量的代表，我預計這些預訂量將支持我們實現中期目標，即我們的基礎業務和電子商務業務將超越各自的市場。而這一點——我們將在 2027 年及以後開始在營收方面看到它的好處。

Okay. Great. As a follow-up, I wanted to ask on the capital allocation. And I know you talked about the M&A framework for, but how are you in the interim thinking about it? I know you've done some share buybacks. Is there opportunity, especially with the strength in your free cash flow to accelerate the share buybacks? Or are you just sort of opportunistically waiting for M&A? And if not, then you'll pursue share buybacks.

好的。偉大的。作為後續問題，我想詢問一下資金配置。我知道您談到了併購框架，但在此期間，您對此有何想法？我知道你們進行過一些股票回購。鑑於貴公司強勁的自由現金流，是否有機會加速股票回購？還是你只是在伺機進行併購？如果不行，那就只能進行股票回購了。

Yes. Thanks for the question, Dan. So first, I wanted to just to reemphasize Q3. Really happy about the strength of our balance sheet currently. Really pleased with the $136 million that was returned to shareholders in the quarter, $100 million in share repurchases, $36 million in dividends.

是的。謝謝你的提問，丹。首先，我想再次強調第三季。對我們目前的資產負債表狀況非常滿意。非常高興本季向股東返還了 1.36 億美元，其中包括 1 億美元的股票回購和 3,600 萬美元的股息。

As we look into the fourth quarter, we're expecting a similar level to be returned to shareholders right around that $135 million mark. Taking a big step backward, we're going to return $420 million to shareholders this year. And I think we're finding the right balance. Our plan to return $135 million in the quarter -- in the fourth quarter, but also just returning $420 million allows us to not only take advantage of share repurchases and dividends, but also have the firepower that we need when inorganic investment presents itself.

展望第四季度，我們預期股東回報將維持在 1.35 億美元左右的水準。我們將大幅倒退，今年將向股東返還 4.2 億美元。我認為我們找到了合適的平衡點。我們計劃在本季（第四季）返還 1.35 億美元，但同時返還 4.2 億美元，這不僅使我們能夠利用股票回購和股息，而且還使我們能夠在非有機投資出現時擁有所需的實力。

Emmanuel Rosner, Wolfe.

伊曼紐爾·羅斯納，沃爾夫。

Great. A question on the free cash flow. So good to see a large improvement in guidance. It seems like about maybe half of it comes from lower CapEx. And apologies if I missed it, but what are the drivers of the lower spending this year than previously expected?

偉大的。關於自由現金流的問題。很高興看到指導方面有了很大的改進。似乎大約一半的降幅來自於資本支出的降低。如果我錯過了相關信息，請見諒，但今年支出低於預期的原因是什麼？

Yes. So first, I want to congratulate our team. We've delivered over $700 million of free cash flow through the first nine months. That's great to see. You did reference it, 3% of sales is our current CapEx number for the first nine months.

是的。首先，我要祝賀我們的團隊。前九個月，我們實現了超過 7 億美元的自由現金流。看到這個真是太好了。您確實提到了，銷售額的 3% 是我們前九個月的資本支出比例。

That's lower than we've traditionally seen. And I think our teams are doing a great job of effectively managing our capital where we have underutilized equipment, we're using it. And that's a great trend that we're seeing. When we look at the full year, CapEx should come in right around 4% of sales. That's lower than we've been historically. We're usually in that 4.5% to 5% range, that's what we should expect as we move into 2026 and beyond.

這比我們以往看到的要低。我認為我們的團隊在有效管理資金方面做得非常出色，對於未充分利用的設備，我們正在加以利用。這是我們看到的一個非常好的趨勢。從全年來看，資本支出應該佔銷售額的 4% 左右。這比歷史平均要低。我們通常處於 4.5% 到 5% 的範圍內，這也是我們進入 2026 年及以後應該預期的情況。

And then just wanted to follow up on the earlier question around the outgrowth on a go-forward basis? It sounded like some of your comments, a lot of the recent wins will support a return to more outgrowth in 2027 and beyond. I think in 2026, you have some of the more recent trends continue. Can you maybe speak a little bit about sort of like the puts and takes? I understand for '26 some of these old EV programs and some of these volumes coming down and cancellation. Are there any positive offsets, I guess, on the ICE side, either programs that are continuing for longer or where the volume can now be higher than previously anticipated?

然後，我想就之前提出的關於未來發展方向的問題再做進一步說明？聽起來你的一些評論也印證了這一點，最近的許多勝利將支持在 2027 年及以後恢復更大的增長。我認為到 2026 年，一些近期出現的趨勢將會延續。您能否稍微談談買入和賣出之類的事情？我了解到，2026 年的一些老電動車項目和一些銷量將會下降甚至取消。我想，在ICE方面是否有任何積極的抵消因素，例如持續更長時間的項目，或者交易量可能高於先前預期的項目？

Yes. So as you mentioned, we do expect a little bit of overhang into '26, but with all the new bookings that we've been announcing across the entire portfolio, we do expect that to contribute to our top line in 2027 and beyond. So what can we expect in 2026, I want to reference back to some of the awards we had earlier in the year, which included some extension of programs, it included some uplift in addition to new programs, including conquest. So there's still a very strong demand for our combustion products in the market and especially in North America. So we feel we're in a great position.

是的。正如您所提到的，我們預計 2026 年會出現一些滯後，但隨著我們宣布的整個產品組合中的所有新預訂，我們預計這將對我們 2027 年及以後的收入做出貢獻。那麼，我們對 2026 年有什麼期待呢？我想回顧我們今年早些時候頒發的一些獎項，其中包括一些項目的擴展，以及一些項目的提升，此外還有一些新項目，包括征服項目。因此，在市場上，尤其是北美市場，對我們的燃燒產品仍然有非常強勁的需求。所以我覺得我們處於非常有利的地位。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Congratulations on the good 3Q results. I was hoping, first, you could double-click a bit more on what you're seeing with respect to the Nexperia chip situation. And if you could speak a bit more on any direct exposure BorgWarner has with its own sourcing to that chip company. But then also, I think you said you assumed some degree of negative impact to industry volumes in the fourth quarter. if I understood that correctly, could you be potentially a bit more specific around how much incremental conservatism you've included from market factors from Nexperia.

恭喜你們第三季業績取得佳績。首先，我希望您能再仔細看看您看到的關於 Nexperia 晶片的情況。如果您能再詳細談談博格華納與其自身晶片供應商之間的任何直接聯繫，那就太好了。但是，我想您也說過，您預期第四季產業銷售會受到一定程度的負面影響。如果我理解正確的話，您能否更具體地說明一下，您從Nexperia的市場因素中納入了多少額外的保守估計？

Yes. So I'll take the Nexperia topic. So as you know, Nexperia had some incidents in Europe and in China. And although we haven't shut any customers down, we do expect there to be some shutdowns based on that especially in Europe and China. So we're managing that well like we have in the past crisis for semiconductor topics and we've reflected what we know in our full year guide. So we'll continue to manage it as we learn more and find ways to mitigate it. .

是的。那我就來談談Nexperia這個話題吧。如您所知，Nexperia 在歐洲和中國都發生過一些事故。雖然我們還沒有關閉任何客戶的業務，但我們預計會因此出現一些業務中斷，尤其是在歐洲和中國。所以，我們像過去應對半導體行業危機一樣，很好地應對了這個問題，並且我們在全年業績指南中反映了我們所了解到的情況。因此，我們將繼續對其進行管理，並在了解更多資訊後尋找緩解方法。。

Does BorgWarner have its own direct exposure? Or is this more about just broader market effects?

博格華納本身是否存在直接風險敞口？或者這與更廣泛的市場影響有關？

It's both. We have exposure to it directly where our teams are working to secure product on the open market through spot buys, but also find other mitigating ways to make sure it doesn't impact our customers. And then there is a broader market exposure, as you mentioned, both in Europe and China.

兩者兼具。我們直接面臨這個問題，我們的團隊正在努力透過現貨購買在公開市場上確保產品供應，同時也在尋找其他緩解措施，以確保它不會影響我們的客戶。此外，正如您所提到的，我們還擁有更廣泛的市場敞口，包括歐洲和中國。

Okay. My other question is just on the nonautomotive business which you spoke about being 17% of revenue, you spoke on some of the opportunities, such as in industrial and data center. But I was hoping you could maybe speak on the trucking business and on-highway. There's been some pretty weak numbers for the industry, especially with Class A in North America. Maybe speak a bit more on what you're seeing in the Class 8 trucking markets and anything to assume from that in your outlook for the fourth quarter and thoughts on the go-forward potential.

好的。我的另一個問題是關於您提到的佔收入 17% 的非汽車業務，您也談到了一些機會，例如工業和資料中心領域。但我希望您能談談貨運業和公路運輸方面的情況。產業數據一直相當疲軟，尤其是北美的A級房車市場。或許可以多談談您對 8 級卡車運輸市場的觀察，以及您對第四季度前景的任何假設，以及您對未來發展潛力的看法。

Yes. As you mentioned, that market has been soft, especially in this country. If I step back and look globally, those CV and off-highway markets, they're roughly flat. You do have some choppiness depending on which market you're playing in, all that knowledge is fully into our full year guide. So we don't expect a lot of noise by year-end in those markets.

是的。正如您所說，該市場一直疲軟，尤其是在我國。如果我放眼全球，商用車和非公路用車市場整體保持穩定。根據你所處的市場不同，市場波動性確實存在，所有這些資訊都已完整地包含在我們的全年指南中。因此，我們預計到年底這些市場不會有太多波動。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Great job on the quarter. I guess I have a couple of higher-level questions. You talk about stranded capital with EV programs going away and this -- obviously, you guys have been able to manage this really, really well. That's not apparently the case for everyone, potentially smaller suppliers upstream of you. To what extent does that impact you?

本季表現出色。我想問幾個更深入的問題。您提到電動車專案取消會導致資金閒置，而這——顯然，你們在這方面處理得非常好。但顯然並非所有人都如此，你上游的小型供應商可能就屬於這種情況。這對你的影響程度如何？

Could it impact you from a supply chain sort of reliability standpoint of some of your upstream suppliers, Tier 2, Tier 3 type players. I experienced financial difficulty and I guess follow on to that if something like that occurs, is that a potential M&A opportunity for you guys if you have sort of motivated sellers on the stream or is that something you're not thinking about?

從供應鏈可靠性的角度來看，這會對您一些上游供應商、二級、三級供應商造成影響嗎？我遇到了財務困難，我想如果類似的事情再次發生，這對你們來說是否是一個潛在的併購機會（如果你們的直播中有一些急於出售的選手），還是你們沒有考慮過這個問題？

Yes. So as you mentioned, our teams have been really good about redeploying some of the stranded capital we had, and that's resulting in our lower capital expenditures this year. There always are disruptions in the supply base is due to capitalization of the Tier 2s and Tier 3s, and we have dedicated teams that manage that on an ongoing basis. So we don't see anything out of the ordinary that would take us off our plan. But it's something we have to continuously monitor, obviously, with volume strong still in most of the markets. We don't anticipate any new or major issues here. But as they pop up, that's our job to manage those.

是的。正如您所提到的，我們的團隊在重新部署一些閒置資金方面做得非常好，這使得我們今年的資本支出有所降低。供應鏈中斷總是由於二級和三級供應商的資本化造成的，我們有專門的團隊持續管理這種情況。所以，我們沒有看到任何異常情況會讓我們偏離計畫。但顯然，我們需要持續關注這一情況，因為大多數市場的交易量仍然強勁。我們預計不會有任何新的或重大問題。但當這些問題出現時，我們的職責就是去處理它們。

Okay. Perfect. And then I guess one final question on China. Good to see this continuing alignment with Chinese domestic players, presumably some of that business is in support of those companies, I guess, objectives to go global with their own brands. I'm curious to hear what you think in terms of sort of the net impact to a company like BorgWarner.

好的。完美的。最後，我想問一個關於中國的問題。很高興看到這種與中國國內企業持續的合作，我猜其中一些業務是為了支持這些公司實現自有品牌走向全球的目標。我很想知道你認為這對像博格華納這樣的公司會產生怎樣的淨影響。

It obviously, it's exciting to talk about new wins and bookings with companies like that. But presumably, if they're going to Europe, they're going to South America, they're going elsewhere and winning share that could potentially be winning share from your existing European or North American or Japanese OEMs. So is it -- does it end up being a wash for you? Is it a net positive? Is it a headwind? How do you think about basically Chinese customers going global?

顯然，能和這樣的公司談論新的合作成果和訂單是一件令人興奮的事。但可以推測，如果他們要進軍歐洲、南美、其他地方，並贏得市場份額，那麼這些市場份額有可能從你現有的歐洲、北美或日本的原始設備製造商那裡贏得。所以，對你來說，最終結果會是兩敗俱傷嗎？整體結果是正面的嗎？這是逆風嗎？您如何看待中國消費者走向全球的趨勢？

Yes. So maybe it's important to mention 20% of our sales are in China. And out of those sales, 75% are with the Chinese domestics. So we're a little bit overweight with the domestics, which puts us into a really strong position with them as they go global. What we're seeing is some of the products that we've mentioned, like the 7-in-1 that we're launching with a leading Chinese OEM.

是的。所以或許有必要提一下，我們20%的銷售額來自中國。其中，75%的銷售額來自中國國內市場。因此，我們在國內市場的佔比略高，這使我們在他們走向全球市場時處於非常有利的地位。我們看到的是一些我們之前提到的產品，例如我們與中國領先的 OEM 廠商合作推出的 7 合 1 產品。

This is not only going to make a difference in China, but we expect these types of technologies will enable us to support them as they go to Europe, South America, Brazil. So we think we're in a great position with the locals. For us, we don't tend to think too much about customer mix. It's actually one of our strengths. So there will be winners and losers. But as I mentioned, we're in a great position with the leading Chinese OEMs, and these are the ones that are looking to do more export and more localization as they grow in those markets.

這不僅會在中國產生影響，而且我們預計這類技術將使我們能夠支持它們走向歐洲、南美、巴西。所以我們認為我們與當地人的關係非常融洽。我們不太會過度考慮客戶組成。這其實是我們的優勢之一。所以會有贏家和輸家。但正如我所提到的，我們與中國領先的汽車製造商關係密切，這些製造商正尋求在這些市場發展的同時，加大出口力度，加大本地化投入。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Just one topic I want to ask about. You did announce this HOLON Urban vehicle win. And I'm wondering if you can provide a little bit more context around that, either the lifetime volume, the kind of content level, this kind of award would be worth per vehicle? Any context would be great.

我只想問一個問題。您確實宣布了HOLON Urban車輛的獲獎消息。我想請您提供更多相關信息，例如車輛的終身銷量、內容水平，以及這種獎項對每輛車的價值？任何背景資訊都將不勝感激。

Yes. No, thanks for the question. I mean we're really excited that our battery technology is finding its way into some of these new use cases, especially around autonomous driving. Long-term, we feel autonomous driving will continue to grow in the market, especially in this type of use case, that HOLON is using it for. So we're not ready to share yet the sales volumes or revenues associated with that, but we do see it's going to go into production not too far in the future. So we're excited about that.

是的。不，謝謝你的提問。我的意思是，我們非常高興看到我們的電池技術正在被應用到一些新的應用場景中，尤其是在自動駕駛領域。從長遠來看，我們認為自動駕駛技術將在市場上持續成長，尤其是在 HOLON 正在使用的這種應用情境中。因此，我們目前還不便透露相關的銷售量或收入，但我們預計該產品將在不久的將來投入生產。我們對此感到很興奮。

Any sense on the content per vehicle, I know you're not sharing the volume revenue, but how much more content this would be compared to normal?

能否透露一下每輛車的具體內容量？我知道你們不會公佈銷售收入，但與正常情況相比，內容量會增加多少？

I mean you could probably do some backward math. We announced that it's over 100-kilowatt hours of content per vehicle using the NMC cell technology. So that might be something we can share with you off-line. Off the top of my head, I don't have that number.

我的意思是，你或許可以做一些反向計算。我們宣布，採用 NMC 電池技術的每輛車的電池容量超過 100 千瓦時。所以這或許是我們可以線下跟你分享的事情。我一時想不起來那個號碼。

With that, I'd like to thank you all for your great questions today. If you have any follow-ups, feel free to reach out to me or my team. With that, you can go ahead and conclude today's call.

最後，我要感謝大家今天提出的精彩問題。如有任何後續問題，請隨時與我或我的團隊聯繫。至此，今天的電話會議可以結束了。

This concludes the BorgWarner 2025 third quarter results conference call. You may now disconnect.

博格華納2025年第三季業績電話會議到此結束。您現在可以斷開連線了。