Gentherm Incorporated (THRM) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Gentherm first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Gentherm 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Gregory Blanchette, Senior Director, Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人：投資人關係資深總監 Gregory Blanchette。謝謝。您可以開始了。

Thank you. And good morning, everyone. Thanks for joining us today. Gentherm's earnings results were released earlier this morning, and 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。各位早安，感謝今天加入我們。Gentherm 的財報結果已於今天稍早發布，新聞稿副本可於 gentherm.com 取得。此外，今日電話會議的網路直播重播將於稍晚在 Gentherm 官網的投資人關係專區提供。

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，我們將在聯邦證券法的意義下發表前瞻性陳述。這些陳述反映我們目前對未來事件與財務表現的看法，而實際結果可能存在重大差異。除法律要求外，我們不承擔更新這些陳述的義務。

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

請參閱 Gentherm 的財報新聞稿及其向美國證券交易委員會（SEC）提交的文件（包括最新的 10-K 以及後續報告），其中討論了我們的風險因素，以及支撐此等前瞻性陳述的其他重要假設、風險與不確定性。

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.

在本次電話會議中，我們也將討論依據 SEC Regulation G 所定義的非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與可比 GAAP 財務衡量指標之調節表，已包含於我們的財報新聞稿與投資人簡報中。

On the call with me today are Bill Presley, President, Chief Executive Officer; and Jon Douyard, Chief Financial Officer. During their comments, they will be referring to a presentation deck that we've made available on the Investors section of Gentherm's website. After the prepared remarks, we'd be pleased to take your questions.

今天與我一同出席的有：總裁兼執行長 Bill Presley，以及財務長 Jon Douyard。在他們的發言中，將參考我們已放在 Gentherm 官網投資人專區的簡報投影片。準備好的發言結束後，我們很樂意回答各位的提問。

Now, I'd like to turn the call over to Bill.

現在，我想把電話交給 Bill。

Thank you, Greg. And good morning, everyone. Let's begin on slide 3. I want to start by saying that the Gentherm team demonstrated strong execution in the first quarter. Over the last year, we've spent a lot of time improving our operating system. We've been focused on fundamentals that are core to operating in an efficient, consistent manner in all aspects of the business.

謝謝你，Greg。各位早安。我們從第 3 頁投影片開始。我想先說，Gentherm 團隊在第一季展現了強勁的執行力。過去一年，我們投入大量時間改善營運系統。我們專注於基本功，這些基本功是讓企業在各個面向都能以高效率、具一致性的方式運作的核心。

I visited Gentherm sites in multiple countries over the last three months and was able to observe changes in how we operate all locations versus last year. The teams are engaged in targeted actions for growth in new markets. Factory floor space occupation and efficiency are increasing, and the teams are adopting tools we've put in place to drive financial rigor. I was pleased to see these efforts starting to produce tangible results in the quarter.

過去三個月我走訪了多個國家的 Gentherm 據點，並觀察到相較去年，我們在各地點的運作方式已有所改變。各團隊正針對新市場成長採取聚焦行動。工廠產線空間的使用率與效率正在提升，團隊也在採用我們導入的工具，以強化財務紀律。我很高興看到這些努力在本季開始產生具體成果。

The first quarter also demonstrated our ability to execute in a dynamic environment, and we are confident in our ability to continually improve our operations. After spending a year with the team putting tools and processes in place, we concluded that realigning our operating model and structure would drive increased speed and transparency across the organization. Therefore, during the quarter, we initiated an organizational realignment that reduced spans and layers to increase agility and provide a concentrated focus on internal improvements as well as the ability to accelerate our growth platforms. This realignment positions us well to deliver key financial and operational priorities going forward.

第一季也展現了我們在動態環境中執行的能力，我們對持續改善營運充滿信心。在與團隊花了一年時間建立工具與流程之後，我們認為重新調整營運模式與組織架構，將能提升整個組織的速度與透明度。因此，本季我們啟動了組織重整，縮減管理幅度與層級，以提升敏捷性，並更聚焦於內部改善，同時加速我們的成長平台。這項重整使我們能在未來更好地交付關鍵的財務與營運優先事項。

Strategically, this quarter marked an inflection point in our journey to transform Gentherm. We took action to position the company for sustainable, profitable growth with our announcement to combine with Modine Performance Technologies. This transaction transforms the company with an expanded product portfolio and broader end-market exposure.

在策略面，本季是我們轉型 Gentherm 旅程中的一個轉折點。我們宣布將與 Modine Performance Technologies 合併，採取行動使公司具備可持續且具獲利性的成長定位。此交易透過擴大產品組合並拓寬終端市場曝險，將為公司帶來轉型。

We continue to execute our priorities and strategy even though the environment around us remains dynamic. Since our prior earnings call, the macro and geopolitical environment has changed significantly and is creating an increased level of economic uncertainty. Despite these recent events and other macro issues over the last year, light vehicle production schedules have remained relatively stable, which has allowed us to focus on operational improvements.

儘管周遭環境仍然多變，我們仍持續執行優先事項與策略。自上次財報電話會議以來，總體與地緣政治環境已顯著改變，並帶來更高程度的經濟不確定性。儘管近期事件以及過去一年其他總體因素的影響，輕型車產量排程仍相對穩定，使我們得以專注於營運改善。

We continue to assess key data inputs, including dealer inventory levels and customer schedules, as well as collaborating directly with our customers to get real-time insights on future demand. That said, headwinds are beginning to emerge across the globe. These include direct cost increases in logistics due to lane disruptions and fuel surcharges, as well as cost increases of petrochemicals used in raw materials.

我們持續評估關鍵資料輸入，包括經銷商庫存水位與客戶排程，並與客戶直接合作，以取得對未來需求的即時洞察。話雖如此，全球各地開始出現逆風因素，包括因航線中斷與燃油附加費導致的物流直接成本上升，以及用於原物料的石化產品成本上升。

In addition, we are now starting to see cost inflation flow through to other materials, which are being indirectly impacted due to increases in processing-related costs. We continue to monitor developments in real time, and we are working closely with our suppliers and customers on a variety of mitigation strategies.

此外，我們也開始看到成本通膨傳導至其他材料，這些材料因加工相關成本上升而受到間接影響。我們持續即時監控發展，並與供應商及客戶密切合作，推動多項緩解策略。

We are preparing to implement pass-through or reimbursement mechanisms on applicable costs. We have actions ready to execute both commercially and operationally. We will remain agile, and we are confident in our ability to navigate through volatility and uncertainty.

我們正準備針對適用成本導入轉嫁（pass-through）或補償機制。我們已備妥可在商務與營運面執行的行動。我們將保持敏捷，並對自身穿越波動與不確定性的能力充滿信心。

Now please turn to slide 4, where I will discuss some of our first quarter highlights. The first quarter financial results were above our expectations. We secured $395 million of automotive new business awards, which were well-balanced across region, customer, and product. The pursuit pipeline looks robust for the remainder of the year.

現在請翻到第 4 頁投影片，我將說明第一季的一些重點。第一季財務結果優於我們的預期。我們取得 3.95 億美元的汽車新業務獎項，在區域、客戶與產品面向上分布均衡。就今年剩餘期間而言，追案管線看起來相當強勁。

We made significant progress on our organic growth initiatives, including key announcements with KUKA Home and our new medical product, ThermAffyx, both of which I will discuss further in a few moments. Our product revenues for the quarter were $394 million, a quarterly record for the company, driven by strong Automotive Climate and Comfort Solutions growth over market.

我們在有機成長計畫上取得重大進展，包括與 KUKA Home 的重要公告，以及我們新的醫療產品 ThermAffyx；我稍後都會進一步說明。本季產品營收為 3.94 億美元，創公司單季新高，主要受惠於汽車氣候與舒適解決方案（Automotive Climate and Comfort Solutions）相較市場更強勁的成長。

We delivered solid first quarter margin performance, driven by continued progress on our operational excellence initiatives. The business systems we've put in place are beginning to have a meaningful impact, driving improved execution and expanded margins. As we build on this momentum, we remain confident in our ability to deliver sustained performance improvements over time.

在持續推進營運卓越計畫的帶動下，我們第一季的毛利率表現穩健。我們建立的業務系統開始產生顯著影響，推動執行力提升並擴大利潤率。隨著我們在此動能上持續累積，我們仍對隨時間推進而實現持續的績效改善充滿信心。

Turning to slide 5. One of our top priorities over the last year has been scaling our existing products and technologies with new markets, new applications, and non-traditional customers to deliver strategic profitable growth.

接著看第 5 頁投影片。過去一年我們的首要任務之一，是將既有產品與技術擴展至新市場、新應用，以及非傳統客戶，以實現具策略性的獲利成長。

During the first quarter, we continued to prove the broad applicability of our technology beyond automotive through our achievements in home and office, as well as medical. We officially launched and began supplying production parts to KUKA Home, which is a leading global furniture manufacturer. Since mid-2025, Gentherm played an important role as a collaborative innovation partner with KUKA, which led to co-branding of Enhanced Comfort by Gentherm.

第一季，我們透過在居家與辦公，以及醫療領域的成果，持續證明我們的技術在汽車以外的廣泛適用性。我們正式推出並開始向 KUKA Home 供應量產零件；KUKA Home 是全球領先的家具製造商。自 2025 年年中以來，Gentherm 作為 KUKA 的協作式創新夥伴扮演重要角色，並促成「Enhanced Comfort by Gentherm」的共同品牌合作。

The launch this quarter also demonstrates our ability to generate revenue quickly in home and office market by utilizing our core assets and standard kit methodology to maintain the performance, quality, and consumer experiences established in automotive applications. In March, Jon and I spent time in China at KUKA headquarters with their CEO and senior leadership team discussing our partnership. There is mutual interest in scaling Gentherm products across additional KUKA Home platforms.

本季的推出也展現了我們運用核心資產與標準套件方法（standard kit methodology），在居家與辦公市場快速創造營收的能力，同時維持在汽車應用中建立的性能、品質與消費者體驗。3 月，Jon 與我在中國 KUKA 總部與其執行長及高階管理團隊會面，討論我們的合作關係。雙方對於在更多 KUKA Home 平台上擴大導入 Gentherm 產品皆有共同興趣。

Beyond KUKA, our momentum in home and office is accelerating. Earlier this month, we were selected by a leading North American furniture brand to supply our climate and comfort products. This marks our fourth consecutive quarter securing a new home and office customer. We anticipate starting production with this customer later this year.

除了 KUKA 之外，我們在居家與辦公領域的動能也正在加速。本月稍早，我們獲北美一家領先家具品牌選定，供應我們的氣候與舒適產品。這是我們連續第四個季度取得新的居家與辦公客戶。我們預期將於今年稍晚開始為該客戶量產。

Separately, in our medical business, we announced our FDA 510(k) submission for a new innovative product that is expected to redefine the standard of care for robotic surgeries. Our patented ThermAffyx system combines conductive air-free patient warming with securement technology to help prevent both hypothermia and patient movement on the inclined surfaces used during robotic procedures. We have been vocal about the importance of refreshing our product portfolio in the medical segment and believe this innovative new solution will be a key contributor to accelerating our annual revenue.

另外，在醫療業務方面，我們宣布已向 FDA 提交 510(k) 申請，針對一項預期將重新定義機器人手術照護標準的創新新產品。我們具專利的 ThermAffyx 系統結合無導風（air-free）的傳導式病患保溫與固定技術，有助於同時預防低體溫以及病患在機器人手術所使用的傾斜表面上移動。我們一直強調在醫療領域更新產品組合的重要性，並相信這項創新解決方案將成為加速我們年度營收的重要貢獻者。

The regulatory approval process remains on track, and we expect the ThermAffyx system to begin generating revenue later this year. Overall, we remain committed to repositioning the company for growth by taking our technologies outside of light vehicle markets, and we achieved several important milestones during the quarter.

法規核准流程仍按計畫推進，我們預期 ThermAffyx 系統將於今年稍晚開始貢獻營收。整體而言，我們仍致力於透過將技術帶出輕型車市場來重新定位公司以實現成長，而本季我們達成了數項重要里程碑。

Let's turn to slide 6. In January, we took a major step in transforming Gentherm by announcing our agreement to combine with Modine Performance Technologies, creating a market leader in thermal and precision flow management. The more we work with the Modine team, the more excited I get about bringing this business into the Gentherm family. This is a well-run business with a great team. Through our work together, we are learning techniques and processes that Modine used to transform their business, and we intend to harness those lessons for the good of Gentherm.

我們翻到第 6 頁投影片。1 月，我們宣布與 Modine Performance Technologies 合併的協議，成立熱管理與精密流體管理（thermal and precision flow management）的市場領導者，這是轉型 Gentherm 的一大步。我們與 Modine 團隊合作越多，就越期待將這項業務納入 Gentherm 大家庭。這是一家經營良好、團隊優秀的企業。透過合作，我們正在學習 Modine 用以轉型其業務的技術與流程，而我們也打算將這些經驗運用於 Gentherm 的發展。

We have emphasized the importance of expanding our business beyond the light vehicle segment, and Modine is accelerating our access to critical growth markets, including power generation, commercial vehicles, and heavy-duty equipment. This intentional shift in our end market exposure positions us for increased value creation.

我們一直強調將業務擴展至輕型車領域以外的重要性，而 Modine 正在加速我們進入關鍵成長市場，包括發電、商用車與重型設備。這項對終端市場曝險的刻意轉移，使我們具備創造更高價值的定位。

We are particularly excited about the new product and market opportunities this partnership unlocks and are more confident than ever in our combined growth trajectory. When we map out the next five years as a combined company, we see a clear path to generating $3.5 billion in revenue and more than a half billion of earnings.

我們對這項合作所開啟的新產品與市場機會感到格外振奮，並且對我們合併後的成長軌跡比以往任何時候都更有信心。當我們規劃合併公司未來五年的藍圖時，我們看到一條清晰的路徑，可望創造 35 億美元的營收以及超過 5 億美元的獲利。

I will now hand it over to Jon to discuss an update on the transaction and highlights for the quarter.

接下來我將把時間交給 Jon，請他說明交易進度更新以及本季重點。

Thanks, Bill. Now turning to slide 7. Since the announcement, we have been working diligently with the Modine team to define and execute a project plan that ensures a timely, seamless closing of the merger. We have established an integration management office comprised of key stakeholders, and in March, we held a kick-off integration summit with business and functional leadership from both teams at our headquarters here in Michigan. Through the summit and ongoing interactions, the teams are focused on ensuring that the business can operate effectively on day one, and that we are well-positioned to deliver on value creation opportunities post-merger.

謝謝你，Bill。現在請看第 7 頁投影片。自公告以來，我們一直與 Modine 團隊勤勉合作，制定並執行專案計畫，以確保合併能及時且順利完成交割。我們已成立由關鍵利害關係人組成的整合管理辦公室，並於 3 月在密西根總部舉辦整合啟動高峰會，邀集雙方團隊的業務與職能主管參與。透過該高峰會及後續持續互動，團隊聚焦於確保業務在第一天即可有效運作，並使我們在合併後能充分把握價值創造機會。

As we talked about at announcement, we intend to operate Modine Performance Technologies as a standalone division of Gentherm, similar to how the business is managed within Modine today. Given this structure, the primary integration areas relate to corporate systems and functional support, not on highly complex integration of facilities or organizations.

如同我們在公告時所提到的，我們打算將 Modine Performance Technologies 作為 Gentherm 的獨立事業部運作，類似其目前在 Modine 內部的管理方式。在此架構下，主要整合領域將聚焦於公司層級系統與職能支援，而非對廠房或組織進行高度複雜的整合。

In terms of other recent transaction highlights, we were pleased to receive HSR clearance to close from the Federal Trade Commission in March, a key regulatory milestone. Our teams continue to prepare for the S-4 filing, and the inputs into that process remain on track. Overall, we still expect this transaction to close later this year and are excited about the potential for the combined business. We will continue to keep you updated as the year progresses.

就近期其他交易重點而言，我們很高興於 3 月獲得聯邦貿易委員會（FTC）核發的 HSR 結案許可，這是一項重要的監管里程碑。我們的團隊也持續準備 S-4 申報文件，相關投入與進度仍按計畫推進。整體而言，我們仍預期本交易將於今年稍晚完成交割，並對合併後業務的潛力感到振奮。我們也將在今年進展過程中持續向各位更新。

Please turn to slide 8 for a review of the first quarter financials. Overall, first quarter results were above expectations as revenue was higher, driven by stronger automotive volumes and outperformance in China.

請翻到第 8 頁，回顧第一季財務表現。整體而言，第一季結果優於預期，營收較高，主要受更強勁的汽車產量帶動，以及在中國市場表現超出預期所驅動。

Revenue of $394 million was up 11.3% compared to the same period last year. Revenues excluding foreign currency translation increased 7.2%. Automotive Climate and Comfort Solutions revenue increased 13.6% year-over-year, or 9.8% ex FX, as we continue to see strong growth over market across all regions and product categories.

營收為 3.94 億美元，較去年同期成長 11.3%。若排除外幣換算影響，營收成長 7.2%。汽車氣候與舒適解決方案（Automotive Climate and Comfort Solutions）營收年增 13.6%，或在排除匯率影響後年增 9.8%，因我們持續在所有地區與產品類別中展現高於市場的強勁成長。

We had particularly strong performance in China during the quarter, driven by the ramp-up of production on new program launches with domestic Chinese OEMs. This comes as a result of our intentional focus to shift revenue mix and better represent the local market. In addition, we saw increased take rates in China from global OEM customers as they look to remain competitive in the market.

本季我們在中國表現特別強勁，主要受惠於與中國本土 OEM 的新專案量產爬坡。這是我們有意聚焦於調整營收組合、使其更能反映當地市場的成果。此外，隨著全球 OEM 客戶為維持市場競爭力，我們也看到其在中國的採用率（take rates）提升。

From an automotive product perspective, it was another strong quarter of revenue growth for our Lumbar and Massage Comfort Solutions, which grew 33% year-over-year. As we have discussed in the past, we expect to see this strong growth trend continue in this product into the future as we continue to launch previously won programs.

從汽車產品角度來看，我們的腰靠與按摩舒適解決方案（Lumbar and Massage Comfort Solutions）本季營收再度強勁成長，年增 33%。如同過去所討論的，隨著我們持續導入先前已取得的專案，我們預期該產品未來仍將延續此一強勁成長趨勢。

Turning to profitability, we delivered $49.3 million in adjusted EBITDA, or 12.5% of sales, compared to 11.1% of sales in the first quarter of last year. The 140-basis-point increase was primarily driven by operating leverage and strong net material performance, partially offset by annual price reductions and higher labor costs.

談到獲利能力，我們達成調整後 EBITDA 4,930 萬美元，約占銷售額的 12.5%，相較去年第一季占比為 11.1%。140 個基點的提升主要來自營運槓桿與淨材料表現強勁，部分被年度降價與較高的人力成本所抵銷。

On a reported GAAP basis, diluted earnings per share were $0.14 in the first quarter. This was impacted by approximately $0.70 per share related to merger and restructuring expenses. Adjusted diluted earnings per share were $0.84, up 65%, compared to $0.51 per share in the first quarter of last year.

以 GAAP 申報基礎計算，第一季稀釋每股盈餘為 0.14 美元。此數字受到與合併及重整費用相關、約每股 0.70 美元的影響。調整後稀釋每股盈餘為 0.84 美元，較去年第一季的每股 0.51 美元成長 65%。

Cash flow continues to be a point of emphasis for the company, and while we did have a typical seasonal operational cash outflow, the team delivered an $8 million improvement year-over-year. Additionally, CapEx purchases of $5.6 million were down $9.2 million year-over-year as we continue scrutinizing new investments.

現金流仍是公司重點關注事項。雖然我們出現典型的季節性營運現金流出，但團隊仍較去年同期改善 800 萬美元。此外，資本支出（CapEx）採購為 560 萬美元，較去年同期減少 920 萬美元，因我們持續嚴格審視新投資。

From a balance sheet perspective, we ended Q1 with net leverage of 0.2 turns, and we have liquidity of $456 million, giving us ample capacity to support our strategic priorities moving forward.

從資產負債表角度來看，我們在第一季末的淨槓桿為 0.2 倍，流動性為 4.56 億美元，為我們未來推動策略優先事項提供充足的支援能力。

Please turn to slide 9, where I will discuss our 2026 guidance, which excludes any impact related to our planned combination with Modine Performance Technologies. As Bill mentioned in his opening remarks, the operating environment has been dynamic since we introduced guidance in February. Despite the stronger first quarter performance, given the high level of uncertainty in the macro environment, we are maintaining our full year guidance at this time.

請翻到第 9 頁，我將說明我們的 2026 年財測指引；該指引不包含與我們規劃中與 Modine Performance Technologies 合併相關的任何影響。如 Bill 在開場致詞中提到，自我們於 2 月提出指引以來，營運環境一直相當多變。儘管第一季表現較強，但鑑於總體環境不確定性仍高，我們目前維持全年指引不變。

We expect revenue to be between $1.5 billion and $1.6 billion, representing approximately 3% growth for the year against a recent industry report where our key markets are expected to decrease approximately 2%, positioning us to deliver mid-single digit revenue growth over market.

我們預期營收介於 15 億至 16 億美元之間，代表全年約 3% 的成長；相較於近期產業報告指出我們的主要市場預期約下滑 2%，這使我們有望實現高於市場的中個位數營收成長。

For adjusted EBITDA, we expect to be in the range of $175 million to $195 million, which implies a midpoint adjusted EBITDA margin of approximately 12%.

就調整後 EBITDA 而言，我們預期介於 1.75 億至 1.95 億美元之間，意味著調整後 EBITDA 利潤率中位數約為 12%。

From a quarterly perspective, we expect the revenue profile to be spread fairly even throughout the year. However, we do expect margins to be depressed in the second and third quarter, and there are a couple of factors driving this.

從季度角度來看，我們預期全年營收分布相對平均。然而，我們預期第二季與第三季的利潤率將受到壓抑，主要由幾項因素所致。

First, building on Bill's earlier comments, inflationary impacts stemming from the current geopolitical environment are expected to drive approximately $20 million in incremental costs during the year, recognizing that this estimate remains fluid and is evolving real time.

首先，延續 Bill 先前的評論，源自當前地緣政治環境的通膨影響，預期將在今年帶來約 2,000 萬美元的增量成本；同時也要注意，該估計仍具變動性，並會隨情勢即時演進。

Although we expect to mitigate a meaningful portion through commercial and operational initiatives, including benefits from the realignment, timing differences between cost realization and recovery are likely to create additional margin pressure. Additionally, as we work to finalize our global footprint transitions later this year, we will begin depleting our inventory bank builds in the second quarter, which will have a negative impact to gross margins.

雖然我們預期可透過商務與營運措施（包括重整帶來的效益）抵銷相當一部分，但成本實現與回收之間的時間差，可能會造成額外的利潤率壓力。此外，隨著我們在今年稍晚完成全球據點轉移的收尾工作，我們將於第二季開始消耗先前建立的庫存緩衝（inventory bank builds），這將對毛利率造成負面影響。

Turning to cash, our estimate of adjusted free cash flow remains between $80 million and $100 million, with CapEx in the range of $45 million to $55 million, or approximately 3% of sales. Overall, we were pleased with our start to the year and are focused on strategic actions to accelerate profitable growth and reinforce operating discipline to drive long-term value.

談到現金，我們對調整後自由現金流的估計仍為 8,000 萬至 1 億美元，資本支出（CapEx）介於 4,500 萬至 5,500 萬美元，約占銷售額的 3%。整體而言，我們對今年的開局感到滿意，並專注於策略性行動以加速獲利成長，同時強化營運紀律以推動長期價值。

With that, I will hand it back to Bill for some closing remarks.

接下來，我將把時間交回給 Bill，請他做一些結語。

Thanks, Jon. Turning to slide 10. I want to outline what we've accomplished, the key priorities today, and how we will evolve. We are on a multi-year journey to deliver sustainable value creation. 2025 was reinforcement of the foundation that we will build on going forward. We established our strategic framework to deliver shareholder value, which focuses on profitable growth, operational excellence, and superior financial performance. This drives everything we do.

謝謝你，Jon。請看第 10 頁投影片。我想概述我們已完成的事項、當前的關鍵優先事項，以及我們將如何演進。我們正處於一段多年期的旅程，以實現可持續的價值創造。2025 年是對我們未來將持續建構之基礎的強化。我們建立了以創造股東價值為核心的策略架構，聚焦於獲利成長、營運卓越與優異的財務表現。這驅動著我們所做的一切。

To drive profitable growth, we've simplified and segmented into four technology platforms to clearly define our core competency and identify attractive markets outside of the light vehicle market where our products are applicable. This product and market alignment was a catalyst for reshaping our M&A funnel.

為了推動獲利成長，我們簡化並劃分為四個技術平台，以清楚界定我們的核心能力，並辨識輕型車市場以外、我們產品同樣適用的具吸引力市場。此一產品與市場的對齊，成為重塑我們併購（M&A）案源漏斗的催化劑。

We also saw opportunities in the business to operate more efficiently. During 2025, we focused on building core components of an operating system through business process standardization and increased utilization of assets to drive margin and cash generation improvements. We started reaping some of the benefits of that stronger operational rigor during the first quarter of 2026. With this foundation now in place, Gentherm is at an inflection point.

我們也看到業務中存在更有效率運作的機會。2025 年期間，我們透過業務流程標準化與提高資產使用率，聚焦於建立營運系統的核心組成，以推動利潤率與現金創造能力的改善。我們在 2026 年第一季已開始收穫更強營運嚴謹性所帶來的部分效益。隨著此一基礎到位，Gentherm 正處於轉折點。

The addition of Modine Performance Technologies accelerates our transformation. This action is the first step in establishing a product portfolio of mission-critical components across broad end markets. Our shared core competency of precision thermal and flow management allows us to scale into attractive markets together through cross-selling and integration. In addition, our complementary product expertise allows us to gain broader customer insights and provide more integrated solutions that pursue new high-growth opportunities.

納入 Modine Performance Technologies 加速了我們的轉型。此舉是建立涵蓋廣泛終端市場、由關鍵任務（mission-critical）元件所構成之產品組合的第一步。我們在精密熱管理與流體管理方面的共同核心能力，使我們能透過交叉銷售與整合共同擴展至具吸引力的市場。此外，我們互補的產品專長也讓我們能取得更廣泛的客戶洞察，並提供更整合的解決方案，以把握新的高成長機會。

Gentherm continues to focus on the core business as we are confident in our ability to scale revenue and expand margins. We are actively launching products into new markets to deliver profitable growth while realigning the organization to drive speed, efficiency, and accountability.

Gentherm 仍持續聚焦核心業務，因我們對擴大營收規模與提升利潤率的能力充滿信心。我們正積極將產品導入新市場以實現獲利成長，同時重新調整組織以提升速度、效率與問責。

As we move into the future, Gentherm will scale into attractive markets while improving profitability and cash flow. We will leverage best practices from Modine Performance Technologies to outperform our peers. Despite the risk we may have in front of us during the months ahead, we are confident we have the right strategic plan established to drive performance improvements in the long run.

展望未來，Gentherm 將在提升獲利能力與現金流的同時，擴展至具吸引力的市場。我們將借助 Modine Performance Technologies 的最佳實務以超越同業。儘管未來數月我們可能面臨風險，我們仍有信心已建立正確的策略計畫，能在長期推動績效改善。

We have built the foundation, we have a clear vision, and we are focused on execution. We will continue our relentless pursuit of building a more resilient company. We are at the beginning stages of transforming Gentherm into more than an automotive component supplier, where we will grow sustainably with differentiated and scalable technologies.

我們已建立基礎、擁有清晰願景，並專注於執行。我們將持續不懈地追求打造一家更具韌性的公司。我們正處於將 Gentherm 轉型為不僅僅是汽車零組件供應商的初期階段，並將以具差異化且可擴展的技術，實現可持續成長。

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

接下來，我把電話交回給接線員，開始問答環節。

(Operator Instructions) Nathan Jones, Stifel.

（接線員指示）Nathan Jones，Stifel。

I guess I'll just start off with a question about the $20 million incremental costs you talked about. Can you just maybe provide us a little more color on how much of that passes through contractually to customers versus what you've got to go out and renegotiate, versus potentially methods that you can offset that internally? Just any more details you can give us on that.

我想先從你們提到的 2,000 萬美元增量成本問起。你們能否再多提供一些細節：其中有多少是依合約可轉嫁給客戶的、多少需要你們出去重新談判的，以及是否有可能透過內部方式來抵消？任何你們能提供的更多資訊都可以。

Yeah. Contractually, we're not on a simulator or escalator with any customers, just because the scale of what we buy in any one product isn't large enough to be meaningful to them. So we'll have to go out, Nathan, and we'll have to work through recovery mechanisms with the customers on all of that.

是的。就合約而言，我們與任何客戶都沒有採用模擬器或價格自動調整（escalator）機制，因為我們在任何單一產品上採購的規模，對他們來說都不足以構成實質意義。因此，Nathan，我們必須出去，並與客戶就所有這些成本透過回收機制來處理。

And so you expect the cost --

所以你們預期成本——

Just some perspective though.

不過提供一些觀點。

Sorry, the cost will hit pretty much immediately, and it'll take a couple of quarters to catch up with that pricing?

抱歉，成本幾乎會立刻反映，而要花幾個季度才能在定價上追上？

Yeah. Timing-wise, we expect the cost to start hitting in Q2. So we think Q2 is going to be a definition of recovery mechanisms with the customers that we agree to, and then it'll just be that timing disconnect where they'll start flowing in Q3, Q4.

是的。就時點而言，我們預期成本會從第二季開始反映。因此我們認為第二季將是與客戶定義並達成一致回收機制的季度，之後就會出現時點落差，回收將在第三季、第四季開始逐步反映。

Okay. I guess my second question then, I'm going to ask one about the internal operating structure changes. I think those are important things to highlight. You talked about reducing spans and layers to increase focus. Can you maybe just provide a little more color on what you're doing there? How you think that catalyzes, either whether it's growth or it's margin expansion or it's both. Just more color around those changes and how you think they improve the business, please. Thank you.

好的。那我的第二個問題，我想問一下內部營運架構的變更。我認為這些是很重要、值得強調的事項。你提到透過減少管理幅度與層級來提升聚焦。你能否再多說明你們在做什麼？你認為這如何成為催化劑——不論是帶動成長、或是擴大利潤率、或兩者兼具。請再多補充這些變更，以及你們認為它們如何改善業務。謝謝。

Yes, absolutely. It's intended, first of all, to do a couple things as we mentioned, and I'll get into some quick detail for you, Nathan.

是的，當然。首先，如我們提到的，這項措施意在達成幾件事，我會為你快速補充一些細節，Nathan。

If you remember, Jon and I both started at the same day last year, right? So we took a year to thoughtfully understand the plumbing of the organization and how things were running. And one of the big messages we got from the broad organization was there is too many hoops, there's too many barriers, we're not moving fast enough, we're not making decisions fast enough.

如果你還記得，Jon 和我是在去年同一天到任的，對吧？所以我們花了一年時間審慎了解組織的「管線」以及運作方式。我們從整個組織得到的一個重要訊息是：關卡太多、障礙太多，我們行動不夠快、決策也不夠快。

So we went through an organizational realignment, and we realigned it really based on product. So we segmented out valves as a business unit. So now we have climate comfort valves, and medicals as a business unit within Gentherm Technologies. And over top of that, we'll have a very lean corporate structure. So that was intended to put focus on high growth opportunities, that was intended to drive continual improvement on key initiatives.

因此我們進行了組織重新調整，而且主要是以產品為基礎來調整。我們把閥門業務獨立成一個事業單位。現在在 Gentherm Technologies 之下，我們有氣候舒適閥門，以及醫療作為一個事業單位。在其上方，我們會設置非常精簡的公司層級架構。這樣做是為了把焦點放在高成長機會上，也為了推動關鍵專案的持續改善。

So we're more aligned functionally now as opposed to a complicated matrix across regions. And we do expect that will have cost benefits. But it primarily was to segment the business, to focus on high growth opportunities, to continue to push the operational improvements and the sustainability there. For the year, though, annual run rate will be about $10 million-ish better on the OpEx, and we expect half of that to hit this year.

因此，我們現在在職能上更一致，而不是跨區域的複雜矩陣式架構。我們確實預期這會帶來成本效益。但其主要目的，是將業務分割、聚焦高成長機會，並持續推動營運改善與其可持續性。就全年而言，營運費用（OpEx）的年度化節省幅度約為 1,000 萬美元左右，我們預期其中一半會在今年反映。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

I want to start with the outperformance versus light vehicle production. This is as strong as we've seen in many years here, which was nice. Curious, when I look to guidance, so 14-point outperformance in Q1, you're guiding to 5 points on the year. It implies a pretty meaningful deceleration kind of throughout the rest of the year versus the industry. Curious if you could elaborate on what the outperformance in Q1 was, why that's going to decelerate, anything from a one-time production orders, et cetera, standpoint.

我想先談談相對於輕型車產量的超越表現。這是我們多年來看到最強的一次，這點很好奇。當我看你們的指引時，第一季是 14 個百分點的超越，但你們對全年指引是 5 個百分點。這意味著在今年剩餘時間，你們相對於產業的表現會顯著放緩。想請你們說明：第一季的超越表現來自什麼、為什麼接下來會放緩，是否有任何一次性的生產訂單等因素。

Yeah. We wouldn't point to anything from a one-time perspective. We really did see strength across all products, all regions. We pointed to China in particular. There was some outperformance there based on some launches that we did in the fourth quarter for some of the domestic OEMs that continued to show strength through the first quarter.

是的。我們不會把它歸因於任何一次性因素。我們確實看到所有產品、所有區域都很強勁。我們特別提到中國；那裡基於我們在第四季為一些本土 OEM 推出的新案，有一些超越表現，並在第一季持續展現強勢。

As we look at the balance of the year, we certainly do not expect to outperform in the teens range. We'd expect it to moderate. I think at the top end of our guidance, it could push into that high single-digit range. But there's nothing specific to point to in terms of Q1 outperformance other than really just broad growth across regions and products.

展望今年剩餘時間，我們當然不預期會維持在十幾個百分點的超越幅度；我們預期會趨於溫和。我認為在我們指引的上緣，可能會推升到高個位數的區間。但就第一季的超越表現而言，除了各區域與各產品的廣泛成長之外，沒有特別可指出的單一因素。

And then GM earlier this week, I guess, is suspending its next-gen electric truck program that was set to launch or start in 2028. Curious how much of Gentherm's award backlog was from this program. Do you think you can offset that from a shift with more volume back to the ICE program? Just curious, kind of net positive, neutral, negative, how you guys think about that.

另外，GM 本週稍早似乎暫停了原定於 2028 年推出或開始的下一代電動卡車計畫。想請問 Gentherm 的得標訂單積壓（award backlog）中，有多少來自這個計畫？你們是否能透過更多量回到 ICE 計畫來抵消？想了解你們怎麼看：整體是淨正面、中性還是負面？

Yeah. Overall, we just think it's neutral for us, Ryan. We've also won the ICE content for the platforms. So we just anticipated and based on everything we're seeing, the ICE volumes will compensate for the EV losses.

是的。整體而言，我們認為對我們是中性的，Ryan。我們也已在這些平台上拿到 ICE 的內容（content）。因此，根據我們的預期以及目前看到的一切，ICE 的量將會補償 EV 的損失。

Very good. Maybe just a quick clarification, and then I'll hop back in the queue. But the $20 million of cost increase, is that a gross number, or was that net of mitigation?

很好。也許快速釐清一下，然後我就回到排隊。那 2,000 萬美元的成本增加，是總額（gross）還是已扣除緩解措施後的淨額（net of mitigation）？

That's a gross number and our best view of the annualized impact or annual impact based on what we see today.

那是總額，並且是我們基於目前所見，對年度化影響或年度影響的最佳判斷。

Matthew Koranda, Roth Capital Partners.

Matthew Koranda，Roth Capital Partners。

Not to be the dark horse here with the $20 million on incremental costs that you highlighted, but I guess I was curious how much of that is incremental shipping versus material cost inflation that you're factoring in? And then on the pricing front, is it all offset via pricing, or are there operating efficiencies that you think you'll offset the $20 million with as well?

我不想在你們強調的 2,000 萬美元增量成本上扮演唱反調的人，但我想問的是：你們納入考量的部分中，有多少是額外運輸成本、多少是材料成本通膨？另外在定價方面，是否會完全透過定價來抵消，或你們也認為會透過營運效率來抵消部分 2,000 萬美元？

As you look at it, certainly, a big piece of it is freight related. I'd say maybe a third of it, with the rest coming from commodities. It's commodities that Bill or the product that Bill called out specifically, but it's also incremental processing costs. And so there's the downstream impact from increased petroleum prices.

就你這樣拆解來看，確實其中很大一部分與運費相關。我會說大概三分之一，其餘來自大宗商品。這些大宗商品包含 Bill 特別點名的那些，但也包含額外的加工處理成本。因此，石油價格上升也帶來了下游影響。

I think as we look at it, our mechanism from a recovery perspective will primarily be from recovery with the customer. We did point to the fact that the $5 million benefit that Bill talked about from the realignment will likely help offset pieces of that as well and will continue to push operationally. But we've got our teams focused on commercial recovery at this point.

我想就我們的看法，從回收角度而言，我們的主要機制將是向客戶回收。我們也提到，Bill 談到的因重整帶來的 500 萬美元效益，可能也會有助於抵消其中一部分，我們也會持續在營運面推進。但目前我們的團隊重點放在商務回收上。

Okay. That makes sense. And then curious to hear a little bit more about the furniture market opportunity and how it's developed this year, I guess, just given the announcements around KUKA and the incremental wins that you highlighted. Have those catalyzed more discussions for you anyway to characterize the opportunity funnel and how that contributes to 2027 revenue?

好的，了解。接著我也想多聽一些關於家具市場機會，以及今年以來的發展情況，特別是考量到你們關於 KUKA 的公告，以及你們提到的新增得標案。這些是否也促使你們有更多討論？也請你們描述一下機會漏斗（opportunity funnel），以及它如何貢獻到 2027 年的營收。

Yeah. I mean we'll start, and again, we like the furniture business, Matt, because of just the super quick time to revenue that the industry has accepted and really bought into our standard methodology, our standard kit methodology. So we're getting good scale there on our assets with little to no investment.

是的。我們先說，Matt，我們喜歡家具業務，因為該產業對於快速導入營收的時間非常短，而且他們已接受並真正採用我們的標準方法論、標準套件（kit）方法論。因此，我們在資產上能以幾乎不需要投資的方式取得良好的規模效益。

So we expect by '28 that that's clipping somewhere between $50 million and $100 million. So you can probably draw a line between now and then to figure out where '27 is. But we expect that to add 1 point or 2 points growth at accretive margins in the coming years.

因此我們預期到 2028 年，該業務規模會落在 5,000 萬到 1 億美元之間。你大概可以從現在到那時畫一條線，推算 2027 年會在哪個位置。但我們預期在未來幾年，這將以具增益（accretive）的利潤率，帶來 1 到 2 個百分點的成長貢獻。

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