Magna International Inc (MGA) 2025 Q1 法說會逐字稿

Hello, and welcome to the Magna International first quarter 2025 results webcast. (Operator Instructions) And as a reminder, this call is being recorded.

您好，歡迎收聽麥格納國際 2025 年第一季業績網路直播。（操作員指示）提醒一下，本次通話正在被錄音。

I would now like to hand the call over to Louis Tonelli, VP of Investor Relations. Louis, please go ahead.

現在我想將電話交給投資人關係副總裁 Louis Tonelli。路易斯，請繼續。

Thanks, operator. Hello, everyone, and welcome to our conference call covering our first quarter 2025 results. Joining me today are Swamy Kotagiri and Pat McCann.

謝謝，接線生。大家好，歡迎參加我們的電話會議，討論我們 2025 年第一季的業績。今天與我一起出席的還有 Swamy Kotagiri 和 Pat McCann。

Yesterday, our Board of Directors met and approved our financial results for the first quarter of '25 and our updated outlook. We issued a press release this morning outlining our results. 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.

昨天，我們的董事會召開會議並批准了 25 年第一季的財務表現和最新的展望。我們今天早上發布了一份新聞稿，概述了我們的結果。您可以在我們網站 magna.com 的投資者關係部分找到新聞稿、今天的電話會議網絡直播、與電話會議配套的幻燈片演示以及我們更新的季度財務評論。

Before we get started, just as a reminder, discussions today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements.

在我們開始之前，需要提醒的是，今天的討論可能包含適用證券立法含義內的前瞻性資訊或前瞻性陳述。該等陳述涉及某些風險、假設和不確定性，可能導致公司的實際或未來結果和績效與這些陳述中表達或暗示的結果和績效有重大差異。

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，以了解我們的安全港免責聲明的完整描述。另請參閱我們簡報中與今天的評論相關的提醒幻燈片。

With that, I'll pass it over to Swamy.

說完這些，我就把它交給斯瓦米。

Thank you, Louis. Good morning, everyone. I appreciate you joining our call today.

謝謝你，路易斯。大家早安。感謝您今天參加我們的電話會議。

Before we start, I want to express our deep sadness here at Magna with the passing of our former CFO, Vince Galifi. Vince was not only a remarkable leader, but also a cherished colleague, mentor and a friend to me and many of us.

在我們開始之前，我想表達我們麥格納對前任財務長文斯·加利菲去世的深切悲痛。文斯不僅是一位傑出的領導者，也是我和我們許多人珍惜的同事、導師和朋友。

Vince's contributions to Magna over his 30-plus year career were invaluable, including playing a crucial role in shaping our financial strategies, providing stability and ensuring our disciplined profitable growth. Many of you listening in today benefited from his knowledge, wisdom and insight. As we mourn his loss, we also celebrate his life and the profound influence he had on Magna.

文斯在其 30 多年的職業生涯中為麥格納做出了無價的貢獻，包括在製定我們的財務策略、提供穩定性和確保我們有紀律的盈利增長方面發揮了關鍵作用。今天聆聽的你們中的許多人都受益於他的知識、智慧和洞察力。在我們哀悼他的同時，我們也慶祝他的一生以及他對麥格納的深遠影響。

There are some notable takeaways from the quarter that I would like to highlight before getting into some of the details. We are pleased that our Q1 results came in ahead of our quarterly planning cadence, mainly reflecting strong incremental margin on higher sales. You may recall that in our February call, I mentioned that the first half of 2025 would be weaker than the second half. And of the first two quarters, Q1 would be weaker. We returned $187 million to shareholders in the first quarter in the form of dividends and share repurchases.

在介紹細節之前，我想先強調一下本季的一些值得注意的要點。我們很高興看到第一季的業績超出了季度計劃的節奏，這主要反映了銷售額成長帶來的強勁增量利潤率。您可能還記得，在我們二月的電話會議上，我提到 2025 年上半年的表現將弱於下半年。前兩季中，第一季表現較弱。我們在第一季以股息和股票回購的形式向股東返還了 1.87 億美元。

Despite increased uncertainty due to the current tariff environment, we have updated our outlook, which includes higher sales largely due to foreign currency translation, partially offset by slightly lower vehicle production in North America and a modest reduction in margin, mainly due to the higher euro and decremental margins related to the North American volume reduction.

儘管當前關稅環境導致不確定性增加，但我們已更新了展望，其中包括銷售額增長，這主要得益於外幣折算，但部分抵消了北美汽車產量略有下降和利潤率略有下降的影響，這主要歸因於歐元走高以及北美銷量減少導致的利潤率下降。

We continue to work closely with our customers to mitigate the tariff impact and adjust in this rapidly evolving environment, focusing on what is under our control, including cost containment efforts. And we have clearly communicated to our customers, our intention to pass on any unmitigated incremental tariff costs.

我們將繼續與客戶密切合作，以減輕關稅的影響並在這個快速變化的環境中做出調整，重點是我們能夠控制的事情，包括成本控制措施。我們已經明確地向客戶傳達了我們願意轉嫁任何未減輕的增量關稅成本的意圖。

We continue to win new business and advance automotive technologies. We are collaborating with NVIDIA for next-generation scalable active safety and autonomous driving systems as well as other applications. We have been awarded a new complete ADAS system with the North American based global OEM. And we are supplying a two-speed dual motor e-drive with advanced off-road technology for Mercedes-Benz.

我們不斷贏得新業務並推動汽車技術進步。我們正在與 NVIDIA 合作開發下一代可擴展主動安全和自動駕駛系統以及其他應用程式。我們與北美的全球 OEM 合作，獲得了一套全新完整的 ADAS 系統。我們也為賓士提供配備先進越野技術的雙速雙馬達電動驅動裝置。

Our customers and the industry continue to recognize Magna for excellence in launch and innovation. We recently won GM Supplier of the Year and Overdrive Awards, and Automotive News recently selected our AI-based thermal sensing technology as a 2025 PACEpilot innovation to watch.

我們的客戶和業界持續認可麥格納在產品發布和創新方面的卓越表現。我們最近贏得了通用汽車年度供應商獎和 Overdrive 獎，《汽車新聞》最近將我們的基於人工智慧的熱感應技術選為值得關注的 2025 年 PACEpilot 創新。

As I said earlier, the industry is facing a high degree of uncertainty as a result of the tariff and trade environment. Let me frame tariffs in the context of Magna. Last year, our North American business was about $20 billion or less than half of our global sales. In 2024, we imported roughly $2 billion of goods from countries, including Canada and Mexico, that are subject to tariffs, which would result in roughly $500 million in gross tariff costs.

正如我之前所說，由於關稅和貿易環境，該行業面臨高度的不確定性。讓我以麥格納為背景來闡述關稅問題。去年，我們的北美業務約為 200 億美元，不到我們全球銷售額的一半。2024年，我們從加拿大和墨西哥等需要繳納關稅的國家進口了價值約20億美元的商品，這將導致約5億美元的總關稅成本。

Based on our analysis to date, 75% to 80% of our parts crossing the border are already USMCA compliant, which puts our 2025 annualized direct tariff impact estimate at about $250 million. We continue to evaluate options that will further increase USMCA compliance to mitigate tariff impacts. In some instances, it will require design modifications, validation and/or customer approvals. We will continue to evaluate the full scope of these opportunities.

根據我們迄今為止的分析，我們跨境運輸的零件中 75% 至 80% 已經符合 USMCA 規定，因此我們估計 2025 年年度直接關稅影響約為 2.5 億美元。我們將繼續評估進一步提高 USMCA 合規性以減輕關稅影響的選項。在某些情況下，它將需要設計修改、驗證和/或客戶批准。我們將繼續評估這些機會的全部範圍。

As a result, we are highly focused on working with customers to consider further mitigation opportunities, utilizing government remission programs where appropriate, continuing cost reduction programs already in place and remaining disciplined with capital spend. As I said at the outset, we expect 100% of unmitigated incremental direct tariff costs to be recovered from customers.

因此，我們高度重視與客戶合作，考慮進一步的緩解機會，在適當的情況下利用政府減免計劃，繼續實施已經實施的成本削減計劃，並嚴格控制資本支出。正如我在一開始所說的，我們預計 100% 未減免的增量直接關稅成本將從客戶那裡收回。

Next, I will cover our updated outlook. Uncertainty in the current business environment caused by tariffs and other trade measures has made forecasting more challenging than normal. Our outlook reflects our strong first quarter performance and near-term OEM production release information, including announced production downtime at certain OEM assembly facilities. Our production assumptions do not contemplate the potential impacts of tariffs and other trade measures on vehicle costs, vehicle affordability or consumer demand, nor the impact of these on vehicle production.

接下來，我將介紹我們的最新展望。關稅和其他貿易措施導致當前商業環境的不確定性，使得預測比平常更具挑戰性。我們的展望反映了我們第一季的強勁業績和近期 OEM 生產發布訊息，包括宣布某些 OEM 組裝廠的生產停工。我們的生產假設沒有考慮關稅和其他貿易措施對汽車成本、汽車可負擔性或消費者需求的潛在影響，也沒有考慮這些措施對汽車生產的影響。

Relative to our previous outlook, we have reduced North American production by about 100,000 units to 15 million, held Europe production unchanged and have raised our China production assumptions by roughly our Q1 outperformance to 30.2 million units. We also assume exchange rates in our outlook will approximate recent rates. We now expect a higher euro and Canadian dollar for 2025 relative to our previous outlook.

相對於我們先前的預測，我們將北美產量減少了約 10 萬輛，至 1500 萬輛，維持歐洲產量不變，並將中國產量假設提高了約第一季的超額產量，至 3020 萬輛。我們也假設我們展望中的匯率將接近最近的匯率。我們現在預計 2025 年歐元和加元將比我們先前的預測更高。

The increase in our sales range is predominantly associated with foreign exchange translation due to the higher euro relative to the US dollar, partially offset by lower vehicle production in North America, particularly with respect to certain programs with high Magna content. The lowering our EBIT margin range reflects the margin dilutive impact of euro-US dollar translation as well as decremental margin on the lower sales associated with the volume reductions in North America.

我們的銷售成長主要與外匯折算有關，因為歐元兌美元走高，但北美汽車產量下降，特別是某些包含大量麥格納成分的項目，部分抵消了這一增長。息稅前利潤率範圍的降低反映了歐元兌美元匯率對利潤率的稀釋影響，以及北美銷售減少導致的銷售額下降造成的利潤率下降。

We increased our tax rate to approximately 26% from approximately 25%, mainly due to mix of earnings. We expect capital spending to be in the $1.7 billion to $1.8 billion range, down slightly from $1.8 billion previously, reflecting our continuing efforts to defer or reduce capital wherever possible. And our interest expense, net income and free cash flow ranges are all unchanged from our last outlook.

我們將稅率從約 25% 提高至約 26%，主要歸因於收益組合。我們預計資本支出將在 17 億美元至 18 億美元之間，略低於先前的 18 億美元，這反映了我們盡可能推遲或減少資本的持續努力。我們的利息支出、淨收入和自由現金流範圍與上次展望相比均保持不變。

In addition, we are providing some helpful financial modeling guidance with respect to Magna. Our average content per vehicle in North America is approximately $1,300. And we would estimate incremental and decremental margins in North America to be in the 15% to 20% range at the Magna level under normal conditions.

此外，我們也為麥格納提供了一些有用的財務建模指導。我們在北美每輛車的平均價值約為 1,300 美元。我們估計，在正常情況下，北美地區麥格納的利潤增量和減量將在 15% 至 20% 之間。

We have also seen relatively volatile foreign exchange rate swings over the past few months. As you model sales, keep in mind that a $0.01 change in the euro-USD rate has about $110 million impact on annual sales, with a margin below our corporate average. And a $0.01 change in the Canadian to US dollar is about $50 million in annual sales, with a margin at above our corporate average. Lastly, we are proactively evaluating costs and capital.

過去幾個月，我們也看到外匯匯率波動相對劇烈。在建立銷售模型時，請記住歐元兌美元匯率每變動 0.01 美元，就會對年銷售額產生約 1.1 億美元的影響，利潤率低於我們公司的平均水準。加幣兌美元匯率每變動 0.01 加幣，年銷售額就會增加約 5,000 萬美元，利潤率高於我們公司的平均水準。最後，我們正在積極評估成本和資本。

I would like to reiterate that our guiding principles remain the cornerstone of Magna, a long-term ownership mentality that starts with our culture of accountability and alignment of interest at all levels of the company managing our portfolio under a consistent set of criteria and dispassionately assess our product lines in terms of their markets, market positions and returns, maintaining a strong balance sheet to have the financial flexibility to manage through the cyclicality of our industry.

我想重申，我們的指導原則仍然是麥格納的基石，這是一種長期所有權利心態，始於我們的責任文化和公司各個層面的利益協調，在一致的標準下管理我們的投資組合，並冷靜地評估我們的產品線的市場、市場地位和回報，保持強勁的資產負債表，以獲得財務靈活性來應對我們行業的周期性。

And a capital allocation strategy that entails a long-term balance of investing for profitable growth, together with returning capital to shareholders. Regardless of where we are in the cycle or challenges we are facing, these overarching principles govern the way we manage Magna for the long-term success.

資本配置策略包括長期投資平衡、獲利成長和股東返還資本。無論我們處於週期的哪個階段或面臨什麼挑戰，這些總體原則都指導著我們管理麥格納長期成功的方式。

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

說完這些，我就把電話轉給帕特。

Thanks, Swamy, and good morning, everyone. As Swamy indicated, we delivered solid first quarter earnings ahead of our expectations. Recall that we indicated on our February call that we expected our 2025 earnings to be lowest in the first quarter of the year.

謝謝，斯瓦米，大家早安。正如斯瓦米所指出的，我們第一季的獲利表現超出了我們的預期。回想一下，我們在二月的電話會議上表示，我們預計 2025 年的收益將在第一季達到最低水準。

Now comparing the first quarter of 2025 to the first quarter of 2024. Consolidated sales were $10.1 billion, down 8% compared to a 3% decline in global light vehicle production. Adjusted EBIT was $354 million and adjusted EBIT margin was 3.5%. Adjusted EPS came in at $0.78, down 28% year-over-year, primarily due to decremental margins on lower sales, but ahead of our expectations. And free cash flow used in the quarter was $313 million, ahead of our expectations and compared to $270 million in the first quarter of 2024.

現在將 2025 年第一季與 2024 年第一季進行比較。綜合銷售額為 101 億美元，年減 8%，而全球輕型汽車產量則下降 3%。調整後的息稅前利潤為 3.54 億美元，調整後的息稅前利潤率為 3.5%。調整後的每股收益為 0.78 美元，年減 28%，主要原因是銷售額下降導致利潤率下降，但超出了我們的預期。本季使用的自由現金流為 3.13 億美元，超出我們的預期，而 2024 年第一季為 2.7 億美元。

Let me take you through some of the details. North American and European light vehicle production decreased 5% and 8%, respectively. And production in China increased 2%, netting to a 3% decrease in global production. On a sales-weighted basis, light vehicle production declined 5% from the prior year.

讓我向您介紹一些細節。北美和歐洲輕型汽車產量分別下降5%和8%。中國的產量增加了2%，導致全球產量下降了3%。以銷售加權計算，輕型汽車產量較前一年下降5%。

Our consolidated sales were $10.1 billion compared to $11 billion in the first quarter of 2024. On an organic basis, our sales decreased 6% year-over-year for a negative 1% growth over market in the quarter, in part reflecting negative production mix from lower D3 production in North America, lower light vehicle production, a decline in complete vehicle assembly volumes, including the end of production of the Jaguar E- and I-PACE in Graz, Austria, the end of production of certain other programs the divestiture of a controlling interest in our metal forming operations in India, the impact of changes in foreign exchange rates and normal course customer price givebacks. These were partially offset by the launch of new programs, higher commercial recoveries and customer price increases to recover certain higher production input costs.

我們的綜合銷售額為 101 億美元，而 2024 年第一季為 110 億美元。從有機基礎來看，本季度我們的銷售額同比下降 6%，市場增長率為負 1%，部分反映了北美 D3 產量下降、輕型汽車產量下降、整車裝配量下降等負面生產組合，包括捷豹 E- 和 I-PACE 在奧地利格拉茨停產、某些其他項目的停產、剝離我們在印度金屬成型業務的控制權以及正常的價格變化以及我們在印度金屬成型業務的控制權的影響。這些損失被新專案的啟動、商業回收率的提高以及客戶價格上漲所部分抵消，從而收回了某些較高的生產投入成本。

Adjusted EBIT was $354 million and adjusted EBIT margin was 3.5%, down 80 basis points from Q1 2024. The lower EBIT percent in the quarter reflects positive 60 basis points from operational items, reflecting operational excellence activities, lower engineering spend and lower net input costs, partially offset by higher new facility costs, negative 15 basis points related to lower equity income as a result of lower net favorable commercial items, higher net transactional FX losses and reduced earnings on lower sales, partially offset by lower launch costs, all with respect to certain equity accounted investments.

調整後的息稅前利潤為 3.54 億美元，調整後的息稅前利潤率為 3.5%，較 2024 年第一季下降 80 個基點。本季較低的息稅前利潤百分比反映了來自營運項目的正 60 個基點，反映了卓越營運活動、較低的工程支出和較低的淨投入成本，但被較高的新設施成本部分抵消；由於淨有利商業項目減少、淨交易外匯損失增加以及銷售額下降導致的收益減少，本季度較低的息稅前利潤百分比與較低的股權收入有關，但被釋放成本較低的股權。

Negative 10 basis points for tariff costs paid out, but not yet recovered from customers and volume and other items, which impacted us by negative 150 basis points, reflecting reduced earnings on lower sales and lower net transactional FX gains. In net discrete items, higher net favorable commercial items was completely offset by higher net warranty costs and higher restructuring costs, not called out as unusual.

已支付但尚未從客戶、數量和其他項目中收回的關稅成本為負 10 個基點，這給我們帶來了負 150 個基點的影響，反映了銷售額下降和淨交易外匯收益下降導致的收益減少。在淨離散項目中，較高的淨有利商業項目完全被較高的淨保固成本和較高的重組成本所抵消，並沒有被稱為異常。

Interest was essentially in line with last year. Our adjusted effective income tax rate came in at 25.7%, higher than Q1 of last year, primarily due to higher losses not benefited in Europe, unfavorable foreign exchange adjustments for US GAAP purposes and a change in the mix of earnings, partially offset by favorable changes in our reserves for uncertain tax positions.

興趣基本上與去年持平。我們的調整後有效所得稅率為 25.7%，高於去年第一季度，主要原因是歐洲未受益的損失增加、美國 GAAP 目的的不利外匯調整以及收益結構的變化，但部分被我們針對不確定稅收狀況的儲備的有利變化所抵消。

Net income was $219 million compared to $311 million in Q1 2024, mainly reflecting lower EBIT, partially offset by lower income tax and lower minority interest. And adjusted EPS was $0.78 compared to $1.08 last year, reflecting lower net income, partially offset by fewer diluted shares outstanding. The fewer shares outstanding largely reflects share repurchases in the fourth quarter of 2024 and the first quarter of 2025.

淨收入為 2.19 億美元，而 2024 年第一季為 3.11 億美元，主要反映了息稅前利潤的下降，但部分被所得稅和少數股東權益的下降所抵消。調整後每股收益為 0.78 美元，而去年同期為 1.08 美元，反映出淨收入下降，但部分被流通在外的稀釋股數減少所抵銷。流通股數量減少主要反映了 2024 年第四季和 2025 年第一季的股票回購。

Turning to a review of our cash flows and investment activities. In the first quarter of 2025, we generated $547 million in cash from operations before changes in working capital and used $470 million in working capital. Investment activities in the quarter included $268 million for fixed assets and $148 million increase in investments, other assets and intangibles.

回顧我們的現金流和投資活動。2025 年第一季度，我們在營運資本變動前從營運中產生了 5.47 億美元的現金，並使用了 4.7 億美元的營運資本。本季的投資活動包括 2.68 億美元的固定資產投資和 1.48 億美元的投資、其他資產和無形資產增加。

Overall, we used free cash flow of $313 million in Q1, better than we were forecasting, and compared to $270 million in the first quarter of 2024. And we continue to return capital to shareholders, paying $136 million in dividends, along with $51 million in share repurchases during the first quarter of 2025.

整體而言，我們在第一季使用的自由現金流為 3.13 億美元，優於我們的預測，而 2024 年第一季的自由現金流為 2.7 億美元。我們將繼續向股東返還資本，在 2025 年第一季支付 1.36 億美元的股息，並回購 5,100 萬美元的股票。

Our balance sheet continues to be strong, with investment-grade ratings from the major credit agencies. At the end of Q1, we had just under $4.6 billion in liquidity, including about $1.1 billion in cash. Currently, our adjusted debt to adjusted EBITDA ratio is at 1.92, better than we had anticipated coming into the quarter.

我們的資產負債表繼續保持強勁，並獲得了主要信用機構的投資等級評級。截至第一季末，我們的流動資金略低於 46 億美元，其中包括約 11 億美元的現金。目前，我們的調整後負債與調整後 EBITDA 比率為 1.92，優於我們對本季的預期。

In summary, we had solid financial performance in the quarter, ahead of what we had expected. We returned $187 million to shareholders in the quarter in the form of dividends and share repurchases. We updated our outlook, excluding the impacts of tariffs, which includes higher sales largely due to foreign currency translation, partially offset by lower volumes in North America, and a modest reduction in margin, mainly due to the higher euro and decremental margins related to the North American volume reduction. And we are working closely with our customers to mitigate tariff impacts and adjust in a rapidly evolving environment.

總而言之，本季我們的財務表現穩健，超出了我們的預期。本季我們以股利和股票回購的形式向股東返還了 1.87 億美元。我們更新了展望，排除了關稅的影響，其中包括銷售額增加，這主要歸因於外幣折算，但被北美銷量下降部分抵消，利潤率略有下降，這主要歸因於歐元上漲和北美銷量減少導致的利潤率下降。我們正在與客戶密切合作，以減輕關稅影響並在快速變化的環境中做出調整。

Thanks for your attention this morning. We would be happy to take your questions.

感謝您今天上午的關注。我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good good morning guys. I'm very sorry to hear about Vince. It's tough news for all of us. I think we all learned a lot from him, and he was a great friend. So -- that's a rough way to start the call. Thoughts around to all of you guys.

大家早安。聽到文斯的事我感到非常難過。這對我們所有人來說都是一個艱難的消息。我想我們都從他身上學到了很多東西，他是個很好的朋友。所以——這是開始通話的粗略方式。向你們所有人表達我的想法。

I guess, first here, maybe kind of thinking sort of mid to the long term, Swamy, on the Seating business, it just seems like even adjusting for tariffs, the business remained kind of tough. I'm just curious, as you think about that business mid- to long term, there's something you need to do on a micro basis organically?

我想，首先，斯瓦米，從中長期來看，對於座椅業務來說，似乎即使調整了關稅，業務仍然很艱難。我只是好奇，當您考慮中長期業務時，您是否需要在微觀基礎上有機地做一些事情？

Or do you need to get larger scale because there are a lot of other folks out there that are kind of tripping over that business as well. And it seems like it should be an okay business, but it seems like you just can't get it to turn the corner. What are your thoughts there on Seating?

或者你需要擴大規模，因為還有很多其他人也對這個行業感到困惑。這看起來應該是一筆不錯的生意，但似乎你就是無法讓它扭轉局面。您對座位有什麼看法？

Good morning, John, and thanks for your comments. On the Seating, I don't know if you call it the big topic, the onetime, which is behind us was a $30 million magnitude warranty topic that's included in the quarter right now, and that's behind us.

早安，約翰，謝謝你的評論。關於座椅，我不知道您是否將其稱為大話題，一次性的，我們已經過去的是價值 3000 萬美元的保固話題，它包含在本季度中，而這已經過去了。

Operationally, continuing to look at what we had last year and what we had in the past continues to track. Given the volatility and the program that we talked about in South Carolina, and it comes on board for next year, the macro variables that we talked about in Seating as a business hasn't changed.

從營運角度來看，繼續回顧去年和過去的情況，我們將繼續追蹤這些情況。考慮到我們在南卡羅來納州討論的波動性和計劃，以及該計劃將在明年實施，我們在座椅業務中討論的宏觀變數並沒有改變。

From an operations perspective, the execution plans that we have been talking about stay on track. But on the bigger context, not just to Seating, John, we -- as I mentioned before, we continue to look at all product lines. So that's always a part of the process.

從營運角度來看，我們一直在談論的執行計劃正在順利進行中。但從更大的角度來看，不僅僅是座椅，約翰，正如我之前提到的，我們會繼續關注所有產品線。所以這始終是過程的一部分。

Okay. And then just a second question, as you think about tariffs, and I hate to harp on this. Yesterday, the customers border patrol, they put out a sort of a notice that seems to be an indication that USMCA compliant parts are going to remain on tariff beyond sort of the 90-day review, it's certainly beyond May 3, and it seems like that may be in perpetuity. I'm just curious what your hearing there? And if that's a correct interpretation because that would create some pretty extreme relief for you guys here, at least in North America.

好的。然後還有第二個問題，關於關稅，我不想再多談這個了。昨天，客戶邊境巡邏隊發布了一條通知，似乎表明符合 USMCA 的零件在 90 天的審查期之後仍將保持關稅，肯定是在 5 月 3 日之後，而且看起來這種情況可能會永遠持續下去。我只是好奇你聽到了什麼？如果這是一個正確的解釋，那麼這將為你們帶來極大的安慰，至少在北美是如此。

Yeah. John, that's -- I read that report, and you're absolutely right. I think I mentioned in the call here about that's where the focus has been. We have had work streams looking at -- in intricate detail of every part that crosses the border. We are about between 75% to 80% USMCA combined. A lot of discussions on how to take that percentage up.

是的。約翰，那是──我讀過那份報告，你完全正確。我想我在電話中提到過，這就是我們關注的重點。我們已製定了工作流程來仔細審查跨越邊境的每個部分的細節。我們的 USMCA 總量約為 75% 至 80%。關於如何提高該百分比的討論很多。

Yes, definitely, that gives a lot more certainty and relief in our planning process. And that is the assumption that we are going with and hope to get some more clarity uncertainty on that decision.

是的，這確實為我們的規劃過程帶來了更多的確定性和安心。這就是我們所遵循的假設，並希望對該決定獲得更清晰的不確定性。

And maybe just to follow on that. I mean, as far as schedule changes and program launch changes, what have you heard from automakers so far? It seems like everybody is kind of trying to plow ahead without making significant changes yet. Have you seen big changes in short-term schedules or potential program launches for the second half of this year or maybe even into next year?

也許只是為了遵循這一點。我的意思是，就時間表變化和計劃啟動變化而言，到目前為止您從汽車製造商那裡聽到了什麼消息？看起來每個人都在努力向前推進，但尚未做出重大改變。您是否看到今年下半年甚至明年的短期計畫或潛在專案啟動發生重大變化？

John, we have not -- not just looking at releases. So first, to address the releases, right? April seemed pretty aligned with our planning May, from a visibility perspective, also looks normal, but we always have been thinking about depending on any announcements that might change pretty quickly. But as we see it today, it looks pretty aligned. And obviously, we don't stop.

約翰，我們還沒有——不僅僅是在看發布。那麼首先要解決發布問題，對嗎？四月似乎與我們的計劃非常一致，從可見性的角度來看，五月也看起來正常，但我們一直在考慮依賴任何可能很快就會改變的公告。但正如我們今天所看到的，它看起來相當一致。顯然，我們不會停下來。

Just by looking at the data here, we have been in conversations with OEMs at least 2 times or 3 times a week, at my level, even to get a understanding and not depend only on the releases. Overall, we have not seen any changes in terms of planning or in terms of production schedules, at least from the programs that we are involved with. But even at a macro level, we are not seeing it. A lot of discussions on how to get more USMCA compliance for sure, but that's where the chips fall today.

僅透過查看這裡的數據，我們每周至少與 OEM 進行 2 到 3 次對話，就我而言，甚至是為了了解情況，而不僅僅依賴發布。總體而言，至少從我們參與的專案來看，我們沒有看到規劃或生產計劃方面有任何變化。但即使在宏觀層面，我們也沒有看到它。關於如何讓更多人遵守 USMCA 的討論肯定很多，但這就是今天的關鍵所在。

And then just lastly, China seems like it's showing some relative strength and absolute strength relative to expectations. Can you just remind us of your footprint or your mix of customers there, domestic Chinese OEMs versus international?

最後，中國似乎展現了與預期相比的一些相對實力和絕對實力。您能否簡單介紹一下您在當地的業務範圍或客戶結構，是中國國內的 OEM 廠商還是國際的？

Yeah. It happens to be -- we were in China about just 3 weeks ago. About $5.5 billion of our revenue is from China. Of that, just about over 60%, 65% of the business is with Chinese OEMs. And there, I would say, largely, John, with five to six customers, the major Chinese OEMs there.

是的。碰巧的是──我們大約三週前才剛到中國。我們的約55億美元收入來自中國。其中，約60%到65%的業務來自中國OEM廠商。我想說，約翰在那裡有五到六個客戶，都是那裡的主要中國原始設備製造商 (OEM)。

If you remember, we started in China predominantly with all the western OEMs, and we've been able to move that mix from 10% to 65%-plus or in that range today. So we continue to gain traction. Even last year, we grew at 15% in China compared to the roughly 5% that China market is going. So we feel very good about it. We are deliberate, which product, which customer, but we continue to gain or improve our mix there.

如果你還記得的話，我們最初在中國主要與所有西方原始設備製造商合作，而如今我們已經能夠將這一比例從 10% 提高到 65% 以上或在這個範圍內。因此我們繼續獲得關注。甚至去年，我們在中國的成長速度就達到了 15%，而同期中國市場的成長率僅約 5%。因此我們對此感覺非常好。我們會慎重考慮哪種產品、哪個客戶，但我們會繼續在那裡取得或改善我們的產品組合。

Swamy, I thought just about a year ago, that was 50-50. I mean, did it move that quickly? Or is my number kind of -- it did with equity?

斯瓦米，我認為大約一年前，這個比例是 50-50。我的意思是，它移動得那麼快嗎？或者我的數字有點--它與公平有關？

John, your numbers are correct. We continue to make good progress and have traction.

約翰，你的數字是正確的。我們繼續取得良好進展並取得進展。

Tamy Chen, BMO Capital Markets.

Tamy Chen，BMO 資本市場。

Hi, good morning. Thanks for the question. First, I just wanted to clarify. So Swamy and Pat, the annualized tariff exposure this year, you said $250 million. So (inaudible) interpret that is essentially the COGS exposure from you importing into your US plant parts from Canada and Mexico. And are you saying this number, you believe, you would get 100% recovery from your customers?

嗨，早安。謝謝你的提問。首先，我只是想澄清一下。那麼斯瓦米和帕特，你說今年的年度關稅風險是 2.5 億美元。因此（聽不清楚）請將其解釋為從加拿大和墨西哥進口零件到美國工廠的 COGS 風險。您說的這個數字是否代表您相信您可以從客戶那裡獲得 100% 的回報？

So Tamy, first, yes, what you said, the $250 million we are talking about where we are the importer of (inaudible).

那麼 Tamy，首先，是的，正如你所說，我們談論的 2.5 億美元，我們是進口商（聽不清楚）。

(inaudible) Canada. FX (inaudible) China.

（聽不清楚）加拿大。FX（聽不清楚）中國。

China and Europe, although those numbers are smaller, but it's a very comprehensive.

中國和歐洲，雖然數量比較少，但是非常全面。

Second, obviously, our first initiative is to mitigate that as much as possible with all our internal actions, resourcing, rebalancing, continuing to work with our customers to increase the US (inaudible). Some of it might need design modifications or validations or the production part approval process. And we're working with them and we'll continue to do so. Now anything that is remaining past all those efforts, yes, our intent is to pass it on to the customer study.

其次，顯然，我們的首要舉措是透過所有內部行動、資源配置、重新平衡、繼續與客戶合作以增加美國（聽不清楚）來盡可能地緩解這種情況。其中一些可能需要設計修改或驗證或生產零件批准流程。我們正在與他們合作，並將繼續這樣做。現在，經過所有這些努力，剩下的任何事情，是的，我們的目的是將其傳遞給客戶研究。

Okay. Understood. And yeah, on that, with respect to increase in USMCA compliance. And also I'm curious, if at this point -- well, I think, first of all, you said a lot of discussions around that, increasing USMCA compliance with your customers. I'm also wondering, most recently, after we've got a little bit of relief and clarity earlier this week, do you also believe your customers may be thinking more about increasing US.

好的。明白了。是的，關於 USMCA 合規性的提升。而且我很好奇，如果在這一點上——嗯，我認為，首先，您就此進行了很多討論，以提高客戶的 USMCA 合規性。我還想知道，最近，在本週早些時候我們得到了一些安慰和清晰的信息之後，您是否也認為您的客戶可能正在更多地考慮增加美國。

content, not just USMCA compliance? And can you talk a little bit more about -- between the two of them, what that means for you, incremental capital investment. What do you need to do? How does that impact you if both of those things continue from here?

內容，而不僅僅是 USMCA 合規性？您能否再多談一下——他們兩人之間，增量資本投資對您來說意味著什麼？你需要做什麼？如果這兩件事繼續下去，會對您產生什麼影響？

Yeah. I think, Tamy, it's only fair to say that all scenarios have -- are being considered. But from what we're hearing, given in my discussions, I think it is not a major reaction. Given the capital allocation and the magnitude of what's being discussed, they're looking at very carefully. If there is a rebalancing possible, I think that is the first option.

是的。塔米，我認為公平地說，所有的情況都已經——正在被考慮之中。但從我們在討論中聽到的情況來看，我認為這不是重大反應。考慮到資本配置和正在討論的內容的規模，他們正在非常謹慎地考慮。如果有可能重新平衡，我認為這是首選。

If there is a resourcing, that is also an option, I haven't heard in all the discussions that I'm having with all the customers that anybody is looking at any geograph. They're looking at it -- and they've been very collaborative and sharing data with us. So that's on one side of things.

如果有資源，這也是一種選擇，在我與所有客戶進行的所有討論中，我還沒有聽說有人關注任何地理位置。他們正在研究它——並且一直與我們合作並共享數據。這只是事情的一個面向。

Magna has a footprint in Canada, in Mexico, and in the United States. As you can imagine, there is not capacity available at any point of time, but is there a possibility of rebalancing some of the things, yes, that we continue to look at. But again, we cannot do it unilaterally. We have to work with our customers to make those changes. So that's how we are proceeding to mitigate any impacts that are there.

麥格納的業務範圍遍及加拿大、墨西哥和美國。你可以想像，在任何時間點都沒有可用的容量，但是否有可能重新平衡一些事情，是的，我們會繼續專注。但同樣，我們不能單方面這麼做。我們必須與客戶合作來實現這些改變。這就是我們減輕任何影響的方法。

Okay. Got it. And my last question is on your share buyback. Could you confirm at this point, I think you'd said earlier that a month or so ago, you've paused it. I just want to understand at this point, how are you thinking about the buyback?

好的。知道了。我的最後一個問題是關於你們的股票回購。您能否確認一下，我想您之前說過，大約一個月前，您已經暫停了它。我只是想了解一下，您對回購有什麼看法？

Is that still on pause given the macro uncertainty? Is it also related to the -- where your leverage currently is at and where you expect that going forward? Thanks.

鑑於宏觀不確定性，此計劃是否仍處於暫停狀態？這是否也與您目前的槓桿率以及您對未來槓桿率的預期有關？謝謝。

So Tamy, yes, you're right. We talked about pausing. And we have always talked about it as a strategy, right, in managing our balance sheet. To answer your question very directly, yes, it is paused given the uncertainty that we have in the market. But as you know, we had the NCIB about to purchase 28.5 million shares approximately.

所以 Tamy，是的，你是對的。我們討論了暫停。我們在管理資產負債表時一直將其視為一種策略。直接回答你的問題，是的，考慮到市場不確定性，它暫停了。但正如您所知，我們讓 NCIB 購買了大約 2850 萬股。

If uncertainty goes away and there is a lot of clarity, there is always the possibility to look at it later in the year. For now, given where the market is and given where uncertainty is, yes, we have paused. But also to add, Tamy, the leverage ratio, as Pat mentioned, is on track, and we continue to make good progress as discussed. And I think we're just a little bit ahead compared to where we are planning, as Pat mentioned in the comments.

如果不確定性消失，情況變得明朗，那麼就有可能在今年稍後再進行審查。就目前而言，考慮到市場現狀和不確定性，是的，我們已經暫停了。但也要補充一點，塔米，正如帕特所提到的，槓桿率已步入正軌，而且我們將繼續取得良好進展，正如我們討論的那樣。我認為，與我們的計劃相比，我們只是稍微領先了一點，正如帕特在評論中提到的那樣。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning, thanks for for taking the question. Wanted to first just ask on advanced programs launch activity. What have you seen there? Has there been any change in the activity behavior of automakers on this front? And maybe you can just conclude in that. And what's the [tone and tenor] of commercial discussions with the automakers right now?

大家好，早安，謝謝您回答這個問題。首先只想詢問一下高階程式啟動活動。你在那裡看到了什麼？汽車廠商在這方面的活動行為有什麼改變嗎？也許你就可以得出這樣的結論。目前與汽車製造商進行商業談判的基調和基調是什麼？

Good morning, Dan. From an overall planning launch perspective, we have not seen any change, right? But in terms of sourcing, there is a lot of scenarios being discussed and talked through. And I think we are fortunate in a way to say that most of our major customers have in discussions with us because of the footprint and capacity and our ability.

早上好，丹。從整體規劃啟動的角度來看，我們沒有看到任何變化，對嗎？但在採購方面，有許多方案正在討論和討論中。我認為我們很幸運，因為我們的足跡、產能和能力，我們的大多數主要客戶都與我們進行了討論。

So we are getting a viewpoint on that. So I wouldn't say it has slowed, but I think there is a deliberation on the footprint and the cadence of the decision-making. But we are not really seeing a change in what we are going after in terms of business and how it --

所以我們對此有一個看法。因此，我不會說它已經放緩，但我認為人們正在對決策的足跡和節奏進行深思熟慮。但我們並沒有真正看到我們在業務方面追求的目標以及它如何--

Okay, thank you. And then as far as the Complete Vehicle segment, if you could just give any color on the outperformance in the quarter? But also, how should we assess the risk for complete vehicle given [G-Wagon] is essential program. There's some questions on the demand in the tariff environment as those are all exported.

好的，謝謝。那麼就整車領域而言，您能否介紹一下本季的優異表現？但同時，鑑於[G-Wagon]是一項重要計劃，我們應該如何評估整車的風險。由於這些都是出口產品，因此在關稅環境下的需求存在一些問題。

Yeah. Dan, I think part of the outperformance has been based on how our complete Vehicle assembly segment has the terms, right? So there is commercial recoveries as volumes go change because of how the terms are there. So that's one.

是的。丹，我認為部分優異表現是基於我們整個車輛組裝部門的條款，對嗎？因此，隨著交易量因條款而變化，就會出現商業復甦。這就是其中之一。

And over the last year, we've been talking about restructuring and getting the cost structure of that facility to the current volume scenarios and the programs that we have had. We talked about some of the programs ending and some coming to an end in the 2026 towards the end of '26. So we have proactively taken steps to restructure the cost base and we continue to see that flow through.

在過去的一年裡，我們一直在討論重組，並將該設施的成本結構調整到與當前產量情況和我們現有的計劃相適應的水平。我們討論了一些項目將在 2026 年（即 2026 年底）結束，還有一些項目即將結束。因此，我們已積極採取措施重組成本基礎，並將繼續看到這項進程。

On the Mercedes G-Wagon, I won't comment for our customers, obviously, but you've seen the public statement of holding the price. But if there is a demand reduction for that vehicle in North America, I'm sure there will be an impact, but you've got to keep in mind, the margin profile of that business is substantially lower than the normal Magna average.

關於梅賽德斯 G-Wagon，我顯然不會代表我們的客戶發表評論，但您已經看到了維持價格的公開聲明。但如果北美對該車型的需求減少，我肯定會產生影響，但你必須記住，該業務的利潤率遠低於麥格納的正常平均水平。

The only thing I'd add, Dan, is it comes back to the contracts Swamy talking about. There are the biggest recoveries in it. So even if the volumes fall, we do have that fixed recovery for (inaudible).

丹，我唯一要補充的是，這又回到了斯瓦米談到的合約問題。其中有最大的復甦。因此，即使交易量下降，我們仍然有固定的復甦（聽不清楚）。

Dan, we continue to have discussions, as mentioned with different OEMs, for getting on additional programs and they seem, I would say, pretty encouraging, Dan.

丹，正如所提到的，我們正在繼續與不同的 OEM 進行討論，以獲得更多計劃，我想說，這些計劃看起來非常令人鼓舞，丹。

Okay. If I could just squeeze one in, just to clarify, the pieces of the business that are not USMCA compliant, those are which products or in which segments?

好的。如果我可以插入一個內容，只是為了澄清一下，不符合 USMCA 的業務部分是哪些產品或哪些部分？

Dan, I think it's across -- we haven't seen any significant point to make on one specific segment, right? I would say it's all across. But there is not a marked difference from one to the other. So it's kind of across Magna.

丹，我認為我們已經看到了——我們還沒有看到在某一特定領域有什麼重要的觀點，對嗎？我想說一切都已經過去了。但兩者之間並沒有明顯的差異。所以這有點像是跨越了麥格納。

[Doug Dunn], Evercore ISI.

[Doug Dunn]，Evercore ISI。

Yeah, hey Swamy. Hey team. Just looking at the Body and Exterior segment here, margins were particularly weak. They were down from most of last year -- from all of last year, actually. I understand there's some FX volume effect there. But in terms of timing, is this likely to be a first half or first quarter phenomenon? Or is this something that could persist with the uncertainty that we're seeing?

是的，嘿，斯瓦米。嘿，團隊。僅從車身和外飾部分來看，利潤率特別低。與去年大部分時間相比，甚至與去年全年相比，都有所下降。我知道那裡有一些 FX 音量效果。但從時間角度來看，這可能是上半年或第一季的現象嗎？或者，這種情況會隨著我們所看到的不確定性而持續存在？

How do you see those margins progressing throughout the course of '25?

您如何看待 25 年期間這些利潤率的進展？

Hi, Doug. It's Pat. So I just got my numbers here. But I think your thesis, broadly speaking, is correct. We're operating where we expect it to operate in the BES group. So we came in at an EBIT number of 5.8%. We're seeing that increase as we progress through the year. And it would be consistent with what we had seen last year.

你好，道格。我是帕特。所以我剛剛在這裡得到了我的數字。但我認為你的論點從大體上來說是正確的。我們在 BES 集團內按照我們預期的方式開展業務。因此我們的息稅前利潤為 5.8%。隨著時間的推移，我們看到這一數字不斷增加。這與我們去年看到的情況一致。

Remember, we're still in a situation where a lot of our commercial recoveries tend to be recovered in the back half of the year. That's probably going to be amplified this year given all the volume uncertainty. So I think you're still expecting a strong margin performance in Q4 compared to the first three quarters of the year.

請記住，我們仍然處於這樣的情況：我們的許多商業復甦往往在下半年實現。考慮到所有產量的不確定性，今年這種現象可能會進一步加劇。因此我認為與今年前三個季度相比，您仍然預計第四季度的利潤率表現會很強勁。

So it might be a cadence, but operationally and foundationally, this segment, BES, is really doing well and continues to perform at the level that we benefit. No difference in the operations from where we had last year versus now, except volume and other things that I just talked about.

因此，這可能是一種節奏，但從營運和基礎來看，BES 這一部分確實做得很好，並繼續保持著令我們受益的水平。除了數量和我剛才談到的其他方面之外，我們的營運情況與去年和現在沒有什麼區別。

Okay. That's helpful. And then that's a good segue to my next question here. On Slide 17, you mentioned those tariff costs that have been paid and not recovered from customers as a headwind. Is this going to be the norm going forward where those tariff costs are traded similarly to your cost recoveries from your customers?

好的。這很有幫助。這很好地引出了我的下一個問題。在第 17 張投影片上，您提到那些已經支付但尚未從客戶那裡收回的關稅成本是一個阻力。這些關稅成本的交易方式與您從客戶收回的成本交易方式類似，這是否會成為未來的常態？

Basically, it's Magna fronting any incremental costs and then you will be reimbursed in the future. Is that the correct way to think about this incremental tariff cost?

基本上，麥格納將承擔任何增量成本，然後您將來獲得補償。這是考慮增量關稅成本的正確方法嗎？

Yeah. I think, Doug, this is an accounting issue. It's not really the commercial side of it. Under the accounting rules, until you have a legal agreement with your customer or government, you have to expense those costs. The cost in the quarter were about $10 million gross, for perspective.

是的。道格，我認為這是會計問題。這其實並不是商業方面的問題。根據會計規則，除非你與客戶或政府達成法律協議，否則你必須將這些成本計入費用。從角度來看，本季的總成本約為 1000 萬美元。

Obviously, we're pushing to close as quickly as we can, but that is -- expect that same cadence of other commercial.

顯然，我們正在努力盡快完成，但那是——期待與其他商業相同的節奏。

Joe Spack, UBS.

瑞銀的喬·斯帕克（Joe Spack）。

Thank you, everyone, and thanks for the tariff impact color. Sorry to go back to this, I just want to understand some of the math here. The $2 billion of goods that crossed the border, I get 25% of that is the [$500 million]. Then you're saying 25% of the parts are non-USMCA compliant. So how do you get to a $250 million impact? Is that because the compliance, that percentage you gave is parts space, not dollar-weighted, so you really mean only half the dollars are exempt?

謝謝大家，也謝謝關稅影響顏色。抱歉再次提起這件事，我只是想了解這裡的一些數學知識。跨國價值 20 億美元的商品，我得到其中的 25%[5億美元]。那你是說 25% 的零件不符合 USMCA 標準。那麼如何才能達到 2.5 億美元的影響力呢？這是因為合規性，您給的百分比是零件空間，而不是美元加權，所以您的真正意思是只有一半的美元是免稅的？

And then just to be very clear, I know you're not assuming the -- any volume impact. But in the guidance, are you assuming in the revenue guidance that you recover that $250 million? I'm sorry, the half of that on an annualized basis.

然後要非常清楚的是，我知道你沒有假設任何數量的影響。但在指引中，您是否假設在收入指引中您可以收回這 2.5 億美元？抱歉，以年率計算，這個數字只有一半。

To clarify, writing the map, there is also remission programs from governments, right, for example, on the Canada. So that would offset some of the things that are there. And net of that remission is how you get to the $250 million approximate number that you're seeing, Joe. And we are not including the volume impact, right? Is that your question?

需要澄清的是，繪製該地圖時，還有來自政府的減免計劃，例如加拿大。這樣就可以抵銷現有的一些東西。喬，扣除這部分減免，您看到的大約2.5億美元是多少？我們還沒有把交易量的影響算進去，對嗎？這是你的問題嗎？

Well, yes. The remissions would further, right? I guess what I'm saying is just very simple math. If you're saying no, [500 across]

嗯，是的。緩解還會進一步，對嗎？我想我所說的只是非常簡單的數學。如果你說“不”，[橫跨500]

The remissions are included is what I'm saying. After remissions, we are having the $250 million.

我要說的是，減免也包括在內。減免後，我們將獲得 2.5 億美元。

Maybe we can take it offline. But because, again, if 25% is not compliant, I would have thought the impact would have been [125%] before remissions and remission to bring it down further.

也許我們可以將其下線。但因為，如果 25% 不合規，我認為在緩解和緩解之前影響會達到 [125%]，從而進一步降低影響。

I think, Joe, we can take it offline, but forget -- don't forget that it's not all 25% across the board. We are importing parts from China and other parts of the world that have a higher tariff of (inaudible).

喬，我想我們可以把它離線，但忘記了——別忘了，它並不是全部都是 25%。我們從中國和世界其他地區進口零件，這些地區的關稅較高（聽不清楚）。

Fair enough. Okay. All right -- yes. sorry, go ahead.

很公平。好的。好的——是的。抱歉，請繼續。

Sorry, you also asked about (inaudible).

抱歉，您也詢問了（聽不清楚）。

I know the volume impact from tariffs is not included, but is the recovery of that, let's say, three-fourth of that $250 million included in the revenue outlook?

我知道關稅對銷售的影響沒有包括在內，但是，這 2.5 億美元的四分之三的恢復是否包括在收入預期中？

We've assumed in our outlook that at the EBIT level, we have zero impact from tariffs because any residual, it's going to be recovered from the customer. It's not included in revenues. It's just as a cost recovery.

我們在展望中假設，在息稅前利潤水準上，關稅對我們沒有任何影響，因為任何剩餘部分都將從客戶那裡收回。它不包括在收入中。這只是作為成本回收。

Okay. So it's not in the revenue, but then you assume -- but in reality, it would be, but then it's zero impact (inaudible)?

好的。所以它不屬於收入，但你假設——但實際上，它會，但它的影響為零（聽不清楚）？

I can't -- It's going to depend, Joe, on how we structure those agreements with the customer. It's going to be more complicated than we can answer just yet.

我不能——喬，這取決於我們如何與客戶制定這些協議。這個問題將會比我們現在所能回答的更加複雜。

Okay. And then I guess just on the -- when you look at some of the margin revisions by segment, it was mostly in BS and Seating. And I know, Swamy just said the tariff impact is mostly or across sort of all segments. So is that really just a result of some of the softer 1Q results?

好的。然後我想，當你查看按部分劃分的利潤率修訂時，你會發現主要是在 BS 和座位方面。我知道，斯瓦米剛才說，關稅的影響主要涉及所有領域。那麼這真的只是第一季業績疲軟所致嗎？

So I'm -- just broadly speaking, Joe, when you look at the revenue changes from our outlook in February to our current outlook, midpoint to midpoint, we're seeing roughly about a $1.5 billion increase just related to foreign exchange, and that's spread out quite evenly across our four segments.

所以，喬，從廣義上講，當你查看從我們二月份的展望到我們當前展望的收入變化時，中點到中點，我們看到僅與外匯相關的收入就增加了大約 15 億美元，而且這在我們的四個部門中分佈得相當均勻。

When you look at the pure volume declines as just manufactured activity, the bulk of that decline is in BES, and we're seeing weakness in Seating, and the Seating is primarily related to announced shutdowns in April and May already.

如果將純銷量下降視為製造業活動，則大部分下降發生在 BES 領域，而我們看到座椅領域的疲軟，座椅領域的疲軟主要與 4 月和 5 月宣布的停產有關。

Adam Jones, Morgan Stanley.

摩根士丹利的亞當瓊斯。

Thanks, Swamy and Pat and everybody, I wanted to offer my condolences for the loss of Vince. He was a really talented, kind, humorous and gentle soul who left the world a better place than he found it. And those lucky enough to know him, his memory is a real blessing.

謝謝斯瓦米、帕特和大家，我想對文斯的去世表示哀悼。他確實是一個有才華、善良、幽默、溫柔的人，他留下的世界比他發現時更美好。對於那些有幸認識他的人來說，他的記憶是一種真正的祝福。

And I hope if he were here -- as you listen to this call, where up above he'd be saying just -- right, back to work. Keep your head down and get through the challenges and the opportunities in the day, and I think you would have great confidence in the team.

我希望如果他在這裡——當你聽到這個電話時，他會在上面說——好的，回去工作。只要你埋頭苦幹，克服每天面臨的挑戰和機遇，我相信你會對團隊充滿信心。

And I just wanted to offer my condolences to the Magna family and his own family and children as well. And that's all I want to say. I don't have any questions.

我只想向馬格納家族以及他的家人和孩子表示哀悼。這就是我想說的全部。我沒有任何問題。

Thank you.

謝謝。

Thank you, Adam. I appreciate it.

謝謝你，亞當。我很感激。

I'll pass it on to [Joanne] and the family.

我會把它傳給[Joanne]和家人。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, good morning everybody. My question is on Swamy, you mentioned in your prepared remarks that the 1Q exceeded internal expectations, and the 2025 EBIT range is unchanged. Just curious, do you still expect the first half to represent about 40% of the full year, right? This would imply something modestly above $500 million for the second quarter. I know tariffs the timing of recoveries could swing the answer.

嗨，大家早安。我的問題是關於斯瓦米的，您在準備好的發言中提到，第一季度超出了內部預期，並且 2025 年息稅前利潤範圍保持不變。只是好奇，您仍然預計上半年將佔全年的 40% 左右，對嗎？這意味著第二季的營收將略高於 5 億美元。我知道關稅和復甦的時機可能會影響答案。

But if you were to get full recovery in the second quarter, which I don't think it's -- I don't -- I imagine it's pretty reasonable given that the parts rebate mechanism is now in place for OEMs and given Magna's critical role as a supplier to your customers.

但如果您在第二季度實現全面復甦，我不這麼認為——我認為這是相當合理的，因為現在原始設備製造商已經實施了零件返利機制，而且麥格納作為客戶供應商發揮關鍵作用。

Just how are you thinking about that 40-60 split?

您對於 40-60 的比例是怎麼想的？

I think, James, the simple answer is yes. Based on all the visibility that we have, people behind us and unless something drastically changes nowadays, that seems to be happening. I would say the 40% in the first half, 60% in the second half is still a good assumption, yes.

詹姆斯，我認為答案是肯定的。根據我們所擁有的所有知名度、我們背後的人以及除非現在發生劇烈的變化，否則這似乎正在發生。我想說上半年 40%，下半年 60% 仍然是一個很好的假設，是的。

Got it. And then my follow-up is just on buybacks. I think it was mentioned at -- Magna mentioned at a recent conference that typically for the -- when you get the authorization for a buyback, you want to -- a company would typically want to buy back at least half of the authorization. That was something, again, mentioned at a conference, not necessarily my words. Just wondering, if volumes overall for the industry hang in, you get you get full recovery or most recoveries for the tariff exposure that you have.

知道了。然後我的後續問題就是回購。我認為麥格納在最近的一次會議上提到過，通常情況下，當你獲得回購授權時，你會想要——一家公司通常會想要回購至少一半的授權。再次強調，這是在一次會議中提到的事情，不一定是我說的。只是想知道，如果整個行業的銷售保持不變，您是否可以獲得全部或大部分關稅風險的恢復。

Is that kind of the target, at least half of this authorization gets done this year?

這是目標嗎？今年至少要完成一半的授權？

I don't know about the comment about the half. I don't think, James, it's from us. But like I said, when we look at share repurchases, we have always looked at it as a tool to give excess liquidity back to our investors and shareholders. But the most important thing is, operationally, how do you maintain liquidity and have the balance sheet and look at possible programs and opportunities even that come up in a normal course side, like additional volume and programs from other places that customers might reach out to us, especially in terms of uncertainty like that.

我不知道關於那​​一半的評論。詹姆斯，我不認為這是我們說的。但就像我說的，當我們考慮股票回購時，我們一直將其視為將過剩流動性回饋給投資者和股東的工具。但最重要的是，從營運角度來看，如何保持流動性和資產負債表，並研究在正常情況下出現的可能的計劃和機會，例如客戶可能會聯繫我們的其他地方的額外交易量和計劃，特別是在這樣的不確定性方面。

Beyond that, and that's the reason why we said we have paused. We have to see if everything returns back to normalcy, we would still go back to the NCIB authorization that we have and we have to assess our surplus at that point of time, given we are still tracking the way we wanted to for our leverage ratio. I wouldn't say it's half or -- our intent when we start is to say we want to get as close as to the NCIB as possible, right? Our intent is always that.

除此之外，這就是我們說暫停的原因。我們必須看看一切是否恢復正常，我們仍然會回到我們擁有的 NCIB 授權，並且我們必須在那個時間點評估我們的盈餘，因為我們仍然在按照我們想要的方式追蹤我們的槓桿率。我不會說它是一半或——我們開始時的目的是說我們希望盡可能接近 NCIB，對嗎？我們的意圖始終是這樣的。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Hey, thanks so much for taking my questions and my condolences to Vince and his family. I wanted to maybe just come back to the guidance for this year. I understand it does not reflect tariffs, but -- just to confirm, you have revised it for the latest FX assumptions. I guess just looking at the euro, for example, that alone would be maybe a [$650 million] benefit to revenue for this year of [$35 million] or so the EBIT, Canadian dollars and other benefit. And so is that correct? And if so, can you maybe just expand on the offset that you mentioned, I think there were some headwinds on key programs that you noted?

嘿，非常感謝您回答我的問題，我向文斯和他的家人表示慰問。我可能只是想回顧一下今年的指導。我知道它沒有反映關稅，但是——只是為了確認，您已經根據最新的外匯假設對其進行了修改。我想，僅以歐元為例，光是這一項就可能為今年的收入帶來 [6.5 億美元] 的收益，其中 EBIT、加元和其他收益約為 [3,500 萬美元]。那麼這是正確的嗎？如果是這樣，您能否詳細說明您提到的抵消情況，我認為您注意到一些關鍵項目遇到了阻力？

So good morning. Shreyas, I think the FX, what we have taken is as dollars stands with respect to euro and Canadian dollar today, right, which is how we do every time. I don't know the exact number for how much of that is in Europe. Some of it is in (inaudible), some of it is in Europe for sure. And Pat, maybe --

早安.Shreyas，我認為，就外匯而言，我們所採取的就是美元兌歐元和加幣的匯率，對的，我們每次都是這麼做的。我不知道其中歐洲的具體數字是多少。其中一些在（聽不清楚），其中一些肯定在歐洲。帕特也許--

We'd have to break it down, Shreyas. But just broadly speaking, the FX impact, including Q1, is about $1.5 billion, right? That's the (inaudible). Then the offsets are primarily where we're seeing some volume. Remember, just broadly speaking, our volumes in North America are down just over 100,000 units, and that's primarily impacting our BES segment and our Seating segment.

我們必須把它分解開來，Shreyas。但從廣義上講，包括第一季在內的外匯影響約為 15 億美元，對嗎？這就是（聽不清楚）。那麼偏移量主要就是我們看到的一些量。請記住，從廣義上講，我們在北美的銷量下降了 100,000 多輛，這主要影響了我們的 BES 部門和座椅部門。

And we have taken what we have seen in terms of closures to date, right?

我們已經採取了迄今為止所看到的關閉措施，對嗎？

Okay. YeAH. So just -- so basically, revenue is up $1.5 billion on FX and then it's offset by lower volume, that's the primary headwind?

好的。是的。那麼，基本上，外匯收入增加了 15 億美元，但卻被交易量下降所抵消，這是主要的阻力嗎？

That's 95% of [the answer], correct.

答案 95% 正確。

Okay. Okay. Understood. And then just maybe if you could help us just understand, mechanically, the process by which you would get recovery from the OEM? Because I understand your expectation is to get 100%.

好的。好的。明白了。那麼，您是否能幫助我們從機械角度理解從 OEM 獲得恢復的過程？因為我知道你的期望是獲得 100%。

I guess what we've seen in the past -- I think about the semiconductor shortage from '21 and '22 is there is a bit of a lag in recovery. Would you expect this time around if you're looking at tariff costs, to incur a lag through negotiation? Or do you feel like because this is an industry-wide problem, that the pace at which you could get recoveries is much quicker?

我想我們過去看到的情況是——我認為 21 年和 22 年的半導體短缺是復甦有點滯後。如果您考慮關稅成本，您是否預期這次談判會出現滯後？或者您覺得因為這是一個整個行業的問題，所以恢復的速度會更快？

So Shreyas, even during the semiconductor crisis, yes, there is a little bit of time, and it depends. We had (inaudible) conversations. Some of it was directly with the customers. And keep in mind that we recover pretty much 95%-plus, if not 100% of the semiconductor at that point in time. So we have a process, that is what I'm trying to say, and we will set up a process again similar to what we have.

所以 Shreyas，即使在半導體危機期間，是的，還有一點時間，這取決於情況。我們進行了（聽不清楚）對話。其中一些是直接與客戶聯繫的。請記住，我們當時回收的半導體即使不是 100%，也幾乎是 95% 以上。所以我們有一個流程，這就是我想說的，我們將再次建立一個類似我們現有的流程。

So would there be a little bit of back and forth in terms of timing? Depends on customer and program and the magnitude of it, but we feel pretty confident. And I have to say that customers have been open to discussion and collaborative as we are discussing, but all I have to say is stay tuned.

那麼在時間安排上會不會出現一些反覆呢？取決於客戶、計劃及其規模，但我們非常有信心。我必須說，客戶一直願意討論並合作，就像我們正在討論的那樣，但我要說的只是請繼續關注。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning.

是的，早安。

Thank you very much for taking my questions. Please allow me to pass my sympathies on to Magna and Vince's family on his passing. He's very detail-oriented and always quite generous with his time. So he will be missed for sure.

非常感謝您回答我的問題。請允許我向馬格納和文斯的家人表達我對他去世的哀悼。他非常注重細節，並且總是慷慨地奉獻自己的時間。所以人們一定會懷念他。

Thank you.

謝謝。

I did want to speak a bit on schedules. And I understand your comments that customer production schedules have been stable. When you speak to your broader set of customers along their plans, can you help us better understand what they're indicating they'll do with vehicles being exported and now seeing tariffs? And I just want to understand why there wouldn't be a change to those exported vehicles given the tariff dynamic?

我確實想談時間表。我理解您關於客戶生產計劃一直穩定的評論。當您與更廣泛的客戶討論他們的計劃時，您能否幫助我們更好地了解他們對出口車輛和現在面臨關稅的應對措施？我只是想知道，考慮到關稅動態，為什麼這些出口車輛不會改變？

And then just overall, as you think about the second half, what's the confidence you have in production schedule is tracking in line with your prior view for 2H?

那麼總體而言，當您考慮下半年時，您對生產計劃是否與您之前對下半年的預測一致有何信心？

Mark, it's a little bit of a crystal ball, right? When we made the comments, we are talking about releases that are in the system, and it also depends on work programs and platforms we are on, right? So our comments are very much dependent on that. And we haven't seen, I would say, any significant change compared to the normal course of going up and down a little bit.

馬克，這有點像水晶球，對吧？當我們發表評論時，我們談論的是系統中的版本，它也取決於我們所處的工作程序和平台，對嗎？所以我們的評論很大程度上取決於此。我想說，與正常的上下波動相比，我們還沒有看到任何顯著的變化。

What you're talking about is a little bit macro, if it's what, 800,000 units that are imported from Europe into North America, because of tariffs, would that have an impact on those 800,000 units? I think so, but difficult to quantify what that would be depending on -- will the customers look at keeping the market share, managing pricing for the short term, there is so many variables here. I would not know how to quantify that yet. But our answers are purely based on the data that we are seeing and based on the conversations we are having with our customers on the programs that we are active.

您說的有點宏觀，如果是80萬台從歐洲進口到北美，由於關稅，會對這80萬台產生影響嗎？我認為是的，但很難量化這取決於什麼——客戶是否會考慮保持市場份額、管理短期價格，這裡有太多的變數。我還不知道該如何量化這一點。但我們的答案純粹基於我們看到的數據以及我們與客戶就我們正在實施的項目進行的對話。

Thanks for that color Swamy. My second question was about EBIT margins. The company have been expecting to achieve 75 bps of EBIT margin tailwind over the next 2 years in total. I'm hoping to better understand if there's been any change in the magnitude of savings or the timing of which it may flow through given the current industry backdrop?

感謝那個顏色，Swamy。我的第二個問題是關於息稅前利潤率。該公司預計未來兩年內息稅前利潤率將總共實現 75 個基點的順風。我希望更了解，在當前產業背景下，儲蓄的幅度或儲蓄的時間是否改變了？

Thanks. No, I would say we are on track, right? We talked about roughly 35 basis points in 2025 and similar in 2026. We had visibility for the continuous improvement and other activities. I can tell you the entire organization is focused on all those actions, plus anything else that we have to mitigate.

謝謝。不，我想說我們正走在正確的軌道上，對嗎？我們討論的是 2025 年大約 35 個基點，2026 年也差不多。我們可以看到持續改進和其他活動。我可以告訴你們，整個組織都專注於所有這些行動，以及我們必須緩解的任何其他問題。

Fundamentally, the organization is looking at the cost structure to be viable and good at the current levels. And as the volume comes back, we are talking [flex up] to be able to take advantage and get our incrementals to be better. That's the philosophy. That's the mindset in the entire organization.

從根本上來說，該組織認為成本結構在當前水準下是可行且良好的。隨著銷量的回升，我們正在討論如何利用這一優勢，讓我們的增量變得更好。這就是哲學。這就是整個組織的心態。

So we feel pretty good into the given set of volumes, obviously, you know that has a significant impact. If the volumes continue as they are and slowly come back over time and the uncertainty comes down, we feel pretty good about what we're doing now in terms of traction as well as through 2026, which we are keeping a very close eye on.

因此，我們對給定的捲集感覺很好，顯然，你知道這會產生重大影響。如果交易量繼續維持現狀，並隨著時間的推移慢慢回升，不確定性降低，那麼我們對目前以及 2026 年的進展感到非常滿意，我們對此保持密切關注。

Jonathan Goldman, Scotiabank.

加拿大豐業銀行的喬納森‧戈德曼。

Hi, good morning, guys. And thanks for taking my questions. Most of them have been asked already, but just one for me then. We see light vehicle inventories come down in the past 2 months in North America, and maybe that's related to the pull forward in demand. But in your production outlook for North America, does that assume any rebuild of inventories at all this year?

大家好，早安。感謝您回答我的問題。大多數問題都已經被問過了，但我只問過一個。我們發現北美輕型汽車庫存在過去兩個月有所下降，這可能與需求提前有關。但是在您對北美的生產展望中，是否假設今年會出現庫存重建？

We kind of keep an eye on the inventories, Jonathan. What I would say is where we ended up in December, there was a spike in January, February. What we see today kind of goes back to what December was. But our planning for our production is based on releases, not on where the inventory is or the assumption, whether it's going to fill up or not, right? That's for the customers to make, not us.

我們一直在關注庫存，喬納森。我想說的是，我們在 12 月的業績在 1 月和 2 月出現了高峰。我們今天所看到的景像有點像是回到了十二月。但是我們的生產計劃是基於發布的，而不是基於庫存在哪裡或假設，無論庫存是否會填滿，對嗎？這是客戶要做的事情，不是我們要做的事情。

So I would say what we are telling you is based on releases in the system.

所以我想說，我們告訴你的是基於系統中的發布。

Michael Glen, Raymond James.

麥可格倫、雷蒙詹姆斯。

Hey, good morning. Swamy, thank you for the answer with regard to the European export for assembled vehicles, but could you provide some context to Magna's exposure to Mexico -- Mexican and Canadian assembled vehicles? What the outlook is there and maybe what customers are communicating to you in terms of what might happen with those production schedules and any movement we might see?

嘿，早安。斯瓦米，感謝您關於歐洲組裝汽車出口的回答，但您能否提供一些關於麥格納在墨西哥——墨西哥和加拿大組裝汽車——的業務背景？前景如何？客戶可能與您溝通了生產計劃可能發生的變化以及我們可能看到的任何變化？

Good morning, Michael, maybe two parts. I'll try to get it and Pat can add color. We -- when we talk about phases, obviously, looking across the North America ecosystem, we are not seeing a change in the platform or the mix at this point in time.

早上好，邁克爾，也許是兩個部分。我會盡力得到它並且 Pat 可以添加顏色。當我們談論階段時，顯然，縱觀北美生態系統，我們目前還沒有看到平台或組合發生變化。

And when we talk about tariffs, again, we are taking Canada and Mexico and our content in all these platforms crossing borders, whether it's we supply in from Canada into Canada vehicles, but those vehicles might be coming over. We are looking at it broadly. I don't know if I can give more color than that at this point of time or I have more than that to give you.

當我們再次談論關稅時，我們將加拿大和墨西哥以及我們在所有這些跨境平台上的內容帶到了加拿大，無論是我們從加拿大供應到加拿大的車輛，但這些車輛可能會過來。我們正在廣泛地看待這個問題。我不知道此時此刻我是否可以給出比這更多的色彩，或者我是否可以給你更多的色彩。

I think, Michael, we have that data point. I just don't have it handy of OEM production in Canada and Mexico that shift into the US for sale. We have that data. We can follow up with you. I just don't have a handy.

我認為，邁克爾，我們有那個數據點。我只是不知道加拿大和墨西哥的 OEM 生產轉移到美國銷售。我們有這些數據。我們可以跟進您。我只是手邊沒有。

But from our point of view, our -- we know our sales piece, we have sales of just over $4 billion in Canada. About 70% of that is sold into the US, where the OEMs importer of record. And in Mexico, we're about $5.5 billion of sales, and about 25% of that is sold into the US.

但從我們的角度來看，我們知道我們的銷售額，我們在加拿大的銷售額剛剛超過 40 億美元。其中約 70% 銷往美國，美國是原始設備製造商的進口商。在墨西哥，我們的銷售額約為 55 億美元，其中約 25% 銷往美國。

Your question of what the OEMs are building in those 2 countries shifted (inaudible) would have to get back to you.

您關於這兩個國家原始設備製造商正在生產什麼產品的問題（聽不清楚）必須回覆您。

And not to put you on the spot with this question or anything like that. But like when you -- do you believe that the 25% on assembled vehicles from Canada or Mexico into the US will remain in place?

我不會用這個問題或類似問題來讓你為難。但是，您是否相信從加拿大或墨西哥進口到美國的組裝汽車的 25% 的稅率會保持不變？

You are putting us [pass] on a spot, and I don't have the answer for you. I know what I wish, but that doesn't matter.

你讓我們陷入困境，而我卻無法給你答案。我知道我的願望是什麼，但那並不重要。

Okay. And just some of the reshoring efforts that you might look for to pursue to increase USMCA compliant -- how do you think about the Tier 2, Tier 3, or Tier 4 supplier base? Do you see this as feasible? Like I'm just trying to assess your opportunity to reshore some of those components.

好的。您可能會尋求採取一些回流措施來提高對 USMCA 的遵守程度——您如何看待二級、三級或四級供應商基礎？您認為這可行嗎？就像我只是想評估你重新支持其中一些組件的機會。

Yeah. I mean, if you go back to the COVID and the semiconductor crisis, there was a little bit of reshoring or rebalancing. And looking at the possibilities, Michael, this is no different from that perspective, I would say. All those work streams are in place today. Does it mean you can take everything in reshore in the short period of time?

是的。我的意思是，如果你回顧新冠疫情和半導體危機，你會發現有點回流或再平衡的現象。邁克爾，從各種可能性來看，我想說，從這個角度來看，這沒有什麼不同。所有這些工作流程今天都已到位。這是否意味著您可以在短時間內將所有東西運回岸上？

I don't think so, but I'm just one voice in the industry. Semiconductors you saw, right? So we'll look at it part by part, and it depends on that. And obviously, as I said, our goal is to figure how to increase the USMCA compliance [cost].

我不這麼認為，但我只是這個行業中的一個聲音。你看到的是半導體，對嗎？因此，我們將逐個部分地研究它，這取決於這一點。顯然，正如我所說，我們的目標是弄清楚如何提高 USMCA 合規性[成本]。

And then we have to follow how the OEMs are thinking and how they are going to optimize or manage their footprint because based on logistics and other things, we have to kind of work collaboratively and cannot make that decision unilaterally.

然後，我們必須關注原始設備製造商的想法以及他們將如何優化或管理他們的足跡，因為基於物流和其他因素，我們必須協同工作，不能單方面做出決定。

Swamy's point is very, very important because there's a business case that the customer has to agree to behind each of these reshoring opportunities, right. So that -- it's a granular bottoms-up case-by-case analysis that the customer has (inaudible) with commercial terms.

斯瓦米的觀點非常非常重要，因為每個回流機會背後都有一個客戶必須同意的商業案例，對吧。因此 — — 這是客戶根據商業條款進行的自下而上的逐案分析（聽不清楚）。

That concludes our question-and-answer session. I will now hand it back over to Swamy Kotagiri for closing remarks. Swamy?

我們的問答環節到此結束。現在我將發言權交還給斯瓦米‧科塔吉里 (Swamy Kotagiri)，請他作最後發言。斯瓦米？

Thanks, everyone, for listening in today. We all talked about the high degree of uncertainty in the industry that we are all facing. But I want to assure you, we remain focused on execution, all things that we control, including cost and capital discipline. Free cash flow is primary focus and getting back within our target leverage ratio. So we remain highly confident in Magna's future, and thanks for listening in, and have a great day.

謝謝大家今天的收聽。我們都談到了我們所面臨的行業高度不確定性。但我想向你們保證，我們仍然專注於執行，以及我們控制的一切，包括成本和資本紀律。自由現金流是我們關注的重點，並回到我們的目標槓桿率範圍內。因此，我們對麥格納的未來仍然充滿信心，感謝您的收聽，祝您有美好的一天。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。