Garrett Motion Inc (GTX) 2025 Q1 法說會逐字稿

Hello. My name is Dhawan, and I will be your operator this morning. I would like to welcome everyone to the Garrett Motion first-quarter 2025 financial results conference call. This call is being recorded, and a replay will be available later today. (Operator Instructions)

你好。我叫 Dhawan，今天早上我將擔任您的接線生。歡迎大家參加 Garrett Motion 2025 年第一季財務業績電話會議。本次通話正在錄音，今天稍晚將提供重播。（操作員指示）

I would now like to hand the call over to Cyril Grandjean, Garrett's Head of Investor Relations.

現在我想將電話交給 Garrett 投資者關係主管 Cyril Grandjean。

Thank you, Dhawan. Good day and welcome everyone. Thank you for attending the Garrett Motion first-quarter 2025 financial results conference call.

謝謝你，Dhawan。大家好，歡迎大家。感謝您參加 Garrett Motion 2025 年第一季財務業績電話會議。

Before we begin, I would like to mention that today's presentation and earnings press release are available on the IR section of Garrett Motion website at investors.garrettmotion.com. There you will also find links to our SEC filings along with other important information about the company.

在我們開始之前，我想提一下，今天的簡報和收益新聞稿可在 Garrett Motion 網站的 IR 部分找到，網址為 investors.garrettmotion.com。您還可以在那裡找到我們向美國證券交易委員會 (SEC) 提交的文件的連結以及有關該公司的其他重要資訊。

We note that this presentation contains forward-looking statements within the meaning of the US federal securities laws. These statements, which can be identified by words such as anticipate, intend, plan, believe, expect, may, should, or similar expressions, represent management's current expectations and are subject to various risks and uncertainties that could cause our actual results to differ materially from such expectations.

我們注意到本簡報包含美國聯邦證券法所定義的前瞻性陳述。這些陳述可以透過預期、打算、計劃、相信、期望、可能、應該等詞語或類似表達來識別，代表管理層當前的預期，並受各種風險和不確定性的影響，可能導致我們的實際結果與這些預期有重大差異。

These risks and uncertainties include the factors identified in our annual report on Form 10-K and other filings with the Securities and Exchange Commission and include risks related to the automotive industry, competitive landscape, and macroeconomic and geopolitical conditions among others.

這些風險和不確定性包括我們在 10-K 表格年度報告和向美國證券交易委員會提交的其他文件中確定的因素，包括與汽車行業、競爭格局以及宏觀經濟和地緣政治條件等相關的風險。

Please review the disclaimers on slide two of our presentation as the content of our call will be governed by this language. Today's presentation also includes certain non-GAAP measures, which we use to help describe how we manage and operate our business.

請查看我們簡報第二張投影片上的免責聲明，因為我們電話會議的內容將受此語言的約束。今天的演示還包括某些非公認會計準則指標，我們使用它們來幫助描述我們如何管理和經營我們的業務。

We reconcile each of these measures to the most directly comparable GAAP measure in the appendix of our presentation and related press release. Finally, in today's presentation and comments, we may refer to light vehicle diesel and light vehicle gasoline products by using the terms diesel and gasoline only.

我們將這些指標與簡報和相關新聞稿附錄中最直接可比較的 GAAP 指標進行協調。最後，在今天的演示和評論中，我們可能僅使用柴油和汽油這兩個術語來指稱輕型車輛柴油和輕型車輛汽油產品。

With us today are Olivier Rabiller, Garrett's President and Chief Executive Officer; and Sean Deason, Garrett's Senior Vice President and Chief Financial Officer.

今天與我們一起出席的有 Garrett 總裁兼執行長 Olivier Rabiller；以及 Garrett 高級副總裁兼財務長 Sean Deason。

I will now hand the call over to Olivier.

我現在將電話交給奧利維爾。

Thanks Cyril and thank you everyone for joining today's call. I am pleased to report that Garrett delivers the first quarter through continued outstanding operating performance in a soft industry environment. Adjusted sales for the first quarter were $878 million, slightly down year over year, yet outperforming the industry in light vehicle turbo sales for both gasoline and diesel applications, with gasoline growing 6% in the quarter.

感謝 Cyril，也感謝大家參加今天的電話會議。我很高興地報告，加勒特在疲軟的行業環境下繼續憑藉出色的經營業績取得了第一季的業績。第一季調整後的銷售額為 8.78 億美元，同比略有下降，但在汽油和柴油應用的輕型車輛渦輪增壓器銷售方面表現優於行業，其中汽油在本季度增長了 6%。

Thanks to team's efforts, we achieved outstanding operating performance. Adjusted EBIT was $131 million, and our adjusted EBIT margin was 14.9%, up 170 basis points compared to Q1 2024. This strong margin performance was primarily driven by the sustainable fixed and variable cost actions implemented in 2024, of which we are now seeing the benefits.

在團隊的努力下，我們取得了優異的經營績效。調整後的息稅前利潤為 1.31 億美元，調整後的息稅前利潤率為 14.9%，與 2024 年第一季相比增長了 170 個基點。強勁的利潤率表現主要得益於 2024 年實施的可持續固定和變動成本行動，我們現在已經看到了這些行動的好處。

Our adjusted free cash flow of $36 million was in line with expectations for the quarter. Our 2025 outlook remains unchanged. We are closely monitoring the situation arising from tariffs for imports into the US. So far, we have not noticed any material impact on the demand forecast and have been able to implement pass-through with our customers.

我們的調整後自由現金流為 3,600 萬美元，符合本季的預期。我們對 2025 年的展望保持不變。我們正在密切關注美國進口關稅的情況。到目前為止，我們還沒有註意到需求預測受到任何重大影響，並且已經能夠與客戶實現轉嫁。

We are staying alert and are ready to take further measures to recover costs and adapt to slowing demand. In fact, Garrett has a well-balanced sales split across geographies, with only 20% of its sales in North America, and a region-for-region manufacturing approach.

我們保持警惕，並準備採取進一步措施收回成本並適應需求放緩。事實上，Garrett 的銷售在各個地區分佈非常均衡，只有 20% 的銷售額來自北美，並且採用按地區劃分的生產方式。

Finally, we continue to allocate capital consistent with our stated framework. In the first quarter, we repurchased $30 million of common stock and paid a $12 million quarterly dividend. Additionally, our Board of Directors has just declared our second quarterly dividend payable on June 16, 2025.

最後，我們將繼續依照既定框架分配資本。第一季度，我們回購了價值 3,000 萬美元的普通股，並支付了 1,200 萬美元的季度股息。此外，我們的董事會剛剛宣布第二季度股息將於 2025 年 6 月 16 日支付。

Let me now move to slide 4 to share more about Garrett's continued success across our differentiated technologies. Our industry-leading and differentiated technologies were on display at the Shanghai Auto Show last week, where we showcased our ability to innovate and bring new differentiated turbo and hybrid offerings to our customers across all regions and verticals. We see increasing demand for turbocharged range-extended electric vehicles and plug-in hybrids, and we secured three new wins in China and North America in this area.

現在，請允許我轉到投影片 4，以進一步分享有關 Garrett 在我們的差異化技術方面持續取得成功的資訊。我們行業領先的差異化技術在上週的上海車展上進行了展示，展示了我們的創新能力以及為所有地區和垂直行業的客戶帶來新的差異化渦輪增壓和混合動力產品的能力。我們看到渦輪增壓增程式電動車和插電式混合動力車的需求不斷增長，我們在中國和北美在這一領域獲得了三項新的勝利。

In addition, we continue to win new on-highway commercial vehicle programs in Europe and China and launch natural gas applications for heavy trucks, demonstrating our capabilities to support alternative fuels with our turbo technologies. Our commitment to innovation has led to other notable accomplishments this quarter, as we were awarded multiple new awards for our large industrial turbos by local industry leaders in Asia. We have now doubled our presence in this segment, mainly due to the growth of data center infrastructure.

此外，我們繼續贏得歐洲和中國的新的公路商用車項目，並推出重型卡車的天然氣應用，展示了我們利用渦輪增壓技術來支持替代燃料的能力。我們對創新的承諾使我們在本季度取得了其他顯著的成就，我們的大型工業渦輪機獲得了亞洲當地行業領導者頒發的多個新獎項。目前，我們在該領域的業務已翻了一番，這主要歸功於資料中心基礎設施的成長。

Simultaneously, we are also making great progress with our zero emission solutions, which are gaining substantial momentum. Today, I'm very proud to share that we've reached a significant milestone in the development of our E-Powertrain high-speed technologies, securing our first series production award from Hyundai, a leading axle supplier, to integrate Garrett's high-speed e-motor and inverter technology into their axle and transmission platforms for heavy-duty commercial vehicles, with production targeted for 2027.

同時，我們的零排放解決方案也取得了巨大進展，並且正在獲得巨大的發展動力。今天，我很自豪地告訴大家，我們在 E-Powertrain 高速技術開發方面已經達到了一個重要的里程碑，獲得了領先車軸供應商現代汽車的首個批量生產合同，將 Garrett 的高速電動機和逆變器技術集成到他們的重型商用車車軸和變速箱平台中，目標是在 2027 年實現量產。

These achievements demonstrate the substantial potential of our solutions and validate our position, especially in China, where battery electric penetration in commercial vehicles tops the rest of the world. In addition, our high-power lightweight centrifugal e-cooling compressor has continued to receive positive testing feedback and increase customer interest, setting the stage for business adoption not only for vehicles, but also for industrial applications.

這些成就證明了我們解決方案的巨大潛力，並證實了我們的地位，尤其是在中國，商用車電池電力滲透率位居世界其他地區之首。此外，我們的高功率輕型離心式電子冷卻壓縮機繼續獲得積極的測試反饋並增加了客戶的興趣，為不僅在車輛而且在工業應用方面的商業應用奠定了基礎。

I will now hand it over to Sean to provide more details on our financial results and outlook.

現在我將把時間交給肖恩，讓他提供有關我們的財務表現和前景的更多細節。

Thanks, Olivier, and good morning, everyone. I will begin my remarks on slide 5. As Olivier highlighted, we delivered strong first-quarter financial performance in a challenging and volatile industry environment. Our net sales were $878 million, trending upward sequentially as we saw increased demand for light vehicle applications in Europe and benefited from new gasoline launches and ramp-ups in North America.

謝謝，奧利維爾，大家早安。我將從第 5 張投影片開始發言。正如奧利維爾所強調的，我們在充滿挑戰和動盪的行業環境中取得了強勁的第一季財務業績。我們的淨銷售額為 8.78 億美元，由於歐洲對輕型車輛應用的需求增加以及北美新汽油的推出和產量增加，我們的淨銷售額呈環比上升趨勢。

We continued to expand our adjusted EBIT margin, delivering $131 million of adjusted EBIT, which equates to a 14.9% margin in the quarter. This trend is a direct result of the proactive and structural cost actions we implemented in 2024, which will continue to benefit us throughout the year.

我們持續擴大調整後的息稅前利潤率，實現調整後息稅前利潤 1.31 億美元，相當於本季 14.9% 的利潤率。這一趨勢是我們在 2024 年實施的主動和結構性成本行動的直接結果，這些行動將在全年繼續使我們受益。

As we mentioned last quarter, we have transitioned to adjusted EBIT as a measure of profitability. We believe adjusted EBIT more accurately reflects the profitability of Garrett, makes it more comparable to peers, and highlights our capital light model, which is highly cash generative. For reference, we have included a reconciliation to adjusted [EBITDA] in the appendix for your convenience.

正如我們上個季度提到的，我們已經轉向使用調整後的息稅前利潤作為獲利能力的衡量標準。我們認為，調整後的息稅前利潤更準確地反映了 Garrett 的獲利能力，使其與同行更具可比性，並凸顯了我們具有高度現金創造能力的輕資本模式。為了方便您參考，我們在附錄中提供了調整後的 [EBITDA] 的對帳表。

Finally, adjusted free cash flow, while sequentially lower, was in line with expectations and reflects timing of certain working capital elements, which we expect to recover in the coming quarters.

最後，調整後的自由現金流雖然環比下降，但符合預期，並反映了某些營運資本要素的時間安排，我們預計這些要素將在未來幾季恢復。

Moving now to slide 6, we show our Q1 net sales bridge by product category as compared with the same period last year. In the quarter, net sales decreased slightly by $37 million versus the prior year, down 4% on a reported basis and 2% on a constant currency basis.

現在轉到投影片 6，我們按產品類別顯示了與去年同期相比的第一季淨銷售額。本季，淨銷售額較上年同期小幅下降 3,700 萬美元，以報告基礎計算下降 4%，以固定匯率計算下降 2%。

We experienced strong year-over-year growth in gasoline applications, benefiting from new launches and ramp-ups, primarily in North America, and share of demand gains. This growth was offset by diesel softness, driven by lower industry production, mainly in Europe. We also saw demand for commercial vehicles and aftermarket applications lower. Additionally, foreign exchange resulted in a $21 million or 2% sales decline, primarily driven by weaker Europe year over year.

我們的汽油應用實現了強勁的同比增長，這得益於新產品的推出和產能提升（主要在北美）以及需求份額的增長。但這一增長被柴油價格疲軟所抵消，主要是由於歐洲的工業產量下降。我們也發現商用車和售後市場應用的需求下降。此外，外匯導致銷售額下降 2,100 萬美元或 2％，主要原因是歐洲市場較去年同期疲軟。

Turning now to slide 7, as I mentioned earlier, we now utilize adjusted EBIT as our measure of profitability, and we believe it provides additional insight into our financial performance and profitability, highlighting the strength of our asset light and cash-generative operating model.

現在轉到幻燈片 7，正如我之前提到的，我們現在使用調整後的 EBIT 作為盈利能力的衡量標準，我們相信它可以為我們的財務業績和盈利能力提供額外的洞察，凸顯我們的輕資產和現金生成營運模式的優勢。

Within the quarter, we delivered $131 million of adjusted EBIT, representing a $10 million increase over the same period last year and a strong margin of 14.9%, up 170 basis points. We achieved this strong performance through $31 million of operating improvement year over year, benefiting from price and structural actions taken in 2024, and more than offsetting the impact of lower sales and foreign exchange. In the quarter, we also successfully passed through $4 million, or 100% of the impact of newly implemented tariffs, which we expect to continue to do throughout the remainder of the year.

本季度，我們實現了 1.31 億美元的調整後息稅前利潤，比去年同期增加了 1,000 萬美元，利潤率高達 14.9%，上升了 170 個基點。我們實現了這一強勁業績，這得益於我們 2024 年採取的價格和結構性措施，同比增長 3,100 萬美元，並且足以抵消銷售額下降和外匯的影響。本季度，我們也成功轉嫁了 400 萬美元，即新實施關稅影響的 100%，我們預計這種轉嫁將在今年剩餘時間內繼續下去。

Turning now to slide 8, I'll walk you through the adjusted EBIT to adjusted free cash flow bridge for the quarter. We delivered positive adjusted free cash flow of $36 million in line with our full-year expectations. The working capital usage in the quarter is aligned with our typical seasonality and was primarily driven by the timing of sales and related collections, which we expect to recover in the coming quarters. Cash taxes, cash interest were in line with expectations, and capital expenditures were within our financial frame.

現在翻到第 8 張投影片，我將向您介紹本季調整後的 EBIT 與調整後的自由現金流之間的橋樑。我們實現了 3,600 萬美元的正調整後自由現金流，符合我們的全年預期。本季營運資金使用情況與我們的典型季節性一致，主要受銷售和相關收款時間的影響，我們預計這些情況將在未來幾季恢復。現金稅、現金利息符合預期，資本支出在我們的財務架構之內。

Turning now to slide 9, we ended the quarter with a liquidity position of $760 million, comprised of $630 million of [underwrought] revolving credit facility capacity and $130 million of unrestricted cash. In the quarter, we refinanced our term loan, achieving better pricing and extending its maturity until 2032.

現在翻到第 9 張投影片，本季末我們的流動資金狀況為 7.6 億美元，其中包括 6.3 億美元的 [未充分使用的] 循環信貸額度和 1.3 億美元的非限制性現金。本季度，我們對定期貸款進行了再融資，實現了更優惠的定價並將其期限延長至 2032 年。

At the same time, we increased our revolving credit facility capacity by $30 million and extended its maturity to 2030. With no significant near-term maturities and ample liquidity, we are well positioned to navigate any potential future volatility that may arise as a result of macroeconomic or geopolitical uncertainty.

同時，我們將循環信貸額度增加了 3,000 萬美元，並將其期限延長至 2030 年。由於沒有重大的短期到期債務和充足的流動性，我們能夠很好地應對由於宏觀經濟或地緣政治不確定性而可能出現的任何未來波動。

In the first quarter, our positive cash generation enabled us to continue returning capital to our shareholders. Within the quarter, we repurchased $30 million of common stock under our $250 million share repurchase program and paid our first $12 million quarterly dividend.

第一季度，我們的正現金產生使我們能夠繼續向股東返還資本。本季度，我們根據 2.5 億美元的股票回購計畫回購了 3,000 萬美元的普通股，並支付了第一筆 1,200 萬美元的季度股息。

In line with our capital allocation policy, we continue to target a distribution of at least 75% of our adjusted free cash flow to shareholders over time through dividends and share repurchases. As Olivier mentioned earlier, our Board of Directors has also declared a second quarterly cash dividend payable in June 2025.

根據我們的資本配置政策，我們將繼續致力於透過股利和股票回購的方式，將至少 75% 的調整後自由現金流分配給股東。正如 Olivier 先前所提到的，我們的董事會也宣布將於 2025 年 6 月派發第二季現金股利。

And I will now transition to slide 10 to discuss our 2025 outlook. We are maintaining our 2025 outlook across all measures implying the following midpoints. Net sales of $3.4 billion, net sales growth at constant currency of negative 1%, net income of $232 million, adjusted EBIT of $457 million, net cash provided by operating activities of $402 million, and adjusted free cash flow of $345 million.

現在我將轉到第 10 張投影片來討論我們的 2025 年展望。我們維持對 2025 年所有指標的展望，這意味著以下中點。淨銷售額為 34 億美元，以固定匯率計算的淨銷售額成長率為-1%，淨收入為 2.32 億美元，調整後息稅前利潤為 4.57 億美元，經營活動提供的淨現金為 4.02 億美元，調整後自由現金流為 3.45 億美元。

While our outlook and assumptions remain unchanged, and although we expect to continue to pass through all implemented and future tariffs as previously mentioned by Olivier, at this time, there is sufficient uncertainty around the near-term impact new and future tariffs may have on the global economy, which could adversely impact the industry and subsequent demand for turbos. We will continue to monitor these risks and adjust our cost structure to adapt to any changes in customer demand.

儘管我們的前景和假設保持不變，儘管我們預計將繼續執行奧利維爾之前提到的所有已實施和未來的關稅，但目前，新關稅和未來關稅對全球經濟的短期影響仍有足夠的不確定性，這可能會對行業和隨後的渦輪增壓器需求產生不利影響。我們將繼續監控這些風險並調整我們的成本結構以適應客戶需求的任何變化。

With that, I will now turn the call back to Olivier for closing remarks.

現在，我將把電話轉回給奧利維爾，請他作最後發言。

Thanks, Sean. Turning now to slide 11, we indeed stick to our value creation framework. Our priority remains to identify and focus on unmet customer needs where we can leverage our innovation capabilities to develop differentiated and highly efficient solutions at scale.

謝謝，肖恩。現在翻到第 11 張投影片，我們確實堅持我們的價值創造框架。我們的首要任務仍然是識別並專注於未滿足的客戶需求，我們可以利用我們的創新能力大規模開發差異化、高效的解決方案。

We are strengthening our leadership position in the turbo industry while developing new zero-emission and turbo technologies and expanding into industrial applications. The recent service production award with HanDe demonstrates that perfectly well. And our resilient operating framework is highly cash-generative, allowing us to navigate near-term volatility while remaining focused on reducing debt and returning cash to shareholders.

我們正在加強我們在渦輪增壓行業的領導地位，同時開發新的零排放和渦輪增壓技術並擴展到工業應用。最近與 HanDe 合作獲得的服務生產獎充分證明了這一點。我們的彈性營運框架具有強大的現金產生能力，使我們能夠應對短期波動，同時繼續專注於減少債務並向股東返還現金。

Reflecting on our final slide, 12, I am proud to highlight the promising start we had this year with strong first-quarter results. Overall, Garrett remains well positioned for the long-term success of the company. Our outstanding operating performance, consistent free cash flow generation, and healthy balance sheets provide us with significant flexibility to invest and continue winning in turbo, further advance our differentiated high-speed solutions and return value to shareholders through our disciplined capital allocation strategy.

回顧我們的最後一張投影片 12，我很自豪地強調我們今年的第一季業績表現強勁，這是一個好的開始。總體而言，加勒特仍然為公司的長期成功做好了準備。我們出色的營運績效、持續的自由現金流產生和健康的資產負債表為我們提供了極大的靈活性，可以投資並繼續在渦輪增壓領域獲勝，進一步推進我們差異化的高速解決方案，並透過我們嚴謹的資本配置策略為股東帶來回報。

As already mentioned, we achieved a significant milestone by securing our first service production award for high-speed e-motor and inductor technology. We are well positioned to succeed in what could be a challenging year for the automotive industry, but where we see opportunities to keep on delivering strong performance.

如同前面所提到的，我們獲得了首個高速電動機和電感器技術服務生產獎，並取得了重要的里程碑。今年對汽車產業來說可能是充滿挑戰的一年，但我們也看到了繼續保持強勁表現的機會，我們已準備好取得成功。

Before we close, I want to thank once again the entire Garrett team for their strong performance in the first quarter. Thank you for your time, and operator, we are now ready for Q&A.

在結束之前，我想再次感謝整個加勒特團隊在第一季的出色表現。感謝您的時間，接線員，我們現在準備好進行問答了。

(Operator Instructions) Hamed Khorsand, BWS Financial.

（操作員指示） Hamed Khorsand，BWS Financial。

Hi. So first off, I just want to talk about your comments about what you're seeing in North America with the new launches and ramps. That really didn't show up as far as percentage of sales in Q1. Is that later on this year, or could you just talk about the dynamics there as far as the split between the sales that you reported?

你好。首先，我只想談談您對北美新推出的產品和坡道的評論。就第一季的銷售百分比而言，這確實沒有體現出來。那是在今年稍後嗎，或者您能否談談您所報告的銷售額之間的差距動態？

So we actually -- I think that in terms of the mix, you need to be a little cautious when you look at the segment revenue in North America. But what we have seen is gasoline ramping up, and you saw that on our sales bridge. And a lot of that is driven by North America, plus shared demand gains, as I mentioned, in Europe. But there are offsets in North America in commercial vehicle, particularly off-highway, as well as aftermarket, that were slightly down. So that is actually what the dynamic that you're seeing there.

因此，實際上——我認為，就組合而言，當你查看北美分部收入時，你需要謹慎一點。但我們看到汽油價格上漲，您可以從我們的銷售管道看到這一點。其中很大一部分是由北美推動的，加上我提到的歐洲的共同需求成長。但北美商用車（尤其是非公路用車）以及售後市場的銷售量略有下降。這實際上就是您在那裡看到的動態。

Got it. And then, as far as the gasoline goes, how much opportunity is there as far as you look out into what you're bidding on for '26 and '27?

知道了。那麼，就汽油而言，就您對 26 年和 27 年的競標情況來看，有多少機會？

Maybe your question related to North America or for the world?

也許您的問題與北美或世界有關？

For North America and Europe.

適用於北美和歐洲。

We are seeing some significant opportunities, especially when it comes to North America. We have seen carmakers, and I think we highlighted that last quarter. We have seen carmakers reviewing their range of products, pivoting to add more hybrids, whether it's North American carmakers or foreign carmakers operating in North America. And with solutions that are, for most of them, implying that they need turbochargers, whether it's plug-in hybrids or something that is growing very much, that's range-extended electric vehicles, where the engine provides more of a generator, electric generator, to the powertrain.

我們看到了一些重大機遇，尤其是在北美。我們已經看到了汽車製造商，我想我們在上個季度強調了這一點。我們看到汽車製造商正在審查其產品系列，並轉向增加更多混合動力汽車，無論是北美汽車製造商還是在北美運營的外國汽車製造商。對於大多數解決方案而言，這意味著它們需要渦輪增壓器，無論是插電式混合動力汽車還是發展迅速的增程式電動車，其中引擎為動力系統提供更多的發電機、電動發電機。

So we are seeing a strong appeal for that, either directly with the carmakers in North America, the North American carmakers, I should say, or the ones that are operating in North America, meaning foreign brands.

因此，我們看到了強烈的吸引力，無論是直接針對北美的汽車製造商，還是北美汽車製造商，或是在北美營運的汽車製造商，也就是外國品牌。

Got it. And then as far as --

知道了。然後就--

Not all of that will obviously come in 2027. 2027 is across the corner. It's two years down the line. But we'll see that coming and increasing by the end of the decade.

顯然，並非所有這些都會在 2027 年實現。 2027 年即將到來。已經兩年過去了。但我們將會看到，到本世紀末，這一趨勢將會出現，而且還會不斷增加。

Okay. And then switching to China, is China looking like it's going to be more and more EV? And how do you feel about where you're situated as far as market share is concerned?

好的。然後轉到中國，中國是否看起來會越來越多地採用電動車？就市場佔有率而言，您覺得自己處於什麼位置？

We are feeling good about our share of demand in China. Two things. First, in China, we are having not only a passenger vehicle business. We are having also a commercial vehicle business that is very strong, especially on highway and more and more in off-highway. And I think in the earnings release, we are alluding to the position we are establishing on off-highway gen-set for data centers.

我們對自己在中國的需求份額感到滿意。兩件事。首先，在中國，我們不僅有乘用車業務。我們的商用車業務也非常強勁，尤其是在高速公路上，在非公路上也越來越活躍。我認為，在收益報告中，我們暗示了我們在資料中心非公路發電機組領域建立的地位。

But on highway is a very strong business, has always been a strong business in China. We are feeling very good about it. We are providing differentiated technology that our customer wants. And I was once again meeting with some of them last week, and they were reinforcing that they need that technology moving forward.

但高速公路是一項非常強大的業務，在中國一直是一項強大的業務。我們對此感覺非常好。我們提供客戶想要的差異化技術。上週我再次與他們中的一些人會面，他們強調他們需要推動這項技術的發展。

We are also equipping a lot of vehicles that are light commercial vehicles in China that still need and will need for a long-time diesel engines. And it's a good business for us where our leadership, especially with valuable geometry, is recognized.

我們也為中國的許多輕型商用車配備了柴油發動機，這些車輛仍然需要並將需要長期使用柴油引擎。這對我們來說是一筆很好的生意，我們的領導地位，特別是在有價值的幾何學方面，得到了認可。

Now, coming back to probably the point of your question, which is passenger vehicles. We are pleased with what we are achieving in China. Not only with the traditional car makers, and in traditional car makers, I would put the global brands and their local partners, which are the big state-owned enterprises, like SAIC, CHANGAN, GAC, FAW, and Dongfeng.

現在，回到你的問題的重點，即乘用車。我們對在中國的成就感到滿意。不僅與傳統汽車製造商合作，在傳統汽車製造商中，我還會考慮全球品牌及其本地合作夥伴，這些合作夥伴都是大型國有企業，例如上汽、長安、廣汽、一汽和東風。

But we have made significant progress with what I would call the winners in China. So names like BYD, Chery, Geely; and even new brands that have come, like Sokon and Ceres. Those companies are very innovative, and they are blurring the lines between battery electric vehicle and hybrids by really pushing the development of either plug-in hybrids or range-extended electric vehicles and using extensively turbochargers.

但我們在中國取得了重大進展，我稱之為贏家。例如比亞迪、奇瑞、吉利等；甚至還有新品牌，如小康和 Ceres。這些公司非常具有創新精神，他們透過大力推動插電式混合動力汽車或增程式電動車的發展並廣泛使用渦輪增壓器，模糊了電動車和混合動力車之間的界限。

So I had really the pleasure to meet with all of these people last week, and they were really reiterating to us that they need our technology moving forward. So I'm feeling quite good about that.

因此，我很高興上週與所有這些人會面，他們確實向我們重申，他們需要我們的技術向前發展。所以我對此感覺很好。

Great. And then, Sean, I noticed in the guidance you're keeping the Euro assumption at [105]. What would the dynamics be if the Euro stayed north of [110] where it is right now?

偉大的。然後，肖恩，我注意到在指導中，你保持歐元假設在[105]如果歐元維持在目前[110]的水準以上，動態將會如何？

So we definitely see favorability in revenue, and EBITDA as well. But with all the different moving parts in the current macro environment, we felt that the prudent thing was to just keep guidance to where it is for the moment. It's been a very recent move just toward the end of March, which is why you didn't really see any of that favorability come through in the first quarter. But again, you would absolutely see a favorability of revenue and profit driven by FX if this environment continues.

因此，我們肯定看到收入和 EBITDA 的良好表現。但考慮到當前宏觀環境中的各種不同因素，我們認為謹慎的做法是將指導保持在目前的水平。這是三月底才採取的一項最新舉措，這就是為什麼你在第一季沒有看到任何有利跡象。但是，如果這種環境持續下去，你絕對會看到外匯帶來的收入和利潤的有利因素。

And how much exposure would you have to these North American tariffs?

您對這些北美關稅的影響有多大？

We think -- and again, we're going to pass them through entirely. If everything stays the way it is today, which is also another if, we think it's around the $60 million-ish that would be passed through. Again, reemphasizing that, like Olivier said, 20% of our sales is in North America. And some of that is to car makers in Mexico.

我們認為——而且，我們將完全通過它們。如果一切保持目前的狀態，這也是另一個如果，我們認為將會有大約 6,000 萬美元的金額被轉移。再次強調，正如 Olivier 所說，我們的 20% 銷售額來自北美。其中一些是墨西哥的汽車製造商。

Yeah, we have a significant portion of the sales that we are doing directly to customers that are in Mexico that are exporting the cars to North America. And all the cars, all the engines, and the rest we do direct. So the dollar value, you would see it only on the piece that we send from Mexico to the US. But we have very limited exposure. We have very limited exposure to anything that comes from Europe, because as we are saying in the script, we are very much manufacturing in the region for the region.

是的，我們的大部分銷售是直接面向墨西哥客戶進行的，這些客戶將汽車出口到北美。所有汽車、所有引擎以及其餘部分均由我們控制。因此，您只能在我們從墨西哥寄往美國的貨物上看到美元價值。但我們的曝光度非常有限。我們對來自歐洲的任何產品的接觸都非常有限，因為正如我們在劇本中所說的那樣，我們主要是在該地區為該地區進行製造。

Thank you. As we have no further questions, we will now conclude our conference. Thank you for attending today's presentation. You may now disconnect.

謝謝。由於沒有其他問題，我們現在將結束會議。感謝您參加今天的演講。您現在可以斷開連線。