Lear Corp (LEA) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Lear Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.

早安，歡迎參加李爾公司 2024 年第一季財報電話會議。 （操作員說明）也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. Please go ahead.

現在，我想請投資者關係副總裁 Ed Lowenfeld 發言。請繼續。

Thanks, Jamie. Good morning, everyone, and thank you for joining us for Lear's first quarter 2024 earnings call. Presenting today are Ray Scott, 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.

謝謝，傑米。大家早安，感謝您參加李爾 2024 年第一季財報電話會議。今天出席會議的有總裁兼執行長雷‧斯科特 (Ray Scott)；以及資深副總裁兼財務長 Jason Cardew。李爾高階管理團隊的其他成員也加入了我們的電話會議。

Following prepared remarks, we will open the call for Q&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.

在準備好發言後，我們將開始問答環節。您可以在 ir.lear.com 上找到伴隨這些評論的簡報副本。

Before we begin, 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.

在我們開始之前，我想藉此機會提醒您，在我們進行這次電話會議時，我們將做出前瞻性陳述，以幫助您了解李爾公司對未來的期望。正如我們在投影片 2 上的安全港聲明中詳細說明的那樣，由於我們最新的 10-Q 報告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。

I also want to remind you that, during today's presentation, we will refer to non-GAAP financial metrics. 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.

我還想提醒您，在今天的演示中，我們將參考非公認會計準則財務指標。您將看到我們簡報附錄中的投影片，了解非 GAAP 專案與最直接可比較的 GAAP 指標的調整。

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 will be happy to take your questions.

今天電話會議的議程位於幻燈片 3 上。然後傑森將回顧我們第一季的財務表現。最後，Ray 將做一些總結性發言。正式演示結束後，我們將很樂意回答您的問題。

Now I'd like to invite Ray to begin.

現在我想請雷開始。

Ed, thanks. Please turn to Slide 5, which highlights key financial metrics for the first quarter of 2024. We started the year strong, delivering higher revenue and adjusted earnings in the first quarter compared to last year. Sales increased 3% to $6 billion, and core operating earnings grew by 6% to $280 million. Adjusted earnings per share was $3.18, an increase of 14%, driven by stronger operating performance and the benefit of our share repurchase program. Operating cash flow was in line with the first quarter of last year.

艾德，謝謝。請參閱投影片 5，其中重點介紹了 2024 年第一季的關鍵財務指標。我們今年開局強勁，與去年相比，第一季的營收和調整後收益更高。銷售額成長 3%，達到 60 億美元，核心營業利潤成長 6%，達到 2.8 億美元。調整後每股收益為 3.18 美元，成長 14%，這得益於更強勁的經營業績和我們的股票回購計畫的好處。營運現金流與去年第一季持平。

Slide 6 summarizes key business and financial highlights from the quarter. The $6 billion in revenue was a record for the first quarter. Our sales outperformed industry production, driven by 10 points of growth over market in E-Systems. The E-Systems team continues to drive improvements in the business, as evidenced by the seventh consecutive quarter with higher year-over-year margins.

投影片 6 總結了本季的主要業務和財務亮點。 60 億美元的營收創下第一季的紀錄。在電子系統市場成長 10 個百分點的推動下，我們的銷售額超過了產業生產。 E-Systems 團隊繼續推動業務改進，連續第七個季度的同比利潤率提高就證明了這一點。

Yesterday, we announced the acquisition of WIP Industrial Automation to further strengthen our automation capabilities. WIP leverages robotics, automation and software to design turnkey solutions for complex industrial challenges that will help accelerate our automation initiatives globally.

昨天，我們宣布收購 WIP Industrial Automation，以進一步增強我們的自動化能力。 WIP 利用機器人技術、自動化和軟體來設計應對複雜工業挑戰的交鑰匙解決方案，這將有助於加快我們在全球範圍內的自動化計劃。

We continue to make progress in our thermal comfort strategy. Later this year, we will be launching component modules with Volvo and Lucid. Lear's modular solutions reduce the number of parts, resulting in lower weight and complexity, while improving performance at a lower cost. The Volvo module combines seat heat, ventilation and massage, while the Lucid module combines ventilation, lumbar MSIs.

我們在熱舒適策略方面不斷取得進展。今年晚些時候，我們將與沃爾沃和 Lucid 一起推出組件模組。李爾的模組化解決方案減少了零件數量，從而降低了重量和複雜性，同時以更低的成本提高了性能。沃爾沃模組結合了座椅加熱、通風和按摩，而 Lucid 模組結合了通風、腰部 MSI。

In addition, we initiated the validation process with Ford Motor Company for our first complete seat module for a vehicle scheduled to launch in 2026. This opportunity is incredibly exciting for two reasons. First, it gives Lear design responsibility for the thermal comfort components and trim. Second, once validated, it will be the first automotive application fully integrating the thermal comfort components into the trim cover. This will allow us to reduce our complete seat assembly time in our JIT facilities.

此外，我們還與福特汽車公司啟動了針對計劃於 2026 年推出的首款完整座椅模組的驗證流程。首先，它賦予李爾設計熱舒適部件和裝飾的責任。其次，一旦經過驗證，它將成為第一個將熱舒適組件完全整合到裝飾罩中的汽車應用。這將使我們能夠減少 JIT 設施中的完整座椅組裝時間。

In China, we continue to diversify our customer base as we won our first complete seat program with FAW Toyota. And in E-Systems, our second wiring award with BMW is a result of a strong customer relationship that we have built.

在中國，我們贏得了一汽豐田的第一個完整座椅項目，並繼續實現客戶群多元化。在電子系統領域，我們與寶馬獲得的第二個佈線獎項是我們建立的強大客戶關係的結果。

Our customers continue to recognize Lear as a leader in innovation and technology and quality. For the seventh consecutive year, General Motors recognized Lear as Supplier of the Year.

我們的客戶繼續認可李爾作為創新、技術和品質的領導者。通用汽車連續第七年將李爾評為年度供應商。

We remain committed to returning excess cash to our shareholders. In February, Lear's Board approved and increased an extension to the company's share repurchase authorization of $1.5 billion through the end of 2026.

我們仍然致力於將多餘的現金回饋給股東。今年 2 月，李爾董事會批准並將公司股票回購授權延長至 2026 年底，金額為 15 億美元。

Okay. Turning to Slide 7. We are introducing IDEA by Lear, an important evolution in our strategy. Accelerating the adoption of digital tools and automation will extend our competitive advantage and enable us to more efficiently engineer and develop and manufacture innovative products that will drive profitable growth. Elevated wage inflation, geopolitical risk and uncertainty surrounding the pace of the EV transition, combined with the introduction of artificial intelligence, is creating new challenges and opportunities for automotive companies. Those that adapt most effectively will be best positioned for significant growth and margin expansion.

好的。轉向幻燈片 7。加速採用數位工具和自動化將擴大我們的競爭優勢，並使我們能夠更有效地設計、開發和製造創新產品，從而推動利潤成長。薪資上漲、地緣政治風險和電動車轉型步伐的不確定性，再加上人工智慧的引入，正在為汽車公司帶來新的挑戰和機會。那些最有效適應的企業將最有能力實現顯著成長和利潤擴張。

Lear has consistently invested in our products and processes to become a leader in operational excellence. With IDEA by Lear, we identified a broader opportunity to leverage new technologies to move faster and drive efficiencies in both businesses. Digital innovation combined with automation and robotics will allow Lear to streamline our processes while accelerating product development and reducing manufacturing costs. These tools improve ergonomics, quality and safety, resulting in higher job [satisfication] for our employees while enhancing efficiencies at our plan.

李爾持續投資我們的產品和流程，以成為卓越營運的領導者。借助 Lear 的 IDEA，我們發現了利用新技術加快步伐並提高兩項業務效率的更廣泛機會。數位創新與自動化和機器人技術相結合，將使李爾能夠簡化流程，同時加速產品開發並降低製造成本。這些工具改善了人體工學、品質和安全性，從而提高了我們員工的工作[滿意度]，同時提高了我們計劃的效率。

Slide 8 illustrates Lear's long history of strategic investments to enhance our manufacturing capabilities. Through our acquisitions, we brought key automation capabilities in-house, lowering our manufacturing costs. ASI's automated material delivery, storage and retrievable systems have been deployed in all of our North American just-in-time facilities. ASI's equipment has improved reliability, uptime and throughput within our plants. We will continue to automate material movement across our seating plants globally, as well as within E-Systems.

幻燈片 8 展示了李爾為增強製造能力而進行戰略投資的悠久歷史。透過收購，我們內部引入了關鍵的自動化能力，降低了製造成本。 ASI 的自動化物料交付、儲存和檢索系統已部署在我們北美所有的準時生產設施中。 ASI 的設備提高了我們工廠的可靠性、正常運作時間和吞吐量。我們將繼續在全球座椅工廠以及電子系統內實現物料移動自動化。

The acquisition of InTouch added equipment to automate end-of-line testing to ensure all seat functions meet performance and quality specifications. The combination of ASI's material movement capabilities with InTouch and aligned testing has allowed us to fully automate the final steps of our just-in-time seating assembly process. Ultimately, we plan to automate finesse the process to remove wrinkles from the seat covers all the way to installation within the customer's facility, resulting in significant manufacturing cost efficiencies and quality improvements.

收購 InTouch 增加了自動化生產線測試設備，以確保所有座椅功能符合性能和品質規格。 ASI 的材料移動能力與 InTouch 和一致的測試相結合，使我們能夠完全自動化即時座椅組裝流程的最後步驟。最終，我們計劃實現自動化流程，從座椅套上去除皺紋，一直到安裝在客戶的設施中，從而顯著提高製造成本效率和品質改進。

Thagora's use of vision systems and software, combined with precision cutting capabilities, optimizes utilization of leather hides, equipment uptime and productivity. We are expanding the first application of Thagora system across our leather facilities globally with additional performance improvements to be deployed over the next 18 months.

Thagora 使用視覺系統和軟體，結合精密切割功能，優化了皮革的使用率、設備正常運作時間和生產率。我們正在全球皮革工廠中擴展 Thagora 系統的首次應用，並在未來 18 個月內部署額外的效能改進。

We continue to evaluate additional tools to accelerate automation in our plans. And yesterday, we announced the acquisition of WIP Industrial Automation. WIP is a European supplier that leverages AI, vision systems and robotics to develop turnkey solutions to complex industrial problems. WIP's technology can be used in multiple applications in Seating and E-Systems and expands our automation footprint in Europe.

我們繼續評估其他工具以加速我們計劃的自動化。昨天，我們宣布收購 WIP Industrial Automation。 WIP 是一家歐洲供應商，利用人工智慧、視覺系統和機器人技術為複雜的工業問題開發交鑰匙解決方案。 WIP 的技術可用於座椅和電子系統的多種應用，並擴大我們在歐洲的自動化足跡。

Looking forward, we will continue to evaluate additional opportunities to accelerate the rollout of automation tools in both Seating and E-Systems. For example, last year, we started working with Palantir and completed 4 pilot programs utilizing their foundry software in our manufacturing facilities. These acquisitions, coupled with organic strategic initiatives, are key enablers to continue to expand our competitive advantage and leadership in operational excellence.

展望未來，我們將繼續評估更多機會，以加速在座椅和電子系統中推出自動化工具。例如，去年，我們開始與 Palantir 合作，並在我們的製造工廠中利用他們的鑄造軟體完成了 4 個試點項目。這些收購加上有機策略措施是繼續擴大我們在卓越營運方面的競爭優勢和領導地位的關鍵推動力。

Turning to Slide 9, I'd like to discuss several of the innovative products we have developed in recent years to expand our vertical integration capabilities in both Seating and E-Systems. The combination of our engineering and manufacturing capabilities allows us to innovate and develop new product offerings to drive profitable growth. These products are accretive to our segment margin targets and offer an attractive value proposition for our customers.

轉向幻燈片 9，我想討論我們近年來開發的幾種創新產品，這些產品旨在擴展我們在座椅和電子系統方面的垂直整合能力。我們的工程和製造能力的結合使我們能夠創新和開發新產品，以推動利潤成長。這些產品有助於提高我們的細分市場利潤目標，並為我們的客戶提供有吸引力的價值主張。

In Seating, our acquisition of Kongsberg Automotive's Interior Comfort Systems, IGB and Grupo Antolin's seating business provided valuable vertical integration capabilities. We are the only complete seat manufacturer with thermal comfort components, allowing us to develop unique proprietary module solutions. The two recent component modularity awards in our first customer validation in process for our complete thermal comfort module are proof that our strategy is working. Our thermal comfort business is on track to achieve our target of $1 billion in revenue by 2027, with operating margins of 10%.

在座椅領域，我們收購了康士伯汽車的內裝舒適系統、IGB 和安通林的座椅業務，提供了寶貴的垂直整合能力。我們是唯一一家擁有熱舒適組件的完整座椅製造商，使我們能夠開發獨特的專有模組解決方案。在我們完整的熱舒適模組的首次客戶驗證過程中，最近獲得的兩個組件模組化獎項證明了我們的策略正在發揮作用。我們的熱舒適業務預計將實現 2027 年收入 10 億美元的目標，營業利潤率為 10%。

In E-Systems, the acquisition of M&N expanded our connection systems and engineered component portfolio. Combining the molding and overmolding capabilities from M&N with the precision stamping technology from Seating improve the cost competitiveness of our battery disconnect unit and Intercell Connect Board products. As volumes grow on the BDU and ICB, we expect these products will be a key driver of continued margin growth in E-Systems.

在 E-Systems 領域，收購 M&N 擴大了我們的連接系統和工程組件產品組合。將 M&N 的成型和包覆成型能力與 Seating 的精密沖壓技術相結合，提高了我們的電池斷開裝置和電池間連接板產品的成本競爭力。隨著 BDU 和 ICB 銷售的成長，我們預計這些產品將成為電子系統利潤率持續成長的關鍵驅動力。

The initiatives we are implementing through IDEA will allow us to innovate and engineer next-generation products faster with improved designs at a lower cost.

我們透過 IDEA 實施的措施將使我們能夠以更低的成本、改進的設計更快地創新和設計下一代產品。

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

現在我想把電話轉給傑森進行財務審查。

Thanks, Ray. Slide 11 shows vehicle production and key exchange rates for the first quarter. Global production decreased 1% compared to the same period last year and was flat on a Lear sales weighted basis. Production volumes increased by 1% in North America and by 5% in China, while volumes in Europe were down 2%. From a currency standpoint, the U.S. dollar weakened against the euro but strengthened against the RMB.

謝謝，雷。幻燈片 11 顯示了第一季的汽車產量和主要匯率。全球產量與去年同期相比下降 1%，以李爾銷售加權計算持平。北美產量成長 1%，中國產量成長 5%，而歐洲產量下降 2%。從貨幣角度來看，美元兌歐元走弱，但兌人民幣走強。

Slides 12 highlights Lear's growth over market. For the first quarter, total company growth over market was 2 percentage points, with Seating flat and E-Systems growing 10 points above market. Sales outperformed industry production in every region. In North America, growth over market was 2 percentage points, reflecting favorable platform mix and backlog in E-Systems, partially offset by unfavorable platform mix in Seating. Higher volumes on the Ford Escape and Super Duty, as well as the Chevrolet Colorado and GMC Canyon, contributed to the E-Systems growth. Lower volumes on Lear platforms such as the Audi Q5 and the build-out of the Chrysler 300 Dodge Charger and Challenger impacted Seating in North America.

投影片 12 重點介紹了李爾的市場成長。第一季度，公司整體成長率高於市場 2 個百分點，其中 Seating Flat 和 E-Systems 成長率高於市場 10 個百分點。每個地區的銷售量都超過了工業生產量。在北美，市場成長率為 2 個百分點，反映出有利的平台組合和電子系統的積壓，部分被不利的座椅平台組合所抵消。福特 Escape 和 Super Duty 以及雪佛蘭 Colorado 和 GMC Canyon 銷量的增加推動了電子系統的成長。 Audi Q5 等李爾平台的銷量下降以及克萊斯勒 300 道奇 Charger 和 Challenger 的擴建影響了北美的座椅銷售。

Europe growth over market was 1 percentage point, with both business segments benefiting from higher volumes on the Land Rover Range Rover, and Range Rover Sport. In China, revenue growth outperformed the market by 1 percentage point, driven by Conquest programs in Seating, such as the BMW 5 series and i5.

歐洲市場成長了 1 個百分點，這兩個業務部門都受益於路虎攬勝和路虎攬勝運動版銷售的增加。在中國，受BMW 5 系列和 i5 等 Conquest 座椅專案的推動，營收成長優於市場 1 個百分點。

Turning to Slide 13, I will highlight our financial results for the first quarter of 2024. Sales increased 3% year-over-year to $6 billion, a first quarter record. Excluding the impact of foreign exchange, commodities and acquisitions, sales were up 2%, reflecting the addition of new business in both of our business segments.

轉向投影片 13，我將重點介紹我們 2024 年第一季的財務表現。排除外匯、大宗商品和收購的影響，銷售額成長了 2%，反映出我們兩個業務部門都增加了新業務。

Core operating earnings were $280 million, compared to $263 million last year. The increase in earnings resulted primarily from positive net performance and the addition of new business. Adjusted earnings per share improved to $3.18, as compared to $2.78 a year ago, primarily reflecting higher earnings and the benefit of our share repurchase program.

核心營業利潤為 2.8 億美元，而去年為 2.63 億美元。獲利的成長主要得益於正面的淨業績和新業務的增加。調整後每股收益從一年前的 2.78 美元增至 3.18 美元，主要反映了收益的增加和我們股票回購計畫的好處。

Reported earnings per share, which are not shown on the slide, were lower year-over-year. Higher core operating earnings were offset by operational restructuring charges and other special items, which totaled $74 million, primarily reflecting future plant closures in Europe to improve our manufacturing cost structure and impairment charges related to Fisker.

幻燈片中未顯示的報告每股收益較去年同期有所下降。較高的核心營運收益被營運重組費用和其他特殊項目所抵消，總計 7,400 萬美元，主要反映了未來為改善我們的製造成本結構而關閉歐洲工廠以及與 Fisker 相關的減損費用。

First quarter operating cash flow was in line with last year, reflecting higher core operating earnings, partially offset by higher cash restructuring.

第一季營運現金流量與去年同期持平，反映出核心營運收益增加，但部分被現金重組增加所抵銷。

Slide 14 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 $25 million or 1% from 2023, driven primarily by our backlog, acquisitions and commercial recoveries, partially offset by lower volumes on their platforms. Excluding the impact of commodities, foreign exchange and acquisitions, sales were flat.

投影片 14 解釋了座椅細分市場的銷售額差異和調整後的營業利潤率。第一季的銷售額為 45 億美元，比 2023 年增加了 2,500 萬美元，增幅為 1%，這主要是由我們的積壓訂單、收購和商業復甦推動的，但部分被平台銷售下降所抵消。排除大宗商品、外匯和收購的影響，銷售額持平。

Core operating earnings were $295 million, down $5 million or 2% from 2023, with adjusted operating margins of 6.6%. Operating margins were down slightly compared to last year as a benefit of our net performance, including lower commodity costs, and our margin-accretive backlog was offset by unfavorable platform mix.

核心營業利潤為 2.95 億美元，比 2023 年下降 500 萬美元或 2%，調整後營業利潤率為 6.6%。與去年相比，營業利潤率略有下降，這是由於我們的淨業績（包括商品成本降低）帶來的好處，而且我們的利潤成長積壓被不利的平台組合所抵消。

Slide 15 explains the variance in sales and adjusted operating margins in the E-Systems segment. Sales for the first quarter were $1.5 billion, an increase of $124 million or 9% from 2023. Excluding the impact of foreign exchange and commodities, sales were up 10%, driven primarily by an increase in volumes on Lear platforms and our strong backlog. Core operating earnings improved significantly to $77 million or 5.1% of sales compared to $49 million and 3.5% of sales in 2023. The improvement in margins reflected higher volumes on Lear platforms, strong net operating performance and our margin-accretive backlog.

投影片 15 解釋了電子系統部門的銷售額差異和調整後的營業利潤率。第一季銷售額為15 億美元，較2023 年增加1.24 億美元，增幅為9%。強勁的積壓訂單。核心營運利潤大幅提高至7,700 萬美元，佔銷售額的5.1%，而2023 年為4,900 萬美元，佔銷售額的3.5%。以及我們增加利潤的積壓訂單。

Now shifting to our 2024 outlook. Slide 16 provides global vehicle production volume and currency assumptions that form the basis of our full year outlook. We have updated our global production assumptions, which remain generally aligned with the latest S&P forecast. At the midpoint of our guidance range, we assume that global industry production will be flat compared to 2023 on a Lear sales weighted basis. We are maintaining the same exchange rate assumptions of an average euro exchange rate of $1.09 per euro and an average Chinese RMB exchange rate of RMB 7.15 to the dollar.

現在轉向我們的 2024 年展望。幻燈片 16 提供了全球汽車產量和貨幣假設，構成我們全年展望的基礎。我們更新了全球產量假設，該假設總體上與標準普爾的最新預測保持一致。在我們指導範圍的中點，我們假設以李爾銷售額加權計算，全球工業產量將與 2023 年持平。我們維持相同的匯率假設，即歐元兌美元平均匯率為1.09美元，人民幣兌美元平均匯率為人民幣兌美元7.15。

Slide 17 provides detail on our outlook for 2024. Our first quarter results were consistent with our expectations, and we are maintaining the full year guidance range as outlined during our last earnings call on February 6. Total company operating margins are on track to achieve the midpoint of our guidance of 5.1% for the full year. Second quarter margins are expected to be flat to slightly up in both segments compared to the first quarter.

投影片17 詳細介紹了我們對2024 年的展望。實現我們全年指導值的中點為 5.1%。與第一季相比，第二季這兩個領域的利潤率預計將持平或略有上升。

While we continue to make progress operationally and in our commercial negotiations, we are also facing, as expected, higher hourly labor costs from contracts that take effect in the second quarter, as well as modestly higher engineering costs. While the vast majority of our contractual labor cost increases took effect in the beginning of the year, certain contracts become effective in the second quarter. In the second half of the year, we expect margins to improve through a combination of operating actions, including the benefit of automation and restructuring actions, as well as commercial negotiations.

雖然我們在營運和商業談判中繼續取得進展，但正如預期的那樣，我們也面臨著第二季生效的合約帶來的每小時勞動力成本上升，以及工程成本的適度上升。雖然我們絕大多數合約勞動成本增加在年初生效，但某些合約在第二季生效。今年下半年，我們預計透過一系列營運行動，包括自動化和重組行動以及商業談判的好處，利潤率將得到改善。

Restructuring costs were elevated in the first quarter, reflecting future plant closures in Europe to improve our manufacturing cost structure. Our restructuring cost guidance for the full year remains unchanged.

第一季重組成本上升，反映出未來將關閉歐洲工廠以改善我們的製造成本結構。我們全年的重組成本指引保持不變。

Despite our expectations for flat industry volumes, we are forecasting our fourth consecutive year of higher sales and operating earnings. Earnings per share will increase due to the higher earnings as well as a lower share count from our share repurchase program.

儘管我們對扁平材行業銷售有預期，但我們預計銷售額和營業利潤將連續第四年上升。由於收益增加以及我們的股票回購計畫帶來的股票數量減少，每股盈餘將會增加。

Moving to Slide 18, we highlight our commitment to continue to return capital to shareholders. Since initiating the share repurchase program in 2011, we have repurchased over $5.2 billion worth of shares and returned approximately 85% of free cash flow to shareholders through repurchases and dividends. We are targeting free cash flow conversion of approximately 85% in 2024, which will support continued share repurchases.

轉到投影片 18，我們強調了我們繼續向股東返還資本的承諾。自 2011 年啟動股票回購計畫以來，我們已回購了價值超過 52 億美元的股票，並透過回購和股息將約 85% 的自由現金流返還給股東。我們的目標是到 2024 年自由現金流轉換率約為 85%，這將支持持續的股票回購。

We remain committed to returning excess cash to our shareholders, having repurchased $30 million worth of stock in the first quarter and continue to repurchase additional shares throughout our quiet period. In February, Lear's Board increased the share repurchase authorization to $1.5 billion and extended the authorization period through December 31, 2026.

我們仍然致力於向股東返還多餘現金，在第一季回購了價值 3,000 萬美元的股票，並在安靜期內繼續回購更多股票。 2月份，李爾董事會將股票回購授權增加至15億美元，並將授權期限延長至2026年12月31日。

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

現在我將把它轉回給雷，讓他聽聽我的一些結束語。

Thank you, Jason. Please turn to Slide 20. We started the year off strong with first quarter record revenue and continued margin improvements in E-Systems. As Jason just mentioned, our Board approved an increase and extension of our repurchase plan, reaffirming our commitment to returning cash to shareholders. Both businesses continue to diversify their customer base with key awards, and our momentum in Thermal Comfort Systems is accelerating.

謝謝你，傑森。請參閱投影片 20。正如傑森剛才提到的，我們的董事會批准了增加和延長我們的回購計劃，並重申了我們向股東返還現金的承諾。兩家公司都透過重要獎項繼續使其客戶群多元化，並且我們在熱舒適系統方面的發展勢頭正在加速。

Beginning with our Lear Forward initiative, we identified creative solutions to reduce cost and improve operational efficiencies. We also identified a much larger opportunity to accelerate conducive automation and digital tools. IDEA by Lear is a significant evolution of our broader strategy to grow Seating and E-Systems and extend our leadership positions -- position in operational excellence.

從我們的 Lear Forward 計劃開始，我們確定了降低成本和提高營運效率的創意解決方案。我們還發現了一個更大的機會來加速有利的自動化和數位工具。李爾的 IDEA 是我們發展座椅和電子系統並擴大我們的領導地位（卓越營運地位）的更廣泛策略的重大演變。

Accelerating the use of vision systems, robotics and software will enhance our competitive advantage and enable innovation to further drive returns and improve margins. And now we'd be happy to take your questions.

加速視覺系統、機器人和軟體的使用將增強我們的競爭優勢，並使創新進一步推動回報和提高利潤。現在我們很樂意回答您的問題。

(Operator Instructions) And our first question today comes from Joe Spak from UBS.

（操作員說明）今天我們的第一個問題來自瑞銀集團的 Joe Spak。

I guess just to start, 10% growth over market in E-Systems, good start to the year. Can you just, again, sort of go over the drivers there again and how we should really think about the balance of the year in cadence? Because it looks like you've got a little bit of a tougher year-over-year comp, if you will, next quarter and then maybe a little bit easier in the back of the half. But some color on sort of what you're expecting in that business for this year would be helpful.

我想這只是開始，電子系統市場成長了 10%，這是今年的好開始。您能否再次回顧那裡的驅動因素以及我們應該如何真正考慮今年的節奏？因為看起來你的同比比較會更艱難一些，如果你願意的話，下個季度可能會更輕鬆一些，然後在上半場後半段可能會輕鬆一些。但是，對今年該行業的預期進行一些描述將會有所幫助。

Yes. There really were two drivers in the first quarter. It was a combination of the backlog and some favorable production volumes on some of our top platforms, which we highlighted in the prepared remarks. As we look at the balance of the year, I think you sized it up about right, we do expect that 10 points of growth over market to moderate, and we would expect for the full year to be about 5 points of growth over markets in E-Systems.

是的。第一季確實有兩位車手。這是積壓訂單和我們一些頂級平台上一些有利的產量的結合，我們在準備好的評論中強調了這一點。當我們審視今年的餘額時，我認為您的估計是正確的，我們確實預計比市場增長 10 個百分點將放緩，並且我們預計全年比市場增長約 5 個百分點電子系統。

So strong solid year overall, but certainly the first quarter will be the highest from a growth over market perspective based on our assumptions right now.

總體而言，今年表現強勁，但根據我們目前的假設，從市場成長的角度來看，第一季肯定將是最高的。

Okay. And then if I could, just one, I guess, a little bit bigger picture. You talked about the restructuring. It sounds like it's related to some European plant actions. So can you just remind us of, I guess, restructuring plans for the year, if you think you need to do more there?

好的。然後，如果可以的話，我想，只是一張更大的圖景。您談到了重組。聽起來這似乎與歐洲一些工廠的行動有關。那麼，如果您認為您需要在這方面做更多的事情，我想您能否提醒我們今年的重組計劃？

And then also, Ray, you talked about IDEA by Lear, higher automation. You had a recent string of acquisitions there, and also some organic efforts. How should we think about this going forward? Like as you automate and automate more, should we also expect a corresponding increase in restructuring to implement that automation?

還有，Ray，您談到了 Lear 的 IDEA，更高的自動化。您最近在那裡進行了一系列收購，並且還進行了一些有機的努力。未來我們該如何思考這個問題？就像自動化程度越來越高一樣，我們是否也應該期望相應增加重組以實現自動化？

Let me start with the restructuring outlook for this year. Our guidance is $125 million, and we did -- it was very front-end loaded as expected. In the second quarter it will be likely pretty significant as well. And really, focused on Europe. We're still, what, 20 -- more than 20% below the production peak in the European market from 2017 and I think still 18% lower than where that was pre-COVID. And so we've been steadily restructuring our operations to realign to the lower volumes in Europe.

我先談談今年的重組展望。我們的指導價是 1.25 億美元，我們做到了——正如預期的那樣，它的前端負載非常大。在第二季度，這可能也將非常重要。事實上，重點是歐洲。我們仍然比 2017 年歐洲市場的產量高峰低 20% 以上，我認為仍比新冠疫情之前低 18%。因此，我們一直在穩步重組我們的業務，以適應歐洲銷售下降的情況。

But we also see tremendous opportunity to reduce costs by shifting our footprint from Eastern Europe to North Africa. And we're doing that pretty much across the board. When we acquired IGB and Kongsberg they did have some higher cost facilities in Eastern Europe. We have launched a new facility in Tunisia that will significantly improve the performance of that business. We're also moving seat covers from Eastern Europe to North Africa. We're moving wire pretty aggressively from Eastern Europe to Morocco. And so there's still a lot of kind of runway there in terms of just an opportunity to reduce our manufacturing costs through shifting the footprint. So it's a combination of those two things.

但我們也看到了透過將我們的足跡從東歐轉移到北非來降低成本的巨大機會。我們正在全面開展這方面的工作。當我們收購 IGB 和 Kongsberg 時，他們確實在東歐擁有一些成本較高的設施。我們在突尼斯開設了一家新工廠，這將顯著提高該業務的表現。我們也將座椅套從東歐轉移到北非。我們正在積極地將電線從東歐轉移到摩洛哥。因此，就透過轉移足跡來降低製造成本的機會而言，仍然有很多跑道。所以它是這兩件事的結合。

And then the third point on restructuring is just the impact of some of our customers' sourcing decisions. And so for example, we've had programs where the customer has built out in a production plant where we had the JIT business today, and they're not replacing it or they're replacing that program in a different facility, and so it's resulted in the closure of a couple of our just-in-time plants in Europe, which won't really have an operating income benefit associated with them, but it's an action we have to take nonetheless. So those are sort of the kind of the drivers of restructuring.

關於重組的第三點就是我們一些客戶的採購決策的影響。舉例來說，我們有一些程序，客戶在我們今天擁有 JIT 業務的生產工廠中構建了一些程序，但他們沒有替換它，或者他們正在不同的設施中替換該程序，所以它是導致我們關閉了歐洲的幾家即時工廠，這實際上不會帶來與之相關的營業收入收益，但我們仍然必須採取這項行動。這些都是重組的驅動因素。

Maybe Ray could talk a little bit about IDEA.

也許 Ray 可以談談 IDEA。

Yes. I think what's important, and we've been working on this strategy for multiple years, and I think the inorganic nature of bringing in some very, very selective partners and acquisitions has really helped us really discover opportunities even within how we purchase capital. And capital, as we're looking at capital, is coming in significantly lower as we're designing our own specific capital for own specific needs around multiple different platforms. And so we're seeing benefits on lower capital cost, the efficiencies within the plant and how we scale these things across the different facilities, both in E-Systems and Seating, not only improve the cost, the reduction of labor heads within the plants, but also the work that is there is much better improved in ergonomics, safety, throughput, quality. So those are generating great benefits for us.

是的。我認為重要的是，我們多年來一直致力於這項策略，我認為引入一些非常非常有選擇性的合作夥伴和收購的無機性質確實幫助我們真正發現了機會，即使在我們如何購買資本的情況下也是如此。當我們正在考慮資本時，資本顯著降低，因為我們正在圍繞多個不同平台針對自己的特定需求設計自己的特定資本。因此，我們看到了降低資本成本、工廠內效率以及我們如何在不同設施（電子系統和座椅）中擴展這些東西的好處，不僅提高了成本，還減少了工廠內的勞動力數量，而且工作在人體工程學、安全性、吞吐量和品質方面也得到了更好的改進。這些都為我們帶來了巨大的好處。

And the way we're looking at this, and I described it in my overview, is plants that are in existence today, particularly, like an example, with a just-in-time facility, where we're able to automate from finesse all the way until the customer's delivery is a significant opportunity, because labor is very scarce today around the world, that helps us gap out from an efficiency standpoint. And it's deployed in a way that we have a customer contract and we're focused on those particular contracts that we have in place.

我們看待這個問題的方式，我在我的概述中描述了它，是當今存在的工廠，特別是像一個例子，有一個及時的設施，我們能夠從技巧中實現自動化一直到客戶的交付是一個重要的機會，因為當今世界各地的勞動力非常稀缺，這有助於我們從效率的角度出發。它的部署方式是我們擁有客戶合同，並且我們專注於我們現有的那些特定合約。

And so we are very selective on where we're deploying the capital. It's based on customer needs and volume at that particular time, and it is very selective how we're implementing it. So it has been very beneficial short term.

因此，我們對資本的部署地點非常有選擇性。它基於特定時間的客戶需求和數量，我們的實施方式非常有選擇性。所以短期來看這是非常有益的。

And I think that, I do believe this, that companies that are looking at this very, very proactively and strategically will be in a much better position 3 to 5 years from now. This labor scarcity is a real issue. And it isn't just selective to one area. It's around the world. And the attractiveness of manufacturing jobs is declining and the need for output or manufacturing is increasing. And so those that are in a much more flexible, better position when it comes to automation, and IDEA or Industry 4.0, are going to survive.

我認為，我確實相信，那些非常非常主動和策略性地關注這一問題的公司將在 3 到 5 年後處於更好的地位。勞動力短缺是一個現實問題。而且它不只是針對某一領域的選擇性。它遍布世界各地。製造業工作的吸引力正在下降，而對產出或製造業的需求卻在增加。因此，那些在自動化、IDEA 或工業 4.0 方面處於更靈活、更好地位的企業將會存活下來。

And so it's been very successful. It's one of the reasons why we look at our quarter-over-quarter expectations and improvements, not just this year but the out years. It's really paying dividends.

所以它非常成功。這就是我們關注季度環比預期和改進的原因之一，不僅是今年，而且是未來幾年。它確實帶來了紅利。

Yes. In terms of the last part of your question, how it will impact restructuring going forward, I wouldn't say that near term it's a meaningful impact on restructuring. A lot of the head count changes that happen as a result of automation will come out through normal attrition. There is turnover in our facilities. And so that is a factor as well. It's not to say that there won't be some level of restructuring, but it's not going to move the needle in the near term.

是的。至於你問題的最後一部分，即它將如何影響未來的重組，我不會說短期內它會對重組產生有意義的影響。由於自動化而發生的許多員工人數變化將透過正常的人員流失來體現。我們的設施有周轉。所以這也是一個因素。這並不是說不會進行一定程度的重組，但短期內不會有任何進展。

Our next question comes from John Murphy from Bank of America.

我們的下一個問題來自美國銀行的約翰·墨菲。

Just want to follow up on question on this automation front. I mean, could you give us a rough estimate of how much of your operating cost is made up by labor? And then as you think about automation, does that ultimately over time just replace it one for one? Or is there an opportunity to potentially take those costs down on a net basis? Obviously, recognize one would be capitalized, one would be operating expense. But just long term, what the delta could ultimately be?

只是想跟進這個自動化方面的問題。我的意思是，您能否粗略估計您的營運成本中有多少是由勞動力組成的？然後，當您考慮自動化時，隨著時間的推移，它最終會一一取代它嗎？或是否有機會降低這些成本的淨值？顯然，要認識到一是資本化，一是營運費用。但從長遠來看，三角洲最終會是多少？

Yes. In terms of -- I'd rather not go into specifics on labor as a percentage of sales, but each subset of the Seating and E-Systems business is a little bit different. For example, in electronics, there's very little labor content today, it's already fully automated. I will say our most automated -- our most labor-intensive operations are in wire and cut and sew. And we're working on automation solutions that will have a meaningful impact on labor content there longer term.

是的。就勞動力佔銷售額的百分比而言，我不想詳細討論，但座椅和電子系統業務的每個子集都略有不同。例如，在電子領域，如今的勞動力含量非常少，它已經完全自動化。我想說的是，我們最自動化的——我們最勞力密集的操作是在金屬絲、裁剪和縫紉方面。我們正在研究自動化解決方案，從長遠來看，這些解決方案將對勞動力含量產生有意義的影響。

In the near term, the biggest benefits are coming in our just-in-time seat plants, where you're seeing sort of the full effect of the acquisitions from ASI and InTouch, and now WIP, helping to accelerate our ability to automate a lot of the steps in the just-in-time seat process. In addition to that, modularity is a big driver of taking labor out of the higher-cost JIT facilities as well. And then with Thagora and what we're doing with -- on the leather side, we're also seeing significant improvements in labor costs in that part of the business.

在短期內，最大的好處來自於我們的即時座椅工廠，在那裡您可以看到收購 ASI 和 InTouch 以及現在的 WIP 所帶來的全部效果，有助於加快我們自動化生產的能力。中的許多步驟。除此之外，模組化也是將勞動力從成本較高的 JIT 設施中解放出來的重要動力。然後，在 Thagora 以及我們正在做的事情上——在皮革方面，我們也看到這部分業務的勞動力成本顯著改善。

The way we're primarily looking at automation, John, is a catalyst for offsetting wage inflation and driving higher margins longer term, driving that positive net performance in both business segments. That's what we're focused on.

約翰，我們主要關注自動化的方式是抵消薪資通膨和推動長期利潤率上升的催化劑，從而推動兩個業務部門實現積極的淨業績。這就是我們關注的重點。

Yes. I think, John, and we've talked a little bit about this, is this automation, not only does it change the manufacturing footprint and the concept of how you manufacture products in the plant, but the product itself. I think the significant announcement that we made on the development program with Ford Motor Company is significant because we will automate that module. The automation of the components into the trim cover will be automated. The redeployment of that labor out of a JIT facility into what we consider to be more of a spoke-and-hub concept where you can scale it properly across multiple platforms is the future. And so it's a combination.

是的。我認為，約翰，我們已經對此進行了一些討論，這種自動化不僅改變了製造足跡和如何在工廠製造產品的概念，而且改變了產品本身。我認為我們與福特汽車公司就開發計畫所做的重大宣布意義重大，因為我們將實現該模組的自動化。將組件自動裝入裝飾罩中將自動化。未來將把 JIT 設施中的勞動力重新部署到我們認為更像是輻射和中心的概念中，您可以在多個平台上適當地擴展它。所以這是一個組合。

What we love is our design, engineering and manufacturing capabilities, coupled with this advanced and really quick pace of technology and innovation within the manufacturing plant. They sit together. The partnership that we have with Palantir, with what we're doing on the shop floor, what we're doing with the digital systems and automation, it's coupled with our designs. And so everything that we're doing, the acquisitions we've made on the product side, were complementary to what we're doing on the manufacturing side. And I couldn't be more happy with where we're at or excited with where we're at with the modular concept in Seating.

我們喜歡的是我們的設計、工程和製造能力，加上製造工廠內先進且快速的技術和創新步伐。他們坐在一起。我們與 Palantir 的合作關係、我們在車間所做的事情、我們在數位系統和自動化方面所做的事情，都與我們的設計相結合。因此，我們所做的一切，我們在產品方面進行的收購，都是我們在製造方面所做的補充。我對我們在座椅中的模組化概念所取得的進展感到非常滿意或興奮。

Every customer is moving at a little different pace. Some are still sourcing individual components, which is fine, but we have 11 customers that we're working on right now with modular concepts that combine that automation within the plant and with the components itself and the product itself.

每個客戶的移動速度都略有不同。有些仍在採購單一組件，這很好，但我們現在正在與 11 個客戶合作，採用模組化概念，將工廠內的自動化與組件本身和產品本身結合。

And so we're just going to keep steadfast on what we're doing. We know that the success we've had in a short period of time will continue to accelerate. But it is a combination of the manufacturing plant, coupled with our expertise in engineering design and changing the product designs for a much more modular approach, is where we'll be successful.

因此，我們將堅定不移地堅持我們正在做的事情。我們知道，我們在短時間內取得的成功將繼續加速。但它是製造工廠的結合，加上我們在工程設計方面的專業知識以及改變產品設計以採用更模組化的方法，這就是我們成功的地方。

Great. And I hate to put you on this, but I mean, it sounds like you guys are doing all the right stuff. But I mean, is this ultimately, Ray, as you think about this sort of a necessary course of action to remain competitive and grow the business over time? Or do you think you can pick up a couple of hundred basis points of margin expansion from this automation, add these automation actions alone? I mean I'm just trying to understand where ultimately the -- I mean you're doing all the right stuff clearly and probably with the curve or way ahead of the curve on this stuff. I just trying to understand where it's going to land or you think it's going to land.

偉大的。我不想讓你這麼做，但我的意思是，聽起來你們正在做所有正確的事情。但我的意思是，雷，正如您所認為的，這最終是保持競爭力並隨著時間的推移發展業務的必要行動方案嗎？或者您認為您可以從這種自動化中獲得幾百個基點的利潤擴張，僅添加這些自動化操作？我的意思是，我只是想了解最終的結果——我的意思是，你正在清楚地做所有正確的事情，並且可能在這些事情上處於曲線或遠遠領先於曲線。我只是想了解它會在哪裡著陸，或者你認為它會在哪裡著陸。

John, I'll start, Ray probably has some additional comments. But I look at this as a key enabler to achieving the margin targets we've communicated, the midterm target in Seating of 8% and 7% in E-Systems -- I'm sorry, 8% in E-Systems as well, and 8.5-plus percent longer term in Seating. And so it's not necessarily 100 basis points or 200 basis points beyond that. It's a key, I think, a competitive differentiator that allows us to grow the business, achieve the 4 points and 6 points of growth over market targets that we've established in both segments, and a key enabler to hit the margin targets that we've communicated.

約翰，我先開始，雷可能還有一些補充意見。但我認為這是實現我們所傳達的利潤目標的關鍵推動因素，中期目標是電子系統中的 8% 和 7% 的席位——抱歉，電子系統中的席位也為 8%，座椅方面的長期增長超過8.5%。因此，不一定是超出 100 個基點或 200 個基點。我認為，這是一個關鍵的競爭優勢，使我們能夠發展業務，實現比我們在這兩個細分市場設定的市場目標高出4 個百分點和6 個百分點的增長，並且是實現我們設定的利潤目標的關鍵推動因素。

Right, and then -- I love the way Jason goes at it and it's good. But I'm going to tell you that I love what we're doing in the manufacturing side. We have to move faster, and we're pushing harder. I agree that right now, we haven't changed our targets long term. I think there's a benefit, obviously, to gapping out where we're at short term. But I think longer term, to John, to answer your question, it is about survival. I think that those companies that have this capability will be the companies that survive, and then there'll be the companies that did not move in this direction fast enough and we'll be looking on the outside looking in.

是的，然後——我喜歡傑森的處理方式，這很好。但我要告訴你，我喜歡我們在製造方面所做的事情。我們必須加快步伐，並且更加努力地推動。我同意，目前我們還沒有改變我們的長期目標。我認為，短期內跳空缺口顯然是有好處的。但我認為從長遠來看，對約翰來說，回答你的問題，這關係到生存。我認為那些擁有這種能力的公司將是生存下來的公司，然後會有一些公司朝這個方向發展得不夠快，我們將從外面看向內看。

And so one is the short term, how we get at some of the expectations. When you can go in and tell your customer that you are the most cost competitive in the world, it's a powerful statement. And you can do that with analytics and data, it's strong, both commercially and how you win business. And I think we've proven both sides of those.

因此，其中之一是短期，我們如何實現一些期望。當您可以走進來告訴客戶您是世界上最具成本競爭力的公司時，這是一個強而有力的聲明。你可以透過分析和數據來做到這一點，無論是在商業上還是在如何贏得業務方面，它都很強大。我認為我們已經證明了這兩點。

Longer term, I think those companies that have this advantage will be the one standing. And so we're pushing fast, we're thinking differently, and we're driving accountability throughout the organization. So we want to outperform those numbers. I think this is an area that we can accelerate. But right now, we're staying steadfast short term on the targets that we've given.

從長遠來看，我認為那些擁有這一優勢的公司將能夠脫穎而出。因此，我們正在快速推進，我們以不同的方式思考，我們正在整個組織內推動問責制。所以我們希望超越這些數字。我認為這是一個我們可以加速的領域。但目前，我們在短期內仍堅定不移地實現我們所給的目標。

Okay. That's helpful. Just one follow-up. On the Tier 2 and 3 supply base, they're facing the scene labor challenge as well. And we're hearing a little bit of stress down there below you guys, Tier 2 and 3 supply base, really because of labor shortages as well and cost of labor. I just wonder if you could comment on that, what you're hearing more lately, and if that is constraining production right through the value chain, or is that something that you guys are able to handle with -- to help your automaker customers.

好的。這很有幫助。只是一個後續行動。在二級和三級供應基地，他們也面臨現場勞動力的挑戰。我們聽到你們下面的二級和三級供應基地面臨一些壓力，這實際上是因為勞動力短缺和勞動成本。我只是想知道您是否可以對此發表評論，您最近聽到的更多內容，以及這是否限制了整個價值鏈的生產，或者這是您能夠處理的事情 - 幫助您的汽車製造商客戶。

No, I think what you're hearing is accurate. I think throughout the supply chain, labor scarcity is a significant issue. And it depends on regions, but it's generally across the board, when you talk about just different types of metrics based on turnover or absenteeism or lack of workers. And so that is an issue. We're working with our suppliers. We've been able to balance it, but it has been an issue, I think, throughout the supply base for all OEMs that we're seeing.

不，我認為你聽到的是準確的。我認為在整個供應鏈中，勞動力短缺是一個重大問題。這取決於地區，但當你談論基於營業額、缺勤或缺乏工人的不同類型的指標時，它通常是全面的。所以這是一個問題。我們正在與我們的供應商合作。我們已經能夠平衡它，但我認為，對於我們所看到的所有原始設備製造商的整個供應基地來說，這一直是一個問題。

I would say, just to add to that, the level of component cost inflation that we're seeing this year is less than what we've experienced over the last number of years. So you're seeing some moderation on the commodity side, and then maybe some acceleration on the labor side, and the two are slightly positive when taken together overall.

我想說的是，補充一點，我們今年看到的零件成本通膨水準低於過去幾年的水準。因此，你會看到大宗商品方面有所放緩，然後勞動力方面可能會有所加速，總體而言，兩者略顯積極。

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科林·蘭根。

One, maybe if you could talk a little bit about the cadence of margins through the year. You called out in your commentary an increase in labor and engineering into Q2. I would have expected maybe margins improved. Is that going to offset? Any way to quantify how much of a drag that might be as we think sequentially?

第一，也許您可以談談全年利潤率的節奏。您在評論中指出第二季度勞動力和工程的增加。我本來預計利潤率可能會提高。這樣會抵消嗎？有什麼方法可以量化我們依序想到的阻力有多大？

Yes. So we didn't provide pinpoint guidance for each quarter, but we did say we do expect both segments to be flat or slightly up in the second quarter. And so the sort of composition of that, you have volume and backlog, which we think will be a tailwind from Q1 to Q2. We do expect revenues to be higher in the second quarter than the first quarter. And then we do expect the margin increase associated with the volume to be offset by the wage economics and engineering.

是的。因此，我們沒有為每季提供具體的指導，但我們確實表示，我們確實預計這兩個細分市場在第二季將持平或略有上升。因此，其組成是數量和積壓，我們認為這將是第一季到第二季的順風車。我們確實預計第二季的營收將高於第一季。然後，我們確實預計與銷售相關的利潤成長將被工資經濟和工程所抵消。

So those two are sort of a push, and the higher margins in the second quarter result more from the operating actions and the commercial negotiations that are ongoing. So some of the restructuring savings associated with the actions we took at the end of last year and the beginning of this year, various performance improvement actions that we're taking in our entire business.

因此，這兩者是一種推動力，第二季較高的利潤率更多來自於正在進行的營運行動和商業談判。因此，一些重組節省與我們在去年年底和今年年初採取的行動以及我們在整個業務中採取的各種績效改進行動有關。

Thermal Comfort, for example, I talked about shifting the footprint from Eastern Europe to North Africa, but we also have additional synergies integrating IGB and Kongsberg into Lear. We also have lower operating costs in our leather business from deployment of the Thagora technology. And then we have lower labor costs in Europe through the deployment of Palantir's foundry tool in our European seating plants that's going to -- that will sort of benefit us as we move throughout the year.

例如，熱舒適性，我談到將足跡從東歐轉移到北非，但我們也可以將 IGB 和 Kongsberg 整合到李爾中，從而產生額外的協同效應。透過部署 Thagora 技術，我們的皮革業務營運成本也降低了。然後，透過在我們的歐洲座椅工廠部署 Palantir 的鑄造工具，我們可以降低歐洲的勞動力成本，這將使我們在全年的搬遷過程中受益。

As we look at the second half compared to the first half, we do expect revenues to be flat to slightly up from the first half to the second half, really driven by the backlog being favorable and more back-end loaded, and offset by lower production volumes assumed in the second half of the year. So you have the normal seasonality in Europe and, to a lesser extent, in North America, with downtime around the middle of the year and into August in Europe, and then just fewer production days, say, in the fourth quarter than the second quarter that lead to that lower production volume overall. And then perhaps maybe a little bit of a hedge just on demand-related volume assumptions in the tail-end of the year where there could be a little bit of upside if demand holds up.

當我們將下半年與上半年相比時，我們確實預計收入將與上半年持平或略有上升，這實際上是由於積壓訂單有利和後端負載增加所推動，並被較低的收入所抵消。因此，歐洲有正常的季節性，在北美也有較小程度的季節性，歐洲在年中和八月份有停機時間，然後第四季度的生產天數比第二季度要少這導致總體產量下降。然後，也許可以對今年年底與需求相關的銷售假設進行一點對沖，如果需求保持不變，可能會有一點上行空間。

I think if you look at IHS's volume cadence kind of quarter-to-quarter, our revenues will sort of mirror that, at least the volume assumptions on our platforms, will sort of mirror that throughout the year.

我認為，如果你看一下 IHS 每季的銷售節奏，我們的營收將在某種程度上反映出這一點，至少我們平台上的銷售假設將在某種程度上反映出全年的情況。

Just to follow up. You said flat to slightly up quarter-over-quarter, but revenue up. Does that mean percent margins are flat to down?

只是為了跟進。您說季度環比持平或略有成長，但收入有所增長。這是否意味著利潤率持平或下降？

Again, Colin, we weren't looking to provide pinpoint guidance, but we would expect operating margins to be higher in the second quarter than the first quarter.

再次強調，科林，我們並不希望提供精確的指導，但我們預計第二季的營業利潤率將高於第一季。

I think it's also important to point out that we have a number of commercial negotiations that are ongoing. And so I would say that there's a wider range than usual in both of our business segments in terms of how this will play out quarter-to-quarter, maybe a little choppier than it ordinarily would. We're very focused on sustainable agreements, piece price adjustments with our customer to reflect things like wage inflation rather than lump sum. And we're not going to sacrifice on a deal to hit a number in a quarter. We're focused on doing the right thing for the business for the long term. And so that could lead to a little bit of choppiness in the quarter.

我認為還需要指出的是，我們正在進行一些商業談判。因此，我想說，就季度與季度的表現而言，我們兩個業務部門的變化範圍都比平常更大，可能比平常更不穩定。我們非常注重與客戶達成可持續協議和計件價格調整，以反映工資通膨等因素，而不是一次性付清。我們不會為了在一個季度內實現目標而犧牲協議。我們專注於為企業的長期發展做正確的事。因此，這可能會導致本季出現一些波動。

And as we always do, later in the quarter, we'll provide an update at a public investor event on how we see the quarter playing out.

正如我們一貫所做的那樣，在本季度晚些時候，我們將在公共投資者活動中提供有關我們如何看待本季的最新情況。

Got it. And just lastly, any color on the recovery. Some of the automakers are making pretty aggressive comments around like no more claims. Is there any change in terms of your expectations for recoveries at this point?

知道了。最後，關於恢復的任何顏色。一些汽車製造商正在發表相當激進的評論，例如不再提出任何要求。目前您對復原的期望有什麼改變嗎？

Yes. No, we haven't. I mean, yes, okay, there's different customers handle the negotiations differently. We've always kind of clearly communicated that.

是的。不，我們沒有。我的意思是，是的，好吧，不同的客戶以不同的方式處理談判。我們一直都清楚地傳達了這一點。

But from our perspective, there hasn't been significant changes. When you boil it down, we said this before, we have a lot of data, in fact, from being very cost competitive. I think when you have situations and you're going in asking for a recovery and you're not cost competitive, you're not mining your own house, you don't have your own costs under control, and asking for additional other costs, it makes it very challenging for resolution or clarity on how you resolve it. Our position is always be the most cost competitive, have the data, have the facts, present your case. And we've been very successful.

但從我們的角度來看，並沒有發生重大變化。當你歸結起來時，我們之前說過，我們擁有大量數據，事實上，這些數據來自非常具有成本競爭力的數據。我認為，當你遇到情況並且你要要求恢復並且你沒有成本競爭力時，你沒有開採自己的房子，你沒有控制自己的成本，並要求額外的其他成本，這使得解決問題或解決問題的清晰度變得非常具有挑戰性。我們的立場始終是最具成本競爭力，有數據，有事實，展示您的案例。我們非常成功。

To Jason's point, there's a time element on how we negotiate across the board. And like I said, I don't see significant changes in how we're negotiating with our customers. We're resolving them. But we will not take a bad deal where we might feel pressured into resolving it for only quarterly results. We're doing it with the intent to protect the business, to make sure that we're driving sustainability and is the best result for Lear Corporation based on the facts.

傑森認為，我們如何進行全面談判存在時間因素。正如我所說，我認為我們與客戶的談判方式並沒有發生重大變化。我們正在解決它們。但我們不會接受一項糟糕的協議，因為我們可能會感到有壓力，只能為了季度業績而解決它。我們這樣做的目的是保護業務，確保我們推動永續發展，並基於事實為李爾公司帶來最佳結果。

And so each customer handles it differently. Some are more open externally and focused on kind of how they're setting it up. But we haven't seen significant changes. And I think we're in a good position. I think each one of our negotiations are moving in the right direction. I'm very optimistic about it. But it's more, like Jason said, the timing of how we want to resolve these. We will not jump at a particular time event to try to resolve something quickly to set up a quarter or result in the quarter. So we're focused on long term.

因此，每個客戶的處理方式都不同。有些對外更加開放，並專注於他們的設置方式。但我們還沒有看到重大變化。我認為我們處於有利位置。我認為我們的每一項談判都朝著正確的方向發展。我對此非常樂觀。但正如傑森所說，更重要的是我們要如何解決這些問題的時機。我們不會在某個特定的時間事件上急於嘗試快速解決某些問題，以安排一個季度或在該季度取得結果。所以我們著眼於長期。

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。

Just on the new business backlog contribution across the 2 segments. Is the $700 million for Seating, and $500 million for E-Systems still the right number? And I mean, I know you touched on this, but can you just speak to the visibility in the stronger run-up of new launches embedded for the remainder of the year given the slower start, which, to be fair, has been experienced across the broader supply chain in the first quarter?

只是關於這兩個細分市場的新業務積壓貢獻。 7 億美元用於座椅、5 億美元用於電子系統仍然是正確的數字嗎？我的意思是，我知道您談到了這一點，但是考慮到開局較慢，您能否談談今年剩餘時間里新產品發布的強勁勢頭的可見性，公平地說，這一點在整個行業都經歷過第一季更廣泛的供應鏈？

Yes. I'd say overall, we're not updating the full year backlog, but there have been some changes. I'll just give you one example, of course, with Fisker, having no releases that we can see and no plans to restart production. There was a modest impact on the backlog. We were pretty conservative in our volume assumption around that. So I think it's just about $35 million of revenue that won't materialize. So that's a bit negative on the backlog.

是的。我想說的是，總體而言，我們不會更新全年積壓工作，但發生了一些變化。當然，我只給你一個例子，Fisker 沒有發布任何我們可以看到的版本，也沒有計劃重新啟動生產。對積壓的影響不大。我們對此的數量假設相當保守。所以我認為只有大約 3500 萬美元的收入無法實現。所以對積壓工作有點負面。

We're seeing a nice ramp up on other programs that are important to the backlog. On E-Systems, we have the Blazer EV, the Honda Prologue and the Acura ZDX. Those began ramping up the very tail-end of last year, and it steadily increased in volumes throughout the first quarter, and now into the second quarter, they've taken another step up. That's an important driver of E-Systems backlog. Also GM's ramp-up of the battery electric trucks driving the BDU revenue. So we have pretty good visibility, at least through the second quarter of how many of those are going to be produced.

我們看到其他對積壓工作很重要的計畫有了很好的成長。在電子系統方面，我們有 Blazer EV、本田 Prologue 和謳歌 ZDX。這些產品從去年年底開始增加，並且在整個第一季銷量穩步增長，現在進入第二季度，它們又向前邁出了一步。這是電子系統積壓的一個重要驅動因素。此外，通用汽車電動卡車的成長也推動了 BDU 收入的成長。因此，至少在第二季度，我們對將生產多少產品有很好的了解。

On the Seating side, the BMW 5 series and i5 is kind of launching as anticipated. The other programs in the Seating backlog are performing consistent with what we expected. The only other maybe modest change that we've seen, which has an impact on both business segments, is the timing and volume associated with the Volvo EX90 launch. I think they've talked about that publicly. There's some software challenges or other issues that they're working through that may impact the volumes on that platform.

在座椅方面，BMW 5系列和i5的推出有點如預期的。座位積壓中的其他計劃的表現與我們的預期一致。我們看到的唯一可能對這兩個業務部門產生影響的適度變化是與沃爾沃 EX90 發布相關的時間和數量。我認為他們已經公開談論過這一點。他們正在解決一些軟體挑戰或其他問題，可能會影響該平台上的數量。

But as we look at the backlog combined with our production assumptions on existing platforms, we felt very comfortable maintaining the midpoint of our full year guidance overall.

但當我們結合現有平台的生產假設來查看積壓訂單時，我們感到非常願意維持全年指導的中點。

Got it. That's super helpful. And then just an update on two pieces in the guide. I think you had embedded a transactional FX headwind to $70 million. Just curious what your assessment is there with the first quarter behind us.

知道了。這非常有幫助。然後只是對指南中的兩部分進行更新。我認為您已經將交易性外匯逆風嵌入了 7000 萬美元。只是好奇您對第一季的評價如何。

And then looking at Lear's commodities and net performance bucket combined, which totaled almost $30 million positive in the quarter, can you just strip out commodities within that and what's assumed for the full year on commodities?

然後看看李爾的大宗商品和淨業績組合，本季度總計近 3000 萬美元的正收益，您能否剔除其中的大宗商品以及全年大宗商品的假設？

Yes. So in terms of transactional FX, there's been really no change in our full year guidance or full year assumption. What we're seeing unfold here in the first quarter into the second quarter is consistent with what we guided to. And so our hedge program is working as anticipated, and the impact is still in that $75 million range for the full year.

是的。因此，就交易性外匯而言，我們的全年指引或全年假設實際上沒有變化。我們在第一季到第二季看到的情況與我們的指引一致。因此，我們的對沖計劃正在按預期發揮作用，全年影響仍處於 7500 萬美元的範圍內。

In terms of commodities, we expect a modest positive impact for the full year, which is more in Seating than in E-Systems. And so the net performance that we're guiding to for the full year is really driven in E-Systems more by what's happening on the operations side. And we talked a lot about restructuring and how that's impacting Seating, but also in E-Systems we're seeing the benefit of our restructuring savings.

就大宗商品而言，我們預計全年將產生適度的正面影響，其中更多的是座椅方面，而不是電子系統方面。因此，我們指導的全年淨績效實際上更取決於營運方面發生的情況。我們談論了很多關於重組及其對座位的影響，而且在電子系統中，我們看到了重組節省的好處。

We're also seeing some improvements in our North America wire business. We have a lot of launch activities. So as the year progresses, we expect to see meaningful improvements operating costs and that sort of subsegment of E-Systems as well, and that's kind of a key driver or enabler of the net performance we see in E-Systems.

我們也看到北美電線業務有所改善。我們有很多啟動活動。因此，隨著時間的推移，我們預計營運成本以及電子系統的此類細分市場將出現有意義的改善，這是我們在電子系統中看到的淨性能的關鍵驅動因素或推動因素。

But we really see strong performance kind of across the board in E-Systems. And I think that was on full display during the first quarter, and we expect more of the same as the year progresses.

但我們確實在電子系統中看到了全面的強勁表現。我認為這一點在第一季得到了充分體現，我們預計隨著時間的推移，情況會更加相似。

Our next question comes from Chris McNally from Evercore.

我們的下一個問題來自 Evercore 的 Chris McNally。

I wanted to zoom out and maybe just do a little bit of more of a high-level question, particularly around E-Systems and electrical architecture. We've definitely been receiving lots of investor questions around sort of new zonal architectures, if you look at VW, working with XPENG in China, and just a feel that China may be moving to sort of zonal architectures quicker than expected.

我想縮小範圍，也許只是做一些高級問題，特別是圍繞電子系統和電氣架構。我們確實收到了很多關於新區域架構的投資者問題，如果你看看大眾汽車，與小鵬汽車在中國的合作，就會感覺到中國可能會比預期更快地轉向某種區域架構。

I know you can't talk about specific customers, specific programs, but I would love to just have you opine on the content opportunity for Lear, particularly in China, in some of these new electrical architecture systems. Are they being done more in-house? Is there opportunity for sort of next-gen technology from Lear. It's -- because it seems like every couple of years, we always have this discussion around well wiring and traditional legacy Tier 1s get priced out of new architectures, and it doesn't seem to play out. So I just wanted to give you guys the floor to talk about what we see in China over the next couple of years.

我知道你不能談論特定的客戶、特定的項目，但我很想讓你就李爾的內容機會發表意見，特別是在中國，在一些新的電氣架構系統中。它們是否更多地在內部完成？是否有機會使用李爾的下一代技術？這是因為似乎每隔幾年，我們總是圍繞著良好的佈線進行討論，而傳統的一級技術因新架構的定價而被淘汰，但它似乎並沒有發揮作用。所以我想讓你們談談未來幾年我們在中國看到的情況。

Yes, I'm going to -- Carl Esposito is here. I'm going to let him kind of field that question.

是的，我要去——卡爾·埃斯波西託在這裡。我會讓他回答這個問題。

Yes. We're actually working on three zonal architecture programs already with a number of customers from a technology architecture perspective outside of China. And so I think that we'll see some of those architectures migrate into China and some domestic development. And our teams on the ground there are communicating with customers to see where there are business opportunities for us. But we're fully participating in that shift to zonal architectures.

是的。實際上，我們正​​在與中國以外的許多客戶從技術架構的角度合作開發三個區域架構專案。因此，我認為我們將看到其中一些架構遷移到中國以及一些國內開發。我們在當地的團隊正在與客戶溝通，看看哪裡有我們的商機。但我們正在全力參與向區域架構的轉變。

And we were talking about each customer kind of move at a different pace. And those zonal architectures are going to migrate at different levels of integration. So we're participating in that part of the market.

我們正在討論每種客戶以不同的速度移動。這些區域架構將以不同的整合層級進行遷移。所以我們正在參與這部分市場。

I think if there's any trends picking up from some of the trends that we saw in Seating, particularly with the Chinese, the domestic OEMs, is that initially there may be some in-sourcing or design engineering work that's done in-house. But the trend is that it has moved out. I mean particularly with Seating, what we saw was our innovation technology really resonated well with the domestics on the ground. And we are one of the fastest-growing seat of high premium seating within China.

我認為，如果從我們在座椅領域看到的一些趨勢（特別是中國國內原始設備製造商）中看到的任何趨勢來看，最初可能會有一些內部採購或設計工程工作在內部完成。但趨勢是它已經搬走了。我的意思是，特別是在座椅方面，我們看到我們的創新技術確實與當地國內人士產生了很好的共鳴。我們是中國成長最快的高級座椅之一。

And I think we're seeing that very similar in E-Systems, that initially there's -- the technology moves that may occur outside of China, but then will quickly be replicated or moved to China. And I think we're going to see a very similar trend. And we're already picking up additional quotes within China on some of that technology innovation.

我認為我們在電子系統中看到了非常相似的情況，最初可能會在中國境外發生技術轉移，但隨後很快就會被複製或轉移到中國。我認為我們將會看到非常相似的趨勢。我們已經在中國獲得了更多有關某些技術創新的報價。

The Chinese domestic kind of core of the E-Systems business is really with Geely and their family of brands, Volvo, Polestar, Lynk & Co, et cetera, FAW and Great Wall, and SAIC maybe to a lesser extent. And so we haven't seen that change in that customer group. So that's really where we have the most exposure. We don't have business with Xiaopeng. So we're not -- we're not involved in that architecture change specifically.

中國國內電子系統業務的核心其實是吉利及其旗下品牌家族，沃爾沃、北極星、領克等，一汽和長城，以及上汽集團，程度可能較小。因此，我們還沒有看到該客戶群發生這種變化。所以這確實是我們曝光最多的地方。我們和小鵬沒有業務。所以我們沒有──我們沒有專門參與架構的改變。

And if I could just do a follow-up, because it's a great point that we hear often, whether it be seats, airbags, ADAS, is that there's often this 2-stage kind of application of Chinese growth where there is a lot done in-house, but when they sort of either scale or go to export markets, that they're using more western suppliers.

如果我能做一個後續行動，因為這是我們經常聽到的一個很好的觀點，無論是座椅、安全氣囊、ADAS，還是中國的增長經常有這種兩階段的應用，其中有很多工作要做但當他們擴大規模或進入出口市場時，他們會使用更多的西方供應商。

And is that an issue of quality or some just that they basically learned that, to scale, there's some components that they really should not be working on internal and they can give it to the Western suppliers who are doing this globally? Because your comments on Europe being ported over to China is one that we hear across multiple kind of advanced components.

這是品質問題還是只是他們基本上了解到，為了擴大規模，有些組件他們確實不應該在內部進行工作，他們可以將其交給在全球範圍內這樣做的西方供應商？因為您對歐洲被移植到中國的評論是我們在多種先進組件中聽到的。

Yes, I think it's a combination. It depends on the customer. There's particular customers we're quoting right now in Europe that are moving to Eastern Europe that, our experience on the ground, we have tremendous knowledge with labor, manufacturing, the infrastructure we have in place. And then you have the technology side.

是的，我認為這是一個組合。這取決於客戶。我們現在引用的歐洲一些特定客戶正在遷移到東歐，根據我們的實地經驗，我們在勞動力、製造和現有基礎設施方面擁有豐富的知識。然後是技術方面。

When I talk about the Seating, we've done an excellent job of growing with the domestics and seeing opportunities continue to expand around technology and innovation. And when I talk about modular seating or I talk about the technology that we're able to bring within the components, we are one of the large, if not the largest, premium seat supplier to the domestic in China. So we're in a very good position there.

當我談論座椅時，我們在與國內同行共同成長方面做得非常出色，並看到圍繞技術和創新的機會不斷擴大。當我談論模組化座椅或我們能夠在組件中引入的技術時，我們是中國國內最大的（即使不是最大的）優質座椅供應商之一。所以我們在那裡處於非常有利的位置。

So I think it depends on the application. It depends on the location of where they're moving. But for a lot of reasons. Just our capabilities and knowledge on the ground in the region we're looking to expand, but also our product and innovation within our manufacturing plants are very helpful for them.

所以我認為這取決於應用程式。這取決於他們要搬家的位置。但由於很多原因。我們在希望拓展的地區的能力和知識，以及我們製造工廠的產品和創新，都對他們非常有幫助。

And just to kind of add to Ray's point there, and I think the evidence that it's partially a technology motivation by the customers. If you look at the business we're winning. With BYD, for example, it's on the higher end where we've just won some additional business with -- on their Denza brand, which is a higher-end brand. We're launching the -- with Mi Auto, Xiaomi's auto arm, the SU7, which is a fantastic product, but they came to us because of our technology and innovation capabilities, NIO and the [ESAF] as well.

只是為了補充雷的觀點，我認為有證據表明這部分是客戶的技術動機。如果你看看我們正在獲勝的業務。以比亞迪為例，它處於高端市場，我們剛剛贏得了一些額外的業務——他們的 Denza 品牌，這是一個高端品牌。我們正在與小米的汽車手臂 Mi Auto 一起推出 SU7，這是一款非常棒的產品，但他們來找我們是因為我們的技術和創新能力，蔚來和 [ESAF] 也是如此。

So we're seeing not just with the Chinese domestics move outside of China, but even within China on their higher-end products, gravitating to us specifically. I'm not sure if it's the western suppliers generally, but to Lear specifically, because of our unique capabilities in Seating.

因此，我們不僅看到中國國內產品走出中國，甚至在中國境內，他們的高端產品也特別吸引我們。我不確定是否普遍是西方供應商，但具體是李爾，因為我們在座椅方面具有獨特的能力。

And I think just to add to that, the speed to market, I mean, how fast they're moving and having that innovation readily available both on the automation side within the manufacturing plants, but on the product side. So having that knowledge and capability that's readily available is very important to them.

我想補充一點，上市速度，我的意思是，他們的發展速度有多快，並且在製造工廠的自動化方面和產品方面都可以隨時獲得這種創新。因此，擁有現成的知識和能力對他們來說非常重要。

And our final question today comes from Dan Levy from Barclays.

今天我們的最後一個問題來自巴克萊銀行的丹·利維。

Trevor Young on for Dan today. First, I wanted to ask about Seating, particularly around the mix impacts on 1Q. It looks like you called out negative platform mix across pretty much every region, and the $144 million in volume and mix headwind you included in the 1Q bridge, it looks pretty substantial versus the 2024 bridge you set out for the full year in January.

特雷弗·楊今天替補丹。首先，我想詢問有關座位的問題，特別是對第一季的混合影響。看起來您幾乎在每個地區都指出了負面的平台組合，並且您在第一季橋樑中包含了1.44 億美元的交易量和混合逆風，與您在1 月份為全年設定的2024 年橋樑相比，它看起來相當可觀。

So I assume you're expecting mix headwinds to soften throughout the year. Is there anything driving these mix -- offsetting these mix headwinds beyond just easier comps?

因此，我認為您預計全年的混合阻力將會減弱。除了簡單的配樂之外，還有什麼因素可以推動這些混音——抵消這些混音的逆風嗎？

Yes. North America is where we saw this was most pronounced. And it's a combination of mix and the backlog. So backlog is a combination of programs rolling off that either built out or we lost and new business rolling on. So for example, in the first quarter, we saw the effects of the Stellantis programs from Brampton, the 300, the Charger, the Challenger roll off.

是的。北美是我們看到這種情況最明顯的地方。這是混合和積壓的結合。因此，積壓工作是滾動計劃的組合，這些計劃要么已經完成，要么我們失去了，以及新業務正在滾動。例如，在第一季度，我們看到賓頓、300、Charger、Challenger 的 Stellantis 計劃的效果逐漸顯現。

We also had an unexpected reduction in the Audi Q5 volumes. They had a strike in their assembly plant that went on for 4, 5 weeks. Those two taken together were about $100 million impact on revenue. And so we had negative growth over market in North America, and would have been positive absent those two items.

奧迪 Q5 的銷量也出乎意料地減少。他們的組裝廠發生了持續四、五週的罷工。這兩項合計對收入的影響約為 1 億美元。因此，我們在北美市場出現了負成長，如果沒有這兩項，我們的市場就會出現正成長。

As we look at the balance of the year, we do expect growth over market to improve pretty significantly. For the full year in Seating, we see it at about 3 points of growth over market from flat in the first quarter. And the biggest driver of that is going to be the backlog as it scales up throughout the year, and then sort of the nonrecurrence of that unusual item with Audi on the Q5 where they lost a lot of volume in the first quarter, down for almost 1/3 of the quarter.

當我們審視今年的餘額時，我們確實預期市場成長將顯著改善。對於全年的座椅業務，我們預計將較第一季持平，較市場成長約 3 個百分點。其中最大的推動因素將是積壓，因為它在全年中不斷擴大，然後奧迪Q5上的那個不尋常的項目不再出現，他們在第一季度損失了很多銷量，下降了幾乎本季度的1/ 3。

That's very helpful. And then as a follow-up, I just wanted to ask if you could describe the smoothness and/or efficiency of customer production in 1Q relative to recent quarters beyond those -- beyond the impacts of the strike. And then just how you're thinking about your expectation assumed in the guide for production smoothness as we move throughout the year?

這非常有幫助。然後作為後續行動，我只是想問您是否可以描述第一季客戶生產相對於最近幾季的平穩性和/或效率，除了罷工的影響之外。那麼，隨著我們全年的發展，您如何看待指南中對生產平穩性的預期？

Yes, it's definitely improved from a year ago, and we saw a steady improvement throughout last year. And we're seeing that continue into the first part of this year. We're through 4 months now. And we're definitely seeing an improvement in the stability of production globally. That's not to say there aren't going to be one-off issues. There have been some disruptions with a handful of customers for a variety of reasons, but it's less impactful than what we saw last year and certainly 2 years ago.

是的，它確實比一年前有所改善，而且去年我們看到了穩定的改善。我們看到這種情況會持續到今年上半年。我們現在已經4個月了。我們確實看到全球生產穩定性有所改善。這並不是說不會有一次性問題。由於各種原因，少數客戶受到了一些幹擾，但影響比我們去年和兩年前看到的要小。

Okay. Do you want to go ahead and (inaudible)?

好的。您想繼續嗎（聽不清楚）？

Yes, I think that's the end of the formal presentation, and it's probably just Lear employees that are still on the call. We want to take a second here to congratulate Ed Lowenfeld on his retirement. This is his last week at Lear after 20 -- successful 20-year career here in Treasury and IR and HR. He's done a little bit of everything for us, he's been an important part of the team, important part of the finance organization and great support to me personally in the role, and I wish him all the best.

是的，我認為正式演示就到此結束了，可能只有李爾員工仍在參加電話會議。我們想在這裡花一點時間祝賀艾德·洛文菲爾德退休。這是他 20 歲後在李爾的最後一周——在財務、投資者關係和人力資源領域擁有 20 年成功的職業生涯。他為我們做了一點點事情，他是團隊的重要組成部分，財務組織的重要組成部分，並且對我個人在這個職位上的大力支持，我祝他一切順利。

Yes. Ed, as you've left Lear in a better place, your work has been outstanding. I've enjoyed working with you. I want to thank you for all your years and service here at Lear. It's been great knowing you, and I wish you all the luck in your new retirement life.

是的。艾德，由於你把李爾留在了一個更好的地方，所以你的工作非常出色。我很高興和你一起工作。我要感謝您多年來在李爾的工作和服務。很高興認識你，祝你在新的退休生活中一切順利。

Thank you. Thank you. very much. I appreciate it. Lear has been a great place to work, and I see great things ahead.

謝謝。謝謝。非常。我很感激。李爾公司是一個很棒的工作場所，我看到了未來的美好前景。

And fortunately, we have great depth in our finance organization. And so we have 2 people. Ed's shoes are so big, it took 2 to fill them. We've got Tim Brumbaugh being the primary interface with investors, taking over for Ed, and Marianne Vidershain, who is our Treasurer, will have overall responsibility for both treasury and the IR function. So congratulations.

幸運的是，我們的財務組織具有很強的深度。所以我們有 2 個人。艾德的鞋子太大了，需要兩雙才能填滿。我們讓 Tim Brumbaugh 接替 Ed 擔任與投資者的主要聯絡人，而我們的財務主管 Marianne Vidershain 將全面負責財務和投資者關係職能。所以恭喜你。

Lear team, thank you very much. Good quarter. Looking forward to continuing our success. Thank you.

李爾團隊，非常感謝你們。好季度。期待我們繼續取得成功。謝謝。

Ladies and gentlemen, that does conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們先生們，今天的電話會議和演講到此結束。我們非常感謝您的加入。現在您可以斷開線路。