Cooper-Standard Holdings Inc. (CPS) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cooper-Standard first quarter 2026 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.

各位女士、先生，早安，歡迎參加庫珀標準（Cooper-Standard）2026 年第一季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音，網路直播也將於今日稍晚在庫珀標準網站提供回放。

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

現在我想把電話交給投資人關係總監 Roger Hendriksen。

Thank you, Sergio, and good morning, everyone. We appreciate you spending some time with us today. The members of our leadership team who will be speaking with you on the call this morning are Jeff Edwards, Chairman and Chief Executive Officer; and John Banas, Executive Vice President and Chief Financial Officer.

謝謝你，Sergio，各位早安。感謝各位今天撥冗與我們交流。今天早上的電話會議中，將由我們領導團隊成員與各位發言，包括：董事長兼執行長 Jeff Edwards，以及執行副總裁兼財務長 John Banas。

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

在開始之前，我需要提醒各位，本簡報包含前瞻性陳述。儘管這些陳述係基於目前的事實資訊，以及管理階層目前認為合理的若干假設與計畫而作出，但仍涉及風險與不確定性。關於前瞻性陳述的更多資訊，請參閱本簡報第 3 頁投影片，以及公司向美國證券交易委員會提交之定期申報文件中所載之相關聲明。

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.

本簡報亦包含非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與其最直接可比之 GAAP 指標的調節表，已收錄於簡報附錄中。

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

完成上述例行事項後，我把電話交給 Jeff Edwards。

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

謝謝你，Roger。各位早安。我們很感謝有機會回顧第一季的業績，並就我們的業務與未來展望提供最新進度。

So to begin on slide 5, I'd like to highlight some of the key first quarter data points that we believe are reflective of our continuing outstanding operational performance and our ongoing commitment to our core company values. In terms of operations and customer service, we started 2026 with the same strong level of performance that we had in 2025, ending the first quarter with 99% green customer scorecards for quality and service.

首先請看第 5 頁投影片，我想強調一些第一季的關鍵數據，我們認為這些數據反映了我們持續卓越的營運表現，以及對公司核心價值的持續承諾。就營運與客戶服務而言，我們在 2026 年的開局延續了 2025 年同樣強勁的表現，第一季結束時，在品質與服務方面的客戶評分卡有 99% 為綠燈。

For new program launches, we also continue to deliver strong performance with 97% of our customer scorecards being green. Our plant managers and our plant employees continue to deliver outstanding performance and value for our customers through their dedication and commitment to excellence. And as always, our most important operating metric, safety performance continues to be excellent.

在新專案導入方面，我們也持續交出強勁表現，97% 的客戶評分卡為綠燈。我們的廠長與工廠同仁憑藉對卓越的投入與承諾，持續為客戶提供傑出表現與價值。一如既往，我們最重要的營運指標——安全績效——仍然非常出色。

In fact, during the first quarter, we had a total incident rate of just 0.18 reportable incidents per 200,000 hours worked, well below the world-class benchmark of 0.35. Importantly, 48 of our plants maintained a perfect safety record with a total incident rate of 0 for the first three months of the year. That's 84% of all of our production facilities achieving a perfect safety score and demonstrating that our ultimate goal of 0 safety incidents is achievable. We're certainly proud of our entire global team for their focus and achievement in this important operating measure.

事實上，第一季我們的總事故率僅為每 200,000 工時 0.18 件可通報事故，遠低於世界級標竿 0.35。重要的是，我們有 48 座工廠在今年前三個月維持零事故率、達成完美安全紀錄。這代表我們所有生產據點中有 84% 達成滿分安全成績，並證明我們「零安全事故」的終極目標是可以達成的。我們對全球團隊在此重要營運指標上的專注與成果深感自豪。

In terms of cost optimization, we had another solid quarter with our manufacturing and purchasing teams delivering $17 million of savings through lean initiatives and other cost-saving programs. These cost reductions and operating efficiencies, combined with revenue growth in the quarter, allowed us to achieve a solid 40 basis-point-improvement in gross margin versus the first quarter of last year. As a result, despite of some of the market headwinds we've been seeing, we continue to drive profitable growth and margin expansion through the execution of our plans and strategies.

在成本優化方面，我們又交出一個穩健的季度，製造與採購團隊透過精實倡議與其他節省成本方案，實現 1,700 萬美元的節省。這些成本降低與營運效率提升，再加上本季營收成長，使我們的毛利率相較去年第一季提升 40 個基點。因此，儘管我們看到一些市場逆風，我們仍透過落實計畫與策略，持續推動獲利性成長與利潤率擴張。

Finally, we're continuing to leverage world-class service technical capabilities and our award-winning innovations to win significant new business. During the first quarter of 2026, we received $128 million in net new business awards, which are expected to drive profitable growth as they launch over the next few years. I'll talk more about the significance of our new business awards in a few minutes.

最後，我們持續運用世界級的服務技術能力與屢獲獎項的創新，贏得可觀的新業務。在 2026 年第一季，我們取得 1.28 億美元的淨新增業務授予，預期將在未來幾年陸續量產導入並帶動獲利性成長。幾分鐘後我會再談談這些新業務授予的重要性。

Turning to slide 6. As we've made terrific improvements in our operating metrics and profitability over the past few years, we certainly haven't lost sight of the importance of being a good corporate citizen. We continue to work on developing and delivering and material solutions, delivering product and material solutions for our customers that help them achieve their environmental goals.

接著看第 6 頁投影片。過去幾年我們在營運指標與獲利能力上取得顯著改善的同時，也從未忽視成為良好企業公民的重要性。我們持續開發並提供產品與材料解決方案，協助客戶達成其環境目標。

And of course, we've set and are working to achieve aggressive internal goals for reducing energy consumption, emissions, and scrap. Our achievements in corporate responsibility continue to garner recognition from numerous entities as well as our customers.

當然，我們也已設定並正努力達成具挑戰性的內部目標，以降低能源消耗、排放與廢料。我們在企業責任方面的成果，持續獲得眾多機構以及客戶的肯定與認可。

One of our recent innovations, our FlexiCore thermoplastic body seal technology was recently recognized as a winner in the 2026 Environment+Energy Leaders Award. This new technology replaces the metal carrier that is used in a traditional dynamic body seal with a patented thermoplastic carrier. The result is a lightweight body seal that maintains the same high-quality performance of traditional materials but is 100% recyclable. Increasing vehicle efficiency and reducing materials that end up in landfills. Recently, a FlexiCore front and rear closure seal application was successfully launched into production with a global automaker, further demonstrating the real-world impact of this technology.

我們近期的一項創新——FlexiCore 熱塑性車身密封技術——最近獲選為 2026 年 Environment+Energy Leaders Award 的得獎者。這項新技術以具專利的熱塑性載體，取代傳統動態車身密封件中使用的金屬載體。其成果是一種輕量化的車身密封件，維持傳統材料同等的高品質性能，同時可 100% 回收再利用。進而提升車輛效率並減少最終進入掩埋場的材料。近期，FlexiCore 前後車門（closure）密封應用已成功在一家全球汽車製造商導入量產，進一步展現此技術在實際應用中的影響力。

We're also pleased to have recently been included among USA -- today's list of America's Climate Leaders for the third consecutive year in recognition of our continuing advancements in environmental stewardship. Corporate responsibility is and will continue to be an area of focus for our entire organization from the production floor to the boardroom because it's the right thing to do.

我們也很高興近期連續第三年入選《USA Today》「美國氣候領導者」名單，以表彰我們在環境管理方面持續的進展。企業責任一直是、也將持續是我們整個組織從生產現場到董事會的重點關注領域，因為這是正確的事。

You can learn more about our goals and our progress in sustainability in our 2025 corporate responsibility report, which will be published within the next few days. We encourage everyone to take a few minutes to look through it when it posts on our website.

各位可在我們的 2025 年企業責任報告中，進一步了解我們在永續方面的目標與進展；該報告將在未來幾天內發布。我們鼓勵大家在報告上線至我們網站後，撥冗花幾分鐘瀏覽。

Now let me turn the call over to John to discuss the financial results for the quarter.

現在我把電話交給 John，請他說明本季的財務結果。

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 and capital structure.

謝謝你，Jeff，各位早安。接下來幾頁投影片，我將提供本季財務結果的部分細節，並討論我們的現金流、流動性，以及資產負債表與資本結構的相關面向。

On slide 8, we show a summary of our results for the first quarter of 2026 with comparisons to the same period last year. First quarter 2026 sales were $686.4 million, an increase of 2.9% compared to the first quarter of 2025. The increase was driven primarily by favorable foreign exchange and partially offset by unfavorable volume and mix, net of customer recoveries.

在第 8 頁投影片，我們呈現 2026 年第一季的業績摘要，並與去年同期比較。2026 年第一季銷售額為 6.864 億美元，較 2025 年第一季成長 2.9%。此增幅主要來自有利的外匯影響，但部分被不利的銷量與產品組合（扣除客戶補償後）的影響所抵銷。

As Jeff mentioned, our first quarter 2026 gross margin improved 40 basis points compared to the prior year, up to 12.0% of sales. This is a strong result in view of the production volume headwinds we continue to face on certain key platforms in North America during the quarter.

如 Jeff 所提到，我們 2026 年第一季毛利率較去年提升 40 個基點，達銷售額的 12.0%。考量到本季我們在北美某些關鍵平台仍面臨產量逆風，這是一項強勁的成果。

Adjusted EBITDA in the quarter was $51 million compared to the $58.7 million we reported in the first quarter of 2025. The year-over-year change was primarily due to the nonrecurrence of approximately $10 million of royalty payments that we received in the first quarter of 2025. Otherwise, adjusted EBITDA and margin would have improved over last year.

本季調整後 EBITDA 為 5,100 萬美元，低於我們在 2025 年第一季所報告的 5,870 萬美元。年對年變動主要是因為 2025 年第一季我們收到約 1,000 萬美元的權利金款項，而本期未再發生。除此之外，調整後 EBITDA 與利潤率本應較去年提升。

On a US GAAP basis, we reported a net loss of $33.3 million in the first quarter of 2026 compared to net income of $1.6 million in the first quarter of 2025. Adjusting for the loss incurred on the successful refinancing of our debt in the first quarter this year, restructuring and other items from both periods as well as the related tax impacts, adjusted net loss for the first quarter of 2026 was $5.2 million or $0.29 per share compared to adjusted net income of $3.5 million or $0.19 per share in the first quarter of 2025.

按照美國公認會計原則（US GAAP）基礎，我們在2026年第一季報告淨虧損3,330萬美元，相較於2025年第一季淨利160萬美元。若調整今年第一季成功為債務再融資所產生的損失、兩個期間的重組及其他項目，以及相關稅務影響，2026年第一季調整後淨虧損為520萬美元或每股0.29美元，相較於2025年第一季調整後淨利350萬美元或每股0.19美元。

Our capital expenditures in the first quarter of 2026 totaled $24 million or 3.5% of sales, slightly higher than the prior year period due to increased launch-related investments. We continue to exercise discipline around capital investments as we focus on maximizing our returns on invested capital.

2026年第一季資本支出合計2,400萬美元，約占銷售額的3.5%，因與新產品導入相關的投資增加而略高於去年同期。我們在資本投資方面持續保持紀律，並專注於最大化投入資本報酬率。

Moving to slide 9. The charts on slide 9 provide additional insights and quantifications of key factors impacting our results for the first quarter. For sales, favorable foreign exchange was a tailwind of approximately $24 million in the quarter versus the first quarter of 2025.

接著看第9頁投影片。第9頁的圖表提供更多洞見，並量化第一季影響我們業績的關鍵因素。就銷售而言，有利的外匯因素在本季相較2025年第一季帶來約2,400萬美元的正面助益。

Unfavorable volume and mix, net of customer price adjustments had a negative impact on sales of approximately $5 million compared to the same period a year ago. For adjusted EBITDA, lean initiatives in purchasing and manufacturing positively contributed $17 million year over year, delivered by continued strong performance from our global teams.

不利的銷量與產品組合（扣除客戶價格調整後）相較一年前同期對銷售造成約500萬美元的負面影響。就調整後EBITDA而言，採購與製造端的精實計畫年增正向貢獻1,700萬美元，主要來自我們全球團隊持續強勁的表現。

In addition, we continue to realize benefits from our restructuring initiatives implemented in prior periods, amounting to $2 million in incremental savings as well as lower SGA&E of $1 million in the first quarter compared to last year. Offsetting these improvements were $7 million of unfavorable volume and mix, including customer price adjustments and the impact of certain short-term production disruptions.

此外，我們持續實現先前期間所推動重組計畫的效益，帶來200萬美元的新增節省，且第一季相較去年SGA&E（銷售、一般及管理費用與工程費用）降低100萬美元。抵銷上述改善的是700萬美元的不利銷量與產品組合影響，其中包含客戶價格調整以及若干短期生產中斷的影響。

$7 million in increased costs in the form of higher wages and general inflation, $2 million from unfavorable foreign exchange and $12 million of other unfavorable items, primarily the nonrecurrence of certain royalty payments we received in the first quarter of last year.

成本增加700萬美元，主要來自薪資上升與一般通膨；不利外匯影響200萬美元；以及其他不利項目1,200萬美元，主要是去年第一季收到的部分權利金款項本期未再發生。

Moving to slide 10. We ended the first quarter with a cash balance of approximately $118 million, owing primarily to typical seasonal changes in working capital, which we expect will unwind over the next couple of quarters as well as $24 million of out-of-period accrued interest that we paid in conjunction with our refinancing.

接著看第10頁投影片。第一季結束時，我們現金餘額約為1.18億美元，主要由於營運資金的典型季節性變動（我們預期未來幾季將回轉），以及我們在再融資時一併支付的2,400萬美元跨期應計利息。

Cash on hand, coupled with $167 million of availability on our ABL facility, which remains unutilized, we had total liquidity of approximately $286 million as of March 31, 2026. We believe that this provides us with more than sufficient liquidity to support the continuing execution of our business plans and profitable growth objectives in today's economic and industry environment.

手上現金加上我們ABL（資產基礎貸款）融資額度中仍未動用的1.67億美元可用額度，截至2026年3月31日，我們的總流動性約為2.86億美元。我們相信，這為我們在當前經濟與產業環境下持續推動商業計畫的執行與獲利成長目標，提供了綽綽有餘的流動性支持。

The successful refinancing that we completed on March 4 of this year gives us an overall lower interest rate and reduces expected annual cash interest by approximately $6 million. In addition to the lower interest rate, the refinancing also provides us with increased financial flexibility through more favorable terms and significantly extends the maturity on the newly issued notes out to 2031. We believe this enhanced capital structure positions us extremely well to continue to execute on our strategic plans to deliver profitable growth, lower our net leverage and maximize our returns on invested capital.

我們於今年3月4日完成的成功再融資，讓整體利率水準下降，並使預期年度現金利息支出減少約600萬美元。除較低利率外，再融資亦透過更有利的條款提升我們的財務彈性，並將新發行票據的到期日大幅延長至2031年。我們相信，這項強化後的資本結構使我們具備極佳條件，得以持續執行策略計畫以實現獲利成長、降低淨槓桿，並最大化投入資本報酬率。

This concludes my prepared comments. I'll turn it back over to Jeff.

以上為我準備的發言。我把時間交回給Jeff。

Thanks, John. And in the 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. And I'll wrap up with a few comments on our outlook for our business and our industry in general in '26.

謝謝你，John。在本次電話會議的最後一部分，我想再次談談我們高層次的策略要務，以及這些要務如何讓我們在未來幾年持續實現獲利成長。最後我也會就我們在2026年對公司業務與整體產業的展望做幾點說明。

Please turn to slide 12. Our strategies and operating plans, as you know, are built around the four key strategic imperatives that you see outlined on slide 12. By aligning the company around these common objectives, we continue to drive significant improvements in virtually every aspect of our business. And by the continuing execution of our plans and strategies, we are 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.

請翻到第12頁投影片。如各位所知，我們的策略與營運計畫是圍繞第12頁所列的四項關鍵策略要務所建立。透過讓公司在這些共同目標上對齊，我們持續推動幾乎各個面向的重大改善。並且藉由持續執行我們的計畫與策略，我們正讓公司具備條件，以實現持續的獲利成長、進一步提升利潤率，以及顯著提高投入資本報酬率，正如我們在上季電話會議中所討論。

Moving to slide 13. The charts on slide 13 provide a concise summary of the progress we've made in restoring the financial strength of the company. Through our successful strategic execution, we've been able to increase our gross profit margins by 160 basis points over the past two years despite reduced or flat production volumes in our two largest operating regions. This includes the impact from the significant decline in production on one of our key platforms in North America that resulted from a customer supply chain disruption beginning in the fourth quarter of last year.

接著看第13頁投影片。第13頁的圖表簡要總結了我們在恢復公司財務實力方面所取得的進展。透過成功的策略執行，儘管我們兩個最大營運區域的產量下降或持平，過去兩年我們仍將毛利率提高了160個基點。其中也包含北美某一關鍵平台因客戶供應鏈中斷（自去年第四季開始）而導致產量大幅下滑的影響。

Because of our success in driving sustainable efficiencies and fixed cost reductions, we believe we will continue this trend of expanding margins in 2026 and beyond, even if production volumes remain flat, and we would expect to leverage any increase in production volume to drive further profitability and returns.

由於我們在推動可持續效率提升與固定成本降低方面取得成功，我們相信即使產量維持持平，2026年及之後仍將延續利潤率擴張的趨勢；同時，我們也預期能運用任何產量增加來進一步提升獲利能力與報酬。

In addition, our cost optimizations were benefiting from continuing launches of new programs and products with enhanced variable contribution margins. So as these new programs ramp up, they're replacing older programs that have lower margins on average. Our book business, launch cadence and the delivery of runout business gives us a high degree of confidence in our expanding margin outlook.

此外，我們的成本優化也受惠於持續推出具備更高變動貢獻毛利的新專案與新產品。因此，隨著這些新專案放量，它們正逐步取代平均利潤率較低的舊專案。我們的在手訂單業務、導入節奏以及退場（runout）業務的交付，使我們對利潤率擴張的展望具備高度信心。

Turning to slide 14. Both of our business segments are executing sound strategies to drive profitable growth and improved returns on invested capital. In our Sealing segment, where we're already the global leader in the industry, we're leveraging our leading technologies, expertise and innovation to capture additional share and profitability. We've also deployed sophisticated digital tools within our manufacturing facilities to drive further efficiencies and improved asset utilization. Finally, as we continue to deliver exciting innovations that provide incremental value to our customers, we're winning more than our fair share of new business.

接著看第14頁投影片。我們兩個業務部門都在執行健全的策略，以推動獲利成長並提升投入資本報酬率。在我們的密封（Sealing）部門，我們已是全球產業領導者，正運用領先技術、專業能力與創新來取得更多市占與獲利。我們也在製造據點導入先進的數位工具，以推動進一步的效率提升與資產使用率改善。最後，隨著我們持續推出能為客戶帶來增量價值的創新，我們贏得的新業務份額也超過我們應得的水準。

Turning to slide 15. In our Fluid Handling segment, we've unmatched portfolio of products and innovations that position us well to take advantage of increase in ICE and hybrid powertrains in the US, the continuing adoption of EVs in China and the evolving mix of hybrids and EVs in Europe. This flexibility around powertrains, combined with our ability to design and deliver engineered solutions to optimize vehicle efficiency is creating opportunities for increased content per vehicle and profitable new growth.

接著看第15頁投影片。在我們的流體處理（Fluid Handling）部門，我們擁有無可匹敵的產品與創新組合，使我們能把握美國內燃機（ICE）與混合動力系統增加、中國電動車（EV）持續採用，以及歐洲混合動力與電動車組合變化所帶來的機會。這種對動力系統的彈性，加上我們設計並交付工程化解決方案以優化車輛效率的能力，正創造每車搭載價值提升與具獲利性的新成長機會。

As we've said in the past, our longer-term strategic target is to double the Fluids business within the next five to seven years. With recent new business wins and a long list of target business opportunities coming up, we believe we're on track to achieve this goal.

如同我們過去所說，我們較長期的策略目標是在未來五到七年內將流體業務規模倍增。憑藉近期的新業務得標，以及一長串即將到來的目標業務機會，我們相信正朝達成此目標的軌道前進。

Turning to slide 16. In terms of winning new business, I mentioned at the beginning of the call, we've received $128 million in net awards in the first three months of the year. This was ahead of our plans for the quarter, putting us in a strong position to achieve the full year goal of over $400 million in net new business awards. As you can see in the chart, as our overall operating performance and financial strength continue to improve, the new business awards are accelerating. And the good news is that we have available capacity to launch much of this new business over the coming years with minimal incremental capital investment.

接著看第16頁投影片。在贏得新業務方面，我在電話會議一開始提到，我們在今年前三個月取得1.28億美元的淨得標金額。這高於我們對本季的計畫，使我們處於有利位置，以達成全年超過4億美元淨新增業務得標的目標。如圖表所示，隨著我們整體營運表現與財務實力持續改善，新業務得標正在加速。而好消息是，我們具備可用產能，能在未來幾年以極少的新增資本投資來導入其中多數新業務。

We are proud to be the supplier that our customers are increasingly turning to for quality components, consistency of delivery and collaboration on critical design and development of new technologies. With these awards in hand for Q1 and a bright outlook for the new business wins ahead, we are increasingly confident that we will be able to execute our plans to achieve our longer-term strategic financial targets for growth, margins, and return on capital.

我們很自豪能成為客戶日益倚重的供應商，為其提供高品質零組件、穩定一致的交付表現，並在新技術關鍵設計與開發上緊密合作。憑藉第一季獲得的這些獎項，以及對未來新業務得標的樂觀展望，我們對於能夠落實計畫、達成更長期的策略性財務目標（包括成長、利潤率與資本報酬）愈發有信心。

Turning to slide 17. To conclude our prepared remarks this morning, let me shift focus to the near term and our outlook for the rest of 2026. I think the key takeaway this morning is that despite continued disruptions within our industry and ongoing uncertainty in the global economy, we were able to deliver results that exceeded our original operating plan.

接著看第17頁投影片。為了結束我們今天上午的事先準備發言，我想把焦點轉向短期，以及我們對2026年剩餘期間的展望。我認為今天上午最重要的重點是：儘管我們產業持續受到干擾、全球經濟仍充滿不確定性，我們仍交出超越原先營運計畫的成果。

We are optimistic that certain headwinds we have faced for the past two quarters could turn into tailwinds in the back half of the year. And if we could get some resolution to the military actions going on in the Middle East, we would expect a strong positive effect on consumer sentiment and consumer demand globally.

我們樂觀認為，過去兩季面臨的某些逆風，可能在下半年轉為順風。此外，若中東地區正在進行的軍事行動能有所緩解，我們預期將對全球消費者信心與消費需求帶來強勁的正面影響。

Meanwhile, we're maintaining our focus on delivering value for our customers, optimizing our operations around the world and successfully executing our strategic plans to drive profitable growth, further expand our margins and maximize return on invested capital.

同時，我們仍專注於為客戶創造價值、在全球範圍內優化營運，並成功執行策略計畫，以推動獲利成長、進一步擴大利潤率並最大化投入資本報酬。

We believe we're on track to achieve or exceed the full year targets that we set out for you back in February. We expect to provide a more formal update on guidance as we typically do in conjunction with our second quarter results. We also believe we are solidly on track to achieve our longer-term strategic financial targets for adjusted EBITDA margins and return on invested capital.

我們相信，我們正按計畫達成或超越我們在2月向各位提出的全年目標。我們預期將如同以往，配合第二季業績公布時提供更正式的財測更新。我們也相信，我們在達成長期策略性財務目標（調整後EBITDA利潤率與投入資本報酬）方面進展穩健。

So with that, we'd like to thank our customers, our suppliers, all of our stakeholders for your continued confidence and support. We also want to thank all of our employees for their continued hard work, dedication and their commitment to driving sustainable long-term value.

因此，在此我們要感謝客戶、供應商以及所有利害關係人，持續給予我們信任與支持。我們也要感謝全體員工持續的辛勤付出、投入奉獻，以及致力於創造可持續的長期價值。

This concludes our prepared remarks. Let's move on to Q&A.

以上為我們的事先準備發言。接下來進入問答環節。

(Operator Instructions) Nathan Jones, Stifel.

（接線員指示）Stifel 的 Nathan Jones。

Morning, everyone. This is Andres Roma on for Nathan Jones. So nice step-up in new business from $181 million in 2024 to $298 million in 2025, now $128 million in 1Q. I think you released that about $32 million of net new bids coming from battery electric and full hybrid. Can you maybe give us a split between how much of that is within ceiling or fluid and for 2025 as well, just so we have an indication, obviously, more content on the fluid business on those powertrains. So curious to hear about that.

各位早安。我是 Andres Roma，代替 Nathan Jones 發言。新業務從2024年的1.81億美元提升到2025年的2.98億美元，而第一季目前為1.28億美元，成長幅度不錯。我想你們也提到約3,200萬美元的淨新增投標來自純電與全混合動力。能否提供一下其中有多少屬於密封（Sealing）或流體（Fluid），以及2025年的拆分也請一併說明，讓我們能掌握在這些動力系統上流體業務內容量更高的情況。想聽聽你們的看法。

Yeah, sure. This is Jeff. The $128 million that we've booked so far in Q1, about 60% of that is fluid, 40% is ceiling. So not a surprise. Around 50% of it is North America-based and a large percentage is China-based, again, not a surprise. I think as we go forward and there are continued hybrid products introduced into the market, you'll continue to see the content per vehicle for fluid continuing to rise.

好的，當然可以。我是 Jeff。第一季目前入帳的1.28億美元中，約60%是流體（Fluid），40%是密封（Sealing）。所以並不意外。其中約50%來自北美，且有很大比例來自中國，同樣也不意外。我認為隨著市場持續導入更多混合動力產品，你會持續看到流體（Fluid）在每車內容量持續上升。

Last year, to your point, about the nearly $300 million of net new business, I think Sealing actually had more of that than fluid. So it doesn't surprise me this year that fluid is outpacing the ceiling net new business. It tends to fluctuate like that.

去年如你所說，淨新增業務接近3億美元，我認為其實密封（Sealing）占比高於流體（Fluid）。所以今年流體（Fluid）淨新增業務超過密封（Sealing），我並不意外。這類占比本來就會這樣波動。

But I do think Fluid going forward is going to benefit significantly from the additional hybrid coming into the market. And as we've said in the past, that can result in more than double content per vehicle than what we've seen from the ICE -- traditional ICE programs that were booked within our Fluid business. So really a positive story. We're on our way to exceeding the $400 million-plus of net new business for 2026.

但我確實認為，未來流體（Fluid）將因更多混合動力車型進入市場而顯著受益。而且如我們過去所說，這可能使每車內容量超過我們在流體業務中、傳統ICE（內燃機）專案所看到的兩倍以上。所以這確實是個正向的故事。我們正朝著在2026年超越4億美元以上淨新增業務的目標前進。

Awesome. And then just one more, switching gears a little bit to margins. Can you discuss sort of the impact higher input costs are expected to have on margins this year? How should we think about that? And maybe the escalators and de-escalators Cooper has in place?

太好了。再問一題，稍微轉到利潤率。能否談談今年預期較高的投入成本對利潤率的影響？我們應該如何看待？以及 Cooper 目前有哪些價格上調與下調（escalators 與 de-escalators）機制？

Andres, thanks for the question. When you think about the significant oil price increases that the industry is bearing as well as higher aluminum prices for some discrete reasons that the suppliers are raising globally. We are fairly well protected. As we've talked in the past, we're in excess of about 70% covered on contractual indexes with our customers or otherwise. negotiate on a regular basis, call it, every quarter, every six months with customers to claw that back. So we think any increases will be adequately addressed with those historical mechanisms that we've got in place with our customers overall.

Andres，謝謝你的提問。當你考量產業正承受的油價大幅上漲，以及因某些特定原因導致供應商在全球調升鋁價時，我們其實受到相當好的保護。如我們過去提到的，我們與客戶的合約指數化條款等機制涵蓋率超過約70%；或是我們也會定期與客戶協商，約每季或每半年一次，把這些成本回收回來。因此我們認為，任何成本上升都能透過我們與客戶既有的歷史機制得到妥善處理。

There is a lag when you think about our spend versus the timing of recovery. The indexes will traditionally reset every quarter, and therefore, then you can go back in and recover the previous quarter's inflationary impact or in a good news situation, you would give some of that back.

不過，從我們支出發生到回收時點之間確實存在時間落差。指數通常每季重設一次，因此你可以回頭去回收前一季的通膨影響；或者在好消息的情境下，你也會把其中一部分回饋給客戶。

So that's the typical cadence in Q1, just given the timing of oil price ramp-up, there wasn't a significant impact in inflationary pressures in Q1, but we certainly expect to see that headwind come in Q2, but then the recoveries would come online in that sequential recovery cadence.

所以這就是典型的節奏。第一季由於油價上升的時間點因素，通膨壓力在第一季並沒有造成顯著影響，但我們確實預期第二季會出現這個逆風；而後續的回收則會依序在這種逐季回收的節奏中到位。

Thank you. Thanks for taking my questions.

謝謝。謝謝回答我的問題。

Thank you.

謝謝。

Kirk Ludtke, Imperial Capital.

Imperial Capital 的 Kirk Ludtke。

Hello, Jeff, John, Roger. Thank you for the call. On slide 16, another impressive quarter for new business. And it's one of these bullets says 74% related to innovation products. And if I remember correctly, those are materially higher margin than your existing average margins. I'm just curious if you'd be willing to quantify how much more profitable they are.

你好，Jeff、John、Roger。謝謝這通電話會議。在第16頁投影片，新業務又是一個令人印象深刻的季度。其中一個重點提到有74%與創新產品相關。如果我沒記錯，這些產品的利潤率明顯高於你們現有的平均利潤率。我想了解你們是否願意量化一下，它們到底高出多少獲利能力。

Yeah, Kirk, this is Jeff. I think as we have said going forward as the -- whether it's innovative net new business or whether it is the traditional products that we have historically been marketing and selling to our customers, we have been very consistent with targeting hurdle rates and achieving those hurdle rates as we book net new business.

好的，Kirk，我是 Jeff。我想如我們一直以來所說，無論是創新型的淨新增業務，或是我們歷來向客戶行銷與銷售的傳統產品，我們在承接淨新增業務時，都非常一致地以門檻報酬率（hurdle rates）為目標，並達成這些門檻。

It's why we're able to put out the type of strategic targets we have related to the VCM increase, overall margins and the overall significant increase of return on invested capital that's forecast over the next several years. So that's actually happening. You can see the 160-basis-point increase over the last two years. You can see the VCM well over 30% this particular quarter. So as all this business launches from -- that we booked in '24, '25 and then we're booking here in '26, those numbers will continue to go up.

這也是為什麼我們能提出與VCM提升、整體利潤率，以及未來數年投入資本報酬顯著提升相關的策略目標。而這些其實正在發生。你可以看到過去兩年利潤率提升了160個基點。你也可以看到本季VCM遠高於30%。因此，隨著我們在2024、2025所承接的業務，以及2026年目前正在承接的業務陸續量產，這些數字還會持續上升。

And we expect, as I've said on this call as well, we expect our return on invested capital to be well over 20% at the end of our 28 business year. So tracking to the same strategic targets that we put out last June. Your point is well taken related to the innovation. We are seeing further expansion as we launch a product that is innovative and that provides customers with cost-down opportunities, lightweighting opportunities, recycling opportunities.

而且我在這通電話會議中也提到，我們預期在2028業務年度結束時，投入資本報酬將遠高於20%。因此我們正沿著去年6月提出的同一套策略目標前進。你提到創新產品的觀點非常到位。我們確實看到進一步的擴張，因為我們推出的創新產品能為客戶帶來降成本機會、輕量化機會以及回收再利用的機會。

So I would expect those numbers to even be better as we present our five-year plan. We actually have a meeting coming up with our Board in June where we'll roll out the next five years. And so I would expect to see continued margin expansion beyond what we've even said.

因此，當我們提出五年計畫時，我預期那些數字甚至會更好。我們其實在六月將與董事會開會，屆時會推出接下來五年的規劃。所以我預期，利潤率擴張會持續進行，甚至超過我們目前所說的水準。

Got it. I appreciate it. And then maybe a follow-up on the higher gasoline prices. Have you seen any change in schedule since prices went up?

了解。謝謝你。接著可能追問一下汽油價格上漲的部分。自從價格上升以來，你們有看到排程有任何變化嗎？

No we have not. Yeah, the volumes that we have in our business plan, we had some pluses and minuses as we usually do each quarter. As we start in the second quarter, we're seeing the volumes basically on our plan. So as I said on the call, I think that as long as the Middle East conflict gets resolved here in short order, I expect it to frankly end up being a tailwind in the second half.

沒有，我們沒有看到。是的，我們在營運計畫中的出貨量，每一季一如往常會有一些正負差異。進入第二季後，我們看到的量基本上符合我們的計畫。所以如我在電話會議上所說，我認為只要中東衝突能在短期內解決，我預期坦白說它會在下半年成為一股順風。

Now if that doesn't happen, then your guess is as good as mine. But so far, I think we're well positioned for the first half of the year. We'll manage through the increase in oil prices that existed versus our plan for the second quarter, and then hopefully be well positioned for the second half of the year to be stronger than planned. That's what I'm hoping for.

如果沒有發生，那你的猜測跟我的一樣。但到目前為止，我認為我們在上半年處於有利位置。我們會管理油價相對於第二季計畫所出現的上升，然後希望在下半年能處於更有利的位置，使表現強於原先規劃。這是我所希望的。

Got it. I appreciate it. Thank you. Good luck.

了解。謝謝你。謝謝。祝你們好運。

(Operator Instructions) Doug Karson, Bank of America.

(接線員指示) 美國銀行的 Doug Karson。

Great, team. Thanks for hosting the call and getting my question in. As I look at the bridge from '25 to '26, I know you'll be out with more detail in 2Q. So I don't want to get ahead of it. But that was a goal that was set. I think investors thought it was an optimistic goal, but it looks like you're going to hit it or potentially exceed it. A large part of that bridge was lean manufacturing, improvements in purchasing.

很棒，團隊。謝謝你們主持這場電話會議，也讓我能提問。當我看 2025 到 2026 的銜接（bridge）時，我知道你們會在第二季提供更多細節。所以我不想搶先太多。但那是一個已設定的目標。我想投資人原本覺得那是個偏樂觀的目標，但看起來你們會達成，甚至可能超越。那個銜接中很大一部分來自精實製造、採購改善。

And in this tough market to be able to beat that number, we just get a little bit of a sense if you feel this is going to be coming more from business wins? Or do you feel like the lean could get even higher? Or maybe more pricing because you know volume is going to be challenging. So just give us a little sneak peek on what to be thinking about as far as that guidance. And then maybe separately, during the deal, we talked about 51% of your awards were coming from high-growth Chinese OEMs. And just wondering kind of how that cadence has been with the Chinese.

在這麼艱難的市場裡還能超過那個數字，我們想稍微了解一下，你覺得更多會來自於新業務得標嗎？還是你覺得精實改善還能再更高？或是可能更多來自定價，因為你也知道量會很具挑戰。所以請先給我們一點點提示，讓我們對那份指引該怎麼思考。另外，分開問一下，在那筆交易期間，我們談到你們 51% 的獎項（awards）來自高成長的中國 OEM。想請問你們與中國客戶的節奏目前大概是怎麼樣？

Yeah, Doug, this is Jeff. Thanks for the question. So related to how we continue to expand margins, it's sort of all the things that you talked about, right? So we have teams both in our sealing and our fluid business. They come to work in 20 countries plus.

是的，Doug，我是 Jeff。謝謝你的問題。關於我們如何持續擴大利潤率，基本上就是你提到的所有事情，對吧？我們在密封與流體業務都有團隊。他們在 20 多個國家工作。

And each month, each quarter, they have detailed plans that they're executing. They just don't start that at the beginning of the year, right? So they're working on those plans well in advance of a particular business year.

每個月、每一季，他們都有正在執行的詳細計畫。他們不是在年初才開始做這些，對吧？他們會在某個營運年度開始之前很久，就提前推動這些計畫。

So as John and I said in the last call, we had a high level of confidence that the execution of the cost reductions to help offset inflation was well on its way to being a record performance. In fact, we didn't -- we hadn't seen a year where they had come in with 90%-plus of these ideas already identified and being worked on before we even started 2026. So that's why you see the execution and the ability to deliver on what we told you we would.

所以如同 John 和我在上一通電話會議所說，我們對於成本降低的執行（用以抵消通膨）非常有信心，而且進展順利，正朝向創紀錄的表現邁進。事實上，我們從未看過有一年在 2026 開始之前，就已經辨識並著手推動 90% 以上的這些構想。所以你才會看到我們的執行力，以及交付我們告訴你們會做到的成果的能力。

I would expect that to continue for the rest of this year and next year. I mean it's been an approach here for well over a decade. So the process is the process, the team is the team, the trust is the trust, and they continue to exceed expectations. Related to the net new business, as you also know, when we talk about 2027, 2028, I mean we've got 85% to 95% of that is already booked. So we know what those prices are.

我預期這種情況會在今年剩餘時間以及明年持續下去。我的意思是，這種做法在這裡已經超過十年了。所以流程就是流程、團隊就是團隊、信任就是信任，而他們持續超越預期。至於淨新增業務（net new business），你也知道，當我們談到 2027、2028 時，我是說其中 85% 到 95% 已經簽下來了。所以我們知道那些價格是什麼。

We know what our costs are. That's why we're able to predict the margin expansion. We also know what the investment is going to be to launch it all. Hence, the confidence we have in more than doubling our return on invested capital over the next couple of years. So it's a business that while you book something that launches two or three years later, seems like a tall task, but the fact that we're able to understand what our prices are, costs are, investments are, it really gives credence to the ability for us to forecast.

我們知道我們的成本是什麼。這就是為什麼我們能夠預測利潤率擴張。我們也知道要把這些案子全部導入量產所需的投資會是多少。因此，我們才有信心在接下來幾年把投入資本報酬率（ROIC）提高到兩倍以上。所以這是一門生意：你今天接到的案子可能兩、三年後才量產，看起來像是一項艱鉅任務；但因為我們能掌握價格、成本與投資，這確實讓我們的預測能力更具可信度。

Now the only thing I can't forecast is volume and mix, which you point out. And despite that being a challenge for the last -- I've lost track, doesn't matter, last number of years, we continue to expand the profitability and the returns because of how we're running the business, the decisions that we're making. And most importantly, the type of people we have in our plants that are executing the heck out of the business. So we'll see what the second quarter brings. As John mentioned, the oil prices have shot up here in terms of what we had in the business plan.

現在唯一我無法預測的是量與產品組合（volume and mix），正如你所指出的。儘管這在過去——我都快記不清了，反正就是過去很多年——一直是個挑戰，我們仍然持續提升獲利能力與報酬，因為我們經營事業的方式、我們所做的決策。而最重要的是，我們工廠裡的人才，他們把這門生意執行得非常到位。所以我們看看第二季會帶來什麼。如 John 提到的，油價相對於我們的營運計畫已經大幅上升。

But contractually, we're pretty much covered there for recovery. There will be some timing issues associated with it maybe in the second quarter. But for the full year, I'm still bullish because I believe that the overall macroeconomic environment is positive. I think the geopolitical environment has to become more positive. How could it be worse? And so that's the reason I believe the second half is -- potentially has some tailwinds to it. So we'll talk to you about that in August.

但在合約上，我們基本上已涵蓋了回收（recovery）。可能在第二季會有一些與之相關的時點（timing）問題。但就全年而言，我仍然偏樂觀，因為我相信整體總體經濟環境是正面的。我認為地緣政治環境必須變得更正面。還能更糟嗎？因此我相信下半年——可能會有一些順風。我們會在八月再跟你們談這些。

Super helpful. Thanks so much.

非常有幫助。非常感謝。

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

謝謝。看起來沒有更多問題了。我現在想把電話交回給 Roger Hendriksen。

Okay. Thanks, everybody. We appreciate your continued engagement with our calls. And if you have questions that didn't come to mind and you'd like to get in touch with us, we'd certainly be open to further conversations. Just feel free to reach out to me directly. Again, we appreciate your participation this morning, and thanks for your continued trust and confidence. This will conclude our call. Thank you.

好的。謝謝各位。我們感謝大家持續參與我們的電話會議。如果你有一些當下沒想到、但想與我們聯繫的問題，我們當然也願意進一步交流。請隨時直接與我聯絡。再次感謝各位今天早上的參與，也謝謝你們持續的信任與信心。本次電話會議到此結束。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。