Cooper-Standard Holdings Inc (CPS) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cooper-Standard second 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，早上好，歡迎參加 Cooper-Standard 2025 年第二季度收益電話會議（操作員指示）提醒一下，本次電話會議正在錄製，網絡直播將於今天晚些時候在 Cooper-Standard 網站上提供重播。

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

現在我想將電話轉給投資者關係總監 Roger Hendriksen。先生，請繼續。

Thanks, Sylvie, and good morning, everyone. Thank you for 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, Executive Vice President and Chief Financial Officer.

謝謝，西爾維，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是董事長兼執行長 Jeff Edwards；以及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.

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。

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

有關前瞻性陳述的更多信息，請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。該簡報也包含非公認會計準則財務指標。非公認會計準則 (non-GAAP) 財務指標與更直接可比較的公認會計準則 (GAAP) 指標的對帳包含在簡報的附錄中。

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

完成這些手續後，我現在將電話轉給傑夫愛德華茲 (Jeff Edwards)。

Thanks, Roger, and good morning, everyone. And as always, we appreciate the opportunity to review our second quarter results and provide an update on our business and the outlook going forward. To begin on Slide 5, I'd like to highlight some second quarter data points that we believe are reflective of our continuing outstanding operational performance and our ongoing commitment to our core company values.

謝謝，羅傑，大家早安。像往常一樣，我們很高興有機會回顧我們的第二季業績並提供有關我們的業務和未來前景的最新資訊。從第 5 張投影片開始，我想重點介紹一些第二季的數據點，我們認為這些數據點反映了我們持續出色的營運績效以及我們對核心公司價值的持續承諾。

In terms of operations and customer service, I'm extremely proud to report that we ended the second quarter with a record 100% of our total 317 customer scorecards for quality and service being green. This is such an amazing accomplishment, frankly, and it speaks volumes to the dedication and commitment of our manufacturing teams around the world. It's also an indication of how effective the new digital tools we've deployed in our plants can be at identifying potential challenges and more importantly, enable corrective actions before they become bigger issues.

在營運和客戶服務方面，我非常自豪地報告，我們在第二季結束時創下了 317 個客戶品質和服務記分卡 100% 為綠色的記錄。坦白說，這是一項了不起的成就，它充分體現了我們全球製造團隊的奉獻精神和承諾。這也表明我們在工廠部署的新數位工具在識別潛在挑戰方面非常有效，更重要的是，能夠在問題變得更嚴重之前採取糾正措施。

So a huge shout out to our manufacturing leadership team, our plant managers and our plant employees for this remarkable result. Thank you all very much. For new program launches, we continue our outstanding service level with 97% customer scorecards being green despite increased launch activity, as we've discussed.

因此，我們要向我們的製造領導團隊、工廠經理和工廠員工致以最崇高的敬意，感謝他們所取得的非凡成就。非常感謝大家。對於新計劃的推出，我們繼續保持卓越的服務水平，儘管推出活動有所增加，但 97% 的客戶記分卡仍為綠色，正如我們所討論的那樣。

Frankly, these are amazing operational statistics that reflect our total company commitment to providing the best possible value for our customers as well as our internal commitment to excellence in all that we do. Also in our plant operations, safety performance continues to be excellent. During the second quarter, we had a total incident rate of 0.26, reportable incidents per 200,000 hours worked. That's well below the world-class benchmark of 0.47.

坦白說，這些令人驚嘆的營運統計數據反映了我們公司致力於為客戶提供最佳價值的承諾，以及我們內部致力於在所有工作中追求卓越。在我們的工廠運作中，安全性能也持續保持優異。第二季度，我們的總事故率為每 200,000 個工作小時發生 0.26 起可通報事故。這遠低於 0.47 的世界級基準。

Even more important, 44 of our plants have maintained a perfect safety record with a total incident rate of 0 for the first half of the year. Just to frame that, that's 75% of all of our production facilities achieving a perfect safety score and demonstrating that our ultimate goal of 0 safety incidents is certainly achievable. We are proud of the entire global team for their focus and achievement in the most important operating measure for our company.

更重要的是，我們44家工廠維持了完美的安全記錄，上半年總事故率為0。簡而言之，我們所有生產設施中有 75% 都獲得了完美的安全評分，這證明我們實現 0 安全事故的最終目標是肯定可以實現的。我們為整個全球團隊在我們公司最重要的營運措施上的專注和成就感到自豪。

In terms of cost optimization, we had another solid quarter with our manufacturing and purchasing teams delivering $25 million of savings through lean initiatives and other cost-saving programs. In addition, the restructuring and headcount optimization initiative that we implemented beginning in the second quarter of last year has been driving cost savings as we planned. In the second quarter, that initiative actually yielded another $4 million in year-over-year savings.

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 2500 萬美元。此外，我們從去年第二季開始實施的重組和員工優化計畫也按照計畫推動了成本節約。在第二季度，該計劃實際上又帶來了 400 萬美元的同比節省。

Finally, we're continuing to leverage world-class service, technical capabilities and our award-winning innovations to win new business. During the second quarter of 2025, we were awarded $77 million in net new business awards. We're proud to be the supplier that our customers increasingly turn to for quality components, consistency of delivery and collaboration on the design and development of new technologies and critical systems for some of their most important vehicle platforms.

最後，我們將繼續利用世界一流的服務、技術能力和屢獲殊榮的創新來贏得新業務。2025 年第二季度，我們獲得了 7,700 萬美元的淨新業務獎勵。我們很榮幸能夠成為客戶日益信賴的供應商，為他們提供優質的零件、一致的交付以及在一些最重要的車輛平台的新技術和關鍵系統的設計和開發方面的合作。

Turning to Slide 6. With our product quality and customer service levels at all-time highs, our relationships with our customers, frankly, have never been better. As a result, we continue to amass an impressive number of important awards from our customers, the latest being the Ford Supplier of the Year. In addition, we are proud to be selected to collaborate with the Renault Group on their Emblème project. That's an eco-conscious family demo car that aims to reduce CO2 emissions over its life cycle.

翻到幻燈片 6。我們的產品品質和客戶服務水平達到了歷史最高水平，坦白說，我們與客戶的關係從未如此好。因此，我們不斷獲得客戶頒發的許多重要獎項，最近獲得的獎項是福特年度供應商獎。此外，我們很榮幸能被選中與雷諾集團合作進行 Emblème 計畫。這是一款具有環保意識的家庭展示車，旨在減少其生命週期內的二氧化碳排放量。

The groundbreaking project integrates two of Cooper-Standard's low-carbon, high-performance vehicle innovations, the FlexiCore thermoplastic body seal and our FlushSeal sealing system. But more important than hardware in the trophy case, is the way these quality relationships enable us to continue to negotiate and navigate today's business environment.

這項開創性的專案整合了 Cooper-Standard 的兩項低碳、高性能汽車創新技術，即 FlexiCore 熱塑性車身密封系統和我們的 FlushSeal 密封系統。但比獎盃櫃裡的硬體更重要的是，這些高品質的關係使我們能夠繼續談判和駕馭當今的商業環境。

This has been clearly evident in our recent discussions on tariff impacts, which are now largely complete with the most important commercial negotiations now behind us for the year, importantly, our focus in the second half can be 100% on sustaining our operational excellence and executing our plans to achieve our long-term goals and objectives. I look forward to speaking more about this in the next few minutes.

這在我們最近關於關稅影響的討論中已經明顯體現出來，目前討論已基本完成，今年最重要的商業談判已經結束，重要的是，我們下半年的重點可以 100% 放在保持卓越運營和執行計劃上，以實現我們的長期目標。我期待在接下來的幾分鐘內就此進行更多討論。

But for now, I'll turn the call over to Jon to review the financial details of the quarter.

但現在，我將把電話轉給喬恩，讓他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 capital structure. On Slide 8, we show a summary of our results for the second quarter and first six months of 2025 with comparisons to the same period last year. Second quarter 2025 sales were $706 million, a decrease of 0.3% compared to the second quarter of 2024.

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、流動性和資本結構方面。在第 8 張投影片上，我們展示了 2025 年第二季和前六個月的業績摘要，並與去年同期進行了比較。2025 年第二季的銷售額為 7.06 億美元，與 2024 年第二季相比下降了 0.3%。

The slight decrease was driven primarily by unfavorable volume and mix, including net customer price adjustments, partially offset by favorable foreign exchange. Adjusted EBITDA in the quarter was $62.8 million, an increase of more than 23% when compared to the $50.9 million we reported in the second quarter of last year. Importantly, we were able to drive further margin expansion of 170 basis points versus the same period a year ago despite lower sales and production volumes.

輕微的下降主要是由於銷售和產品結構不利，包括淨客戶價格調整，但有利的外匯因素部分抵消了這種影響。本季調整後的 EBITDA 為 6,280 萬美元，與去年第二季報告的 5,090 萬美元相比增長了 23% 以上。重要的是，儘管銷售量和產量有所下降，但我們仍能夠將利潤率與去年同期相比進一步提高 170 個基點。

On a US GAAP basis, we reported a small net loss of $1.4 million in the second quarter compared to a net loss of $76.2 million in the second quarter of 2024. Adjusting for restructuring and other items from both periods as well as the related tax impacts, adjusted net income for the second quarter of 2025 was positive $1 million or $0.06 per diluted share compared to adjusted net loss of $11.3 million or $0.64 per diluted share in the second quarter of 2024.

根據美國公認會計準則，我們報告第二季淨虧損 140 萬美元，而 2024 年第二季淨虧損為 7,620 萬美元。在調整兩個期間的重組和其他項目以及相關稅收影響後，2025 年第二季度的調整後淨收入為正 100 萬美元或每股攤薄收益 0.06 美元，而 2024 年第二季度的調整後淨虧損為 1,130 萬美元或每股攤薄收益 0.64 美元。

Our capital expenditures in the second quarter of 2025 totaled $7.8 million or 1.1% of sales, which was lower than the second quarter of last year, owing largely to the timing of new launched projects. We continue to exercise discipline around capital investments in order to maximize our returns on invested capital. For the first six months of 2025, our sales dipped on unfavorable foreign exchange and slightly lower volume, mix and net price adjustments.

我們 2025 年第二季度的資本支出總計 780 萬美元，佔銷售額的 1.1%，低於去年第二季度，這主要歸因於新啟動項目的時機。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。2025 年前六個月，由於外匯不利以及銷售、產品組合和淨價格調整略有下降，我們的銷售額有所下降。

But despite lower revenue, our gross profit margin increased by 200 basis points and our adjusted EBITDA margin improved by 300 basis points compared to the same six month period a year ago. We were also very pleased to achieve positive GAAP net income in the first half of the year, which was an amazing improvement of more than $6 per share versus last year.

儘管收入下降，但與去年同期相比，我們的毛利率增加了 200 個基點，調整後的 EBITDA 利潤率提高了 300 個基點。我們也非常高興地看到，今年上半年的 GAAP 淨收入為正，與去年相比，每股收益驚人地提高了 6 美元以上。

Moving to Slide 9. The charts on Slide 9 provide additional insights and quantification of the key factors impacting our results for the second quarter. For sales, unfavorable volume and mix, net of customer price adjustments reduced sales by approximately $7 million compared to the second quarter of 2024. This impact was partially offset by favorable foreign exchange of approximately $4 million. For adjusted EBITDA, lean initiatives in purchasing and manufacturing contributed $25 million in savings and cost reductions year- over-year.

移至幻燈片 9。投影片 9 上的圖表提供了影響我們第二季業績的關鍵因素的額外見解和量化。就銷售而言，扣除客戶價格調整後，不利的銷售和產品組合導致銷售額與 2024 年第二季相比減少了約 700 萬美元。這一影響被約 400 萬美元的有利外匯兌換部分抵消。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 2500 萬美元並降低了成本。

Savings from the implementation of restructuring initiatives added $4 million compared to the second quarter of 2024, and favorable foreign exchange was a tailwind of approximately $3 million in the quarter. Partially offsetting these improvements were $16 million of unfavorable volume and mix, including customer price adjustments and $6 million in increased costs from higher wages and general inflation.

與 2024 年第二季相比，實施重組計畫帶來的節省增加了 400 萬美元，有利的外匯因素為本季帶來了約 300 萬美元的順風。部分抵消了這些改進的是 1,600 萬美元的不利數量和組合，包括客戶價格調整以及因工資上漲和普遍通貨膨脹而增加的 600 萬美元成本。

Moving to Slide 10. On Slide 10, we present the same type of year-over-year bridge analysis for the first half of the year. Sales declined by approximately $12 million or just less than 1%, driven primarily by unfavorable foreign exchange. Adjusted EBITDA in the first half increased by more than $41 million or more than 51% compared to the first half of 2024. The improvement was driven primarily by $45 million of manufacturing and purchasing efficiencies, $12 million of restructuring savings and $5 million of favorable foreign exchange.

移至投影片 10。在第 10 張投影片上，我們展示了今年上半年同類型的同比橋樑分析。銷售額下降了約 1,200 萬美元，降幅略低於 1%，主要原因是外匯匯率不利。上半年調整後的 EBITDA 與 2024 年上半年相比增加了 4,100 多萬美元，增幅超過 51%。這項改善主要得益於 4,500 萬美元的製造和採購效率提升、1,200 萬美元的重組節省以及 500 萬美元的有利外匯。

These positive drivers were partially offset by $16 million of unfavorable volume and mix and approximately $13 million of higher wages and general inflation. We are pleased with our improving results in the first half of the year as our focus on controlling costs, delivering exceptional performance and the launch of more profitable programs are having the positive impacts we had planned and expected despite production volumes being lower than planned expectations.

這些積極驅動因素被 1600 萬美元的不利交易量和組合以及約 1300 萬美元的工資上漲和普遍通貨膨脹所部分抵消。我們對上半年業績的改善感到滿意，儘管產量低於預期，但我們專注於控製成本、提供卓越的業績和推出更有利可圖的項目，並產生了我們計劃和預期的積極影響。

Moving to Slide 11. Looking at cash flow and liquidity. Net cash used in operating activities was approximately $16 million in the second quarter of 2025 compared to $12 million in the second quarter of 2024. Capital spending, as mentioned earlier, was approximately $8 million in the second quarter, resulting in net free cash outflow of approximately $23 million for the quarter. This is consistent with the second quarter of last year despite cash interest paid being more than $14 million higher this year.

移至投影片 11。查看現金流和流動性。2025 年第二季經營活動所用淨現金約為 1,600 萬美元，而 2024 年第二季為 1,200 萬美元。如前所述，第二季的資本支出約為 800 萬美元，導致本季淨自由現金流出約為 2,300 萬美元。儘管今年支付的現金利息增加了 1400 多萬美元，但這與去年第二季的情況一致。

We ended the second quarter with a cash balance of approximately $122 million. Combined with $151 million of availability on our ABL facility, which remained undrawn, we had solid total liquidity of approximately $273 million as of June 30, 2025, which we believe is sufficient to support the continuing execution of our business plans and profitable growth objectives.

我們第二季結束時的現金餘額約為 1.22 億美元。加上我們尚未提取的 1.51 億美元 ABL 信貸額度，截至 2025 年 6 月 30 日，我們的總流動資金約為 2.73 億美元，我們相信這足以支持我們繼續執行業務計劃和盈利增長目標。

And importantly, following the solid results of the first half and considering our current outlook for production volumes in the remainder of the year, we believe we are on track to achieve positive free cash flow for the full year. Further, as we continue to focus on delevering through earnings growth, achieving the midpoint of our guidance range for full-year adjusted EBITDA, combined with our expectations for positive free cash flow would result in a net leverage ratio below 4x at the end of this year.

重要的是，基於上半年的穩健業績，並考慮到我們對今年剩餘時間產量的當前展望，我們相信我們預計將在全年實現正的自由現金流。此外，隨著我們繼續專注於透過獲利成長來去槓桿，實現全年調整後 EBITDA 指導範圍的中點，再加上我們對正自由現金流的預期，將導致今年年底的淨槓桿率低於 4 倍。

We are pleased that our improving results and solid future prospects are being recognized by our stakeholders, including credit rating agencies such as Moody's, who recently upgraded their outlook on Cooper-Standard from stable to positive.

我們很高興看到我們不斷改善的業績和穩固的未來前景得到了利益相關者的認可，其中包括穆迪等信用評級機構，他們最近將庫博標準的前景展望從穩定上調至正面。

With respect to our capital structure, we are actively evaluating various options to strengthen our balance sheet and further improve our cash flows and are carefully monitoring conditions in the credit markets. We are optimistic that as we continue to deliver improving results, we will be able to refinance our first and third lien notes with more favorable terms and rates.

關於我們的資本結構，我們正在積極評估各種選擇，以加強我們的資產負債表並進一步改善我們的現金流，並密切關注信貸市場的狀況。我們樂觀地認為，隨著我們繼續取得更好的業績，我們將能夠以更優惠的條款和利率為我們的第一和第三留置權票據進行再融資。

With that, let me turn it back over to Jeff.

說完這些，讓我把話題還給傑夫。

All right. Thanks, Jon. I appreciate the exciting news there, great job. So in the last portion of our call here, I'd like to again comment on our high-level strategic imperatives that I mentioned earlier, but also provide some additional details on the strategic plans for each of our operating segments and where we believe these strategies can take us over the next few years. Then I'll wrap up with some comments on our near-term outlook and our revised guidance for 2025.

好的。謝謝，喬恩。我很欣賞那裡令人興奮的消息，幹得好。因此，在我們電話會議的最後部分，我想再次評論我之前提到的高層戰略要務，同時也提供一些關於我們每個營運部門的戰略計劃的額外細節，以及我們認為這些戰略在未來幾年可以帶我們去哪裡。然後，我將對我們的近期展望和 2025 年修訂後的指導意見發表一些評論。

So if you'd please turn to Slide 13. Our strategies and operating plans are really built around the four strategic imperatives that you see outlined here on Slide 13. And as a global team, we established this basic framework a couple of years ago, I guess. And by aligning the companies around these common objectives, we've been able to drive significant improvements in virtually every aspect of our business.

請翻到投影片 13。我們的策略和營運計劃實際上是圍繞幻燈片 13 中概述的四個策略要點制定的。作為一個全球團隊，我想我們幾年前就建立了這個基本框架。透過使公司圍繞這些共同目標進行協調，我們幾乎能夠在業務的各個方面推動顯著的改進。

And with the improved operating performance and stability of the business, we have now been able to turn more attention, frankly, to our longer-term planning and the strategies and the objectives that align with that. So in that context, we recently asked our two product presidents to work with really their respective teams everywhere in the world to develop these long-term strategies for each of their businesses that would not only achieve these stated strategic imperatives, but build on them to take Cooper-Standard to the next level of value creation that we believe in over the next several years. And as we like to say, just around the corner, so to speak.

隨著經營績效的改善和業務的穩定性，坦白說，我們現在能夠將更多的注意力轉向我們的長期規劃以及與之相符的策略和目標。因此，在這種背景下，我們最近要求我們的兩位產品總裁與他們在世界各地的各自團隊合作，為各自的業務制定長期戰略，這些戰略不僅可以實現這些既定的戰略目標，而且可以在此基礎上將 Cooper-Standard 提升到我們相信的未來幾年內創造更高價值的水平。正如我們常說的，就在轉角處，可以這麼說。

Last month, we presented those exact plans to the Board of Directors, and they certainly expressed enthusiastic support, which is exciting. And so while we don't have time to go into those details here this morning, obviously, I still think it makes sense to share a brief summary on each plan with you. And that's really just to highlight that presentation to the Board. That's just part of our normal business review process, and it happens to be the time of year where we do it and it lines up with the call. So I thought it would make sense.

上個月，我們向董事會提交了這些確切的計劃，他們當然表示了熱烈的支持，這令人興奮。因此，雖然我們今天早上沒有時間討論這些細節，但顯然，我仍然認為與大家分享每個計劃的簡要摘要是有意義的。這實際上只是為了向董事會強調該演示。這只是我們正常業務審查流程的一部分，而且恰好是我們每年進行審查的時間，並且與電話會議一致。所以我認為這是有道理的。

So if we just go to Slide 14 and take a look at the sealing system strategy there. As the global market leader, our sealing system strategy is focused on sustaining the operational excellence that has reestablished the financial strength of the business and leveraging global expertise, as we all know, in our engineering, design and manufacturing, and they've done a great job to drive profitable growth. That's both in our existing and in our new markets, a great improvement there by that team.

因此，如果我們只轉到投影片 14 並查看那裡的密封系統策略。作為全球市場領導者，我們的密封系統策略專注於維持卓越的運營，重建企業的財務實力，並利用我們所知的工程、設計和製造領域的全球專業知識，他們在推動盈利增長方面做得非常出色。無論是在我們現有的市場還是在新的市場，我們的團隊都取得了巨大的進展。

In our manufacturing facilities, the sealing team expects to drive greater efficiencies in both process and asset allocation by utilizing digital tools. And those are powered and connected through our network and supported by artificial intelligence. Our proprietary suite of digital tools we call C S Factory is currently being rolled out in key global locations, and that will eventually be expanded and deployed to every one of our manufacturing facilities in the world.

在我們的製造工廠中，密封團隊希望透過利用數位工具來提高流程和資產配置的效率。這些都是透過我們的網路驅動和連接的，並由人工智慧支援。我們專有的數位工具套件（稱為 C S Factory）目前正在全球主要地區推出，並最終將擴展和部署到我們在世界各地的每個製造工廠。

They're also using digital tools to make the design and validation process for new products faster and more efficient, supporting our customers in developing markets that tend to have shorter product development cycles. Finally, the sealing team will continue to focus on the voice of the customer and is quickly bringing additional innovative products and technologies to market that we expect will add value for our customers and enable Cooper-Standard to expand content per vehicle and more importantly, market share.

他們還使用數位工具使新產品的設計和驗證過程更快、更有效率，為產品開發週期較短的發展中市場客戶提供支援。最後，密封團隊將繼續專注於客戶的聲音，並迅速將更多創新產品和技術推向市場，我們期望這些產品和技術將為我們的客戶增加價值，並使 Cooper-Standard 能夠擴大每輛車的內容，更重要的是，擴大市場份額。

Turning to Slide 15. With over $300 million in new business awards since 2023, the sealing business has a good line of sight on new program launches with improved variable contribution margins over the extended planning period. We expect successful execution of these plans, including further cost optimization actions will drive revenue growth of about 6% on average over the next five years for our sealing business, with significant expansion of EBITDA margins and return on capital increasing to approximately 20% by 2030.

翻到幻燈片 15。自 2023 年以來，密封業務已獲得超過 3 億美元的新業務獎勵，在延長的規劃期內，密封業務對新專案的啟動有著良好的預期，並且可變貢獻利潤率有所提高。我們預計，這些計劃的成功實施，包括進一步的成本優化行動，將推動我們密封業務未來五年平均收入增長約 6%，EBITDA 利潤率和資本回報率將大幅擴大，到 2030 年將增至約 20%。

Turning to Slide 16 and the fluid handling systems strategic plan in some detail. So on Slide 16, the fluid handling system strategy certainly looks to unlock the full potential of the organization, expanding geographically in association with our key and our fastest- growing customers, leveraging the growth trends in hybrid vehicles to expand content per vehicle and launching new innovative products and technologies, including thermal management solutions and the award-winning eCoFlow family of products.

前往投影片 16 並詳細了解流體處理系統戰略計畫。因此，在第 16 張投影片上，流體處理系統策略無疑希望釋放組織的全部潛力，與我們的關鍵和成長最快的客戶一起擴大地理範圍，利用混合動力汽車的成長趨勢來擴大每輛車的內容，並推出新的創新產品和技術，包括熱管理解決方案和屢獲殊榮的 eCoFlow 系列產品。

In addition, the fluid handling team expects to continue their relentless focus on cost optimization and world-class manufacturing execution to drive further margin enhancement. And if you look at Slide 17, as with the sealing business, the fluid handling business has a strong book of new program awards that is expected to drive both growth and improved profitability over the planning period as programs launch.

此外，流體處理團隊預計將繼續堅持不懈地專注於成本優化和世界一流的製造執行，以進一步提高利潤率。如果你看一下投影片 17，你會發現與密封業務一樣，流體處理業務也擁有大量新專案獎項，預計隨著專案的啟動，這些獎項將在規劃期內推動成長並提高獲利能力。

In fact, our top line growth is expected to average approximately 8% annually over the next five years with our fluid business. In addition, with continued world-class manufacturing execution and cost optimization, EBITDA margins for the fluid handling business are expected to increase to around 16% and return on invested capital is expected to approach 30% over that five year planning horizon. As profits and cash flow improve, self-funded inorganic growth could provide additional opportunities as well.

事實上，隨著我們的流體業務的發展，預計未來五年我們的營業收入年均成長率將達到 8% 左右。此外，隨著世界一流的製造執行和成本優化的持續推進，流體處理業務的 EBITDA 利潤率預計將增加約 16%，投資資本回報率預計將在五年規劃期間接近 30%。隨著利潤和現金流的改善，自籌資金的無機成長也可能提供額外的機會。

While we're confident in our abilities to execute our strategic plans and achieve these strategic targets, certainly, we're not issuing guidance here, it's too early to consider these 2030 targets, if you will. However, we all know that the challenges the industry has faced with global production volume, that's still kind of in our face.

雖然我們對執行戰略計劃和實現這些戰略目標的能力充滿信心，但我們當然不會在這裡發布指導，如果你願意的話，現在考慮這些 2030 年目標還為時過早。然而，我們都知道，該行業在全球產量方面面臨的挑戰仍然存在。

But that being said, as a company, we're better positioned today than we are than we have been at other any other time in our company's history to plan effectively, to execute consistently and flawlessly launch new business and deliver what we say we'll do.

但話雖如此，作為一家公司，我們今天所處的位置比公司歷史上任何時候都更有利，可以有效地規劃，一致地執行，完美地開展新業務，並兌現我們所說的。

The other thing I would know here is that with that planning horizon, we didn't assume really any uptick in the volumes as we've been seeing them over the last few years, especially here in the North American market. I think the maximum volume we used was around 15.3 million units in that outlook.

我在這裡要知道的另一件事是，在規劃期內，我們並沒有真正假設銷售量會像過去幾年那樣出現任何上升，尤其是在北美市場。我認為，在那個展望中，我們使用的最大數量約為 1530 萬單位。

So any additional volume increase beyond that would certainly be good news to the plan that I just described. And we all know that the industry volumes have to bounce back here someday, right? So to conclude our prepared remarks this morning, let me shift focus to the near term and our outlook for the rest of 2025. There is still a lot of uncertainty around the US trade policy and the implementation of tariffs that may impact the auto industry globally.

因此，除此之外的任何額外增加對於我剛才描述的計劃來說肯定都是好消息。我們都知道，產業銷售終有一天會反彈，對吧？因此，為了結束我們今天早上的準備發言，請允許我將重點轉移到近期以及我們對 2025 年剩餘時間的展望。美國貿易政策和關稅實施仍有許多不確定性，可能會影響全球汽車產業。

Industry production forecast for the second half of the year have improved slightly, but still remain below where they were coming into the year before trade and tariff policies became a concern. As for Cooper-Standard, we've successfully reached agreements with our customers that will allow us to pass through or recover the majority of all direct tariff impacts on our business.

下半年產業產量預測略有改善，但仍低於貿易和關稅政策成為擔憂之前的水平。至於 Cooper-Standard，我們已成功與客戶達成協議，使我們能夠轉嫁或收回大部分直接關稅對我們業務的影響。

With the conclusion of commercial negotiations, we can focus on execution, as I mentioned earlier, and continued operational excellence while preparing to be flexible for any changes up or down in total production volume.

隨著商業談判的結束，正如我之前提到的，我們可以專注於執行，繼續保持卓越的運營，同時為總產量的任何變化做好準備。

So turning to Slide 19. Following the first half in which our results exceeded our plan and given our continued strong operational execution, we feel confident in raising our full-year guidance for adjusted EBITDA, and you can see that on the table. The waterfall chart on the right describes the drivers for our outlook for the full year 2025 versus 2024 actuals.

現在翻到投影片 19。由於上半年我們的業績超出了計劃，並且我們繼續保持強勁的營運執行力，我們有信心提高全年調整後 EBITDA 的預期，這一點您可以在表格中看到。右側的瀑布圖描述了我們對 2025 年全年與 2024 年實際情況的展望的驅動因素。

Improvements in manufacturing and purchasing are the biggest drivers, but production volume, including product mix, remains most likely variable over the next five months. As always, we want to thank our customers and all of our stakeholders for your continued confidence and support as we continue to execute our plans to drive further operating improvements, accelerate profit growth and sustainable long-term value. This concludes our prepared remarks.

製造和採購方面的改善是最大的驅動力，但未來五個月內，包括產品組合在內的產量很可能仍會改變。像往常一樣，我們要感謝客戶和所有利益相關者對我們持續的信任和支持，我們將繼續執行我們的計劃，以推動進一步的營運改善、加速利潤成長和可持續的長期價值。我們的準備好的演講到此結束。

So let's move into Q&A.

那麼讓我們進入問答環節。

(Operator Instructions)

（操作員指示）

Kirk Ludtke from Imperial Capital.

來自帝國首都的 Kirk Ludtke。

Hello Jeff John Roger, thank you for the call.

你好 Jeff John Roger，謝謝你的來電。

Good morning.

早安.

Good morning, Kirk.

早安，柯克。

Good morning, Kirk.

早安，柯克。

Thank you for the 2030 targets. These are really interesting. On the sealing side, it looks like there's $400 million of incremental revenue, of which $300 million is net new business. Is that am I reading that correctly?

感謝您提出的2030年目標。這些真的很有趣。在密封方面，看起來有 4 億美元的增量收入，其中 3 億美元是淨新業務。我讀得對嗎？

Yeah, I think your math is right.

是的，我認為你的數學是正確的。

Okay. And then the rest looks like the other $100 million is some modest increase in production and I don't know, maybe pricing or something mix or something like that?

好的。然後剩下的 1 億美元看起來是產量的適度增加，我不知道，也許是定價或某種混合或類似的東西？

Yeah, Kirk, this is Jeff. As I mentioned, the volume assumption that we used when we built that the strategy that we reviewed with the Board here recently, we used S&P's numbers from last year that they had forecast out through '26 and '27. So in our '25, '26 and '27 business plan, those were the I would say, the I don't want to call it the morticians forecast, but I guess I just did.

是的，柯克，這是傑夫。正如我所提到的，我們在製定最近與董事會一起審查的策略時所使用的交易量假設，我們使用了標準普爾去年對 26 年和 27 年的預測數據。因此，在我們的 25、26 和 27 年商業計劃中，我想說的是，我不想稱之為殯儀員預測，但我想我就是這麼做的。

So as it relates to any increase above that 15.3 million units here in North America anyway, it's pretty much flat. So we didn't bump up any numbers here with higher volumes like we've seen normally in our industry. We kept it as the forecast from S&P suggested out through the '28 period. I think it represented a couple of percent growth each year, so not much at all.

因此，就北美超過 1530 萬台的任何增長而言，它基本上是持平的。因此，我們並沒有像行業中通常看到的那樣，透過更高的銷量來提高任何數字。我們按照標準普爾的預測在 28 年期間保持了這一水平。我認為它代表著每年幾個百分點的成長，所以成長並不多。

Okay. Great. And the math on the fluid side, $600 million of incremental revenue. Are you sharing how much net new business is in that number?

好的。偉大的。從流動性角度來看，增量收入為 6 億美元。您能分享一下這個數字中有多少淨新業務嗎？

We have broken out net new business for both of these product groups since we started managing the business this way and reporting it externally. So yes, each quarter, I think you have not only what we've been booking, but also the powertrain that aligns with it. We've also given you some content per vehicle data points that for each one of those, whether it's an ICE, hybrid or electric vehicle, we've talked about the increase in content.

自從我們開始以這種方式管理業務並對外報告以來，我們已經為這兩個產品組公佈了淨新業務。所以是的，每個季度，我認為您不僅擁有我們預訂的產品，而且還擁有與之相符的動力系統。我們還為您提供了每輛車的一些內容數據點，對於其中的每一個，無論是 ICE、混合動力還是電動車，我們都討論了內容的增加。

We also, last quarter, talked about the vertical integration that's starting to come our way with overall system integration opportunities that our fluid teams are driving. So what we know of that is included in that outlook. But I would tell you that as it relates to the vertical integration piece and how that will drive content per vehicle, that's not in there. And if there's any consolidation opportunities within that business over time, as I mentioned, from an inorganic point of view, none of that's reflected in those numbers.

上個季度，我們還討論了隨著我們的流動團隊正在推動的整體系統整合機會而開始出現的垂直整合。因此，我們所知道的都包含在這個觀點中。但我想告訴你，由於它與垂直整合部分有關，以及它將如何推動每輛車的內容，所以它不在那裡。如果隨著時間的推移該業務中存在任何整合機會，那麼正如我所提到的，從無機角度來看，這些都沒有反映在這些數字中。

So this is sort of what's been going on within the business, how we've been booking business, the content that we know of today is reflected in there. So it isn't any real crazy kind of projections that we put into that plan. As the industry adjusts to less EV and more hybrid, those numbers actually will get quite a bit better.

這就是業務內部發生的事情，我們如何預訂業務，我們今天所知道的內容都反映在其中。因此，我們在該計劃中並沒有提出任何真正瘋狂的預測。隨著汽車產業逐漸減少電動車的使用，增加混合動力車的使用，這些數字實際上會變得更好。

Yeah, that's helpful. So if I were is it fair to say that if there's $100 million of other in sealing, there's, say, $100 million of other in fluid. So you've got $500 million in net new business in fluid over the next five years?

是的，這很有幫助。因此，如果我這樣說，公平地說，如果有 1 億美元的其他資金用於密封，那麼就有 1 億美元的其他資金用於流體。那麼，未來五年內，您將獲得 5 億美元的淨新業務？

That's fine. You can say that.

沒關係。你可以這麼說。

Yeah, okay well, that's so 80% of the incremental $1 billion is booked?

是的，那麼，10 億美元的增量中的 80% 已經預訂了嗎？

That's correct.

沒錯。

Okay. And the margin expansion, I guess, in part is based on the optimization of the footprint. Can you maybe elaborate on that and how in a tariff environment, how you decide what's optimal?

好的。我猜想，利潤率的擴大在某種程度上是基於足跡的最佳化。您能否詳細說明這一點，以及在關稅環境下如何決定最佳方案？

Yeah, so as we've talked, we have a very detailed process for all of our new business. We have hurdle rates. We have margin expectations. We're tracking the variable contribution margin on all those businesses from the time of award until we launch it. It's a KPI that gets a lot of attention and has the last several years.

是的，正如我們所說的，我們對所有新業務都有非常詳細的流程。我們有最低收益率。我們有利潤預期。我們正在追蹤所有這些企業從授予合約到啟動合約的變動貢獻利潤率。這是過去幾年來備受關注的關鍵績效指標。

And so we're very confident that the pricing that's in this strategy plan that you're referring to are real. We're doing it today. There isn't any hockey stick or anything like that, that's built into these numbers. It's based on the fundamentals of what's being reported today.

因此，我們非常有信心，您所提到的這個策略計劃中的定價是真實的。我們今天就做這件事。這些數字中沒有任何曲棍球棒或類似的東西。它是基於今天報道的基本內容。

And then as those improvements from a cost point of view come into our business, obviously, that improves margins on the business that we've booked. But also pricing is a big part of it. We're managing that very closely. Obviously, the changes that occur in our product tend to be late in the cycle. And so those increases also are very important because typically, costs are going up, so prices have to go up. We're just much more disciplined around all of it.

然後，從成本角度來看，隨著這些改進進入我們的業務，顯然，這會提高我們預定業務的利潤率。但定價也是其中很重要的一環。我們正在密切管理這一點。顯然，我們的產品發生的變化往往發生在周期的後期。因此，這些成長也非常重要，因為通常成本會上升，所以價格也必須上漲。我們在所有這一切上都更加自律。

So I would tell you that our forecasting, Kirk, has improved immensely and not just within the business year like we're talking about here in 2025 that in '26, '27, '28 and then out there in '29 and '30 because our business is sourced to us so far in advance, we have a pretty good idea of what it is and what the prices are three years out. And so it's got some pretty good accuracy, if you will, even when we get out into that fourth and fifth year.

因此，我想告訴你，柯克，我們的預測已經有了很大的改進，而且不僅僅是在業務年度內，比如我們在 2025 年談論的 2026、27、28 年，然後是 29 和 30 年，因為我們的業務是提前很久就獲得的，所以我們對它是什麼以及三年後的價格有相當好的了解。因此，即使到了第四年和第五年，它的準確性仍然相當高。

Okay. I appreciate that. And then I guess, lastly, just kind of backing into the math here, you're forecasting at the midpoint adjusted EBITDA of $235 million for fiscal '25 and something north of $500 million for fiscal '30?

好的。我很感激。最後，我想，根據這裡的數學計算，您預測 25 財年的中點調整後 EBITDA 為 2.35 億美元，30 財年的中點調整後 EBITDA 為 5 億美元以上？

Yeah, that's your math.

是的，這就是你的數學。

Okay, wow fantastic thank you very much.

好的，哇，太棒了，非常感謝。

(Operator Instructions)

（操作員指示）

Michael Patrick Ward from Citi Research.

花旗研究部的 Michael Patrick Ward。

Thanks very much. Good morning, everyone. Hey, Mike. Hey Jeff, just maybe to follow up on that. Do you have any lines currently today, whether in fluid or sealing that are at the types of margins you're looking at as a guidepost for 2030?

非常感謝。大家早安。嘿，麥克。嘿，傑夫，也許只是想跟進一下這一點。目前，您是否擁有任何生產線，無論是流體還是密封，都處於您所考慮的 2030 年的指導範圍之內？

Yes.

是的。

You do. Okay, so it's not like it's unattainable. You have a way to get our path to get through certain lines.

你做。好吧，這並不是遙不可及的。你有辦法讓我們的路徑穿過某些線路。

Yeah, as I mentioned, Mike, the programs that we're booking right now that we don't launch for three years, right? Those are already achieving the type of hurdle rates that we have in the plan. The only thing that wouldn't be in there is this hybrid vertical integration for fluid that's really going to drive some significant content per vehicle. We know that's coming. We have some experience in that already, but we didn't purposely book any of that in these numbers.

是的，正如我所提到的，麥克，我們現在預訂的專案三年內都不會啟動，對嗎？這些已經達到了我們計劃中的最低收益率。唯一不會出現的是這種流體混合垂直整合，它確實會推動每輛車的一些重要內容。我們知道那將會發生。我們在這方面已經有一些經驗，但我們並沒有刻意將其中任何一項計入這些數字。

So that would all be upside as it happens. And I just felt that to keep it a little bit conservative at this stage until we know more about what those numbers will look like, even though I know they're going to be better. It's not even reflected. So there's upside in fluid just based on how the market shift will go from ICE to hybrid to EV for our fluid business.

所以，如果發生這種情況，一切都會好起來。我只是覺得，在我們進一步了解這些數字之後，現階段應該保持保守一點，儘管我知道它們會變得更好。甚至沒有反映出來。因此，僅根據市場從 ICE 到混合動力再到 EV 的轉變，我們的流體業務就有上行空間。

And as I mentioned to you many times in the past, because of the way we're vertically integrating there and getting involved with more systems integration, that's going to drive higher numbers for us too. And basically, that forecast five year forecast for fluid has very little of that in there.

正如我過去多次提到的那樣，由於我們在那裡進行垂直整合並參與更多系統整合的方式，這也將為我們帶來更高的數字。基本上，對流體的五年預測中幾乎沒有這種內容。

That's interesting. If you look back over the last couple of years, there are a couple of big things you did. Your commercial agreements allowed you gave you the flexibility to get some of the stuff done in the tariff environment, correct?

那很有意思。如果你回顧過去幾年，你會發現你做了幾件大事。您的商業協議允許您在關稅環境下靈活地完成一些工作，對嗎？

And then you have the restructuring actions. It looks like if I'm reading your walk from the first half and second half, you have a similar volume impact in the second half, and it's likely that volume is going to be flat or higher. So if I'm going through this correctly, you have an outside shot of getting pretty damn close to the 10% margins by 4Q, your exit rate hope. Is that right?

然後你就會採取重組行動。看起來，如果我閱讀你上半場和下半場的步行記錄，你會發現下半場的音量影響類似，而且音量可能會持平或更高。因此，如果我沒有理解錯的話，到第四季度，您就有機會獲得非常接近 10% 的利潤率，這是您的退出率希望。是嗎？

That's correct, Mike. I still am holding to that. We've even used, as you just mentioned, the fourth quarter it's not a secret, the fourth quarter volume forecast that everybody is using from S&P are still rather depressing and depressed.

沒錯，麥克。我至今仍堅持這一點。正如您剛才提到的，我們甚至使用了第四季度的數據，這不是什麼秘密，每個人都在使用的標準普爾第四季度交易量預測仍然相當令人沮喪。

And I don't expect that to actually occur based on what we're seeing already in releases, but we tether off to that each quarter. So it is what it is. But I would expect that we'll have some upside there to your point. I'd be shocked if we don't, but it's their numbers right now.

根據我們已經看到的情況，我並不認為這種情況會真正發生，但我們每個季度都會關注這一點。事實就是如此。但我希望我們能夠對您的觀點有一些理解。如果我們不這樣做，我會感到震驚，但這就是他們現在的數字。

No, that's an important point, Jeff, because there is a separation. What you hear from the dealers and what you hear from yourselves and the suppliers and the schedules you see from the manufacturers, they're materially higher than to what IHS is currently using from what I can tell, looking at the IHS data.

不，傑夫，這是一個重要的觀點，因為存在分離。從經銷商、供應商和製造商那裡聽到的消息以及計劃表來看，根據我所了解的 IHS 數據，這些都比 IHS 目前使用的數據高得多。

Yeah, that's correct. And we've got releases right now through into October already. So we have a pretty good idea of what's going to transpire. I mean, third quarter, we have we know what it is and fourth is starting to come up from what was out there by these agencies. And so but we didn't forecast it because that's not how we normally do it.

是的，沒錯。我們現在已發佈到十月的版本。因此，我們對即將發生的事情有相當清楚的了解。我的意思是，第三季度，我們知道它是什麼，而第四季則開始從這些機構公佈的情況中浮現出來。但是我們沒有預測它，因為這不是我們通常的做法。

No, no, I think that's the right thing to do. And I think IHS will move them higher over the coming over the next two weeks probably. Jon, when I look at the cash flow balance sheet, how much cash restructuring was there, whether in 2Q or first half?

不，不，我認為這是正確的做法。我認為 IHS 可能會在未來兩週內提高利率。喬恩，當我查看現金流量資產負債表時，無論是第二季還是上半年，有多少現金重組？

Cash restructuring, Mike, give me a second. It wasn't considerable. I think it was less than $10 million, but we'll get you the exact number on cash restructuring in the first half.

現金重組，麥克，給我一點時間。這並不算多。我認為不到 1000 萬美元，但我們會向您提供上半年現金重組的具體數字。

It will be in the Q, right? But it's about $10 million?

它會在 Q 中，對嗎？但大約是 1000 萬美元？

Yes.

是的。

So if I take that out, then we're looking at a working capital use of about $75 million in the first half. That should unwind in the second half completely? Or will some of that drag into '26?

因此，如果我將其去掉，那麼我們預計上半年的營運資金使用量約為 7500 萬美元。這應該在下半年完全放鬆嗎？或者其中一些會延續到 26 年？

No, we think it unwinds completely. It's important to keep perspective that we also paid $55 million in cash interest in June, and we'll do that again in December. But despite that $110 million, $115 million all in of cash interest, we do expect positive free cash flow for the year.

不，我們認為它會完全放鬆。重要的是要記住，我們在 6 月還支付了 5500 萬美元的現金利息，而且我們將在 12 月再次這樣做。但儘管現金利息總額為 1.1 億美元、1.15 億美元，我們預計今年的自由現金流為正。

So much of the working capital you're pointing to will unwind, and we think that will be a tailwind in the second half. The normal seasonality is such that we use cash in the first half. We start generating positive cash in Q3 and Q4. And this year's cadence looks no different than that.

您所提到的大部分營運資金將會釋放，我們認為這將成為下半年的順風。正常的季節性是我們在上半年使用現金。我們在第三季和第四季開始產生正現金。今年的節奏看起來也沒有什麼不同。

And if you are successful refinancing the first and third liens, what type of rate reduction can we look for, particularly if we got a rate reduction in September?

如果您成功對第一和第三留置權進行再融資，我們可以尋求哪種類型的利率降低，特別是如果我們在 9 月獲得利率降低？

Yeah, we're reading the tea leaves there. Our trajectory and the improvements we're making, I kind of alluded to it in my prepared remarks. We're getting recognized for that, Mike. So we're kind of on the cusp of a ratings inflection point. As it's a CCC rating, it's much more costly than a single B, and we're kind of operating and having that trajectory with that positive outlook towards a single B territory.

是的，我們正在觀察那裡的情況。我們的軌跡和我們正在取得的進步，我在準備好的發言中已經提到過。我們因此而得到了認可，麥克。因此，我們正處於收視率轉折點的邊緣。由於它是 CCC 評級，因此它的成本比單一 B 級高得多，而且我們正以這種積極的前景運作並朝著單一 B 級領域發展。

So we'd like to think there's an improvement, but how much that will be, remains to be seen based on the market conditions that you referred to. And that's why we're kind of working ahead with our banking partners to kind of put a road map together to see when it makes sense to go to market and how good the step-up can be.

因此，我們希望情況有所改善，但改善的程度仍有待根據您提到的市場狀況來觀察。這就是為什麼我們要與銀行合作夥伴一起制定路線圖，看看何時進入市場才合理，以及這種提升的效果如何。

I mean are we talking 100, 200, 300 basis points, that type of improvement?

我的意思是，我們談論的是 100、200、300 個基點，這種程度的改善嗎？

Well, that's the range, I guess, you could say from a CCC to a single B, but not all single B credits are the same and pay the same rate. So the proverbial answer is, it depends.

嗯，我想，範圍就是如此，你可以說從 CCC 到單一 B，但並非所有單一 B 學分都是相同的，並且支付相同的費率。所以，眾所周知的答案是，視情況而定。

Yeah, that's the beauty of the debt market.

是的，這就是債務市場的魅力所在。

Yes, that's the beauty of the debt market.

是的，這就是債務市場的魅力所在。

Sorry, I was muted there. Congratulations on the quarter and on the guidance. A lot of mine got answered, but a quick one here. Just can you provide some more detail on that use of cash for working capital this quarter and how you see that unwinding in the second half?

抱歉，我被靜音了。恭喜本季和指引的順利完成。我的許多問題都得到了回答，但這裡只快速回答一個。您能否提供一些有關本季現金作為營運資金使用情況的更多細節，以及您認為下半年現金使用情況將如何緩解？

Yeah, Ben. The big components that had the outflow in, if you will, from December 2024 to June of 2025 were really the build backup of accounts receivable. We had a really strong year-end performance last year where we were very diligent in collecting outstanding AR, drove that balance down to $310 million or so when historically, the year-end balance is really closer to $350 million, 12 by 23 was $380 million. We're back up to $371 million right now as of June. So that's more of the normal level.

是的，本。如果你願意的話，從 2024 年 12 月到 2025 年 6 月，流出的主要部分實際上是應收帳款的建立備份。去年，我們的年終業績表現非常強勁，我們非常努力地收回未償還的應收帳款，將餘額降至 3.1 億美元左右，而從歷史上看，年終餘額實際上接近 3.5 億美元，12 乘 23 為 3.8 億美元。截至 6 月份，我們的資金已回升至 3.71 億美元。所以這比較符合正常水平。

And when you had the significant overperformance on collections at year-end last year as well as our typical factoring program that adds liquidity to us, bringing that down to $310 million, but now back up to $371 million. That $60 million outflow or so, is the biggest component.

去年年底，我們的收款業績表現顯著超額，加上我們典型的保理計畫為我們增加了流動性，導致這一數字降至 3.1 億美元，但現在又回升至 3.71 億美元。約 6000 萬美元的流出是最大的組成部分。

I think inventory and accounts payable net each other out, but that's the biggest driver. So as we continue to look to unwind working capital, we still have got improvements to make on all metrics or all line items between now and the end of the year, and you'll see a normalization of that going forward.

我認為庫存和應付帳款相互抵消，但這是最大的驅動因素。因此，隨著我們繼續尋求釋放營運資金，從現在到年底，我們仍需要對所有指標或所有項目進行改進，並且您將看到未來的正常化。

Alright, that's very helpful thanks guys and congratulations again.

好的，這非常有幫助，謝謝大家，再次恭喜。

All right, Ben, thanks.

好的，本，謝謝。

It appears that there are no more questions. I would like to turn the call back over to Roger Hendriksen.

看起來沒有其他問題了。我想將電話轉回給羅傑·亨德里克森。

Okay. Thanks, everybody. We appreciate your engagement, your questions. And if there are other questions that come up later in the day that you would like to have some clarity on, please feel free to give me a call. Until then, we appreciate your joining today, and you can disconnect. Thank you.

好的。謝謝大家。我們感謝您的參與和提問。如果您當天晚些時候還有其他問題需要澄清，請隨時打電話給我。在此之前，我們感謝您今天的加入，您可以斷開連接。謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do please ask that you disconnect your lines. Enjoy your weekend.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們懇請您斷開線路。祝你周末愉快。