Cooper-Standard Holdings Inc (CPS) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cooper Standard Fourth Quarter and Full Year twenty twenty four Earnings Conference Call.

女士們、先生們，早安，歡迎參加 Cooper Standard 第四季和 2024 年全年收益電話會議。

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

演示期間，所有參與者將處於僅聆聽模式。

Following company prepared comments, we will conduct a question and answer session.(Operator Instructions)

根據公司準備好的評論，我們將進行問答環節。

As a reminder, this conference call is being recorded and a webcast will be available for replay later today.

提醒一下，本次電話會議正在錄音，今天稍晚將提供網路直播供重播。

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

現在，我想將電話會議交給投資人關係總監羅傑‧亨德里克森 (Roger Hendrickson)。

Thanks, Jenny, and good morning, everyone.

謝謝，珍妮，大家早安。

We appreciate your continued interest in Cooper Standard, and we thank you for taking the time to participate in our call this morning.

感謝您對 Cooper Standard 的持續關注，也感謝您抽出時間參加我們今天上午的電話會議。

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 John 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 和執行副總裁兼財務長 John Banas。

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

在我們開始之前，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 three 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，請參閱本演示文稿的第三張幻燈片以及公司向美國證券交易委員會提交的定期文件中包含的聲明。

This presentation also contains non GAAP financial measures.

本簡報也包含非 GAAP 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 presentation.

非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳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.

辦完這些手續後，我會把電話轉給傑夫。

Thanks, Roger, and good morning, everyone.

謝謝，羅傑，大家早安。

We certainly appreciate the opportunity to review our fourth quarter and full year results this morning, and we'll provide an update on our outlook for 2025 and beyond.

我們非常感謝今天早上有機會回顧我們第四季度和全年的業績，並且我們將提供有關 2025 年及以後的展望的最新資訊。

So I'm going to begin here on Slide five just to highlight some key data points that we believe are reflective of our continued strong commitment to operational excellence and driving increasing value for all of our shareholders.

因此，我將從第五張投影片開始強調一些關鍵數據點，我們認為這些數據點反映了我們對卓越營運的持續堅定承諾以及為所有股東創造更高的價值。

In 2024, we continue to deliver world class results in terms of product quality, program launch and service for our customers.

2024年，我們將繼續在產品品質、專案啟動和為客戶提供服務方面提供世界一流的成果。

This is reflected by our 97% green product quality scorecards and 97% green program launch scorecards.

我們的97%綠色產品品質記分卡和97%綠色專案啟動記分卡反映了這一點。

And as you know, even more importantly, we've had our best year ever in terms of employee safety.

而且如您所知，更重要的是，就員工安全而言，我們度過了有史以來最好的一年。

For the full year 2024, our safety incident rate was just 0.3 per two hundred thousand hours worked, surpassing our previous best from 2023 and well below the world class benchmark of 0.47. We're especially proud of our 22 plants that completed the year with a perfect safety record of zero reportable incidents.

2024 年全年，我們的安全事故率僅為每二十萬工作小時 0.3，超過了 2023 年的最高紀錄，也遠低於世界級基準 0.47。我們尤其為我們的 22 家工廠感到自豪，它們在全年實現了零報告事故的完美安全記錄。

The dedicated teams in these plants continue to affirm that our long term goal of zero safety incidents is achievable.

這些工廠的專業團隊不斷確認我們零安全事故的長期目標是可以實現的。

And as always, just a personal shout out from me to all of our plant managers.

和往常一樣，我謹代表個人向我們所有的工廠經理致以問候。

I mean, you guys really rock and I appreciate your leadership.

我的意思是，你們真的很棒，我欣賞你們的領導能力。

And again, I know that most of you know that I love our plant managers, but just in case anybody missed that, they continue to do an amazing job for us.

再說一次，我知道你們大多數人都知道我很喜歡我們的工廠經理，但以防有人錯過，他們繼續為我們做著出色的工作。

And we're also proud of the 22 plants that achieved the coveted diamond status in our internal plant performance recognition program.

我們也為在內部工廠績效認可計劃中獲得令人垂涎的鑽石地位的 22 家工廠感到自豪。

This program recognizes the teams and operations that meet the highest standards of operating excellence and achievement of established goals across a range of performance measures, including safety, customer scorecards for quality and launch, 6S, workforce efficiency and margin enhancement and cash generation.

該計劃旨在表彰那些在一系列績效指標中達到最高卓越運營標準和實現既定目標的團隊和運營，包括安全、品質和發布客戶記分卡、6S、勞動力效率和利潤率提升以及現金創造。

This is the first time we've had 22 plants achieve diamond status and there were many others were close at gold status.

這是我們首次有 22 家工廠獲得鑽石地位，還有許多其他工廠接近黃金地位。

The achievements are evident in our financial results.

我們的財務表現清楚地證明了這些成就。

And again, I'd like to personally thank each and every one of our plant managers and the teams that work for them.

我再次要親自感謝我們工廠的每一位經理以及為他們工作的團隊。

Keep in mind about 85% of our 21,000 employees work directly for our plant managers.

請記住，我們 21,000 名員工中約有 85％ 直接為我們的工廠經理工作。

So this result isn't by accident.

所以這個結果並非偶然。

We really appreciate their leadership.

我們非常感謝他們的領導。

The combined efficiency improvements in our plants and lead initiatives in our supply chain also generated $76,000,000 in cost savings during the year.

我們工廠的綜合效率改進和供應鏈的領先舉措也在今年產生了 76,000,000 美元的成本節約。

In addition, we realized $24,000,000 in savings related to the jobs reduction action we implemented in the second quarter.

此外，我們還在第二季實施的裁員行動中實現了 2,400 萬美元的節省。

As a result of the increases in operating efficiency and cost savings, we achieved a solid 52% improvement in operating income for the year, despite continued headwinds from lower production volumes, inflation and unfavorable foreign exchange.

由於營運效率的提高和成本的節約，儘管面臨產量下降、通貨膨脹和外匯不利等持續的阻力，我們今年的營運收入仍穩定成長了 52%。

The streamlined product based organization structure we put in place at the beginning of the year has accelerated our operating improvements and cost reduction achievements.

我們年初制定的以產品為基礎的精簡組織架構，加速了營運改善和成本降低的成果。

Again, after just one year, there are still more efficiencies to be gained.

再次，僅僅一年之後，仍然可以獲得更多的效率。

We expect to build on the successes of 2024 to drive further margin expansion and value for our stakeholders in 2025.

我們希望在 2024 年成功的基礎上，在 2025 年進一步擴大利潤並為利害關係人創造價值。

So let's go to Page six.

那麼讓我們翻到第六頁。

None of these achievements I just mentioned would be possible without a world class culture and commitment to doing business the right way with uncompromised honesty, transparency and integrity.

如果沒有世界一流的文化和以毫不妥協的誠實、透明和正直的方式正確開展業務的承諾，我剛才提到的這些成就都不可能實現。

We're pleased in 2024 to receive numerous awards for our excellence in product quality and customer service, as well as broad recognition for our continued achievements in culture and sustainability.

我們很高興在 2024 年憑藉卓越的產品品質和客戶服務獲得無數獎項，並在文化和永續發展方面持續取得的成就獲得廣泛認可。

I could not be more proud of our global workforce and their joint commitment to a culture of achievement, excellence and integrity.

我對我們的全球員工隊伍以及他們對成就、卓越和誠信文化的共同承諾感到無比自豪。

And I want to thank all of our employees for the continued hard work and accomplishments in 2024 and most importantly for setting the stage for an even more successful 2025.

我要感謝我們所有員工在 2024 年的持續努力和取得的成就，最重要的是，為 2025 年更加成功奠定了基礎。

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

現在，讓我將電話轉給約翰，讓他回顧本季的財務細節。

Thanks, Jeff, and good morning, everyone.

謝謝，傑夫，大家早安。

In the next few slides, I'll cover the details of our quarterly and full year financial results, put some context around some of the key items that impacted our earnings, and then provide some color on our cash flow, balance sheet and liquidity.

在接下來的幾張幻燈片中，我將介紹我們季度和全年財務業績的詳細信息，介紹一些影響我們收益的關鍵項目，然後介紹我們的現金流、資產負債表和流動性。

So please turn with me to Slide eight.

請跟我一起翻到第八張投影片。

On Slide eight, we show a summary of our results for the fourth quarter and full year 2024 with comparisons to the prior year.

在第八張投影片上，我們展示了 2024 年第四季和全年業績的摘要以及與前一年的比較。

Fourth quarter twenty twenty four sales totaled $660,800,000 a decrease of 1.9% versus the fourth quarter of twenty twenty three as we continue to be impacted by weaker than expected production volume and unfavorable foreign exchange.

2024 年第四季的銷售總額為 660,800,000 美元，較 2023 年第四季下降 1.9%，因為我們繼續受到產量低於預期和不利的外匯影響。

On a more positive note, despite the lower sales, our margins improved considerably.

較為正面的一面是，儘管銷售額下降，但我們的利潤率卻大幅提高。

Adjusted EBITDA for the fourth quarter twenty twenty four was $54,300,000 or 8.2% of sales, an increase of 96.8 and more than four ten basis points of margin versus the fourth quarter of twenty twenty three.

2024 年第四季的調整後 EBITDA 為 54,300,000 美元，佔銷售額的 8.2%，比 2023 年第四季增加 96.8%，利潤率增加超過四十個基點。

On a U. S. GAAP basis, we generated net income of $40,200,000 in the fourth quarter.

根據美國公認會計準則，我們第四季的淨收入為 40,200,000 美元。

This included the reversal of certain deferred tax asset valuation allowances, small gains on the sales of assets and businesses and non cash charges for restructuring and asset impairments.

其中包括撤銷某些遞延稅務資產估價準備、出售資產和業務的小額收益以及重組和資產減損的非現金費用。

Excluding these and other special items, we recorded a slight adjusted net loss of $2,900,000 or $0.16 per diluted share for the fourth quarter of twenty twenty four.

除這些和其他特殊項目外，我們記錄了 2024 年第四季的小幅調整後淨虧損 2,900,000 美元或每股攤薄虧損 0.16 美元。

This was an improvement of over $28,000,000 compared to the fourth quarter of last year.

與去年第四季相比，這一數字增加了 2,800 多萬美元。

For the full year 2024, our sales totaled $2,700,000,000 a decrease of 3% versus 2023.

2024 年全年，我們的銷售總額為 27 億美元，較 2023 年下降 3%。

The main drivers of the decline were unfavorable volume and mix, divestitures and foreign exchange.

造成下滑的主因是交易量及業務結構不利、資產剝離、外匯。

Adjusted EBITDA for the year came in at $180,700,000 compared to $167,100,000 for the full year 2023.

該年度調整後 EBITDA 為 1.807 億美元，而 2023 年全年為 1.671 億美元。

Improved operational efficiencies and savings from restructuring more than offset the impacts of weak volume and unfavorable exchange rates.

重組帶來的營運效率提高和成本節省足以抵消銷售疲軟和匯率不利的影響。

On a GAAP basis, full year net loss was $78,700,000 compared to a net loss of $2.00 $2,000,000 in 2023.

根據 GAAP 計算，全年淨虧損為 78,700,000 美元，而 2023 年淨虧損為 2.00 美元 2,000,000 美元。

After adjusting for special items and their tax impacts, we incurred an adjusted net loss for the year of $56,700,000 or $3.23 per diluted share.

在調整特殊項目及其稅務影響後，我們本年度調整後的淨虧損為 56,700,000 美元，即每股攤薄虧損 3.23 美元。

Again, this is a significant improvement when compared to the adjusted net loss of $82,000,000 or $4.74 per diluted share we recorded in 2023.

再次，與我們 2023 年記錄的調整後淨虧損 82,000,000 美元或每股 4.74 美元相比，這是一個顯著的改善。

From a CapEx perspective, we spent $50,500,000 during 2024 or 1.8% of sales.

從資本支出角度來看，我們在 2024 年花費了 50,500,000 美元，佔銷售額的 1.8%。

We continue to optimize asset utilization throughout the company and focus our spend on customer launch readiness and new business growth.

我們持續優化整個公司的資產利用率，並將支出重點放在客戶發布準備和新業務成長。

By comparison, our CapEx was $80,700,000 or 2.9% of sales in 2023.

相比之下，我們的資本支出為 80,700,000 美元，佔 2023 年銷售額的 2.9%。

Moving to Slide nine.

移至第九張投影片。

The charts on both Slides nine and ten quantify the significant drivers of the year over year changes in our sales and adjusted EBITDA for the fourth quarter and full year respectively.

第九張和第十張投影片上的圖表分別量化了我們第四季和全年銷售額和調整後 EBITDA 同比變動的重要驅動因素。

For sales in the fourth quarter, unfavorable volume and mix including customer price adjustments reduced sales by $5,000,000 The impacts of foreign exchange further reduced sales by $8,000,000 For adjusted EBITDA, manufacturing and purchasing efficiencies drove $26,000,000 in savings during the quarter.

就第四季度的銷售而言，包括客戶價格調整在內的不利銷售和產品組合導致銷售額減少了 5,000,000 美元，外匯的影響進一步導致銷售額減少了 8,000,000 美元。

The restructuring initiative we implemented in the second quarter of twenty twenty four resulted in an additional $11,000,000 of cost improvement during the fourth quarter.

我們在 2024 年第二季實施的重組計劃導致第四季度額外實現了 11,000,000 美元的成本改善。

And we also had a slight tailwind on raw materials amounting to 2,000,000 in the period.

並且，在此期間，我們的原料銷售也略有順風，達到了 2,000,000。

These improvements were offset by $9,000,000 of general inflation such as wage increases and higher energy expense, dollars 8,000,000 of unfavorable foreign exchange and $5,000,000 from weaker volume mix and net price adjustments.

但這些改進被 9,000,000 美元的一般通貨膨脹（例如工資上漲和能源費用增加）、8,000,000 美元的不利外匯影響以及 5,000,000 美元的銷售組合疲軟和淨價格調整所抵消。

Lower compensation related expenses year over year was the primary component of other improvements.

與去年同期相比，較低的薪酬相關費用是其他改善的主要原因。

Moving to Slide 10.

移至投影片 10。

For the full year, unfavorable volume and mix net of customer price adjustments reduced our sales by $32,000,000 Unfavorable foreign exchange impacted sales by $21,000,000 while the divestiture of our technical rubber business in Europe in the third quarter of twenty twenty three reduced our year over year sales in 2024 by another $33,000,000 For the full year adjusted EBITDA, the positive factors included $76,000,000 from improved manufacturing and purchasing efficiencies, $24,000,000 in restructuring savings, and $5,000,000 in lower material costs.

就全年而言，扣除客戶價格調整後，不利的銷量和產品組合導致我們的銷售額減少了 32,000,000 美元。和採購效率提高帶來的 76,000,000 美元、重組節省帶來的 24,000,000 美元以及材料成本降低帶來的 5,000,000 美元。

These improvements were partially offset by $43,000,000 in higher costs due to unfavorable foreign exchange, $34,000,000 in higher wages and other general inflation and $25,000,000 in unfavorable volume mix and net price adjustments.

但這些改進被因不利的外匯因素導致的 43,000,000 美元的更高成本、34,000,000 美元的工資上漲和其他一般通貨膨脹以及 25,000,000 美元的不利數量結構和淨價格調整所部分抵消。

Moving to Slide 11 and an update on our liquidity and balance sheet.

前往第 11 張投影片，了解我們的流動性和資產負債表的最新情況。

We are pleased to end the year with a strong free cash flow of $63,200,000 in the fourth quarter and positive cash flow of $25,900,000 for the full year.

我們很高興地以第四季 63,200,000 美元的強勁自由現金流和全年 25,900,000 美元的正現金流結束這一年。

Net cash provided by operating activities in the fourth quarter was $74,700,000 a slight decrease of $4,900,000 compared to the same period last year as higher cash interest payments offset improved cash earnings and positive working capital.

第四季經營活動提供的淨現金為 74,700,000 美元，與去年同期相比略有減少 4,900,000 美元，因為更高的現金利息支付抵消了改善的現金收益和正的營運資本。

CapEx came in at $11,500,000 for the quarter as we continue our intense focus on cash preservation and optimizing asset utilization.

由於我們持續高度重視現金保全和優化資產利用率，本季的資本支出為 11,500,000 美元。

As a reminder, for our fourth quarter interest payments, we elected to make full cash payments on our first and third lien notes rather than taking the pick options on our December installments.

提醒一下，對於我們第四季的利息支付，我們選擇以全額現金支付第一和第二留置權票據，而不是選擇 12 月分期付款的選擇權。

Considering this, our positive free cash flow performance was an outstanding result by our entire organization as we remain focused on improving our liquidity and covering our debt service.

考慮到這一點，我們的正自由現金流表現是我們整個組織的傑出成果，因為我們仍然專注於提高流動性和償還債務。

With cash on hand of $170,000,000 as of December 31 and an adjusted sorry, an additional $169,000,000 of availability on our revolving credit facility, we ended the year with total liquidity of nearly $340,000,000 Despite our expectations for a continuing weak production environment, based on our current outlook and expectations for improving operational efficiencies and savings initiatives, we expect our free cash flow in 2025 will again be positive.

截至 12 月 31 日，我們的現金餘額為 170,000,000 美元，經調整後的抱歉，我們的循環信貸額度還有 169,000,000 美元的額外可用資金，截至年底，我們的總流動資金接近 340,000,000 美元的額外可用資金，截至年底，我們的總流動資金接近 340,000,000 美元。將再次為正。

We believe our current cash on hand, expected future cash generation and access to flexible credit facilities will provide ample resources to make required interest payments and support our ongoing operations.

我們相信，我們目前的現金、預期的未來現金產生以及靈活的信貸安排將提供充足的資源來支付所需的利息並支持我們持續的營運。

In conclusion, I want to offer some thoughts on our debt and how we're looking at our financing options going forward.

最後，我想就我們的債務以及我們如何看待未來的融資選擇提出一些想法。

With the recent expiry of the no call provision on our first lien and third lien notes, we are continuing to monitor the credit markets to assess opportunities for a potential refinancing in order to improve our capital structure.

隨著我們的第一留置權和第三留置權票據的禁止贖回條款最近到期，我們將繼續監控信貸市場以評估潛在再融資的機會，從而改善我們的資本結構。

To be clear, we are not obligated to take any actions imminently.

需要明確的是，我們沒有義務立即採取任何行動。

We believe that as we continue to improve our financial performance in the coming quarters with margins expected to return to 10% in the fourth quarter of this year and return on invested capital and cash flows continuing to improve, we expect to have a variety of options available to us to manage our debt and improve our overall cost of capital.

我們相信，隨著我們未來幾季財務業績的持續改善，利潤率預計將在今年第四季度恢復到 10%，投資資本回報率和現金流將繼續改善，我們預計將有多種可供選擇的選項來管理我們的債務並改善我們的整體資本成本。

We intend to be proactive, but prudent as we consider all options and the timing of any potential actions.

我們打算採取積極主動的態度，但在考慮所有選擇以及任何潛在行動的時機時也會保持謹慎。

That concludes my prepared comments.

我的準備好的評論到此結束。

So let me turn it back over to Jeff.

所以讓我把它交還給傑夫。

Thanks, John.

謝謝，約翰。

And to wrap up our discussion this morning, I want to share a few thoughts regarding our near term and longer term outlook and why I remain extremely optimistic about our opportunities ahead and that's putting it mildly.

為了結束我們今天早上的討論，我想分享一些關於我們近期和長期前景的想法，以及為什麼我對我們未來的機會仍然極為樂觀，這只是輕描淡寫地說。

Move to Slide 13.

移至幻燈片 13。

The first reason for optimism is our world class manufacturing, engineering and product development teams and the award winning innovations they continue to bring to the market.

樂觀的第一個理由是我們擁有世界一流的製造、工程和產品開發團隊，以及他們不斷向市場推出的屢獲殊榮的創新產品。

Leveraging new digital tools and technology, our team is truly delivering more value for our customers at lower costs than ever before.

利用新的數位工具和技術，我們的團隊真正以比以往更低的成本為客戶提供了更大的價值。

I'm confident this is a clear competitive advantage and we're just beginning to see the benefits as many of the innovative products have not fully ramped to full production.

我相信這是一個明顯的競爭優勢，而且我們才剛開始看到它的好處，因為許多創新產品尚未完全投入生產。

On this slide, we're highlighting a couple of our most recent innovation award winners.

在這張投影片中，我們重點介紹了幾位最近的創新獎獲獎者。

Our Fluids Manifold and our Flexicore thermoplastic body seal technology.

我們的流體歧管和 Flexicore 熱塑性車身密封技術。

The Coolant Hub product was recognized by the Society of Plastic Engineers as one of the top innovations in 2024.

冷卻液輪轂產品被塑膠工程師協會評為 2024 年頂級創新之一。

This new technology yields up to a 30% reduction in customer made connections and improves vehicle assembly cycle time.

這項新技術可使客戶自行製造的連接數量減少 30%，並縮短車輛組裝週期。

It also optimizes routing to reduce pressure drop and minimize airflow blockage.

它還優化了路線以減少壓力降並最大限度地減少氣流阻塞。

And it's also adaptable to all vehicle powertrains and is currently in production in a high profile EV platform.

它也適用於所有車輛動力系統，目前正在高端電動車平台上生產。

Our Flexicore technology was recently recognized by the Society of Automotive Analysts as a winner in lightweight innovation.

我們的 Flexicore 技術最近被汽車分析師協會評為輕量化創新領域的贏家。

This is a groundbreaking solution that replaces traditional metal components on body seals with a more eco friendly lightweight plastic.

這是一個突破性的解決方案，用更環保的輕質塑膠取代車身密封件上的傳統金屬零件。

By offering a total weight reduction of up to 44%, Flexicore seals can improve vehicle efficiency while maintaining durability and performance.

Flexicore 密封件可將總重量減輕高達 44%，從而提高車輛效率，同時保持耐用性和性能。

Additionally, the seal is fully recyclable, making it environmentally sustainable option for the entire automotive industry.

此外，該密封件完全可回收，使其成為整個汽車行業的環保永續選擇。

Our innovations continue to focus on providing value to our customers helping them meet their targets for key measures such as light weighting, ease of assembly, system efficiency, overall cost efficiency and recyclability.

我們的創新持續專注於為客戶提供價值，幫助他們實現輕量化、易於組裝、系統效率、整體成本效率和可回收性等關鍵指標的目標。

Turning to Slide 14, combined with world class service, our innovations have allowed us to partner with our customers on some of the most important high profile vehicle platforms.

轉到幻燈片 14，結合世界一流的服務，我們的創新使我們能夠與客戶在一些最重要的高端汽車平台上合作。

On this slide in particular, we show top 10 platforms for 2025 based on expected Cooper Standard revenue.

特別是在這張投影片上，我們根據 Cooper Standard 的預期收入展示了 2025 年的十大平台。

These 10 programs represent approximately 45% of our planned revenue for the year based on current production volume estimates and an expected average content per vehicle of approximately $190 Also important, eight of these 10 platforms offer multiple powertrain options, which allows for flexibility, reduces risk related to changes in customer preference or the changing regulatory environment.

根據目前的生產量估計，這 10 個項目約占我們今年計畫收入的 45%，預計每輛車的平均內容約為 190 美元。

So it also it almost goes without saying go buy some of these, hopefully you can find some to buy.

因此，幾乎不用說，去買一些，希望你能找到一些來買。

Our portfolio of products and technologies are well suited to any of the powertrain options on the market today.

我們的產品和技術組合非常適合當今市場上的任何動力系統選項。

Hybrid and battery electric vehicles represent significant opportunities for us to increase our overall content per vehicle, owing to the higher complexity of the vehicle architecture.

由於車輛結構更加複雜，混合動力汽車和電池電動車為我們增加每輛車的總容量提供了重要機會。

The upside of battery electric vehicles has been in the range of 20% higher than traditional vehicles and hybrids represent as much as 80% higher content as we provide components for thermal management in the engine and also the electric motor, the battery and also other electrical components.

電池電動車的優勢比傳統汽車高出 20% 左右，而混合動力車的優勢更甚於傳統汽車，因為我們為引擎、電動馬達、電池和其他電氣元件提供熱管理組件。

Let's turn to Slide 16.

讓我們翻到第 16 張投影片。

With the higher content per vehicle opportunities in mind, global trends and vehicle powertrains are certainly favorable for us.

考慮到每輛車的含量更高，全球趨勢和車輛動力系統對我們來說無疑是有利的。

Electric vehicles are still leading global growth, especially in China and Europe.

電動車仍然引領全球成長，尤其是在中國和歐洲。

However, the rate of growth has slowed, especially in The U. S. Where government incentives have been pulled back.

然而，成長速度已經放緩，尤其是在美國，政府激勵措施已經減弱。

As demand for battery electric vehicles has dipped, we're seeing an increased demand for hybrids, which frankly is in our sweet spot for optimal content per vehicle.

隨著電動車需求的下降，我們看到混合動力車的需求增加，坦白說，這正是我們每輛車的最佳配置。

In fact, over the past two years, forty percent of all our net new business awards were related to hybrid vehicle platforms.

事實上，在過去兩年中，我們所有淨新業務獎項的 40% 都與混合動力汽車平台有關。

That's 40% of all of our new business related to hybrid vehicle platforms.

這占我們所有與混合動力汽車平台相關的新業務的 40%。

In addition to opportunities for increased content, our innovations are opening doors for us with new customers in diverse markets.

除了增加內容的機會之外，我們的創新也為我們在不同市場贏得新客戶打開了大門。

We expect the combination of increased market penetration and higher content per vehicle will allow us to grow our fluids business by 50% over the next five years.

我們預計，市場滲透率的提高和每輛車含量的提高將使我們的液體業務在未來五年內成長 50%。

Increased market penetration in China and particularly new business with Chinese OEMs will be a big part of this growth.

提高在中國的市場滲透率，特別是與中國原始設備製造商開展的新業務，將成為這一成長的重要組成部分。

Now let's turn to Slide 17.

現在我們翻到第 17 張投影片。

The solid growth outlook is reflective of the very successful execution of our core strategic imperatives.

穩健的成長前景反映了我們核心策略要務的成功執行。

As we've described in our presentation today, we're making progress toward financial strength by improving profit margins and cash flow despite ongoing weak production levels in our key markets.

正如我們今天的演示中所述，儘管我們主要市場的生產水平持續疲軟，但我們仍透過提高利潤率和現金流來增強財務實力。

We have consistently demonstrated world class operational excellence.

我們始終如一地展現出世界級的卓越營運。

This is helping to lower our cost while simultaneously garnering customer accolades and supporting new business wins.

這有助於我們降低成本，同時贏得客戶讚譽並支持新業務的成功。

We continue to deliver award winning innovations that our customers value.

我們將繼續提供客戶重視的屢獲殊榮的創新。

And we've established a strong track record for our consistent environmental stewardship.

我們在持續進行環境管理方面擁有良好的業績記錄。

As a company, we believe we're poised to accelerate our profitability and return on capital in 2025.

作為一家公司，我們相信我們將在 2025 年加速提高獲利能力和資本回報率。

In addition, we believe our continued successful execution on these core strategic initiatives will drive profitable growth and value creation in the years ahead.

此外，我們相信，這些核心策略舉措的持續成功執行將在未來幾年推動獲利成長和價值創造。

Turning to Slide 18 and to conclude this morning, let me provide a little color on the guidance we published in our press release yesterday afternoon and perhaps a few comments on our longer term strategic outlook.

前往第 18 張投影片，作為今天早上的總結，讓我對我們昨天下午在新聞稿中發布的指導意見提供一些說明，並對我們的長期戰略展望發表一些評論。

To be clear, our expectations for 2025 for increased profitability and further margin expansion and this is despite flat or slightly lower sales.

需要明確的是，我們預計 2025 年獲利能力將提高，利潤率將進一步擴大，儘管銷售額將持平或略有下降。

The flat sales outlook is being driven by weak production volume.

銷售前景平淡是因為產量疲軟所致。

Current forecast suggests the global light vehicle production will be down another 0.5% in 2025 after declining 1.1% in 2024.

目前的預測表明，全球輕型汽車產量繼 2024 年下降 1.1% 之後，到 2025 年還將下降 0.5%。

The production declines are expected to be greater in our largest markets here in North America and in Europe.

預計我們最大的市場北美和歐洲的產量下降幅度將更大。

To offset these production headwinds, we expect to further drive cost savings through improved operating efficiencies and additional lean initiatives, including specific actions to drive raw material cost lower as a percent of sales.

為了抵​​銷這些生產阻力，我們希望透過提高營運效率和額外的精實措施來進一步節省成本，包括採取具體行動降低原料成本佔銷售額的百分比。

We also expect to benefit from a full year of savings related to the restructuring we implemented in the second quarter of last year.

我們也預計，我們將從去年第二季實施的重組中獲得全年的節約。

In addition, continuing launches of new higher margin business will be a positive driver during the year.

此外，繼續推出新的利潤率更高的業務也將成為今年的積極推動力。

We're confident that the combination of increased operating efficiency and the ramp up of higher margin business will enable us to lift our strategic target of double digit EBITDA margins as we exit 2025.

我們相信，提高營運效率和增加利潤率業務的結合將使我們在 2025 年結束時實現兩位數 EBITDA 利潤率的策略目標。

Looking beyond our 2025 guidance, we believe we're beginning to we're beginning an exciting period of growth and prosperity.

展望2025年的指引，我們相信我們即將迎來一個令人興奮的成長和繁榮時期。

The actions we've taken and the improvements we've achieved over the past four years have clearly made us a better and a stronger company.

過去四年來，我們所採取的行動和所取得的進步顯然使我們成為一家更好、更強大的公司。

We believe we're better positioned now than ever before to leverage future increases in production volume.

我們相信，我們現在比以往任何時候都更有能力實現未來產量的成長。

We're also better positioned to expand in the high growth markets and partner with new dynamic customers who have aggressive growth plans around the world.

我們也能夠更好地在高成長市場中擴張，並與在世界各地擁有積極成長計畫的充滿活力的新客戶建立合作關係。

And we're doing that.

我們正在這麼做。

We believe the benefits of these new and expanded relationships will become more evident in coming years as new programs launch.

我們相信，隨著新項目的推出，這些新的和擴展的關係帶來的好處將在未來幾年變得更加明顯。

Even at the base case of current estimates for global production volumes for '25 to 2027, we believe the implied growth and our expanding margins will enable us to reduce our net leverage ratio to something in the range of two times or lower over that timeframe.

即使按照目前對 2025 年至 2027 年全球產量的估計基準，我們相信隱含的成長和不斷擴大的利潤率將使我們能夠在這段時間內將淨槓桿率降低到兩倍或更低的水平。

So again, I want to thank our employees for their hard work and commitment to helping make Cooper Standard a premier automotive supplier and the first choice of all of our stakeholders.

因此，我再次感謝我們的員工，他們的辛勤工作和承諾幫助 Cooper Standard 成為首屈一指的汽車供應商和所有利益相關者的首選。

I also want to thank our customers around the world for their continued trust and partnership.

我還要感謝全球客戶一直以來的信任與合作。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

Jenny, can we open it up for Q&A?

珍妮，我們可以開始問答嗎？

Thank you, ladies and gentlemen.

謝謝各位，女士們、先生們。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Kurt Klutka, Imperial Capital.

庫爾特·克魯特卡，帝國首都。

Hello, Jeff, John, Roger.

你好，傑夫、約翰、羅傑。

Thank you.

謝謝。

Thank you for the call.

謝謝您的來電。

Good morning, Kurt.

早上好，庫爾特。

Good morning, Kurt.

早上好，庫爾特。

Good morning.

早安.

On Slide 16, this is interesting.

在第 16 張投影片上，這很有趣。

You mentioned that the content per vehicle in fluid handling would be up 30% in the next five years.

您提到，未來五年內每輛車的液體處理含量將增加 30%。

Is there any guidance as to what content for vehicle and ceiling will be?

有沒有關於車輛和天花板的內容的指導？

Hi, Kurt.

你好，庫爾特。

This is Jeff.

這是傑夫。

Thanks for the question.

謝謝你的提問。

Certainly, the fluid business, as I mentioned, will continue to climb as hybrid and electric vehicles become more predominant in the marketplace at least as it relates to the mix.

當然，正如我所提到的那樣，隨著混合動力車和電動車在市場上變得越來越主導，流體業務將繼續攀升，至少在混合車方面。

So that's the comment there.

這就是那裡的評論。

Related to ceiling, it's pretty much the same across all those powertrains.

與天花板相關，所有這些動力系統幾乎都是相同的。

Clearly, there are opportunities for some of our higher tech ceiling systems to be utilized on the electric vehicles going forward.

顯然，我們的一些高科技天花板系統有機會在未來的電動車上得到應用。

In particular, when you think about noise management and the ability to manage that inside the cabin, so they're looking for ceiling to play a role in helping reduce the decibel level there.

特別是，當你考慮噪音管理和在機艙內部管理噪音的能力時，他們希望天花板能夠起到幫助降低機艙內分貝水平的作用。

But overall, I would say pretty consistent across each powertrain with the ceiling content per vehicle.

但總體而言，我認為每輛車的每個動力系統的上限含量都是相當一致的。

So it's still an opportunity for us to grow share because our technology is demonstrating that it will allow us to do that, but a little bit different than our fluid business.

因此，這對我們來說仍然是一個擴大份額的機會，因為我們的技術證明它可以讓我們做到這一點，但與我們的流體業務略有不同。

Got it.

知道了。

That's helpful, and it seems as though there are new products driving that increase in content per vehicle?

這很有幫助，而且似乎有新產品推動了每輛車含量的增加？

es, I think not only new products, but the way our engineering teams are working with our customers to integrate and to help improve the overall fluid management of the new vehicles, making them more efficient, helping them as I mentioned earlier in reducing the amount of cycle time it takes our customers to assemble these vehicles.

是的，我認為不僅是新產品，還有我們的工程團隊與客戶合作的方式，以整合和幫助改善新車的整體流體管理，使其更加高效，幫助他們像我之前提到的那樣減少客戶組裝這些車輛所需的周期時間。

We're working very closely with them upstream to make our systems more efficient and that's driving value and content for us and helping take cost out of the overall system for the customer.

我們正在與他們密切合作，以提高我們的系統效率，這為我們帶來了價值和內容，並幫助客戶降低整個系統的成本。

So it's a win win for both.

所以這對雙方來說都是雙贏的。

Got it.

知道了。

Thank you.

謝謝。

How does that shift in mix affect the overall gross margin?

這種產品組合的變化對整體毛利率有何影響？

Is it positive negative?

是正數還是負數？

Yes.

是的。

We're continuing yes, it's extremely positive.

是的，我們會繼續，這是非常積極的。

We continue to see enhanced margin, as I mentioned earlier, as we build out some of these programs that have been with us for five or six years and launch the newer ones.

正如我之前提到的，隨著我們建立一些已經合作了五到六年的項目並推出新的項目，我們的利潤率不斷提高。

Virtually in all cases, our margins are going up.

幾乎在所有情況下，我們的利潤率都在上升。

And a lot of reason for that, but one of the reasons is because we're able to help do more for our customers.

原因有很多，但其中一個原因是我們能夠為客戶提供更多幫助。

So they're giving us more content, helping take their overall cost down, helping drive our content up.

因此，他們為我們提供更多內容，幫助降低整體成本，並幫助我們提高內容品質。

So we make more money, they take their cost down, everybody is happy.

這樣，我們就能賺更多的錢，他們也能降低成本，每個人都很開心。

Thank you.

謝謝。

And you did reiterate the margin of a double digit margin exiting 2025.

您確實重申了 2025 年後利潤率將達到兩位數。

That's an adjusted EBITDA margin?

這是調整後的 EBITDA 利潤率嗎？

Correct.

正確的。

And yes, I reiterated it a few times.

是的，我重申了幾次。

Got it.

知道了。

Thank you.

謝謝。

And how should we think about I know this is super fluid, maybe a little bit early, but how should we think about tariffs?

我們應該如何考慮？ 我知道這是一個非常不穩定的問題，可能有點早，但是我們應該如何考慮關稅？

To what extent are you selling product into The US Or Mexico, that type of thing?

您在多大程度上向美國或墨西哥銷售產品？

Yes, we clearly are like everybody else paying attention to that.

是的，我們顯然和其他人一樣關注這一點。

We have product that's being produced in the regions that are being discussed.

我們正在討論的地區生產一些產品。

Clearly, if something like that does happen, we'll work with our customers to offset it.

顯然，如果這樣的事情確實發生，我們將與客戶合作來彌補。

That's our expectation.

這是我們的期望。

I think it's the expectation of most of the supply base.

我認為這是大多數供應基地的期望。

Certainly our customers have been very open to those conversations early.

當然，我們的客戶很早就對這些對話持非常開放的態度。

So there aren't any surprises.

因此並沒有什麼意外。

They know clearly what we're producing and where and the overall impact of what that would mean to us and to them.

他們清楚地知道我們在哪裡生產什麼，以及這對我們和他們意味著什麼。

I really tip my hat to the customers.

我真心向顧客致敬。

They have been very proactive in communicating with us and we have with them.

他們一直非常主動地與我們溝通，我們也一直積極地與他們溝通。

I'm also hopeful that if it does happen, it will be short term with not a whole lot of major impact to our industry.

我也希望，如果它確實發生，它將是短期的，並且不會對我們的行業造成太大的影響。

That's my hope.

這是我的希望。

Our strategy is obviously to over communicate what our situation is with each and every one of our customers and then make sure that we're prepared to manage it if it does happen.

我們的策略顯然是與每位客戶充分溝通我們的情況，然後確保如果發生這種情況，我們已準備好進行處理。

Fantastic.

極好的。

So there seems to be some, at least at this point, understanding that the cost will be passed on to customers?

那麼，至少目前看來，有些人認為成本將轉嫁給客戶？

That's correct.

沒錯。

Got it.

知道了。

I appreciate it.

我很感激。

That's all very encouraging.

這一切都非常令人鼓舞。

Thank you.

謝謝。

Michael Ward.

邁克爾·沃德。

Freedom Capital.

自由資本。

Thanks very much.

非常感謝。

Good morning, everyone.

大家早安。

Jeff, on the bigger picture, there are two things we're not hearing in the industry, what we're hearing and we're hearing more of.

傑夫，從更大的角度來看，有兩件事我們在業界沒有聽到，我們聽到的和我們聽到的更多。

I haven't heard anybody really on the supplier side talk about price downs from the vehicle manufacturers.

我還沒有真正聽到供應商方面有人談論汽車製造商降價。

And you're also hearing from the vehicle manufacturers much more so in the past that they're willing to pay for innovation.

而且你也會聽到過去汽車製造商更多地表示他們願意為創新付費。

And I'm just wondering what your thoughts are on those two things?

我只是想知道您對這兩件事有何看法？

Yes, I'll take the second one first.

是的，我先選擇第二個。

Related to innovation, I think the key for us has been that our innovation from the very ideation early stage has always been about what can we deliver for our customers that will help them deliver on their overall strategies.

關於創新，我認為對我們來說關鍵的是，從最初的構思階段開始，我們的創新就始終是關於我們能為客戶提供什麼，以幫助他們實現他們的整體策略。

And if you listen to what I said this morning as it relates to light weighting, as it relates to reducing cycle time, as it relates to the recyclability.

如果你聽我今天早上所說的內容，你會發現它與輕量化、與縮短週期時間、與可回收有關。

I mean these are all things not only important to Cooper Standard, but important to every single one of our customers.

我的意思是，這些不僅對 Cooper Standard 很重要，而且對我們每位客戶都很重要。

And so yes, they're willing to pay for innovation as long as there's a return for them.

所以是的，只要有回報，他們就願意為創新付費。

And not only has that been positive for us related to new business, but we're reducing the complexity of their systems by better designing an overall system that Cooper Standard ultimately ends up delivering to each of those customers.

這不僅對我們新業務產生了積極影響，而且透過更好地設計 Cooper Standard 最終交付給每個客戶的整體系統，我們還降低了系統的複雜性。

And so our content is going up, their costs are coming down, our margins are also increasing in that transaction.

因此，我們的內容正在增加，他們的成本正在下降，我們的利潤率在交易中也在增加。

So everybody wins.

所以每個人都是贏家。

I think that's the secret to how we've been innovating over the last several years and why we're seeing such a positive impact in new business and also in top and bottom line performance.

我認為這就是我們過去幾年不斷創新的秘訣，也是我們在新業務以及頂線和底線業績中看到如此積極影響的原因。

Related to price go ahead, I'm sorry.

與價格有關，請繼續，抱歉。

Yes, related to your price question, I mean, clearly, it's a competitive environment out there for everyone, whether we're talking the OEs or whether you're talking the supply base.

是的，關於您的價格問題，我的意思是，顯然，對於每個人來說這都是一個競爭環境，無論我們談論的是原始設備製造商 (OE) 還是供應基地。

So I wouldn't say much has changed in that front.

因此，我不會說這方面發生了很大的變化。

There's still an expectation that you have to be competitive.

人們仍然期望你具有競爭力。

Certainly, when you're delivering high quality product, when you're delivering on your launches, when you're delivering on innovation, when you're delivering just on the most basic execution, I think you certainly begin to separate from those who haven't been able to do that.

當然，當你提供高品質的產品、當你實現新產品發布、當你實現創新、當你實現最基本的執行時，我認為你肯定會開始與那些無法做到這一點的人區分開來。

And clearly everybody is trying to take costs out of their business, right, Mike.

顯然，每個人都在試圖降低業務成本，對吧，麥克。

And so we've been very careful to make sure we take costs out, but we don't want to do anything that's going to disrupt that competitive advantage we have as it relates to how we're executing for each and every one of our customers in the 21 countries that we reside.

因此，我們一直非常小心，以確保我們能夠降低成本，但我們不想做任何會破壞我們的競爭優勢的事情，因為這與我們為遍布 21 個國家的每一位客戶提供的服務有關。

So it's a little bit like that kids game where you pull out the sticks and hope the thing doesn't fall over, but we've been pretty good at it over the last four or five years.

所以這有點像孩子們玩的遊戲，你拔出棍子並希望東西不會倒下，但在過去的四五年裡，我們在這方面做得相當不錯。

And I think it's served us well.

我認為這對我們很有幫助。

Our customers are happy and our margins are getting better.

我們的客戶非常高興，我們的利潤也越來越高。

So I'm happy.

所以我很高興。

That makes sense.

這很有道理。

But, those are two pretty big changes from what we've seen historically.

但與我們歷史上所見的相比，這兩個變化相當大。

Historically, they seem to hit you with a stick and they want 5%.

從歷史上看，他們似乎會用棍棒打擊你，並且想要 5% 的利潤。

Now, it seems like within productivity parameters in the price downside.

現在，價格似乎在生產力參數範圍內下跌。

Yes.

是的。

I'm not suggesting all the sticks are all burnt up.

我並不是說所有的木棍都燒掉了。

I mean, there's still some of that that's going on there.

我的意思是，那裡仍發生著一些這樣的事。

But yes, I mean, they know where to find it if they need it.

但是的，我的意思是，他們知道如果需要的話在哪裡可以找到它。

But I think in our case, we've been able to grow positively.

但我認為就我們的情況而言，我們已經能夠實現積極的成長。

And by growing positively, I mean, by doing the most basic things well, and then offering solutions that help them versus just that give and take conversation related to that bucket of money sitting in the middle of you and who gets to keep most of it.

透過積極成長，我的意思是做好最基本的事情，然後提供解決方案來幫助他們，而不是只談論你們中間的那桶錢以及誰能保留大部分錢。

Those are short conversations and make for very long days.

這些都是簡短的對話，但卻會佔用很長的一天。

When the conversation is about your product and how you can help them and then you're going to make more money as a result, those are much better days.

當談話內容是關於你的產品以及你如何幫助他們，然後你將因此賺更多的錢時，那將是美好的一天。

John, two things.

約翰，有兩件事。

The first one on the pick, and it looks like is my math right?

第一個選擇的，看起來我的數學對嗎？

If I look last year, you picked the interest and it was roughly a positive $58,000,000 I think on the cash flow statement, $59,000,000 and this year it's just $12,000,000 So, is that to say that you paid whatever that difference is, dollars 40,000,000 or so in cash interest rather than

如果我看去年，你選擇了利息，大概是正的 58,000,000 美元，我想在現金流量表上是 59,000,000 美元，而今年只有 12,000,000 美元，那麼，是不是說你支付了差額，大約 40,000,000 美元的現金利息，而不是

Yes, I think your math is right.

是的，我認為你的數學是正確的。

So the total cash interest for the year was $97,000,000 So up considerably from 2023 because with the outlook that we had for the year, we were able to elect back in June the affordability of paying straight cash and in doing that was better economics instead of adding to the mountain of debt that we've got, doing a straight pay on that pick collection for Q4 on both tranches was not only affordable, but made more sense for us as a company.

因此，今年的現金利息總額為 97,000,000 美元，比 2023 年大幅增加，因為根據我們對今年的展望，我們能夠在 6 月份選擇以可承受的方式直接支付現金，這樣做更符合經濟效益，而不是增加我們的債務堆積如山，對第四季度的兩個部分的收款進行直接支付不僅是公司更有意義的公司。

And it looks like for your '25 guide, you're expecting to continue to pay the cash rather than pick?

看起來，對於您的 25 指南，您希望繼續支付現金而不是選擇？

Well, to be clear, the pick election, we can't elect it any longer.

好吧，要明確的是，我們不能再進行選舉了。

We were only able to elect that.

我們只能選擇那一項。

I got it.

我得到了它。

Yes, it's only through '24 we were able to elect it.

是的，只有透過 24 年我們才能夠選舉它。

That's correct.

沒錯。

Yes, in the first four quarters only.

是的，僅限於前四個季度。

Okay.

好的。

The second thing is on FX.

第二件事與 FX 有關。

This year was a headwind and wondering if there's any way you can remedy that or maybe you have because it looks like it's a a $60,000,000 swing in the bridge on the EBITDA going from $24,000,000 to $25,000,000?

今年是逆風年，我想知道您是否有辦法補救，或者也許您已經採取了措施，因為看起來 EBITDA 將從 24,000,000 美元上漲至 25,000,000 美元，中間出現了 60,000,000 美元的波動？

Yes, that's right, Mike.

是的，沒錯，麥克。

So you see on the guidance bridge, we're expecting a $20,000,000 tailwind for the year on FX.

因此，您可以看到，在指導橋上，我們預計今年外匯市場將出現 20,000,000 美元的順風。

Later in Q4 of 'twenty four, we started to see some of our cost currencies revert from where they had been trending all year of 'twenty four.

在 2024 年第四季後期，我們開始看到部分成本貨幣從 2024 年全年的趨勢中回歸。

So think where we manufacture our product, but don't sell in that same currency, there's not a natural hedge for those.

所以想想我們在哪裡生產我們的產品，但不以相同的貨幣出售，對這些產品沒有自然的對沖。

So Mexican peso, Polish slotti, Czech Corona, exposures like that, that were the main contributor to the $43,000,000 of headwind that we faced in all of 2024.

因此，墨西哥比索、波蘭slotti、捷克Corona等風險敞口是導致我們在 2024 年全年面臨 43,000,000 美元逆風的主要原因。

With many of those reverting and the U. S. Dollar strengthening against those cost currencies, we do see that flipping.

隨著許多貨幣的回歸以及美元對這些成本貨幣的走強，我們確實看到了這種轉變。

And we also actively manage that and put hedges in place where they make sense to protect the planned expenditures for the year.

我們也積極地進行管理，並在合理的情況下採取對沖措施，以保護當年的計畫支出。

nd just one last thing, following on with Kurt's questioning on the tariff side.

最後還有一件事，繼續回答庫爾特關於關稅方面的問題。

When I look at the '23 ks and I look at the revenue from the different countries and then the property and equipment from the countries, When you have revenue from Mexico of $774,000,000 is that could that be components both produced in Mexico and The United States, put on vehicles in Mexico then shipped to The United States?

當我查看 23 個 ks 並查看來自不同國家的收入以及來自這些國家的財產和設備時，當您從墨西哥獲得 774,000,000 美元的收入時，這些是否可能是在墨西哥和美國生產的零部件，安裝在墨西哥的車輛上，然後運往美國？

Is that by area of vehicle manufacturer or area of where your components are manufactured?

這是按汽車製造商所在地區劃分的，還是按零件生產地劃分的？

That's where our components are manufactured and sold to the customers from those locations.

我們的零件就在那裡製造，然後出售給當地的客戶。

Okay.

好的。

So as far as tariff exposure, youhave but who knows where it goes.

因此，就關稅風險而言，你有，但誰知道它會走向何方。

Roughly $770,000,000 from operations in Mexico.

來自墨西哥業務的收入約為 7.7 億美元。

And then Canada, you have another $170,000,000 That's what you're looking at.

然後加拿大，你還有另外 1.7 億美元，這就是你所看到的。

But as you mentioned, as Jeff mentioned, that you're working with your customers.

但正如你和傑夫提到的那樣，你正在與你的客戶合作。

Yes.

是的。

But, Mike, keep in mind some of those sales in both Canada and Mexico could stay in that country to customers that are actually manufacturing vehicles there, right?

但是，麥克，請記住，加拿大和墨西哥的部分銷售額可以留在該國，提供給在那裡生產汽車的客戶，對嗎？

So Mexico or Mexico production.

所以是墨西哥或墨西哥生產。

Got you.

明白了。

Or export from Mexico?

或從墨西哥出口？

Correct,.

正確的，。

Yes.

是的。

Okay.

好的。

So, those are the levers they can pull.

所以，這些就是他們可以利用的槓桿。

Okay.

好的。

Very good.

非常好。

Thank you very much.

非常感謝。

You got it, Mike.

你明白了，麥克。

Thank you.

謝謝。

Brian D'Arubio, Gomberg.

布萊恩達魯比奧、戈姆伯格。

Good morning, gentlemen.

先生們，早安。

A couple of questions for me.

我有幾個問題。

Just tooling receivables, making some headway the last couple of years, going back to my model, Lois had seen, I think, since 2010 on those that number.

只是工具應收帳款，在過去幾年取得了一些進展，回到我的模型，我認為，Lois 自 2010 年以來就已經看到了這些數字。

You'll be able are you going to be able to squeeze any more cash out of tooling receivables over the next year or is that going to be a headwind at some point?

您是否能夠在明年從應收帳款中榨取更多現金，或者這會在某個時候成為阻力？

Just trying to understand the dynamics there.

只是想了解那裡的動態。

This is Jeff.

這是傑夫。

I think while there is still opportunity, of course, that's where we've ended up is probably where we're going to be as we head forward into 'twenty five.

我認為，儘管仍有機會，但是，我們現在所處的境地很可能也是我們邁向 25 年時將要處於的境地。

There's always some variance based on when new products are launching and the timing associated with that.

根據新產品的發佈時間和相關時間總是會有些差異。

And so each year the answer will be a little bit different frankly.

坦白說，每年的答案都會有點不同。

And as we look at 2025, I think it will be fairly close to the same numbers you saw in 2024.

展望 2025 年，我認為它將非常接近 2024 年的數字。

Got it.

知道了。

That's helpful there.

這很有幫助。

And then just on CapEx, the guidance that you gave, are we now thinking about CapEx to sales as permanently lower than 2% of sales?

然後僅就資本支出而言，您給出的指導是，我們現在是否認為資本支出與銷售額之比永久低於銷售額的 2％？

This is Jeff again.

我又是傑夫。

I think that for 2025, yes.

我認為，就 2025 年而言，是的。

As we go forward, as I think I mentioned in previous calls, we'll have certain years that maintenance costs on facilities and things like that could bump it up.

隨著我們不斷前進，正如我在之前的電話會議中提到的那樣，在某些年份，設施的維護成本等可能會增加。

But clearly, in that 3% range I think is what I told you.

但顯然，我認為就在我告訴你的 3% 範圍內。

So 2% to 3% is probably the more normal at least for the next couple of years I can tell you that much.

因此，我可以告訴你，至少在接下來的幾年裡，2% 到 3% 可能是更正常的。

We certainly don't have plans to get back up to 5% or 6% like we were that you're probably referring to historically.

我們當然沒有計劃將成長率恢復到您可能在歷史上提到的 5% 或 6%。

We've got footprint now in China as an example that we've invested in over the last several years.

我們現在已經在中國有了業務，這就是我們過去幾年來進行投資的例子。

And as we transition, as I mentioned in our earlier conversation, as we transition from the Western OEMs in China to the Chinese domestic, and I'm talking about significant change over there, not just rising with the ducks either.

正如我在之前的談話中提到的那樣，隨著我們從中國的西方原始設備製造商向中國國內的轉型，我指的是那裡發生的重大變化，而不僅僅是與時俱進。

We're gaining a lot of new business from the Chinese domestic and not having to invest in facilities because we're able to convert the capital that we already have in place.

我們從中國國內獲得了許多新業務，而且無需投資設施，因為我們能夠轉換現有的資本。

So as an example, there and in other places in the world, the reuse is really going up.

舉個例子，在那裡以及在世界其他地方，重複使用率確實在上升。

Our manufacturing team is working closer with our product development team is doing a much better job of reusing capital going forward.

我們的製造團隊正在與我們的產品開發團隊更加緊密地合作，在未來更好地重複利用資本。

So that's what's reflected in those numbers.

這些數字就反映了這一點。

Got it.

知道了。

That's helpful there.

這很有幫助。

And one of the costs that I know a couple of companies are experiencing in Western Europe is just to get a higher energy cost.

據我所知，西歐一些公司面臨的成本之一就是能源成本的上漲。

Is that something that you're able to get mitigated?

你能減輕這種影響嗎？

Or is that something you're going to have to deal on your own?

還是這是你必須自己處理的事情？

Yes.

是的。

The last couple of years where it's been kind of a significant outlier, we tend to get help on a quarterly basis for those type of costs.

過去幾年，這是一個顯著的異常值，我們傾向於按季度獲得此類費用的幫助。

As it relates to raw material costs, we've got indexes in in place really with all customers in the world to help us deal with that.

至於原材料成本，我們實際上已經與世界上所有客戶建立了指數，以幫助我們解決這個問題。

But if energy costs during the winter in Europe end up being a significant penalty to us, we've been able to negotiate those on a quarterly basis.

但如果歐洲冬季的能源成本最終造成我們重大損失，我們可以按季度進行協商。

And then if it happens again the following year, you negotiate it again.

如果第二年再次發生這種情況，您可以再次進行談判。

That's kind of how we're dealing with it.

這就是我們處理這個問題的方式。

Understood.

明白了。

And I guess final question for me, just as I look at the chart on Page 14 about the top 10 platforms.

我想對我來說這是最後一個問題，就像我看第 14 頁關於前 10 個平台的圖表一樣。

Maybe asking about your business mix in a different way, how much of your business has shifted to the domestic Chinese auto companies over the last two to three years?

也許換一種方式問您的業務組合，在過去兩三年裡，您的業務有多少轉移到了中國國內汽車公司？

Yes, it's a great question.

是的，這是一個很好的問題。

Thank you.

謝謝。

We have, as most of you know, when you look at the, let's call it, the twenty twelve to twenty twenty period of time, we were probably 80% what I call the Western OEMs and 20% Chinese domestic by 2026, which is right around the corner, we will be about 60 five-thirty five.

你們大多數人都知道，回顧 2012 年到 2020 年這段時間，我們大概有 80% 是西方 OEM，20% 是中國本土，到 2026 年，也就是指日可待的時候，我們的份額將達到 65% 到 35%。

By '27, it will be closer to eightytwenty the other way.

到了 27 年，反過來看，這個比例就會更接近 80twenty。

And again, that's with significantly higher revenue in '26 and '27 than in any of those previous years.

而且，26 年和 27 年的收入比之前任何一年都要高得多。

So the teams have done a great job of growing both our fluid as well as our ceiling business with Chinese domestic.

因此，我們的團隊在發展中國國內的流體業務和天花板業務方面做得非常出色。

And it's interesting because the dynamic there as you know most of the Chinese car manufacturers have expectations for building vehicles or exporting vehicles around the world and so they're very interested in our technology and therefore willing to put our product in their vehicles in China, but also very interested in our ability to help them be successful other places in the world.

這很有趣，因為你知道，大多數中國汽車製造商都期望在世界各地生產汽車或出口汽車，所以他們對我們的技術非常感興趣，願意將我們的產品安裝在他們在中國的汽車上，同時也對我們幫助他們在世界其他地方取得成功的能力非常感興趣。

So we're very bullish on our China footprint and very excited that we don't have to make much investment in any of our plants to absorb all this.

因此，我們對我們的中國業務非常樂觀，並且非常高興我們不需要在任何工廠進行大量投資來吸收所有這些。

So it's a good thing.

所以這是一件好事。

Great.

偉大的。

That's all I have for now.

目前我所知道的就是這些。

Thank you so much.

太感謝了。

Ben Briggs, Stonex Financial.

本·布里格斯（Ben Briggs），Stonex Financial。

Good morning, guys, and thank you for taking the call, and congratulations on the quarter and this strong guidance.

大家早安，感謝您接聽電話，並祝賀本季的業績和強勁的指引。

Most yes, of course.

當然，大多數都是這樣的。

Vast majority of mine got answered.

我的大部分問題都得到了答案。

So, thank you.

所以，謝謝你。

One question I had.

我有一個問題。

So, in your prepared remarks, you guys indicated that you've got a roughly two times net leverage target in the long run.

因此，在你們準備好的發言中，你們表示從長遠來看，你們的淨槓桿目標大約是兩倍。

Did I hear that correctly?

我沒聽錯吧？

Yes.

是的。

We actually said, if you just look at our three year business plan and the volumes, albeit in my opinion still forecasted fairly low for 25%, twenty six % and twenty seven % with the enhanced margin and the new business that we're launching this year and next year, we can see our way to 27 fairly clearly.

我們實際上說過，如果只看我們三年的業務計劃和銷量，儘管在我看來，預測的 25%、26% 和 27% 仍然相當低，但隨著利潤率的提高和我們今年和明年推出的新業務，我們可以相當清楚地看到我們達到 27 的目標。

And we've got as we sit here today, we have is almost 90% of that business is booked.

今天，我們已經完成了近 90％ 的業務預訂。

So this isn't a real difficult thing to project or look around the corner based on that profitability.

因此，根據獲利能力來預測或展望這一點並不是一件困難的事情。

The numbers that I talked to you about two times or less are in our sites.

我與您談過兩次或更少的數字都在我們的網站上。

Okay, great.

好的，太好了。

And can you give some

你能給一些嗎

--

--

And again, that's on relatively conservative volumes that the folks that I guess get paid to do that are doing it.

再說一次，這是相對保守的數量，我猜那些拿錢做這件事的人就是這麼做的。

And Ben just to add to that, it's conservative volume assumption like Jeff just indicated, but it also assumes no refinancing activity.

本想補充一點，就像傑夫剛才指出的那樣，這是保守的交易量假設，但同時也假設沒有再融資活動。

That's just on the base cap structure and the outlook that we have for the business.

這只是關於基本資本結構和我們對業務的展望。

Okay, great.

好的，太好了。

Thank you.

謝謝。

So do you think if I were going to try to pin a date on that, do you think 2027 area would be the goal for that two times target or do you not want to put a date on it quite yet?

所以，您認為，如果我要嘗試確定一個日期，您是否認為 2027 年區域會是實現兩倍目標的目標，或者您還不想為此設定日期？

No, I'll put a date on it. '27 is the date and that's with what I call the mortician's forecast for volume.

不，我會標明日期。日期是 27，這就是我所說的殯葬業者的產量預測。

Assuming that volume does better then we'll do better.

假設交易量表現較好，那麼我們就會表現得更好。

Okay great that's very helpful thank you.

好的，太好了，這很有幫助，謝謝。

And just you had mentioned that there's some you're growing share rapidly in the Chinese domestic OEM market.

您剛才提到，你們在中國國內 OEM 市場的份額正在迅速增長。

Can you give any insight as to what margins there look like?

能否透露一下那裡的利潤狀況？

Are they comparable to the rest of the business?

它們能與其他業務相比嗎？

Are they stronger?

他們更強嗎？

What does that look like?

它看起來像什麼？

Yes, they're comparable.

是的，它們是可以比較的。

Clearly, the amount of innovation sometimes that's going into those vehicles might be a little bit less.

顯然，這些車輛所採用的創新有時可能會更少。

I don't want to make that sound like there isn't any because there certainly is.

我不想讓它聽起來像沒有一樣，因為肯定有。

So if you compare the highest margins in rest of the world to China, I suppose you would say we're probably a little bit less, but so is our investment.

因此，如果你將世界其他地區的最高利潤率與中國進行比較，我想你會說我們的利潤率可能略低一些，但我們的投資也是如此。

And so when you look at the returns, we're pretty pleased with where we are there.

所以當你看到回報時，我們對目前的狀況感到非常滿意。

We have very clear hurdle rates in each of the regions, and we're having no trouble clearing them.

我們在每個地區都有非常明確的最低收益率，而且我們在達到這些最低收益率時沒有任何困難。

Okay.

好的。

All right, that's very helpful.

好的，這非常有幫助。

Thank you guys for taking the questions, and congrats on the quarter again.

感謝大家回答問題，並再次恭喜本季取得佳績。

(Operator Instructions)

（操作員指令）

Kirk Lydtke, Imperial Capital.

柯克‧利特克 (Kirk Lydtke)，《帝國之都》。

Just a couple of follow ups.

只需進行一些後續行動。

With respect to the fiscal 'twenty five guidance, you mentioned you'd be cash flow positive.

關於財政二十五年指導，您提到您的現金流將為正值。

Do you what's the expectation with respect to working capital and any other sources of cash?

您對營運資金和其他現金來源的預期是什麼？

Hey, Curt, it's John.

嘿，Curt，我是 John。

With respect to the math, we don't put a number on the page, but we certainly give you all the key components to derive your model on free cash flow.

至於數學，我們不會在紙上寫上數字，但我們肯定會給你提供推導自由現金流模型的所有關鍵組成部分。

And if you look either the lower or the high end, we're right around that positive territory.

無論您看低端還是高端，我們都處於積極的領域。

We do expect some further working capital benefits as we continue to refine.

隨著我們不斷改進，我們確實預計會獲得進一步的營運資金收益。

Jeff's already addressed the tooling topic, but for the rest of the balance sheet, think about days payable outstanding.

傑夫已經討論了工具問題，但對於資產負債表的其餘部分，請考慮應付帳款未償天數。

There's some opportunity there as the supply rate strengthens and we can get negotiated terms more improved.

隨著供應率的提高，存在一些機會，我們可以獲得更好的談判條款。

We still haven't gotten to the absolute floor on inventory levels.

我們還沒有達到庫存水準的絕對底線。

So we think there's some opportunity there for the team to continue to drive working capital and cash out of the balance sheet.

因此，我們認為團隊有機會繼續從資產負債表中抽取營運資金和現金。

So it's not going to be as significant as it was probably in 'twenty four, but certainly there's more opportunities that would help in that free cash flow positive generation.

因此，它可能不會像 2024 年那麼重要，但肯定有更多的機會有助於產生正向自由現金流。

Great.

偉大的。

Thank you.

謝謝。

And then just lastly, you've been EBITDA positive in both North America and Europe for a while.

最後，你們在北美和歐洲的 EBITDA 一直呈現正值。

I just wanted to confirm that was the case again in the fourth quarter?

我只是想確認一下第四季是否再次出現了這種情況？

Yes, that's correct.

是的，正確。

In fact, all four of our major regions.

事實上，我們所有四個主要地區都是如此。

Got it.

知道了。

Thank you.

謝謝。

That's it for me.

對我來說就是這樣了。

Thank you.

謝謝。

Thanks, Kurt.

謝謝，庫爾特。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I will now hand the call back over from Roger Hendrickson.

我現在將羅傑·亨德里克森的電話交還給他。

All right.

好的。

Thanks, everybody.

謝謝大家。

We appreciate your participation, your engagement and the insightful questions.

我們感謝您的參與、投入和提出深刻的問題。

If there are any questions that didn't get answered or that you'd like to bring up later on, please feel free to reach out to me directly.

如果有任何尚未得到解答的問題或您希望稍後提出的問題，請隨時直接與我聯繫。

This will conclude our call.

我們的通話到此結束。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, the conference has now ended.

女士們、先生們，會議現已結束。

Thank you all for joining.

感謝大家的加入。

You may all disconnect your lines.

你們都可以斷開自己的線路。