Cooper-Standard Holdings Inc (CPS) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cooper-Standard first quarter 2025 earnings conference call. (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.

女士們、先生們，早安，歡迎參加 Cooper-Standard 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音，網路直播將於今天稍晚在 Cooper-Standard 網站上提供重播。

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

現在，我想將電話會議交給投資者關係總監 Roger Hendriksen。請繼續。

Thanks, Jenny, and good morning, everyone. We appreciate you spending some time with us this morning. 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, Vice President and -- Executive Vice President and Chief Financial Officer.

謝謝，珍妮，大家早安。感謝您今天上午抽出時間與我們在一起。今天早上將在電話會議上與您交談的領導團隊成員包括董事長兼執行長 Jeff Edwards 和副總裁兼執行副總裁兼財務長 Jon Banas。

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

在我們開始之前，我需要提醒您，本簡報包含前瞻性陳述。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。有關前瞻性陳述的更多信息，請您參閱本演示文稿的第 3 張幻燈片以及公司向美國證券交易委員會定期提交的文件中包括的聲明。

This presentation also contains non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures are included in the appendix to the presentation.

本簡報也包含非公認會計準則財務指標。非公認會計準則 (GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表包含在簡報的附錄中。

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

完成這些手續後，我會把電話轉給傑夫愛德華茲 (Jeff Edwards)。

Thanks, Roger. Good morning, everyone. We certainly appreciate the opportunity to review our first quarter results and provide an update on our business and the outlook going forward.

謝謝，羅傑。大家早安。我們非常感謝有機會回顧我們的第一季業績並提供關於我們業務和未來前景的最新資訊。

To begin on slide 5, I'll just highlight some key first quarter data points that we believe are reflective of our continuing outstanding operational performance and certainly our ongoing commitment to our core company values. This quarter was arguably the best ever in terms of operations and customer service with 99% of our product quality scorecards being green.

從第 5 張投影片開始，我將重點介紹第一季的一些關鍵數據點，我們認為這些數據點反映了我們持續出色的營運業績，以及我們對核心公司價值的持續承諾。本季可以說是營運和客戶服務方面最好的季度，99% 的產品品質記分卡都為綠色。

For new program launches, we continue to provide outstanding service levels with 97% customer scorecards being green. These are amazing operational statistics that any company would be proud of. They reflect our ongoing commitment to providing the best possible value for our customers as well as our internal commitment to excellence in all we do.

對於新推出的項目，我們繼續提供卓越的服務水平，97% 的客戶記分卡都是綠色。這些都是令人驚嘆的營運統計數據，任何公司都會為此感到自豪。它們體現了我們持續致力於為客戶提供最大價值的承諾，以及我們對所有工作的卓越追求。

Also in our plant operations, safety performance, I'm proud to say, continues to be world-class. During the first quarter, we had a total incident rate of 0.30 reportable incidents per 200,000 hours worked, well below the world-class benchmark of 0.47.

我很自豪地說，我們工廠的營運安全性能仍然保持世界一流水準。第一季度，我們的總事故率為每 20 萬工作小時發生 0.30 起可通報事故，遠低於世界一流基準 0.47。

Importantly, 47 of our plants had a perfect safety record in the quarter with a total incident rate of zero. That's 82% of all of our production facilities achieving a perfect safety score and demonstrating that our ultimate goal of zero safety incidents is achievable.

重要的是，本季我們的 47 家工廠擁有完美的安全記錄，總事故率為零。這意味著我們所有生產設施中有 82% 實現了完美的安全評分，並證明我們零安全事故的最終目標是可以實現的。

As I mentioned, we're proud of our entire team for their focus and achievement in this most important operating measure. And as I say often, a special shout out to our plant managers, you continue to be one of the cornerstones of our company, and I'm very proud of you all.

正如我所提到的，我們為整個團隊在這項最重要的營運措施上的專注和成就感到自豪。正如我經常說的那樣，我要特別感謝我們的工廠經理，你們一直是我們公司的基石之一，我為你們所有人感到非常自豪。

In terms of cost optimization, we had another solid quarter with our manufacturing and purchasing teams delivering $20 million of savings through lean initiatives and other cost-saving programs. In addition, the aggressive restructuring initiative that we announced in the second quarter of last year has been driving cost savings as we planned.

在成本優化方面，我們又度過了一個穩健的季度，我們的製造和採購團隊透過精益舉措和其他成本節約計劃節省了 2000 萬美元。此外，我們去年第二季宣布的積極重組措施也正在按照計畫推動成本節約。

In the first quarter, that initiative yielded another $8 million in year over year savings. Finally, we're continuing to leverage our world-class service, technical capabilities and our award-winning innovations to win new business.

今年第一季度，該計劃又帶來了 800 萬美元的同比節省。最後，我們將繼續利用我們世界一流的服務、技術能力和屢獲殊榮的創新來贏得新業務。

During the first quarter of 2025, we were awarded $55 million in net new business awards. We are pleased that in an increasing complex and dynamic automotive industry, our customers continue to turn to us to help design and develop new technologies for some of their most important new vehicle platforms, including ICE, hybrid and battery electric vehicles.

2025 年第一季度，我們獲得了 5,500 萬美元的淨新業務獎勵。我們很高興，在日益複雜和動態的汽車行業中，我們的客戶繼續向我們尋求幫助，為他們的一些最重要的新車平台（包括 ICE、混合動力和電池電動車）設計和開發新技術。

Turning to slide 6. Our outstanding operational performance and customer service continue to garner important recognition and awards from our customers. We're pleased and proud to once again be named as GM Supplier of the Year. This is the eighth consecutive year that we've received this prestigious award, which acknowledges the consistent value we provide to our customers.

翻到幻燈片 6。我們出色的營運表現和客戶服務持續贏得客戶的重要認可和獎項。我們非常高興和自豪再次被評為年度通用汽車供應商。這是我們連續第八年獲得這項享有盛譽的獎項，該獎項認可了我們為客戶提供的持續價值。

We're also proud to have recently received a Toyota Excellent Achievement Award for our partnership in helping reduce cost. We believe this type of customer recognition is an indication of our opportunities to win profitable new business going forward.

我們也非常榮幸最近因我們的合作幫助降低成本而獲得了豐田傑出成就獎。我們相信，這種客戶認可表明我們未來有機會贏得有利可圖的新業務。

As we continue to deliver value for our customers through innovation, quality and service, we expect to be able to leverage strong customer relationships into strong future growth. And as we all know, customers certainly continue to vote with purchase orders, and we're very proud to announce the awards that I discussed previously.

隨著我們繼續透過創新、品質和服務為客戶提供價值，我們期望能夠利用牢固的客戶關係實現強勁的未來成長。眾所周知，客戶肯定會繼續透過採購訂單來投票，我們非常自豪地宣布我之前討論過的獎項。

So let's turn to slide 7. In addition to prioritizing customer value, employee safety, profitable growth, we also place a high priority on being a good corporate citizen and steward of the environment. Here as well, we continue to garner outside recognition for our leadership in sustainability. And in the most recent quarter, we were pleased to again be recognized by USA Today as one of America's Climate Leaders for our achievement in environmental stewardship, emissions reduction and reporting. This comes on top of our recognition by EcoVadis for the eighth year in a row.

讓我們翻到第 7 張投影片。除了優先考慮客戶價值、員工安全和利潤成長之外，我們還高度重視成為優秀的企業公民和環境管理者。我們也繼續憑藉在永續發展領域的領導地位贏得外界的認可。最近一個季度，我們很高興再次被《今日美國》評為美國氣候領袖之一，以表彰我們在環境管理、減排和報告方面的成就。這是我們連續第八年獲得 EcoVadis 的認可。

We could achieve this leadership -- we could not achieve this leadership status without the support and engagement of the hearts and minds of our employees. Our team members regularly plan and conduct employee activities that support environmental and community initiatives.

我們能夠取得這個領導地位──如果沒有員工的支持和全心投入，我們就不可能取得這個領導地位。我們的團隊成員定期規劃和開展支持環境和社區倡議的員工活動。

A few recent examples include tree planting, trail cleanup, maintenance, building neighborhood playgrounds and collaborating with local charities to refurbish abandoned homes for donation to needy working families. This year, we encouraged our global facilities to consider tree planting as part of their planned Earth Day activities. More than 45 locations are organizing activities, including planting approximately 2,800 trees and seedlings.

最近的一些例子包括植樹、清理小路、維護、建造社區遊樂場以及與當地慈善機構合作翻新廢棄房屋以捐贈給貧困的工薪家庭。今年，我們鼓勵全球各地的工廠將植樹視為其計劃的地球日活動的一部分。超過 45 個地點正在組織活動，包括種植約 2,800 棵樹和樹苗。

You can learn more about our commitment to environmental stewardship and sustainability in our upcoming corporate responsibility report, which we will -- which will be published here in the next couple of weeks. Of particular note in this year's report, we'll be announcing our aspirational goals to become carbon neutral by 2040 in Europe and by 2050 globally. As we always say, the earnings calls are certainly about what we do, but the corporate responsibility report continues to be about who we are.

您可以在我們即將發布的企業責任報告中了解更多關於我們對環境管理和永續發展的承諾，該報告將在未來幾週內在此發布。特別值得注意的是，在今年的報告中，我們將宣布我們的理想目標：到 2040 年在歐洲實現碳中和，到 2050 年在全球實現碳中和。正如我們常說的那樣，收益電話會議當然是關於我們做什麼，但企業責任報告仍然是關於我們是誰。

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來審查本季的財務細節。

Thanks, Jeff, and good morning, everyone. In the next few slides, I'll provide some details on our financial results for the quarter and discuss our cash flows, liquidity, and aspects of our balance sheet.

謝謝，傑夫，大家早安。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 9, we show a summary of our results for the first quarter of 2025 with comparisons to the same period last year. First quarter 2025 sales were $667.1 million, a slight decrease of 1.4% compared to the first quarter of 2024. The decrease was driven primarily by unfavorable foreign exchange, which was partially offset by favorable volume and mix, including net customer price adjustments.

在第 9 張投影片中，我們展示了 2025 年第一季的業績摘要以及與去年同期的比較。2025 年第一季的銷售額為 6.671 億美元，與 2024 年第一季相比略有下降 1.4%。下降的主要原因是外匯不利，但有利的銷售和產品組合（包括淨客戶價格調整）部分抵消了這種影響。

Adjusted EBITDA in the quarter was $58.7 million compared to $29.3 million in the first quarter of last year. The year-over-year doubling was driven primarily by our manufacturing and purchasing lean initiatives, savings related to the restructuring initiative we implemented in the second quarter of last year, and the timing of certain royalty payments received in the quarter. These positive factors were partially offset by ongoing general inflation, higher costs for customs, duties and tariffs and other items.

本季調整後 EBITDA 為 5,870 萬美元，而去年第一季為 2,930 萬美元。同比增長一倍主要是由於我們的製造和採購精益舉措、與去年第二季度實施的重組計劃相關的節省以及本季度收到某些特許權使用費的時間。這些積極因素被持續的普遍通貨膨脹、海關、關稅和其他項目成本的上升部分抵消。

On a US GAAP basis, we reported positive net income of $1.6 million in the first quarter of 2025 compared to a net loss of $31.7 million in the first quarter of 2024. Adjusting for restructuring and other smaller noncash items and the related tax impacts, adjusted net income for the first quarter of 2025 was $3.5 million or $0.19 per diluted share compared to an adjusted net loss of $30.6 million or $1.75 per diluted share in the first quarter of 2024.

根據美國公認會計準則 (US GAAP)，我們報告 2025 年第一季淨收入為 160 萬美元，而 2024 年第一季淨虧損為 3,170 萬美元。在重組和其他較小的非現金項目以及相關稅收影響調整後，2025 年第一季的調整後淨收入為 350 萬美元或每股攤薄收益 0.19 美元，而 2024 年第一季的調整後淨虧損為 3,060 萬美元或每股攤薄收益 1.75 美元。

Our capital expenditures in the first quarter totaled $17.5 million or 2.6% of sales, which was essentially in line with our investment levels for the first quarter of last year. We continue to exercise discipline around capital investments in order to maximize our returns on invested capital. And current spending remains focused primarily on customer programs in preparation for successful launch activity.

我們第一季的資本支出總計 1,750 萬美元，佔銷售額的 2.6%，與去年第一季的投資水準基本持平。我們繼續嚴格執行資本投資紀律，以最大限度地提高投資資本的回報。目前的支出仍主要集中在客戶專案上，為成功的發布活動做準備。

Moving to slide 10. The charts on slide 10 provide additional insights and quantification of the key factors impacting our results for the first quarter. For sales, unfavorable foreign exchange drove a net $15 million reduction versus the first quarter of last year.

移至投影片 10。投影片 10 上的圖表提供了影響我們第一季業績的關鍵因素的額外見解和量化。就銷售而言，不利的外匯因素導致銷售額與去年第一季相比淨減少 1,500 萬美元。

This was partially offset by favorable volume and mix of approximately $6 million compared to the first quarter of 2024. For adjusted EBITDA, lean initiatives in purchasing and manufacturing contributed $20 million in savings and cost reductions year over year. Savings from the implementation of restructuring initiatives added $8 million compared to the first quarter of 2024.

與 2024 年第一季相比，這一增長被約 600 萬美元的良好交易量和產品組合所部分抵消。對於調整後的 EBITDA，採購和製造方面的精益措施比去年同期節省了 2000 萬美元並降低了成本。與 2024 年第一季相比，實施重組措施帶來的節省增加了 800 萬美元。

Sales, general, administrative and engineering expense was lower by $2 million and foreign exchange was a tailwind of $2 million in the quarter. Partially offsetting these improvements were $7 million in higher costs from general inflation and $2 million in gross duties and tariffs. The other category shown in the chart includes various miscellaneous expenses as well as the impact of the timing of certain automotive-related royalty payments received in the quarter.

本季銷售、一般、行政和工程費用下降了 200 萬美元，外匯支出為 200 萬美元。部分抵消了這些改進的是普遍通貨膨脹造成的 700 萬美元的較高成本以及 200 萬美元的總關稅和關稅。圖表中顯示的其他類別包括各種雜項費用以及本季收到的某些汽車相關特許權使用費的時間影響。

Moving to slide 11. Looking at cash flow and liquidity. Net cash used in operating activities was $14.9 million in the first quarter of 2025, relatively consistent with the first quarter of 2024. As mentioned earlier, CapEx was approximately $18 million in the first quarter, resulting in a net free cash outflow of approximately $32 million, essentially in line with the same period last year.

移至投影片 11。查看現金流和流動性。2025年第一季經營活動所用淨現金為1,490萬美元，與2024年第一季基本持平。如前所述，第一季的資本支出約為 1800 萬美元，導致淨自由現金流出約為 3,200 萬美元，與去年同期基本持平。

We ended the first quarter with a cash balance of approximately $140 million. Combined with $160 million of availability on our ABL facility, which remained undrawn, we had solid total liquidity of approximately $300 million as of March 31, which we believe is more than sufficient to support our continuing execution of our business plans, innovation, and profitable growth objectives.

第一季結束時，我們的現金餘額約為 1.4 億美元。加上我們尚未提取的 1.6 億美元 ABL 信貸額度，截至 3 月 31 日，我們的總流動資金約為 3 億美元，我們相信這足以支持我們繼續執行業務計劃、創新和盈利增長目標。

That concludes my prepared comments. So let me turn it back over to Jeff.

我的準備好的評論到此結束。那麼讓我把它交還給傑夫。

Thanks, Jon. And for the next few minutes we have remaining in the call this morning, I'd like to comment on the high-level strategic imperatives and a few related notable activities and achievements. Then I'll wrap up with a few comments on our outlook for the rest of the year. That slide probably should be titled Never a Dull Moment, but we'll talk about that in a few.

謝謝，喬恩。在今天早上電話會議剩下的幾分鐘裡，我想對高層戰略要務以及一些相關的值得注意的活動和成就進行評論。然後，我將對今年剩餘時間的展望發表一些評論。這張幻燈片可能應該命名為“永不沉悶的時刻”，但我們稍後再討論這個問題。

So please turn to slide 13. Our global team has become truly aligned around our four key strategic imperatives that you see outlined on this slide. This alignment is driving significant improvements in virtually every aspect of our business and the transformation certainly has been exciting to watch and experience. Jon already commented on our improving profitability, and I believe we are poised to return to double-digit adjusted EBITDA margins and double-digit returns on invested capital.

請翻到第 13 張投影片。我們的全球團隊已經真正圍繞著這張投影片中概述的四個關鍵策略要點達成了一致。這種協調正在推動我們業務的幾乎每個方面都發生重大改進，這種轉變確實令人興奮不已。喬恩已經評論了我們盈利能力的提高，我相信我們已準備好恢復兩位數的調整後 EBITDA 利潤率和兩位數的投資資本回報率。

And it's certainly no surprise that our improved profitability this quarter was led primarily by significant improvements in operating efficiencies and lean initiatives. We continue to operate at world-class levels, and I again want to recognize our plant managers and the approximately 20,000 employees that work directly for them for their relentless drive for excellence and value creation.

毫不奇怪，本季我們的獲利能力提高主要得益於營運效率和精實措施的顯著改善。我們繼續以世界一流的水平運營，我再次向我們的工廠經理和直接為他們工作的約 20,000 名員工表示感謝，感謝他們不懈地追求卓越和創造價值。

The next couple of slides speak to the imperatives of innovation and corporate responsibility. Let's turn to slide 14, please. Our sealing team is focused on driving profitable growth by developing and delivering product solutions that enhance sustainability for us and our customers. Sustainable technologies that reduce weight to improve vehicle efficiency, reduce carbon footprint, and improve recyclability are critical to this strategy.

接下來的幾張投影片討論了創新和企業責任的必要性。請翻到第 14 張投影片。我們的密封團隊致力於透過開發和提供增強我們和客戶永續性的產品解決方案來推動獲利成長。減輕重量以提高車輛效率、減少碳足跡和提高可回收性的永續技術對這項策略至關重要。

At the same time, our production teams are finding new and innovative ways to deliver these products with less scrap, reduced energy consumption, and driving improved margins at the plant level. Consistent with our company values, the sealing team is truly delivering increased value to all of our stakeholders.

同時，我們的生產團隊正在尋找新的創新方法，以更少的廢品、更低的能耗交付這些產品，並提高工廠層級的利潤率。與我們的公司價值觀一致，密封團隊確實為我們所有的利害關係人帶來了更高的價值。

Turning to slide 15. In our fluid business, the trends in vehicle powertrain options are creating new opportunities. Of particular note is the expected increase in global production of hybrid vehicles. Take a look at these charts.

翻到第 15 張投影片。在我們的流體業務中，車輛動力系統選擇的趨勢正在創造新的機會。尤其值得注意的是，全球混合動力汽車產量預計將會增加。看看這些圖表。

They compare the S&P hybrid production forecasts from March of 2024 to the same forecast in March of 2025. In the past year, they've significantly raised their expectations for annual hybrid production by nearly 4 million units in 2030 and by nearly 7 million units in 2035. So the trend is headed higher and for longer than was previously expected.

他們將 2024 年 3 月的標準普爾混合生產預測與 2025 年 3 月的相同預測進行了比較。在過去的一年裡，他們大幅提高了混合動力汽車年產量預期，到 2030 年將提高近 400 萬輛，到 2035 年將提高近 700 萬輛。因此，這一趨勢比之前預期的要高，持續時間也更長。

Turning to Slide 16, and you'll see why we like this trend. This is great news for our fluid business, and we can leverage the trend in hybrids to drive higher overall average content per vehicle. With both an internal combustion engine and an electric motor, the hybrid vehicle requires, frankly, more of what we make.

翻到第 16 張投影片，您就會明白我們為什麼喜歡這個趨勢。這對我們的流體業務來說是個好消息，我們可以利用混合動力的趨勢來提高每輛車的整體平均含量。混合動力車既有內燃機，又有電動機，坦白說，它需要我們製造更多的東西。

In addition, the increasing complexity of these vehicles means our world-class design and engineering capabilities become even greater value for our customers and clear competitive advantage for us. We believe hybrid vehicles represent as much as an 80% in average content opportunity for our current commercialized product portfolio. And even more exciting is the news is that we are bringing new product innovations to the market that will expand that content per vehicle opportunity even further.

此外，這些車輛的複雜性日益增加意味著我們世界一流的設計和工程能力將為我們的客戶帶來更大的價值，並為我們帶來明顯的競爭優勢。我們相信，混合動力車在我們目前的商業化產品組合中佔據平均 80% 的內容機會。更令人興奮的消息是，我們正在向市場推出新的產品創新，這將進一步擴大每輛車的內容機會。

Turning to slide 17. This is one of the new products, and it's called eCoFlow Switch Pump, which was an Automotive News PACE Pilot Award winner. PACE is recognized around the world as the industry benchmark for automotive innovation and the Pilot Award recognizes emerging technologies in advance of their commercialization.

翻到第 17 張投影片。這是新產品之一，名為 eCoFlow Switch Pump，曾榮獲《汽車新聞》PACE 試點獎。PACE 是全球公認的汽車創新產業基準，而試點獎則旨在表彰尚未實現商業化的新興技術。

The eCoFlow Switch Pump is a groundbreaking technology that combines both an electric water pump and an electrically driven valve in a single integrated cooling control module. While available for all powertrains, this scalable fluid control technology enables fluid flow switching, splitting, and regulating all which are needed to address the complex thermal management needs of fully electrified or hybrid vehicles.

eCoFlow Switch Pump 是一項突破性技術，它將電動水泵和電動閥結合在一個整合式冷卻控制模組中。這種可擴展的流體控制技術適用於所有動力系統，能夠實現流體流動的切換、分離和調節，以滿足全電動或混合動力汽車複雜的熱管理需求。

The innovation offers automakers efficiency improvements, part consolidation, electrical wire harness reduction, and reduced vehicle packaging space all consistent with our mission to create additional value for our customers. We believe this technology, along with our many other recent upcoming innovations will further opportunities for profitable growth and share gains when it becomes fully commercialized and ramps into production in the coming years.

這項創新為汽車製造商提供了效率提升、零件整合、電線線束減少和車輛包裝空間減少，所有這些都符合我們為客戶創造額外價值的使命。我們相信，這項技術以及我們最近推出的許多其他創新技術在未來幾年全面商業化並投入生產後，將進一步帶來獲利成長和市場份額成長的機會。

Let's turn to slide 18. And to continue our prepared remarks this morning, I just want to share a few thoughts about our outlook for the rest of 2025, and our expectations for 2026 and beyond. I think it goes without saying that the current levels of uncertainty around trade policies and tariffs make forecasting difficult and accurate forecasting sometimes next to impossible.

讓我們翻到第 18 張投影片。為了繼續我們今天早上的準備好的發言，我只想分享一些關於我們對 2025 年剩餘時間的展望以及對 2026 年及以後的期望的想法。我認為毋庸置疑，當前貿易政策和關稅的不確定性水準使得預測變得困難，有時準確的預測幾乎是不可能的。

But what I can tell you with confidence is that we believe we have the ability to measure and manage the direct impact of tariffs on our costs. We have very robust systems in place to quickly analyze proposed tariffs and how they will apply to our products down to the individual input level.

但我可以自信地告訴你們，我們相信我們有能力衡量和管理關稅對我們成本的直接影響。我們擁有非常強大的系統來快速分析擬議的關稅以及它們將如何應用於我們的產品直至單一投入水平。

And the feedback that we're getting from our customers is that it's truly a world-class way of managing the detailed level of our business. So I'm confident that we know what's going on there. What I can also tell you is that we expect to be able to mitigate or recover the vast majority of all direct tariff impacts on our business. The greater challenge is to forecast indirect impacts on tariffs, frankly, on the overall demand and production volumes for light vehicles.

我們從客戶那裡得到的回饋是，這確實是一種管理業務細節層面的世界級方法。因此我相信我們知道那裡發生了什麼。我也可以告訴你們，我們預計能夠減輕或恢復關稅對我們業務的絕大部分直接影響。更大的挑戰是預測關稅對輕型汽車整體需求和產量的間接影響。

Despite strong underlying consumer demand being supported by rising populations, increased number of licensed drivers and an aging vehicle fleet, incremental costs and related price increases from imposed tariffs could dampen demand in the near future and lower production levels, obviously, could have an adverse impact on our business.

儘管人口增長、持照駕駛員數量增加和車輛老化支撐了強勁的潛在消費需求，但徵收關稅導致的增量成本和相關價格上漲可能會在不久的將來抑制需求，而生產水平的下降顯然會對我們的業務產生不利影響。

The good news is I assume we will have additional clarity around trade and tariff policies and expected light vehicle production levels by the end of the second quarter. And as usual, this would enable us to provide a meaningful -- more meaningful update to our full year guidance, if needed, in conjunction with our second quarter results. And as most of you know, this is consistent with our typical disclosure cadence.

好消息是，我認為到第二季末，我們將對貿易和關稅政策以及預期的輕型汽車生產水平有更清晰的了解。像往常一樣，如果需要的話，這將使我們能夠結合第二季的業績，對我們的全年指導提供更有意義的更新。正如你們大多數人所知，這與我們典型的揭露節奏一致。

I'd also like to make sure that I mention that so far, we're not seeing any meaningful changes to our original plan for the year. We remain confident in our ability to adapt and manage our business in a slow growth environment, and we believe we will continue to drive increasing margins and returns.

我還想確保提到，到目前為止，我們還沒有看到今年原計劃發生任何重大變化。我們對自己在緩慢成長的環境中適應和管理業務的能力仍然充滿信心，我們相信我們將繼續推動利潤率和回報的成長。

Our cost reduction initiatives are working, and our customers have continued to support us with pricing and most importantly, new business. We also remain confident that as more of our new programs and products are launched this year and next year, we will see further expansion of our profitability and cash flow through both increasing volume and improved variable contribution margins.

我們的成本削減措施正在發揮作用，我們的客戶繼續透過定價以及最重要的新業務來支持我們。我們也堅信，隨著今年和明年推出更多新項目和新產品，我們的獲利能力和現金流將透過增加銷售量和提高可變貢獻利潤率進一步擴大。

This profitable growth could enable us to lower our net leverage ratio to less than 2 times by the end of 2027, assuming normalization of light vehicle production volumes. So with that, we want to thank our customers and all of our stakeholders for your continued confidence and support as we continue to navigate through challenging market conditions and execute our plans to drive sustainable and profitable growth and value.

假設輕型汽車產量恢復正常，這種獲利性成長可以使我們在 2027 年底將淨槓桿率降低至 2 倍以下。因此，我們要感謝我們的客戶和所有利益相關者對我們持續的信任和支持，我們將繼續應對充滿挑戰的市場條件，並執行我們的計劃，以推動可持續的盈利增長和價值。

So this concludes our prepared remarks. So let's move into Q&A.

我們的準備好的演講到此結束。那麼讓我們進入問答環節。

(Operator Instructions) Kirk Ludtke, Imperial Capital.

（操作員指示）柯克·盧德克，帝國首都。

On slide 10, I noticed the $2 million in duties and tariffs. Is this a timing issue? Do you expect to recover that? And is that something we should expect to reverse in future quarters? Or how should we think about those -- that category of costs?

在第 10 張投影片上，我注意到了 200 萬美元的關稅。這是時間問題嗎？您希望恢復嗎？我們是否應該預期這種情況在未來幾季會扭轉？或者我們應該如何考慮這些——這類成本？

Yeah, Kirk, that's exactly right. This is the minor couple of day impact of tariffs that we had in the middle of the quarter when there was some uncertainty about the exact implementation date and then it was paused. So this is just a two- or three-day impact overall for us. And you're right, it's a gross amount that we fully expect to be able to work to go and recover.

是的，柯克，完全正確。這是本季中期關稅對我們造成的幾天的輕微影響，當時對於確切的實施日期存在一些不確定性，然後關稅就暫停了。所以這對我們來說總體上只是兩三天的影響。你說得對，這是一個總數，我們完全希望能夠透過努力去恢復。

Kirk, this is Jeff. Let me just add, as I mentioned in the last call with you all and as I highlighted today regarding tariffs, I mean, we have incredible systems. I mean we should. We spent enough money on them. So the financial systems, the IT systems that we have allow us in a very granular real-time way to understand each and every moving part, if you will, that is either underneath the free trade agreement or not.

柯克，這是傑夫。我再補充一點，正如我在上次與大家的通話中提到的，以及我今天在關稅問題上強調的那樣，我的意思是，我們擁有令人難以置信的系統。我的意思是我們應該。我們在他們身上花了足夠的錢。因此，我們擁有的金融系統和 IT 系統使我們能夠以非常細緻的即時方式了解每一個活動部分，如果你願意的話，無論這些部分是否在自由貿易協定的框架內。

And we're really, really confident in our data. We've provided it to our customers. They're really confident in our data as well. And that's why I believe that as it relates to whatever they end up being, we believe that we will continue to recover the vast majority of those costs. So as I mentioned in the last call, I don't believe it's going to be significant for us going forward with that approach.

我們對我們的數據非常非常有信心。我們已將其提供給我們的客戶。他們也對我們的數據非常有信心。這就是為什麼我相信，無論最終結果如何，我們都將繼續收回絕大部分成本。因此，正如我在上次通話中提到的那樣，我認為這種方法對於我們未來的發展不會有太大意義。

And I don't feel any different sitting here today with more knowledge than I had in the last call. So hopefully, that kind of reflects on some of the tariff questions that are out there and you guys were thinking about it. And I would just use your lead to summarize what my thoughts are there.

今天坐在這裡，我感覺自己與上次通話時相比，學到的知識更多了，沒有什麼不同。所以希望這能夠反映出一些存在的關稅問題，你們正在考慮這個問題。我只是想利用你的引導來總結我的想法。

That's very encouraging. What would the lag be?

這非常令人鼓舞。滯後會是多少？

I think that -- yeah. As we talk to our customers about this, I would just say we expect it to be real time. So as the parts are picked up, we expect to be paid and reimbursed if there's anything out there that needs to be reimbursed. And again, I think what's very important for everybody to understand is the vast majority of our parts do come under the free trade umbrella.

我認為——是的。當我們與客戶談論此事時，我只想說我們希望它是即時的。因此，當零件被取走時，我們希望得到付款，如果有任何需要報銷的東西，我們希望得到報銷。我再次強調，我認為每個人都必須理解的是，我們的絕大多數地區都屬於自由貿易的保護範圍。

So for us, while it's not something we aren't paying attention to for sure. I mean we need to recover whatever those costs are, but it's probably not as large and significant as some of the other folks out there. So I'll just leave it at that, but it will be -- we don't anticipate a quarterly true-up or something like that. It will be ongoing.

所以對我們來說，這肯定不是我們沒有關注的事情。我的意思是我們需要收回這些成本，但可能不像其他人那樣規模大、影響大。所以我就此打住，但我們預計不會有季度調整或類似情況。它將持續進行。

Interesting. Slide 15 is really interesting. Is this -- is the trajectory of hybrids coming at the expense of electric or why is this happening? Why do you think this is happening?

有趣的。第 15 張投影片確實很有趣。這是不是——混合動力車的發展軌跡是以犧牲電動車為代價的？或者為什麼會發生這種情況？您認為為什麼會發生這種情況？

Yeah. I guess, I tend to not want to get out ahead of my blockers. And in this case, it's the customer, the OEMs that are probably better to answer that. But at least in our view as a supplier into that space, clearly, consumers are voting, right? And they prefer the hybrid approach versus ICE and versus EV, I think.

是的。我想，我傾向於不想超越我的阻礙者。在這種情況下，客戶、OEM 可能更適合回答這個問題。但至少在我們作為該領域供應商看來，顯然消費者在投票，對嗎？我認為，他們更喜歡混合動力方式，而不是 ICE 和 EV。

And so it's probably -- the answer is probably both. But for us, and what we tried to point out in our presentation was just the significant increase in content per vehicle that this hybrid electric vehicle approach is going to drive for us.

所以答案很可能是兩者兼具。但對我們來說，我們在演示中試圖指出的是，這種混合動力電動車方法將為我們帶來每輛車內容的顯著增加。

And we've talked about this really over the course of a few years now. It's just that hybrid wasn't being projected as significant volume, and that has changed. And therefore, that's the reason we're trying to do a better job of quantifying what we think that looks like now and into the future.

事實上，我們已經討論這個問題好幾年了。只是混合動力車的銷售量之前並沒有被預測到很大，而這種情況已經改變了。因此，這就是我們試圖更好地量化我們現在和未來情況的原因。

And for Cooper-Standard anyway, it's really a good shift, not that EV wasn't increased content for us either. It was, but not as much as the hybrid, which that also is pretty easy to understand when you have two different systems that need heating and cooling.

無論如何，對於 Cooper-Standard 來說，這確實是一個很好的轉變，當然 EV 對我們來說也沒有增加內容。確實如此，但不如混合動力那麼多，當你有兩個需要加熱和冷卻的不同系統時，這也很容易理解。

And then our technology that's helping to consolidate technology and components within these vehicles to help our customers reduce overall cost, our content goes up, of course. So it's a big deal and one that I think we're all looking forward to participating in over the next 10 years or so.

然後，我們的技術有助於整合這些車輛內的技術和零件，以幫助我們的客戶降低整體成本，當然，我們的內容也會增加。所以這是一件大事，我想我們都期待在未來 10 年左右參與其中。

Got it. And then lastly, with respect to the guidance, you're not withdrawing guidance or are you?

知道了。最後，關於指導，您不會撤回指導，對嗎？

No, we're not. This is Jeff. We're clear there. And Kirk, I would tell you, it's exactly what we've done, I don't know, 12 years in a row. We always say we'll look around the corner better when we get to the end of the second quarter, when we have firmer releases for the third and fourth quarter, right?

不，我們不是。這是傑夫。我們很清楚這一點。柯克，我想告訴你，這正是我們連續 12 年所做的。我們總是說，當我們進入第二季末，當我們對第三季和第四季有更明確的預測時，我們會更好地展望未來，對嗎？

And so as I also said in the remarks, the first half of the year, the quarter that we're talking about now and the quarter that we're a third of the way through, we haven't seen significant changes from our original plan related to volume. If anything, mix is probably a little more favorable.

正如我在評論中所說的那樣，今年上半年，也就是我們現在談論的這個季度，以及已經過去三分之一的這個季度，我們並沒有看到與原計劃相關的銷量發生重大變化。如果有的話，混合可能會更有利一些。

So I don't know what the summer is going to bring as it relates to the way the customers are going to ultimately stabilize here when the noise is over. I don't know if that's going to result in higher volume, same volume or less. But I'll know that I have a much better view of it come July, August than I do sitting here today. That's the reason for the approach. But it's pretty consistent with what we've always done, frankly.

所以我不知道夏天會帶來什麼，因為這與噪音結束後顧客最終如何穩定下來有關。我不知道這是否會導致音量增加、音量保持不變還是音量減少。但我知道，到七月、八月我會比今天坐在這裡對它有更清楚的認識。這就是採取這種方法的原因。但坦白說，這與我們一直以來的做法非常一致。

Got it. Yeah. I remember. So with respect to the guidance, it is conceivable that if you could get to a double-digit EBITDA margin run rate by year-end still.

知道了。是的。我記得。因此，就指導而言，可以想像，如果到年底仍然可以達到兩位數的 EBITDA 利潤率。

Of course.

當然。

Mike Ward, Citi Research.

花旗研究部的麥克沃德 (Mike Ward)

Jeff, in the last year or so, one of the things you've talked about pretty consistently is that it would be nice to get some volume. And I think there are all these concerns about the impact of the tariffs. But the bottom line is the sales have been stronger, obviously, some pull forward. Inventory is low. So now you're back into a position where you got an inventory pull.

傑夫，在過去一年左右的時間裡，你一直在談論的一件事就是，獲得一些銷售會很好。我認為大家都擔心關稅的影響。但底線是銷售業績明顯強勁，有些甚至有所成長。庫存低。現在您又回到了庫存拉動的狀態。

GM yesterday on their call said they would not be cutting back any schedules and talking to the dealers, I think orders are going to remain robust. What are you hearing from the manufacturers about production over the next 30, 60, 90 days?

通用汽車昨天在電話會議上表示，他們不會削減任何計劃，並與經銷商進行了交談，我認為訂單將保持強勁。您從製造商那裡了解到了哪些關於未來 30、60、90 天生產情況的消息？

Yeah. Thanks, Mike. This is Jeff. I'll answer that. So we have seen continued releases that suggest what we saw in the first quarter.

是的。謝謝，麥克。這是傑夫。我會回答這個問題。因此，我們看到持續發布的數據反映了我們在第一季看到的情況。

And as we head into the second quarter, it's exactly what we had planned, if not better mix on trucks and SUVs here. So I think it's consistent with what you just said. It also goes without saying, I guess, and there's clearly some favorable incentive plans being applied by all of our customers here in the US anyway. And I think that's also having a positive impact, right?

當我們進入第二季時，這正是我們所計劃的，如果不是卡車和 SUV 的更好組合的話。所以我認為這和你剛才說的話是一致的。我想這也是不言而喻的，而且無論如何，我們在美國的所有客戶顯然都在採用一些有利的激勵計劃。我認為這也會產生正面的影響，對嗎？

And these employee pricing programs that are being cascaded across to all consumers, we see that having a very positive impact. As you mentioned, our customers have talked about that publicly, and we're on the receiving end of that.

我們看到，這些員工定價計劃正在向所有消費者推廣，並產生了非常積極的影響。正如您所說，我們的客戶已經公開談論過這個問題，我們也受到了影響。

So it's been really good. We are just trying to make sure we stay focused on what we can control. We have really good systems to help us add up the tariff carnage, if you want to put it that way, and make sure we get that put in front of the appropriate customers as we need to and as they require it.

所以這真的很好。我們只是想確保我們專注於我們能夠控制的事情。如果你願意這樣說的話，我們有非常好的系統來幫助我們累積關稅，並確保我們根據需求和客戶要求，將其提供給合適的客戶。

And as a result of not having to worry about all this from a manual systems point of view, we're not using Excel spreadsheets like we may have back in the day, we're able to get that done, get it into the customer and make our appropriate plans. I want to also say this isn't about just what we're doing in terms of getting paid from the customer. It's also if there's ways that we can adjust what we're doing to avoid having to pay tariffs, then obviously, that's our burden to do it.

而且由於從手動系統的角度來說不必擔心所有這些，我們不再像以前那樣使用 Excel 電子表格，而是能夠完成這些工作，將其交給客戶並製定適當的計劃。我還想說，這不僅僅是關於我們從客戶那裡獲得報酬。如果我們可以透過某種方式調整我們的行為來避免支付關稅，那麼顯然，這是我們的責任。

But the way we laid out our supply chain for the most part, working with our customers, it's just not that significant for us. It needs to be managed. It needs to be recovered, but it isn't as large as maybe some of the other Tier 1s.

但我們與客戶合作佈局供應鏈的方式對我們來說並不那麼重要。它需要被管理。它需要被恢復，但它可能不如其他一些一級那麼大。

And in Europe, are you more concerned about the volume levels in Europe if there is some pushback from a production standpoint with exporting with a higher cost on the tariff side?

在歐洲，如果從生產角度來看，由於關稅方面出口成本較高而出現一些阻力，您是否更擔心歐洲的產量水準？

As I mentioned in the call, Mike, I think we're all looking to the summer and the third and fourth quarter to really try to understand what all this is going to mean for volume. I can just tell you, sitting here today, we don't see any significant change in those forecasts.

正如我在電話中提到的，麥克，我認為我們都在關注夏季以及第三季度和第四季度，以真正試圖了解這一切對銷售意味著什麼。我可以告訴你們，今天坐在這裡，我們沒有看到這些預測有任何重大變化。

And because of the way sales are going here in the first half of the year, I'm assuming somebody needs to replenish inventory, which means there's going to be production in the second half of the year. So -- but how that differs from what we have in the forecast, I suppose it could be higher, right? I mean, it could be.

而且由於今年上半年的銷售情況，我估計有人需要補充庫存，這意味著下半年將會有生產。那麼——但這與我們的預測有何不同？我想它可能會更高，對嗎？我的意思是，有可能。

I suppose it could be lower. And we just don't have a view of it as we sat here beginning of May, but I certainly will in July, August.

我認為可能會更低。當我們五月初坐在這裡時，我們還沒有看到它，但到了七月、八月我肯定會看到它。

It sounds like the market has discounted the worst-case scenario. You can adapt to the worst-case scenario, but it sounds like the answer is probably going to be a lot better than the market's perception and you're prepared to handle that if it occurs from a volume standpoint.

聽起來市場已經消化了最壞的情況。你可以適應最壞的情況，但聽起來答案可能比市場的看法要好得多，而且從數量的角度來看，你已經做好了應對的準備。

We are. I mean, we flex well. We've been flexing for seems like a decade, right? And so I think that's an exercise that we're pretty good at. And we also are hoping that we get an opportunity to flex to some volume increases, right, not just volume decreases.

是的。我的意思是，我們表現得很好。我們已經努力了好像十年了，對吧？所以我認為這是我們非常擅長的練習。我們也希望有機會靈活地增加產量，而不僅僅是減少產量。

So we're maintaining really, really good performance. We have -- our plants have enough capacity to deal with the volumes if they go up, and we certainly have the ability and the experience to deal with it if it goes down.

因此，我們保持著非常非常好的表現。如果產量上升，我們的工廠有足夠的能力來處理；如果產量下降，我們當然也有能力和經驗來處理。

So I feel as -- probably as confident as I've felt this time of year in a long time. I mean, you go back over the course of six, seven, eight years, it isn't as if we haven't dealt with a few things. And so I don't feel this is anything that's going to create a long-term issue.

因此，我感覺——可能是我很長時間以來在這個時候感到的最自信的感覺。我的意思是，回顧過去六年、七年、八年的時間，我們並不是沒有處理過一些事情。因此我認為這不會造成任何長期問題。

I believe that you just have to manage through it. We are. The company has never been stronger. The quality performance of our plants, every way you want to look, working capital, margins all pointed in the right direction. When we do get volume, which you and I know we will, I think it's going to be really, really good news.

我相信你一定能渡過難關。是的。公司從未像現在這樣強大。我們工廠的品質性能、您想要查看的各個方面、營運資金、利潤率都指向正確的方向。當我們確實獲得產量時（你我都知道我們會的），我認為這將是一個非常非常好的消息。

So I'll just leave it at that.

所以我就這樣吧。

Jon, two things on the financial side. I know usually first quarter is a working capital drain, but it looks like there was an outsized bump up in the receivables. Is that a calendar thing? Or is that just timing of collecting the money? Was it the snapshot that changed it and altered it? And when does that come back?

喬恩，財務方面有兩件事。我知道通常第一季是營運資金的流失，但看起來應收帳款出現了大幅成長。這是日曆嗎？還是這只是收錢的時機？是快照改變了它並改變了它嗎？那什麼時候回來？

Yeah. Mike, you're absolutely right. Q1 is always a working capital outflow from a seasonality standpoint throughout the year. And Q1 here was no exception. When you unpack the receivables side, we did a very good job of driving receivables down in December of last year.

是的。麥克，你完全正確。從全年的季節性角度來看，Q1 始終是營運資金流出。這裡的 Q1 也不例外。從應收帳款來看，我們在去年 12 月就很好地降低了應收帳款。

So it was down to $311 million, I think, if memory serves, and that grew to about $357 million. Normal seasonality, you also have to unpack month by month when that revenue is coming back online. So what it kind of tells you is there's a little bit more revenue being produced in February and March that you aren't collecting on that will get collected in Q2 and roll forward, if you will, through the year.

所以，如果我沒記錯的話，我認為它下降到了 3.11 億美元，然後又成長到了約 3.57 億美元。這是正常的季節性，當收入恢復時，您還必須逐月進行分析。所以它告訴你的是，2 月和 3 月產生的收入稍微多一點，而你沒有收取這些收入，這些收入將在第二季度收取，並且如果願意的話，可以結轉到全年。

So that's kind of the biggest explanation when you look at accounts receivable. But from an overall free cash flow perspective, despite the flat sales, cash earnings themselves and the actual earnings power was up way over a year. And then we had a little bit higher of a working capital build to offset that. So almost on par with the prior year in terms of overall free cash flow.

因此，當您查看應收帳款時，這就是最大的解釋。但從整體自由現金流的角度來看，儘管銷售額持平，但現金收益本身和實際獲利能力卻比去年同期大幅成長。然後我們增加了一點營運資金來抵消這一影響。因此，就整體自由現金流而言，幾乎與前一年持平。

Okay. So some of that should balance out by the end of the year?

好的。那麼，到今年年底，部分赤字應該能夠平衡嗎？

Yeah, absolutely.

是的，絕對是如此。

And then on -- what was the item in the other income? Is that where the royalty true-up was? Or was that something else?

然後──其他收入中的項目是什麼？那裡是皇室真正的所在地嗎？還是別的什麼？

That was, Mike. Within that, the $7 million bar on that chart, that's where the royalty income was recorded. As I mentioned in my prepared remarks, this was timing of automotive royalties that were received in the quarter.

那是，麥克。其中，圖表上的 700 萬美元長條圖記錄了特許權使用費收入。正如我在準備好的演講中提到的那樣，這是本季收到的汽車特許權使用費的時間。

We earned these in connection with the intellectual property license that we incorporated into a previously divested business transaction. So this is really just catching up on that deal and collecting on those royalty payments that were due to us.

我們透過納入先前剝離的業務交易中的智慧財產權許可獲得了這些收益。所以這實際上只是為了追趕那筆交易並收取我們應得的特許權使用費。

Okay. So then from the -- on the segment data on the adjusted EBITDA, it shows up in corporate eliminations and other.

好的。那麼從調整後的 EBITDA 的分部資料來看，它體現在企業消除和其他方面。

That's correct. Because like I said that business was divested a while ago, and it didn't really belong in either the sealing or the fluid business. So we kept it in the corporate and other area.

沒錯。因為就像我說過的，這項業務不久前就被剝離了，它實際上不屬於密封業務或流體業務。所以我們將其保留在公司和其他區域。

(Operator Instructions) Ben Briggs, StoneX Financial.

（操作員指示） Ben Briggs，StoneX Financial。

Most of mine got answered. Just one thing I want to double check from your prepared remarks. Did you say that you believe the net leverage ratio can get to around two turns by end of 2027. Did I hear that correctly?

我的大部分問題都得到了答案。我只想根據您準備好的發言再確認一件事。您是否說過，您相信到2027年底，淨槓桿率可以達到兩倍左右。我沒聽錯吧？

Yes, this is Jeff. That's exactly right.

是的，這是傑夫。完全正確。

Okay. Great. And can you walk through a couple of the key assumptions you're using to get there? Because I mean, would there be volume increases? Is there going to be further margin increases, some cost cutting? Just any assumptions that you're using to get there would be helpful.

好的。偉大的。您能否介紹一下為了實現這一目標而採用的幾個關鍵假設？因為我的意思是，音量會增加嗎？利潤率是否會進一步提高，成本是否會削減？只要您使用的任何假設都會有所幫助。

Yes, Ben, this is Jon. That -- first and foremost, that assumes no refinancing activity. That's just our base business plan for the next three years based on the volume assumptions that we expect to normalize, right? We're not talking about the short-term volatility, but a more normalized volume production environment looking ahead over that time horizon. So it's really what we've been talking about for the last several quarters.

是的，本，這是喬恩。首先，這假設沒有再融資活動。這只是我們根據預期正常化的數量假設制定的未來三年基本業務計劃，對嗎？我們談論的不是短期波動，而是放眼未來一段時間更標準化的大量生產環境。這實際上是我們過去幾個季度一直在談論的問題。

The contribution margin benefits that we're seeing on new business coming online over the next couple of years, taking advantage of the operational leverage that we've created with our cost reduction initiatives and all the hard work that's been done by the team over the last several years to really bolster the sustainable profitability going forward.

我們將在未來幾年內看到新業務的貢獻利潤率優勢，利用我們透過降低成本措施創造的營運槓桿以及團隊在過去幾年中所做的所有努力，真正增強未來的可持續盈利能力。

But clearly, to get to that 2 times that Jeff had in his prepared remarks, it focuses on continued execution and those profitable growth certainly remains the most impactful lever to get there overall to get -- to improve those net leverage ratios overall. So we feel pretty good about that based on everything that we've been seeing and certainly the type of execution that our global teams are delivering on that we've been talking about a lot today.

但顯然，要實現傑夫在準備好的發言中兩次提到的目標，重點是持續執行，而盈利增長無疑仍然是實現這一目標最具影響力的槓桿——總體上提高淨槓桿率。因此，根據我們所看到的一切以及我們今天多次談論的我們的全球團隊所執行的執行類型，我們對此感到非常滿意。

Okay. Great. And I just want to follow up on one of the previous questions where they asked about the guidance. And you said you're not pulling guidance. So just to kind of put a pin in that, would you say that your guidance is still for adjusted EBITDA in fiscal '25 at the low end of $200 million and at the high end of $235 million?

好的。偉大的。我只是想跟進他們之前提出的有關指導的一個問題。你說你不會撤回指導。那麼，為了明確這一點，您是否會說，您的預期仍然是 25 財年的調整後 EBITDA 低端為 2 億美元，高端為 2.35 億美元？

Yes.

是的。

It appears that there are no further questions. I would now like to turn the call back over to Roger Hendriksen for the closing comments.

看來沒有其他問題了。現在我想將電話轉回給 Roger Hendriksen 來做最後發言。

Okay. Thanks, everybody. We appreciate you joining the call. We appreciate your engaging questions. If there are other questions that come up that we didn't answer this morning, please feel free to reach out. We'd love to continue the conversation in the coming weeks. Thanks again. Talk to you soon.

好的。謝謝大家。感謝您參加此次電話會議。我們感謝您提出有趣的問題。如果還有其他問題我們今天早上沒有回答，請隨時與我們聯繫。我們很樂意在接下來的幾週內繼續討論。再次感謝。很快再和你聊。

Thank you. Ladies and gentlemen, that concludes our conference call for today. Thank you all for participating. You may now disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。