Cooper-Standard Holdings Inc (CPS) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cooper Standard third quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加庫柏標準公司2025年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係總監羅傑·亨德里克森。

Thanks, Danny, and good morning, everyone. We appreciate you spending some time with us this morning.

謝謝你，丹尼，大家早安。感謝您今天上午抽出時間與我們交流。

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 Bani, Executive Vice President and Chief Financial Officer.

今天早上將與您進行電話會議的領導團隊成員有：董事長兼執行長傑夫愛德華茲，以及執行副總裁兼財務長約翰巴尼。

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

在開始之前，我需要提醒各位，本次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.

雖然這些聲明是根據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，但這些聲明確實涉及風險和不確定性。

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

有關前瞻性聲明的更多信息，請參閱本演示文稿的第 3 頁以及公司定期向美國證券交易委員會提交的文件中的聲明。

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

本次簡報也包含非GAAP財務指標。非GAAP財務指標與其最直接可比較的GAAP指標的調節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.

好了，這些手續辦完了，現在我把電話交給傑夫愛德華茲。

Thanks, Roger, and good morning, everyone. We certainly appreciate the opportunity to review our third 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第三季業績，並提供公司業務的最新進展和未來展望。

So, to begin on Slide five, I'll highlight some of the key third quarter data points that we believe are reflective of our continuing outstanding operational performance and our ongoing commitment to our core company values.

那麼，從第五張投影片開始，我將重點介紹一些我們認為能夠反映我們持續卓越的營運績效和我們對公司核心價值的持續承諾的第三季關鍵數據點。

In terms of operations and customer service, we're on track to have possibly one of the best years in our company's 65-year history.

就營運和客戶服務而言，我們預計將迎來公司 65 年歷史上最好的一年。

We ended the third quarter with 99% of our customer scorecards for quality and service being green.

第三季結束時，我們客戶對品質和服務的評分卡有 99% 為綠色。

For new program launches, we also continue to deliver strong performance, with 97% of those scorecards green.

對於新專案的啟動，我們也繼續保持強勁的業績，其中 97% 的評分卡都達到了綠色標準。

Our plant managers and our plant employees continue to deliver outstanding performance and value for our customers through their dedication and commitment to excellence. We're extremely proud of that.

我們的工廠經理和工廠員工憑藉著對卓越的奉獻和承諾，不斷為我們的客戶提供卓越的績效和價值。我們為此感到無比自豪。

Also, in our plant operations, safety performance continues to be excellent.

此外，我們工廠的營運安全表現也一直非常出色。

In fact, during the third quarter, we had a total incident rate of just 0.28 recordable incidents per 200,000 hours worked. That's well below the world-class benchmark of 0.47.

事實上，在第三季度，我們的總事故率僅為每 20 萬工時 0.28 起可記錄事故。這遠低於世界一流水平 0.47。

Importantly, 36 of our plants have maintained a perfect safety record with a total incident rate of 0 for the first three quarters of the year. That's 60% of all of our production facilities achieving a perfect safety score and demonstrating that our ultimate goal of zero safety incidents is achievable.

值得一提的是，我們旗下 36 家工廠在今年前三個季度保持了完美的安全記錄，事故發生率為 0。這意味著我們所有生產設施中有 60% 達到了完美的安全評分，證明我們實現零安全事故的最終目標是可以實現的。

We're proud of our entire global team for their focus and achievement in this most important operating measure.

我們為全球團隊在這最重要的營運指標上所展現出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 $18 million of savings through lean initiatives and other cost-saving programs.

在成本優化方面，我們迎來了一個穩健的季度，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，實現了 1800 萬美元的節約。

These cost reductions and operating efficiencies, combined with revenue growth in the quarter, allowed us to achieve a solid 140 basis point improvement in gross margin versus the third quarter of last year. So, despite some of the market headwinds that we've been seeing, we continue to drive profitable growth and margin expansion through the execution of our plans and strategies.

這些成本削減和營運效率的提高，加上本季的收入成長，使我們的毛利率比去年第三季提高了 140 個基點。因此，儘管我們遇到了一些市場逆風，但我們透過執行我們的計劃和策略，繼續推動獲利成長和利潤率擴張。

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

最後，我們將繼續利用世界一流的服務、技術能力和屢獲殊榮的創新來贏得新業務。

During the third quarter of 2025, we received $96 million in net new business awards, which are expected to drive profitable growth as they launch over the next few years.

2025 年第三季度，我們獲得了 9,600 萬美元的淨新增業務訂單，預計這些訂單將在未來幾年內陸續推出，從而推動獲利成長。

That brings our total net new business awards for the first 9 months to nearly $229 million.

這使得我們前 9 個月的淨新增業務總額接近 2.29 億美元。

I will provide some additional detail on this in a few minutes, but first, let me turn the call over to John to discuss the financial details of the quarter.

我稍後會提供更多細節，但首先，讓我把電話交給約翰，讓他來討論本季的財務細節。

Thanks, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早安。

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 and capital structure.

接下來的幾張投影片，我將詳細介紹我們本季的財務業績，並討論我們的現金流、流動性以及資產負債表和資本結構的各個方面。

On Slide seven, we show a summary of our results for the third quarter and first 9 months of 2025, with comparisons to the same period last year.

在第七張投影片中，我們展示了 2025 年第三季和前 9 個月的業績總結，並與去年同期進行了比較。

Third quarter 2025 sales were $695.5 million, an increase of 1.5% compared to the third quarter of 2024.

2025 年第三季銷售額為 6.955 億美元，比 2024 年第三季成長 1.5%。

The slight increase was driven primarily by positive foreign exchange and favorable volume and mix, partially offset by certain customer price adjustments.

此次小幅成長主要得益於有利的外匯匯率及有利的銷售及產品組合，但部分被某些顧客的價格調整所抵銷。

As Jeff mentioned, our third quarter 2025 gross margin improved 140 basis points compared to the prior year, to 12.5% of sales.

正如傑夫所提到的，我們 2025 年第三季的毛利率比去年同期提高了 140 個基點，達到銷售額的 12.5%。

Adjusted EBITDA in the quarter was $53.3 million, an increase of more than 15.6% when compared to the $46 million we reported in the third quarter of last year.

本季調整後 EBITDA 為 5,330 萬美元，與去年第三季報告的 4,600 萬美元相比增長超過 15.6%。

Importantly, we were able to drive further margin expansion of 100 basis points versus the same period a year ago, despite the modest revenue growth and market headwinds.

重要的是，儘管營收成長不大，且面臨市場逆風，但我們仍實現了利潤率較去年同期進一步提升 100 個基點。

On a US GAAP basis, we reported a net loss of $7.6 million in the third quarter, compared to a net loss of $11.1 million in the third quarter of 2024.

根據美國通用會計準則，我們第三季淨虧損 760 萬美元，而 2024 年第三季淨虧損為 1,110 萬美元。

Adjusting for restructuring and other items from both periods, as well as the related tax impacts, adjusted net loss for the third quarter of 2025 was $4.4 million, or $0.24 per share, compared to an adjusted net loss of $12 million, or $0.68 per share, in the third quarter of 2024.

在調整兩個時期的重組和其他項目以及相關的稅收影響後，2025 年第三季的調整後淨虧損為 440 萬美元，即每股 0.24 美元，而 2024 年第三季的調整後淨虧損為 1,200 萬美元，即每股 0.68 美元。

Our capital expenditures in the third quarter of 2025 totaled $11.2 million, or 1.6% of sales, similar to the prior year period.

2025 年第三季度，我們的資本支出總額為 1,120 萬美元，佔銷售額的 1.6%，與去年同期基本持平。

We continue to exercise discipline around capital investments, which are primarily focused on program launch readiness in order to maximize our returns on invested capital.

我們繼續嚴格控制資本投資，主要集中在專案啟動準備方面，以最大限度地提高投資回報率。

Moving on to the 9 months.

接下來是9個月。

For the first 9 months of 2025, our sales were essentially flat compared to the first 9 months of 2024.

2025 年前 9 個月，我們的銷售額與 2024 年前 9 個月基本持平。

But significantly, and despite flat revenue over the first three quarters, our gross profit margin increased by 170 basis points, and our adjusted EBITDA margin improved by 230 basis points compared to the first nine months of last year.

但值得注意的是，儘管前三個季度的收入持平，但我們的毛利率提高了 170 個基點，調整後的 EBITDA 利潤率與去年同期相比提高了 230 個基點。

Moving to Slide eight.

進入第八張幻燈片。

The charts on Slide 8 provide additional insights and quantification of the key factors impacting our results for the third quarter.

第 8 頁的圖表提供了更多見解，並對影響我們第三季業績的關鍵因素進行了量化分析。

For sales, favorable volume and mix, net of customer price adjustments, increased sales by approximately $2 million compared to the third quarter of 2024.

銷售方面，有利的銷售和產品組合，扣除客戶價格調整後，銷售額比 2024 年第三季增加了約 200 萬美元。

The impact of favourable foreign exchange was approximately $8 million.

有利的匯率變動帶來的影響約為 800 萬美元。

For adjusted EBITDA, lean initiatives in purchasing and manufacturing positively contributed $18 million year over year.

在經過調整後的 EBITDA 中，採購和製造方面的精益化措施年增了 1,800 萬美元。

In addition, we continue to realize benefits from our restructuring initiatives implemented in prior periods, amounting to $5 million in incremental savings in the third quarter compared to last year.

此外，我們繼續從先前實施的重組計劃中獲益，與去年同期相比，第三季新增節省了 500 萬美元。

Favourable foreign exchange was a tailwind of approximately $4 million in the quarter.

本季有利的外匯匯率帶來了約 400 萬美元的收益。

Partially offsetting these improvements were $5 million of unfavourable volume and mix, including customer price adjustments and the impact of certain short-term production disruptions, $6 million in increased costs in wages and general inflation, and $6 million in higher SG&A expense.

部分抵銷這些改善的是：500萬美元的不利銷售和產品組合損失（包括客戶價格調整和某些短期生產中斷的影響）、600萬美元的工資和一般通貨膨脹成本增加，以及600萬美元的銷售、一般及行政費用增加。

The increase in SG&A expense was primarily related to stock price appreciation adjustments for certain equity-based incentive awards, as our share price increased by approximately 72% during the third quarter.

銷售、一般及行政費用的增加主要與某些股權激勵獎勵的股價上漲調整有關，因為我們的股價在第三季上漲了約 72%。

With most of the price gain occurring later in the quarter, this increase and the related incremental expense were not contemplated in early August when we last reported earnings and updated our guidance.

由於大部分價格上漲發生在季度後期，因此我們在 8 月初上次公佈收益並更新業績指引時，並未考慮到此次上漲及相關的額外支出。

Moving to Slide 9.

切換到第9張投影片。

On Slide 9, we present the same type of year-over-year bridge analysis for the first 9 months of the year.

在第 9 張投影片中，我們對今年前 9 個月進行了相同的同比橋樑分析。

As mentioned, sales were essentially flat for the first 9 months, with slight positive volume and mix being offset by unfavourable foreign exchange.

如前所述，前 9 個月的銷售額基本上持平，銷量和產品組合略有增長，但不利的匯率波動抵消了這一增長。

Adjusted EBITDA in the first nine months increased by more than $48 million, or more than 38%, compared to the first nine months of 2024.

與 2024 年前九個月相比，前九個月的調整後 EBITDA 增加了 4,800 多萬美元，增幅超過 38%。

The improvement was driven primarily by $63 million of manufacturing and purchasing efficiencies, $17 million of restructuring savings, and $9 million of favourable foreign exchange.

這項改善主要得益於 6,300 萬美元的生產和採購效率提升、1,700 萬美元的重組節省以及 900 萬美元的有利外匯收益。

These positive drivers were partially offset by $21 million of unfavourable volume, mix, and price adjustments, approximately $19 million of higher wages and general inflation, and $5 million in higher SG&A expense—again, mainly due to the stock price appreciation discussed earlier.

這些正面因素部分被 2,100 萬美元的不利銷售、產品組合和價格調整、約 1,900 萬美元的工資上漲和普遍通貨膨脹以及 500 萬美元的銷售、一般及行政費用上漲所抵消——這主要是由於前面討論過的股價上漲。

Overall, our SG&A continues to benefit from previous restructuring and cost reduction initiatives and a disciplined management focus on controlling costs.

總體而言，我們的銷售、一般及行政費用繼續受益於先前的重組和成本削減措施以及嚴格的成本控制管理。

We are pleased with our improving results in the first three quarters of 2025, as our focus on controlling costs, delivering exceptional operational performance, and the launch of new, more profitable programs are having the positive impacts we had planned, despite some of the market headwinds we began to see late in the third quarter.

我們對 2025 年前三個季度業績的改善感到滿意，因為我們專注於控製成本、提供卓越的營運績效以及推出新的、更賺錢的項目，儘管我們在第三季末開始看到一些市場逆風，但這些措施正在產生我們計劃中的積極影響。

Moving to Slide 10.

切換到第10張投影片。

Looking at cash flow and liquidity, net cash provided by operating activities was approximately $39 million in the third quarter of 2025, compared to $28 million in the third quarter of 2024.

從現金流和流動性來看，2025 年第三季經營活動產生的淨現金約為 3,900 萬美元，而 2024 年第三季為 2,800 萬美元。

Capital spending, as mentioned earlier, was approximately $11 million in the third quarter of 2025, resulting in net free cash flow of approximately $27 million for the quarter—more than $11 million higher than the same period last year.

如前所述，2025 年第三季資本支出約為 1,100 萬美元，該季度淨自由現金流約為 2,700 萬美元——比去年同期高出 1,100 多萬美元。

We ended the third quarter with a cash balance of approximately $148 million.

第三季末，我們的現金餘額約為 1.48 億美元。

Coupled with $166 million of availability on our ABL facility, which remained undrawn, we had solid total liquidity of approximately $314 million as of September 30th.

加上我們尚未動用的 1.66 億美元 ABL 貸款額度，截至 9 月 30 日，我們的總流動資金約為 3.14 億美元。

We believe that is more than sufficient to support the continuing execution of our business plans and profitable growth objectives in today's environment.

我們相信，這足以支持我們在當今環境下繼續執行業務計劃和實現獲利成長目標。

Following the solid results of the first three quarters, and even considering our revised outlook for production volume headwinds in the fourth quarter, we believe we remain on track to achieve positive free cash flow for the full year this year.

鑑於前三個季度的穩健業績，即使考慮到我們對第四季度產量不利因素的修正預期，我們仍然相信我們能夠實現今年全年正自由現金流。

With respect to our capital structure, we are continuing to evaluate various options to strengthen our balance sheet and further improve our cash flow, and are carefully monitoring market conditions and developments in the credit markets.

就我們的資本結構而言，我們正在繼續評估各種方案，以加強我們的資產負債表並進一步改善我們的現金流，並且正在密切關注信貸市場的狀況和發展。

We are optimistic that as we continue to deliver improving results, we will be able to favourably refinance our first and third lien notes in the next several months.

我們樂觀地認為，隨著業績的不斷改善，我們將能夠在未來幾個月內對我們的第一和第三留置權票據進行有利的再融資。

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

那麼，現在讓我把麥克風交還給傑夫。

Okay, thanks, John. And in this last portion of our call, I'd like to again comment on our high-level strategic imperatives and how these are positioning us for continuing profitable growth over the next several years. Then I'll wrap up with a few comments on our near-term outlook and our revised guidance for 2025.

好的，謝謝你，約翰。在本次電話會議的最後一部分，我想再次談談我們的高層戰略要務，以及這些要務如何使我們在未來幾年內持續實現盈利增長。最後，我將就我們的近期展望和2025年修訂後的指導方針做一些評論。

So, please turn to Slide 12.

請翻到第12張投影片。

Our strategies and operating plans are built around the four key strategic imperatives that you see outlined on Slide 12. By aligning the company around these common objectives, we've been able to drive significant improvements in virtually every aspect of our business.

我們的策略和營運計劃是圍繞您在第 12 頁幻燈片中看到的四個關鍵策略要務而製定的。透過讓公司圍繞這些共同目標保持一致，我們得以在業務的幾乎所有方面都取得顯著改進。

And by the continuing execution of our plans and strategies, we're positioning the company to deliver continued profitable growth, further improvements in margins, and significantly improved returns on invested capital, as we discussed in last quarter's call.

正如我們在上個季度電話會議上討論的那樣，透過持續執行我們的計劃和策略，我們正在使公司能夠實現持續盈利增長、利潤率進一步提高以及投資資本回報率顯著提高。

Moving to Slide 13—or as I name it, my favourite slide in today's presentation.

接下來是第 13 張投影片——或者如我所稱的，是我今天演講中最喜歡的幻燈片。

One of the key improvements in our business has been the increase in our profit margins, overall financial strength, and overall financial strength of the business.

我們業務的關鍵改進之一是利潤率、整體財務實力和公司整體財務狀況的提高。

Through our successful strategic execution, we've been able to increase our gross profit margins by more than 100 basis points each year over the past three years. And that's despite reduced or flat production volumes in our two largest operating regions.

透過成功的策略執行，在過去三年裡，我們的毛利率每年都提高了 100 多個基點。儘管我們最大的兩個營運區域的產量有所下降或持平，但情況依然如此。

Because of our focus on sustainable efficiency and fixed cost reductions, we will continue this trend of expanding margins into the future, even if production volumes remain flat.

由於我們專注於可持續效率和降低固定成本，即使產量保持不變，我們也將繼續擴大利潤率的趨勢。

And we would obviously expect to leverage any increase in production volume to drive further profitability and returns. In addition to our cost optimizations, we're benefiting from continuing launches of new programs and products with enhanced variable contribution margins.

我們顯然希望利用產量增加來進一步提高獲利能力和回報。除了成本優化之外，我們還受益於不斷推出具有更高可變貢獻利潤率的新項目和產品。

As the new programs ramp up, they'll be replacing the older programs that have lower margins on average.

隨著新項目的推進，它們將取代平均利潤率較低的舊項目。

Our book business launch cadence and the timing of run out business give us a high degree of confidence in our expanding margin outlook.

我們的圖書業務發行節奏和清倉甩賣時間讓我們對不斷擴大的利潤前景充滿信心。

Turning to slide 14, our strategic execution is also enabling business wins that we believe will drive further profitable growth in coming years. I mentioned at the beginning of the call that in the 1st 9 months of the year we've received nearly $229 million in net new business awards.

翻到第 14 頁，我們的策略執行也帶來了業務上的成功，我們相信這將推動未來幾年的進一步獲利成長。我在電話會議開始時提到，今年前 9 個月，我們獲得了近 2.29 億美元的淨新增業務合約。

Of the total awards, 87% were related to the value add innovations in product and technology that we've introduced into the market. We continue to believe that our strategy and capabilities around technology and innovation are a clear source of competitive advantage for us.

在所有獎項中，87% 與我們推向市場的產品和技術方面的增值創新有關。我們始終認為，我們在技術和創新方面的策略和能力是我們明顯的競爭優勢來源。

Similarly, 83% of the new awards were related to battery, electric, or hybrid vehicle platforms, which is an indication of how closely our product offerings and innovations are strategically aligned with the fastest growing segments of the market.

同樣，83% 的新獎項都與電池、電動或混合動力汽車平台有關，這表明​​我們的產品供應和創新與市場成長最快的細分市場在策略上高度契合。

Finally, as we shared last quarter, our growth strategy includes expanding our relationships with the fast growing Chinese OEMs that are beginning to expand their business globally.

最後，正如我們上個季度所分享的，我們的成長策略包括擴大與快速成長的中國汽車製造商的關係，這些製造商正開始在全球範圍內拓展業務。

This opens up significant opportunity for us to expand both in terms of our customer base as well as geographically where we believe the greatest growth will be occurring over the next several years.

這為我們提供了拓展客戶群和地理範圍的巨大機遇，我們相信未來幾年最大的成長將發生在這些地區。

We are proud to be the supplier that our customers turn to for quality components, consistency of delivery, and collaboration on critical design and development of new technologies.

我們很自豪能成為客戶信賴的供應商，為客戶提供高品質的零件、穩定的交付以及在關鍵新技術的設計和開發方面的合作。

And now we're also the supplier they're returning to support their global expansion needs. With these awards in hand.

現在，我們也是他們重新選擇的供應商，以滿足他們全球擴張的需求。手捧這些獎項。

And bright outlook for new business wins ahead.

未來可望贏得更多新業務，前景光明。

We are increasingly confident that we will be able to execute our plans and achieve our longer-term strategic financial targets for growth, margins, and return on capital.

我們越來越有信心能夠執行我們的計劃，並實現我們在成長、利潤率和資本回報率方面的長期策略財務目標。

Turning to slide 15.

翻到第15張投影片。

To conclude our prepared remarks this morning, let me focus in the nearer term in our outlook for the rest of 2025.

今天早上的演講到此結束，我想重點談談我們對 2025 年剩餘時間的展望。

Following a somewhat choppy third quarter in which certain of our customers around the world experience short-term production disruptions from things like cyberattacks, lightning strikes, labour disruptions, just to name a few, we're now expecting a much more significant impact unfortunately in the 4th quarter due to the aluminium supply chain disruption that has hit our largest customer.

第三季業績略顯波動，全球部分顧客因網路攻擊、雷擊、勞工糾紛等原因遭遇短期生產中斷。不幸的是，由於鋁供應鏈中斷影響了我們最大的客戶，我們預計第四季將受到更嚴重的影響。

While we're encouraged by public commentary about plans to make up the lost production in future periods, there is no way we can mitigate the impact this will have on our 4th quarter.

雖然公眾對未來彌補損失產量的計畫表示鼓舞，但我們無法減輕這將對我們第四季度造成的影響。

From a more positive perspective, the statements about making up lost production early next year support our view that the underlying demand for new light vehicles remains strong. It's consistent with our plans for strong, profitable growth over time as markets normalize.

從更積極的角度來看，有關明年年初彌補損失產量的聲明支持了我們的觀點，即對新型輕型汽車的潛在需求仍然強勁。這與我們隨著市場正常化而實現強勁、獲利成長的計劃是一致的。

We expect any reduction in production volumes related to this latest supply disruption to be temporary and will not have any lasting impact on our opportunities to achieve our longer-term strategic targets. As a company, we're maintaining our relentless focus on the aspects of our business that we can control operational excellence, delivering world class quality service, and innovation to our customers. And continued near flawless launches of new programs with enhanced contribution margins as we do this, we're confident that we will position the company to achieve our strategic financial targets going forward as production volumes normalize.

我們預期此次供應中斷導致的產量下降是暫時的，不會對我們實現長期策略目標的機會產生任何持久影響。作為一家公司，我們始終堅持不懈地專注於我們能夠控制的業務環節，追求卓越運營，為客戶提供世界一流的優質服務和創新。隨著我們不斷推出利潤率不斷提高的新項目，我們有信心，隨著產量的正常化，我們將使公司能夠實現未來的策略財務目標。

Turning to slide 16.

翻到第16張幻燈片。

Despite our strong results in the 1st 3 quarters of the year, which exceeded our original plans, we are reducing our full year guidance ranges for sales and adjusted EADA to reflect the expected impact of various temporary reductions in customer production volume, including on some of our most important platforms.

儘管我們在今年前三個季度取得了強勁的業績，超過了我們最初的計劃，但為了反映客戶產量暫時減少的預期影響（包括我們一些最重要的平台），我們將下調全年銷售額和調整後 EADA 的預期範圍。

The waterfall chart on the right breaks out the various drivers of our revised outlook for 2025 full year adjusted EADA versus 2024 actuals. Our success in delivering manufacturing efficiencies and other cost savings are still the biggest drivers to the positive, but unfavourable volume and mix is now a significantly greater factor to the downside. Importantly, even With challenging overall outlook in the 4th quarter, we still expect to deliver significantly higher adjusted EBITDA and positive free cash flow for the full year on sales that are flat to slightly lower than they were in 2024.

右側的瀑布圖列出了我們對 2025 年全年調整後 EADA 與 2024 年實際值進行修訂的展望的各種驅動因素​​。我們在提高生產效率和其他成本節約方面的成功仍然是推動業績成長的最大因素，但不利的產量和產品組合現在是導致業績下滑的一個更大因素。重要的是，即使第四季整體前景充滿挑戰，我們仍然預計全年調整後 EBITDA 將大幅提高，自由現金流將為正，而銷售額將與 2024 年持平或略有下降。

We want to thank our customers, our suppliers, and all of our stakeholders for your continued confidence and support. We remain committed to working together and finishing the year as strongly as possible. This concludes our prepared remarks, so let's move into Q&A.

我們要感謝我們的客戶、供應商以及所有利害關係人一直以來的信任和支持。我們將繼續攜手合作，爭取以最佳狀態結束今年的工作。我們的演講到此結束，接下來進入問答環節。

(Operator Instructions)

（操作說明）

Mike Ward, Citigroup.

麥克沃德，花旗集團。

Thank you. Good morning, everyone. Good morning, Jeff. Good morning, John. Roger, I know you're in there someplace—good morning.

謝謝。各位早安。早安，傑夫。早安，約翰。羅傑，我知道你在裡面某個地方──早安。

Jeff, if we look out in ’42, it's unfortunate the Ford thing happened, but it sounds like they're trying to get it accelerated as fast as they can. And then it sounds like they're going to try to make it up pretty early in the first half.

傑夫，如果我們看看“德國42號公路”，福特的事情發生很不幸，但聽起來他們正在盡力加快進度。聽起來他們打算在上半場開始不久就努力追趕。

And it also sounds like they're going to add a third shift at Dearborn and line speed. So, when you kind of balance it out, it's really just postponing it into the first half of ’26. Is that how you're looking at it?

而且聽起來他們還打算在迪爾伯恩工廠增加第三個班次，並提高生產線速度。所以，當你權衡利弊之後，實際上只是把它推遲到 âHér 26 的前半部。你是這麼看的嗎？

And so, can we look at the first half of ’26 where some of the things actually start to accelerate for you? Is that the way you're thinking about it?

那麼，我們能否看看《改變26》的前半部分，在那裡你的一些事情實際上開始加速發展？你是這麼想的嗎？

That's exactly how I'm thinking about it. I think while the end of ’25 isn't quite what we had forecasted because of the event, we're preparing our business plans for ’26, ’27, and ’28, and certainly there's an impact—positively—to what's going on in ’26.

我也是這麼想的。我認為，雖然由於該事件的影響，2025 年的結束並沒有完全達到我們預期的水平，但我們正在為 2026 年、2027 年和 2028 年制定業務計劃，而且肯定會對 2026 年發生的事情產生積極的影響。

So yeah, it's a short-term issue, as I said in my prepared remarks, and I have no doubt that the first half of ’26 will reflect improved results beyond what we originally had planned.

是的，正如我在準備好的演講稿中所說，這是一個短期問題，我毫不懷疑2026年上半年將會取得比我們最初計劃的更好的結果。

When we look across the different vehicles you supply components to, if you had to pick one where they're increasing the line rate, would the F-150 be the one? Is it your highest content vehicle?

當我們縱觀您供應零件的各種車型時，如果您必須選擇正在提高生產線速度的車型，F-150 會是其中之一嗎？它是你內容最豐富的平台嗎？

Yeah, my short answer would be yes.

是的，我的簡短回答是肯定的。

John, I wonder if you can walk through the gives and takes on the cash flow because it's a pretty strong cash flow statement you made for too.

約翰，我想請你詳細解釋一下現金流的損益情況，因為你做的現金流量表非常好。

You have to pay the interest right that was accrued in 32, so you have the six-month interest payment, is that correct?

你必須支付 32 月份產生的利息，所以你需要支付六個月的利息，對嗎？

That's correct. Mid-December is the next coupon due on the 1st and three notes.

沒錯。12月中旬是1號和3號票據的下一張到期票。

And that's about 30 million.

那大約是3000萬。

Actually, closer to 55.

實際上，更接近 55。

Okay. And then you have working cap so it sounds like working capital should be a strong positive.

好的。此外，還有營運資本，所以營運資本聽起來應該是一個很大的優勢。

Yeah, it needs to be right.

是的，必須準確無誤。

To get the positive, we need to generate about $30 million plus of free cash flow in Q4. So you're right—the big benefit that we see, as we do every Q4, is improvements in working capital, unwinding that from an accounts receivable perspective, and reducing inventory levels as production winds down towards the end of the year.

要實現獲利，我們需要在第四季產生約 3,000 萬美元以上的自由現金流。所以你是對的——我們看到的最大好處，就像我們每個第四季度看到的那樣，是營運資金的改善，從應收賬款的角度來看，以及隨著年底生產逐漸減少，庫存水平的降低。

Both of those obviously have a positive cash benefit, and we're spending less, obviously, in the lighter months of November and into December as well. So that preserves some cash on the balance sheet as well.

顯然，這兩項措施都能帶來正的現金收益，而且很顯然，在消費較少的 11 月和 12 月，我們的支出也會減少。這樣也能在資產負債表上保留一些現金。

All that combined will benefit and more than outweigh the $55 million in coupon payment that's due mid-December.

所有這些加起來都將帶來好處，而且收益將遠遠超過 12 月中旬到期的 5500 萬美元的票息支付。

Super. And the F-150 delays don't disrupt the working capital that much; I guess because you have a.

極好的。F-150的延誤並沒有對營運資金造成太大影響；我想是因為你們有…

The timing will matter about when the production comes out, because if you think about the timing of average day receivable, things that don't get produced in October would impact the total quarterly cash flows, but if it's later in November or December that that's not being produced, then that impacts the subsequent quarters cash flow timing.

生產何時完成至關重要，因為如果你考慮平均應收帳款的周轉時間，10 月份未生產的產品會影響季度總現金流，但如果到 11 月或 12 月才生產，則會影響後續季度的現金流時間。

Okay, well that's great news. Thanks John.

好的，那真是個好消息。謝謝你，約翰。

You're welcome.

不客氣。

Nathan Jones, Steel.

內森瓊斯，鋼鐵。

Good morning. I guess I'll start on some of the net new business wins—and probably the year-to-date ones more than just focusing on the 3Q ones—and how that impacts the path to the 2030 targets that you laid out last quarter.

早安.我想我會先從一些新增業務的進展說起——而且可能會更多地關註今年迄今為止的進展，而不僅僅是第三季度的進展——以及這些進展如何影響您上個季度製定的 2030 年目標的實現路徑。

What I'm looking for is some more commentary on the linearity of the path from 2025 to 2030. Should we expect the growth and margin expansion to be fairly linear between 2025 and 2030? Is it more back-loaded?

我想了解的是，對於 2025 年至 2030 年這條道路的線性發展趨勢，還有哪些評論。我們是否應該預期 2025 年至 2030 年間的成長和利潤率擴張將相當線性？是否更偏向後部發展？

I mean, I think some of these Chinese OEM contracts will ramp up faster than maybe some of the Western ones. Just any commentary you can give us on the linearity you're looking at for that, please.

我的意思是，我認為其中一些中國OEM合約的成長速度可能會比一些西方合約更快。請您對您所關注的線性關係發表一些評論。

Nathan, this is Jeff. I will tell you that, you know, we've been at this—booking new business at these higher margins—now for a couple of years plus, probably. So yes, if you're going to take the line from today to 2030, I think it's pretty linear.

內森，這是傑夫。我可以告訴你，你知道，我們已經這樣做了——以更高的利潤率預訂新業務——大概有兩年多了。所以，如果你要把時間線從今天拉到 2030 年，我認為它是相當線性的。

Certainly, you're also correct that the Chinese launches are coming to market faster than most. But even with that taken into consideration, I would tell you we're very happy with what we're seeing in margin growth.

當然，您也說得對，中國產品上市速度確實比大多數國家更快。但即便考慮到這些因素，我還是要告訴你，我們對目前的獲利成長非常滿意。

We showed you a little bit of that today—the historical trend line there—and even a glimpse into what we already know with 2026. So, if you drew the line from ’26 to ’30, you'd keep going on a similar trajectory.

今天我們向大家展示了一些這方面的內容——歷史趨勢線——甚至讓大家對 2026 年的情況略窺一斑。所以，如果你從“ 玻利維亞 26”畫一條線到“ 玻利維亞 30”，你就會沿著類似的軌跡繼續前進。

I guess to follow up on that—obviously, these platforms don't start ramping up out in 2030—so there are net new business wins that you need to get over the next couple of years, at least to get to those 2030 targets.

我想接著說…顯然，這些平台不會在 2030 年開始發展壯大…所以，至少在未來幾年內，你需要贏得新的業務，才能實現 2030 年的目標。

What kind of net new business wins should we be looking for, say, in ’26, ’27, and ’28, to check that the company's still on target to get to those 2030 goals?

例如，在「 26」、「 27」和「 28」這幾個年份，我們應該關注哪些類型的新業務淨成長，以確認公司是否仍能按計畫實現2030年的目標？

I think similar to what we tracked this year is kind of how we have to do it, right? You've got to replace what's building out, and you've got to win the new stuff that's coming—and then, if there are new programs or conquest opportunities on top of that.

我認為我們應該像今年追蹤的那樣去做，對吧？你必須替換掉正在建造的東西，你必須贏得即將到來的新事物……然後，如果除此之外還有新的項目或征服機會的話。

So historically, it's been in that same range that you see happening this year. We've had some years that were a little better, some years maybe a little bit under it, but I think that's a pretty good number going forward as well.

所以從歷史上看，這種情況一直都處於今年所看到的範圍內。有些年份情況稍好一些，有些年份可能略低於這個數字，但我認為這個數字對未來發展來說也相當不錯。

And then maybe a follow-up on the balance sheet. We still have about 4.2— a little over 4—terms of leverage today. I think you guys have targeted getting that down closer to 2 times by the end of 2027.

接下來或許還要對資產負債表進行一番跟進。我們今天仍然有大約 4.2 倍（略高於 4 倍）的槓桿。我認為你們的目標是在 2027 年底前將這個數字降低到原來的兩倍左右。

Do you think you're still on target to get there? Does any of this disruption change that at all, or do you still think that you're on target to get to that kind of leverage by then? Thanks.

你認為你還能依計畫達成目標嗎？這些幹擾因素是否會改變這一點？或者您仍然認為屆時您能夠達到那種影響力？謝謝。

Justice Jeff, we're still on target to get there. As we just talked about, I think ’26 is actually going to be better than we originally had planned—not only because of what we discussed a few minutes ago with the volumes being made up from some of the fourth quarter disruption.

傑夫法官，我們仍然有望實現目標。正如我們剛才討論的那樣，我認為“26日實際上會比我們最初計劃的要好”，這不僅是因為我們幾分鐘前討論過，銷量彌補了第四季度的一些中斷。

But I also tend to believe that we're going to see increases in overall volumes in some of our key regions. So, we don't have that yet in our forecasts, but based on the leading indicators, and certainly based on the amount of new models that are being invested in and coming through the system related to hybrid electric vehicles, we're pretty excited about the businesses that we've been winning and the overall impact we think that will have on the next several years related to volume.

但我也傾向於認為，我們的一些重點地區的整體銷售將會成長。所以，我們目前還沒有將這一點納入預測，但根據領先指標，當然也根據與混合動力電動車相關的新車型投資數量和正在進入市場的規模，我們對我們贏得的業務以及我們認為這將在未來幾年對銷量產生的總體影響感到非常興奮。

Great thanks very much for taking my questions.

非常感謝您回答我的問題。

You're welcome. Thanks, Nathan.

不客氣。謝謝你，內森。

Kirk Ludke, Imperial Capital.

柯克·盧德克，帝國資本。

Hello, Jeff, John Roger, appreciate the call. Good morning on slide 15, did any of these items impact the third quarter?

你好，傑夫，我是約翰羅傑，感謝來電。早安，關於第15張投影片，這些項目是否對第三季產生了任何影響？

Hey Kirk, it's John. When you think about some of the non-aluminium issues, the answer would be yes.

嘿，柯克，我是約翰。當你考慮一些非鋁相關問題時，答案是肯定的。

Obviously, when you're thinking about the cybersecurity incident at one of our customers, as well as some of the natural disaster, weather-induced things—they did impact September and did put a little bit of a drain otherwise on Q3.

顯然，考慮到我們一位客戶的網路安全事件，以及一些自然災害、天氣因素……它們確實影響了 9 月份，也對第三季度造成了一定的拖累。

Okay. Is there, is it, was it meaningful? Can you quantify it or?

好的。它存在嗎？它有意義嗎？你能量化一下嗎？

You see it impacted in the in the lower volume and mix that we would have had otherwise, certainly not anywhere near as significant as the Q4 impact of the $25 million that you see on the bridge slide.

您可以看到，銷量和產品組合都受到了影響，與之前相比有所下降，當然，這遠沒有第四季度受到的影響那麼大，因為第四季度損失了 2500 萬美元，您可以在圖表中看到。

So we were able to essentially manage through that, but when you think of the lost revenue, it's a big portion of the lower contribution at $53 million of EBITDA, otherwise we would have been a couple million higher than that.

所以我們基本上挺過了那段時期，但是考慮到損失的收入，這佔了 EBITDA 下降 5300 萬美元的很大一部分，否則我們的 EBITDA 會比這高出幾百萬美元。

Got it. Is the, I know we've talked about one, but our two and three do you expect?

知道了。我知道我們已經討論過第一點，但是第二點和第三點，你有什麼期望？

The production lost from number two and number three to be recovered in the first half of 26.

二號和三號工廠損失的產量將在 26 年上半年得到彌補。

We haven't heard directly on that, from those one and two and number three customers, but if it's any indication, I think that they'll be competing for share and should do well as far as their production ramps.

我們還沒有直接從排名第一、第二和第三的客戶那裡聽到相關消息，但如果這能說明什麼的話，我認為他們會爭奪市場份額，而且就產能提升而言，他們應該會做得很好。

Okay, thank you. And then on slide 14, the new business that new business slide, that's, very helpful to break that out and can you apportion the 83% between just battery and hybrid?

好的，謝謝。然後在第 14 張投影片上，關於新業務的幻燈片，非常有助於將其拆分出來，你能把 83% 的份額在電池和混合動力之間進行分配嗎？

We do have that breakdown, Kirk, I'm going to have to get back to you on what that the current business wins are, broken out by hybrid and the true battery electric. But as we as we indicated, the majority of the total is in fact electrified one of those platforms or another compared to the platforms, but we'll get you that in short order. Got.

柯克，我們確實有那份細分數據，我需要稍後回覆你，告訴你目前業務成長的具體情況，包括混合動力和純電動車的細分情況。但正如我們所指出的，大部分總數實際上都是電氣化的，與其它平台相比，這些平台大多是電動的，但我們會盡快為您解答。得到。

I appreciate it. Thank you very much.

謝謝。非常感謝。

(Operator Instructions). I would now like to turn the call back over to Roger Hendrickson.

（操作說明）現在我想把電話轉回給羅傑·亨德里克森。

Okay, everybody, thanks for your engagement this morning. We appreciate your questions. If you do have additional questions that weren't addressed on the call this morning, please feel free to reach out to me, and if necessary, we can arrange for future discussions with the management team.

好的，各位，感謝大家今天早上的參與。感謝您的提問。如果您還有其他今天早上電話會議上沒有解答的問題，請隨時與我聯繫，如有必要，我們可以安排與管理團隊進行後續討論。

Thanks again for joining the call. This will conclude today's session. Thank you.

再次感謝您參加通話。今天的會議到此結束。謝謝。

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

女士們、先生們，今天的電話會議到此結束。