Dauch Corp (DCH) 2026 Q1 法說會逐字稿

Good morning. My name is Rocco, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Dauch Corporation First Quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

早安。我叫 Rocco，今天將擔任本次會議的主持人。此刻，我謹代表公司歡迎各位參加 Dauch Corporation 2026 年第一季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。

I would now like to turn the call over to Mr. David Lim, Head of Investor Relations. Please go ahead, Mr. Lim.

現在我想把電話交給投資人關係主管 David Lim 先生。Lim 先生，請開始。

Thanks, Rocco. Thank you, and good morning, everyone. I'd like to welcome everyone who is joining us on Dauch Corporation's first quarter earnings call.

謝謝你，Rocco。謝謝各位，大家早安。歡迎各位參加 Dauch Corporation 第一季財報電話會議。

Now earlier this morning, we released our first quarter of 2026 earnings announcement. You can access this announcement on the Investor Relations page of our website, www.dauch.com and through the PR Newswire services. You can also find supplemental slides for this conference call on the Investor page of our west as well. A replay of this call will be available through May 15.

今天稍早，我們已發布 2026 年第一季財報新聞稿。您可至我們網站 www.dauch.com 的投資人關係頁面以及透過 PR Newswire 服務取得該公告。您也可以在我們網站的投資人頁面找到本次電話會議的補充簡報投影片。本次電話會議的重播將提供至 5 月 15 日。

Now before we begin, I'd like to remind everyone that the matters discussed in this call may contain comments and forward-looking statements that are subject to risks and uncertainties and which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed.

在開始之前，我想提醒各位，本次電話會議所討論的事項可能包含評論與前瞻性陳述；此類陳述受風險與不確定性影響，無法預測或量化，且可能導致未來活動與營運結果與所討論內容出現重大差異。

For additional information, please reference slide 2 of our investor presentation or the press release that was issued today. Also, during this call, we may refer to certain non-GAAP financial measures. Information regarding these non-GAAP measures as well as a reconciliation of the non-GAAP measures to GAAP financial information is available in the presentation.

如需更多資訊，請參考我們投資人簡報的第 2 頁或今日發布的新聞稿。此外，在本次電話會議中，我們可能會提及若干非 GAAP 財務衡量指標。關於這些非 GAAP 指標的資訊，以及非 GAAP 指標與 GAAP 財務資訊之間的調節表，均已載於簡報中。

With that, let me turn things over to our Chairman and CEO, David Dauch.

接下來，我把時間交給我們的董事長暨執行長 David Dauch。

Thank you, David, and good morning, everyone. Thank you for joining us today to discuss Dow's financial results for the first quarter of 2026. Joining me on the call today is Chris May, Executive Vice President and Chief Financial Officer. This quarter marks the first time our results include the [Dale] acquisition. And I'm very pleased with the performance as we begin to capture integration synergies and leverage our combined operational strengths.

謝謝你，David，各位早安。感謝各位今天加入我們，一同討論 Dow 2026 年第一季的財務結果。今天與我一同參與電話會議的還有執行副總裁暨財務長 Chris May。本季是我們的財報首次納入 [Dale] 併購案的結果。隨著我們開始取得整合綜效並發揮合併後的營運優勢，我對本季表現感到非常滿意。

The acquisition has met our expectations with the product portfolio with customers and very importantly, the strong personnel that came with the acquisition. The transaction brings together two great companies with size, scale and compelling industrial logic position us for long-term success. In addition, we have had constructive discussions with our major customers about the acquisition and feedback continues to be very positive as they appreciate our focus on quality, technology leadership, operational excellence, launch readiness as well as continuity of supply.

這項併購在產品組合、客戶，以及非常重要的—隨併購加入的優秀人才方面，都符合我們的預期。此交易結合了兩家優秀公司，具備規模、量體與具說服力的產業邏輯，使我們具備長期成功的定位。此外，我們也與主要客戶就併購進行了具建設性的討論；由於他們認同我們對品質、技術領先、卓越營運、量產導入準備度以及供應連續性的重視，回饋持續非常正面。

We are excited about the strong value and long-term strategic benefits of this transformational transaction. As for today's agenda, I'll review the highlights of our first quarter financial performance. Next, I'll touch on some business updates commentary on the industry and our synergy progress as well as an update on our guidance. I'll then turn the call over to Chris to cover the details of our financial results, after which we will open up the call for any questions that you all may have.

我們對這筆具轉型意義的交易所帶來的強大價值與長期策略效益感到振奮。關於今天的議程，我將先回顧第一季財務表現重點。接著，我會說明一些業務更新、對產業的看法、我們的綜效進展，以及對財測的更新。之後我會把電話交給 Chris，說明財務結果的細節；隨後我們將開放提問，回答各位的問題。

So let's begin with some of the details. The company's first quarter 2026 sales were $2.4 billion and adjusted earnings per share was $0.34. And adjusted free cash flow was a use of $41 million. First quarter North American production was down approximately 2%. Europe was down approximately 1% and global production was down approximately 3%.

那我們先從一些細節開始。公司 2026 年第一季營收為 24 億美元，調整後每股盈餘為 0.34 美元；調整後自由現金流為淨流出 4,100 萬美元。第一季北美產量約下降 2%。歐洲約下降 1%，全球產量約下降 3%。

However, our legacy sales were flat on the quarter, but on a pro forma combined sales, we were up slightly. Specifically, we experienced a mix effect on GM's heavy-duty large truck production which was down early in the quarter as they prepare for the next model year launch.

不過，我們的既有業務營收在本季持平；若以合併後的備考（pro forma）口徑來看，營收則小幅成長。具體而言，GM 的重型大型卡車產量在本季初期下滑，因其正為下一個車型年度的上市做準備，因而對我們造成產品組合（mix）影響。

Whereas GM's light-duty trucks were strong. In general, days supply of inventory with GM large trucks appear to be at their expected levels and SUVs appear to be on the lighter side. The Ram heavy duty continues to enjoy a year-over-year favorable comparisons, which is positive. In addition, we saw a nice strength in both BMW and Volkswagen CUV platforms here in North America.

相較之下，GM 的輕型卡車表現強勁。整體而言，GM 大型卡車的庫存供應天數似乎處於其預期水準，而 SUV 的庫存則看起來偏低。Ram 重型車型持續享有年對年有利的比較基期，這是正面因素。此外，在北美市場，我們也看到 BMW 與 Volkswagen 的 CUV 平台表現相當強勁。

From a profitability perspective, our adjusted EBITDA in the first quarter was $309 million or 13% of sales. Our results were supported by a favorable mix on a number of key platforms, and a solid Dalla contribution. As always, our continued focus on operational efficiency contributed to our margin performance during the quarter. So 2026 is off to a good start. Chris will provide more details about our overall financial performance during his prepared remarks.

從獲利角度來看，我們第一季調整後 EBITDA 為 3.09 億美元，約占營收 13%。我們的結果受惠於多個關鍵平台的有利產品組合，以及 Dalla 的穩健貢獻。一如既往，我們持續聚焦營運效率，也對本季的毛利率表現有所貢獻。因此，2026 年開局良好。Chris 將在其準備好的發言中，提供我們整體財務表現的更多細節。

Let me now talk about some business updates, which you can see on slide 4 of our presentation deck. In the quarter, the company received approximately $21 million in net proceeds from the completion of a sale of a Dallas cylinder liner business.

接下來我談一些業務更新，各位可在簡報第 4 頁看到。本季，公司完成出售 Dallas 汽缸套（cylinder liner）業務，取得約 2,100 萬美元的淨收益。

We will continue to assess and optimize our current product portfolio to align with our core business and enhance our growth prospects and our long-term profitability.

我們將持續評估並優化現有產品組合，使其與核心業務一致，並提升成長前景與長期獲利能力。

We also want to highlight our recent award from Cherry and Jetour to supply PTUs and RDM model that we already support. The start of production is scheduled for later this year and will run beyond the 2030 time frame. We continue to see positive momentum on this platform as the SUV product is resonating very well with Chinese consumers. In addition, we have been awarded a business extension for a major truck platform in Brazil with a lifetime revenue of over $750 million, which is scheduled to launch later this decade.

我們也想強調，近期獲得 Cherry 與 Jetour 的獎項，將供應我們既有支援的 PTU 與 RDM 車型。預計今年稍晚開始量產，並將延續至 2030 年之後。我們持續在此平台看到正向動能，因為該 SUV 產品非常符合中國消費者的偏好。此外，我們也在巴西獲得一個主要卡車平台的業務延伸，預估全生命週期營收超過 7.5 億美元，預計於本十年稍晚推出。

Additionally, we received contract extension awards with multiple customers. And as OEMs evaluate their respective long-range product plans, business extensions have become a theme in the industry. We also earned numerous side chat business wins, including replacement and new business with six different global OEMs.

另外，我們也獲得多家客戶的合約延長授予。隨著 OEM 評估各自的長期產品規劃，業務延伸已成為產業的一項趨勢。我們也取得多項「side chat」業務勝利，包括與六家不同全球 OEM 的替代與新業務。

Furthermore, our metal forming business unit continues to realize wins across multiple product families from our forging to our powder metallurgy in part due to benefits from both onshoring and reshoring efforts to the US. Our strategy to become a leading global driveline and metal forming supplier is unfolding as expected.

此外，我們的金屬成形事業單位在多個產品系列持續取得訂單，從鍛造到粉末冶金皆有斬獲，部分原因在於美國在地化（onshoring）與回流（reshoring）所帶來的效益。我們成為全球領先傳動系統與金屬成形供應商的策略，正如預期般逐步展開。

Next, on slide 5, I'd like to provide an update on our acquisition synergies and value capture. After approximately three months into operating as a combined company, we have already realized $35 million of run rate savings to date, representing excellent progress. We are benefiting from the prework that was completed before the deal closed. Out of the gate, we mainly attacked overlapping corporate SG&A and some procurement costs. While there is much work ahead of us, -- we have a strong team in place and are encouraged by our momentum and the progress to date to achieve our year-end target run rate savings of greater than $100 million.

接著在第 5 頁，我想就併購綜效與價值實現提供最新進度。在合併公司營運約三個月後，我們迄今已實現 3,500 萬美元的年度化（run rate）節省，進展非常出色。我們正受惠於交易完成前所做的前置作業。一開始，我們主要著手處理重疊的公司層級 SG&A 以及部分採購成本。雖然後續仍有許多工作要做，-- 但我們已建立一支強而有力的團隊，並對目前的動能與進展感到鼓舞，有信心達成年底年度化節省超過 1 億美元的目標。

And as we have previously communicated, we expect to deliver $180 million in run rate savings by the end of year two and a full $300 million of run rate savings by the end of year 3. Now let's talk about the industry. Currently, global geopolitical risk remain an overhang of our industry, especially the RAN conflict, which is driving elevated oil, energy and gas prices. However, in the first quarter, we did not see a significant impact on our operations or customer schedules. That stated, over the long term, elevated fuel prices could impact us to higher energy, logistics and transportation expenses as well as certain petroleum-based input costs such as lubricants.

正如我們先前所溝通的，我們預期在第 2 年年底前實現 1.8 億美元的年度化節省（run rate savings），並在第 3 年年底前實現完整 3 億美元的年度化節省。現在我們來談談產業情況。目前，全球地緣政治風險仍是本產業的壓力來源，尤其是 RAN 衝突，正推升油價、能源與天然氣價格至高位。然而，在第一季，我們並未看到對我們營運或客戶排程造成顯著影響。話雖如此，長期而言，燃料價格高企可能使我們面臨更高的能源、物流與運輸費用，以及某些以石油為基礎的投入成本（例如潤滑油）。

Clearly, we are closely monitoring these developments and will look to mitigate any impact over time. In the near term, our customer schedules remain stable and consumers appear to be resilient. As always, we will remain focused on the matters that we can control, and we'll proactively make necessary adjustments to market fluctuations. Now let's talk about our full year guidance. We have revised our outlook by raising our sales and adjusted EBITDA, reflecting a combination of factors, including our strong first quarter performance while balancing the macro risk that I just mentioned.

顯然，我們正密切監控這些發展，並將隨時間推移設法減輕任何影響。短期內，我們的客戶排程仍然穩定，消費者似乎也具韌性。一如既往，我們將專注於我們可控的事項，並將主動針對市場波動做出必要調整。現在我們來談談全年指引。我們已上修展望，提高銷售額與調整後 EBITDA，反映多項因素的綜合影響，包括我們第一季的強勁表現，同時也平衡我剛才提到的總體風險。

The company is now targeting sales of $10.3 billion to $10.8 billion, adjusted EBITDA range of approximately $1.3 billion to $1.425 billion, and adjusted free cash flow of approximately $235 million to $325 million. Our guidance ranges are underpinned by the following production assumptions.

公司目前目標為：銷售額 103 億至 108 億美元，調整後 EBITDA 約 13 億至 14.25 億美元，以及調整後自由現金流約 2.35 億至 3.25 億美元。我們的指引區間係基於以下產量假設。

North America production at 15 million units Europe at approximately 16.7 million units, China at 32.3 million units and overall global production at 91.4 million units. As you know, we use multiple data sources to drive our outlook, including forecast for certain programs that are significant to our performance. We also note GM is transitioning to its next-generation full-size truck program and appears to be bullish on overall volumes as demonstrated by the planned opening of their Lake Orion assembly plant. In summary, we had a good first quarter. The integration of Dale is off to a strong start.

北美產量 1,500 萬輛；歐洲約 1,670 萬輛；中國 3,230 萬輛；全球總產量 9,140 萬輛。如各位所知，我們使用多個資料來源來推動我們的展望，包括對某些對我們績效具重要性的專案之預測。我們也注意到，GM 正在轉換至其下一代全尺寸卡車專案，且從其計畫啟用 Lake Orion 組裝廠可見，對整體產量似乎相當樂觀。總結而言，我們第一季表現良好。Dale 的整合有一個強勁的開端。

Our synergy achievement is on track. We raised our guidance, although we are monitoring geopolitical and macro trends, and we're excited about our future, and we are built to perform.

我們的協同效益達成進度符合預期。我們上修了指引，儘管我們仍在監控地緣政治與總體趨勢；我們對未來感到振奮，而且我們具備良好條件以展現績效。

Now let me turn the call over to our Executive Vice President and Chief Financial Officer, Chris May, for the first quarter financial details. Chris?

現在我把電話交給我們的執行副總裁兼財務長 Chris May，請他說明第一季的財務細節。Chris？

Thank you, David, and good morning, everyone. I will cover the financial details of our first quarter 2026 results and our updated guidance with you today. I will also refer to the earnings slide deck as part of my prepared comments. But before I begin the financial discussion, I wanted to provide a few housekeeping items for you all. We've included several reference items in the appendix of our earnings deck.

謝謝你，David，各位早安。今天我將向各位說明我們 2026 年第一季的財務結果細節，以及更新後的指引。我也會在預先準備的發言中參考財報簡報投影片。不過在開始財務討論之前，我想先提供幾項行政事項。我們在財報簡報的附錄中加入了數個參考項目。

First, we included the full year 2025 and LTM first quarter 2026 pro forma financial metrics for our newly combined company. We have also provided some supplemental walks and data points related to that information.

首先，我們納入了新合併公司 2025 全年以及 2026 年第一季 LTM（過去十二個月）的備考（pro forma）財務指標。我們也提供了與該資訊相關的一些補充調節表與數據點。

Also, we have updated our definition of adjusted EBITDA and adjusted earnings per share to better reflect our new company's operating performance and geographically diverse business. These changes were also based on feedback from various stakeholders.

此外，我們更新了調整後 EBITDA 與調整後每股盈餘的定義，以更好反映新公司的營運表現及地理分布多元的業務。這些變更也基於各方利害關係人的回饋。

The definitions include updates to adjust for the amortization of acquisition-related intangible assets; certain financial instruments assumed from Dale as part of the acquisition and onetime purchase accounting items, all of which are noncash and nonoperational in nature. In the appendix, we provided a comparison to our prior disclosures for comparability purposes.

相關定義的更新包括：調整併購相關無形資產的攤銷；因併購而自 Dale 承接的特定金融工具；以及一次性購買會計項目；上述皆屬非現金且非營運性質。在附錄中，我們也提供與先前揭露的比較，以利可比性。

As it relates to adjusted EBITDA, there is almost no change to prior amounts. None of these updates have an impact on our guidance or previous planning for our Dalla acquisition. So with that said, let's begin. In the first quarter of 2026, our sales were $2.38 billion compared to $1.41 billion in the first quarter of 2025.

就調整後 EBITDA 而言，與先前金額幾乎沒有變動。這些更新不會影響我們的指引或先前針對 Dalla 併購案的規劃。在此基礎上，我們開始說明。2026 年第一季，我們的銷售額為 23.8 億美元，相較於 2025 年第一季的 14.1 億美元。

Slide 7 shows a walk of first quarter 2025 sales to first quarter 2026 sales. For Legacy Dok, volume mix and other was lower by $9 million or relatively flat. While our primary North American market had overall lower volumes of 2%, our full-size truck products were higher and offset most declines in other vehicle types.

投影片 7 顯示 2025 年第一季銷售額到 2026 年第一季銷售額的調節。就 Legacy Dok 而言，量價組合與其他項目減少 900 萬美元，或大致持平。雖然我們主要的北美市場整體產量下滑 2%，但我們的全尺寸卡車產品表現較高，抵銷了其他車型的大部分下滑。

The divestiture of our India commercial vehicle axle business had a $35 million impact in the quarter and metal market pass-throughs and FX increased sales by approximately $44 million. About two-thirds of this related to FX and was primarily driven by the strengthening euro.

我們出售印度商用車車軸業務在本季造成 3,500 萬美元的影響；金屬市場轉嫁（pass-through）與外匯則使銷售額增加約 4,400 萬美元。其中約三分之二與外匯相關，主要由歐元走強所帶動。

Double contributed $983 million in gross sales for the first quarter, and that figure reflects only February and March activity as we closed the transaction on February 3. On a year-over-year basis, the Dali portion of our business experienced the same trends as it relates to sales. The details are noted on our slide.

Double 在第一季貢獻了 9.83 億美元的總銷售額，而該數字僅反映 2 月與 3 月的活動，因為我們於 2 月 3 日完成交易交割。以年對年來看，Dali 業務部分在銷售方面呈現相同趨勢。細節已在我們的投影片中說明。

Now let's move on to adjusted EBITDA. For the first quarter of 2026, adjusted EBITDA was $38.5 million, and adjusted EBITDA margin was 13% versus $177.7 million and 12.6% last year. You can see the year-over-year walk down of adjusted EBITDA on slide 8.

現在我們來看調整後 EBITDA。2026 年第一季，調整後 EBITDA 為 3.85 億美元，調整後 EBITDA 利潤率為 13%，相較去年為 1.777 億美元與 12.6%。各位可在投影片 8 看到調整後 EBITDA 的年對年調節下降。

In the quarter, adjusted EBITDA for Legacy Dowlais was higher due to favorable mix on volume, continued performance and net favorable metal markets and FX. We continue to be excited by our positive performance trends that we've experienced in our business over the last several quarters.

本季，Legacy Dowlais 的調整後 EBITDA 因量價組合有利、持續的營運表現，以及金屬市場與外匯的淨有利影響而提高。我們對於過去數季在業務中所呈現的正向績效趨勢仍感到振奮。

Dali contributed approximately $122 million in the adjusted EBITDA for the quarter. Similar to sales on a year-over-year basis, the Dowlais portion of our business experienced the same trends as it relates to adjusted EBITDA, and those details are also noted on our slide. In the first quarter, we realized $5 million in synergy benefits as David highlighted, we achieved a $35 million run rate as of today, and we expect this to continue to grow. We have a nice market basket of potential savings that we continue to drive to completion and have a visible path to the targeted $100 million plus of run rate synergy savings by year-end. Most importantly, our synergy realization journey has only just begun.

Dali 在本季貢獻約 1.22 億美元的調整後 EBITDA。與銷售額相同，以年對年來看，Dowlais 業務部分在調整後 EBITDA 方面也呈現相同趨勢，相關細節亦已在投影片中說明。第一季我們實現了 500 萬美元的協同效益，如 David 所強調，截至今日我們已達成 3,500 萬美元的年度化水準，且預期將持續成長。我們擁有一個相當不錯的潛在節省「市場籃子」，並持續推動落實，且對於在年底前達成目標的 1 億美元以上年度化協同節省有清晰可見的路徑。最重要的是，我們的協同效益實現之旅才剛剛開始。

Let's move on to interest and taxes. Net interest expense was $77.5 million in the first quarter of 2026 compared to $37.3 million in the first quarter of 2025. The increase in interest expense year-over-year primarily reflects the issuance of new and assumed debt in connection with the combination. The weighted average interest rate of our outstanding long-term debt was approximately 7% at the end of the quarter. We have now replaced all of Dolly's acquired debt with the exception of $349 million of the US private placement notes.

接著談利息與稅項。2026 年第一季的淨利息費用為 7,750 萬美元，相較於 2025 年第一季的 3,730 萬美元。利息費用年對年增加主要反映因合併而發行的新債與承接的債務。截至本季末，我們未償長期債務的加權平均利率約為 7%。目前我們已以新安排取代 Dolly 所收購的全部債務，僅剩 3.49 億美元的美國私募配售票據未替換。

These remaining notes have a good maturity profile with the furthest maturity in 2036 and fit into our overall capital structure quite nicely. With these notes remaining in place, we have begun to redeem and extinguish a portion of our 2028 senior notes in the second quarter.

這些剩餘票據的到期結構良好，最遠到期日在2036年，並且非常契合我們整體的資本結構。在這些票據仍然存續的情況下，我們已於第二季開始贖回並註銷部分2028年期的優先票據。

This action will provide additional runway with minimal debt maturities now through 2029. As for taxes, in the first quarter of 2026, we recorded an income tax benefit of $20 million compared to an expense of $14 million in the first quarter of 2025. This includes a benefit for a valuation allowance release of approximately $20 million in a non-US jurisdiction. Due to all the acquisition-related activity this year, our taxes and impacts are quite involved in 2026.

此舉將在2029年前提供更長的緩衝期，且未來至2029年的債務到期壓力極小。就稅務而言，2026年第一季我們認列2,000萬美元的所得稅利益，相較於2025年第一季認列1,400萬美元的所得稅費用。其中包含在一個非美國司法管轄區釋放估值備抵所帶來約2,000萬美元的利益。由於今年與併購相關的活動眾多，我們在2026年的稅務及其影響相當複雜。

However, once you remove all that activity, we expect our adjusted effective tax rate to be approximately 35%. This is somewhat elevated rate in 26 is due to valuation allowances and partial interest deduction limitations in the US.

不過，若剔除上述所有活動，我們預期調整後有效稅率約為35%。2026年稅率偏高，主要是因估值備抵以及美國部分利息扣除限制所致。

As for cash taxes, we expect approximately $160 million to $170 million this year. Taking all these sales and cost drivers into account, our GAAP net loss was $100 million or a loss of $0.52 per share in the first quarter of 2026 compared to a net income of $7.1 million or $0.06 per share in the first quarter of 2025. Earnings per share, which excludes the impact of items noted in our earnings press release, was $0.34 per share in the first quarter 2016 compared to earnings per share of $0.22 in the first quarter of 2025.

就現金稅負而言，我們預期今年約為1.6億至1.7億美元。綜合考量上述所有銷售與成本驅動因素，2026年第一季我們的GAAP淨損為1億美元，或每股虧損0.52美元；相較之下，2025年第一季為淨利710萬美元，或每股盈餘0.06美元。每股盈餘（不含我們盈餘新聞稿中所列項目的影響）在2016年第一季為每股0.34美元，相較於2025年第一季每股0.22美元。

Let's now move on to cash flow and the balance sheet. Net cash used in operating activities for the first quarter of 2026 was $64.4 million compared to net cash provided by operating activities of $55.9 million in the first quarter of 2025 driven by working capital timing and cash payments for restructuring and acquisitions. Capital expenditures, net of the proceeds from the sale of property, plant and equipment for the first quarter of 2026 were $102.7 million. Reflecting the impact of these activities, our adjusted free cash flow was a seasonal use of $40.8 million in the first quarter of 2026 as compared to a use of $3.9 million in the first quarter of 2025.

接下來談現金流量與資產負債表。2026年第一季營運活動使用的淨現金為6,440萬美元，相較於2025年第一季營運活動提供的淨現金5,590萬美元，主要受營運資金時點以及重整與併購的現金支付所影響。2026年第一季資本支出（扣除出售不動產、廠房及設備所得款項）為1.027億美元。反映上述活動影響後，2026年第一季調整後自由現金流為季節性淨流出4,080萬美元，相較於2025年第一季淨流出390萬美元。

From a debt leverage perspective, we ended the quarter with net debt of approximately $4.1 billion and a net leverage ratio of 2.7x at March 31, 2026. In the near term, we continue to focus on reducing our outstanding debt and strengthening our balance sheet. But as you will recall, as sustained 2.5x or below net leverage mark, we will consider additional capital allocation avenues, including returning capital to shareholders. We ended the quarter with total available liquidity of approximately $2.6 billion, consisting of available cash and borrowing capacity on our global credit facilities.

從債務槓桿角度來看，截至2026年3月31日，我們季末淨負債約為41億美元，淨槓桿比率為2.7倍。短期內，我們仍將重點放在降低未償債務並強化資產負債表。但如各位所記得的，一旦淨槓桿能持續維持在2.5倍或以下，我們將考慮更多資本配置途徑，包括回饋資本給股東。季末我們的可用總流動性約為26億美元，包含可用現金以及全球信貸額度下的可借款額度。

Now let's talk about our updated financial guidance on slide 6. Our updated targets are as follows: -- for sales, our new range is $10.3 billion to $10.5 billion versus $10.3 billion to $10.7 billion previously. This new sales target is based upon current global production assumptions and also certain assumptions for our key programs, for example, we continue to anticipate GM's full-size truck and pick up an SUV production in the range of 1.3 million to 1.4 million units this year. From an EBITDA perspective, we anticipate a range of $1.3 billion to $1.425 billion versus $1.3 billion to $1.4 billion previously.

現在來談第6頁的最新財務指引。我們更新後的目標如下：— 就營收而言，新區間為103億至105億美元，先前為103億至107億美元。此新的營收目標係基於目前全球產量假設，以及對我們關鍵專案的若干假設；例如，我們仍預期GM今年全尺寸卡車、皮卡與SUV的產量約在130萬至140萬輛之間。就EBITDA而言，我們預期區間為13億至14.25億美元，先前為13億至14億美元。

However, if we included the Dali results for a full year, or in other words, pro forma, as if we owned them since January 1 of this year, our range would be approaching the $1.4 billion to $1.5 billion range. Included in our adjusted EBITDA is the proportionate share of income from our joint venture in China with Hasco called SDS. We expect our JV share, which is already included in adjusted EBITDA to be in the range of $65 million to $75 million this year, and this is unchanged from our previous guidance. Overall, we increased the top end of our range but maintained our low end. Our new range was driven by our solid first quarter performance and potential for continued good truck production.

不過，若將Dali的全年業績納入，換言之，以備考（pro forma）方式假設我們自今年1月1日起即持有該公司，則區間將接近14億至15億美元。我們的調整後EBITDA包含我們與Hasco在中國合資企業SDS的按比例分攤收益。我們預期今年合資企業分攤收益（已包含於調整後EBITDA）將在6,500萬至7,500萬美元之間，與先前指引一致。整體而言，我們上調了區間上緣，但維持下緣不變。新區間主要由第一季穩健表現以及卡車產量持續良好的潛力所帶動。

However, our overall guidance is mitigated by a potential increase in costs, in particular related to fuel and energy prices that we are starting to experience driven by macro world events and whose path through the rest of the year is still uncertain. We continue to anticipate adjusted free cash flow in the range of $235 million to $325 million. And while we do not provide quarterly guidance, here are some thoughts around the second quarter. Our schedules appear okay. with no major changes at this point.

然而，我們的整體指引受到成本可能上升的影響而有所抵銷，特別是燃料與能源價格；我們已開始感受到其上升壓力，係由全球宏觀事件所驅動，而其在今年剩餘期間的走勢仍不確定。我們仍預期調整後自由現金流介於2.35億至3.25億美元。雖然我們不提供季度指引，但以下是對第二季的一些看法。目前我們的排程看起來尚可，暫時沒有重大變動。

However, we are experiencing some additional costs related to energy, and we would expect some tariff recovery timing spread throughout the year, similar to our experiences last year.

不過，我們正面臨一些與能源相關的額外成本，且我們預期關稅回收的時點將分散在全年，與去年經驗類似。

Our CapEx assumption is unchanged at 4.5% to 5% of sales as we ready the organization for important upcoming launches, especially for one of our major truck programs. And lastly, for our quarters going forward, we would expect a fully diluted share count of approximately 245 million shares. We remain focused on a strong integration between legacy Dauch and Dowlais, realizing synergies, strengthening the balance sheet and navigating geopolitical and industry uncertainty.

我們對資本支出（CapEx）的假設維持不變，為營收的4.5%至5%，以便讓組織為即將到來的重要新產品導入做好準備，尤其是我們其中一個主要卡車專案。最後，就未來各季而言，我們預期完全稀釋後股數約為2.45億股。我們仍專注於促成Dauch既有業務與Dowlais之間的強力整合、實現綜效、強化資產負債表，並因應地緣政治與產業不確定性。

As we progress further into 2026, comes into view and the very exciting potential ahead of us. We are building around the benefits of our synergy activity, focusing on delivering cash performance opportunities by not only converting on our profitability, but also reducing acquisition costs, reducing restructuring costs, driving interest lower and optimizing working capital.

隨著我們在2026年持續推進，前景逐漸清晰，也能看到我們面前非常令人振奮的潛力。我們將以綜效活動的效益為基礎，聚焦於交付現金績效機會：不僅提升獲利轉化為現金的能力，也降低併購成本、降低重整成本、推動利息費用下降並最佳化營運資金。

Thank you for your time and participation on the call today. PAUSE I am going to stop here and turn the call back over to David, so we can start the Q&A. David?

感謝各位今天撥冗參與本次電話會議。PAUSE 我先在此告一段落，將電話交回給David，讓我們開始問答環節。David？

Operator, can you go ahead and start the Q&A, please?

接線員，請您開始問答環節，好嗎？

(Operator Instructions) Joe Spak, UBS.

(接線員指示) Joe Spak，UBS。

Maybe just a quick clarification, Chris, on some of the, I guess, definitional changes. I wanted to clarify, like the definition of EBITDA to include minority interest when you gave EBITDA guidance last time, that was already in that assumption, even if it wasn't maybe especially called out?

Chris，我想快速釐清一下，關於一些我想應該算是定義上的變更。我想確認一下，例如你上次提供EBITDA指引時，EBITDA的定義包含少數股權利益，當時其實已經納入這個假設了，只是可能沒有特別點出來？

And then two, with the just definitional change, and I understand those are noncash items that you're backing out, and I don't think they in one's model. So I think it doesn't really matter for comparability this quarter. But just to be clear, is that changed the reason why the high end of the range went up? And is it really all that like you're not forecasting further changes on those noncash adjustments going forward?

第二點，關於這次的定義變更，我理解你們剔除的是非現金項目，而且我認為在我的模型裡也沒有把它們算進去。所以我想就本季的可比性而言其實影響不大。但我想確認的是：這個變更是否就是區間上緣上調的原因？以及你們是否基本上不預期未來還會在這些非現金調整上出現進一步變動？

No, we are not forecasting any changes on those noncash items going forward. Obviously, if you look at some of these, Joe, you'll find some of them relate to initial purchase price accounting, such as our inventory item or our intangible asset amortization with our joint venture or overall intangible asset amortization. And then a couple related, I would say, more on technical accounting matters for FX and mark-to-market on some acquired debt and derivatives. None have anything to do with the operations of the company, and none had no influence on the change of our guidance.

不，我們並未預測未來這些非現金項目會有任何變動。顯然，如果你看其中一些，Joe，你會發現有些與初始收購價格分攤會計有關，例如我們的存貨項目，或我們與合資企業相關的無形資產攤銷，或整體無形資產攤銷。另外還有幾項，我會說更偏向技術性會計事項，涉及外匯（FX）以及對部分收購債務與衍生性商品的按市價評價（mark-to-market）。這些都與公司的營運無關，也都沒有影響我們指引的變動。

Okay. And then in equity income, when you gave -- you initially gave that $1.3 billion to $1.4 billion, that was already inclusive of that China JV equity income.

好的。那麼在權益法收益方面，當你一開始給出13億到14億美元時，那已經包含了中國合資企業的權益法收益。

Correct. That's correct.

正確。沒錯。

Okay. Okay. And then David, maybe just great to hear you're off to a good start on the synergies. Now that you've actually owned this business here for at least a couple of months, I was wondering if you could sort of give us just a little bit more color on sort of what's going well what's maybe going a little bit faster or where you see some additional challenges. And as you sort of dive deeper in a level of comfort you have with those targets? And maybe even if there's -- if you're starting to sort of search for additional levers to pull here on the cost side.

好的。好的。另外，David，很高興聽到你們在協同效益上有個好的開始。現在你們實際擁有這項業務至少幾個月了，我想知道你是否能再多提供一些細節：哪些進展順利、哪些可能推進得更快，或你看到哪些額外挑戰。以及當你更深入了解後，你對這些目標的把握程度如何？甚至也想問，是否你們開始在成本端尋找可再施力的其他槓桿。

Yes, Joe. First of all, I'll say this is we acquired some outstanding talent from Dale GKN at various levels from senior management leadership all the way down to the platform. I've been very pleased in regards to how our teams have assimilated together and are working together as we try to bring as I said, two strong companies together with independent cultures, but we're trying to blend into one culture going forward and that's going exceedingly well.

是的，Joe。首先我要說的是，我們從Dana GKN在各個層級收購到一些非常出色的人才，從高階管理領導一路到各平台層級。我對我們團隊彼此融合、共同合作的情況非常滿意；正如我所說，我們正嘗試把兩家各自文化獨立、但都很強的公司整合在一起，並在未來融合成一種文化，而這進展非常順利。

I've been very pleased, as I've gotten out with our senior leadership team to visit a number of the factories here. There's a good engineering aptitude strong manufacturing or operational aptitude there as well. and a focus on safety and quality, which is, as you know, are critical in paramount historically to the Dow Corporation. So that's been positive. There have been some areas where maybe some capital investment or some other things made have been neglected a little bit at some of the facilities when it comes to just general stores and just facility maintenance and all, but nothing that's material or extraordinary that we can't deal with and address over a period of time. So I'm pleased with that.

我也非常滿意，因為我和我們的高階領導團隊外出拜訪了這裡多家工廠。那裡有良好的工程能力，也有很強的製造或營運能力，並且重視安全與品質；如你所知，這些對Dow Corporation而言一向是關鍵且最重要的。所以這是正面的。有些領域可能在部分廠區的資本投資或其他事項上稍有忽略，例如一般倉儲、設施維護等，但沒有任何重大或異常到我們無法處理的問題，我們可以在一段時間內逐步應對並改善。因此我對此感到滿意。

I think we made great progress in regards to addressing the corporate costs right upfront. So Chris led that work stream for us along with Roberto Fioroni on the GKN side. So that's gone well. SG&A, as I said, is going well, and we've made really good progress in regards to our run rate for this year, and we'll continue to grow that as we go forward. I'd say, with the economic conditions in the marketplace right now, especially with the Iran war conflict, we're keeping a watchful eye on some of the purchasing activity.

我認為我們在一開始就針對公司層級成本的處理取得了很大進展。Chris與GKN那邊的Roberto Fioroni一起帶領了這條工作流。所以進展良好。如我所說，SG&A進展順利，我們在今年的年化運行率（run rate）方面已取得非常好的進展，並會在未來持續提升。我會說，鑑於目前市場的經濟狀況，特別是伊朗戰爭衝突，我們正密切關注部分採購活動。

But at the same time, we got multiple years to address that, but I think there's some initial challenges here in the first year just because of what's taking place. But don't read too deep into that because I still think that we can confidently deliver that number. And then from an operational performance standpoint, again, we're still getting around to the 100-plus facilities that we took over -- but we're very encouraged with the opportunities that exist there and are hopeful that there's incremental opportunities going forward. But hopefully, that addresses your question. But overall, I'm very pleased with the acquisition, the integration, the planning that went into that integration, but also to our first quarter start here.

但同時，我們有好幾年的時間可以處理這些；不過我認為第一年確實會有一些初期挑戰，因為目前正在發生的情況所致。但也不要過度解讀，因為我仍然認為我們可以有信心地達成那個數字。從營運表現角度來看，我們仍在逐步走訪並掌握我們接手的100多個據點——但我們對那裡存在的機會感到非常鼓舞，也希望未來還有增量機會。希望這回答了你的問題。總體而言，我對這次收購、整合，以及為整合所做的規劃都非常滿意，也對我們第一季的開局感到滿意。

(Operator Instructions) Alex Perry, BofA.

（接線員指示）Alex Perry，BofA。

Congrats on a strong quarter. So I just wanted to walk through the guide a little bit more, particularly on top line. And so you took the sales guide up a bit. You actually took like the global production forecast down -- can you sort of walk through what allowed you to do that or are you actually seeing better-than-expected production on some of your key platforms even though the global production environment maybe is a bit softer?

恭喜本季表現強勁。我想再更深入走一遍你們的指引，特別是營收端。你們把銷售指引上調了一些。但你們其實把全球產量預測下調了——你能否說明是什麼讓你們能這麼做？還是說，即便全球產量環境可能偏弱，你們在一些關鍵平台上實際看到的產量仍優於預期？

Yes, this is Chris. I'll take that. Yes. So we took the top end a little bit. We saw inside the first quarter, obviously, some strength on the light-duty truck, full-size truck here in North America and some other platforms that we supply a lot of side shafts into.

是的，我是Chris。我來回答。是的。所以我們把區間上緣稍微提高了一點。我們在第一季內部看到一些強勁表現，顯然北美的輕型卡車、全尺寸卡車，以及我們供應大量半軸（side shafts）的其他一些平台都表現不錯。

So a nice positive start to the year from a volume perspective. Our overall macro assumption versus our last guidance on North America, relatively flat Europe down just a tick. But I would say, holistically, some beneficial mix was played into our thought process at the higher end of that range as well as a little bit of benefit from FX translation as well. The euro has strengthened a little bit as well as some other currencies. But primarily, just a nice benefit of the mix that we've seen at the higher end of the range.

因此從銷量角度來看，今年有一個相當正面的開局。相較於我們上次的指引，我們對北美的整體宏觀假設大致持平，歐洲則小幅下調一點。但我會說，整體而言，在我們對區間上緣的思考中，較有利的產品組合也發揮了作用，同時外匯換算也帶來了一些助益。歐元以及其他一些貨幣都有所走強。但主要還是來自我們在區間上緣所看到的組合帶來的良好助益。

Perfect. Really helpful. And then I just wanted to walk through, you called out additional energy costs. Could you maybe walk us through exactly what you're seeing there? And then just on the overall commodity exposure there.

很好。非常有幫助。另外你提到額外的能源成本。你能否具體說明你們在那裡看到的是什麼？以及整體的大宗商品曝險情況。

Is there anything that we should be paying attention to? It doesn't seem as of right now, like a significant impact for the year, but just remind us on some of the commodity exposure.

有沒有什麼是我們需要特別留意的？就目前看起來，對全年似乎不是很顯著的影響，但請再提醒我們一些大宗商品曝險的情況。

Yes. So I'll start with the commodity question, then we can talk a little bit about what we're seeing in the macro from, I'll call it, near-term inflation pressure related to macro events. But from a commodity perspective, you may recall, many of our commodity-based costs. We have direct pass-throughs to our customers for which we retain passthrough about 90% -- 80% to 90% of those costs. Key commodities that we would track in that bucket would things such as aluminum, scrap steel, nickel, moly and a whole host of other variety of products.

是的。我先從大宗商品的問題開始，然後我們再談談在宏觀面上、我稱之為與宏觀事件相關的短期通膨壓力，我們看到了什麼。就大宗商品而言，你可能記得，我們許多以大宗商品為基礎的成本，我們對客戶有直接的轉嫁機制，其中我們保留的轉嫁比例約為90%——大約80%到90%的這些成本。我們在這個類別中會追蹤的關鍵大宗商品包括鋁、廢鋼、鎳、鉬，以及其他各式各樣的產品。

I would say the surprisingly have been relatively stable. We've seen some small upticks in those, I would say, over the last month. But again, those are pass-through and generally protected. But they do go up, you carry a little bit of a residual negative when they go down to get a little bit of a residual benefit. But those are the primary from a commodity standpoint.

我會說，令人意外的是，它們一直相對穩定。過去一個月我們看到一些小幅上升。但同樣地，這些是可轉嫁的，通常也受到保護。不過當它們上漲時，你會承擔一點殘餘的負面影響；當它們下跌時，則會得到一點殘餘的正面效益。但就大宗商品面而言，主要就是這些。

And then in terms of some of the macro inflation primarily due to the Iran conflict, we have seen some elevated energy prices. We have seen some elevated fuel prices. Those translate into things such as fuel surcharges for logistics, et cetera.

至於一些宏觀通膨方面，主要是因伊朗衝突所致，我們確實看到能源價格上升。我們也看到燃料價格上升。這些會轉化為例如物流的燃油附加費等。

And I would say, inside of the second quarter, we'd be pacing towards, I call it, $5 million to $10 million impact associated with that. We'll see how this plays out for the balance of the year, still quite uncertain at this point in time, as you know.

我會說，在第二季內，我們的進度大概會朝向我所稱的、與此相關的 500 萬到 1,000 萬美元影響。至於今年剩餘時間會如何發展，我們會再觀察；如你所知，目前仍相當不確定。

Tom Narayan, RBC.

Tom Narayan，RBC。

Chris, this one is for you. On -- first of all, on slide 15, thank you for whoever put this together. I know it's like a lot of work went into this. So on that slide 15, if I just take the LTM EBITDA, $15.73, and I do all the adjustments to the onetime commercial settlements, business that were sold, take out the Q1 synergies, January dowlay contribution. And then I compare it to your guide for 26 to take out the synergy.

Chris，這題是問你的。首先，關於第 15 頁投影片，感謝整理這份內容的人。我知道這看起來投入了很多工作。所以在第 15 頁，如果我取 LTM EBITDA 15.73 美元，並把一次性商業和解、已出售的業務等所有調整都做掉，再扣除第一季的協同效益、1 月 Dowlais 的貢獻。然後我把它跟你們對 26 年的指引相比，並把協同效益扣掉。

It looks like there's a slight downshift implied by the guidance at the midpoint at least. So I'm just wondering if there is a downshift in 26 versus 25 contemplated? Or perhaps the guidance may be a tad conservative or maybe I'm just splitting hairs.

看起來至少在指引中點，隱含有一點點下修。所以我想問的是，你們是否有考量 26 年相較 25 年會有下滑？或者指引可能稍微保守一點，或是我只是過度解讀細微差異。

No, I think you -- in terms of the amount, it sounds like the analysis that you have done pretty quickly here this morning. Taking a look at this data is pretty close to anchor in terms of you have to remove the Dale January -- we do have to remove the commercial items. So it's also impact revenues and profit when you take out the commercial settlement items as well as the businesses that were sold. But if you tend -- you sort of kind of adjust for those items, you would then find you would need to gross it up, obviously, for our synergy capture opportunity here inside of our guide.

不，我想你——就金額而言，聽起來你今天早上很快做的分析。看這些資料其實很接近我們的基準；你必須把 Dale January——我們確實需要把商業項目移除。所以當你把商業和解項目以及已出售的業務拿掉時，也會同時影響營收與獲利。但如果你大致把這些項目調整掉，接著你會發現你還需要把它往上加回來，因為我們在指引中還包含了協同效益的擷取機會。

We've said $50 million to $75 million, so midpoint $62 million. But holistically, if you think in this LTM period, to our, call it, 26 year at the macro, our volumes are down almost 2%, right? North America is down almost 2%. Europe was down 2%. Now this gets into like mix and different things we'll experience each quarter.

我們說的是 5,000 萬到 7,500 萬美元，中點是 6,200 萬美元。但整體來看，如果你把這個 LTM 期間跟我們所稱的 26 年在宏觀層面相比，我們的出貨量下滑了將近 2%，對吧？北美下滑將近 2%。歐洲下滑 2%。當然這會牽涉到產品組合以及每一季會遇到的不同因素。

But that's the main driver of that. That would translate at a 25% to 30% contribution margin in terms of that variance. That's our main driver. And then if you peel that out, you'll find we actually have positive performance embedded inside of that.

但這是主要驅動因素。以 25% 到 30% 的貢獻毛利率來看，這會轉化為該差異的影響。這是我們的主要驅動因素。然後如果你把這部分剝離掉，你會發現其實我們內含的是正向表現。

Got it. Yes.

了解。是。

And that's taking it to the midpoint of course. So.

而且那是以中點來看，當然。所以。

Yes. I mean it's barely -- it's a slight down, Jeff. It's not much. And then second one, this has been a hot topic with this past earnings season is Chinese domestic OEM customer or capture in order books. Just wondering if there's -- I know you have the what you've disclosed so far from last quarter, et cetera. But just would love to hear, especially on the Dallas side, how you're doing in terms of acquisition on the Chinese domestics.

是。我的意思是幾乎——只是小幅下滑，Jeff。不多。第二個問題，這一季財報季的熱門話題是中國本土 OEM 客戶，或是在訂單簿中的拿單情況。我想知道是否——我知道你們已經披露了上季等等的內容。但我很想聽聽，特別是在 Dowlais 這邊，你們在取得中國本土客戶方面的進展如何。

Yes, Tom, this is David. As you know, Dollar GCA enjoyed a very strong relationship with HASCO, and they have a JV called STS, which is now ours. That business does a tremendous job with both the domestic as well as Western OEMs, but it's really shifted a lot of its business to the domestic Chinese OEMs. So they've been able to not only protect their business but grow their business. And as that volume increases both in China within that company as well as their export initiatives into Europe and Southeast Asia and Latin and South America.

是的，Tom，我是 David。如你所知，Dowlais GCA 與 HASCO 維持非常強的合作關係，他們有一家名為 STS 的合資企業，現在已經是我們的了。那個業務在服務本土以及西方 OEM 方面做得非常出色，但它確實已把相當多的業務轉向中國本土 OEM。因此他們不僅能守住既有業務，也能擴大業務。而且隨著該公司在中國的量增加，以及他們對歐洲、東南亞、拉丁與南美的出口布局提升。

They're positioned and poised to benefit from that. We're already starting to see some of that. At the same time, we had our own meeting historical out had our own WOFE in China that had done a similar thing as we picked up a lot of domestic Chinese business. So we referenced again today the expanded relationship with Cherry Jetour in regards to an incremental derivative program off of something we're already supporting. So again, we continue to see plenty of opportunities with the Chinese OEMs.

他們已經就位並蓄勢待發，可望從中受益。我們已經開始看到其中一些跡象。同時，我們自己在中國也有既有的 WOFE（外商獨資企業），也做了類似的事情，拿到了不少中國本土業務。所以我們今天再次提到，與奇瑞捷途的合作關係擴大，涉及在我們已支援的項目基礎上新增一個衍生車型/衍生專案。因此，我們仍持續看到與中國 OEM 合作的許多機會。

And we're winning our fair share of business with them as they expand their capability on a global scale.

而且隨著他們在全球規模上擴張能力，我們也贏得了與其相稱的業務份額。

James Mulholland, Deutsche Bank.

James Mulholland，德意志銀行。

There. Yes. Sorry about that, talking to myself on mute. If we look at the walk for the quarter, it seems like Dali was a pretty material contributor to strong profitability even more so than I would say legacy Dauch because my reading is right. So is there something in there and it's mix of programs that help drive that results, performance and other was pretty strong as well. So any color that you can provide there would be great.

在。是。抱歉，我剛剛在靜音狀態下自言自語。如果我們看本季的橋接（walk），看起來 Dali 對強勁獲利的貢獻相當顯著，甚至比我認為的既有 Dauch 還要更大——如果我的解讀沒錯的話。所以裡面是否有什麼因素，例如專案組合，推動了這些結果？其他表現也很強。所以如果你能提供一些說明會很有幫助。

Yeah, if we look at the year-over-year walks, you know, you can see the sales and walks on seven and eight. You know, the legacy Dauch performance was 12.9% margins, the legacy Dowlais was 12.4% margin. So I'd say both side of the equation contributed quite equally with a little bit larger on the debt side. And then your margins tick up with some of the synergy flow through. So our view is both businesses performed, had positive performance in the quarter on a year-over-year basis.

是的，如果我們看年對年的橋接，你可以在第七和第八頁看到銷售與橋接。既有 Dauch 的表現是 12.9% 的利潤率，既有 Dowlais 是 12.4% 的利潤率。所以我會說兩邊的貢獻其實相當接近，只是 Dauch 這邊略大一些。然後隨著部分協同效益的流入，你們會看到利潤率再往上走。因此我們的看法是，兩個業務在本季相較去年同期都表現良好，呈現正向表現。

Both had a nice mix in terms of -- from a revenue perspective and obviously, the contribution from the synergy piece helped the overall company.

兩者在營收角度的組合也都不錯，當然協同效益部分的貢獻也幫助了整體公司。

Great. That's helpful. And then looking out at the rest of the year, it looks like GM has added another shift for its T1 heavy-duty, I think, later this year, starting at the Flint Assembly it's setting up for the new model. Does the new guy anticipate some benefits from that? Or would that be incremental on top of what you may already have in there?

很好。這很有幫助。再看今年剩餘時間，似乎 GM 在其 T1 重型車上又增加了一個班次，我想是在今年稍晚，從 Flint 組裝廠開始，為新車型做準備。新公司是否預期能從中受益？或者那會是在你們目前已納入的假設之上的額外增量？

Yes. So our guidance as it relates to the full-size truck program for GM is 1.3 million to 1.4 million units. Any planned announcements are schedule adjustments that they have articulated that we have been provided to us have been included inside of that guidance range already.

是的。因此，我們對 GM 全尺寸卡車專案的指引是 130 萬到 140 萬輛。他們已對外說明、且我們已收到的任何計畫性公告或排程調整，都已經包含在該指引區間之內。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Congrats on the quarter. Just I was hoping just to kind of follow up on a prior question, if we could just do a little bit of a walk from the kind of Q1 margin of like 13.3% pro forma to kind of what's implied the rest of the year. It sounds like there's some incremental commodity freight baked in there. But also some acceleration in synergies. I'm just hoping you could kind of go through some of the puts and takes there.

恭喜本季表現。我想跟進先前的一個問題：能否把大概第一季約 13.3% 的備考（pro forma）利潤率，橋接到今年其餘期間指引所隱含的水準？聽起來裡面已經納入一些額外的大宗商品與運費因素。但也有一些協同效益加速實現。我希望你能把其中的增減因素（puts and takes）稍微說明一下。

Yes. I think your put and take is moving into the second quarter? Or are we thinking about the full year at, which was your --

是的。我認為你提到的利多與利空是在往第二季移動嗎？還是我們是在看全年，也就是你們的--

The full you add to the full year, kind of what's implied from the Q2 to Q4 margin based on the latest guidance.

把全年加進去，也就是依照最新指引，從第二季到第四季的利潤率所隱含的情況。

Yes. I mean some of the puts and takes as we think about it from here, obviously, we will transition in the rest of the year, call it, a full month of all results, right? That would come in at sort of their blended rate of -- at a full cost basis at 12%, 12.5% range. So that will start to weather itself in.

是的。我的意思是，從現在開始我們在思考一些利多與利空時，顯然在今年剩餘時間我們會完成過渡，姑且說，會有整整一個月的完整業績納入，對吧？那將以他們的混合費率計入——以完整成本基礎大約在12%到12.5%的區間。所以這部分會開始逐步反映出來。

I would expect to have synergy step up through the course of the year as we transition and continue to put in the bag, continued success on our synergy transition to get to that $50 million to $75 million run rate by the end of the year.

我預期協同效益會在一年當中逐步提升，因為我們在過渡並持續把成果落袋，協同整合也持續成功，目標是在年底前達到每年5,000萬到7,500萬美元的運行率。

As I mentioned in one of the previous questions, we do see a little bit of drag as it relates to inflation, in particular in the second quarter on fuel and some of those type of related costs. We'll see how those play out for the rest of the year, I would say that's plus or minus for Q3 and Q4, depending on how macro events unfold. And then we have some core performance inside of our company as well.

如我在前面某個問題提到的，我們確實看到一些與通膨相關的拖累，特別是在第二季的燃料以及一些相關成本上。至於今年剩餘時間會如何發展，我會說第三季和第四季可能是正負都有，取決於總體事件如何演變。另外，我們公司內部也有一些核心營運表現。

As we transition to the year, we've seen nice traction on our metal form side of the business from a margin perspective. Some of the challenges that we've articulated in the legacy out plants over the last couple of years, we're seeing some positive trends from that perspective as well.

隨著我們進入今年，我們在金屬成形業務的利潤率方面看到不錯的進展。過去幾年我們在既有（legacy）外部工廠所提到的一些挑戰，從這個角度看也出現了一些正向趨勢。

So those are some of the pieces I think, on a go-forward basis. And then you have a tariff plus or minus as we go through your timing of when we bill or collect, et cetera. and that can change quarter-to-quarter.

所以我認為這些是一些未來展望的要素。另外，關稅也會有正負影響，取決於我們開立帳單或收款的時點等等，而這可能會隨季度而變動。

Great. That's helpful. And then just as a follow-up, I know it's still early since the the closing of the deal. But any observations from customer conversation, sourcing opportunities and kind of how those have gone in the last few months?

很好。這很有幫助。接著追問一下，我知道自交易完成以來時間還不長。但在過去幾個月，從與客戶的對話、採購/供應來源機會（sourcing opportunities）以及整體進展方面，有沒有任何觀察？

Itay, this is David. Great question. We've had nothing but cooperation success in positive communication from the customer. They obviously historically know our performance from a historical doc standpoint. Same time, Dollar GKN had good performance as well.

Itay，我是David。問得很好。我們從客戶那邊得到的只有合作、成功以及正向的溝通。他們顯然從歷史文件（doc）的角度一直了解我們的表現。同時，Dollar GKN 的表現也不錯。

We're maintaining that good performance. That was a priority to us is to protect continuity of supply and the quality and product integrity going into our customers. They're actually pleased in the fact that we'll have more size and scale to help weather the challenges that exist in the marketplace today.

我們正在維持那樣的良好表現。對我們而言，優先事項是確保供應連續性，以及交付給客戶的品質與產品完整性。他們其實也很高興我們的規模與量體變大，能更好地承受當前市場上的各種挑戰。

Clearly, there's a lot of distressed suppliers that are in the marketplace that have been since COVID. And I think that's only going to ramp up as we go forward. So the communication and the feedback from the customers has been very positive. And obviously, we're going to look to continue to maintain those strong relationships that we have and look to try to expand from a cross-selling capability to those loyal and valued customers.

很明顯，自COVID以來市場上有很多陷入困境的供應商。而我認為未來只會更加惡化。所以客戶端的溝通與回饋都非常正面。當然，我們也會持續維持這些強健的關係，並嘗試透過交叉銷售能力，對這些忠誠且重要的客戶擴大合作。

Jake Scholl, BNP.

Jake Scholl，BNP。

So pro forma net leverage finished at about 2.65x. And just based on my math on the guidance, it sounds like you'll finish to around 2.2% or so. So how should we think about the time line to get to the targeted to 5?

備考（pro forma）淨槓桿大約落在2.65倍。依照我用指引做的計算，聽起來你們年底大概會到2.2%左右。那我們應該如何看待達到目標5的時間表？

Yes. I understand your math. Yes. So we'll probably be somewhat level or so through the course of this year based on our guide. But if you think about some of the points we've articulated previously as it relates to our leverage, really one of the main drivers of delevering the company of course, will be our operational performance through the achievement of our synergies.

是的。我理解你的計算。是的。所以依照我們的指引，今年整體可能大致持平。但如果你回想我們先前談到的槓桿相關要點，推動公司去槓桿的主要動力之一，當然會是我們透過實現協同效益所帶來的營運表現。

And as we transition into next year and we take in the next leg going from the $100 million run rate up to $180 million run rate, obviously, that will drive both profitability and cash flow.

而當我們進入明年，並進一步推進下一階段，將運行率從1億美元提升到1.8億美元時，顯然這會同時帶動獲利能力與現金流。

So sort of taken down the net debt, if you will, and also driving EBITDA up through that transition period, we'll then start to see some traction taking down our leverage even further from where we end the year. That's kind of a time line of how I would think about it.

因此，在那段過渡期間，一方面降低淨負債（net debt），另一方面推升EBITDA，之後我們就會開始看到槓桿率相較於年底水準進一步下降的動能。這就是我對時間表的看法。

All right. And then as we think about the next generation of GM's full-size truck platform -- can you share if we should -- if you guys expect to have the same participation rate as you do -- and have there been any shifts in GM's in-sourcing mix, especially between flight duty and heavy duty.

了解。另外，談到GM下一代全尺寸卡車平台——你能否分享我們是否應該預期你們的參與率會與目前相同？另外，GM的內製（in-sourcing）組合是否有任何變化，特別是在輕型（light duty）與重型（heavy duty）之間？

Yes, this is David. With respect to the model changes that are taking place in the next-generation product with General Motors, I mean, obviously, we've secured that business. We're in the process of getting ready to launch that business on a staggered cadence based on GM's program timing. Obviously, there's interest of engineering changes as they've addressed some horsepower torque and other requirements for the business that we factored into our business. So that will impact favorably some of the content per vehicle and the overall margin performance.

是的，我是David。關於通用汽車下一代產品的改款，我的意思是，顯然我們已經拿下了這項業務。我們正在準備依照GM的專案時程，以分階段的節奏啟動量產。當然，隨著他們針對馬力、扭力以及其他業務需求做了一些工程變更，我們也已將其納入我們的規劃。因此，這將有利地影響單車內容價值（content per vehicle）以及整體利潤率表現。

But we've secured everything that we've had and as they look to the next generation beyond that, which will be out in that mid-20 30 period of time. Our expectation would be to secure our replacement business and continue to try to demonstrate the GM that we are a valued and strategic partner to them.

但我們已經保住了我們原有的所有業務；而當他們展望再下一代（大約在20年代中後期到30年代那段時間推出）時，我們的預期是能拿下替代/延續的業務（replacement business），並持續向GM證明我們是他們重要且具策略性的合作夥伴。

Got it. So for the next Sarson program, you have, you'll be on at least as many of the vehicles as you are on the current generation?

了解。所以在下一個Sarson專案上，你們至少會像目前這一代一樣，搭載在同樣多的車型上？

Absolutely.

絕對會。

Nathan Jones, Stifel Financial.

Nathan Jones，Stifel Financial。

This is on [Decatamola] on for Nathan Jones. Maybe discuss the rationale at the beginning of the presentation, you just got the rationale for a delay subsidiary. You mentioned that you sold. Does this optimize the portfolio? Maybe just trying to get a better picture of your priorities in terms of the overall portfolio.

我是[Decatamola]，代替Nathan Jones發問。想請你談談簡報一開始提到的理由，你剛剛提到延遲子公司（delay subsidiary）的理由。你提到你們已經出售。這是否是在優化投資組合？我只是想更清楚了解你們在整體投資組合優先順序上的考量。

Yes. This was something that we evaluated as part of the overall product assessments and what we continue to assess our product portfolio, and we do that consistently throughout the year. But this was something that stood out to us that wasn't really a core program to us. And we had an interested buyer. And ultimately, we came to the appropriate commercial agreement on that to be able to sell that asset.

是的。這是我們在整體產品評估的一部分所檢視的事項；同時我們也會持續評估產品組合，而且這件事我們全年都會定期進行。但這項業務對我們而言特別顯眼，因為它並不是我們真正的核心專案。而且我們也有一位有興趣的買家。最終，我們達成了合適的商業協議，得以出售該資產。

As Chris covered earlier, we also divested of our commercial vehicle business, which is a legacy Dauch business. So again, things have changed. Now that we've been able to acquire Dale, our portfolio is different. We're assessing what's core and what's noncore to our business today. Those assets or businesses that we deem to be noncore. Obviously, we'll try to sell it for the appropriate value.

如Chris先前提到的，我們也已剝離商用車業務，那是Dauch的既有（legacy）業務。所以再次強調，情況已經改變。在我們完成收購Dale之後，我們的投資組合也不同了。我們正在評估哪些是核心、哪些是目前對我們而言的非核心。對於那些我們認定為非核心的資產或業務，我們顯然會嘗試以適當的價值出售。

But at the same time, we're not going to give anything away. What we want to do is make sure we can pay our portfolio down to the critical products that show growth and also show profitability. -- and it's just strengthened the overall company and provide for that robust business model that we've communicated to you all. So it was just a small step in regards to just assessing the portfolio.

但同時，我們也不會把任何東西白白送出去。我們想做的是，確保我們能把投資組合縮減到那些展現成長、同時也展現獲利能力的關鍵產品——這也只是進一步強化整體公司，並支撐我們先前向各位溝通的那個強健商業模式。所以這只是就評估投資組合而言的一小步。

I'm sure there'll be others that will evaluate and anything that we do there, obviously, will continue to help us in regards to accelerating paying down our debt and strengthen our leverage situation.

我相信還會有其他項目會被評估，而我們在那方面所做的任何事情，顯然都將持續幫助我們加速償還債務，並強化我們的槓桿狀況。

Appreciate the context. Also, just a quick, something you mentioned earlier. I know you mentioned the direct pass-through 80%, 90% of the cost. Can you maybe talk about the lag between -- the lag to recover -- make recoveries?

感謝提供這些背景。另外，還有個很快的問題，是你先前提到的。我知道你提到直接轉嫁（pass-through）成本的比例是80%、90%。你能否談談在——回收（recover）——進行回收之間的時間落差（lag）？

Yes, it can be anywhere from a month to a quarter depending on the customer. So 30 to 90 days.

可以，視客戶而定，可能從一個月到一季不等。也就是30到90天。

Dan Levy, Barclays.

Dan Levy，巴克萊。

Wanted to just go back on the commodity question here. And you talked about you have sort of a basket of commodities that you're getting direct pass-throughs on. Just can you give us a sense of today, pro forma organization now, how inflation dynamics maybe differ versus the prior AAM? And to what extent do you have increased cost that maybe now have to be recovered outside of payment pass-through mechanisms. To what extent should we be thinking differently about things like energy costs, et cetera?

我想回到這裡關於大宗商品的問題。你提到你們有一籃子大宗商品可以做直接轉嫁。能否讓我們了解一下，以今天的狀況、以目前的備考（pro forma）組織來看，通膨動態相較於先前的AAM可能有哪些不同？以及在多大程度上，你們現在可能有增加的成本必須在付款轉嫁機制之外去回收？在能源成本等方面，我們應該在多大程度上用不同的方式來思考？

Yes. Dan, this is Chris. I'll take that. For our -- I'll call it more pure commodity type costs, you've heard us articulate for many years, bringing in the Dowlais side into the business in total, you will find our view, I would say, is very similar. Many of the same type of commodity inputs that we have.

是的。Dan，我是Chris。我來回答。就我們——我稱之為較純粹的大宗商品類成本——你們多年來都聽我們闡述，把Dowlais這一側整體納入業務後，你會發現我們的看法我會說非常相近。我們有許多相同類型的大宗商品投入。

So not really a lot of change from that perspective, either types of commodities or call it pass-through mechanisms. But things such as when you sort of get outside of those core type of commodities like steel and scrap and nickel and aluminum and things that we talked about, like energy and stuff like that.

所以從這個角度來看，不論是大宗商品的種類或所謂的轉嫁機制，都沒有太大改變。但像是當你稍微超出那些核心大宗商品（例如我們談到的鋼材、廢鋼、鎳、鋁等）之外，像能源之類的項目。

I would say both sides also, those aren't typically automatic pass-throughs. You have to have some discussion with the customers and both sides the legacy businesses had the same type of dynamics from that perspective.

我會說兩邊也是一樣，這些通常不是自動轉嫁。你必須和客戶進行一些討論，而兩邊的既有業務在這方面都有相同的動態。

Okay. Great. And then second question is on PAUSE you've outlined the cost synergies here. You talked about potential as well for revenue synergies. Just on the customer front, and I know you addressed sort of a while ago, sort of the initial discussions with customers.

好的。很好。第二個問題是關於PAUSE，你已經概述了這裡的成本綜效。你也談到營收綜效的潛力。就客戶端而言，我知道你在一段時間前已經提過，關於與客戶的初步討論。

But some of the customers where you've been underrepresented up until now, the Toyota, VW type customers. Just what the dialogue has been with some of these customers? And how much more there is opportunity to expand that relationship now that you have an ransinto some of these different customers?

但對於一些你們過去相對滲透不足的客戶，例如Toyota、VW這類客戶。你們與這些客戶的對話目前是什麼情況？以及現在你們已經切入（ransinto）一些不同客戶之後，還有多少機會可以擴大這段關係？

Great question. What I would say is this, I mean, our first conversation with the customers is just to inform them of the combination to inform them of the capability and also to make sure that we're protecting continuity of supply and not disrupting them and as I said in my previous comments, that's gone very favorably. Many of the European and the Asian OEMs, although historical Dow can had a relationship with them. We will benefit greatly from the strength that Dowlais GKN has shared for decades with many of those customers.

好問題。我會這麼說：我們與客戶的第一輪對話，就是告知他們這次合併、告知能力，同時也要確保我們在保護供應連續性、不會干擾他們；如同我先前的評論所說，這部分進展非常順利。許多歐洲與亞洲的OEM，雖然歷史上Dow can與他們有合作關係。我們將大幅受益於Dowlais GKN數十年來與許多這些客戶共享的強大關係。

So it's still early in regards to the discussion phase, but our customers clearly want to better understand our full complements and capabilities. there'll be technology days that we'll share with each of these customers on a go-forward basis. But they clearly can see the benefits of an expanded portfolio and they clearly see the performance capability that we collectively bring to the table. And just the general dialogue without getting specific has been positive in regards to potential consideration for cross-selling type opportunities and new business growth opportunities. I'll leave it at that.

因此目前仍處於討論階段的早期，但我們的客戶顯然希望更深入了解我們完整的產品組合與能力；未來我們也會與各個客戶分享技術日（technology days）。但他們清楚看得到擴大產品組合的好處，也清楚看得到我們共同帶來的績效能力。而在不談具體細節的前提下，整體對話對於可能考量交叉銷售類機會與新業務成長機會而言是正面的。我就先說到這裡。

Vanessa Jeffriess, Jefferies.

Vanessa Jeffriess，Jefferies。

On the results. Just to build on what's gone well and what has been I mean you've owned the dialed part metallurgy business for a couple of months now, it'd be really interesting to hear your thoughts on the kind of different strategic and diversification initiatives that it's been feeling over the last few years. And if that's the direction you'll continue with and kind of the auto and non-auto side. And then secondly, I just wanted to ask about the kind of EV commercial cancellation settlement payments. Is there any more of those to go over the next couple of months, just given the hit the Dallas powertrain business took over the last couple of years?

關於業績。想在哪些做得好、哪些——我是說你們已經擁有dialed部分的粉末冶金業務幾個月了——很想聽聽你們對於過去幾年它所推動的不同策略與多元化計畫的看法。以及這是否會是你們持續的方向，包含汽車與非汽車端。第二，我想問關於EV商用取消的和解付款（settlement payments）。接下來幾個月還會有更多這類款項嗎？考量到過去幾年Dallas動力總成業務所受到的衝擊。

Yes, this is David. I'll take this question, Chris, you can chime in as you feel fit. Clearly, historical downwards in the powder metal business and clearly so was Dowlais by putting the two together, we have a very strong industry-leading powdered metal capability that is also vertically integrated now with the supply of raw powder -- as you know, under Melrose, this business was really -- and even down lay was up under strategic review.

是的，我是David。我來回答這個問題，Chris，你也可以視情況補充。很明顯，歷史上downwards在粉末金屬業務上是如此，Dowlais也是如此；把兩者結合後，我們擁有非常強、產業領先的粉末金屬能力，而且現在也透過原始粉末供應實現垂直整合——如你所知，在Melrose之下，這項業務其實——甚至down lay也曾處於策略檢討之中。

We clearly see this in our wheelhouse in regards to our metal forming business. We think there's opportunity to enhance its performance on a go-forward basis, and we're working on those initiatives right now. Like any piece of business, we'll always keep optionality in our business, but we consider that a critical part of our thesis -- strategic thesis is we want to be this global leading driveline and metal forming supplier. There's a great strategic fit of our powder metal business with their powder metal business. Although there is some rationalization that needs to be done, especially on footprint in North America. And we'll do that appropriately and time it appropriately and make sure that we're not incurring too much cost that way.

我們清楚認為這屬於我們金屬成形業務的核心能力範疇。我們認為未來有機會提升其表現，我們目前也正在推動這些計畫。如同任何一塊業務，我們永遠會保留選擇權（optionality），但我們認為這是我們論點——策略論點——中的關鍵部分：我們希望成為全球領先的傳動系統與金屬成形供應商。我們的粉末金屬業務與他們的粉末金屬業務在策略上高度契合。雖然確實需要做一些合理化，特別是在北美的據點布局（footprint）。我們會適當地執行並掌握時點，並確保不會因此承擔過多成本。

But we also see tremendous growth opportunities with it. It just hadn't received a lot of investment over the years from his previous owner. So we're encouraged and excited. We have a really good leadership team that's running the powdered metal group and then we're introducing some of the AAM operating systems into that business that we also think will bode favorably from a margin and cash generation performance over time.

但我們也看到它有巨大的成長機會。只是多年來在前一位所有者手中，這項業務並沒有獲得太多投資。所以我們感到鼓舞，也很興奮。我們有一個非常好的領導團隊在經營粉末金屬事業群，並且我們也正在把部分AAM的營運系統導入該業務；我們也認為這將隨時間在毛利與現金創造表現上帶來正面效果。

On the EV front, as we talked before, I mean, EV, there's different strategies, different approaches globally around the world. We continue to see significant opportunities in regards to Asia, especially China. And we're mainly doing a lot of that to the JV that we have there. We'll continue to monitor Europe and see what happens there with regulatory and policy change as we're seeing some of that take place right now, but we do expect extra growth there. In North America, you see here what's happened with the regulatory and policy change, where EV penetration was under 5% the last month from a high of 10% or 11% earlier now that all the incentives are gone.

在EV方面，如同我們之前談過的，EV在全球各地有不同策略、不同做法。我們持續看到在亞洲、特別是中國，有顯著機會。而我們主要是透過在那裡的合資企業（JV）來推動許多相關業務。我們也會持續觀察歐洲，看看監管與政策變化會如何發展，因為我們現在正看到其中一些變化正在發生，但我們確實預期那裡會有額外成長。在北美，你可以看到監管與政策變化所帶來的影響：在所有補貼都取消後，EV滲透率上個月不到5%，而先前高點曾達10%或11%。

So we'll continue to make appropriate and balanced and selective investments in -- but at the same time, there's some cancellation costs, many of which have been dealt with and addressed, but there's still some open issues that are out there with customers that we need to bring resolution to wrap up the commitments that they made to us and we made, but unfortunately, the market didn't materialize.

因此，我們將持續進行適當、均衡且有選擇性的投資——但同時也存在一些取消成本，其中許多已經處理並解決，但仍有一些與客戶之間尚未結案的議題需要我們加以解決，以便收尾他們對我們所做的承諾以及我們所做的承諾；但不幸的是，市場並未如預期成形。

So those are ongoing commercial dialogue with us and our customers, but we hope to bring those to resolution this year and get that behind us completely. So Chris, I don't know if there's anything you want to add?

因此，這些都是我們與客戶之間持續進行的商業對話，但我們希望能在今年把它們解決，並徹底把這件事拋在腦後。所以 Chris，我不知道你是否還想補充什麼？

Yes. On the resolution for any of those EV matters, as you know, if you look at the results historically, all had a very strong year last year and kind of closing out a lot of their issues. We had a few small issues that we closed out last year, Dolly closed. I think one of their last remnant ones from their side of the house in January of this year, which are not in our reported results. But going forward, as David mentioned, there's a few yet to wrap up, but I would say nothing of significance at this point in time.

是的。關於任何這些電動車（EV）事項的解決，如你所知，如果你回顧歷史結果，去年整體表現非常強勁，也算是結清了許多問題。我們去年結清了幾個小問題，Dolly 也結案了。我想他們在今年一月把他們那邊最後幾個殘留事項之一也結掉了，但那不包含在我們已揭露的業績結果中。但展望未來，如 David 所提，仍有少數需要收尾，不過我會說就目前而言沒有任何重大事項。

And by the way, I appreciate that you break out the payments in the presentation, just given some of your peers haven't.

另外，順帶一提，我很感謝你們在簡報中把付款項目拆分出來，因為你們有些同業並沒有這麼做。

Federico Marin, Wolfe Research.

Wolfe Research 的 Federico Marin。

Just a quick question on the so you raised the guidance at the high end. But -- and I think you mentioned that part of that -- the reason was because the mix is better. But I was wondering why didn't you increase the guidance, the high end for the free cash flow. I would have assumed that as incremental business would have helped cash flow as well.

我有個簡短問題：你們把指引的高端上調了。但——我想你提到其中一部分原因是因為產品組合更好。不過我想知道，為什麼你們沒有上調自由現金流指引的高端？我原本以為新增業務也會對現金流有幫助。

Yes. Great question, Pedro. So if you think we also raised the top end of our sales as well. So obviously, when you do that, you could have -- you'll have some working capital used to finance a little bit at the higher end of the sales, that would be the primary driver for pulling the cash flow as is.

是的。很好的問題，Pedro。如果你想想看，我們也把銷售額指引的上限提高了。所以很明顯，當你這麼做時，在較高的銷售端，你可能——你會需要動用一些營運資金來支應（融資）那部分銷售，這會是我們維持現金流指引不變的主要原因。

And in terms of cadence for your operating results, how should we think about it going through the year? And is there any change from the historical seasonality of American Axle?

那就你們營運結果的節奏而言，我們應該如何看待今年的走勢？相較於 American Axle 過去的季節性，是否有任何變化？

Yes. From a seasonality perspective, I would say our entire business, combined legacy American Axle and legacy Dowlais. We operate in the same identical seasonal pattern with our customers, whether they're in Europe, late in August. in North America, July and around the holiday time in December, which is also common in Europe for seasonality, almost identical production days per quarter, almost identical perspective is how I would think about it.

是的。就季節性而言，我會說我們整體業務——包含原 American Axle 與原 Dowlais——與客戶的季節性模式完全一致；不論是在歐洲（八月底）或北美（七月）以及十二月假期期間（這在歐洲也同樣常見），每季的生產天數幾乎相同；我會用幾乎相同的角度來看待。

And as you think about the year, clearly, some of the key points we talked about and some in my prepared remarks, a little inflation pressure in Q2 for macro events. But our synergy will build through the year, right? So that will come on in Q3 and Q4 to get that exit run rate.

再談到全年走勢，很明顯，我們今天討論的一些重點以及我在事先準備的發言中提到的內容：第二季因宏觀事件會有一些通膨壓力。但我們的協同效益會在全年逐步建立，對吧？因此第三季與第四季會逐步顯現，以達到期末的退出（run-rate）水準。

Those would have some of the, I would say, operational elements from a revenue perspective, we got a lot of questions today about the GM's full-size truck. We had some downtime in January for heavy duty. As you know, one of their larger endpoints, large facilities slow.

就營收面的一些營運要素而言，我們今天收到很多關於 GM 全尺寸卡車的問題。我們在一月針對重型車有一些停工時間。如你所知，他們其中一個較大的終端——大型工廠——放緩了。

They will go through their next-generation change, that will impact, call it, mid I'll call it, mid-second half of the year as they finalize when they're going to take that facility down for a little. That is a primary endpoint for us as one of our customers as well.

他們將進行下一代產品的切換，這將影響——我會說——大約在今年下半年中段，因為他們會在確定何時要讓該工廠停線一段時間以完成切換。那也是我們的一個主要終端客戶之一。

Doug Karson, BofA.

BofA 的 Doug Karson。

Thanks for ping me in. I want to ask a little bit about kind of like EPA changes. We met with a big OEM this week and they were pretty happy with some of the EPA changes that perhaps are relaxing limitations to gate cylinder, our gasoline engines, and they thought maybe you could perhaps help their mix for heavier pickup trucks and is that something that you're seeing in your kind of production forecasts that, that mix is happening elsewhere in North America? Just trying to get a little smarter on that because it could be a big benefit to some of the OEMs price points.

謝謝讓我加入。我想問一下有點像是 EPA 變更的議題。我們這週和一家大型 OEM 會面，他們對某些 EPA 變更感到相當滿意，這些變更可能放寬了對汽油引擎（例如關於汽缸停用等）的限制；他們認為這或許能改善較重型皮卡的產品組合。你們在生產預測中是否也看到北美其他地方出現這種組合變化？我只是想更了解一些，因為這可能對某些 OEM 的定價帶來很大好處。

Yes. I mean anything that the government is doing to relax, regulatory and policy is clearly a benefit to the OEMs, especially the domestic OEMs and then certainly a benefit to us as well. As we said before, as ICE is extended out and even hybridization, that's clearly a strong benefit to us. as a company. And we've got installed capacity and product portfolio that's already solidly in place.

是的。我的意思是，政府若採取任何放寬監管與政策的作法，顯然對 OEM 有利，特別是對本土 OEM；當然對我們也有利。如我們先前所說，內燃機（ICE）使用期延長，甚至混合動力化，對我們公司而言都是明顯的利多。而且我們已具備既有產能與產品組合，基礎相當扎實。

As we alluded, our financial performance, it was impacted favorably in regards to the truck platform on the light-duty GM, very strong Ram heavy-duty, very strong.

正如我們提到的，我們的財務表現因 GM 輕型卡車平台而受到正面影響；Ram 重型車也非常強勁。

GM down in the first quarter as they're transitioning, but we expect to be very strong throughout the year. So we're clearly seeing the benefits of that. We're starting to see also some of the long-range product plan adjustments for the customers as some of those adjustments and regulatory adjustments have been reduced. There's no doubt about it.

GM 在第一季因轉換而下滑，但我們預期全年都會非常強勁。所以我們確實清楚看到這些帶來的好處。隨著部分調整以及監管調整的力度降低，我們也開始看到客戶在長期產品規劃上的一些調整。這點毫無疑問。

That's good. Good for the sector.

很好。對整個產業是好事。

Thanks, Doug, and we want to thank all of you who have participated on this call and appreciate your interest in Doug. We certainly look forward to talking with you in the future. Thank you.

謝謝你，Doug，也感謝各位參與本次電話會議，並感謝你們對本公司的關注。我們也期待未來能再與各位交流。謝謝。

Thank you, sir. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您。今天的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛斷電話，祝您有美好的一天。