福特汽車 (F) 2020 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

My name is Holly, and I'll be your conference operator today.

我的名字是霍莉，今天我將成為您的會議接線員。

At this time, I would like to welcome you to the Ford Motor Company First Quarter 2020 Earnings Conference Call.

在這個時候，我想歡迎您參加福特汽車公司 2020 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the call over to Lynn Antipas Tyson, Executive Director of Investor Relations.

此時，我想將電話轉給投資者關係執行董事 Lynn Antipas Tyson。

Lynn?

林恩？

Thank you, Holly.

謝謝你，霍莉。

Welcome, everyone, to Ford Motor Company's second- (sic - first-)quarter earnings call.

歡迎大家參加福特汽車公司的第二（原文如此-第一）季度財報電話會議。

Consistent with social distancing, speakers today are connected from different locations.

與社交距離一致，今天的演講者從不同的地方聯繫在一起。

So in advance, I appreciate your patience, including any latency, as we answer questions.

因此，在我們回答問題時，我提前感謝您的耐心，包括任何延遲。

I also personally hope that you and all of your loved ones are safe.

我個人也希望你和你所有的親人都是安全的。

Presenting today are Jim Hackett, our President and CEO; Jim Farley, our Chief Operating Officer; and Tim Stone, our Chief Financial Officer.

今天的演講嘉賓是我們的總裁兼首席執行官 Jim Hackett；我們的首席運營官 Jim Farley；和我們的首席財務官 Tim Stone。

Also joining us is Marion Harris, CEO of Ford Credit.

Ford Credit 的首席執行官 Marion Harris 也加入了我們的行列。

Jim Hackett will begin with a brief review of our results and how we are putting people first through this pandemic, including our team members, customers and partners.

Jim Hackett 將首先簡要回顧我們的結果，以及我們如何在這場大流行中以人為本，包括我們的團隊成員、客戶和合作夥伴。

Jim Farley will cover the operational excellence required to execute solutions while ensuring Ford comes out of this even stronger.

Jim Farley 將涵蓋執行解決方案所需的卓越運營，同時確保福特在此過程中變得更加強大。

And Tim will talk about the prudent and proactive actions we are taking to enhance our cash position while preserving the financial flexibility to fund our redesign and growth initiatives, including critical launches.

蒂姆將談論我們正在採取的謹慎和積極的行動，以提高我們的現金狀況，同時保持財務靈活性，為我們的重新設計和增長計劃提供資金，包括關鍵的發布。

Then we'll turn the call to Q&A, and Jim will close with a few remarks.

然後我們將電話轉為問答，Jim 將以幾句話結束。

Our results discussed today include some non-GAAP references.

我們今天討論的結果包括一些非 GAAP 參考。

These are reconciled to the most comparable U.S. GAAP measure in the appendix of our earnings deck, which can be found along with the rest of our earnings materials at shareholder.ford.com.

這些與我們收益甲板附錄中最具可比性的美國公認會計原則衡量標準相一致，該附錄與我們的其他收益材料一起可在 sharepoint.ford.com 上找到。

Today's discussion includes forward-looking statements about our expectations.

今天的討論包括關於我們預期的前瞻性陳述。

Actual results may differ from those stated, and the most significant factors that could cause actual results to differ are included on Slide 23 of our deck.

實際結果可能與所述結果不同，可能導致實際結果不同的最重要因素包含在我們的幻燈片 23 中。

In addition, unless otherwise noted, all comparisons are year-over-year.

此外，除非另有說明，否則所有比較均為同比。

Company EBIT, EPS and operating cash flow are on an adjusted basis, and product mix is on a volume-weighted basis.

公司息稅前利潤、每股收益和經營現金流量為調整後的基礎，產品組合為體積加權基礎。

Now let me turn the call over to Jim Hackett.

現在讓我把電話轉給吉姆哈克特。

Thanks, Lynn, and hello, everyone.

謝謝，林恩，大家好。

And Lynn, let me thank you for doing an incredible job in putting this virtual call together.

還有 Lynn，讓我感謝你出色地完成了這次虛擬電話會議。

In addition to Jim Farley, our Chief Operating Officer; and Tim Stone, our Chief Financial Officer, I'm proud to say that Rudy and Ozzy, my 2 beagles, are joining me today in the call.

除了我們的首席運營官 Jim Farley；和我們的首席財務官 Tim Stone，我很自豪地說，我的兩隻小獵犬 Rudy 和 Ozzy 今天也加入了我的電話會議。

Well, you know the nature of times brings to mind the notion of paradox, and I like to think of the definition of a paradox as 2 truths that compete.

好吧，你知道時代的本質會讓人想起悖論的概念，我喜歡將悖論的定義視為兩個相互競爭的真理。

Let me explain.

讓我解釋。

The first truth is that safety is of the utmost concern in a pandemic: yours, your loved ones and the people you work with, the communities you live in and, amazingly, all other humans you want to interact with.

第一個事實是，在大流行中，安全是最重要的問題：您、您的親人和您一起工作的人、您居住的社區，以及令人驚訝的是，您想與之互動的所有其他人。

Their safety guarantees your safety.

他們的安全保證您的安全。

The second truth: there is no future if we don't have an economic system that is always on.

第二個事實：如果我們沒有一個永遠在線的經濟體系，就沒有未來。

We didn't realize there was an off switch.

我們沒有意識到有一個關閉開關。

We knew it might go into a recession, more like a dimmer switch, but off?

我們知道它可能會陷入衰退，更像是一個調光開關，但是關閉了嗎？

Well, now as we bring these 2 truths together, they compete.

好吧，現在當我們將這兩個真理結合在一起時，它們就會相互競爭。

Turning the economy back on challenges the question of whether it's safe enough.

讓經濟重新振作起來挑戰了它是否足夠安全的問題。

My goal today is to provide an update on where Ford stands and hopefully illustrate that Ford is doing a great job of managing this paradox, and confirm that we have control of the business in a very difficult time.

我今天的目標是提供有關福特立場的最新信息，並希望說明福特在管理這一悖論方面做得很好，並確認我們在非常困難的時期控制了業務。

I am pleased to report to you that we had the foresight to move early, ahead of the shutdown.

我很高興向您報告，我們有先見之明，在停工之前提前行動。

We kicked off our coronavirus response task force led by about 30 senior leaders from across the company.

我們啟動了由全公司約 30 名高級領導領導的冠狀病毒應對工作組。

Independent of the virus, recall we had around the same time, reorganized our top team, enabled by a new Chief Operating Officer position held by Jim Farley.

回想一下，與病毒無關，我們大約在同一時間重組了我們的頂級團隊，這得益於 Jim Farley 擔任的新首席運營官職位。

Candidly, this now looks quite prescient, as Jim, in his new role, was able to quickly marshal our operating team to focus quickly on the most important actions.

坦率地說，這現在看起來很有先見之明，因為吉姆在他的新職位上能夠迅速調動我們的運營團隊快速專注於最重要的行動。

Minutes that led to hours made a huge difference in our responsiveness.

導致數小時的分鐘對我們的響應能力產生了巨大的影響。

We went from 1,000 people who worked remotely from home to more than 60,000.

我們從在家遠程工作的 1,000 人增加到超過 60,000 人。

And we've had terrific productivity in the face of this unforeseen challenge, including our team in China, which preceded the economic closure around the world.

面對這一不可預見的挑戰，我們的生產力非常出色，包括我們在中國的團隊，該團隊在全球經濟停擺之前。

Jim will talk more about that in a moment.

Jim 稍後會詳細討論這個問題。

Now as we approached this challenge, we laid out 3 clear priorities underpinned by what we would say are our Ford values: the first, undeniably, we have to protect the safety of our people and do our part to limit the spread of the virus; second, to leverage our knowledge and capability to deliver critical supplies to frontline workers and patients, while taking care of customers, dealers and the communities in which we live; and three, skillfully manage our business through the crisis, safeguarding what we believe is a very bright future for Ford Motor Company.

現在，當我們應對這一挑戰時，我們提出了 3 個明確的優先事項，這些優先事項以我們所說的福特價值觀為基礎：第一，不可否認，我們必須保護我們人民的安全，並儘自己的一份力量來限制病毒的傳播；第二，利用我們的知識和能力為一線工人和患者提供關鍵物資，同時照顧客戶、經銷商和我們生活的社區；第三，在危機中巧妙地管理我們的業務，維護我們認為福特汽車公司非常光明的未來。

I have found it's true that Ford people are at their best in tough times.

我發現福特人確實在艱難時期處於最佳狀態。

It was true when Ford was building aircraft and arms that formed the arsenal of democracy in World War II, and it was true just a short decade ago when we rallied to avoid bankruptcy and a government bailout.

當福特在二戰中製造飛機和武器以形成民主軍火庫時，情況確實如此，而就在短短十年前，當我們團結起來避免破產和政府救助時，情況也是如此。

And we emerged from the Great Recession a stronger company.

我們從大蕭條中脫穎而出，成為一家更強大的公司。

I want to confirm, it's certainly been true today.

我想確認一下，今天肯定是真的。

Let me take you through a bit more detail on those 3 priorities.

讓我詳細介紹一下這 3 個優先事項。

As I said, the first priority was to protect our people and do our part to limit the spread of this virus.

正如我所說，當務之急是保護我們的人民並儘我們所能限制這種病毒的傳播。

So in mid-March, we were among the earliest company -- the early companies to instruct the vast majority of our employees to work remotely.

因此，在 3 月中旬，我們是最早的公司之一——最早指示絕大多數員工遠程工作的公司。

We also partnered with the UAW and other automakers to introduce new safety protections in our factories and warehouses, and then to shut down those facilities worldwide.

我們還與 UAW 和其他汽車製造商合作，在我們的工廠和倉庫中引入新的安全保護措施，然後在全球範圍內關閉這些設施。

In an illustration of the arc of a global pandemic, these actions were taken even as we were cautiously restarting operations with our joint venture partners in China.

為了說明全球大流行的弧線，即使我們與在中國的合資夥伴謹慎地重啟業務，也採取了這些行動。

Sadly though, in the face of this, Ford has not been immune from the ravages of the virus.

可悲的是，面對這種情況，福特並沒有倖免於病毒的破壞。

We've lost 11 colleagues in the U.S. and the U.K. to this pandemic.

在這場大流行中，我們在美國和英國失去了 11 名同事。

Our second priority was to leverage our knowledge and capability to deliver critical supplies to frontline workers and patients.

我們的第二個優先事項是利用我們的知識和能力為一線工人和患者提供關鍵物資。

I couldn't have been more proud of our organization.

我為我們的組織感到無比自豪。

The bottom line though is when society needs you, you answer the call.

但最重要的是，當社會需要你時，你會接聽電話。

In this case, we're doing that in many countries that Ford calls its home.

在這種情況下，我們在福特稱之為故鄉的許多國家都這樣做。

Ford's always been a family business from the generations of leadership to the generations of proud employees.

從幾代領導到幾代自豪的員工，福特一直是一個家族企業。

And with that, we believe, comes a special responsibility to take care of each other, and this pandemic, of course, is no different.

我們相信，隨之而來的是相互照顧的特殊責任，當然，這種流行病也不例外。

In fact, it requires that in spades.

事實上，它需要黑桃。

We know this devastating crisis will come to an end, but in the meanwhile, we're doing everything we can to help.

我們知道這場毀滅性的危機將會結束，但與此同時，我們正在盡我們所能提供幫助。

As we suspended a large portion of our work on designing and building great vehicles, we rallied to begin producing vitally needed personal protection and medical equipment.

由於我們暫停了大部分設計和製造偉大車輛的工作，我們團結起來開始生產急需的個人防護和醫療設備。

Around the globe, our people, including the UAW partners -- as I said, it amazed me every day as they engineer and produce hundreds of ambulances and up to 100,000 respirators for health care professionals with 3M; more than 8 million face shields so far; 50,000 patient ventilators with GE Healthcare; and about 1 million face masks, more like surgical masks, every day; and up to now 100,000 washable isolation gowns per week with Joyson Safety Systems.

在全球範圍內，我們的員工，包括 UAW 的合作夥伴——正如我所說，他們每天都讓我感到驚訝，因為他們為 3M 的醫療保健專業人員設計和生產了數百輛救護車和多達 100,000 個呼吸器；迄今為止超過 800 萬個面罩； GE Healthcare 提供 50,000 台患者呼吸機；每天大約有 100 萬個口罩，更像是外科口罩；以及使用均勝安全系統的每週 100,000 件可水洗隔離衣。

Putting people first also means, though, taking care of our customers.

不過，以人為本也意味著照顧我們的客戶。

We announced refined payments on new vehicles and a better online experience for customers; no-contact vehicle delivery and service, including disinfected products; and roadside and other services through the FordPass app.

我們宣布對新車進行精細支付，並為客戶提供更好的在線體驗；非接觸式車輛交付和服務，包括消毒產品；以及通過 FordPass 應用程序提供的路邊服務和其他服務。

We also worked quickly to take care of our dealers with digital marketing, sales and service tools and advice on managing liquidity; as you know, the government instituted a program that dealers could qualify for to enable them to keep their organizations intact; and taking care of our communities with millions of dollars in contributions of vehicles and cash.

我們還迅速通過數字營銷、銷售和服務工具以及有關管理流動性的建議來照顧我們的經銷商；如您所知，政府制定了一項讓經銷商有資格參加的計劃，以使他們能夠保持其組織的完整；並以數百萬美元的車輛和現金捐款來照顧我們的社區。

The third priority, which will be the bulk of our call today was to skillfully manage our business through the crisis.

第三個優先事項，也就是我們今天的主要電話內容，是在危機中巧妙地管理我們的業務。

One of the rallying cries for us through all of this, just as it was in '08 and '09, is not that -- sorry, is that we must not only weather the crisis, we need to emerge from it ready to build a brighter future.

就像在 08 年和 09 年一樣，在所有這一切中為我們吶喊的呼聲之一不是——抱歉，我們不僅必須度過危機，我們還需要擺脫危機，準備好建立一個更光明的未來。

So yes, even though we took measures to preserve cash, we are moving forward on our Creating Tomorrow Together plan.

所以，是的，即使我們採取了措施來保留現金，我們仍在推進我們的共創明天計劃。

You're going to ask me about that, and we're totally committed to it.

你會問我這個，我們完全致力於它。

This is going to leverage fresh new portfolio of vehicles, a commitment to autonomy and electrification, along with connectivity; global partnerships that are -- look prescient as well that they've started before this pandemic, and they're going to service in the future, including Rivian, because we've gotten questions about that; and a better customer experience.

這將利用全新的車輛組合、對自主性和電氣化的承諾以及連接性；全球合作夥伴關係 - 看起來也很有先見之明，他們在這場大流行之前就已經開始了，他們將在未來提供服務，包括 Rivian，因為我們已經收到了有關這方面的問題；和更好的客戶體驗。

In a moment, Jim Farley will provide more detail on the progress we're making in our underlying business during the crisis.

稍後，吉姆·法利 (Jim Farley) 將提供更多關於我們在危機期間基礎業務所取得進展的詳細信息。

I'm really proud of him.

我真的為他感到驕傲。

And he's just worked around the clock, frankly.

坦率地說，他只是夜以繼日地工作。

And so to say it's been a 24/7 effort is not an exaggeration.

可以說這是 24/7 的努力並不誇張。

At the same time, we're pulling every appropriate lever to protect our core business, strengthen the balance sheet -- Tim Stone, also working around the clock, to make sure that the company led in this initiative -- and bolster our cash to optimize our financial flexibility.

與此同時，我們正在竭盡全力保護我們的核心業務，加強資產負債表——蒂姆·斯通也在夜以繼日地工作，以確保公司在這一舉措中處於領先地位——並增加我們的現金以優化我們的財務靈活性。

I'm proud that we have that all in place before the first quarter was over.

我很自豪我們在第一季度結束之前就已經做好了這一切。

Part of skillfully managing through this crisis is having a well thought-out protocol, though, for back to work.

不過，巧妙地度過這場危機的一部分是製定一個經過深思熟慮的協議，以便重返工作崗位。

And we did this for China.

我們為中國做了這件事。

And I'm pleased that earlier today, we announced we'll restart our European manufacturing production with enhanced employee protection protocols in place.

我很高興今天早些時候，我們宣布我們將重新啟動我們的歐洲製造生產，並實施增強的員工保護協議。

It's taking a phased approach starting on May 4. We will restart vehicle on the engine production at most of our sites in Continental Europe, and there'll be a gradual ramp-up over the next few months before full production is resumed globally.

它從 5 月 4 日開始分階段進行。我們將在歐洲大陸的大部分工廠重新啟動車輛發動機生產，並且在未來幾個月內將逐步增加產量，然後在全球範圍內恢復全面生產。

But still, there's no denying the negative economic consequences of a pandemic.

但是，不可否認大流行的負面經濟後果。

In the first quarter, our adjusted free cash flow was negative by $2.2 billion.

第一季度，我們調整後的自由現金流為負 22 億美元。

Revenue, amazingly, was still $34 billion, and we incurred, of course, an EBIT loss of around $0.6 billion.

令人驚訝的是，收入仍然是 340 億美元，當然，我們的息稅前利潤損失約為 6 億美元。

In fact, heading towards the middle of the quarter, listen to this, we were on track to meet or exceed our original guidance for adjusted EBIT in the quarter.

事實上，在本季度中期，聽聽這個，我們有望在本季度達到或超過我們對調整後息稅前利潤的原始指導。

Well, as I said earlier, be assured that everyone at Ford is squarely focused on both today and our future.

好吧，正如我之前所說，請放心，福特的每個人都專注於今天和我們的未來。

We believe it remains bright, and it's a great source of motivation for us as we serve that future and, of course, take care of all these immediate needs.

我們相信它仍然是光明的，它是我們為未來服務的重要動力來源，當然，還要照顧所有這些緊迫的需求。

Right now, I'd like to turn it over to Jim Farley.

現在，我想把它交給吉姆法利。

Jim?

吉姆?

Thanks, Jim.

謝謝，吉姆。

Operational excellence, especially in this crisis, requires obviously the dedication but also collaboration, partnership and support from the entire enterprise: our suppliers, our dealers, employees, unions, our JV partners.

卓越運營，尤其是在這場危機中，顯然需要整個企業的奉獻精神，但也需要協作、夥伴關係和支持：我們的供應商、經銷商、員工、工會、我們的合資夥伴。

And our execution in this excellence demonstrated this early on in China, as Jim said.

正如吉姆所說，我們在這種卓越表現方面的表現很早就在中國證明了這一點。

I know we're going to come out of this a lot stronger, but we need to be agile, have a bias towards action and be very transparent with our employees, our customers and partners.

我知道我們會變得更加強大，但我們需要敏捷，對行動有偏見，並對我們的員工、客戶和合作夥伴保持透明。

Early on in China, we focused on business continuity.

早期在中國，我們專注於業務連續性。

We mapped our suppliers for the liquidity and the supply chain.

我們繪製了供應商的流動性和供應鏈。

We created a unique logistics portal to track our supply chain.

我們創建了一個獨特的物流門戶來跟踪我們的供應鏈。

We secured airfreight capacity to deliver critical safety equipment to our team in China, importantly including our dealers, and we used the same air capacity to ensure a supply of critical parts to regions like North America outside of China.

我們獲得了空運能力，為我們在中國的團隊（重要的是包括我們的經銷商）提供關鍵安全設備，我們使用相同的空運能力來確保向中國以外的北美等地區供應關鍵部件。

We then partnered closely with our dealers.

然後，我們與經銷商密切合作。

We tracked in-store traffic, inventory, their financial liquidity and health.

我們跟踪了店內客流量、庫存、財務流動性和健康狀況。

And in the face of shuttering our dealerships, we turned together, worked together to drive demand and ensure quality service to our customers.

面對關閉我們的經銷商，我們齊心協力，共同努力推動需求並確保為客戶提供優質服務。

We provided those customers with a more robust app to order vehicles online.

我們為這些客戶提供了更強大的應用程序來在線訂購車輛。

In fact, in China today, over 1/3 of our sales are now direct online.

事實上，在今天的中國，我們超過 1/3 的銷售額現在是直接在線的。

We increased doorstep delivery of sanitized vehicles with what we called zero touch.

我們通過我們所謂的零接觸增加了經過消毒的車輛的送貨上門服務。

We quickly expanded to schedule remote service and vehicle pickup for maintenance to make it easy for customers.

我們迅速擴展為安排遠程服務和車輛取貨以進行維護，以方便客戶。

And our joint venture partners were up and running as early as February 10.

我們的合資夥伴早在 2 月 10 日就已經啟動並運行。

In fact, as Jim said, one of them, JMC, repurposed our 2-ton transit van to manufacture over 1,500 Ford Transit ambulances in the first quarter.

事實上，正如 Jim 所說，其中一個 JMC 在第一季度將我們的 2 噸運輸貨車改裝為生產 1,500 多輛福特 Transit 救護車。

From the start, we focused on a return-to-work protocol for our Chinese business.

從一開始，我們就專注於為我們的中國業務制定重返工作崗位的協議。

And that involved governance like reworking manufacturing safety requirements and restructuring a lot of jobs inside our facilities to ensure we can protect distancing.

這涉及治理，例如重新制定製造安全要求和重組我們設施內的許多工作，以確保我們能夠保護距離。

This protocol is being extended to Europe and will also be used when we restart our operations around the world.

該協議正在擴展到歐洲，當我們在全球範圍內重新開始運營時也將使用該協議。

We call it our playbook.

我們稱之為我們的劇本。

In addition to those accomplishments, our China team also quickly honed in on costs.

除了這些成就之外，我們的中國團隊還迅速磨練了成本。

In the face of significant demand disruption, Ford China delivered year-over-year improvements in both contribution and structural costs.

面對嚴重的需求中斷，福特中國在貢獻和結構成本方面均實現了同比改善。

Actually, they got close to their initial EBIT target for the quarter, offsetting all the COVID impacts.

實際上，他們接近了本季度最初的 EBIT 目標，抵消了所有 COVID 影響。

The actions we took in China became best practice for us, part of our playbook, and we tackle -- as we tackle the virus globally, protecting our people and limiting the spread of the virus, as Jim described.

正如吉姆所描述的，我們在中國採取的行動成為了我們的最佳實踐，成為我們劇本的一部分，我們正在應對——正如吉姆所描述的那樣，我們在全球範圍內應對病毒，保護我們的人民並限制病毒的傳播。

I've been in the industry 30 years.

我在這個行業已經 30 年了。

I've been at Ford at 13.

我13歲就在福特。

I've seen a lot of wonderful leadership even in '08 and -- especially in '08 and '09, but I have never seen what's happened at Ford over the last weeks.

即使在 08 年和 08 年和 09 年，我也看到了很多出色的領導力，但我從未見過福特過去幾週發生了什麼。

Countless acts of leadership throughout every level of the organization replicated and added to the success we realized in China.

組織各個層級的無數領導行為複制並增加了我們在中國取得的成功。

Power Ford, it's in our DNA, and we're proud to have shared it with that capability for many other people.

Power Ford，它存在於我們的 DNA 中，我們很自豪能夠將這種能力分享給許多其他人。

The stark reality of a protracted global shutdown of our sector and our vertical has forced a laser focus on cost and liquidity.

我們的行業和我們的垂直行業在全球範圍內長期關閉的嚴峻現實迫使人們將注意力集中在成本和流動性上。

And just as we did in China, we have ratcheted down spending across the board, both fixed and variable.

就像我們在中國所做的那樣，我們全面降低了固定和可變支出。

To ensure we come out of this stronger, we protected our cycle plan, our launches and our technology road maps, including connectivity.

為確保我們擺脫困境，我們保護了我們的循環計劃、我們的發布和我們的技術路線圖，包括連接性。

We believe this pandemic could affect how customers live and work for many years to come with the zero touch now as an integral part of their lives going forward, perhaps spurring on even more interest and adoption of autonomy, especially goods delivery and micro mobility.

我們認為，這種流行病可能會影響客戶在未來多年的生活和工作方式，零接觸現在是他們未來生活中不可或缺的一部分，可能會激發更多的興趣和對自主性的採用，尤其是貨物交付和微型移動性。

While effects of the virus may cause some shifts in timing, we are really excited about our forthcoming launch of the redesigned F-150.

雖然病毒的影響可能會導致時間上的一些變化，但我們對即將推出的重新設計的 F-150 感到非常興奮。

It's the anchor of our F-Series brand, it's America's best-selling vehicle for 43 years, and the launch will feature the first-ever hybrid electric F-150.

它是我們 F 系列品牌的主力產品，是 43 年來美國最暢銷的車型，此次發布的車型將是首款混合動力電動 F-150。

We're also revealing a new Bronco brand.

我們還展示了一個新的 Bronco 品牌。

We're going to continue our launch of 30 market-specific Ford and Lincoln vehicles in China over the next 3 years, 10 of which will be electric.

未來 3 年，我們將繼續在中國推出 30 款針對特定市場的福特和林肯汽車，其中 10 款將是電動汽車。

We're going to offer electrified versions of the Lincoln Corsair and the Ford Escape and Kuga, which is now in launch in China and in Europe.

我們將提供林肯海盜船和福特 Escape 和 Kuga 的電氣化版本，目前已在中國和歐洲推出。

We're going to continue preparations for the much anticipated return of the legendary Ford Bronco next year.

我們將繼續為備受期待的傳奇福特野馬明年回歸做準備。

And shortly after I began my new role in February, I did a 2-day deep dive with the automotive leadership team, where we really were and how we were going to address the task and opportunities ahead.

在我 2 月份開始擔任新職務後不久，我與汽車領導團隊進行了為期 2 天的深入探討，了解我們的真實情況以及我們將如何應對未來的任務和機遇。

And from the start, I was not only impressed with the diversity of skills and knowledge of our team but the look in their eye and the desire and accountability to take on those opportunities and move the company forward.

從一開始，我不僅對我們團隊的技能和知識的多樣性印象深刻，而且對他們的眼光以及抓住這些機會並推動公司向前發展的願望和責任感印象深刻。

Together, we came up with a simple frame: we have a few things to fix and accelerate, and we need a growth plan for the company.

我們一起提出了一個簡單的框架：我們有一些事情需要解決和加速，我們需要為公司製定一個增長計劃。

The recent challenges presented by the virus have just amplified our commitment to these 3 areas.

該病毒最近提出的挑戰剛剛擴大了我們對這三個領域的承諾。

There is no grace period for transforming Ford.

改造福特沒有寬限期。

Two weeks ago, we announced a reorganization that will allow us to better execute against those things that we need to fix and accelerate, and to establish our growth initiatives.

兩週前，我們宣布了一項重組，這將使我們能夠更好地執行那些我們需要修復和加速的事情，並建立我們的增長計劃。

We empowered a talented and diverse group of leaders from inside but also from outside of Ford to drive transformation into high-growth, high-margin businesses.

我們從福特內部和外部授權了一群才華橫溢、多元化的領導者，以推動向高增長、高利潤業務的轉型。

Among the changes, Kumar Galhotra, who has been President in North America, will take on an expanded role for South America and ING markets as well.

在這些變化中，曾擔任北美總裁的 Kumar Galhotra 也將在南美和 ING 市場發揮更大的作用。

Lisa Drake, a seasoned executive in our industrial system, was named Chief Operating Officer for North America and remains Vice President of Global Purchasing.

Lisa Drake 是我們工業系統中一位經驗豐富的高管，她被任命為北美首席運營官，並繼續擔任全球採購副總裁。

She will be laser-focused on our launches, our costs, and our industrial system in North America.

她將專注於我們在北美的發布、成本和工業系統。

Gil Gur Arie, who has a distinguished career in the Israeli Military Intelligence Corps, has joined Ford as Chief Global Data Insights and Analytics.

Gil Gur Arie 在以色列軍事情報局擁有傑出的職業生涯，他已加入福特擔任首席全球數據洞察和分析。

And Ted Cannis, whose team developed the revolutionary Mustang Mach-E and the F-150 battery electric, was appointed General Manager of Commercial Vehicles.

Ted Cannis，他的團隊開發了革命性的 Mustang Mach-E 和 F-150 電動車，被任命為商用車總經理。

Now these leadership changes were specifically aimed at sharpening our focus on product and launch execution, fully leveraging smart connected vehicles and big data to serve our customers and the company, to improve our quality and lower our costs and creating a dedicated commercial vehicle business in the U.S. and Canada.

現在，這些領導層變動專門針對加強我們對產品和發布執行的關注，充分利用智能網聯汽車和大數據來服務我們的客戶和公司，提高我們的質量和降低我們的成本，並在中國打造專門的商用車業務。美國和加拿大。

I'm confident this new structure will facilitate a much faster enterprise decision-making and further efficiencies.

我相信這種新結構將促進更快的企業決策和進一步的效率。

I want to assure you that the same commitment and excellence we displayed to overcome COVID-19 are what we are leveraging as we bring Ford's manufacturing and salaried population back online and turn our attention towards launching those incredible new Fords and our winning portfolio.

我想向您保證，我們在克服 COVID-19 方面表現出的同樣承諾和卓越表現是我們正在利用的，因為我們將福特的製造業和受薪人口重新上線，並將我們的注意力轉向推出那些令人難以置信的新福特和我們獲勝的產品組合。

Over to Tim.

交給蒂姆。

Thanks, Jim.

謝謝，吉姆。

It's just over a year since I came to Ford.

我來福特才一年多。

The primary reason I joined was my belief the company has abundant opportunities to improve customer experience, enhance effectiveness, grow and create superior value for stakeholders.

我加入的主要原因是我相信公司有大量機會來改善客戶體驗、提高效率、成長並為利益相關者創造卓越價值。

Being a part of this team as we've tackled the crisis has further strengthened my confidence in our team and in Ford's future.

在我們應對危機的過程中成為這個團隊的一員，進一步增強了我對我們團隊和福特未來的信心。

That's why throughout our comments on this call, even amid what we're doing to protect people from the virus and help stop its spread, our actions have been consistent with the priorities we've discussed with you for several quarters: first, improving customer experience and operational execution; second, progressing our global redesign, making tough choices to lay the foundation for improvement in future automotive growth, free cash flow, profitability and returns on capital; third, enhancing fitness, including structural costs and capital efficiency and alliances that can drive durable scale benefits; fourth, prioritizing meaningful opportunities for profitable, long-term growth in mobility; and fifth, employing continued discipline to drive strong results from Ford Credit.

這就是為什麼在我們對這次電話會議的評論中，即使在我們為保護人們免受病毒感染並幫助阻止其傳播所做的工作中，我們的行動也與我們與您討論了幾個季度的優先事項保持一致：首先，改善客戶經驗和運營執行；第二，推進我們的全球重新設計，做出艱難的選擇，為未來汽車增長、自由現金流、盈利能力和資本回報的改善奠定基礎；第三，增強適應性，包括結構成本和資本效率以及可以推動持久規模效益的聯盟；第四，優先考慮有意義的機會，以實現可盈利的長期流動性增長；第五，採用持續的紀律來推動福特信貸的強勁業績。

In the first quarter, lower industry volumes across all regions contributed to a 21% decline in wholesales and a 15% decrease in revenue.

第一季度，所有地區的行業銷量下降導致批發量下降 21%，收入下降 15%。

These results largely drove an adjusted EBIT loss of $0.6 billion and a negative $2.2 billion in adjusted free cash flow.

這些結果在很大程度上推動了 6 億美元的調整後息稅前利潤損失和 22 億美元的調整後自由現金流。

Our results were constrained by the adverse impacts of the virus.

我們的結果受到病毒不利影響的限制。

We estimate the unfavorable impact to adjusted EBIT was at least $2 billion.

我們估計調整後息稅前利潤的不利影響至少為 20 億美元。

In our Automotive business, lower volume accounted for a $177 million loss in EBIT as $346 million positive EBIT from North America was more than offset by losses in other markets.

在我們的汽車業務中，由於來自北美的 3.46 億美元的正 EBIT 被其他市場的虧損所抵消，銷量下降導致 EBIT 虧損 1.77 億美元。

To be helpful, and inform on your input, Slide 10 of our deck includes additional color on the drivers of the year-over-year change in EBIT, including warranty, which was higher by $0.5 billion; and structural costs, which were lower by $0.3 billion.

為了提供幫助並告知您的意見，我們的幻燈片 10 包括額外的顏色，說明 EBIT 同比變化的驅動因素，包括保修，增加了 5 億美元；和結構成本，減少了 3 億美元。

Looking at the business in more detail will provide some color on why, up until the middle of the quarter, we were on track to meet or exceed our initial EBIT guidance for the first quarter, supported by improved product mix and the benefits of our global redesign.

更詳細地研究業務將提供一些顏色，說明為什麼在本季度中期之前，我們有望達到或超過我們第一季度最初的 EBIT 指導，這得益於改進的產品組合和我們全球業務的優勢重新設計。

In North America, while top- and bottom-line metrics were negatively affected by the decline in units, both revenue and EBIT did benefit from better mix, especially F-Series and Explorer.

在北美，雖然頂線和底線指標受到單位下降的負面影響，但收入和 EBIT 確實受益於更好的組合，尤其是 F 系列和 Explorer。

This improvement reflects our more disciplined approach to capital allocation, which has focused our investments around the globe on our franchise strengths.

這一改進反映了我們更嚴格的資本配置方法，將我們在全球的投資集中在我們的特許經營優勢上。

This includes our upcoming launches of our all-new F-150 and 3 products that are new to the market: a small rugged off-road utility, Mustang Mach-E and Bronco.

這包括我們即將推出的全新 F-150 和 3 種新產品：堅固耐用的小型越野實用工具 Mustang Mach-E 和 Bronco。

We will be able to update you on launch timing once we have a better understanding of our operational readiness as we bring our manufacturing back up.

一旦我們在恢復生產過程中更好地了解了我們的運營準備情況，我們將能夠向您更新發佈時間。

EBIT was also negatively affected year-over-year by increased warranty costs as we rolled forward higher accrual rates from the second half of last year.

由於我們從去年下半年開始提高應計率，因此保修成本增加也對 EBIT 產生了負面影響。

We also absorbed higher material costs for new models during the quarter.

我們還在本季度為新車型吸收了更高的材料成本。

In South America, wholesales and revenue declined 13% and 21%, respectively.

在南美，批發和收入分別下降了 13% 和 21%。

In addition to the lower volume, revenue was also influenced by weaker currencies, which were only partially offset by higher net pricing.

除了較低的銷量外，收入還受到貨幣疲軟的影響，這僅部分被較高的淨定價所抵消。

Importantly, we narrowed our EBIT loss in the region to $0.1 billion, a 29% year-over-year improvement and our strongest performance since 2013.

重要的是，我們將該地區的息稅前利潤損失縮小至 1 億美元，同比增長 29%，是自 2013 年以來的最強勁表現。

EBIT results do favorably reflect benefits from our global redesign, including exiting heavy truck production, discontinuing certain passenger vehicles and reducing headcount as we migrate to a lower-cost, asset-light footprint.

息稅前利潤結果確實很好地反映了我們全球重新設計帶來的好處，包括退出重型卡車生產、停止某些乘用車以及隨著我們轉向低成本、輕資產足跡而減少員工人數。

In Europe, wholesales and revenue were down 25% and 16%, respectively.

在歐洲，批發和收入分別下降了 25% 和 16%。

In addition to the virus, wholesales were also weighed down by the timing of our all-new Kuga, which followed a normal launch curve.

除了病毒之外，批發也受到我們全新 Kuga 的時間的拖累，它遵循正常的發布曲線。

We're also absorbing the effects of our decision to discontinue low-margin products as we focus our portfolio on industry-leading commercial vehicles, a more selective range of passenger vehicles and selected imports.

我們還吸收了我們決定停止低利潤產品的影響，因為我們將我們的產品組合集中在行業領先的商用車、更具選擇性的乘用車和精選進口產品上。

All-new vehicles this year include Kuga, Puma and Explorer SUVs, which together will drive an increase in our mix of SUVs year-over-year.

今年的全新車型包括 Kuga、Puma 和 Explorer SUV，它們共同推動我們的 SUV 組合同比增長。

The decline in volume also reduced EBIT, which is down $0.2 billion year-over-year.

銷量的下降也降低了息稅前利潤，同比下降了 2 億美元。

As expected, the region absorbed higher material costs to support compliance with new CO2 regulations.

正如預期的那樣，該地區吸收了更高的材料成本以支持遵守新的二氧化碳法規。

The favorable shift in our European product portfolio, which we expect to continue once we restart production, supported higher net pricing, and the benefits of global redesign actions continued to drive down structural costs.

我們預計，一旦我們重新開始生產，歐洲產品組合的有利轉變將繼續，支持更高的淨定價，而全球重新設計行動的好處繼續壓低結構成本。

We're on track to complete the balance of our headcount reductions, about 10,000 by year-end.

我們有望在年底前完成約 10,000 人的裁員平衡。

China was at the forefront of the crisis.

中國處於危機的最前沿。

Our team did a great job mitigating the negative effects of the virus on our customers, other stakeholders and on our business results.

我們的團隊在減輕病毒對我們的客戶、其他利益相關者和我們的業務成果的負面影響方面做得很好。

Both wholesales and revenue were down about 30%.

批發和收入均下降了約 30%。

New product launches, including Escape and Corsair, and faster improvement in sales relative to the market, contributed to a 10 basis point improvement in share to 2.2%.

包括 Escape 和 Corsair 在內的新產品發布，以及相對於市場的銷售增長更快，使份額提高了 10 個基點，達到 2.2%。

Explorer and Aviator are on track to launch this year and should be important additions to our China portfolio.

Explorer 和 Aviator 有望在今年推出，應該是我們中國產品組合的重要補充。

Our China EBIT loss of $0.2 billion was down $0.1 billion year-over-year as lower volume and adverse exchange were partially offset by improvement in structural costs.

我們的中國息稅前利潤虧損 2 億美元，同比減少 1 億美元，因為交易量下降和不利匯率部分被結構成本的改善所抵消。

Losses on mobility continued to reflect strategic investments in future growth opportunities in mobility services and vehicle and business model development for our autonomous vehicle platform.

出行方面的損失繼續反映了對未來出行服務增長機會的戰略投資，以及我們自動駕駛汽車平台的車輛和商業模式開發。

Ford Credit delivered EBT of $30 million in the quarter, down $771 million year-over-year.

福特信貸在本季度實現了 3000 萬美元的 EBT，同比下降 7.71 億美元。

Portfolio performance was strong in the first quarter, and delinquencies and charge-offs remained at low levels.

第一季度投資組合表現強勁，拖欠和沖銷保持在較低水平。

However, the results include COVID-19-related accruals of about $700 million, the most significant of which is for future credit losses as well as lower auction values for off-lease units awaiting sale at auction.

然而，結果包括約 7 億美元與 COVID-19 相關的應計費用，其中最重要的是未來的信用損失以及等待拍賣的非租賃單位的較低拍賣價值。

Lease share remained below industry average, and off-lease auction values performed better than expected, up 1% year-over-year and up 2% sequentially.

租賃份額仍低於行業平均水平，非租賃拍賣價值表現好於預期，同比增長 1%，環比增長 2%。

At present, most vehicle auctions in the U.S. are closed, sales volume is very low and prices are disruptive.

目前，美國大部分車輛拍賣已關閉，銷量非常低，價格具有破壞性。

As vehicle auctions reopen, we expect market prices to be disrupted for some period, and it's difficult to say how badly or for how many months.

隨著汽車拍賣重新開始，我們預計市場價格將在一段時間內受到干擾，很難說有多嚴重或持續了幾個月。

However, do expect used-vehicle markets to normalize over time.

但是，確實預計二手車市場會隨著時間的推移而正常化。

Managed receivables of $147 billion at quarter end were $9 billion lower year-over-year and $5 billion lower at year-end.

季度末管理的應收賬款為 1470 億美元，同比減少 90 億美元，年底減少 50 億美元。

At the end of the first quarter, Ford Credit had $28 billion in liquidity, which remains above target.

第一季度末，福特信貸擁有 280 億美元的流動性，仍高於目標。

And Ford Credit has access to diverse funding sources to continue providing financing in the future.

福特信貸可以獲得多種資金來源，以在未來繼續提供融資。

Ford Credit's balance sheet is strong with ample liquidity, and importantly, its funding structure is self-liquidating.

福特信貸的資產負債表強勁，流動性充裕，重要的是，其資金結構是自動清算的。

This means that Ford Credit generates liquidity, which reduces its funding requirements as the balance sheet shrinks with lower automotive sales.

這意味著福特信貸產生了流動性，隨著汽車銷量下降導致資產負債表萎縮，這降低了其資金需求。

Ford Credit is an important source of support for customers and dealers during this crisis, and Ford Credit remains an important strategic asset.

福特信貸是此次危機期間為客戶和經銷商提供支持的重要來源，福特信貸仍然是重要的戰略資產。

Now let me turn to automotive liquidity and provide a little more color on some of the strategic actions we've taken since March to provide additional flexibility during this challenging time.

現在讓我談談汽車流動性，並為我們自 3 月以來為在這個充滿挑戰的時期提供額外靈活性而採取的一些戰略行動提供更多色彩。

In March, we suspended our regular dividend, which equates to $2.4 billion per year.

3 月份，我們暫停了相當於每年 24 億美元的定期股息。

We also suspended our anti-dilutive share repurchase program, which was $0.2 billion last year.

我們還暫停了去年 2 億美元的反稀釋性股票回購計劃。

At the same time, we drew down over $15 billion under our corporate and supplemental credit facilities to bring cash on the balance sheet and provide greater certainty.

與此同時，我們在公司和補充信貸額度下提取了超過 150 億美元，以將現金納入資產負債表並提供更大的確定性。

Finally, last week, we completed an $8 billion opportunistic unsecured issuance to further improve our cash and liquidity profile while most of our global operations remain shut down.

最後，上週，我們完成了 80 億美元的機會性無擔保發行，以進一步改善我們的現金和流動性狀況，同時我們的大部分全球業務仍處於關閉狀態。

As of April 24, our cash balance was strong at $35 billion, an amount we believe is sufficient to take us through year-end with no additional wholesales.

截至 4 月 24 日，我們的現金餘額強勁，達到 350 億美元，我們認為這一數額足以讓我們在沒有額外批發的情況下度過年底。

Our plan though, as we announced today about Europe, is to begin a phased restart in the second quarter as we plan to have wholesales much sooner than the end of the year.

不過，正如我們今天宣布的有關歐洲的計劃，我們的計劃是在第二季度開始分階段重啟，因為我們計劃在今年年底之前進行批發。

Relative to working capital, just like most other OEMs, there are 2 phases of cash outflow after a halt in production.

相對於營運資金，就像大多數其他OEM一樣，停產後有兩個階段的現金流出。

For us, this began in late March.

對我們來說，這始於三月下旬。

The first phase is more severe and is driven by about a 45-day runoff in supplier payables.

第一階段更為嚴重，由大約 45 天的供應商應付賬款流失驅動。

We have about $13 billion of production supplier payables after a late March production suspension, which will run off by early May.

在 3 月底停產後，我們有大約 130 億美元的生產供應商應付賬款，停產將在 5 月初結束。

While this number can move around during the year, depending on scheduled plant shutdowns and other factors, it's a good approximation of that production payable number.

雖然這個數字在一年中可能會發生變化，但取決於計劃的工廠停工和其他因素，它是該生產應付數字的一個很好的近似值。

The second phase is post runoff, after production and payables have been extinguished.

第二階段是徑流後，在生產和應付賬款已經熄滅之後。

Once this happens, our cash outflow drops substantially.

一旦發生這種情況，我們的現金流出量就會大幅下降。

Our ongoing payments, which are fairly consistent, include structural costs and warranty and vehicle incentive payments.

我們的持續付款相當一致，包括結構成本、保修和車輛獎勵付款。

Once production starts, there's an inherent cash flow leverage.

一旦生產開始，就會產生固有的現金流槓桿。

Once even modest wholesales resume, our cash flow dynamics will improve driven by the restoration of supplier payables and, for the large part, immediate payment of vehicles upon wholesale.

一旦即使是適度的批發恢復，我們的現金流動態也將因供應商應付賬款的恢復而改善，並且在很大程度上，批發後立即支付車輛。

We are also thoroughly assessing and aggressively addressing our operations and looking for opportunities to preserve cash, lower operating costs, improve fitness and drive our business to amplify our long-term potential.

我們還在徹底評估和積極解決我們的運營問題，並尋找機會來保存現金、降低運營成本、改善健康狀況並推動我們的業務擴大我們的長期潛力。

These include reductions in capital spending, deferring or eliminating nonessential expenditures across our business and deferring executive compensation.

這些措施包括減少資本支出、推遲或消除我們業務中的非必要支出以及推遲高管薪酬。

The incremental cash from these and other actions provide additional flexibility as we navigate this challenging environment.

在我們應對這一充滿挑戰的環境時，這些行動和其他行動帶來的增量現金為我們提供了額外的靈活性。

For example, this year, we expect CapEx to be $6.3 billion to $6.8 billion, down by about $0.5 billion compared with our February guidance and $0.8 billion to $1.3 billion lower than last year.

例如，今年，我們預計資本支出為 63 億美元至 68 億美元，與我們 2 月份的預期相比減少約 5 億美元，比去年減少 8 億美元至 13 億美元。

Turning to our outlook, in mid-March we withdrew our financial guidance for 2020.

談到我們的展望，我們在 3 月中旬撤回了 2020 年的財務指導。

As a reminder, when we gave you our outlook in early February, we said it excluded impacts of COVID-19.

提醒一下，當我們在 2 月初向您提供我們的展望時，我們說它排除了 COVID-19 的影響。

Today, unfortunately, the economic environment remains too uncertain to provide updated guidance for the year.

不幸的是，今天的經濟環境仍然太不確定，無法提供今年的最新指引。

However, assuming in the second quarter we restart production in a phased way, we believe we will see the largest impact from this crisis in the second quarter as industry volumes continue to be down significantly in every region year-over-year.

然而，假設我們在第二季度分階段重啟生產，我們相信我們將在第二季度看到這場危機的最大影響，因為每個地區的行業產量同比繼續顯著下降。

As a result, we believe adjusted second quarter EBIT will be a loss of more than $5 billion.

因此，我們認為調整後的第二季度息稅前利潤將虧損超過 50 億美元。

The recovery actions we've taken and are working on are in the billions, but we know we will not be able to recover everything or make up all of the lost volume.

我們已經採取並正在努力的恢復行動以數十億計，但我們知道我們將無法恢復一切或彌補所有損失的數量。

Lower industry volume will be our biggest headwind this year.

行業銷量下降將是我們今年最大的逆風。

And any mix or net pricing benefit we may realize from our global focus on franchise strengths, including exiting lower-margin products, full-year impact of Explorer launches in 2019 and new launches such as F-150 slated for later this year, will be overshadowed by the negative impact of lower industry volume.

我們可能從我們對特許經營優勢的全球關注中實現的任何組合或淨定價收益，包括退出利潤率較低的產品、2019 年 Explorer 推出的全年影響以及計劃於今年晚些時候推出的 F-150 等新產品，都將是被行業交易量下降的負面影響所掩蓋。

And relative to structural costs, we expect favorability year-over-year driven by actions to mitigate the impact of COVID-19 and our ongoing fitness actions.

相對於結構成本，我們預計在減輕 COVID-19 影響的行動和我們正在進行的健身行動的推動下，有利情況將逐年上升。

Before we turn over to Q&A let me close with, we remain committed to a strong balance sheet and doing what is right to preserve our future, which is why we've been proactive in charting our course and maximizing liquidity during this uniquely uncertain time.

在我們轉至問答環節之前，讓我結束，我們仍然致力於建立強大的資產負債表，並採取正確的措施來保護我們的未來，這就是為什麼我們在這個獨特的不確定時期積極制定路線並最大限度地提高流動性的原因。

Our recent actions provide flexibility to weather the present disruption caused by COVID-19 and the confidence to continue to invest in growth opportunities.

我們最近的行動提供了靈活性，以應對當前由 COVID-19 造成的破壞，並有信心繼續投資於增長機會。

We have a strong bias for action to improve our customer experience, operational execution and drive our financial performance, including free cash flow generation over time.

我們強烈傾向於採取行動來改善我們的客戶體驗、運營執行和推動我們的財務業績，包括隨著時間的推移產生自由現金流。

I'm optimistic we'll be better positioned than ever on the other side of this to achieve our long-term potential.

我很樂觀，我們將比以往任何時候都更好地定位在這方面，以實現我們的長期潛力。

Operator?

操作員？

(Operator Instructions) Our first question is going to come from the line of John Murphy, Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 John Murphy。

It's going to be tough to stick to one question, but I will.

堅持一個問題會很困難，但我會的。

Typically, out of a very tough time like this, you get a very good recovery because a lot of the lessons learned in a tough time result in sort of real efficiency and focus.

通常情況下，在這樣一個非常艱難的時期，你會得到很好的恢復，因為在艱難時期吸取的很多教訓會帶來真正的效率和專注。

I'm just curious, I mean, Jim, you were kind of talking to this, and Tim, you were talking about this on the balance sheet side.

我只是好奇，我的意思是，吉姆，你在談論這個，蒂姆，你在資產負債表方面談論這個。

Just curious if you can really kind of illustrate or kind of explain any of those opportunities you're seeing here in the near term specifically.

只是好奇您是否真的可以說明或解釋您在短期內看到的任何這些機會。

And because you're kind of going through this rolling restart with China and then Europe and North America, I mean, you're seeing some of these opportunities already.

因為你正在經歷與中國，然後是歐洲和北美的滾動重啟，我的意思是，你已經看到了其中一些機會。

If you can give us more details around that so we can understand that because, traditionally, 1 to 3 years out, your margins are significantly higher.

如果您能向我們提供更多詳細信息，我們可以理解，因為傳統上，1 到 3 年之後，您的利潤要高得多。

And in some cases, in the past recession, they were at an all-time high, 3 years after the -- we hit the skid in '09.

在某些情況下，在過去的經濟衰退中，它們在 3 年後達到了歷史新高——我們在 09 年遭遇滑坡。

So just trying to understand what you're seeing right now and what the opportunities are in China, Europe and ultimately in North America.

因此，只是想了解您現在看到的情況以及中國、歐洲以及最終在北美的機會。

Thank you, John, Jim Hackett.

謝謝你，約翰，吉姆哈克特。

I'm going to -- for all the questioners, I'll quarterback the call so that we don't have a big lag here.

我要 - 對於所有提問者，我將四分衛打電話，這樣我們就不會在這裡有很大的滯後。

And John, just an observation that I agree with you.

約翰，我同意你的看法。

This is my third crisis in business.

這是我的第三次商業危機。

This one's a unique one.

這個是獨一無二的。

The other 2 were substantial.

其他 2 個是可觀的。

And I observed that there's cost that comes -- that's added to income statement that comes from disruption.

而且我觀察到有成本 - 來自中斷的損益表中增加了成本。

For example, we were shipping product, expediting product from China to get to the factories here -- parts, I should say -- so that we didn't have any disruption.

例如，我們正在運送產品，加快產品從中國運到這裡的工廠——我應該說是零件——這樣我們就不會受到任何干擾。

And as the virus spread like a water slick, the stuff that we were airfreighting was eventually going to get stopped in production, so we had the cost of that.

隨著病毒像浮水一樣傳播，我們空運的東西最終會停止生產，所以我們承擔了成本。

And it's what Tim has talked about, that we've been working to offset those kinds of increased costs.

這就是蒂姆所說的，我們一直在努力抵消這些增加的成本。

And there's a lot of examples of that.

有很多這樣的例子。

It's in the billions that we've worked to.

我們已經努力達到了數十億。

Also confirming with you that in this time of focus, you start to think of things that matter to the company.

還向您確認，在這個專注的時間裡，您開始考慮對公司重要的事情。

I don't want you to think of them, well, you should have stopped then anyways.

我不想讓你去想他們，好吧，你無論如何都應該停下來。

These are things that there's no races going on.

這些是沒有比賽的事情。

So some of the investments that you would have because the virus has diminished participation in things, we don't have that cost.

因此，由於病毒減少了對事物的參與，您將進行的一些投資，我們沒有這個成本。

So we have the savings there.

所以我們在那裡有積蓄。

And then having the focus that Jim Farley talked about, we find that we can actually improve our leverage.

然後有了 Jim Farley 談到的重點，我們發現我們實際上可以提高我們的槓桿率。

So I want to confirm with you that, yes, we're thinking about this the same way.

所以我想向你確認，是的，我們也在以同樣的方式考慮這個問題。

Now you asked for some specifics, and I'd like to turn it over to Jim because I think China is a good example of where there was advantage as we came out of this.

現在你問了一些細節，我想把它交給吉姆，因為我認為中國是一個很好的例子，說明我們從中獲得了優勢。

Jim?

吉姆?

Thanks, Jim.

謝謝，吉姆。

So in China, we learned a lot, not only to start up the operation safely -- we started in mid-February, we're now up to 90% of our salaried workforce and all of our plants are up and running.

所以在中國，我們學到了很多東西，不僅是為了安全地開始運營——我們從 2 月中旬開始，現在我們有高達 90% 的受薪員工，而且我們所有的工廠都在運行。

Actually, JMC never shut down, had their best quarter ever.

實際上，江鈴從未關閉，有過他們有史以來最好的季度。

But they get after cost really quickly.

但他們很快就得到了成本。

And we were able to offset all of the COVID impact in the first quarter, and we learned a lot.

我們能夠在第一季度抵消所有 COVID 影響，我們學到了很多東西。

We learned that the mix coming out is very different than the mix going in.

我們了解到，出來的混合物與進入的混合物非常不同。

And so our mix of product is quite different.

所以我們的產品組合是完全不同的。

It's very favorable.

這是非常有利的。

We went online for our sales.

我們上網進行銷售。

About 1/3 of our sales are now online in North America, it's north of 25%.

我們大約 1/3 的銷售額現在在北美在線，超過 25%。

That's an efficiency and improvement in our fitness.

這是我們健身的效率和改進。

We did lower costs.

我們確實降低了成本。

We expect that to -- some of that to flow, obviously.

我們希望它——顯然，其中一些會流動。

In North America, very focused on the recovery items, on material costs and warranty costs.

在北美，非常注重回收項目、材料成本和保修成本。

Those are the kind of costs that flow into subsequent years.

這些是流入隨後幾年的成本。

In fact, we're more committed than ever in that 10% EBIT margin in North America.

事實上，我們比以往任何時候都更加致力於北美 10% 的息稅前利潤率。

And we're -- as Tim said, we're forecasting a lower SAAR.

而且我們 - 正如蒂姆所說，我們預測 SAAR 會降低。

So that must mean, obviously, our costs are going down.

因此，顯然，這必然意味著我們的成本正在下降。

We do have some great launches coming up, which will be a tailwind in North America.

我們確實有一些很棒的發布即將推出，這將是北美的順風車。

The other things we learned in China that we're exporting is the shift patterns, as you come back, are very important.

我們在中國學到的其他東西是我們出口的轉變模式，當你回來時，這非常重要。

So we're getting the launch teams in the facilities to work the launches because we're just in here -- in China launching Kuga and localizing some of our larger SUVs.

因此，我們正在讓發射團隊在設施中進行發射，因為我們就在這裡——在中國推出 Kuga 並將我們的一些大型 SUV 本地化。

Those are very important for our profitability, very same kind of exercise we were doing in North America in the third and fourth quarter.

這些對我們的盈利能力非常重要，與我們在第三季度和第四季度在北美所做的練習非常相似。

And the last one is supplier readiness.

最後一個是供應商準備就緒。

What we learned in China was, you've got to make sure your supply base is ready.

我們在中國學到的是，你必須確保你的供應基地已經準備好。

So we surveyed almost 1,500 suppliers in Western Europe and the U.S. to make sure they're ready to come up and have the same playbook in terms of prioritization of safety.

因此，我們對西歐和美國的近 1,500 家供應商進行了調查，以確保他們已做好準備，並在安全優先級方面擁有相同的劇本。

So yes, I mean, the bottom line is it's a very difficult time, but the Ford team is at its best, and we're going after costs that will flow.

所以是的，我的意思是，最重要的是，這是一個非常困難的時期，但福特團隊正處於最佳狀態，我們正在追求會流動的成本。

Thanks.

謝謝。

Our next question is going to come from the line of Rod Lache with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Rod Lache。

Just wanted to follow up on that question.

只是想跟進這個問題。

So look, at this point, if we back out working capital, it looks like the business and -- the auto business is running at around a $1.3 billion burn in the quarter.

所以看，在這一點上，如果我們退出營運資金，它看起來像業務 - 汽車業務在本季度的運行成本約為 13 億美元。

And if you bring your CapEx down to the low 6s, maybe that could even converge on breakeven at something that looks like it corresponds with a 15 million SAAR.

如果你把你的資本支出降低到 6 秒，也許這甚至可以收斂到盈虧平衡點，看起來它對應於 1500 萬 SAAR。

But you talked about coming out of this stronger.

但你談到了從這個更強大的情況中走出來。

So I was hoping maybe you could just tell us a little bit about some of the approaches that you're taking here.

所以我希望你能告訴我們一些你在這裡採用的方法。

Are there any opportunities to accelerate restructuring maybe in light of this crisis?

鑑於這場危機，是否有機會加速重組？

And what do you think you might actually look like when we actually do recover to a 15 million SAAR?

當我們真正恢復到 1500 萬 SAAR 時，您認為您實際上會是什麼樣子？

Thank you, Rod.

謝謝你，羅德。

It's Jim Hackett.

是吉姆·哈克特。

Let me start with saying to you that 26 years in a job like this, I never had a business plan that was called pandemic.

讓我首先對你說，在這樣的工作中工作了 26 年，我從未有過一個被稱為流行病的商業計劃。

So -- and I mean that in all sincerity because we just never imagined the economy turning off.

所以 - 我的意思是真誠的，因為我們從未想過經濟會停止。

In the other 2 crises that I was in, we had deep troughs of issues, but this was unique.

在我所經歷的另外兩次危機中，我們遇到了很深的問題，但這是獨一無二的。

Secondly, Ford has been really diligent at working on a number of fronts that I'm proud to tell you, as I look back at other companies which I would admire in our industry, that some of you referenced, and I take the beginning point of when I guess they started and where they are now, I would say that our -- the effort to get all the new products in the portfolio are going to be extraordinarily beneficial to the company.

其次，福特一直非常努力地在多個方面工作關於我猜他們何時開始以及現在所處的位置，我會說我們 - 將所有新產品納入投資組合的努力將對公司非常有利。

You just got to remember, we're going from one of the oldest product lines to the new.

您只需要記住，我們將從最古老的產品線之一轉向新的產品線。

And in the course of this, a pandemic comes in and kind of interrupts.

在此過程中，流行病爆發並出現了某種中斷。

And it's going to slide the timing of that.

它會推遲時間。

But we've got a new F-150.

但是我們有一架新的 F-150。

We've got a new small rugged off-road SUV.

我們有一款新的小型堅固越野 SUV。

We've got an all-new Bronco.

我們有一輛全新的 Bronco。

We got the Mustang Mach-E.

我們得到了野馬 Mach-E。

So all of the work on that before the pandemic is value that we're going to enjoy.

因此，在大流行之前所做的所有工作都是我們將享受的價值。

This is why we believed -- we thought last year was going to be the tunnel year and we had the problems in Chicago.

這就是我們相信的原因——我們認為去年將是隧道年，我們在芝加哥遇到了問題。

We've totally fixed that.

我們已經完全解決了這個問題。

Explorer was doing really well.

Explorer 做得非常好。

And now we were waiting for this new product.

現在我們正在等待這個新產品。

The second thing is we started on restructuring, particularly in Europe.

第二件事是我們開始進行重組，特別是在歐洲。

Just want to comment, again I'm not being cynical, but that was 40 years of problems that we took on in a very short time.

只是想評論一下，我也不是憤世嫉俗，但這是我們在很短的時間內解決了 40 年的問題。

We actually sped up the commitment for restructuring.

我們實際上加快了重組的承諾。

Bob Shanks and I had one plan.

Bob Shanks 和我有一個計劃。

We turned up the vitality of it.

我們調動了它的活力。

We spent ahead.

我們提前度過了。

We actually borrowed money to match the kind of returns we were going to get, and it all worked out.

我們實際上借了錢來匹配我們將要獲得的回報，這一切都成功了。

We're not done there.

我們還沒有完成。

I'll let Jim, in a minute, explain what's going on.

我會讓吉姆，一會兒，解釋發生了什麼事。

We initiated a redesign, and I don't know whether that's sunk in, but we took 20 -- over 25% of the management out of the company in advance of what we didn't expect, which is the pandemic, although we thought a recession was in the offing.

我們發起了重新設計，我不知道這是否被納入，但我們提前將 20 - 超過 25% 的管理層從公司中撤出，這是我們沒有預料到的，這就是大流行，儘管我們認為一場衰退即將來臨。

Many of you said this is the longest expansion; well, we were getting ready for that.

你們中的許多人說這是最長的擴展；好吧，我們正在為此做好準備。

So that's serving us well.

所以這對我們很有幫助。

And in fact, the way the team is working now with the recent management change I made, it is moving much faster with much more clarity.

事實上，團隊現在與我最近所做的管理變更一起工作的方式，進展得更快，更清晰。

So I just want to confirm that the only thing that I would witness with you is I didn't expect China to be a problem in the last 2.5 years, the way it turned out to be.

所以我只想確認，我唯一能和你們一起見證的是，我沒想到中國會在過去的 2.5 年裡成為問題，事實證明是這樣。

But I now feel that there was more problems there than just what Ford enjoyed.

但我現在覺得那裡的問題不僅僅是福特所享受的。

And now the work we did earlier to start getting things turned around, we actually are feeling confident that China is actually -- the picture there is going to improve, particularly with the emphasis that we put on to get the product right in that market -- it wasn't right -- which is the gestation period for getting all that flipped around, is not the kind of thing that happens in the course of 90 days or 6 months.

現在我們之前所做的工作開始扭轉局面，我們實際上對中國充滿信心——那裡的情況將會改善，特別是我們強調讓產品在那個市場上正確—— - 這是不對的 - 這是讓所有事情都翻轉的妊娠期，而不是在 90 天或 6 個月的過程中發生的那種事情。

But that's not asking you to wait longer.

但這並不是要您等待更長的時間。

It's just saying that if you're impatient about all the stuff we've done and why aren't we seeing the value, I'm trying to portray to you they are synchronous and they will yield that.

這只是說，如果你對我們所做的所有事情感到不耐煩，為什麼我們沒有看到價值，我試圖向你描繪它們是同步的，它們會產生這樣的結果。

But I didn't expect the pandemic.

但沒想到會爆發。

So Jim Farley, let me just tie this back to you and let you add virtue in terms of the way you see the restructuring in Europe.

所以吉姆法利，讓我把這個和你聯繫起來，讓你在你看待歐洲重組的方式方面增加美德。

Got it.

知道了。

Thanks, Jim.

謝謝，吉姆。

Very quickly, just want to emphasize that the EU and South America restructuring are a no-regrets move.

很快，只想強調一下，歐盟和南美的重組是一個無悔之舉。

We reduced the headcount in Europe by 12,000 people, teammates by the end of this year.

到今年年底，我們在歐洲減少了 12,000 名隊友。

We closed facilities.

我們關閉了設施。

Bridgend is still to come.

布里真德還沒有到來。

We've cut costs, especially structural costs in South America.

我們已經削減了成本，尤其是在南美的結構成本。

We have 40% less staff.

我們的員工減少了 40%。

We've gotten out of Fiesta and Focus.

我們已經擺脫了嘉年華和焦點。

We got out of the heavy truck business, consolidated São Bernardo.

我們退出了重型卡車業務，合併了 São Bernardo。

So those are no-regrets move.

所以這些都是無悔的舉動。

But the hangover COVID is obvious, and everything is on the table.

但是宿醉COVID是顯而易見的，一切都擺在桌面上。

Our team owns the plan.

我們的團隊擁有該計劃。

It's theirs to lock down and execute.

鎖定和執行是他們的事。

In North America, we see a lot of opportunity.

在北美，我們看到了很多機會。

And we want to make sure we have the capital to invest in North America.

我們希望確保我們有資金在北美投資。

We do see a way to 10% EBIT in a lower industry even with the flow-through of the cost actions we're taking plus, as Jim said, those great new products.

我們確實看到了在較低行業中實現 10% 息稅前利潤的方法，即使我們正在採取的成本行動的流動加上吉姆所說的那些偉大的新產品。

And really, for my team, they want to make sure that we have room for growth, especially in North America.

實際上，對於我的團隊來說，他們希望確保我們有增長空間，尤其是在北美。

And so that's why we're going to look at all the operations critically.

這就是為什麼我們要批判性地看待所有操作。

Thanks.

謝謝。

Over to you, Jim.

交給你了，吉姆。

Yes.

是的。

Rod, and just to confirm, the -- there's not -- there's that one truth, right, don't waste the crisis.

羅德，只是為了確認， - 沒有 - 有一個事實，對，不要浪費危機。

So I want to confirm to you that the attitude and the spirit is if we can speed things up or we can now have, what I would say, more productive discussions with social plans or governments, of course, all that's on the table and the kinds of things that we would be working on, but nothing to announce today.

所以我想向你們確認，我們的態度和精神是，如果我們可以加快速度，或者我們現在可以，我想說的是，與社會計劃或政府進行更富有成效的討論，當然，所有這些都擺在桌面上，我們會做一些事情，但今天沒有什麼要宣布的。

Our next question is going to come from the line of Emmanuel Rosner, Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Emmanuel Rosner。

I was actually hoping to ask, yes, another follow-up on the restructuring plan.

我實際上希望問，是的，重組計劃的另一個後續行動。

So I hear you loud and clear, no grace period to fix Ford.

所以我清楚地聽到你的聲音，沒有寬限期來修復福特。

Don't waste a crisis.

不要浪費危機。

That's certainly not just the right attitude, obviously, it's very much needed, especially if the industry doesn't recover to previous levels anytime soon.

這當然不僅僅是正確的態度，顯然，這是非常需要的，特別是如果該行業不會很快恢復到以前的水平。

At the same time, I'm a little bit struggling with, I guess, the budget set for restructuring that you have for this year, which just remains pretty minimal, was actually tweaked down a little bit even versus the last update.

與此同時，我想，我對你們今年的重組預算設置有些掙扎，這仍然是非常少的，即使與上次更新相比，實際上也略有調整。

And I view it somewhat as inconsistent.

我認為這有點不一致。

So what is -- why can't you do more?

那麼是什麼——為什麼你不能做更多呢？

Why can't you spend more?

為什麼不能花更多的錢？

You've raised recently another $8 billion.

你最近又籌集了 80 億美元。

It feels like now would be the time to do faster actions to accelerate the process.

感覺現在是時候採取更快的行動來加速這個過程了。

And it seems like -- it doesn't seem to be budgeted.

看起來 - 它似乎沒有預算。

How do I reconcile that?

我該如何調和呢？

Yes.

是的。

Well, I guess the confirmation I want to make is, yes, your instincts are that there can be more that can be done.

好吧，我想我想確認的是，是的，你的直覺是可以做更多的事情。

We're talking about -- I'd just draw the parallel to you, in 14 days, we got a ventilator designed and built for the country.

我們正在談論 - 我只是和你比較一下，在 14 天內，我們為國家設計和製造了一台呼吸機。

So I know Ford can move really fast.

所以我知道福特可以很快行動。

And the pandemic, we sent everybody home on March 13.

大流行，我們在 3 月 13 日將所有人送回家。

So I don't know if you're asking, in that time, you would have expected a plan that would change the strategy of the company.

所以我不知道你是否在問，在那個時候，你會期待一個會改變公司戰略的計劃。

I'm -- the way I think about the crisis is you've got a priority first of stabilizing that you can operate and recover some of the costs that are just flying out the door, and that's where we did a really great job.

我 - 我對這場危機的看法是，你首先要穩定你可以運營並收回一些剛剛飛出門外的成本，這就是我們做得非常出色的地方。

In parallel, we've begun planning and discussions with the spirit of don't waste the crisis.

與此同時，我們本著不浪費危機的精神開始計劃和討論。

And I just confirmed, there's nothing to announce to you today.

我剛剛確認，今天沒有什麼要向你宣布的。

But it would not be fair for you to walk away and say, "Ford's not doing anything." I don't think that would be right.

但是你走開說“福特什麼也沒做”對你來說是不公平的。我不認為那是對的。

And I'd like to clear up what you just asked about the budget.

我想澄清一下你剛才問的關於預算的問題。

So I'm going to turn it to Tim to make sure we're -- you're reading correctly the way the cash flows are working given that we had the roll-off of the payables and what we have committed to restructuring.

因此，我將把它交給蒂姆，以確保我們 - 你正確地閱讀了現金流的運作方式，因為我們已經減少了應付賬款以及我們承諾進行重組。

Tim?

蒂姆？

Great.

偉大的。

Thanks, Jim.

謝謝，吉姆。

Thanks, Emmanuel.

謝謝，伊曼紐爾。

So as it relates to the restructuring, the charges and the cash for 2020 that we commented on of $0.7 billion to $1.2 billion are associated with the redesign actions that have been announced.

因此，由於它與重組有關，我們評論的 7 億至 12 億美元的 2020 年費用和現金與已宣布的重新設計行動有關。

And the cumulative of that will be $4.4 billion to $4.9 billion in charges on the way to up to $11 billion, as we've talked about.

正如我們已經談到的那樣，累計收費將達到 44 億至 49 億美元，最高可達 110 億美元。

And the cash would be $1.8 billion to $2.3 billion cumulative on the way to up to $7 billion over time.

隨著時間的推移，現金累計將達到 18 億至 23 億美元，最高可達 70 億美元。

So to the extent that we are thoroughly assessing and aggressively addressing our operations, we look to identify, as always, opportunities to improve our fitness and redesign the business to amplify our long-term potential, that's why we give the longer-term view of the $11 billion -- up to $11 billion of EBIT and up to $7 billion in cash.

因此，在我們徹底評估和積極解決我們的運營的範圍內，我們希望一如既往地發現改善我們的健康和重新設計業務以擴大我們的長期潛力的機會，這就是為什麼我們給予長期觀點110 億美元——高達 110 億美元的息稅前利潤和高達 70 億美元的現金。

But the specific amounts we're guiding to are related to actions we've announced thus far.

但我們指導的具體金額與我們迄今為止宣布的行動有關。

Our last question for the day will come from the line of Joe Spak with RBC Capital Markets.

我們今天的最後一個問題將來自 RBC Capital Markets 的 Joe Spak。

Maybe just one quick one on Ford Credit.

也許只是福特信貸上的一個快速的。

I understand you said you took the write-down of vehicles awaiting auction.

我知道你說你對等待拍賣的車輛進行了減記。

I believe the way it works is you've got to also take the supplemental depreciation for the remaining term for the rest of the book.

我相信它的工作方式是你還必須為本書的其餘部分支付剩餘期限的補充折舊。

So how should we think about that over the course of the year?

那麼，我們應該如何看待這一年呢？

And then are you still expecting Ford Credit to dividend anything back to the Motor Company this year?

然後你是否仍然期望福特信貸今年將任何股息返還給汽車公司？

Thank you.

謝謝你。

I'm going to hand that to Marion Harris who's the President of Ford Credit.

我將把它交給福特信貸總裁馬里恩哈里斯。

Marion?

馬里昂？

Thanks, Jim.

謝謝，吉姆。

So a good observation.

所以很好的觀察。

So let me talk about what was in the quarter and what was not in the quarter and then talk about the forward quarter.

所以讓我談談這個季度有什麼，這個季度沒有什麼，然後談談前鋒季度。

So in the quarter was credit loss reserve changes for the retail loan book and for our commercial lending as well as credit loss estimates on the lease book, which actually flows through lease accounting as well as a reduced valuation on those vehicles that were just off-lease and awaiting sale at auction.

因此，在本季度，零售貸款賬簿和我們的商業貸款的信用損失準備金變化以及租賃賬簿上的信用損失估計，這實際上是通過租賃會計以及那些剛剛關閉的車輛的估值降低。出租並等待拍賣。

You correctly pointed out that in the period, was not included any changes in outlook on future auction values of the portfolio.

您正確地指出，在此期間，不包括對投資組合未來拍賣價值前景的任何變化。

Those changes in auction values will flow through the future periods according to lease accounting.

根據租賃會計，拍賣價值的這些變化將在未來期間流動。

And we described this in great detail in some of our educational disclosures that we have on the topic.

我們在有關該主題的一些教育披露中詳細描述了這一點。

We're not going to disclose today or give any guidance on what we think that will be in the future.

我們今天不會透露或就我們認為未來會發生什麼提供任何指導。

It's still too uncertain.

還是太不確定了。

As Tim said, we don't know the depth or for how long the auction market will be disrupted, but we are very confident that the used-vehicle market will return to normal.

正如蒂姆所說，我們不知道拍賣市場將被擾亂的深度或多長時間，但我們非常有信心二手車市場將恢復正常。

And then on dividends, the only thing I would say is that they're a function of net income and balance sheet size and leverage, and it will be what it will be.

然後關於股息，我唯一想說的是，它們是淨收入、資產負債表規模和槓桿率的函數，它將是它的樣子。

We're still continuing to target an 8 to 9 leverage.

我們仍在繼續以 8 到 9 的槓桿為目標。

I would now like to turn the conference back over to Jim Hackett for closing comments.

我現在想把會議轉回給 Jim Hackett 來結束評論。

Yes.

是的。

Thank you.

謝謝你。

And thank you, callers.

謝謝你，來電者。

As I mentioned, this represents the third meta-level crisis I've been involved with as a CEO.

正如我所提到的，這是我作為 CEO 所經歷的第三次元級危機。

And yes, this not -- this one not only tragically has had a larger human toll, it also represents a first where, for all intents and purposes, the economy was turned off.

是的，這不是——這不僅悲慘地造成了更大的人員傷亡，而且它也代表了第一次，無論出於何種意圖和目的，經濟都被關閉了。

In the face of all these events, I've been able to pay witness to those who rise to be better and likely surprise you with their resourcefulness, selflessness and ultimately, resilience.

面對所有這些事件，我已經能夠見證那些變得更好的人，他們的足智多謀、無私和最終的韌性可能會讓你大吃一驚。

Companies, too, define themselves in the times of crisis.

公司也在危機時期定義自己。

We hope that we've been able to talk to you, why we think you're seeing Ford at its best as we protected our people, and we did all we can to serve our fellow man, and we believe we've safeguarded the bright future of Ford Motor Company.

我們希望我們能夠與您交談，為什麼我們認為您在保護我們的人民時看到福特處於最佳狀態，我們盡我們所能為我們的同胞服務，我們相信我們已經保護了福特汽車公司的美好未來。

We look forward to sharing more of our response and the ideas that you've asked about and impact, as there will be lingering effects of the virus until it's totally contained.

我們期待著分享更多我們的回應以及您所詢問和影響的想法，因為病毒的影響將持續存在，直到它被完全控制住。

With that, we're all adjourned, and thank you for joining us tonight.

至此，我們都休會了，感謝您今晚加入我們。

This concludes the Ford Motor Company first-quarter earnings conference call.

福特汽車公司第一季度財報電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。