Visteon Corp (VC) 2023 Q4 法說會逐字稿

Good morning.

早安.

I'm Ryan Woodley, Vice President of Investor Relations and Treasurer.

我是瑞安‧伍德利 (Ryan Woodley)，投資者關係副總裁兼財務主管。

Welcome to our earnings call for the fourth quarter and full year 2023.

歡迎參加我們的 2023 年第四季和全年財報電話會議。

Please note this call is being recorded and all lines have been placed on listen-only mode to prevent background noise.

請注意，此通話正在錄音，並且所有線路均已置於僅聽模式，以防止背景噪音。

Before we begin this morning's call, I'd like to remind you that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始今天早上的電話會議之前，我想提醒您，本簡報包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward looking statements are not guarantees of future results and conditions, but rather are subject to various factors risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements.

前瞻性陳述不是對未來結果和條件的保證，而是受到各種因素、風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與這些陳述中表達的結果有重大差異。

Please refer to the page entitled Forward-Looking Information for additional details Presentation materials for today's call were posted on the Investors section of Visteon's website this morning, please visit investors dot visteon.com to download the material.

請參閱標題為「前瞻性資訊」的頁面，以了解更多詳細資訊。 今天早上的電話會議簡報資料已發佈在偉世通網站的投資者部分，請造訪 Investors dot visteon.com 下載該資料。

If you have not already done so Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer.

如果您還沒加入，今天加入我們的是總裁兼執行長 Sachin Lawande；以及資深副總裁兼財務長 Jerome Rouquet。

We have scheduled the call for one hour, and we'll open the lines for your questions.

我們已安排通話時間為一小時，我們將開通電話解答您的問題。

After Sachin's and Jerome's remarks, please limit your questions to one question and one follow-up.

在薩欽和傑羅姆發言之後，請將您的問題限制為一個問題和一個後續問題。

Thank you for joining us.

感謝您加入我們。

Now I will turn the call over to Sachin.

現在我將把電話轉給 Sachin。

Thank you, Ryan, and good morning, everyone.

謝謝瑞安，大家早安。

Thank you for joining our fourth quarter and full year 2023 earnings call.

感謝您參加我們的 2023 年第四季和全年財報電話會議。

I would like to start with a summary of our full-year performance as outlined on page 2.

我想先總結我們的全年業績，如第 2 頁所述。

In 2023, our team demonstrated our commitment to excellence across customers' operations and financials.

2023 年，我們的團隊展現了我們對客戶營運和財務卓越的承諾。

We delivered record performance across many of our metrics and further strengthened our foundation for long-term growth.

我們在許多指標上都取得了創紀錄的業績，並進一步鞏固了我們長期成長的基礎。

We increased our base sales by about $400 million or 12% when removing the impact of supply chain recoveries.

在消除供應鏈復甦的影響後，我們的基本銷售額增加了約 4 億美元，即 12%。

Our full year sales reached 3.95 billion, and the demand for our products is strong as carmakers respond to the trends of digitalization and electrification and the company delivered another year of strong product sales growth, with digital clusters up more than 30%, SmartCore up by more than 20%, and PMS. more than doubling compared to the prior year.

全年銷售額達39.5億，汽車廠商順應數位化、電動化趨勢，產品需求旺盛，公司產品銷量又實現強勁成長，數位化集群成長超過30%，SmartCore成長超過20%，以及經前症候群。與去年相比增加了一倍以上。

Adjusted EBITDA was $434 million at a margin of 11% of sales.

調整後 EBITDA 為 4.34 億美元，利潤率的 11%。

We improved our margin by 170 basis points over the prior year, driven by strong growth as well as our excellent operational performance.

在強勁成長和卓越營運績效的推動下，我們的利潤率比上年提高了 170 個基點。

Our adjusted EBITDA came in above the midpoint of our guidance issued last year and at the beginning of the year, adjusted free cash flow was 150 million in 2023.

我們調整後的 EBITDA 高於去年發布的指引的中點，今年年初，2023 年調整後的自由現金流為 1.5 億。

Our focus on cash flow conversion has yielded great results with a 35% conversion of adjusted EBITDA to adjusted free cash flow for the year.

我們對現金流轉換的關注取得了巨大成果，今年調整後 EBITDA 轉換為調整後自由現金流的比例達到了 35%。

We also performed very well in strengthening our foundation for future growth.

我們在鞏固未來成長基礎方面也表現出色。

We launched a high number of products on vehicle models in 2023, which will drive our sales growth in the coming quarters.

2023年我們推出了大量車型產品，這將推動我們未來幾季的銷售成長。

We also won over $7 billion of new business record performance for the Company which will help sustain our growth in the midterm as these programs get into production, we expanded both our product and customer portfolio in 2023 with the win of battery junction box business and the addition of three customer logos for digital cockpit products, we repurchased $106 million of shares during the year, delivering on our balanced capital allocation strategy.

我們還為該公司贏得了超過 70 億美元的新業務記錄，這將有助於在這些項目投入生產後維持我們的中期增長。隨著電池接線盒業務和為數位座艙產品添加了三個客戶徽標，我們在這一年回購了1.06 億美元的股票，實現了我們平衡的資本配置策略。

I will provide more details on our strong 2023 performance as well as our outlook for sales for 2024 and 2026.

我將提供有關我們 2023 年強勁業績以及 2024 年和 2026 年銷售前景的更多詳細資訊。

On the subsequent pages before handing it over to Jerome to discuss the financials.

在接下來的幾頁中，將其交給傑羅姆討論財務狀況。

Turning to Page 3.

翻到第 3 頁。

This slide shows our basis growth since the recovery of the industry from the lows of COVID-19 and the subsequent semiconductor supply shortages.

這張投影片顯示了自業界從 COVID-19 低點和隨後的半導體供應短缺中復甦以來我們的基礎成長。

The Company has done a great job of executing its strategic plan and growing its base sales by about $1 billion over the two years of 2022 and 2023, reflecting the high demand for our digital cockpit and electrification products.

該公司在執行其戰略計劃方面表現出色，並在 2022 年和 2023 年兩年內將基本銷售額增長了約 10 億美元，反映出對我們的數位駕駛艙和電氣化產品的高需求。

In 2023, we continued our focus on executing our strategic objectives and delivered another year of strong base sales growth of 12% year over year.

2023 年，我們繼續專注於執行我們的策略目標，並實現了基礎銷售額同比強勁增長 12% 的另一年。

Our sales growth would have been higher without a couple of one-timers in Q4 that combined with the negative customer mix in China cost us a few points of growth.

如果沒有第四季度的幾個一次性客戶，加上中國的負面客戶組合，我們的銷售成長會更高，這使我們損失了幾個百分點的成長。

We were impacted by the timing of the roll-off of some older programs and the slower ramp-up of follow-on and new programs that created a temporary air pocket in our quarterly sales growth and the UAW strike at our Detroit customers impacted our quarterly sales by about 20 million.

我們受到一些舊計劃的推出時間以及後續計劃和新計劃的緩慢啟動的影響，這些計劃在我們的季度銷售增長中造成了暫時的空氣袋，而 UAW 對底特律客戶的罷工影響了我們的季度銷售額約2000萬。

We also experienced a more negative customer mix in China in Q4 than the rest of the year.

第四季度，我們在中國的客戶結構也比今年其他時間更為負面。

I would also like to highlight some of our key accomplishments for 2023 that sets the stage for continued outperformance in 2024 and beyond.

我還想強調我們在 2023 年取得的一些關鍵成就，這些成就為我們在 2024 年及以後繼續取得優異表現奠定了基礎。

Our digital cockpit products, including digital clusters, SmartCore and infotainment performed very well in 2023 as the trend of digitalization continues to gain momentum in the industry.

隨著產業數位化趨勢的持續發展，我們的數位座艙產品，包括數位儀表、SmartCore和資訊娛樂，在2023年表現出色。

Sales of digital clusters were strong as recently launched products ramped up in production and we solidified our position as the global market share leader in this product category.

隨著最近推出的產品產量增加，數位集群的銷售強勁，我們鞏固了作為該產品類別全球市場份額領導者的地位。

Just over half of our total cluster shipments were digital clusters compared to about a third for the industry.

數位集群占我們集群總出貨量的一半以上，而產業的比例約為三分之一。

We strengthened our position in cockpit domain controllers by launching a SmartCore system with two new customers Harley-Davidson in the U.S. and GMC Ford in China.

我們透過與美國哈雷戴維森和中國 GMC 福特這兩個新客戶合作推出 SmartCore 系統，鞏固了我們在駕駛艙域控制器領域的地位。

This brings the current number of SmartCore customers to eight OEMs, which is probably the most for any Tier one supplier in this category, considering how challenging it is to launch this complex systems.

這使得目前 SmartCore 客戶數量達到八家 OEM，考慮到推出這種複雜系統的挑戰性，這可能是該類別中任何一級供應商中最多的。

Sales of SmartCore had another year of robust growth and the new launches will help this product line to continue to grow in the coming quarters as we move up in the value chain in our digital cockpit products with new vision and cloud software solutions that are unique amongst our peers.

SmartCore 的銷售又迎來了強勁成長的一年，新產品的推出將有助於該產品線在未來幾季繼續成長，因為我們憑藉新的願景和雲端軟體解決方案在數位駕駛艙產品的價值鏈中取得了獨特的地位我們的同儕。

Our latest infotainment, SmartCore systems offer advanced camera base driver monitoring and surround view features that are fully implemented and software, which avoids the need for separate and dedicated ECUs.

我們最新的資訊娛樂 SmartCore 系統提供先進的攝影機基礎駕駛員監控和環視功能，這些功能均已完全實現和軟體，從而無需單獨的專用 ECU。

As is the case today, this in-house developed software demonstrates the growing capabilities that Visteon in terms of developing automotive specific applications.

與今天的情況一樣，這款內部開發的軟體展示了偉世通在開發汽車特定應用方面不斷增長的能力。

Last month at CES, we displayed the first cockpit domain controller with integrated Level one and Level two eight as features, including driver monitoring, which is the next level of cockpit electronics integration that we believe will be a competitive advantage in the future.

上個月在CES 上，我們展示了首款具有整合一級和二級八功能的駕駛艙域控制器，其中包括駕駛員監控，這是駕駛艙電子整合的下一個級別，我們相信這將成為未來的競爭優勢。

We followed up on our first Aldo Amstalden from the third quarter with two additional connected services wins in the fourth quarter, one with a global OEM and the other on a two liter.

我們繼第三季的第一個 Aldo Amstalden 專案之後，在第四季度又贏得了兩項互聯服務，一項是全球 OEM，另一項是兩公升。

Our app store technology continues to mature and we added several popular apps, including Spotify, Amazon Music and Reliance Jio that makes it a compelling solution for connected cockpits.

我們的應用程式商店技術不斷成熟，我們添加了多個流行的應用程序，包括 Spotify、Amazon Music 和 Reliance Jio，這使其成為互聯駕駛艙引人注目的解決方案。

We launched our BMS product on multiple electric vehicle models with GM in 2023 and made good progress with two other OEMs that will go into production in 2024.

我們於 2023 年與通用汽車在多種電動車車型上推出了 BMS 產品，並與另外兩家 OEM 廠商取得了良好進展，將於 2024 年投入生產。

We also won our first power electronics business for the smart battery junction box, extending our electrification product line beyond BMS.

我們也贏得了第一個智慧電池接線盒電力電子業務，將我們的電氣化產品線擴展到BMS之外。

This is a very important milestone for Visteon, and we believe electrification offers us the potential to expand our product portfolio and consolidate battery electronics similar to what we've done in the cockpit.

這對偉世通來說是一個非常重要的里程碑，我們相信電氣化為我們提供了擴展產品組合和整合電池電子設備的潛力，就像我們在駕駛艙中所做的那樣。

Lastly, as I mentioned already, we added three new customers in 2023, demonstrating the success of our go-to-market strategy.

最後，正如我已經提到的，我們在 2023 年增加了三個新客戶，這證明了我們的市場策略的成功。

Over the past three years alone, we have added 18 customer logos this is a testament to the work that the team has put in developing relationships with prospective customers and winning business with them.

僅在過去三年中，我們就添加了 18 個客戶徽標，這證明了團隊在與潛在客戶發展關係並贏得業務方面所做的工作。

Turning to Page 4.

翻到第 4 頁。

We had a successful year of product launches in 2023 with 129 products launched on vehicle models across 24, different passenger commercial and two wheeler OEMs around the world about 45% of the launches were for digital clusters, highlighting the continued growth of the largest product line at Visteon, with global market penetration at about 35%.

2023 年是我們產品發布的成功之年，全球24 家不同的乘用商用車和兩輪車原始設備製造商推出了129 款產品，其中約45% 的產品針對數位儀表組，凸顯了最大產品線的持續成長偉世通的全球市場滲透率約為 35%。

There is still plenty of runway for growth for digital clusters.

數位集群仍有充足的成長空間。

Our other digital cockpit products such as SmartCore, infotainment and displays, accounted for another 35%, and the remainder were BMS and other products.

我們的其他數位座艙產品，如SmartCore、資訊娛樂和顯示器，佔另外35%，其餘是BMS和其他產品。

From a regional perspective, about half of our launches were with customers in Asia, which saw higher new model launch activity in 2023 than other regions, about a third were in Europe and the rest were in North America.

從區域角度來看，我們大約一半的發布是針對亞洲客戶的，2023 年新車型發布活動比其他地區更高，大約三分之一在歐洲，其餘在北美。

Our digital cockpit products are powertrain agnostic and digital clusters.

我們的數位駕駛艙產品是與動力系統無關的數位集群。

Infotainment, SmartCore and displays are well suited for both ICE and electric vehicles.

資訊娛樂系統、SmartCore 和顯示器非常適合內燃機汽車和電動車。

During 2023, approximately 15% of our launches were on electric vehicles, including multiple vehicle models with our BMS system.

2023 年，我們推出的產品中約有 15% 是電動車，包括配備 BMS 系統的多種車型。

The GM these launches are the main driver of our BMS sales growth in 2024.

通用汽車的這些推出是我們 2024 年 BMS 銷售成長的主要驅動力。

Now I would like to highlight several of our key Q4 launches.

現在我想重點介紹我們在第四季度發布的幾項關鍵產品。

In China.

在中國。

We launched a SmartCore cockpit domain controller and a 12 inch display with GMC for the Ranger, our first with this customer, there are additional vehicle models planned for launch with this product in the coming quarters, and we expect this customer to represent a significant source of future growth.

我們與GMC 一起為Ranger 推出了SmartCore 駕駛艙域控制器和12 英寸顯示屏，這是我們首次與該客戶合作，計劃在未來幾個季度推出搭載該產品的其他車型，我們預計該客戶將成為重要的來源未來的成長。

We also launched a SmartCore system and a dual 10 inch digital cluster and display system on the Mahindra XUV 400, which is the first electric SUV launched by that OEM for the Indian market.

我們還在 Mahindra XUV 400 上推出了 SmartCore 系統以及雙 10 吋數位儀表和顯示系統，這是該 OEM 為印度市場推出的第一款電動 SUV。

This launch builds on the strong relationship we have with Mahindra and the continued inroads they have made with OEMs in the fast-growing Indian market.

此次發佈建立在我們與 Mahindra 的牢固關係以及他們與原始設備製造商在快速增長的印度市場上不斷取得的進展的基礎上。

And lastly, we launched a 12 inch digital cluster on the Nissan Rogue for the North American market.

最後，我們在面向北美市場的 Nissan Rogue 上推出了 12 吋數位儀錶板。

This represents content on one of the best-selling SUVs in the market and reinforces our ability to deliver value as a key supplier to Japanese OEMs, which continue to be amongst the top-selling brands in North America.

這代表了市場上最暢銷的 SUV 之一的內容，並增強了我們作為日本原始設備製造商的主要供應商提供價值的能力，這些原始設備製造商仍然是北美最暢銷的品牌之一。

Turning to Page 5.

翻到第 5 頁。

Our product and technology portfolio is one of the best in the industry when it comes to addressing the trends of digitalization and electrification and is the key driver of our new business win performance.

在因應數位化和電氣化趨勢方面，我們的產品和技術組合是業內最好的產品和技術組合之一，也是我們新業務贏得業績的關鍵驅動力。

We won $1.4 billion in new business in the fourth quarter, bringing our total wins for the year to $7.2 billion, a record new business win total for the Company.

第四季我們贏得了 14 億美元的新業務，使全年贏得的新業務總額達到 72 億美元，創下了公司新業務贏得總額的紀錄。

The product mix in our full year new business wins was well diversified across our product portfolio and powertrains.

我們全年新業務的產品組合在產品組合和動力總成方面實現了多元化。

We had substantial new business wins for ICE EV and cross powertrain platforms as well as several extensions of current ICE platforms.

我們在 ICE EV 和跨動力總成平台以及目前 ICE 平台的多項擴展方面贏得了大量新業務。

Smartcore and infotainment made up almost 40% of the total, including a significant conquest win with a European luxury OEM and several platform wins with global OEMs.

Smartcore 和資訊娛樂系統幾乎佔總數的 40%，其中包括贏得歐洲豪華 OEM 廠商的重大勝利以及贏得全球 OEM 廠商的多個平台勝利。

Our electrification wins were primarily extensions of BMS business with current customers, including the addition of new models and extension of production until 2030.

我們在電氣化方面的勝利主要是與現有客戶的 BMS 業務的擴展，包括增加新車型以及將生產延長至 2030 年。

It also includes the strategic win of our first power electronics product, what about regions and box with the European OEM.

它還包括我們第一個電力電子產品的戰略勝利，與歐洲 OEM 的區域和盒子怎麼樣。

We further build on our leadership position in digital clusters with a high number of new business wins and one displays business across several OEMs.

我們透過贏得大量新業務以及跨越多家 OEM 的一項顯示器業務，進一步鞏固了我們在數位集群領域的領導地位。

And importantly, we've added three significant new OEM logos for our digital cockpit business in 2023 with significant potential to grow our business with them in the future.

重要的是，我們在 2023 年為我們的數位駕駛艙業務添加了三個重要的新 OEM 徽標，未來與他們一起發展業務的潛力巨大。

On the right side of the page, we highlight a few key wins for the fourth quarter, we had two significant wins during the fourth quarter for our upgraded Android-based infotainment system.

在頁面右側，我們重點介紹了第四季度的一些關鍵勝利，我們在第四季度升級的基於 Android 的資訊娛樂系統取得了兩項重大勝利。

While cockpit domain controllers like SmartCore that use high-performance silicon are great for mid and upper end of the market.

而像 SmartCore 這樣使用高性能晶片的駕駛艙域控制器非常適合中高階市場。

Mass-market high-volume vehicles need more cost effective solutions that also offer highly valued features such as camera-based rear and surround view system, natural language, voice assistant smartphone projection with CarPlay and Android Auto and with the choice of connected apps and over the air software updates, our upgraded Android-based infotainment products offer a very attractive value proposition to carmakers, especially in the mass-market segment of the industry.

大眾市場的大批量車輛需要更具成本效益的解決方案，同時提供高價值的功能，例如基於攝像頭的後視和環視系統、自然語言、支援CarPlay 和Android Auto 的語音助理智慧型手機投影以及可選擇連接的應用程式等透過空氣軟體更新，我們升級的基於 Android 的資訊娛樂產品為汽車製造商提供了非常有吸引力的價值主張，特別是在該行業的大眾市場領域。

Since it's developed as a platform solution with a high degree of reuse, we can develop and launch this infotainment system with multiple customers faster than our peers.

由於它是作為具有高度重用性的平台解決方案開發的，因此我們可以比同行更快地為多個客戶開發和推出該資訊娛樂系統。

The first win is for a B-segment compact SUV platform with a global OEM that will launch on four SUV models in multiple Asian markets, starting in early 2025.

第一個勝利是與全球 OEM 合作的 B-Class 緊湊型 SUV 平台，該平台將於 2025 年初開始在多個亞洲市場推出四款 SUV 車型。

The second win is with an Indian OEM and will feature on multiple vehicle models that launched the beginning of next year.

第二場勝利是與印度原始設備製造商合作，並將應用於明年初推出的多款車型。

Both the systems from the 10 inch display that's also supplied by this.

這兩個系統均由 10 吋顯示器提供。

John, the third point I would like to highlight is for a 12 inch digital cluster and the 13 inch center display on the luxury SUV platform with the German luxury OEM.

約翰，我想強調的第三點是德國豪華 OEM 的豪華 SUV 平台上的 12 吋數位儀表和 13 吋中央顯示器。

This is a follow-on then for the electric version of a platform that we won the iceberg last year.

這是我們去年贏得冰山獎的電動版平台的後續版本。

Turning page 6 on this page, I would like to share our outlook for 2024 for the industry and Visteon, we are anticipating another year of strong sales growth for the company in 2024 with double-digit market outperformance.

翻到本頁第 6 頁，我想分享我們對產業和偉世通 2024 年的展望，我們預計該公司將在 2024 年再次實現強勁的銷售成長，並實現兩位數的市場表現。

We are expecting 2020 for global vehicle production to be largely in line with S&P Global's January forecast of down slightly as compared to 2023 our customers' vehicle production is expected to be slightly more negative at about 1% down year over year.

我們預計 2020 年全球汽車產量將與標準普爾全球 1 月的預測基本一致，即與 2023 年相比略有下降，而我們客戶的汽車產量預計將略有下降，同比下降約 1%。

From a regional perspective, customer vehicle production is expected to be slightly higher in North America, largely due to non-recurrence of the UAW strike.

從地區角度來看，北美地區的客戶車輛產量預計將略高，這主要是由於 UAW 罷工不再發生。

While it's expected to modestly decline in Europe and China, forecasting electric vehicle production has become much more challenging over the past year.

儘管預計歐洲和中國的電動車產量將小幅下降，但過去一年預測電動車產量變得更具挑戰性。

In addition to the EV vehicles already launched with our BMS products with GM, we have several additional launches this year with GM as well as new launches with two other OEMs that should drive higher sales for BMS in 2024.

除了已經與通用汽車合作推出的配備BMS 產品的電動車之外，我們今年還與通用汽車合作推出了幾款新產品，並與另外兩家OEM 廠商合作推出了新產品，這將在2024 年推動BMS 銷量的成長。

Nevertheless, our outlook considers a more conservative EV vehicle production than customer forecasts and is more in line with S&P Global.

儘管如此，我們的展望認為電動車產量比客戶預測更保守，並且更符合標準普爾全球的預測。

Turning to the supply chain, we expect a much improved environment for semiconductors this year.

談到供應鏈，我們預計今年半導體的環境將大大改善。

As a result, we forecast a lower need for open market purchases and resulting recoveries from our customers.

因此，我們預期公開市場採購的需求以及客戶的回收需求將會減少。

Our growth over market expectations are based on the ramp-up of the products with launch throughout 2023 and the additional launches planned in 2024 as these launches ramp up in production.

我們超越市場預期的成長是基於 2023 年全年推出的產品數量的增加，以及隨著這些產品的產量增加而計劃在 2024 年推出的額外產品。

We expect a modest rebound in Q1 from the lower growth over market in Q4 of last year and expected to accelerate throughout 2024 for the full year, we are anticipating a growth over market of low double digits in the 10% to 12% range.

我們預計，第一季市場成長率將從去年第四季的較低成長率中小幅反彈，並預計2024 年全年將加速，我們預計市場成長將在10% 至12% 的低兩位數範圍內。

Turning to page 7, looking beyond 2024, we expect our market outperformance to continue as we execute our strategic growth plan.

翻到第 7 頁，展望 2024 年以後，我們預計，隨著我們執行策略成長計劃，我們的市場表現將繼續領先。

We have an attractive multiyear growth profile that is supported by an industry leading product portfolio, targeting two fast-growing domains of automotive electronics, the cockpit and the electric powertrain.

我們擁有有吸引力的多年成長前景，並得到業界領先的產品組合的支持，瞄準汽車電子駕駛艙和電動動力總成這兩個快速成長的領域。

Visteon's growing capabilities in automotive, electronics and software is very well suited to take advantage of the opportunities created by the megatrends of digitalization and electrification.

偉世通在汽車、電子和軟體領域不斷增長的能力非常適合利用數位化和電氣化大趨勢所創造的機會。

There's change in the industry in a fundamental manner.

該行業正在發生根本性的變化。

And our proven operational and commercial excellence means that this growth comes with strong returns and cash flow generation we are targeting $5 billion in sales in 2026.

我們經過驗證的營運和商業卓越性意味著這種成長伴隨著強勁的回報和現金流生成，我們的目標是 2026 年銷售額達到 50 億美元。

That's an increase of over $1.2 billion when removing the impact of supply chain recoveries and representing low double digit growth over market annually over the three year period.

在消除供應鏈復甦的影響後，這一成長超過 12 億美元，代表著三年期間每年市場成長率較低的兩位數。

The fundamentals of the business remain strong and have not changed substantially from early 2023 when we gave our midterm outlook on our Investor Day.

這項業務的基本面仍然強勁，自 2023 年初我們在投資者日給出中期展望以來沒有重大變化。

The main drivers of growth through 2026 remain our digital cockpit and BMS products.

到 2026 年，成長的主要驅動力仍然是我們的數位駕駛艙和 BMS 產品。

What has changed are some market dynamics that we have been highlighting for the past few quarters.

發生變化的是過去幾季我們一直強調的一些市場動態。

As you can see on the bottom right of the page, there are three primary factors driving the reduction of sales compared to our original $5.5 billion target.

正如您在頁面右下角所看到的，與我們最初的 55 億美元目標相比，有三個主要因素導致銷售額下降。

First, the 2026 vehicle production forecast for customers has been reduced by about 4% compared to the forecast from early 2023.

首先，客戶對2026年汽車產量的預測較2023年初的預測下調了約4%。

Second, lower EV demand throughout the forecasting period has affected both our DMS and digital cockpit products sales on EV platforms.

其次，整個預測期內電動車需求的下降影響了我們在電動車平台上的 DMS 和數位座艙產品的銷售。

Lastly, the growth of domestic Chinese OEM share of the China market at the expense of international brands where we have stronger relationships is lowering our expectations in that region.

最後，中國國內 OEM 在中國市場份額的成長是以犧牲與我們有更牢固關係的國際品牌為代價的，這降低了我們對該地區的期望。

Overall, we have a strong foundation for growth and are confident in achieving our 2026 targets, and we do not expect our growth to stop in 2026.

總體而言，我們擁有堅實的成長基礎，對實現 2026 年目標充滿信心，並且預計我們的成長不會在 2026 年停止。

The new business wins that we secured in 2023 are largely expected to launch in 2026 and beyond.

我們在 2023 年贏得的新業務預計將在 2026 年及以後推出。

This is a formula for consistent long-term growth.

這是持續長期成長的公式。

Turning to Page 8.

翻到第 8 頁。

In summary, the Company performed very well and had a very successful 2023, we delivered strong base sales growth of 12%, driven by growth over market and higher industry production.

總而言之，公司表現非常出色，2023 年非常成功，在市場成長和產業產量提高的推動下，我們的基本銷售額實現了 12% 的強勁成長。

The team continued to execute on our commercial and operational plans, which resulted in a strong adjusted EBITDA margin of 11% as we continue to build momentum for future growth by launching 129 new products and winning 7.2 billion in new business.

團隊繼續執行我們的商業和營運計劃，調整後的 EBITDA 利潤率高達 11%，我們透過推出 129 種新產品和贏得 72 億美元的新業務，繼續為未來成長創造動力。

Finally, we executed on our commitment to return capital to shareholders with $106 million of share repurchases.

最後，我們履行了透過 1.06 億美元的股票回購向股東返還資本的承諾。

Now I will turn the presentation over to Jerome.

現在我將把演講交給傑羅姆。

Thank you, Sachin, and good morning.

謝謝你，薩欽，早安。

Everyone.

每個人。

Visteon posted a solid set of results in the fourth quarter, demonstrating another quarter of robust commercial and operational execution Q4 sales were $990 million when excluding the impact of supply chain recoveries based sales grew 1% against a difficult prior-year comparable.

偉世通在第四季度公佈了一系列穩健的業績，證明了另一個季度強勁的商業和營運執行力，排除供應鏈復甦的影響，第四季度銷售額為9.9 億美元，與去年同期相比，銷售額增長了1%。

Our base sales performance was supported by the strong customer demand we continue to see for digital clusters, cockpit domain controllers, displays and the ongoing ramp of our BMS program.

我們的基本銷售業績得到了客戶對數位集群、駕駛艙域控制器、顯示器的強勁需求以及我們 BMS 計劃的持續增長的支持。

Several factors impacted our fourth quarter sales we experienced approximately 20 million in lost sales from the UAW strike.

有幾個因素影響了我們第四季的銷售額，由於 UAW 罷工，我們的銷售額損失了約 2000 萬美元。

We were as well impacted by the timing of roll-offs and a slower ramp-up of new rollouts.

我們也受到了新產品推出時間和緩慢推出的影響。

As mentioned by Sachin earlier on, we expect these headwinds to be largely transitory and consistent with the first three quarters of the year.

正如薩欽早些時候提到的，我們預計這些不利因素在很大程度上是暫時的，並且與今年前三個季度的情況一致。

We continue to experience customer mix headwinds in China.

我們在中國持續遇到客戶組合的不利因素。

We expect this to ease in 2024 as we continue to increase our exposure to domestic OEMs.

隨著我們繼續增加對國內原始設備製造商的投資，我們預計這種情況將在 2024 年得到緩解。

Semiconductor supply situation has improved significantly compared to the fourth quarter of last year.

半導體供應狀況較去年第四季明顯改善。

So PLEXION recoveries declined by roughly $85 million year over year.

因此，PLEXION 的回收率比去年同期下降了約 8,500 萬美元。

This has mostly been the result of our reduced reliance on open market purchases and related recoveries.

這主要是因為我們減少了對公開市場購買和相關回收的依賴。

Open-market purchases were minimal in the second half of 2023, and we expect this trend to continue in 2024.

2023 年下半年公開市場購買量極少，我們預期這一趨勢將在 2024 年持續下去。

As a reminder, recoveries of bucketed as pricing are passed through in nature, increasing sales neutral for adjusted EBITDA, but diluting margin percentages.

提醒一下，隨著定價的恢復，本質上是傳遞的，增加了調整後 EBITDA 的銷售額，但稀釋了利潤率。

Adjusted EBITDA was 117 million for the quarter, an improvement of EUR14 million versus the prior year adjusted EBITDA benefited from operational improvements and manufacturing efficiencies as well as lower engineering spending, partially offset by a headwind from foreign exchange.

本季調整後 EBITDA 為 1.17 億，比上年調整後 EBITDA 提高 1,400 萬歐元，這得益於營運改善和製造效率以及工程支出降低，但部分被外匯不利因素抵消。

Lower engineering in the quarter was mostly the result of good cost controls, the timing of project spending and customer recoveries, combined with a non-recurrence of a one-time program expense from the prior year, our adjusted EBITDA margin was 11.8%.

本季工程費用較低主要是由於良好的成本控制、專案支出的時機和客戶回收，再加上上一年不再重複出現一次性專案費用，我們調整後的 EBITDA 利潤率為 11.8%。

But adjusting for a more normalized engineering spend and excluding the effect of foreign exchange of run rate was roughly 11%.

但根據更正常化的工程支出進行調整並排除外匯影響，運作率約為 11%。

Adjusted free cash flow was 57 million in the quarter.

本季調整後自由現金流為 5,700 萬美元。

Our strong adjusted free cash flow performance was the result of a higher adjusted EBITDA and neutral trade and other working capital.

我們強勁的調整後自由現金流表現是調整後 EBITDA 較高以及中性貿易和其他營運資本的結果。

We ended the fourth quarter with a net cash position of 182 million and total cash of $518 million.

截至第四季末，我們的淨現金部位為 1.82 億美元，現金總額為 5.18 億美元。

Share repurchases were 30 million in the quarter and $106 million for the full year.

本季股票回購額為 3,000 萬股，全年股票回購額為 1.06 億美元。

Turning to page 11, I am proud of what the Visteon team was able to achieve in 2023.

翻到第 11 頁，我為偉世通團隊在 2023 年的成就感到自豪。

We delivered on our operational initiatives, notably strong sales growth, meaningful margin expansion and impressive cash flow generation sales were a record 3.95 billion.

我們兌現了我們的營運計劃，特別是強勁的銷售成長、有意義的利潤率擴張以及令人印象深刻的現金流生成銷售額達到創紀錄的 39.5 億美元。

Base sales, which excludes customer recoveries were 3.66 billion, an increase of 12% or EUR400 million compared to prior year.

基本銷售額（不包括客戶回收）為 36.6 億美元，比上年增長 12%，即 4 億歐元。

The increase in base sales was driven by strong growth of market from robust product launches during the year and higher industry production.

基礎銷售額的成長是由於年內產品的強勁推出以及行業產量的提高而帶來的市場強勁成長。

Customer recoveries, which are illustrated in the dotted boxes, totaled approximately EUR200 million.

虛線框所示的客戶賠償總額約 2 億歐元。

The roughly 200 million year-over-year decline in recoveries reflects the significant improvement in the semiconductor supply chain and the reduction in associated recoveries.

回收率年減約 2 億美元，反映出半導體供應鏈的顯著改善以及相關回收率的下降。

Adjusted EBITDA was 434 million for the year, an increase of 86 million or 25% year over year.

全年調整後EBITDA為4.34億，年增8600萬，增幅25%。

The increase in adjusted EBITDA primarily reflects the impact of higher sales while leveraging an efficient cost base with modest increases in engineering and SG&A net engineering increased EUR14 million year over year as we continue to invest in technology to support future growth.

調整後 EBITDA 的成長主要反映了銷售額增加的影響，同時利用高效的成本基礎和工程方面的適度增長，隨著我們繼續投資於技術以支持未來增長，SG&A 淨工程同比增加了 1400 萬歐元。

As a percentage of sales, net engineering remained flat at 5.3%.

淨工程佔銷售額的百分比保持不變，為 5.3%。

Adjusted SG&A increased EUR17 million year over year and as a percentage of sales increased slightly to 4.5%.

調整後的 SG&A 年比增加 1,700 萬歐元，佔銷售額的百分比略有上升至 4.5%。

Adjusted EBITDA margin improved to 11% in 2023, a 170 basis point improvement year over year.

2023 年調整後 EBITDA 利潤率提高至 11%，年增 170 個基點。

While not on the slide, I wanted to highlight our return on invested capital.

雖然不在投影片上，但我想強調一下我們的投資資本報酬率。

Our ROIC. as calculated by tax-effected adjusted EBIT over equity debt and leases was 16% in 2023.

我們的投資報酬率。以受稅收影響的調整後股本債務和租賃息稅前利潤計算，2023 年為 16%。

The improvement in our return in past years has largely been driven by substantial improvement in adjusted EBITDA and modest increases in our invested capital base.

過去幾年我們回報率的提高主要是由於調整後 EBITDA 的大幅改善和投資資本基礎的小幅增長所推動的。

This metric supports our view that Visteon is an increasingly compelling investment opportunity.

這項指標支持了我們的觀點，即偉世通是一個日益引人注目的投資機會。

Turning to page 12, starting with the balance sheet.

翻到第 12 頁，從資產負債表開始。

We ended the year with a total cash position of 518 million and a net cash position of 182 million.

截至年底，我們的現金部位總額為 5.18 億美元，淨現金部位為 1.82 億美元。

We have no material near-term debt maturities and an attractive current interest rate of approximately 3.5%.

我們沒有重大的近期債務到期日，目前利率約為 3.5%，具有吸引力。

We repaid approximately 13 million in 2023 as a result of our quarterly amortization payments.

由於季度攤銷付款，我們在 2023 年償還了約 1300 萬美元。

In conjunction with our March 2023 Investor Day, we announced a 300 million share repurchase authorization in the fourth quarter.

結合 2023 年 3 月投資者日，我們宣佈在第四季授權回購 3 億股股票。

We repurchased shares for $30 million at an average price of $126.85 per share, which brought our full year repurchases to $106 million.

我們以每股 126.85 美元的平均價格回購了 3,000 萬美元的股票，這使得我們全年的回購金額達到了 1.06 億美元。

We will continue to be opportunistic in our share repurchases in order to return capital to shareholders.

我們將繼續機會主義地回購股票，以向股東返還資本。

Turning now to cash flow, we generated 150 million of adjusted free cash flow in 2023.

現在轉向現金流，我們在 2023 年產生了 1.5 億調整後自由現金流。

This is a 49 million improvement compared to the prior year, primarily due to the higher adjusted EBITDA and lower working capital build, partially offset by higher cash taxes and higher capital expenditures.

與前一年相比，這一數字增加了 4,900 萬美元，主要是由於調整後的 EBITDA 較高和營運資本建設較低，但部分被較高的現金稅和較高的資本支出所抵消。

The outflow related to trade and other working capital declined year over year, primarily as a result of the stabilization of our supply chain and improvement in our inventory balances.

與貿易和其他營運資金相關的流出年減，主要是由於我們供應鏈的穩定和庫存平衡的改善。

Cash taxes were higher than prior year due to cash payments related to increasing profitability in some jurisdictions, both in the current year and in the prior year related to taxes.

現金稅高於前一年，因為現金支付與某些司法管轄區的獲利能力提高有關，無論是本年度還是前一年都與稅收有關。

I would like to explain briefly the significant tax item in the fourth quarter that impacted our net income and EPS, primarily as a result of our improved profitability in the US, we had a noncash benefit of 313 million related to a reduction in the valuation allowance against U.S. deferred tax assets.

我想簡單解釋一下第四季度影響我們淨利潤和每股收益的重要稅收項目，主要是由於我們在美國的盈利能力提高，我們有3.13億美元的非現金收益，這與估值準備金的減少有關針對美國遞延稅資產。

This change in our valuation allowance had no impact on cash, but increased our net income and earnings per share for the period was a positive sign of the health of our business.

我們的估值準備金的變化對現金沒有影響，但該期間淨利潤和每股收益的增加是我們業務健康狀況的積極跡象。

We do not expect any change to our go-forward cash tax profile.

我們預計我們的未來現金稅收概況不會有任何變化。

As a result of this valuation allowance reduction, interest payments remained low and were offset by higher interest income from increased rates.

由於估價備抵減少，利息支出仍然較低，但被利率上升帶來的利息收入增加所抵銷。

Capex was EUR125 million or 3.2% of sales, reflecting our ongoing investments in manufacturing and electrification.

資本支出為 1.25 億歐元，佔銷售額的 3.2%，反映了我們在製造和電氣化方面的持續投資。

We have steadily increased our free cash flow generation in recent years.

近年來，我們穩步增加了自由現金流的產生。

Our conversion ratio was 35% in 2023 and is in line with our medium term target.

2023 年我們的轉換率為 35%，符合我們的中期目標。

Our improved cash performance has been largely due to the increase in adjusted EBITDA and diligent management of other cash items like trade working capital, cash taxes, interest and CapEx.

我們現金績效的改善主要歸功於調整後 EBITDA 的增加以及對貿易營運資本、現金稅、利息和資本支出等其他現金項目的勤奮管理。

We have structural elements that support consistent cash flow generation, including limited capital intensity across both CapEx and working capital, a debt-like capital structure and substantial tax attributes in just a few years, our team has successfully transformed Visteon into a robust cash flow generator and we expect this to continue for the years to come as our business grows.

我們擁有支持持續現金流產生的結構要素，包括資本支出和營運資本的有限資本強度、類似債務的資本結構和大量的稅收屬性，在短短幾年內，我們的團隊已成功將偉世通轉變為強大的現金流產生器我們預計隨著我們業務的成長，這種情況將在未來幾年持續下去。

Turning to page 13, for 2024, our guidance range for sales is four to 4.2 billion, which at the midpoint represents an 8% increase in base sales.

翻到第 13 頁，對於 2024 年，我們的銷售額指引範圍為 4 至 42 億美元，中間值代表基礎銷售額成長 8%。

Focusing on the midpoint, we have assumed Visteon customer production declines by approximately 1%, while growth of a market is anticipated to be in the range of 10% to 12%.

著眼於中點，我們假設偉世通客戶產量下降約 1%，而市場成長預計在 10% 至 12% 範圍內。

On the pricing side, we're assuming a year-over-year headwind from lower customer recoveries.

在定價方面，我們假設客戶回收率下降會帶來同比阻力。

In addition to some level of standard customer price-downs.

除了一定程度的標準顧客降價之外。

Adjusted EBITDA is expected to be between 470,000,500 million, representing adjusted EBITDA margin of 11.8% at the midpoint.

調整後 EBITDA 預計在 470,000,500 百萬美元之間，調整後 EBITDA 利潤率中位數為 11.8%。

The year-over-year increase in adjusted EBITDA is primarily the result of higher base sales, continued strong commercial performance and further operating efficiencies, partially offset by an increase in net engineering spend as a percentage of 2024 sales, we anticipate net engineering to be in the mid 5% range and SG&A to be in the mid 4% range.

調整後 EBITDA 的年成長主要是由於基礎銷售額增加、持續強勁的商業業績和進一步的營運效率，部分被淨工程支出佔 2024 年銷售額百分比的增加所抵消，我們預計淨工程支出將在5%的中間範圍內，SG&A 在4% 的中間範圍內。

As we continue to invest in technology and in our teams to support future growth.

我們繼續投資於技術和團隊以支持未來的成長。

Adjusted free cash flow is expected to be between 155 to 185 million, which at the midpoint is a conversion of 35% of adjusted EBITDA into adjusted free cash flow.

調整後自由現金流預計在 15.5 至 1.85 億之間，其中值是將調整後 EBITDA 的 35% 轉換為調整後自由現金流。

We expect working capital will be a modest outflow for the year as a result of our continued growth.

我們預計，由於我們的持續成長，今年營運資金將適度流出。

Capex is forecasted to be approximately $145 million as we invest for future growth.

我們為未來成長進行投資，預計資本支出約為 1.45 億美元。

Despite these investments, we expect CapEx as a percentage of sales to remain in the mid 3% range.

儘管進行了這些投資，我們預計資本支出佔銷售額的百分比仍將保持在 3% 左右的範圍內。

And finally, even though we're not providing quarterly guidance, we expect the first quarter to be lower sequentially and represent our low point of 2024, followed by a progressive ramp up of our sales and EBITDA over the course of the year, similar to what we saw in 2023.

最後，儘管我們沒有提供季度指引，但我們預計第一季將環比下降，並代表 2024 年的低點，隨後我們的銷售額和 EBITDA 將在一年中逐步上升，類似於我們在2023 年所看到的。

Turning to page 14, looking at the long term.

翻到第 14 頁，著眼長遠。

As such, I noted earlier, our sales targets for 2026 is EUR5 billion, which is an increase of over EUR1.2 billion in base sales between 2023 and 2026 with low double digit growth of market on an annual basis.

因此，我之前指出，我們 2026 年的銷售目標是 50 億歐元，這意味著 2023 年至 2026 年間基本銷售額將增加超過 12 億歐元，而市場每年的成長率較低，為兩位數。

Overall, this is an attractive growth profile and reflects our current expectations for our business and the market dynamics that been outlined earlier.

總體而言，這是一個有吸引力的成長概況，反映了我們目前對我們業務的預期以及前面概述的市場動態。

Our adjusted EBITDA margin target is 13.5%, a 250 basis point increase from 2023.

我們調整後的 EBITDA 利潤率目標為 13.5%，較 2023 年增加 250 個基點。

The increase in margin is expected to be driven by the growth of the business as well as the ongoing leveraging of our fixed cost across manufacturing, engineering and SG&A in dollar terms.

利潤率的成長預計將受到業務成長以及我們在製造、工程和銷售、一般行政費用（以美元計算）固定成本的持續利用的推動。

This represents approximately $675 million of adjusted EBITDA in 2026, which is a 16% kegger over the period.

這意味著 2026 年調整後 EBITDA 約為 6.75 億美元，在此期間增加了 16%。

We expect to convert 35% to 40% of adjusted EBITDA to adjusted free cash flow in 2026.

我們預計到 2026 年將調整後 EBITDA 的 35% 至 40% 轉換為調整後自由現金流。

I'm very proud of what the team has been able to accomplish.

我對團隊所取得的成就感到非常自豪。

Over the past few years, we have increased our sales by $1 billion compared to 2019.

過去幾年，我們的銷售額比 2019 年增加了 10 億美元。

We have grown profitably compared to in 2019, our adjusted EBITDA has nearly doubled and we have been generating substantial cash flow in the same period.

與 2019 年相比，我們實現了盈利增長，調整後的 EBITDA 幾乎翻了一番，並且我們在同一時期產生了大量現金流。

We're strengthening our foundation for future growth through record new business wins, high level of product launches and continued investment in our people.

透過創紀錄的新業務勝利、高水準的產品發布以及對員工的持續投資，我們正在鞏固未來成長的基礎。

When I look at the next few years, I'm excited to deliver on our plan for significant growth in sales, EBITDA and free cash flow.

展望未來幾年，我很高興能夠實現我們的銷售、息稅折舊攤提前利潤 (EBITDA) 和自由現金流顯著增長的計劃。

Turning to page 15, Visteon remains a compelling long-term investment opportunity.

翻到第 15 頁，偉世通仍然是一個引人注目的長期投資機會。

We have positioned the Company for top-line growth, margin expansion and free cash flow generation.

我們將公司定位為收入成長、利潤擴張和自由現金流產生。

We have an exciting growth profile and have demonstrated a strong focus on operational and commercial discipline to deliver this growth profitably.

我們擁有令人興奮的成長前景，並表現出對營運和商業紀律的高度重視，以實現這種成長的獲利。

Thank you for your time today.

感謝您今天抽出時間。

I would like now to open the call for your questions.

我現在想打開電話詢問你們的問題。

(Operator Instructions) Joe Spak, UBS.

（操作員說明）Joe Spak，UBS。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

I'm maybe just Good morning.

我也許只是早安。

Maybe just to start, I know a couple on the, um, on the revised 26 I think beef prior commentary from from you guys was that you weren't necessarily taking management's targets for some of the EV programs and you were sort of making your own assessment now, obviously, sort of the world has drastically changed even since and since those comments, but maybe you could provide a little bit more more color as to sort of how what type of planning went into the revised 2026 top-line targets.

也許只是為了開始，我知道一些關於修訂版 26 的評論，我認為你們之前的評論是，你們不一定要實現管理層對某些電動汽車計劃的目標，而且你們有點在製定自己的目標。現在，顯然，自這些評論以來，世界已經發生了巨大的變化，但也許您可以提供更多信息，說明修訂後的2026 年頂線目標中的規劃類型如何。

I'll take that to absorb the support on actually not all CMS, all the EB. production that that is driving the reduction.

我將以此吸收對實際上不是所有 CMS 而是所有 EB 的支援。導致產量減少的因素。

There are really three factors.

確實有三個因素。

Of course, driver is actually the overall global vehicle production outlook for our customers.

當然，駕駛員實際上是我們客戶對全球汽車生產整體的展望。

And I would say that is contributing from zero to about half of the reduction.

我想說的是，這對減少量的貢獻從零到大約一半。

And then the second driver is on lower EV production again.

然後第二位駕駛再次降低電動車產量。

And that protects both parties as for cockpit products as well as SPMS. and the last one is the customer mix in China, which arm it has impacted us all through 2023 and more, I would say specifically in Q4 of 2023.

這可以保護駕駛艙產品和 SPMS 雙方。最後一個是中國的客戶組合，它對我們整個 2023 年甚至更長時間的影響，我想特別說的是 2023 年第四季。

We expect this mix to moderate a little bit, but still continue to be a headwind, of course, going forward into 2026.

我們預計這種組合會有所緩和，但當然，進入 2026 年仍將繼續成為阻力。

Now if we look at just the on the specific VMS related revenues.

現在，我們只看一下與特定 VMS 相關的收入。

The volume projection for 2020 was not come down significantly from our lower expectations from earlier in 2023, but the our being a little more conservative than the volumes of that has been shared with us by our customers.

2020 年的銷售預測並未比我們 2023 年初較低的預期大幅下降，但我們比客戶與我們分享的銷售量更為保守。

I would say that our expectations now are more in line with on 1st of April models and their production outlooks as for S&P Global, for example.

我想說的是，我們現在的預期更符合 4 月 1 日的模式及其生產前景，例如 S&P Global。

So I would say really three factors, right?

所以我想說其實是三個因素，對嗎？

Overall reduction in a vehicle production number two, lowered EV production at our customers suggesting for a digital cockpit and our VMS sales.

第二個汽車產量的整體減少，降低了我們客戶的電動車產量，建議採用數位駕駛艙和我們的 VMS 銷售。

And then the customer mix of that is impacting us more in China.

然後，這種客戶組合對我們在中國的影響更大。

So having said that are expecting all of our product lines still to grow.

話雖如此，我們預計我們所有的產品線仍將成長。

And this new target that we have, it means that our base sales would grow for each one of those three years at a low double-digit level as compared to different pre-sales.

我們的這個新目標意味著，與不同的預售相比，我們的基礎銷售額在這三年中每年都會以較低的兩位數水準成長。

Okay, Sachin, thanks for that.

好的，薩欽，謝謝你。

And maybe just to follow onto that and I'll pass it on the in the low double digit growth over market, you're sort of assuming I guess, like a relatively flattish environment, some negative mix, as you mentioned, but with growth over market and we're seeing this across the supply base like you can't control that well in a part of the relative comparison.

也許只是為了跟進這一點，我將把它傳遞給市場上兩位數的低增長，你有點假設我猜，就像一個相對平坦的環境，一些負面的組合，正如你提到的，但隨著成長在市場上，我們在整個供應基地都看到了這種情況，就像你在相對比較的一部分中無法很好地控制一樣。

Now, obviously some of that it sounds like you're sort of counting on some of that negative negative mix, but know and share loss at some of your customers is clearly still possible.

現在，顯然其中一些聽起來像是你在指望一些負面的負面組合，但知道並分擔一些客戶的損失顯然仍然是可能的。

But would you say that and based on what you know now and the content you have for what you won this sort of translates to like a high single digit, low double digit or organic growth rate.

但你會這麼說嗎？根據你現在所知道的情況以及你所贏得的內容，這種情況會轉化為高個位數、低兩位數或有機成長率。

And like understanding that, you know, if some of those customers are, you don't have exposure for grow faster like your growth over market is going to look worse, even if your organic growth might still be a little bit relatively steadier because the first thing I would say, Joe, is that we have already factored in and like you would expect that some of the customers with whom we don't have not customers but OEMs that we don't have business with especially on EVs, are going to grow faster in this time period.

就像理解這一點，你知道，如果其中一些客戶是，你就沒有機會成長得更快，就像你的市場成長看起來會更糟，即使你的有機成長可能仍然相對穩定一些，因為喬，我要說的第一件事是，我們已經考慮到了，就像你所期望的那樣，一些我們沒有合作的客戶不是客戶，而是我們沒有業務往來的原始設備製造商，特別是在電動車方面，他們正在才能在這個時間段內成長得更快。

Then our customers as far as EVs are concerned, so our EV vehicle production assumptions are certainly already taking into account this dynamic that you talked about.

那麼我們的客戶就電動車而言，因此我們的電動車生產假設肯定已經考慮到了您談到的這種動態。

Now, obviously, the market overall can grow even faster because we don't control that and we don't have necessarily a full exposure to that.

現在，顯然，整個市場可以成長得更快，因為我​​們無法控制這一點，而且我們不一定能充分接觸到這一點。

But we've been looking more specifically at our customers for us.

但我們一直在更具體地關注我們的客戶。

Our 2026 is not that far away in terms of being able to understand what vehicles we are on and what those production volumes are likely going to be at of that a year that has passed since last year, beginning of last year when we give our 2026 guidance.

我們的 2026 年並不遙遠，因為我們能夠了解我們所使用的車輛以及這些車輛的產量可能會是多少，自去年以來，去年初我們給出了 2026 年的預測。

What I can say is that figure in it as largely funds, by the way, we would have expected it to except that the BMS sales, it has been more suppressed.

我能說的是，其中的數字主要是資金，順便說一句，我們本來預計除了BMS銷售外，它受到了更多的抑制。

So this the ramp-up has been slower in 2023 than we expected.

因此，2023 年的成長速度比我們預期的要慢。

It's almost like a year delayed.

就好像延後了一年一樣。

And so we are expecting 2024 to look more like what we thought 2023 would look like in terms of PMICs.

因此，就 PMIC 而言，我們預計 2024 年將更像我們想像的 2023 年。

In other words, now 25 and 26, there is a certain level of ramp-up of production that we have in our assumption and that has to come to pass for us to be able to get to where we have set as a target.

換句話說，現在是 25 和 26，我們的假設是產量有一定程度的成長，並且必須實現這一點，我們才能達到我們設定的目標。

But I believe that those are on it is nimble assumptions are in terms of what our customers would and should be able to accomplish.

但我相信，這些都是靈活的假設，是根據我們的客戶將能夠並且應該能夠實現的目標來實現的。

I guess maybe just a slightly rephrase the question.

我想也許只是稍微改一下這個問題。

I appreciate that those comments.

我很欣賞這些評論。

But when you say negative mix or faster-growing with customers, you don't have exposure for that.

但當你說負面組合或客戶成長更快時，你並沒有接觸到這一點。

Is that that also factored in to your expectation for of the volume for the programs you are on.

這是否也影響了您對您正在觀看的節目的音量的期望？

So like that some of your customers may lives that I share.

因此，您的一些客戶可能會像我一樣生活。

Okay.

好的。

Thank you, Tessa.

謝謝你，泰莎。

This Absolutely.

這絕對是。

Thank you.

謝謝。

Itay Michaeli, Citi.

伊泰‧米凱利，花旗銀行。

Great, thanks.

萬分感謝。

This is just in free time on.

這只是在空閒時間上的。

So maybe a quick one on slide 14, you're providing a high-level overview, I guess, of the base and kind of giving the recovery bucket that's in there.

因此，也許在幻燈片 14 上快速介紹一下，我猜您正在提供基礎的高級概述，並提供其中的恢復桶。

Can you maybe let us know what the implied recoveries are for 24 and then maybe what you're assuming in that 26 guide as well?

您能否讓我們知道 24 的隱含回收率是多少，以及您在 26 指南中的假設？

Yes.

是的。

So good morning.

早安.

It's almost like that, but maybe let me step back a little bit on recoveries.

幾乎就是這樣，但也許讓我在恢復方面稍微退一步。

Generally, we have seen recoveries coming down over the last few quarters of 2023, and that's largely because our open market purchases have declined and therefore, the associated recoveries have declined as well.

一般來說，我們看到 2023 年最後幾季的復甦有所下降，這很大程度上是因為我們的公開市場購買量下降了，因此相關的復甦也有所下降。

So we were should recall, we recovered, including open market purchases close to EUR500 million in 2022.

所以我們應該記得，我們​​已經恢復了，包括 2022 年公開市場購買接近 5 億歐元。

In 2023.

2023年。

We'll have recovered close to EUR300 million of recoveries.

我們將收回近 3 億歐元的款項。

So a fairly substantial reduction.

因此，減少幅度相當大。

And most of it is driven by open market purchases.

其中大部分是由公開市場購買所推動的。

There is a second factor that is now impacting us in a positive way, which is the fact that we have as some positive impact as we go into 24.

現在還有第二個因素對我們產生正面的影響，那就是我們在進入 24 小時後也產生了一些正面的影響。

As it relates to surcharges, we see some programs rolling off that are more burden than the programs rolling on.

由於涉及附加費，我們看到一些正在滾動的項目比正在滾動的項目負擔更大。

And therefore, we have that positive mix coming into play again as we go into 2024.

因此，進入 2024 年，這種積極的組合將再次發揮作用。

So the two lead us to a a plan for 2024, which is going to contemplate a little bit less than EUR200 million of recoveries.

因此，兩人共同製定了 2024 年計劃，預計回收金額將略低於 2 億歐元。

And then we see that as well coming down because also of cost reductions from our suppliers into 26.

然後我們看到這一數字也有所下降，因為我們的供應商成本也減少到了 26 個。

And we've kept our assumptions the same for 26.

我們對 26 的假設保持不變。

We had full impact in March of 2023 and it is 100 million.

我們在 2023 年 3 月產生了全面影響，達到 1 億。

So a slow reduction from the very high levels that we had in all42 the way down to EUR1 million in 2020 Perfect.

因此，從我們總共擁有的非常高的水平緩慢減少到 2020 年完美的 100 萬歐元。

Super helpful.

超有幫助。

And then maybe sticking to 26, do you have the percentage of target already booked on terms of sales?

然後也許堅持 26，您是否已經根據銷售條款預訂了目標百分比？

Or if you can help us out maybe well, yes, yes, we can.

或者如果你能幫助我們，也許很好，是的，是的，我們可以。

We can talk a little about And so typically, but when we look at the targets of sales that need to be booked of, we have a range of between 75% to 80% of the sales three years out.

我們可以談論一些通常情況下的情況，但是當我們查看需要預訂的銷售目標時，我們的範圍是三年後銷售額的 75% 到 80%。

And I would say that we are within that of 2026.

我想說的是，我們的目標是 2026 年。

And as you know, we had a pretty good robust level of new business wins in 2023.

如您所知，我們在 2023 年贏得了相當強勁的新業務。

It exceeded our initial expectations, which is also helping.

它超出了我們最初的預期，這也很有幫助。

And we also believe on account of some of the changes that have happened with EVs, that we would see some PROGRAM extensions, which are going to be helpful in the near term as of some of these ICE and hybrid vehicles will it needs to be extended by our customers as they rethink their We model portfolio and go-to-market.

我們也相信，考慮到電動車發生的一些變化，我們會看到一些計劃的擴展，這在短期內將會有所幫助，因為其中一些內燃機和混合動力汽車需要擴展當我們的客戶重新考慮他們的“我們”模型組合和進入市場時。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Your line is open Hi, good morning.

您的線路已開通 嗨，早上好。

Thank you for for taking the questions.

感謝您接受提問。

Paul, first, wanted to ask a question about the margins.

保羅首先想問一個關於利潤的問題。

So Q4, you did 11.8% comp that was weighed down by by the strike, you're guiding to an 11.8% midpoint for 2024.

因此，第四季度，由於罷工的影響，您的複合成長率為 11.8%，您預計 2024 年的複合成長率為 11.8%。

And perhaps you could give us basically a bridge.

也許你可以為我們提供一座橋樑。

I recognize we shouldn't extrapolate too much from one quarter, but a bridge from the 4Q run rate to 2024.

我認識到我們不應該從一個季度進行過多推斷，而應該從第四季度的運行率到 2024 年進行過渡。

What are maybe some of the offsets that make the 11.8% that you did in the fourth quarter, not necessarily representative of the current run rate, which I think you said was closer to 11%.

可能有哪些抵消因素使得您在第四季度實現的 11.8% 不一定代表當前的運行率，我認為您所說的當前運行率更接近 11%。

Thanks.

謝謝。

Thanks, Dan.

謝謝，丹。

So we always tried to normalize our EBITDA margin as we report our earnings and have done that now for the last few quarters, just because they are anomalies or exceptional items impacting EBITDA positively or negatively so for Q4 specifically, we had 11.8%, as you mentioned, and most of that was all came from the fact that we had a pretty low engineering spend in Q4 fairly traditional.

因此，當我們報告收益時，我們總是試圖使我們的EBITDA 利潤率正常化，並且在過去幾個季度中一直這樣做，只是因為它們是對EBITDA 產生正面或負面影響的異常或特殊項目，所以具體到第四季度，我們有11.8％，正如你所見提到的，其中大部分都是因為我們在第四季度的工程支出相當低，相當傳統。

I would say we were probably a little bit surprised by the amount of recoveries that we were able to book in Q4, but that essentially improved our EBITDA for Q4.

我想說，我們可能對第四季度能夠預訂的回收金額感到有點驚訝，但這本質上改善了我們第四季度的 EBITDA。

So when you take that out and take out as well, some level of negative effect that we had in Q4, our normalized EBITDA is closer to 11%, maybe slightly slightly higher.

因此，當你剔除這一點並剔除我們在第四季度產生的某種程度的負面影響時，我們的標準化 EBITDA 接近 11%，可能略高一些。

So that's kind of the run rate with as well, a sales level slightly below $1 billion.

這也是銷售額水準略低於 10 億美元的運行率。

So as we go into next year, we've got an eight basis point improvement.

因此，當我們進入明年時，我們已經有了八個基點的改進。

Most of the improvement is going to come from the additional sales that we'll get in 2024.

大部分改進將來自 2024 年我們將獲得的額外銷售額。

And we are growing at a level of 8% at face value and 10% if you exclude the recoveries.

以面值計算，我們的成長率為 8%，如果排除回收率，則成長率為 10%。

So that's a fairly significant improvement that will flow through EBITDA.

因此，這是一項相當重大的改進，將透過 EBITDA 體現。

We are continuing to see a fairly good level of operational efficiencies and high.

我們繼續看到相當好的營運效率和高水準。

Got you said that we've been seeing that now for the last few quarters.

您說過，我們在過去幾個季度中已經看到了這種情況。

And then finally, we've got an offset by coming from engineering and as well as G&A, which are, let's say, flattish in terms of percentage but increasing in dollar terms.

最後，我們透過工程和一般行政費用獲得了抵消，可以說，就百分比而言持平，但以美元計算則有所增加。

And that's kind of the offset or as a partial offset to our EBITDA and going into 24.

這是我們 EBITDA 的抵消或部分抵消，進入 24。

I think generally, I would say that we've been running pretty well and ahead of the curve or ahead of our original guidance in 2023.

我認為總的來說，我們的運行情況相當不錯，並且領先於曲線或領先於我們 2023 年最初的指導。

We are You may remember that we had and we guided to 10.5% our EBITDA at the midpoint of our guidance, and we finished the year closer to 11.

您可能還記得，我們​​曾經並將我們的 EBITDA 目標定為 10.5%，目標的中點，我們今年接近 11%。

So it kind of helps going into next year.

所以這對進入明年有所幫助。

And therefore, we feel pretty comfortable with the 10.8% that we put.

因此，我們對 10.8% 的設定感到非常滿意。

Great.

偉大的。

And a follow-up on that.

以及後續行動。

And then a second question.

然後是第二個問題。

Just the follow-up is maybe you could just comment on on within the decline of recoveries, what the net EBITDA impact is it if it's neutral, reduced recoveries on reduced cost and then my my second question is on maybe you could just talk about the environment for uptake of the product XB. and S. We've heard about some extension of ICE platforms as automakers are delaying EVs, I think we know there's generally been a trend that EVs are adopting more of the premium content.

後續問題是，也許你可以在回收率下降的情況下評論一下，如果它是中性的，回收率降低，成本降低，那麼淨EBITDA 影響是什麼，然後我的第二個問題是，也許你可以談談產品XB的攝取環境。我們聽說，隨著汽車製造商推遲電動車的推出，ICE 平台有所擴展，我認為我們知道電動車採用更多優質內容的趨勢普遍存在。

So to what extent does your 2026 outlook contemplate maybe some extension of the platforms.

那麼，您對 2026 年的展望會在多大程度上考慮平台的某些擴展。

To what extent are the other products like our digital clusters or domain controllers, it still intact despite slower EV uptake?

儘管電動車的採用速度較慢，但我們的數位集群或網域控制器等其他產品在多大程度上仍然完好無損？

Thank you.

謝謝。

Yes, I will take the first question and give the second to sanction.

是的，我會回答第一個問題，並給予第二個問題制裁。

So in terms of recovery, that's a very good point.

所以就恢復而言，這是一個非常好的觀點。

In fact, we are we are seeing a reduction in recoveries in 2024 as well, all the way to two 2026, generally, we are not assuming any negative P&L impact largely because the two reasons for the decrease in 24 are the fact that we're going to buy less open-market purchases and therefore we are going to recover less.

事實上，我們也看到2024 年的回收率有所下降，一直到2026 年的兩次，一般來說，我們不會假設任何負面的損益影響，主要是因為24 年下降的兩個原因是我們「我們將減少公開市場購買，因此我們將恢復更少。

So it's neutral.

所以它是中性的。

And the second reason I gave earlier on is the fact that we have this positive mix in some cases impacting us in a favorable way, and therefore, the associated recoveries are matching as well.

我之前給出的第二個原因是，在某些情況下，我們有這種積極的組合，以有利的方式影響我們，因此，相關的復甦也是匹配的。

The reduction in costs so that there is virtually no P&L impact on that side.

成本的降低使得這方面幾乎沒有損益影響。

As we go into 24, we have assumed a normal level of pricing like we normally give to our customers that has obviously an impact on P&L, but not the reduction in recoveries per se.

當我們進入 24 時，我們假設了正常的定價水平，就像我們通常給予客戶的那樣，這顯然會對損益產生影響，但不會減少回收率本身。

Thank you, Jerome and art, regarding this topic of the content on ICE and perhaps hybrid vehicles which are expected to on grow in the near term as of ICE or sorry, as of full electric perhaps slowdown in their growth.

謝謝傑羅姆和阿特，關於 ICE 和混合動力車的內容主題，預計 ICE 的混合動力車將在短期內成長，或者抱歉，全電動車的成長可能會放緩。

We are extremely well positioned to take advantage of that.

我們處於非常有利的位置來利用這一點。

Great.

偉大的。

We have a very good our digital cockpit of the portfolio of products are ready.

我們已經把非常好的我們的數位座艙產品組合準備好了。

It engineered and launched on many of the programs that are going to benefit from the extension or introduction of our new models.

它設計並啟動了許多項目，這些項目將受益於我們新模型的擴展或引入。

And the content increase that we're seeing is not just restricted to two REV.s. By the way we are seeing a general increase in corporate content, even on ICE vehicles.

我們看到的內容增加不僅限於兩個 REV.。順便說一句，我們看到企業內容普遍增加，甚至在內燃機車上也是如此。

That has been if you look at the last couple of years, the major driver of our growth over market, we have had 18 consecutive quarters of growth over market driven largely by the content increase that is happening in the cockpit and mostly on ice slush in the hybrid vehicles.

如果你看看過去幾年，我們市場成長的主要驅動力，我們已經連續 18 個季度實現了市場成長，這主要是由駕駛艙內發生的內容增加（主要是在冰泥上）推動的。混合動力汽車。

Well, with our customers were extremely well-represented.

嗯，我們的客戶非常有代表性。

One, a data point is our digital clusters growth rate.

一，一個數據點是我們的數位集群成長率。

If you look at on 2023, roughly half of our shipments of clusters were all digital compared to about 30, 35% for the industry.

如果你看看 2023 年，我們的集群出貨量中大約有一半都是數位化的，而產業的比例約為 30%、35%。

So there's a lot of runway ahead in terms of growth for our digital content in general.

因此，總體而言，我們的數位內容的成長還有很長的路要走。

And I think to answer your question about how much of that has been already factored into our 2026?

我想回答你的問題，即我們的 2026 年計畫中已經考慮了多少？

Our guidance.

我們的指導。

There are a few of our programs where we know those extensions are are happening and we have factored those in.

我們知道我們的一些計劃正在發生這些延期，我們已經將其考慮在內。

And I would say there is some further potential that we have not accounted for, and we will only do so once we have more formal confirmation with the customers about the extensions.

我想說的是，還有一些我們尚未考慮到的進一步潛力，只有在我們與客戶就延期獲得更正式的確認後，我們才會這樣做。

So I would say if you use a slightly depressed, that's a net positive for us because majority of our revenue today is on ice and on the kind of content that is expected to grow to have these vehicles remain competitive.

所以我想說，如果你使用稍微壓抑的方式，這對我們來說是一個淨積極因素，因為我們今天的大部分收入都處於冰凍狀態，並且預計會增長以使這些車輛保持競爭力。

Luke Junk, Baird.

路克垃圾，貝爾德。

Thanks for taking the questions.

感謝您提出問題。

To start, I'm hoping we could you could just disaggregate the 2024 growth over market drivers you highlighted in slide 6 specifically within that, just wanted to better understand your approach to forecasting EV volumes this year, both on in terms of comps, could our track launches as well as BMS incrementally this year.

首先，我希望您能將您在幻燈片6 中特別強調的2024 年市場驅動因素的增長進行分解，只是想更好地了解您預測今年電動車銷量的方法，無論是在比較方面，還是在比較方面，都可以我們的賽道以及 BMS 今年將逐步推出。

And within that, maybe if you could touch on trying to mix exiting 2023 and view to moderating impacts in 24 here.

在此範圍內，也許您可以嘗試將 2023 年的現有影響與 24 年的影響結合起來。

Thank you.

謝謝。

Yes, sure.

是的，當然。

Look, and so what I would like to say, again, is to reiterate our expectations for 2024 from a vehicle production viewpoint, as we have said on slide 6 on the expect there's still customers to continue to face some headwind.

看，所以我想說的是，從汽車生產的角度重申我們對 2024 年的預期，正如我們在幻燈片 6 中所說的那樣，預計客戶仍將繼續面臨一些阻力。

And we will see a negative customer mix, of course, also in 24, but it will moderate as compared to what we saw in 23.

當然，我們也會在 24 年看到負面的客戶組合，但與我們在 23 年看到的情況相比，情況會有所緩和。

And largely, we expect that moderation to occur in China, as I said, still negative, but less so.

正如我所說，我們預計中國將出現適度的變化，這在很大程度上仍然是負面的，但程度有所減輕。

And as you look at the slide on the right I've ever identified the major drivers of growth over market of which are the number one driver continues to be of the high number of new products that we launched in 2023 as well as continuing into 2024.

當您查看右側的幻燈片時，我已經確定了市場成長的主要驅動力，其中第一大驅動力仍然是我們在 2023 年推出並持續到 2024 年推出的大量新產品。

And as they start to ramp up in production, that's the them the first a major driver of our growth of our market.

當它們開始提高產量時，它們就成為我們市場成長的第一個主要驅動力。

So the nonrecurrence of the one-timers, that's contributing to about 1% to 2% of growth over market.

因此，一次性產品的不再出現，為市場帶來了約 1% 到 2% 的成長。

And then the third one, which is on this VMS sales, which I mentioned, were they sort of delayed in terms of their ramp-up all through 2023 towards the end of 2023, we started to see them grow.

然後是第三個，這是我提到的 VMS 銷售，如果它們在 2023 年的成長方面有所延遲，那麼到 2023 年底，我們開始看到它們的成長。

We expect that growth to continue into 2024.

我們預計這種增長將持續到 2024 年。

We have launched on, I would say, about seven vehicles with GM so far already and more are planned also in 2024 in addition to that, we are diversifying our VMS business with a two additional OEMs with whom we will be having our first launches this year.

我想說，到目前為止，我們已經與通用汽車合作推出了大約七輛汽車，並計劃在2024 年推出更多汽車，除此之外，我們正在與另外兩家OEM 合作，使我們的VMS 業務多元化，我們將於今年與他們合作首次推出年。

So our DMS is going to be a strong growth driver for us, even though it is lower than our expectations earlier in the beginning of 2022 is still a strong growth.

因此，我們的 DMS 將成為我們強勁的成長動力，儘管它低於我們在 2022 年初的預期，但仍然是強勁的成長。

And I would say there's 10% to 12%.

我想說有 10% 到 12%。

Joe and Tom, if you think about 1% to 2% for the non-recurrence of the one-timers, the rest is split between the other two factors.

喬和湯姆，如果你考慮 1% 到 2% 的一次性不復發因素，那麼剩下的部分就由其他兩個因素分配。

This new model launches and the growth BMS or the BMS also includes new model launches.

這種新車型的推出和增長型BMS或者說BMS還包括新車型的推出。

Got it.

知道了。

That is helpful session.

這是一個很有幫助的會議。

And then for my follow-up, hoping you could just comment on the award environment as we go into the beginning of the year here, obviously, OEMs grappling with evolving dynamics around EV, thinking about some of the things you mentioned in terms of maybe extensions to existing ICE and hybrid platforms.

然後，對於我的後續行動，希望您能在我們進入今年年初時對獎勵環境發表評論，顯然，原始設備製造商正在努力應對電動汽車不斷變化的動態，考慮您提到的一些事情現有ICE 和混合平台的擴充。

Hoping you could put a finer point on what that means in a good bad or otherwise for the number of awards and should we still be gearing to kind of a 6 billion plus number this year as a good starting point?

希望您能更詳細地說明這對獎項數量的好壞或其他影響意味著什麼，我們是否仍應將今年超過 60 億的數字作為一個良好的起點？

Yes, absolutely.

是的，一點沒錯。

And if you go back to what I've said earlier, if you think about our product portfolio and with the additions we have made toward our we have continuously expanded the market that is available to us.

如果你回到我之前所說的，如果你考慮我們的產品組合，以及我們對我們所做的補充，我們不斷擴大了我們可用的市場。

And also in terms of the digital cockpit of product line itself.

就產品線本身的數位駕駛艙而言也是如此。

The pipeline of new business opportunities that we see is pretty robust similar, I would say to what we had for 2023, and I would expect us to perform well there as well.

我們看到的新商機管道與 2023 年的情況非常相似，我希望我們在那裡也能表現良好。

And one of the things that you're seeing is that infotainment, in particular is going through a lot of a changes from a technology viewpoint with Android and connected services and vision services that are all coming together, not just at the upper end of the market, but now going more into the mass-market vehicles.

你看到的一件事是，從技術角度來看，資訊娛樂正在經歷很多變化，Android、互聯服務和視覺服務都在融合在一起，而不僅僅是在高端領域。市場，但現在更多地進入大眾市場車輛。

So very strong, a pipeline of opportunities there.

非常強大，那裡有很多機會。

Now when it comes to electrification beyond BMS, as we discussed, we have expanded our product line into power electronics, and we hope that we have a repeat this year as well with an extension of the win that we had last year and other customers as well.

現在，當談到 BMS 以外的電氣化時，正如我們所討論的，我們已將產品線擴展到電力電子領域，我們希望今年也能再次實現這一目標，並延續去年我們和其他客戶所獲得的勝利出色地。

So I would say that we would feel pretty comfortable saying that we would have a similar year from the new business win performance this year, as does last year.

因此，我想說，我們可以很放心地說，今年的新業務獲勝表現將與去年類似。

John Babcock, Bank of America.

約翰‧巴布科克，美國銀行。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks for taking my questions.

感謝您回答我的問題。

I guess just on starting out as it pertains to the content that you guys provide and as you're talking to OEMs, I'm just kind of curious, I mean, how much, you know, obviously, a lot of this content has been much more used than higher-end vehicles kind of curious as to what demand you're starting to see for mass-market vehicles and how much of this technology might carry down into those vehicles and how quickly over time?

我想剛開始，因為它涉及你們提供的內容，當你們與原始設備製造商交談時，我只是有點好奇，我的意思是，你知道，顯然，這些內容中有多少比高端車輛使用得更多，有點好奇您開始看到大眾市場車輛的需求是什麼，以及這項技術的多少可能會應用到這些車輛中，以及隨著時間的推移，速度會有多快？

And then I have a follow-up on that.

然後我對此進行了跟進。

Yes, good question.

是的，好問題。

And if you look at the software content of specialty digital clusters and infotainment on a lot of events are coming now for more mass-market vehicles, right?

如果你看看專業數位集群和資訊娛樂系統的軟體內容，現在更多大眾市場車輛即將推出許多活動，對吧？

Just the upper end of the market either has or these products already.

只有高端市場已經擁有或已經擁有這些產品。

And if we see opportunities, these are successor follow-on opportunities.

如果我們看到機會，這些都是後續機會。

But the new opportunities that's growing the market in terms of adding a more content is all coming at the mass market segments, the segment, B and C of vehicles, which you would think of in the past were not typically the targets.

但是，透過增加更多內容來擴大市場的新機會都來自大眾細分市場，即車輛的 B 和 C 細分市場，您過去認為這些細分市場通常不是目標。

Now what's driving that?

現在是什麼推動了這一點？

Number one is on the digitalization trend, right?

第一個是數位化趨勢，對吧？

And within that are we talk about larger displays, talk about our infotainment content that brings in downloadable apps of more connected services and ROTH., and that requires fundamentally more capable electronics.

其中我們談論更大的顯示器，談論我們的資訊娛樂內容，這些內容引入了更多連接服務和 ROTH 的可下載應用程序，這從根本上需要更強大的電子設備。

And so that trend, we expect to see continue.

我們預計這種趨勢將會持續下去。

So a good perspective of the powertrain.

所以對動力系統有一個很好的視角。

It is whether it is a small EV or an ICE or hybrid.

問題在於它是小型電動車、內燃機汽車還是混合動力車。

This trend is a cutting across the powertrain and will continue to drive our business opportunities as we go forward.

這一趨勢貫穿了整個動力系統，並將在我們前進的過程中繼續推動我們的商機。

Got it.

知道了。

Thanks for that.

感謝那。

And then just a quick follow-up here.

然後在這裡進行快速跟進。

Is there a way to frame how much cost ultimately needs to come down on for that to be carried into the mass-market segment.

有沒有辦法確定最終需要降低多少成本才能將其引入大眾市場。

I think as we have demonstrated, in fact, with the two wins that we talked about on this call, those are our two, our infotainment wins, both are for mass market segment.

我認為，正如我們所證明的那樣，事實上，我們在這次電話會議上談到了兩場勝利，這就是我們的兩場勝利，我們的資訊娛樂勝利，都是針對大眾市場領域的。

So we the good work that Visteon has done is in working with the semiconductor supply base as well as the display supply base to drive the cost of the systems to where it is not very affordable for that segment of the market.

因此，偉世通所做的出色工作是與半導體供應基地以及顯示器供應基地合作，將系統成本降低到該細分市場無法承受的水平。

And so we believe as a result of that, we have a good set of software technologies, hardware platforms, the manufacturing integration, the vertical integration that we have done, especially for displays, is putting us in a position to offer products at price points that are very competitive and affordable.

因此，我們相信，因此，我們擁有一套良好的軟體技術、硬體平台、製造集成、垂直集成，特別是在顯示器方面，使我們能夠以價位提供產品非常具有競爭力且價格實惠。

So we do not see that as a hurdle for the industry, taking more of it as we go forward.

因此，我們不認為這是該行業的障礙，在我們前進的過程中採取更多措施。

Thanks, Noel.

謝謝，諾埃爾。

Colin Langan, Wells Fargo Marco.

柯林‧蘭根，富國銀行馬可。

So great.

很好。

Thanks for taking my questions.

感謝您回答我的問題。

I just sorry, just to recap, I just want to make sure I get the puts and takes in the year.

我只是很抱歉，回顧一下，我只是想確保我得到了今年的看跌期權和認沽期權。

So sales, it is going to be up $150 million.

因此銷售額將增加 1.5 億美元。

But thinking of it more like 300 if we exclude the impact of the lower Sundi recoveries, is that right, then that would imply about $50 million increase in EBIT on, so about a 70% conversion on the EBIT, any other puts and takes we should be thinking on that conversion.

但如果我們排除Sundi 回收率較低的影響，則認為它更像300，是這樣嗎？那麼這將意味著EBIT 增加約5000 萬美元，因此EBIT 的轉換約為70%，任何其他看跌期權和賣出期權我們應該考慮這種轉換。

I know there was the pre-call impact is R&D and SG&A up.

我知道電話會議前的影響是研發和銷售、一般管理費用（SG&A）的增加。

It looks like those ratios look about flat.

看起來這些比率看起來基本上持平。

And then you also mentioned in Q4 there was some normalization help.

然後您在第四季度也提到有一些標準化幫助。

Is that headwind as we go into next year?

當我們進入明年時，這是逆風嗎？

Is that sort of So continuing?

這樣的情況還在繼續嗎？

Yes, Hi, Colleen.

是的，嗨，科琳。

So your home?

那麼你家呢？

Yes.

是的。

So you're right, the sales at face value increased by 4% year over year.

所以你是對的，以面值計算的銷售額比去年同期成長了 4%。

But once you back out the impact of the recoveries which are coming down, you're in the low of just below $200 million of additional sales.

但一旦你排除了復甦下降的影響，你的額外銷售額就處於略低於 2 億美元的低點。

And so in term, and that's obviously contributing to EBITDA.

因此，從長遠來看，這顯然對 EBITDA 做出了貢獻。

So in terms of other factors, we do have engineering going up year over year.

因此，就其他因素而言，我們的工程確實逐年上升。

We finished the year with engineering being a little bit lower than what we had originally expected.

我們今年的工程進度比我們最初的預期要低一些。

We were at 5.3% of sales, and we are forecasting for 2020 for a mid 5%.

我們佔銷售額的 5.3%，預計 2020 年將達到 5% 左右。

So an increase, a slight increase in percentage, but as well obviously, in dollar terms, given the percentage increase as well as the sales increase.

因此，百分比略有增加，但以美元計算，考慮到百分比的增加以及銷售額的增加，這一點也很明顯。

So that's a negative as we go into next year.

因此，當我們進入明年時，這是一個負面因素。

But we are obviously continuing to invest in engineering as we've done in the last few years, SG&A will be fairly flat in percentage.

但我們顯然會像過去幾年一樣繼續對工程進行投資，SG&A 的百分比將相當穩定。

But again, it will be a slight increase in dollar terms.

但同樣，以美元計算，這將略有增加。

You have that in terms of other, we can take a slight negative FX that we've accounted for.

就其他方面而言，我們可以考慮我們已經考慮到的輕微負外匯。

And then as well, our normal pricing that we give to customers all this is offset as well by operational efficiencies that we've been able to de-lever over the last few years and will continue to deliver in 2024.

此外，我們向客戶提供的正常定價也被我們過去幾年去槓桿化並將在 2024 年繼續實現的營運效率所抵消。

So overall, we've got incrementals.

總的來說，我們有增量。

Maybe that's another way to look at it on base sales of about in high single digits.

也許這是以高個位數的基本銷售額來看待它的另一種方式。

It double digits I'm sorry, going into next year.

抱歉，它是兩位數，進入明年。

And that's very consistent with the way we've been progressing in the last few years.

這與我們過去幾年取得的進展非常一致。

And that's as well, the kind of incrementals we have going all the way to 2026.

這也是我們一直持續到 2026 年的漸進措施。

Sir, you mentioned negative effect.

先生，您提到了負面影響。

So what are you referring to there?

那你指的是什麼？

The negative?

負面的？

Yes, we do have a little bit of with the assumptions we've made for some currency.

是的，我們確實對某些貨幣做了一些假設。

We do have a bit of a negative FX going into 2024 on sales and as well as EBITDA.

進入 2024 年，我們的銷售額和 EBITDA 確實會出現一些負匯率。

And just a quick question.

只是一個簡單的問題。

You mentioned tax wasn't changed.

您提到稅收沒有改變。

I mean, I kind of have your tax rates for a home for the life event.

我的意思是，我有一些關於人生大事的房屋的稅率。

What should we be thinking a kind of backing into like 23, 24%.

我們應該考慮什麼，例如支持 23%、24%。

Is that the right range and why it doesn't change if you're releasing a deferred tax asset?

這是正確的範圍嗎？為什麼如果您釋放遞延稅資產，它不會改變？

Usually?

通常？

Yes, no, it's a good question.

是的，不，這是一個好問題。

So we've had a large of one-timer in Q4 with our valuation allowance release in the US to the tune of $313 million.

因此，第四季度我們在美國釋放了高達 3.13 億美元的估值津貼，這是一次性的。

So that's really a non-cash tax item.

所以這其實是一個非現金稅項。

I think the key takeaways that from a cash tax standpoint, our profile will do very similar as we go into 24 than what we've seen in prior years.

我認為，從現金稅的角度來看，我們的情況在進入 24 年後將與前幾年非常相似。

And generally our ETR is in the mid 20s.

一般來說，我們的 ETR 在 20 多歲左右。

It varies obviously some variability, as you said, but I think if you can count on a a mid 20 as a good proxy for our ETR generally as well, our cash taxes converge over time towards our income tax expense.

正如您所說，它顯然存在一些變化，但我認為如果您可以將 20 左右作為我們的 ETR 的良好代表，我們的現金稅隨著時間的推移會趨向於我們的所得稅支出。

So I think that's a good proxy if you need to evaluate what cash taxes are going to be for 2024.

因此，如果您需要評估 2024 年的現金稅，我認為這是一個很好的替代指標。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good morning.

是的，早安。

And thank you very much for taking the questions.

非常感謝您提出問題。

The Company expects customer mix to remain somewhat of a headwind.

該公司預計客戶組合仍將是不利因素。

Can you comment more on how Visteon is positioned with the Chinese domestic auto OEMs?

您能否進一步評論偉世通在中國本土汽車整車廠的定位？

And do you see an opportunity to improve your exposure with the Chinese domestic OEMs?

您是否認為有機會提高與中國國內原始設備製造商的接觸度？

Yes, that's a very good question, Mark.

是的，這是一個很好的問題，馬克。

And as you know, in China, there has been what some might call a little bit of a wild west type of an environment.

如你所知，在中國，存在著一些人可能稱之為狂野西部類型的環境。

A lot of OEMs are in fighting it out for market share and on it's going to be very important for us, not to be caught in that environment, what are the ultimate views of what might prove to be the wrong set of customers?

許多原始設備製造商正在爭奪市場份額，這對我們來說非常重要，不要陷入這種環境，對於可能被證明是錯誤的客戶群的最終觀點是什麼？

And we do not believe that this level of number of OEMs and what's happening there in the market is sustainable in the long run, we expect that to consolidate.

我們認為，從長遠來看，這種原始設備製造商數量水平以及市場上發生的情況是不可持續的，我們預計這種情況將會鞏固。

So that's one thing now having said that on, that is also a mix shift between domestic and JV OEMs that we have touched upon previously as well.

因此，這是一件事，我們之前也談過，這也是國內和合資原始設備製造商之間的混合轉變。

That mix on in 2023 was even more pronounced in favor of the domestic OEMs.

2023 年的這種組合更明顯有利於國內原始設備製造商。

It's about roughly of note 60 40 on and not too long ago.

大約是在不久之前的 60 40 上。

It used to be the other way around.

過去卻恰恰相反。

So we have been addressing that by growing our business with domestic OEMs and with domestic OEMs that we believe have a longer term are in play like Geely, ARM and others are we talked about the launch with GMC Ford.

因此，我們一直在解決這個問題，透過發展與國內原始設備製造商的業務，以及與我們認為長期發揮作用的國內原始設備製造商（如吉利、ARM 和其他）我們談論了與 GMC 福特的合作。

They're very excited about the potential with them.

他們對自己的潛力感到非常興奮。

And we have very good content and a set of vehicles that are our plan for launch so we are taking very measured steps to grow our exposure to the domestic OEMs without necessarily perhaps falling into some of the pitfalls so far, it has worked out well in the interim, we will see some mix, a negative mix dynamic, which will improve from where what we saw in Q4 will still be negative, but we believe we are in a very good position to navigate those waters and deliver the growth rates profitability that we have today.

我們有非常好的內容和一系列車輛，這是我們計劃推出的，所以我們正在採取非常謹慎的步驟來增加我們對國內原始設備製造商的接觸，而不必陷入到目前為止的一些陷阱，它在在此期間，我們將看到一些混合，一種負面的混合動力，這將比我們在第四季度看到的仍為負面的情況有所改善，但我們相信我們處於非常有利的位置，可以駕馭這些水域並實現增長盈利能力我們有今天。

I think session my initial question was with regards to the new 2026 forecast, what percent of your digital electronics revenue is coming from EV programs?

我認為會議上我的最初問題是關於新的 2026 年預測，你們的數位電子產品收入中有多少%來自電動車專案？

And can you give us a sense of how agnostic you might be?

您能否讓我們了解一下您的不可知論程度？

And if your own EV is going to is your own OEM customers ship ICE or hybrid vehicles instead of EVs, you think you'd sell similar digital electronics of revenue onto those ICE and hybrids, just your customers do mix faster than you currently anticipate away from EVs?

如果您自己的電動車將是您自己的OEM 客戶運送內燃機或混合動力汽車而不是電動車，您認為您可以將類似的數位電子產品銷售到這些內燃機和混合動力車上，只是您的客戶確實比您目前預期的混合速度更快來自電動車？

Yes.

是的。

As I had mentioned earlier, we're ready of we have our been growing our sales on of EV.s of it are customers in line with the market.

正如我之前提到的，我們已經準備好增加電動車的銷量，這是與市場一致的客戶。

And in 2023 of just over 10% of our total sales came from EVs, right?

到 2023 年，我們總銷售額的 10% 多一點來自電動車，對嗎？

And only a small portion of that on a low single digits was BMS.

其中只有一小部分是 BMS（低個位數）。

So we are today well positioned with respect to the exposure to EVs outside China, as I mentioned, channel is somewhat different in that regard.

因此，正如我所提到的，我們今天在中國以外的電動車領域處於有利地位，而頻道在這方面有所不同。

But outside of channels, we are very well positioned and we expect to grow with the market outside of China as our customers launch new EV models now added to that our BMS revenues are going to see a faster acceleration.

但在通路之外，我們處於非常有利的地位，隨著我們的客戶推出新的電動車車型，我們預計將與中國以外的市場一起成長，我們的 BMS 收入將出現更快的加速。

That's not net incremental revenue to us.

這不是我們的淨增量收入。

And in addition to on the ramp-up of production of models with GM and the new launches that we will see with them this year.

除了與通用汽車合作提高車型產量以及今年我們將與他們合作推出新車型之外。

I mentioned also that we are launching with two others OEMs this year, which will further diversify and grow our VMS business.

我還提到，我們今年將與另外兩家 OEM 合作推出，這將進一步實現我們的 VMS 業務的多元化和成長。

So our 2026, what we have assumed is largely a similar sort of exposure to EVs outside of BMS of that.

因此，到 2026 年，我們假設在 BMS 之外對電動車的曝險很大程度上是類似的。

We have customers in Europe and Americas and then the BMS growth that will follow on account of the the launches which are up is one of the faster growing parts of our business.

我們在歐洲和美洲擁有客戶，BMS 的成長將隨著產品的推出而隨之成長，這是我們業務中成長最快的部分之一。

This concludes our earnings call for the fourth quarter and full year 2023 results.

我們的第四季和 2023 年全年業績電話會議到此結束。

Thank you, everyone, for participating in today's call and your ongoing interest in Visteon.

感謝大家參加今天的電話會議以及您對偉世通的持續關注。

Thank you.

謝謝。

And ladies and gentlemen, this concludes Visteon's Fourth Quarter and Full Year 2023 results earnings call.

女士們、先生們，偉世通 2023 年第四季和全年業績財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。