Commercial Vehicle Group Inc (CVGI) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to CVG's first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I will now hand the conference over to Michelle Hards, Vice President of Investor Relations. Please go ahead.

各位女士、先生，早安，歡迎參加 CVG 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本通話將被錄音。現在我將會議交給投資人關係副總裁 Michelle Hards。請開始。

Thank you, operator, and welcome, everyone, to our first quarter 2026 conference call. Joining me on the call today are James Ray, President and CEO; and Angie O'Leary, Interim Chief Financial Officer. This morning, we will provide a brief company update as well as commentary regarding our first quarter 2026 results, after which we will open the line for questions.

謝謝接線員，也歡迎各位參加我們 2026 年第一季電話會議。今天與我一同出席的有總裁暨執行長 James Ray，以及代理財務長 Angie O'Leary。今天上午我們將先提供簡要的公司近況更新，並就 2026 年第一季業績發表評論，之後將開放提問。

As a reminder, this conference call is being webcast and the Q1 2026 earnings call presentation, which we will refer to during this call is available on our website. Both may contain forward-looking statements, including, but not limited to, expectations for future periods regarding market trends, cost savings initiatives and new product initiatives, among others.

提醒各位，本次電話會議將以網路直播方式進行；我們在本次通話中將引用的 2026 年第一季財報電話會議簡報已公布於公司網站。兩者皆可能包含前瞻性陳述，包括但不限於對未來期間市場趨勢、成本節省措施與新產品計畫等的預期。

Actual results may differ from anticipated results because of certain risks and uncertainties. These risks and uncertainties may include, but are not limited to, economic conditions in the markets in which CVG operates, fluctuations in the production volumes of vehicles for which CVG is a supplier, financial covenant compliance and liquidity, risks associated with conducting business in foreign countries and currencies and other risks as detailed in our SEC filings. I will now turn the call over to James to provide some highlights on our first quarter performance.

由於若干風險與不確定性，實際結果可能與預期不同。這些風險與不確定性可能包括但不限於：CVG 營運所在市場的經濟狀況、CVG 作為供應商所對應車輛的產量波動、財務契約遵循與流動性、在海外國家與外幣環境中經營的相關風險，以及我們在向美國證券交易委員會（SEC）提交的文件中所詳述的其他風險。接下來我將把電話交給 James，請他分享我們第一季表現的重點。

Thank you, Michelle. Good morning, and thanks to all those who joined the call. Before turning to the results, I'm excited to welcome Angie O'Leary, our Interim Chief Financial Officer, to her first earnings call. Angie brings extensive knowledge of CVG to the role and her extensive experience will be critical as we look to sustain our current momentum going forward. Please turn your attention to the supplemental earnings presentation, starting on slide 3.

謝謝你，Michelle。各位早安，也感謝所有加入本次電話會議的朋友。在進入業績之前，我很高興歡迎我們的代理財務長 Angie O'Leary 參加她的第一場財報電話會議。Angie 對 CVG 具備深厚的了解；在我們展望未來並力求延續目前動能之際，她豐富的經驗將至關重要。請各位翻到補充財報簡報第 3 頁。

As we have highlighted on this slide, CVG delivered year-over-year revenue growth driven by strong results within our Global Electrical Systems and Global Seating segments. This is a testament to our efforts to reduce concentration of cyclical North American Class 8 end markets. Combined with the actions taken in recent quarters to improve operational efficiency, CVG is well positioned to capitalize on the recovery in our end markets that we are beginning to experience.

如本頁所示，CVG 在全球電氣系統（Global Electrical Systems）與全球座椅（Global Seating）兩大事業部門強勁表現帶動下，實現年對年營收成長。這也印證了我們降低對北美第 8 級（Class 8）景氣循環終端市場集中度的努力。再加上近幾季為提升營運效率所採取的行動，CVG 已具備良好條件，把握我們終端市場開始出現的復甦契機。

During the quarter, we delivered adjusted gross margin of 12.2%, up 140 basis points compared to last year and 250 basis points sequentially from the fourth quarter of 2025. The continued year-over-year and sequential improvement in profitability was again driven by our focus on improvements in operational efficiency.

本季我們的調整後毛利率為 12.2%，較去年提高 140 個基點，較 2025 年第四季亦季增 250 個基點。獲利能力持續呈現年對年與季對季改善，主要仍來自我們對提升營運效率的專注。

One of our stated objectives over the past year has been to grow our Global Electrical Systems segment. And our success is evidenced by the 14% growth in segment revenues in the quarter. This growth has been driven by the ramp of previously mentioned programs across the North American and international markets. Our Aldama, Mexico and Tangier, Morocco facilities, we have mentioned on previous calls, are serving the growing demand in this segment. Their utilization should increase further as we ramp production under our Zoox contract and other new business wins, which is expected to provide a growth tailwind starting in the second half of this year.

過去一年我們明確提出的目標之一，是擴大全球電氣系統事業部門。而我們的成果可由本季該部門營收成長 14% 充分證明。此成長主要來自先前提及之專案在北美與國際市場的放量（ramp）。我們在先前電話會議中提到的墨西哥 Aldama 與摩洛哥丹吉爾（Tangier）廠區，正用以滿足該部門日益成長的需求。隨著我們在 Zoox 合約以及其他新取得業務的量產爬坡，這些廠區的產能利用率可望進一步提升，預期自今年下半年起帶來成長順風。

Another highlight in the last quarter was the execution of a sale-leaseback transaction of our Vonore, Tennessee manufacturing facility. This facility is strategic for our Global Seating business, and we expect it to support future growth. The transaction, which we will discuss in more detail later in the call, provided us with cash that we used to pay down debt by $12.8 million since the end of 2025, facilitating a net leverage ratio reduction from 4.1 times at the end of 2025 to 3.8 times at the end of the first quarter. Our goal remains to bring leverage back down to the 2 times level over time.

上一季另一項重點，是我們完成田納西州 Vonore 製造廠的不動產售後回租（sale-leaseback）交易。該廠對我們的全球座椅業務具有策略性意義，我們預期其將支撐未來成長。此交易（我們稍後將在電話會議中更詳細說明）為我們帶來現金，使我們自 2025 年底以來得以償還 1,280 萬美元債務，並促使淨槓桿比率由 2025 年底的 4.1 倍降至第一季末的 3.8 倍。我們的目標仍是在時間推進下，將槓桿降回約 2 倍水準。

Looking forward, while there is still plenty of macroeconomic volatility and uncertainty, we are encouraged by the operational efficiency improvements we've made and the early signs of end market improvement with the Class 8 truck production projected to grow 9% in 2026, while we simultaneously benefit from the ramp-up of new business within Global Electrical Systems.

展望未來，儘管總體經濟仍存在相當程度的波動與不確定性，我們對已完成的營運效率改善，以及終端市場改善的初步跡象感到鼓舞；預估 2026 年第 8 級卡車產量將成長 9%，同時我們也將受惠於全球電氣系統事業部門新業務的放量。

Our focus for the balance of the year remains on continued disciplined execution, prudent cost management and putting CVG in a position to drive accretive growth due to improving demand trends.

今年剩餘期間，我們的重點仍是持續以紀律執行、審慎的成本管理，並讓 CVG 在需求趨勢改善之下，具備推動具增益性（accretive）成長的條件。

Turning to slide 4. I will provide more details on what we're seeing in the Global Electrical Systems segment. I'll get into the drivers momentarily, but we continue to expect our Global Electrical Systems segment sales to increase more than 10% in 2026. Again, this increase is driven by the continued ramp-up of new business wins, which is accelerating the utilization of our recent capacity additions in Mexico and Morocco.

接著看第 4 頁。我將更詳細說明我們在全球電氣系統事業部門所觀察到的情況。我稍後會談到成長動因，但我們仍預期 2026 年全球電氣系統事業部門銷售額將成長超過 10%。同樣地，這項成長來自持續放量的新業務得標，並加速我們近期在墨西哥與摩洛哥新增產能的利用率提升。

The structural improvements to our business model in this segment are helping to drive growth and reduce volatility. The biggest driver of recent performance as well as our expectations for growth in 2026 and beyond is the ramp of new business previously won.

該部門商業模式的結構性改善，正協助推動成長並降低波動。近期表現以及我們對 2026 年及其後成長的預期，最大驅動因素是先前已取得之新業務的放量。

We spoke last quarter about the Zoox robotaxi program, and we are starting to ramp production to support that program. This ramp is expected to solidify CVG as a strategic supplier to the autonomous vehicle sector. As Zoox and other programs ramp up, we are seeing improved utilization at our new production facilities in Aldama, Mexico and Tangier, Morocco, helping drive margin expansion.

我們在上一季談到 Zoox 機器人計程車（robotaxi）專案，而我們已開始提升產量以支援該專案。預期此一放量將鞏固 CVG 作為自動駕駛車領域策略性供應商的地位。隨著 Zoox 與其他專案逐步放量，我們看到墨西哥 Aldama 與摩洛哥丹吉爾新廠的產能利用率提升，進而帶動毛利率擴張。

The low-cost facilities have the capability to meet the unique needs of programs such as Zoox and other new programs. As these ramp-ups continue and other programs contribute, we expect to see continued margin improvement throughout 2026 and beyond for the Global Electrical Systems segment. With that, I would like to turn the call over to Angie for a more detailed review of our financial results.

這些低成本廠區具備能力滿足 Zoox 等專案及其他新專案的獨特需求。隨著這些放量持續進行並有其他專案貢獻，我們預期全球電氣系統事業部門在 2026 年及其後將持續改善毛利率。接下來，我想把電話交給 Angie，請她更詳細檢視我們的財務結果。

Thank you, James, and good morning, everyone. If you're following along in the presentation, please turn to slide 5. Consolidated first quarter 2026 revenue was $171.5 million compared to $169.8 million in the prior year period. The increase in revenues was primarily due to higher sales in Global Electrical Systems and Global Seating, partially offset by lower sales in Trim Systems and Components. Adjusted EBITDA was $4.8 million for the first quarter compared to $5.8 million in the prior year period.

謝謝你，James，各位早安。如果您正在跟著簡報進行，請翻到第 5 頁投影片。2026 年第一季合併營收為 1.715 億美元，較去年同期的 1.698 億美元增加。營收增加主要來自全球電氣系統與全球座椅的銷售成長，部分被飾件系統與零組件銷售下滑所抵銷。第一季調整後 EBITDA 為 480 萬美元，去年同期為 580 萬美元。

Adjusted EBITDA margins were 2.8%, down 60 basis points compared to adjusted EBITDA margins of 3.4% in the first quarter of 2025, driven primarily by higher SG&A expenses, partially offset by higher gross margins. Interest expense was $4.1 million compared to $2.5 million in the first quarter of 2025, driven by higher interest rates resulting from our refinancing completed in the second quarter of 2025.

調整後 EBITDA 利潤率為 2.8%，較 2025 年第一季調整後 EBITDA 利潤率 3.4% 下降 60 個基點，主要因 SG&A（銷售、一般及行政）費用較高，部分被較高的毛利率所抵銷。利息費用為 410 萬美元，較 2025 年第一季的 250 萬美元增加，主因我們於 2025 年第二季完成再融資後，利率上升所致。

Net income for the quarter was $0.9 million or $0.03 per diluted share compared to a net loss of $3.1 million or a loss of $0.09 per diluted share in the prior year period. GAAP net income for the quarter included multiple items worth noting, including a gain on sale of assets of $14 million, a warrant liability revaluation expense of $5 million and a loss on partial extinguishment of debt of $2 million, all on a pretax basis. The gain on sale and loss on extinguishment of debt related to the sale-leaseback transaction of our Vonore, Tennessee manufacturing facility.

本季淨利為 90 萬美元，或每股稀釋盈餘 0.03 美元；去年同期為淨損 310 萬美元，或每股稀釋虧損 0.09 美元。本季 GAAP 淨利包含多項值得注意的項目（稅前），包括資產出售利益 1,400 萬美元、認股權證負債重估費用 500 萬美元，以及部分債務清償損失 200 萬美元。資產出售利益與債務清償損失，皆與我們位於田納西州 Vonore 製造廠的售後回租交易相關。

Adjusted net loss for the quarter was $3.4 million or a loss of $0.10 per diluted share compared to adjusted net loss of $2.6 million or a loss of $0.08 per diluted share in the prior year period. Net income and adjusted net loss were impacted by higher sales and improved gross margin performance, offset by higher SG&A and interest expense.

本季調整後淨損為 340 萬美元，或每股稀釋虧損 0.10 美元；去年同期調整後淨損為 260 萬美元，或每股稀釋虧損 0.08 美元。淨利與調整後淨損受到較高銷售與毛利率表現改善的正面影響，但被較高的 SG&A 與利息費用所抵銷。

Free cash flow from continuing operations for the quarter was $11.7 million compared to $11.2 million in the prior year period, aided by our recently executed sale-leaseback transaction. At the end of the first quarter, our net leverage ratio calculated as our net debt divided by our trailing 12-month adjusted EBITDA from continuing operations was 3.8 times, down from 4.1 times at the end of 2025. Turning to slide 6.

本季來自持續營運的自由現金流為 1,170 萬美元，去年同期為 1,120 萬美元，並受惠於我們近期執行的售後回租交易。第一季末，我們的淨槓桿比率（以淨負債除以持續營運過去 12 個月調整後 EBITDA 計算）為 3.8 倍，較 2025 年底的 4.1 倍下降。接著看第 6 頁投影片。

I want to highlight the year-over-year and sequential adjusted gross margin improvement we saw in the first quarter. Reflecting back to the strategic portfolio and footprint actions taken in 2024, we've shown continued improvement on the gross margin front. We've driven structural improvement in our operations through both footprint consolidation and operational efficiencies. We continue to optimize our supply chain even in the face of tariff changes and input cost increases. We've seen improvement in plant productivity as well, helping to reduce costs and waste.

我想強調我們在第一季看到的年對年以及季對季調整後毛利率改善。回顧 2024 年採取的策略性產品組合與據點（footprint）行動，我們在毛利率方面持續改善。我們透過據點整併與營運效率提升，推動營運的結構性改善。即使面對關稅變動與投入成本上升，我們仍持續優化供應鏈。我們也看到工廠生產力提升，有助於降低成本與浪費。

And finally, our focus on driving product mix improvement and recovering tariff and other cost increases through pricing are supporting margins. Our continued focus in these areas should drive additional operating leverage as volumes recover.

最後，我們專注於改善產品組合，並透過定價回收關稅及其他成本上升，這些都在支撐利潤率。我們在這些領域的持續聚焦，應可在銷量回升時帶來更多營運槓桿。

Turning to slide 7. I'd like to highlight our progress on our deleveraging efforts. As previously stated, net debt to adjusted EBITDA stood at 3.8 times at the end of the first quarter of 2026, down from 4.1 times at the end of 2025, aided by our recently completed sale-leaseback transaction involving our Vonore, Tennessee manufacturing facility.

接著看第 7 頁投影片。我想強調我們在去槓桿（deleveraging）方面的進展。如先前所述，2026 年第一季末淨負債對調整後 EBITDA 為 3.8 倍，較 2025 年底的 4.1 倍下降，並受惠於我們近期完成、涉及田納西州 Vonore 製造廠的售後回租交易。

This transaction generated $16 million in gross proceeds with the net proceeds of $14.6 million used to prepay a portion of our existing term loan facility. We reduced total debt by $12.8 million in the quarter. Under the terms of the agreement, CVG leases back the Vonore property for a 20-year term with an initial annual base rent of approximately $1.4 million for the first year. This transaction demonstrates our commitment to cash generation and deleveraging to better position CVG driving future growth and shareholder value. We remain focused on achieving our targeted goal of 2 times net leverage.

該交易帶來 1,600 萬美元的總收益，其中 1,460 萬美元的淨收益用於提前償還我們既有定期貸款融資的一部分。本季我們將總負債減少 1,280 萬美元。依協議條款，CVG 以 20 年期租回 Vonore 物業，第一年初始年度基本租金約為 140 萬美元。此交易展現我們對現金創造與去槓桿的承諾，以更好地讓 CVG 具備推動未來成長與股東價值的定位。我們仍專注於達成淨槓桿 2 倍的目標。

Moving to the segment results, starting on slide 8. Our Global Seating segment achieved revenues of $74.5 million, an increase of 1.5% compared to the year ago quarter, with the increase primarily driven by higher international volumes, offset by decreased customer demand in North America. Adjusted operating income was $3.6 million, an increase of $0.9 million compared to the prior year period as operational efficiencies drove expanded margins on higher sales volumes in the quarter.

接著看各事業部門的表現，從第 8 頁投影片開始。我們的全球座椅事業部門營收為 7,450 萬美元，較去年同期增加 1.5%；成長主要由國際出貨量增加帶動，但被北美客戶需求下降所抵銷。調整後營業利益為 360 萬美元，較去年同期增加 90 萬美元，主要因營運效率提升，在本季較高銷售量下帶動利潤率擴張。

Turning to slide 9. Our Global Electrical Systems segment first quarter revenues were $57.4 million, an increase of 13.9% compared to the year ago quarter, primarily due to the ramp of previously awarded new business wins in North America and internationally.

接著看第 9 頁投影片。我們的全球電氣系統事業部門第一季營收為 5,740 萬美元，較去年同期增加 13.9%，主要因先前取得的新業務訂單在北美及國際市場逐步放量（ramp）所致。

Adjusted operating income for the first quarter was $0.5 million, an increase of $0.3 million compared to the prior year period, primarily attributable to increased sales volumes and operational efficiencies. As production continues to ramp in 2026, boosted by the Zoox robotaxi program, we remain well positioned to drive continued growth and margin expansion in this segment.

第一季調整後營業利益為 50 萬美元，較去年同期增加 30 萬美元，主要歸因於銷售量增加與營運效率提升。隨著 2026 年產量持續爬坡，並受 Zoox robotaxi 計畫帶動，我們仍具備良好條件，推動該事業部門持續成長與利潤率擴張。

Moving to slide 10. Our Trim Systems and Components revenues in the first quarter decreased 13.9% to $39.5 million compared to the year ago quarter due to lower sales volume from softening customer demand. As a reminder, this segment solely serves the North American market and is most directly impacted by the reduction in Class 8 production volumes, which were down 27% year-over-year in the first quarter based on ACT data.

接著看第 10 頁投影片。我們的飾件系統與零組件事業部門第一季營收較去年同期下降 13.9% 至 3,950 萬美元，原因是客戶需求轉弱導致銷售量下滑。提醒一下，該事業部門僅服務北美市場，且最直接受到 Class 8 產量下滑影響；根據 ACT 數據，第一季 Class 8 產量年減 27%。

Adjusted operating profit for the first quarter was $0.1 million compared to $1.6 million in the prior year period. The decrease is primarily attributable to lower demand levels. However, we did see sequential improvement from Q4 of 2025 of 620 basis points in gross margin and 430 basis points in adjusted operating margin, indicating that our previous actions to reduce headcount should position the segment with improved operating leverage as North America Class 8 truck production recovers.

第一季調整後營業利益為 10 萬美元，去年同期為 160 萬美元。下滑主要歸因於需求水準較低。不過，相較 2025 年第四季，我們的毛利率季增 620 個基點、調整後營業利益率季增 430 個基點，顯示我們先前採取的減員措施，應可在北美 Class 8 卡車產量回升時，讓該事業部門具備更佳的營運槓桿。

That concludes my financial overview commentary. I will now turn the call back over to James to cover our end market outlook, key strategic actions and a review of our 2026 guidance.

以上就是我的財務概覽評論。接下來我把電話交回給 James，由他說明我們的終端市場展望、關鍵策略行動，以及對 2026 年財測指引的回顧。

Thank you, Angie. I will start with our key end market outlook on slide 11. According to ACT's Class 8 heavy truck build forecast, 2026 estimates now imply a 9% increase in year-over-year volumes. ACT is then forecasting a decline of 2% in 2027 before rebounding 25% in 2028. Similar to last quarter, we also think it is helpful to provide a more granular drill down into the quarterly ACT data and outlook.

謝謝你，Angie。我將從第 11 頁投影片的主要終端市場展望開始。根據 ACT 的 8 級重型卡車產量預測，2026 年的估計目前意味著年對年出貨量增加 9%。ACT 接著預測 2027 年將下滑 2%，並在 2028 年反彈 25%。與上季類似，我們也認為提供對 ACT 季度數據與展望更細緻的拆解會很有幫助。

Q1 2026 production came in at 54,000 with expectations for a meaningful uptick in Q2 and further growth in Q3 and Q4. Moving to our construction market outlook. Based on recent commentary and outlooks from our customers and key market players, we expect the construction market to be up in the low single-digit percentage range, primarily driven by lower interest rates and fiscal stimulus initiatives for 2026.

2026 年第一季產量為 54,000 輛，預期第二季將明顯回升，第三季與第四季將進一步成長。接著談我們的建築市場展望。根據近期客戶與關鍵市場參與者的評論與展望，我們預期 2026 年建築市場將以低個位數百分比成長，主要由較低利率與財政刺激措施所帶動。

Turning to slide 12. I will share several thoughts on our outlook for 2026. Our guidance ranges are based on current macroeconomic trends, forecasted Class 8 truck build rates, demand levels in construction markets and the ramp of new business. In spite of continued macroeconomic uncertainty, we are reaffirming our net sales and adjusted EBITDA guidance ranges for 2026.

請看第 12 頁投影片。我將分享幾點我們對 2026 年展望的看法。我們的指引區間係基於目前的總體經濟趨勢、預測的 8 級卡車產量、建築市場的需求水準，以及新業務的爬坡進度。儘管總體經濟不確定性仍在，我們仍重申 2026 年的淨銷售額與調整後 EBITDA 指引區間。

Our net sales guidance range of $660 million to $700 million, which again represents a growth of nearly 5% over 2025 results at the midpoint, remains supported by strong growth in our Global Electrical Systems segment.

我們的淨銷售額指引區間為 6.60 億至 7.00 億美元；以中位數計，較 2025 年結果成長近 5%。此一展望仍受到全球電氣系統（Global Electrical Systems）事業部強勁成長的支持。

Our adjusted EBITDA guidance range of $24 million to $30 million represents growth of approximately 50% over 2025 results at the midpoint of the range, reflecting the operational leverage we expect to see as end markets recover, driving increased capacity utilization. Based on our first quarter performance, the expected program ramps and current customer demand levels, we have maintained these ranges.

我們的調整後 EBITDA 指引區間為 2,400 萬至 3,000 萬美元；以區間中位數計，較 2025 年結果成長約 50%，反映我們預期終端市場復甦時將帶來的營運槓桿，進而提升產能利用率。基於第一季表現、預期的專案爬坡，以及目前客戶需求水準，我們維持這些區間不變。

But if ACT Class 8 forecast play out as projected, we'd expect both metrics to come in toward the high end of the ranges provided and plan to give a further update on our second quarter earnings call.

但若 ACT 的 8 級卡車預測如其所示地實現，我們預期兩項指標都將落在所提供區間的高端，並計畫在第二季財報電話會議上提供進一步更新。

Finally, we continue to expect to generate positive free cash flow in 2026, supported by the recent sale-leaseback transaction. We expect to prioritize free cash flow for debt paydown, driving net leverage toward our targeted leverage ratio of 2 times.

最後，我們仍預期 2026 年將產生正的自由現金流，並受近期售後回租（sale-leaseback）交易的支持。我們預期將優先運用自由現金流償還債務，推動淨槓桿朝我們目標的 2 倍槓桿比率邁進。

With that, I will now turn the call back to the operator and open up the line for questions. Operator?

以上，我現在把電話交回給接線員，並開放提問。接線員？

(Operator Instructions)

(接線員指示)

Joe Gomes, NOBLE Capital.

Joe Gomes，NOBLE Capital。

I like the momentum we're seeing. So I just wanted to start out, James, you talked on the Global Electrical Systems about the differentiated solutions and positioning the company to increase content per vehicle. And I was wondering if you could give us a little more color there. I don't want to give exact numbers maybe on percentages. I mean, how much growth could we see in terms of the increased content per vehicle and kind of like what's the timing on that?

我喜歡我們看到的動能。所以我想先從這裡開始，James，你談到全球電氣系統的差異化解決方案，以及讓公司能提高每輛車的內容價值（content per vehicle）的定位。我想請你再多補充一些細節。我不希望你給出精確數字，可能也不用講百分比。我的意思是，就每輛車內容價值提升而言，我們可能看到多少成長？以及大概的時間點是什麼？

Thank you, Joe. That's a good question. And it really varies by the architecture of the vehicle in the end market. So for example, we talked about Zoox autonomous vehicles. Due to the redundant nature from a safety perspective, the electrical content in an autonomous vehicle is almost double because of the redundancy.

謝謝你，Joe。這是個好問題。而且這會因終端市場車輛的架構而有很大差異。例如，我們談到 Zoox 的自動駕駛車。由於安全角度需要冗餘設計，自動駕駛車的電氣內容幾乎會因冗餘而增加到接近兩倍。

So that is one indicator that's going to give us a lot of opportunity for growth. Also, in our legacy end markets with construction agriculture and even in the Class 8 market, as vehicles develop more content for either autonomous operation or feature comfort additions, that increases the content in our legacy end markets as well.

因此，這是一個將帶給我們大量成長機會的指標。此外，在我們既有的終端市場（如建築、農業，甚至 8 級市場）中，隨著車輛為了自動化操作或舒適性功能的增加而導入更多內容，我們既有終端市場中的內容價值也會隨之提升。

And there's not really a number I could put on it, but I would say it's incremental to our current share of wallet per vehicle. And then in addition to that, some of the new business that we continue to win, we're focused on these higher content applications, which will allow us to continue to further utilize the capacity we have in place and also plan for additional capacity as time goes on and these volumes continue to ramp up. We have enough capacity to support us in electrical for the next year or so.

這部分我很難給出一個具體數字，但我會說，它會在我們目前每輛車的錢包份額（share of wallet）基礎上帶來增量。另外，我們持續贏得的一些新業務，也聚焦在這些高內容價值的應用，這將使我們能進一步利用既有產能，並隨著時間推進、這些量持續爬坡，規劃額外產能。就電氣業務而言，我們有足夠的產能支撐未來一年左右的需求。

But this time next year, we'll be planning additional -- potential additional capacity if these programs continue to ramp as planned and if the markets continue to recover as planned.

但到明年這個時候，如果這些專案如計畫持續爬坡、且市場如預期復甦，我們將規劃額外——可能的額外產能。

Okay. Great. And then the Class 8 truck market, we're seeing another -- or we've seen since the beginning of the year, really strong order growth. I think the report came out yesterday, April marked the third straight month exceeding 140% year-over-year growth. Just from where you sit, I know you guys look at the ACT numbers, ACT is talking about 9% growth year-over-year.

好的。很好。另外，8 級卡車市場方面，我們看到另一波——或者說自年初以來，我們看到非常強勁的訂單成長。我想昨天的報告指出，4 月已是連續第三個月年對年成長超過 140%。就你們的角度來看，我知道你們會看 ACT 的數據，ACT 談的是年對年成長 9%。

Do you think maybe that number, if we continue to see these types of levels could be low for the year?

你是否認為，如果我們持續看到這種水準，這個數字可能對全年而言偏低？

Well, as you know, and as you've stated previously, there is volatility in the truck build forecast. And it's not as a result of ACT not fully comprehending what the opportunities are. It's more of a result of external exogenous events that happen, whether it's constraints on supply chain, freight due to geopolitical, whether it's tariffs, whether it's interest rates.

嗯，如你所知、也如你先前所說，卡車產量預測存在波動。這並不是因為 ACT 沒有充分理解機會所在。更多是外部、外生事件所造成的結果，無論是供應鏈限制、因地緣政治導致的貨運變化，或是關稅、利率等因素。

So all indications right now based on the inbound orders really over the last five months, their forecast, I have a level of confidence in that it will sustain these levels. Now anything can happen, and that's why we're a little cautious on our guidance change right now because we really based our guidance on this customer -- specific customer forecast by end market and by model that we participate on.

因此，就目前所有跡象來看，基於過去五個月的新增訂單，我對他們的預測能維持在這些水準有一定信心。當然任何事都可能發生，這也是我們目前在調整指引上較為謹慎的原因，因為我們的指引主要是以客戶——針對我們參與的各終端市場與各車型——所提供的特定客戶預測為基礎。

So we are seeing in our schedules finishing up Q2 and going into Q3, projected build increases from our large Class 8 customers. Also, in addition to that, now that we're formally in production on the Zoox autonomous robotaxi program, we're seeing more firm schedules as they ramp their factory in California to build vehicles.

因此，我們在排程上看到，隨著第二季結束並進入第三季，我們大型 Class 8 客戶的預估整車產量將增加。此外，現在我們已正式進入 Zoox 自動駕駛 robotaxi 計畫的量產階段，隨著他們在加州的工廠擴產以生產車輛，我們也看到更為確定的排程。

So we're working collaboratively with both Class 8 end markets and our ConAg end markets as well as the autonomous and electric vehicles we're participating on. And that's really probably the heaviest weighting that we put on our guidance. ACT is a data point as well as we look at the industry reports and earnings reports from our large customers, too, as they have projections.

因此，我們正與 Class 8 終端市場、我們的 ConAg 終端市場，以及我們所參與的自動駕駛與電動車專案進行協同合作。而這大概就是我們在指引中賦予最高權重的部分。ACT 是一個參考數據點；同時我們也會查看產業報告，以及我們大型客戶的財報與法說內容，因為他們也有相關預測。

And the qualifier I'll put out there, too, Joe, is that there are supply chain constraints that OEMs, Tier 1s, Tier two suppliers have to deal with. And the turnaround, if you look sequentially from Q1 to Q2 and then Q2 to Q3 from a projected truck build standpoint, there could be some pressure on the supply chain to be able to respond to that type of increase.

另外我也要補充一點，Joe：OEM、Tier 1 與 Tier 2 供應商都必須面對供應鏈限制。而從卡車預估產量的角度來看，如果你按序比較第一季到第二季、以及第二季到第三季的變化，供應鏈在回應這種增幅時可能會承受一些壓力。

The trade issues, the fuel prices, those impact those constraints as well, all the way down to Tier 2, Tier 3, Tier 4 suppliers as well as freight carriers. So we're being cautious right now. And I think as we get through Q2 and have better visibility into Q3, we'll have a better understanding of whether or not there is upside to that ACT forecast.

貿易議題、燃油價格也會影響這些限制，一路影響到 Tier 2、Tier 3、Tier 4 供應商以及貨運承運商。所以我們目前保持審慎。我認為當我們走過第二季、對第三季有更好的能見度時，我們會更清楚 ACT 預測是否存在上行空間。

One more and then I'll get back in queue. SG&A was up about $2.5 million year-over-year. Maybe you could just give us a little more color as to what was behind that increase and whether that the first quarter number is a good number going forward? Or do you think that comes back down for the rest of the year on a quarterly basis?

再問一個問題我就回到隊列。SG&A 年增約 250 萬美元。你能否再多提供一些背景，說明這項增加的原因，以及第一季的數字是否可作為未來的參考？或者你認為今年其餘季度在單季基礎上會回落？

Yes, I can jump in there. The SG&A increase for the quarter is really driven by our incentive compensation coming back over the prior year. And we have different parts of that program. Part of it is related to a long-term performance awards that are tied to our stock price, and those awards get valued quarterly. And I would expect that we'll continue to see SG&A at this level for the balance of the year.

好的，我可以回答。本季 SG&A 的增加主要是因為我們的激勵性薪酬相較去年回升。而該計畫包含不同部分。其中一部分與與股價連動的長期績效獎勵有關，這些獎勵會按季進行估值。我預期今年剩餘期間 SG&A 會維持在這個水準。

Yes. I'd like to add to that also, Joe, is that as you're aware, we've had a lot of focus really over the past 6 quarters on adjusting SG&A down. And we've eliminated quite a few heads across the globe in response to the market softness, which helped us preserve margin. As we ramp back up as far as like adding shifts to some of our plants, we need more salary people and support people. If those volumes hit that ACT is forecasting in several of our plants, we have to add another shift.

是的。我也想補充，Joe，如你所知，過去 6 個季度我們一直非常專注於下調 SG&A。為了因應市場疲弱，我們在全球裁減了相當多的人力，這有助於我們維持利潤率。當我們開始回升，例如在部分工廠增加班次時，我們需要更多的薪資人員與支援人員。如果 ACT 預測的那些產量在我們幾個工廠實現，我們就必須再增加一個班次。

We have the floor space. We have the equipment. We're just going to have to bring labor back in, both direct labor and indirect labor as well as salary expense. So we're starting to see that in some of the plants that we're ramping up in. But our intention is to harvest the entitled operating leverage and really look at the SG&A adds very surgically.

我們有廠房空間。我們有設備。我們只是必須把人力補回來，包括直接人力與間接人力，以及薪資費用。因此，在我們正在擴產的部分工廠，我們已開始看到這種情況。但我們的目標是取得應有的營運槓桿，並以非常精準的方式審視 SG&A 的增補。

The compensation and benefits and those things, that's one piece. But the thing that is really our focus is headcount and expense, discretionary expense as well as expense related to starting up. But we would expect that level to hold throughout the year as a percent of sales, if not have some improvement if sales really go up, we'll get more leverage through there.

薪酬與福利等是其中一塊。但我們真正聚焦的是人頭數與費用、可自由裁量費用，以及與啟動/投產相關的費用。不過我們預期，若以銷售額百分比來看，這個水準會在全年維持；若銷售真的上升，甚至可能有所改善，因為我們會在這部分取得更多槓桿效益。

Gary Prestopino, Barrington.

Barrington 的 Gary Prestopino。

I think you may have answered this question, but when you talked about you have enough capacity through 2026 for what's going on, particularly in the Global Electrical business, you will not have to look for a new facility. You have room in your existing facility to add lines. And I think that you answered that question when you were talking about the last --

我想你可能已經回答過這個問題，但當你提到在 2026 年之前，特別是在全球電氣（Global Electrical）業務方面，你們有足夠的產能，不需要尋找新廠房。你們在現有廠房內有空間可以新增產線。我想你在談到上一個問題時已經回答了這點。--

That's correct.

沒錯。

Okay. All right. So we're not looking at any big major expenses related to new plants.

好的。好。所以我們不會有任何與新建工廠相關的大額重大支出。

Not for another year or so, Gary.

至少還要再過一年左右才會，Gary。

Not for another year?

至少還要再過一年？

Yes. We will not be looking at adding additional floor space for at least another year or so. But it depends on how volumes ramp, but we should be good until the end of '27 before we start adding another rooftop for electrical based on floor space and capacity we have.

是的。至少在接下來一年左右，我們不會考慮增加額外的廠房面積。但這取決於產量爬坡的速度；不過就我們現有的廠房面積與產能而言，在電氣業務方面，我們應該可以一直到 2027 年底都沒問題，之後才需要再新增一個廠房屋頂（新廠區）。

Well, if you do, that means everything is going real well.

嗯，如果你們真的要做，那就代表一切進展得非常順利。

That's a good problem to have.

那是個好問題（好煩惱）。

It sure is. In terms of the Global Electrical, can you maybe break down for us just what percentage of that business is going to -- strictly to the EV market and then further break it down as to the percentage that's going to North America and Europe? Because obviously, the North American market on the EV side is getting hit. But what I'm hearing is that Europe and China are still going full bore at building and selling EVs.

確實是。就全球電氣業務而言，你能否幫我們拆解一下：其中有多少比例是—嚴格來說—流向電動車（EV）市場？再進一步拆解，流向北美與歐洲的比例各是多少？因為很明顯，北美的 EV 市場正受到衝擊。但我聽到的是，歐洲和中國在生產與銷售 EV 方面仍然全速進行。

About 10% to 12% of our business goes into the EV market to date. The majority of it is in EMEA. And we have some programs here in North America, but Zoox will become the largest EV end market as it ramps. And that percentage of revenue -- of total revenue for EV will grow pretty substantially as a percent of the total EV as Zoox ramps up in North America. And we still have business that we won in EMEA that has not launched.

截至目前，我們約有 10% 到 12% 的業務流向 EV 市場。其中大部分在 EMEA。我們在北美也有一些專案，但隨著 Zoox 爬坡，它將成為最大的 EV 終端市場。而 EV 的營收占比—占總營收的比例—將隨著 Zoox 在北美的爬坡而相當大幅提升。此外，我們在 EMEA 贏得的一些業務尚未量產上市。

So as that business ramps, we would expect the EMEA percentage to also increase as a percent of their total sales.

因此，隨著該業務逐步擴張，我們預期 EMEA 的占比也會在其總銷售額中提高。

Okay. So you're still launching some business in EMEA as well. All right. I think I may have asked Michelle's question a while back. But in terms of Zoox, how long is that contract for?

好的。所以你們在 EMEA 也仍在啟動一些業務。好。我想我之前可能已經問過 Michelle 的問題。但就 Zoox 而言，那份合約期限是多久？

Well, we have agreements with Zoox that really take us through the end of the decade here. We have supply agreements and statements of work that carry us over the next few years. Zoox has a number of programs in the future that they will continue to bring new models to market.

嗯，我們與 Zoox 的協議基本上會延續到本十年末。我們有供應協議以及工作說明書（SOW），可支撐我們未來幾年的合作。Zoox 未來有多個專案，將持續把新車型推向市場。

That's their plan. I can't speak for Zoox or what the timing is or what the configuration of those models are, but we have been in close collaboration with them on both the current model that just started production as well as the next-generation models that they're starting to evaluate.

那是他們的計畫。我無法代表 Zoox 發言，也無法說明時程或那些車型的配置，但我們一直與他們密切合作，涵蓋剛開始量產的現行車型，以及他們正開始評估的下一代車型。

Okay. And then lastly, just getting back to -- just talking about Global Seating. How does that break out between aftermarket and OEM? Or is it mostly OEM? I'm not -- I just want to get clarification on that.

好的。最後，再回到——談一下 Global Seating。售後市場與 OEM 的占比如何拆分？還是主要是 OEM？我不——我只是想釐清一下。

Yes. Aftermarket sales are approximately $50 million to $60 million. It depends on the volume and the promotional and the seasonality. But in general, it's in that range of the total Seating business. The positive things that we're seeing in that Aftermarket business, as we've talked about in prior earnings calls, we were putting a lot of focus on our field sales rep organization and the management of that as well as bringing out new configurations as shown in the slide deck for the presentation to promote certain aspects of the current market interest.

是的。售後市場銷售約為 5,000 萬至 6,000 萬美元。會視銷量、促銷以及季節性而定。但整體而言，在座椅業務總量中大致落在這個區間。我們在售後市場業務看到的正面訊號，如同先前法說會提到的，我們把重點放在外勤業務代表組織及其管理，同時也推出新的配置，如簡報投影片所示，用以推廣目前市場關注的某些面向。

whether it's the 250th anniversary or whether it's a Hunter special that you've seen on the slide. And we're seeing orders to date up about 20% on our Aftermarket orders. Obviously, they're timed at different points for delivery. But one of the things that has enabled us to generate higher orders year-over-year is our capacity alignment and getting fast turnaround on shipments. So we're really focused on getting seats out within five to seven days of the order, if not sooner.

不論是 250 週年紀念款，或是你在投影片上看到的 Hunter 特別款。截至目前，我們的售後市場訂單年增約 20%。當然，交付時間點會有所不同。但讓我們能夠年對年帶來更高訂單量的因素之一，是我們的產能配置到位，以及出貨能快速周轉。因此我們非常專注於在下單後 5 到 7 天內（若非更快）把座椅出貨。

Sometimes it's a little longer depending on the configuration. But we see that as a growth driver, especially with the Class 8 truck production to date has been low. We've been really putting a lot of focus on that. So not only when the production comes back to higher levels, there is an opportunity to continue to drive further aftermarket orders as well. So we're really excited about that segment.

有時會因配置不同而稍微久一些。但我們認為這是成長動能，尤其是在目前 Class 8 卡車產量偏低的情況下。我們一直非常聚焦在這一塊。因此，不僅當產量回升到較高水準時會有機會，我們也有機會持續推動更多售後市場訂單。所以我們對這個區隔非常振奮。

It's had a lot of success, and we're going to continue to invest in it because from an earnings profile, it's very attractive to us from a mix standpoint. We have more promotional opportunity, and we have more margin opportunity as well.

這個業務已經取得很大成功，我們也會持續投資，因為從獲利結構來看，就產品組合而言對我們非常有吸引力。我們有更多促銷空間，也有更多毛利提升空間。

Okay. And just lastly, when we're talking about commercial and off-highway seats, the OEM market, that runs anywhere from Class 8 to things like Volvos or stuff like that?

好的。最後，當我們談到商用與非公路用座椅時，OEM 市場涵蓋從 Class 8 到像 Volvo 之類的產品或其他類似的嗎？

Yes, that's correct. But it's primarily Class 8. We do have seating products globally, not just in North America, but in EMEA and in APAC outside of heavy-duty truck. And most of our business outside of North America is tied to ConAg and other end markets, office seating, stadium seating, bus seating. There are a number of categories when you look at our footprint outside of North America that we have a lot more traction in outside of heavy-duty truck.

是的，沒錯。但主要還是 Class 8。我們的座椅產品是全球布局，不僅在北美，也在 EMEA 以及 APAC，且不僅限於重型卡車。我們在北美以外的大部分業務與 ConAg 及其他終端市場相關，例如辦公座椅、體育場座椅、巴士座椅。當你看我們在北美以外的布局時，會發現除了重型卡車之外，我們在多個類別都有更強的滲透。

So that also opens up the window for us to put more emphasis on growing heavy-duty truck in some of those areas as well as here in North America, kind of a cross-sell looking at can we get into other end markets in North America. And we do have ConAg seats that we produce in our Vonore, Tennessee plants as well. So with the sale leaseback, that's now a very strategic long-term portion of our footprint. And we're really excited about continuing to invest in that site for future growth in the Seating business.

因此，這也為我們打開一個窗口，讓我們能在那些地區以及北美這裡，更加著重於成長重型卡車業務；同時也可透過交叉銷售思維，看看我們是否能在北美切入其他終端市場。我們也確實在田納西州 Vonore 的工廠生產 ConAg 座椅。因此，隨著售後租回（sale leaseback），那裡如今成為我們版圖中非常具策略性的長期據點。我們也非常期待持續投資該據點，以支持座椅業務未來成長。

(Operator Instructions) This concludes the Q&A session. I will now turn the call back to Mr. Ray for closing remarks.

（接線員指示）問答環節到此結束。我現在把電話交回給 Ray 先生作結語。

Thank you. Thank you all for joining today's call. I also want to thank the employees of CVG who really helped deliver strong results and are excited about our growth prospects going forward. We continue to execute and deliver on our goals of driving operational efficiency, improving our revenue mix and driving accretive growth. We've made substantial progress operationally, and we are positioned to drive both growth and margin improvement as end markets recover.

謝謝。感謝各位參加今天的電話會議。我也要感謝 CVG 的員工，他們確實協助我們交出強勁成果，並對未來的成長前景感到振奮。我們持續執行並達成目標：提升營運效率、改善營收組合並推動具增益性的成長。我們在營運面已取得重大進展，且隨著終端市場復甦，我們已就位以推動成長與毛利率改善。

We look forward to updating CVG's progress next quarter. Thank you.

我們期待在下個季度更新 CVG 的進展。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。