Stoneridge Inc (SRI) 2024 Q2 法說會逐字稿

Welcome to the Stoneridge, Inc. second-quarter 2024 results conference call. (Operator Instructions)

歡迎參加 Stoneridge, Inc. 2024 年第二季業績電話會議。（操作員說明）

I would now like to turn the call over to Kelly Harvey, Director of Investor Relations. Ms. Harvey, please go ahead.

我現在想將電話轉給投資者關係總監凱利哈維 (Kelly Harvey)。哈維女士，請繼續。

Good morning, everyone, and thank you for joining us to discuss our second-quarter 2024 results. The release and accompanying presentation was filed with the SEC and is posted on our website at stoneridge.com, in the Investors section under Presentations and Events. Joining me on today's call are Jim Zizelman, our President and Chief Executive Officer; Matt Horvath, our Chief Financial Officer; and Troy Cooprider, our Chief Technology Officer.

大家早安，感謝您加入我們討論我們的 2024 年第二季業績。這份新聞稿和隨附的簡報已向 SEC 備案，並發佈在我們的網站 Stoneridge.com 的「簡報和活動」下的「投資者」部分。參加今天電話會議的有我們的總裁兼執行長吉姆·齊澤爾曼 (Jim Zizelman)； Matt Horvath，我們的財務長；以及我們的技術長 Troy Cooprider。

Before we begin, I need to inform you that certain statements today may be forward-looking statements. Forward-looking statements include statements that are not historical in nature and include information concerning our future results or plans. Although we believe that such statements are based upon reasonable assumptions, you should understand that these statements are subject to risks and uncertainties, and actual results may differ materially.

在開始之前，我需要通知您，今天的某些陳述可能是前瞻性陳述。前瞻性陳述包括非歷史性的陳述，包括有關我們未來結果或計劃的資訊。儘管我們認為此類陳述是基於合理的假設，但您應該了解這些陳述存在風險和不確定性，實際結果可能存在重大差異。

Additional information about such factors and uncertainties that could cause actual results to differ may be found in our 10-Q, which was filed yesterday with the Securities and Exchange Commission, under the heading Forward-Looking Statements.

有關可能導致實際結果出現差異的此類因素和不確定性的更多信息，請參閱我們昨天向美國證券交易委員會提交的 10-Q 報告，標題為“前瞻性聲明”。

During today's call, we will also be referring to certain non-GAAP financial measures. Please see slide 3 for a more detailed description of these non-GAAP measures and the appendix for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. After Jim, Matt and Troy have finished their formal remarks, we will then open up the call to questions.

在今天的電話會議中，我們也將提及某些非公認會計準則財務指標。請參閱投影片 3，以了解這些非 GAAP 衡量標準的更詳細說明，並參閱附錄，以了解這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳情況。吉姆、馬特和特洛伊完成正式發言後，我們將開始提問。

And with that, I will hand the call over to Jim.

接下來，我會將電話轉交給吉姆。

Thank you, Kelly, and good morning, everyone. Beginning on page 4. Our second-quarter financial performance highlights our continued focus on improving the fundamentals of our business, leading to significantly improved margins in the quarter. This was primarily driven by continued material cost improvements and operating cost control as we continue to execute on the key initiatives we set at the beginning of the year.

謝謝你，凱利，大家早安。從第 4 頁開始。我們第二季的財務表現凸顯了我們對改善業務基本面的持續關注，從而導致本季的利潤率顯著提高。這主要是由於我們繼續執行年初制定的關鍵舉措，從而持續改善材料成本和控制營運成本。

Our efforts resulted in a 250 basis point improvement in gross margin, a 210 basis point improvement in adjusted operating margin and a 410 basis point improvement in adjusted EBITDA margin over the first quarter.

我們的努力使第一季毛利率提高了 250 個基點，調整後營業利潤率提高了 210 個基點，調整後 EBITDA 利潤率提高了 410 個基點。

Matt will provide additional detail regarding our quarterly financial performance and expectations for the remainder of the year later in the call. We remain focused on flawless execution of the program launches that will drive strong growth going forward. We are excited to announce that during the second quarter, we began shipping our first MirrorEye OEM systems to Volvo for the launch of their FH Aero model in Europe.

馬特將在電話會議中提供有關我們季度財務業績和今年剩餘時間預期的更多詳細資訊。我們仍然專注於完美執行計劃發布，這將推動未來的強勁成長。我們很高興地宣布，在第二季度，我們開始向沃爾沃運送我們的第一批 MirrorEye OEM 系統，以在歐洲推出其 FH Aero 車型。

Similarly, our program with Peterbilt in North America launched on Models 579 and 567 in July. Both customers are focusing significant marketing efforts on MirrorEye as a differentiating product in the market, and our initial customer feedback has been excellent.

同樣，我們與北美 Peterbilt 合作的專案於 7 月針對 579 和 567 型車型啟動。兩家客戶都將 MirrorEye 作為市場上的差異化產品進行了大量的行銷工作，我們最初的客戶回饋非常好。

I will provide a more detailed update on our OEM programs also later in the call. Finally, this morning, I will provide some additional detail on the recent announcement by Volvo Bus that they have partnered with Stoneridge to provide connected services and digital solutions using our artificial intelligence fuel advice system in a pilot program this year.

我將在稍後的電話會議中提供有關我們的 OEM 計劃的更詳細的更新。最後，今天早上，我將提供有關沃爾沃客車最近宣布的一些額外細節，該公司已與 Stoneridge 合作，在今年的試點項目中使用我們的人工智慧燃油建議系統提供互聯服務和數位解決方案。

This partnership is aligned with our continued focus on data services, software and AI to drive advanced system capabilities and an expansion of our existing technology platforms and products.

這種合作夥伴關係與我們對數據服務、軟體和人工智慧的持續關注相一致，以推動先進的系統功能並擴展我們現有的技術平台和產品。

As a follow-on to that discussion, this morning, we welcome Troy Cooprider, our Chief Technology Officer to the call to expand on our advanced development activities, including what's next for Stoneridge, utilizing our capabilities in advanced software and AI. We continue to improve the financial performance of the business through a robust focus on core operating performance and investing in the technologies and capabilities that will drive continued long-term growth.

作為該討論的後續內容，今天早上，我們歡迎我們的首席技術官 Troy Cooprider 參加電話會議，擴大我們的先進開發活動，包括利用我們在先進軟體和人工智慧方面的能力，Stoneridge 的下一步計劃。我們透過大力專注於核心營運績效並投資於能夠推動持續長期成長的技術和能力，持續提高業務的財務績效。

Page 5 summarizes our key financial metrics for the second quarter compared to the first quarter of the year. Second-quarter sales of $237.1 million were approximately in line with first quarter sales, when you exclude the impact of foreign currency.

第 5 頁總結了我們第二季與第一季相比的主要財務指標。排除外匯影響後，第二季銷售額為 2.371 億美元，與第一季銷售額大致持平。

Driven by continued progression on our key company initiatives, margins expanded significantly in the second quarter, a continued focus on broad operational excellence, including material cost improvement actions and reduced quality-related costs, drove the gross margin to 22.7%, a 250 basis point improvement over the first quarter.

在公司關鍵計劃持續進展的推動下，第二季度利潤率大幅增長，持續關注廣泛的卓越運營，包括材料成本改進行動和降低質量相關成本，將毛利率推至 22.7%，提高了 250 個基點較第一季有所改善。

Adjusted operating profit of $5.4 million resulted in adjusted operating margin of 2.3%, which is an improvement of 210 basis points over the first quarter. This expansion was primarily due to gross margin improvement and overall lower engineering spend as we continue to focus on controlling operating costs to improve earnings performance.

調整後營業利潤為 540 萬美元，調整後營業利潤率為 2.3%，比第一季提高了 210 個基點。這種擴張主要是由於毛利率的提高和整體工程支出的降低，因為我們繼續專注於控制營運成本以提高獲利績效。

Finally, second-quarter adjusted EBITDA of just over $16 million drove an adjusted EBITDA margin of 6.8%, which has improved sequentially by 410 basis points. This was driven by improved operating performance I just outlined as well as the favorable impact of non-operating foreign currency of $2.3 million. This favorable non-operating FX impact more than offset the unfavorable impact that occurred in the first quarter of approximately $2 million for a total quarter-over-quarter benefit of $4.3 million.

最後，第二季調整後 EBITDA 略高於 1,600 萬美元，調整後 EBITDA 利潤率達到 6.8%，比上一季提高了 410 個基點。這是由我剛才概述的經營業績改善以及 230 萬美元非經營外幣的有利影響所推動的。這種有利的非經營性外匯影響遠遠抵消了第一季約 200 萬美元的不利影響，季度環比總效益為 430 萬美元。

Matt will provide further details on our second quarter performance later in the call.

馬特將在稍後的電話會議中提供有關我們第二季度業績的更多詳細資訊。

Now turning to page 6. In April, we announced that Natalia Noblet was appointed as President of Electronics effective September 1 of this year. She will succeed Peter Osterberg who, by mutual agreement, has left the company to pursue other opportunities. Natalia's appointment marks an exciting new chapter for the company. Natalia has more than 20 years of automotive and commercial vehicle experience.

現在翻到第6頁。4 月份，我們宣布 Natalia Noblet 被任命為電子部門總裁，自今年 9 月 1 日起生效。她將接替彼得·奧斯特伯格（Peter Osterberg），經雙方同意，彼得·奧斯特伯格已離開公司去尋找其他機會。Natalia 的任命標誌著公司翻開了令人興奮的新篇章。Natalia 擁有 20 多年的汽車和商用車經驗。

Prior to Stoneridge, Natalia spent nearly two decades at WABCO, where she held progressively challenging roles across operations, sourcing and purchasing, project management, quality, Six Sigma Lean and change management.

在加入 Stoneridge 之前，Natalia 在 WABCO 工作了近二十年，在營運、尋源和採購、專案管理、品質、六西格瑪精益和變革管理等領域擔任過具有挑戰性的角色。

Following WABCO's acquisition by ZF in 2020, Natalia seamlessly transitioned into various leadership positions within ZF, focusing on integration, quality assurance and P&L ownership. In her new role as President of the Electronics division, Natalia will be responsible for leading financial performance, product development, business strategy and technical vision.

2020 年 WABCO 被採埃孚收購後，Natalia 無縫過渡到採埃孚內部的各個領導職位，專注於整合、品質保證和損益所有權。在擔任電子部門總裁的新職位上，Natalia 將負責領導財務表現、產品開發、業務策略和技術願景。

She will also manage the division's engineering, sales and manufacturing functions to ensure alignment with Stoneridge's business and operational strategy, drive operational excellence and deliver long-term shareholder value. Her proven track record of leadership and innovation align with our commitment to delivering cutting-edge solutions for the mobility industry to drive long-term profitable growth. And I'm confident that under her leadership, our Electronics division will continue to accelerate its drive forward.

她還將管理該部門的工程、銷售和製造職能，以確保與 Stoneridge 的業務和營運策略保持一致，推動卓越營運並提供長期股東價值。她在領導力和創新方面的良好記錄與我們為行動產業提供尖端解決方案以推動長期獲利成長的承諾相一致。我相信，在她的領導下，我們的電子部門將繼續加速前進。

Turning to page 7. As mentioned earlier on the call, our largest OEM MirrorEye program has launched with Volvo on the FH Aero Model in Europe. Our system replaces the traditional mirrors on the new Volvo truck with aerodynamic wings that contribute to significant improvements in fuel efficiency on the new vehicle.

翻到第7頁。正如前面在電話會議中提到的，我們最大的 OEM MirrorEye 計劃已與沃爾沃在歐洲的 FH Aero 車型上啟動。我們的系統用空氣動力翼取代了新型沃爾沃卡車上的傳統後視鏡，有助於顯著提高新車的燃油效率。

Our system improves driver visibility and improves overall vehicle safety through the reduction of vehicle blind spots; software-based safety improvements, including auto panning; and improved performance versus traditional mirrors in inclement weather. We are proud to support Volvo on the brand new FH Aero with our industry-leading camera mirror technology and look forward to launching the technology on their North American platform, the all-new VNL, early next year.

我們的系統透過減少車輛盲點來提高駕駛員視野並提高整體車輛安全性；以軟體為基礎的安全性改進，包括自動平移；與傳統鏡子相比，在惡劣天氣下的性能得到了改善。我們很榮幸能夠利用業界領先的攝影鏡技術為沃爾沃提供全新的 FH Aero 技術支持，並期待明年初在其北美平台全新 VNL 上推出該技術。

The initial feedback in the system from customers and industry experts has been exceptional as they have praised the clarity of the image, the responsiveness and overall safety improvements facilitated by the system. As can be the case with new program launches, we are seeing a broad range of potential volumes for the remainder of the year.

客戶和產業專家對系統的初步回饋非常出色，他們稱讚該系統所帶來的影像清晰度、回應能力和整體安全性改進。與新項目啟動的情況一樣，我們看到今年剩餘時間的潛在銷售範圍廣泛。

While we are very early into the launch, current orders for the year are relatively lower than our initial expectations. However, the feedback directly from Volvo has been that we expect volumes in line with our original expectations. And as such, we have expanded potential volume outcomes for this year in our guidance.

雖然我們還處於發布初期，但今年目前的訂單相對低於我們最初的預期。然而，來自沃爾沃的直接回饋是，我們預期銷售量符合我們最初的預期。因此，我們在指導中擴大了今年的潛在銷售結果。

Overall, we continue to be very bullish on the launch of this product as we continue to see incremental orders for the system. For example, just last week, orders increased by more than 10% for the remainder of the year.

總體而言，我們仍然非常看好該產品的推出，因為我們繼續看到該系統的訂單不斷增加。例如，就在上週，今年剩餘時間的訂單量增加了 10% 以上。

In addition, customer feedback continues to support incremental volume, including a public announcement by Volvo that they have secured one of their largest deals ever, an order of 1,500 vehicles from an Italian transportation and logistics company, all of which will be equipped with MirrorEye and delivered throughout 2024 and 2025.

此外，客戶反饋繼續支持增量，包括沃爾沃公開宣布，他們已經獲得了有史以來最大的交易之一，即從一家意大利運輸和物流公司獲得的 1,500 輛汽車的訂單，所有這些都將配備 MirrorEye 和2024年和2025 年交付。

Given the strength of the customer feedback, we expect run rate customer take rates to at least reach the levels initially expected at approximately 45%, and we'll continue to provide updates on this progress as the year continues. In addition, our MirrorEye program with Peterbilt in North America on Models 579 and 567 launched in July with their marketing focus on the system's core features, including maximizing driver visibility and safety.

鑑於客戶回饋的力度，我們預計運行率客戶採用率將至少達到最初預期的約 45% 的水平，並且我們將在今年繼續提供有關此進展的最新資訊。此外，我們與 Peterbilt 合作在北美推出了 579 和 567 車型的 MirrorEye 計劃，其行銷重點是系統的核心功能，包括最大限度地提高駕駛員的可視性和安全性。

We continue to work with all of our customers to reach their end customers to drive awareness of the system with the ultimate goal to drive take rate expansion. This morning, I'm also excited to provide an update on a partnership that was recently announced between Volvo Bus and Stoneridge related to our connected services and digital solutions.

我們繼續與所有客戶合作，接觸他們的最終客戶，提高對系統的認識，最終目標是推動使用率擴展。今天早上，我還很高興地介紹沃爾沃客車和 Stoneridge 最近宣布的與我們的互聯服務和數位解決方案相關的合作夥伴關係的最新情況。

Stoneridge's data and artificial intelligence fuel advice system will be available to Volvo Bus customers in selected markets in a pilot program starting this year. This technology uses artificial intelligence to provide predictive insights to fleets about their drivers, planned routes and fleet performance, allowing for more efficient and intelligent decision-making.

Stoneridge 的數據和人工智慧燃油建議系統將從今年開始試點項目，並向選定市場的沃爾沃客車客戶提供。該技術利用人工智慧為車隊提供有關駕駛員、計劃路線和車隊性能的預測性見解，從而實現更有效率、更智慧的決策。

Our innovative collaboration with Volvo Bus enables them to support their customers' transformation into connected and sustainable people transport solutions. Expanding on our existing products and technology platforms with advanced capabilities, applications and data services is core to our long-term strategy.

我們與沃爾沃客車的創新合作使他們能夠支持客戶轉型為互聯且可持續的人員運輸解決方案。透過先進的功能、應用程式和數據服務來擴展我們現有的產品和技術平台是我們長期策略的核心。

To expand more on some of the exciting advanced development activities that will continue to propel our long-term growth, I'd like to welcome Troy Cooprider, our Chief Technology Officer to the call. Troy?

為了進一步介紹一些將繼續推動我們長期成長的令人興奮的先進開發活動，我謹歡迎我們的技術長 Troy Cooprider 參加電話會議。特洛伊？

Thank you, Jim. We have developed and commercialized several advanced products, including our MirrorEye system, our off-highway vision systems, our connectivity devices and our soon-to-launch connected trailer products that have secured us valuable technology real estate in and around the vehicle.

謝謝你，吉姆。我們已經開發並商業化了多種先進產品，包括我們的MirrorEye 系統、我們的非公路視覺系統、我們的連接設備以及我們即將推出的互聯拖車產品，這些產品為我們在車輛內部和周圍確保了寶貴的技術空間。

Going forward, we will utilize this real estate to bring advanced technology to our customers that will help differentiate their vehicles, improve vehicle safety and efficiency, and provide opportunities for long-term profitable growth for the company.

展望未來，我們將利用這一優勢為客戶帶來先進技術，幫助他們的車輛脫穎而出，提高車輛安全性和效率，並為公司的長期獲利成長提供機會。

A significant portion of our advanced development road map has been and continues to be related to artificial intelligence-based software in various applications. Driving that development over the last several years is a significant team of engineers directly focused on AI technology and product-related development, which has resulted in 25 patents and patent applications.

我們的先進開發路線圖的很大一部分已經並將繼續與各種應用中基於人工智慧的軟體相關。過去幾年推動這項發展的是一支直接專注於人工智慧技術和產品相關開發的重要工程師團隊，該團隊已獲得 25 項專利和專利申請。

Recently, we deployed a software improvement to MirrorEye, which incorporates a predictive algorithm to enable automated reverse panning, keeping the trailer of a semi-truck in view during multi-angle reverse movements.

最近，我們對 MirrorEye 進行了軟體改進，它採用了預測演算法來實現自動反向平移，在多角度反向運動期間保持半掛卡車的拖車在視野中。

This ensures safe backing and a full field of view for the driver using algorithms to predict the path of the trailer depending on the speed and movement of the tractor. Incorporating this feature into the existing MirrorEye system ensures full field of view and predictive vision capabilities, whether the vehicle is moving forward or backward.

這確保了駕駛員的安全倒車和完整視野，使用演算法根據拖拉機的速度和運動來預測拖車的路徑。將此功能整合到現有的 MirrorEye 系統中，無論車輛向前或向後移動，都可確保全視野和預測視覺功能。

As you can see on the images you see on slide 8, we are also incorporating object detection capabilities within our MirrorEye platform to alert the driver to improve overall driver behavior and enhance safety. Another good example of AI-based algorithm deployment is on our off-highway vision systems, particularly in the construction and mining space.

正如您在幻燈片 8 中看到的圖像所看到的，我們還在 MirrorEye 平台中整合了物體檢測功能，以提醒駕駛員改善整體駕駛員行為並提高安全性。基於人工智慧的演算法部署的另一個很好的例子是我們的非公路視覺系統，特別是在建築和採礦領域。

Here too, we have incorporated detection capabilities, differentiating objects and pedestrians in heavy equipment environments to improve situational awareness and site safety. Both of these examples, along with the fuel advice data services solution in our partnership with Volvo Bus, are currently in the market and being utilized by our customers to improve overall vehicle and driver performance.

在這裡，我們也融入了偵測功能，區分重型設備環境中的物體和行人，以提高態勢感知和現場安全。這兩個範例以及我們與沃爾沃客車合作的燃油建議數據服務解決方案目前已投放市場，並被我們的客戶用來提高車輛和駕駛員的整體性能。

By continuing to rotate our global engineering footprint to take advantage into a more cost-effective structure, we have generated the ability to continue to invest in advanced software and AI-based capabilities without increasing overall engineering spend.

透過繼續輪換我們的全球工程足跡，以利用更具成本效益的結構，我們有能力繼續投資於先進軟體和基於人工智慧的功能，而無需增加整體工程支出。

As we continue to invest in these capabilities, we've generated a robust technology road map that will both enhance and expand on our existing products and bring new products and technologies to the market. For example, we continue to expand the cameras and perception sensors we have positioned around the vehicle.

隨著我們繼續投資於這些能力，我們已經制定了強大的技術路線圖，該路線圖將增強和擴展我們現有的產品，並將新產品和技術推向市場。例如，我們繼續擴展我們在車輛周圍放置的攝影機和感知感測器。

In connection with the connectivity devices on vehicles, we will be able to identify and communicate triggering events to enable data recording based on driver or vehicle behavior. This will create a data and video log of any incidents or abnormal operations to ensure fleets are equipped with the right data to avoid unnecessary liability, train drivers, and improve fleet efficiency and cost.

與車輛上的連接設備結合，我們將能夠識別和傳達觸發事件，以便根據駕駛員或車輛的行為進行資料記錄。這將為任何事件或異常操作建立數據和視訊日誌，以確保車隊配備正確的數據，以避免不必要的責任，培訓司機並提高車隊效率和成本。

While many of our MirrorEye-equipped vehicles already have continuous video recording capabilities, these advancements will allow for targeted video recording, requiring less data and more efficient data transmission.

雖然我們的許多配備 MirrorEye 的車輛已經具備連續視訊錄製功能，但這些進步將允許有針對性的視訊錄製，從而需要更少的數據和更有效率的數據傳輸。

Similarly, as we continue to focus on and expand our activities in connected trailers, there are several applications that can utilize both our existing hardware and our advanced software capabilities to dramatically improve vehicle safety and efficiency.

同樣，隨著我們繼續關注並擴大聯網拖車領域的活動，有多種應用程式可以利用我們現有的硬體和先進的軟體功能來顯著提高車輛的安全性和效率。

In addition to the backup camera and other connected camera applications launching shortly on our connected trailer program, we are using advanced algorithms and AI to create forward and reverse predictive paths, curve detection and warning systems, soft shoulder detection and hitching and docking solutions. These advancements, along with our existing vision and safety and connectivity solutions, will create an integrated safety system for both the tractor and trailer.

除了即將在我們的連網拖車計畫中推出的倒車攝影機和其他連網攝影機應用程式之外，我們還使用先進的演算法和人工智慧來創建前向和反向預測路徑、彎道偵測和警告系統、軟路肩檢測以及掛接和對接解決方案。這些進步，加上我們現有的願景、安全和連接解決方案，將為牽引車和拖車創建一個整合的安全系統。

We continue to invest in advanced technologies that will build on our existing capabilities and technologies to drive continued growth opportunities for our company.

我們繼續投資先進技術，以我們現有的能力和技術為基礎，為我們公司帶來持續成長的機會。

With that, I will turn it over to Matt for additional discussion on our financial performance in the quarter and forward expectations.

接下來，我將把它交給馬特，以進一步討論我們本季的財務表現和未來預期。

Thanks, Troy. Turning to page 10. Sales in the second quarter were $237.1 million, which was relatively in line with the prior quarter. Adjusted operating income was $5.4 million or 2.3% of sales, which resulted in a 210 basis point improvement in adjusted operating margin and a $5 million improvement in operating profit relative to the first quarter of this year on similar sales. Adjusted EPS was $0.17 in the second quarter, a $0.39 improvement versus the first quarter.

謝謝，特洛伊。翻到第10頁。第二季銷售額為 2.371 億美元，與上一季基本持平。調整後營業收入為 540 萬美元，佔銷售額的 2.3%，與今年第一季類似銷售額相比，調整後營業利潤率提高了 210 個基點，營業利潤提高了 500 萬美元。第二季調整後每股收益為 0.17 美元，比第一季提高 0.39 美元。

As Jim mentioned earlier on the call, our second quarter performance was driven by our continued focus on improving the fundamentals of our business, leading to significantly improved margins. Our continued focus on material cost improvement actions, reduced quality-related costs and control of our operating expenses significantly benefited our performance in the quarter.

正如吉姆早些時候在電話會議上提到的，我們第二季度的業績是由我們持續專注於改善業務基本面所推動的，從而顯著提高了利潤率。我們持續關注材料成本改善行動、降低品質相關成本以及控制營運費用，這極大有利於我們本季的業績。

The below-the-line impact of foreign currency favorably impacted the second quarter results by $2.3 million. This was driven primarily by overall favorable FX rates as well as the capitalization of certain intercompany loans in the second quarter, taking advantage of those rates to offset the headwinds we saw in the first quarter and reduce the potential for future volatility.

外匯的線下影響對第二季業績產生了 230 萬美元的有利影響。這主要是由於整體有利的匯率以及第二季度某些公司間貸款的資本化，利用這些利率來抵消我們在第一季看到的不利因素並減少未來波動的可能性。

Finally, on similar sales, EBITDA improved by $9.5 million from quarter to quarter, with EBITDA margin improvement of 410 basis points.

最後，在類似的銷售額下，EBITDA 環比提高了 950 萬美元，EBITDA 利潤率提高了 410 個基點。

Page 11 summarizes our key financial metrics specific to control devices. Control devices' second quarter sales of $80.9 million increased by approximately $2.9 million or 3.7% versus the first quarter, primarily driven by higher sales in the North American passenger vehicle end market as well as higher China commercial vehicle sales. Sales into electric vehicle platforms also moderately improved relative to the first quarter.

第 11 頁總結了我們針對控制設備的關鍵財務指標。控制設備第二季銷售額為8,090萬美元，較第一季成長約290萬美元，即3.7%，這主要是由於北美乘用車終端市場銷售額的成長以及中國商用車銷售額的成長所推動。電動車平台的銷量也較第一季略有改善。

Second-quarter operating margin of 4.6% increased by 180 basis points compared to the first quarter of 2024, primarily due to benefits recognized from completed negotiations related to price and low-volume claims, improved operational execution and continued operating cost control.

第二季營運利潤率為4.6%，與2024 年第一季相比增加了180 個基點，這主要是由於完成了與價格和小批量索賠相關的談判、改善了營運執行以及持續營運成本控制所帶來的好處。

As discussed on previous calls, we remain focused on drivetrain agnostic technologies to drive new business awards as the market evolves. We continue to focus on operational excellence and enterprise-wide cost reduction, including material cost reduction plans to continue to drive margin improvement going forward.

正如先前電話會議中所討論的，我們仍然專注於與傳動系統無關的技術，以隨著市場的發展推動新的業務獎項。我們繼續專注於卓越營運和企業範圍內的成本降低，包括材料成本降低計劃，以繼續推動未來利潤率的提高。

Page 12 summarizes our key financial metrics specific to electronics. Excluding the unfavorable impact of foreign currency, Electronics second quarter sales of just under $156 million were approximately in line with the first quarter of the year. Lower sales in the European commercial vehicle end market, primarily as a result of continued macroeconomic pressure, were offset by higher sales in the European off-highway and North American commercial vehicle end markets.

第 12 頁總結了我們針對電子產品的關鍵財務指標。排除外匯的不利影響，電子產品第二季銷售額略低於 1.56 億美元，與今年第一季大致持平。歐洲商用車終端市場的銷售下降主要是由於持續的宏觀經濟壓力，但被歐洲非公路和北美商用車終端市場的銷售成長所抵消。

Second-quarter adjusted operating margin expanded by approximately 310 basis points compared to the first quarter, primarily due to material cost improvements, lower quality-related cost and lower engineering expenses due in part to higher customer reimbursements during the quarter.

與第一季相比，第二季調整後營業利潤率擴大了約310 個基點，這主要是由於材料成本的改善、品質相關成本的降低以及工程費用的降低，部分原因是本季度客戶報銷的增加。

On relatively flat sales, we generated an incremental $4.6 million of operating income in the quarter. Building upon the operational excellence initiatives we are already executing; we expect to further benefit from recent actions taken to improve our engineering organization through the rebalancing of our footprint to improve our capacity and our capabilities as well as reduce our total costs.

在銷售額相對穩定的情況下，我們本季的營業收入增加了 460 萬美元。以我們已經執行的卓越營運計劃為基礎；我們期望透過重新平衡我們的足跡來進一步受益於最近為改善我們的工程組織而採取的行動，以提高我們的產能和能力並降低我們的總成本。

Electronics remains well positioned to take advantage of significant future growth and margin expansion as a result of a strong product portfolio, a substantial backlog of awarded programs, continued improvement in material costs and organizational optimization.

由於強大的產品組合、大量積壓的獲獎項目、材料成本的持續改善和組織優化，電子產品仍然處於有利地位，可以充分利用未來的顯著增長和利潤擴張。

Page 13 summarizes our key financial metrics specific to Stoneridge Brazil. Excluding the unfavorable impact of foreign currency of approximately $600,000, Stoneridge Brazil's second quarter sales improved by 2% versus the first quarter.

第 13 頁總結了我們針對 Stoneridge Brazil 的主要財務指標。剔除約60萬美元的外匯不利影響，Stoneridge Brazil第二季銷售額較第一季成長2%。

Again, excluding the unfavorable impact of foreign currency of approximately $200,000 on operating income, second quarter operating profit was in line with the first quarter of the year.

同樣，剔除外幣對營業收入約20萬美元的不利影響，第二季營業利潤與今年第一季持平。

We continue to shift our portfolio in Brazil to more closely align with our global growth initiatives and further expand our local OEM programs to support our global customers. Brazil has become a critical engineering center as we continue to align our global engineering capabilities and footprint. We will continue to utilize our global footprint to cost-effectively support our global business.

我們繼續調整我們在巴西的產品組合，以更緊密地配合我們的全球成長計劃，並進一步擴大我們的本地 OEM 計劃以支持我們的全球客戶。隨著我們不斷調整我們的全球工程能力和足跡，巴西已成為重要的工程中心。我們將繼續利用我們的全球足跡以經濟高效的方式支持我們的全球業務。

Turning to slide 14. We are updating our full-year 2024 guidance to reflect updated foreign currency rates, updated OEM production volumes and current expectations for non-OEM and customer demand-based products, including aftermarket and option selectable products.

轉到投影片 14。我們正在更新 2024 年全年指引，以反映更新的外幣匯率、更新的 OEM 產量以及目前對非 OEM 和基於客戶需求的產品（包括售後市場和可選產品）的預期。

Unfavorable foreign currency is expected to impact our guidance by approximately $12 million. That said, we do not expect the impact of foreign currency on sales to impact earnings materially as costs in local currency also declined to generally offset the revenue decline.

不利的外幣預計將影響我們的指導約 1200 萬美元。儘管如此，我們預計外幣對銷售的影響不會對收益產生重大影響，因為以當地貨幣計算的成本也下降，整體上抵消了收入的下降。

Based on current forecast, we expect a reduction in OEM production volumes related to lower production volumes for commercial vehicle programs in both Europe and North America, driven primarily by continued macroeconomic pressures as well as reduced demand in North America passenger vehicle programs. The forecasted reduction in OEM volumes is expected to reduce full year revenue by approximately $18 million.

根據目前的預測，我們預計原始設備製造商產量的減少與歐洲和北美商用車專案產量的下降有關，這主要是由於持續的宏觀經濟壓力以及北美乘用車專案的需求減少。預計 OEM 銷量的減少將使全年收入減少約 1800 萬美元。

In addition, we are seeing increased pressure and some timing delays on non-OEM and customer demand-based products, including the timing of adoption for certain MirrorEye retrofit applications, the market adoption of the Smart 2 tachograph and increased headwinds in our off-highway end markets.

此外，我們還發現非OEM 和基於客戶需求的產品面臨越來越大的壓力和一些時間延遲，包括某些MirrorEye 改造應用的採用時間、Smart 2 行車記錄器的市場採用以及我們的非公路領域的阻力增加終端市場。

Finally, as Jim mentioned previously, while current orders for the Volvo MirrorEye system are less than initially expected, communication from Volvo has suggested volumes relatively in line with our original expectations for the full year. The high end of our guidance assumes a nominal impact based on these factors, while the midpoint considers approximately $15 million of revenue headwinds from non-OEM and customer demand-based products.

最後，正如 Jim 之前提到的，雖然目前沃爾沃 MirrorEye 系統的訂單量低於最初預期，但沃爾沃的溝通表明，訂單量與我們對全年的最初預期相對一致。我們的指導的上限假設基於這些因素的名義影響，而中點則考慮來自非 OEM 和基於客戶需求的產品的約 1500 萬美元的收入阻力。

We continue to put actions in place to influence the revenue that we have some control over for the remainder of the year. For example, we continue to see significant opportunity in the Smart 2 tachograph aftermarket and are working closely with our distributors to maximize market penetration.

我們將繼續採取行動來影響我們在今年剩餘時間內可以控制的收入。例如，我們繼續在 Smart 2 行車記錄器售後市場看到重大機遇，並與我們的經銷商密切合作，以最大限度地提高市場滲透率。

As a result, we are expecting midpoint revenue of approximately $955 million for the full year with a range of $940 million to $970 million based on the potential for volatility in our non-OEM and customer demand-based products for the remainder of the year. As has been the case historically, we are expecting reduced revenue in the third quarter relative to the second quarter due to summer shutdowns and seasonality in production.

因此，我們預計全年收入中點約為 9.55 億美元，根據今年剩餘時間內我們的非 OEM 和基於客戶需求的產品的潛在波動性，收入範圍為 9.4 億至 9.7 億美元。與歷史情況一樣，由於夏季停產和生產季節性，我們預計第三季的營收將在第二季下降。

We are expecting fourth quarter revenue to continue to improve according to normal seasonality with the potential for outperformance based on continued OEM MirrorEye acceleration and tachograph aftermarket sales.

我們預計第四季度收入將根據正常季節性繼續改善，並有可能基於 OEM MirrorEye 持續加速和行車記錄儀售後銷售而實現優異表現。

As a result of the reduced revenue, we would typically expect decremental margins aligned with our historical rates of approximately 25% to 30%. Excluding the impact of foreign currency, as I discussed earlier, the $33 million total reduction between OEM and non-OEM products at the midpoint would result in EBITDA reduction of approximately $9 million for the year.

由於收入減少，我們通常預期利潤率會下降，與我們歷史水準約 25% 至 30% 一致。排除外匯的影響，正如我之前討論的那樣，OEM 和非 OEM 產品之間總計減少 3300 萬美元，導致當年 EBITDA 減少約 900 萬美元。

However, similar to our outperformance in the second quarter, we are expecting continued core performance initiatives to improve our earnings as the year continues and to limit the impact of reduced revenue expectations. We expect these activities will improve earnings by approximately $3 million for the remainder of the year, resulting in a decremental contribution margin of approximately 18%, excluding the impact of foreign currency and only 13%, including the impact of FX.

然而，與我們第二季度的優異表現類似，我們預計持續的核心業績舉措將在今年繼續改善我們的收益，並限制收入預期下降的影響。我們預計這些活動將在今年剩餘時間內提高收入約 300 萬美元，導致貢獻邊際減少約 18%（不包括外匯的影響），而包括外匯的影響則僅為 13%。

We continue to significantly outpace our underlying end markets, creating a runway for sustainable long-term growth. Similarly, we continue to improve the fundamental performance of the business, resulting in some mitigation of the expected revenue decline this year, and more importantly, continuing to build a foundation for strong incremental earnings as we grow next year and beyond. page 15 outlines our full year guidance we outlined on the prior page.

我們繼續顯著超越我們的基礎終端市場，為可持續的長期成長創造了一條跑道。同樣，我們繼續改善業務的基本績效，從而在一定程度上緩解今年的預期收入下降，更重要的是，隨著我們明年及以後的成長，繼續為強勁的增量收益奠定基礎。第 15 頁概述了我們在上一頁概述的全年指導。

As we have discussed throughout the call, our base performance is improving as we continue to execute on the key priorities we outlined for the year. As a result, despite reduced revenue expectations, we are increasing our gross margin midpoint guidance by 50 basis points to reflect our expectations of continued improvements in material costs and manufacturing performance. Aligned with current market conditions, we are reducing our adjusted operating margin and adjusted EBITDA margin expectations to reflect reduced leverage on lower sales.

正如我們在整個電話會議中所討論的那樣，隨著我們繼續執行今年概述的關鍵優先事項，我們的基本績效正在改善。因此，儘管收入預期降低，我們仍將毛利率中點指引提高了 50 個基點，以反映我們對材料成本和製造績效持續改善的預期。根據目前的市場狀況，我們正在降低調整後的營業利潤率和調整後的 EBITDA 利潤率預期，以反映銷售額下降導致槓桿率降低。

Finally, we are reducing our midpoint adjusted EPS guidance for the full year by $0.12 to a midpoint of $0.23, to reflect reduced fixed cost leverage on reduced sales and an updated tax expense expectation of $5 million to $6 million based on our current expectation of earnings by jurisdiction.

最後，我們將全年中點調整後每股收益指引下調0.12 美元，至中點0.23 美元，以反映銷售額減少導致的固定成本槓桿的減少以及基於我們當前盈利預期的500 萬至600 萬美元的更新稅費預期按管轄權。

We continue to focus on improving the variables that are in our control and acting swiftly to mitigate factors that may be outside of our control, including continued macroeconomic pressures in our end markets and currency volatility.

我們繼續專注於改善我們控制範圍內的變量，並迅速採取行動減輕可能超出我們控制範圍的因素，包括終端市場持續的宏觀經濟壓力和貨幣波動。

Our second-quarter results and our expectations of improved gross margin for the remainder of the year are proof that our actions are improving our run rate as we progress toward our long-term targets.

我們第二季的業績以及我們對今年剩餘時間毛利率提高的預期證明，隨著我們朝著長期目標邁進，我們的行動正在提高我們的運行率。

With that, I will turn it back over to Jim for some closing comments.

至此，我將把它轉回給吉姆，讓他發表一些結束語。

Thank you, Matt. In closing, turning to page 16. Our second-quarter performance shows continued improvement across each of our 2024 key priorities. First, we are focused on driving continued growth and market outperformance. Our full-year midpoint revenue guidance implies 3.6 percentage points of outperformance compared to our weighted-average underlying end markets, which are expected to decline by 4.3%.

謝謝你，馬特。最後，翻到第 16 頁。我們第二季的業績顯示我們 2024 年的每項關鍵優先事項都在持續改善。首先，我們專注於推動持續成長和市場表現。與我們的加權平均基礎終端市場相比，我們的全年中點收入指引意味著表現優於 3.6 個百分點，預計終端市場將下降 4.3%。

This outperformance is driven primarily by Stoneridge-specific growth drivers, including new programs, incremental content and expansion of our existing opportunities.

這種優異的表現主要是由 Stoneridge 特定的成長動力所推動的，包括新項目、增量內容和現有機會的擴展。

Second, we are focused on gross margin expansion through material cost improvement and enterprise-wide operational excellence. Based on our strong performance to-date and our expectations of continued strong performance for the remainder of the year, we have increased our gross margin midpoint guidance by 50 basis points, increasing our margin expansion target to 190 basis points over 2023.

其次，我們專注於透過材料成本改善和企業範圍內的卓越營運來擴大毛利率。基於我們迄今為止的強勁業績以及對今年剩餘時間持續強勁業績的預期，我們將毛利率中點指導上調了 50 個基點，將 2023 年利潤率擴張目標提高至 190 個基點。

Third, we are focused on leveraging our global footprint to maximize our capabilities and output. Again, based on our strong performance to-date, we have improved adjusted EBITDA margin by 160 basis points in the first half of this year compared to the same period last year.

第三，我們致力於利用我們的全球足跡來最大限度地提高我們的能力和產出。同樣，基於我們迄今為止的強勁表現，今年上半年我們的調整後 EBITDA 利潤率比去年同期提高了 160 個基點。

Fourth, we are focused on efficient cash generation through effective inventory management. Through our focused efforts on reducing inventory to improve working capital and generate more cash, we've reduced our inventory balance by $9 million since the beginning of the year. We remain focused on inventory reduction and cash performance to reduce overall net debt and interest expense.

第四，我們專注於透過有效的庫存管理來有效產生現金。透過集中努力減少庫存以改善營運資金並產生更多現金，自年初以來我們已將庫存餘額減少了 900 萬美元。我們仍然專注於庫存減少和現金績效，以減少整體淨債務和利息支出。

Finally, we are focused on efficient capital deployment, while maintaining an appropriate capital structure. This includes prioritizing our organic investment opportunities with a focus on return on engineering and investing in technology to develop new products for customers that will facilitate future growth, such as the AI-based advanced development projects that Troy outlined earlier in the call.

最後，我們注重高效率的資本配置，同時維持適當的資本結構。這包括優先考慮我們的有機投資機會，重點關注工程回報和技術投資，為客戶開發新產品，促進未來成長，例如特洛伊在電話會議早些時候概述的基於人工智慧的高級開發項目。

As evidenced by our progress made so far this year, this team is focused on executing against our priorities to drive strong growth and continued margin improvement and an improved balance sheet. We will continue to execute across these initiatives and expect to continue to see the benefits in our financial performance.

正如我們今年迄今所取得的進展所證明的那樣，該團隊專注於執行我們的優先事項，以推動強勁成長、持續提高利潤率和改善資產負債表。我們將繼續執行這些舉措，並期望繼續看到我們的財務表現所帶來的好處。

Stoneridge remains well positioned to outpace our underlying end markets and drive significant earnings expansion going forward. As always, driving shareholder value is at the forefront of all of Stoneridge's strategic initiatives.

Stoneridge 仍然處於領先地位，能夠超越我們的基礎終端市場，並推動未來盈利的顯著擴張。與往常一樣，推動股東價值始終是 Stoneridge 所有策略舉措的首要任務。

And with that, I'll open the call for questions.

接下來，我將開始提問。

(Operator Instructions) Daniel Imbro, Stephens.

（操作員說明）Daniel Imbro，Stephens。

This is Collin Nieman on for Daniel Imbro. Wanted to ask about some of the cost improvements. You guys have made material cost improvements and the operating cost controls drove sequential improvement in EBITDA margin in the quarter. How can we think about that progression through the second half? And how much opportunity remains on the cost side, if you can help frame that up?

我是科林·尼曼 (Collin Nieman) 為丹尼爾·因布羅 (Daniel Imbro) 發言。想詢問一些成本改進的問題。你們已經取得了材料成本的改善，營運成本控制推動了本季 EBITDA 利潤率的連續改善。我們如何看待下半年的進展？如果您能幫忙確定一下，成本方面還有多少機會？

Yes. Appreciate the question, Collin. Obviously, this has been a key focus for us this year. We have made significant progress, not only on material costs, but really across all of our operational excellence type priorities, right? So you saw material costs significantly improve in the quarter.

是的。感謝你提出這個問題，科林。顯然，這是我們今年的重點。我們不僅在材料成本方面取得了重大進展，而且在我們所有卓越營運類型的優先事項方面都取得了重大進展，對吧？因此，您看到本季的材料成本顯著改善。

Quality-related costs have also come down, which is supporting an improved gross margin. You also saw that in the guidance, although we had some revenue headwind, we're offsetting quite a substantial portion of it, about a third of that potential headwind on the bottom line with continued improvement.

與品質相關的成本也有所下降，這支持了毛利率的提高。您還在指導中看到，儘管我們遇到了一些收入阻力，但我們正在抵消其中的相當大一部分，隨著持續改善，大約三分之一的潛在阻力會出現在底線上。

So we think that there's quite a bit left to do here, particularly on the material cost side, as we continue down a pipeline of material cost improvement plans, and we'll continue to control operating costs and flex as necessary, based on market conditions. So we're really making improvements across the P&L.

因此，我們認為這裡還有很多工作要做，特別是在材料成本方面，隨著我們繼續實施一系列材料成本改進計劃，我們將繼續控制營運成本並根據市場情況進行必要的調整。所以我們確實在損益表上進行了改進。

You saw that come through in pretty good outperformance in the quarter. And we expect that, that will continue certainly throughout the remainder of the year as we get set up for a good 2025.

您看到本季的表現非常出色。我們預計，隨著我們為美好的 2025 年做好準備，這種情況肯定會在今年剩餘時間內持續下去。

Yes, that makes sense. And then moving on, I wanted to ask one on the MirrorEye take rates right now versus expectations earlier in the year. It sounds like the Europe program that started maybe started out with take rates lower, but then you guys noted a couple really positive data points here recently. So curious to get your thoughts on that and how you continue to think about how that will progress through the year.

是的，這是有道理的。然後，我想詢問一下 MirrorEye 目前的收視率與今年早些時候的預期。聽起來歐洲計畫的啟動可能一開始的採用率較低，但後來你們最近注意到了一些非常正面的數據點。很想知道您對此的想法以及您如何繼續思考這一年將如何進展。

Collin, thanks for the question. We are actually quite excited about where take rates are for the MirrorEye program, especially the new launching programs. With Volvo, as we had indicated here a few moments ago, it's so early in the launch.

科林，謝謝你的提問。事實上，我們對 MirrorEye 計劃的使用率感到非常興奮，尤其是新推出的計劃。對於沃爾沃，正如我們剛才所指出的那樣，它的推出還處於早期階段。

So it's hard to gauge that exactly. But with commentary that we're getting back and the feedback from customers being so positive, we really do feel that we'll hit the target or even go beyond the target at this point. So we're very, very, very excited and bullish on where that goes.

所以很難準確地衡量這一點。但鑑於我們正在回來的評論以及客戶的反饋如此積極，我們確實認為我們此時將達到目標，甚至超越目標。所以我們非常、非常、非常興奮，並且看好它的發展方向。

And of course, as you know, we have some other launches coming up as well, including at the beginning of next year, two more launches here in North America, and that will, of course, increase the amount of MirrorEye product that goes out into the market, and we're bullish on those take rates as well.

當然，如您所知，我們還將推出其他一些產品，包括明年初在北美再推出兩款產品，這當然會增加 MirrorEye 產品的出貨量進入市場，我們也看好這些利率。

That's helpful. And then, I'll do one more quick one here. Any color you can give on what your customers are saying on the OEM side for their demand outlook through the remainder of '24 and maybe into early '25 as well?

這很有幫助。然後，我會在這裡再做一個快速的。對於客戶在 OEM 方面對 24 年剩餘時間甚至 25 年初的需求前景的看法，您有何看法？

Yes. I mean, obviously you saw, we had a little bit of a reduction in the guidance based on the forecasted production. I still think there's some volatility here in the second half. You're seeing that as we brought guidance down a little bit related to the OEM production. 2025, it's probably too early to tell yet.

是的。我的意思是，顯然你已經看到，我們根據預測的產量稍微減少了指導。我仍然認為下半年存在一些波動。您會看到，我們下調了與 OEM 生產相關的指導方針。 2025 年，現在下結論可能還為時過早。

Obviously, the market is moving with interest rates and the overall macroeconomic conditions are big influences on some of our end markets. So we do see, obviously, a tremendous amount of self-help as we go into 2025, like Jim mentioned. So we expect to continue to outperform our underlying end markets. But you did see a little bit of a reduction here in the back half.

顯然，市場隨著利率的變化而變化，整體宏觀經濟狀況對我們的一些終端市場有很大影響。因此，正如吉姆所提到的那樣，進入 2025 年，我們顯然確實看到了大量的自助活動。因此，我們預計將繼續跑贏我們的基礎終端市場。但你確實看到後半部有所減少。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Can we turn to slide 14? I want to try and parse this out as exactly what is transpiring here in terms of the reduced guidance between the various business segments that you have. I mean, the $12 million decline due to FX, I mean, that's self-explanatory.

我們可以轉到投影片 14 嗎？我想嘗試根據您擁有的各個業務部門之間減少的指導來準確分析這裡發生的情況。我的意思是，外匯造成的 1200 萬美元的下降，我的意思是，這是不言自明的。

But the $18 million from OEM production volumes, is that mainly in the control devices segment or electronics or where is that spread around? I guess what I'm really trying to get at is, the MirrorEye projections that you gave for this year, which called for about $100 million of revenue between new wins and retrofit. How is that going to look now given what's transpired in the market?

但來自 OEM 產量的 1,800 萬美元主要是在控制設備領域或電子產品領域，還是分佈在哪裡？我想我真正想了解的是，MirrorEye 對今年的預測，即新勝利和改造之間的收入約為 1 億美元。考慮到市場上發生的情況，現在情況如何？

Yes. Thanks, Gary. So the couple of buckets that you see there on slide 14. FX, like you said, is pretty self-explanatory. The $18 million is really, think about it as effectively IHS or our view on OEM production for the remainder of the year, okay? So that would not include anything related necessarily to MirrorEye take rates, for example, or any other kind of non-OE product.

是的。謝謝，加里。您在幻燈片 14 上看到的幾個桶子。正如您所說，FX 是不言自明的。1800 萬美元實際上是 IHS 或我們對今年剩餘時間 OEM 生產的看法，好嗎？因此，這不包括與 MirrorEye 使用率或任何其他類型的非 OE 產品必然相關的任何內容。

Where the market is going.

市場走向何方。

Yes. That next bucket there, that $15 million incorporates any volume volatility that we might see on the newly launched program, as Jim outlined in the remarks, but also, anything else that's not OE. So off-highway end markets, aftermarket end markets, kind of that whole bucket of non-OE, which is obviously a pretty growing portion of our overall business.

是的。下一個目標是，這 1500 萬美元包含了我們可能在新推出的計劃中看到的任何數量波動，正如吉姆在評論中概述的那樣，但也包含了 OE 之外的任何其他內容。因此，非公路終端市場、售後市場終端市場，以及整個非原配設備市場，這顯然是我們整體業務中相當成長的一部分。

So you can think of kind of the left side of that as more kind of macroeconomic, the FX and the OEM production volumes more formulaic. And the right side is more non-OE and specific customer demand related or option selectable products.

因此，您可以將左側視為更多的宏觀經濟、外匯和 OEM 產量，更加公式化。右側是更多非OE和特定客戶需求相關或選項可選的產品。

But is that $15 million decline, that includes MirrorEye or doesn't? That's what I'm trying to get at.

但這 1500 萬美元的下降是否包括 MirrorEye？這就是我想要達到的目的。

It does include potential volatility in MirrorEye, yes. That's right.

是的，它確實包括 MirrorEye 的潛在波動。這是正確的。

Okay. Okay, so those numbers that you had started the beginning of the year at was about $100 million of revenue from MirrorEye, that is not going to be attainable, in your opinion?

好的。好的，那麼您年初設定的 MirrorEye 收入約為 1 億美元，您認為這是不可能實現的嗎？

Well, what we've said, Gary, is we're still early in the launch on the MirrorEye program. That kind of $0 to $30 million range of the guidance is the potential impact for not only MirrorEye, but really everything else non-OE. So Smart 2 tachograph aftermarket, for example, the off-highway business. So we're still early in the launch and that volatility is incorporated in that range.

好吧，加里，我們所說的是，我們仍處於 MirrorEye 計劃啟動的早期階段。這種 0 到 3000 萬美元範圍的指導不僅對 MirrorEye 產生潛在影響，而且對其他所有非 OE 設備都有潛在影響。那麼Smart 2行車記錄器售後市場，例如非公路業務。因此，我們仍處於發布初期，波動性已納入該範圍。

But I think it's too early to say how materially different it would be from the $100 million number that we put out early in the year. There is certainly some pressure on that. Like Jim said, with some volatility in that launch early on, but we're still too early to extrapolate that over, really even the remainder of the year at this point.

但我認為現在說這與我們年初公佈的 1 億美元數字有多大差異還為時過早。這當然是有一定壓力的。正如吉姆所說，早期的發布存在一些波動，但我們現在推斷這一點還為時過早，甚至今年剩餘時間也是如此。

Okay. And obviously, your new guidance is based on what you're seeing now in terms of demand on your end user or end market. So do you feel that given what's going on in the market right now, the low end of adjusted EBITDA would be attainable? Or is there other wildcards out there that could make that lower and not be attainable?

好的。顯然，您的新指導是基於您現在所看到的最終用戶或最終市場的需求。那麼，您認為考慮到目前市場的情況，調整後 EBITDA 的低端是否可以實現？或者是否有其他通配符可以降低該值並且無法實現？

Obviously, Gary, we go through a pretty robust process to evaluate guidance and try to give a transparent view of where the business is going for the remainder of the year. So we do have a little bit of a broader range than we typically give at this point in the year, given, frankly, how much of the business has some -- we can influence, really, for the remainder of the year.

顯然，加里，我們通過了一個相當健全的流程來評估指導，並試圖對今年剩餘時間內的業務發展給出透明的看法。因此，我們的範圍確實比我們通常在今年這個時候給出的範圍要寬一些，坦率地說，考慮到有多少業務有這樣的範圍——我們確實可以在今年剩餘的時間裡產生影響。

So there are things we can do to move revenue in some of those non-OE products more so than we have in prior years, which is why that range is broad. As we see it now, Gary, this range is attainable. We wouldn't put our guidance if we don't see it as attainable. And we're really pushing hard on some of the things that we can control to outperform where we are.

因此，我們可以採取一些措施來使某些非原廠產品的收入比前幾年更大，這就是為什麼這個範圍很寬的原因。正如我們現在所看到的，加里，這個範圍是可以實現的。如果我們認為無法實現，我們就不會提供指導。我們確實在一些我們可以控制的事情上努力推動，以超越我們現有的水平。

There is a lot more influence over the back half of the year than we typically have, whether it's the aftermarket in Smart 2 and market penetration there, some of the off-highway markets where we're not traditional OE, that's a little more of an aftermarket business.

今年下半年的影響力比我們通常受到的影響要大得多，無論是 Smart 2 的售後市場還是那裡的市場滲透率，以及我們不是傳統 OE 的一些非公路市場，這有點多售後業務。

Even on the MirrorEye take rate piece and how we work with customers and their customers, the dealers, to push take rate and improve visibility of the product. I think all those things are opportunities for us as the year goes on. So we certainly see the guidance as attainable.

甚至在 MirrorEye 的採用率部分以及我們如何與客戶及其客戶、經銷商合作，以提高採用率並提高產品的知名度。我認為隨著時間的推移，所有這些對我們來說都是機會。因此，我們當然認為該指導是可以實現的。

Okay. So I also want to talk about this Volvo Bus pilot for data and AI-based fuel advice systems. Is this the first pilot that you have out there for this product?

好的。所以我還想談談沃爾沃客車的數據和基於人工智慧的燃油建議系統試點。這是您對該產品的第一個試點嗎？

Yes, it is the first pilot, Gary. Yes. It's already going. We're already getting some results from it as well. So it's not something that is an academic thought, right? This is a product that's truly being piloted with real customers, with real drivers. Yes.

是的，這是第一位飛行員，加里。是的。它已經開始了。我們也已經從中得到了一些結果。所以這不是什麼學術思想，對吧？這是一款真正由真實客戶、真實駕駛者進行試點的產品。是的。

So Volvo Bus is the first customer that has this? That's what I'm trying to get at, or do you have a bunch of other pilots out there?

那麼沃爾沃客車是第一個擁有此功能的客戶嗎？這就是我想要達到的目的，或者你們還有很多其他飛行員嗎？

Volvo Bus is the first customer, and there is consideration for others as we go forward. Yes.

沃爾沃客車是第一個客戶，我們在前進的過程中也會為其他客戶著想。是的。

Okay. So if you look at this product with AI-based fuel system, advice system, just very simply explain how this really would work in terms of does it look at -- I mean, does it take into account everything; weather, wind, routes? How does this thing work?

好的。因此，如果你看看這個帶有基於人工智慧的燃油系統、建議系統的產品，只需非常簡單地解釋一下它到底是如何運作的——我的意思是，它是否考慮到了一切；它是否考慮到了所有因素？天氣、風、路線？這東西是如何運作的？

Yes. We're going to have Troy talk to that. He's obviously the technical expert here and I think he can offer a lot of background to help us understand.

是的。我們將讓特洛伊談談這個問題。他顯然是這裡的技術專家，我認為他可以提供很多背景知識來幫助我們理解。

Hi Gary. So from an attribute standpoint of what we use in the AI algorithm, we're really looking at the driver behavior and how the driver behaves with respect to the slope of the road, the overall weight of the bus and the average speed.

嗨加里。因此，從我們在人工智慧演算法中使用的屬性角度來看，我們實際上是在研究駕駛員的行為，以及駕駛員在道路坡度、公車總重量和平均速度方面的行為。

And we're helping the fleet managers, the bus managers understand how the best drivers work in those situations versus some of their challenged drivers so that they can coach the behavioral impact to make better drivers better and some of their underperforming drivers more towards average or better. So it's really on the behavioral side and using multiple attributes in and around the bus.

我們正在幫助車隊經理、公車經理了解在這些情況下最好的司機與一些有問題的司機相比如何工作，以便他們可以指導行為影響，使更好的司機變得更好，讓一些表現不佳的司機更接近平均或更好的。所以它實際上是在行為方面，並在總線內部和周圍使用多個屬性。

And Gary, thinking about how -- I was just going to add, just thinking about how someone might even drive a car, right? Some people take away from a traffic light very quickly. We all know that's a very energy-consuming kind of event. Some people may not slow down for curves and where it breaks down, et cetera.

加里，思考如何 - 我只是想補充一點，只是思考某人甚至可能如何駕駛汽車，對吧？有些人很快就離開了紅綠燈。我們都知道這是一個非常消耗能量的活動。有些人可能不會因為彎道和故障等原因而減速。

So it really looks at a lot of those attributes of driver-based performance, all the things that we all do every day and turns you into a much less aggressive driver, someone that really is trying to maximize fuel economy on the vehicle that's being driven.

因此，它確實著眼於基於駕駛員的性能的許多屬性，以及我們每天所做的所有事情，並將您變成一個不那麼激進的駕駛員，真正試圖最大限度地提高所駕駛車輛的燃油經濟性的人。

Early results, we won't be quantitative today, but early results are very impressive, for the amount of fuel economy improvement that has brought from the technology, including from the very best drivers that are already driving reasonably well and reasonably -- reasonable relative to conserving fuel, even those drivers have a marked improvement in performance with this technology. So it's very interesting to bus services.

早期結果，我們今天不會進行量化，但早期結果非常令人印象深刻，因為該技術帶來的燃油經濟性改善量，包括來自已經駕駛得相當好和合理的最佳駕駛員的燃油經濟性改進- 合理的相對為了節省燃油，即使是那些駕駛員也可以透過這項技術顯著提高性能。所以巴士服務非常有趣。

And I know this is a pilot, but does the revenue model contemplate some kind of a SaaS software?

我知道這是一個試點，但收入模式是否考慮了某種 SaaS 軟體？

Yes, Gary, that's the go-to-market. That's right.

是的，加里，這就是進入市場。這是正確的。

Okay. So then in terms of -- and I want to keep just -- because this is interesting to me. In terms of this product, can you incorporate that into MirrorEye? And also, along with the advanced software and AI that you're developing for MirrorEye as well or you have developed?

好的。那麼就——我想保留——因為這對我來說很有趣。就這個產品而言，你能把它融入MirrorEye嗎？另外，還有您正在為 MirrorEye 開發或已經開發的先進軟體和人工智慧嗎？

Well, I mean, per se, I'm not sure that there'd be a very significant improvement and additional fuel economy improvement that would come from that from MirrorEye. However, it could -- the base technology, the base idea of it could be. So with recording, for example, we can see how drivers execute lane changes and some other things relative to looking backward with the side view mirrors.

嗯，我的意思是，就其本身而言，我不確定 MirrorEye 是否會帶來非常顯著的改進和額外的燃油經濟性改進。然而，它可以──基礎技術、它的基本理念可以是。例如，透過記錄，我們可以看到駕駛員如何執行變換車道以及與使用側視鏡向後看相關的其他一些事情。

And, yes, there could be some guidance given to the driver, maybe more so for safety performance, acceptable driving technique on the road, those kinds of things. So yes, in concept, it could be applied. And we've already begun to apply AI to MirrorEye with pass lanes and so forth, trailer projection for where the trailer will go and those kinds of things.

是的，可以為駕駛員提供一些指導，也許更多的是安全性能、道路上可接受的駕駛技術等等。所以，是的，從概念上講，它是可以應用的。我們已經開始將人工智慧應用到 MirrorEye 上，包括超車道等、拖車將前往何處的拖車投影等等。

So this would be an addendum to that, that would add yet another layer of potential improved safety with this type of technology. Make sense?

因此，這將是對此的補充，這將透過此類技術增加另一層潛在的改進安全性。有道理嗎？

Yes, that makes sense. And then if we look at slide 8, where you're talking about what you've got on AI from MirrorEye at this point. I mean it says developing, deploying, developing. I mean, this is very early in the game here for what you've got going out in AI, I would assume, right?

是的，這是有道理的。然後，如果我們看第 8 張投影片，您正在談論此時從 MirrorEye 獲得的人工智慧成果。我的意思是它說的是開發、部署、開發。我的意思是，對於人工智慧領域的發展來說，現在還處於早期階段，我想，對吧？

Well, AI is already embedded in the MirrorEye as we speak today, right? It depends on which model and so forth, but it's already embedded. And yes, it's the more rudimentary stuff. It's the pass lanes that you saw when you saw the truck. But there's more to come. I mean, what you see in the slide itself and what you see there in terms of alerting the driver and so forth. These are right at the doorstep of being broadly utilized. So yes, it's already in, and there's a lot more to come, and it's soon.

那麼，正如我們今天所說，人工智慧已經嵌入到 MirrorEye 中，對吧？這取決於哪個型號等，但它已經嵌入了。是的，這是更基本的東西。這是你看到卡車時看到的超車道。但還有更多的事情要做。我的意思是，您在幻燈片本身中看到的內容以及您在提醒駕駛員等方面看到的內容。這些正處於廣泛使用的門口。所以是的，它已經進來了，而且還有更多的東西即將到來，而且很快就會到來。

Well, that makes the application more sticky as it goes on.

嗯，這使得應用程式在運行過程中變得更加黏性。

Yes, for sure.

是的，當然。

For sure.

一定。

And this concludes our question-and-answer session. I will now turn the conference back to Mr. Zizelman for closing remarks.

我們的問答環節到此結束。現在我將請齊澤爾曼先生致閉幕詞。

Well, thank you, everyone, for joining us for the call. Look, I know your time is super important, and we truly appreciate your willingness to engage us once again today. In the second quarter, we continued to make progress towards the key initiatives we outlined for 2024.

好的，謝謝大家參加我們的電話會議。聽著，我知道您的時間非常重要，我們非常感謝您今天願意再次與我們互動。第二季度，我們在 2024 年制定的關鍵措施方面繼續取得進展。

As discussed earlier in the call, we are delivering on our key priorities, including a keen focus on the development of critical advanced technologies and expect our efforts to continue to drive long-term profitable revenue growth and significant earnings expansion going forward.

正如電話會議早些時候討論的那樣，我們正在實現我們的關鍵優先事項，包括高度關注關鍵先進技術的開發，並期望我們的努力將繼續推動長期盈利收入增長和未來顯著的盈利擴張。

We will continue to deliver on our commitments by focusing on our long-term strategy, broad operational improvements and excellence in execution. We expect that our performance, along with our unique mix of industry-changing product platforms, will continue to drive strong shareholder value.

我們將繼續專注於我們的長期策略、廣泛的營運改善和卓越的執行，從而兌現我們的承諾。我們預計，我們的業績以及我們獨特的改變產業的產品平台組合將繼續推動強勁的股東價值。

Thanks again, everybody.

再次感謝大家。

And this concludes today's conference call. Thank you for attending.

今天的電話會議到此結束。感謝您的出席。