(MGA) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Q1 2023 Results Call. (Operator Instructions). As a reminder, today's call is being recorded Friday, May 5, 2023.

大家好，歡迎參加 2023 年第一季度業績電話會議。 （操作員說明）。提醒一下，今天的電話會議將於 2023 年 5 月 5 日星期五進行錄音。

Now I would like to turn the conference over now to Louis Tonelli, VP, Investor Relations. Please go ahead.

現在我想將會議轉交給投資者關係副總裁 Louis Tonelli。請繼續。

Thanks, Tommy. Hello, everyone, and welcome to our conference call covering our first quarter 2023. Joining me today are Swamy Kotagiri and Pat McCann. Yesterday, our Board of Directors met and approved our financial results for the first quarter of '23. We issued a press release this morning outlining our results.

謝謝，湯米。大家好，歡迎參加我們 2023 年第一季度的電話會議。今天加入我的是 Swamy Kotagiri 和 Pat McCann。昨天，我們的董事會開會並批准了我們 23 年第一季度的財務業績。我們今天早上發布了一份新聞稿，概述了我們的結果。

You'll find the press release today's conference call webcast, the slide presentation to go along with the call and our updated quarterly financial review all in the Investor Relations section of our website at magna.com.

您可以在我們網站 magna.com 的投資者關係部分找到今天的新聞稿電話會議網絡廣播、電話會議幻燈片演示以及我們更新的季度財務回顧。

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation.

在我們開始之前，提醒一下，今天的討論可能包含適用證券立法含義內的前瞻性信息或前瞻性陳述。

Such statements involve certain risks, assumptions and uncertainties and which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements.

此類陳述涉及某些風險、假設和不確定性，可能導致公司的實際或未來結果和業績與這些陳述中明示或暗示的結果和業績存在重大差異。

Please refer to today's press release for a complete description of our safe harbor disclaimer. Please also refer to the reminder slide included in our presentation that relates to our commentary today.

請參閱今天的新聞稿，了解我們安全港免責聲明的完整說明。另請參閱我們的演示文稿中包含的與我們今天的評論相關的提醒幻燈片。

And with that, I'll pass the call over to Swamy.

有了這個，我會把電話轉給 Swamy。

Thank you, Louis, and good morning, everyone. I appreciate you joining our call today, and let me jump right in. There are some notable takeaways to highlight before getting into some of the details. Organic sales grew by 15%, outperforming weighted production by 8% driven by growth across our portfolio. Our strong Q1 operating performance reflects strong earnings on higher organic sales. We are raising the lower end of our adjusted EBIT outlook by 60 basis points based on the strength of these results and targeted actions to reduce expenses and optimize our cost structure.

謝謝你，路易斯，大家早上好。感謝您今天加入我們的電話會議，讓我直接進入。在進入一些細節之前，有一些值得注意的要點需要強調。在我們整個產品組合增長的推動下，有機銷售額增長了 15%，比加權生產增長了 8%。我們強勁的第一季度經營業績反映了更高的有機銷售額帶來的強勁收益。基於這些結果的優勢以及減少開支和優化成本結構的有針對性的行動，我們將調整後的息稅前利潤預期的下限提高了 60 個基點。

We are highly focused on executing our strategy and remain confident in our ability to meet our long-term growth and margin outlook. Given our sales growth of about $8 billion in the next 3 years, particularly on new program launches, we are investing in the business and expect CapEx to sales ratio to normalize by 2025. Our CapEx outlook is unchanged at for 2023. In the quarter, we issued 1.6 billion of debt to finance our pending acquisition of Veoneer Active Safety and we plan to be back in our target leverage range by the end of 2024.

我們高度專注於執行我們的戰略，並對我們實現長期增長和利潤率前景的能力充滿信心。鑑於我們在未來 3 年的銷售額增長約 80 億美元，特別是在新項目啟動方面，我們正在對該業務進行投資，並預計到 2025 年資本支出與銷售額的比率將正常化。我們的資本支出前景在 2023 年保持不變。在本季度，我們發行了 16 億美元的債務來資助我們對 Veoneer Active Safety 的未決收購，我們計劃到 2024 年底回到我們的目標槓桿範圍內。

And our successful debt offering was done while maintaining our investment grade rating and strong investor interest despite a challenging market environment for debt issuance in Q1.

儘管第一季度債券發行的市場環境充滿挑戰，但我們成功發行了債券，同時保持了我們的投資等級評級和強烈的投資者興趣。

As you all know, our global economy continued to experience some interlocking challenges, including higher inflation rising interest rates, geopolitical risks and slowing economic growth, which continue to have an impact on our industry.

眾所周知，我們的全球經濟繼續經歷一些相互關聯的挑戰，包括更高的通脹率、更高的利率、地緣政治風險和放緩的經濟增長，這些繼續對我們的行業產生影響。

We have remained focused on driving operational improvements working with our customers to recover inflationary costs and executing on our strategy to deliver long-term value. Let me share some of these specific operational improvements and where we have intensified our actions, giving us confidence in achieving not only this year's outlook, but our plans beyond 2023. We have undertaken a number of actions to mitigate the short and midterm macroeconomic pressure we are facing, including the consolidation and restructuring of some corporate functions, manufacturing footprint optimization and repricing of some programs that are underperforming our expectations.

我們一直專注於推動運營改進，與客戶合作以收回通貨膨脹成本，並執行我們的戰略以提供長期價值。讓我分享一些具體的運營改進以及我們在哪些方面加強了行動，讓我們有信心不僅實現今年的展望，而且實現我們 2023 年以後的計劃。我們採取了一系列行動來減輕我們面臨的短期和中期宏觀經濟壓力面臨的挑戰包括一些公司職能的整合和重組、製造足跡優化以及一些表現不佳的計劃的重新定價。

At the same time, we have and continue to intensify actions that are core to our daily business, including automation activities. In fact, about 15% additional productivity has been identified, including a possible 120 automation installations over and above the planned 70, all to be completed within the year. Additionally, our corporate enterprise-wide global purchasing initiative that started last year is helping reduce direct component pricing, freight optimization and overall supplier management, among other things. We are starting to see traction here.

與此同時，我們已經並將繼續加強對我們日常業務至關重要的行動，包括自動化活動。事實上，已經確定了大約 15% 的額外生產力，包括可能在計劃的 70 個基礎上安裝 120 個自動化裝置，所有這些都將在年內完成。此外，我們去年啟動的企業範圍內的全球採購計劃正在幫助降低直接組件定價、運費優化和整體供應商管理等。我們開始在這裡看到牽引力。

And finally, smart factory initiatives with a digital ecosystem implementation, which include leading indicators, analytics and higher levels of automation, all aimed at achieving higher productivity levels are all well underway.

最後，採用數字生態系統實施的智能工廠計劃，包括領先指標、分析和更高水平的自動化，旨在實現更高的生產力水平，所有這些都在順利進行。

We expect these initiatives to help us achieve our 2023 outlook and will be key to expanding long-term margins. Now looking at our sales in Megatrend Areas that are increasing per our plan. Sales for these product areas were just under $1 billion combined last year.

我們預計這些舉措將幫助我們實現 2023 年的展望，並將成為擴大長期利潤率的關鍵。現在看看我們在大趨勢地區的銷售額，這些地區按照我們的計劃正在增長。去年這些產品領域的總銷售額不到 10 億美元。

And are expected to roughly double to just under 2 billion this year, double again by 2025 and be up to 7 billion by 2027. These products have a sales CAGR of around 50% in the period from 2022 to 2027. The pending acquisition of Veoneer is expected to add meaningful growth on top of that.

預計今年將翻一番，略低於 20 億，到 2025 年再翻一番，到 2027 年達到 70 億。這些產品在 2022 年至 2027 年期間的銷售額複合年增長率約為 50%。預計將在此基礎上增加有意義的增長。

As the sales growth continues, our roughly 900 million of engineering spending in these areas is expected to be relatively flat over our outlook period. Given that these product areas are reaching an inflection point, and we are beginning to leverage our engineering spend to the point where we expect these businesses to be profitable by 2025.

隨著銷售額的持續增長，我們在這些領域的大約 9 億美元的工程支出預計在我們的展望期內將相對持平。鑑於這些產品領域正在達到一個拐點，我們開始利用我們的工程支出來達到我們預計這些業務到 2025 年實現盈利的程度。

We recently announced a few key product wins contributing to our growth in these areas, including CLEARVIEW Vision Systems on the Ram 2500 and 3500 heavy-duty models battery enclosures business on General Motors, EV pickups and SUVs and eDrive systems for a Europe-based global premium OEM, just to name a few.

我們最近宣布了一些有助於我們在這些領域取得增長的關鍵產品，包括通用汽車在 Ram 2500 和 3500 重型車型電池外殼業務上的 CLEARVIEW Vision Systems、EV 皮卡和 SUV 以及 eDrive 系統在歐洲的全球高級 OEM，僅舉幾例。

We are expecting overall growth for Magna of around $8 billion from 2022 to 2025.

我們預計從 2022 年到 2025 年，麥格納的整體增長將達到 80 億美元左右。

This is partially driven by the record business awards we achieved in '22, which were 30% above our 5-year average. This high-growth cycle is driving the near-term capital investment. Our CapEx to sales ratio is expected to decline to historical levels of low to mid-4s by 2025.

這在一定程度上是由於我們在 22 年獲得的創紀錄的商業獎項，比我們 5 年的平均水平高出 30%。這種高增長周期正在推動近期的資本投資。到 2025 年，我們的資本支出與銷售額之比預計將降至 4 中低的歷史水平。

Just as a reference point, we exceeded a 5% threshold during other periods of growth in 2016 and '17. More than $1 billion of our expected capital investment over the next 3 years, including about 500 million this year alone is to build on a strong position in battery enclosures.

作為參考點，我們在 2016 年和 17 年的其他增長時期超過了 5% 的門檻。我們在未來 3 年的預期資本投資中有超過 10 億美元（僅今年就有約 5 億美元）用於建立電池外殼的強勢地位。

A market position that we believe we can maintain over the long term and generate strong returns from investments across multiple program life cycles. And it's important to point out that we continue to win business across our core product areas as well, including seed complete assemblies on GM's EV pickup trucks at Orion Assembly engineering and complete vehicle assembly for INEOS, automotive offload EV and smart access power door systems on a Ferrari program.

我們相信我們可以長期保持市場地位，並從跨多個項目生命週期的投資中獲得豐厚的回報。重要的是要指出，我們也繼續在我們的核心產品領域贏得業務，包括在 Orion Assembly engineering 上為 GM 的 EV 皮卡車提供種子完整組裝，以及為 INEOS、汽車卸載 EV 和智能門禁電動門系統在法拉利計劃。

Lastly, before I pass the call over to Pat reflected in our ongoing commitment to operational excellence is the recognition we received from our customers. Typically, Magna receives more than 100 launch and quality awards from various global automakers around the world each year. Most recently, General Motors recognized Magna with a total of 8 awards. Seven supplier of the year awards and on overdrive award. We were one of only 2 suppliers to win both awards and the only supplier to win 6 or more in a given year, and we have done it for 3 consecutive years.

最後，在我將電話轉給 Pat 之前，我們對卓越運營的持續承諾反映了我們從客戶那裡得到的認可。通常情況下，麥格納每年都會獲得來自全球多家全球汽車製造商的 100 多項發布和質量獎項。最近，通用汽車授予麥格納總共 8 個獎項。七個年度供應商獎和超速獎。我們是僅有的 2 家獲得這兩個獎項的供應商之一，也是唯一一家在給定年份贏得 6 次或更多獎項的供應商，而且我們已連續 3 年做到這一點。

With that, I'll pass the call over to Pat.

有了這個，我會把電話轉給帕特。

Thanks, Swamy, and good morning, everyone. As Swamy indicated, we delivered strong first quarter results coming in ahead of our expectations. Now comparing the first quarter of 2023 to the first quarter of 2022. The consolidated sales were 10.7 billion, up 11% compared to a 3% increase in global light vehicle production. EBIT was 437 million. While EBIT declined 120 basis points to 4.1%, it was up 40 basis points from the fourth quarter of 2022. Adjusted EPS came in at $1.1 down 13% year-over-year, in part due to a lower tax rate last year. And free cash flow used in the quarter was 279 million compared to 99 million in the first quarter of 2022 and in part reflecting higher capital spending to support our strong growth. During the quarter, we paid dividends of 132 million and we are raising our sales outlook as well as the low end of our EBIT margin range.

謝謝，Swamy，大家早上好。正如 Swamy 所指出的，我們交付了強勁的第一季度業績，超出了我們的預期。現在比較 2023 年第一季度和 2022 年第一季度。綜合銷售額為 107 億美元，增長 11%，而全球輕型汽車產量增長 3%。息稅前利潤為 4.37 億美元。雖然息稅前利潤下降 120 個基點至 4.1%，但比 2022 年第四季度上升了 40 個基點。調整後的每股收益為 1.1 美元，同比下降 13%，部分原因是去年的稅率較低。本季度使用的自由現金流為 2.79 億，而 2022 年第一季度為 9900 萬，部分反映了為支持我們的強勁增長而增加的資本支出。本季度，我們支付了 1.32 億美元的股息，我們提高了銷售前景以及息稅前利潤率範圍的低端。

Let me take you through some of the details. North American light vehicle production was up 8% and Europe was up 7%, while production in China declined 5%, netting a 3% increase in global production. Our consolidated sales were 10.7 billion, up 11% over the first quarter of 2022.

讓我帶您了解一些細節。北美輕型車產量增長 8%，歐洲增長 7%，而中國產量下降 5%，全球產量增長 3%。我們的綜合銷售額為 107 億美元，比 2022 年第一季度增長 11%。

On an organic basis, our sales increased 15% year-over-year for an 8% growth over market in the first quarter or 5% growth over market, excluding complete vehicles. The increase was primarily due to higher global vehicle production and complete vehicle assembly volumes, the launch of new programs and price increases to recover certain higher input costs.

在有機的基礎上，我們的銷售額同比增長 15%，第一季度比市場增長 8% 或比市場增長 5%，不包括整車。增長的主要原因是全球汽車產量和整車裝配量增加、新項目的啟動以及價格上漲以彌補某些較高的投入成本。

These were partially offset by the impact of foreign currency translation, lower sales due to the substantial idling of our operations in Russia, net divestitures and normal course customer price givebacks. Adjusted EBIT was 437 million and adjusted EBIT margin was 4.1% compared to 5.3% in Q1 2022. The lower EBIT percent in the quarter reflects about 80 basis points of nonrecurring items. The most significant of which relates to lower net favorable commercial items and a warranty accrual.

這些部分被外幣換算的影響、由於我們在俄羅斯的業務大量閒置導致的銷售額下降、淨資產剝離和正常過程中的客戶價格回饋所抵消。調整後的息稅前利潤為 4.37 億美元，調整後的息稅前利潤率為 4.1%，而 2022 年第一季度為 5.3%。本季度較低的息稅前利潤百分比反映了約 80 個基點的非經常性項目。其中最重要的是與較低的淨有利商業項目和保修應計項目有關。

About 70 basis points of operational items, including inefficiencies at a BES facility in Europe, which we highlighted beginning in Q2 of last year, which impacted us by about 40 basis points in Q1 and higher program-related engineering spend and launch costs. Partially offset by productivity and efficiency improvements at certain facilities.

大約 70 個基點的運營項目，包括歐洲 BES 設施的低效率，我們從去年第二季度開始就強調了這一點，這在第一季度對我們產生了大約 40 個基點的影響，並增加了與項目相關的工程支出和啟動成本。部分被某些設施的生產力和效率提高所抵消。

In addition, higher net input costs impacted us by about 60 basis points. These items were partially offset by earnings on higher sales and higher equity income. Interest expense declined slightly, reflecting a make-whole payment made last year to early redeem debt as well as increased interest income earned due to higher current rates.

此外，更高的淨投入成本對我們產生了約 60 個基點的影響。這些項目部分被更高的銷售額和更高的股權收入所抵消。利息支出略有下降，反映了去年為提前贖回債務而進行的全額付款以及由於較高的當前利率而增加的利息收入。

Our adjusted income tax rate came in at 21.6%, largely in line with our 2023 expectations but higher than Q1 of last year. Net income attributable to Magna was 319 million compared to 383 million in Q1 2022, reflecting lower EBIT and higher tax rate, partially offset by lower interest expense and minority interest.

我們調整後的所得稅率為 21.6%，基本符合我們對 2023 年的預期，但高於去年第一季度。歸屬於麥格納的淨收入為 3.19 億美元，而 2022 年第一季度為 3.83 億美元，反映出較低的息稅前利潤和較高的稅率，部分被較低的利息支出和少數股東權益所抵消。

Adjusted -- diluted EPS was $1.11 compared to $1.28 last year. The decrease is the result of lower net income, partially offset by fewer shares outstanding.

調整後的攤薄後每股收益為 1.11 美元，而去年為 1.28 美元。減少的原因是淨收入減少，部分被流通股減少所抵消。

The reduced number of shares outstanding primarily reflects the impact of share repurchases during or subsequent to Q1 of 2022.

已發行股票數量減少主要反映了 2022 年第一季度期間或之後股票回購的影響。

Turning to a review of our cash flows and investment activities. In the first quarter of 2023, we generated 568 million of cash from operations before changes in working capital while we invested 341 million in working capital. Investment activities in the quarter included 424 million for fixed assets and a 101 million increase in investments other assets and intangibles.

轉向審查我們的現金流量和投資活動。 2023 年第一季度，我們在運營資本變動前產生了 5.68 億美元的運營現金，而我們投資了 3.41 億美元的運營資本。本季度的投資活動包括 4.24 億美元的固定資產投資和增加的 1.01 億美元的其他資產和無形資產投資。

The 424 million in CapEx was higher than 238 million in Q1 of last year due to additional investments we are making in our business to support growth. Overall, we used free cash flow of 279 million in Q1. We also paid 132 million in dividends in the quarter. Our balance sheet continues to be strong. At the end of Q1, we had 5.9 billion in liquidity, including over 2.4 billion in cash. We completed several debt transactions this past quarter.

由於我們正在對業務進行額外投資以支持增長，因此 4.24 億美元的資本支出高於去年第一季度的 2.38 億美元。總體而言，我們在第一季度使用了 2.79 億美元的自由現金流。我們還在本季度支付了 1.32 億美元的股息。我們的資產負債表繼續保持強勁。一季度末，我們有流動資金59億，其中現金24億多。我們在上個季度完成了幾筆債務交易。

This debt will be used primarily to fund the acquisition of Veoneer Active Safety, our capital spending program included in Megatrend Areas and to refinance our euro debt set to mature this year.

這筆債務將主要用於資助 Veoneer Active Safety 的收購，我們的資本支出計劃包括在 Megatrend Areas 中，並為我們將於今年到期的歐元債務再融資。

Currently, our adjusted debt to adjusted EBITDA is 2.19x. Excluding cash we are holding to pay down our euro debt, our ratio is 2x. As Swamy said earlier, we anticipate a return to our target leverage ratio of 1 to 1.5x by the end of next year.

目前，我們調整後的債務與調整後的 EBITDA 之比為 2.19 倍。不包括我們為償還歐元債務而持有的現金，我們的比率是 2 倍。正如 Swamy 早些時候所說，我們預計到明年年底將恢復到 1 至 1.5 倍的目標槓桿率。

Next, I will cover our updated outlook, which incorporates slightly higher-than-expected vehicle production in both North America and Europe as a result of better production in Q1.

接下來，我將介紹我們更新後的展望，其中包括由於第一季度產量增加而導致北美和歐洲的汽車產量略高於預期。

Our assumption for production in China is unchanged from our previous outlook. We also assume exchange rates and our outlook will approximate recent rates. We now expect a stronger euro and slightly lower Canadian dollar for 2023 and relative to our previous outlook. We are increasing our expected sales range, largely reflecting the higher North American and European production in Q1 as well as the higher euro. We are increasing the bottom end of our adjusted EBIT margin range; we are now at 4.7% to 5.1%.

我們對中國生產的假設與之前的展望沒有變化。我們還假設匯率，我們的前景將接近近期匯率。我們現在預計 2023 年歐元走強，加元略低於我們之前的展望。我們正在增加我們的預期銷售範圍，主要反映了第一季度北美和歐洲產量的增加以及歐元的上漲。我們正在提高調整後的息稅前利潤率範圍的下限；我們現在是 4.7% 到 5.1%。

As Swamy indicated, the increase reflects our better-than-expected Q1 and actions undertaken to reduce expenses and optimize our cost structure, partially offset by an increase in launch-related spending for 2023. As a result of increasing the ranges for our sales and the low end of adjusted EBIT margin, we're also raising our range for net income (inaudible) to Magna.

正如 Swamy 所指出的，這一增長反映了我們第一季度好於預期以及為減少開支和優化我們的成本結構而採取的行動，部分被 2023 年與發布相關的支出增加所抵消。由於我們的銷售範圍增加和調整後息稅前利潤率的低端，我們還將淨收入（聽不清）的範圍提高到麥格納。

And our interest expense, equity income, tax rate capital spending and free cash flow expectations are all unchanged from our last outlook.

我們的利息支出、股權收入、稅率資本支出和自由現金流預期均與我們上次的展望相同。

In summary, we had a strong operating performance in the first quarter. Once again, we outgrew our end markets by 8% on a consolidated basis and 5% excluding complete vehicles. We're taking additional steps to reduce our expenses, optimize our cost structure and improved margins. As a result of our strong Q1 and incremental cost optimization actions, we are raising the low end of our EBIT margin outlook expectations for the year.

總而言之，我們在第一季度的經營業績強勁。再一次，我們在綜合基礎上超過我們的終端市場 8%，不包括整車的 5%。我們正在採取額外措施來減少開支、優化成本結構和提高利潤率。由於我們強勁的第一季度和增量成本優化行動，我們提高了今年息稅前利潤率前景預期的下限。

We are determined to deliver on our outlook, but recognize there's plenty of work ahead, particularly with respect to input cost recoveries from our customers. We are laser-focused on execution.

我們決心兌現我們的展望，但也認識到未來還有很多工作要做，尤其是在從客戶那裡收回投入成本方面。我們非常專注於執行。

Finally, we expect to close the Veoneer Active Safety transaction in the second quarter and remain highly focused on the integration of this business.

最後，我們預計將在第二季度完成 Veoneer Active Safety 交易，並繼續高度關注該業務的整合。

Thank you for your attention, and we'll be happy to answer your questions.

感謝您的關注，我們很樂意回答您的問題。

Thank you very much. (Operator Instructions) One moment, please, for your first question. And we'll get to our first question on the line from John Murphy with Bank of America.

非常感謝。 （操作員說明）請稍等，回答您的第一個問題。我們將從美國銀行的約翰墨菲那裡得到我們的第一個問題。

I just wanted to touch on Slide 10 and battery enclosures specifically, -- as we look at this -- you're talking about having the battery closures for all of GM's EV trucks.

我只是想具體談談 Slide 10 和電池外殼——正如我們所看到的——你說的是通用汽車所有 EV 卡車的電池封閉裝置。

I'm just curious, could that go beyond trucks to the Ultium platform more broadly -- and then also, should we be thinking about this battery and closure business on the truck specifically or maybe even more widely similar to what you did on the hydro frames for GM back in 98, 99 changeover and that may be somewhat of a similar opportunity to be sole sourced and have a very large profitable business with great returns.

我只是很好奇，這是否可以超越卡車，更廣泛地應用於 Ultium 平台——然後，我們是否應該專門考慮卡車上的電池和封閉業務，或者更廣泛地類似於你在水電上所做的事情通用汽車在 98 年和 99 年的轉換中使用了框架，這可能是一個類似的機會，可以單獨採購併擁有非常大的盈利業務和豐厚的回報。

John, this is Swamy. I think you kind of hit on some of the key points. The battery enclosures business is a product line that is not restricted to SUVs and trucks. That's where we have a lot of the traction right now, but should be an applicable product. Do any BV -- that has different versions of the battery enclosures, right, and any material.

約翰，這是斯瓦米。我認為您抓住了一些關鍵點。電池外殼業務是一條不限於 SUV 和卡車的產品線。這就是我們現在有很大吸引力的地方，但應該是一個適用的產品。做任何 BV——它有不同版本的電池外殼，正確的，和任何材料。

The key that we are excited about in this product line is the existing product, process and asset base that we have and the capabilities of different materials, different processing technology that we are able to bring and do what's right for the product. So we actually see proliferation of this product line across any BV . And to your second point, if you just look at the investment that we're making, like we did in the frame business in the mid- to late '90s. We see this as multiple program lives.

我們對該產品線感到興奮的關鍵是我們擁有的現有產品、流程和資產基礎，以及我們能夠帶來的不同材料、不同加工技術的能力，並為產品做正確的事情。所以我們實際上看到這個產品線在任何 BV 中都在擴散。關於你的第二點，如果你只看一下我們正在進行的投資，就像我們在 90 年代中後期對框架業務所做的那樣。我們將其視為多個程序生命週期。

And once we have the investment in place, incremental returns and margins because we actually see this as a multi-life cycle awards going forward with the expertise that we have.

一旦我們有了投資，增量回報和利潤率，因為我們實際上將其視為一個多生命週期的獎勵，我們擁有的專業知識。

That's helpful. And then a second question on the short term here on schedules. It sounds like things normalized quite a bit in the first quarter and continue to do so in the second quarter and hopefully for the remainder of the year.

這很有幫助。然後是關於短期的第二個問題。聽起來事情在第一季度正常化了很多，並在第二季度繼續這樣做，並希望在今年餘下的時間裡繼續這樣做。

How much of an impact did that have in the quarter improving the margin sequentially? Because it seems like a lot changed here from the fourth quarter. And fourth quarter was still plagued with a lot of uncertainty and volatility and schedules.

這對本季度連續提高利潤率有多大影響？因為從第四季度開始這裡似乎發生了很多變化。第四季度仍然受到很多不確定性、波動性和時間表的困擾。

I mean how big a deal did that play in the quarter sequentially? And how should we think about that going forward

我的意思是這在本季度連續發揮了多大作用？我們應該如何考慮未來的發展

John, it's Pat. When you look at the schedule volatility, we've been guiding that we expect improvements as we progress throughout the year. We did still -- we're still experiencing some volatility as we come through from Q4 to Q1.

約翰，是帕特。當您查看時間表波動時，我們一直在指導我們預計隨著全年的進展會有所改善。我們仍然這樣做 - 從第四季度到第一季度，我們仍在經歷一些波動。

The improvements weren't where we hope they would be. So we're still seeing some volatility in our schedules. But what we've seen more recently in April, we're starting to see some settling.

改進不是我們希望的地方。所以我們仍然看到我們的日程安排有些波動。但我們最近在 4 月看到的情況是，我們開始看到一些穩定。

So I think, Pat, maybe to add, as you said, we continue to see the volatility, but we have taken a lot of initiatives internally and also some collaborative discussions with the customers to have a little bit more visibility beyond the normal time.

所以我想，帕特，也許要補充一點，正如你所說，我們繼續看到波動，但我們在內部採取了很多舉措，也與客戶進行了一些協作討論，以便在正常時間之外獲得更多的可見性。

Even looking into February and March, we saw a lot of start-stops.

即使回顧二月和三月，我們也看到了很多啟停。

But better communication, as an example, with some customers, we did not run-on weekends, working together and figuring out how to minimize some of the inefficiency that were caused by start-stops. But moving from March to April, we are starting to see a little bit of improvement, but looking forward to that stability, John.

但是更好的溝通，例如，與一些客戶，我們沒有在周末運行，一起工作並弄清楚如何最大限度地減少由啟停引起的一些低效率。但從 3 月到 4 月，我們開始看到一點點改善，但期待這種穩定，約翰。

Okay. And then just lastly, higher input costs on the raw side. but then labor, energy and logistics. I'm just curious, Pat, as you think about the -- as we work through the year, you're talking about recoveries in commercial settlements to get some of these costs back.

好的。最後，原料方面的投入成本更高。然後是勞動力、能源和物流。帕特，我只是很好奇，當你想到 - 在我們全年工作時，你正在談論商業定居點的恢復以收回其中一些成本。

I mean how should we think about the buckets of raws, particularly on steel, labor, energy and logistics? And how successful do you think you're going to be on a sort of a net -- gross and maybe net basis?

我的意思是我們應該如何考慮原材料，特別是鋼鐵、勞動力、能源和物流？你認為你會在某種程度上取得多大的成功 - 總的，也許是淨的？

What we're seeing right now, what we're projecting for the year, John, related to the various buckets. From when we started the year, we've seen energy curves on a go-forward basis come off.

我們現在看到的，我們今年的預測，約翰，與各種桶有關。從今年年初開始，我們就看到了向前發展的能量曲線。

We've had strong success on energy recovery. So the pull-through into our margin improvement isn't 100% just on the reductions.

我們在能量回收方面取得了巨大成功。因此，我們的利潤率提高不僅僅是 100% 的減少。

We've also -- we've talked in the past as well as we do have some hedging programs related to energy to secure supply and partial hedges. When you look at the steel piece -- steel is up relative to our expectations in February.

我們也——我們過去談過，我們確實有一些與能源相關的對沖計劃，以確保供應和部分對沖。當你看鋼材時——鋼材價格高於我們 2 月份的預期。

A lot of the steel when you get to this point of the year, John has already purchased and locked in for the full year.

到了今年的這個時候，很多鋼材，約翰已經購買並鎖定了一整年。

So a lot of the -- the hit on that is not flowing through. The flip side is we actually see a benefit on scrap steel, which is repriced month-to-month.

所以很多 - 對它的打擊並沒有流過。不利的一面是，我們實際上看到了廢鋼的好處，它每月都會重新定價。

So we do have -- when you look at our outlook, we do have a benefit of about $20 million from our previous 50 of scrap headwinds, so we're down to 30%.

所以我們確實有 - 當你看看我們的前景時，我們確實從我們之前的 50 次廢料逆風中獲得了大約 2000 萬美元的收益，所以我們下降到了 30%。

And then on the labor, we haven't really seen much of a change on labor assumptions because those rates are locked in at the beginning of the year.

然後在勞動力方面，我們並沒有真正看到勞動力假設有太大變化，因為這些利率在年初就已鎖定。

But the ability to get recovery on labor at this point? I mean with the automaker customers; I mean how are you seeing there? Are you able to go to them and say, listen, we're getting more labor inflation, potentially logistics inflation.

但是此時是否有能力恢復分娩？我的意思是與汽車製造商的客戶；我的意思是你在那裡怎麼看？你能不能去找他們說，聽著，我們正在經歷更多的勞動力通脹，可能是物流通脹。

And can you get recoveries? Or do you feel like sort of you're at the level of steel right now where it's locked in for the year and it's a 2024 discussion?

你能得到恢復嗎？或者你覺得你現在處於鋼材水平，它被鎖定在今年並且是 2024 年的討論？

It's not locked in, John. The discussions continue not just even for '23 and '24, but back into '22. As you know, we always offset the normal inflation with the productivity improvements and so on.

它沒有鎖在裡面，約翰。討論不僅持續到 23 年和 24 年，而且回到 22 年。如您所知，我們總是通過提高生產率等來抵消正常的通貨膨脹。

But with the, call it, the abnormal inflation that we had either in Mexico or in Europe, where based on the regular contractuals, we were looking at 7.5% to 9% in some areas, wage inflation.

但是，根據常規合同，我們在墨西哥或歐洲遇到了異常通貨膨脹，我們在某些地區看到了 7.5% 到 9% 的工資通貨膨脹。

So we are in discussions with the customers on, call it, above normal. But it's not as discrete as to say this is labor, this is commodity.

因此，我們正在與客戶進行討論，稱其高於正常水平。但這並不能說這是勞動力，這是商品。

We are holistically looking at it to say this is the normal world.

我們從整體上看，這是正常的世界。

This is where we are including some of the inefficiencies that are caused by the customers on the start stop.

在這裡，我們包括了一些由客戶在啟停時造成的低效率。

So a lot of tough discussions, but I would say, constructive making progress in the first quarter and hope to make more and record some of the ongoing recoveries in beyond the first quarter.

因此進行了很多艱難的討論，但我要說的是，在第一季度取得了建設性的進展，並希望在第一季度之後取得更多進展並記錄一些持續的複蘇。

We'll proceed with our next question on the line is from Adam Jonas with Morgan Stanley.

我們將繼續我們的下一個問題，來自摩根士丹利的亞當喬納斯。

So I just wanted you to comment on the changing environment. It just seems like from the last -- the end of last year to now has been a really pretty sharp change in supply and demand in EVs, like really narrative changing.

所以我只想讓你對不斷變化的環境發表評論。似乎從去年年底到現在，電動汽車的供需發生了非常急劇的變化，就像真正的敘事變化一樣。

I mean you got Tesla who seems to be willing to run the business at a loss potentially and kind of really signs of an oversaturated market in China. I'm just wondering from your lens; do you think that business as usual and expected?

我的意思是，特斯拉似乎願意在潛在虧損的情況下經營這項業務，這確實是中國市場過度飽和的跡象。我只是從你的角度想知道；你認為一切照舊和預期嗎？

Or do you think that the narrative shift is significant enough for something to change in your strategy over the next 2 or 3 years?

還是您認為敘事轉變足以在未來 2 或 3 年內改變您的戰略？

How nimble are you staying? And then I have a follow-up.

你保持多敏捷？然後我有一個後續行動。

We have to stay nimble, or we don't survive in this industry. We always talked in our product strategy of how do you get as modular and as callable as possible even in the perspective of manufacturing processes, the same thing applies, right? How do you have scalable modules? How do you plan lines in such a way that you can have some amount of flex its obviously does not have an infinite amount of flexibility to volumes.

我們必須保持敏捷，否則我們無法在這個行業中生存。我們總是在我們的產品戰略中談到如何盡可能模塊化和可調用，即使從製造過程的角度來看也是如此，對吧？你如何擁有可擴展的模塊？你如何以這樣一種方式規劃線路，你可以有一定的彈性，它顯然對體積沒有無限的靈活性。

And some of it is the terms that you have with the customers in terms of volume take rates and what you put in fixed assets and dedicated assets versus being able to move from one to the other. Just generally, in terms of the products, we are very focused on what we think we can address and how do we address even whether TV or not in our eDrive platform.

其中一些是您與客戶就交易量採用率以及您投入固定資產和專用資產以及能夠從一個資產轉移到另一個資產的條款。一般來說，就產品而言，我們非常關注我們認為我們可以解決的問題以及我們如何解決我們的 eDrive 平台中是否有電視。

We look at -- let's say, here is the low here is the mid-tiers of mid-plus do we address the internal market in all segments, not really. We are looking at the platforms before we take the business and risk adjusted to the volumes that are being assumed. And in some cases, there are platforms where you have both organs, right?

我們看看 - 比方說，這裡是低端，這裡是中端的中端，我們是否針對所有細分市場的內部市場，不是真的。在我們根據假設的數量調整業務和風險之前，我們正在研究平台。在某些情況下，有些平台可以同時擁有兩個器官，對嗎？

As an example, in our transmission and DCTs, we have the DCTs and the hybrid and the edrives . So there is some amount of hedge there doesn't work through in all platforms, all products. Yes, it's a lot of moving pieces, but it's -- we continue to look at that. I wouldn't say we are perfect and there is no risk.

例如，在我們的變速器和 DCT 中，我們有 DCT、混合動力和電驅動。因此，有些對沖並不是在所有平台、所有產品中都有效。是的，它有很多動人的部分，但它——我們會繼續關注它。我不會說我們是完美的，沒有風險。

Okay. And then my follow-up is just specifically on the Chinese OEMs, particularly the more aggressive ones in the export market, BYD and Geely. It seems there's a directive from Beijing for the Chinese domestics to go forth, right?

好的。然後我的後續行動專門針對中國原始設備製造商，尤其是在出口市場上更具侵略性的比亞迪和吉利。好像北京有指令讓國內的人出去吧？

I believe you -- I seem to remember you recommended a book about 12th or 13th century -- events that also kind of maybe seemed relevant in terms of just how the industry is evolving, Swamy.

我相信你 - 我似乎記得你推薦了一本關於 12 或 13 世紀的書 - 就行業發展方式而言，這些事件似乎也可能與 Swamy 相關。

So tell us what your exposure is. Are you adequately proportionally contented on those more aggressively expanding EV Chinese names. Does -- or does that represent a potential global CPV atrophy for you?

所以告訴我們你的曝光率是多少。您是否對那些更積極擴張的 EV 中文名稱感到滿意？對您來說，這是否代表潛在的全球 CPV 萎縮？

I don't think there is an atrophy at this point as I look at the business. We have -- I would say we are more indexed in North America and Europe as the primary market, Adam.

當我審視業務時，我認為此時沒有萎縮。我們有——我想說我們在北美和歐洲作為主要市場的指數更高，亞當。

But we do have presence with the global OEMs in China, but also the Chinese OEMs in China, as an example, the ones that you mentioned, BYD , Chile and others. I could not comment with full conviction whether it's -- I would say it's a normal content growing with them. I don't know whether it would be equal to the average that we have in Europe or North America. But I think whether -- first thing, right, we are very focused on manufacturing for the OEMs locally and not just moving things from one region to the other, producing and one going to the other.

但我們確實與中國的全球原始設備製造商有業務往來，但也有中國原始設備製造商在中國的業務，例如你提到的比亞迪、智利等。我無法完全確信這是否是——我會說這是與他們一起成長的正常內容。我不知道它是否等於我們在歐洲或北美的平均水平。但我認為 - 首先，對，我們非常專注於本地 OEM 的製造，而不僅僅是將東西從一個地區轉移到另一個地區，生產一個到另一個。

Second one, I think we just look at the region, look at the platform and the OEM and the program itself in terms of risk adjustment to put hurdles on our financials before we go through it. That framework is pretty much applied to all programs that we look at.

第二，我認為我們只看地區，看平台和 OEM 以及項目本身的風險調整，以便在我們通過它之前對我們的財務設置障礙。該框架幾乎適用於我們查看的所有程序。

We'll get to our next question on the line is from Peter Sklar with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Peter Sklar。

Looking at the vehicle assembly segment, Steyr. It seemed to perform well during the quarter, both in terms of revenues and margins and the profits you generated there.

看看汽車裝配部門，斯太爾。它在本季度的收入和利潤以及您在那裡產生的利潤方面似乎都表現良好。

Can you just talk a little bit about the context of what's going on? Because I believe the BMW X5 was ramping down and the Fisker Ocean was ramping up, and there was the possibility you might have had quite a bit of disruption at the facility during the quarter, which was negatively impacted results.

你能談談正在發生的事情的背景嗎？因為我相信 BMW X5 正在下降，而 Fisker Ocean 正在上升，而且本季度您可能會對設施造成相當大的干擾，這對結果產生了負面影響。

So -- can you just talk a little bit how things are unfolding at Styer.

那麼——你能不能談談 Styer 的進展情況。

Yes. Peter. So I think we were really satisfied with our Steyr performance in Q1. What we did see was volumes come in above expectations for the quarter. And the mix on those volume increases were positive. Just one point of clarification.

是的。彼得。所以我認為我們對斯太爾在第一季度的表現非常滿意。我們確實看到本季度的銷量高於預期。這些數量增加的組合是積極的。只需澄清一點。

The vehicle that is ending in tire is the BMW 5 Series, not the X5. And that's ramping down in the Q3, Q4 of this year. So it's still running at this point in time. We did have sales outperformance in Steyr in the quarter, but, also we're still seeing some strength in the back half of the year. They did have some engineering margins come through as they settled some contracts related to the accounting. But those are the big factors driving that. And they're still focused on turning over the plant and ramping hard as they come up in the back half of the year.

以輪胎結尾的車輛是 BMW 5 系，而不是 X5。這在今年第三季度和第四季度逐漸下降。所以它在這個時間點還在運行。我們在本季度確實在斯太爾取得了出色的銷售業績，但是，我們在下半年仍然看到了一些強勁勢頭。當他們結算一些與會計相關的合同時，他們確實獲得了一些工程利潤。但這些是推動這一點的重要因素。而且他們仍然專注於翻新工廠並在下半年出現時努力提高。

And when is the Fisker Ocean ramping up?

Fisker Ocean 什麼時候啟動？

Correct.

正確的。

Sorry, when Pat? In the second half as the 5 Series ramps down?

對不起，帕特什麼時候？下半年隨著 5 系列的下降？

Correct. That's when you go to the launch a heavy ramp as we move on forward from this point, but it will be that timing.

正確的。那就是當我們從這一點向前邁進時，你去發射一個沉重的坡道，但這就是那個時機。

Okay. Pat, on another question on, as I recall, on the fourth quarter conference call, management indicated that you expected Q1 results to be weaker than Q4, but we got the opposite where Q1 results were actually stronger than Q4.

好的。帕特，關於另一個問題，我記得在第四季度電話會議上，管理層表示您預計第一季度的結果會弱於第四季度，但我們得到的結果恰恰相反，第一季度的結果實際上強於第四季度。

So can you talk about like what changed in the business since you initially provided that viewpoint for a weaker Q1.

那麼，自從您最初為較弱的第一季度提供觀點以來，您能談談業務發生了什麼變化嗎？

And I think foremost, it was volume. So if you look at volume expectations, our expectations were relatively in line with IHS.

我認為最重要的是數量。因此，如果您查看銷量預期，我們的預期與 IHS 相對一致。

And when you look at that, you're approximately 300,000, 330,000 units up from those expectations. So our sales were higher than we had expected the up strong. We had strong pull-through on those sales. And we see strong pull through. It's a lot of things and it's easy to say you just have a pull through, but there's a whole bunch of operational excellence you need to have those posters coming at a strong margin.

當你看的時候，你比這些預期高出大約 300,000、330,000 個單位。所以我們的銷售額高於我們預期的強勁增長。我們對這些銷售有很強的推動力。我們看到強勁的拉動。這是很多事情，很容易說你只是成功了，但是你需要大量的卓越運營才能讓這些海報獲得豐厚的利潤。

And we really executed that in the first quarter. That was really the big driver. And -- when you look at the big drop from Q4 to Q1, the expectation was, and it did exist was the customer recoveries are going to be back half of the year incurred.

我們真的在第一季度執行了它。那真的是最大的驅動力。而且——當你看到從第四季度到第一季度的大幅下降時，預期是，而且確實存在，即客戶回收率將下降到發生的一年的一半。

So if you look last year Q4, we had strong

所以如果你看看去年第四季度，我們有很強的

recoveries in Q1. We're tracking.

第一季度恢復。我們正在跟踪。

We're pushing hard. We've had really good traction and agreements already, but it's definitely below the Q4 level -- but in line with our expectations we performed.

我們正在努力。我們已經有了非常好的牽引力和協議，但它肯定低於第四季度的水平——但符合我們的預期。

Okay. And then just lastly, on the body and exteriors plant in Europe where you've been having the difficulties, I believe it's financial performance has gotten worse quarter-over-quarter. I think you said on this call, negatively impacted margins by 40 basis points.

好的。最後，在你一直遇到困難的歐洲車身和外飾工廠，我相信它的財務表現比上一季度更糟。我想你在這次電話會議上說過，對利潤率產生了 40 個基點的負面影響。

And correct me if I'm wrong, but I think you said for Q4 had a negative impact of 25 basis points. So can you just kind of summarize what's going on at that plant and what the outlook is for improvement?

如果我錯了，請糾正我，但我認為你說的第四季度有 25 個基點的負面影響。那麼，您能否總結一下該工廠正在發生的事情以及改進的前景如何？

Peter this is Swamy. The last time I communicated the planned performance is going to be eliminating all losses by end 2024. We are on track for that, just a little bit of clarification. When we talked about the performance, what Pat was doing is comparing to Q1 '22 to this quarter '23 comparison.

彼得，這是斯瓦米。我上次傳達計劃的性能將在 2024 年底之前消除所有損失。我們正在朝著這個方向前進，只是一點點澄清。當我們談到性能時，Pat 所做的是將 Q1 '22 與本季度 '23 進行比較。

And as I said, the real issue started in the second quarter of '22. So therefore, it looks worse in comparison to that quarter. But if you look at the progress.

正如我所說，真正的問題始於 22 年第二季度。因此，與那個季度相比，它看起來更糟。但是如果你看進度。

As we have indicated, there is a little bit of puts and takes here and there, but we are on track for 2023 and getting to eliminating glasses by 2024. So I would say we are in good shape.

正如我們已經指出的那樣，這里和那裡有一些放和放，但我們正朝著 2023 年的方向前進，並在 2024 年之前消除眼鏡。所以我想說我們的狀態很好。

We'll get our next question on the line is from Tom Narayan with RBC

下一個問題來自 RBC 的 Tom Narayan

I had a follow-up actually on the last question. On complete vehicle. I understand the strength in the quarter.

我實際上對最後一個問題進行了跟進。在整車上。我了解本季度的實力。

But curious, I guess, why you're guiding for the margins to come down, I guess, for the remainder of the year? Were there specific things that maybe in that segment that benefited that are isolated in Q1?

但我想，奇怪的是，為什麼你要指導利潤率下降，我想，在今年餘下的時間裡？在第一季度中孤立的那個細分市場中是否有可能受益的特定事物？

When we look at the guide from -- as we exited '22 coming into '23, Peter touched on a couple of them. Tom, #1 was we are expecting a big change over that facility. So what you're seeing is the [xthoughts] I'm seeing that -- the 5 Series is coming to an end, and then we're in the middle of launching or ramping up the Fisker.

當我們查看指南時——當我們退出 22 年進入 23 年時，彼得談到了其中的幾個。湯姆，#1 是我們期待對該設施進行重大更改。所以你看到的是我看到的 [xthoughts]——5 系列即將結束，然後我們正在推出或升級 Fisker。

And so a couple of things what's happening as you get closer to a launch of a vehicle, you your launch costs and your cost incurred increased significantly disproportionately, I would say, as you get closer to SOP. That's one.

因此，當您接近發射車輛時發生的一些事情，您的發射成本和發生的成本顯著增加，我想說，隨著您接近 SOP。那是一個。

Two, as you're just missing contribution margin, while that 5 Series then there's a gap in production.

第二，因為你只是缺少邊際貢獻，而那個 5 系列則在生產上存在差距。

Three, when you had 2022, we had some licensing income related to platform sales or licensing's on certain technology we had. That amortization is an accounting issue is coming to an end. And then finally, we had some strong engineering margins in 2022.

第三，當你有 2022 年時，我們有一些與平台銷售或我們擁有的某些技術的許可相關的許可收入。攤銷是一個即將結束的會計問題。最後，我們在 2022 年獲得了一些強勁的工程利潤率。

And then finally, we have energy headwinds and labor headwinds in the business for '23. So those are the 5 or 6 big buckets driving the guide down for '23.

最後，我們在 23 年的業務中遇到了能源逆風和勞動力逆風。所以這些是推動 23 年指南下降的 5 或 6 個大桶。

Okay. And then maybe kind of similar to that Power & Vision you're guiding for that to upshift in the remainder of the year. Just curious as to maybe what's behind that?

好的。然後可能有點類似於您正在指導的 Power & Vision 在今年剩餘時間裡升檔。只是好奇那背後可能是什麼？

Yes. So when you look at the really, what's happening in that is we're seeing some sales growth in the back half of the year related to year-over-year, we're seeing -- sorry, not the back half of the year. Year-over-year, we're seeing strength in it -- what we're seeing in this product, particularly as we uptick it is some of the sorry, lost my train out there.

是的。因此，當您真正看到其中發生的事情時，我們看到與去年同期相關的下半年銷售額有所增長，我們看到 - 抱歉，不是下半年.年復一年，我們看到了它的力量——我們在這個產品中看到的，特別是當我們提高它的時候，有些遺憾，我的火車丟了。

We're seeing strong pull-through on some of the sales.

我們看到部分銷售業績強勁。

The flip side to that is the down as we came into '23 was we do have engineering spend in that product area related to those -- some new technologies that we're launching. That's a drive. But this group is really benefiting from a lot of the operational excellence activities that Swamy was talking about previously.

不利的一面是，當我們進入 23 年時，我們確實在與這些相關的產品領域進行了工程支出——我們正在推出的一些新技術。那是一個驅動器。但是這個小組確實受益於 Swamy 之前談到的許多卓越運營活動。

And we expect to execute those as we go into -- they're in plan now they're being executed.

我們希望在我們進入時執行這些——它們在計劃中，現在正在執行。

We're going to benefit from those. The other thing, Tom, to be aware of -- we did have the warranty item in Q1 of this 2023, and those tend to be lumpy.

我們將從中受益。湯姆，另一件事要注意——我們在 2023 年第一季度確實有保修項目，而且這些項目往往是塊狀的。

And when you look at our history, we're going to run warranty between [1, 1.25] lumpy, it's probably going to normalize for the full year in that traditional historical range.

當您查看我們的歷史時，我們將在 [1, 1.25] 塊之間運行保修，它可能會在傳統歷史範圍內全年正常化。

So that warranty drops off, operational execution drives margins for the rest of the year.

因此，保修期會減少，運營執行會推動今年剩餘時間的利潤率。

I see. Okay. And lastly, on the disclosures on Veoneer, -- just curious what kind of information we'll get on that profitability, et cetera?

我懂了。好的。最後，關於 Veoneer 的披露，- 只是好奇我們將獲得什麼樣的盈利能力信息，等等？

Or are we going to get that on earnings? Or how should we think about that? That's something that a lot of folks are eagerly anticipating.

還是我們要從收入中得到它？或者我們應該如何考慮？這是很多人熱切期待的事情。

We -- as Pat mentioned, we are on track to be able to close midyear as we get close. Our intent is to be able to give revised 2023 outlook, including Veoneer when we come to our next earnings call in August. And we are even contemplating a couple of weeks out after the earnings call to have an investor update, where we can give a little bit more color.

我們——正如帕特提到的那樣，我們有望在接近尾聲時結束年中。我們的目的是能夠在 8 月份的下一次財報電話會議上給出修訂後的 2023 年展望，包括 Veoneer。我們甚至考慮在財報電話會議結束後的幾週內進行投資者更新，我們可以在其中提供更多顏色。

So that's where I think we can talk through. We've been talking about our ADAS growth and programs and so on and so forth. We can give some more color on that once the closing is done. First, in the earnings call, followed a couple of weeks later, where we can talk in general overall.

所以這就是我認為我們可以討論的地方。我們一直在談論我們的 ADAS 增長和計劃等等。一旦關閉完成，我們可以給它更多的顏色。首先，在幾週後的財報電話會議上，我們可以總體上進行討論。

We'll proceed with our next question on the line is from Itay Michaeli from Citi.

我們將繼續我們的下一個問題，來自花旗銀行的 Itay Michaeli。

Just 2 questions for me. First for Pat. Maybe just talk through how we should think about the cadence of total company margins the rest of the year, as well as complete vehicle segment?

只問我兩個問題。首先是帕特。也許只是談談我們應該如何考慮今年剩餘時間公司總利潤率的節奏，以及整車細分市場？

And then second, for Swamy, maybe back to ADAS. I was hoping you could just provide an update on kind of the overall booking environment, the competitive environment and then any progress both on the imaging radar side and driver monitoring as well?

其次，對於 Swamy，可能會回到 ADAS。我希望您能提供有關整體預訂環境、競爭環境以及成像雷達方面和駕駛員監控方面的任何進展的最新信息？

Just as far as the margin profile as we go through the year, what we're -- our expectation from our outlook from February really hasn't changed.

就我們今年的利潤率情況而言，我們對 2 月份展望的預期確實沒有改變。

Our expectations is that as we progress through the year, we expect to have margin expansion driven by -- we have sales, we have launches getting behind us. and then the customer recoveries. And then as well, what we have is you start to get scale on a lot of these automation and other optimization projects.

我們的期望是，隨著我們在這一年的進步，我們預計利潤率將擴大——我們有銷售，我們的發布落後於我們。然後客戶恢復。然後，我們所擁有的是您開始在許多這些自動化和其他優化項目上取得規模。

So our view, we don't give quarterly guidance, but we expect positive margin improvement as we go quarter-to-quarter.

因此，我們的觀點是，我們不會給出季度指導，但我們預計隨著季度到季度的進行，利潤率將出現積極改善。

In the case of Steyr, you're going to have a [low end] -- I don't want to get into too much detail, but just as we go through the quarter, you have a low again, because of missing the contribution on sales and that launch costs as we get closer to fully ramping that vehicle.

就斯太爾而言，你將有一個[低端]——我不想透露太多細節，但正如我們經歷這個季度一樣，你又會遇到一個低端，因為錯過了隨著我們越來越接近完全提升該車輛，對銷售和發射成本的貢獻。

And Itay, on the question of the ADAS, I think we talked about the CAGR over the business plan period, we continue to track that as we go through from a portfolio perspective, the digital radar has been launched or is launching in one of the programs.

Itay，關於 ADAS 的問題，我想我們談到了商業計劃期間的複合年增長率，我們從投資組合的角度繼續跟踪，數字雷達已經推出或正在推出其中一個程式。

We continue to have conversations with other customers 2 or 3 actively going through that technology coming into production or into more programs.

我們繼續與其他客戶 2 或 3 積極討論該技術投入生產或進入更多項目。

As we sit here and look at it, we continue to track the plant that we put in place for the planned period. So we take the market.

當我們坐在這裡看著它時，我們繼續跟踪我們在計劃期間放置的工廠。所以我們拿市場。

We continue to make progress to hit the plan that we have in place.

我們繼續取得進展，以實現我們制定的計劃。

Terrific. That's very helpful.

了不起。這很有幫助。

We'll get to our next question on the line is from Colin Langan with Wells Fargo.

下一個問題來自 Colin Langan 和 Wells Fargo。

If I recall the original guidance, I think you had about 150 of input headwinds, which sounds like that's modestly improved to about 130 -- you had the 70 million of the nonrecurrence of some warranty and provisions. And I believe there's like 170 million of sort of nonrecurrence of favorable commercial settlements in the initial guide.

如果我記得最初的指南，我認為你有大約 150 個輸入逆風，這聽起來像是適度改進到大約 130 個——你有 7000 萬個非經常性的一些保證和規定。而且我相信在最初的指南中有大約 1.7 億次有利的商業和解。

Can you just sort of provide color on what are those settlements with sort of normal? How are they trending in Q1? And are you still expecting sort of that year-over-year drag this year?

你能提供一些顏色說明那些正常的定居點是什麼嗎？他們在第一季度的趨勢如何？你是否仍然期待今年會出現這種同比拖累？

So I think just to hit one by one. The 150 that you're talking about was the inflation headwind that we talked about, 50 of that was crap related.

所以我想只是一個一個地打。您所說的 150 是我們談到的通貨膨脹逆風，其中 50 與廢話有關。

And as Pat mentioned, we're looking at 50 to be 30, so it's a pickup of 20. The other 100 goes related to the incremental inflation headwind in 2023.

正如 Pat 提到的那樣，我們預計 50 將變為 30，因此增加了 20。另外 100 與 2023 年的增量通脹逆風有關。

And as I talked, we are looking at offsetting that or continuing to look at ways to mitigate that with operational improvements, customer recoveries and hopefully, the trend of the energy and commodities and other things, if they go in the right direction. It helps us reduce the risk of recovery. And that's the reason for our increase in the lower end of the margin.

正如我所說，我們正在考慮抵消這種影響，或者繼續尋找方法來通過運營改進、客戶恢復以及希望能源和大宗商品和其他事物的趨勢來減輕這種影響，如果他們朝著正確的方向前進的話。它幫助我們降低恢復的風險。這就是我們提高利潤率下限的原因。

You talked about the commercial settlements. They're really not inflation related. For example, when changes the programs, scope or shuts down a plant. Those are the type of discussions we have to get those recoveries and they cannot be linearly predicted as you can imagine, right? So we had some of those in the last year. And we obviously cannot plan for such things this year.

你談到了商業定居點。它們真的與通貨膨脹無關。例如，當更改程序、範圍或關閉工廠時。這些是我們為獲得這些恢復而必須進行的討論類型，它們不能像您想像的那樣進行線性預測，對嗎？所以我們在去年有一些。我們今年顯然不能為這樣的事情做計劃。

And for the visibility that we had, we said we don't see the same magnitude of commercial settlements this year. And therefore, the variance is going to be compared to last year to this year, the settlements would be lesser and therefore, has a negative impact overall.

對於我們的知名度，我們說我們今年沒有看到同樣規模的商業結算。因此，與去年相比，今年的差異將會減少，因此，總體上會產生負面影響。

Got it. I mean is sort of the 170 the right range of the help last year that you're not expecting to reoccur -- it seems kind of large I was sort of looking at the numbers.

知道了。我的意思是 170 是去年你不希望再次出現的幫助的正確範圍——它看起來有點大我正在看這些數字。

Yes, it hasn't changed that much -- versus (inaudible) versus our look.

是的，它並沒有改變那麼多——與（聽不清）與我們的外觀相比。

Okay. Got it. I just want to follow up in the disclosures, it says there's 450 of balance sheet exposure related to EV start-ups like this in current Q1. It's actually up from about 400 in the annual report. How should we think about this exposure over time? And how are you thinking about counterparty risk with these sort of newer EV start-ups, particularly as I believe you're exploring adding capacity in North America.

好的。知道了。我只想跟進披露，它說當前第一季度有 450 份資產負債表與電動汽車初創企業相關。它實際上比年度報告中的大約 400 個有所增加。隨著時間的推移，我們應該如何考慮這種暴露？您如何看待這些較新的電動汽車初創企業的交易對手風險，尤其是我相信您正在探索在北美增加產能。

When we think about that, that we're tracking new entrants, right? So that exposure, you talked about -- I should call it exposure. Our balance sheet amounts related to programs that we're launching with new entrants. It's a combination of working capital, fixed assets, other assets. That number grew in the first quarter, and it's primarily as you're investing for program launches, that number will increase, whether it's for tooling and engineering and a big portion of that is paid prior to launch.

當我們想到這一點時，我們正在跟踪新進入者，對嗎？所以你談到的曝光 - 我應該稱之為曝光。我們的資產負債表金額與我們與新進入者一起推出的項目有關。它是營運資金、固定資產和其他資產的組合。這個數字在第一季度有所增長，主要是因為你正在為項目啟動進行投資，這個數字將會增加，無論是用於工具和工程，而且其中很大一部分是在啟動前支付的。

So that number is going to bounce up and down just as we go throughout the year.

所以這個數字會像我們全年一樣上下反彈。

As far as when we think about EVs and doing work with them, I think Swamy spoke earlier on Adam's question regarding Chinese new entrants.

就我們考慮電動汽車並與他們合作而言，我認為斯瓦米早些時候談到了亞當關於中國新進入者的問題。

When we look at them, we think of appropriate risk return investment returns for these programs. We're obviously -- we have to have a business case. We have to have it on appropriate commercial terms.

當我們查看它們時，我們會想到這些程序的適當風險回報投資回報。我們顯然 - 我們必須有一個商業案例。我們必須以適當的商業條款獲得它。

And at that point, we make it a decision whether we invest or not. But we're always cautious more so than with our traditional customers. That being said, we have a 450 on our balance sheet. Out of a 20 billion asset base, right? So we're still close to 90% with 8 customers. So just for a little perspective as well.

那時，我們決定是否投資。但與我們的傳統客戶相比，我們總是更加謹慎。話雖這麼說，我們的資產負債表上有 450。出200億的資產基數吧？所以我們仍然接近 90%，有 8 個客戶。所以也只是為了一點點的觀點。

And just to clarify even further, Pat, on the topic of our plants for North America. It's not really plans. It is from a road map to say that we are open to look at footprint in North America, but we always said it has to be multi-life programs and risk adjusted and so on. It's just more openness rather than say that we have a definite plan.

帕特，為了進一步澄清我們在北美的工廠這個話題。這不是真正的計劃。從路線圖中可以看出，我們對北美的足跡持開放態度，但我們總是說它必須是多壽險計劃和風險調整等。這只是更開放，而不是說我們有一個明確的計劃。

I will proceed with our next question on the line is from Dan Levy with Barclays.

我將繼續我們的下一個問題，來自巴克萊銀行的 Dan Levy。

I know you discussed that some of the pace of disruption is lightening. Maybe you can give us a sense of what type of incremental margins we should be expecting as the pace of disruption continues to dissipate?

我知道你討論過一些破壞的步伐正在加快。也許您可以告訴我們，隨著顛覆的步伐繼續消散，我們應該期待什麼樣的增量利潤率？

Then you said disruptions in what -- sorry, I didn't get catch the word...

然後你說中斷了什麼——抱歉，我沒聽清……

Production disruption.

生產中斷。

Yes. The production disruptions or start stop where we have a release and then it changes either on volumes, right, or the tapes and so on.

是的。生產中斷或開始停止，我們有一個版本，然後它改變了卷，正確的，或磁帶等。

And as you can imagine, that leads to a lot of inefficiency of planning, track labor and so on and so forth.

正如您可以想像的那樣，這會導致規劃、跟踪勞動力等方面的效率低下。

So we've been working with the customers very collaboratively and they come back and starting to give us longer visibility or finding a way to redo the production schedules. As an example, with one of our customers. We figured out a way not to work on weekends so that there is no premium cost. So a lot of that is internal initiatives for us to figure out how to address that inefficiencies, and we've been able to do that. But still, the customers are coming to the table to figure out, like I said, give us better visibility, figure out a way to hit the volumes the way we can do it without too much cost.

因此，我們一直在與客戶密切合作，他們回來並開始為我們提供更長時間的可見性或尋找重做生產計劃的方法。例如，我們的一位客戶。我們想出了一種不在周末工作的方法，這樣就沒有額外費用。因此，其中很多是我們的內部舉措，目的是找出解決低效率問題的方法，而且我們已經能夠做到這一點。但是，就像我說的那樣，客戶仍然來到談判桌前想辦法讓我們有更好的知名度，想出一種方法來達到我們可以做到的方式而無需太多成本。

With that said, we looked at the downtime hours in February was not a lot better than what we saw in Q4.

話雖如此，我們發現 2 月份的停機時間並不比我們在第四季度看到的好很多。

But if you go in from March to April, we are starting to see a little bit of improvement, and that's cost due to semiconductors or some other supply chain constraints and customers managing their product lines and so on.

但如果你從 3 月到 4 月進入，我們開始看到一些改善，這是由於半導體或其他一些供應鏈限制以及客戶管理他們的產品線等造成的成本。

And the type of incremental margins we might expect as some of these pressures dissipate.

隨著其中一些壓力的消散，我們可能會期望增加利潤的類型。

Dan, when you think about the margins, it's obviously going to vary by segment. So we usually do more of a bottoms-up type margin analysis. I think when you go through those -- the historical pull-throughs our incrementals should be what we've seen historically.

丹，當你考慮利潤率時，它顯然會因細分市場而異。所以我們通常做更多的自下而上的保證金分析。我認為當你經歷這些——歷史上的突破時，我們的增量應該是我們在歷史上看到的。

The one caveat I would have though

我要注意的一個問題是

is when you look at a lot of this growth that's coming and where you do require new facilities, you're not getting a full pull-through where you're going from 2 shifts to 3 and you're absorbing fixed costs.

是當你看到很多即將到來的增長以及你確實需要新設施的地方時，你沒有得到從 2 班到 3 班的完全拉動並且你正在吸收固定成本。

So you do have -- on some of the new facilities, a lower more not necessarily contribution margin, more of an EBIT margin pull-through.

所以你確實有 - 在一些新設施上，較低的不一定是邊際收益，更多的是 EBIT 利潤率。

Okay. And then I just want to follow up on the prior commentary you gave on cost actions. And maybe repricing the contracts, what type of visibility you have, what the magnitude of those benefits might be?

好的。然後我只想跟進你之前對成本行動的評論。也許重新定價合同，你有什麼樣的知名度，這些好處可能有多大？

And just general tone and tenor of how much low-hanging fruit there is to improve?

還有多少低垂的果實需要改進的一般基調和基調？

Dan, I wouldn't be able to categorize how much specifically on the program repricing. This is a hygiene issue, as I would say, going through operations and looking at every little detail we kind of looked at the management SG&A, engineering consolidation restructuring of plans.

丹，我無法對程序重新定價的具體程度進行分類。正如我所說，這是一個衛生問題，通過運營並查看我們在管理 SG&A、計劃的工程整合重組方面的每一個細節。

We looked at accelerating some of the restructuring activities that we already had in the plan and the outlook and how do we pull forward some of those things.

我們著眼於加快我們已經在計劃和展望中進行的一些重組活動，以及我們如何推進其中的一些事情。

And as part of this process where the terms we're there.

作為這個過程的一部分，我們在那裡的條款。

We looked at some of the -- or not some pretty much across to see each of the programs where we had contractually ways to look at repricing, right, or programs that were not meeting our expectations in terms of profitability, margins and returns. We looked at, as I said, automation and a whole bunch of productivity improvements that we're going through, and that was the reason for us to talk about incremental margins going from 23 to 25.

我們查看了其中的一些——或者幾乎沒有看到一些項目，以查看我們有合同方式來查看重新定價的每個項目，對，或者在盈利能力、利潤率和回報方面沒有達到我們預期的項目。正如我所說，我們研究了自動化和我們正在經歷的一系列生產力改進，這就是我們談論從 23 增加到 25 的增量利潤率的原因。

We've been able to pull forward some of those things. We talked about the purchasing initiative. We are looking at freight optimization, looked at some analytics data.

我們已經能夠推進其中的一些事情。我們談到了採購計劃。我們正在研究貨運優化，研究了一些分析數據。

We're working with our Tier 2 suppliers. So it's a whole bunch of activities that are adding it's bits and bytes, but that's how you chip away.

我們正在與我們的二級供應商合作。所以這是一大堆活動在增加它的比特和字節，但這就是你逐漸消失的方式。

There is not one big magic one that is contributing to a lump sum here. It's just grinding away at every detail.

沒有一個大的魔術可以在這裡一次性付清。它只是磨掉每一個細節。

And it's not a footprint issue, correct? It's not an issue, I would say, in a place like Europe where the LVP is lower than capacity.

這不是足跡問題，對嗎？這不是問題，我想說，在像歐洲這樣 LVP 低於容量的地方。

We're not talking about footprint actions necessarily correct.

我們不是在談論足跡行動一定是正確的。

No, it's not a foundation for praise. It's just optimizing every little thing that we have and rebalancing, but it's not a foundational footprint issue, no.

不，這不是表揚的基礎。它只是優化我們擁有的每一件小事並重新平衡，但這不是基本的足跡問題，不是。

Our next question on the line is from Michael Glen with Raymond James.

我們的下一個問題來自 Michael Glen 和 Raymond James。

So I want to circle back to something I talked about earlier. As we think about these OEMs launching these EVs and they seem to be fairly aggressively targeting a path to breakeven on these EV programs, like to what degree -- and you're putting up capital to participate on these programs, like to what degree are they going to be able to come back on you and put additional pressure on you to help them in their motivations to reach breakeven?

所以我想回到我之前談到的話題。當我們考慮這些 OEM 推出這些電動汽車時，他們似乎相當積極地瞄準了在這些電動汽車項目上實現收支平衡的途徑，比如達到什麼程度——你正在投入資金參與這些項目，比如達到什麼程度他們將能夠回到你身邊並向你施加額外壓力以幫助他們實現盈虧平衡？

Is there any pricing risk? So like how do you characterize the pricing risk in the EV programs?

有定價風險嗎？那麼，您如何描述 EV 計劃中的定價風險？

It's a normal course of action, Michael. We have already pricing discussions on productivity and givebacks and so on and so forth. You can have the product and being able to bring value to them, that's how we get the products. I mean there's always going to be conversations, but we are looking for what we have in our framework to meet our margin and returns profile just like they do, we have our shareholders.

這是正常的做法，邁克爾。我們已經就生產力和回饋等問題進行定價討論。您可以擁有產品並能夠為他們帶來價值，這就是我們獲得產品的方式。我的意思是總會有對話，但我們正在尋找我們框架中的內容來滿足我們的利潤率和回報率，就像他們所做的那樣，我們有我們的股東。

So I think it's going to be an ongoing discussion. We have to look at bringing value with the product and process and innovations that we have. We don't see anything beyond that, and we will know how to entertain that. I mean we have to do the business. We have to...

所以我認為這將是一個持續的討論。我們必須著眼於通過我們擁有的產品、流程和創新帶來價值。除此之外，我們看不到任何東西，我們將知道如何接受它。我的意思是我們必須做生意。我們必須...

Great. And Michael, just for perspective, these are long-term contracts. They're not subject to annual repricing and it cuts both ways. So these are -- we're entering to with significant investments under long-term contracts.

偉大的。邁克爾，只是為了透視，這些是長期合同。它們不受年度重新定價的約束，而且它是雙向的。所以這些是 - 我們正在根據長期合同進行大量投資。

And most of our customers, we have strategic relationships. It's not just a tactical discussion. It's a long term, and it spreads across so many product areas. So I think we do have an advantage there.

和我們的大多數客戶一樣，我們有戰略關係。這不僅僅是戰術討論。這是一個長期的過程，它分佈在如此多的產品領域。所以我認為我們在那裡確實有優勢。

Okay.

好的。

And then on the other side of this, you have all of these legacy platforms that are facing some degree of volume decline, structural volume decline over time.

然後在另一方面，所有這些遺留平台都面臨著一定程度的交易量下降，隨著時間的推移結構性交易量下降。

So how do you view what happens with margins in those programs as we think out beyond 2025?

那麼，在我們考慮到 2025 年以後，您如何看待這些項目的利潤率會發生什麼變化？

I think we have to look overall, right? So when you talk about programs, there is a certain aspect, which is of the asset that is not dedicated to the program like a press or an extrusion so on and so forth or a machine center or in motor -- but if you look at the assembly line that might be dedicated to a specific program, and that's where we have to think and make judgments on how do you put the flexibility in so that we can use certain parts of the assets in one versus the other.

我認為我們必須看整體，對嗎？所以當你談論程序時，有一個特定的方面，即資產不專用於程序，如壓力機或擠壓機等等，或者機器中心或電機 - 但如果你看可能專用於特定程序的裝配線，這就是我們必須思考和判斷如何賦予靈活性的地方，以便我們可以在一個與另一個中使用資產的某些部分。

We've always talked about, as an example, a large part of the assets and capital that we have in our transmission and all-wheel drive business also applies to do the product in the eDrive business, not all of it, but a significant part.

例如，我們一直在談論，我們在變速箱和全輪驅動業務中擁有的大部分資產和資本也適用於生產 eDrive 業務中的產品，不是全部，但很重要部分。

So we have to have the discipline to figure where we put capital and how relevant is it going forward for the products for the car of the future.

因此，我們必須有紀律來計算我們將資金投入何處以及它與未來汽車產品的相關性如何。

So it's a very thorough exercise that we go through.

所以這是我們經歷的一個非常徹底的練習。

Okay. And just one more for me. Can you just -- in Power's Vision, there was the majority of the other charges were in that segment.

好的。還有一個給我。你能不能——在 Power 的願景中，其他大部分費用都在那個部分。

Can you provide a better description of what the action was taken there on the restructuring?

您能否更好地描述在重組方面採取了哪些行動？

I think the 2 charges that you might have seen. One was the warranty reserve that Pat talked about and the other one was the engineering spend that we had on a couple of programs. right?

我認為您可能已經看到了 2 項指控。一個是 Pat 談到的保修儲備金，另一個是我們在幾個項目上的工程支出。正確的？

I agree. And I think -- and Michael, if you're referring to the actions taken regarding restructurings. Those were in the MML space. And it's -- I would call it 2 buckets. One is (inaudible). So if you look at the restructuring we took in the quarter, some of it was we have some consolidations. And we're adapting, we're not static. We're looking at our portfolio. We're looking out far way further than our outlook period, and we're taking actions to consolidate our footprint, become more efficient.

我同意。我認為——邁克爾，如果你指的是關於重組的行動。那些在 MML 空間中。它是——我稱之為 2 個桶。一個是（聽不清）。因此，如果你看一下我們在本季度進行的重組，其中一些是我們進行了一些整合。我們正在適應，我們不是一成不變的。我們正在研究我們的投資組合。我們的展望比我們的展望期更遠，我們正在採取行動鞏固我們的足跡，變得更有效率。

And then the other piece that came through was we did have internal restructuring that drove costs related to management reorg, and that's driving further cost optimization as Swamy had talked about earlier.

然後通過的另一部分是我們確實進行了內部重組，這推動了與管理重組相關的成本，並且正如 Swamy 之前談到的那樣，這正在推動進一步的成本優化。

And the payback is with a strong payback.

回報是強大的回報。

And Mr. Kotagiri, there are no further questions at this time. I'll now turn the call back to you for any closing remarks.

Kotagiri 先生，目前沒有其他問題。我現在會把電話轉回給您，請您發表任何結束語。

Thanks, Swamy, and thanks, everyone, for listening in today. I'm happy with the progress in the first quarter, but a lot of work ahead of us. It's just the beginning, and we feel confident with our progress and in our long-term strategy. Thanks. Have a great day.

謝謝 Swamy，也謝謝大家今天的收聽。我對第一季度的進展感到滿意，但我們還有很多工作要做。這只是一個開始，我們對我們的進展和長期戰略充滿信心。謝謝。祝你有美好的一天。

Thank you very much. And that does conclude the conference call for today. We thank you for your participation as you disconnect your lines.

非常感謝。這確實結束了今天的電話會議。我們感謝您在斷開線路時的參與。

Have a good day, one.

祝你有美好的一天，一個。