Lear Corp (LEA) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Lear Corporation fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. Please also note, today's event is being recorded.

大家早安，歡迎參加李爾公司2024年第四季及全年財報電話會議。（操作員指示）今天的演示結束後，將有機會提問。另請注意，今天的活動正在記錄。

At this time, I'd like to turn the floor over to Tim Brumbaugh, Vice President, Investor Relations. Please go ahead.

現在，我想把發言權交給投資人關係副總裁 Tim Brumbaugh。請繼續。

Thanks, Jamie. Good morning, everyone, and thank you for joining us for Lear's fourth-quarter and full-year 2024 earnings call. Presenting today are Ray Scott, Lear's 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 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。大家早安，感謝您參加李爾公司 2024 年第四季和全年財報電話會議。今天出席的有李爾公司總裁兼執行長雷‧史考特 (Ray Scott)；以及資深副總裁兼財務長 Jason Cardew。李爾公司其他高階管理團隊的成員也參加了這次電話會議。在準備好的發言之後，我們將開始問答環節。您可以在 ir.lear.com 上找到隨這些評論一起發布的簡報的副本。

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.

在雷開始之前，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，以幫助您了解李爾對未來的期望。正如幻燈片 2 上的安全港聲明所詳細說明的那樣，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。

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.

我還想提醒大家，在今天的示範中，我們將參考非 GAAP 財務指標。請參閱我們簡報附錄中的投影片，以了解非 GAAP 項目與最直接可比較的 GAAP 指標的調整表。

The agenda for today's call is on Slide 3. First, Ray will review highlights from the year and provide a business update. Jason will then review our fourth-quarter and full-year financial results and provide our outlook for 2025. Finally, Ray will offer some concluding remarks. Following the formal presentation, we would be happy to take your questions.

今天電話會議的議程在幻燈片 3 上。首先，雷將回顧今年的亮點並提供業務最新情況。然後，傑森將回顧我們的第四季度和全年財務業績並提供 2025 年的展望。最後，Ray 將做一些總結性發言。正式演講結束後，我們很樂意回答您的問題。

Now, I'd like to invite Ray to begin.

現在，我想請 Ray 開始。

Thanks, Tim. Please turn to Slide 5, which highlights key financial metrics for the fourth-quarter and full-year 2024. We have generated $23.3 billion of revenue in 2024. Core operating earnings were $1.1 billion, or 4.7% of net sales for the year. Adjusted earnings per share was $12.62, an increase of 5% from last year, driven by the benefit of our share repurchase program and higher earnings. Operating cash flow was $1.1 billion, and free cash flow was $561 million in 2024.

謝謝，蒂姆。請翻到投影片 5，其中重點介紹了 2024 年第四季和全年的關鍵財務指標。我們在 2024 年創造了 233 億美元的收入。核心營業利潤為 11 億美元，佔全年淨銷售額的 4.7%。調整後每股收益為 12.62 美元，較去年增長 5%，這得益於我們的股票回購計劃和更高的收益。2024 年營運現金流為 11 億美元，自由現金流為 5.61 億美元。

Slide 6 highlights the key financial and strategic initiatives we delivered on in 2024. As a reminder, we have four strategic priorities: one, innovation; two, building on our automation and digitalization advantage through IDEA by Lear; and three, improving our market share with growing customers; and four, delivering financial performance for our shareholders.

投影片 6 重點介紹了我們在 2024 年實施的關鍵財務和策略舉措。提醒一下，我們有四個策略重點：一是創新；二、透過 Lear 的 IDEA 鞏固我們的自動化和數位化優勢；第三，隨著客戶數量的增加，我們的市佔率也將持續提升；第四，為股東提供財務績效。

Our execution on these key priorities enabled us to generate strong free cash flow conversion, meeting our target of 80% for the year, driven by our operating performance and inventory management. This allowed us to repurchase $400 million worth of shares, surpassing our $325 million target, while maintaining our dividend.

這些關鍵優先事項的執行使我們能夠產生強勁的自由現金流轉換，在營運績效和庫存管理的推動下，達到了全年 80% 的目標。這使我們能夠回購價值 4 億美元的股票，超過了 3.25 億美元的目標，同時保持了我們的股息。

The restructuring and efficiency plans we implemented helped us reduce our global headcount by 15,000. Our headcount was reduced by 9% in Seating and 8% in E-Systems. These reductions exceeded the targets for both segments we laid out earlier in the year. We grew adjusted earnings per share for the fourth consecutive year, up 5% year over year.

我們實施的重組和效率計劃幫助我們將全球員工人數減少了15,000人。我們的座椅部門員工人數減少了 9%，電子系統部門員工人數減少了 8%。這些減幅超過了我們今年稍早為兩個部門設定的目標。我們的調整後每股盈餘連續第四年成長，年增 5%。

Our total company revenue outperformed the market by 2 percentage points. Sales in both segments beat the industry, with E-Systems outperforming by 6 percentage points. While consolidated Seating outgrowth was less than 1 percentage point, it was 2 percentage points including growth through our non-consolidated joint ventures.

我們公司的總收入比市場高出2個百分點。兩個部門的銷售額均超過行業平均水平，其中 E-Systems 的銷售額高出 6 個百分點。雖然合併座椅業務的成長幅度不到 1 個百分點，但如果算上非合併合資企業的成長，則成長了 2 個百分點。

Additionally, we improved E-Systems' margins for the second consecutive year to over 5%. We clearly have more work to do, but we are executing our strategic and operational initiatives to drive margin improvements. Our growth with Chinese OEMs has been significant. We launched our seats on the Xiaomi SU7 and won new awards with BYD, Geely, and other Chinese domestic OEMs in Seating as well as Changan and Dongfeng in both Seating and E-Systems.

此外，我們連續第二年將 E-Systems 的利潤率提高至 5% 以上。我們顯然還有更多工作要做，但我們正在執行策略和營運措施以推動利潤率的提高。我們與中國 OEM 的合作取得了顯著進展。我們在小米SU7上推出了座椅，並與比亞迪、吉利等中國國內OEM在座椅方面以及長安和東風在座椅和E系統方面贏得了新獎項。

In E-Systems, we also won an award for a Geely program in Europe, displacing the current Chinese supplier who produces the same components for the local market. In terms of innovation, we introduced IDEA by Lear and acquired WIP Automation to enhance our capabilities in automation and artificial intelligence, investing in these areas with proven returns.

在電子系統領域，我們也贏得了吉利歐洲計畫的獎項，取代了目前為當地市場生產相同零件的中國供應商。在創新方面，我們引進了李爾公司的IDEA，並收購了WIP Automation，以增強我們在自動化和人工智慧方面的能力，並在這些領域進行了投資，並獲得了可靠的回報。

We recently announced the acquisition of Stoneshield Engineering, which specializes in the development of automation technology for wire harness application. Stoneshield's capabilities will further improve our efficiency and operational excellence in our wire harness assembly business, which is our most labor-intensive manufacturing process. We launched the industry-first ComfortFlex module and secured 19 contracts representing annual revenues of approximately $135 million. We validated the ComfortMax seat with Ford Motor Company, opening new growth opportunities.

我們最近宣布收購 Stoneshield Engineering，該公司專門從事線束應用自動化技術的開發。Stoneshield 的能力將進一步提高我們線束組裝業務的效率和卓越運營，這是我們最勞力密集的製造流程。我們推出了業界首創的 ComfortFlex 模組，並簽訂了 19 份合同，年收入約為 1.35 億美元。我們與福特汽車公司一起驗證了 ComfortMax 座椅，開啟了新的成長機會。

We recently received approval from General Motors to incorporate Lear's innovative ComfortMax seat solution into their mid-sized trucks. Through our partnership with GM, we are integrating thermal comfort components into Lear's trim covers in a modular solution to enhance occupant comfort by bringing the seat heat closer to the occupant while streamlining the manufacturing process. This will be the first ComfortMax seat application to enter the market with a scheduled launch mid-year 2025.

我們最近獲得通用汽車的批准，將 Lear 的創新 ComfortMax 座椅解決方案應用到其中型卡車中。透過與通用汽車的合作，我們將熱舒適組件以模組化解決方案的形式整合到李爾的裝飾罩中，透過讓座椅熱量更靠近乘員來提高乘員的舒適度，同時簡化製造流程。這將是第一個進入市場的 ComfortMax 座椅應用，計劃於 2025 年中期推出。

Finally, we won our first program award for Bentley for our INTU Health and Wellness Award in software technology. This is the first vehicle award from the agreement we announced during our Seating product day in June of 2023. And we expect future vehicle awards and additional In-2 applications.

最後，我們憑藉軟體技術領域的 INTU 健康與保健獎為 Bentley 贏得了第一個專案獎。這是我們在 2023 年 6 月座椅產品日上宣布的協議中頒發的第一個汽車獎。我們期待未來能獲得車輛獎項和更多的 In-2 應用。

Slide 7 highlights the actions we are taking to improve margins and cash flow generation in both business segments. In 2025, we are seeing incremental savings from our strategic actions we have been executing over the last few years. We're continuing to improve efficiency in our wire plants and are benefiting from lower launch and engineering costs.

投影片 7 重點介紹了我們為提高兩個業務部門的利潤率和現金流產生而採取的措施。到 2025 年，我們將看到過去幾年實施的策略行動帶來的增量節約。我們正在繼續提高電線工廠的效率，並從較低的啟動和工程成本中獲益。

Although, we are investing in automation, our capital efficiency from in-house capabilities and reuse allows us to maintain our CapEx spend below our targeted 3% of revenue. We are seeing the benefits from automation investments we have been making and expect approximately $75 million of cost savings in 2025, growing to an annualized savings of $150 million.

雖然我們正在對自動化進行投資，但我們從內部能力和重複使用中獲得的資本效率使我們能夠將資本支出保持在目標收入的 3% 以下。我們看到了自動化投資的好處，預計到 2025 年將節省約 7,500 萬美元的成本，每年節省的金額將成長到 1.5 億美元。

We continue to optimize our capacity and move facilities to lower cost countries to mitigate wage inflation and implement capital and automation actions in our new facilities. In 2024, we closed or sold 13 facilities, reducing our total facility count by 4% during a year when industry production was down 1%.

我們將繼續優化產能，將工廠遷移至成本較低的國家，以緩解薪資上漲，並在新工廠實施資本和自動化行動。2024 年，我們關閉或出售了 13 家工廠，在產業產量下降 1% 的一年裡，我們的工廠總數減少了 4%。

This year, we are in the process of selling or closing an additional five facilities, primarily in Europe where we see the most excess capacity. As these savings are realized through the year, we expect operational margins to improve and target to exit 2025 with approximately a 5% run rate for the total company. We are investing in areas with proven returns, such as automation and efficiency through IDEA by Lear, and we'll continue with our capacity optimization strategy.

今年，我們正在出售或關閉另外五家工廠，主要位於產能過剩最多的歐洲。隨著這些成本節省在全年得以實現，我們預計營運利潤率將會提高，目標是到 2025 年，整個公司的營運率將達到約 5%。我們正在對具有可靠回報的領域進行投資，例如透過 Lear 的 IDEA 實現自動化和效率，並且我們將繼續實施產能優化策略。

We continue to grow with Chinese domestic automakers and are excited to see additional progress on potential new growth opportunities with Japanese automakers. The awarded programs for ComfortFlex and our ComfortMax Seat are starting to launch. The conquest awards we are pursuing will drive continued market share gains in both Seating and E-Systems. Our product and process innovations will help us win these programs as our customers are looking for suppliers that can deliver components that meet their quality and reliability metrics while delivering innovative products at a competitive cost.

我們將繼續與中國本土汽車製造商共同成長，並很高興看到與日本汽車製造商在潛在的新成長機會方面取得進一步進展。ComfortFlex 和 ComfortMax 座椅的獲獎項目即將開始推出。我們所追求的征服獎項將推動座椅和電動系統的市場份額持續成長。我們的產品和工藝創新將幫助我們贏得這些項目，因為我們的客戶正在尋找能夠提供符合其品質和可靠性指標的組件，同時以具有競爭力的成本提供創新產品的供應商。

In the long term, our lower return non-core electronic products will build out. And as the next generation replacement programs launch in our core business, their pricing will fully reflect current economics, which has weighed on margins for the last couple of years. The combined effects of these actions will enable us to grow faster than the market while improving margins and cash flow generation, allowing us to continue to return capital to our shareholders.

長遠來看，我們回報率較低的非核心電子產品將會逐漸壯大。隨著下一代替代計劃在我們的核心業務中推出，其定價將充分反映當前的經濟狀況，這在過去幾年一直對利潤率造成壓力。這些措施的綜合作用將使我們以高於市場的速度成長，同時提高利潤率和現金流生成，使我們能夠繼續向股東返還資本。

Okay, moving to Slide 8. We highlight the sustainable cost advantage we have created through our product and process innovations in Seating. Our ComfortFlex and ComfortMax Seat by Lear solutions can drive a 5% to 20% thermal comfort cost improvement by reducing components, weight, and complexity, while also enabling us to remove assembly labor from our just-in-time facilities.

好的，轉到投影片 8。我們強調透過座椅產品和工藝創新所創造的永續成本優勢。我們的 ComfortFlex 和 ComfortMax Lear 座椅解決方案可透過減少組件、重量和複雜性將熱舒適度成本降低 5% 至 20%，同時也使我們能夠從即時工廠中消除組裝勞動力。

The savings potential is dependent on the scale of the complexity of the existing system. The systems with more components will result in higher potential savings. For example, there is greater opportunity for savings in a luxury three-row SUV with lumbar, vent, and massage systems compared to a mid-market vehicle that only has heater mats.

節省潛力取決於現有系統的複雜程度。包含更多組件的系統將帶來更高的潛在節省。例如，與僅配備加熱墊的中端市場車輛相比，配備腰部支撐、通風口和按摩系統的豪華三排 SUV 更能節省開支。

Process improvements driven by our IDEA initiatives are estimated to reduce costs for the additional value-added content by approximately 10% to 20%. We expanded our Thagora capabilities into all of our leather facilities, driving better utilization. Our rollout of our [LearVUE] defect detection and finesse operations as well as designing a product to leverage our automation capabilities is expanding our competitive advantage in Seating.

我們的 IDEA 計劃推動的流程改善預計將使額外增值內容的成本降低約 10% 至 20%。我們將 Thagora 功能擴展到我們所有的皮革設施，以提高利用率。我們推出的 [LearVUE] 缺陷檢測和精細操作以及設計利用自動化功能的產品正在擴大我們在座椅方面的競爭優勢。

Product innovation and process improvements have allowed us to reduce Seating costs for new programs by 200 to over 500 basis points. This durable cost advantage will allow us to increase our industry-leading seat margins and continue to separate ourselves from our competitors. And when combined with innovative designs that drive better efficiency and time-to-sensation, we're able to provide a better value proposition to our customers.

產品創新和流程改進使我們能夠將新項目的座位成本降低 200 到 500 個基點以上。這種持久的成本優勢將使我們能夠提高行業領先的座位利潤率，並繼續與競爭對手區分開來。當與能夠提高效率和感知時間的創新設計相結合時，我們能夠為客戶提供更好的價值主張。

Slide 9 provides an update on Lear's growth with Chinese domestic automakers. Lear has 30 years of automotive experience in China. Over that time, Lear has strengthened its local presence, built strong relationships with key customers, and has become a clear leader in luxury Seating. In 2025, we have several launches with BYD, Geely, Xpeng, Changan, Dongfeng, and NIO. We also continue to see growth with additional sourcing opportunities with Xiaomi.

第 9 頁介紹了李爾與中國國內汽車製造商共同發展的最新情況。李爾在中國擁有30年汽車產業經驗。在此期間，李爾公司加強了其在當地的影響力，與主要客戶建立了牢固的關係，並成為了豪華座椅領域的領導者。2025年，我們將與比亞迪、吉莉、小鵬、長安、東風、蔚來等公司合作推出多款車型。我們也看到，透過與小米合作，我們獲得了更多的採購機會，並繼續實現成長。

The portion of our total revenue from Chinese domestic automakers grew from about 20% three years ago to approximately 33% in 2024, and increasing to more than 37% in 2025. With our current backlog and the new business opportunities we are pursuing, we expect 50% of our revenue in China to be from Chinese domestic automakers by 2027. China continues to be an important market for Lear, and our relationships with key domestic automakers is driving consistent growth.

我們來自中國本土汽車製造商的總收入份額從三年前的約 20% 增長到 2024 年的約 33%，並於 2025 年增長到 37% 以上。憑藉我們目前的積壓訂單和我們正在尋求的新商機，我們預計到 2027 年，我們在華 50% 的收入將來自中國本土汽車製造商。中國仍然是李爾的重要市場，我們與國內主要汽車製造商的合作關係正在推動持續成長。

Now please turn to Slide 10, which provides details on the changes to our 2024 to 2026 sales backlog since it was originally announced last February. As a reminder, our sales backlog includes awarded programs net of any lost business and programs rolling off. It excludes pursued business, net new business, and our non-consolidated joint ventures in the roll-off of the discontinued product lines in E-Systems.

現在請翻到投影片 10，其中詳細介紹了自去年 2 月首次宣布以來 2024 年至 2026 年銷售積壓的變化。提醒一下，我們的銷售積壓包括扣除任何業務損失和終止計劃後的授予計劃。它不包括追求的業務、淨新業務、以及我們在 E-Systems 中已停產產品線的非合併合資企業。

We typically provide an update on our sales backlog for the next three years at this time. However, we have limited visibility into 2027 due to the rapidly evolving industry environment and customer production plans. Our customers are reassessing the product and powertrain strategies due to the changes in customer demand and potential changes in regulations, which has led to a delay in new program sourcing activities and awards.

我們通常會在此時提供未來三年的銷售積壓情況更新。然而，由於產業環境和客戶生產計畫的快速變化，我們對 2027 年的預測有限。由於客戶需求的變化和法規的潛在變化，我們的客戶正在重新評估產品和動力系統策略，這導致新專案採購活動和授予的延遲。

As OEMs reassessed their powertrain strategies in 2024, they made significant cuts to EV production volumes, delayed EV launches, and canceled several programs. Throughout the course of the year, our 2024 backlog declined due to lower-than-expected volumes on programs including the Volvo EX90, Polestar 3, BMW EVs, and several GM EVs, partially offset by stronger-than-expected volume on the Xiaomi SU7 and the new vehicles for leap motor. The pace of the sourcing activity slowed significantly in 2024, resulting in a buildup of quoting activity into 2025, including several large conquest opportunities in both segments.

隨著原始設備製造商在 2024 年重新評估其動力系統策略，他們大幅削減了電動車的產量，推遲了電動車的發布，並取消了多個項目。在這一年中，我們 2024 年的積壓訂單有所下降，原因是Volvo EX90、Polestar 3、寶馬電動車和幾款通用電動車等項目的銷量低於預期，但小米 SU7 和跳躍汽車新車的銷量超出預期，部分抵消了這一下降。2024 年採購活動的步伐明顯放緩，導致 2025 年報價活動的增加，其中包括兩個領域的幾次大型征服機會。

In 2025, we expect approximately $230 million of net new business compared to the $800 million we had expected when we provided our last backlog update at the start of 2024. The reduction is primarily driven by lower production assumptions for various vehicles, including the Ramcharger, Volvo EX90, the Polestar 3, and several GM EVs, as well as the launch delay of the Ram REV.

到 2025 年，我們預計淨新業務將達到約 2.3 億美元，而我們在 2024 年初提供上次積壓更新時預計的淨新業務為 8 億美元。產量下調的主要原因是，包括 Ramcharger、Volvo EX90、Polestar 3 和多款通用電動車在內的多款車型產量預期下降，以及 Ram REV 的上市延遲。

The decrease in our 2025 backlog is partially offset by an increase in our 2026 backlog from $800 million to approximately $1.1 billion. Several ICE programs that were expected to roll off by 2026 have been extended, including the Lincoln Aviator. In addition, new business awards with Changan, Leapmotor, and others are launching in 2026. Some programs that had been scheduled to launch in 2024 or 2025 are now expected to launch in 2026, such as the Ram REV. We provided an overview of key program launches for 2025 for both segments in the appendix.

我們 2025 年積壓訂​​單的減少部分被我們 2026 年積壓訂​​單從 8 億美元增加到約 11 億美元所抵銷。原計劃於 2026 年推出的幾項 ICE 項目已獲得延長，其中包括林肯飛行家 (Lincoln Aviator)。此外，與長安、零跑汽車等公司達成的新業務合作協議將於2026年啟動。一些原定於 2024 年或 2025 年推出的項目現在預計將於 2026 年推出，例如 Ram REV。我們在附錄中概述了兩個部門在 2025 年啟動的關鍵計畫。

The 2024 to 2026 sales backlog at our non-consolidated joint ventures increased by $100 million from our prior update to $750 million. Our non-consolidated joint ventures continue to win new business, particularly with Chinese domestic OEMs. BYD remains a pivotal customer, representing approximately 50% of our non-consolidated backlog. We are exploring options to consolidate selected Seating joint ventures, which also would increase our consolidated backlog. We anticipate the new program sourcing activity that was delayed in 2024 will resume in the coming months and will result in increase to our backlog for 2027 and beyond. We expect to provide an update on the future three-year backlog later this year in 2025.

我們非合併合資企業的 2024 年至 2026 年銷售積壓訂單較先前更新增加了 1 億美元，達到 7.5 億美元。我們的非合併合資企業繼續贏得新業務，特別是與中國國內 OEM 廠商的業務。比亞迪仍然是我們的關鍵客戶，約占我們非合併積壓訂單的50%。我們正在探索合併選定的座椅合資企業的方案，這也將增加我們的合併積壓訂單。我們預計，2024 年推遲的新項目採購活動將在未來幾個月內恢復，並將導致 2027 年及以後的積壓訂單增加。我們預計將在今年稍後（2025 年）提供未來三年積壓情況的最新消息。

Slide 11 outlines the key metrics investors can use to track our progress towards expanding margins and generating long-term revenue growth. For Seating, we have about $3 billion worth of conquest opportunities that we expect to pull throughout the year. And in E-Systems, we are pursuing two of our largest conquest opportunities in our history. We expect our customers to complete their award activity over the course of the year or early 2026, and will provide updates on key awards as the sourcing process is completed.

投影片 11 概述了投資者可以使用來追蹤我們在擴大利潤率和實現長期收入成長方面的進展的關鍵指標。對於座椅而言，我們有價值約 30 億美元的征服機會，預計全年都會有這些機會。在 E-Systems，我們正在尋求史上最大的兩個征服機會。我們預計我們的客戶將在年內或 2026 年初完成他們的獲獎活動，並將在採購過程完成時提供有關主要獎項的最新消息。

We continue to see significant interest from our customers for our innovative modular seat products. These opportunities, along with continued growth with our core thermal comfort products, are driving revenues from $630 million in 2024 to our target of $1 billion by 2027. Our pipeline of new business with Chinese domestic automakers is strong and growing. We will continue to give updates on growth and new awards with key customers, both in China and globally.

我們持續看到客戶對我們創新的模組化座椅產品的濃厚興趣。這些機會加上我們核心熱舒適產品的持續成長，將推動我們的營收從 2024 年的 6.3 億美元增至 2027 年的 10 億美元。我們與中國國內汽車製造商的新業務管道十分強大且不斷成長。我們將繼續向中國和全球主要客戶通報發展和獲得的新獎項。

We will also update our progress on the key metrics that will drive margin improvement. The investments we are making in IDEA and Automation projects are expected to generate over $75 million of savings this year, growing to $150 million of annualized savings. The restructuring investments we are making will drive an additional $55 million of savings in 2025. The actions we are taking will continue to improve efficiency in our operations.

我們也將更新推動利潤率提高的關鍵指標的進展。我們對 IDEA 和自動化項目的投資預計今年將產生超過 7,500 萬美元的節省，年化節省將成長到 1.5 億美元。我們正在進行的重組投資將在 2025 年帶來額外的 5,500 萬美元的節省。我們正在採取的行動將繼續提高我們的營運效率。

In 2024, we were able to reduce headcount by 15,000 and are targeting a very similar reduction in 2025, allowing us to lower labor costs throughout our operations. You will see the benefits from these actions come through in the net performance we report on a quarterly basis. In 2024, we delivered 30 basis points of net performance in Seating and 50 basis points of net performance improvement in E-Systems.

2024 年，我們成功減少 15,000 名員工，並計劃在 2025 年實現相同程度的裁員，從而降低整個營運過程中的勞動成本。您將在我們每季報告的淨業績中看到這些行動帶來的好處。2024 年，我們在座位方面的淨績效提高了 30 個基點，在電子系統方面的淨績效提高了 50 個基點。

In 2025, we expect to accelerate our positive net performance and deliver about 40 basis points in Seating and about 80 basis points of net performance improvement in E-Systems. Demonstrating strong performance on these metrics will put us on a clear path for sustained growth and improved margins. Margins for both segments are expected to improve throughout the year and we expect the underlying core operating margin run rate to improve to approximately 5% for the total company as we exit 2025.

2025 年，我們預計將加速我們的正淨績效，在座椅方面實現約 40 個基點的淨績效提升，在電子系統方面實現約 80 個基點的淨績效提升。這些指標上的強勁表現將使我們走上持續成長和提高利潤率的明確道路。預計這兩個部門的利潤率將在全年提高，我們預計到 2025 年，整個公司的核心營業利潤率將提高至約 5%。

Our focus is to continue to convert at least 80% of our adjusted net income to free cash flow, allowing us to continue returning capital to our shareholders through our repurchase program. The strong operating performance combined with our share repurchase will continue to drive earnings per share growth based on our outlook. EPS is on track to grow on average 19% per year from 2020 through 2025.

我們的重點是繼續將至少 80% 的調整後淨收入轉化為自由現金流，讓我們能夠透過回購計畫繼續向股東返還資本。根據我們的展望，強勁的營運業績加上我們的股票回購將繼續推動每股盈餘的成長。從 2020 年到 2025 年，每股盈餘預計將以平均每年 19% 的速度成長。

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

現在，我想將電話轉給傑森進行財務審查。

Thanks, Ray. Slide 13 shows vehicle production and key exchange rates for the fourth quarter. Global production increased 1% compared to the same period last year, but was down 1% on a Lear sales-weighted basis. Production volumes declined by 3% in North America and by 8% in Europe, while volumes in China were up 8%. The US dollar was flat against the euro, but weakened against the RMB.

謝謝，雷。幻燈片 13 顯示了第四季度的汽車產量和主要匯率。全球產量與去年同期相比成長了 1%，但以李爾公司銷售加權計算則下降了 1%。北美產量下降了 3%，歐洲產量下降了 8%，而中國產量增加了 8%。美元兌歐元持平，但兌人民幣走弱。

Slide 14 highlights Lear's growth compared to the market for the full year, as well as for the fourth quarter. For the full year, total company growth over market was 2 percentage points, with Seating slightly up and E-Systems 6 points above market. Looking at our full-year growth by region, in 2024, North America growth over market was 3 points, reflecting favorable backlog in both business segments.

投影片 14 重點介紹了李爾公司全年以及第四季相對於市場的成長。就全年而言，該公司整體增幅比市場高出 2 個百分點，其中 Seating 略有成長，而 E-Systems 則比市場高出 6 個百分點。從各地區全年成長情況來看，到 2024 年，北美市場將比市場成長 3 個百分點，這反映出兩個業務部門的積壓訂單情況良好。

New conquest programs such as the Jeep Wagoneer and Grand Wagoneer in Seating as well as new E-Systems business on the General Motors Ultium platform, including the Chevrolet Blazer EV, Honda Prologue, and Acura ZDX, contributed to the growth in the region. 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.

座椅領域的 Jeep Wagoneer 和 Grand Wagoneer 等新征服項目以及通用汽車 Ultium 平台上的全新 E-Systems 業務（包括雪佛蘭 Blazer EV、本田 Prologue 和 Acura ZDX）均促進了該地區的成長。歐洲市場成長率為 1 個百分點，兩個業務部門均受益於路虎攬勝和攬勝運動版銷售的成長。

Seating also benefited from new business with the BMW 5 Series and i5. New electronics business across several BMW and Renault vehicles contributed to E-Systems outperformance. The growth in the region was partially offset by lower volumes on the Audi e-tron in Seating and the Volvo XC40 in E-Systems.

座椅業務也受益於BMW 5 系列和 i5 的新業務。BMW和雷諾多款車型的新電子業務輔助 E-Systems 取得優異表現。該地區的成長被座椅領域奧迪 e-tron 和電子系統領域沃爾沃 XC40 的銷量下降部分抵消。

China revenue growth lagged the market by 3 percentage points, driven by lower volumes on Lear platforms such as the Buick Regal, BMW X3 and iX3 in Seating, and the Volvo XC40 in E-Systems. When you include revenue from our non-consolidated joint ventures, our China growth over market improved by 6 points to 3 percentage points for the year.

中國市場收入成長落後於市場 3 個百分點，主要原因是李爾平台的別克君威、BMW X3 和 iX3 座椅業務，以及Volvo XC40 電動系統業務的銷售下降。如果算上我們非合併合資企業的收入，我們今年在中國市場的成長率將提高 6 個百分點至 3 個百分點。

New business on the Xiaomi SU7 in Seating and the Xpeng Mona in E-Systems offset a portion of the underperformance in consolidated sales in China, and we continue to grow our share with key Chinese automakers such as BYD and Geely, which will improve our customer mix in China going forward.

小米SU7座椅和小鵬Mona電動系統的新業務抵消了中國市場綜合銷售表現不佳的部分影響，並且我們繼續擴大與比亞迪和吉利等中國主要汽車製造商的份額，這將改善我們未來在中國的客戶結構。

We are also in active discussions with our Seating and JV partners in China to potentially consolidate select joint ventures, which would have a positive impact on our consolidated growth over market going forward, and provide investors with a clearer view of the strength of our competitive position in this key market.

我們也正在與中國的座椅和合資夥伴積極討論合併選定的合資企業的可能性，這將對我們未來的市場綜合成長產生積極影響，並讓投資者更清楚地了解我們在這個關鍵市場的競爭地位。

In the fourth quarter, total company revenue growth lagged the global market by 1 percentage point, with Seating underperforming by 2%, partially offset by E-Systems outperforming by 3%. Including the impact from our non-consolidated joint ventures, our total company revenue growth was in line with the global market.

第四季度，公司總營收增幅落後全球市場 1 個百分點，其中 Seating 表現落後 2%，但 E-Systems 表現優異 3% 部分抵銷了這一影響。包括非合併合資企業的影響，我們公司的整體收入成長與全球市場保持一致。

Turning to Slide 15, I will highlight our financial results for the fourth quarter of 2024. Our sales declined 2% year over year to $5.7 billion. Excluding the impact of foreign exchange, commodities, acquisitions, and divestitures, sales were also down 2%, reflecting lower volumes on Lear platforms, partially offset by the addition of new business in both of our business segments. Our operating earnings were $258 million compared to $288 million last year, driven by lower volumes on Lear platforms, partially offset by positive net performance and our margin accretive backlog.

轉到第 15 張投影片，我將重點介紹我們 2024 年第四季的財務表現。我們的銷售額年減 2% 至 57 億美元。除去外匯、大宗商品、收購和資產剝離的影響，銷售額也下降了 2%，反映了李爾平台銷量的下降，但我們兩個業務部門新增業務在一定程度上抵消了這一影響。我們的營業利潤為 2.58 億美元，而去年同期為 2.88 億美元，這主要由於 Lear 平台銷量下降，但被積極的淨業績和利潤率增加的積壓訂單部分抵消。

Adjusted earnings per share were $2.94, as compared to $3.03 a year ago, reflecting lower adjusted net income, partially offset by the benefit of our share repurchase program. Fourth-quarter operating cash flow was $681 million compared to $570 million last year, primarily due to improvements in working capital, partially offset by lower core operating earnings and higher cash restructuring costs.

調整後每股收益為 2.94 美元，而去年同期為 3.03 美元，反映出調整後的淨收入下降，但部分被我們的股票回購計畫的收益所抵銷。第四季營運現金流為 6.81 億美元，而去年同期為 5.7 億美元，主要由於營運資本改善，但核心營運收益下降和現金重組成本上升部分抵銷了這一影響。

Slide 16 explains the variance in sales and adjusted operating margins for the fourth quarter in the Seating segment. Sales for the fourth quarter were $4.2 billion, a decrease of $167 million or 4% from 2023. Excluding the impact of foreign exchange, commodities, acquisitions, and divestitures, sales were down 3% due to lower volumes on Lear platforms, partially offset by the addition of new business

投影片 16 解釋了座椅部門第四季的銷售額和調整後營業利潤率的差異。第四季銷售額為 42 億美元，較 2023 年減少 1.67 億美元，下降 4%。排除外匯、大宗商品、收購和資產剝離的影響，銷售額下降 3%，原因是李爾平台銷量下降，但新業務的增加部分抵消了這一影響

Adjusted earnings were $257 million, down $37 million or 12% from 2023, with adjusted operating margins of 6.1%. Operating margins were down compared to last year, reflecting lower production on key Lear platforms, partially offset by the roll-on of our margin accretive backlog and positive net performance.

調整後收益為 2.57 億美元，較 2023 年下降 3,700 萬美元或 12%，調整後營業利潤率為 6.1%。營業利益率較去年同期下降，反映出李爾主要平台產量下降，但被利潤成長積壓訂單和正淨業績的滾存所部分抵銷。

Slide 17 explains the variance in sales and adjusted operating margins in the E-Systems segment for the fourth quarter. Sales for the fourth quarter were $1.5 billion, an increase of $31 million or 2% from 2023. Excluding the impact of foreign exchange and commodities, sales were also up 2%, driven primarily by our strong backlog, partially offset by lower volumes on key Lear platforms.

投影片 17 解釋了第四季度 E-Systems 部門的銷售額和調整後營業利潤率的差異。第四季銷售額為 15 億美元，較 2023 年增加 3,100 萬美元，增幅 2%。除去外匯和大宗商品的影響，銷售額也增長了 2%，這主要得益於我們強勁的積壓訂單，但主要李爾平台的銷量下降部分抵消了這一增長。

Adjusted earnings were $77 million or 5% of sales, compared to $84 million and 5.6% of sales in 2023. The decrease in margins reflected lower volumes on Lear platforms, negative net performance in foreign exchange, partially offset by our margin accretive backlog. The negative net performance resulted primarily from year-over-year reductions in finished goods inventory levels.

調整後收益為 7,700 萬美元，佔銷售額的 5%，而 2023 年為 8,400 萬美元，佔銷售額的 5.6%。利潤率的下降反映了 Lear 平台銷售的下降、外匯淨表現為負，但被我們的利潤增值積壓部分抵銷。淨利潤出現負成長主要是由於成品庫存水準年減所致。

Slide 18 explains the variance in sales and adjusted operating margins for the full year in the Seating segment. Sales for 2024 were $17.2 billion, a decrease of $327 million or 2% from 2023. Excluding the impact of foreign exchange, commodities, acquisitions, and divestitures, sales were also down 2% due to lower volumes on Lear platforms, partially offset by the addition of new business.

投影片 18 解釋了座椅部門全年銷售額和調整後營業利潤率的差異。2024 年的銷售額為 172 億美元，比 2023 年減少 3.27 億美元或 2%。除去外匯、大宗商品、收購和資產剝離的影響，銷售額也下降了 2%，原因是李爾平台的銷售下降，但新業務的增加部分抵消了這一影響。

Adjusted earnings were $1.1 billion, down $76 million or 6% from 2023, with adjusted operating margins of 6.5%. Operating margins were down compared to last year, reflecting lower production on key Lear platforms, the impact of foreign exchange and acquisitions and divestitures, partially offset by positive net performance and the rollout of our margin accretive backlog.

調整後收益為 11 億美元，較 2023 年下降 7,600 萬美元或 6%，調整後營業利潤率為 6.5%。營業利潤率與去年同期相比有所下降，反映出主要 Lear 平台產量下降、外匯影響以及收購和資產剝離，但淨業績表現良好以及利潤增值積壓訂單的推出部分抵消了這一影響。

Slide 19 explains the variance in sales and adjusted operating margins for the full year in the E-Systems segment. Sales for 2024 were $6.1 billion, an increase of $166 million or 3% from 2023. Excluding the impact of foreign exchange and commodities, sales were up 4%, driven primarily by our strong backlog, partially offset by lower volumes on Lear platforms.

投影片 19 解釋了電子系統部門全年銷售額和調整後營業利潤率的差異。2024 年的銷售額為 61 億美元，比 2023 年增加 1.66 億美元或 3%。排除外匯和商品的影響，銷售額增長了 4%，這主要得益於我們強勁的積壓訂單，但李爾平台銷量的下降部分抵消了這一增長。

Adjusted earnings were $310 million or 5.1% of sales compared to $275 million and 4.6% of sales in 2023. The increase in margins reflected strong net performance in our margin accretive backlog, partially offset by lower volumes on Lear platforms.

調整後收益為 3.1 億美元，佔銷售額的 5.1%，而 2023 年為 2.75 億美元，佔銷售額的 4.6%。利潤率的成長反映了我們利潤增值積壓的強勁淨表現，但被李爾平台的銷售下降部分抵銷。

Now shifting to our 2025 outlook. Slide 20 provides global vehicle production, volume and currency assumptions that form the basis of our full-year outlook. We base our production assumptions on several sources, including internal estimates, customer production schedules, and S&P forecasts.

現在轉向我們的 2025 年展望。幻燈片 20 提供了全球汽車產量、銷售和貨幣假設，這些假設構成了我們全年展望的基礎。我們的生產假設是基於多種來源，包括內部估計、客戶生產計劃和標準普爾預測。

At the midpoint of our guidance range, we assume that global industry production will be 1% lower than in 2024 or down 2% on a Lear sales-weighted basis, driven primarily by lower volumes in our two largest markets, North America and Europe. While our global production assumptions are generally aligned with the latest S&P forecasts, our estimates differ for a few programs such as the GM full-size SUVs and key Land Rover vehicles due to a combination of customer releases and current demand expectations. From a currency perspective, our 2025 outlook assumes an average euro exchange rate of $1.04 per euro and an average Chinese RMB exchange rate of RMB7.3 to the dollar.

在我們的指導範圍的中點，我們假設全球行業產量將比 2024 年低 1% 或按李爾銷售加權下降 2%，這主要歸因於我們兩個最大市場北美和歐洲的銷量下降。雖然我們的全球生產假設與最新的標準普爾預測基本一致，但由於客戶發布和當前需求預期的不同，我們對通用全尺寸 SUV 和主要路虎車輛等少數項目的估計有所不同。從貨幣角度來看，我們對2025年的展望假設歐元平均匯率為1歐元兌1.04美元，人民幣平均匯率為1美元兌7.3元。

Slide 21 provides detail on our outlook for 2025. Due to the uncertainty of size, scope, and implementation, we have not assumed any impact from potential changes to tariffs. Our revenue is expected to be in the range of $21.9 billion to $22.9 billion. At the midpoint, this would be a decrease of $931 million or 4% compared to 2024. Excluding the impact of foreign exchange, commodities, acquisitions, and divestitures, our revenue would be down 2%.

幻燈片 21 詳細介紹了我們對 2025 年的展望。由於規模、範圍和實施的不確定性，我們沒有假設關稅潛在變化會產生任何影響。我們的收入預計在 219 億美元至 229 億美元之間。以中位數計算，與 2024 年相比，這將減少 9.31 億美元，即 4%。除去外匯、大宗商品、收購和資產剝離的影響，我們的收入將下降 2%。

Core operating earnings are expected to be in the range of $915 million to $1.175 billion. At the midpoint, this implies a decrease of 5% compared to 2024. Adjusted net income is expected to be in the range of $575 million to $765 million.

核心營業利潤預計在 9.15 億美元至 11.75 億美元之間。從中點來看，這意味著與 2024 年相比下降了 5%。調整後的淨收入預計在5.75億美元至7.65億美元之間。

Restructuring costs are expected to be approximately $175 million to support our continued footprint rationalization actions as we continue to aggressively reduce excess capacity, particularly in Europe, and reduce manufacturing costs through automation and by shifting our footprint to lower cost regions. Capital spending is expected to be approximately $625 million to fund our new vehicle launches and investments in automation.

重組成本預計約為 1.75 億美元，用於支持我們持續的足跡合理化行動，因為我們將繼續積極減少過剩產能，特別是在歐洲，並透過自動化和將我們的足跡轉移到成本較低的地區來降低製造成本。預計資本支出約為 6.25 億美元，用於資助我們新車的推出和在自動化方面的投資。

Our outlook for operating cash flow for the year is expected to be in the range of $1.1 billion to $1.3 billion, and our free cash flow is expected to be $530 million at the midpoint of our guidance. The midpoint of our outlook is consistent with our free cash flow conversion target of 80%. Lear's strong focus on generating cash allows us to maintain a strong balance sheet while making organic and inorganic investments to strengthen our business as well as to continue funding share repurchases.

我們預計今年的經營現金流將在 11 億美元至 13 億美元之間，而我們的自由現金流預計為 5.3 億美元（為我們預期的中位數）。我們預期的中點與 80% 的自由現金流轉換目標一致。憑藉對現金創造的高度重視，李爾公司得以保持強勁的資產負債表，同時進行有機和無機投資以加強我們的業務並繼續為股票回購提供資金。

Slide 22 walks our 2024 actual results to the midpoint of our 2025 outlook. Year-over-year revenue is expected to decline by $931 million due to lower volumes and the negative impact from foreign exchange as well as the divestiture of a non-core Seating operation. We expect to maintain overall company adjusted margins at 4.7%, driven by strong net performance in our margin to create a backlog.

投影片 22 將我們的 2024 年實際結果與 2025 年展望的中點進行比較。由於銷售下降、外匯帶來的負面影響以及非核心座位業務的剝離，預計年收入將下降 9.31 億美元。我們預計公司整體調整後的利潤率將維持在 4.7%，這得益於我們利潤率強勁的淨表現以創造積壓訂單。

Positive net performance primarily reflects the benefits from our IDEA by Lear initiatives and savings from restructuring actions, with wage inflation and customer contractual price reductions fully offset by material cost reductions from our suppliers, cost technology optimization, commercial recoveries, and normal plant efficiency programs.

正的淨業績主要反映了李爾公司 IDEA 計劃帶來的好處以及重組行動帶來的節約，而工資上漲和客戶合約價格降低完全被我們供應商的材料成本降低、成本技術優化、商業復甦以及正常的工廠效率計劃所抵消。

Seating operating margins are expected to be flat at 6.5%, reflecting strong net performance offset by the impact of lower volumes on existing platforms. E-Systems segment is expected to maintain flat operating margins at 5.1%, driven by continued performance improvements in our margin to create a backlog, offset by the impact of lower volumes on existing platforms.

座位營運利潤率預計將持平於 6.5%，反映出強勁的淨業績抵消了現有平台銷售下降的影響。電子系統部門預計將保持 5.1% 的平穩營業利潤率，這得益於我們利潤率的持續提升，從而創造了積壓訂單，抵消了現有平台銷量下降的影響。

We've included detailed walks to the midpoint of our guidance for Seating and E-Systems in the appendix. We expect net performance to contribute 40 basis points of margin improvement in Seating and 80 basis points in E-Systems in 2025, an increase from the 40 to 50 basis points we previously estimated, reflecting the positive momentum in both our automation investments and restructuring actions.

我們在附錄中提供了有關座椅和電子系統指導中點的詳細說明。我們預計，到 2025 年，淨業績將為座椅業務的利潤率貢獻 40 個基點，為電子系統業務的利潤率貢獻 80 個基點，高於我們先前估計的 40 到 50 個基點，這反映了我們在自動化投資和重組行動方面的積極勢頭。

Moving to Slide 23, we highlight our commitment to continue to return capital to shareholders. In 2024, we achieved our target of approximately 80% free cash flow conversion, which enabled us to accelerate share repurchases in the second half of the year. In the fourth quarter, we bought back $101 million worth of stock, bringing our full-year repurchases to $400 million, exceeding our target of $325 million.

轉到第 23 張投影片，我們強調了繼續向股東返還資本的承諾。2024年，我們實現了約80%自由現金流轉換的目標，這使我們能夠在下半年加快股票回購。第四季度，我們回購了價值 1.01 億美元的股票，使全年回購金額達到 4 億美元，超過了 3.25 億美元的目標。

Over the course of the year, we reduced our share count by approximately 6%, which will support EPS growth going forward. In 2025, we are again targeting 80% free cash flow conversion, which will enable us to buy back a minimum of $250 million worth of stock with additional repurchases depending on free cash flow generation and acquisition opportunities.

今年，我們將股票數量減少了約 6%，這將支持未來的每股盈餘成長。到 2025 年，我們再次將自由現金流轉換率定為 80%，這將使我們能夠回購價值至少 2.5 億美元的股票，並根據自由現金流的產生和收購機會進行額外的回購。

Since initiating the share repurchase program in 2011, we have repurchased $5.6 billion worth of shares and returned over 85% of free cash flow to shareholders through repurchases and dividends. Our current share repurchase authorization has approximately $1.1 billion remaining, which allows us to repurchase shares through December 31, 2026.

自 2011 年啟動股票回購計畫以來，我們已回購了價值 56 億美元的股票，並透過回購和股利向股東返還了 85% 以上的自由現金流。我們目前的股票回購授權剩餘約 11 億美元，這使我們能夠在 2026 年 12 月 31 日之前回購股票。

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

現在，我將話題轉回給 Ray，讓他談一些結束語。

Thanks, Jason. Please turn to Slide 25. We are focused on executing our strategic initiatives to grow and improve our margin profile. In Seating, we are expanding our market share by growing with all customers, particularly the Chinese domestic automakers, while our innovative solutions are reducing cost and complexity. We're accelerating the deployment of our thermal comfort products and continue to win new business at accretive margins.

謝謝，傑森。請翻到第 25 張投影片。我們專注於執行我們的策略性舉措來增加和改善我們的利潤率。在座椅方面，我們與所有客戶（特別是中國本土汽車製造商）共同成長，從而擴大我們的市場份額，同時我們的創新解決方案也降低了成本和複雜性。我們正在加速部署我們的熱舒適產品，並繼續以增值利潤贏得新業務。

In E-Systems, we are winning new business across all powertrains while continuing to improve our operational performance. Investments we are making in advanced manufacturing and capacity optimization, including aggressive steps to accelerate the deployment of automation, will drive margin expansion in both segments. Our strong focus on generating cash will help us continue to achieve free cash flow conversion of 80%, and we will remain committed to returning excess cash to our shareholders.

在電子系統領域，我們在所有動力系統領域贏得了新業務，同時繼續提高我們的營運績效。我們在先進製造和產能優化方面進行的投資，包括積極加速自動化部署的措施，將推動兩個部門的利潤率擴大。我們對現金創造的高度重視將幫助我們繼續實現 80% 的自由現金流轉換，並且我們將繼續致力於向股東返還多餘的現金。

Now, we'd be happy to take your questions.

現在，我們很樂意回答您的問題。

(Operator Instructions) John Murphy, BOA.

(操作員指令) John Murphy，BOA。

I just want to ask, maybe one question with kind of two parts. I'm just curious if you could talk about sort of the dynamics of competition in the Seating business, specifically if you think about market share, in '25, '26, '27, in the next few years from two specific angles. I mean, first on the innovation side, particularly stuff like ComfortMax, which it sounds like you're winning business very quickly and it's being launched very quickly on ComfortMax with GM.

我只是想問，也許一個問題分成兩個部分。我只是好奇您是否可以談談座椅業務的競爭動態，特別是如果您從兩個特定的角度考慮 25、26、27 年以及未來幾年的市場份額。我的意思是，首先在創新方面，特別是像 ComfortMax 這樣的產品，聽起來你們很快就贏得了業務，並且很快就與通用汽車一起在 ComfortMax 上推出了該產品。

And then also from the angle of your cost actions and automation, which kind of go hand in glove with that, are you able to underprice the competition and still earn good margins and adequate returns? I'm just curious what you think those two factors will drive as sort of your market share go forward and your ability to potentially win even greater business in these out years.

然後從成本行動和自動化的角度來看，這與此密切相關，您是否能夠以低於競爭對手的價格出售產品，同時仍獲得良好的利潤和足夠的回報？我只是好奇，您認為這兩個因素將如何推動您的市場份額不斷擴大，以及您在未來幾年內贏得更大業務的潛在能力。

Yes. Thanks, Mark. That's a good question. And obviously, we've been at this for some time. I mean, we've been thinking about Seating and the need to really change and drive efficiency in the process. I've been in seat since 1988, so I've seen even back to the cushion rooms where things were very similar to the way we were even building years ago and the need to change. There absolutely was a need to change.

是的。謝謝，馬克。這是個好問題。顯然，我們已經這樣做了一段時間了。我的意思是，我們一直在考慮座位問題以及真正改變和提高流程效率的必要性。我從 1988 年起就一直擔任這個職務，所以我什至看到過墊子室的情況與我們幾年前建造的方式非常相似，也需要進行改變。確實需要改變。

And so, we've been acquiring very, very selectively strategic companies that allow us to really change the dynamics of the seat and think about it in a more modular approach, which really eliminates a lot of cost, weight, mass. And in a lot of respects, from all the data that we're seeing, improves the comfort, feel, and really sensation for the end consumer.

因此，我們一直在非常有選擇性地收購策略公司，這些公司使我們能夠真正改變座椅的動態，並以更模組化的方式考慮它，從而真正消除了大量成本、重量和品質。從我們看到的所有數據來看，許多方面都提高了最終消費者的舒適度、感覺和真實感受。

And so, right now, we have been continuing to work is that that combination of the components themselves and the manufacturing facility itself with automation, digitalization, how we're looking at components. It's a combination. So being able to buy your own manufacturing equipment, as of going out and buying selective, very generic capital is very inefficient. The way we're looking at it now, we can lower our capital cost much more geared towards efficiency on the plant floor and is really driving the benefit.

因此，現在，我們一直在繼續努力將零件本身和製造設施本身與自動化、數位化相結合，以及我們如何看待零件。這是一個組合。因此，購買自己的製造設備，而不是出去購買選擇性的、通用的資本，這是非常低效的。從我們現在的角度來看，我們可以降低資本成本，更專注於提高工廠車間的效率，並真正帶來效益。

I think the IDEA by Lear was really the next step that we had to take was really grabbing a hold of all the different capabilities, what we're seeing in our plants and [commonize] them into really a holistic look at how we get it into all of our facilities. And so, one is just the continuation within our facilities to drive our margin expansion within Seating.

我認為李爾公司的 IDEA 實際上是我們必須採取的下一步，即真正掌握所有不同的能力，我們在工廠中看到的一切，並將它們[共同化]成一個真正整體的視角，以了解如何將其融入到我們所有的設施中。因此，一是繼續擴大我們的設施，以推動座椅業務的利潤率擴大。

But your second question is really good. And what we're seeing is now we can actually look at a quote holistically across all of our innovations, both on the modular side with the components and how they integrate with the manufacturing facility. And what we're seeing is, absolutely, our whole goal is to continue to generate really nice returns in Seating, but driving our costs down so that makes it very, very competitive.

但你的第二個問題確實很好。我們現在看到的是，我們實際上可以從整體上看待我們所有創新的報價，包括組件的模組化方面以及它們如何與製造設施整合。我們看到的是，我們的整個目標是繼續在座椅業務上創造良好的回報，同時降低成本，從而使公司具有極強的競爭力。

And that's where I talk about really a durable, sustainable approach to how we look at margins. We think this is very competitive. We've been using the model now in our quote assumptions as we look at future applications. And it really has, and we're protecting our margins. We're going to protect our margins. We think that we have done a nice job through the investments we've made and we deserve a margin that gets a really nice return. And we're being able to actually really compete at a level that I think sets the benchmark.

這就是我真正談論的關於如何看待利潤的持久、可持續的方法。我們認為這是非常有競爭力的。在展望未來的應用時，我們一直在報價假設中使用該模型。事實確實如此，我們正在保護我們的利潤。我們要保護我們的利潤。我們認為，我們透過所做的投資做得很好，我們應該獲得真正豐厚的回報。而且我認為我們確實能夠在基準水平上進行競爭。

And so, what I'm careful of, we put in this presentation intentionally and I'm a little bit hesitant about it because I don't want our competition to see the type of advantages we're seeing internally. But I also think it's fair for investors to understand how we've created a durable, lasting margin, I think, advantage in how we're looking at the business. And that's what we're tracking ourselves to. And so, we get to retain the margin. That's the goal. And we get to drive a different process and a different way of thinking.

因此，我很謹慎，我們是故意把這個放入簡報中的，但我對此有點猶豫，因為我不想讓我們的競爭對手看到我們在內部看到的優勢。但我也認為，讓投資者了解我們如何創造持久的利潤，以及我們如何看待業務，這是公平的。這就是我們追蹤自己的目的。這樣，我們就保留了利潤。這就是目標。我們要推動不同的進程和不同的思考方式。

And so that's why we're really confident. Even though we've had delays in some of these quoting programs, we feel really, really confident in our ability to go in and show our customers what we're doing. And I think this most recent announcement, I talked about Ford and the modular approach and what we did there and it's validated. That was a big step. That gave us enormous amount of confidence as we went in and won the midsize truck with General Motors. And that's -- later this year, we're going to launch it.

這就是我們如此有信心的原因。儘管我們在一些報價程序上遇到了延遲，但我們對我們向客戶展示我們正在做的事情的能力感到非常非常有信心。我認為在最近的公告中我談到了福特和模組化方法以及我們在那裡所做的事情並且它得到了驗證。這是一個很大的進步。這給了我們極大的信心，讓我們能夠與通用汽車一起贏得中型卡車的爭奪。這就是——今年晚些時候，我們將推出它。

And so, what we used to kind of think about these programs was it had to be a new program launch. This kind of sets the tone that we can go in and drive cost and efficiency in an existing program. And the timing could be better. Our customers, when we talk about these delays is getting it right on the cost side. They're looking for innovative solutions, something that's different. We were just in China several weeks ago and what they're looking for is innovative solutions through automation and digitalization and we have it. And so, it's helping us across the board and we get to really retain that margin profile.

所以，我們過去認為這些專案必須是新的專案啟動。這為我們深入現有專案並降低成本、提高效率奠定了基調。而且時機還可以更好。當我們談論這些延誤時，我們的客戶在成本方面做得很好。他們正在尋找創新的解決方案、一些與眾不同的東西。幾週前我們剛到中國，他們正在尋找透過自動化和數位化實現的創新解決方案，而我們做到了。因此，它全面幫助了我們，讓我們真正保留了利潤率。

Ray, just one follow up, bid to book to launch obviously is faster in China, but it now sounds like what you just did with GM with ComfortMax that actually your products are on a shorter schedule than that traditionally. So are we looking at bid to book to launch might be 18 to 24 months as opposed to 36 to three years to six years, like we used to think? What's kind of just the timeframe traditional players in China now, because it sounds like a lot faster?

Ray，我只想問一下，在中國，從競標到預訂再到發布的速度顯然更快，但現在聽起來就像您剛剛與通用汽車合作推出的 ComfortMax 一樣，實際上您的產品的發佈時間比傳統的發佈時間要短。那麼，我們是否認為從競標到預訂再到推出可能需要 18 到 24 個月的時間，而不是像我們過去認為的那樣，需要 36 到 3 年到 6 年的時間？現在中國傳統玩家的時間框架是什麼樣的，聽起來好像快了很多？

Yes, I think everybody's on that push for a much faster turnaround. And I think, like I said, by validating and having our system validated, it was designed so it's agnostic to frame. So it isn't determined by a certain style seat, we can actually move much quicker. And I think the results was this recent award. I think the award we got, we announced it, was significant.

是的，我認為每個人都在努力實現更快的轉變。而且我認為，就像我說的，透過驗證並確認我們的系統，它的設計使得它與框架無關。因此，這並不取決於某種風格的座位，我們實際上可以移動得更快。我認為結果就是最近獲得的這個獎項。我認為我們獲得的這個獎項，以及我們宣布的這個獎項，意義重大。

I think seeing how quick General Motors is moving towards a modular approach, really, again, gives a lot of credibility to what we've been talking about with how we're looking at seats. It allows us to scale. I think one of the questions that comes to mind is as we're putting capital in, it allows us to be flexible with our capital. And so we can run multiple modules across capital that's invested for a single program, continue to lower our cost.

我認為，看到通用汽車如此迅速地轉向模組化方法，確實再次為我們一直在談論的有關如何看待座椅的觀點提供了巨大的可信度。它使我們能夠擴大規模。我想到的一個問題是，當我們投入資本時，它使我們能夠靈活地使用資本。因此，我們可以在單一專案投資的資本中運行多個模組，從而繼續降低成本。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Can you help us frame the market assumption? You're down one. There's a lot of uncertainty how the market's actually going to settle out this year. Any color on how we should think about incrementals, decrementals? Is there any more opportunity to cut costs, if things slow down? And you also commented that you're in line with S&P, but you're different on GMS, EVs, and Land Rover. Is that you're more cautious there? I was trying to understand what that reference was.

您能幫助我們建立市場假設嗎？你落後一分。今年的市場究竟會如何穩定下來，存在著許多不確定性。關於我們應該如何思考增量和減量，有什麼具體資訊嗎？如果發展放緩，是否還有機會削減成本？而且您也評論說，您與標準普爾的觀點一致，但對 GMS、EV 和路虎的看法不同。您在那裡更加謹慎嗎？我試著理解那個參考是什麼意思。

Sure. Let me start with the last part of that question, Colin. When we look at S&P's forecast for those platforms in particular, we thought that they were too cautious. On the GM full-size SUV, they've just gone through a design change. I think that S&P had their volume assumption on that platform down year over year pretty significantly, I think 15%. That didn't make sense to us. And just given the magnitude of that, the CPV on that platform for us, I thought it was important to highlight that.

當然。科林，讓我從這個問題的最後一部分開始。當我們特別關注標準普爾對這些平台的預測時，我們認為他們過於謹慎。在通用全尺寸 SUV 上，他們剛剛經歷了設計變更。我認為標準普爾對該平台的交易量假設同比大幅下降，我認為是 15%。對我們來說這沒有意義。考慮到這個平台的 CPV 的規模，我認為有必要強調這一點。

The other group of programs, the Range Rover, Range Rover Sport and Defender, we saw a really strong performance from JLR in December in particular. That was one of the primary reasons we exceeded our guidance for the fourth quarter. Volumes were stronger than expected. And I think finally sort of in line with the demand for those platforms.

另一組項目，即攬勝、攬勝運動版和 Defender，我們看到捷豹路虎在 12 月的表現非常強勁。這是我們超出第四季預期的主要原因之一。交易量超出預期。我認為這最終會滿足這些平台的需求。

And so there were a number of supply disruptions that JLR dealt with throughout last year, whether it was the aluminum issue or other part shortages. And finally, at the end of the year, they were able to run at their targeted level of production. And so we see that continuing into 2025 as well. So we're a little bit higher than IHS or S&P on those platforms as well.

因此，捷豹路虎去年面臨多起供應中斷問題，無論是鋁問題還是其他零件短缺。最後，在年底他們就能夠達到目標生產水準了。我們認為這種情況也將持續到 2025 年。因此，在這些平台上我們的表現也比 IHS 或 S&P 略高一些。

In terms of the overall market, we do have Europe and North America down again year over year. So we are expecting a relatively weak market or weak demand. And we see that January sort of got started off that way, particularly in Europe.

就整體市場而言，歐洲和北美的市場年比確實出現下滑。因此，我們預期市場或需求將相對疲軟。我們發現一月的情況就是這樣的，尤其是在歐洲。

In terms of decremental margins, they're right around that 20% range. They're a little bit richer than that, just given the mix of programs that are down in Seating, and a little richer than that in E-Systems as well. And you'll see that in the slides we included in the back in the appendix of the presentation.

就遞減幅度而言，它們大約在 20% 左右。他們的財力比這稍微豐富一些，只是考慮到座位方面的程序組合，他們的財力也比這稍微豐富一些。您可以在我們簡報附錄中的幻燈片中看到這一點。

In terms of the decremental margins for the company overall, that's what really -- we were laser-focused on as we built our plan for this year and thought about our guidance for the year. And so the downward conversion on the sales that are down $931 million is less than 5%. I think we're down $50 million year over year.

就整個公司的利潤率下降而言，這才是我們真正關注的問題——我們在製定今年的計劃和思考今年的指導方針時，一直高度關注這個問題。因此，下降 9.31 億美元的銷售額的下行轉換率不到 5%。我認為我們比去年同期下降了 5,000 萬美元。

And so we were very focused on that downward conversion, offsetting the impact of lower volumes through the investments we're making in automation and restructuring and driving that net performance in both segments. So that's a key part of the story here for 2025.

因此，我們非常關注這種向下轉換，透過在自動化和重組方面的投資來抵消銷量下降的影響，並推動兩個部門的淨表現。所以這是 2025 年故事的關鍵部分。

And any color on the cadence of margins? A lot of people are warning about Q1 being kind of tough. Is that something we should be considering?

邊緣的節奏上有顏色嗎？很多人警告第一季將會相當艱難。這是我們該考慮的事情嗎？

Yes, we haven't guided to the first quarter specifically or didn't plan to today, but we do expect the first quarter to be the trough margin for the year. As we were building the plan and looking at the cadence of revenue and earnings, we sort of see that first half pretty similar to the second half of last year in terms of revenues maybe even down slightly. And then we see an improvement in the second half of the year.

是的，我們沒有具體預測第一季的情況，今天也沒有計劃預測，但我們確實預計第一季將是今年的利潤率最低點。當我們制定計劃並觀察收入和收益的變化節奏時，我們發現上半年的收入與去年下半年非常相似，甚至可能略有下降。然後我們看到下半年情況有所改善。

And in terms of the performance improvements in the business, we see that happening steadily throughout the year. First, we've got offset customer price downs and wage inflation. But we have some nice momentum heading into the year because of the investments we made in automation last year and the restructuring efforts that are in process from last year sort of carrying into the start of this year.

從業務績效改善方面來看，我們看到這一情況全年都在穩步推進。首先，我們已經抵銷了客戶物價下跌和薪資上漲的影響。但我們在進入新的一年時取得了良好的發展勢頭，這要歸功於我們去年在自動化方面進行的投資以及從去年開始進行的重組工作，這些重組工作一直延續到今年年初。

And so as we progress through the year, the underlying run rate will improve quarter to quarter. You may have some choppiness due to commercial negotiations. Oftentimes, those will be concentrated in one particular quarter and include some retroactive adjustments. But outside of that, kind of the underlying run rate, what we're really trying to stress today is that you're going to see that steadily improve throughout the year driven by that combination of automation and restructuring.

因此，隨著一年的進展，基礎運行率將會逐季提高。由於商業談判，您可能會遇到一些不順暢的情況。通常，這些會集中在一個特定的季度，並包括一些追溯調整。但除此之外，對於潛在的運行率，我們今天真正想要強調的是，在自動化和重組的推動下，你會看到全年運行率將穩定提高。

Dan Levy, Barclays.

巴克萊銀行的丹‧利維 (Dan Levy)。

Wanted to first start with a question on the recoveries and how you're pricing your programs. Interesting that you're saying there is less visibility, so only two years of backlog, and you've had some cancellations. So to what extent are you having discussions with automakers, A, on recovering for some of these programs where you allocated resources, but the volume has never materialized? And B, reflecting the fact that there's just less visibility on the launches than what we've seen in the past?

首先想問一下關於復甦以及您如何為您的專案定價。有趣的是，您說可見度較低，因此只有兩年的積壓，而且還有一些取消。那麼，A，您在多大程度上與汽車製造商進行了討論，以恢復其中一些您已分配資源但數量從未實現的項目？B，這是否反映出，與過去相比，此次發布的可見度較低？

I think, first of all, from a customer perspective, we obviously are in negotiations, and in some cases even settlement of commercial recovery for lost volume. And that's not typical given the contract nature of guaranteeing volume. But in these particular cases where the volumes have changed so dramatically, and the capital we put in place requires some type of ability to recover, we've been successful in our negotiations. And we'll continue that as we start to see volumes change.

我認為，首先，從客戶的角度來看，我們顯然正在進行談判，在某些情況下甚至會就損失的數量達成商業恢復協議。鑑於保證數量的合約性質，這種情況並不常見。但在這些特殊情況下，由於交易量發生了巨大變化，而且我們投入的資本需要某種復原能力，我們的談判取得了成功。當我們開始看到數量變化時，我們將繼續這樣做。

I think the other thing that we are a little bit more aggressive on was the conservative nature of how we're deploying capital. And so in some cases, we didn't completely capitalize the facility given the uncertainty. If there wasn't a good historical track record, we would deploy a particular capital for a particular run at rate for a particular volume. And so I think the combination of those two, even though we do have capital that we've deployed that's excess, we go after and get recovery from our customer. But we're much more tempered in how we look at deploying capital, particularly in new areas of investment with our customers.

我認為我們更積極的另一件事是我們在資本配置方面的保守性質。因此，在某些情況下，考慮到不確定性，我們並沒有完全利用該設施。如果沒有良好的歷史記錄，我們將為特定運行、特定速率和特定數量部署特定資本。因此，我認為將兩者結合起來，儘管我們部署的資本確實過剩，但我們會追討並從客戶那裡收回資金。但我們對於如何部署資本，特別是在與客戶共同進行新投資領域，則更加謹慎。

And Jason, if you want to talk a little bit about just how we look at it.

傑森，如果你想談談我們是如何看待這個問題的。

Yes, well, I think if you look at our capital expenditure guidance at the start of last year and where we ended up the year, that's the best indication of how we've been able to quickly scale back to the new capacity we're deploying in response to lower volumes that we're seeing in the market. And so that certainly helps in the pricing negotiations when you can demonstrate to your customers that you've already taken steps to try and help them by not putting that capacity in place.

是的，我認為，如果你看看我們去年年初的資本支出指引以及年底的指引，你就會明白我們如何能夠迅速縮減新產能以應對市場上銷量下降的情況。因此，當您能夠向客戶證明您已經採取措施，透過不實施這種容量來嘗試幫助他們時，這肯定會有助於價格談判。

And I think that certainly you're seeing an impact on the business as a result of the lower volumes on these new programs. But we have repriced them to a point where the margin, you look at the margin on the backlog rolling on, it's consistently accretive to overall segment margin. So we've seen that over the last several years and that continues with our guidance for the coming year. We're converting the backlog at about 10% this year, albeit a smaller backlog.

我認為，這些新項目的數量減少肯定會對業務帶來影響。但我們已將它們重新定價到一定水平，在這個水平上，你會看到積壓訂單的利潤率不斷增加，它對整體分部的利潤率不斷增加。我們在過去幾年中已經看到了這一點，這也將繼續體現在我們對來年的指導中。今年，我們將積壓訂單的轉換率保持在 10% 左右，儘管積壓訂單數量較少。

And I think, Dan, as we quote, and we're talking about this buildup of courting activity both in E-Systems and Seating. You have traditional programs that we have a higher confidence level in what their run rate will look like as they get into production. But then there's others that are a little bit more questionable. We really look at the contract and how we're signing up the cap or deploying the cap or investment dollars and working through those.

丹，我認為，正如我們所引用的，我們正在談論 E-Systems 和 Seating 兩家公司之間日益增多的求愛活動。您擁有傳統程序，我們對它們投入生產時的運作率有更高的信心。但還有一些更值得懷疑的地方。我們認真審視合約以及我們如何簽署上限或部署上限或投資資金並開展工作。

I mean, some of the delays that we've talked about are not just how customers will look at deploying and looking at different powertrains, but what is the real volume. And so, some of the delays and some of the quotes is volumes have significantly come down in the quoting process and we make modifications. But given the history, we do have the ability to kind of look at it contractually so that we cover our cost and that we're not putting capacity in place on a very questionable program. And in some cases, if it's too questionable, it's not something that's really a targeted program.

我的意思是，我們談到的一些延遲不僅是客戶如何看待部署和查看不同的動力系統，還涉及實際數量。因此，在報價過程中，一些延遲和一些報價量已經顯著下降，我們做出了修改。但考慮到歷史情況，我們確實有能力從合約角度來審視這個問題，這樣我們才能覆蓋成本，而且不會將產能投入到一個非常可疑的專案上。在某些情況下，如果它太值得懷疑，那麼它就不是一個真正有針對性的計劃。

The second question, I wanted to ask about E-Systems then. In light of the move by one of your competitors to spin off their wire harness business, which I think some may look at as isolating a piece of their business that was punching at lower margins, just wondering how you view the competitive landscape playing out in E-Systems. Is there an opportunity for consolidation? Will consolidation emerge? And then maybe you could just mention, I know in the past you gave some long-term targets on where E-Systems margins could go. At one point you said 8%. That was, I think, a long time ago at this point. What is the updated view today, given all of the labor inflation that we've seen?

第二個問題，我想問一下有關E-Systems的問題。鑑於您的一個競爭對手決定剝離其線束業務，我認為有些人可能認為此舉會孤立其利潤率較低的部分業務，我只是想知道您如何看待 E-Systems 的競爭格局。是否存在整合的機會？是否會出現整合？然後也許您可以提一下，我知道過去您給出了 E-Systems 利潤率的一些長期目標。您曾說過 8%。我想，那已經是很久以前的事了。考慮到我們已經看到的所有勞動力通膨，今天的最新觀點是什麼？

Well, I think the first point that you made, one, I think given the industry and where we're at, I believe that there's not -- not just particularly in E-Systems, but across the board, we're going to see a lot of different consolidations. I think companies are going to have to make sense of where they're at, their ability to scale, efficiencies, synergies, all that stuff. And I think that we're probably at the front of this thing. We've seen other announcements. So I don't think it's just exclusive to E-Systems.

嗯，我認為您提出的第一點，考慮到這個行業以及我們所處的位置，我相信——不僅僅是在 E-Systems 領域，而是在各個領域，我們都將看到很多不同的整合。我認為公司必須搞清楚他們所處的位置、他們的擴展能力、效率、綜效等等。我認為我們可能正處於這件事的前沿。我們還看到了其他公告。所以我不認為這只是 E-Systems 獨有的。

And so in respect to Lear Corporation, we're constantly looking at ways that we can create an increased shareholder value, and it's obviously something we stay very focused on, both how we look at it within Lear today or how it may look over the course of the next year. And so we're always open to any way that we can create value for our shareholders, and we'll remain very flexible, but our plan right now is to continue to generate.

因此，就李爾公司而言，我們一直在尋找能夠增加股東價值的方法，這顯然是我們非常關注的事情，無論是我們今天在李爾公司內部如何看待這個問題，還是在明年如何看待這個問題。因此，我們始終對任何能夠為股東創造價值的方式持開放態度，並且我們將保持高度靈活性，但我們目前的計劃是繼續創造價值。

I think we talk about executing, executing, executing. We have a plan to continue to generate and build durable margins in both segments. And if something else is to present itself that creates more value faster, we're absolutely willing to look at it.

我認為我們討論的是執行、執行、執行。我們計劃在兩個領域繼續創造並建立持久的利潤。如果有其他東西能夠更快地創造更多價值，我們絕對願意考慮它。

And Dan, the only thing I'll add is that we don't see any difference in terms of the long-term margin target in that segment. That is the right operating margin, given the level of working capital and fixed asset deployment in that space.

丹，我要補充的是，我們沒有看到該部門的長期利潤目標有任何差異。考慮到該領域的營運資本和固定資產部署水平，這是正確的營業利潤率。

And as we continue to see some stability in volumes, the benefit of our restructuring actions and automation investments, as well as improvements in the underlying performance of our business. We have highlighted some challenges, particularly in our North America operations last year and in the North America wire business in particular. We've made significant improvement. And as you move throughout last year towards the end of the year, and end of this year, we see a continuation of those efficiency gains happening throughout the first part of this year. And longer term, I think 8% is still the right target. We're not going to provide -- pinpoint timing in terms of when that will happen today on this call, but I think that's still the right way to think about that business long term.

而且，我們繼續看到銷售保持穩定、重組舉措和自動化投資的好處以及業務基礎績效的改善。我們強調了一些挑戰，特別是去年北美業務以及北美電線業務。我們已取得重大進展。當我們回顧去年、今年年底時，我們看到，在今年上半年，效率的提升仍在持續。從長遠來看，我認為 8% 仍然是正確的目標。我們不會在今天的電話會議上提供確切的時間來確定具體時間，但我認為這仍然是長期考慮該業務的正確方式。

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）

If I could start, just maybe a point of clarification or housekeeping. I just want to understand in the walk, and I guess even for the first part and when you talk about the backlog, this wind down, what exactly is that? Because I think it says it's excluded from above on the backlog slide. But I thought you said today, and I know in the past you've said that's a net number. So I guess I just want to understand what that is. And then also, just sorry if I miss this, but in the full-year sales walk, what are you divesting? That's that headwind. And then what is the nearly $200 million in other?

如果我可以開始的話，也許只是澄清一點或做一些常規的事情。我只是想了解這個過程，我想即使是第一部分，當您談到積壓工作、逐漸減少的工作時，那到底是什麼？因為我認為它說它被從積壓幻燈片的上面排除了。但我認為你今天說過，而且我知道你過去也說過那是一個淨數字。所以我想我只是想了解那是什麼。另外，如果我錯過了這一點，我很抱歉，但在全年銷售過程中，您要剝離什麼呢？這就是逆風。那麼另外的近2億美元又是什麼呢？

Okay. All right. So starting with the wind down. So we broke that out last year separately, Joe, when we disclosed our backlog, the initial 2024 to 2026 backlog. And we've talked about this for multiple years, but we have exited certain product categories on the electronic side, the most significant of which are lighting and audio business. And so that is rapidly winding down.

好的。好的。因此，從風平浪靜開始。所以喬，我們去年單獨公佈了這一點，當時我們披露了我們的積壓訂單，即最初的 2024 年至 2026 年積壓訂​​單。我們已經談論這個問題很多年了，但我們已經退出電子方面的某些產品類別，其中最重要的是照明和音訊業務。所以這一進程正在迅速結束。

Now we're closing the largest facility that produces that product in Germany as we speak. And so we have separated that from the go-forward business that's captured in the backlog. And given the magnitude of the programs winding down over the next several years, we thought it was important just to separate that and provide some level of visibility to it.

我們正在關閉德國生產該產品的最大工廠。因此，我們將其與積壓訂單中的未來業務分開。考慮到未來幾年這些項目的逐步結束，我們認為將其分開並提供一定程度的可見性是很重要的。

In terms of what we're divesting, the primary driver of what you see in the walk there is a transaction that's not yet complete, but we anticipate completing here towards the end of the first quarter where we're selling a small non-automotive fabric business, a portion of that non-automotive fabric business that we have today.

就我們正在剝離的業務而言，您在路上看到的主要驅動力是一項尚未完成的交易，但我們預計將在第一季末完成，我們將出售一家小型非汽車面料業務公司，即我們目前擁有的非汽車面料業務的一部分。

And that deal is nearly complete. And that was a key driver to that special item we had in the fourth quarter. We wrote down the assets by $24 million in the fourth quarter, reflecting the expected proceeds from that sale relative to the book value of that business.

該交易已接近完成。這是我們在第四季度推出的特殊項目的關鍵驅動因素。我們在第四季度減記了 2,400 萬美元的資產，反映了該項出售的預期收益相對於該業務帳面價值的比例。

And in terms of the other, the last part of your question was in regards to what comprises other in the walk, is it?

至於其他，你問題的最後一部分是關於步行中其他人由什麼組成，是嗎？

Yes.

是的。

Yes. So how much is it? I don't have it in front of me.

是的。那麼多少錢？我面前沒有它。

It was like, I think, $1 million.

我想，大概是 100 萬美元。

Yes. I think Joe will have to get back to that. You're talking about the other on the revenue side. That's primarily the pass-through for inflation and commodity increases that we receive from our customer that we pass through to directed suppliers. That's the biggest driver of that. I'm sorry. I missed once (inaudible)

是的。我認為喬必須回到這個問題。您談論的是收入方面的其他方面。這主要是我們從客戶收到的通貨膨脹和商品上漲的轉嫁，然後轉嫁給指定供應商。這是最大的驅動因素。對不起。我錯過了一次（聽不清楚）

Okay. That's helpful. The second question is, I guess, just in terms of cash and capital. I guess maybe two parts of that, if I could. One, you mentioned a number of times or alluded to some potential consolidation of the China JVs. I guess I'm wondering if you're earmarking cash for that and how significant that could be.

好的。這很有幫助。我想，第二個問題只是關於現金和資本的問題。如果可以的話，我想也許分成兩個部分。第一，您曾多次提到或暗示中國合資企業的一些潛在合併。我想知道您是否為此撥出了專款，以及這筆錢的重要性如何。

And also on cash, and again, Ray, we sort of talked about this as a driver for the improvement, the investment in automation. And you've talked in the past about higher CapEx for that as well. I am wondering, not that you would sort of completely go off that path, but are you pausing that at all near term just to sort of see exactly how policy plays out just in case you need to move facilities or anything? Or is it sort of just all systems go on the continued automation investment?

還有現金，雷，我們再次談到了這一點，將其作為改進的驅動力，對自動化的投資。而您過去也曾談到更高的資本支出。我想知道，並不是說您會完全偏離這條路，而是您是否會在短期內暫停這條路，只是為了看看政策究竟如何發揮作用，以防您需要遷移設施或做其他事情？還是只是所有系統都繼續進行自動化投資？

Well, I think on the automation, the capital, we've been doing the best paybacks we get. One of the biggest is just-in-time facilities. And so really no need to pause. I think right now, the only thing -- and again, we have a very, I think, a good target around that 3% or less of capital on revenue dollars.

嗯，我認為在自動化和資本方面，我們已經獲得了最好的回報。其中最大的一個就是即時生產設施。所以確實沒必要暫停。我認為現在唯一的事情——而且我認為我們有一個非常好的目標，即收入資本佔比在 3% 或更低。

We don't see a need that we're going to go above that. We actually are seeing our capital numbers come down significantly and our efficiency numbers improving because as we've integrated in-house and manufacture our own capital, it's significantly lower and more specialized for our needs.

我們認為沒有必要超越這個目標。實際上，我們看到我們的資本數字大幅下降，而我們的效率數字則不斷提高，因為隨著我們內部整合並製造自己的資本，我們的資本顯著降低，而且更符合我們的需求。

And so, the investment dollars we've been spending are really around higher cost areas, higher cost regions. And I don't see a change based on policy right now that's going to change the way we're looking at it. We've got some, I think, really good plans that are going in place. Some of it's just more validation and process improvements within our plans, but no significant changes.

所以，我們所花的投資其實是在成本較高的地區。而我目前沒有看到基於政策的改變能夠改變我們看待這個問題的方式。我認為，我們已經制定了一些非常好的計劃並正在實施中。其中一些只是我們計劃中的更多驗證和流程改進，但沒有重大變更。

Yes, those investments, we target programs that have a long remaining life, or at the start of the program even better incorporating that automation, when the program's launching so you get the full benefit of that. And as Ray mentioned, we have ample opportunities on the just-in-time side where the paybacks are short and so we don't see any benefit to holding back that investment.

是的，這些投資，我們的目標是那些具有較長壽命的項目，或者在項目開始時甚至更好地融入自動化，當項目啟動時，您可以充分利用它。正如雷所提到的，我們在即時生產方面有充足的機會，但回報期很短，因此我們認為抑制這筆投資沒有任何好處。

Again, as long as we can hit that 80% free cash flow conversion target, that's sort of the baffle that we're using to make decisions around capital investments, restructuring cash investments, sort of balancing what we can do in terms of returning cash to shareholders through share repurchases by meeting that 80% target. So that's the way we're making decisions around free cash flow deployment.

再說一遍，只要我們能夠達到 80% 的自由現金流轉換目標，這就是我們用來做出有關資本投資、重組現金投資的決策的依據，在透過股票回購向股東返還現金方面，透過實現 80% 的目標來平衡我們可以做的事情。這就是我們圍繞自由現金流部署做出決策的方式。

In terms of non-consolidated JVs, we don't anticipate that being a significant cost, if any, to reach the consolidation. It will be likely a small contributor to capital allocation this year. So that's not a particular factor in our plans for capital allocation overall.

就非合併合資企業而言，我們預期實現合併的成本不會太高（如果有的話）。它很可能對今年的資本配置貢獻很小。所以這不是我們整體資本配置計畫的一個特殊因素。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

We did 1% of growth under market in 4Q, and guidance for '25 implies some headwinds again this year. You spoke to some of those factors, including the program cancellations and pushouts. As you look at where these schedules are now landing and the new backlog, including for 2026, maybe you can help us better understand when you think you get back to your targeted growth over market levels and if that could occur in 2026 based on what you're seeing in the business today?

我們在第四季度實現了低於市場 1% 的成長，而 25 年的預期意味著今年將再次面臨一些阻力。您談到了其中一些因素，包括計劃取消和推遲。當您查看這些航班時刻表目前的進度和新的積壓訂單（包括 2026 年的訂單）時，也許您可以幫助我們更好地了解您認為何時能夠恢復到高於市場水平的目標增長，以及根據您目前看到的業務情況，這是否會在 2026 年實現？

Yes, I think the near-term growth is going to be a little choppy. So '25 is weak, as you've highlighted, coming off a relatively weak fourth quarter. But 2026 will be a strong year for growth for us. And 2027 is still open. There's programs that we're quoting that may be launched in that timeframe. There may be programs that are extended in that timeframe.

是的，我認為近期的成長將會有些不穩定。因此，正如您所強調的，25 月表現較弱，尤其是剛剛經歷了相對較弱的第四季度。但 2026 年將是我們強勁成長的一年。2027 年仍未確定。我們所引用的某些項目可能會在那個時間段內啟動。可能會有一些計劃在該時間範圍內延長。

And that's really the reason we chose not to provide a 2027 backlog today, is there's just so many moving parts it's difficult to provide an accurate number to investors that would be helpful for them or for the analysts modeling the business. But we see a pretty clear path to both the '25 and '26 backlog. And so that's what we could say in the sort of near to midterm.

這就是我們今天選擇不提供 2027 年積壓訂​​單的真正原因，因為有太多可變因素，很難向投資者提供準確的數字，這對他們或為業務建模的分析師來說沒有任何幫助。但我們看到解決 25 年和 26 年積壓問題的路徑相當清晰。這就是我們在中期選舉中可以說的話。

Looking out to '28,' 29, '30, that's where you see the competitive advantage we've built in Seating leading to significant new growth opportunities. In the prepared remarks, we highlighted the $3 billion of conquest opportunities that we're pursuing in Seating. We're not going to win all of that, but we're going to win a significant portion of that. And that's going to launch sort of in that '28, '29, '30 window and will lead to significant growth in the Seating business and allow us to achieve the market share targets that we've previously communicated.

展望28、29、30年，您將看到我們在座椅領域建立的競爭優勢將帶來重大的新成長機會。在準備好的發言中，我們強調了我們在 Seating 中追求的價值 30 億美元的征服機會。我們不會贏得所有勝利，但我們會贏得其中很大一部分。這將在 28、29、30 年內推出，並將帶來座椅業務的顯著成長，並使我們能夠實現先前傳達的市場份額目標。

And we have seen our market share continue to grow. Even with the relatively weak growth over market last year, we still did have positive growth over market, including our non-consolidated JVs and added market share. And so, we expect that trend to continue. '26 will be a bigger step forward than certainly '25, though.

我們看到我們的市場份額持續成長。即使去年市場成長相對較弱，我們的市場仍然實現了正成長，包括我們的非合併合資企業和增加的市場份額。因此，我們預計這一趨勢將會持續下去。然而，'26 無疑將比 '25 邁出更大的一步。

And then on tariffs, maybe you could speak in a little bit more detail around how much of your business, both in Seating and E-Systems, might be exposed to the potential increase in tariffs. And if the 25% tariffs do go into effect, I recognize it's not in your guidance, but if it does, maybe speak more around the incremental steps Lear might be able to take and how much of the extra costs you may be able to mitigate?

然後關於關稅，也許您可以更詳細地談談您在座椅和電子系統方面的業務有多少可能受到潛在關稅增加的影響。如果 25% 的關稅確實生效，我知道這不在您的指導範圍內，但如果確實生效，也許您可以更多地談談 Lear 可能採取的漸進措施以及您可以減輕多少額外成本？

I'll give you a little insight. Obviously learned a lot over the last several days leading up to Saturday night, midnight. And one thing I've realized talking to executives from all of our customers here and then obviously suppliers, that this clearly is an industry issue. And I see this more of a holistic. I'm not going to sit here and pound on the table and tell you we're going to get a 25% or 20% or 10%. It's going to come with a solution for the whole industry.

我會給你一點見解。顯然，在過去幾天直至週六晚上午夜的時候我學到了很多東西。在與這裡所有客戶以及供應商的高管交談時，我意識到了一件事，這顯然是一個行業問題。我認為這更具整體性。我不會坐在這裡拍桌子告訴你們我們將獲得 25% 或 20% 或 10% 的稅率。它將為整個行業提供解決方案。

And what I mean by that is what I realized, like I said, talking to the executives from the customers is that they have choices. And one of them might be that, they may have a pass on and then hope that they can get it from the end customer, which doesn't really seem reasonable. Or they can shut down or try to run their business intermittently for as long as they can, I think very similar to what happened back in COVID, that you run through inventory, then run again, then run through inventory and run highlighted programs and move products around.

我的意思是，正如我所說，我與客戶高層交談時意識到，他們有選擇。其中一種可能是，他們可能會先傳遞訊息，然後希望從最終客戶那裡得到它，但這似乎不太合理。或者他們可以關閉或嘗試盡可能長時間地間歇性地經營他們的業務，我認為這與 COVID 期間發生的情況非常相似，即您檢查庫存，然後再次運行，然後檢查庫存並運行突出顯示的程序並移動產品。

So this is going to be an industry issue. It can be solved holistically. You're only as strong as your weakest link in some respects across the Board. But on Sunday, there was a lot of work that was done in how we're looking at protecting ourselves, how customers would position themselves. And so it's going to be solved, like I said, but it's going to be solved across the Board with all suppliers, and it's going to be solved in a very similar fashion.

所以這將是一個行業問題。可以整體解決。在某些方面，你的實力完全取決於你最弱的環節。但在周日，我們在如何保護自己、如何讓顧客定位自己等方面做了很多工作。所以就像我說的，這個問題會得到解決，但會由所有供應商全面解決，而且會以非常相似的方式解決。

But I think at the end of the day, it's going to lead to a lot of shutdowns and a lot of intermittent downtime, because it was clear that we had suppliers that had letters in with all kinds of different requests that were all different.

但我認為，到頭來，這將導致大量停工和間歇性停機，因為很明顯，我們的供應商發出信函，提出了各種不同的要求。

Mark, just one point I do want to make, I'm glad you asked the question. There's been lots of numbers floating around in terms of what our imports are from Mexico to the US, and just take this opportunity to level set everyone on that. So our total imports last year from Mexico to the US were $2.9 billion, and $2.2 billion of that's in Seating and about $700 million in E-Systems. And so I think that's a little larger number than what's been circulated in various estimates.

馬克，我只想說一點，我很高興你問了這個問題。關於我們從墨西哥向美國進口的商品數量，已經有很多流傳的數字，我只是藉此機會讓大家對此有一個大致的了解。因此，去年我們從墨西哥到美國的進口總額為 29 億美元，其中 22 億美元為座椅，約 7 億美元為電子系統。因此我認為這個數字比各種估計數字要大一點。

In Seating, it's primarily our trim, our seat cover business, structures, and our thermal comfort components. So anything that's labor-intensive in North America in Seating is manufactured in Mexico, and that's going to be the same case for all of our competitors as well. In E-Systems, it's primarily our wire harness business. And so oftentimes, we're the importer of record before that wire harness is eventually shipped to a customer.

在座椅方面，主要包括我們的裝飾、座椅套業務、結構和熱舒適組件。因此，北美所有勞動力密集的座椅產品都是在墨西哥生產的，我們所有競爭對手的情況也是如此。在 E-Systems，我們主要經營線束業務。因此，很多時候，在線束最終運送給客戶之前，我們是記錄進口商。

In terms of Canada and China, our exposures are much smaller, less than $100 million of imports to the US from Canada and roughly $20 million of imports last year from China to the US, and it's had a very negligible impact on us. Most of that is recoverable, extracted by our customers. So a modest impact.

就加拿大和中國而言，我們的曝險要小得多，去年美國從加拿大進口的商品不到 1 億美元，從中國進口的商品約 2,000 萬美元，對我們的影響非常小。其中大部分是可回收的，由我們的客戶提取。影響很小。

And I know we are working actively with our customers in the near term to try and reduce the near-term risk of tariffs by building up some inventory. And so Frank and Nick, the teams are working with customers on that actively as well, but just wanted to kind of level set you on the level of imports we have there.

我知道我們近期正在積極與客戶合作，試圖透過增加庫存來降低近期的關稅風險。因此，弗蘭克和尼克，團隊也在積極地與客戶合作，但我們只是想讓您了解我們在那裡的進口水平。

I think that's the last question for those on the call and I think the majority of the Lear team, but thank you for attending the call. And again, to the team, the Lear team, thank you for everything you did in 2024. We continue to invest in the right areas. We continue to differentiate ourselves and continue to focus on what we're going to do as far as executing this year. So I appreciate all the efforts we're going to go through this year to continue to execute and build a sustainable long path for margin growth. So thank you very much.

我想這是電話會議中與會者和李爾團隊大多數人的最後一個問題，但我還是感謝您參加電話會議。再次感謝李爾團隊在 2024 年所做的一切。我們繼續在正確的領域進行投資。我們將繼續脫穎而出，並繼續專注於今年要做的事情。因此，我感謝我們今年為繼續執行和建立可持續的長期利潤成長道路所做的所有努力。非常感謝。

And ladies and gentlemen, with that, we'll be concluding 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示就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。