Lear Corp (LEA) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Lear Corporation First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.

大家早上好，歡迎來到李爾公司 2023 年第一季度收益電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Ed Lowenfeld, Vice President, Investor Relations. Sir, please go ahead.

現在，我想請投資者關係副總裁 Ed Lowenfeld 發言。先生，請繼續。

Thanks, Jamie. Good morning, everyone, and thank you for joining us for Lear's first quarter 2023 earnings call. Presenting today are Ray Scott, Lear President and CEO; and Jason Cardew, Senior Vice President and CFO. Other members of Lear's senior management team have also joined us on the call. Following prepared remarks, we will open up the call for Q&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.

謝謝，傑米。大家早上好，感謝您參加李爾 2023 年第一季度財報電話會議。今天出席的有李爾總裁兼首席執行官 Ray Scott；和高級副總裁兼首席財務官 Jason Cardew。李爾高級管理團隊的其他成員也加入了我們的電話會議。在準備好的評論之後，我們將開啟問答環節。您可以在 ir.lear.com 上找到伴隨這些評論的演示文稿副本。

Before Ray begins, I'd like to take this opportunity to remind you that as we conduct this call, we will be making forward-looking statements to assist you in understanding Lear's expectations for the future. As detailed in our safe harbor statement on Slide 2, our actual results could differ materially from these forward-looking statements due to many factors discussed in our latest 10-Q and other periodic reports. I also want to remind you that during today's presentation, we will refer to non-GAAP financial metrics.

在 Ray 開始之前，我想藉此機會提醒您，在我們進行此次電話會議時，我們將做出前瞻性陳述，以幫助您了解 Lear 對未來的預期。正如我們在幻燈片 2 上的安全港聲明中所詳述的那樣，由於我們最新的 10-Q 和其他定期報告中討論的許多因素，我們的實際結果可能與這些前瞻性陳述存在重大差異。我還想提醒您，在今天的演講中，我們將參考非 GAAP 財務指標。

You are directed to the slides in the appendix of our presentation for the reconciliation of non-GAAP items to the most directly comparable GAAP measures. The agenda for today's call is on Slide 3. First, Ray will review highlights from the quarter and provide a business update. Jason will then review our first quarter financial results. Finally, Ray will offer some concluding remarks. Following the formal presentation, we would be happy to take your questions. Now I'd like to invite Ray to begin.

您將被定向到我們演示文稿附錄中的幻燈片，以將非 GAAP 項目與最直接可比的 GAAP 措施進行調節。今天電話會議的議程在幻燈片 3 上。首先，Ray 將回顧本季度的亮點並提供業務更新。然後傑森將審查我們的第一季度財務業績。最後，Ray 將作一些總結性發言。在正式介紹之後，我們很樂意回答您的問題。現在我想請雷開始。

Thanks, Ed. Now please turn to Slide 5, which highlights key financial metrics for the first quarter. Lear started the year strong, delivering significant increases in both revenue and earnings in the first quarter compared to last year.

謝謝，埃德。現在請轉到幻燈片 5，其中突出顯示了第一季度的關鍵財務指標。李爾今年開局強勁，與去年同期相比，第一季度的收入和收益均有顯著增長。

Sales increased 12% to $5.8 billion, and core operating earnings increased 43% to $263 million. Adjusted earnings per share increased 54% to $2.78 per share.

銷售額增長 12% 至 58 億美元，核心營業收入增長 43% 至 2.63 億美元。調整後每股收益增長 54% 至每股 2.78 美元。

Slide 6 outlines key highlights for -- from the quarter. Both Seating and E-Systems had significant growth over market and higher margins as compared to last year. In Seating, we are excited to announce that the Conquest award we mentioned on our last earnings call is for the Wagoneer and Grand Wagoneer. They will be producing complete seats in key thermal components for these vehicles, with production beginning later this year. This Conquest award is another example of Lear's strong reputation for quality, operational excellence and product execution, as we expand our strong relationship and partnership with Stellantis.

幻燈片 6 概述了本季度的主要亮點。與去年相比，Seating 和 E-Systems 均實現了市場顯著增長和更高的利潤率。在座椅方面，我們很高興地宣布，我們在上次財報電話會議上提到的征服獎是針對 Wagoneer 和 Grand Wagoneer 的。他們將為這些車輛的關鍵熱部件生產完整的座椅，並於今年晚些時候開始生產。隨著我們擴大與 Stellantis 的牢固關係和合作夥伴關係，此次 Conquest 獎是李爾在質量、卓越運營和產品執行方面享有盛譽的又一例證。

In E-Systems, we continue to increase momentum in electrification with additional awards for 2 of our innovative products. Stellantis recognized our advanced technical capabilities as the premier supplier of high-performance battery disconnect units and selected Lear to supply the BDU for a new electric vehicle.

在 E-Systems 方面，我們繼續增加電氣化的勢頭，並為我們的 2 種創新產品頒發了額外獎項。 Stellantis 認識到我們作為高性能電池斷開裝置的主要供應商的先進技術能力，並選擇 Lear 為新型電動汽車提供 BDU。

We continue to increase our Intercell connect board backlog with the award of additional volumes from General Motors to support their Ultium Battery platform. Our customers continue to recognize Lear for innovative technology and quality.

我們繼續增加我們的 Intercell 連接板積壓訂單，並從通用汽車那裡獲得額外的數量來支持他們的 Ultium 電池平台。我們的客戶繼續認可李爾的創新技術和質量。

For the sixth consecutive year, we are recognized as a supplier of the year for General Motors. I'm excited that we completed the acquisition of IGB, which will play a key role in expanding our Thermal Comfort Systems business and increasing our market share and margins in Seating. I want to thank everyone who supported this transaction.

我們連續第六年被通用汽車評為年度供應商。我很高興我們完成了對 IGB 的收購，這將在擴大我們的熱舒適系統業務和增加我們在座椅領域的市場份額和利潤方面發揮關鍵作用。我要感謝所有支持這筆交易的人。

There's a lot of hard work and significant time spent to close this deal. I couldn't be more proud to welcome the IGB team to the Lear family.

完成這筆交易需要付出大量的努力和大量的時間。歡迎 IGB 團隊加入李爾大家庭，我感到無比自豪。

Slide 7 provides a business profile of IGB and highlights the benefits of the transaction. IGB brings new technologies to Lear, including active cooling, steering wheel heating and occupant detection sensors. This transaction also complements the product capabilities we acquired from Kongsberg and add scale to our growing Thermal Comfort Systems business.

幻燈片 7 提供了 IGB 的業務概況並強調了交易的好處。 IGB 為李爾帶來了新技術，包括主動冷卻、方向盤加熱和乘員檢測傳感器。此次交易還補充了我們從 Kongsberg 獲得的產品能力，並擴大了我們不斷增長的 Thermal Comfort Systems 業務的規模。

IGB has a well-balanced customer base, consisting of many of the world's largest global OEMs. This acquisition is the latest and final piece of our comprehensive thermal comfort strategy to extend Lear's leadership as the most vertically integrated automotive seat supplier, increase market share and further strengthen our industry-leading margin and return profile.

IGB 擁有均衡的客戶群，其中包括許多世界上最大的全球 OEM。此次收購是我們綜合熱舒適戰略的最新也是最後一部分，旨在擴大李爾作為垂直整合程度最高的汽車座椅供應商的領導地位，增加市場份額，並進一步加強我們行業領先的利潤率和回報率。

Lear is the only company with this expertise to complete incomplete seats as well as comprehensive thermal comfort systems capabilities. These unique capabilities will drive transformation of the thermal comfort systems market by creating innovative designs that will improve performance, efficiency and comfort, while reducing weight and cost.

李爾是唯一一家擁有此專業知識的公司，可以完成不完整的座椅以及全面的熱舒適系統能力。這些獨特的功能將通過創造創新設計來推動熱舒適系統市場的轉型，這些設計將提高性能、效率和舒適度，同時減輕重量和成本。

On Slide 8, I will walk you through the evolution of our thermal comfort systems product strategy. Today, many OEMs design and source each thermal component individually and package them together by layering them on top of each other. Several of these features rely on subcomponents that are redundant, increasing the number of parts and requiring more space for packaging.

在幻燈片 8 上，我將帶您了解我們的熱舒適系統產品戰略的演變。如今，許多原始設備製造商單獨設計和採購每個熱元件，然後通過將它們層疊在一起將它們封裝在一起。其中一些功能依賴於冗餘的子組件，增加了零件數量並需要更多的包裝空間。

The acquisitions of Kongsberg and IGB as well as the work we have done internally over the last 10 years developing into seating provide a broad-based capability to improve this model. At the time, leveraging best practices across the combined organization will improve efficiency and increase flexibility in our manufacturing facilities.

對 Kongsberg 和 IGB 的收購以及我們在過去 10 年內在座椅領域所做的工作為改進該模型提供了基礎廣泛的能力。屆時，在合併後的組織中利用最佳實踐將提高我們製造設施的效率和靈活性。

Following the Kongsberg acquisition, our team has been working diligently to design more efficient thermal comfort modules by combining common functions across multiple components. For instance, we're developing a system that integrates ventilation with the lumbar and the massage modules.

在收購 Kongsberg 之後，我們的團隊一直致力於通過組合多個組件的通用功能來設計更高效的熱舒適模塊。例如，我們正在開發一個將通風與腰部和按摩模塊集成在一起的系統。

We also are developing innovative solutions to move thermal comfort components closer to the occupant by integrating them directly into the trim covers. This will improve the performance of thermal comfort systems by increasing the speed to sensation for the occupant. This also reduces the size of packaging within the seat, which facilitates integration of these features into the rear seats.

我們還在開發創新的解決方案，通過將熱舒適組件直接集成到裝飾罩中，使它們更靠近乘員。這將通過提高乘員的感覺速度來提高熱舒適系統的性能。這也減少了座椅內包裝的尺寸，有助於將這些功能集成到後排座椅中。

Another innovative product to be developed is FlexAir, a foam alternative that is 100% recyclable. FlexAir reduces CO2 emissions by up to 50% and mask by up to 20% compared to traditional foam used in today's applications.

另一種待開發的創新產品是 FlexAir，這是一種 100% 可回收的泡沫替代品。與當今應用中使用的傳統泡沫相比，FlexAir 可減少高達 50% 的二氧化碳排放量和高達 20% 的面罩。

These innovations are gaining traction with our customers. We currently have 15 development projects in progress on 41 different car lines, with 7 OEMs for our various thermal comfort systems.

這些創新正在吸引我們的客戶。我們目前在 41 條不同的汽車生產線上有 15 個開發項目正在進行中，我們的各種熱舒適系統有 7 個原始設備製造商。

Because our customers recognize the benefit of more efficient thermal comfort systems, they have begun to grant sourcing control of these products to Lear. Since Lear is the only JIT supplier with these capabilities, the additional sourcing control is limited just to us.

因為我們的客戶認識到更高效的熱舒適系統的好處，他們已經開始將這些產品的採購控制權授予李爾。由於李爾是唯一具備這些能力的 JIT 供應商，額外的採購控制僅限於我們。

This gives us an advantage in the marketplace, and we can provide higher performing and more efficient solutions to our customers.

這使我們在市場上具有優勢，我們可以為客戶提供性能更高、效率更高的解決方案。

The final phase of our strategy is to combine our component modular solutions with our FlexAir foam alternative and trim cover capabilities to develop a fully integrated seat module by incorporating all of the thermal comfort components into an efficient modular design. We can drive significant part reduction and mass savings, while enhancing the comfort for the occupant.

我們戰略的最後階段是將我們的組件模塊化解決方案與我們的 FlexAir 泡沫替代品和裝飾罩功能相結合，通過將所有熱舒適組件整合到高效的模塊化設計中來開發完全集成的座椅模塊。我們可以推動顯著減少零件和減輕質量，同時提高乘員的舒適度。

These improvements will further reduce the cost of the thermal comfort system to our customers, while increasing the value proposition for Lear Corporation.

這些改進將進一步降低我們客戶的熱舒適系統成本，同時增加 Lear Corporation 的價值主張。

Slide 9 provides a pro forma outlook of our combined thermal comfort portfolio. The addition of the IGB product portfolio gives us strong market position in each of the key thermal comfort categories. We estimate we have a top 3 market position for each major product.

幻燈片 9 提供了我們綜合熱舒適產品組合的預估展望。 IGB 產品組合的加入使我們在每個關鍵的熱舒適類別中都佔據了強大的市場地位。我們估計我們在每個主要產品上都有前 3 名的市場地位。

Pro forma 2022 revenue for the combined TCS business is $550 million. We expect this to grow to approximately $800 million by 2027. Revenue growth will come from a combination of industry factors and innovation. The overall thermal comfort market is estimated to grow over 2 percentage points faster than the vehicle production.

合併後的 TCS 業務的 2022 年預估收入為 5.5 億美元。我們預計到 2027 年這一數字將增長到約 8 億美元。收入增長將來自行業因素和創新的結合。據估計，整體熱舒適市場的增長速度比汽車生產快 2 個百分點以上。

With improved packaging, better performance and reduced costs, we are confident that the market will grow more quickly, as take rates increase and these products proliferate beyond the luxury segment and into the rear seat applications.

隨著包裝的改進、性能的提高和成本的降低，我們相信市場將增長得更快，因為採用率會增加，並且這些產品會擴散到豪華車領域之外並進入後座應用。

Historically, our customers granted sourcing control for thermal comfort components on about 30% of the JIT programs. Given our increased capabilities, our opportunity to direct this sourcing has grown. 7 major customers have branded us 100% sourcing control for future thermal comfort systems.

從歷史上看，我們的客戶在大約 30% 的 JIT 計劃中授予熱舒適組件的採購控制權。鑑於我們能力的增強，我們指導這種採購的機會也增加了。 7 家主要客戶為我們打造了未來熱舒適系統 100% 採購控制的品牌。

The unique competitive advantage we have developed in thermal comfort systems allows us to provide a better value proposition for our customers, which our competitors cannot match.

我們在熱舒適系統方面開發的獨特競爭優勢使我們能夠為客戶提供更好的價值主張，這是我們的競爭對手無法比擬的。

Longer term, in addition to driving higher market share, we believe that our thermal comfort system strategy has the potential to drive our overall seating profitability above our current 7.5% to 8.5% margin target.

從長遠來看，除了推動更高的市場份額外，我們相信我們的熱舒適系統戰略有可能推動我們的整體座椅盈利能力超過我們目前 7.5% 至 8.5% 的利潤率目標。

Turning to Slide 10, I will highlight some key business awards from the first quarter. The Conquest win for the Wagoneer and the Grand Wagoneer is a significant program that was included in our 3-year backlog we announced in February. We also won an award to provide seats on a second program launching in late 2024.

轉到幻燈片 10，我將重點介紹第一季度的一些關鍵業務獎項。 Wagoneer 和 Grand Wagoneer 的征服勝利是一項重要計劃，已包含在我們 2 月份宣布的 3 年積壓訂單中。我們還贏得了為 2024 年底啟動的第二個計劃提供席位的獎項。

We estimate the combined revenue for these 2 programs could reach approximately $600 million in 2027. Since 2019, we have won $2 billion in Conquest awards. It's a big number, Frank. Given our strong pipeline of Conquest opportunities we are pursuing, we expect this momentum to continue and result in additional market share gains.

我們估計這兩個項目的總收入在 2027 年可能達到約 6 億美元。自 2019 年以來，我們已經贏得了 20 億美元的征服獎。這是一個很大的數字，弗蘭克。鑑於我們正在追求的征服機會的強大管道，我們預計這種勢頭將繼續下去並導致額外的市場份額增長。

For each systems, we continue to win awards in electrification as well as for high-voltage and low-voltage wiring and several EV platforms. The pace of new business wins in E-Systems this year is well ahead of where we were last year at this time.

對於每個系統，我們繼續在電氣化以及高壓和低壓佈線和多個 EV 平台方面贏得獎項。今年 E-Systems 贏得新業務的速度遠遠超過我們去年此時的水平。

Just last week, we were awarded the BDU for the new Stellantis electric vehicle. This win solidifies our position as one of the leaders in high-performance BDUs.

就在上週，我們的新型 Stellantis 電動汽車獲得了 BDU。此次勝利鞏固了我們作為高性能 BDU 領導者之一的地位。

The additional volume awarded by General Motors for the ICB is another example of their confidence in our technical capabilities and increasing the value of our overall program. Our expected 2025 revenue on the platform has increased to $50 million to over $100 million. We had expected this program to generate annual revenues of approximately $150 million. With the added volume, we now see peak revenue reaching $250 million.

通用汽車公司為 ICB 授予的額外數量是他們對我們的技術能力和增加我們整體計劃價值的信心的另一個例子。我們預計 2025 年該平台的收入已增加到 5000 萬美元至 1 億美元以上。我們曾預計該計劃將產生大約 1.5 億美元的年收入。隨著銷量的增加，我們現在看到最高收入達到 2.5 億美元。

Now I'd like to turn the call over to Jason for the financial review.

現在我想把電話轉給 Jason 進行財務審查。

Thank you, Ray.

謝謝你，雷。

Slide 12 shows vehicle production and key exchange rates for the first quarter. Global production increased 6% compared to the same period last year and was up 8% on a Lear sales weighted basis.

幻燈片 12 顯示了第一季度的汽車產量和主要匯率。與去年同期相比，全球產量增長了 6%，在李爾銷售額加權基礎上增長了 8%。

Production volumes increased by 10% in North America and by 17% in Europe, while volumes in China were down 8%. The dollar strengthened against both the euro and RMB.

北美的產量增長了 10%，歐洲增長了 17%，而中國的產量下降了 8%。美元兌歐元和人民幣均走強。

Slide 13 highlights Lear's growth over market. For the first quarter, total company growth over market was 6 percentage points, driven by favorable platform mix and the impact of new business in both segments, with Seating growing 6 points above market and E-Systems growing 4 points above market.

幻燈片 13 突出了李爾在市場上的增長。第一季度，在有利的平台組合和兩個細分市場新業務的影響的推動下，公司總增長率超過市場 6 個百分點，座椅增長高於市場 6 個百分點，E-Systems 增長高於市場 4 個百分點。

Growth over market was particularly strong in Europe and in China. In Europe, sales outperformed industry production by 12 points, with both business segments benefiting from higher volumes on the Land Rover, Range Rover and Defender.

歐洲和中國的市場增長尤為強勁。在歐洲，銷售額比工業生產高出 12 個百分點，這兩個業務部門都受益於 Land Rover、Range Rover 和 Defender 銷量的增加。

New programs such as the BMW 7 Series in Seating and new wiring and electronics content on the Volvo XC40 and XC40 Recharge in E-Systems contributed to the strong growth in the region as well.

寶馬 7 系座椅等新項目以及沃爾沃 XC40 和 XC40 Recharge 電子系統中的新佈線和電子內容也為該地區的強勁增長做出了貢獻。

In China, growth over market of 8 points resulted from strong production on the Mercedes C-Class and E-Class in Seating and the Volvo XC40 and XC40 Recharge in E-Systems.

在中國，由於梅賽德斯 C 級和 E 級座椅以及沃爾沃 XC40 和 XC40 Recharge E 系統的強勁生產，市場增長 8 個百分點。

Our North America business lagged industry growth estimates by 1 percentage point. This was driven by unfavorable platform that's primarily related to the changeover of the Ford Escape in E-Systems, which was partially offset by the benefit of new business.

我們的北美業務落後於行業增長預測 1 個百分點。這是由不利的平台推動的，該平台主要與 E-Systems 中福特 Escape 的轉換有關，這部分被新業務的好處所抵消。

Turning to Slide 14. I will highlight our financial results for the first quarter of 2023. Sales increased 12% year-over-year to $5.8 billion. Excluding the impact of foreign exchange, commodities and acquisitions, sales were up by 14%, reflecting increased production on key Lear platforms and the addition of new business.

轉到幻燈片 14。我將重點介紹我們 2023 年第一季度的財務業績。銷售額同比增長 12% 至 58 億美元。排除外匯、大宗商品和收購的影響，銷售額增長了 14%，反映了 Lear 主要平台產量的增加和新業務的增加。

Core operating earnings were $263 million compared to $184 million last year. The increase in earnings resulted from the impact of higher production on their platforms and the addition of new business, partially offset by the impact from foreign exchange.

核心營業收入為 2.63 億美元，而去年為 1.84 億美元。收益的增加是由於其平台產量增加和新業務增加的影響，部分被外彙的影響所抵消。

Adjusted earnings per share improved significantly to $2.78 as compared to $1.80 a year ago. First quarter operating cash flow was a use of $36 million. Operating cash flow was negatively impacted in the quarter by the timing the customers received as compared to last year and a significant increase in sales late in the quarter. Our outlook for full year operating and free cash flow is unchanged.

與一年前的 1.80 美元相比，調整後的每股收益顯著提高至 2.78 美元。第一季度運營現金流為 3600 萬美元。與去年相比，客戶收到客戶的時間和本季度末銷售額的顯著增長對本季度的經營現金流產生了負面影響。我們對全年運營和自由現金流的展望保持不變。

Slide 15 explains the variance in sales and adjusted operating margins in the Seating segment. Sales for the first quarter were $4.5 billion, an increase of $540 million or 14% from 2022, driven primarily by an increase in volumes on Lear platforms and our strong backlog.

幻燈片 15 解釋了座椅部門銷售額和調整後營業利潤率的差異。第一季度的銷售額為 45 億美元，比 2022 年增加了 5.4 億美元或 14%，這主要是由於 Lear 平台銷量的增加和我們強勁的積壓訂單。

Excluding the impact of commodities, foreign exchange and acquisitions, sales were up 15%. Core operating earnings improved to $300 million, up $83 million or 38% from 2022, with adjusted operating margins of 6.7%. The improvement in margins reflected higher volumes on their platforms and an improvement in commodity costs, partially offset by higher engineering spending and launch costs to support our strong new business backlog and recent Conquest awards as well as the impact of foreign exchange and acquisitions.

排除商品、外彙和收購的影響，銷售額增長了 15%。核心營業收入增加至 3 億美元，比 2022 年增加 8300 萬美元或 38%，調整後營業利潤率為 6.7%。利潤率的提高反映了他們平台上銷量的增加和商品成本的改善，部分被更高的工程支出和啟動成本所抵消，以支持我們強勁的新業務積壓和最近的征服獎勵以及外彙和收購的影響。

Slide 16 explains the variance in sales and adjusted operating margins in the E-Systems segment. Sales for the first quarter were $1.4 billion, an increase of $97 million or 8% from 2022. Excluding the impact of foreign exchange and commodities, sales were up 12%, driven primarily by higher volumes on key platforms and our new business backlog.

幻燈片 16 解釋了電子系統部門銷售額和調整後營業利潤率的差異。第一季度的銷售額為 14 億美元，比 2022 年增加了 9700 萬美元或 8%。排除外彙和大宗商品的影響，銷售額增長了 12%，這主要是由於關鍵平台的銷量增加和我們的新業務積壓。

Core operating earnings improved to $49 million or 3.5% of sales compared to $42 million and 3.2% of sales in 2022. The improvement in margins reflected higher volumes on Lear platforms and our margin-accretive backlog, partially offset by higher commodity costs, net of customer recovery, the impact of foreign exchange and elevated launch costs.

核心營業收入從 2022 年的 4200 萬美元和銷售額的 3.2% 提高到 4900 萬美元或銷售額的 3.5%。利潤率的提高反映了 Lear 平台的銷量增加和我們利潤增加的積壓，部分被更高的商品成本所抵消，扣除客戶恢復、外匯影響和啟動成本上升。

Moving to Slide 17. We highlight our strong balance sheet and liquidity profile, a major competitive advantage for Lear in a rising interest rate environment. The acquisition of IGB will be financed with the 3-year fully prepayable term loan. We do not have any near-term outstanding debt maturities. Our earliest bond maturity is in 2027, and our debt structure has a weighted average life of approximately 14 years.

轉到幻燈片 17。我們強調我們強大的資產負債表和流動性狀況，這是 Lear 在利率上升環境中的主要競爭優勢。收購 IGB 的資金將來自 3 年期可全額提前償還的定期貸款。我們沒有任何短期未償還債務到期。我們最早的債券到期日是 2027 年，我們的債務結構的加權平均壽命約為 14 年。

Our cost of debt is low, averaging approximately 4%. In addition, we had $2.9 billion of available liquidity. We remain committed to returning excess cash to our shareholders, having repurchased $25 million worth of stock in the first quarter, along with our quarterly dividend.

我們的債務成本很低，平均約為 4%。此外，我們還有 29 億美元的可用流動資金。我們仍然致力於將多餘的現金返還給我們的股東，在第一季度回購了價值 2500 萬美元的股票以及我們的季度股息。

Our current share repurchase authorization has approximately $1.2 billion remaining, which allows us to repurchase shares through the end of 2024.

我們目前的股票回購授權剩餘約 12 億美元，這使我們能夠在 2024 年底前回購股票。

Now turning to Slide 18. This slide highlights the key factors that will impact our financial outlook. While our first quarter results were strong, and industry production volumes are continuing to recover, there is still uncertainty around the pace of the recovery and overall global macro environment.

現在轉到幻燈片 18。這張幻燈片強調了將影響我們財務前景的關鍵因素。儘管我們第一季度業績強勁，行業產量持續復甦，但復甦步伐和全球整體宏觀環境仍存在不確定性。

As a result, we are not changing our full year outlook at this time. We expect a modest improvement in industry production levels this year, while remaining well below prior peak levels. We expect a gradual but sustained recovery stretching into 2024 and beyond.

因此，我們目前不會改變全年展望。我們預計今年工業生產水平將適度改善，同時仍遠低於之前的峰值水平。我們預計 2024 年及以後將出現漸進但持續的複蘇。

The outlook for commodity cost is somewhat mixed. While we did see a significant reduction in steel prices late last year, prices in North America has since rebounded. We are seeing some moderation in select chemical commodity prices as well as freight and logistics costs, but also experiencing higher component costs as our supply base contends with higher labor costs.

大宗商品成本的前景有些喜憂參半。雖然去年年底我們確實看到鋼鐵價格大幅下跌，但北美的價格此後已經反彈。我們看到部分化學商品價格以及運費和物流成本有所緩和，但由於我們的供應基地面臨更高的勞動力成本，零部件成本也有所上升。

On the positive side, we expect to largely offset the headwinds we're facing through improved operating performance and negotiated sharing agreements with our customers. In addition, we're benefiting from resilient demand on luxury vehicles and other key platforms as well as our margin-accretive backlog.

從積極的方面來看，我們希望通過提高經營業績和與客戶協商共享協議，在很大程度上抵消我們面臨的不利因素。此外，我們還受益於對豪華車和其他關鍵平台的彈性需求以及我們增加利潤的積壓訂單。

As we weigh these risks and opportunities, we continue to take aggressive steps to improve our competitive position and financial performance. We also continue to make significant progress through our Lear Forward initiatives, including aggressive steps to improve capacity utilization and working capital management and remain on track to meet or exceed our $50 million savings target for the year.

在權衡這些風險和機遇時，我們繼續採取積極措施來提高我們的競爭地位和財務業績。我們還通過 Lear Forward 計劃繼續取得重大進展，包括採取積極措施提高產能利用率和營運資金管理，並繼續按計劃實現或超過我們今年 5000 萬美元的節省目標。

These performance improvement actions, coupled with strategic investments in key products such as thermal comfort systems and high-voltage connection systems have positioned both businesses for sustained revenue growth and margin expansion.

這些績效改進措施，加上對熱舒適系統和高壓連接系統等關鍵產品的戰略投資，使這兩家公司都能夠實現持續的收入增長和利潤率擴張。

Now I'll turn it back to Ray for some closing thoughts.

現在我將把它轉回給 Ray 以作一些總結。

Thanks, Jason. Please turn to Slide 20. The first quarter was a great start to the year. Both business segments saw year-over-year margin growth, with strong growth over market.

謝謝，傑森。請轉到幻燈片 20。第一季度是今年的一個良好開端。兩個業務部門的利潤率均實現了同比增長，市場增長強勁。

Our Lear Forward plan continues to yield results. The team has identified and implemented actions that will reduce costs and improve operating cash flow. We continue to win business in both Seating and E-Systems, and our pipeline of new opportunities is very strong.

我們的 Lear Forward 計劃繼續取得成果。該團隊已確定並實施可降低成本並改善運營現金流的措施。我們繼續在座椅和電子系統領域贏得業務，我們的新機會渠道非常強大。

Closing the IGB transaction was the final piece required to solidify our thermal comfort systems strategy. With this completed, we are looking forward to giving you a comprehensive update of our Seating business, with a particular focus on thermal comfort on June 27. We'll be hosting a Seating Product Day on Lear Campus in Southfield, Michigan. We look forward to seeing many of you in person.

完成 IGB 交易是鞏固我們的熱舒適系統戰略所需的最後一步。完成這項工作後，我們期待在 6 月 27 日向您全面介紹我們的座椅業務，特別關注熱舒適性。我們將在密歇根州南菲爾德的李爾校區舉辦座椅產品日活動。我們期待著見到你們中的許多人。

In closing, I want to thank the Lear team for their tireless efforts that resulted in another strong quarter. I firmly believe we have the best team in the industry, and I am proud to work with you each and every day. Now we'd be happy to take your questions.

最後，我要感謝 Lear 團隊的不懈努力，讓他們取得了又一個強勁的季度業績。我堅信我們擁有業內最好的團隊，我很自豪能每天與您一起工作。現在我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from John Murphy from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的約翰·墨菲。

Maybe just to ask one simple one first, just on scheduled stabilization. I'm just wondering if you could kind of highlight how much they've stabilized in the first quarter, how much sort of the disruption caused to you last year and what do you expect to not reoccur this year?

也許只是先問一個簡單的，只是按計劃穩定。我只是想知道你是否可以強調他們在第一季度穩定了多少，去年對你造成了多少破壞，以及你預計今年不會再次發生什麼？

Look, actually, this year, I always say everything is all relative. It's -- this year is a lot better year than last year. When we talked about just stable production from our customers, we're getting a lot better clarity around if there is going to be downtime, so that we can respond a lot quicker in respect to what we can do internally from an efficiency standpoint.

你看，其實今年，我總是說一切都是相對的。這是 - 今年比去年好得多。當我們談到客戶的穩定生產時，我們對是否會出現停機時間有了更清晰的了解，這樣我們就可以從效率的角度更快地響應我們可以在內部做些什麼。

So much more clarity around the production environment, although there's been still some short notice, but much better than it was last year as far as the financial strength.

生產環境更加清晰，雖然仍然有一些臨時通知，但就財務實力而言，比去年好得多。

Jason, do you want to add to that?

傑森，你想補充嗎？

Yes. Really, it was -- we didn't see a meaningful premium cost in the quarter. It did improve versus the prior year. We've seen a gradual improvement, John, as you look at sort of first half of last year to the second half of last year and then again in the first quarter.

是的。真的，它是 - 我們在本季度沒有看到有意義的保費成本。與前一年相比確實有所改善。約翰，從去年上半年到去年下半年，然後是第一季度，我們看到了逐步改善。

As Ray mentioned, we're still incurring some premium costs. We're still seeing some stop-start production from our customers, some challenges with some of the new programs that our customers are changing over and some challenges with our supply base, which weighs a little bit on the conversion rates you see with volume in the backlog, but certainly less meaningful than what we experienced over the last 2 years.

正如 Ray 提到的，我們仍在產生一些額外費用。我們仍然看到我們的客戶停止生產，我們的客戶正在轉換的一些新程序面臨一些挑戰，我們的供應基地也面臨一些挑戰，這對你看到的轉化率有一點影響積壓，但肯定不如我們過去 2 年所經歷的那樣有意義。

Okay. And then just a second question on IGB in the acquisition there. Is there a greater opportunity on content with EVs as you're looking at sort of the in-seat HVAC systems essentially versus what you have on the ICE?

好的。然後是關於 IGB 的第二個問題。當您正在研究座椅內的 HVAC 系統與您在 ICE 上擁有的系統時，是否有更多關於電動汽車內容的機會？

And I think you also -- I just want to follow up on something I think you mentioned that -- you said CD margins, which are targeted 7.5% to 8.5% eventually. There could be upside to that 7.5% to 8.5% because of IGB. And just wanted to kind of clarify that statement as well or confirm it.

而且我想你也 - 我只想跟進我認為你提到的事情 - 你說 CD 利潤率，最終目標是 7.5% 到 8.5%。由於 IGB，7.5% 至 8.5% 可能有上漲空間。也只是想澄清或確認該聲明。

Yes, John, I'm glad you asked the question. One, I couldn't be more excited. This is a big day for Lear Corporation. This has been 10 years in the works. And going back, we're just discussing amongst the team here before the call.

是的，約翰，很高興你提出這個問題。一，我不能更興奮。這對李爾公司來說是個大日子。這已經進行了 10 年。回過頭來看，我們只是在電話會議之前在團隊中進行討論。

At 10 years, we looked at the inefficiencies within the seat. And when we talk about these priceable features and content within the seat, how they could be completely revamped and redesigned for packaging and efficiency and cost and mass and weight.

10 年後，我們審視了席位內的低效率問題。當我們談論座椅中這些昂貴的功能和內容時，如何針對包裝、效率、成本、質量和重量對它們進行徹底改造和重新設計。

And so all those elements are particularly of interest to our customers on EV vehicles. One, just the draw of -- and use of the battery consumption, the better use of the combination of HVAC in-seat seed for the occupant. Within the seat, the packaging that we're going to be able to proliferate these, I think, across multiple different seat sets.

因此，我們的電動汽車客戶對所有這些元素都特別感興趣。一，只是電池消耗的消耗，更好地為乘員使用 HVAC 座椅種子組合。在座椅內，我認為我們將能夠在多個不同的座椅組中擴散這些包裝。

And I think equally as important, not just luxury vehicles, but be able to use in a more mid-vehicle ranges because we're going to have a much more efficient system. So short-term, we're looking at this thing. It is just we have this in 3 phases. One is just doing a really good job with our purchasing leverage, the ability to scale things properly with our manufacturing facilities on the traditional parts. And they're both great, great companies, and they complete what we're really focused on.

而且我認為同樣重要的是，不僅僅是豪華車，而且能夠在更多的中型車輛範圍內使用，因為我們將擁有一個更高效的系統。所以短期內，我們正在研究這件事。只是我們分三個階段進行。一個是我們的採購槓桿做得非常好，能夠利用我們在傳統零件上的製造設施適當地擴大規模。他們都是偉大的公司，他們完成了我們真正關注的事情。

We also protect ourselves with almost 400 patents on the new design that I was referring to as far as we get into these modular components. And we believe that, that's going to allow us to grow.

就我們進入這些模塊化組件而言，我們還通過我所指的新設計的近 400 項專利來保護自己。我們相信，這將使我們成長。

And those components that we're referring to are accretive in respect to margins. So our goal is to offer our customers a great value proposition, but also more importantly to us is expand our margin, and that's really the intent of this.

我們所指的那些組件在利潤率方面是增值的。所以我們的目標是為我們的客戶提供一個偉大的價值主張，但對我們來說更重要的是擴大我們的利潤，這就是我們的真正目的。

And it really culminated in the acquisition of IGB. Kongsberg was a great acquisition. IGB is a great acquisition. But now we're well rounded in what we're going to do as far as priceable features within the seat system.

它最終以收購 IGB 告終。 Kongsberg 是一次偉大的收購。 IGB 是一次偉大的收購。但現在我們已經全面了解了我們將要做什麼，就座椅系統中的價格功能而言。

Yes. The only thing I would add, Ray, to what was important about IGB, it brought steering wheel heat and panel heating, which I think also plays an important role as you think about reducing the use of the HVAC and the impact on the battery and shifting that to other parts of the interior that are more efficient for heating and cooling the occupant. So that's important additional product capabilities that we were after with IGB.

是的。 Ray，我唯一要補充的是 IGB 的重要之處，它帶來了方向盤熱量和麵板加熱，我認為這在您考慮減少 HVAC 的使用以及對電池和電池的影響時也起著重要作用將其轉移到內部的其他部分，這些部分可以更有效地加熱和冷卻乘員。因此，這是我們對 IGB 所追求的重要的附加產品功能。

John, we talked about the Investor Day, we're going to have 2 -- we don't share a lot publicly for competitive reasons. But when you see what we're talking about as far as the transformational change of the components, when we put this in front of the customer, Frank's here, it's a layup.

約翰，我們談到了投資者日，我們將有 2 個——出於競爭原因，我們不會公開分享太多信息。但是當你看到我們在談論組件的轉型變化時，當我們把它放在客戶面前時，弗蘭克就在這裡，這是一個上籃。

I mean, it's amazing. It is -- it's not traditional for us to get 100% of sourcing control on these programs. We're getting it because of the acquisitions we've made and the capabilities we have and the vision of the value that we can create.

我的意思是，這太棒了。對我們來說，對這些項目進行 100% 的採購控制並不是傳統做法。我們得到它是因為我們進行的收購、我們擁有的能力以及我們可以創造的價值的願景。

And so at the Investor Day, we are really excited about being able to disclose a little bit more about what we've been working on for over 10 years and the change to the seat system and how we believe that can -- I think this $2.5 billion to $3 billion market can grow faster when you actually have a system that creates a significant value for your customers.

因此，在投資者日，我們真的很高興能夠更多地披露我們 10 多年來一直在努力的工作以及座位系統的變化，以及我們如何相信它可以——我認為這當您實際擁有一個能夠為您的客戶創造巨大價值的系統時，25 億至 30 億美元的市場可以增長得更快。

And if I could just sneak one more in on the IGB Intercell connect boards. You seem like you're winning more and more on the Ultium platform. I mean that is a platform.

如果我能在 IGB Intercell 連接板上再偷偷摸摸的話。您似乎在 Ultium 平台上贏得了越來越多的勝利。我的意思是這是一個平台。

So I'm just curious, when you think about that, how much share do you have on that Ultium platform as far as you can tell on what you've won so far? I mean, is that being dual sourced? Or are you sole-sourced on that? What's the story there?

所以我很好奇，當你考慮這個問題時，就你目前所贏得的而言，你在 Ultium 平台上擁有多少份額？我的意思是，這是雙重來源嗎？或者你是獨家採購的？那裡有什麼故事？

It's still sourced today, and we have a strong position with General Motors on that particular component, yes, 50%.

它今天仍在採購，我們在該特定組件上與通用汽車有很強的地位，是的，50%。

And our next question comes from Rod Lache from Wolfe Research.

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

So I had a couple of things I wanted to ask about. The E-Systems margins currently running at 3.5%, you had guided to 4.5% for the year. And I was just hoping you could give us a little bit of color on what changes from here, thoughts on incremental margins. Does your guidance still hold?

所以我有幾件事想問。 E-Systems 的利潤率目前為 3.5%，您今年的指導值為 4.5%。我只是希望你能給我們一些關於從這裡發生的變化的顏色，關於增量利潤的想法。你的指導還有效嗎？

Because the -- obviously, the exit rate would be quite a bit higher to make it average that. And then on Seating, is it typical that incremental margins on new business would come in, in the mid-6s? Or is that something that we should extrapolate from?

因為 - 顯然，退出率要高得多才能使其達到平均水平。然後在座位上，新業務的增量利潤率通常會在 6 年代中期出現嗎？或者我們應該從中推斷出什麼？

I'll start with the second part of the question first, Rod. So Seating backlog has been rolling out in the 8% to 10% range. And I think if you look out over the next couple of years, we would anticipate that, that's about the rate it would roll on.

Rod，我先從問題的第二部分開始。因此，座位積壓一直在 8% 到 10% 的範圍內。而且我認為，如果您在接下來的幾年裡放眼望去，我們會預計，這就是它的發展速度。

Sometimes, you have a blip in a quarter where you have a mix of what has rolled off versus what's rolled on. But it's generally in that 8% to 10% range is what we're seeing. If you look at the last number of quarters, that's what we've converted at.

有時，您會在一個季度出現一個小插曲，其中混合了已經推出的內容和正在推出的內容。但它通常在我們所看到的 8% 到 10% 的範圍內。如果你看一下最後幾個季度，那就是我們轉換的結果。

In terms of E-Systems margins, you're right. We do expect to see higher margins in the second half of the year than the first half of the year, so at 3.5% here in the first quarter. If we look out in the second quarter, the midpoint of our guidance, we would expect similar margins, maybe slightly higher in E-Systems in the second quarter, which means the second half needs to be roughly 5.5%.

就 E-Systems 的利潤率而言，您是對的。我們確實預計今年下半年的利潤率會高於上半年，因此第一季度為 3.5%。如果我們展望第二季度，也就是我們指引的中點，我們預計第二季度 E-Systems 的利潤率可能會略高，這意味著下半年需要大約 5.5%。

There's a number of catalysts to that. One, our launch costs in the first half of the year are much higher than they will be in the second half of the year. We're going through not just launching the backlog, but we had significant new program changeovers.

這有很多催化劑。第一，我們上半年的啟動成本比下半年要高得多。我們不僅要啟動積壓工作，還要進行重大的新程序轉換。

So the Ford Escape, which we had referenced in the prepared remarks, but also the Colorado Canyon with GM is a big program for E-Systems. So those 2 programs, we had a significant investment in launch costs in the beginning part of the year, and that will be less in the second half of the year. In addition to that, we're in deep discussions, negotiations with our customers on commodity and inflation recovery. We did a nice job in the quarter, but we have a lot of work to do there. And we're confident that we'll achieve the assumptions that we've outlined for commodities in E-Systems for the full year.

因此，我們在準備好的評論中提到的 Ford Escape，以及通用汽車的 Colorado Canyon 都是 E-Systems 的一個大項目。所以這兩個項目，我們在今年年初對啟動成本進行了大量投資，而下半年將會減少。除此之外，我們正在與客戶就商品和通脹復甦進行深入討論和談判。我們在本季度做得很好，但我們還有很多工作要做。我們有信心在全年實現我們為 E-Systems 中的商品概述的假設。

In addition to that, you have your normal seasonality. And so you had the LTA agreements that are contractual that we approved in the first part of the year, first quarter, second quarter that get negotiated throughout the year and then offset through our own cost reduction actions, restructuring actions, normal plant efficiencies, purchase savings with our supply base.

除此之外，您還有正常的季節性。所以你有我們在今年上半年、第一季度、第二季度批准的合同長期協議協議，這些協議在全年進行談判，然後通過我們自己的成本削減行動、重組行動、正常的工廠效率、採購來抵消節省我們的供應基地。

And as is typically the case, particularly in E-Systems, you see that stuff sort of layered on throughout the year. And those things taken together, we believe, get us to about 5.5% for the second half of the year. And I would say the range is 5.5% to 6% in the fourth quarter, maybe even a little bit beyond that as we exit the year in E-Systems.

就像通常的情況一樣，尤其是在電子系統中，你會看到這些東西全年都在分層。我們相信，將這些因素加在一起，我們將在今年下半年達到 5.5% 左右。我想說的是，第四季度的範圍是 5.5% 到 6%，當我們退出 E-Systems 的這一年時，甚至可能會超出這個範圍。

Okay. And I didn't quite understand kind of the net of the puts and takes that you're mentioning on commodities. Maybe you could just elaborate on that. And it sounded like the -- there's a little bit of caution in your tone, not surprising just in light of macro, but you had given an indication about potentially coming in at the higher end of your guidance range earlier in the year.

好的。而且我不太了解您在商品上提到的看跌期權和期權的淨值。也許你可以詳細說明一下。這聽起來像是——你的語氣有點謹慎，僅僅從宏觀角度來看並不奇怪，但你已經表示可能會在今年早些時候進入你的指導範圍的高端。

Are you seeing anything in terms of customer schedules or mix that is resulting in that? Or is that just conservatism?

您是否看到任何導致這種情況的客戶計劃或組合？或者這只是保守主義？

Yes. I would characterize it more as caution and conservatism at this stage. Nothing has changed from when I spoke at an investor conference earlier in the quarter.

是的。在這個階段，我更傾向於將其描述為謹慎和保守主義。與我本季度早些時候在投資者會議上發言時相比，一切都沒有改變。

As we sit here today, if conditions from the first quarter hold up for the balance of the year, and there isn't a significant pullback in demand that impacts production or disruption due to the labor negotiations in the U.S. and Canada that impacts production, those things don't happen, then we see the revenue at the high end of the guidance range, maybe even a little bit beyond that.

正如我們今天坐在這裡，如果第一季度的情況在今年餘下時間保持不變，並且沒有影響生產的需求大幅回落或由於美國和加拿大的勞資談判影響生產而造成的中斷，那些事情沒有發生，然後我們看到收入處於指導範圍的高端，甚至可能略高於此範圍。

And I'll provide a little bit more color on that point, it's kind of an important point. So we have a relatively conservative assumption on foreign exchange at [$1.05] for the full year, at [$1.07] in the first quarter. That implies a little less than $1.05 through the balance of the year. And if you just kind of modeled out the last 5 days average exchange rates, revenue would be about $300 million higher than what we have included in the guidance. And that would convert at the company margin overall.

我會在這一點上提供更多的顏色，這是一個重要的點。因此，我們對全年外匯匯率的相對保守假設為 [$1.05]，第一季度為 [$1.07]。這意味著在今年餘下時間略低於 1.05 美元。如果你只是模擬過去 5 天的平均匯率，收入將比我們在指導中包含的收入高出約 3 億美元。這將以公司利潤率整體進行轉換。

In addition to that, you asked about commodities. One thing that we experienced in the first quarter that we now are expecting to continue is elevated revenue as both our -- the directed suppliers, so suppliers that our customers source directly and negotiate pricing directly with, are getting price increases, and we're just kind of an administrator in the middle passing that through.

除此之外，您還詢問了商品。我們在第一季度經歷的一件事，我們現在預計會繼續增加收入，因為我們的定向供應商，因此我們的客戶直接採購併直接與之協商定價的供應商正在漲價，我們只是中間的管理員通過它。

So you're seeing additional revenue without earnings as our direct-to-suppliers negotiate with our customers. That's a new development as we started the year, and that's nearly $200 million of revenue.

因此，當我們直接面向供應商與客戶談判時，您會看到額外的收入而不是收入。這是我們今年年初的一項新發展，這是近 2 億美元的收入。

And as we're seeing additional pressure on component cost increases in our business, particularly in E-Systems, we're negotiating pass-through agreements on that. We see almost $100 million of additional revenue from that.

由於我們看到我們業務中組件成本增加的額外壓力，特別是在 E-Systems 中，我們正在就此談判傳遞協議。我們從中看到了近 1 億美元的額外收入。

So the commodities and FX taken together and the fact that IGB closed a little bit earlier, we see about $500 million to $600 million of sort of revenue tailwinds that may not have a lot of earnings associated with that. So we may see these conditions hold up consistent with the first quarter revenue that's at or above the high end of the range with earnings that are at the high end or maybe a little bit lower than that, as some new development staff with commodities.

因此，將大宗商品和外匯加在一起，以及 IGB 提前關閉的事實，我們看到大約 5 億至 6 億美元的收入順風，可能沒有太多與之相關的收益。因此，我們可能會看到這些情況與第一季度收入保持一致，第一季度收入處於或高於範圍的高端，收入處於高端或可能略低於該範圍，因為一些新的開發人員使用商品。

So then speaking specifically about commodities, what's changed from our original guidance there, we lock in our North America steel price one quarter at a time. And so the first quarter was really based on the fourth quarter. So we saw a nice reduction and nice benefit in the first quarter.

因此，具體說到大宗商品，與我們最初的指導相比有什麼變化，我們一次鎖定一個季度的北美鋼鐵價格。所以第一季度實際上是基於第四季度。因此，我們在第一季度看到了不錯的減少和不錯的收益。

Second quarter is based on the average price in the first quarter, so that is going up sequentially. We've assumed that, that sort of continues in the second half. And then by the fourth quarter, it comes back down.

第二季度是基於第一季度的平均價格，因此是連續上漲的。我們假設，這種情況會在下半場繼續。然後到了第四季度，它又回落了。

Based on that assumption, the net effect for steel, instead of being a $30 million benefit, is now about a $20 million benefit. So a little bit of an impact of the -- for the unrecovered portion of steel.

基於該假設，鋼鐵的淨效應現在約為 2000 萬美元，而不是 3000 萬美元的收益。所以對未回收的鋼材部分有一點影響。

We're seeing some favorability in chemical costs, freight and logistics, and that's helping to offset the higher steel. And then we're seeing some pressure on component costs, again, more so in E-Systems than in Seating, particularly with insulated wire. That part of the supply base is a bit more challenged.

我們看到化學成本、運費和物流方面的一些優勢，這有助於抵消鋼鐵價格上漲的影響。然後我們又看到了組件成本的一些壓力，在電子系統中比在座椅中更是如此，尤其是在絕緣電線方面。這部分供應基地面臨的挑戰更大。

I think you see evidence of that, the challenges with Leoni that are very public. And so we are seeing some pressure on cost there, but we're also working with our customers on negotiating a sharing pass-through agreement on that.

我想你看到了這方面的證據，Leoni 面臨的挑戰是非常公開的。因此，我們在那裡看到了一些成本壓力，但我們也在與我們的客戶合作，就此談判共享傳遞協議。

Just to clarify, no -- you didn't mention any transactional impact from the FX just given your peso exposure. Is that essentially hedged?

只是為了澄清，不——你沒有提到外匯對你的比索敞口的任何交易影響。這本質上是對沖的嗎？

Yes. So for the full year, we're about 85% hedged on the peso. And most of our currency pairs were 60% to 85% in sort of the range. We were a little less hedged in the first quarter, so we did see a little impact there.

是的。因此，對於全年，我們對比索進行了約 85% 的對沖。我們的大多數貨幣對都在 60% 到 85% 的範圍內。我們在第一季度的對沖有所減少，因此我們確實看到了一些影響。

We don't see a significant for the full year at this point in time. And we have a rolling 24-month hedge program. So we flagged in about 40% of that exposure for next year as well, which should help. But -- so as we sit here today, it's not a meaningful issue. It's maybe $10 million for the full year relative to what we expected at the start of the year.

在這個時間點，我們沒有看到全年的重大變化。我們有一個為期 24 個月的滾動對沖計劃。因此，我們也標記了明年約 40% 的風險敞口，這應該會有所幫助。但是——所以當我們今天坐在這裡時，這不是一個有意義的問題。相對於我們年初的預期，全年可能是 1000 萬美元。

And our next question comes from Dan Levy from Barclays.

我們的下一個問題來自巴克萊銀行的 Dan Levy。

Sorry, I jumped on late, and I know you talked a bit about E-Systems, but maybe you could just address in the quarter the conversion was on volume mix and on backlog, which is meaningfully lower than what you had seen in prior quarters. So maybe you could just get a bit into the conversion on E-Systems within the quarter?

抱歉，我來晚了，我知道你談到了一些關於 E-Systems 的問題，但也許你可以在本季度解決轉換是關於數量組合和積壓的問題，這比你在前幾個季度看到的要低得多.那麼，也許您可以在本季度內了解一下 E-Systems 的轉換情況？

Yes. Part of that is the mix of revenue by region. And so in North America, where we tend to have a little higher variable margin profile than in Europe and in Asia. And so given the changeover activity on these key platforms like the Ford Escape and the GM Colorado Canyon, it's a pickup program. So revenue was down on those and up on our European programs and a little bit in Asia.

是的。其中一部分是按地區劃分的收入組合。所以在北美，我們的可變利潤率往往比歐洲和亞洲高一點。因此，考慮到福特 Escape 和通用汽車 Colorado Canyon 等關鍵平台上的轉換活動，這是一個皮卡計劃。因此，這些項目的收入有所下降，而我們的歐洲項目和亞洲項目的收入有所增加。

And so that's really the driver, the sort of mix of program by region. Backlog, as we look out for the balance of the year, we expect that to continue to roll on sort of in the 10% range in E-Systems. So we feel pretty good about how the backlog is rolling on. And you can see that as continuing to be accretive to margins in E-Systems.

所以這才是真正的驅動因素，按地區混合的程序。積壓，當我們尋找今年的餘額時，我們預計它將繼續在 E-Systems 的 10% 範圍內滾動。因此，我們對積壓工作的進展情況感到非常滿意。你可以看到，這將繼續增加電子系統的利潤率。

Understood. And then just as a follow-up, I know you said that for commodities, you're now assuming $20 million for the year versus the prior outlook $30 million tailwind. Maybe you could just remind us, within that number, what you're assuming on recoveries for non-raw material items, be it maybe some of the pass-through components, which you said you're seeing some recoveries there or freight or most notably labor on Europe.

明白了。然後作為後續行動，我知道你說過對於大宗商品，你現在假設今年有 2000 萬美元，而之前的預期為 3000 萬美元。也許你可以提醒我們，在這個數字內，你對非原材料項目的回收率的假設是什麼，可能是一些傳遞組件，你說你在那裡看到一些回收率或運費或大部分尤其是歐洲勞工。

Are you assuming within that recoveries for labor where I know you had assumed that there was going to be some wage inflation on your side?

你是否假設在勞動力復甦的情況下，我知道你曾假設你這邊會出現一些工資通脹？

Yes. I think, Dan, at this point, we want to be a bit careful on that for competitive reasons, but we are in negotiations with our customer on labor. And oftentimes, in both business segments, we have -- we work with models that our customers have.

是的。我認為，Dan，出於競爭原因，我們在這一點上要謹慎一些，但我們正在與客戶就勞動力問題進行談判。通常，在這兩個業務部門中，我們都使用客戶擁有的模型。

And so the model has the labor rate input. And so that has certainly provided an opportunity for us to have a dialogue with our customers. There's a certain level of wage inflation that's our responsibility.

因此該模型具有人工費率輸入。因此，這無疑為我們提供了與客戶對話的機會。一定程度的工資膨脹是我們的責任。

We experience that each year, and we offset it through productivity. What we're after is really the extraordinary wage inflation in places like Mexico, where there was a significant increase in wage costs.

我們每年都會經歷這種情況，我們會通過生產力來抵消它。我們真正追求的是像墨西哥這樣的地方出現了異常的工資通脹，那裡的工資成本顯著增加。

Now in terms of the component cost increases and recovery of that, we're expecting between 90%, 95% of that will be recovered within the year. So we're not expecting that to be a significant headwind. We're expecting nearly 100% on the seating side because most of that is on direct components where our customer is negotiating with the supplier directly.

現在，就組件成本的增加和回收而言，我們預計 90%，其中 95% 將在年內回收。因此，我們預計這不會成為重大阻力。我們預計座椅方面將近 100%，因為其中大部分是在我們的客戶直接與供應商談判的直接組件上。

The E-Systems where there's a little less that's directed, there's more work to do in those negotiations, but we still see a high level of recovery happening this year.

E-Systems 的指導較少，在這些談判中還有更多工作要做，但我們仍然看到今年出現了高水平的複蘇。

And can you just clarify within the $20 million if there's a gross number on that or that's the net there a gross number?

你能否在 2000 萬美元內澄清是否有總數或淨額？

Our growth impact for this year that we're estimating at this point is about $200 million.

我們目前估計今年的增長影響約為 2 億美元。

And our next question comes from James Picariello from BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 James Picariello。

So on the E-Systems' commodities and component sourcing headwind, the 6 -- $5 million or $6 million headwind for the quarter, can you just confirm what does that impact look like through the rest of the year for E-Systems?

因此，關於 E-Systems 的商品和組件採購逆風，即本季度 6-500 萬美元或 600 萬美元的逆風，您能否確認 E-Systems 在今年剩餘時間裡的影響是什麼樣的？

Yes. It's -- we see it as a little less for the balance of the year than it was in the first quarter. I think the first and second quarter will be similar. And then more of the recovery will happen in the second half of the year.

是的。這是 - 我們認為今年餘下時間比第一季度少一些。我認為第一季度和第二季度會相似。然後更多的複蘇將發生在今年下半年。

So for the full year, we don't expect it to be $25 million. If you were to extrapolate the $6 million, we expect it to be less than that with the benefit of that happening in the second half.

因此，對於全年，我們預計不會達到 2500 萬美元。如果你要推斷 600 萬美元，我們預計它會比下半年發生的好處少。

Right. And there's some associated recovery tied to the lessening effect in the second half. Or is this just expectation on pricing?

正確的。並且有一些相關的恢復與下半年的減弱效應有關。或者這只是對定價的期望？

It's recovery that's -- that drives the difference first half to second half.

正是複蘇——推動了上半場到下半場的差異。

Okay. And then for IGB, will the initial contribution margin for that business trend similarly to what Kongsberg -- what we saw with Kongsberg last year, losing about, I don't know, $5 million a quarter initially?

好的。然後對於 IGB，該業務趨勢的初始貢獻利潤率是否會與 Kongsberg 類似——我們去年在 Kongsberg 看到的情況，最初每季度虧損 500 萬美元，我不知道？

And then just on that point, it's pretty clear you view thermal comfort as margin additive to Lear Seating business over time. Can you maybe just speak to or confirm the time line on when those businesses can get there?

然後就這一點而言，很明顯，隨著時間的推移，您將熱舒適度視為 Lear Seating 業務的利潤添加劑。你能不能談談或確認這些企業何時可以到達那裡的時間表？

Yes. I think that we still have some work to do on the purchase accounting, that could lead to a slight change in this. But we do expect the margins in thermal comfort to be roughly breakeven this year.

是的。我認為我們在採購會計方面還有一些工作要做，這可能會導致這方面的細微變化。但我們確實預計今年熱舒適度的利潤率將大致達到收支平衡。

And we're going through some restructuring now. Ray referenced the purchasing synergies. We're seeing some opportunities there. And so we're on track for the combined business to be profitable next year.

我們現在正在進行一些重組。雷提到了採購協同效應。我們在那裡看到了一些機會。因此，我們有望在明年實現合併後的業務盈利。

We had talked originally about it being accretive to seat margins in '24. We still see that probably in the second half or towards the tail end of '24 because it just took longer for the IGB regulatory approval and closing to get over the finish line.

我們最初談到它會增加 24 年的座位利潤率。我們仍然可能在下半年或接近 24 年底時看到這種情況，因為 IGB 監管部門的批准和關閉需要更長的時間才能越過終點線。

So when we talk about '24 being accretive, we had assumed that, at that point, that it would be kind of the full year this year in our hands, and it's obviously 4 months later than that.

因此，當我們談論 24 年的增長時，我們曾假設，在這一點上，今年將是我們手中的一整年，而且顯然比這晚了 4 個月。

So we still see this business being accretive to seat margins. And I think contribution margins are going to be similar to seating or a little bit higher, so in the 20% range, 20%, 25% even on certain programs.

因此，我們仍然看到這項業務會增加座位利潤率。而且我認為貢獻利潤率將與座位相似或更高一點，所以在 20% 的範圍內，20%，甚至在某些程序中為 25%。

And so over time, as we drill that business, it will -- the impact on seat margins will continue to increase and culminate with pushing that 7.5% to 8.5% range above 8.5%. We'll save some of the details around that for the Investor Day in June. We're excited to talk about that in a little bit more detail at that point.

因此，隨著時間的推移，隨著我們深入研究該業務，對座位利潤率的影響將繼續增加，並最終將 7.5% 至 8.5% 的範圍推高至 8.5% 以上。我們將在 6 月的投資者日保存一些細節。屆時我們很高興能更詳細地討論這一點。

And our next question comes from Emmanuel Rosner from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

I was hoping to put maybe a final point on your outlook and, I guess, what's assumed in there. Q1 played out, I guess, a bit better than expected, and then you were even improving back in March.

我希望對您的前景提出最後一點，我想，其中的假設是什麼。第一季度的表現，我猜，比預期的要好一點，然後你甚至在三月份有所改善。

But now based on the unchanged outlook, you'd be basically assuming some sequential deterioration in profit at midpoint or maybe sort of like stable versus the first quarter at the high end, and that's despite obviously improving margins in E-Systems, for example.

但現在基於不變的前景，你基本上會假設中點利潤連續惡化，或者可能與第一季度高端相比穩定，儘管 E-Systems 的利潤率明顯提高，例如。

So can you maybe just holistically talk about how you see sort of the rest of the year play out? Where are the areas of caution that would essentially keep you, I guess, a bit more cautious now?

那麼，您能否從整體上談談您如何看待今年餘下時間的表現？我想，現在基本上會讓您更加謹慎的謹慎區域在哪裡？

Yes. I think the caution is just around the production volume assumption that we have a pretty good handle on and the rest of the drivers. And just so mechanically, by holding the full year with such a strong first quarter, what it suggests is that the second quarter will be about 2.5% lower.

是的。我認為謹慎只是圍繞產量假設，即我們對其他驅動因素有很好的處理能力。如此機械地，通過將全年保持在如此強勁的第一季度，這表明第二季度將下降約 2.5%。

I think the industry volumes are down about 2.5% in the second quarter from the first quarter. There are fewer work days in Europe, in North America. So we think that makes sense.

我認為第二季度的行業銷量比第一季度下降了約 2.5%。歐洲和北美的工作日較少。所以我們認為這是有道理的。

So say $125 million to $200 million lower than the first quarter revenue. And if that holds, then that suggests a fairly sizable contingency, so to speak, on production volumes for the second half of the year, so it would imply pretty low revenue in the second half of the year.

也就是說，比第一季度收入低 1.25 億至 2 億美元。如果這種情況成立，那麼可以說，下半年的產量會有相當大的意外事件，因此這意味著下半年的收入相當低。

Again, it's early. There are so many geopolitical, macroeconomic factors in play. We just thought it was prudent to hold serve at this point. And we -- if conditions hold up like the first quarter, we would certainly look to raise our outlook in -- on the second quarter earnings call.

再說一次，時間還早。有太多的地緣政治和宏觀經濟因素在起作用。我們只是認為此時保持發球是謹慎的做法。而且我們 - 如果情況像第一季度一樣持續，我們肯定會在第二季度的財報電話會議上提高我們的前景。

Understood. And then I guess one follow-up on the -- on E-Systems. So based on your outlook, maybe even like 5.5% margins in the second half, obviously, quite a bit more upside needed towards some of your midterm target.

明白了。然後我猜是關於 E-Systems 的後續行動。因此，根據您的展望，下半年甚至可能達到 5.5% 的利潤率，顯然，您的一些中期目標需要更多的上行空間。

So as we look past, I guess, the second half or the fourth quarter exit rates, is the main driver there just adding more revenues and operating leverage? Or are there any other big factors to get you to your midterm view?

因此，當我們回顧過去時，我猜，下半年或第四季度的退出率，主要驅動因素是否只是增加了更多的收入和運營槓桿？還是有任何其他重要因素讓您形成中期觀點？

Yes. We talked about this, I think, on the fourth quarter earnings call. And certainly in other settings, we've described sort of that bridge from 4.5% this year to 8% in 2025.

是的。我認為，我們在第四季度的財報電話會議上談到了這一點。當然，在其他情況下，我們已經描述了從今年的 4.5% 到 2025 年的 8% 的某種橋樑。

So you can look at it two different ways. One way is just looking at sort of volume and backlog. We see that as 250 basis points of the improvement from '23 to '25, and then 100 basis points of net performance. So this year, net performance is sort of negligible in both segments.

所以你可以用兩種不同的方式來看待它。一種方法是只看數量和積壓。我們認為這是從 23 年到 25 年的 250 個基點的改進，然後是 100 個基點的淨績效。所以今年，這兩個領域的淨業績都可以忽略不計。

We see it as 50 basis points positive in '24 and '25 through a combination of lower inflation, some continued success in passing through higher commodity costs and just fully realizing the benefits of our restructuring program and other cost reduction initiatives without that added weight of extraordinarily high wage inflation that we saw this year.

我們認為它在 24 年和 25 年是 50 個基點，這是通過較低的通貨膨脹、一些在轉嫁較高的商品成本方面的持續成功以及完全實現我們的重組計劃和其他成本削減舉措的好處而沒有增加重量的組合我們今年看到的異常高的工資通脹。

Another way to look and to think about the E-Systems progression from '23 to '25, if you look at it by business segment, we talked about 100 basis points of the improvement being driven by the growth in connection systems. And certainly, this additional volume with GM on the Intercell connect board helps there.

另一種看待和思考電子系統從 23 年到 25 年進展的方式，如果你按業務部門來看，我們談到了連接系統增長推動的 100 個基點的改進。當然，Intercell 連接板上帶有 GM 的額外音量對此有所幫助。

So we had previously expected $285 million of additional revenue there. It's going to be a little bit more than that now with the additional volume awarded on that platform. That's 100 basis points.

因此，我們之前曾預計那裡會有 2.85 億美元的額外收入。隨著在該平台上授予的額外數量，它會比現在多一點。那是100個基點。

If you look at our core electronics and what we're doing with that business, we see 125 basis points of margin growth over that 2-year time period in electronics, and then that sort of leaves 125 basis points for the wire business, which is a combination of net performance and stronger volumes.

如果你看看我們的核心電子產品以及我們在該業務上所做的事情，我們會發現電子產品在這 2 年期間的利潤率增長了 125 個基點，然後電線業務的利潤率增長了 125 個基點，這是淨業績和更強勁銷量的結合。

And our next question comes from Colin Langan from Wells Fargo.

我們的下一個問題來自富國銀行的 Colin Langan。

Just wanted to follow up. I'm not sure if I heard it right. You said there's $200 million of gross commodity headwind, but you still expect a net positive of $20 million.

只是想跟進。我不確定我是否聽錯了。你說有 2 億美元的商品總逆風，但你仍然預計淨正值為 2000 萬美元。

I guess, I'm a little confused because I thought back in '21, there was about $450 million, and you got $185 million net. So what gives you -- one, did I mishear that? And two, what gives you confidence that you could sort of get that much recovery versus the past? Are the contracts different now given the last couple of years' changes?

我想，我有點困惑，因為我回想起 21 年，大約有 4.5 億美元，而你淨賺了 1.85 億美元。那麼是什麼給了你——一個，我是不是聽錯了？第二，是什麼讓你有信心與過去相比，你可以獲得那麼多的恢復？考慮到過去幾年的變化，現在的合同是否有所不同？

Well, part of it is the lag effect. So you're seeing some recovery in the first part of this year, for example, that relates to higher steel costs that existed last year. And so there's a bit of a lag benefit that we're seeing.

嗯，部分原因是滯後效應。因此，您會在今年上半年看到一些復甦，例如，這與去年存在的較高鋼鐵成本有關。因此，我們看到了一些滯後收益。

And the balance of it really is we've worked hard to get as many of our components on an indexed agreement as we can to try and kind of insulate us from that risk. And so as there are changes that take place, that makes a little bit more straightforward to pass it through.

真正的平衡是我們努力在索引協議中獲得盡可能多的組件，以嘗試將我們與這種風險隔離開來。因此，隨著發生的變化，它的通過變得更加直接。

It doesn't make it easy looking at kind of Frank has certainly a ton of work by the team in both business segments.

看起來 Frank 在這兩個業務部門的團隊中肯定有大量工作，這並不容易。

The other big factor, though, and probably the more important factor is that we see about $180 million of directed supplier increases where it's just a one-for-one pass-through. So that's really what's driving the increase, and so there's no impact on OI. So it's 100% pass-through.

不過，另一個重要因素，也可能是更重要的因素是，我們看到大約 1.8 億美元的定向供應商增加，而這只是一對一的傳遞。所以這才是推動增長的真正原因，因此對 OI 沒有影響。所以它是 100% 的傳遞。

So it's a little bit misleading from that standpoint. If you go back to what we anticipated at the beginning of the year, we expected the gross impact to be favorable, so $105 million because of what was happening with steel. And so now that has swung all the away in the other direction where we're seeing a gross impact that's unfavorable by $200 million. That's a $300 million change again and with $180 million of that in seating on directed suppliers has just passed through.

所以從這個角度來看有點誤導。如果你回到我們年初的預期，我們預計總的影響是有利的，所以 1.05 億美元是因為鋼鐵行業正在發生的事情。所以現在它已經完全轉向另一個方向，我們看到了 2 億美元的不利總影響。這又是一個 3 億美元的變化，其中 1.8 億美元的直接供應商席位剛剛通過。

Got it. Okay. And then the last quarter, you talked about $85 million in gross labor cost headwinds. That's incremental to the $200 million talking about the clients (inaudible) not overlapping.

知道了。好的。然後在上個季度，您談到了 8500 萬美元的總勞動力成本逆風。這是關於客戶（聽不清）不重疊的 2 億美元的增量。

And then any color on how that's progressing? Has the majority of that already hit, so you're working to get recoveries through the rest of the year on that? Or does more of that come later in the year?

然後是關於進展如何的任何顏色？其中大部分已經受到影響，所以你正在努力在今年餘下的時間裡恢復過來嗎？還是今年晚些時候會有更多？

The labor inflation on the hourly side, mostly hit beginning of the year. Now some of the salary programs have various effective dates around the world. And -- but some are in January and some are later.

小時工方面的勞動力通脹主要在年初受到影響。現在一些薪資計劃在世界各地有不同的生效日期。並且 - 但有些是在一月份，有些是晚些時候。

The discussions that the customers started in the first quarter and will continue, I think, through the balance of the year. It's not going to be all done in the second quarter. It's going to take time, and some of that could even leak into next year.

客戶在第一季度開始的討論，我認為將持續到今年餘下的時間。這不會在第二季度全部完成。這需要時間，其中一些甚至可能會延續到明年。

So it's a difficult discussion with the customers. And ultimately, we have to be the most competitive option for them, and we are. We have a world-class footprint in both segments, and I think that's supportive of our negotiations to pass these excess costs through over time.

因此，與客戶的討論很困難。最終，我們必須成為他們最具競爭力的選擇，我們確實是。我們在這兩個領域都有世界級的足跡，我認為這支持我們談判，以隨著時間的推移轉嫁這些超額成本。

And just one quick follow-up. Where does that fall in the walk? Is that under net performance, if I look at Slide 15 and 16? Because I don't even think there's net performance on 15. So which bucket does that added cost follow?

並且只是一個快速跟進。那在步行中落在哪裡？如果我查看幻燈片 15 和 16，那是在淨績效下嗎？因為我什至不認為 15 有淨性能。那麼增加的成本會跟隨哪個桶？

That is in the net performance. You're correct, Colin.

那是淨績效。你是對的，科林。

And our final question today comes from Adam Jonas from Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的亞當喬納斯。

(inaudible) on behalf of Adam. We're just curious to see if you guys have seen any measurable change or slowdown in the production or orders for EVs by OEMs this year?

（聽不清）代表亞當。我們只是想知道你們是否看到今年 OEM 的電動汽車生產或訂單有任何可衡量的變化或放緩？

We're not seeing that. I mean, across the board. It's still a heavy push from all of our customers on EV, and with some customers even additional capacity and quotes are out for additional volume. So we haven't seen the demand side change at all from our perspective, particularly with the top of the OEMs. So no changes.

我們沒有看到這一點。我的意思是，全面。這仍然是我們所有客戶對 EV 的大力推動，一些客戶甚至需要額外的容量和報價來獲得額外的數量。因此，從我們的角度來看，我們根本沒有看到需求方面發生變化，尤其是在 OEM 的頂端。所以沒有變化。

Okay. And then a quick follow-up. Is -- can you say that the chip shortage is over now? Or is there still incremental production...

好的。然後快速跟進。是——你能說芯片短缺現在已經結束了嗎？或者還有增量生產...

A little hesitant to say that. Yes. I'm hesitant. I was engraved in me for a long time. I see that we're in a much better position. What I will tell you is that what we're experienced is they're still at the brokers, there's premium costs that we're trying to negotiate.

有點猶豫要不要說出來。是的。我很猶豫。我刻在我很長一段時間。我看到我們處於一個更好的位置。我要告訴你的是，我們所經歷的是他們仍在經紀人那裡，我們正在努力協商溢價成本。

There might be chips that are available through other outlets that we can get our hands on, but there's still premiums associated with those chips. So that hasn't necessarily dissipated.

我們可以通過其他渠道獲得籌碼，但這些籌碼仍然存在溢價。所以這不一定消失了。

But I'd say generally, and I think it's all relative to where we were a year ago, we're in a much better position. There's still certain chips that are tougher to get, but I think, holistically, across all chips, we're in a much better position.

但總的來說，我認為這與我們一年前的情況有關，我們處於更好的位置。仍然有某些籌碼更難獲得，但我認為，從整體上看，在所有籌碼中，我們處於更好的位置。

Great. Thank you, so much.

偉大的。太感謝了。

Yes, thank you. Is that the last one? Okay. So I thank Jason, nice job today. Really a nice job and there is a lot of heavy lifting for you. That's a nice job, nice job the team here and I appreciate all the hard work for everyone that's on the phone, the Lear team, incredible quarter. I appreciate all the hard work that you're doing every single day. Really good work.

是的，謝謝。那是最後一個嗎？好的。所以我感謝杰森，今天干得好。確實是一份不錯的工作，而且您要承擔很多繁重的工作。這是一個很好的工作，這裡的團隊幹得很好，我感謝電話中的每個人，Lear 團隊，令人難以置信的季度所做的所有辛勤工作。我感謝您每天所做的所有辛勤工作。真的很好。

And again, just so I want to welcome the IGB family into the Lear family. We're really excited. I mean, this could be a transformational change for us. We've been working on this for over 10 years. And I think that the 2 very strategic acquisitions of IGB and Kongsberg were complete. We can now move on this thing and Frank can get those margins up.

再一次，我想歡迎 IGB 家族加入李爾家族。我們真的很興奮。我的意思是，這對我們來說可能是一個轉型性的變化。 10 多年來，我們一直致力於此。而且我認為 IGB 和 Kongsberg 的兩次非常具有戰略意義的收購已經完成。我們現在可以繼續做這件事，弗蘭克可以提高利潤率。

And so let's get to work you guys. I appreciate everything. Thank you.

因此，讓我們開始工作吧。我感謝一切。謝謝。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for attending. You may now disconnect your lines.

女士們，先生們，我們將結束今天的電話會議和演講。我們感謝您的出席。您現在可以斷開線路。