Sensata Technologies Holding PLC (ST) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Sensata Technologies first-quarter 2025 earnings call. (Operator Instructions) Please note that this event is being recorded.

下午好，歡迎參加 Sensata Technologies 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would like now to turn the conference over to Mr. James Entwistle, Senior Director of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係高級總監詹姆斯·恩特維斯爾先生。請繼續。

Thank you, Jason, and good afternoon, everyone. I'm James Entwistle, Senior Director of Investor Relations for Sensata, and I'd like to welcome you to Sensata's first-quarter 2025 earnings conference call. Joining me on today's call are Stephan Von Schuckmann, Sensata's Chief Executive Officer; and Brian Roberts, Sensata's Chief Financial Officer. In addition to the financial results press release we issued earlier today, we will be referencing a slide presentation during today's conference call. The PDF of this presentation can be downloaded from Sensata's Investor Relations website. This conference call is being recorded, and we will post a replay on our Investor Relations website shortly after the conclusion of today's call.

謝謝你，傑森，大家下午好。我是 Sensata 投資者關係資深總監 James Entwistle，歡迎您參加 Sensata 2025 年第一季財報電話會議。參加今天電話會議的還有 Sensata 執行長 Stephan Von Schuckmann；以及 Sensata 財務長 Brian Roberts。除了我們今天早些時候發布的財務業績新聞稿外，我們還將在今天的電話會議中引用幻燈片演示。此簡報的 PDF 可以從 Sensata 的投資者關係網站下載。本次電話會議正在錄音，我們將在今天的電話會議結束後不久在我們的投資者關係網站上發布重播。

As we begin, I'd like to reference Sensata's Safe Harbor statement on slide 2. During this conference call, we will make forward-looking statements regarding future events or the financial performance of the company that involve certain risks and uncertainties. The company's actual results may differ materially from the projections described in such statements. Factors that might cause such differences include, but are not limited to, those discussed in our forms 10-Q and 10-K as well as other filings with the SEC.

在我們開始之前，我想引用幻燈片 2 上的 Sensata 安全港聲明。在本次電話會議中，我們將對未來事件或公司財務表現做出前瞻性陳述，其中涉及一定的風險和不確定性。本公司的實際結果可能與此類聲明中所述的預測有重大差異。可能導致此類差異的因素包括但不限於我們在 10-Q 和 10-K 表格以及向美國證券交易委員會提交的其他文件中討論的因素。

We encourage you to review our GAAP financial statements in addition to today's presentation. Most of the information that we will discuss during today's call will relate to non-GAAP financial measures. Our GAAP and non-GAAP financials including reconciliations, are included in our earnings release, the appendices of our presentation materials, and in our SEC filings.

除了今天的簡報之外，我們還鼓勵您查看我們的 GAAP 財務報表。我們在今天的電話會議上討論的大部分資訊都與非公認會計準則財務指標有關。我們的 GAAP 和非 GAAP 財務資料（包括對帳表）包含在我們的收益報告、簡報資料的附錄以及 SEC 文件中。

Stephan will begin the call today with comments on the overall business. Brian will cover our detailed results for the first quarter of 2025 and our financial outlook for the second quarter of 2025. Stephan will then return for closing remarks. We will then take your questions.

史蒂芬將在今天的電話會議上首先對整體業務發表評論。Brian 將介紹我們 2025 年第一季的詳細表現以及 2025 年第二季的財務展望。隨後，史蒂芬將回來致閉幕詞。然後我們將回答您的問題。

Now I would like to turn the call over to Sensata's Chief Executive Officer, Stephan von Schuckmann.

現在我想將電話轉給 Sensata 的執行長 Stephan von Schuckmann。

Thank you, James, and good afternoon, everyone. Let's begin on slide 3. We delivered a strong first-quarter 2025 with revenue, adjusted operating income, and adjusted earnings per share, all exceeding the high end of our guidance. We are pleased with these results especially given the volatile and constantly evolving tariff environmentk, which continues to have daily impacts on key end markets.

謝謝你，詹姆斯，大家下午好。我們從投影片 3 開始。我們 2025 年第一季表現強勁，營收、調整後營業收入和調整後每股盈餘都超出了我們預期的高端。我們對這些結果感到滿意，特別是考慮到動盪且不斷變化的關稅環境，它繼續對主要終端市場產生日常影響。

I want to thank our customers, suppliers, and our Sensata team for their efforts to work through unprecedented levels of change and uncertainty to deliver what I expect is the first of many strong quarters during my tenure. While I know tariffs are top of mind for many, I'd like to start the call today by going a little deeper on the three strategic imperatives that I shared earlier this year. These key pillars of improving our operational performance, optimizing our capital allocation, and returning Sensata to growth from our priorities and our core areas of focus.

我要感謝我們的客戶、供應商和森薩塔團隊，感謝他們努力克服前所未有的變化和不確定性，實現了我所期望的任期內眾多強勁季度中的第一個。雖然我知道關稅是許多人最關心的問題，但今天我想先更深入地談談我今年稍早分享的三個策略要點。這些關鍵支柱是提高我們的營運績效、優化我們的資本配置，並使 Sensata 恢復成長，這是我們的優先事項和核心關注領域。

Much of my initial 100 days with Sensata have been spent observing, listening, and learning, and I've traveled to our factories, spent time with our teams, and met many of you, our shareholders. I've watched how we manufacture and deliver our products, how we innovate and plan for future growth by winning new business opportunities, and have begun the process of taking a fresh look at our strategy. These efforts resulted in some key observations on which we're already taking action to drive progress on these pillars.

我在森薩塔工作的最初 100 天大部分時間都在觀察、傾聽和學習，我參觀了我們的工廠，與我們的團隊共度了時光，並會見了我們的許多股東。我觀察了我們如何製造和交付產品，如何透過贏得新的商業機會進行創新和規劃未來成長，並開始重新審視我們的策略。這些努力產生了一些關鍵的觀察結果，我們已經採取行動來推動這些支柱的進展。

And we start with improving our operational performance. Last quarter, I clearly defined what it means to be operationally excellent, but it's important and warrants repeating. Operational excellence is not just about cost productivity and margin percentage, it means delivering a high-quality product to our customers on time at the lowest possible cost while we efficiently manage production capacity and optimize inventory levels. It also requires us to be excellent across all areas of our organization.

我們首先要提高營運績效。上個季度，我清楚地定義了卓越營運的含義，但這很重要，值得重複。卓越營運不僅涉及成本生產力和利潤率，還意味著我們能夠以盡可能低的成本準時向客戶交付高品質的產品，同時高效地管理生產能力並優化庫存水準。這也要求我們在組織的各個領域都表現出色。

While manufacturing and production are at the forefront, we also strive to be best in class in our commercial, procurement, SG&A, engineering, and innovation teams. To ensure we are setting the right levels of ambition across the company, we are now continuously benchmarking Sensata internally and externally to remain the supplier of choice for our customers, affording us the opportunity to win new business and gain share.

雖然製造和生產處於領先地位，但我們也努力在商業、採購、銷售、一般及行政費用、工程和創新團隊中做到最好。為了確保我們在整個公司範圍內設定正確的目標，我們現在不斷地在內部和外部對 Sensata 進行基準測試，以保持其作為客戶首選供應商的地位，從而為我們贏得新業務和增加市場份額提供機會。

While Sensata is top quartile margins, the work we have done over my first 100 days has made clear that we have exciting opportunities to improve the pursuit of operational excellence. Over the last two decades, I've experienced what best-in-class lean manufacturing looks like, and I know that we have untapped potential to leverage our strong teams at Sensata. Let me dive a little deeper and give you some examples.

雖然森薩塔的利潤率位於前四分之一，但我們在我任職的頭 100 天所做的工作已經清楚地表明，我們有令人興奮的機會來改善對卓越營運的追求。在過去的二十年裡，我體驗了一流的精益製造是什麼樣的，我知道我們在森薩塔擁有尚未開發的潛力來利用我們強大的團隊。讓我深入一點並給你舉一些例子。

First, consistency in operations. As I traveled to our factories, it was apparent that each location does certain things differently at Sensata rather than following a standardized production system. This results in sites implementing different standards from line concepts to floor management, leading to the same components being produced at various varying cost levels. We want all our factories producing the same component at the lowest possible cost. To achieve this, we're implementing a standardized production system, much like the various derivatives of the Toyota production system adopted across the auto industry.

第一，行動的一致性。當我參觀我們的工廠時，很明顯森薩塔的每個工廠的做法都不同，而不是遵循標準化的生產系統。這導致各個工廠從生產線概念到車間管理實施不同的標準，從而導致生產相同組件的成本水平不同。我們希望所有工廠都以盡可能低的成本生產相同的零件。為了實現這一目標，我們正在實施標準化生產系統，類似於整個汽車產業採用的豐田生產系統的各種衍生產品。

Second, continued focused on inventory management. Our team made good progress in 2024, reducing absolute inventory dollar levels by nearly $100 million or 14%, but we see opportunity to improve working capital, optimizing our inventory further. To enable this, we have kicked off a new initiative focused on integrated supply chain planning to gain a more accurate planning of part level demand integrated through production and materials.

二是繼續抓好庫存管理。我們的團隊在 2024 年取得了良好的進展，將絕對庫存美元水準降低了近 1 億美元或 14%，但我們看到了改善營運資金、進一步優化庫存的機會。為了實現這一目標，我們啟動了一項以綜合供應鏈規劃為重點的新計劃，以便透過生產和材料整合獲得更準確的零件級需求規劃。

Third, a more strategic approach to procurement. Over the past few years, our procurement organization became more tactical in adjusting to a highly inflationary environment, including working diligently over the last year to recover much of the cost increases that have absorbed during the worst of those inflationary times. While this certainly positioned us better than we otherwise would have been, we have not invested sufficiently to develop our suppliers to drive the same or better levels of productivity improvement through the supply chain. Accordingly, we have reorganized our operations group to to allocate resources to supply development and improvement programs. These changes will increase our operating resiliency in 2025 and beyond. The savings we derive will enable us to embark on additional initiatives setting the foundation to continue to expand margins.

第三，採購方法更具策略性。在過去幾年中，我們的採購組織在適應高通膨環境方面變得更加有策略性，包括在過去一年中努力收回在通膨最嚴重時期吸收的大部分成本增加。雖然這無疑使我們處於比原本更好的位置，但我們還沒有投入足夠的資金來開發我們的供應商，以透過供應鏈推動相同或更好的生產力改進水平。因此，我們重組了營運團隊，以分配資源來供應開發和改進計劃。這些變化將提高我們在 2025 年及以後的營運彈性。我們所節省的資金將使我們能夠開展其他舉措，為繼續擴大利潤率奠定基礎。

Let me now turn to my second pillar, capital allocation. Our focus here is simple. To ensure that we are effectively allocating capital to maximize return for our shareholders. The Board and I take this responsibility to invest our shareholders' cash seriously. We are committed to meaningful improvement. And the first step is to increase free cash flow conversion.

現在讓我談談我的第二個支柱，資本配置。我們的重點很簡單。確保我們有效分配資本，從而為股東帶來最大回報。董事會和我都肩負起這項責任，認真投資股東的現金。我們致力於實現有意義的改進。第一步是增加自由現金流轉換。

We've made great strides in free cash flow conversion in the first quarter, and our conversion rate improved by 26% points year over year to 74%. Given the strong Q1 result, we used approximately $100 million of cash to repurchase 3.5 million shares. We are confident in our ability to improve free cash flow and expect to follow the disciplined approach we took last year by returning cash to our shareholders through share repurchases, reducing our net leverage, and maintaining our current level of dividend.

我們在第一季的自由現金流轉換方面取得了長足的進步，轉換率比去年同期提高了26個百分點，達到74%。鑑於第一季業績強勁，我們使用約 1 億美元現金回購了 350 萬股。我們對改善自由現金流的能力充滿信心，並希望遵循去年採取的嚴謹方法，透過股票回購向股東返還現金，降低淨槓桿率，並維持當前的股利水準。

Finally, let me speak to returning Sensata to revenue growth. Over the medium and long term, to be able to better understand our opportunity for growth, I've spent considerable time these last few months diving deep into our product innovation, our ability to attract and win new business, and our overall positioning within our markets. Product innovation is critical, and we are seeing exciting opportunities across our portfolio to innovate and drive value for our customers. We've spent considerable time over the last several quarters discussing our leak detection sensing capabilities in the HVAC space.

最後，讓我談談 Sensata 恢復收入成長的問題。從中期和長期來看，為了能夠更好地了解我們的成長機會，過去幾個月我花了大量時間深入研究我們的產品創新、吸引和贏得新業務的能力以及我們在市場中的整體定位。產品創新至關重要，我們在整個產品組合中看到了令人興奮的創新機會，可以為客戶創造價值。在過去的幾個季度中，我們花了大量時間討論我們在 HVAC 領域的洩漏檢測感測能力。

Our industrial business is a clear leader in this new market segment and remain enthusiastic that this will be a growth driver for Sensata over the next several years. The breadth and depth of our ICE and electrification technologies are core strengths for Sensata across our auto and HVR businesses. We are well positioned to be the supplier of choice across areas such as braking, emissions, and electrical protection, and we are winning business in all regions.

我們的工業業務在這一新市場領域處於明顯領先地位，我們堅信這將成為未來幾年森薩塔的成長動力。我們的 ICE 和電氣化技術的廣度和深度是 Sensata 在汽車和 HVR 業務中的核心優勢。我們有能力成為煞車、排放和電氣保護等領域的首選供應商，並且在所有地區都贏得了業務。

As an example, in the first quarter, we booked a significant win in Japan with Mazda for exhaust and fuel sensors. This follows important wins in 2024 with Toyota and other Japanese OEMs as we continue to make significant strides in this market. In China, we successfully secured several contractor and TPMS business awards with market leading local EV OEMs as well as significant wins through leading local tiers serving the global market. These wins demonstrate our capability to compete and win around the world. As we look out to 2026 and 2027, we're excited about further growth opportunities from our portfolio of high-quality products.

例如，第一季度，我們在日本與馬自達在排氣和燃油感測器方面取得了重大勝利。這是我們繼 2024 年與豐田和其他日本原始設備製造商合作取得重要勝利之後，繼續在該市場取得重大進展。在中國，我們成功獲得了市場領先的本地電動車原始設備製造商的多項承包商和 TPMS 業務獎項，並透過服務全球市場的領先本地層級企業取得了重大勝利。這些勝利證明了我們在全球競爭並取得勝利的能力。展望 2026 年和 2027 年，我們對高品質產品組合帶來的進一步成長機會感到興奮。

Now I'll take a moment to discuss how we manage tariffs. Let's turn to slide 4. The direct and indirect effects from tariffs are the primary issue impacting us, our customers, and our end markets today. Over the last decade, we have positioned ourselves well by proactively focusing on a region-for-region strategy to align our supply chains and production with our customers. North America represents approximately 40% of our global revenue, of which we serve roughly 70% from production in Mexico.

現在我想花點時間討論一下我們如何管理關稅。讓我們翻到第 4 張投影片。關稅的直接和間接影響是當今影響我們、我們的客戶和終端市場的主要問題。在過去的十年中，我們積極主動地關注區域策略，使我們的供應鏈和生產與客戶保持一致，從而為自己做好了良好的定位。北美約占我們全球收入的 40%，其中約 70% 來自墨西哥的生產。

Since early March, when the 25% tariff on non-USMCA qualified components from Mexico took effect. We have been working diligently with our customers to minimize the impact of tariffs to their business and ours. For example, in early March, less than 50% of our products manufactured in Mexico were USMCA qualified. Our team has worked tirelessly to improve this, and today, 80% of our revenue sourced from Mexico is now USMCA qualified.

自3月初對來自墨西哥的非USMCA合格零件徵收25%的關稅生效以來。我們一直在與客戶密切合作，盡量減少關稅對他們和我們業務的影響。例如，3月初，我們在墨西哥生產的產品中，只有不到50%符合USMCA標準。我們的團隊不懈地努力改善這一點，如今，我們 80% 來自墨西哥的收入都符合 USMCA 資格。

We're working with customers to leverage our global footprint to deliver tariff mitigation solutions such as changes to logistics, production, and sourcing. When we must incur tariff costs to supply our customers, our position is clear. Our customers must absorb these incremental costs. To effectuate this outcome, there have been an ongoing dialogue with our customers to secure their agreement to reimburse tariff costs. As today, we have mitigated more than 95% of our gross tariff exposure in our auto and HVR business through a combination of tariff exemptions, customer agreements to reimburse tariff costs, and various other actions.

我們正在與客戶合作，利用我們的全球影響力來提供關稅減免解決方案，例如改變物流、生產和採購。當我們必須承擔關稅成本來向客戶供貨時，我們的立場是明確的。我們的客戶必須承擔這些增加成本。為了實現這一結果，我們一直與客戶進行對話，以確保他們同意償還關稅成本。截至今天，我們透過關稅減免、客戶協議補償關稅成本以及其他各種措施，已經降低了汽車和 HVR 業務中超過 95% 的總關稅風險。

Finally, let me take a moment to discuss the ransomware incident at Sensata in early April. The incident temporarily impacted our operations to varying degrees over roughly two-week period. Thanks to the exceptional work of our operations, customer service, and IT teams as well as a team of third-party cybersecurity professionals, we're happy to report that we are back to normal business operations.

最後，我想花點時間討論一下 4 月初 Sensata 發生的勒索軟體事件。該事件在約兩週的時間內對我們的營運產生了不同程度的暫時影響。感謝我們的營運、客戶服務和 IT 團隊以及第三方網路安全專業團隊的出色工作，我們很高興地報告我們已恢復正常業務運作。

And let me turn the call over to Brian to provide greater detail on Q1 and our thoughts around the second quarter and full year.

讓我將電話轉給布萊恩，讓他更詳細地介紹第一季的情況以及我們對第二季和全年的想法。

Thank you, Stephan. Good afternoon, everyone. For clarity, unless noted, all amounts are denominated in US dollars. Let me start on slide 6.

謝謝你，史蒂芬。大家下午好。為了清楚起見，除非另有說明，所有金額均以美元計價。我從第 6 張投影片開始。

As Stephan noted, we delivered a strong first quarter, despite the macro uncertainty in our end markets, with revenue, adjusted operating income, and adjusted earnings per share all ahead of expectations. We reported revenue of $911 million for the first quarter of 2025 compared to revenue of $1.007 billion in Q1 of 2024. Adjusting for the actions we shared last year to divest $200 million in annualized revenue related to various low-margin, low-growth products, and the Q3 2024 sale of INSIGHTS, revenue was approximately flat year over year and up sequentially 1%. Past revenue related to tariffs recorded in Q1 was negligible at approximately $2 million.

正如史蒂芬所指出的，儘管我們的終端市場存在宏觀不確定性，但我們第一季的業績仍然強勁，收入、調整後的營業收入和調整後的每股收益均超出預期。我們報告稱，2025 年第一季的營收為 9.11 億美元，而 2024 年第一季的營收為 10.07 億美元。經過我們去年採取的行動，剝離了與各種低利潤、低成長產品相關的 2 億美元年化收入，以及 2024 年第三季出售 INSIGHTS，收入同比基本持平，環比增長 1%。第一季記錄的與關稅相關的過去收入微不足道，約 200 萬美元。

Adjusted operating income was $167 million, representing a margin of 18.3%, consistent with our expectations. While this denotes a year-over-year decrease of about 40 basis points, it is, as expected, given a return to a more normalized seasonality pattern of margins related to the timing of pricing and productivity. Excluding approximately $2 million of net cost impacts from tariffs, our adjusted operating margin for Q1 would have been 18.6% above our guidance range. Stephan has made quite clear that our expectation is to pass through tariff costs to our customers. However, there may be some minimal quarterly impact due to the timing gap between tariff payment and cost recovery.

調整後的營業收入為 1.67 億美元，利潤率為 18.3%，符合我們的預期。雖然這意味著同比下降了約 40 個基點，但正如預期的那樣，由於與定價和生產力時機相關的利潤率回歸到更正常的季節性模式。不包括關稅造成的約 200 萬美元淨成本影響，我們第一季的調整後營業利潤率將比我們的指導範圍高出 18.6%。史蒂芬已經明確表示，我們的期望是將關稅成本轉嫁給我們的客戶。然而，由於關稅支付和成本回收之間的時間差距，可能產生一些微小的季度影響。

Adjusted earnings per share in the first quarter of 2025 was $0.78 compared to adjusted earnings per share of $0.89 in Q1 2024. The Q1 2025 result exceeded the midpoint of our guidance by $0.07 or about 10%. This result was due to a combination of our strong operational performance, lower-than-expected taxes incurred, and the repurchase of approximately 3.5 million shares during the first quarter, reducing our overall shares outstanding.

2025 年第一季調整後每股收益為 0.78 美元，而 2024 年第一季調整後每股收益為 0.89 美元。2025 年第一季的業績超出了我們預期的中點 0.07 美元，約 10%。這一結果得益於我們強勁的營運業績、低於預期的稅收以及第一季回購約 350 萬股，從而減少了我們的整體流通股。

Now let's turn to slide 7 to discuss segments. Sensing solutions, which is comprised primarily of our industrial and aerospace businesses, delivered $261 million of revenue in the first quarter of 2025, up 3% year over year after adjusting for the various divested products. Stability across industrials and aerospace, combined with our growing A2L gas leak detection sensing products contributed to the positive Q1 result. This is the first period where we have seen year-over-year growth in sensing solutions since the second quarter of 2023. While we remain cautious in our outlook given the uncertain macro environment, we are encouraged by this progress. Sensing solutions' operating margins was 29.2% in the quarter as compared to 28% in Q1 2024 as a result of operating efficiencies and improvements to the product portfolio.

現在讓我們翻到投影片 7 來討論片段。感測解決方案主要由我們的工業和航空航太業務組成，在 2025 年第一季度實現了 2.61 億美元的收入，在調整了各種剝離產品後同比增長 3%。工業和航空航太領域的穩定性，加上我們不斷增長的 A2L 氣體洩漏檢測感測產品，促成了第一季的積極業績。這是自 2023 年第二季以來，我們首次看到感測​​解決方案較去年同期成長。儘管由於宏觀環境的不確定性，我們對前景仍持謹慎態度，但這項進展令我們感到鼓舞。由於營運效率的提高和產品組合的改進，感測解決方案本季的營業利潤率為 29.2%，而 2024 年第一季為 28%。

Performance sensing, which includes our automotive and heavy vehicle off-road businesses, reported revenue of $650 million in the first quarter of 2025, a decrease of about 9% year over year or about 8% after adjustment for divested products. We slightly undergrew the market in Q1 in auto given our previously discussed mixed issues in China as well as volatility in European OEM production schedules driven by shifts in the regulatory outlook. This was partially offset by increased North American production ahead of tariffs for parts that were USMCA qualified. We continue to expect that outgrowth will normalize in the second half of 2025 as we lap the China year-over-year comparisons and see improved regulatory clarity in Europe.

性能感測（包括我們的汽車和重型車輛非公路業務）報告稱，2025 年第一季的收入為 6.5 億美元，年減約 9%，調整剝離產品後下降約 8%。鑑於我們之前討論過的中國市場的複雜問題以及監管前景變化導致的歐洲原始設備製造商生產計劃的波動，我們在第一季的汽車市場增長略低於市場。這一增長部分被符合 USMCA 標準的零件關稅上調前北美產量的增加所抵消。隨著中國經濟年增速加快，且歐洲監管透明度有所提高，我們預計 2025 年下半年經濟成長將恢復正常。

HVOR orders slowed more than initially anticipated in Q1, corresponding to the weaker market outlook for this segment as tariffs and regulatory shifts impact customer demand. Performance sensing adjusted operating margin was 22% in Q1 as compared to 23.7% in Q1 2024, as we return to normal seasonality and timing of pricedowns offset by productivity gains. Corporate and other has been recast to exclude certain costs previously referred to as megatrend spend which are now presented within the two reporting segments. Adjusted corporate operating expenses were $52 million in the first quarter of 2025, a decrease of approximately 10% or $6 million versus the first quarter of 2024, reflecting efficiencies gained because of the restructuring efforts taken in the second half of last year.

第一季 HVOR 訂單放緩幅度超過最初預期，這對應於該領域的市場前景較弱，因為關稅和監管變化影響了客戶需求。由於我們恢復了正常的季節性和降價時機，並被生產力的提高所抵消，因此第一季的績效感知調整後營業利潤率為 22%，而 2024 年第一季為 23.7%。公司及其他部分已進行重組，以排除先前稱為大趨勢支出的某些成本，這些成本現在在兩個報告分部中呈現。2025 年第一季調整後企業營運費用為 5,200 萬美元，較 2024 年第一季減少約 10% 或 600 萬美元，這反映了去年下半年重組工作帶來的效率提升。

Turning to slide 8. Stephan noted we remain laser focused on improving our free cash flow conversion, and I'm pleased that we continued our momentum in the first quarter. Free cash flow conversion improved 26 percentage points year over year to 74% in the first quarter as compared to 48% in Q1 2024. Free cash flow is $87 million, up 35% from $64 million in the same quarter last year. This strong Q1 result sets the foundation for Sensata to further improve free cash flow conversion in 2025 as compared to 2024.

翻到幻燈片 8。史蒂芬指出，我們仍然專注於改善我們的自由現金流轉換，我很高興我們在第一季繼續保持這一勢頭。第一季自由現金流轉換率年增 26 個百分點至 74%，而 2024 年第一季為 48%。自由現金流為 8,700 萬美元，較去年同期的 6,400 萬美元成長 35%。這一強勁的第一季業績為森薩塔在 2025 年（相較於 2024 年）進一步提高自由現金流轉換奠定了基礎。

Net leverage in the first quarter was just above 3 times. This was as planned due to a lower trailing 12-month EBITDA denominator caused by the sale of INSIGHTS and the divested products. We were proactive around share repurchases in the first quarter, buying approximately 3.5 million shares for approximately $100 million of cash. In addition, we returned $18 million to shareholders in the first quarter through our quarterly dividend and have approved our second-quarter dividend at the same $0.12 per share rate payable on May 28th to shareholders of record as of May 14th.

第一季淨槓桿率略高於3倍。這是按計劃進行的，因為 INSIGHTS 的出售和剝離產品導致過去 12 個月的 EBITDA 分母較低。我們在第一季積極回購股票，以約 1 億美元現金購買了約 350 萬股股票。此外，我們在第一季透過季度股息向股東返還了 1800 萬美元，並已批准以相同的每股 0.12 美元的利率向 5 月 28 日登記在冊的股東派發第二季度股息。

These capital deployment actions yielded an improvement in our return on invested capital of a half point as ROIC increased to 10.2% for the 12 months ended March 31, 2025 as compared to 9.7% for the 12-month period ended March 31, 2024. Building upon Stephan's earlier comments, I'd now like to provide a brief overview of our current tariff exposure. Our tariff considerations primarily fall into three main categories: exposures related to products produced in Mexico, exposures related to the escalated tariff rates between the US and China, and exposure related to the potential for increased costs for reciprocal tariffs. Currently, we are not exposed to tariffs specific to auto parts as our products are not in scope.

這些資本配置行動使我們的投資資本回報率提高了半個百分點，因為截至 2025 年 3 月 31 日的 12 個月的 ROIC 增加到 10.2%，而截至 2024 年 3 月 31 日的 12 個月為 9.7%。基於史蒂芬之前的評論，我現在想簡要概述一下我們目前的關稅風險。我們的關稅考量主要分為三類：與墨西哥生產的產品相關的風險、與美國和中國之間關稅稅率升級相關的風險、以及與互惠關稅成本增加的可能性相關的風險。目前，我們不受針對汽車零件的關稅影響，因為我們的產品不在範圍內。

Now let me take a moment to talk about each of these exposure categories. First, Mexico. As we've discussed, approximately 70% of our North American production is imported from Mexico to the US. Currently, approximately 80% of that Mexico source revenue qualifies under USMCA and is not subject to tariffs. For other parts, we are working with our customers to help mitigate the cost by identifying alternative means of delivery, leveraging our global footprint, or pursuing alternative sourcing of materials. If no other options are available, we have been clear that our customers must absorb this cost.

現在讓我花點時間來談談每個曝光類別。首先是墨西哥。正如我們所討論的，我們在北美生產的約 70% 的產品是從墨西哥進口到美國的。目前，墨西哥約 80% 的收入符合 USMCA 的規定，無需繳納關稅。對於其他部件，我們正在與客戶合作，透過尋找替代交付方式、利用我們的全球影響力或尋求替代材料來源來幫助降低成本。如果沒有其他選擇，我們已經明確表示，我們的客戶必須承擔這筆費用。

The escalation in rates between China and the US has two main impacts on Sensata, as between 5% and 10% of our core industrial revenue or 1% to 2% of total Sensata revenue is subject to these tariffs. In many cases, starting in the second quarter, distributors are putting some orders on hold awaiting potential reduction in the current rates, which range up to 145%. We are hopeful that in the coming months, China and the US will reach an updated trade agreement, reducing these rates and allowing us to ship these products. In advance, we have produced the required inventory such that if an agreement is reached, we will quickly be able to fulfill customer demand.

中美兩國之間的關稅升級對森薩塔產生了兩個主要影響，因為我們核心工業收入的 5% 至 10% 或森薩塔總收入的 1% 至 2% 受到這些關稅的影響。在許多情況下，從第二季開始，經銷商會暫停一些訂單，等待當前費率的潛在降低，最高可達 145%。我們希望在未來幾個月內，中國和美國能夠達成最新的貿易協議，降低這些關稅並允許我們運輸這些產品。我們已經提前生產了所需的庫存，以便一旦達成協議，我們就能迅速滿足客戶的需求。

The second exposure is related to certain raw materials that we source from the US into China for products produced in China. For these raw materials, we are working on alternative sourcing and delivery options to mitigate this risk.

第二個風險與我們從美國採購到中國用於在中國生產產品的某些原料有關。對於這些原料，我們正在研究替代的採購和交付方案以降低這種風險。

Finally, regarding the reciprocal tariffs, we will continue to monitor this closely over the next few months, as elevated future tariffs in markets where we operate may restrict our ability to leverage our global footprint as efficiently as possible. Currently, reciprocal tariffs do not have a material impact on our business. Given the various executive orders in effect as of today, we anticipate incurring approximately $20 million of tariff costs in the second quarter. We expect to be able to offset this cost through incremental billings to customers and pricing actions to distributors. The end result should effectively be a net $0 impact to adjusted operating income.

最後，關於互惠關稅，我們將在未來幾個月繼續密切關注，因為我們經營所在市場未來關稅的提高可能會限制我們盡可能有效地利用全球影響力的能力。目前，互惠關稅對我們的業務沒有重大影響。鑑於截至今天生效的各項行政命令，我們預計第二季將產生約 2,000 萬美元的關稅成本。我們希望能夠透過向客戶增加帳單以及向分銷商採取定價行動來抵消這一成本。最終結果實際上應該是對調整後的營業收入產生 0 美元的淨影響。

Turning to slide 9, we note that third-party auto production estimates were revised downward significantly in April by 1.6 million units over the remainder of 2025, with most of the decline attributable to North America. For the second quarter, the global expectation is down 2%, with higher degrees of volatility by region, including Europe and North America, down 6% and 10% respectively, while China remains strong.

轉到幻燈片 9，我們注意到，4 月份第三方汽車產量預估大幅下調，預計 2025 年剩餘時間內汽車產量將減少 160 萬輛，其中大部分下降歸因於北美。對於第二季度，全球預期下降2%，各地區波動程度較大，其中歐洲和北美分別下降6%和10%，而中國仍保持強勁。

As we build our guidance expectation for Q2 and our thoughts for the second half of the year, we are aligning with these updated third-party estimates. We've also considered the incremental risk in industrial related to the China and US tariffs. In summary, the team is doing an outstanding job to mitigate tariff risk wherever possible and ensure that any tariffs incurred will be offset by increased pricing or passed through billings.

在我們制定第二季度的指導預期和下半年的想法時，我們正在與這些更新的第三方估計保持一致。我們也考慮了與中國和美國關稅相關的工業增量風險。總而言之，該團隊正在出色地完成工作，盡可能地降低關稅風險，並確保產生的任何關稅都將透過提高價格或轉嫁帳單來抵消。

Let me now turn to slide 10 to discuss our guidance for the second quarter of 2025 and provide some additional thinking for the second half of the year. We currently expect revenue of $910 million to $940 million for the second quarter. This includes an expectation of approximately $20 million in tariff passed through revenue. Adjusted operating income for the second quarter is expected in the range of $169 million to $177 million and is not expected to be impacted by tariffs, as any expense incurred would be offset by the pass-through tariff revenue. However, zero margin passed through revenue will have a dilutive effect on adjusted operating margin index of about 40 basis points.

現在，讓我翻到第 10 張投影片來討論我們對 2025 年第二季的指導，並為下半年提供一些額外的思考。我們目前預計第二季的營收為 9.1 億美元至 9.4 億美元。其中包括預計約 2000 萬美元的關稅轉嫁收入。第二季調整後的營業收入將在 1.69 億美元至 1.77 億美元之間，預計不會受到關稅的影響，因為所產生的任何費用都將被轉嫁關稅收入所抵消。然而，零利潤率轉嫁收入將對調整後的營業利潤率指數產生約 40 個基點的稀釋作用。

Including approximately $20 million in tariff revenue, we expect an adjusted operating margin index range of 18.6% to 18.8%. Again, for clarity, if we exclude approximately $20 million of anticipated pass-through tariff revenue in the second quarter, we would expect revenue of $890 million to $920 million, adjusted operating income unchanged at $169 million to $177 million, and an adjusted operating margin index range of 19% to 19.2%. For the second half of 2025, we are preparing for the more significant cuts in automotive production currently forecasted by third-party sources, which are highly concentrated in North America. This will likely impact revenue by about $20 million to $30 million per quarter in each of Q3 and Q4.

包括約 2000 萬美元的關稅收入，我們預計調整後的營業利潤率指數範圍為 18.6% 至 18.8%。再次，為了清楚起見，如果我們排除第二季度預計的約 2000 萬美元的轉嫁關稅收入，我們預計收入為 8.9 億美元至 9.2 億美元，調整後的營業收入保持不變，為 1.69 億美元至 1.77 億美元，調整後的營業利潤率指數範圍為 19% 至 19.2%。對於 2025 年下半年，我們正在為第三方消息來源預測的汽車產量更大幅度的削減做準備，這些產量高度集中在北美。這可能會導致第三季和第四季每季的收入分別減少約 2,000 萬至 3,000 萬美元。

At this level of revenue decrease, we remain confident in our ability to expand our pre-tariff adjusted operating income margins by approximately 20 basis points per quarter over the course of the second half of the year. Like all of you, we are watching the macro environment closely for further regulatory and economic changes, and we'll continue to update our expectations accordingly.

在這種收入下降的情況下，我們仍然有信心在下半年將關稅調整前的營業收入利潤率每季提高約 20 個基點。與大家一樣，我們也密切關注宏觀環境，了解進一步的監管和經濟變化，並將繼續相應地更新我們的預期。

With that, I'd like to turn the call back to Stephan for closing remarks.

最後，我想請史蒂芬做最後發言。

Thank you, Brian. Before we move to Q&A, I'd like to leave you with some closing thoughts. What I outlined today is a glimpse into the significant transformation underway at Sensata. While we are still in the early days, I can state with confidence that after my first 100 days in the role, I'm even more optimistic than I was on day one. The foundation of the business is solid with much to build upon. We're developing a high performance organization and creating a culture of continuous improvement, and we are taking a benchmark-driven approach towards setting ambitious goals across all regions, functions, and product families. I'm confident that the work we are doing here is creating a level of resiliency in our business that will continue to deliver meaningful results in the short term and in the future.

謝謝你，布萊恩。在我們進入問答環節之前，我想先跟大家講一些結束語。我今天概述的是森薩塔正在進行的重大轉型。雖然我們仍處於早期階段，但我可以自信地說，在擔任該職位的頭 100 天之後，我比第一天更加樂觀。業務基礎牢固，還有很大的發展空間。我們正在建立一個高績效組織並創造持續改進的文化，我們正在採取基準驅動的方法，為所有地區、職能部門和產品系列設定雄心勃勃的目標。我相信，我們在這裡所做的工作正在為我們的業務創造一定程度的彈性，並將在短期和未來繼續帶來有意義的成果。

Finally, with regard to tariffs, thanks to the extraordinary work of our Sensata team and the collaborative approach from our customers and suppliers, we have now mitigated substantially all of our current tariff exposure.

最後，關於關稅，由於我們的 Sensata 團隊的出色工作以及我們的客戶和供應商的協作方式，我們現在基本上已經減輕了當前的所有關稅風險。

With that, I'll turn the call back to James. Thank you.

說完這些，我就把電話轉回給詹姆斯。謝謝。

Thank you, Stephan and Brian. We will now move to Q&A. Jason, please introduce the first question.

謝謝你，史蒂芬和布萊恩。我們現在進入問答環節。Jason，請介紹第一個問題。

(Operator Instructions) Wamsi Mohan, Bank of America.

（操作員指示）美國銀行的 Wamsi Mohan。

Yes, thank you so much, and thanks for all the color around around tariffs. It's super helpful. I was wondering if you could help us think through your comment, Brian, on the second half impact of $20 million to $30 million per quarter in Q3 and Q4. How much of that is related to straight production cuts versus potentially outgrowth trends? And maybe you can just help us think through those moving pieces as you as you think about the total revenue impact in the second half.

是的，非常感謝您，也感謝您對關稅的所有評論。這非常有幫助。布萊恩，我想知道您是否可以幫助我們思考您的評論，即第三季和第四季每季 2000 萬至 3000 萬美元的下半年影響。其中有多少與直接減產有關，有多少與潛在的成長趨勢有關？也許您可以幫助我們仔細考慮這些變化因素，同時考慮下半年的總收入影響。

We're basically making it 100% really on straight production cuts. So if you look at North America, which is forecast to be down somewhere between 500,000 and 600,000 units per quarter in Q3 and Q4, that's the real driver of the change as we look through the production expectations into the second half. We thought it prudent to be able to make sure that we were adjusting for it now.

我們基本上是 100% 直接削減產量。因此，如果你看一下北美，預計第三季和第四季產量將下降 50 萬至 60 萬輛，當我們查看下半年的生產預期時，這就是變化的真正驅動因素。我們認為現在應該謹慎地確保能夠做出調整。

And if I could quickly follow up, the sensing solutions growth that you saw, would you say any of that is attributed to any pull forward impact and demand that certain markets have seen because of tariff reasons?

如果我可以快速跟進，您所看到的感測解決方案的增長，您是否認為其中有任何一部分歸因於由於關稅原因而導致某些市場出現的拉動影響和需求？

Yeah, I'll start, and then, Stephan, if you want to jump in. From my perspective, no, we hadn't really seen much in tariff impact in industrials especially in the first quarter. As we talked about last quarter when the when the tariff rates in China were roughly about 20%, it just wasn't material to the business. Obviously, there has been escalations of that since, which happened late in the quarter into early Q2, so really didn't see anything that happened from a pull-in perspective there.

是的，我先開始，然後，史蒂芬，如果你想加入的話。從我的角度來看，我們並沒有真正看到關稅對工業產生太大的影響，尤其是在第一季。正如我們上個季度所討論的，當時中國的關稅稅率約為 20%，這對業務來說並不重要。顯然，自那以後，這種情況一直在升級，這種情況發生在本季末到第二季初，所以從拉動的角度來看，真的沒有看到任何變化。

If anything, as those rates have escalated, we have seen some things be put on hold here in Q2. And hopefully, again, if we can find a more reasonable compromise between the two countries, then we're certainly prepared to ship as soon as customers give the okay to release those orders.

如果有什麼不同的話，那就是隨著這些利率的上升，我們看到第二季的一些事情被擱置了。並且再次希望，如果我們能夠在兩國之間找到更合理的妥協，那麼只要客戶同意發布這些訂單，我們當然會準備好立即發貨。

And I think what I could add, Wamsi, we're making good progress on our gas sensing leak detection. And we've launched our A2L product range. And what you're seeing is the first level of growth impact. And that's basically one of the impacts of this growth within the industrial sector.

我想補充的是，Wamsi，我們的氣體感測洩漏檢測正在取得良好進展。我們已經推出了 A2L 產品系列。您所看到的是第一層次的成長影響。這基本上是工業領域成長的影響之一。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, thank you very much for taking my questions. And thank you for all the details on your key priorities, Stephan, and also the tariff exposure.

是的，非常感謝您回答我的問題。感謝您提供有關您的主要優先事項以及關稅風險的所有詳細信息，斯蒂芬。

Stephan, you mentioned in your prepared remarks progress in Asia with some Chinese local EV OEMs and also with some Japanese auto OEMs, and those are two customer sets that have historically been smaller for Sensata. Can you help us better understand the size and scope of the wins thus far? Would you consider the bookings, so far, as still small but a good start to build on, or do you think the awards you already have will ramp to a meaningful level of revenue for the total company?

史蒂芬，您在準備好的發言中提到，森薩塔在亞洲與一些中國本土電動車原始設備製造商以及一些日本汽車原始設備製造商的合作取得了進展，而這兩個客戶群體對於森薩塔來說歷來規模較小。您能否幫助我們更了解迄今為止勝利的規模和範圍？您是否認為，到目前為止，訂單量仍然很小，但卻是一個良好的開端，或者您是否認為您已經獲得的獎項將為整個公司帶來有意義的收入水平？

So I'll explain it like this, Mark, and first of all, thanks for your question. We've made good progress in China. The team has been very active in Southeast Asia, specifically in Japan. And those are the wins that I've mentioned around Mazda and with Toyota that we've won last year. I think it's important to say that we've also made good progress especially in the EV sector in China, and it's pretty broad.

所以我會這樣解釋，馬克，首先，謝謝你的提問。我們在中國取得了良好的進展。該團隊在東南亞，特別是日本非常活躍。這些就是我提到的我們去年與馬自達和豐田合作所取得的勝利。我認為值得一提的是，我們也取得了良好的進展，特別是在中國的電動車領域，而且範圍相當廣泛。

So the team has not only won business with international OEMs, being successful in China, but specifically also with Chinese OEMs. So we've had wins with local OEMs and in all different product areas.

因此，該團隊不僅贏得了國際 OEM 廠商的業務，在中國取得了成功，而且還特別贏得了中國 OEM 廠商的業務。因此，我們在與當地 OEM 的合作以及各個不同的產品領域都取得了成功。

Okay, and just, I mean, as you think about what you've actually booked so far, I mean, are they still relatively small in terms of the revenue they'll represent over the next few years as they ramp up, or are these already pretty large?

好的，我的意思是，當您考慮迄今為止您實際預訂的內容時，我的意思是，就未來幾年它們所代表的收入而言，它們是否仍然相對較小，還是已經相當大了？

No, these are, I would say, small- to medium-sized, so it's still pretty small overall but growing step by step. So we've made some good improvements but medium to small wins.

不，我想說，這些都是中小型的，所以整體來說還是很小，但正在逐步成長。因此，我們取得了一些不錯的進步，但勝利只是中等到小的。

My other question was around EBIT margins. The company had been anticipating EBIT margins for the year in the low 19% range. You're off to a good start based on what you spoke to for your expectations in the first half. But Brian, I believe you talked about some margin expansion in 2H even on lower revenue, but could you speak a little bit more on your updated margin expectations for the year, in particular as you think through any effects from tariffs and some of those revenue trends that you spoke to?

我的另一個問題是關於息稅前利潤率。該公司原本預計今年的息稅前利潤率將在 19% 左右。根據你對上半場的期望，你已經有了一個好的開始。但是布萊恩，我相信您談到了即使在收入較低的情況下下半年利潤率也會有所擴大，但您能否再多談談您對今年利潤率的最新預期，特別是考慮到關稅的影響以及您提到的一些收入趨勢？

Yeah, absolutely. So again, I mean, we're obviously going off the information we have currently, right? So I want to make sure that we're all clear that we're using April IHS effectively or S&P Global mobility for effectively some of the production data. And as we know, that may be volatile, so we'll obviously have to continue to update for that. But as we sit today, we felt very good about our Q1 result, again excluding -- yeah, we wound up with a couple million dollars of net impact on tariffs in the first quarter.

是的，絕對是如此。所以，我的意思是，我們顯然是根據我們目前掌握的資訊來判斷的，對嗎？因此，我想確保我們都清楚，我們正在有效地使用 4 月的 IHS 或標準普爾全球流動性來有效地獲取一些生產數據。我們知道，這可能會不穩定，所以我們顯然必須繼續更新。但今天，我們對第一季的業績感到非常滿意，再次排除——是的，我們在第一季的關稅淨影響為數百萬美元。

A lot of that, quite candidly, with things that were in transit when tariffs were first announced, and we couldn't turn things around or so in time. That's really kind of a one-time effect. If you excluded that out, we would have been 18.6% in Q1, which would have been a very strong result.

坦白說，其中許多都是在關稅首次宣佈時正在運輸的貨物，我們無法及時扭轉局面。這確實是一種一次性的效果。如果排除這一點，我們第一季的成長率將達到 18.6%，這將是一個非常強勁的結果。

As we're looking, again, excluding tariffs here as we talk about going forward, Q2, we certainly still expect to be back into the 19%-plus range, and then we're stair stepping very similar to how we did last year in Q3 and Q4. So I think if you blend that all together, what we said last quarter still holds true that we think we're at or above where we were for 2024. So we're encouraged by that.

當我們再次展望未來時，不包括關稅，我們在第二季度仍然預計會回到 19% 以上的範圍，然後我們的步伐將與去年第三季和第四季非常相似。因此，我認為，如果將所有這些因素綜合起來，我們上個季度所說的仍然成立，即我們認為我們已達到或超過了 2024 年的水平。所以我們對此感到鼓舞。

Certainly, a lot of the initiatives that Stephan's talking around around about to be able to become more operationally excellent, those initiatives are going to help us. Certainly, they can help us a little bit here in the back half of '25, but then they'll also start to set the table for us in '26. So we're certainly excited about that progress and what it's going to be able to do for us to hopefully continue this margin expansion kind of run, if you will, going forward.

當然，史蒂芬談論的許多措施都是為了讓我們的營運更加卓越，這些措施將會對我們有所幫助。當然，他們可以在 25 年下半年給我們一些幫助，但他們也會在 26 年開始為我們做好準備。因此，我們對這項進展感到非常興奮，並希望它能為我們帶來什麼，讓我們能夠繼續保持這種利潤率擴張的勢頭。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Brian, not to pin you down too much, but is the $20 million to $30 million of like the incremental production costs, like is that being offset elsewhere like industrial starting to grow again? Obviously, you get the tariff revenue, but like just trying to square like that.

布萊恩，我不想給你太多的限制，但是這 2000 萬到 3000 萬美元的增量生產成本是否會被其他地方所抵消，比如工業是否開始再次增長？顯然，你獲得了關稅收入，但就像試圖這樣平衡一樣。

We're not saying that revenue is down $20 million to $30 million. It's just there is an impact that needs to be filled. Is that how we should think about it?

我們並不是說收入下降了 2000 萬到 3000 萬美元。只是存在需要填補的影響。我們該這樣思考嗎？

Yeah, I mean, again, from where we were three months ago when we started to talk about color for the full year, we've seen 1.6 million auto units effectively come out with the great majority of those being in North America and then another slug in Europe, right? And so when you look at that, that's just that many less light vehicles that are going to get produced that has an impact on the business. So we've quantified that, looking at roughly, again, North America being down 5000,000 to 600,000 units per quarter for Q3 and Q4, and roughly, that's $25 million plus or minus of revenue impact to us.

是的，我的意思是，從三個月前我們開始談論全年業績時的情況來看，我們已經看到全年汽車銷量實際上有 160 萬輛，其中絕大多數來自北美，然後是歐洲，對嗎？因此，當你看到這一點時，你會發現生產的輕型車輛數量減少了，這對業務產生了影響。因此，我們進行了量化，粗略地看一下，北美在第三季和第四季每季將下降 500 萬到 60 萬台，這對我們的收入影響約為 2500 萬美元左右。

I think the rest of the business, obviously there can be risk that comes with the tariff exposures of just around production levels. But overall, I think especially on the sense exclusion side, we feel very good about the progress and momentum we've made. So again, we may see some distributor orders put on hold here in Q2 due to the tariff uncertainty, but we're working our way through that and the underlying foundation seems very solid.

我認為其餘業務顯然存在生產水準左右的關稅風險。但總的來說，我認為特別是在感覺排除方面，我們對所取得的進展和動力感到非常滿意。因此，由於關稅的不確定性，我們可能會看到第二季度一些分銷商的訂單被擱置，但我們正在努力解決這個問題，而且基礎似乎非常穩固。

And then on the ability to feel that good about margins despite that headwind in the US on profitable business, what are like the main buckets that's helping you and giving you that visibility? Is it like head count and issues that have already happened, where are you pulling those levers?

儘管美國獲利業務面臨阻力，但您仍然對利潤率感到滿意，那麼，哪些主要因素對您有所幫助並為您提供這種可見性？這是否類似於人數統計和已經發生的問題，您正在採取哪些措施？

Yeah, I mean, we're -- I mean, I would say this is all really coming right now from operational productivity, right? So I mean, as we built our plan for '25 of where we were going to see growth, how we're going to continue to kind of work our way through the productivity, mass, if you will, to offset pricing and other things, the teams have done a really good job of minimizing pricing impacts where possible, being able to continue to drive procurement, continue to drive just overall efficiency. We're getting some of the benefits now from some of the restructuring charges that we took in the back half of '24. All of those things are leading to, I think, giving us more confidence in our margin plan moving forward.

是的，我的意思是，我們——我的意思是，我想說這一切實際上都來自於營運生產力，對吧？所以我的意思是，當我們制定 25 年的成長計劃時，我們將如何繼續努力提高生產力、質量，以抵消價格和其他因素，團隊已經做得非常好，盡可能地將價格影響降到最低，能夠繼續推動採購，繼續提高整體效率。我們現在從 2024 年下半年進行的一些重組費用中獲得了一些收益。我認為，所有這些都讓我們對未來的利潤計劃更有信心。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Brian, I guess just going back to your comments on the back half. I mean, I understand what those third-party providers did. I would argue increasingly that's looking pretty conservative based on some other commentary we've gotten from companies. So I mean, if that doesn't happen, I'm just doing some quick math, but like it would suggest that maybe that quarter per margin finish could be 5 to 10 basis points better than you indicated. Is that about right?

布萊恩，我想回到你對後半部分的評論。我的意思是，我了解那些第三方提供者所做的事情。根據我們從其他公司得到的評論，我越來越認為這種說法看起來相當保守。所以我的意思是，如果這種情況沒有發生，我只是做了一些快速的計算，但它表明也許每個季度的利潤率可能會比你所說的好 5 到 10 個基點。是這樣嗎？

I just want to sort of calibrate for potential upside if sort of that case doesn't play out.

如果這種情況沒有發生，我只是想校準一下潛在的上升空間。

I'm going to hold off on trying to recalculate on the margin side because obviously, if global production numbers are improved in the back half of the year as the tariff environment eases, for example, then, we're certainly prepared to take advantage of that when that happens, right? So where we can only go off of the data we have and, man, I'm really bad at predicting the lottery numbers. But that's kind of how we're thinking about it.

我將暫時不嘗試重新計算利潤率，因為很明顯，如果隨著關稅環境的緩解，全球產量在下半年有所改善，那麼，當這種情況發生時，我們當然準備利用這一點，對嗎？所以我們只能根據我們掌握的數據來做決定，而且，我真的很不擅長預測彩票號碼。但我們就是這麼想的。

Fair enough. And just on the tariff, so the -- I understand you expect to sort of be fully compensated for that. Has that already, like what percent of that has already been negotiated? How much is still in progress that needs to be done?

很公平。就關稅而言，我知道您希望得到全額補償。已經協商好了嗎？其中百分之多少已經協商好了？還有多少工作需要進行？

Yeah, no, sorry, go ahead.

是的，不，抱歉，請繼續。

So basically, we've had, a broad range of negotiations with, I would say, all of our customers, in the HVOR sector and also in the auto sector. And as I mentioned, we've basically covered 95% through -- managed to mitigate 95% of the risk with these negotiations, through these negotiations.

所以基本上，我們已經與 HVOR 領域和汽車領域的所有客戶進行了廣泛的談判。正如我所提到的，透過這些談判，我們基本上已經涵蓋了 95% 的風險——成功地將 95% 的風險降低了。

So if you want to put that into dollar terms, Joe, right, if we're booking $20 million of of tariff roughly in Q2, we're talking about $1 million worth of exposure still to cover.

因此，喬，如果你想以美元來表示，如果我們在第二季度預訂大約 2000 萬美元的關稅，那麼我們談論的仍有價值 100 萬美元的風險敞口需要覆蓋。

Okay. And then just, Stephan, now that you've had a little bit more time and appreciate your three pillars update, just wondering if you have any more thoughts on the Sensata portfolio, whether there's any holes that you see, any other areas you think the company may be able to win, or maybe some products that upon further review might not be core?

好的。然後，Stephan，既然您已經有了更多的時間並且欣賞了您的三大支柱更新，我只是想知道您對 Sensata 產品組合還有什麼想法，您是否看到了任何漏洞，您認為公司可能在哪些其他領域獲勝，或者經過進一步審查後某些產品可能不是核心產品？

So look, the focus in these first 100-plus days has been on these three pillars. So it has been on operational performance, and I've been focusing a lot around growth and everything else that I've mentioned so far. And, yes, of course, I'm looking at the portfolio. I'm looking in industrials. I'm also looking at the portfolio in auto. But up to date, there's no change to that at this point in time.

所以，看看吧，這最初 100 多天的重點一直集中在這三大支柱上。所以，這一直與營運績效有關，我一直在關注成長以及迄今為止我提到的所有其他內容。是的，當然，我正在查看投資組合。我正在尋找工業。我也在關注汽車領域的投資組合。但截至目前，情況尚未改變。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

I want to touch on the first pillar that Stephan articulated and, Brian, you talked about setting the table for continued progress in '26. Just curious if that comment reflects an expectation of kind of cumulative organizational builds. I know it's early days, but in terms of the vision, would this be anticipating some acceleration in the margin pacing by the time we phase into '26 or more about sustaining a steady moderate pace over time?

我想談談史蒂芬闡述的第一個支柱，布萊恩，你談到了為 26 年的持續進步奠定基礎。只是好奇該評論是否反映了對某種累積組織建設的期望。我知道現在還為時過早，但就願景而言，這是否預示著當我們進入 26 年或更久以後，利潤率的增長速度會有所加快，並且會隨著時間的推移保持穩定適度的增長速度？

Just trying to get through Q2 here, Chris. Yeah, I think too early to tell, right? I mean, as we work through '26 planning in the back half of the year, we'll obviously have a lot more visibility and understanding around the environment. We'll certainly have a lot better visibility and understanding around kind of how we think about pricing for next year, and a lot of these initiatives that Stephan has kicked off with the teams and really trying to drive this concept of a standardized production system and operational excellence.

我只是想通過這裡的 Q2，克里斯。是的，我認為現在說還太早，對嗎？我的意思是，隨著我們在下半年完成 26 年規劃，我們顯然會對環境有更清晰的認識和更深入的了解。我們肯定會對明年的定價方式有更好的了解和理解，以及史蒂芬與團隊一起啟動的許多舉措，並真正努力推動標準化生產系統和卓越營運的概念。

So I put that into the more to come category at this point, but certainly doing the things necessary now to give ourselves the best chance for further expansion going forward.

因此，我現在將其歸類為有待進一步發展的類別，但現在肯定會採取必要的措施，為我們未來進一步擴張提供最佳機會。

And let me add to that, I think we've mentioned it's one of our times, we've got a lot of changes, we've got a lot of things that are unpredictable. So everything that we're doing at this point in time to try and improve operational performance with the examples that I've given is to be more resilient against these impacts that that might come or might not come.

讓我補充一點，我想我們已經提到這是我們的時代之一，我們面臨很多變化，有很多事情是不可預測的。因此，我們目前所做的一切都是為了嘗試提高營運績效（正如我所舉的例子），以便更好地抵禦可能發生或可能不會發生的影響。

Yeah, I appreciate it. It's early days, and it was just meant the internals in isolation, but appreciate it's early days and stay tuned for more to come. Brian, I assume the 20 basis points sequentially through the back half on the margin, that assumes the $20 million zero margin pass through is static?

是的，我很感激。現在還處於早期階段，而且這只是孤立的內部結構，但請欣賞它的早期階段並繼續關注更多內容。布萊恩，我假設保證金後半部分依次增加 20 個基點，這是否假設 2000 萬美元的零保證金傳遞是靜態的？

Yeah, I mean, think of the numbers as kind of pre tariff, right? So, I mean, I think it's -- it'll be good practice for us so we can kind of stay apples to apples given that clearly the the tariff environment is volatile, and we'll probably continue to change each quarter. We'll continue to look at this kind of inclusive of tariff and then excluding tariff as well and give you both sets. But when we talk about 19 and 19.2 here in Q2, which is what we talked about last quarter, that's obviously excluding the tariffs and then 20 basis points plus or minus in Q3 and Q4, you can stair step that really on both, I guess.

是的，我的意思是，把這些數字想像成關稅前的數字，對嗎？所以，我的意思是，我認為這對我們來說是一個很好的做法，這樣我們就可以保持一致，因為顯然關稅環境是不穩定的，而且我們可能每個季度都會繼續改變。我們將繼續研究這種包含關稅和不包含關稅的情況，並為您提供兩套數據。但是，當我們談論第二季度的 19 和 19.2 時，也就是我們上個季度談論的，這顯然不包括關稅，然後在第三季度和第四季度增加或減少 20 個基點，我想你可以在這兩個方面逐步實現這一目標。

Got it. Okay. And then on aerospace, your last couple quarters, most vendors, at least that we cover and follow have had negative OEM revenue. You talked about stable. That stables like a point in time in a long-term growth path for production. Do you see that pivoting back as the OEM and the supply chain alignment? I think a lot of companies have talked about it back to growth after the March quarter. So wondering if you're anticipating a pivot in the year-over-year revenue performance for aero.

知道了。好的。然後在航空航太領域，最近幾個季度，大多數供應商（至少我們報告和關注的供應商）的 OEM 收入都為負。您談到了穩定。這就像是生產長期成長路徑上的一個時間點的穩定。您是否認為這會隨著 OEM 和供應鏈的協調而重新轉向？我認為很多公司都談到了三月季度之後恢復成長。所以想知道您是否預計航空業的年比收入表現將會出現轉變。

I mean, I could say a few words. No, we don't see that. We see a strong development within our aerospace business. And we also expect a certain level of growth within 2025. But I'll pass on to Brian to say a few more detail.

我的意思是，我可以說幾句話。不，我們沒有看到這一點。我們的航空航太業務取得了強勁發展。我們預計 2025 年內將實現一定程度的成長。但我會讓 Brian 講更多細節。

Yeah, no. I think that's exactly right. I mean, it's some -- obviously certain customers have had some challenges in the aerospace area, but as those continue to resolve themselves, that bodes well for us. I think we have a very strong backlog in aerospace. And so we'll continue to show, I call it, kind of steady Eddie growth in aerospace both on the revenue side as well as on the margin profile.

是的，不。我認為這是完全正確的。我的意思是，顯然某些客戶在航空航太領域遇到了一些挑戰，但隨著這些問題不斷解決，這對我們來說是個好兆頭。我認為我們在航空航太領域有大量的積壓訂單。因此，我們將繼續在航空航太領域展示我所說的穩定的 Eddie 成長，無論是在收入方面還是在利潤率方面。

And our large customers, as you know, have good and solid backlog on which we can build and grow.

如您所知，我們的大客戶擁有良好且穩固的積壓訂單，我們可以在此基礎上進行建設和發展。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Maybe if I can start with the second half color that you provided on the automotive volume sort of risk or the downside from a third party forecast perspective, can you share any primary view here in terms of a similar, either sort of changes in third-party forecast or your thinking at this stage relative to the heavy truck market and maybe to the extent that you can on the industrial side how the second half looks? But interested in seeing if you are -- if you have any thoughts in relation to sort of the risk from the macro in terms of those two areas, and I have a follow up.

如果我可以從您提供的關於汽車銷售風險或第三方預測角度的下行趨勢的下半年情況開始，您能否在這裡分享一些類似的主要觀點，無論是第三方預測的變化，還是您現階段對重型卡車市場的看法，或許在工業方面，您可以談談下半年的情況如何？但我很想知道您是否對這兩個領域的宏觀風險有任何想法，我會跟進。

Yeah, sure, Samilk, I appreciate the question. Let me give you a little color. So yes, you're right, auto obviously easy to track just using third-party data there. And, look, I mean, I hope that, Joe's -- back to Joe's question, he was right that it ultimately proves a little conservative, and that would be a good thing for all of us.

是的，Samilk，我很感謝你提出這個問題。讓我給你一點顏色。是的，你是對的，只需使用第三方數據就可以輕鬆自動追蹤。而且，你看，我的意思是，我希望，喬——回到喬的問題，他是對的，它最終被證明有點保守，這對我們所有人來說都是一件好事。

When we think about HVOR, that market outlook has clearly also worsened over the course of the last couple of months in this tariff environment. We've seen weakness in on-road truck. I think some of the pre-buy that people expected to have come through due to potential regulatory changes around emissions and other things in the US likely being delayed, then coupled with the tariff environment, I think it certainly slowed any of those production expectations around pre-buy. Yeah, we've worked that into the model.

當我們考慮 HVOR 時，在這種關稅環境下，過去幾個月的市場前景顯然也惡化了。我們已經看到了公路卡車的疲軟。我認為，由於美國在排放和其他方面的潛在監管變化可能會被推遲，人們預期的一些預購可能會實現，再加上關稅環境，我認為這肯定會減緩任何有關預購的生產預期。是的，我們已經將其納入模型。

On the industrial side, again, we've got three quarters in a row now of what I call at least good solid stability there. We'll have to watch for if the demand environment changed a little bit due to the tariffs, especially if China and the US can't reduce the rate that they're charging each other at the moment. But I think everybody's still hopeful that that will resolve itself here in the coming periods.

在工業方面，我們已經連續三個季度保持我所說的至少良好的穩固性。我們必須關注需求環境是否會因為關稅而發生一些變化，特別是如果中國和美國不能降低目前相互徵收的關稅稅率。但我認為每個人仍然希望這個問題能在未來一段時間內解決。

And the outlook, I think, in our industrial business is, I'd say, solid. I don't want to get too far over our skis on it, but I think it has certainly been improving.

我認為，我們的工業業務前景是穩固的。我不想對此進行過多的討論，但我認為情況確實在不斷改善。

Okay, got it, and then just in relation to the wins that you mentioned in your prepared remarks and obviously it's a pretty uncertain macro, so when you sort of are now looking at the pipeline of activity and engagement with customers, are you seeing any, and I'm referring to automotive customers, are you seeing any push outs in terms of maybe the timelines of when you expect customers to decide on some of these engagements and wins, how they translate or how quickly they translate into wins? Are you seeing any changes on that front just given that they have multiple other things to now take care of, I guess?

好的，明白了，然後就您在準備好的發言中提到的勝利而言，顯然這是一個非常不確定的宏觀因素，所以當您現在查看活動渠道和與客戶的互動時，您是否看到任何推遲，我指的是汽車客戶，您是否看到任何推遲，也許是在您預計客戶何時決定其中一些互動和勝利的多快方面，它們如何轉化或多快轉化為勝利？我想，考慮到他們現在有許多其他事情要處理，您是否看到這方面有任何變化？

I think I'd answer that question twofold. So we've seen both. On the one hand, we've seen customers pushing out projects and postponing projects especially around electrification. But on the other hand, depending on the region that you're in, we see customers that are extremely bullish especially around China and especially around EV platforms and applications. We see actually an acceleration of projects and basically no cancellations. So it's two-folded, depending on what region you look at.

我想我會從兩個方面來回答這個問題。所以我們已經看到了兩者。一方面，我們看到客戶推遲項目，特別是在電氣化領域。但另一方面，根據您所在的地區，我們看到客戶非常看好，尤其是在中國，尤其是在電動車平台和應用方面。我們實際上看到項目在加速進行，基本上沒有取消。所以它是雙重的，取決於你看哪個區域。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Maybe just starting on sensing solutions. So you know that the business has returned to growth here. Just wondering how we should think about the incremental margins in that business, assuming we can maintain further revenue increases.

也許只是開始研究感知解決方案。所以你知道這裡的業務已經恢復成長。只是想知道，假設我們能夠保持進一步的收入成長，我們應該如何看待該業務的增量利潤。

So I mean, clearly, if you go back to the segment numbers that we gave, which is in the slide deck and in the queue, good strong operational margin improvement year over year. We'd expect that trend to continue here over the next couple of quarters, certainly a contributor to how we're thinking about the incremental margin expansion we're talking about for Sensata in total given the outlook within that group as compared to a tougher environment on the auto and HVOR sides.

所以我的意思是，很明顯，如果你回顧我們在幻燈片和隊列中給出的細分數字，你會發現營運利潤率同比有顯著的提高。我們預計這種趨勢將在未來幾季繼續下去，考慮到該集團的前景，與汽車和 HVOR 方面的嚴峻環境相比，這無疑有助於我們思考 Sensata 整體的增量利潤擴張。

Okay, and maybe just following up on the last question because, I believe, for 2026, the plan, or at least the expectation was for a pretty significant increase in EV launches in Europe. So should we be assuming that those programs are getting pushed out or delayed, or is that just a reference to what you're seeing over the next few quarters?

好的，也許只是繼續回答最後一個問題，因為我相信，到 2026 年，計劃或至少預期歐洲的電動車發布量將大幅增加。那麼，我們是否應該假設這些項目會被推遲或延遲，或者這只是對您在未來幾季看到的情況的一個參考？

No, I don't see those programs being pushed out. In the contrary, I mean, most of the OEMs need to reach their CO2 targets. And within the mix of the total production volumes that they have, they need to have a certain level of of EVs. So what we're seeing here in our view is actually projects being launched or products being launched one after the other.

不，我沒有看到這些項目被推出。相反，我的意思是，大多數 OEM 都需要達到他們的二氧化碳目標。在他們的總產量中，需要有一定程度的電動車。因此，我們認為現在看到的實際上是一個又一個的項目或產品被陸續推出。

And I think '26 and partially 2025 is a year where we are now seeing especially the second generation of electric vehicles being launched. So those are predominantly vehicles on 800-volt platforms with a higher range and higher charging speeds. So I don't think that those vehicles will be pushed out because they're technologically on the highest level, and I could expect that OEMs want to get these vehicles into the market because there'll be a higher end customer acceptance in comparison to first-generation vehicles.

我認為 2026 年到 2025 年是我們見證第二代電動車推出的一年。因此，這些主要是基於 800 伏特平台的車輛，具有更高的續航里程和更快的充電速度。因此，我不認為這些車輛會被淘汰，因為它們的技術處於最高水平，而且我可以預期，原始設備製造商希望將這些車輛推向市場，因為與第一代車輛相比，最終客戶的接受度會更高。

So to be precise on your question, Europe wouldn't see much pushouts anymore. In the contrary, I think they will be launched step by step. The pushouts were related to projects previously launched.

所以準確地回答你的問題，歐洲不會再看到太多的延遲。相反，我認為它們將會逐步推出。此次推遲的項目與先前啟動的項目有關。

Kosta Tasoulis, Wells Fargo.

富國銀行的科斯塔‧塔蘇利斯 (Kosta Tasoulis)。

I want to talk about free cash flow and now another strong quarter of that. Brian, are all the levers that you -- the kind of the low hanging fruit that you can pull to improve free cash flow kind of already done, or is there any -- can you talk about maybe any other levers that are remaining to pull?

我想談談自由現金流，以及現在又一個強勁的季度。布萊恩，所有你能利用的、可以改善自由現金流的手段都已經用完了嗎？或者還有什麼其他手段可以運用嗎？

Let me take the first part of that question, and then I'll pass on to Brian. Look, I think, improving your free cash flow and the example that I mentioned especially around inventories is something you need to continuously work on, and that's what we're doing. So I wouldn't call it a low-hanging fruit, but I think it's something that you can improve step by step and make significant gains throughout 2025 and even beyond that, and that will drive a certain level of free cash flow improvement. But there are also other levers.

讓我先回答這個問題的第一部分，然後再交給布萊恩。看，我認為，改善你的自由現金流以及我提到的例子，特別是有關庫存，是你需要不斷努力的事情，這就是我們正在做的事情。因此，我不會稱其為唾手可得的成果，但我認為這是可以逐步改進並在 2025 年甚至更長時間內取得顯著進展的事情，這將推動一定程度的自由現金流改善。但還有其他槓桿。

And then I'll pass on to Brian.

然後我會把話題轉交給布萊恩。

Yeah, I mean, I think we've obviously made significant progress year over year. From '24 to '23 was 25, 26 percentage points and continued that in Q1. Q1 is notoriously probably the most challenging quarter to grow cash. I absolutely agree with what Stephan just said. I think there's still a significant opportunity for us in the area of inventory.

是的，我的意思是，我認為我們顯然逐年取得了重大進展。從 24 年到 23 年，成長率為 25、26 個百分點，並且在第一季繼續保持這一水準。眾所周知，第一季可能是現金成長最具挑戰性的一個季度。我完全同意史蒂芬剛才所說的話。我認為我們在庫存領域仍然存在重大機會。

I do think we'll see a few ebbs and flows on that. I mentioned before, we're building a little bit of inventory in our industrial area right now, assuming at some point this distributor demand is going to get released and we didn't want to get caught flat-footed on that. We want to be able to ship quickly. So yeah, there can be slight ebbs and flows from a period to period, but overall, absolutely I think the trend is still pointing in the right direction, and we have more growth and more improvement to get in the area of cash flow.

我確實認為我們會看到一些起伏。我之前提到過，我們目前正在工業區建立一些庫存，假設分銷商的需求在某個時候會被釋放，我們不想在這方面措手不及。我們希望能夠快速出貨。所以是的，不同時期可能會有輕微的起伏，但總的來說，我絕對認為趨勢仍然朝著正確的方向發展，而且我們在現金流方面還有更多的成長和改善。

And let me add one more point to that. We're challenging ourselves, so I think we've made good progress just as Ryan mentioned. But we're looking outside of Sensata, and we're looking at peers and competitors out there. And we're looking who's really good, for example, in days on hand in inventory and in overall inventory levels. And we're comparing ourselves to that, and we're doing that in every region and through every plant. And we see certain levels of opportunities within that.

讓我再補充一點。我們正在挑戰自己，所以我認為我們已經取得了良好的進展，正如瑞安所提到的。但我們的目光不僅限於森薩塔，還在關注其他同業和競爭對手。我們正在觀察誰在庫存週轉天數和整體庫存水準方面表現真正優秀。我們正在將自己與此進行比較，並且在每個地區、每個工廠都這樣做。我們看到其中蘊含著一定程度的機會。

That's great guys. And then speaking of competitors, would you able to provide any color on how your manufacturing footprint compares to your competitors? You mentioned you improved your USMCA compliance. Can you talk about how your position is relative to them and if that could be possibly the opportunity for you?

太棒了，夥計們。說到競爭對手，您能否提供一些信息，說明您的製造足跡與競爭對手相比如何？您提到您提高了對 USMCA 的遵守程度。您能否談談您相對於他們的地位如何以及這對您來說是否是一個機會？

Look, I think Sensata has a very competitive manufacturing footprint. The teams around production have done a fantastic job, first of all, in scaling up production and basically being very local for local. I think that is a strength of Sensata. I think the opportunity within production lies within the productivity of each facility. So when we look out at our competitors, yes, of course, we look at manufacturing footprint.

看起來，我認為 Sensata 擁有非常有競爭力的製造足跡。生產團隊做得非常出色，首先，他們擴大了生產規模，基本上做到了在地化。我認為這是 Sensata 的優勢。我認為生產中的機會在於每個設施的生產力。因此，當我們觀察競爭對手時，當然，我們會專注於製造足跡。

But what we do, what we especially look at is the productivity levels that we're on. And we look at what's best in class around productivity. And that's why we benchmark ourselves, and we strive to be better. And that's one of the initiatives that we're working on this year, and we'll also be working on through 2026 to get us onto that next level of productivity. That's our target.

但我們所做的，我們特別關注的是我們所處的生產力水準。我們關注的是同類產品中生產力最好的部分。這就是我們對自己進行衡量並努力做得更好的原因。這是我們今年正在進行的計劃之一，我們還將努力在 2026 年之前將生產力提升到一個新的水平。這就是我們的目標。

Guy Hardwick, Freedom Capital Markets.

哈德威克（Guy Hardwick），自由資本市場（Freedom Capital Markets）。

Stephan, just wondering based on on the pillars of that you target that whether you have a sense for what you think the long-term margin potential of the business is, bear in mind what you said about second-generation EVs in 2026.

史蒂芬，我只是想知道，基於您所瞄準的支柱，您是否知道您認為該業務的長期利潤潛力是什麼，請記住您對 2026 年第二代電動車的看法。

Look, Guy, I appreciate the question. And we're working on a lot of levers at this point in time. And it was -- the three pillars is the one side of it. And as you can recall from what I've said, we're going beyond that. We're working on SG&A. We're looking at our structures.

瞧，蓋伊，我很感謝你的提問。目前我們正在採取多種措施。它的一邊是三根支柱。正如你們從我所說的內容中可以記得的那樣，我們將超越這一點。我們正在處理銷售、一般及行政費用 (SG&A)。我們正在觀察我們的結構。

We're looking at commercial excellence. We're looking at how effective our procurement is. We're going into our engineering structures. We're looking at engineering efficiency. And then to a certain extent, obviously, that might not be too strongly related to margin.

我們追求的是商業卓越。我們正在考察我們的採購效率。我們正在進入我們的工程結構。我們正在關注工程效率。然後在一定程度上，顯然這可能與利潤沒有太大關係。

We're also looking at our innovation and how we're moving ahead there. And everything to an extent will have an effect on margin and will have a positive effect on margin. But I think it's now 100-plus days, so quite early. So give me some time while I work through all these levers and while I'm trying to improve all these levers for Sensata. And I'm sure we'll have more details and insight on that at a later stage.

我們也在關注我們的創新以及我們如何在這方面取得進展。並且所有事物在一定程度上都會對利潤產生影響，並且會對利潤產生正面的影響。但我認為現在已經有 100 多天了，所以還很早。因此，請給我一些時間，讓我能夠研究所有這些槓桿，並嘗試為 Sensata 改進所有這些槓桿。我相信我們稍後會對此有更多細節和見解。

Okay, thank you. And just a quick one for Brian. Maybe I missed it cause I missed the start of the call, but are there any sort of financial issues from the ransomware attack you reported a month ago?

好的，謝謝。對 Brian 來說，我只想簡單說一句。也許我錯過了，因為我錯過了通話的開始，但是您一個月前報告的勒索軟體攻擊是否存在任何財務問題？

No. You'll see in Stefan's prepared remarks, there was some obviously disruption to the business over the course of a couple of week period. That's all behind us now. The teams did a super job being able to work their way through it and get us back up and running. We don't expect it to have a material impact on the financial results for the quarter, so we're all systems go.

不。您會在史蒂芬的準備好的發言中看到，在幾週的時間裡，業務顯然受到了一些幹擾。現在這一切都已成為過去。團隊表現非常出色，他們努力克服困難並讓我們重新恢復正常運作。我們預計它不會對本季的財務業績產生重大影響，因此我們一切正常。

This concludes our question-and-answer session. I would like to turn the conference back over to Brian Roberts for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Brian Roberts 做最後發言。

Thanks. Just want to thank everybody for joining today. Sorry that the call wound up a little later, but our normal cadence, part of that was just with the ransomware attack. I wanted to make sure we had appropriate time to get through our closing process. We'll get back to our normal schedule next quarter and look forward to updating you then again at that point. So take care, everybody. Thank you.

謝謝。我只想感謝大家今天的參與。很抱歉電話打得有點晚，但我們的節奏很正常，部分原因是因為勒索軟體攻擊。我想確保我們有足夠的時間來完成我們的結束過程。我們將在下個季度恢復正常時間表，並期待屆時再次向您更新資訊。所以大家要小心。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。