Cooper-Standard Holdings Inc (CPS) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cooper-Standard second quarter 2024 earnings conference call.

早安，女士們、先生們，歡迎參加庫柏標準 2024 年第二季財報電話會議。

During the presentation, all participants will be in a listen-only mode.

在演示期間，所有參與者將處於僅聽模式。

Following company prepared comments, we will conduct a question-and-answer session.

在公司準備好意見後，我們將進行問答環節。

(Operator Instructions) As a reminder, this conference call is being recorded, and the webcast will be available on the Cooper-Standard website for replay later today.

（操作員說明）謹此提醒，本次電話會議正在錄製中，網路廣播將於今天稍晚在 Cooper-Standard 網站上重播。

I would now like to turn the call over to Roger Hendriksen, Director of Investor Relations.

我現在想將電話轉給投資者關係總監 Roger Hendriksen。

Please go ahead.

請繼續。

Thanks, Julie, and good morning, everyone.

謝謝朱莉，大家早安。

Thanks for joining our call this morning.

感謝您今天早上加入我們的電話會議。

The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer; and Jon Banas, Executive Vice President and Chief Financial Officer.

今天早上將在電話會議上與您交談的領導團隊成員是董事長兼執行長 Jeff Edwards；和喬恩·巴納斯（Jon Banas），執行副總裁兼財務長。

Before we begin, I need to remind you that this presentation contains forward-looking statements.

在開始之前，我需要提醒您，本簡報包含前瞻性陳述。

While they are made based on current factual information and certain assumptions and plans that management currently believes to be reasonable, these statements do involve risks and uncertainties.

雖然這些陳述是基於當前的事實資訊以及管理層目前認為合理的某些假設和計劃而做出的，但這些陳述確實涉及風險和不確定性。

For more information on forward-looking statements, we ask that you refer to slide 3 of this presentation and the company's statements included in periodic filings with the Securities and Exchange Commission.

有關前瞻性陳述的更多信息，我們請您參閱本演示文稿的幻燈片 3 以及公司定期向美國證券交易委員會提交的文件中的聲明。

This presentation also contains non-GAAP financial measures.

本簡報也包含非公認會計準則財務指標。

Reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures are included in the appendix to the presentations.

非公認會計原則財務指標與其最直接可比較的公認會計原則指標的調節表包含在簡報的附錄中。

With those formalities out of the way, I'll turn the call over to Jeff Edwards.

辦完這些手續後，我會將電話轉給傑夫愛德華茲。

Okay.

好的。

Thanks, Roger, and Happy August, everyone.

謝謝羅傑，祝大家八月快樂。

We appreciate the opportunity to review our second quarter results and provide an update on our business and outlook going forward.

我們很高興有機會回顧第二季的業績並提供有關我們業務和未來前景的最新資訊。

So, to begin on slide 5, I'd like to highlight some key second quarter data points that we certainly believe are reflective of our continued strong commitment to operational excellence and our company core values.

因此，從投影片 5 開始，我想強調第二季的一些關鍵數據點，我們當然相信這些數據點反映了我們對卓越營運和公司核心價值的持續堅定承諾。

In terms of product quality, 97% of our customer scorecards were green in the quarter.

在產品品質方面，本季我們 97% 的客戶記分卡為綠色。

For new program launches, our customer scorecards were 96%.

對於新項目的推出，我們的客戶評分卡為 96%。

We continue to achieve outstanding operational performance, allowing us to deliver exceptional value to our customers.

我們持續取得卓越的營運業績，使我們能夠為客戶提供卓越的價值。

In addition, the safety performance of our plants continues to be excellent.

此外，我們工廠的安全表現依然出色。

During the second quarter, we had a total incident rate of 0.29 reportable incidents per 200,000 hours worked, well below the world-class benchmark of 0.47. Leading this outstanding safety performance were the 31 plants that had a perfect safety record of zero incidents through the first six months of the year.

第二季度，我們每 200,000 工作小時的可通報事件總數為 0.29 起，遠低於 0.47 的世界一流基準。領先這一出色安全表現的是 31 家工廠，它們在今年前 6 個月保持了零事故的完美安全記錄。

I certainly want to recognize the teams at these plants for their ongoing commitment and leadership as we continue to strive for our ultimate safety goal of zero incidents for the entire company.

我當然想表彰這些工廠的團隊的持續承諾和領導力，因為我們繼續努力實現整個公司零事故的最終安全目標。

In terms of cost optimization, we had another solid quarter with our manufacturing and purchasing teams delivering $16 million of savings through lean initiatives and other cost-saving programs.

在成本優化方面，我們的製造和採購團隊透過精益計畫和其他成本節約計畫節省了 1,600 萬美元，這又是一個穩定的季度。

This improved efficiency, combined with our enhanced commercial agreements enabled us to improve our gross profit margin by a solid 100 basis points compared to the second quarter of last year.

效率的提高，加上我們增強的商業協議，使我們的毛利率比去年第二季提高了 100 個基點。

While we certainly have more work to do, we continue to make progress toward our profitability targets.

雖然我們當然還有更多工作要做，但我們將繼續在實現獲利目標方面取得進展。

Finally, we are continuing to leverage world-class service, technical capabilities and our award-winning innovations to win new business.

最後，我們將繼續利用世界一流的服務、技術能力和屢獲殊榮的創新來贏得新業務。

In fact, during the second quarter of 2024, we were awarded $61 million in net new business awards.

事實上，在 2024 年第二季度，我們獲得了 6,100 萬美元的淨新業務獎勵。

Importantly, we continue to partner with our customers to design and develop new technologies for some of their most important new vehicle platforms, including ICE, hybrid, and battery electric vehicles.

重要的是，我們繼續與客戶合作，為其一些最重要的新車平台設計和開發新技術，包括內燃機汽車、混合動力車和純電動車。

Let's go to slide 6.

讓我們看投影片 6。

While providing our customers with world-class products, technology, and service, certainly is and always will be critical to our success.

在為客戶提供世界一流的產品、技術和服務的同時，這無疑是並將永遠對我們的成功至關重要。

We also place a high priority on being a good corporate citizen and a steward of the environment.

我們也高度重視成為良好的企業公民和環境管理者。

We continue to garner outside recognition for our leadership in sustainability.

我們在永續發展方面的領導地位不斷獲得外界認可。

In the most recent quarter, we were pleased to be included in USA today's list of America's climate leaders in recognition of our efforts to reduce energy consumption and develop products that reduce overall carbon footprint.

在最近一個季度，我們很高興被列入《今日美國》美國氣候領導者名單，以表彰我們在減少能源消耗和開發減少整體碳足跡的產品方面所做的努力。

Consistent with our company values and purpose, we remain committed to creating sustainable products and solutions that will create value for all stakeholders.

與我們公司的價值觀和宗旨一致，我們仍然致力於創造可持續的產品和解決方案，為所有利害關係人創造價值。

Now, let me turn the call over to Jon to review the financial details of the quarter.

現在，讓我將電話轉給喬恩，以審查本季的財務詳細資訊。

Thanks, Jeff, and good morning, everyone.

謝謝傑夫，大家早安。

In the next few slides, I will provide some details on our financial results for the quarter and discuss our cash flows, liquidity, and aspects of our balance sheet.

在接下來的幾張幻燈片中，我將提供有關本季度財務業績的一些詳細信息，並討論我們的現金流、流動性和資產負債表的各個方面。

On slide 8, we show a summary of our results for the second quarter and first six months of 2024 with comparisons to the same period last year.

在投影片 8 上，我們展示了 2024 年第二季和前六個月的業績摘要，並與去年同期進行了比較。

Second quarter 2024 sales were $708.4 million, a slight decrease of 2.1% compared to the second quarter of 2023.

2024年第二季銷售額為7.084億美元，較2023年第二季小幅下降2.1%。

The decrease was driven primarily by the divestiture of our Technical Rubber business in Europe during the third quarter of last year and unfavorable foreign exchange.

這一下降主要是由於去年第三季度我們在歐洲的技術橡膠業務的剝離以及不利的匯率造成的。

Excluding the impact of the divestitures and FX, net sales would have been up $7 million or approximately 1% compared to the second quarter of 2023, outpacing global automotive production, which declined by 0.5%.

排除資產剝離和外匯的影響，與 2023 年第二季相比，淨銷售額將成長 700 萬美元，即成長約 1%，超過全球汽車產量（下降 0.5%）。

Gross profit for the second quarter was $82.9 million or 11.7% of sales.

第二季毛利為 8,290 萬美元，佔銷售額的 11.7%。

This compares to a gross profit of $77.7 million or 10.7% of sales in the second quarter of 2023.

相比之下，2023 年第二季的毛利為 7,770 萬美元，佔銷售額的 10.7%。

Adjusted EBITDA in the quarter was $50.9 million compared to $47.9 million in the second quarter of last year.

本季調整後 EBITDA 為 5,090 萬美元，而去年第二季為 4,790 萬美元。

The year-over-year improvement was driven primarily by lean savings achieved in manufacturing and supply chain, favorable volume and mix including sustainable price increases and savings related to restructuring actions.

年比改善主要得益於製造和供應鏈中實現的精益節約、有利的銷售和組合，包括可持續的價格上漲以及與重組行動相關的節約。

These positive drivers were partially offset by the impact of unfavorable foreign exchange and ongoing inflation headwinds in areas such as energy and labor costs.

這些積極的推動因素被不利的外匯和能源和勞動力成本等領域持續的通膨逆風的影響所部分抵消。

On a US GAAP basis, we reported a net loss of $76.2 million in the second quarter compared to a net loss of $27.8 million in the second quarter of 2023.

根據美國公認會計原則，我們報告第二季淨虧損為 7,620 萬美元，而 2023 年第二季淨虧損為 2,780 萬美元。

The result in the second quarter of 2024 included a non-cash charge of $46.8 million related to the termination and settlement of our US pension plan as well as $17.8 million in restructuring charges related to our cost reduction initiatives.

2024 年第二季的結果包括與終止和結算我們的美國退休金計畫相關的 4,680 萬美元非現金費用，以及與我們的成本削減計畫相關的 1,780 萬美元的重組費用。

Excluding these and other special items and the related tax impact from both periods, adjusted net loss for the second quarter of 2024 was $11.3 million or $0.64 per diluted share compared to adjusted net loss of $20 million or $1.15 per diluted share in the second quarter of 2023.

不包括這些和其他特殊項目以及兩個時期的相關稅收影響，2024 年第二季調整後淨虧損為1,130 萬美元，即稀釋後每股0.64 美元，而2024 年第二季調整後淨虧損為2000萬美元，即稀釋後每股1.15 美元。

Our capital expenditures in the second quarter totaled $11.2 million or 1.6% of sales compared to $17.5 million or 2.4% of sales in the second quarter of last year.

我們第二季的資本支出總計 1,120 萬美元，佔銷售額的 1.6%，而去年第二季的資本支出為 1,750 萬美元，佔銷售額的 2.4%。

We continue to exercise discipline around capital investments in order to maximize our returns on invested capital.

我們持續嚴格資本投資紀律，以實現投資資本回報最大化。

Current capital spending remains focused primarily on customer programs in preparation for successful launch activity.

目前的資本支出仍主要集中在客戶計畫上，為成功的啟動活動做好準備。

For the first half of the year, sales came in at $1.38 billion having been impacted by divestitures and foreign exchange.

今年上半年，受資產剝離和外匯影響，銷售額為 13.8 億美元。

Despite the lower sales, our business was actually more efficient as gross profit increased to $144.6 million and gross profit margin improved by 190 basis points versus the first half of 2023.

儘管銷售額下降，但我們的業務實際上更加高效，毛利增加至 1.446 億美元，毛利率比 2023 年上半年提高了 190 個基點。

Adjusted EBITDA for the first half was $80.3 million up nearly 33% versus the prior year six months.

上半年調整後 EBITDA 為 8,030 萬美元，與去年 6 個月相比成長近 33%。

Net loss improved to $107.9 million in the first half of 2024 compared to net loss of $158 million in the first half of 2023.

2024 年上半年的淨虧損改善至 1.079 億美元，而 2023 年上半年的淨虧損為 1.58 億美元。

Adjusted net loss of $41.9 million or $2.39 per diluted share improved by a solid 36.7% compared to the first six months of 2023.

調整後淨虧損為 4,190 萬美元，即稀釋後每股虧損 2.39 美元，與 2023 年前六個月相比，大幅減少 36.7%。

Moving to slide 9.

轉到投影片 9。

The charts on slide 9 provide additional insights and quantifications of the key factors impacting our results for the second quarter.

第 9 張投影片上的圖表提供了影響我們第二季業績的關鍵因素的更多見解和量化。

For revenue, favorable volume and mix including net customer price adjustments, increased sales by $7 million versus the second quarter of 2023.

就收入而言，有利的銷售和組合（包括淨客戶價格調整）使銷售額比 2023 年第二季增加了 700 萬美元。

The impact from the Technical Rubber divestiture was $15 million in the quarter and foreign exchange, mainly related to the Chinese RMB, the Euro and the Brazilian Real further reduced sales by a net $8 million versus the same period last year.

本季技術橡膠剝離的影響為 1500 萬美元，而外匯（主要與人民幣、歐元和巴西雷亞爾有關）進一步減少了銷售額，與去年同期相比淨額減少了 800 萬美元。

For adjusted EBITDA, lean initiatives in purchasing and manufacturing contributed $16 million year-over-year.

對於調整後的 EBITDA 而言，採購和製造領域的精益舉措同比貢獻了 1,600 萬美元。

Favorable volume, mix and net price adjustments as well as other cost recoveries drove a combined $9 million of improvement for the quarter.

有利的銷售、產品組合和淨價調整以及其他成本回收推動本季總計實現 900 萬美元的改善。

Savings from implemented restructuring initiatives were $4 million in the quarter.

本季實施的重組措施節省了 400 萬美元。

These positive contributors were partially offset by $15 million of unfavorable foreign exchange and $9 million of ongoing general inflation, including salaries, wages, energy, transportation, and other costs.

這些積極貢獻被 1500 萬美元的不利外匯和 900 萬美元持續的總體通貨膨脹（包括工資、工資、能源、交通和其他成本）部分抵消。

Moving to slide 10.

轉到投影片 10。

For the first six months of the year, sales benefited from $15 million in favorable volume, mix, and net price adjustments.

今年前六個月，銷售額得益於有利的銷售、產品組合和淨價調整，銷售額達 1,500 萬美元。

These were more than offset, however, by divestitures and unfavorable foreign exchange.

然而，這些都被資產剝離和不利的外匯所抵消。

Adjusted EBITDA in the first six months benefited from manufacturing efficiencies and purchasing lean initiatives amounting to $35 million an increment of $24 million in improved volume, mix and net price adjustments and $4 million in restructuring savings.

前六個月調整後的 EBITDA 受益於製造效率和採購精益計劃，金額達 3500 萬美元，銷量、產品組合和淨價調整增加了 2400 萬美元，重組節省了 400 萬美元。

These positive factors were partially offset by $24 million in unfavorable foreign exchange and $18 million of continuing general inflationary pressures.

這些正面因素被2,400萬美元的不利外匯和1,800萬美元持續的整體通膨壓力部分抵銷。

Turning to slide 11.

轉到投影片 11。

Looking at cash flow and liquidity.

看看現金流和流動性。

Cash used in operating activities was approximately $12 million in the second quarter of 2024 a slight improvement versus the second quarter of 2023 despite our election to pay cash interest payments on our third lien notes in June.

儘管我們在 6 月選擇支付第三張留置權票據的現金利息，但 2024 年第二季的經營活動使用的現金約為 1,200 萬美元，與 2023 年第二季相比略有改善。

As mentioned earlier, CapEx was approximately $11 million in the second quarter of 2024, resulting in a net cash outflow of approximately $23 million, an improvement of approximately $7 million compared to last year.

如前所述，2024 年第二季資本支出約為 1,100 萬美元，導致淨現金流出約 2,300 萬美元，比去年增加約 700 萬美元。

Following this cash outflow, we ended the second quarter with a cash balance of approximately $94 million, combined with $173 million of availability on our ABI facility, which resulted in total sold liquidity of approximately $267 million as of June 30th, 2024.

在現金流出之後，我們第二季末的現金餘額約為 9,400 萬美元，加上 ABI 設施的可用資金為 1.73 億美元，截至 2024 年 6 月 30 日，已售流動性總額約為 2.67 億美元。

We are pleased that our improving profitability and conservative approach to capital investments have bolstered our efforts on sustainable cash generation and have enabled us to elect the cash pay option for the upcoming December 2024 interest payments on both our first lien and third lien notes.

我們很高興的是，我們不斷提高的盈利能力和保守的資本投資方法增強了我們在可持續現金生成方面的努力，並使我們能夠為即將到來的2024 年12 月第一留置權和第三留置權票據的利息支付選擇現金支付選項。

While this election changes our full year outlook for free cash flow from modestly positive to now breakeven or slightly negative, it avoids further increases in our debt balances and debt service requirements as we look to strategically improve our capital structure in the future.

雖然這次選舉將我們全年的自由現金流前景從適度正值改變為目前的盈虧平衡或略微負值，但它避免了我們的債務餘額和償債要求的進一步增加，因為我們希望在未來策略性地改善我們的資本結構。

Based on our outlook for future light vehicle production, our improving operations and our expectations for future cash generation, we believe we have and will continue to have sufficient liquidity to execute our business plans and pursue our profitable growth objectives for the foreseeable future.

基於我們對未來輕型汽車生產的展望、我們不斷改善的運營以及對未來現金生成的預期，我們相信我們已經並將繼續擁有足夠的流動性來執行我們的業務計劃並在可預見的未來實現我們的獲利成長目標。

That concludes my prepared remarks.

我準備好的發言就到此結束。

So let me turn it back over to Jeff.

所以讓我把它轉回給傑夫。

Thanks, John.

謝謝，約翰。

For the few minutes we have remaining on our call this morning, I'd like to focus on the progress we're making with our key strategic imperatives as well as provide you with an update on our full year guidance.

在今天早上我們的電話會議中剩下的幾分鐘裡，我想重點關注我們在關鍵策略任務方面所取得的進展，並向您提供我們全年指導的最新資訊。

So, please turn to slide 13.

那麼，請翻到投影片 13。

Last year, our global leadership team outlined and refined four key strategic imperatives to accelerate growth and maximize the long-term value of our company and you can see these outlined on slide 13.

去年，我們的全球領導團隊概述並完善了四個關鍵策略要務，以加速成長並最大限度地提高我們公司的長期價值，您可以在投影片 13 中看到這些概述。

My earlier comments already spoke to the world-class execution and corporate responsibility.

我之前的評論已經談到了世界一流的執行力和企業責任。

So, I'd now like to share a few comments on some key actions we've taken to improve our financial strength.

因此，我現在想就我們為提高財務實力而採取的一些關鍵行動分享一些評論。

Turning to slide 14.

轉到投影片 14。

As we announced last quarter, our new product line-based organization structure helped us to quickly identify significant opportunities to further optimize costs by eliminating redundancies, automating processes and leveraging technology.

正如我們在上季度宣布的那樣，我們基於產品線的新組織結構幫助我們快速發現重要機會，透過消除冗餘、自動化流程和利用技術來進一步優化成本。

As a result, during the second quarter, we successfully implemented a plan to reduce our salary costs globally.

因此，在第二季度，我們成功實施了一項在全球範圍內降低薪資成本的計畫。

These actions are already having a positive impact, as Jon pointed out in his slides, but the impact will be much more significant in the second half of the year and beyond.

正如喬恩在幻燈片中指出的那樣，這些行動已經產生了積極的影響，但在今年下半年及以後的影響將更加顯著。

In total, the reductions are expected to save between $20 million and $25 million in 2024 and between $40 million and $45 million on a full year annualized basis beginning in 2025.

總體而言，預計到 2024 年，這些削減將節省 2,000 萬至 2,500 萬美元，從 2025 年開始，全年年化成本將節省 4,000 萬至 4,500 萬美元。

The anticipated savings are expected to provide a payback on related restructuring costs in approximately six months.

預計節省的資金將在大約六個月內收回相關重組成本。

Further, we expect the savings will enable both operating segments to approach, if not achieve double-digit EBITDA margins and return on invested capital as we exit 2025 despite this projected slow growth in global light vehicle production.

此外，我們預計，儘管預計全球輕型汽車產量將增長緩慢，但在 2025 年退出時，節省的資金將使兩個營運部門能夠接近（即使不能實現兩位數）的 EBITDA 利潤率和投資資本回報率。

Of course, we recognize there's still work to do in order to drive the level of financial returns that we all expect.

當然，我們認識到，要提高我們所有人期望的財務回報水平，仍有許多工作要做。

A key component of this will be to manage our balance sheet and reduce our overall leverage.

其中的關鍵組成部分是管理我們的資產負債表並降低我們的整體槓桿率。

While I don't have a specific announcement today or specific action plans to share with you, let me assure you that we are 100% focused on this task.

雖然我今天沒有具體的公告或具體的行動計劃與您分享，但我向您保證，我們 100% 專注於這項任務。

We believe we will have various levers we can pull as our core operations continue to improve over the next 12 to 18 months.

我們相信，隨著我們的核心業務在未來 12 至 18 個月內繼續改善，我們將擁有各種可利用的槓桿。

Turning to slide 15.

轉到投影片 15。

Now, let me make a few comments in relation to our financial strategic imperative, profitable growth driven by innovation.

現在，讓我就我們的財務策略要務、創新驅動的獲利成長發表一些評論。

We continue to develop innovative products and technologies that create value for our customers and enable us to gain share and improve profitability.

我們不斷開發創新產品和技術，為客戶創造價值，使我們能夠獲得份額並提高獲利能力。

In our Sealing business, we're working from a position of strength as the global leader in the market.

在我們的密封業務中，我們作為全球市場領導者的實力雄厚。

Recent innovations such as our patented flush seal system are already driving new business as our customers are placing greater emphasis on styling and aerodynamics.

隨著我們的客戶更加重視造型和空氣動力學，我們的專利齊平密封系統等最新創新已經推動了新業務的發展。

We successfully launched FlushSeal on six programs in Asia in 2023 and we currently have another nine programs in development globally.

2023 年，我們在亞洲的 6 個專案中成功推出了 FlushSeal，目前在全球範圍內還有另外 9 個專案正在開發中。

As this technology gains in popularity among our OEM customers, we have a strong pipeline of targeted business, we are confident we can win later this year and into 2025.

隨著這項技術在我們的 OEM 客戶中越來越受歡迎，我們擁有強大的目標業務管道，我們有信心在今年稍後和 2025 年獲勝。

We also see strong opportunities for new business with Frameless Sealing Systems.

我們也看到了無框密封系統新業務的巨大機會。

We're widely recognized as the market leader for these highly engineered systems that are increasingly in demand in the EV segment of the market.

我們被廣泛認為是這些高度工程化系統的市場領導者，這些系統在電動車市場的需求日益增長。

Given our leadership in this technology, we see sales of our Frameless Sealing System growing at a 30% CAGR in the next 5 years.

鑑於我們在這項技術方面的領先地位，我們預計無框密封系統的銷量在未來 5 年內將以 30% 的複合年增長率成長。

Trends in sustainability also represent important improvements for our Sealing business.

永續發展趨勢也代表了我們密封業務的重要改進。

We already provide a wide portfolio of sustainable material solutions with recycled, regenerated non-fossil based, and waste-based inputs.

我們已經提供了廣泛的永續材料解決方案組合，其中包括回收、再生的非化石原料和廢棄物原料。

In addition, our MicroDense and Fortrex material options provide significant weight reduction and reduced carbon footprint.

此外，我們的 MicroDense 和 Fortrex 材質選項可顯著減輕重量並減少碳足跡。

A new innovation in 2024 is the development of a patented solution for a fully recyclable, lighter-weight, and lower-carbon footprint door seal, we call Flexicore.

2024 年的一項新創新是開發一種完全可回收、重量更輕、碳足跡更低的門密封件的專利解決方案，我們稱之為 Flexicore。

This new technology has passed Gate 3 of our innovation and development process, which means it's ready to sell and is currently in validation at multiple customers across all regions.

這項新技術已通過我們創新和開發流程的第 3 關，這意味著它已準備好銷售，並且目前正在所有地區的多個客戶處進行驗證。

We're very excited to bring this new sustainable solution to the market, and we anticipate it will drive new business awards in the future.

我們非常高興將這項新的永續解決方案推向市場，我們預計它將在未來帶來新的商業獎項。

Turning to slide 16.

轉到投影片 16。

In our Fluid Handling business, we see even greater opportunity for accelerated profitable growth.

在我們的流體處理業務中，我們看到了加速利潤成長的更大機會。

We have a unique innovative portfolio of Fluid Handling solutions to support our customers for all powertrains and we have the flexibility to quickly adapt to changing market demands.

我們擁有獨特的創新流體處理解決方案組合，可為客戶的所有動力系統提供支持，並且我們能夠靈活地快速適應不斷變化的市場需求。

Recent innovations in our core product line are seeing rapid adoption.

我們核心產品線的最新創新正在迅速採用。

Our PlastiCool technology is now globally industrialized.

我們的 PlastiCool 技術現已在全球工業化。

It is currently in production with four customers and sourced for future production that aid additional OEMs.

目前，該產品已由四家客戶投入生產，並為未來的生產提供支持，以幫助其他原始設備製造商 (OEM)。

We are also seeing similar approval and adoption of our best-in-class Easy-Lock and Ergo-Lock Connector solutions.

我們還看到我們一流的 Easy-Lock 和 Ergo-Lock 連接器解決方案獲得了類似的批准和採用。

Growth products such as our Coolant Hub are a key part of our strategy and are now launching to capture market share, content per vehicle and certainly new customers.

諸如冷卻液中心之類的成長產品是我們策略的關鍵部分，現在推出這些產品是為了佔領市場份額、每輛車的內容以及新客戶。

Looking ahead, our Fluid Handling technology road map includes transformational new products such as the eCoFlow Switch Pump and fully integrated eCoFlow Coolant Modules.

展望未來，我們的流體處理技術路線圖包括變革性新產品，例如 eCoFlow 開關泵浦和完全整合的 eCoFlow 冷卻劑模組。

We have a total of six new products planned to exit our innovation process by the end of the year, making them available to quote for new business and help us drive our profitable growth objectives.

我們總共有六種新產品計劃在今年年底退出我們的創新流程，使它們可以為新業務報價並幫助我們實現獲利成長目標。

As we bring some of these exciting new products to the market, we expect to significantly increase our average content per vehicle as well as expand our total addressable market.

當我們將一些令人興奮的新產品推向市場時，我們預計將顯著增加每輛車的平均含量，並擴大我們的總目標市場。

Patented innovations also will likely improve our competitive advantage and enable market share gains globally.

專利創新還可能提高我們的競爭優勢並提高全球市場份額。

We see especially strong growth opportunity in China, where we believe our proprietary technology enhancements better position us to build out a solid Fluid Handling business with Chinese domestic OEMs over the next several years.

我們在中國看到了特別強勁的成長機會，我們相信我們的專有技術增強使我們能夠在未來幾年與中國國內原始設備製造商建立穩固的流體處理業務。

Turning to slide 17.

轉到投影片 17。

In the more near term, the current demand trends for different vehicle powertrains is creating an opportunity for us actually.

從短期來看，目前對不同車輛動力系統的需求趨勢實際上正在為我們創造機會。

Our current diverse product portfolio gives us flexibility to support our customers regardless of which type of vehicles they build, and hybrid vehicles represent a true sweet spot, as most of you know, with an average fluid product content 80% higher than what we see in the more traditional ICE vehicle programs.

我們目前多樣化的產品組合使我們能夠靈活地為客戶提供支持，無論他們製造哪種類型的車輛，而正如大多數人所知，混合動力汽車是真正的最佳選擇，其平均流體產品含量比我們所看到的高80%更傳統的 ICE 車輛計劃。

In coming years, we launched the new technology we've been talking about.

在接下來的幾年裡，我們推出了我們一直在談論的新技術。

We believe our total addressable market will expand meaningfully and our overall content per vehicle will increase as well.

我們相信，我們的總目標市場將顯著擴大，每輛車的整體內容也將增加。

Turning to slide 18.

轉到投影片 18。

Let me conclude with a few comments on our outlook and guidance for the full year.

最後，讓我對我們全年的展望和指導發表一些評論。

While we're generally pleased with our results in the first half of the year and progress we continue to make towards our strategic imperatives, we certainly haven't been helped by the macro-level drivers in our industry.

雖然我們總體上對上半年的業績以及我們在實現戰略目標方面繼續取得的進展感到滿意，但我們當然沒有得到行業宏觀層面驅動因素的幫助。

We're not whining about it, but in particular, industry estimates for light vehicle production continued to be revised downward month after month.

我們並不是對此抱怨，但特別是，輕型汽車產量的產業預測繼續逐月下調。

Inventory levels on dealer lots are rising due to slower consumer adoption of EVs, persistently high inflation, and higher financing costs, prompting OEMs to push back new program launches and reduce production schedules below what we expected coming into the year.

由於消費者對電動車的採用速度放緩、通膨持續高企以及融資成本上升，經銷商的庫存水平正在上升，促使原始設備製造商推遲新項目的推出，並將生產計劃減少到低於我們今年的預期。

Inflationary pressures are continuing to impact nearly everything that goes into our production, including labor, material and energy, not to mention the indirect costs for things like rent, transportation, insurance and more.

通貨膨脹壓力繼續影響著我們生產中的幾乎所有方面，包括勞動力、材料和能源，更不用說租金、運輸、保險等間接成本了。

Unfortunately, despite the obvious pressure these dynamics imposed on the supplier community, some OEMs have been reverting to their traditional demands of price concessions.

不幸的是，儘管這些動態給供應商群體帶來了明顯的壓力，但一些原始設備製造商已經恢復了傳統的價格優惠要求。

So those are all just the facts.

所以這些都只是事實。

In addition, unfavorable foreign exchange has negatively impacted both our sales and our operating costs as the value of the US dollar continues to slide relative to key currencies such as the Mexican peso and the Polish zloty.

此外，由於美元相對於墨西哥比索和波蘭茲羅提等主要貨幣的價值持續下滑，不利的外匯對我們的銷售和營運成本產生了負面影響。

Clearly, these are important factors that are beyond our immediate control.

顯然，這些都是我們無法直接控制的重要因素。

So, while we continue to execute well and advance towards our financial goals, the macro environment is slowing our process just a bit here in the near-term.

因此，雖然我們繼續良好執行並朝著我們的財務目標前進，但宏觀環境在短期內稍微放慢了我們的進程。

The modest adjustments that we have made to our guidance reflect some of these challenges.

我們對指導意見所做的適度調整反映了其中一些挑戰。

We remain confident and our recent cost reduction initiatives will enable us to deliver improved profitability and cash flow in the second half of 2024 and will benefit us further in 2025.

我們仍然充滿信心，我們最近的成本削減措施將使我們能夠在 2024 年下半年實現更高的盈利能力和現金流，並將在 2025 年進一步使我們受益。

So, despite the current headwinds, we believe that both of our product segments remain on track to achieve double-digit return on invested capital as we exit 2025.

因此，儘管目前存在阻力，但我們相信，到 2025 年退出時，我們的兩個產品領域仍有望實現兩位數的投資資本回報率。

We also remain confident that as more of our new programs and products are launched over the next couple of years, you will see further expansion of our profitability through both increasing volume and improved variable contribution margins.

我們仍然相信，隨著未來幾年我們推出更多新計劃和產品，您將看到我們的盈利能力透過增加銷量和提高可變貢獻利潤而進一步擴大。

In conclusion, we want to thank our customers and all stakeholders for our continued confidence and support as we continue to navigate through these challenges and execute on our plans to drive sustainable, profitable growth and value.

最後，我們要感謝客戶和所有利益相關者在我們繼續應對這些挑戰並執行我們的計劃以推動可持續、盈利增長和價值的過程中給予我們持續的信心和支持。

This concludes our prepared remarks.

我們準備好的演講到此結束。

So let's move on to Q&A.

那麼讓我們繼續進行問答。

Thank you.

謝謝。

Ladies and gentlemen, (Operator Instructions) Mike Ward, Freedom Capital

女士、先生們，（操作員說明）Mike Ward，Freedom Capital

Good morning, everyone.

大家早安。

Just a couple of things.

只是幾件事。

On the restructuring actions, those actions have been completed, correct?

關於重組行動，那些行動已經完成了，對嗎？

We are in the final stages of that, Mike.

我們正處於最後階段，麥克。

Most of them have been completed.

其中大部分已經完成。

Certainly, it's going to be the pickup I described between $20 million and $25 million in the third and fourth quarter.

當然，我所描述的第三季和第四季的成長將在 2,000 萬至 2,500 萬美元之間。

We have a high level of confidence.

我們充滿信心。

So moving right along with it.

所以就跟著它一起動吧。

Okay.

好的。

The second thing on the, I mean, your margin performance, excluding FX was above 9%.

我的意思是，第二件事是，你們的保證金表現（不包括外匯）高於 9%。

And is that like kind of the go-to trend that we're at right now, we're getting towards that double-digit rate of margin?

這是否就是我們現在所處的趨勢，我們正在朝著兩位數的利潤率邁進？

Yes, this is Jeff again, Mike.

是的，這又是傑夫，麥克。

Certainly is.

當然是。

We continue to march towards the double-digit EBITDA and return on invested capital, we expect to be there next year.

我們繼續朝著兩位數的 EBITDA 和投資資本回報率邁進，預計明年就能實現這一目標。

Okay.

好的。

Jon, I wonder if you can go over some of your cash flow comments and I just want to make sure I understood it.

喬恩，我想知道你是否可以回顧一下你的一些現金流評論，我只是想確保我理解它。

I think you said that you expect it to be cash flow neutral for the year.

我想你說過你預計今年的現金流量是中性的。

Is that correct?

這是正確的嗎？

If I gave a range, Mike, that would be the top end of the range.

麥克，如果我給出一個範圍，那將是該範圍的上限。

We're looking now at our point estimate is slightly negative.

我們現在正在考慮我們的點估計稍微為負。

Based on my earlier comments this year, we would have expected to be cash flow positive for the year at the free cash flow line item.

根據我今年早些時候的評論，我們預計今年自由現金流項目的現金流為正。

However, given the confidence we've had from the operational performance and the improvements that we're making in the business, we chose to do a straight cash interest pay in the December coupons for both our first and third lien notes.

然而，考慮到我們對營運績效和業務改善的信心，我們選擇在 12 月的票面利率直接支付第一和第三留置權票據的現金利息。

And that's worth about $25 million incremental cash that will go out the door.

這價值約 2500 萬美元的增量現金將被支出。

However, that's in the best interest over the long-term for our capital structure.

然而，從長遠來看，這對我們的資本結構最有利。

So that took us from the slightly positive to slightly negative range on free cash flow.

因此，這使我們的自由現金流從小幅正值變為小幅負值。

And then there are other items.

然後還有其他項目。

I think you see their net cash taxes $25 million, $30 million, and then you have the restructuring cash.

我想你會看到他們的淨現金稅為 2500 萬美元、3000 萬美元，然後你就有了重組現金。

I assume all that's in the second half.

我想這一切都發生在下半場。

I didn't see anything in the second quarter.

第二季我什麼也沒看到。

Is that cash restructuring $25 million, $30 million all in the second half?

現金重組2500萬美元、3000萬美元都在下半年嗎？

No.

不。

We had some original programs that were carryover from prior years that were still running out.

我們有一些前幾年遺留下來的原創項目，但目前仍然用完。

So we did spend some restructuring dollars in the first six months as well as the recently implemented actions.

因此，我們確實在前六個月以及最近實施的行動中花費了一些重組資金。

So I think the number was about $12.5 million of restructuring cash that's already been spent.

因此，我認為已經花費的重組現金約為 1250 萬美元。

Okay.

好的。

In the first half.

上半場。

So, if I'm looking at the data that we see and you have that in the income statement that's been released thus far, does net cash used provided by our change in assets, operating assets and liabilities, and it was a negative $36 million in the first half.

因此，如果我查看我們看到的數據，並在迄今為止發布的損益表中看到，我們的資產、營運資產和負債變化所使用的淨現金是否為負 3,600 萬美元在上半場。

Normally, you would see some of that working capital turn positive in the second half.

通常情況下，你會看到一些營運資金在下半年轉為正數。

Some of these other items that are going to keep that.

其中一些其他項目將保留這一點。

You won't get the normal recovery.

您將無法獲得正常的恢復。

Is that right?

是這樣嗎？

Well, just by definition, we do expect the second half to be positive as the first half was about $54 million negative.

嗯，根據定義，我們確實預計下半年會出現正面的結果，因為上半年大約有 5,400 萬美元的負值。

In Q3 and Q4 tend to always be favorable in terms of working capital as we reduce inventories by the end of the year.

在第三季度和第四季度，隨著我們在年底前減少庫存，營運資金方面往往總是有利的。

We collect our receivables in the back half of December.

我們在 12 月下半月收回應收帳款。

So, there's typically an info that you see with normal seasonality.

因此，您通常會看到一些具有正常季節性的資訊。

And so I think that trend continues.

所以我認為這種趨勢仍在繼續。

It's just mitigated a bit.

只是稍微減輕了一些。

Okay.

好的。

All right.

好的。

Well, thank you very much.

嗯，非常感謝。

Appreciate that.

很欣賞這一點。

Thanks, Mike.

謝謝，麥克。

Kirk Ludtke, Imperial Capital

柯克·路特克，帝國首都

Well, I wanted to follow up on Mike's question on the margins.

嗯，我想在邊緣跟進邁克的問題。

I guess at least a 10% EBITDA margin without volume growth doing the math, that would imply $270 million of EBITDA exiting 2025.

我猜如果不計算銷售成長，EBITDA 利潤率至少為 10%，這意味著 2025 年將有 2.7 億美元的 EBITDA。

Am I doing the math right?

我算得對嗎？

Yes, you're doing the math right.

是的，你計算得對。

So, you've got another, so that's an $80 million increase from the fiscal '24 guidance.

所以，你還有另一個，比 24 財年的指導增加了 8000 萬美元。

So I think you've mentioned at least $20 million of cost saves.

我認為您提到了至少 2000 萬美元的成本節省。

What's the other 60%?

另外60%是多少？

Is that the new products you mentioned, mix?

這就是你提到的新產品嗎，mix？

It was a couple of things.

有幾件事。

Keep in mind that, Kirk, that the $20 million to $25 million is this year's portion.

柯克，請記住，2000 萬至 2500 萬美元是今年的部分。

Next year's portion is $40 million to $45 million of cost out with this latest salary cost reduction as a result of the new organization that we put in place.

明年的部分是 4000 萬至 4500 萬美元的成本支出，由於我們建立了新的組織，最新的工資成本削減了。

And, as we've said for the last couple of years, as we launch new programs and they replace the existing ones because in many cases, the innovation that I talked about is helping our customers save money.

而且，正如我們在過去幾年中所說的那樣，當我們推出新計劃並取代現有計劃時，因為在許多情況下，我談到的創新正在幫助我們的客戶省錢。

At the same time, we're able to make better margins because the product is technology that they're willing to pay for.

同時，我們能夠獲得更好的利潤，因為我們的產品是他們願意付費的技術。

In addition to that, the fluid business is returning to a significant level of contribution to the company, while it's been on hiatus for a couple of years here.

除此之外，流體業務正在恢復對公司的重大貢獻，儘管它已經中斷了幾年。

And so that's a big part of it.

這是其中很大一部分。

And then finally, we're profitable in all regions as well.

最後，我們在所有地區都實現了盈利。

So, the ability for the team to manage the cost side of the business, which we have done extremely well.

因此，團隊有能力管理業務的成本方面，我們在這方面做得非常好。

We've also been managing the price side extremely well.

我們在價格方面的管理也非常好。

And that's not supported because people just like us.

但這不受支持，因為人們就像我們一樣。

It's done because of the technology and the way we execute and the way we support our customers and their strategies, whether we're talking about ICE, hybrid, or EV and our ability to change quickly.

之所以能做到這一點，是因為我們的技術、執行方式以及我們支持客戶及其策略的方式，無論我們談論的是內燃機、混合動力還是電動車，以及我們快速變革的能力。

We were able to engineer new products for their new vehicles and get it into the market and help them especially on the fluid side, help them save money in terms of what it costs them to manage the overall fluid dynamics.

我們能夠為他們的新車設計新產品並將其推向市場，並幫助他們，特別是在流體方面，幫助他們節省管理整體流體動力學的成本。

And at the same time, that adds significant content for Cooper.

同時，這也為庫柏增加了重要的內容。

So, it's really inside of both of those.

所以，它確實在這兩者的內部。

We're managing the cost side, we're managing price and we're managing content per vehicle with innovation.

我們正在管理成本方面，我們正在管理價格，我們正在透過創新管理每輛車的內容。

So those are the three things that are driving the overall improvement.

這些是推動整體改進的三件事。

And whenever we get volume, it will even be better.

每當我們獲得銷量時，情況就會更好。

Right.

正確的。

Absolutely.

絕對地。

So, it's really we're talking about $60 million of sales, at least $20 million in fiscal '24, another $40 million in fiscal '25.

所以，我們實際上談論的是 6000 萬美元的銷售額，24 財年至少 2000 萬美元，25 財年另外 4000 萬美元。

Kirk, let me clarify that.

柯克，讓我澄清一下。

This is Jon.

這是喬恩。

It's $40 million annualized.

年化收入為 4000 萬美元。

So, we've $20 million this year and an incremental $20 million next year.

因此，我們今年有 2000 萬美元，明年將增加 2000 萬美元。

So the total run-rate savings is $40 million to $45 million.

因此，總運行費用節省為 4000 萬至 4500 萬美元。

Okay.

好的。

Got it.

知道了。

And that's helpful.

這很有幫助。

Thank you.

謝謝。

And more net new business wins this quarter, how would you describe your organic growth rate?

本季獲得更多淨新業務，您如何描述您的有機成長率？

Is it low single-digits, mid-single-digits better than that?

低個位數、中個位數是否比這更好？

Yes, I think, Jon tried to give you a little sense of how we're continuing to outpace the market even in these crazy times in terms of the way the volumes continue to come down.

是的，我認為，喬恩試圖讓您了解我們如何在銷售持續下降的瘋狂時期繼續超越市場。

I mean here in North America, the latest projection is 15.8 million units.

我的意思是在北美，最新的預測是 1580 萬台。

And in his prepared remarks, he walked you through the math associated with it.

在他準備好的演講中，他向您介紹了與之相關的數學知識。

So, we continue to outpace the market.

因此，我們繼續領先市場。

So, we're growing the business pretty significantly.

因此，我們的業務正在顯著成長。

And when you look at that percentage over our history, I think, it's probably about the same.

當你看看我們歷史上的這個百分比時，我想，可能是差不多的。

We do expect with the hybrid introduction that's coming, Kirk, that hasn't been clearly defined yet by our customers in all cases is going to significantly improve that number versus historical comparisons just because hybrid volumes are going to go up at least that's what we're being told.

我們確實預計，隨著即將推出的混合動力車的推出，柯克，我們的客戶在所有情況下都還沒有明確定義，與歷史比較相比，這一數字將顯著提高，因為混合動力車的銷量至少會增加，這就是我們所看到的。

And that represents a content per vehicle increase for us in our fluid business by about 80%.

這意味著我們的流體業務每輛車的含量增加了約 80%。

So I think that's going to be really good news that we really haven't quantified for you yet in the macro sense beyond what I just did.

所以我認為這將是一個非常好的消息，除了我剛才所做的之外，我們還沒有從宏觀意義上為您進行量化。

The reason is because we don't know exactly what the product plans are yet over the next two or three years for our customers, but we've been told we're going to hear that here very soon.

原因是因為我們尚不清楚未來兩三年內為客戶提供的產品計劃是什麼，但我們被告知我們很快就會在這裡聽到這一消息。

Got it.

知道了。

Thank you.

謝謝。

That's helpful.

這很有幫助。

And I think I heard you'll make cash payments on both bonds in December?

我想我聽說你們會在 12 月對這兩種債券支付現金？

Kirk, that's right.

柯克，沒錯。

This is Jon again.

這又是喬恩。

Yes, we've not elected the pick option, so we're going to do a straight cash pay in December on both the first lien and the third lien notes.

是的，我們沒有選擇選擇選項，因此我們將在 12 月對第一留置權和第三留置權票據進行直接現金支付。

Great.

偉大的。

Wonderful.

精彩的。

I appreciate it.

我很感激。

Thank you very much.

非常感謝。

Brian DiRubbio, Baird.

布萊恩·迪魯比奧，貝爾德。

Good morning, gentlemen.

早安，先生們。

Just a few questions for me.

只是問我幾個問題。

Just on the CapEx spend, going back to my model.

就資本支出而言，回到我的模型。

The last time I think you guys had CapEx that low was back in 2009.

我認為你們上一次資本支出這麼低還是在 2009 年。

It had $46 million, obviously, your $50 million to $60 million.

顯然，它有 4600 萬美元，你的 5000 萬到 6000 萬美元。

But can you explain sort of what the thought process is in terms of how you're deploying capital differently today or maybe for 2024 versus prior years?

但您能否解釋一下您今天或 2024 年與前幾年如何不同地部署資本的思考過程？

And why it can be that low?

為什麼它可以這麼低？

And how long can it be at that low level?

這麼低的水平能持續多久？

Yes, this is Jeff.

是的，這是傑夫。

There is a couple of different components of that.

其中有幾個不同的組成部分。

The first one is we're definitely getting better at designing the products that are going into our plants.

第一個是我們在設計進入我們工廠的產品方面肯定會做得更好。

So, they require less capital than they probably historically did.

因此，他們需要的資本比歷史上可能少。

So I think that's first and foremost, hats off to our product engineers working closer with our manufacturing engineers to try to do everything they can to reduce the capital required to manufacture the parts.

因此，我認為首先也是最重要的是，向我們的產品工程師與製造工程師密切合作，盡一切努力減少製造零件所需的資本表示敬意。

So, that's number one.

所以，這是第一。

Number two is the fact that we're operating at such low volumes in many cases where we're booking a lot of new business like China, we're just kind of filling up what we have there.

第二個事實是，在許多情況下，我們的業務量都很低，我們預訂了許多像中國這樣的新業務，我們只是在填補我們在那裡的業務。

And so that's been an advantage for us here in the short and medium term.

因此，從短期和中期來看，這對我們來說是一個優勢。

I think that will continue through next year as well.

我認為這種情況也將持續到明年。

And then finally, we've just, in many cases, as it relates to cost reduction and that historically, we would have probably accepted 1.5 years or 2 year payback on things and then invested accordingly.

最後，在許多情況下，我們只是因為這與降低成本有關，而且從歷史上看，我們可能會接受 1.5 年或 2 年的投資回收期，然後進行相應的投資。

We've pushed that to less than a year.

我們已將其推遲到不到一年。

So that's had a positive impact because it forces the teams to have more of a laser focus on what they're doing from a cost reduction point of view if they're going to spend capital to achieve it and that behavior, I think, has been good for our company.

因此，這產生了積極的影響，因為它迫使團隊從降低成本的角度更專注於他們正在做的事情，如果他們打算花費資金來實現這一目標，我認為這種行為已經對我們公司有好處。

And, I think, that's a sustainable thing going forward because there are still quite a few things in the pipeline that we're pretty excited about.

而且，我認為，這是一個可持續發展的事情，因為仍有許多事情正在醞釀中，我們對此感到非常興奮。

So, those are kind of the reasons we certainly continue to grow the business.

因此，這些都是我們繼續發展業務的原因。

We continue to book a lot of business with our customers.

我們繼續與客戶預訂大量業務。

So I don't want you to think that we're starving it for capital, but we've figured out ways to do it better.

所以我不想讓你認為我們缺乏資金，但我們已經找到了做得更好的方法。

And then finally, to answer your question, where do we see that going forward.

最後，回答你的問題，我們認為未來會如何發展。

I mean, we would like to see that number closer to 3% than 4% going forward.

我的意思是，我們希望看到這個數字未來接近 3%，而不是 4%。

So, let's see how we do.

那麼，讓我們看看我們該怎麼做。

Great.

偉大的。

That detail was awesome.

這個細節太棒了。

I appreciate all of that.

我很欣賞這一切。

Just as we think about next year, I know you said you still don't have plans on sort of the capital structure, but the notes do go full cash pay next year.

正如我們考慮明年一樣，我知道您說過您仍然沒有某種資本結構的計劃，但明年這些票據確實會全額現金支付。

I guess the immediate question here is, what is the current balance of the first lien and third lien notes so we can start figuring that out ahead of time what the cash interest will be?

我想這裡迫在眉睫的問題是，第一留置權和第三留置權票據的當前餘額是多少，以便我們可以開始提前計算出現金利息是多少？

Hi, Brian, you'll see the full details in our 10-Q we'll file later today.

嗨，Brian，您將在我們今天稍後提交的 10-Q 中看到完整的詳細資訊。

But the first liens balance as of June 30th was around $609 million.

但截至 6 月 30 日，第一筆留置權餘額約為 6.09 億美元。

The third liens were at $387 million.

第三項留置權金額為 3.87 億美元。

The stub on the old senior notes is $42 million.

舊優先票據的存根為 4,200 萬美元。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

And then just a final question for me.

然後是我的最後一個問題。

Jeff, given some of the comments that you made, as I looked at the guidance and the estimates for US auto production, that obviously didn't change in your press release.

傑夫，鑑於您發表的一些評論，當我查看美國汽車產量的指導和估計時，您的新聞稿中顯然沒有改變。

Just trying to understand sort of where the risks are with your current guidance that you provided.

只是想根據您目前提供的指導來了解風險所在。

Do you see US manufacturers cutting production between now and the end of the year?

從現在到年底，您是否認為美國製造商會削減產量？

Or are they sort of reticent to do that just because of the impact that has on their business?

或者他們只是因為這對他們的業務產生影響而不願意這樣做？

I'd love to get your thoughts there.

我很想聽聽您的想法。

Yes, Brian, I'll pull out my crystal ball here.

是的，布萊恩，我會在這裡拿出我的水晶球。

I wish I had a specific answer to that.

我希望對此有一個具體的答案。

But let me just start with this.

但讓我先從這個開始。

We think that for the next six months, so for the second half of this year, we are confident in everything that we can control.

我們認為，在接下來的六個月裡，所以在今年下半年，我們對我們所能控制的一切充滿信心。

Our pricing is set.

我們的定價已定。

The cost reductions are in or as close to in as they can be.

成本降低已經達到或接近達到預期水準。

Our plants are operating extremely well.

我們的工廠運作得非常好。

So I don't anticipate any surprises in terms of what we can control.

因此，我預計我們可以控制的事情不會有任何意外。

As I mentioned, the projections here in North America are down to 15.8 million units.

正如我所提到的，北美地區的預測量將降至 1580 萬台。

I think we started the year with 16.1 million units.

我認為我們今年年初的銷量為 1,610 萬台。

If you go back to the conversation I had with you all when we were talking about volume projections for '24 when we had this discussion, I think in January, we were saying then that we were worried about the volume we'd actually had gone forward with a fairly conservative guide everybody thought.

如果你回到我與大家進行的對話，當我們討論 24 年的銷售預測時，我想在一月份，我們當時說我們擔心我們實際上已經完成的銷售每個人都認為這是一個相當保守的指導。

We're now $100 million top line below that.

我們現在的收入比這個數字低了 1 億美元。

So, I'm hopeful that we've seen the bottom of it.

所以，我希望我們已經看到了它的底部。

We anticipate that we have the releases going forward suggest that they're going to live up to the forecasts that are out there and are in our guidance.

我們預計，未來的發布表明它們將達到我們的指導中的預測。

I'm sure everybody's feeling the same way.

我相信每個人都有同樣的感覺。

We'll see.

我們拭目以待。

But I'll tell you, the business is performing extremely well.

但我會告訴你，該業務的表現非常好。

There isn't any part of the business that hasn't been overachieving to make up for the significant headwind related to revenue that's taken a lot of money off our bottom line.

業務的任何部分都表現出色，以彌補與收入相關的重大阻力，這些阻力使我們的利潤損失了很多錢。

Jon mentioned FX and the challenge that, that's provided.

Jon 提到了 FX 以及它所帶來的挑戰。

And so, when you think about things like inflationary pressures that Jon discussed, we expected material to be a bit of a tailwind this year.

因此，當你考慮到喬恩討論的通膨壓力等問題時，我們預計今年的材料會有點順風。

It's actually turned into a headwind.

它實際上變成了逆風。

But because we're taking such care from a cost point of view, we've made virtually all of that up.

但由於我們從成本角度考慮，所以幾乎所有這些都是我們編造的。

And then, we've done a nice job managing price.

然後，我們在價格管理方面做得很好。

Historically, we've given back 1.5% to 1.7%.

從歷史上看，我們曾回饋 1.5% 至 1.7%。

During the COVID years, we took that below 1% give back last year.

在新冠疫情期間，我們去年就收回了低於 1% 的回饋。

And this year, it's actually a positive for us.

今年，這對我們來說實際上是積極的。

So, you add all that up, and we have a very bullish second-half outlook.

因此，將所有這些加起來，我們對下半年的前景非常樂觀。

We have a very bullish feeling about '25 and beyond.

我們對 25 年及以後抱持著非常樂觀的感覺。

As soon as we get some volume back, my friend, it's going to be a good thing.

一旦我們恢復一些銷量，我的朋友，這將是一件好事。

Understood.

明白了。

Just a final question.

只是最後一個問題。

Fortrex, any updates on any other deployments of that compound and any other wins that you see in the near future to be announced?

Fortrex，有關該化合物的任何其他部署的任何更新以及您在不久的將來看到的任何其他勝利將宣布嗎？

We continue to have quite a pool for lower weight and recyclable.

我們繼續擁有一個重量較輕且可回收的泳池。

And I talked about that quite a bit in our prepared remarks.

我在準備好的發言中多次談到了這一點。

So it continues to be a driver for our Sealing business.

因此，它仍然是我們密封業務的驅動力。

And I think Nike announced the third shoe that's out there.

我認為耐吉已經發布了第三款鞋。

And if you could see Jon's feet this morning, he actually has it on.

如果你今天早上能看到喬恩的腳，他確實穿著它。

So we continue to see the results that we thought we would there hopefully over the horizon that becomes more of a contributor to the bottom line.

因此，我們繼續看到我們認為預計在地平線上出現的結果，這將成為對利潤的更多貢獻。

But again, a positive related to Fortrex, which was your question.

但同樣，與 Fortrex 相關的是積極的，這是你的問題。

Great.

偉大的。

Appreciate all the color.

欣賞所有的顏色。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Ben Briggs, StoneX Financial, Inc.

（操作員指示）Ben Briggs，StoneX Financial, Inc.

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks for taking the call and congratulations on the margins this quarter.

感謝您接聽電話並祝賀本季的利潤。

The vast majority of my questions already got asked and answered.

我的絕大多數問題已經被提出並且得到解答。

So, thank you.

所以，謝謝你。

But just to confirm housekeeping.

但只是為了確認客房服務。

This is the last quarter that you had the pick option on either bonds, correct?

這是您對任一債券有選擇權的最後一個季度，對嗎？

That's correct, Ben.

沒錯，本。

In June, we actually had to make the election for the December coupons.

六月份，我們實際上必須選擇十二月份的優惠券。

So this was the last opportunity to make that election

所以這是最後一次選舉機會

Got you.

明白你了。

And then just quickly on margins.

然後很快就處於邊緣狀態。

So, gross margins came in at 11.7% this quarter, which is one of the highest numbers kind of excluding that third quarter of '23 when you had some retroactive payments.

因此，本季的毛利率為 11.7%，這是排除 23 年第三季（當時有一些追溯付款）的最高數字之一。

I think this 11.7% number is like the highest number since 2020.

我認為這個 11.7% 的數字是 2020 年以來的最高數字。

Should we expect on a gross margin basis, these double-digit, 11-ish, 12-ish kind of numbers going forward when we think about modeling this?

當我們考慮建模時，我們是否應該在毛利率的基礎上預期這些兩位數、11 左右、12 左右的數字會繼續下去？

Yes, Ben, this is Jon.

是的，本，這是喬恩。

I think that's a fair way to look at it.

我認為這是一種公平的看法。

Across the entire P&L, where we continue to look for opportunities to continuously improve margin rates.

在整個損益表中，我們不斷尋找機會來不斷提高保證金率。

Significant attributors on the variable contribution margin uplift that we're seeing on new product launches, the cost reductions within the manufacturing area, and the purchasing lean initiatives are all going to manifest themselves up into the cost of goods sold and therefore, gross margin.

我們在新產品發布中看到的可變貢獻邊際提升的重要因素、製造領域內的成本降低以及精益採購舉措都將體現在銷售商品的成本中，從而體現在毛利率中。

So you should continue to see those levels even improving as we look to exit in double-digit EBITDA margins towards the end of 2025 as Jeff really talked about a lot already.

因此，隨著我們希望在 2025 年底以兩位數的 EBITDA 利潤率退出，您應該會繼續看到這些水平甚至有所改善，因為傑夫已經談論了很多。

Got you.

明白你了。

And then last one for me and I know you kind of got asked this just a couple of different ways, but I'll try one more time.

最後一個是我的，我知道你只是以幾種不同的方式被問到這個問題，但我會再試一次。

On the last call, I think you had talked that a global refi was potentially on the table in 2025.

在上次通話中，我想您曾談到 2025 年可能會出現全球再融資。

Would you refer to that as still potentially on the table?

您是否認為這個問題仍有可能擺在桌面上？

There's always potential, Ben, of course, it's going to be heavily dependent on market conditions, what the interest rate environment looks like in the capital markets, acceptance of deals starting in Q1 of 2025.

Ben，潛力總是存在的，當然，這將在很大程度上取決於市場狀況、資本市場的利率環境以及從 2025 年第一季開始接受交易的情況。

As a reminder, our non-call provision is done at the end of January of 2025.

謹此提醒，我們的非通話條款將於 2025 年 1 月底完成。

So, in Q1 forward, we do have that opportunity to refinance.

因此，在第一季，我們確實有再融資的機會。

So, subject to those market conditions, automotive industry conditions and the overall production environment will enable us to go to market.

所以，根據這些市場情況，汽車產業的狀況和整體的生產環境將使我們能夠走向市場。

So all those things combined, we'll see how things look towards next year.

因此，將所有這些因素結合起來，我們將看看明年的情況如何。

But as Jeff has already alluded to, we're 100% focused on the capital structure and making it more manageable in terms of a company of our size and footprint.

但正如傑夫已經提到的，我們 100% 專注於資本結構，並使其對於我們這樣規模和足跡的公司來說更易於管理。

So as we have these opportunities next year, leveraging the improvements that we're making in the business and the sustainable profitability and sustainable cash flow generation, we'll certainly look to leverage those metrics and KPIs as we go to market.

因此，當我們明年有這些機會時，利用我們在業務方面所做的改進以及可持續的盈利能力和可持續的現金流生成，我們在進入市場時肯定會考慮利用這些指標和 KPI。

Understood.

明白了。

Thanks very much for taking the questions, guys

非常感謝你們提出問題

Okay, Ben.

好吧，本。

Thanks.

謝謝。

It appears that there are no more questions at this time.

看來此時已經沒有更多的問題了。

I would now like to turn the call back over to Roger Hendriksen.

我現在想把電話轉回給羅傑·亨德里克森。

All right.

好的。

Thanks, everybody, for your questions, the engagement.

謝謝大家的提問和參與。

We appreciate your participation very much.

我們非常感謝您的參與。

If there are other questions that come up later in the day or in the following weeks, please feel free to reach out to me directly and we can arrange for a further conversation.

如果當天晚些時候或接下來的幾週內出現其他問題，請隨時直接與我聯繫，我們可以安排進一步的對話。

Thanks again.

再次感謝。

This will conclude our call.

我們的通話到此結束。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。

Thank you.

謝謝。