Gentherm Inc (THRM) 2024 Q2 法說會逐字稿

Greetings and welcome to Gentherm second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Greg Blanchette, Senior Director, Investor Relations. Thank you, Mr. Blanchette, you may begin.

您好，歡迎參加 Gentherm 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係高級總監 Greg Blanchette 先生。謝謝你，布蘭切特先生，你可以開始了。

Thank you. Good morning, everyone, and thanks for joining us today. Gentherm's earnings results were released earlier this morning. A copy of the release is available at gentherm.com. Additionally, a webcast replay of today's call will be available later today on the Investor Relations section of Gentherm's website.

謝謝。大家早安，感謝您今天加入我們。Gentherm 的獲利結果已於今天早上早些時候發布。該版本的副本可在 gentherm.com 上取得。此外，今天晚些時候，Gentherm 網站的投資者關係部分將提供今天電話會議的網路廣播重播。

During this call, we will make forward-looking statements within the meaning of federal securities laws. These statements reflect our current views with respect to future events and financial performance and actual results may differ materially. We undertake no obligation to update them, except as required by law.

在本次電話會議中，我們將做出聯邦證券法意義內的前瞻性聲明。這些陳述反映了我們目前對未來事件和財務表現的看法，實際結果可能存在重大差異。除非法律要求，否則我們不承擔更新它們的義務。

Please see Gentherm's earnings release and its SEC filings, including the latest 10-K and subsequent reports for discussions of our risk factors and other risks and uncertainties underlying such forward-looking statements.

請參閱 Gentherm 的收益發布及其向 SEC 提交的文件，包括最新的 10-K 和後續報告，以討論我們的風險因素以及此類前瞻性聲明背後的其他風險和不確定性。

During the call, we will also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release and investor presentation.

在電話會議期間，我們還將討論 SEC G 條例定義的非 GAAP 財務指標。

On the call with me today are Phil Eyler, President and Chief Executive Officer, and Matteo Anversa, Chief Financial Officer. During their comments, Phil and Matteo will be referring to a presentation deck that we've made available on our website at gentherm.com/events. After their prepared remarks, we'd be pleased to take your questions. Now I'll turn the call over to Phil.

今天與我通話的有總裁兼執行長 Phil Eyler 和財務長 Matteo Anversa。Phil 和 Matteo 在評論中將提到我們在 gentherm.com/events 網站上提供的簡報。在他們準備好發言後，我們很樂意回答您的問題。現在我將把電話轉給菲爾。

Thank you, Greg, and good morning, everyone. Thank you for joining our second quarter 2024 earnings call. While the global automotive environment continues to be challenging, the Gentherm team delivered another strong quarter of automotive new business awards, above market revenue growth and continued profitability improvement. With $660 million of automotive new business awards in the second quarter, this brings us to $1.2 billion year-to-date.

謝謝你，格雷格，大家早安。感謝您參加我們的 2024 年第二季財報電話會議。儘管全球汽車環境仍然充滿挑戰，但 Gentherm 團隊在汽車新業務獎項方面又獲得了強勁的季度表現，收入增長高於市場水平，盈利能力持續改善。第二季汽車新業務獎勵金額達 6.6 億美元，今年迄今我們的利潤已達 12 億美元。

In addition to our continued strong thermal awards progress, we continue to see an acceleration in new business awards for our lumbar and massage solutions. In the almost 2 years since Alfmeier became part of Gentherm, we've won pneumatic conquest awards with 9 OEMs globally. We continue to gain traction with our customers and are winning new business awards that have substantially exceeded our original expectations.

除了我們在熱力獎項方面持續取得的強勁進展之外，我們的腰部和按摩解決方案的新業務獎項也繼續加速成長。自 Alfmeier 成為 Gentherm 的一部分以來的近 2 年裡，我們贏得了全球 9 個 OEM 的氣動征服獎。我們繼續贏得客戶的青睞，並贏得了新的業務獎項，這些獎項大大超出了我們最初的預期。

Most recently, we won our very first Pneumatic Lumbar and Massage Award with Hyundai on a next-generation Genesis SUV. This breakthrough award includes for the first time, our proprietary Pulse A Massage Technology, which I will discuss in detail a bit later. This conquest award was enabled by Gentherm's strong relationship with Hyundai combined with our industry leading pneumatic technologies. Hyundai has been a great longstanding partner for Gentherm and we're thrilled to bring this new innovative technology to market.

最近，我們憑藉現代汽車的新一代 Genesis SUV 贏得了首個氣動腰部和按摩獎。這項突破性獎項首次包括我們專有的 Pulse A 按摩技術，我稍後將詳細討論該技術。這項征服獎項的獲獎得益於 Gentherm 與現代汽車的牢固關係以及我們行業領先的氣動技術。現代汽車一直是 Gentherm 的長期合作夥伴，我們很高興將這項新的創新技術推向市場。

For the second quarter, we achieved record quarterly revenue of $376 million and outpaced the growth of light- vehicle production in our key markets. Adjusting for the impact from foreign exchange and one time recoveries, our Automotive Climate and Comfort Solutions revenues outperformed the light-vehicle production in our key markets by 500 basis points in the second quarter. This revenue growth was led by our pneumatic lumbar and massage solutions.

第二季度，我們實現了創紀錄的季度收入 3.76 億美元，超過了我們主要市場的輕型汽車產量的成長。在調整匯率和一次性復甦的影響後，第二季我們的汽車氣候和舒適解決方案收入比主要市場的輕型汽車產量高出 500 個基點。這項收入成長得益於我們的氣動腰椎和按摩解決方案。

When we announced the Alfmeier acquisition, we said that we expected to be able to expand Alfmeier's market share by capitalizing on Gentherm's market leading customer relationships. Our second quarter revenue growth is proving out that thesis. We expect this trend to continue as our record awards over the last few years convert into revenue.

當我們宣布收購 Alfmeier 時，我們表示希望能夠透過利用 Gentherm 市場領先的客戶關係來擴大 Alfmeier 的市場份額。我們第二季的營收成長證明了這個論點。隨著我們過去幾年的創紀錄獎項轉化為收入，我們預計這種趨勢將持續下去。

Turning to profitability, we achieved our highest quarterly operating income in three years. Our adjusted EBITDA margin rate for the quarter 13.3%, nearly 200 basis points improvement versus the prior year. The improvement was largely driven by operating performance and acceleration of our Fit-for-Growth program initiatives.

談到獲利能力，我們實現了三年來最高的季度營業收入。本季調整後 EBITDA 利潤率為 13.3%，比上年提高近 200 個基點。這項改進主要是由營運績效和我們的「適應成長」計畫舉措的加速所推動的。

Turning to slide 4 for our second quarter automotive highlights. We launched our automotive solutions on 22 different vehicles across 11 OEMs, including Ford, General Motors, Hyundai, Mercedes, and Toyota.

轉向幻燈片 4，了解我們第二季的汽車亮點。我們在 11 個原始設備製造商（包括福特、通用汽車、現代、梅賽德斯和豐田）的 22 種不同車輛上推出了我們的汽車解決方案。

Our CCS solutions were launched on the Buick Enclaves, Chevrolet Equinox, and Kia's all new all-electric SUV, the EV9. Of special note, I want to announce our second quarter launch on the Toyota Camry. This is our first CCS launch on the Toyota Camry, one of the best-selling vehicles in the United States.

我們的 CCS 解決方案已在別克 Enclaves、雪佛蘭 Equinox 和起亞全新全電動 SUV EV9 上推出。特別值得注意的是，我想宣布我們第二季推出豐田凱美瑞。這是我們首次在豐田凱美瑞（美國最暢銷的汽車之一）上推出 CCS。

And this comes after announcing our first CCS launch on the Toyota Tacoma in the fourth quarter of last year. These conquest launches of CCS with Toyota demonstrate the strong momentum of our CCS technology and the result of our effort to further strengthen our business with Japanese OEMs. We're launching content across vehicles irrespective of powertrain covering the full range from ICE to plugin hybrid to full battery electric vehicles.

在此之前，我們宣布去年第四季在豐田 Tacoma 上首次推出 CCS。與豐田合作推出的這些征服性 CCS 展現了我們 CCS 技術的強勁勢頭，也是我們進一步加強與日本 OEM 廠商業務的努力成果。我們正在推出各種車輛的內容，無論動力系統如何，涵蓋從內燃機到插電式混合動力汽車再到全電池電動車的全系列。

We previously announced, and I want to highlight here that Gentherm was recently recognized by Honda as one of their top North American suppliers, receiving their Excellence in Value award, which recognizes and honors Gentherm for our commitment to improving efficiency and cost. This is just one example, demonstrating that our customers recognize Gentherm as a key trusted partner. I'm proud of the team for this recognition, and we remain dedicated to delivering value to our customers.

我們先前宣布，我想在此強調，Gentherm 最近被本田認可為其北美頂級供應商之一，並獲得了卓越價值獎，該獎項表彰並表彰 Gentherm 對提高效率和成本的承諾。這只是一個例子，表明我們的客戶將 Gentherm 視為值得信賴的重要合作夥伴。我為團隊獲得這項認可感到自豪，我們將繼續致力於為客戶提供價值。

Now on to slide 5. We secured $660 million of automotive new business awards. These new business awards were balanced across regions and product categories, and once again, we won more than 80% of our quoted business pursuits in the quarter. A proof point that customers value our partnership model. We work with 50-plus car manufacturers and 30-plus seat makers across the globe. Our position as the largest independent provider of thermal and pneumatic solutions is a key differentiator with both our OEM and Tier 1 customers.

現在轉到投影片 5。我們獲得了 6.6 億美元的汽車新業務獎項。這些新業務獎項在各個地區和產品類別之間保持平衡，我們再次贏得了本季所引用業務追求的 80% 以上。這證明客戶重視我們的合作夥伴模式。我們與全球 50 多家汽車製造商和 30 多家座椅製造商合作。我們作為最大的熱力和氣動解決方案獨立供應商的地位是我們與 OEM 和一級客戶的關鍵區別所在。

For thermal solutions, we won several CCS awards in the second quarter. Of note, we won the Kia Telluride, multiple Audi awards, and the new Porsche Cayenne EV. Specifically in China, we won the new Lee Auto M6, the new Great Wall Aura compact SUV, three Honda Awards, and two new awards for a brand new customer, Huawei.

對於散熱解決方案，我們在第二季獲得了多個 CCS 獎項。值得注意的是，我們贏得了起亞特柳賴德、多項奧迪獎項以及新款保時捷卡宴電動車。具體來說，在中國，我們贏得了新款利奧M6、新款長城靈氣緊湊型SUV、三項本田獎，並為全新客戶華為贏得了兩個新獎項。

In addition, we received seven steering wheel heater awards across four OEMs, and importantly, we won hands-on detection enabled steering wheel heater awards with Lee Auto and Volvo. We continue to see momentum, particularly in lumbar and massage. New business awards in the quarter include awards with General Motors, BMW, Audi, one of the largest global EV manufacturers, and the previously announced Hyundai Genesis full-size SUV, which includes our innovative Pulse A technology.

此外，我們還獲得了四家 OEM 廠商的 7 個方向盤加熱器獎，更重要的是，我們與 Lee Auto 和沃爾沃一起贏得了啟用動手檢測功能的方向盤加熱器獎。我們繼續看到勢頭，特別是在腰部和按摩領域。本季的新業務獎項包括與全球最大的電動車製造商之一通用汽車、寶馬、奧迪以及先前宣布的現代 Genesis 全尺寸 SUV 獲得的獎項，其中包括我們創新的 Pulse A 技術。

Further, on lumbar and massage I would like to highlight our tremendous success with BMW. We previously announced winning the pneumatic awards for ICE and EV versions of the large X Series SUVs, the X5, X6, and X7, and the smaller X series SUVs, including the X3 and the X4.

此外，在腰椎和按摩方面，我想強調我們與寶馬取得的巨大成功。我們先前宣布，大型 X 系列 SUV X5、X6 和 X7 以及小型 X 系列 SUV（包括 X3 和 X4）的 ICE 和 EV 版本榮獲氣動獎。

And today we're excited to announce that we've expanded our pneumatic awards with BMW by securing pneumatic lumbar and massage on the popular 3 and 4 series platforms in both North America and Europe. And with this, Gentherm has secured the pneumatic production awards for the majority of future BMW vehicles.

今天，我們很高興地宣布，我們透過在北美和歐洲流行的 3 和 4 系列平台上確保氣動腰部和按摩功能，擴大了與 BMW 的氣動獎項。由此，Gentherm 獲得了大多數未來 BMW 車輛的氣動生產獎項。

Additionally, I'm pleased to announce that we have secured an award for an integrated product, which combines foam, seat heat, and seat belt reminder on the EV version of the 3 and 4 series vehicles. Due to our strong capabilities in integrating multiple functionalities within our products, we see opportunities to provide similar integrated solutions across our customer base. Strong customer relationships like ours with BMW is one of the driving forces behind our awards momentum and increasing content per vehicle.

此外，我很高興地宣布，我們的整合產品獲得了獎項，該產品在 3 系列和 4 系列車輛的 EV 版本上結合了泡棉、座椅加熱和安全帶提醒功能。由於我們在產品中整合多種功能的強大能力，我們看到了在客戶群中提供類似整合解決方案的機會。像我們與寶馬這樣牢固的客戶關係是我們獲獎勢頭和每輛車內容不斷增加的驅動力之一。

Moving to slide 6. We continue to win with our innovative technologies and I'm excited to share two examples. As I previously mentioned, we won our very first pneumatic award with Hyundai on their Genesis full size SUV, which will include our innovative Pulse A technology. Our proprietary Pulse A massage solution is the world's first pneumatic system that uses precision micro air pressure burst to deliver a deep pulsating massage.

轉到投影片 6。我們繼續以創新技術取勝，我很高興分享兩個例子。正如我之前提到的，我們憑藉現代汽車的 Genesis 全尺寸 SUV 贏得了第一個氣動獎項，其中將包括我們創新的 Pulse A 技術。我們專有的 Pulse A 按摩解決方案是世界上第一個氣動系統，它使用精確的微氣壓爆發來提供深度脈動按摩。

This technology can stimulate muscles, help alleviate pain and tension, and counteract poor posture. As Gentherm wins Pulse A Awards, we will be in a position to implement the full suite of WellSense experiences through over the air delivery of our science based algorithms.

這項技術可以刺激肌肉，幫助緩解疼痛和緊張，並糾正不良姿勢。隨著 Gentherm 贏得 Pulse A 獎，我們將能夠透過無線傳輸我們基於科學的演算法來實施全套 WellSense 體驗。

On the right side of the page, I want to highlight some of the innovative work the team is doing to continue winning CCS awards. Gentherm has designed the CCS compact vent, a proprietary modular system combining a quieter, more compact blower with a novel air distribution module making it ideal for compact spaces, a perfect solution for in-demand slim seats for EVs and rear seat applications. It reduces weight, the number of components, and importantly, the assembly complexity required for our customers.

在頁面右側，我想強調該團隊為繼續贏得 CCS 獎項而所做的一些創新工作。Gentherm 設計了CCS 緊湊型通風口，這是一種專有的模組化系統，將更安靜、更緊湊的鼓風機與新穎的空氣分配模組相結合，使其成為緊湊空間的理想選擇，是電動汽車和後座應用所需的纖薄座椅的完美解決方案。它減輕了重量、減少了零件數量，更重要的是，降低了客戶所需的組裝複雜性。

This drives meaningful cost savings for them. At the same time, the product provides improved airflow with less noise. It's our quietest blower ever. Further, our customers can use this standardized product across various vehicle platforms and across multiple seat makers. We are excited to announce that we have won awards this year for this new CCS innovation, CompactVent with Hyundai and Great Wall. These are just a few of the many new innovative technologies that differentiate Gentherm from our competition.

這為他們節省了有意義的成本。同時，該產品可改善氣流並降低噪音。這是我們有史以來最安靜的鼓風機。此外，我們的客戶可以在各種車輛平台和多個座椅製造商中使用這種標準化產品。我們很高興地宣布，今年我們憑藉這一新的 CCS 創新產品——現代汽車和長城汽車的 CompactVent 贏得了獎項。這些只是 Gentherm 在競爭中脫穎而出的眾多創新技術中的一小部分。

Now on to slide 7. We continue to make significant strides in the development of many of our next generation technologies including ClimateSense, our unique microclimate solution; WellSense, our software driven comfort, health and wellness solution; and ComfortScale, our next generation integrated thermal, lumbar and massage hardware system.

現在轉到投影片 7。我們在許多下一代技術的開發方面繼續取得重大進展，包括我們獨特的微氣候解決方案 ClimateSense； WellSense，我們的軟體驅動的舒適、健康和保健解決方案； ComfortScale，我們的下一代整合熱、腰椎和按摩硬體系統。

On ClimateSense, we are substantially complete with our development for the Cadillac CELESTIQ and the Escalade IQ and the feedback from our customer is incredibly positive. As we have demonstrated WellSense to customers around the world, we are excited that they have confirmed that this software based solution could have a meaningful impact on software defined vehicles of the future. In fact, we expect continued content growth of our thermal and pneumatic hardware in anticipation of future WellSense software feature implementation.

在 ClimateSense 方面，我們已經基本完成了凱迪拉克 CELESTIQ 和 Escalade IQ 的開發，而且客戶的回饋非常正面。當我們向世界各地的客戶展示 WellSense 時，我們很高興他們已經確認這種基於軟體的解決方案可以對未來的軟體定義車輛產生有意義的影響。事實上，我們預計我們的熱力和空氣動力硬體的內容將持續成長，以期待未來 WellSense 軟體功能的實現。

On ComfortScale, our fully qualified integrated solution, is in advanced commercial discussions with several customers and we expect awards in the very near future. There's strong interest from a growing number of OEM customers for these innovative solutions and we expect this will significantly increase Gentherm's content per vehicle over time.

我們完全合格的整合解決方案 ComfortScale 正在與多家客戶進行高級商業討論，我們預計將在不久的將來獲獎。越來越多的 OEM 客戶對這些創新解決方案產生了濃厚的興趣，我們預計隨著時間的推移，這將顯著增加 Gentherm 每輛車的內容。

Moving to the next page for a discussion of our medical business. Approximately 1 year ago, we announced the decision to modify our go-to-market business model to drive accelerated revenue growth. And this strategy is working as demonstrated by the improved financial results.

轉到下一頁討論我們的醫療業務。大約一年前，我們宣布決定修改我們的上市業務模式，以推動收入加速成長。財務表現的改善證明了這項策略正在發揮作用。

In the second quarter, the medical team delivered revenue growth of 9% year-over-year ex-FX and the highest profitability since the second quarter of 2020. The revenue increase was largely driven by our flagship Blanketrol product and our recent partnership with US MedEquip. Additionally, we added 25 new hospital customers in China in the quarter. Our focus remains on leveraging partnerships, distribution channels, and white label opportunities to drive organic revenue growth and improve profitability.

第二季度，醫療團隊的剔除外匯收入年增9%，獲利能力創2020年第二季以來最高。收入的成長主要是由我們的旗艦產品 Blanketrol 以及我們最近與 US MedEquip 的合作夥伴關係所推動的。此外，本季我們在中國新增了 25 家醫院客戶。我們的重點仍然是利用合作夥伴關係、分銷管道和白標機會來推動有機收入成長並提高獲利能力。

Now with that, I'll turn the call over to Matteo for a little more color on the financial results.

現在，我將把電話轉給馬泰奧，以獲取有關財務業績的更多資訊。

Thank you, Phil. Let me turn to Slide 9 and focus on the most significant items in our quarterly results. For the quarter product revenues increased by 1% compared to the same period of last year. And if we adjust for the impact of foreign exchange, our overall product revenue increased by 2%. Starting with the automotive segment, automotive revenues were $364 million, up approximately 1% compared to the prior year period.

謝謝你，菲爾。讓我轉向投影片 9，專注於我們季度業績中最重要的項目。該季度產品營收與去年同期相比成長了1%。如果我們調整外匯的影響，我們的整體產品收入成長了 2%。從汽車領域開始，汽車收入為 3.64 億美元，比去年同期成長約 1%。

And adjusting for negative foreign currency translation, the phasing out of the non-automotive electronics business as well as one-time benefits from recoveries in both periods. Automotive revenues increased by approximately 3%. Actual light vehicle production in our key market of North America, Europe, China, Japan, and Korea decreased slightly year-over-year. As Phil mentioned earlier, revenues from our automotive, climate and comfort solutions outperformed actual light vehicle production in our key markets by 500 basis points.

並根據負外幣換算、逐步退出非汽車電子業務以及這兩個時期的復甦帶來的一次性收益進行調整。汽車收入成長約 3%。北美、歐洲、中國、日本和韓國等主要市場的輕型車實際產量較去年同期略有下降。正如菲爾之前提到的，我們的汽車、氣候和舒適解決方案的收入比我們主要市場的實際輕型汽車產量高出 500 個基點。

Now for a discussion of year-over-year revenue by product line as outlined in the table in the press release, excluding the impact of foreign exchange, we saw growth in several of our product lines. And more specifically, revenues from lumbar and massage increased by 23% due to the ramp up of the VW MQB platform and higher volumes and take rates on several models with Ford.

現在，按照新聞稿中的表格概述的按產品線劃分的同比收入的討論，排除外匯的影響，我們看到了我們的幾個產品線的增長。更具體地說，由於大眾 MQB 平台的升級以及福特多款車型銷量和銷量的增加，腰部和按摩業務的收入增長了 23%。

Steering wheel heaters revenue increased by 10% compared to the prior year period due to the start of production of Li Auto L6 and a battery electric vehicle in Asia with one of the largest global EV manufacturers. Valve systems revenue increased by 7% due to higher sales with VW. CCS revenues increased by 2% due to higher volumes with a global EV manufacturer, ramp up on Li Auto L9 in Asia and BMW 5 series in Europe. And these were partially offset by lower volume on several Stellantis models.

由於全球最大的電動車製造商之一在亞洲開始生產理想汽車L6和純電動車，方向盤加熱器收入較上年同期成長10%。由於大眾銷量增加，閥門系統收入成長了 7%。由於與全球電動車製造商的銷量增加，亞洲的理想汽車 L9 和歐洲的寶馬 5 系列銷量增加，CCS 收入增長了 2%。這些因素被幾款 Stellantis 型號的銷售下降所部分抵消。

Seat heater revenue were relatively flat year-over-year and revenues from our smaller product lines decreased year-over-year ex-FX, specifically automotive cables revenue decreased by $1 million or 6% due to lower volumes in North America with Bosch and JSS. BPS revenues decreased by $3 million or 17% due to the end of production of the Jeep Wrangler, 48-volt BTM, and BMW E Mini Cell Connecting Board, as well as the volume ramp down for Mercedes 48-volt BTM.

座椅加熱器收入比去年同期相對持平，我們較小產品線的收入同比下降（扣除外匯），特別是汽車電纜收入下降了 100 萬美元或 6%，原因是博世和 JSS 在北美的銷量下降。由於吉普牧馬人、48 伏特 BTM 和 BMW E Mini 電池連接板的停產，以及梅賽德斯 48 伏特 BTM 銷量的下降，BPS 收入減少了 300 萬美元，即 17%。

And as a reminder, we previously announced that we are phasing out certain battery performance solution products. Electronics revenue decreased by $2 million or 23% due to the phase out of non-automotive electronics, partially offset by higher volumes on our multifunction ECU with Ford. And excluding the impact of non-automotive and contract manufacturing electronics, electronics revenue increased by $2 million.

提醒一下，我們之前宣布我們將逐步淘汰某些電池性能解決方案產品。由於非汽車電子產品的逐步淘汰，電子產品收入減少了 200 萬美元，即 23%，但部分被我們與福特合作的多功能 ECU 銷售增加所抵消。排除非汽車和合約製造電子產品的影響，電子產品收入增加了 200 萬美元。

Other automotive revenue decreased by $3 million or 35%, primarily due to onetime material inflation recoveries that we received in prior year period.

其他汽車收入減少了 300 萬美元，即 35%，主要是由於我們去年同期收到的一次性重大通膨復甦。

Turning to medical, medical revenues increased 9% ex-FX, primarily as a result of higher blanket row sales in the US. The medical team delivered positive operating income during the quarter, as we continue to focus on improving returns in this business in the near term.

說到醫療，醫療收入增加了 9%（扣除外匯），主要是由於美國的一攬子銷售增加。醫療團隊在本季度實現了正營業收入，因為我們在短期內繼續專注於提高該業務的回報。

Moving to adjusted EBITDA. Adjusted EBITDA in the quarter was $50 million up nearly 18% from $42 million in the prior year period. The adjusted EBITDA margin rate for the second quarter was 13.3%, and this compares to 11.4% in the second quarter of last year and represents the sixth consecutive quarter of year-over-year improvement.

轉向調整後的 EBITDA。本季調整後 EBITDA 為 5,000 萬美元，比去年同期的 4,200 萬美元成長近 18%。第二季調整後 EBITDA 利潤率為 13.3%，去年第二季為 11.4%，連續第六個季度年增。

The 190 basis points margin expansion was driven by Fit-for-Growth initiatives, including supplier cost reductions and value engineering activities and net productivity at the factories, and these were partially offset by annual price reductions and startup costs from our new plants in Morocco and Mexico. The new plants are ahead of schedule and will play a significant role in our Fit-for-Growth margin expansion over time.

190個基點的利潤率擴張是由「適應成長」措施推動的，包括供應商成本降低和價值工程活動以及工廠的淨生產力，這些都被我們在摩洛哥和摩洛哥的新工廠的年度降價和啟動成本所部分抵消。新工廠比計劃提前竣工，隨著時間的推移，它們將在我們的成長利潤擴張中發揮重要作用。

Operating expenses were $64 million in the quarter compared to $84 million in the prior year period. If we adjust for acquisition, integration and restructuring costs as well as non cash stock compensation expenses in both periods and the $19 million goodwill impairment recorded in the prior year period, operating expenses were $58 million down from $59 million in the second quarter of last year.

本季營運費用為 6,400 萬美元，而去年同期營運費用為 8,400 萬美元。如果我們對這兩個時期的收購、整合和重組成本以及非現金股票補償費用以及上一年期間記錄的1,900 萬美元商譽減值進行調整，營運費用將從去年第二季度的5,900 萬美元減少到5,800 萬美元。

And the year-over-year improvement was driven by higher R&D reimbursement and lower R&D expenses as a result of cost reductions related to battery performance solutions, partially offset by higher compensation expenses. Finally adjusted diluted earnings per share in the quarter were $0.66 per share, compared to $0.58 per share in the second quarter of last year, and the year-to-date effective tax rate was 28%, in line with our guided range of 26% to 29%.

年比改善是由於與電池性能解決方案相關的成本降低導致的研發報銷增加和研發費用降低所推動的，但部分被補償費用增加所抵消。最終調整後的本季稀釋每股收益為每股 0.66 美元，而去年第二季為每股 0.58 美元，年初至今的有效稅率為 28%，與我們 26% 的指導範圍一致至 29%。

Now moving to the balance sheet on slide 10. Our cash position at the end of the quarter was approximately $123 million and our net debt stood at $99 million in line with the prior quarter. We generated $37 million of cash flow from operating activities, which was offset by $19 million of capital expenditures and $20 million of share repurchases.

現在轉到投影片 10 上的資產負債表。本季末我們的現金部位約為 1.23 億美元，淨債務為 9,900 萬美元，與上一季持平。我們從營運活動中產生了 3,700 萬美元的現金流，被 1,900 萬美元的資本支出和 2,000 萬美元的股票回購所抵銷。

Of note, in the last 12 months, we have returned more than $90 million to shareholders through share repurchases. And our Board of Directors authorized a new stock repurchase program of $150 million over three years, which took effect as of the end of second quarter.

值得注意的是，在過去 12 個月中，我們透過股票回購向股東返還了超過 9,000 萬美元。我們的董事會批准了一項為期三年、金額為 1.5 億美元的新股票回購計劃，該計劃於第二季末生效。

Our net leverage ratio was 0.5 at the end of the second quarter, well below our target of 1.5 times and in line with the prior quarter. Based on the trailing 12 month consolidated adjusted EBITDA ended June 30, we had $278 million of remaining availability on our line of credit and the total available liquidity as of June 30, was $401 million.

第二季末我們的淨槓桿率為 0.5，遠低於我們 1.5 倍的目標，與上一季持平。根據截至 6 月 30 日的過去 12 個月綜合調整後 EBITDA，我們的信貸額度剩餘可用資金為 2.78 億美元，截至 6 月 30 日的可用流動資金總額為 4.01 億美元。

Now let me turn to slide 11 for our 2024 guidance. Based on our performance year-to-date and the latest information we currently have from our customers, we're expecting revenue to be at the lower end of our previously provided range, assuming a Euro to US dollar exchange rate of [$1.08/Euro] for the remainder of the year. And light vehicle production in our relevant markets decreasing at a low single digit rate in 2024 versus 2023. Adjusting for approximately 60 basis points of FX headwind year-over-year, this implies an organic revenue growth rate of approximately 3%.

現在讓我轉向投影片 11，了解我們的 2024 年指引。根據我們今年迄今為止的業績以及我們目前從客戶那裡獲得的最新信息，我們預計收入將處於我們之前提供的範圍的下限，假設歐元兌美元匯率為[1.08美元/歐元] ] 今年剩餘時間。與 2023 年相比，2024 年相關市場的輕型汽車產量將以低個位數的速度下降。根據同比約 60 個基點的外匯逆風進行調整，這意味著有機收入成長率約為 3%。

Revenue for the second quarter and for the remainder of the year is lower than we originally expected, as our customers continue to adjust production schedules. These headwinds are a result of delayed new vehicle launches, lower than projected EV volumes, and increasing customer inventory on dealer lots. That said, we continue to expect higher revenue in the second half compared to the first half, primarily as a result of new program launches.

由於我們的客戶繼續調整生產計劃，第二季和今年剩餘時間的收入低於我們最初的預期。這些不利因素是新車發布延遲、電動車銷量低於預期以及經銷商處客戶庫存增加的結果。也就是說，我們仍然預計下半年的收入將高於上半年，這主要是由於新項目的推出。

Despite the challenging production environment and revenue headwinds, we continue to execute on our Fit-for-Growth initiatives, which we expect will help us deliver an adjusted EBITDA margin rate above the midpoint of our previously provided range. This continues to assume a onetime 50 basis point expense associated with the startup cost at our new plans in Morocco and Mexico and product engineering and launch cost associated with our record new awards.

儘管生產環境充滿挑戰和收入逆風，我們仍繼續執行「適應成長」計劃，我們預計這將有助於我們實現調整後的 EBITDA 利潤率高於先前提供的範圍中點。這繼續假設與我們在摩洛哥和墨西哥的新計劃的啟動成本以及與我們創紀錄的新獎項相關的產品工程和啟動成本相關的一次性 50 個基點費用。

We expect third quarter revenue to be similar to the second quarter and adjusted EBITDA margin rate slightly below the second quarter due to the timing of the ramp up cost of the new plants. Our full year effective tax rate and capital expenditures guidance remains unchanged. I would like to thank the global Gentherm team for continuing to deliver exceptional results despite a very challenging environment.

我們預計第三季營收將與第二季相似，由於新廠成本上升的時機，調整後的 EBITDA 利潤率略低於第二季。我們的全年有效稅率和資本支出指引保持不變。我要感謝全球 Gentherm 團隊在充滿挑戰的環境中持續取得卓越的成果。

And with that, I'll turn the call back to the operator to begin the Q&A session.

然後，我會將電話轉回接線生開始問答環節。

(Operator Instructions)

（操作員說明）

Matt Koranda, Roth Capital Partners, LLC.

馬特‧科蘭達 (Matt Koranda)，羅斯資本合夥人有限責任公司。

Hey, good morning, everybody. Thanks for taking the question. So just wanted to maybe discuss the bookings environment briefly, if we could. So the $660 million sounds like a relatively healthy run rate, I guess it is down a touch from last year. So maybe just, if you could discuss sort of the dynamics at play with the slight decrease year-over-year.

嘿，大家早安。感謝您提出問題。如果可以的話，我們只是想簡單討論一下預訂環境。因此，6.6 億美元聽起來是一個相對健康的運行率，我想它比去年有所下降。所以也許只是，如果你能討論一下同比略有下降的動態。

And also just curious about the conquest wins you have with Toyota and, and some of the Japanese OEMs. It sounds like that may be picking up steam. And so just curious to get your take if there's additional opportunity that you see out there. Did Alt Meyer help in any way? Sort of why are we seeing that opportunity come to pass?

我也只是對豐田和一些日本原始設備製造商所取得的勝利感到好奇。聽起來這可能正在升溫。因此，我很想知道您是否看到了其他機會。Alt Meyer 有提供任何協助嗎？為什麼我們會看到這個機會的到來？

Yes. Thanks, Matt. No we're really happy about the awards progress in the quarter. If you look at the environment going on and the dynamics, this is very healthy and we like the mix of the awards across all of our product lines. It was actually very strong in our pneumatics business. We continue to see significant demand for our technologies, and you can hear that in the specific customers that we announce awards with.

是的。謝謝，馬特。不，我們對本季的獎勵進展感到非常高興。如果你看看當前的環境和動態，你會發現這是非常健康的，我們喜歡我們所有產品線的獎項組合。實際上，我們的氣動業務非常強大。我們繼續看到對我們技術的巨大需求，您可以從我們宣布獲獎的特定客戶中聽到這一點。

So, all in all, I think we're feeling pretty good about the awards rate for the year so far and the momentum still looks good heading into the second half. Keep in mind, last year was quite exceptional year at $2.6 billion. So that will be that's a hard comp for us to go against, but we're still feeling pretty good about two handle in front of the awards number for the year.

因此，總而言之，我認為到目前為止，我們對今年的獲獎率感覺非常好，並且進入下半年的勢頭看起來仍然不錯。請記住，去年的收入達到 26 億美元，是非常特別的一年。所以這對我們來說是一個很難對抗的競爭，但我們仍然對今年的獎項數字前面的兩個手柄感覺很好。

Talking about Toyota, we're very excited. It's taken years to get our CCS launched with high volume vehicles at Toyota. The first launch with the Tacoma has gone quite well and we're learning a lot through the process, we're really proud to launch on the Toyota Camry, and a lot of discussions are active within the Toyota network on how to continue that growth.

談到豐田，我們非常興奮。我們的 CCS 花了數年時間才在豐田的大批量車輛上推出。塔科馬的首次發布進展順利，我們在整個過程中學到了很多東西，我們非常自豪能夠在豐田凱美瑞上發布，並且豐田網絡內正在積極討論如何繼續這種增長。

It's all been on thermal so far. Obviously, we're presenting our pneumatic solutions to customers around the world, including multiple customers in Japan. And so far, we don't have any awards with pneumatic in Japan. And so far, we don't have any awards with pneumatics in Japan. So I think that's a really nice opportunity going forward.

到目前為止，一切都處於熱狀態。顯然，我們正在向世界各地的客戶展示我們的氣動解決方案，其中包括日本的多個客戶。到目前為止，我們在日本還沒有獲得任何氣動的獎項。到目前為止，我們在日本還沒有獲得任何氣動的獎項。所以我認為這是一個非常好的未來機會。

Got you. And then maybe one firm, Matteo, just on the margin guidance. I guess, to be above the midpoint of the range you provided -- it sounds like at least an area you're going to be above 13% EBITDA margin in the back half of the year. And so I guess that does imply only a bit more modest pace of margin expansion. I'm just curious, what's driving sort of the margin improvement? What are the bigger buckets of the margin improvement in the back half of the year? It sounds like there's still planned startup drag, which I think you said 50 bps, but if you could just clarify that one.

明白你了。然後也許有一家公司，Matteo，只是在保證金指導上。我想，要高於你提供的範圍的中點——聽起來至少是今年下半年你的 EBITDA 利潤率將高於 13% 的區域。因此，我認為這確實意味著利潤率擴張的步伐會更加溫和。我只是好奇，是什麼推動了利潤率的提升？下半年利潤率改善的較大部分是什麼？聽起來似乎仍然存在計劃好的啟動阻力，我想你說的是 50 個基點，但如果你能澄清一下。

And then also, I guess, between productivity and some of the supplier cost reductions that you've been implementing, maybe if you could just discuss sort of where we're seeing some sources of improvement or decelerate a little bit there for the back half of the year?

然後，我想，在生產力和您一直在實施的一些供應商成本削減之間，也許您可以討論一下我們在哪些方面看到了一些改進的來源，或者在後半段減速了一點今年？

Sure, Matt. So let me maybe start from the last portion of your question and unpack a little bit what happened in the quarter because it's important to put the remainder of the year into perspective. So year-over-year, we expanded the adjusted EBITDA margin by about 200 basis points. Fit-for-Growth in the second quarter drove the majority of it, about 160 bps.

當然，馬特。因此，讓我從您問題的最後部分開始，稍微解釋一下本季發生的情況，因為正確看待今年剩餘時間非常重要。因此，與去年同期相比，我們將調整後的 EBITDA 利潤率擴大了約 200 個基點。第二季的「適合成長」推動了大部分成長，約 160 個基點。

Net productivity at the factory was about 30 basis points expansion. Also we were able to manage as we continue to drive better productivity in our Mexican plants. Premium freight a little better than last year, which has also accounted to about 30 basis points of margin expansion. And so these were the positives.

工廠的淨生產率擴張了約30個基點。此外，我們也能夠持續提高墨西哥工廠的生產力。保費運費略好於去年，也佔利潤率擴張約 30 個基點。這些都是正面的一面。

And then we had the on the negative side the annual price reduction, which was only a drag of about 70 basis points, which is definitely lower than what we anticipated at the beginning of the year and even lower than our pre-inflation historical average, which generally range between 100 basis points, 150 basis points.

然後我們有負面的一面，年度價格下降，僅拖累了約 70 個基點，這絕對低於我們年初的預期，甚至低於我們通膨前的歷史平均水平，一般在100個基點到150個基點之間。

So very proud quite frankly of where the team has been so far. We are clearly as of the end of the first half at about 12.8% EBITDA rate, which is definitely ahead where we were last year and ahead of where we were planning to be, entering the year.

坦白說，我們對團隊迄今為止所取得的成就感到非常自豪。截至上半年末，我們的 EBITDA 率顯然約為 12.8%，這絕對領先於我們去年的水平，也領先於我們進入今年的計劃。

So now moving to the second half, our guidance implies basically a second half EBITDA rate of about around 14%. I'll point back to some of the comments that I made in the prepared remarks, third quarter is going to be sequentially a little lower, primarily due to the fact that we were able to defer some of the startup costs of the plants from the second quarter into the third. And then the fourth quarter will pick up an EBITDA rate above 14%.

因此，現在進入下半年，我們的指引基本上意味著下半年 EBITDA 率約為 14% 左右。我將回顧我在準備好的發言中發表的一些評論，第三季將連續略低，主要是因為我們能夠推遲工廠的一些啟動成本第二季進入第三季。然後第四季 EBITDA 率將升至 14% 以上。

And that's driven by, I would pinpoint three, four factors. Number one, revenue in the fourth quarter will be higher than the third. And that's going to drive further margin expansion. This is driven by program launches, just, Lincoln Navigator, the Jeep Wagoneer, the continue increase in volume thanks to the VW MQB pneumatics, just to name a couple.

這是由三、四個因素所驅動的。第一，第四季的營收將高於第三季。這將推動利潤率進一步擴大。這是由林肯領航員 (Lincoln Navigator)、吉普瓦格納 (Jeep Wagoneer) 等項目的推出以及大眾 MQB 氣動系統帶來的銷量持續增加所推動的，僅舉幾例。

Then in the fourth quarter, we will have the full run rate of purchasing savings. This is pretty normal for us. All the volume rebates, or the majority of the volume rebates with suppliers tend to kick in in the fourth quarter. I talked about the timing of the startup cost of the plants. And then in the fourth quarter, we will start to see some of the benefits of moving the production out of Greenville into Monterey. And that's another key driver of the improvement of the EBITDA rate, later in the year.

然後在第四季度，我們將獲得採購儲蓄的全額運行率。這對我們來說很正常。所有的銷售回扣，或者說與供應商的大部分銷售回扣往往會在第四季度開始實施。我談到了工廠啟動成本的時間。然後在第四季度，我們將開始看到將生產從格林維爾轉移到蒙特雷的一些好處。這是今年稍後 EBITDA 率提高的另一個關鍵驅動因素。

And then a little bit more productivity of the factories is always happens in the fourth quarter. So that's kind of the dynamic, and what's going to happen second half versus first half.

然後工廠的生產力總是會在第四季有所提升。這就是動態，以及下半場和上半場會發生什麼。

Okay. Super detailed. I'll leave it there and appreciate the answers.

好的。超詳細。我會將其留在那裡並感謝您的答案。

Luke Junk, Baird.

路克垃圾，貝爾德。

Good morning. Thanks for taking the question. Phil, just to start hoping you could discuss just some of the puts and takes on the updated sales guidance, both at an overall industry level and customer specific dynamics, especially in years of conservatism you may have built in, just given what's been obviously a choppy production backdrop and some variability on the customer basis.

早安.感謝您提出問題。菲爾，首先希望您能夠討論更新的銷售指南的一些觀點，無論是在整個行業層面還是在客戶特定動態方面，特別是在您可能已經建立的多年保守主義中，只是考慮到明顯的不穩定的生產環境和客戶基礎上的一些變化。

Well, Luke, if you just look in general, I think it's well documented the volatility in the production environment and that really kicked in, even in the second quarter we saw some of our key customers drop off orders. If you look at that, it's also carried into the second half as well.

好吧，盧克，如果你從總體上看，我認為生產環境的波動性得到了充分記錄，並且確實開始顯現，即使在第二季度我們也看到一些主要客戶放棄了訂單。如果你看一下，它也被帶到了下半場。

For us, the way we break it down clearly just a general drop with some of our key customers around the world. Some in North America, for example, are carrying high inventory and are reducing production on vehicles that have high content for Gentherm. So that's certainly having an effect. And then, some other customers, EV only producers that are pretty large customers for us have also reduced and announced reduced volumes. So just in general, vehicle production and there are more, some European OEMs, et cetera.

對我們來說，我們的分解方式顯然只是我們在世界各地的一些主要客戶的普遍下降。例如，北美的一些工廠庫存很高，並且正在減少 Gentherm 含量較高的車輛的產量。所以這肯定會產生影響。然後，其他一些客戶，純電動車生產商，對我們來說是相當大的客戶，也減少了產量並宣布減少產量。總的來說，汽車生產還有更多，一些歐洲原始設備製造商等等。

Also looking at the second half, even though as Matteo pointed out, we have significant new launches, we have seen some delays of a few of those launches and a little bit of a pullback of the volumes in the early ramp up stage. So that brings down the second half a little bit from where we expected even though we do all the launches are taking place and we will see an uplift, especially towards the end of the year.

同樣看下半年，儘管正如 Matteo 指出的那樣，我們推出了重要的新產品，但我們看到其中一些產品的推出出現了一些延遲，並且在早期的增長階段銷量略有回落。因此，儘管我們確實進行了所有的發布，但下半年的情況比我們的預期有所下降，而且我們會看到成長，尤其是在年底。

And then, finally, China. China definitely has brought us some headwinds. You've seen the global OEMs that are operating in China have seen significant reduction in their share in vehicle production in the market. That certainly had an effect on us.

最後是中國。中國確實為我們帶來了一些阻力。您已經看到在中國運營的全球原始設備製造商在市場上的汽車產量份額大幅下降。這當然對我們產生了影響。

We actually ended up in the Q2 kind of flattish in China, which was pretty good performance given that shift, and that's because we've been launching with some EV manufacturers and other domestic manufacturers in China. Now that said, if we look at the back half of the year, both the global OEMs and some of the domestic customers we have are pulling back on some of their volumes, so also seeing some shifting.

事實上，我們第二季在中國的業績表現平平，考慮到這種轉變，我們的表現相當不錯，這是因為我們一直在與中國的一些電動車製造商和其他國內製造商合作推出產品。話雖如此，如果我們回顧今年下半年，全球原始設備製造商和我們擁有的一些國內客戶都在縮減部分銷量，因此也看到了一些變化。

Obviously, it's really incredible some of the dynamics in market share that are happening on a month by month basis, shifting from one domestic maker to another domestic maker. So that's something we also are taking into consideration.

顯然，市場份額逐月發生的一些變化確實令人難以置信，從一家國內製造商轉移到另一家國內製造商。所以這也是我們正在考慮的事情。

Your last point on conservatism, I would say it's realistic what we've laid out there based on the information we have in front of us. Obviously, our approach is we look at the orders we get from our customers, evaluate those all carefully, ask questions, study what's happening with our customers externally, looking at inventory, examples like that.

關於保守主義的最後一點，我想說的是，根據我們面前的信息，我們所提出的內容是現實的。顯然，我們的方法是查看從客戶那裡獲得的訂單，仔細評估所有訂單，提出問題，研究外部客戶的情況，查看庫存，諸如此類的例子。

We then apply our own intelligence to it, make some adjustments if we deem them necessary to what our customers are telling us. And then finally, cross check that back with the external data from those like S&P Global. And then that's what leads us to the outlook. So, I would call it realistic. We've built in the volatility and dynamics that we see and we obviously will keep watching that closely as the year progresses.

然後，我們將自己的智慧運用到其中，如果我們認為對於客戶告訴我們的內容有必要的話，我們會進行一些調整。最後，與 S&P Global 等外部資料進行交叉核對。這就是我們展望未來的原因。所以，我稱之為現實。我們已經建立了我們所看到的波動性和動態，隨著今年的進展，我們顯然將繼續密切關注。

All those said, Luke, I want to add one more point that we continue to see, number one, the demand for Gentherm, thermal and pneumatic products to remain extremely high, which is driving more adoption in vehicles, continued content growth in those vehicles and higher take rates on vehicles as we progress.

綜上所述，盧克，我想再補充一點，我們繼續看到，第一，對 Gentherm、熱力和氣動產品的需求保持極高，這推動了車輛的更多採用，這些車輛的內容持續增長隨著我們的進步，車輛的使用率也會更高。

So that thesis has not changed. If you look at the launch schedule, not a single launch has been canceled on our schedule. And so we're feeling pretty good about executing on the areas we can control. And obviously, we're going to watch vehicle production. And I think it's a dynamic time, but we do believe vehicle production is going to have to rebound at some point in not so distant future, and I think we'll be really ready to take advantage of that.

所以那個論文沒有改變。如果您查看發射時間表，您會發現我們的時間表上沒有一次發射被取消。因此，我們對在我們可以控制的領域執行任務感到非常滿意。顯然，我們將關注汽車生產。我認為這是一個充滿活力的時期，但我們確實相信汽車產量將在不久的將來的某個時候反彈，我認為我們將真正準備好利用這一點。

Thanks for all that detail. So maybe if we could double-click on the specific strength you're seeing in lumbar and massage right now, big uptick sequentially, really big in year-on-year growth of those awards you've been talking about are now finally, kicking in. Can we expect this kind of year-over-year growth sustaining into the back half? Is there any kind of pull-forward we should be aware of here and then?

感謝所有這些細節。因此，也許如果我們可以雙擊您現在在腰椎和按摩方面看到的具體強度，連續大幅上升，您一直在談論的那些獎項的同比增長確實很大，現在終於開始了。我們能否期望這種同比增長持續到下半年？我們時不時應該注意某種類型的前拉嗎？

Similarly for 2025, you had given communications at your Analyst Day last year on kind of a growth framework, and it seems like you might be even tracking above those levels. Am I seeing that right, now?

同樣，對於 2025 年，您在去年的分析師日上就增長框架進行了交流，看起來您甚至可能會跟踪這些水平。我現在看對了嗎？

Yeah. I mean, if we look at the back half of the year, we certainly expect to see continued strong double digit growth throughout the course of this year. And that's early launches and ramp ups of wins. So heading into 2025 and beyond, we still continue to see outstanding growth in that business. As you just pointed out, we've actually won awards at a faster clip than we expected with upon the acquisition closure.

是的。我的意思是，如果我們回顧今年下半年，我們當然預計今年全年將持續強勁的兩位數成長。這就是早期發布和勝利的增加。因此，進入 2025 年及以後，我們仍將繼續看到該業務的出色成長。正如您剛才所指出的，我們實際上贏得獎項的速度比我們在收購結束時預期的要快。

And we just really couldn't be more proud of what the team has done, in our team around the world certainly led by those Alt Meyer employees that are now part of our Gentherm team have done just a tremendous job and capitalizing on the Gentherm customer network. And so that gives us a lot of excitement around the future opportunities for this product.

我們真的為團隊所做的一切感到無比自豪，在我們世界各地的團隊中，當然是由Alt Meyer 員工領導的，他們現在是我們Gentherm 團隊的一部分，他們做了非常出色的工作，並充分利用了Gentherm 客戶網路。因此，這讓我們對該產品的未來機會感到非常興奮。

And, add to that adding more content with programs like Pulse A, that are coming in much faster than we expected, definitely we're excited about that growth rate.

而且，透過 Pulse A 等節目添加更多內容，這些節目的推出速度比我們預期的要快得多，我們肯定對這種成長率感到興奮。

And then if I could just sneak one more in for Matteo. Just more specific question on how you're thinking about R&D in the back half of the year, recognize that there's a tailwind here from the lower BPS spend and there are also some recoveries that helped the two key number just wanted to calibrate their practice. You'd been thinking 6.5% of sales kind of coming into the years, it's running around 6% year to date. Should we see that inflect up a bit in the back half?

然後如果我能為馬特奧再偷偷送一粒。只是更具體的問題，關於你如何考慮今年下半年的研發，認識到這裡有來自較低的 BPS 支出的順風，而且還有一些復甦幫助兩個關鍵數字只是想校准他們的實踐。您一直認為未來幾年銷售額將達到 6.5%，而今年迄今該數字約為 6%。我們是否應該在後半段看到這種變化？

Yeah, Luke, the second quarter number were relatively low because of not only the great work that the team has done in reallocating some of the cost of BPS, but also we had a elevated number of reimbursements, which tend to be a little lumpy. So I would expect in total, R&D cost as a percent of sales to be between, around 6%, 6.3% of revenue for the year. So that's what I would model.

是的，盧克，第二季度的數字相對較低，不僅因為團隊在重新分配 BPS 的部分成本方面做了出色的工作，而且我們的報銷數量有所增加，而且往往有點不穩定。因此，我預計總體而言，研發成本佔銷售額的百分比將佔今年收入的 6% 至 6.3% 左右。這就是我要建模的。

Understood. Thank you.

明白了。謝謝。

Sure.

當然。

(Operator Instructions)

（操作員說明）

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾，克雷格·哈勒姆。

I guess this is Matthew Raab on for Ryan. Just one question here, announced in Q1 a CCS award with a large global EV OEM, this quarter had the lumbar and massage award, from what I assume is the same OEM. Can you speak to how many models Gentherm will be supplying there and when those model or models will launch?

我猜這是瑞安的馬修拉布。這裡只有一個問題，在第一季度宣布與一家大型全球電動車原始設備製造商獲得 CCS 獎項，本季度獲得了腰椎和按摩獎項，我認為是同一家原始設備製造商。您能否透露一下 Gentherm 將在那裡供應多少型號以及這些型號或哪些型號將在何時推出？

Thanks for the question, Matthew. We are, with this large EV manufacture, we have content, whether thermal or pneumatics on virtually every model.

謝謝你的提問，馬修。我們在這家大型電動車製造商中，幾乎每個型號都有內容，無論是熱學還是氣動學。

Okay. Sounds good. And thank you very much.

好的。聽起來不錯。非常感謝。

(Operator Instructions) Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Phil Eyler for closing comments.

（操作員指示）女士們、先生們，我們的問答環節已經結束。我現在想請菲爾艾勒 (Phil Eyler) 發表總結意見。

Great. Thank you. While the operating environment certainly remains challenging, I want to thank the global Gentherm team and our partners and suppliers for the strong execution in delivering another solid quarter of financial and operating results. We continue to win awards at a record pace, led by our strong customer relationships, innovative technology solutions, and differentiated model as an independent supplier.

偉大的。謝謝。雖然營運環境仍然充滿挑戰，但我要感謝全球 Gentherm 團隊以及我們的合作夥伴和供應商的強大執行力，交付了又一個穩健的季度財務和營運績效。在我們強大的客戶關係、創新的技術解決方案以及作為獨立供應商的差異化模式的引領下，我們繼續以創紀錄的速度贏得獎項。

We delivered the highest quarterly revenue in company history and improved year-over-year profitability. The margin expansion this quarter gives us confidence in our ability to reach high-teens adjusted EBITDA margin rate over time, and we continue to execute against our long-term strategic plan and remain focused on delivering shareholder value.

我們實現了公司歷史上最高的季度收入，並且盈利能力同比有所提高。本季的利潤率擴張使我們對隨著時間的推移達到高雙位數調整後 EBITDA 利潤率的能力充滿信心，我們將繼續執行我們的長期策略計劃，並繼續專注於提供股東價值。

Thank you for your interest in Gentherm, and we look forward to keeping you apprised of our progress.

感謝您對 Gentherm 的關注，我們期待隨時向您通報我們的進展。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。