Phinia Inc (PHIN) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the PHINIA fourth quarter 2024 earnings call. (Operator Instructions)

感謝您的支持。我叫克里斯蒂娜，今天我將擔任您的會議主持人。現在，我歡迎大家參加 PHINIA 2024 年第四季財報電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Kellen Ferris. Kellen, the floor is now yours.

謝謝。現在我想把電話轉給凱倫費里斯 (Kellen Ferris)。凱倫，現在輪到你發言了。

Thank you. Good morning, everyone. We appreciate you joining us. Our conference call materials were issued this morning and are available on PHINIA's investor relations website, including a slide deck that we'll be referencing in our remarks.

謝謝。大家早安。感謝您的加入我們。我們的電話會議資料已於今天早上發布，可在 PHINIA 的投資者關係網站上查閱，其中包括我們將在發言中引用的幻燈片。

We're also broadcasting this call via webcast. Joining us today are Brady Ericson, CEO; and Chris Gropp, CFO. During this call we'll make forward-looking statements which are based on management's current expectations and are subject to risks and uncertainties.

我們也透過網路廣播播放了這通通話。今天加入我們的有執行長 Brady Ericson；以及財務長 Chris Gropp。在本次電話會議中，我們將根據管理層目前的預期做出前瞻性陳述，並受風險和不確定性的影響。

Actual results may differ materially from these statements due to a variety of factors, including those described in our SEC filings. And with that it is my pleasure to turn the call over to Brady.

由於多種因素（包括我們向美國證券交易委員會提交的文件中所述的因素），實際結果可能與這些聲明有重大差異。現在我很高興將電話轉給布雷迪。

Thank you, Kellen, and thank you everyone for joining us this morning. I'll start with some overall comments on the fourth quarter and the full year 2024 highlights, and then provide some thoughts on 2025 and beyond. Chris will then provide additional detail on our financials and discuss our 2025 guidance. Well then open up the call for questions.

謝謝你，凱倫，也謝謝大家今天早上加入我們。我將首先對第四季度和 2024 年全年亮點發表一些總體評論，然後對 2025 年及以後提出一些想法。克里斯隨後將提供有關我們財務狀況的更多細節並討論我們的 2025 年指導。那麼，請開始提問吧。

Starting on slide 4 on the deck, during the fourth quarter, the macro environment and industry environment were similar to what we experienced in Q3 as the results reflect the soft top line but with good operating margin performance by the segments.

從投影片 4 開始，第四季的宏觀環境和產業環境與我們在第三季經歷的類似，因為結果反映了疲軟的頂線，但各部門的營業利潤率表現良好。

Strong aftermarket segment sales were offset by lower fuel system sales. As a result, net sales in the quarter were $833 million, down 5.6% from the same period of the prior year, which included some contract manufacturing revenues.

售後市場銷售額的強勁成長被燃油系統銷售額的下降所抵消。因此，本季淨銷售額為 8.33 億美元，較去年同期下降 5.6%，其中包括一些合約製造收入。

Encouragingly, we are winning significant new business, and I'm particularly pleased with our second product win in the aerospace and defense industry. We reported adjusted EBITDA of $110 million, with a margin of 13.2%, 160 basis point year-over-year decrease.

令人鼓舞的是，我們正在贏得重要的新業務，我對我們在航空航天和國防工業領域的第二個產品勝利感到特別高興。我們報告的調整後 EBITDA 為 1.1 億美元，利潤率為 13.2%，年減 160 個基點。

The positive benefits of supplier savings were more than offset by sales decreases. Higher annual incentive compensation and added infrastructure to support the business as a standalone entity. Total segment adjusted operating margins were 12.8%, a 20 basis point improvement when compared with the fourth quarter 2023.

供應商節省的正面效益被銷售額的下降所抵銷。更高的年度激勵薪酬和增加的基礎設施來支持該業務作為獨立實體。整個部門調整後的營業利潤率為 12.8%，與 2023 年第四季相比提高了 20 個基點。

Our adjusted free cash flow was healthy at $72 million, while the balance sheet remained strong with cash and cash equivalents of $484 million, up from $365 million at year end 2023. Our total liquidity is approximately $1 billion when considering our undrawn revolver. This performance enabled us to return $35 million to shareholders via share buybacks and dividends during the fourth quarter.

我們的調整後自由現金流健康，達到 7,200 萬美元，資產負債表保持強勁，現金和現金等價物為 4.84 億美元，高於 2023 年底的 3.65 億美元。如果考慮到我們未提取的循環信貸額度，我們的總流動資金約為 10 億美元。這一業績使我們能夠在第四季度透過股票回購和股息向股東返還 3,500 萬美元。

Let us now move to slide 5 and 6 for a discussion of new business wins. Our ongoing focus on providing market leading technology, and the continued expansion of our product offering into new verticals is being reflected in significant new business wins across product lines, as well as new markets.

現在讓我們轉到投影片 5 和 6，討論新業務的成功。我們持續專注於提供市場領先的技術，並持續將我們的產品擴展到新的垂直領域，這體現在跨產品線和新市場的重大新業務勝利中。

Let me call out a few. The second product win in the aerospace and defense industry with a post combustion injector system, a key contract extension with the medium duty engine manufacturer, a light vehicle GDi program extension for the South American market.

讓我列舉幾個。這是該公司在航空航天和國防工業領域贏得的第二項產品，包括燃燒後噴射系統、與中型發動機製造商的重要合約延期以及面向南美市場的輕型車輛 GDi 計劃延期。

Our aftermarket segment, one new business in Europe with subsidiaries of a major customer, one incremental business at a major customer in Europe, signed a multi-year contract to supply remanufactured products to a major CV OEM in South America, and develop new distributors to support business growth in Southeast Asia.

我們的售後市場部門，一項在歐洲與主要客戶的子公司開展的新業務，一項在歐洲主要客戶開展的增量業務，簽署了一份多年期合同，為南美一家主要的商用車原始設備製造商供應再製造產品，並開發新的分銷商以支持東南亞的業務增長。

Finally, building on our core, we introduced over 3,600 SKUs for aftermarket customers this year to expand our offering, improve our coverage, and ultimately better serve more of our customers' needs. Winning business across product lines in all geographic regions underscores the benefits of the diversity of our end markets, customers, and global footprint.

最後，在我們的核心產品基礎上，我們今年為售後市場客戶推出了超過 3,600 個 SKU，以擴大我們的產品範圍，提高我們的覆蓋範圍，並最終更好地滿足更多客戶的需求。在所有地理區域的產品線上贏得業務凸顯了我們的終端市場、客戶和全球影響力的多樣性優勢。

Now moving to slide 7. We've added some more clarity by separating the light vehicle OEM market into light commercial vehicle OE, or LCV OE, which includes trucks and vans, and then also into light passenger vehicle OE or LPV OE, which includes passenger cars, minivans, crossovers, and SUVs.

現在轉到投影片 7。我們將輕型車 OEM 市場劃分為輕型商用車 OE 或 LCV OE（包括卡車和貨車）以及輕型乘用車 OE 或 LPV OE（包括乘用車、小型貨車、跨界車和 SUV），使其更加清晰。

Although LCV may have some product overlap with LPB, the usage, buying decisions, and market dynamics are different and closer to commercial vehicle. Our combined commercial vehicle markets total 39% of our revenues. OES, an independent aftermarket was 34%, and LPV OE was 27%.

儘管 LCV 可能與 LPB 有一些產品重疊，但用途、購買決策和市場動態有所不同，並且更接近商用車。我們的商用車市場合計占我們收入的 39%。獨立售後市場 OES 佔 34%，LPV OE 佔 27%。

We also continue to maintain strong regional diversity and limited customer concentration levels. From a footprint perspective, we've reduced one site in 2024 as we exited one of our former parent sites in Europe.

我們也持續保持強大的區域多樣性和有限的客戶集中度。從足跡的角度來看，由於我們退出了我們之前在歐洲的一個母公司站點，我們在 2024 年減少了一個站點。

Moving next to slide 8 for a summary of our 2024 performance and '25 objectives. On the operations front, we successfully exited all CMAs and TSAs with their former parent, launched innovative new products, entered new markets, win a significant amount of new business, gained efficiencies, and drove supply chain improvements.

接下來請看投影片 8，其中概述了我們的 2024 年業績和 2025 年目標。在營運方面，我們成功退出了所有 CMA 和 TSA 及其原母公司，推出了創新的新產品，進入了新市場，贏得了大量新業務，提高了效率，並推動了供應鏈的改進。

With respect to our financial position, we've achieved working capital efficiencies and strengthened our balance sheet with two refinancings, that lowered our rates, extended maturities, and removed restrictive covenants. Adjusted EBITDA margin closed the year 14.1%. Adjusted free cash flow was $253 million. And lastly, we returned $256 million to our shareholders via dividends and share buybacks in the year.

就我們的財務狀況而言，我們透過兩次再融資實現了營運資本效率並增強了我們的資產負債表，這降低了我們的利率，延長了期限並取消了限制性契約。調整後的 EBITDA 利潤率全年收在 14.1%。調整後的自由現金流為2.53億美元。最後，我們今年透過股利和股票回購向股東返還了 2.56 億美元。

For 2025, we're focused on continuing our journey, being financially disciplined, focused on growing our aftermarket, commercial, and industrial OE business, and efficiently leveraging our human and manufacturing capital.

2025 年，我們將專注於繼續我們的旅程，嚴格財務紀律，專注於發展我們的售後市場、商業和工業 OE 業務，並有效利用我們的人力和製造資本。

Now moving on to slide 9. Really no change in direction here. Continue to be financially disciplined and focused on maximizing long term shareholder value. As evidence, we exit 2024 with a net leverage of 1.2 times, and plenty of liquidity after having returned $303 million to shareholders through the end of 2024.

現在翻到幻燈片 9。這裡的方向確實沒有改變。持續嚴格財務紀律並致力於最大化長期股東價值。作為證據，我們在 2024 年結束時的淨槓桿率為 1.2 倍，並且在 2024 年底向股東返還 3.03 億美元後擁有充足的流動性。

We are entering 2025 from a position of strength, a position that we've earned through operational and commercial excellence, financial discipline, and with a strong free cash flow generating business. As such, we started 2025 by purchasing over 800,000 shares.

我們將以實力雄厚的地位邁入 2025 年，這一地位是我們透過卓越的營運和商業、財務紀律以及強大的自由現金流產生業務贏得的。因此，我們在 2025 年初購買了超過 800,000 股股票。

And announcing today that our Board of Directors approved an increase in our share repurchase program by another $200 million, and declared the quarterly dividend of $0.27 per share, an increase of 8% compared to the dividend paid in the same quarter last year.

今天宣布，我們的董事會批准將股票回購計畫再增加 2 億美元，並宣布季度股息為每股 0.27 美元，與去年同期支付的股息相比增長 8%。

These actions reflect the board's confidence in the strong cash flow generation of our business and execution of our strategy. We believe successful execution of our strategy coupled with our disciplined capital allocation delivers a compelling investor proposition, a proposition that balances financial strength, discipline investments to drive profitable growth, and distributing capital to shareholders.

這些行動反映了董事會對我們業務強勁的現金流產生和策略執行的信心。我們相信，成功執行我們的策略加上我們嚴格的資本配置將帶來令人信服的投資者主張，這一主張可以平衡財務實力，規範投資以推動獲利成長，並向股東分配資本。

In closing, I would like to note how very proud I am of all of our associates across the company who have worked together this past year to deliver the solid results we've reported today. And with that, I'll hand it over to Chris who will walk us through our Q4 results and discuss our outlook for the year. Chris?

最後，我想指出，我為公司全體同事在過去一年中齊心協力取得今天報告的堅實成果感到非常自豪。接下來，我將把時間交給克里斯，他將向我們介紹我們的第四季業績並討論我們對今年的展望。克里斯？

Thanks, Brady, and thank you all for joining us this morning. I am pleased to report that during the fourth quarter we continue to successfully execute and drive our business forward. I also want to thank our employees across the globe for their efforts in responding quickly and methodically to rapid changes in market conditions, ensuring we were able to report out the solid results we are discussing today.

謝謝，布雷迪，也謝謝大家今天早上加入我們。我很高興地報告，在第四季度，我們繼續成功執行並推動我們的業務向前發展。我還要感謝我們遍布全球的員工，感謝他們為迅速、有條不紊地應對市場條件的快速變化所做的努力，確保我們能夠報告今天所討論的堅實結果。

As a reminder, reconciliation of all non-GAAP financial measures that I will discuss can be found in today's press release, and in the presentation, both of which are on our website.

提醒一下，我將要討論的所有非 GAAP 財務指標的對帳可以在今天的新聞稿和簡報中找到，這兩個文件都在我們的網站上。

Moving to page 11 of the deck. Revenue in the fourth quarter reflects similar market trends to earlier quarters in 2024, as we generated $833 million in sales, down 5.6% versus a year ago. Excluding contract manufacturing sales that ended earlier this year, the reduction in sales for Q4 was 2.9% year-over-year.

移至該卡片的第 11 頁。第四季的營收反映了與 2024 年前幾季類似的市場趨勢，我們的銷售額為 8.33 億美元，比去年同期下降 5.6%。不包括今年稍早結束的合約製造銷售，第四季的銷售額比去年同期下降了 2.9%。

Our aftermarket segment benefited from higher volume and pricing for a year-over-year increase of 4.9% as volumes across all regions expanded. Fuel system segment sales by contrast were down 11.7%, including prior year contract manufacturing sales, or 7.7% excluding the effect of contract manufacturing.

由於所有地區的銷售量都在擴大，我們的售後市場部門受益於銷售量和價格的提高，較去年同期成長 4.9%。相比之下，燃油系統部門的銷售額下降了 11.7%，包括去年的合約製造銷售額，或下降了 7.7%，不包括合約製造的影響。

The decline in fuel systems is attributable to lower commercial vehicle or CV revenue in Europe and China, partially offset by growth in the Americas. Adjusted operating income was $78 million, with a 9.4% adjusted operating margin, which represents a year-over-year decrease of $11 million and 100 basis points.

燃油系統業務的下滑歸因於歐洲和中國的商用車或CV收入下降，但美洲地區的成長部分抵消了這一影響。調整後營業收入為 7,800 萬美元，調整後營業利潤率為 9.4%，年減 1,100 萬美元和 100 個基點。

Moving to page 13, adjusted EBITDA was $110 million, and a margin of 13.2%, representing a year-over-year decrease of $17 million, and 160 basis points. Margins benefited from favorable conditions in fuel systems. However, this was offset by higher corporate costs as we were still reliant upon TSA through the first half of 2024, and full corporate staffing had not been completed by the end of 2023.

翻到第 13 頁，調整後的 EBITDA 為 1.1 億美元，利潤率為 13.2%，年減 1,700 萬美元，下降 160 個基點。燃料系統的有利條件使利潤率受益。然而，這被更高的企業成本所抵消，因為到 2024 年上半年我們仍然依賴 TSA，而且到 2023 年底還未完成全部企業人員配備。

We ended 2024 with a disappointing adjusted effective tax rate or ETR of 41.5%, above the high end of our guide of 33% to 37%. We have and will continue to pour substantial time and effort into adjusting our legacy structure which should translate into market level ETR. Our adjusted net earnings for diluted share in the fourth quarter was $0.71, which excludes non-comparable items which are described in the appendix of our presentation and affected by our high ETR as noted.

2024 年結束時，我們的調整後有效稅率或 ETR 令人失望，為 41.5%，高於我們指導的 33% 至 37% 的高端。我們已經並將繼續投入大量時間和精力來調整我們的遺留結構，這將轉化為市場水平的 ETR。我們第四季的調整後攤薄淨收益為 0.71 美元，其中不包括我們在簡報附錄中描述且受我們所述的高 ETR 影響的不可比較項目。

From a core business performance standpoint, our segments reported solid overall margins. Q4 segment adjusted operating margin was healthy at 12.8%, an increase of 20 basis points year-over-year, primarily due to higher margins in fuel systems, partially offset by lower aftermarket margins.

從核心業務績效的角度來看，我們的各部門報告了穩健的整體利潤率。第四季度部門調整後營業利潤率健康地達到 12.8%，比去年同期增加了 20 個基點，這主要得益於燃油系統利潤率的提高，但售後市場利潤率的降低部分抵消了這一影響。

Aftermarket segment margin decreased 140 basis points, ending the quarter at 14.9%, due to increased freight and other charges, partially offset by volume increases. Q4 fuel system segment margins were strong at 11.4%, up 110 basis points year-over-year due to favorable price, supplier savings, and customer cost recoveries offset by lower volumes.

售後市場利潤率下降 140 個基點，本季末為 14.9%，原因是運費和其他費用增加，但被銷量增加部分抵銷。第四季燃料系統部門利潤率強勁，達到 11.4%，年增 110 個基點，這得益於優惠的價格、供應商節省的成本以及客戶成本回收，但銷量下降抵消了這一影響。

Let me now bridge our adjusted revenue and adjusted EBITDA for the full year, which you can find on pages 15 and 16 in the presentation. Our sales performance for the year was impacted by softness and volume, which was a headwind of $104 million on lower CV sales in Europe and lower sales in China, partially offset by growth in the Americas and higher aftermarket sales.

現在，讓我將全年的調整後收入和調整後 EBITDA 進行比較，您可以在簡報的第 15 頁和第 16 頁找到。我們今年的銷售業績受到疲軟和銷售的影響，由於歐洲商用車銷量下降和中國銷量下降，我們損失了 1.04 億美元，但美洲的成長和售後市場銷售額的增加部分抵消了這一影響。

We ended the year with adjusted sales of $3.38 billion, down 2%, with a decrease in fuel systems of 6.1%, partially offset by an increase in aftermarket sales of 4.5%. Adjusted EBITDA for the year was $478 million or 14.1%, with no degradation in margin despite the reduction in sales.

我們今年的調整後銷售額為 33.8 億美元，下降 2%，其中燃油系統銷售額下降 6.1%，但售後市場銷售額增長 4.5%，部分抵消了這一下降。全年調整後的 EBITDA 為 4.78 億美元，即 14.1%，儘管銷售額下降，但利潤率並未下降。

Volume and mix on the change in sales with a normal 25% contribution margin. Pricing along with continued strong supplier savings and recoveries totaled $91 million, which offset increases employee and other manufacturing costs of $48 million. Corporate costs as the function was fully built out in 2024, increased by $28 million along with increased R&D and other spending.

銷售量和產品組合的變化，正常的貢獻利潤率為 25%。定價加上持續強勁的供應商節省和回收總計 9,100 萬美元，抵消了 4,800 萬美元的員工和其他製造成本的增加。由於該功能於 2024 年全面建成，企業成本隨著研發和其他支出的增加而增加了 2,800 萬美元。

Now for a quick recap of our balance sheet and cash flow. Strengthening our balance sheet was an important initiative for us throughout the year. We completed two refinancings, resulting in lower interest rates, and extending out our debt maturities and amending our credit facility.

現在快速回顧一下我們的資產負債表和現金流。加強我們的資產負債表是我們全年的一項重要舉措。我們完成了兩次再融資，從而降低了利率，延長了債務期限並修改了信貸安排。

As a result, we ended the year with substantial current liquidity with cash and cash equivalents and available capacity under our credit facilities of approximately $1 billion. Net cash from operations in Q4 was $73 million, and $308 million for the full year.

因此，我們在年底擁有充足的流動資金，包括現金和現金等價物，以及約 10 億美元的信貸額度下的可用容量。第四季的營運淨現金為 7,300 萬美元，全年經營淨現金為 3.08 億美元。

During the quarter we generated adjusted free cash flow of $72 million, up from $55 million in the same period of the prior year as we continue to be disciplined and management of our working capital and drive optimization of resources and daily processes.

本季度，我們產生的調整後自由現金流為 7,200 萬美元，高於去年同期的 5,500 萬美元，因為我們繼續嚴格管理營運資金並推動資源和日常流程的最佳化。

Adjusted free cash flow for the full year was $253 million. On the capital allocation front, we pay dividends of $11 million in the quarter, and completed share repurchases totaling $24 million. Capital spend of $20 million was 2.4% of sales in the quarter and was 3.1% for the full year. Funds were primarily used for investments in new machinery and equipment and for new program launches.

全年調整後的自由現金流為 2.53 億美元。在資本配置方面，我們在本季支付了 1,100 萬美元的股息，並完成了總額為 2,400 萬美元的股票回購。資本支出為 2,000 萬美元，佔本季銷售額的 2.4%，全年銷售額的 3.1%。資金主要用於投資新機械設備以及啟動新項目。

Now moving to slide 17 for a discussion of overall industry performance. We expect the industry to experience trends in 2025 that are similar to those in 2024. Light vehicle ICE sales are expected to be down in the low single digit range globally. By contrast, we expect the industry to experience increased CV sales in the low to mid-single digit range varying by region.

現在轉到投影片 17，討論整體產業表現。我們預計該行業在 2025 年將經歷與 2024 年類似的趨勢。預計全球輕型內燃機汽車銷量將出現低個位數下降。相較之下，我們預期商用車產業的銷售量將因地區不同而出現低至中等個位數的成長。

On a consolidated basis, we would therefore expect a flat to a modest increase in sales, excluding the effects of year-over-year exchange rates. We expect the same level of sales in the first half of the year as the last half of 2024, with a modest increase in the last half as CV sales begin to rebound.

因此，從綜合來看，我們預期銷售額將持平或小幅成長（不包括同比匯率的影響）。我們預計，2024 年上半年的銷售水準將與下半年持平，而隨著商用車銷售開始反彈，下半年的銷售量將出現小幅成長。

Going into 2025, we also anticipate headwinds related to exchange rates, with the backdrop of a stronger US dollar. As a reminder, more than 60% of our sales are generated outside of the US. Based upon our expectations for overall industry performance and adjusted for a stronger US dollar, the 2025 net sales range is expected to be between $3.23 billion and $3.43 billion, which includes a negative approximately $80 million impact from foreign exchange.

進入2025年，在美元走強的背景下，我們也預期匯率方面將出現阻力。提醒一下，我們 60% 以上的銷售額來自美國以外。根據我們對整體產業表現的預期，並根據美元走強進行調整，預計 2025 年淨銷售額將在 32.3 億美元至 34.3 億美元之間，其中包括外匯造成的約 8,000 萬美元的負面影響。

Adjusted EBITDA is projected to be $450 million to $490 million, with an EBITDA margin of 13.7% to 14.5%. Overall, we expect solid earnings and cash generation in 2025 as we continue to drive operational efficiencies and search for new areas of growth for both segments.

調整後的 EBITDA 預計為 4.5 億美元至 4.9 億美元，EBITDA 利潤率為 13.7% 至 14.5%。總體而言，隨著我們繼續提高營運效率並為兩個部門尋找新的成長領域，我們預計 2025 年將實現穩健的獲利和現金創造。

Note that none of the projections in our outlook include any possible ramifications related to policy changes by the new US administration. This includes tariffs, tax reform, or any other policy that could inflate or deflate revenue or affect our cost base, although we will continue to monitor and have and will continue to develop plans as appropriate, with no additional cost expected to be borne by PHINIA.

請注意，我們展望中的任何預測均不包含與美國新政府政策變化相關的任何可能影響。這包括關稅、稅收改革或任何其他可能增加或減少收入或影響我們成本基礎的政策，但我們將繼續監控並將繼續制定適當的計劃，預計 PHINIA 不會承擔任何額外費用。

In closing, the strategic actions that we have undertaken are expected to continue and drive meaningful cash flow generation and solid sustainable growth. Our strong balance sheet provides us with financial flexibility to support our current and future growth initiatives, and we are very focused on creating value for our shareholders, customers, and employees.

最後，我們採取的策略行動預計將繼續下去，並推動有意義的現金流產生和穩健的可持續成長。我們強勁的資產負債表為我們提供了財務靈活性，以支持我們當前和未來的成長計劃，並且我們非常注重為股東、客戶和員工創造價值。

I want to thank you all for your attention today, and we will now move to the Q&A portion of our call. Operator, could you please open the lines for questions.

我想感謝大家今天的關注，我們現在進入電話會議的問答環節。接線員，請您打開熱線來回答問題。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

（操作員指示）Bobby Brooks，Northland Capital Markets。

Hey, good morning guys, thank you for taking my question. So first thing I wanted to ask. You guys did $105 million of CapEx in the quarter, mentioned it was mostly for investments in new machinery, for new program launches. Could you just give us a bit more color on that? What programs are they associated with? Could we expect these new machines maybe help lift margins going forward?

嘿，大家早安，感謝你們回答我的問題。所以我首先想問的是。你們本季的資本支出為 1.05 億美元，提到這主要用於投資新機器和啟動新專案。您能否向我們詳細介紹一下這一點？它們與哪些程序相關？我們是否可以期待這些新機器有助於提高未來的利潤率？

Yeah, I think one just to clarify the $105 million was for the year, not for the quarter. I think the quarter was about $20 million, and full year came in at just over 3%. And again it's really spread out around the world. There's really not one major program.

是的，我想澄清一下，1.05 億美元是年度金額，而不是季度金額。我認為本季的收入約為 2000 萬美元，全年收入略高於 3%。而且它確實已經傳播到了世界各地。實際上沒有一個主要項目。

I think the team did a nice job, cutting back on some of the CapEx, and being as efficient as possible. But these are all going to primarily be supporting new launches that are coming, in the coming year as well. So most of it is going to be for new product launches and expansion.

我認為團隊做得很好，削減了部分資本支出，並盡可能提高了效率。但這些主要都是為了支持明年即將推出的新產品。因此，大部分資金將用於新產品的推出和擴張。

There's a material amount of expansion going on related to CV for the upcoming pre-buys. So it's also for existing programs that are being improved. It's like the next generation, and it's also expansion of that capacity over the next couple of years.

對於即將進行的預購，與 CV 相關的擴展量正在增加。因此，它也適用於正在改進的現有程序。它就像是下一代產品，也是未來幾年產能的擴展。

Got it, yeah, my mistake on that. But so then, kind of transitioning to you guys mentioned the second one within the aerospace and defense market, so I was just wondering, is this a completely new customer from the first one? Also, I was just wondering are these products going to come off that same line that you've previously mentioned was upfitted to serve the airspace and defense markets?

明白了，是的，這是我的錯。但那麼，過渡到你們提到的航空航太和國防市場中的第二個客戶，所以我只是想知道，這是第一個客戶中的全新客戶嗎？另外，我只是想知道這些產品是否會來自您之前提到的為服務航空和國防市場而改進的同一條生產線？

Yeah, right now it's the same customer, and it will be kind of in that same facility using those same type of equipment. And the one thing of note is just to remind folks we're actually on pace to getting our quality certification or aerospace quality certification here end of Q1 or Q2, in support of our first SOP in that aerospace in Q4 this year.

是的，目前是同一個客戶，並且會在同一個設施中使用相同類型的設備。值得注意的一點是，提醒大家，我們實際上正按計劃在第一季或第二季末獲得品質認證或航空航太品質認證，以支持我們今年第四季在該航空航太領域的第一個 SOP。

That's great. And then just like kind of following up on this, I know you've talked about it previously, but I think it would be good to just to give a reminder to the market, just stepping back a bit is like why do you guys -- why was like aerospace and defense kind of one of the end markets that you guys really kind of hold in on and like, hey, let's diversify our revenues to getting into that?

那太棒了。然後就像跟進這一點一樣，我知道你們之前已經談論過它，但我認為最好只是提醒一下市場，稍微退一步想想為什麼你們——為什麼航空航天和國防是你們真正堅持的終端市場之一，就像，嘿，讓我們實現收入多元化以進入這個領域？

And maybe just discuss like why you've won these first two projects or programmed? And why you think you can continue to win new programs in aerospace and defense going forward?

也許只是討論為什麼您贏得了前兩個項目或程式設計？為什麼您認為您未來能夠繼續贏得航空航太和國防領域的新專案？

Again, we were looking for opportunities that can leverage our existing core competencies and our both our human capital and our manufacturing capital. And so these are opportunities that's leveraging precision fuel management, and controls, and aerospace and off highway and industrial and marine or all of those opportunities, that's leveraging our core competencies and capabilities.

再次，我們正在尋找能夠利用我們現有的核心競爭力以及人力資本和製造資本的機會。因此，這些都是利用精確燃料管理和控制、航空航太、非公路、工業和海洋或所有這些機會的機會，這些機會都利用了我們的核心競爭力和能力。

So that's kind of one of the reasons why we were looking to expand into those new markets. And we see those as a long term profitable, steady opportunity for us. I think why we're winning, I think is as they came in and some of the aerospace companies came in and looked at some of our capabilities, they were absolutely kind of blown away that we're holding tolerances that are plus or minus half a micron, in high volume, the inspection capabilities that we have for some of our products, and it's been very, very positive.

這也是我們尋求拓展這些新市場的原因之一。我們認為這對我們來說是一個長期盈利且穩定的機會。我認為我們獲勝的原因是，當一些航空航太公司加入並了解我們的一些能力時，他們對我們的大批量生產中正負半微米的公差以及我們對某些產品的檢測能力感到非常震驚，這是非常非常積極的。

I'm expecting a lot more -- we have a lot more RFQs coming through now. I think getting our quality certification here in Q1, and that is really going to open up a lot more doors for us. And again, similar, the aerospace side, they've got a fragmented supply base that has had challenges.

我期待更多——我們現在收到了更多的 RFQ。我認為在第一季獲得品質認證確實會為我們打開更多的大門。同樣，在航空航太方面，他們的供應基礎也比較分散，面臨挑戰。

They've had volume challenges and quality issues for a lot of years. And they see us again as a stable, reliable supplier, that has great capabilities, a global footprint to support them. And in many ways we have the manufacturing and design and validation capability they're looking for.

多年來，他們一直面臨產量挑戰和品質問題。他們再次將我們視為穩定、可靠的供應商，擁有強大的能力和全球影響力來為他們提供支援。在許多方面，我們都擁有他們所尋求的製造、設計和驗證能力。

It allows us also to use existing capital, and because the volume profiles are very different. If you're talking about a past car or even CV, the volumes are much higher, then you take that same capital and dedicate it to an aerospace, much smaller volume base, you're able to produce it on the same capital but much higher revenue on the overall. So it's sort of a -- it's very complimentary, and it helps us utilize that capital that's already sitting on the production floor.

它還允許我們使用現有資本，因為交易量概況非常不同。如果您談論的是過去的汽車甚至是商用車，其產量要高得多，那麼您將使用相同的資本並將其投入到航空航天領域，雖然產量基礎要小得多，但您可以用相同的資本來生產它，但總體收入要高得多。所以這是一種——非常互補的，它可以幫助我們利用生產車間現有的資金。

Fair enough, yeah, that's a great overview of that. I appreciate it, and I'll turn back to the queue and let some other guys jump on. Thank you guys and congrats on the good quarter.

是的，很公平，這是一個很好的概述。我很感激，然後我會回到隊列並讓其他人加入。謝謝你們，恭喜本季取得良好業績。

Thank you.

謝謝。

Thank you.

謝謝。

Jake Scholl, BNP Paribas Asset Management.

法國巴黎銀行資產管理公司的傑克‧肖爾 (Jake Scholl)。

Hi guys, congrats on strong finish to the year. So I just wanted to dig in a little bit more on taxes. I wanted to if you can help me understand just why the tax rate remains so high in the 2025? If my math is right, looks like about $35 million dollar headwind versus the targeted long term tax rate of 27%. And is there any impact from the global minimum tax in here? Thank you.

大家好，恭喜你們今年取得了圓滿的成績。所以我只是想更深入地了解稅收。我想知道您是否能幫助我理解為什麼到 2025 年稅率仍然如此高？如果我的計算正確的話，看起來這相當於 3500 萬美元的逆風，而目標長期稅率為 27%。全球最低稅率對此有影響嗎？謝謝。

Hey, Jake, I'll take that one. Yeah, it was pretty disappointing. I mean, we've worked on it. You would think that we hadn't done anything, but actually my team has worked quite hard on it. We finished phase one and it was trying to eliminate some of the inefficiencies out there that exist in the overall structure.

嘿，傑克，我要這個。是的，這確實令人失望。我的意思是，我們已經努力了。你可能會認為我們什麼都沒做，但實際上我的團隊已經為此付出了相當大的努力。我們完成了第一階段，並試圖消除整體結構中存在的一些低效率問題。

But it's going to take us longer, and we're now finishing phase one. We had a little bit of a carryover from the old structure that existed in '23 as the local units settle overseas their taxes locally, it ended up with a little bit more of a carryover than we expected, that cleans out.

但這還需要更長的時間，我們現在即將完成第一階段。由於地方單位在當地結算海外稅款，我們從 23 年的舊結構中繼承了一些稅負，最終產生的稅負比我們預期的要多一些，這些稅負已經清理乾淨。

We're not showing a major reduction next year. I'm trying to be very conservative and give my guys some space, but now we start phase two and sort of concurrently at phase three. This is going to be a long term project because we have two particular regions and areas that are very difficult structurally, and it's taking a lot of heavy lifting so we're going to work through it. It's just not a short term thing you can do overnight.

明年我們不會出現大幅減少的情況。我試著保持非常保守的態度並給我的員工一些空間，但現在我們開始第二階段並同時進行第三階段。這將是一個長期項目，因為我們有兩個特定的區域和地區在結構上非常困難，而且需要做很多繁重的工作，所以我們會努力解決它。這不是一夕之間就能完成的短期事。

Thanks Chris. And could you guys also just give us a little bit of color on your expectations by segment? Thank you.

謝謝克里斯。你們能否也向我們稍微透露一下你們對各個細分市場的期望？謝謝。

Yeah, I mean I think from an overall segment standpoint, if you've seen from the overall market, we still see softness in light vehicle and maybe a little bit of global upside on CV, but primarily second half of the year. So I think FS is going to -- our fuel system segment is going to continue to have volume and revenue pressures, and we see that being more than offset with our aftermarket segments.

是的，我的意思是，從整體細分市場的角度來看，如果你從整體市場來看，我們仍然看到輕型車的疲軟，而商用車在全球範圍內可能會有一點上漲，但主要是在今年下半年。因此，我認為我們的燃油系統部門將繼續面臨銷售和收入壓力，我們發現售後市場部門的獲利能力將遠遠抵消這種壓力。

And so we see our aftermarket continuing to kind of chunk away, and progress. And I think this will be another year of a tough OE market, with kind of as Chris mentioned, the second half of '24 were soft. We expect that continuing to be soft on the OE side to at least the first half, with some recovery in the second half, primarily driven from the commercial vehicle side.

因此，我們看到售後市場繼續不斷擴大和進步。我認為今年將是原始設備製造商市場艱難的一年，正如克里斯所提到的，2024 年下半年市場表現疲軟。我們預計至少在上半年原廠設備方面將持續疲軟，下半年將有所復甦，主要由商用車方面推動。

With that said, I mean, our aftermarket folks are excited when the OE side is down because they know that gives them additional op opportunity, and that's what we've kind of seen even last year, the OEs down, our aftermarket kind of offsets a good chunk of that.

話雖如此，我的意思是，當 OE 方面下滑時，我們的售後市場人員會感到興奮，因為他們知道這給了他們額外的操作機會，這就是我們去年看到的情況，OE 下滑，我們的售後市場抵消了其中的很大一部分。

So that's one of the things that we continue to highlight the folks is that nice balance between the large size of our aftermarket business gives us a lot of cushion even when the OE market is down and volatile.

因此，我們不斷向大家強調的一點是，即使在原始設備製造商市場低迷且波動的情況下，我們的售後市場業務規模龐大，之間的良好平衡也為我們提供了許多緩衝。

And from a quality of earnings perspective, if you look, FS despite the reduction in sales actually held up higher quality earnings. And we also improved on the aftermarket side for the full year if you look at the quality of earnings for each. So all in all, even with the soft top line, the bottom line held up quite well, and the units did a really good job managing.

從獲利品質的角度來看，儘管銷售額下降，但 FS 實際上保持了更高品質的利潤。如果看一下每個公司的獲利質量，我們全年售後市場方面也得到了改善。總而言之，即使營收疲軟，利潤仍維持得相當好，各部門的管理工作也做得非常好。

Thanks, it's very helpful, and congrats on a great first full year as an independent company.

謝謝，這非常有幫助，並祝賀您作為一家獨立公司度過了美好的第一年。

Great, thank you.

太好了，謝謝。

Joseph Sack, UBS.

瑞銀的約瑟夫·薩克。

Hey, this is Gabe on for Joe. Thanks for taking my questions. So I saw that you raised the dividend this quarter alongside an increase in the buyback program, so that's encouraging. But there's still some excess cash on the balance sheet.

嘿，我是 Gabe，代替 Joe。感謝您回答我的問題。因此，我看到您本季提高了股息，同時增加了回購計劃，這是令人鼓舞的。但資產負債表上仍有一些多餘的現金。

I know you'll probably remain balanced in how you allocate capital going forward, but you've talked about wanting to grow CV and aftermarket and organically. So as you look at potential M&A, how should we think about the potential opportunities you're sizing up in the market?

我知道您在未來的資本分配上可能會保持平衡，但您曾談到希望有機地發展 CV 和售後市場。那麼，當您考慮潛在的併購時，我們應該如何看待您在市場中評估的潛在機會？

Sure, yeah, cash, it's always -- it's hard to say cash coming in higher is a bad thing, but, yeah, it's probably higher than our target level, which is why we've primarily increased some of the buybacks. From an acquisition standpoint as we've communicated, we're going to continue to be financially disciplined.

當然，是的，現金，它總是——很難說現金流入增加是一件壞事，但是，是的，它可能高於我們的目標水平，這就是我們主要增加一些回購的原因。從收購的角度來看，正如我們所傳達的，我們將繼續嚴格財務紀律。

We're looking for specific assets that are going to expand our commercial vehicle, industrial and aftermarket exposures. But we're also going to be disciplined and ensuring that their companies that are profitable making money going to add EPS to our bottom line, and have valuations that are at or below our current valuation that we have as a company.

我們正在尋找能夠擴大我們的商用車、工業和售後市場曝光度的特定資產。但我們也將嚴格遵守紀律，確保獲利的公司將每股收益計入我們的底線，估值等於或低於我們公司目前的估值。

We feel that you know we're still undervalued. But -- and that's why we continue to buy back our shares. As we find assets and I think we're getting more confidence that I think we're there may be some good opportunities that meet that criteria, that hopefully we'll be able to close on those deals and announce some deals in the next few quarters.

我們覺得您知道我們仍然被低估了。但是——這就是我們繼續回購股票的原因。當我們找到資產時，我認為我們越來越有信心，我認為我們可能有一些符合該標準的好機會，希望我們能夠完成這些交易並在接下來的幾個季度內宣布一些交易。

Okay, that's some helpful color. And then my follow-up is just on offsetting the tougher industry outlook with GDi. I think you mentioned in the past about half of the combustion market is GDi, and that you have the team's share in that market.

好的，這是一些有用的顏色。然後我的後續工作就是用 GDi 來抵銷更嚴峻的產業前景。我記得您之前提到過，燃燒市場大約有一半是 GDi，而且您的團隊在該市場佔有份額。

What's the current level of penetration in the market today? How is your position strengthened over the past year? And as we move from 350 bar to more efficient 500 bar, what sort of content uplift comes with that? Thanks guys.

目前市場滲透率如何？過去一年來，您的地位有何增強？當我們從 350 bar 轉向更有效率的 500 bar 時，會帶來什麼樣的內容提升？謝謝大家。

Yeah, I mean GDi, global penetration rates, we're still in the 60%, 65% range. We think that's kind of a -- it's kind of a steady number right now, may increase a bit but not a whole lot. From a market share perspective on GDi, we're still in the mid-teens, and have continued to kind of gain market share.

是的，我的意思是 GDi，全球滲透率，我們仍然在 60% 到 65% 的範圍內。我們認為，目前這是一個穩定的數字，可能會增加一點，但不會增加很多。從 GDi 的市佔率來看，我們的市佔率仍處於十五六成左右，而且還在持續成長。

I think we'll see some more launches, especially on the 500 bar. We've won a number of new programs that'll be launching in the coming year or next year, and we think that will allow us to support our continued market share gains, because it adds a lot of value to our customers.

我認為我們會看到更多新產品的推出，特別是在 500 bar 上。我們已經贏得了一些將於明年或明年推出的新項目，我們認為這將使我們能夠支持持續的市場份額成長，因為它為我們的客戶增加了大量價值。

Now from a from a content increase, there's not a whole lot, and that's one of the advantages of why we're winning market share is because the product itself, it's a drop in replacement to the 350 bar, just a few changes are needed in order to get that additional performance.

現在從內容增加來看，並沒有太多，這就是我們贏得市場份額的優勢之一，因為產品本身是 350 bar 的替代品，只需進行一些更改即可獲得額外的性能。

And so there's a little bit of a content increase for us, but the value it's providing for the customer is really good, which is why we're picking up some of the market share.

因此，我們的內容只是增加了一點點，但它為客戶提供的價值確實很好，這就是我們獲得部分市場份額的原因。

Appreciate it, Brady. Congrats.

非常感謝，布雷迪。恭喜。

Thank you.

謝謝。

(Operator Instructions) David Silver, CL King and Associates.

（操作員指示）David Silver，CL King and Associates。

Yeah, hi, thank you. I just had a question maybe about your overall guidance for the coming year, and I know there's a number of assumptions and judgments you have to make. Maybe if you could -- if you wouldn't mind, where do you think if you were to fall a little short, where might the most likely source of that weakness be? And alternatively if you were to exceed, let's say on the top line, is it greater GDi adoption, which you just discussed, but where do you think there might be upside to your overall forecast? Thanks.

是的，你好，謝謝你。我只是想問您對來年的整體指導，我知道您必須做出一些假設和判斷。也許如果你可以──如果你不介意的話，你認為如果你在哪些方面有所不足，最有可能造成這種弱點的根源在哪裡？或者說，如果您要超越，比如說在頂線上，是不是就是更高的 GDi 採用率，正如您剛才討論的那樣，但您認為您的整體預測可能在哪些方面有所上升？謝謝。

Yeah, I mean from guidance standpoint, one of the big assumptions is commercial vehicle rebounding and coming in stronger in the second half. If that doesn't occur, that's probably the biggest concern that we have as far as on the downside.

是的，從指導的角度來看，其中一個重要的假設是商用車將在下半年反彈並變得更加強勁。如果這種情況沒有發生，這可能是我們目前最大的擔憂。

On the upside, it's kind of if it comes in even stronger and if the global markets on the light vehicle side continue to kind of solidify and aren't affected by a lot of the trade wars that are going on. So I think if interest rates kind of come down a little bit, inflation stays down.

從好的方面來看，如果它表現得更加強勁，輕型汽車方面的全球市場繼續鞏固並且不受正在發生的許多貿易戰的影響，那麼情況就會如此。因此我認為，如果利率稍微下降，通膨就會維持在低檔。

And some of the older global markets start picking up, I think that's going to be some of the upside because the current forecast still has light vehicle OE down on a year-over-year basis in total, which means light vehicle OE combustion volume is down even more.

而且一些較老的全球市場開始回暖，我認為這將帶來一些好處，因為目前的預測顯示輕型汽車原廠燃油總量同比仍然下降，這意味著輕型汽車原廠燃油燃燒量下降幅度更大。

And so if people continue to buy more hybrids and combustion and there's weakness on the EV adoption in the year, that's a little bit of upside as well. And I still think there's always, potential upside in our aftermarket business.

因此，如果人們繼續購買更多的混合動力汽車和內燃機汽車，而今年電動車的普及率較低，那麼這也是一個好處。我仍然認為我們的售後市場業務始終具有潛在的上升空間。

They always seem to be chasing new opportunities that can materialize relatively quickly in our numbers this year. I think on the OE side, it's not going to be adoption or anything else, it's going to be the market's coming in stronger than we expected.

他們似乎總是在追逐能夠在今年相對快速實現的新機會。我認為在 OE 方面，這不會是採用或其他任何事情，而是市場將比我們預期的更強勁。

And then as Chris kind of highlighted, because of the translational effect of all of our business that we have abroad, a weakening of the US dollar is going to translate over to our numbers in a very positive way. Right now the current forecast has that as a headwind of $80 million, basically at the exchange rates that we've noted in the deck, that's kind of where they are right now. If the dollar gets weaker versus global currencies, that'll give us some upset as well.

然後，正如克里斯所強調的，由於我們所有海外業務的轉化效應，美元貶值將對我們的業績產生非常積極的影響。目前，目前的預測是逆風為 8000 萬美元，基本上按照我們在簡報中提到的匯率計算，這就是他們目前的狀況。如果美元對全球貨幣貶值，我們也會感到不安。

The other item, I mean chaos in the market is never good for the end consumer. They get squirrely and don't necessarily want to go out and buy. Now the flip side to that is if they drop the incentives for EVs, that I don't think that's built into outlook numbers could that help GDi and task car possibly.

另一點，我的意思是市場混亂對最終消費者來說永遠不是好事。他們變得焦躁不安，並不一定想出去買東西。現在，另一方面是，如果他們放棄對電動車的激勵措施，我不認為這已經納入前景數據，這可能會對 GDi 和任務車有所幫助。

The big CV players are signaling -- they're doing mixed signals in terms of do they think the pre-buy is coming. The numbers out -- the pre-numbers out there are looking pretty good, but I think they're still being a little careful on this

大型 CV 廠商正在發出訊號——對於預購是否即將到來，他們發出了混合訊號。公佈的數字——之前公佈的數字看起來相當不錯，但我認為他們在這方面仍然有點謹慎

Most of them don't see any changes in regulations as a negative because they've built in this next generation which is actually it has efficiency. So they think that that's going to actually help sales pushing those out there, and it's going to be more attractive to the end users. I mean all of this is predicated on the market is in a little bit of worry, so that's never helpful at all.

他們中的大多數人並不認為法規的任何變化是負面的，因為他們已經建立了下一代，這實際上是高效的。因此他們認為這實際上將有助於推動銷售，並且對最終用戶更具吸引力。我的意思是，所有這一切都是建立在市場有點擔憂的基礎上的，所以這根本沒有幫助。

That's a great answer. Thanks a lot of color there, thank you. And I think I may be overlapping with this, but I did want to ask you a tariff related question, and you could probably talk about it for a couple hours, but I guess I would just say, ask you amongst some of your key customers, what is their thinking about this current phase where they're in?

這是一個很好的答案。非常感謝那裡的顏色，謝謝。我想我可能與此有重疊，但我確實想問您一個與關稅相關的問題，您可能要談論幾個小時，但我想我只想問一下您的一些主要客戶，他們對目前所處的階段有何看法？

Could this -- I mean, I view the last year or two as a period of slowdown in timelines and slowdown in decision making on moving forward with different programs. Does the tariff overhang push out that decision making or stretch out the timelines further? Just what do you hear from your major customers, in the current environment there?

這可能是嗎——我的意思是，我認為過去一兩年是時間表放緩和推進不同計劃的決策放緩的時期。關稅過剩是否會推遲決策或進一步延長時間表？在當前的環境下，您從主要客戶那裡聽到了什麼消息？

I mean, I think a lot of them were already in the plan of regionalizing more and more of the supply base, be becoming less reliant on China for the North American production numbers, and I think that's still there. I think obviously the blow up potentially of the USMCA and the tariffs with Canada and Mexico I think is a bit of a shock, I think for a lot of folks.

我的意思是，我認為他們中的許多人已經制定了將越來越多的供應基地區域化的計劃，減少對中國在北美生產數量的依賴，而且我認為這一計劃仍然存在。我認為，USMCA 以及與加拿大和墨西哥的關稅可能破裂，這對許多人來說都是一個衝擊。

And the hope is that you know we'll work through that in a rational way, and kind of move forward. Biggest risk there obviously is it's going to -- it can't be absorbed by the suppliers, and it's probably going to be difficult to be 100% absorbed by the OEMs. So it's going to have an effect on the consumers which then obviously is going to have an effect on volumes.

希望您知道我們將以理性的方式解決這個問題，並繼續前進。顯然，最大的風險是——它無法被供應商吸收，而且可能很難被 OEM 100% 吸收。因此，這將對消費者產生影響，進而顯然會對銷售產生影響。

And so that's probably the best thing that we can prepare for. I know there's a couple of public announcements out there. Can you move, shift some production if you have plans in both Mexico and North America? Can you move a little bit, maybe a little bit, but it's not going to be in my view substantial enough to offset the tremendous amount of cost increases that would come from the currently proposed 25% tariffs.

這可能是我們能做的最好的準備。我知道那裡有幾份公開公告。如果您在墨西哥和北美都有計劃，您可以轉移或調整一些生產嗎？您能否稍微讓步，也許可以，但我認為，這不足以抵消目前提議的 25% 關稅帶來的巨大成本增加。

Plus it's not a short term thing that you can do.

而且這不是短期內可以做到的事情。

It can take a while.

這可能需要一段時間。

Yeah, from a China point of view, we have very little exposure on the China tariffs at all. And what we do -- it's only a couple of million dollars in revenue total. And 80% of that is aftermarket, which means that we can immediately push through a price increase, of course, again that hurts the end customer, or we can try to resource, which again would have cost involved in it that we would push through, but it's a minimal exposure from the China side for sure.

是的，從中國的角度來看，我們幾乎完全沒有受到中國關稅的影響。而我們所做的事——總收入只有幾百萬美元。其中 80% 是售後市場，這意味著我們可以立即推動價格上漲，當然，這會再次損害最終客戶的利益，或者我們可以嘗試資源，這又會涉及成本，但肯定對中國的影響很小。

Thanks for all the detail. I appreciate it.

感謝您提供的所有詳細資訊。我很感激。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場 (Northland Capital Markets)。

Hey guys, just wanted to jump back on ask one more question. So the PR mentioned some nice wins for the commercial vehicle market, and I was just hoping if we could get a bit more granular on that. But specifically I was wondering, were any of these commercial vehicle wins for were or they really more on highway stuff or was any of it like off highway, because I know spend the off highways is kind of a key for you guys going forward.

嘿夥計們，我只是想再問一個問題。因此，公關提到了商用車市場的一些不錯的勝利，我只是希望我們能對此進行更詳細的說明。但具體來說，我想知道這些商用車的勝利是否真的更多地體現在高速公路上，或者是否體現在越野上，因為我知道在越野方面的投入對於你們未來發展至關重要。

Yeah, I mean, a lot of those were on highway, both medium duty, and some off highway as well. I mean the one that we highlighted there I think was off highway application for the contract extension.

是的，我的意思是，很多都是在高速公路上行駛的，既有中型車，也有一些是非高速公路車。我的意思是，我們在那裡強調的是合約延期的非公路申請。

Got it. That's all for me. I'll turn back to the queue. Thanks.

知道了。對我來說就這些了。我將返​​回隊列。謝謝。

Okay, thank you.

好的，謝謝。

Drew Estes, Banyan Capital Management.

德魯·埃斯蒂斯（Drew Estes），Banyan Capital Management。

Hey Brady and Chris, thanks for taking the question. Just to follow-up on taxes. You said that -- you called out two regions that are structurally difficult to fix. Can you elaborate? Does that mean that you need to adjust the manufacturing footprint or what exactly is required? Thank you.

嘿，布雷迪和克里斯，感謝你們回答這個問題。只是為了跟進稅。您說過—您指出了兩個在結構上難以修復的區域。能詳細說明一下嗎？這是否意味著您需要調整製造足跡或具體需要什麼？謝謝。

It's holding company structures that are difficult, so really it's not a whole lot of manufacturing. The issue is that once you start getting into it, it can be quite expensive to back out of them. But we're going back, I mean, we've got highly paid, very expensive people looking at trying to break it down.

控股公司的結構很困難，所以實際上它並不是一個完整的製造業。問題是，一旦你開始這樣做，退出的代價可能相當高昂。但我們要回去，我的意思是，我們僱用了高薪、高昂的人員來試圖解決這個問題。

And we're literally examining -- now trying to get my tax people into a pay back on if I break this down and pull it out, what are the short term implications compared to the longer term implications.

我們正在仔細研究——現在試圖讓我的稅務人員了解一下，如果我把這個分解開來並拿出來，與長期影響相比，短期影響是什麼。

Yeah, primary legal structure. I mean, again, when we got spun, we got spun with the structure that made sense for the total, but it didn't make sense for us. And so that's what we're having to try to look to unwind. And where areas that made sense for kind of primarily the prior Delphi organization, doesn't make sense for the makeup of our operational footprint.

是的，主要的法律結構。我的意思是，當我們旋轉時，我們旋轉的結構對整體來說是有意義的，但對我們來說卻沒有意義。所以這就是我們要努力解決的問題。而對於先前的德爾福組織來說有意義的領域，對於我們的營運足跡的構成來說卻沒有意義。

And so to highlight Chris says, it's not moving plants, it's more just moving from the legal entity, shutting them down, removing IP to more appropriate locations, that makes sense for us. And so right now a lot of what we're doing is we're continuing to generate NOLs in countries that we can't take advantage, while we continue to pay taxes and other areas that we're making money.

因此，克里斯強調說，這不是搬遷工廠，而是從法人實體搬遷，關閉它們，將 IP 轉移到更合適的位置，這對我們來說是有意義的。因此，現在我們所做的很多事情就是繼續在我們無法利用的國家產生淨營業收入，同時我們繼續納稅並在其他我們可以賺錢的領域納稅。

And so we've got to get to a point that it starts balancing out, and that's going to require some kind of heavy lifting to shut down some of those entities and kind of move some of the IP, and kind of the flow of financials.

因此，我們必須達到平衡的程度，這將需要採取一些繁重的工作來關閉其中一些實體，並轉移一些智慧財產權和資金流動。

Okay, that's very helpful, thank you, and just a second. You spoke about CapEx, and how most of it was attributable to the new programs. Just curious, if you didn't have the new programs and it was just the legacy business and we assume kind of steady state unit volume, what do you think CapEx would be roughly, and that's it. Thank you.

好的，這非常有幫助，謝謝，請稍等。您談到了資本支出，以及其中大部分是如何歸因於新項目的。只是好奇，如果您沒有新項目，而只是傳統業務，並且我們假設單位產量處於穩定狀態，您認為資本支出大致是多少，就是這樣。謝謝。

Yeah, I mean, in general we expect that to be right around I guess our current plan with some of the new program launches is at 4%. If we're not launching any new programs, it's probably going to be in the 1% range as far as maintaining the equipment and maintenance and facilities.

是的，我的意思是，總的來說，我們預計這個數字應該在 4% 左右，我想我們目前的計劃是推出一些新項目。如果我們不啟動任何新項目，那麼在維護設備和維護及設施方面，成本可能在 1% 左右。

Now it just to kind of remember and highlight, most of our programs are always kind of refreshing every two to four years. They're going to need some type of upgrade. They want some improvement. It requires some new supplier tooling, some adjustment to our capital equipment.

現在只需記住並強調一下，我們的大多數專案每兩到四年就會更新一次。他們將需要某種類型的升級。他們想要一些改進。它需要一些新的供應商工具，對我們的資本設備進行一些調整。

And so if you're not spending some of that money, you're going to see revenues declining. So I don't think it's possible for you not to spend CapEx and maintain revenues, because they're always going to need some type of improvement and or upgrade on those vehicle programs.

因此，如果你不花掉這些錢，你會看到收入下降。所以我認為你不可能不花費資本支出而維持收入，因為他們總是需要對這些車輛項目進行某種類型的改進或升級。

Okay, that's very helpful. Thanks.

好的，這非常有幫助。謝謝。

(Operator Instructions) Thank you. And with no further questions, I'd like to turn the call back over to Brady Ericson.

（操作員指示）謝謝。如果沒有其他問題，我想將電話轉回給布雷迪·埃里克森 (Brady Ericson)。

Great, thank you very much again. Really proud of all of our employees on a great full calendar year. As a standalone company, we'll continue to stay focused on adapting to this dynamic market as well as continuing to make good financial, financially disciplined decisions to maximize shareholder value. Appreciate all your support and all your questions. Have a great day.

太好了，再次感謝您。真的為我們全體員工在這豐碩的一年裡所取得的成就感到自豪。作為一家獨立公司，我們將繼續專注於適應這個充滿活力的市場，並繼續做出良好的財務、財務紀律決策，以最大化股東價值。感謝您的所有支持和所有問題。祝你有美好的一天。

Thank you, and this does conclude today's conference call. You may now disconnect. Have a great day.

謝謝，今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。