Superior Industries International Inc (SUP) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is [RG]. and I will be your conference operator today. At this time, I would like to welcome everyone to the Superior Industries' first quarter 2025 earnings call. We are joined this morning by Majdi Abulaban, President and CEO; Dan Lee, Senior Vice President and CEO.

感謝您的支持。我的名字是 [RG]。今天我將擔任您的會議接線生。現在，我歡迎大家參加 Superior Industries 2025 年第一季財報電話會議。今天上午，總裁兼執行長 Majdi Abulaban 和高級副總裁兼執行長 Dan Lee 加入我們。

(Operator Instructions)

（操作員指示）

I'll now hand the call over to Dan Lee. Please go ahead.

我現在將電話交給 Dan Lee。請繼續。

Good morning and welcome to our first quarter 2025 earnings conference call. During our call this morning, we will be referring to our earnings presentation, which is available on the investor relations section of Superior's website.

早上好，歡迎參加我們的 2025 年第一季財報電話會議。在今天早上的電話會議中，我們將參考我們的收益報告，該報告可在 Superior 網站的投資者關係部分找到。

I am joined on the call by Majdi Abulaban, our President and Chief Executive Officer. Before I turn the call over to Majdi, I remind everyone that any forward-looking statements contained in this presentation or commented on today are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

我們的總裁兼執行長 Majdi Abulaban 也參加了這場電話會議。在我將電話轉給 Majdi 之前，我提醒大家，本簡報中包含的或今天評論的任何前瞻性陳述均受 1995 年《私人證券訴訟改革法案》安全港條款的約束。

Please refer to slide 2 of this presentation for the full Safe Harbor statement and to the company's SEC filing included in the company's current annual report on Form 10-K and the current quarters Form 10-Q for a more complete discussion of forward-looking statements and risk factors.

請參閱本簡報的第 2 張投影片，以了解完整的安全港聲明，並參閱公司當前年度報告 10-K 表和當前季度報告 10-Q 表中包含的公司 SEC 文件，以獲得有關前瞻性陳述和風險因素的更完整討論。

We will also be discussing various non-GAAP measures today. Non-GAAP measures exclude the impact of certain items and therefore are not calculated in accordance with US GAAP. Reconciliation of these measures to the most directly comparable US GAAP measure can be found in the appendix of this presentation.

今天我們也將討論各種非公認會計準則指標。非公認會計準則衡量指標不包括某些項目的影響，因此不符合美國公認會計準則的計算。您可以在本簡報的附錄中找到這些指標與最直接可比較的美國 GAAP 指標之間的對帳。

I now will turn the call over to Masi to provide a business and portfolio update.

現在我將把電話轉給 Masi，讓他提供業務和投資組合的最新情況。

Thanks. And hello, everyone and welcome to our first quarter 2025 earnings call. Let's begin with an overview of the first quarter on slide 4. We delivered a good start to 2025 despite a challenging macroeconomic environment.

謝謝。大家好，歡迎參加我們 2025 年第一季財報電話會議。讓我們從幻燈片 4 上第一季的概述開始。儘管宏觀經濟環境充滿挑戰，我們仍為 2025 年取得了良好的開端。

Our value-added sales outperformed the market driven by our leading product portfolio, while our teams continue to focus on execution and cost reduction delivered results. Further, during the war, we saw evidence of how our competitively advantaged local-for-local footprint is paying dividends.

在我們領先產品組合的推動下，我們的增值銷售額超過了市場，同時我們的團隊繼續專注於執行和降低成本並取得成果。此外，在戰爭期間，我們看到了證據，證明我們具有競爭優勢的本地服務足跡正在帶來回報。

As the broader industry responds to tariff pressure, especially from China and Morocco, we are seeing an intensified urgency from OEMs to localize production in the region. As they seek more cost-effective manufacturing partners in both North America and Europe.

隨著整個行業對關稅壓力做出反應，特別是來自中國和摩洛哥的壓力，我們看到原始設備製造商在該地區實現本地化生產的緊迫性日益增強。因為他們在北美和歐洲尋求更具成本效益的製造合作夥伴。

More than ever, our local-for-local manufacturing footprint in Mexico and Poland is creating tremendous opportunities. We have seen an unprecedented level of sporting activity in recent months. In fact, year-to-date we have quoted on more than 53 million lifetime wheels. I will speak more about this in a bit.

與以往任何時候相比，我們在墨西哥和波蘭的本地製造足跡正在創造巨大的機會。近幾個月來，我們看到體育活動的活躍程度達到了前所未有的水平。事實上，今年迄今為止，我們已經對超過 5300 萬個終身車輪進行了報價。稍後我將進一步談論這一點。

While tailwinds are accelerating localization momentum in North America and Europe in favor of Superior, we experienced a setback in April as we were notified by certain customers in North America who undertook a major global sourcing activity of their intent to resource existing contracts with minimal wind down notice. This unfortunately represented 33% of our expected revenue in 2025.

儘管北美和歐洲的在地化勢頭正朝著有利於 Superior 的方向發展，但我們在 4 月遭遇了挫折，因為我們接到北美某些客戶通知，這些客戶正在進行一項重大的全球採購活動，他們打算以最少的終止通知來為現有合約提供資源。不幸的是，這佔了我們 2025 年預期收入的 33%。

As such, we immediately shifted focus to working to secure short-term liquidity to mitigate risk to our customers and suppliers and secure the commitment from our term loan lenders, providing access of up to $70 million of additional term loans under our existing credit agreement. This is obviously subject to satisfaction of certain conditions.

因此，我們立即將重點轉移到努力確保短期流動性，以減輕我們的客戶和供應商的風險，並確保我們的定期貸款貸方的承諾，根據我們現有的信貸協議提供高達 7000 萬美元的額外定期貸款。這顯然需要滿足某些條件。

We are also working towards obtaining covenant relief from our lenders and are having advanced discussions regarding a broader recapitalization transaction with our lenders and preferred shareholders.

我們也正在努力從貸款人那裡獲得契約減免，並正在與貸款人和優先股股東就更廣泛的資本重組交易進行深入討論。

This is to significantly deliver the balance sheet by eliminating the preferred equity instrument and reducing our outstanding debt. This will be done through a debt for equity exchange, leaving Superior with a strong capital structure.

這是透過消除優先股權工具和減少未償債務來顯著改善資產負債表。這將透過債轉股的方式實現，從而使 Superior 擁有強大的資本結構。

If implemented as contemplated, this recapitalization transaction is expected to provide Superior with the financial strength to execute out those strategies and position us as a premier real solutions provider with a competitively advantaged localized footprint and market leading portfolio products.

如果按計畫實施，此資本重組交易預計將為 Superior 提供實施這些策略的財務實力，並使我們成為一家擁有競爭優勢的在地化業務和市場領先產品組合的頂級房地產解決方案提供商。

We have made progress in support of our short-term liquidity position, given support from our lenders, and we are executing self-help liquidity measures, including working capital and capital expenditure reductions.

在貸款方的支持下，我們在支持短期流動性狀況方面取得了進展，我們正在執行自助流動性措施，包括削減營運資金和資本支出。

We will also continue working with our lenders and preferred shareholder toward the transaction designed to deliver a deleveraged company with financial strength to capitalize on the tremendous opportunities there.

我們也將繼續與我們的貸款人和優先股股東合作，旨在實現交易，使公司擺脫槓桿，擁有雄厚的財務實力，從而抓住那裡的巨大機會。

Turning to slide 5, I spoke briefly regarding our potential transaction. You may recall last year in August 2024, we successfully refinanced our debt, which was a key milestone for Superior and a testament to our company's potential to deliver long-term growth. The result was a stronger financial profile, a $170 million reduction in total debt and the extension of our debt maturities to the end of 2028.

翻到第 5 張投影片，我簡單介紹了我們的潛在交易。您可能還記得，去年 2024 年 8 月，我們成功地完成了債務再融資，這是 Superior 的一個重要里程碑，也證明了我們公司長期成長的潛力。結果是財務狀況更加穩健，總債務減少了 1.7 億美元，債務到期日延長至 2028 年底。

Now, as you can see on this slide, a contemplated transaction is designed to significantly reduce our debt burden while positioning our company with additional financial flexibility for future opportunities.

現在，正如您在這張投影片上看到的，一項預期的交易旨在大幅減輕我們的債務負擔，同時為我們公司的未來機會提供額外的財務靈活性。

Turning to slide 6. As we mentioned in our last earnings call, third of dynamics in Europe and in North America are presenting unprecedented opportunity for us. Recall that, unlike most automotive commodities, the real commodity is highly dependent on imports from China and Asia for the US and Morocco and China for Europe.

翻到幻燈片 6。正如我們在上次財報電話會議上提到的那樣，歐洲和北美三分之一的動態為我們帶來了前所未有的機會。回想一下，與大多數汽車商品不同，美國和摩洛哥的實體商品高度依賴從中國和亞洲的進口，而歐洲的實體商品高度依賴從中國的進口。

More notably, incremental tariffs on Chinese wheel imports into the US are now more than 100%, and on Morocco, wheel imports into Europe are almost 50%. This is an extremely favorable tailwind for Superior. We believe that we are the low cost leader in the industry with a restructured local manufacturing footprints in Poland and in Mexico, ready to support existing customers and new customers.

更值得注意的是，美國對中國車輪進口徵收的增量關稅目前已超過 100%，歐洲對摩洛哥車輪進口徵收的增量關稅也接近 50%。這對 Superior 來說是一個極其有利的順風。我們相信，我們是行業中的低成本領導者，並在波蘭和墨西哥重組了本地製造足跡，隨時準備為現有客戶和新客戶提供支援。

Slide 7 highlights our [good] points and how recent tariff actions are accelerating volume localization initiatives in our favor. Here you see the remarkable level of customer RQs in the last four months in Europe and in North America, an all-time record.

投影片 7 重點介紹了我們的[好的]觀點以及最近的關稅行動如何加速對我們有利的批量本地化舉措。這裡您可以看到過去四個月歐洲和北美的客戶 RQ 水準顯著提高，創下了歷史新高。

You today, we are quoting on more than 53 million lifetime wheels in both regions, twice the level compared to last year at the same time. More encouragingly, many of these calls are for startup production in 2025 and 2026, which is unusual in the automotive space. Compared to last year, we have six times the opportunities we saw last year in this category.

今天，我們對兩個地區的終身車輪進行了超過 5300 萬次報價，是去年同期的兩倍。更令人鼓舞的是，許多呼籲都要求在 2025 年和 2026 年開始生產，這在汽車領域並不常見。與去年相比，我們在這一類別中看到的機會是去年的六倍。

We are encouraged by these localization dynamics, as they will go a long way to support our efforts to mitigate the recent volume losses.

這些在地化動態令我們感到鼓舞，因為它們將極大地支持我們減輕近期銷售損失的努力。

I will conclude with slide 8, which highlights our current position, given the update I shared with you today. While recent contract losses are regrettable, we are focused on recovering these losses through the many short-term opportunities we are pursuing.

最後，我將以第 8 張投影片作為結束，根據我今天與大家分享的最新情況，這張投影片將重點介紹我們目前的立場。雖然最近的合約損失令人遺憾，但我們正致力於透過我們正在追求的許多短期機會來彌補這些損失。

Further, we will not give up and will continue to pursue recovery of these customers, given the recent terror of dynamics that are sure to impact them as well.

此外，考慮到最近的恐怖動態肯定也會對這些客戶產生影響，我們不會放棄，並將繼續努力恢復這些客戶。

Superior is well positioned to compete in the wheel space with a leading portfolio of products and a competitively advantaged local footprint. We have been talking about localization tailwinds for many years. They are here now.

Superior 憑藉領先的產品組合和具有競爭優勢的本地業務，在輪轂領域的競爭中佔據有利地位。多年來，我們一直在談論本地化的順風。他們現在就在這裡。

Superior's journey has been one of perseverance over hardship and unprecedented recent challenges. I am grateful for the hard work and effort of our Superior team, year in and year out they have prevailed over unprecedented challenges. And I am confident we will continue to do so.

Superior 的歷程是克服困難和前所未有的挑戰的堅持歷程。我感謝我們上級團隊的辛勤工作和努力，年復一年，他們克服了前所未有的挑戰。我相信我們將繼續這樣做。

I will now turn the call over to Dan to review our financial results in more detail.

現在我將把電話轉給丹，讓他更詳細地回顧我們的財務結果。

Thank you, Majdi. Beginning on July 10, first quarter 2025 financial summary. Net sales for the first quarter were $322 million compared to $316 million in the prior year period. First quarter adjusted EBITDA was 25 million.

謝謝你，Majdi。始於7月10日的2025年第一季財務摘要。第一季淨銷售額為 3.22 億美元，去年同期為 3.16 億美元。第一季調整後的EBITDA為2500萬。

The associated margin expressed as a percentage of value-added sales was 15%. I will provide color on this in the upcoming pages. Net loss was $30 million in the first quarter, which is a $20 million improvement versus the same period last year.

以增值銷售額百分比表示的相關利潤率為 15%。我將在接下來的頁面中對此進行詳細說明。第一季淨虧損為 3,000 萬美元，較去年同期改善 2,000 萬美元。

The first quarter of 2025, year-over-year sales bridge is on slide 11. Value-added sales were down approximately $3 million compared to the prior year quarter, primarily driven by lower unit sales and the negative impact of FX, partially offset by favorable pricing.

2025 年第一季的年銷售額橋樑位於投影片 11。與去年同期相比，增值銷售額下降了約 300 萬美元，主要原因是單位銷售下降和外匯的負面影響，但有利的定價部分抵消了這一影響。

On slide 12, in the first quarter of 2025, year-over-year adjusted EBITDA bridge, adjusted EBITDA for the quarter decreased to $25 million compared to $31 million in the prior year period. The adjusted EBITDA margin for the quarter was 15% compared to 18% in the prior year period.

在第 12 張投影片中，2025 年第一季度，年比調整後的 EBITDA 橋，本季調整後的 EBITDA 下降至 2,500 萬美元，而去年同期為 3,100 萬美元。本季調整後的 EBITDA 利潤率為 15%，而去年同期為 18%。

The decrease was mostly due to unfavorable cost absorption due to lower production volumes, the impact of metal timing, and lower unit sales, partially offset by favorable FXs.

下降的主要原因是產量較低導致成本吸收不利、金屬時機的影響以及單位銷售額較低，但外匯有利因素部分抵消了這一影響。

An overview of the company's first quarter 2025 unlevered free cash flow is on slide 13. Cash provided by operating activity was $24 million for the first quarter compared to $4 million in the prior year period. The increase in cash provided by operating activities was driven by lower working capital.

該公司 2025 年第一季無槓桿自由現金流概覽見投影片 13。第一季經營活動提供的現金為 2,400 萬美元，而去年同期為 400 萬美元。經營活動提供的現金增加是由於營運資本減少所致。

Capital expenditures in the first quarter were $6 million compared to $7 million in the prior year period, reflecting our continued efforts to reduce the capital intensity of the business. There were $1 million of cash payments for non-debt financing activities in the first quarter compared to $4 million in the prior year period due to picking of dividend payments.

第一季的資本支出為 600 萬美元，而去年同期為 700 萬美元，這反映了我們為降低業務資本強度所做的持續努力。由於選擇支付股息，第一季非債務融資活動的現金支付為 100 萬美元，而去年同期為 400 萬美元。

Unlevered free cash flow in the quarter was $33 million compared to $8 million in the prior year period. The increase in unlevered cash flow was primarily driven by lower working capital.

本季無槓桿自由現金流為 3,300 萬美元，去年同期為 800 萬美元。無槓桿現金流的增加主要是因為營運資本減少所致。

An overview of the company's capital structure as of March 31, 2025, can be found on slide 14. Total cash in the balance sheet as of March 31, 2025 was $54 million and we did not have anything drawn on the $60 million revolving credit facility.

截至 2025 年 3 月 31 日的公司資本結構概覽可在第 14 張投影片上找到。截至 2025 年 3 月 31 日，資產負債表中的現金總額為 5,400 萬美元，而我們沒有動用 6,000 萬美元的循環信貸額度。

Net debt at quarter end was $462 million, down $18 million compared to December 31, 2024, and represents two consecutive quarters of reducing net debt since refinancing.

季度末淨債務為 4.62 億美元，與 2024 年 12 月 31 日相比減少了 1800 萬美元，這是自再融資以來連續兩個季度減少淨債務。

Superior's debt maturity as of March 31, 2025 is on slide 15. As you may recall, we successfully completed our debt refinancing in 2024, attracting $520 million of new capital and extending our term loan maturities to 2028.

Superior 的債務截至 2025 年 3 月 31 日的到期日列於第 15 張幻燈片。您可能還記得，我們​​在 2024 年成功完成債務再融資，吸引了 5.2 億美元的新資本，並將定期貸款期限延長至 2028 年。

As mentioned by Majdi, subsequent to the end of the quarter, certain larger North American OEM customers notified Superior that they would be shifting their real purchases to other suppliers with immediate effect and minimal wind down. This sudden loss of bonds results in a short-term liquidity constraint and reductions to the company's earning generation.

正如 Majdi 所提到的，在本季結束後，某些較大的北美 OEM 客戶通知 Superior，他們將立即將實際採購轉移給其他供應商，並儘量減少採購量。債券的突然損失導致短期流動性受限並減少公司的獲利能力。

The combination of these items has put in doubt the company's ability to meet the near-term covenant thresholds in the term loan and revolving credit facility.

這些因素綜合起來，使人們對該公司滿足定期貸款和循環信貸額度中的短期契約門檻的能力產生了懷疑。

As mentioned in our earnings release this morning, we have received a commitment letter from our term loan lenders providing us access up to $70 million of additional term loans under the existing credit agreement. This is subject to certain conditions required by our lenders. We are also discussing with our lenders about getting some flexibility in our financial covenants.

正如我們今天早上的收益報告中提到的那樣，我們已收到定期貸款貸方的承諾函，該承諾函允許我們根據現有信貸協議獲得高達 7000 萬美元的額外定期貸款。這取決於我們的貸方所要求的某些條件。我們也正在與貸款人討論如何在財務契約中增加一些靈活性。

In addition, we are actively engaged in advanced dialogue with our lenders and preferred shareholders on a broader recapitalization transaction designed to delever the balance sheet.

此外，我們正積極與我們的貸款人和優先股股東就旨在降低資產負債表槓桿率的更廣泛的資本重組交易進行深入對話。

The results of the successful recapitalization transaction and the access to the incremental funds from the commitment letter would be near-term financial stability and a meaningful improvement to the long-term capital structure.

成功的資本重組交易和獲得承諾函中的增量資金的結果將是近期的財務穩定和長期資本結構的顯著改善。

Given the uncertainty stemming from our subsequent events, ongoing discussions with our lenders and preferred shareholder, and challenging macro environment with sudden global tariff changes, we are suspending our full year '25 guidance.

鑑於我們後續事件帶來的不確定性、與我們的貸款人和優先股股東的持續討論以及全球關稅突然變化帶來的嚴峻宏觀環境，我們暫停制定 25 年全年業績指引。

Once the environment stabilizes and we have more clarity with our discussions as previously mentioned, we will provide a comprehensive update including all your projection. In conclusion, I want to thank the Superior team for their hard work in our challenging operating environment.

一旦環境穩定下來，並且我們的討論更加清晰（如前所述），我們將提供包含所有預測的全面更新。最後，我要感謝 Superior 團隊在我們充滿挑戰的營運環境中所做的努力。

This has been a challenging quarter for the entire industry. And we appreciate everyone's commitment as we pursue solutions for our near-term headwinds and overall capital structure. As we continue discussions with our lenders and preferred shareholders, we will not be taking any questions during this call.

對於整個行業來說，這是一個充滿挑戰的季度。我們感謝大家的承諾，我們正在尋求解決近期困難和整體資本結構的解決方案。由於我們繼續與貸方和優先股股東進行討論，因此我們將不會在本次電話會議中回答任何問題。

Thank you again for joining our call today and many thanks for the Superior team for your hard work and efforts. This concludes our call.

再次感謝您今天參加我們的電話會議，也非常感謝 Superior 團隊的辛勤工作和努力。我們的通話到此結束。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。