Lear Corp (LEA) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Lear Corporation's second quarter 2025 earnings conference Call. (Operator Instructions) Please note that today's event is being recorded.

大家早安，歡迎參加李爾公司 2025 年第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

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 second quarter 2025 earnings Call.

謝謝，傑米。大家早安，感謝您參加李爾 2025 年第二季財報電話會議。

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

今天出席演講的有李爾公司總裁兼執行長雷‧史考特 (Ray Scott) 和高級副總裁兼財務長傑森‧卡迪尤 (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。準備好發言後，我們將開始問答環節。您可以在 ir.lear.com 上找到與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-K and other periodic reports.

在雷開始之前，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，以幫助您了解李爾對未來的期望。正如幻燈片 2 中的安全港聲明所詳述的那樣，由於我們最新的 10-K 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聲明存在重大差異。

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.

我也想提醒大家，在今天的演示中，我們將參考非公認會計準則財務指標。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 指標之間的對帳。

The agenda for today's call is on slide 3. First, Ray will review highlights from the second quarter and provide a business update. Jason will then review our financial results and provide an update on the full year guidance. 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第 3 張投影片。首先，雷將回顧第二季度的亮點並提供業務更新。然後，傑森將回顧我們的財務結果並提供全年指導的最新資訊。最後，雷將發表一些總結性發言。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 second quarter of 2025. We delivered $6 billion of revenue in the second quarter. Core operating earnings were $292 million, and our total company operating margin was 4.8%.

謝謝，蒂姆。請翻到投影片 5，其中重點介紹了 2025 年第二季的關鍵財務指標。我們在第二季實現了 60 億美元的營收。核心營業利益為 2.92 億美元，公司整體營業利益率為 4.8%。

Adjusted earnings per share was $3.47. Our operating cash flow was $296 million in the quarter, and our second quarter financial performance was generally in line for the second quarter of 2024 for all of our key financial metrics.

調整後每股收益為3.47美元。本季我們的經營現金流為2.96億美元，第二季所有關鍵財務指標的財務表現與2024年第二季基本持平。

Slide 6 summarizes key financial and business highlights from the quarter. As a reminder, our strategic priorities continue to be extending our global leadership position in Seating, expanding margins in E-Systems, growing our competitive advantage and operational excellence through idea by Lear and supporting sustainable value creation with disciplined capital allocation.

投影片 6 總結了本季的主要財務和業務亮點。提醒一下，我們的策略重點仍然是擴大我們在座椅領域的全球領導地位，擴大電子系統的利潤率，透過李爾公司的創意增強我們的競爭優勢和卓越運營，並透過嚴格的資本配置支持可持續的價值創造。

The momentum of positive net performance we delivered to start the year continued through the second quarter, contributing 45 basis points to Seating and 70 basis points to E-Systems margins. Efficiency improvements and savings from our investments in restructuring and automation are driving durable operating performance in both segments.

我們年初實現的正淨業績動能延續到第二季度，為座椅業務貢獻了 45 個基點，為 E-Systems 利潤率貢獻了 70 個基點。我們在重組和自動化方面的投資所帶來的效率提升和成本節省正在推動這兩個部門的持久經營績效。

Through the first half of the year, we delivered 85 basis points of net performance in Seating and 110 basis points in E-Systems. Although macro uncertainty remains, our confidence in our business enables us to restore our full year guidance. Our strong operating performance is expected to continue through the second half.

今年上半年，我們在座椅業務上的淨業績為 85 個基點，在電子系統業務上的淨業績為 110 個基點。儘管宏觀不確定性仍然存在，但我們對業務的信心使我們能夠恢復全年指引。預計我們強勁的經營業績將持續到下半年。

As a result, we are increasing our full year net performance outlook by approximately $25 million to more than $150 million. Our strong free cash flow in the quarter and confidence in our long-term outlook allowed us to reinstate our share repurchase plan.

因此，我們將全年淨業績預期上調約 2,500 萬美元，達到 1.5 億美元以上。本季強勁的自由現金流和對長期前景的信心使我們能夠恢復股票回購計畫。

We repurchased $25 million of shares in the quarter and $50 million in the first half, while maintaining our dividend of $0.77 per share. Yesterday, we completed the refinancing of our $2 billion revolver, extending its maturity through July of 2030, further strengthening our liquidity position.

我們在本季回購了價值 2,500 萬美元的股票，上半年回購了價值 5,000 萬美元的股票，同時維持每股 0.77 美元的股息。昨天，我們完成了 20 億美元循環信貸的再融資，將其到期日延長至 2030 年 7 月，進一步增強了我們的流動性狀況。

For the last three years, we have partnered with Palantir to develop real-time data analytics and streamlining our manufacturing and administrative processes. We extended our agreement for a long-term partnership to continue to enhancing our digital and operational capabilities, which are driving efficiency gains in our manufacturing facilities and administrative functions.

過去三年來，我們與 Palantir 合作開發即時數據分析並簡化我們的製造和管理流程。我們延長了長期合作協議，以繼續增強我們的數位化和營運能力，從而提高我們的製造設施和行政職能的效率。

We continue to win new business in both segments. In Seating, we won a key conquest program in Asia with BMW, and we won key conquest awards in North America for Seat components on the Ford 150 -- F150 and F250 pickup trucks.

我們在兩個領域繼續贏得新業務。在座椅領域，我們贏得了寶馬在亞洲的關鍵征服項目，並在北美贏得了福特 150——F150 和 F250 皮卡的座椅零件的關鍵征服獎。

Our modularity strategy continues to drive new business. In the quarter, we won 2 Comfort Flex and 1 Comfort Max Seat Award including a key program with a luxury EV automaker, combining heat, ventilation and pneumatic lumbar and the size into the surface materials.

我們的模組化策略繼續推動新業務。本季度，我們贏得了 2 個 Comfort Flex 和 1 個 Comfort Max Seat 獎，其中包括與豪華電動車製造商合作的關鍵項目，將加熱、通風和氣動腰部以及尺寸融入表面材料中。

We now have 24 total awards for Comfort Flex, Flex Air and Comfort Max seat applications that will generate over $150 million of average annual revenue. In China, we won several awards with domestic Chinese automakers such as FAW, Leapmotor and Xiaopeng.

目前，我們共獲得 24 項 Comfort Flex、Flex Air 和 Comfort Max 座椅應用獎項，這些獎項將產生超過 1.5 億美元的平均年收入。在中國，我們與一汽、零跑、小鵬等中國本土汽車製造商共同獲得了許多獎項。

In E-Systems, we continue to win new business, including key conquest wire awards with a large global EV automaker. These programs start later this year, illustrating our ability to quickly launch new business. Our awards in E-Systems for the year are already approaching $1 billion in annual sales with several additional opportunities expected to be sourced in the second half of this year.

在電子系統領域，我們不斷贏得新業務，包括與一家大型全球電動車製造商簽訂的關鍵征服線獎項。這些項目將於今年稍後啟動，表明我們有能力快速開展新業務。我們今年在電子系統領域獲得的獎項已接近年銷售額 10 億美元，預計今年下半年還將獲得更多機會。

Slide 7 provides an update on the key metrics to track our progress on expanding margins and generating long-term revenue growth. For Seating, we won a conquest award in Asia with BMW and expect to quote additional conquest opportunities in the second half of this year and into 2026.

幻燈片 7 提供了關鍵指標的更新，以追蹤我們在擴大利潤率和實現長期收入成長方面的進展。對於座椅，我們與寶馬一起贏得了亞洲征服獎，並預計在今年下半年和 2026 年將獲得更多征服機會。

The quote pipeline remains very robust, and although the pace of new awards is improving, we continue to see some delays in sourcing as customers reevaluate their plans based on recent changes to trade or regulatory policies. In E-Systems, over 25% of our year-to-date awards have been for Conquest business, including the 2 key programs for the top global EV automakers during the second quarter. Customer interest in our innovative modular seat products is growing.

報價管道仍然非常強勁，儘管新合約授予的速度正在加快，但由於客戶根據最近的貿易或監管政策變化重新評估他們的計劃，我們仍然看到採購方面出現一些延遲。在 E-Systems 領域，我們今年迄今獲得的獎項中有超過 25% 都用於 Conquest 業務，其中包括第二季度為全球頂級電動車製造商提供的 2 個關鍵項目。客戶對我們創新的模組化座椅產品的興趣日益濃厚。

Three additional awards brings our total to 24 programs for Comfort Flex, Comfort Max Seats and Flex Air products. Our strong relationships with Chinese domestic automakers continue to deliver new program wins. We will supply complete seats for several programs with FAW, Leapmotor and Xiaopeng in China. The FAW award is the second conquest program with FAW this year.

加上另外三個獎項，我們的 Comfort Flex、Comfort Max Seats 和 Flex Air 產品項目總數達到 24 個。我們與中國國內汽車製造商的牢固關係不斷為我們帶來新的專案勝利。我們將為中國一汽、零跑、小鵬等多個項目提供整套座椅。這次一汽大獎賽是今年與一汽合作的第二個征服項目。

We continue to be selective in our business as we quote different Chinese domestic automakers to ensure we are partnering with customers that have a long-term sustainable future. We are only pursuing high-quality programs that can generate strong risk-adjusted returns in excess of our cost of capital. Investments in idea by Lear and our automation projects generated about $30 million of savings in the first half with benefits expected to compound over the year. Restructuring investments contributed approximately $30 million in savings in the first half.

我們在業務上繼續精挑細選，引用不同的中國國內汽車製造商，以確保與擁有長期可持續未來的客戶合作。我們只追求能夠產生超過資本成本的強勁風險調整回報的高品質項目。上半年，對 Idea by Lear 和我們自動化項目的投資產生了約 3000 萬美元的節省，預計全年收益將增加。重組投資在上半年節省了約 3,000 萬美元。

Efficiency improvements in our operations allowed us to reduce our global hourly headcount by 4,400 in the first half despite an increase in headcount due to the consolidation of our joint venture in China completed in the first quarter.

儘管由於第一季完成了中國合資企業的合併，員工總數有所增加，但由於營運效率的提高，我們上半年全球每小時員工總數減少了 4,400 人。

Since the end of 2023, we have reduced our global hourly headcount by nearly 20,000 or 11%. The strong first half performance results on our scorecard metrics are the key enablers to improve margins and drive long-term growth in both segments.

自 2023 年底以來，我們已將全球小時員工人數減少了近 20,000 人，即 11%。我們的記分卡指標上半年的強勁業績結果是提高利潤率和推動兩個部門長期成長的關鍵因素。

Slide 8 provides an overview of our partnership with Palantir. Over the past 25 years, we have leveraged Palantir's foundry, AIP and large language models to build robust real-time data management solutions. Adoption has been strong with more than 11,000 users driving over 175 active use cases across our organization.

投影片 8 概述了我們與 Palantir 的合作關係。在過去的 25 年裡，我們利用 Palantir 的鑄造廠、AIP 和大型語言模型來建立強大的即時資料管理解決方案。採用率一直很高，超過 11,000 名用戶在我們的組織內推動了超過 175 個活躍用例。

A key area of impact has been the work on the tariff response. Once new tariffs were enacted, our teams quickly developed a fully automated tariff data management system. This system enabled us to provide our customers with real-time documentation, speeding up the invoicing process while providing insight into our greatest mitigation opportunities.

受到影響的關鍵領域是關稅應對工作。新關稅頒布後，我們的團隊迅速開發了全自動關稅資料管理系統。該系統使我們能夠為客戶提供即時文檔，加快開票流程，同時深入了解我們最大的緩解機會。

Beyond back office improvements, foundry has delivered significant value to our manufacturing operations. Foundry supports dynamic line balancing, optimizing throughput and efficiency on the shop floor in our just-in-time seating plans. The platform's multilingual capabilities enabled us to quickly standardize our processes globally.

除了後台辦公室的改進之外，鑄造廠還為我們的製造業務帶來了巨大的價值。Foundry 支援動態生產線平衡，透過我們的準時制座位計畫優化車間的吞吐量和效率。該平台的多語言功能使我們能夠快速實現全球流程標準化。

This partnership is complementary to our acquisitions and the investments in automation we have made over the last several years. We look forward to building on this momentum in the years to come. Most importantly, it is our Lear team members who are driving these innovations and delivering measurable results. We are approaching enterprise-wide adoption and developing institutional knowledge that gives us a first mover advantage in the automotive industry, which will be difficult to replicate.

此次合作是對我們過去幾年在自動化領域的收購和投資的補充。我們期待在未來幾年繼續保持這一勢頭。最重要的是，正是我們的李爾團隊成員推動這些創新並取得了可衡量的成果。我們正在接近全企業範圍的採用並開發機構知識，這將使我們在汽車行業擁有先發優勢，這將是難以複製的。

Turning to slide 9. I will provide more detail on our operational and commercial actions driving our strong performance. We have increased our investment in restructuring to accelerate our footprint rationalization actions and reduce costs.

翻到第 9 張投影片。我將更詳細地介紹推動我們強勁業績的營運和商業行動。我們增加了重組投資，以加速我們的足跡合理化行動並降低成本。

We are prioritizing investment opportunities with the shortest payback periods to drive cost savings that will grow over time. As a manufacturing integrator, we are leveraging the key competencies we have built and acquired over the last several years to expand our automation capabilities through our facilities.

我們優先考慮具有最短回報期的投資機會，以推動隨著時間的推移而成長的成本節約。作為製造整合商，我們正在利用過去幾年建立和獲得的關鍵能力，透過我們的設施擴展我們的自動化能力。

By designing and utilizing purpose-built capital, we have developed proprietary solutions at a lower cost that will be difficult for any competitor to replicate. Our automation in the complete seat assembly plans, such as end-of-line testing fines, sequencing and other applications is driving significant efficiency gains. We are expanding the use of these systems more broadly in our facilities starting in our highest cost regions.

透過設計和利用專用資本，我們以較低的成本開發了專有解決方案，任何競爭對手都難以複製。我們在整個座椅組裝計劃中的自動化，例如生產線末端測試罰款、排序和其他應用，正在顯著提高效率。我們正在從成本最高的地區開始，在我們的設施中更廣泛地擴大這些系統的使用。

We are excited to open a new industry-first facility that will support the launch of automated Comfort Max seat assembly. We have fully automated the assembly of these modules, ensuring that no 1 touches the trim cover from the moment it is unpacked until the complete module is ready for shipment. This facility will be located right here in Michigan.

我們很高興開設一個業界首創的新工廠，以支援自動化 Comfort Max 座椅組裝的推出。我們已經完全自動化了這些模組的組裝，確保從拆包到整個模組準備好裝運，沒有人接觸裝飾蓋。該設施將位於密西根州。

In addition to our Comfort Max seat automation, this facility will be used to produce additional US content, including FlexAir, our innovative foam alternative. Our product innovation and process improvements in seating have enabled us to reduce costs for new programs by 200 to over 500 basis points.

除了我們的 Comfort Max 座椅自動化之外，該工廠還將用於生產其他美國產品，包括我們的創新泡棉替代品 FlexAir。我們在座椅方面的產品創新和工藝改進使我們能夠將新項目的成本降低 200 到 500 個基點以上。

This durable cost of betas will allow us to increase our industry-leading seat margins and continue to separate ourselves from our competitors.

這種持久的測試成本將使我們能夠提高行業領先的座位利潤率，並繼續將我們與競爭對手區分開來。

The investments in restructuring and automation contributed approximately $60 million in savings in the first half of this year. And we estimate we will drive an additional $90 million in savings in the second half of this year.

今年上半年，重組和自動化的投資節省了約 6,000 萬美元。我們預計今年下半年我們將再省 9,000 萬美元。

Our E-Systems team continues to improve efficiencies in our wire plants. June was 1 of the best efficiency months for North America wire since early 2019. And due to our strong focus on execution in those operations over the last several quarters.

我們的電子系統團隊不斷提高電線廠的效率。6月份是2019年初以來北美電線產業業績最好的月份之一。並且由於我們在過去幾季中高度重視這些營運的執行。

Commercially, we are renegotiating pricing on existing underachieving programs. For future programs, we are reestablishing contract terms that will help us mitigate downside volume risk going forward.

從商業角度來看，我們正在重新協商現有未達標項目的定價。對於未來的項目，我們正在重新制定合約條款，這將有助於我們減輕未來的銷售下行風險。

We're implementing stair step pricing that will ensure strong returns at various volume levels for higher-risk programs. Some customers are willing to prepay for capital, especially for some of the vehicle programs that have higher riskier consumer demand profiles. Lear is being selective about the programs and customers we pursue. We are focused on bidding on programs that would generate higher risk-adjusted returns.

我們正在實施階梯式定價，以確保高風險專案在各個交易量水準上都能獲得豐厚的回報。有些客戶願意預付資本，特別是對於一些消費者需求風險較高的汽車專案。對於我們所追求的專案和客戶，李爾公司非常挑剔。我們專注於競標能夠產生更高風險調整回報的項目。

We continue to build long-term relationships with our customers. Our focus is to pursue and grow business with the highest quality automated and platforms. Our operational and commercial actions are driving consistent strong net performance and highlight our ability to execute our strategy in any macro environment. These strategic initiatives are enabling us to continue to expand our margins in both segments going forward.

我們繼續與客戶建立長期關係。我們的重點是透過最高品質的自動化和平台來追求和發展業務。我們的營運和商業行動正在推動持續強勁的淨業績，並凸顯了我們在任何宏觀環境下執行策略的能力。這些策略舉措使我們能夠在未來繼續擴大兩個領域的利潤率。

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 key exchange rates for the second quarter. Global production increased 3% compared to the same period last year, but was flat on a layer sales-weighted basis driven by lower year-over-year production in North America and Europe. Production volumes declined by 3% in North America and by 2% in Europe, while volumes in China were up 9%. The US dollar weakened against the euro and was flat against the RMB.

謝謝，雷。幻燈片 11 顯示了第二季汽車生產關鍵匯率。全球產量與去年同期相比增長了 3%，但由於北美和歐洲產量同比下降，按層銷售加權計算，產量持平。北美產量下降了 3%，歐洲產量下降了 2%，而中國的產量增加了 9%。美元兌歐元走弱，兌人民幣持平。

Turning to Slide 12. I will highlight our financial results for the second quarter of 2025. Our sales were flat year-over-year at $6 billion. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions and divestitures, sales were down 1%, reflecting lower volumes on their platforms and the wind down of discontinued product lines in these systems, partially offset by the addition of new business in both of our business segments.

翻到幻燈片 12。我將重點介紹我們 2025 年第二季的財務表現。我們的銷售額與去年同期持平，為 60 億美元。不計外匯、大宗商品、關稅追回、收購和資產剝離的影響，銷售額下降了 1%，反映了其平台銷量的下降以及這些系統中已停產產品線的減少，但我們兩個業務部門新業務的增加部分抵消了這一影響。

Core operating earnings were $292 million compared to $302 million last year, driven by lower volumes on Lear platforms, partially offset by positive net performance and our margin-accretive backlog. Adjusted earnings per share were $3.47 as compared to $3.60 a year ago, reflecting lower adjusted net income, partially offset by the benefit of our share repurchase program. Second quarter operating cash flow was $296 million compared to $291 million last year, primarily due to improvements in working capital, partially offset by lower operating earnings.

核心營業利潤為 2.92 億美元，而去年同期為 3.02 億美元，這主要是由於李爾平台銷量下降所致，但淨利潤表現良好以及利潤增長的積壓訂單部分抵消了這一增長。調整後每股收益為 3.47 美元，而去年同期為 3.60 美元，反映出調整後淨收入下降，但部分被我們的股票回購計劃的收益所抵消。第二季營運現金流為 2.96 億美元，去年同期為 2.91 億美元，主要由於營運資本的改善，但被營運收益的下降部分抵銷。

Slide 13 explains the variance in sales and adjusted operating margins for the second quarter in the Seating segment. Sales for the second quarter were $4.5 billion, an increase of $27 million or 1% from 2024. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions and divestitures sales were down 1% due to lower volumes on Lear platforms, including the Jeep Wagoneer and the impact from the Audi Q5 changeover in North America and several Mercedes and BMW programs in China, partially offset by the addition of new business.

投影片 13 解釋了座椅部門第二季的銷售額和調整後營業利潤率的差異。第二季的銷售額為 45 億美元，比 2024 年增加 2,700 萬美元，增幅為 1%。排除外匯、大宗商品、關稅追回、收購和資產剝離的影響，銷售額下降了 1%，原因是包括 Jeep Wagoneer 在內的 Lear 平台銷量下降，以及北美奧迪 Q5 轉換和中國多個梅賽德斯和寶馬項目的影響，但新業務的增加部分抵消了這一影響。

Adjusted earnings were $299 million, down $3 million or 1% from 2024 with adjusted operating margins of 6.7%. Operating margins were slightly lower compared to last year, reflecting lower production on key Lear platforms and changes in exchange rates, partially offset by strong net performance in our margin-accretive backlog.

調整後收益為 2.99 億美元，比 2024 年下降 300 萬美元或 1%，調整後營業利潤率為 6.7%。營業利潤率與去年相比略有下降，反映出主要 Lear 平台產量下降和匯率變化，但被我們利潤增值積壓訂單的強勁淨表現部分抵消。

Slide 14 explains the variance in sales and adjusted operating margins for the second quarter in the E-Systems segment. Sales for the second quarter were $1.6 billion, a decrease of $8 million or 1% from 2024. Excluding the impact of foreign exchange, commodities, tariff recoveries, acquisitions and divestitures, sales were down 5%.

投影片 14 解釋了電子系統部門第二季銷售額和調整後營業利潤率的差異。第二季的銷售額為 16 億美元，比 2024 年減少 800 萬美元，降幅為 1%。不計外匯、大宗商品、關稅追回、收購和資產剝離的影響，銷售額下降了 5%。

The decline in sales was driven by lower volumes on their platforms, including the Ford Escape in North America, and several Audi and Volkswagen programs in China as well as the wind down of discontinued product lines, partially offset by the addition of new business. Adjusted earnings were $76 million or 4.9% of sales compared to $82 million and 5.3% of sales in 2024.

銷量下滑是由於其平台銷量下降，包括北美的福特 Escape、中國的幾個奧迪和大眾項目，以及停產產品線的減少，但新業務的增加部分抵消了這一影響。調整後收益為 7,600 萬美元，佔銷售額的 4.9%，而 2024 年則為 8,200 萬美元，佔銷售額的 5.3%。

Lower operating margins were driven by the reduction of volumes on key Lear platforms and the wind down of discontinued product lines, partially offset by strong net performance, the roll-on of our margin-accretive backlog and the impact of foreign exchange.

營業利潤率下降是由於主要李爾平台銷量的減少以及停產產品線的減少，但強勁的淨業績、可增加利潤的積壓訂單的滾動以及外匯的影響部分抵消了這一影響。

Slide 15 provides an update on our tariff exposure and the actions we are taking to mitigate the risk. As a reminder, our exposure is primarily in two areas, direct exposure, where we are the importer of record into countries with tariff in components and indirect exposure to vehicle production that may be disrupted by changes to tariffs and trade policies.

投影片 15 提供了我們的關稅風險最新情況以及我們為降低風險所採取的措施。提醒一下，我們的風險敞口主要在兩個領域：直接風險敞口，即我們是零件關稅國家的進口商；間接風險敞口，即汽車生產可能會因關稅和貿易政策的變化而受到干擾。

Since our last earnings call, there have been no meaningful changes to our direct exposure to tariffs. Over 90% of our direct imports from Mexico and Canada comply with USMCA requirements and, therefore, remain exempt from automotive tariffs.

自上次財報電話會議以來，我們直接面臨的關稅風險並沒有任何重大變化。我們從墨西哥和加拿大直接進口的商品中，超過 90% 符合 USMCA 的要求，因此仍免徵汽車關稅。

Based on the current tariff policies and volume expectations, our gross direct tariff exposure is approximately $210 million for 2020. Contractual agreements with our customers allowed us to recover substantially all of the $63 million in tariff costs we incurred in the first half of the year. Our full year financial outlook assumes the continuation of tariff cost recovery agreements through the remainder of the year.

根據目前的關稅政策和貿易量預期，我們 2020 年的直接關稅總額風險約為 2.1 億美元。與客戶簽訂的合約協議使我們能夠收回上半年產生的 6,300 萬美元關稅成本的大部分。我們對全年財務的展望是假設關稅成本回收協議將在今年剩餘時間內繼續有效。

There's been a lag in the cash repayment of tariff recoveries from our customers, which reduced our free cash flow in the second quarter. Our revised full year free cash flow forecast includes a $30 million impact from the lag in payments. Our indirect exposure to potential vehicle production disruptions has moderated somewhat driven by further clarity in tariff policies and changes to customer production and footprint plants.

我們從客戶收回的關稅現金償還存在滯後，這減少了我們第二季度的自由現金流。我們修訂後的全年自由現金流預測包括因付款滯後而產生的 3000 萬美元的影響。由於關稅政策進一步明朗以及客戶生產和足跡工廠的變化，我們對潛在汽車生產中斷的間接影響有所緩和。

Our estimated exposure is approximately $1.6 billion for 2025 from vehicles exported to the United States from Mexico and Canada. This is a decline of approximately $200 million largely due to lower production on customer platforms produced in Mexico and Canada, a portion of which has been offset by higher production in the US.

我們估計，2025 年從墨西哥和加拿大出口到美國的汽車的風險敞口約為 16 億美元。這一下降約為 2 億美元，主要是因為墨西哥和加拿大生產的客戶平台產量下降，而美國產量增加抵消了部分下降。

Our exposure to vehicles from Europe exported to the US is about $975 million, of which approximately 37% are from the UK, and covered by the trade agreement currently in place. Trade policies continue to evolve and could change our exposure over time. For example, the implementation of tariffs on copper and the increase in rates for steel could impact commodity prices.

我們對從歐洲出口到美國的汽車的風險敞口約為 9.75 億美元，其中約 37% 來自英國，並受到現行貿易協定的保護。貿易政策不斷演變，並可能隨著時間的推移改變我們的曝險。例如，對銅徵收關稅以及對鋼鐵徵收關稅的上調可能會影響大宗商品價格。

For copper, we purchased approximately 200 million pounds per year and have index and scrap recovery agreements that are intended to cover approximately 90% of our exposure. For steel, we purchased approximately GBP 3 billion per year. As with copper, approximately 90% of our steel exposure is indexed.

對於銅，我們每年購買約 2 億磅，並簽訂了指數和廢料回收協議，旨在涵蓋我們約 90% 的風險敞口。我們每年採購的鋼材約為30億英鎊。與銅一樣，我們的鋼鐵投資中約有 90% 是指數化的。

As the largest US based automotive supplier, we continue to have conversations with the administration and other key elected officials to clearly explain how our supply chain has been optimized as well as the rationale for sourcing certain labor-intensive products from Mexico and Honduras. This ultimately ensures our customers can produce and sell vehicles at competitive prices in the US market and globally. Some customers have announced plans to move some production into the US

作為美國最大的汽車供應商，我們繼續與政府和其他主要民選官員進行對話，以清楚地解釋我們的供應鏈如何優化，以及從墨西哥和宏都拉斯採購某些勞動密集型產品的理由。這最終確保我們的客戶能夠在美國市場和全球範圍內以具有競爭力的價格生產和銷售汽車。一些客戶已宣布計劃將部分生產轉移到美國

We have the capability to support localized production of complete seats, especially for programs we currently supply and have available capacity for components such as our modular solutions, foam and structures. These moves by our customers create an opportunity to support additional volume for vehicles we supply today as well as win new business.

我們有能力支援整套座椅的在地化生產，特別是對於我們目前供應的項目，並且擁有模組化解決方案、泡棉和結構等組件的可用產能。客戶的這些舉措為我們目前供應的車輛的額外銷售以及贏得新業務創造了機會。

We have taken proactive steps and moved aggressively to minimize our gross exposure. Our focus on automation and investments in digital tools such as foundry support the timely commercial recovery of tariff costs from our customers. While tariffs are impacting the entire automotive industry, Lear has taken a proactive approach to reduce the direct and indirect impact of tariffs through innovative solutions.

我們已採取積極措施並積極行動，以盡量減少我們的整體風險敞口。我們專注於自動化和對鑄造等數位工具的投資，以支持及時從客戶那裡收回關稅成本。雖然關稅影響了整個汽車產業，但李爾公司採取了積極主動的方式，透過創新解決方案減少關稅的直接和間接影響。

Turning now to slide 16. On our first quarter earnings call, we withdrew our 2025 outlook due to significant uncertainty caused by the ongoing international trade negotiations. Over the last few months, industry conditions have somewhat stabilized, allowing us to restore our full year 2025 guidance.

現在翻到第 16 張投影片。在第一季的收益電話會議上，我們撤回了 2025 年的展望，因為正在進行的國際貿易談判造成了極大的不確定性。在過去的幾個月裡，產業狀況有所穩定，使我們能夠恢復 2025 年全年預期。

Slide 16 provides global vehicle production line and currency assumptions that follow the basis of our full year outlook. We have updated our production assumptions, which are based on several sources, including internal estimates, customer production schedules and S&P forecasts.

幻燈片 16 提供了根據我們全年展望而製定的全球汽車生產線和貨幣假設。我們更新了我們的生產假設，這些假設基於多個來源，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 flat compared to 2024 or down 2% on a Lear sales weighted basis, driven primarily by lower volumes in our two largest markets, North America and Europe.

在我們的指導範圍的中點，我們假設全球行業產量將與 2024 年持平，或按李爾銷售加權計算下降 2%，這主要是由於我們最大的兩個市場北美和歐洲的銷量下降。

From a currency perspective, our 2025 outlook assumes an average euro exchange rate of $1.11 per euro, reflecting the weakening US dollar and an average Chinese RMB exchange rate of RMB 7.23 to the dollar.

從貨幣角度來看，我們的 2025 年展望假設歐元平均匯率為 1 歐元兌 1.11 美元，這反映了美元的疲軟，而人民幣平均匯率為 1 美元兌 7.23 元。

Slide 17 provides detail on our outlook for 2025. Key changes to the midpoint of our guidance include the following: our revenue is now expected to be approximately $22.8 billion, 2% higher than our previous guidance, driven by favorable foreign exchange, tariff recoveries and the impact of the consolidation of the seating joint venture in China, partially offset by the impact of lower production on several of Lear platforms.

幻燈片 17 詳細介紹了我們對 2025 年的展望。我們指引中點的關鍵變化包括：我們的收入現在預計約為 228 億美元，比我們之前的指引高出 2%，這得益於有利的外匯、關稅恢復以及中國座椅合資企業合併的影響，但部分抵消了李爾公司多個平台產量下降的影響。

Core operating earnings are expected to be approximately $1.025 billion or $20 million lower than our previous guidance driven by the impact of lower volume, partially offset by favorable foreign exchange and continued improvements in our strong operating performance. We are increasing our outlook for restructuring costs by $40 million to accelerate our footprint rationalization actions and reduce costs. At the same time, we are lowering our outlook for capital spending by $35 million.

受銷售下降的影響，預計核心營業利潤將比我們先前的預期低約 10.25 億美元，即低 2,000 萬美元，但有利的外匯匯率和強勁的營運業績的持續改善將部分抵消這一影響。我們將重組成本預期提高 4000 萬美元，以加速我們的足跡合理化行動並降低成本。同時，我們將資本支出預期下調 3,500 萬美元。

Operating cash flow is expected to be in the range of $1 billion to $1.1 billion and our free cash flow is expected to be $470 million at the midpoint of our guidance. Our free cash flow outlook includes $30 million of expected cash tariff recovery timing lag into 2026. We have included a detailed walk to the midpoint of our updated guidance from our prior guidance in the appendix.

預計經營現金流將在 10 億美元至 11 億美元之間，而我們的自由現金流預計為 4.7 億美元（這是我們預期的中位數）。我們的自由現金流展望包括預計現金關稅回收時間落後至 2026 年的 3,000 萬美元。我們在附錄中詳細介紹了更新後的指南與先前的指南之間的中點。

Slide 18 compares our 2024 actual results to the midpoint of our 2025 outlook. Year-over-year, revenue is expected to decline by $536 million, primarily due to the impact of lower production volumes on our programs as well as the divestiture of a noncore seating operation, partially offset by the addition of new business in both segments, tariff recoveries and the impact of favorable foreign exchange.

幻燈片 18 將我們 2024 年的實際結果與 2025 年展望的中點進行了比較。與去年同期相比，預計收入將下降 5.36 億美元，主要原因是節目產量下降以及非核心座位業務的剝離，但兩個部門新增業務、關稅恢復以及有利的外匯影響部分抵消了這一影響。

The midpoint of our core operating earnings outlook is expected to be $1.025 billion with operating margins of 4.5%, reflecting lower volumes on existing Lear platforms, partially offset by continued strong net performance and our margin-accretive backlog. We expect net performance to contribute 60 basis points of margin improvement in 2025, up $25 million from our prior outlook to over $150 million. This reflects the positive momentum in both our automation investments and restructuring actions. We have included detailed walks to the midpoint of our guidance for Seating and E-Systems in the appendix.

我們核心營業利潤預期的中點預計為 10.25 億美元，營業利潤率為 4.5%，這反映了現有 Lear 平台銷量的下降，但持續強勁的淨業績和利潤增長的積壓訂單部分抵消了這一影響。我們預計，到 2025 年，淨業績將為利潤率帶來 60 個基點的提升，比我們先前的預測增加 2,500 萬美元，達到 1.5 億美元以上。這反映了我們的自動化投資和重組行動的正面動力。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。

Moving to slide 19, we highlight our balanced capital allocation strategy. Yesterday, we successfully completed the refinancing of our $2 billion revolver, extending its maturity from 2027 to 2030. We have a strong balance sheet and liquidity profile, which is a significant competitive advantage for us in today's uncertain environment.

轉到第 19 張投影片，我們將重點放在我們的平衡資本配置策略。昨天，我們成功完成了 20 億美元循環信貸的再融資，將其到期日從 2027 年延長至 2030 年。我們擁有強大的資產負債表和流動性狀況，這在當今不確定的環境中對我們來說是一個顯著的競爭優勢。

We do not have any near-term outstanding debt maturities. Our earliest bond maturity is in 2027 and our debt structure has a weighted average life of approximately 12 years. Our cost of debt is low, averaging approximately 4%. In addition, we have $2.9 billion of available liquidity. Our capital allocation priorities remain consistent.

我們沒有任何近期未償還的債務到期。我們的債券最早到期日為 2027 年，我們的債務結構的加權平均期限約為 12 年。我們的債務成本很低，平均約4%。此外，我們還有29億美元的可用流動資金。我們的資本配置重點保持一致。

We are focused on generating strong cash flow, investing in the core business to drive profitable growth and returning excess cash to shareholders. After a brief pause and share repurchase activity, we reinstated our repurchase program in June. During the second quarter, we repurchased $25 million worth of shares, bringing total repurchases for the first half of the year to $50 million. For the full year, we plan to repurchase $250 million worth of stack with additional repurchase opportunities depending on the level of free cash flow generation.

我們專注於創造強勁的現金流，投資核心業務以推動獲利成長並將多餘的現金回饋給股東。經過短暫的暫停和股票回購活動後，我們於 6 月恢復了回購計畫。第二季度，我們回購了價值 2,500 萬美元的股票，使上半年的總回購額達到 5,000 萬美元。就全年而言，我們計劃回購價值 2.5 億美元的堆棧，並根據自由現金流的產生水準提供額外的回購機會。

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

現在我把話題轉回給雷，讓他發表一些結束語。

Thanks, Jason. Please turn to slide 21. Our first half results illustrate our continued resilience in a volatile industry environment. Our strong relationships with our customers have been key to offsetting the impact of tariffs. We are focused on executing our strategic initiatives to improve our margin profile.

謝謝，傑森。請翻到第 21 張投影片。我們的上半年業績表明，在動盪的行業環境中，我們仍保持韌性。我們與客戶建立的牢固關係是抵消關稅影響的關鍵。我們專注於執行策略舉措以提高我們的利潤率。

We continue to win new business across our product lines in both segments despite slower-than-expected sourcing activity. We have a strong balance sheet with no near-term debt maturities that allows us flexibility in our capital allocation strategy and positions us well to navigate macro uncertainty.

儘管採購活動低於預期，但我們在兩個領域的產品線上仍繼續贏得新業務。我們的資產負債表強勁，沒有短期債務到期，這讓我們能夠靈活地制定資本配置策略，並使我們能夠很好地應對宏觀不確定性。

Our investments in restructuring and automation are driving strong operating performances. We are expanding our leadership in our operational excellence and improving the cost profile of our businesses, enabling us to generate sustainable margins and strong cash flow, and we will remain committed to returning excess cash to our shareholders.

我們在重組和自動化方面的投資正在推動強勁的營運績效。我們正在擴大我們在卓越營運方面的領導地位並改善業務成本狀況，使我們能夠產生可持續的利潤率和強勁的現金流，我們將繼續致力於向股東返還多餘的現金。

And now we'd be happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Dan Levy from Barclays.

巴克萊銀行的丹‧利維 (Dan Levy)。

Hi, good morning. Thanks for taking the questions. I wanted to first start with a question on the outlook. As there is a meaningful deceleration in the margins in the second half. And I get it, the majority of that is coming from weaker volume. But the decrementals are a bit higher. Can you just talk about performance, which had been particularly strong in the first half, but maybe isn't contributing the same amount in the second half.

嗨，早安。感謝您回答這些問題。我想先問一個關於前景的問題。因為下半年利潤率出現了明顯的減速。我明白，這主要是因為交易量較弱。但減幅稍高一些。能否談談表現？上半年表現特別強勁，但下半年可能沒有那麼大的貢獻。

Sure. Yes. So as you highlighted, we had a very strong first half in that performance really in both business segments. And so the progress we made in the first quarter really continued into the second quarter. And before I go through kind of the first half, second half, I think it's important to highlight that our confidence in our ability to generate margin expansion through that performance really increase based on the results that we experienced in the first half of the year.

當然。是的。正如您所強調的，我們在兩個業務部門的上半年表現都非常強勁。因此，我們在第一季取得的進展確實延續到了第二季。在介紹上半年和下半年的情況之前，我認為有必要強調的是，基於上半年的業績，我們對透過這項業績實現利潤擴張的能力的信心確實增強了。

And just to really emphasize this, what is effectively happening here now is we're able to offset the full effect of our wage inflation and other economics as well as our customer contractual price reductions through our normal efficiency programs in commercial negotiations, negotiations with our suppliers and other cost reduction programs like that, which allows the full effect of our idea by Lear savings in automation and restructuring savings to fall through to the bottom line.

為了真正強調這一點，現在有效發生的情況是，我們能夠透過商業談判中的正常效率計劃、與供應商的談判以及其他類似的成本削減計劃來抵消工資上漲和其他經濟因素以及客戶合約價格降低的全部影響，這使得我們透過李爾自動化和重組節省的理念所產生的全部效果能夠落實。

And that's generating $150 million of additional earnings here for the full year. Now in terms of what's going on from the first half to the second half, I think it's important to highlight a couple of points here. First of all, as I mentioned in the first quarter call, we had about 20 basis points in seating of commercial recovery timing that we had expected to happen later in the year got pulled into the first quarter. We saw a similar phenomenon in the second quarter, about 20 basis points as well.

這將為全年帶來 1.5 億美元的額外收益。現在就上半場到下半場發生的事情而言，我認為有必要強調幾點。首先，正如我在第一季電話會議上提到的那樣，我們原本預計在今年稍後發生的商業復甦時機的預測被推遲了大約 20 個基點，但這一預測被推遲到了第一季。我們在第二季也看到了類似的現象，大約20個基點。

So it's about 40 basis points of seatings performance, net performance in the first half of the year as sort of retime from the second half of the year to the first half of the year. And that was intentional. At the start of the quarter, we weren't sure if we were going to be able to finalize all our recovery agreements on tariffs with our customers.

因此，上半年的座位表現和淨表現大約有 40 個基點，是從下半年到上半年的重新計時。這是故意的。在本季開始時，我們不確定是否能夠與客戶敲定所有關稅追償協議。

So we were very aggressive in trying to close out these commercial issues. And as it turns out, we were able to both secure full -- nearly full recovery for tariffs in the first half of the year and pull ahead some of these commercial agreements. So, if you normalize for that, the first half, second half net performance in seating would be similar.

因此，我們非常積極地嘗試解決這些商業問題。事實證明，我們不僅能夠確保上半年關稅完全恢復，幾乎完全恢復，還能提前完成一些商業協議。因此，如果對此進行標準化，那麼上半年和下半年的座位淨表現將會相似。

Now in E-Systems, you may recall last year, we talked about some of the efficiency issues and launch issues that we had in our North America wire business at the start of the year. And so part of that net performance calculation is what happened in the prior year. So in the first half, we had a weaker first half in E-Systems last year.

現在在 E-Systems，您可能還記得去年我們討論了年初我們在北美電線業務中遇到的一些效率問題和啟動問題。因此，淨績效計算的一部分是上一年發生的情況。因此，去年上半年，我們的 E-Systems 表現較弱。

And so the efficiency improvements that we drove in the second half of last year and then continued on into the first half of this year, really led to that strong net performance in the first half for E-Systems. And in the second half, the comps become a little bit more challenging.

因此，我們在去年下半年推動的效率改進，以及持續到今年上半年的效率改進，真正促成了 E-Systems 上半年強勁的淨業績。而在下半場，比賽變得更具挑戰性。

So that's kind of another key factor that's driving that. And while we're talking about that sort of comparison year-over-year, in the third quarter, we had a particularly strong third quarter last year in Seating. And so the net performance that we expect year-over-year is going to be weighed down in the third quarter of this year as a result of that tough comparison.

所以這是推動這現象的另一個關鍵因素。當我們談論與去年同期的比較時，在第三季度，我們的座椅業務表現特別強勁。因此，由於這種艱難的比較，我們預計今年第三季的淨業績將年比將受到拖累。

We had a high level of commercial settlements in the third quarter last year. And in fact, we may end up with a slightly negative net performance in Seating in the third quarter as a result of that. But in terms of the kind of structural underlying drivers of performance, we're increasingly confident in our ability to not just deliver the $150 million this year, but as you think about '26 and '27, we think we can replicate that for the next several years based on the pipeline of projects that we have an idea by Lear and our restructuring program.

去年第三季我們的商業結算水準很高。事實上，由於這個原因，我們第三季的座椅淨業績可能會略微出現負值。但就業績效的結構性潛在驅動因素而言，我們越來越有信心，我們不僅能在今年實現 1.5 億美元的目標，而且考慮到 26 年和 27 年，我們認為我們可以在未來幾年複製這一目標，這基於李爾公司提出的項目計劃和我們的重組計劃。

We're increasingly confident in our ability to use that as a key lever to improve margins in an uncertain production environment.

我們越來越有信心，我們有能力利用這一點作為在不確定的生產環境中提高利潤率的關鍵槓桿。

And just to be clear, the second half number, which I think in the past you said would be the right sort of exit rate jumping off point for '26. That's probably not correct now or probably be too low for the jumping off rate.

需要明確的是，我認為您過去曾說過，下半年的數字將是 26 年正確的退出率起點。現在這可能不正確，或者對於起跳率來說可能太低了。

Yeah, I think -- Dan, we have talked about the fourth quarter. Our target is to exit at 5% and that, that would be a good launching point to model heading into 2026. Because of these commercial actions we pulled ahead to the first half that makes that a little bit less helpful in terms of a modeling starting point, I would encourage the analysts and investors to think about full year margin performance in both businesses as the right launching point for thinking through 2026 as a result of some of those timing differences.

是的，我想──丹，我們已經討論過第四季了。我們的目標是以 5% 的比率退出，這將是邁向 2026 年的一個好起點。由於我們把這些商業行動提前到了上半年，這使得它在建模起點方面的幫助稍微小了一些，我鼓勵分析師和投資者考慮一下這兩個企業的全年利潤率表現，這是思考 2026 年的正確起點，因為有一些時間差異。

Okay. Great. Second question is on your awards and specifically, in Seating, if you could double-click on the award you got from Ford. Is that just on the components, or is there any [ gist ] there? And maybe you could just talk broadly about the modularity. It seems like GM, someone else is doing the TCS there. So what is the uptake? And does reshoring at all changed any of the way that TCS plays into the strategy?

好的。偉大的。第二個問題是關於您所獲獎項，特別是在座椅方面，您能否雙擊福特授予您的獎項？這僅僅是關於組件嗎，還是有什麼要點？也許您可以廣泛地談論模組化。看起來就像是通用汽車，其他人正在那裡做 TCS。那麼吸收量是多少呢？那麼，回流是否改變了 TCS 在策略中扮演的角色？

Yeah, Dan, your first question, the component business is a structures business on the F150, F250, and so it was a good business, a healthy business from a return standpoint, puts us in a good position. We're still in the process of quoting the just-in-time business with Ford Motor Company on the 150, 250, that's in process right now.

是的，丹，你的第一個問題是，零件業務是 F150、F250 的結構業務，因此從回報的角度來看，這是一項很好的業務，一項健康的業務，使我們處於有利地位。我們仍在與福特汽車公司就 150、250 的即時業務進行報價，目前正在進行中。

And obviously, we can -- the reason we're illustrating a lot of our advantages that we believe we have competitively with efficiency through if it's the digital software development that we've done or the automation is, I think, putting us in a very competitive position at a level that we can still maintain healthy margins.

顯然，我們可以——我們之所以展示我們的許多優勢，是因為我們相信，透過我們所做的數位軟體開發或自動化，我們在效率方面具有競爭力，我認為，這讓我們處於非常有競爭力的地位，並且我們仍然可以保持健康的利潤率。

And so that's in process right now. The continuation of the thermal comfort components, what's nice about that I mentioned in my narrative around the ability we're going to have here in Michigan, a facility that illustrates the complete modular system being automated. And we have with Ford and with General Motors and then 1 of them with General Motors is a mid-cycle implementation that demonstrates our ability to really get efficient on the modular component with thermal comfort systems.

目前這一過程正在進行中。熱舒適組件的延續，這一點很好，我在關於我們將在密西根州擁有的能力的敘述中提到過，這個設施展示了完整的模組化系統正在自動化。我們與福特和通用汽車都有合作，其中與通用汽車的合作是中期實施，這證明了我們有能力真正提高熱舒適系統模組化組件的效率。

And so it's a process. We're still going through it. But I think the ability to scale the onshoring that we're seeing I think really adds to the credibility of how we can replicate a very cost-efficient system that can be scaled across multiple programs.

這是一個過程。我們仍在經歷這過程。但我認為，我們所看到的擴大在岸外包的能力確實增加了我們如何複製一個可在多個專案中擴展的非常經濟高效的系統的可信度。

And I think the uniqueness like I mentioned, some of these programs are mid-cycle. So we can disrupt even an awarded program. And if the efficiency is there, and that's what our -- that's exactly what our customers are looking for. They're looking for cost efficiencies that can be generated. So, introducing those, getting them validated with the key OEMs has always been our strategy.

我認為獨特之處就像我提到的，其中一些項目處於中期。因此我們甚至可以破壞一個獲獎的項目。如果效率確實存在，那也正是我們的客戶所尋求的。他們正在尋找可以產生的成本效益。因此，引入這些技術並透過主要 OEM 進行驗證一直是我們的策略。

And we're right where we need to be. I think over time, as we illustrate this automated system through the modular components will only help strengthen our position. And so, I feel good where we're at, like we've had some nice wins. I mentioned the 24 wins.

我們正處於我們需要的位置。我認為隨著時間的推移，我們透過模組化組件來展示這個自動化系統只會幫助加強我們的地位。所以，我對我們現在的狀況感到很滿意，就像我們取得了一些不錯的勝利一樣。我提到了24場勝利。

They are combination of the innovation, and the combination of the automation are really playing nice as customers are looking at onshoring and continue to expand capacity needs here in the US And so we'll continue to work it. I'm happy with where we're at.

它們是創新和自動化的結合，發揮著非常好的作用，因為客戶正在考慮在岸外包，並繼續擴大美國的產能需求，所以我們會繼續努力。我對我們現在的狀況很滿意。

I think that the next step of this innovation center that we're putting here in Michigan demonstrate it for analysts and for investors and more customers is going to really, really, I think, help us propel the growth strategy within the thermal conference system.

我認為，我們在密西根州建立的這個創新中心的下一步將向分析師、投資者和更多客戶展示這一點，這將真正幫助我們推動熱力會議系統的成長策略。

Great. Thank you.

偉大的。謝謝。

Joseph Spak from UBS.

瑞銀的 Joseph Spak。

Thanks. Good morning. Maybe, Ray and Jason, just to go back to some of the performance commentary. I just want to make sure I understand because you're saying now over $150 million for the year. I think you raised that $25 million, but it looks like you done by my math, $100 million or so or maybe more in the first half.

謝謝。早安.也許，雷和傑森，只是回顧一些表演評論。我只是想確保我理解，因為你現在說的是今年超過 1.5 億美元。我認為您籌集了 2500 萬美元，但根據我的計算，您在上半年籌集了 1 億美元左右，甚至更多。

So I just want to confirm that, that's sort of correct. And like of that $25 million that you raised is that all in the back half? Or was some of that already realized maybe in the second quarter?

所以我只是想確認一下，這是正確的。您籌集的 2500 萬美元都是後半部分嗎？或者其中一些可能已經在第二季度實現了？

Yeah, I think that it's a combination. To the extent we've increased our restructuring savings, Joe, that falls mostly in the back half of the year. And in terms of the again, just on the math sort of first half to second half. So we had 100 basis points of net performance in the first half. We had just 15 basis points of net performance in the second half.

是的，我認為這是兩種情況的結合。喬，就我們增加重組儲蓄的程度而言，這主要發生在下半年。再次就前半部和後半部的數學關係而言。因此，我們上半年的淨業績為 100 個基點。下半年我們的淨業績僅有 15 個基點。

But that's 10 in Seating and 40 in E-Systems. The tin seating, if you were to kind of retime those commercial settlements and rebalance them throughout the year, we would be at 40 to 50 basis points in the second half year. The 85 basis points we generated in the first half of the year in Seating would be 45 basis points.

但座椅部門有 10 個，電子系統部門有 40 個。如果您重新安排這些商業結算的時間並在全年重新平衡它們，那麼下半年的利率將達到 40 到 50 個基點。我們在 Seating 上半年產生的 85 個基點將是 45 個基點。

So, it's sort of a similar performance, first half to second half and Seating after we adjust to those commercial settlements. And so, then the real benefit you're seeing hit that performance for the full year is primarily restructuring savings associated with that additional investment we're making in restructuring.

因此，在我們調整了那些商業結算之後，上半年與下半年以及座位數的表現都比較類似。因此，您所看到的全年業績的真正好處主要是與我們在重組中所做的額外投資相關的重組節省。

Okay. And then just the -- to follow up on Dan's questions on some of the F150 announcement. Is that a mid-cycle change or that the next generation of the program? And Ray, earlier in the year, you sort of -- when you gave that sort of initial backlog, you did sort of talk about an updated backlog at some point during the year. And I know you mentioned there's been delays in sourcing, but it does also seem like there's been some progress and update. So I was wondering when we could expect an update to your backlog outlook.

好的。然後只是——跟進丹關於 F150 公告的一些問題。這是中期變化還是下一代計劃？雷，今年早些時候，當您給出這種初始積壓訂單時，您確實談到了在今年某個時候更新積壓訂單。我知道您提到採購方面出現了延遲，但似乎也取得了一些進展和更新。所以我想知道我們什麼時候可以期待您積壓訂單前景的更新。

Yeah, the component business that we won with Ford Motor Company is the next-generation F150 and the 250. So we will -- I think we're at that point. We talked also about E-Systems being a little bit earlier, and we did a great job. We're almost at $1 billion. I think it's incredible what E-Systems has done.

是的，我們與福特汽車公司贏得的零件業務是下一代 F150 和 250。所以我們會的——我想我們已經到了那個地步。我們也討論了 E-Systems 的早期發展，我們做得很好。我們的金額已接近 10 億美元。我認為 E-Systems 所做的事情令人難以置信。

And I just want to remind everyone that we're really focused on earning above our cost of capital. So these programs that we're winning in these systems are accretive to the margin. So we're going to have this this backlog that will be coming on at an accretive rate.

我只是想提醒大家，我們真正關注的是高於資本成本的收益。因此，我們在這些系統中贏得的這些計劃都會增加利潤。因此，我們將會面臨這些積壓訂單，而且這些訂單會以遞增的速度增加。

And then in Seating, we talked about there's going to be more significant awards in the second half. And so we're going to get to that point. We're in that process right now. I just mentioned that we're in the quoting process for the 150 and 250 with Ford Motor Company and other OEMs today. So I think we'll be ready to give an update a little bit more around probably the third quarter, fourth quarter of this year.

然後在座位方面，我們討論了下半年將會有更多重要的獎項。所以我們會達到這一點。我們現在正處於這過程中。我剛才提到，今天我們正在與福特汽車公司和其他 OEM 就 150 和 250 進行報價。所以我認為我們大概會在今年第三季或第四季提供更多更新。

Okay, thank you.

好的，謝謝。

Mark Delaney from Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thank you for taking the questions. I was hoping you could speak a bit more on your volume and sales outlook. The industry production environment has generally improved a little bit year-to-date volume mix and wind-downs are $1.3 billion headwind year-over-year in your guidance.

是的，早安。感謝您回答這些問題。我希望您能多談談您的銷售和銷售前景。產業生產環境總體上有所改善，年初至今的產量組合和削減量與去年同期相比下降了 13 億美元，符合您的預期。

I think incrementally, there's an additional $481 million you're planning on as a headwind from those buckets compared to your last outlook. So could you elaborate more on what Lear is seeing, and why it's incrementally more of a headwind?

我認為，與上次展望相比，您計劃從這些資金中獲得額外 4.81 億美元作為逆風。那麼，您能否更詳細地解釋李爾王所看到的情況，以及為什麼它逐漸成為一種逆風？

Yeah, we did see a slight improvement in the second quarter from what we had initially anticipated. And so part of what we've embedded in the guidance is a little bit of caution around what we think our customers are going to do with their production schedules. We've got about a $0.02 discount to our customer schedules out through the balance of the third quarter into the fourth quarter from what they're suggesting their production will be.

是的，我們確實看到第二季的情況比我們最初預期的略有改善。因此，我們在指南中嵌入的內容是對客戶將如何處理其生產計劃的一些謹慎看法。我們為客戶計劃在第三季度餘下時間至第四季度期間生產的產量提供了比他們建議的產量約 0.02 美元的折扣。

And that reflects some uncertainty around the level of imports, some of our European customers, important vehicles into the US particularly in the EU, where they're faced with this 25% tariff. We've also reduced our volume assumption and a couple of programs due to impacts with our customers changing over from 1 model to the next.

這反映出進口水準存在一些不確定性，我們的一些歐洲客戶將重要的車輛進口到美國，特別是歐盟，他們面臨 25% 的關稅。由於客戶從一種型號轉換到另一種型號會產生影響，因此我們也減少了產量預期和一些項目。

So for example, with Audi and Q5, it's gone through a change over here in the first half of the year, maybe up lowering our production assumption for the year to reflect that. I think that comes back next year. It's a great platform, long history of success in the marketplace. The other is with JLR and the Range Rover, Range Rover Sport, we did reduce our volume assumption there.

以奧迪 Q5 為例，今年上半年它經歷了變化，我們可能會下調今年的產量預期以反映這一點。我認為明年它還會再次出現。這是一個偉大的平台，在市場上有著悠久的成功歷史。另一個是對於捷豹路虎和攬勝、攬勝運動版，我們確實降低了那裡的銷售假設。

There was some volume loss during the changeover there. There was a mid-cycle change that's happening. They're launching some new versions of the vehicle, a plug-in hybrid, for example. And again, great demand for that program, but we were a bit cautious based on what we've seen recently with volumes there.

轉換期間出現了一些容量損失。正在發生一個中期變化。他們正在推出一些新版本的汽車，例如插電式混合動力汽車。再次強調，該項目的需求很大，但根據我們最近看到的數量，我們有點謹慎。

And so those are the kind of the main changes that we made to our volume outlook. We also saw some weakness, which we highlighted in the second quarter, which continues into the full year with the Jeep Wagoneer. And obviously, Stellantis has announced a number of initiatives and changes around trying to stabilize sales here in the US market.

這些就是我們對銷售展望所做的主要改變。我們也看到了一些弱點，我們在第二季強調了這一點，這種弱點隨著 Jeep Wagoneer 的推出而延續到了全年。顯然，Stellantis 已經宣布了一系列舉措和變化，試圖穩定美國市場的銷售。

And we've seen some headwinds in terms of volume on certain of their platforms like the Wagoneer as a result of that. So it's a combination of some weakness that we see in the releases, but also some anticipated weakness that we've embedded in the outlook. And if you look at that sort of high end of our guidance range to the midpoint, that captures that 2% or so that we've discounted our customer schedules by.

因此，我們看到他們的某些平台（如 Wagoneer）在銷售方面遇到了一些阻力。因此，這是我們在發布中看到的一些弱點的結合，也是我們在展望中嵌入的一些預期弱點的結合。如果你看一下我們指導範圍的高端到中點，你會發現我們已經將客戶計畫折扣了 2% 左右。

Very helpful, Jason. My other question was around the Conquest award that you picked up in wiring. Nice to see that come through. Can you help us better understand for the Conquest award with the EV OEM that you spoke about this morning. How much revenue should we think about as that business ramps either in 2026 or 2027? Thanks.

非常有幫助，傑森。我的另一個問題與您在佈線過程中獲得的征服獎有關。很高興看到這一點。您能否幫助我們更好地理解您今天上午談到的 EV OEM 征服獎。隨著該業務在 2026 年或 2027 年蓬勃發展，我們應該考慮多少收入？謝謝。

Yeah, that's it's about $50 million of additional revenue that will start at the very tail end of this year and you should see the full effect of that in 26 and 27.

是的，這將帶來約 5000 萬美元的額外收入，從今年年底開始，您應該會在 26 日和 27 日看到其全部效果。

Yeah, that was a nice win. That was -- like I said, we're focused on returns, and it's a good piece of business. And I think it just goes to the credibility that we have as far as being competitive and being very efficient in the reputation.

是的，那是一場漂亮的勝利。就像我說的，我們專注於回報，這是一筆很好的生意。我認為這體現了我們在競爭力和高效聲譽方面的可信度。

So, it was a nice second half win for us, but I also, like I said, very, very proud of the team for the nearly $1 billion backlog wins already this year. And so anticipating more put -- more pressure on Nick and the team to win more in the second half. And what I like about it is what we're seeing is healthy returns for us, too. Thank you.

所以，這對我們來說是一場漂亮的下半年勝利，但就像我說的，我也為球隊今年已經贏得近 10 億美元的積壓訂單感到非常自豪。因此預計尼克和球隊將在下半場面臨更大的壓力，以贏得更多勝利。我喜歡的是，我們也看到了豐厚的回報。謝謝。

Emmanuel Rosner from Wolfe Research.

來自 Wolfe Research 的 Emmanuel Rosner。

Great, thanks so much. I was hoping hoping to focus on the first half to second half walk. You're providing some really good color on this on slide 27. And so that's where I wanted to focus on. So look, honestly, when you look at the way you framed it from first half to the second half, the entire margin drop is basically volume and mix.

太好了，非常感謝。我希望能夠集中精神從上半場走到下半場。您在第 27 張投影片上提供了一些非常好的色彩。這就是我想要關注的重點。所以，老實說，當你回顧從上半年到下半年的框架方式時，你會發現整個利潤率的下降基本上是數量和組合造成的。

I mean yes, we spoke about net performance. It's -- but basically, first half to second half, the margin decline is really volume and mix. But a 90 basis point decline in volume and mix. That's like a $1 billion headwind sequentially to the EBIT, but your volume and mix revenue assumption is only going down by like $600 million, $700 million.

我的意思是，是的，我們談論了淨性能。但基本上，從上半年到下半年，利潤率的下降實際上是數量和組合造成的。但交易量和組合下降了 90 個基點。這對息稅前利潤來說就像是一個 10 億美元的逆風，但您的銷售和組合收入假設只會下降 6 億美元或 7 億美元。

So it's like 150% decremental on this. So just trying to understand, within your assumptions for the second half, I understand some caution on some of your customer schedules, but what do these decrementals look like? And why are they so high?

因此，這相當於減少了 150%。所以只是想了解一下，在您對下半年的假設中，我理解您對一些客戶計劃有些謹慎，但這些遞減是什麼樣的呢？為什麼它們這麼高？

I think the downward conversion is 19%, 20%, something like that. It's pretty much in line with our historical variable margins. So it's -- Emmanuel, I'm not quite following the math that you're using there. But on the $670 million reduction in sales, I think it's $130 million lower operating income.

我認為向下轉換是 19%、20% 或類似的數字。這與我們的歷史可變利潤率基本一致。所以——伊曼紐爾，我不太明白你在那裡使用的數學。但銷售額減少了 6.7 億美元，我認為營業收入也減少了 1.3 億美元。

Yes, sorry about the math. Just curious if there's any -- it seems like it's all volume driven very much. And so just curious if on the decremental side, especially since you're talking about potential EU imports and those are typically maybe higher margin business. If there's something that is also impacting on the decremental side, first half versus second half?

是的，很抱歉，我的數學不太好。只是好奇是否有任何——似乎這一切都是由音量驅動的。所以我只是好奇，如果從減少的方面來看，特別是因為你談論的是潛在的歐盟進口，而這些通常可能是利潤更高的業務。如果還有什麼東西對減少方面產生影響，那麼上半年與下半年相比如何？

Yeah, there's nothing really unusual in terms of that conversion. It's pretty much in line. There isn't as much net performance offset as you normally would see or what we saw in the first half of the year because we had so much of that commercial negotiation pull forward into the first half of the year.

是的，從這種轉變來看，並沒有什麼不尋常的。基本符合。淨績效抵銷並不像您通常看到的或我們在上半年看到的那麼多，因為我們將大量的商業談判提前到了上半年。

So overall conversion for the year on volume changes is better than the second half is, and you're exactly right. The margin contraction in the second half is entirely driven by the lower production volume assumption.

因此，今年全年的成交量變化總體轉換率比下半年好，您說得完全正確。下半年利潤率的收縮完全是由於產量假設較低所致。

And some of that is just the normal seasonality. I think 70% of that $670 million or $477 million of revenue is just your normal seasonal reductions that we see with the summer shutdowns in Europe and to a lesser extent, downtime in the US that is taken in July. And so the other -- it's really the other 30% that we're thinking through and wrestling with as we think about the business next year. And I think there's two things within that, that are sort of unusual.

其中一些只是正常的季節性現象。我認為，這 6.7 億美元或 4.77 億美元收入中的 70% 只是正常的季節性減少，例如歐洲夏季停工以及美國 7 月的停工（程度較輕）。所以，當我們考慮明年的業務時，我們真正在思考和努力解決的是另外 30% 的問題。我認為其中有兩件事有點不尋常。

One is what we're seeing with the lower JLR volumes and the Range Rover, Range Rover Sport, that's driven by the changeover and then some lower volume on a handful of programs from Europe that we think are tariff-driven, and we've taken the assumption that those volumes are going to come down somewhat with -- I'd give you two examples with the Mercedes GLC, we have sequential vine-reduction there in the Defender with JLR. So about $100 million of revenue first half to second half.

一是我們看到捷豹路虎和攬勝、攬勝運動版銷量下降，這是由於車型轉換所致，其次是歐洲一些項目的銷量下降，我們認為這些項目是受關稅驅動的，我們假設這些銷量會有所下降——我給你舉兩個例子，梅賽德斯 GLC，捷豹路虎的 Defender 銷量也隨之連續下降。因此上半年到下半年的營收約為 1 億美元。

Some of that, again, is normal seasonality, but the balance of that. is we believe the -- our expectation is lower shipments from Europe to the US that are tariff driven. Now if the EU and the US finalize their trade negotiations, and we end up at 15% instead of 25% that should come back.

其中有些是正常的季節性因素，但總體而言，我們相信——我們的預期是，受關稅影響，歐洲到美國的出貨量會下降。現在，如果歐盟和美國完成貿易談判，我們的稅率最終將達到 15% 而不是 25%，那麼稅率應該會回升。

And I would expect over time that will come back, especially as you look out to 2026. So, there are some definite kind of names in the second half of the year that I think are important to strip out as you're modeling 2026. Those are a couple of examples.

我希望隨著時間的推移，這種情況會逐漸恢復，尤其是展望 2026 年。因此，我認為在對 2026 年進行建模時，下半年有一些明確的名稱需要剔除。這些只是幾個例子。

Great. Yeah, and then my second question was around the updated guidance on the cash flow side. So I think some of the pieces that you've quantified for us was the lower EBIT guidance, but then also some timing on the tariffs. I think the first is was $25 million, then another $30 million timing. Anything else that's sort of contributing to the lower outlook on cash flow from operations versus the initial outcome?

偉大的。是的，我的第二個問題是關於現金流的最新指引。所以我認為您為我們量化的一些因素包括較低的息稅前利潤指引，以及關稅的一些時間表。我認為第一次是 2500 萬美元，第二次是 3000 萬美元。與最初的結果相比，還有什麼其他因素導致經營現金流前景較低嗎？

It's essentially earnings and then the tariff assumption with higher restructuring cash investments of $40 million, mostly offset by lower CapEx of $35 million. So it's mostly earnings and tariff recovery timing. And on that assumption, there's a reasonable chance that we do better than that $30 million. We had to just strike the chop line and make the call for today.

這基本上是收益，然後是關稅假設，其中重組現金投資增加 4000 萬美元，大部分被 3500 萬美元的較低資本支出所抵消。因此，這主要與收益和關稅恢復時機有關。基於這個假設，我們有很大機會獲得比 3000 萬美元更好的收益。我們必須劃定界限並做出今天的決定。

But I'll just give you one example of how that number could improve once this credit program is finalized between our customers and the US government it's very likely that some of our wire harness imports will be tariff-free, duty free and some other components within Seating will also have that treatment.

但我僅舉一個例子來說明這個數字如何改善，一旦我們的客戶和美國政府之間最終確定了這個信貸計劃，我們的一些線束進口很可能將免關稅、免稅，並且座椅內的一些其他部件也將享受這種待遇。

And so with those imports, instead of having to recover from the customer, you're just won in through the tariff upfront. I think we're at least 30, 60 days away from that being finalized, and we're hopeful that a significant portion of our imports are applied to that, that our customers apply the credits to those imports, and we reduced that cash exposure as a result of that.

因此，對於這些進口產品，您無需向客戶收回成本，只需透過預先徵收關稅即可。我認為我們至少還需要 30 到 60 天才能最終完成，我們希望我們有很大一部分的進口能夠應用於此，我們的客戶將這些信貸應用於這些進口，這樣我們就能減少現金風險。

And Frank and Nick, their teams are fighting to try and offset the under-recovery of tariff due to timing of normal payment terms through other means, whether that's early tooling recoveries or engineering recoveries or other commercial settlements.

弗蘭克和尼克及其團隊正在努力嘗試以其他方式彌補因正常付款條件時間而導致的關稅回收不足，無論是早期工具回收、工程回收還是其他商業結算。

So just it's an assumption, and we wanted to be clear that the assumption is embedded in the guidance for awareness purposes for investors, but we hope to do better than that.

所以這只是一個假設，我們希望明確指出，該假設已嵌入指南中，以提高投資者的認識，但我們希望做得更好。

Understood. Thank you.

明白了。謝謝。

James Picariello from BNP Paribas.

法國巴黎銀行的詹姆斯‧皮卡里洛 (James Picariello)。

Just to follow on Mark's question with respect to core sales. The organic comp now runs a point lower versus the prior guide despite unchanged LVP. Can you just share what's assumed for the business wind-down piece within E-Systems? Year-to-date, it's $120 million. I believe the original guide had embedded just $75 million for the full year. So curious what's slated for the second half? And does this headwind completely neutralize for next year?

只是想回答馬克核心銷售的問題。儘管 LVP 保持不變，但有機產品銷售額目前比之前的指南低了一個點。能否分享一下 E-Systems 內部業務清盤部分的假設？今年迄今，該金額已達 1.2 億美元。我相信最初的指南中全年只嵌入了 7500 萬美元。那麼好奇下半場會發生什麼事？明年這種逆風會完全消失嗎？

Sure, James. Yes, we have $146 million now for the full year. So it's still first half weighted and that is a little bit worse than what we had previously guided to. So we have some of our lighting Audi programs and our Audi Gateway program that some of those are bouncing out a little more quickly than we had initially anticipated.

當然，詹姆斯。是的，我們現在全年的資金為 1.46 億美元。因此，它仍然是前半部分加權的，這比我們之前指導的要差一點。因此，我們有一些奧迪照明計劃和奧迪網關計劃，其中一些計劃的推出速度比我們最初預期的要快一些。

And in terms of what that means for future years, we did include some of those figures on our backlog slide on the fourth quarter earnings call. But our current thought process here is there's about $150 million that will wind down next year, roughly $200 million in '27, $135 million in '28 and then you're down to less than $100 million. And that last $100 million sort of dribbles out over a number of years.

至於這對未來幾年意味著什麼，我們確實在第四季財報電話會議的積壓幻燈片中包含了一些數據。但我們目前的想法是，明年將減少約 1.5 億美元，2027 年將減少約 2 億美元，2028 年將減少 1.35 億美元，然後將減少到不到 1 億美元。而最後的 1 億美元則在幾年內逐漸用完。

So it is a headwind to growth in E-Systems for the next couple of years, in particular, in '25 through 27, and then it moderates from there.

因此，這對未來幾年 E-Systems 的成長來說是一個阻力，特別是 25 年至 27 年，然後成長會逐漸放緩。

Understood. That's helpful. And then my follow-on, are there any updated thoughts on the backlog with respect to the out years, like particularly for the introduction of what 2027 might look like at this point?

明白了。這很有幫助。然後我的後續問題是，對於未來幾年的積壓問題，您有什麼最新的想法嗎，特別是對於 2027 年可能會是什麼樣子的介紹？

Thanks. Yeah, I think we're going to save that for as Ray said out later in the year, start of next year because we want to make sure it captures these programs that we're pursuing currently, particularly in Seating. We've had a nice start to the year in E-Systems with new business wins and a pretty significant portion of that is backlog.

謝謝。是的，我認為我們會把它留到今年晚些時候，也就是明年年初，就像雷說的那樣，因為我們希望確保它能涵蓋我們目前正在推行的這些項目，特別是在座位方面。今年，E-Systems 業務取得了良好的開端，贏得了許多新業務，其中相當一部分是積壓訂單。

Most of that falls sort of outside of our normal three-year window. I think it's mainly late '27 and '28, '29. The recent award that we just received with the global EV OEM does have a '26 benefit, but the others are a little bit later. So we'd like to have more clarity around the longer-term growth profile of the company before we go through a full update to the backlog.

其中大部分都超出了我們正常的三年期限。我認為主要是 1927 年末、1928 年、1929 年。我們剛從全球電動車原始設備製造商那裡獲得的最新獎項確實有 26 個福利，但其他福利要晚一點。因此，在對積壓訂單進行全面更新之前，我們希望更清楚地了解公司的長期成長狀況。

Of course, there are kind of puts and takes that happened throughout the year, and I will highlight that 1 headwind for the backlog for next year is the Stellantis announcement around their production change on the Ram charger and the Ram rev. The Ram charger was initially slated to launch this year that got pushed to the middle of next year and the Ram rev got delayed out another year. So we have the seating on both, and then we have the BDU on the Ram rev.

當然，全年都會發生各種各樣的事情，我要強調的是，明年積壓訂單的一大不利因素是 Stellantis 宣布對 Ram 充電器和 Ram 轉速進行生產變更。Ram 充電器最初計劃於今年推出，但被推遲到明年年中，而 Ram 版本又被推遲了一年。因此，我們在兩者上都有座位，然後在 Ram 轉速上配備 BDU。

So there is a bit of a reduction to be expected from that. Now it's also important to point out that we were able to offset that impact for this year. with higher backlog on our Chinese domestic OEM business, in particular, with Xiaomi on the C7 program, which had a fantastic first half of the year. So again, there's going to be puts and takes, but Stellantis did make that announcement after our first quarter earnings call because on May 15 -- and so I just want to make sure that on everyone's radar screen.

因此，預計這一數字會有所減少。現在還需要指出的是，我們能夠抵消今年的影響。我們在中國國內 OEM 業務的積壓訂單較多，特別是小米的 C7 項目，該項目在今年上半年表現非常出色。所以，再次強調，會有賣出和賣出，但 Stellantis 確實在我們的第一季財報電話會議後（5 月 15 日）宣布了這一消息——所以我只是想確保每個人都關注這一點。

But I do think it's important. And as our customers and they are reevaluating their propulsion systems across hybrid valves and ICE, and there has been a delay in some cases of how they're awarding business based on these decisions with policy and some of the changes that we all are aware of.

但我確實認為這很重要。由於我們的客戶正在重新評估混合閥門和 ICE 推進系統，因此在某些情況下，他們根據政策決策和我們都知道的一些變化授予業務的方式出現了延遲。

Our backlog right now quoting pipeline in Seating is near a record high. We were at, what, $7 billion or so. Frank is really busy quoting a lot of programs. We got a lot right now that we have in front of us that we're very, very focused on. I think we have proven that. And the reason I illustrate to analysts and to investors, the investments we've made as a manufacturing integrator.

我們目前在 Seating 方面的積壓報價已接近歷史最高水準。我們的金額大約是 70 億美元。弗蘭克確實很忙，引用了很多程式。我們現在面臨很多事情，我們必須非常非常集中精力。我想我們已經證明了這一點。我向分析師和投資者說明我們作為製造整合商所做的投資的原因。

I know a lot of companies talk about, yes, we're in automation, and we're doing digital software in AB, but our ability to really drive efficiency at a plant floor is differentiating us. And so we're optimistic. We still have to get through this quoting process.

我知道很多公司都在談論，是的，我們從事自動化行業，我們在 AB 中開發數位軟體，但我們真正提高工廠車間效率的能力才是我們的與眾不同之處。因此我們很樂觀。我們還必須完成這個報價流程。

We have a lot of quotes in front of us. We're very specific on who we're targeting. We obviously like a traditional historical programs that have been successful over a longer period of time. We're being very cautious around the type of programs where we're quoting from a regional perspective. We're lasered in. And we -- and why I talk about the timing is there's still some movement within it.

我們面前有很多報價。我們對我們的目標客戶非常明確。我們顯然喜歡那些在較長時期內取得成功的傳統歷史節目。我們對從區域視角引用的節目類型非常謹慎。我們被雷射照射了。我之所以談論時機，是因為其中仍有一些動向。

They're still looking at different changes to policy, like I said or trade. But we're very focused. And I think we have some really good opportunities in front of us. And as those opportunities emerge, we do want to be clear to investors and analysts on the business we win. So when it's appropriate, we will come out and talk a little bit more around the backlog and the success.

正如我所說，他們仍在考慮政策或貿易的不同變化。但我們非常專注。我認為我們面前有一些非常好的機會。隨著這些機會的出現，我們確實希望向投資者和分析師清楚地說明我們贏得的業務。因此，在適當的時候，我們會就積壓問題和成功問題進行更多討論。

But I do keep saying this, I'm very proud of the E-Systems team really did a nice job in the first half of this year. I guess close to $1 billion of booked business. And we still have opportunities in E-Systems for the remainder of the year. So Nick's got to get busy on that, he will. And hopefully, we'll be up soon with an update to the backlog. But it's a robust pipeline, that's for sure.

但我一直在說，我為 E-Systems 團隊在今年上半年所做的出色工作感到非常自豪。我估計訂單額接近 10 億美元。今年剩餘時間裡，我們在 E-Systems 仍有機會。所以尼克必須忙於這件事，他會的。希望我們能盡快更新積壓工作。但可以肯定的是，這是一條強大的管道。

Colin Langan from Wells Fargo.

富國銀行的科林‧蘭根 (Colin Langan)。

Questions. Maybe you can start just to clarify the I think I followed most of it, but the puts and takes and the change from the prior to the current operating income guidance. I think $25 million is performance. It looks like something like $10 million is FX improvement offset by $55 million-ish in sort of lower volume impacts from the prior guide. Is that right? And then if that's right, the $55 million seems like a pretty low decremental on the sales decline. Is -- are this the right thesis, I guess?

問題。也許您可以開始澄清我認為我遵循了大部分內容，但是從之前到當前營業收入指導的投入和產出以及變化。我認為 2500 萬美元是業績。看起來，外匯改善帶來的 1000 萬美元左右的收益被先前指南中 5500 萬美元左右的成交量降低的影響所抵消。是嗎？如果這是正確的，那麼 5500 萬美元對於銷售額的下降似乎是一個相當低的減量。我想，這是正確的論點嗎？

Yeah, I think you summed it up correctly there. So -- [indiscernible] my notes here. So from the prior guidance, we're down $475 million due to volume and about $90 million of OI on that, and that's converting at 19%. So -- and then positive performance to get the benefit of the seating consolidation. And then you have a little bit of margin dilution from the tariff recovery. So you get $210 million of revenue with no earnings attached to it. That's the basic bridge and then FX is converting at about 7%, a little bit stronger in E-Systems than in Seating.

是的，我認為你總結得非常正確。所以——[音訊不清楚] 我的筆記在這裡。因此，根據先前的指引，由於交易量的原因，我們下降了 4.75 億美元，其中未平倉部位約 9,000 萬美元，轉換率為 19%。因此——然後透過正面的表現來獲得席位合併的好處。然後，關稅恢復會稍微稀釋你的利潤率。因此，您獲得了 2.1 億美元的收入，但其中沒有附帶任何收益。這是基本的橋樑，然後 FX 的轉換率約為 7%，在 E-Systems 中的轉換率比在 Seating 中的轉換率略高一些。

Got it. And then with the recent trade deal with Japan is sort of a growing view that we might end up at something like 15%. If that's the rate for your business in Honduras, would that be enough of a decline to make it sort of competitive, or would you have to consider relocating. Any thoughts or color there?

知道了。隨著最近與日本達成的貿易協議，越來越多的人認為我們的稅率最終可能會達到 15% 左右。如果這是您在宏都拉斯的業務稅率，那麼降幅是否足以使其具有競爭力，或者您是否必須考慮搬遷。有什麼想法或色彩嗎？

I think it's 15%, 10%. I mean those are all good numbers. We're still very, very competitive in Honduras at those rates, and it will still be more competitive in Honors. And so the footprint would be very efficient at that level.

我認為是15%、10%。我的意思是這些都是好數字。以這樣的價格，我們在宏都拉斯仍然非常具有競爭力，而且在榮譽方面仍將更具競爭力。因此，在那個層面上，足跡將非常有效率。

So, Yeah, and Colin, we've had, I think, some very productive conversations with the administration, with commerce over the last several weeks. And they're listing to us. And I think they understand and share the same objective we do, which is to have US manufactured vehicles be competitive in the US and on the global stage.

是的，科林，我認為，過去幾週我們與政府和商務部進行了一些非常有成效的對話。他們正在聽我們說話。我認為他們理解並與我們有著相同的目標，那就是讓美國製造的汽車在美國和全球舞台上具有競爭力。

And 1 of the key drivers of that is having components like wire harnesses manufactured in lower-cost locations. So we're not going to make any predictions, any bold predictions on removal of the harnesses from the [indiscernible] when that might happen. But if logic prevails here that seems to make a lot of sense to protect the competitiveness of US manufactured vehicles.

其中一個關鍵驅動因素是在成本較低的地方生產線束等零件。因此，我們不會做出任何預測，不會對何時從 [音訊不清晰] 中移除安全帶做出任何大膽的預測。但如果邏輯成立，那麼保護美國製造汽車的競爭力似乎就很有意義。

And so yes, to Jason's point, we have had -- the conversations are going extremely well with administration and with other senators and congressmen that we're meeting with. And we are starting to see interested to Jason's point, remaining competitive here in the US and being able to export is a primary goal, along with workers and other things. But it does help our case and help the fact that we have to remain very cost competitive here in the US around components.

是的，正如傑森所說，我們與政府以及我們會見的其他參議員和眾議員的談話進展非常順利。我們開始對傑森的觀點感興趣，保持在美國的競爭力和能夠出口是首要目標，還有工人和其他因素。但它確實對我們有幫助，並有助於我們在美國保持零件成本競爭力。

Okay. Just I think thank you for everyone participating in the call today. I just want to thank the Lear team, outstanding job first quarter, second quarter, we've got some work to do in the remainder of the year, but really proud of everything we've accomplished from the tariffs, how we've mitigated that challenge to what we're doing operationally and talk about this operational excellence and automation and what we're doing within our manufacturing plants, the work that was done down in Mexico and improvements around efficiencies. Great job to the team.

好的。我想感謝今天參加電話會議的每個人。我只想感謝李爾團隊，第一季和第二季的出色工作，我們在今年剩餘時間裡還有一些工作要做，但我真的為我們所取得的一切感到自豪，從關稅，到我們如何減輕這一挑戰，再到我們在運營方面所做的工作，談論卓越運營和自動化，以及我們在製造工廠內所做的工作，在墨西哥所做的工作以及效率方面的改進。團隊做得很好。

I appreciate everything you're doing. Let's keep it up in the second half. Thank you.

我感謝你所做的一切。下半場我們繼續保持這種狀態。謝謝。

Got it. All right, thanks for taking my question.

知道了。好的，感謝您回答我的問題。

Thanks. Okay.

謝謝。好的。

Ladies and gentlemen, with that, we'll 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。