Visteon Corp (VC) 2025 Q1 法說會逐字稿

Good morning, and welcome to Visteon's first-quarter 2025 results call. (Operator Instructions)

早安，歡迎參加偉世通 2025 年第一季業績電話會議。（操作員指示）

At this time, I would like to turn the call over to Mr. Kris Doyle, Vice President of Investor Relations. Please go ahead.

現在，我想將電話轉給投資者關係副總裁克里斯·道爾先生。請繼續。

Good morning. I'm Kris Doyle, Vice President in Investor Relations and FPNA. Welcome to our earnings call for the first quarter of 2025.

早安.我是克里斯·道爾 (Kris Doyle)，投資者關係和 FPNA 副總​​裁。歡迎參加我們 2025 年第一季的財報電話會議。

Before we begin this morning's call, I'd like to remind you that today's presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to various risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed.

在我們開始今天早上的電話會議之前，我想提醒您，今天的演示包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些聲明並非對未來績效的保證，並且受各種風險、不確定性和假設的影響，可能導致實際結果與所表達的結果有重大差異。

Please refer to the page titled forward-looking information in our earnings material for more detail. Presentation materials for today's call were posted this morning on the investor section of Visteon's website. You can download them at investors.visteon.com if you haven't already done so.

請參閱我們的收益資料中標題為前瞻性資訊的頁面以了解更多詳細資訊。今天上午，偉世通網站的投資者專區發布了今天電話會議的簡報資料。如果您還沒有下載，可以從 investors.visteon.com 下載。

Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We schedule the call for one hour, and we'll open the lines for questions after Sachin's and Jerome's prepared remarks. Please limit your participation to one question and one follow up.

今天與我們一起出席的有總裁兼首席執行官 Sachin Lawande；以及高級副總裁兼首席財務官 Jerome Rouquet。我們將通話時間安排為一小時，在 Sachin 和 Jerome 準備好發言後，我們將開放提問熱線。請將您的參與限制為一個問題和一個後續行動。

Thank you again for joining us. Now, I'll turn the call over to Sachin.

再次感謝您的參與。現在，我將把電話轉給 Sachin。

Thank you, Kris, and welcome back to Investor Relations. Good morning, everyone, and thank you for joining our first-quarter 2025 earnings call.

謝謝你，克里斯，歡迎回到投資人關係部門。大家早安，感謝您參加我們的 2025 年第一季財報電話會議。

Visteon delivered another quarter of strong operating and financial results illustrating the strength of our business and long-term strategy. Net sales of $934 million were essentially flat to prior year but outperformed underlying customer production volumes, equating to a growth over market of 10%.

偉世通本季再次取得強勁的營運和財務業績，彰顯了我們業務和長期策略的實力。淨銷售額為 9.34 億美元，與上年基本持平，但超過了基礎客戶的生產量，相當於市場成長了 10%。

Adjusted EBITDA was $129 million representing a margin of 13.8%, another record for us. And adjusted free cash flow was $38 million. Our performance in this key financial metrics represents an outstanding star to the year.

調整後的 EBITDA 為 1.29 億美元，利潤率為 13.8%，對我們來說又是一個紀錄。調整後的自由現金流為 3,800 萬美元。我們在這項關鍵財務指標上的表現是今年的傑出之星。

The performance of our display product line was a standout in the quarter, both in terms of sales and new business wins. Our multi-year investments in building best-in-class display capabilities for automotive are paying off, and Visteon has emerged as a top supplier of large displays to the industry.

無論從銷售額或新業務方面來看，我們的顯示器產品線在本季的表現都非常出色。我們多年來致力於打造一流的汽車顯示器功能，現在，偉世通已成長為業界領先的大型顯示器供應商。

Our introduction of new cockpit technologies at the Consumer Electronics Show in Las Vegas in January was well received. In particular, our industry-first solution for AI for the cockpit generated significant customer interest. And while we're laying the base for a solid long-term future, we also had significant traction in the near term.

我們在一月份拉斯維加斯消費電子展上推出的新駕駛艙技術獲得了一致好評。特別是，我們業界首創的駕駛艙人工智慧解決方案引起了客戶的極大興趣。在我們為長期穩固的未來奠定基礎的同時，我們在短期內也取得了顯著的進展。

New business wins came in at $1.9 billion for the quarter, which is a great start to the year, led by displays and digital cluster product wins with car makers in Asia and US. Operationally, Q1 was also a strong quarter. On a year-over-year basis, we grew margins by 290 basis points despite a muted production environment. And lastly, we ended the quarter maintaining one of the strongest balance sheets in the industry, positioning as well to navigate potential tariff-related industry headwinds.

本季新業務收入達到 19 億美元，為今年開了個好頭，其中主要得益於亞洲和美國汽車製造商的顯示器和數位儀表板產品。從營運角度來看，第一季也是一個強勁的季度。與去年同期相比，儘管生產環境低迷，我們的利潤率仍成長了 290 個基點。最後，我們在本季結束時保持了業內最強勁的資產負債表之一，同時也為應對潛在的與關稅相關的行業逆風做好了準備。

Turning to page 3. The company did very well in executing our strategy for long-term growth in the first quarter. Just as a reminder, our strategy is based on product and customer expansion with a focus on faster growing technology domains in automotive, supported by an industry-leading cost structure.

翻到第 3 頁。公司第一季在執行我們的長期成長策略方面做得非常出色。提醒一下，我們的策略是基於產品和客戶擴展，重點關注汽車領域發展較快的技術領域，並以業界領先的成本結構為支撐。

This page highlights some proof points of the progress we made in Qi1 in executing our strategy. The trend of software-defined vehicles continues to evolve with AI driving the next round of innovation and voice and vision technologies for the cockpit. In addition to high-performance electronics, this trend is also driving the need for larger displays to render content.

本頁重點介紹了我們在 Qi1 執行策略過程中取得進展的一些證明點。軟體定義汽車的趨勢不斷發展，人工智慧推動下一輪創新，並為駕駛艙帶來語音和視覺技術。除了高效能電子產品外，這一趨勢也推動了對更大顯示器來呈現內容的需求。

With the increasing number of sensors such as cameras, radar, and [ladder] in and around the vehicle, displays are the primary interface to show safety, convenience, and entertainment content to the driver. In Q1, we capitalized on this trend and made meaningful progress in growing our displayed business, both in sales and in new business wins. Moreover, our growing capabilities in design and industrialization of large and complex displays are now recognized as industry leading.

隨著車輛內外攝影機、雷達和[梯子]等感測器數量的不斷增加，顯示器成為向駕駛員顯示安全、便利和娛樂內容的主要介面。在第一季度，我們利用這一趨勢，在銷售和新業務方面取得了有意義的進展。此外，我們在大型複雜顯示器設計和工業化方面不斷增強的能力現已被公認為業界領先。

We also made progress on our customer and market expansion. We have built a strong book of business with Toyota over the past couple of years, and in Q1 we extended our collaboration with this customer. We won a new digital cluster business that will launch on five different vehicle models, plus a displays business for the luxury brand.

我們在客戶和市場拓展方面也取得了進展。過去幾年，我們與豐田建立了穩固的業務關係，今年第一季度，我們擴大了與該客戶的合作。我們贏得了一項新的數位集群業務，該業務將在五種不同的車型上推出，此外還有一項針對豪華品牌的顯示器業務。

In reinforcing our strategy of expanding our business with targeted growth customers in the rest of Asia, outside of China, we won new business with six different OEMs in that region in the first quarter. For China, we secured our first businessman with Chery, one of the fastest growing domestic OEMs for a large corporate display.

為了加強我們向中國以外的亞洲其他地區的目標成長客戶拓展業務的策略，我們在第一季贏得了該地區六家不同 OEM 廠商的新業務。在中國，我們與奇瑞公司建立了首個合作關係，奇瑞公司是中國國內發展最快的大型企業顯示器原始設備製造商之一。

With a slowing domestic market, Chinese OEMs are increasingly looking for opportunities outside of China, and Visteon is well positioned to support them. They're also carefully expanding our business with Chinese OEMs to offset the decline in market share of global OEMs while ensuring profitable growth. We also made progress on our expansion in the two-wheeler market.

隨著國內市場放緩，中國汽車製造商越來越多地尋求中國以外的機會，而偉世通已做好準備為他們提供支援。他們也謹慎地擴大與中國 OEM 的業務，以抵消全球 OEM 市場份額的下降，同時確保獲利成長。我們在兩輪車市場的擴張方面也取得了進展。

In Q1, we secured digital cluster wins with Hero MotoCorp and Royal Enfield, two large two-wheeler OEMs in India. These wins illustrate the growing trend of digitalization, transforming the two-wheeler market, offering incremental growth opportunity for Visteon.

在第一季度，我們與印度兩家大型兩輪車原始設備製造商 Hero MotoCorp 和 Royal Enfield 簽訂了數位集群合作協議。這些勝利體現了數位化日益增長的趨勢，改變了兩輪車市場，為偉世通提供了增量成長機會。

As we advance a growth strategy, we're doing it in a disciplined way. We continue to leverage our platform-based product development and best cost global footprint to drive marginal expansion and cash flow generation. As noted previously, a strong balance sheet differentiates us from many other suppliers and allows us flexibility in our capital allocation approach.

當我們推進成長策略時，我們會以嚴謹的方式進行。我們繼續利用基於平台的產品開發和最佳成本全球足跡來推動邊際擴張和現金流產生。如前所述，強勁的資產負債表使我們有別於許多其他供應商，並使我們的資本配置方式具有彈性。

Turning to page 4. Industry production volumes increased 1% in Q1, while production at our top customers decreased 4% on a revenue weighted basis. The largest decreases were in North America and Europe, where customer production was down approximately 6% in both regions.

翻到第 4 頁。第一季產業產量增加了 1%，而我們最大客戶的產量則是按收入加權計算下降了 4%。降幅最大的是北美和歐洲，這兩個地區的客戶產量都下降了約 6%。

Sales for Visteon were up $1 million compared to prior year, with all regions increasing except for China. We saw strong performance in the Americas and Europe driven by the ramp up of recently launched display and infotainment products that drove significant market or performance. In Europe we also benefited from the continued growth of our commercial vehicle business. In Asia, our footprint in India continues to expand, driven by the success of our partnership with Mahindra and the growth of our two-wheeler business.

偉世通的銷售額比去年增加了 100 萬美元，除中國外所有地區的銷售額均有所成長。我們看到美洲和歐洲的業績表現強勁，這得益於近期推出的顯示器和資訊娛樂產品的成長，這些產品帶動了顯著的市場或業績成長。在歐洲，我們也受惠於商用車業務的持續成長。在亞洲，由於與馬恆達的成功合作以及兩輪車業務的成長，我們在印度的業務範圍不斷擴大。

Finally, the launch of a digital cluster program with Toyota also contributed to the growth of our market in both Americas and the rest of Asia. In China, as expected, we saw a year-over-year decline, mainly due to the market share loss of global OEMs and the lower sales with the domestic OEM due to lower export volumes.

最後，與豐田合作推出的數位集群計畫也促進了我們在美洲和亞洲其他地區市場的成長。在中國，正如預期的那樣，我們看到了同比下降，主要是由於全球 OEM 的市場份額損失以及出口量下降導致國內 OEM 的銷售額下降。

On a sequential basis, our sales in China declined due to seasonality in line with industry production. It was encouraging, however, to see that in Q1, the market share for global OEMs didn't decline further on a sequential basis and, in fact, modestly improved.

與上一季相比，我們在中國的銷售額因行業生產的季節性因素而下降。然而，令人鼓舞的是，第一季全球 OEM 的市佔率並沒有較上季進一步下降，事實上還略有改善。

Overall, our Q1's sales performance underscores strong demand for our technology, our ability to execute successful launches and meaningful progress against our strategic priorities with target growth customers, commercial vehicles, and two wheelers.

總體而言，我們第一季的銷售業績凸顯了對我們技術的強勁需求、我們成功發布產品的能力以及我們在目標增長客戶、商用車和兩輪車方面的戰略重點方面取得的重大進展。

Turning to page 5. We booked $1.9 billion in new business in Q1 led by displaced and digital cluster product wins. The right-hand side of the page highlights some of the key wins in the quarter. We won a 12-inch digital cluster for a key large SUV platform for Toyota that I mentioned earlier. This digital cluster will be equipped on several mass market and luxury brand vehicles with that OEM.

翻到第 5 頁。我們在第一季實現了 19 億美元的新業務，主要得益於流離失所和數位集群產品的勝利。頁面右側重點介紹了本季度的一些關鍵勝利。我們贏得了我之前提到的豐田一個關鍵大型SUV平台的12吋數位儀錶板。這款數位儀錶板將配備在該 OEM 的幾款大眾市場和豪華品牌車輛上。

We also won a separate 12-inch driver display business for a luxury brand vehicle with Toyota illustrating the growing relationship with this important customer for Visteon. Next, win highlighted is for a 12-inch driver side display and a 16-inch center display for the electric SUV and trucks platform with the Scout brand of VW Group. This platform will initially launch with two vehicle models in the US in 2027 and adds a new customer logo to our portfolio.

我們還贏得了豐田豪華品牌汽車的單獨 12 吋駕駛員顯示器業務，這表明偉世通與這一重要客戶的關係日益密切。接下來要重點介紹的是大眾集團 Scout 品牌的電動 SUV 和卡車平台的 12 吋駕駛側顯示器和 16 吋中央顯示器。該平台將於 2027 年在美國率先推出兩款車型，並為我們的產品組合增添新的客戶標誌。

As mentioned earlier in the presentation, part of our strategy in China is to support domestic OEMs with their expansion outside of China. We won a 25-inch curved display module business with Chery for two SUV models that will be sold in different regions of the world. Chery is a large domestic OEM in China with vehicle production estimated to cross 3 million units this year as they continue to expand globally. We expect to leverage this first win into a bigger business with this OEM over time.

如同前面演講中所提到的，我們在中國的策略之一就是支持國內原始設備製造商向中國境外擴張。我們贏得了奇瑞的25吋曲面顯示器模組業務，用於兩款SUV車型，將在全球不同地區銷售。奇瑞是中國國內大型汽車製造商，隨著公司繼續全球擴張，今年汽車產量預計將突破 300 萬輛。我們希望隨著時間的推移，利用這次首次勝利與該 OEM 開展更大的業務。

The two-wheeler wins were with two major Indian OEMs, including one program for the premium segment and another mass market program. The mass market program is for a multi-color LCD cluster with integrated connectivity and will be used on three high selling models.

兩輪車項目的獲勝者是兩家主要的印度原始設備製造商，其中一個項目針對高端市場，另一個項目針對大眾市場。大眾市場計劃針對具有整合連接功能的多色 LCD 儀表板，並將用於三款暢銷車型。

The last thing highlighted on the page is for a BMS system with a luxury OEM in Germany, our fourth customer for this product line and second in Europe. This BMS system is for a new EV platform that's expected to launch in 2028 and will support 400- and 800-volt systems for maximum flexibility.

頁面上最後突出顯示的是德國豪華 OEM 的 BMS 系統，這是我們產品線的第四個客戶，也是歐洲的第二個客戶。此 BMS 系統適用於預計 2028 年推出的新型電動車平台，並將支援 400 伏特和 800 伏特系統，以實現最大的靈活性。

The first quarter provided a great start for our new business bookings for the year, highlighting the market fit of our products and technologies. The pipeline of new opportunities for the rest of the year also looks robust.

第一季為我們今年的新業務訂單提供了一個良好的開端，凸顯了我們的產品和技術的市場契合度。今年剩餘時間的新機會前景也十分廣闊。

Turning to page 6. The first quarter was also strong in terms of new product launches with our digital cockpit and BMS products launching on 16 vehicle models across the world. This page highlights some of the key launches. It's notable that 10 of the 16 launches were on mass market vehicles and included a mix of power trains with hybrid electric gaining momentum.

翻到第 6 頁。第一季在新產品發布方面也表現強勁，我們的數位駕駛艙和 BMS 產品已在全球 16 種車型上推出。本頁重點介紹一些重要發布。值得注意的是，16 款車型中有 10 款是大眾市場車型，並採用了多種動力傳動系統，其中混合動力電動車的勢頭強勁。

In addition, our launch of BMS on the Buick GL8 was for a hybrid electric vehicle, and the customer also launched all two electric models in the quarter with the same product, illustrating the flexible nature of our BMS technology. With $1.9 billion in new business wins and 16 new product launches in the quarter, we're well positioned to drive continued growth of the business in the future.

此外，我們在別克GL8上推出的BMS是針對混合動力車的，客戶在本季也推出了兩款採用相同產品的電動車型，體現了我們BMS技術的靈活性。本季我們贏得了 19 億美元的新業務並推出了 16 款新產品，這為我們未來推動業務持續成長做好了準備。

Turning to page 7. I would like to provide a perspective on tariffs and the impact to the automotive industry and to Visteon. Our manufacturing plants that supply parts to auto customers in North America are in Mexico. As of today, USMCA compliant parts are not subject to tariffs when crossing the Mexico-US border, and nearly all our products brought into the US from Mexico, approximately 97%, are USMCA compliant.

翻到第 7 頁。我想就關稅及其對汽車產業和偉世通的影響提供一個看法。我們為北美汽車客戶供應零件的製造工廠位於墨西哥。截至今天，符合 USMCA 標準的零件在穿越美墨邊境時無需繳納關稅，而且我們從墨西哥進口到美國的幾乎所有產品（約 97%）都符合 USMCA 標準。

Thus far, the 25% tariffs on cars imported from Mexico and Canada and other non-auto tariffs have had a minimal impact on the industry and on Visteon. However, while our customers have not updated their production schedules as yet, they're starting to see industry production forecasts for the remainder of the year being revised downwards.

到目前為止，對從墨西哥和加拿大進口的汽車徵收 25% 的關稅以及其他非汽車關稅對該行業和偉世通的影響微乎其微。然而，雖然我們的客戶尚未更新他們的生產計劃，但他們開始看到今年剩餘時間的產業生產預測被下調。

In addition, the executive order of April 3, directs the Secretary of Commerce and the CBP to establish a process to apply 25% tariff to non-US content of auto parts that are currently exempt under USMCA. These tariffs are expected to go into effect on or after May 3. This proposed tariff would impact approximately $10 million of products imported from Mexico into the US on a weekly basis, and depending on the final definition and scope of this tariff, it could equate to a weekly cost of approximately $2.5 million.

此外，4月3日的行政命令指示商務部長和美國海關及邊境保護局建立程序，對目前根據USMCA獲得豁免的非美國汽車零件徵收25%的關稅。這些關稅預計將於5月3日或之後生效。這項擬議的關稅將每週影響從墨西哥進口到美國的價值約 1000 萬美元的產品，並且根據該關稅的最終定義和範圍，可能相當於每週約 250 萬美元的成本。

However, more recently, the administration has indicated that they are evaluating options to reduce the disruption to the auto industry. In the event the administration allows USMCA compliant automotive components to be exempt from tariffs as they are today, we would not incur the additional weekly costs.

然而，最近，政府表示他們正在評估減少對汽車產業影響的方案。如果政府允許符合 USMCA 的汽車零件像現在這樣免關稅，我們就不會產生額外的每週成本。

We anticipate that tariffs on currently exempt automotive parts will add to the uncertainty in the industry and will further impact industry production volumes and vehicle and product mix. As we worked through various scenarios, we've seen a variety of forecasts attempting to estimate the negative impact on industry vehicle production volumes this year. The range is quite wide from 1% down compared to prior year to a high-single-digit decline.

我們預計，對目前免關稅的汽車零件徵收關稅將增加該產業的不確定性，並將進一步影響產業產量以及車輛和產品結構。當我們研究各種情境時，我們看到各種各樣的預測試圖估計今年對產業汽車產量的負面影響。降幅相當大，從比上年下降 1% 到高個位數的降幅。

As OEMs react to this highly dynamic and fluid environment, we expect significant change to our customers' production volume and schedules as the full scope and cost of the tariff becomes clear. Because of the increased uncertainty due to tariffs, we are not reaffirming guidance at this time. We'll provide regular updates as the tariff and production environment becomes clearer. Jerome will provide more information on our tariff playbook later in the presentation.

隨著原始設備製造商對這種高度動態和流動的環境做出反應，隨著關稅的全部範圍和成本變得清晰，我們預計客戶的生產量和計劃將發生重大變化。由於關稅導致的不確定性增加，我們目前不會重申指引。隨著關稅和生產環境變得更加清晰，我們將定期提供更新。傑羅姆將在稍後的演講中提供有關我們的關稅策略的更多資訊。

Turning to page 8. In summary, the company continues to lay the foundation for future growth with a technology-driven product portfolio that's well aligned with industry trends. And while tariffs present new uncertainties, I want to remind everyone that this is not the first such cycle that we've been through.

翻到第 8 頁。總而言之，該公司繼續透過與行業趨勢保持一致的技術驅動型產品組合為未來成長奠定基礎。儘管關稅帶來了新的不確定性，但我想提醒大家，這並不是我們經歷的第一個這樣的週期。

We face similar levels of uncertainty at the beginning of the COVID-19 pandemic and the subsequent global supply chain disruptions. Each cycle reshapes global production volumes and mix for the short term before the industry begins to stabilize. We again find ourselves at the beginning of another cycle, and we're working closely with our customers to mitigate tariff impact in the near term while remaining focused on our long-term strategy.

在新冠疫情爆發之初以及隨後的全球供應鏈中斷時，我們也面臨類似程度的不確定性。在產業開始穩定之前，每個週期都會在短期內重塑全球產量和結構。我們再次發現自己處於另一個週期的開始，我們正在與客戶密切合作，以減輕短期關稅的影響，同時繼續專注於我們的長期策略。

I'm confident that our global manufacturing footprint, proven supply chain management capabilities, and industry-leading cost structure and balance sheet, will enable us to emerge stronger from this cycle just as we have done previously.

我相信，我們全球的生產佈局、成熟的供應鏈管理能力以及行業領先的成本結構和資產負債表，將使我們能夠像以前一樣，在這一周期中變得更加強大。

Now, I will turn the presentation over to Jerome.

現在，我將演講交給傑羅姆。

Thank you, Sachin, and good morning, everyone. We had a solid start of the year both operationally and financially with all our key financial metrics coming in strong. Sales were $934 million with robust market outperformance, offsetting headwinds from lower customer production, normal annual pricing, lower customer recoveries, and unfavorable FX.

謝謝你，Sachin，大家早安。今年我們在營運和財務方面都有了良好的開端，所有關鍵財務指標均表現強勁。銷售額達到 9.34 億美元，市場表現強勁，抵消了客戶產量下降、年度定價正常、客戶回收率降低和不利的外匯因素的不利影響。

Adjusted EBITDA for the quarter was $129 million reflecting continued operational execution and cost discipline. Adjusted EBITDA margin for the quarter was robust at 13.8% and benefited from some favorable one-time commercial items. On a more normalized basis, our margins are slightly above 12% and in line with our original expectations for the full year.

本季調整後的 EBITDA 為 1.29 億美元，反映了持續的營運執行和成本控制。本季調整後的 EBITDA 利潤率強勁達到 13.8%，並受益於一些有利的一次性商業項目。在更正常的基礎上，我們的利潤率略高於 12%，符合我們對全年的最初預期。

Adjusted free cash flow was $38 million driven by solid EBITDA performance and a modest inflow from working capital. Lastly, we returned 7 million to shareholders at the beginning of the quarter in the form of share repurchases before opposing all activity due to the uncertainty related to tariffs and their impact on the overall economy.

調整後的自由現金流為 3800 萬美元，受穩健的 EBITDA 業績和適度的營運資金流入推動。最後，我們在本季初以股票回購的形式向股東返還了 700 萬美元，但由於與關稅相關的不確定性及其對整體經濟的影響，我們反對所有活動。

We remain committed to our balanced and flexible capital allocation framework and have shifted our focus to preserving cash and further fortifying our balance sheet in the near term. Overall, we delivered a very strong first quarter.

我們仍致力於平衡、靈活的資本配置框架，並將重點轉向短期內保留現金和進一步加強資產負債表。整體而言，我們第一季的業績非常強勁。

Turning to page 11. Sales were $934 million for the quarter, a $1 million increase compared to the prior year. Our market outperformance of 10% was partially offset by lower customer production of 4%, lower recoveries, as well as normal price downs for customers, which were in line with prior year levels. Finally, FX negatively impacted sales in the quarter by 2%, mostly driven by a strong dollar.

翻到第 11 頁。本季銷售額為 9.34 億美元，比上年增加 100 萬美元。我們的市場表現超出預期 10%，但部分被客戶產量下降 4%、回收率下降以及客戶價格正常下降所抵消，這些都與去年同期水準一致。最後，外匯對本季銷售額產生了 2% 的負面影響，主要原因是美元走強。

Our growth of the market was driven by recent product launches combined with strong demand for our display products, excluding customer recoveries, base sales grew approximately 2%.

我們的市場成長是由最近的產品發布以及對我們顯示產品的強勁需求推動的，不包括客戶恢復，基本銷售額增長了約 2%。

On a regional basis, sales growth was driven by the Americas and Europe, where we have ongoing benefits from recently launched programs, including several four programs which were originally delayed at the beginning of 2024 but are now ramping up.

從區域來看，銷售成長主要由美洲和歐洲推動，這兩個地區的近期啟動項目持續為我們帶來收益，其中包括最初在 2024 年初推遲但現在正在加速的四個項目。

China was the one region which was down, consistent with our original expectations for the quarter and for the full year. On a product line basis, the highlight for the quarter was around our display products which grew 50% despite customer production volumes being overall down mid-single digits.

中國是唯一出現下滑的地區，這與我們對該季度和全年的最初預期一致。從產品線來看，本季的亮點是我們的顯示器產品，儘管客戶生產量總體下降了中個位數，但其產量仍增加了 50%。

Adjusted EBITDA for the quarter was $129 million compared to prior. Adjusted EBITDA improved as a result of higher volumes, favorable timing of commercial items, manufacturing efficiencies, lower engineering, and SG&A, partially offset by foreign exchange.

本季調整後的 EBITDA 與上一季相比為 1.29 億美元。調整後的 EBITDA 有所改善，原因是銷售增加、商業項目的時機有利、製造效率提高、工程費用和銷售、一般及行政費用降低，但外匯部分抵消了這一影響。

Net engineering as a percentage of sales was 5.6%. It includes the recent German acquisition we made in Q3 2024. On a year-over-year basis, net engineering costs were down due to lower personal cost and favorable timing of program expenses and engineering recoveries. We continue to leverage our platform approach, our best cost footprint, and have embarked as well on many initiatives that improve engineering productivity while continuing to invest in critical engineering capabilities including vision, speech, and AI.

淨工程佔銷售額的百分比為5.6%。其中包括我們最近在 2024 年第三季進行的德國收購。與去年同期相比，淨工程成本有所下降，原因是個人成本較低，且專案費用和工程回收時機有利。我們繼續利用我們的平台方法和最佳成本足跡，並已開展多項提高工程生產力的舉措，同時繼續投資於包括視覺、語音和人工智慧在內的關鍵工程能力。

Adjusted SG&AA also lower on a year-over-year basis, benefited from our cost optimization and resources rebalancing initiatives started in 2024, ongoing cost controls, all while investing in key technologies that will further improve productivity.

調整後的銷售、會計及行政費用也較去年同期下降，這得益於我們於 2024 年開始的成本優化和資源再平衡計劃以及持續的成本控制，同時也投資於可進一步提高生產力的關鍵技術。

As mentioned, we also benefited from several one-time commercial items in the quarter which are related to costs incurred in prior quarters. Excluding these one-timers, our normalized margin is coming in slightly above 12%.

如上所述，本季我們也受惠於幾項與前幾季產生的成本相關的一次性商業項目。除去這些一次性事件，我們的標準化利潤率略高於 12%。

Turning to page 12. Visteon generated $38 million of adjusted free cash flow in the quarter. We continue to benefit from a robust adjusted EBITDA and we were able to convert EBITDA into cash flow at a rate of approximately 30% in the first quarter in spite of the traditional Q1 seasonality that we normally experience.

翻到第 12 頁。偉世通本季產生了 3800 萬美元的調整後自由現金流。我們繼續受益於強勁的調整後 EBITDA，儘管我們通常會經歷傳統的 Q1 季節性，但我們仍能夠在第一季以約 30% 的速度將 EBITDA 轉化為現金流。

Trade working capital was a slight inflow for the quarter and included a modest inventory build early in the quarter in our US warehouses. This temporary inventory increase allowed us to minimize tariffs that went into effect for a few days in early March.

本季貿易營運資金略有流入，包括本季初我們在美國倉庫的少量庫存累積。這次暫時的庫存增加使我們能夠最大限度地降低 3 月初幾天生效的關稅。

Cash taxes were higher this quarter, reflected our continued improvement in profitability in most jurisdictions, as well as timing of cash payments. Net interest continues to be a modest positive as the interest income earned on our cash slightly exceeds the interest expense paid on our debts.

本季現金稅有所增加，反映出我們在大多數司法管轄區的獲利能力持續改善，以及現金支付的時間表。淨利息持續保持適度正成長，因為我們現金所賺取的利息收入略高於我們債務所支付的利息支出。

We also had an outflow in Q1 related to our 2024 annual incentive program which was paid out at higher levels due to the strong financial and operational performance Visteon posted last year. Capital expenditures were $35 million, representing 3.7% of sales and slightly below our original full-year expected run rates.

我們第一季也出現了與 2024 年年度激勵計畫相關的資金流出，由於偉世通去年公佈的強勁財務和營運業績，該計畫的支出水平更高。資本支出為 3,500 萬美元，佔銷售額的 3.7%，略低於我們最初的全年預期營運率。

In Q1, we continue to invest in several insourcing initiatives in addition to our ongoing investment to support customer programs. We ended the quarter with $658 million of cash and the net cash balance of $343 million.

在第一季度，除了持續投資支援客戶計畫外，我們還繼續投資於多項內部採購計畫。本季末，我們的現金為 6.58 億美元，淨現金餘額為 3.43 億美元。

Turning to page 13. We're not reaffirming full-year guidance at this stage due to the uncertainty created from tariffs and the range of potential outcomes it creates for the automotive market, most likely in the second half of the year. I would like to provide some additional context. Absent the announced tariff and the latest economic developments, we would be tracking in line with our original guidance.

翻到第 13 頁。由於關稅帶來的不確定性以及它對汽車市場可能產生的一系列影響（最有可能發生在下半年），我們目前不會重申全年業績指引。我想提供一些額外的背景資訊。如果沒有公佈關稅和最新的經濟發展，我們將按照最初的指導方針進行追蹤。

We had anticipated Q2 sales would look fairly similar to Q1 sales, and adjusted EBITDA margins would be in line with our normalized margins of about 12%. Our recent outlook for the second half of the year was consistent with our expectations when we originally said guidance.

我們預計第二季的銷售額將與第一季的銷售額大致相同，調整後的 EBITDA 利潤率將與我們約 12% 的標準化利潤率一致。我們最近對下半年的展望與我們最初提出指導時的預期一致。

Putting all this together, we were confident we would be within our original guidance and likely towards the midpoint. However, the level of uncertainty has increased significantly since our last earnings call. The first round of automotive tariffs went into effect on April 3 with a tariff of 25% on all vehicles imported into the US.

綜合考慮所有這些因素，我們有信心實現最初的目標，並且很可能達到中間點。然而，自我們上次財報電話會議以來，不確定性程度已顯著增加。第一輪汽車關稅於4月3日生效，所有進口到美國的汽車將被徵收25%的關稅。

Although we have seen minimal changes in customer production schedules so far, we anticipate OEMs will begin adjusting production schedules based on a range of variables including their manufacturing footprints, global supply routes, dealer inventory levels, their pricing and market share strategies. We anticipate the impact to industry production volumes will be negative, but the range of outcomes at this point is wide, especially when forecasting production at the customer and vehicle level.

儘管到目前為止我們看到客戶生產計劃的變化很小，但我們預計 OEM 將開始根據一系列變數調整生產計劃，包括其製造足跡、全球供應路線、經銷商庫存水準、定價和市場份額策略。我們預計這將對產業產量產生負面影響，但目前的結果範圍很廣，尤其是在預測客戶和車輛層面的產量時。

To further compound the uncertainty, there is the potential for another round of tariffs expected on or after May 3, in which the non-US content of USMCA parts could begin to incur tariffs of 25%. This would increase the cost to build a vehicle even further and create another layer of uncertainty on vehicle production schedules. If these additional tariffs are implemented as announced, the direct impact could be approximately $2.5 million per week based on volumes assumed in our original guidance.

進一步加劇不確定性的是，預計 5 月 3 日或之後可能會出現新一輪關稅，其中 USMCA 零件中的非美國成分可能開始被徵收 25% 的關稅。這將進一步增加製造汽車的成本，並為汽車生產計劃帶來另一層不確定性。如果這些額外關稅按照宣布的方式實施，根據我們最初的指導中假設的數量，直接影響可能達到每週約 250 萬美元。

As one data point S&P issued their monthly industry production forecast update last week, for 2025, their forecast was reduced by 1.6 million units, assuming tariffs remain on imported vehicles and the additional tariff on auto components goes into effect. In this scenario, our customers' production would decline in the high single digits compared to prior year, a 3%-point decline from our original expectations, with most of these declined in the second half of the year.

數據點顯示，標準普爾上週發布了其月度行業產量預測更新，假設進口汽車關稅保持不變且汽車零件附加關稅生效，則其對 2025 年的預測將下調 160 萬輛。在這種情況下，我們的客戶產量將比去年同期下降高個位數，比我們最初的預期下降 3%，其中大部分產量下降發生在下半年。

Using this scenario, our financial outlook for 2025 would be near the bottom end of our original guidance. This assumes that decremental margins on lower volumes are in the mid-20% range. It also assumes we would begin incurring tariff costs which we intend to pass along to our customers to better reflect the new cost of producing a vehicle.

按照這種情景，我們對 2025 年的財務前景將接近我們最初指導的底端。這假設較低交易量的遞減利潤率在 20% 左右。它還假設我們將開始產生關稅成本，我們打算將這些成本轉嫁給我們的客戶，以更好地反映生產汽車的新成本。

This is one scenario out of many. Other scenarios include different rates and implementation dates for tariffs, with different outcomes for industry production volumes and vehicle mix. Given the uncertainty, not reaffirming guidance is prudent. However, we intend to provide updates as visibility improves.

這只是眾多情況中的一個。其他情境包括不同的關稅稅率和實施日期，對產業產量和車輛組合產生不同的結果。鑑於不確定性，不重申指引是謹慎的做法。然而，隨著可見度的提高，我們打算提供更新。

In this environment we have taken many actions to ensure we can navigate through various scenarios. Earlier in the year we created a cross functional task force to work closely with our customers to reduce the impact tariffs could have on our business and our customers, simplifying, for example, our supply chain where possible. Following these actions, about a third of our sales from our Mexico plants will be shipped within Mexico, reducing the direct tariff exposure.

在這種環境下，我們採取了許多措施來確保我們能夠應對各種情況。今年早些時候，我們成立了一個跨職能工作小組，與我們的客戶密切合作，以減少關稅對我們的業務和客戶的影響，例如盡可能簡化我們的供應鏈。透過這些措施，我們墨西哥工廠銷售的約三分之一將在墨西哥境內運輸，從而減​​少直接關稅風險。

We are also in discussions with suppliers and looking at options to resource based on the component's country of origin. In parallel, we continue to evaluate the optimal location for production, utilizing our existing global footprints. We're keeping all options open, and we'll be ready to operationalize some of these options depending on the nature and size of the potential tariffs that will be in effect.

我們也正在與供應商進行討論，並根據零件的原產國尋找資源選擇。同時，我們利用現有的全球足跡，繼續評估最佳生產地點。我們保留所有選項，並準備根據可能生效的關稅的性質和規模實施其中一些選項。

However, there will be limits on how much we can reduce the direct cost of tariffs, and we intend to pass along any remaining cost to our customers. In addition, we are working to minimize the potential flow through on volume, leveraging our best cost footprint and ongoing focus on cost controls, and we will be ready to implement some of the past playbooks that allowed us to emerge stronger in similar situations.

然而，我們降低關稅直接成本的能力是有限的，我們打算將剩餘的成本轉嫁給我們的客戶。此外，我們正在努力最大限度地減少潛在的流通量，利用我們最好的成本足跡和持續關注成本控制，並且我們將準備好實施一些過去的劇本，這些劇本使我們能夠在類似情況下變得更加強大。

We have also pivoted our capital allocation priorities, temporarily posing share repurchase activity to shift our focus on building our cash position and further fortifying our balance sheets. We ended the quarter with over $650 million of cash on our balance sheets and have access to an additional $400 million of liquidity with our revolver.

我們也調整了資本配置重點，暫時取消股票回購活動，將重點轉移到建立現金狀況和進一步鞏固資產負債表。本季結束時，我們的資產負債表上有超過 6.5 億美元的現金，並且可以透過循環信貸獲得額外的 4 億美元流動資金。

With a debt balance of $315 million, that doesn't mature until 2027. Our net cash position is a robust $343 million. We will also continue to opportunistically look for technology a creative acquisition, and as the market gets more stable, we will reassess our position and may look to restart shareholder distributions. This illustrates our flexible capital allocation approach that is supported by strong cash flow generation and one of the best balance sheets in the industry.

債務餘額為 3.15 億美元，要到 2027 年才會到期。我們的淨現金狀況高達 3.43 億美元。我們也將繼續抓住機會尋找具有創造性的收購技術，隨著市場變得更加穩定，我們將重新評估我們的地位，並可能尋求重新開始股東分配。這體現了我們靈活的資本配置方法，該方法由強勁的現金流產生和業內最佳的資產負債表之一支持。

Finally, I would like to echo the comments from Sachin. This is not the first industry headwind we are facing. Over the last few years. We have demonstrated our ability to emerge from previous challenges in a strong position, and I am confident we will be able to overcome this challenge as well.

最後，我想附和 Sachin 的評論。這不是我們面臨的第一個產業逆風。在過去的幾年裡。我們已經證明了我們有能力以強勢地位應對先前的挑戰，我相信我們也能夠克服這次挑戰。

Turning to page 14. Visteon remains a compelling long-term investment opportunity despite some of the current market uncertainty. We expect to benefit from higher demand for more digital content in a cockpit regardless of powertrain. Visteon is well positioned for long term top-line growth, marginal expansion, and free cash flow generation, while our strong balance sheet provides us with significant flexibility to pursue our capital allocation priorities.

翻到第 14 頁。儘管當前市場存在一些不確定性，偉世通仍然是一個引人注目的長期投資機會。無論動力系統如何，我們都希望從對駕駛艙內更多數位內容的更高需求中受益。偉世通已做好充分準備，實現長期營收成長、邊際擴張和自由現金流生成，而我們強勁的資產負債表則為我們追求資本配置優先事項提供了極大的靈活性。

Thank you for your time today. I would like now to open the call for your questions.

感謝您今天抽出時間。現在我想開始回答大家的提問。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）高盛的馬克·德萊尼。

Thanks for taking my question and thanks for all the details you've provided in the presentation this morning. You mentioned you're looking hard at your supply chain and would expect to offset any remaining tariff costs, but can you help us better understand your confidence in being able to achieve that, with the exception for tariffs on USMCA compliant parts does go away based on some of the conversations you're having with customers at this point.

感謝您回答我的問題，也感謝您在今天早上的演示中提供的所有細節。您提到您正在認真審視您的供應鏈，並希望抵消任何剩餘的關稅成本，但您能否幫助我們更好地了解您對實現這一目標的信心，但根據您目前與客戶進行的一些對話，符合 USMCA 標準的零件的關稅確實會取消。

So yes. So let me first start by saying that we have not been impacted by tariffs as yet, as we mentioned earlier. And we have, at the same time, started discussions with customers in terms of recoveries, but our focus -- our primary focus so far has been on working with our customers to reduce exposure to tariffs. And I would say on both fronts, those discussions have been very constructive.

是的。因此，首先我要說的是，正如我們之前提到的，我們尚未受到關稅的影響。同時，我們已經開始與客戶討論回收事宜，但我們的重點——迄今為止，我們的主要重點是與客戶合作，以減少關稅影響。我想說，在這兩方面，這些討論都非常有建設性。

We expect that we would be able to reduce our exposure by working together, but as Jerome mentioned earlier in his remarks, there is going to be a limit to that and depending upon what happens in post May 3, we will have to approach the customers to recover extra tariff costs. We fully intend to recover those costs, which we believe if the tariffs stay, will reflect the true cost of building those products and ultimately building the vehicle and as a result, will have to be passed on to the customers.

我們希望透過合作減少風險敞口，但正如傑羅姆早些時候在演講中提到的那樣，這將是一個限度，並且根據 5 月 3 日之後發生的情況，我們將不得不與客戶接洽以收回額外的關稅成本。我們完全打算收回這些成本，我們相信，如果關稅保持不變，這些成本將反映生產這些產品和最終生產汽車的真實成本，因此必須轉嫁給客戶。

Anything you would like to add, Jerome?

傑羅姆，您還有什麼要補充的嗎？

Yes. Thanks, Sachin. Mark, maybe just to clarify the Q1 impact on tariffs. It was very immaterial for us. As you know, the tariffs went into effect for three days, the full tariffs, and we had built inventory. We had essentially built inventory that had crossed the border and therefore was not subject to tariffs, so we were able to use that inventory during these three days and that has minimized the tariff impact in Q1. So very material for us in Q1 as Sachin said.

是的。謝謝，薩欽。馬克，也許只是為了澄清第一季對關稅的影響。這對我們來說並不重要。如你所知，關稅已生效三天，全額關稅，我們已經建立了庫存。我們基本上已經建立了跨境庫存，因此不受關稅影響，因此我們能夠在這三天內使用這些庫存，從而最大限度地減少了第一季的關稅影響。正如 Sachin 所說，這對我們來說第一季非常重要。

Thank you both for that helpful context. My other question was just around bookings and the bookings environment. You're off to a very good start with bookings in the first quarter relative to the prior 6 billion-plus target for the full year. Maybe help us better understand what the current engagement environment looks like.

感謝你們提供的幫助。我的另一個問題是關於預訂和預訂環境。相對於先前設定的全年 60 多億的目標而言，第一季的預訂量開局非常好。也許可以幫助我們更了解當前的參與環境是什麼樣的。

Are customers still active with working on new vehicle designs and conducive to getting additional awards this year or has there been any pause or delay in some of those engagements given the macroeconomic and tariff environment that perhaps is taking up more of your auto OEM customer focus at the moment?

客戶是否仍積極參與新車設計並有助於今年獲得更多獎項，或者考慮到宏觀經濟和關稅環境，其中一些工作是否有所暫停或推遲，而這可能目前佔據了您更多的汽車 OEM 客戶關注點？

Yeah, Mark, I think that that's a very good question. And as part of our engagement with customers, especially in this time, I have been personally in front of almost all of our customers in Asia, Europe, and in North America. And I would say that the environment has been remarkably stable, both in terms of just the operating environment, as well as the longer-term plans of customers. And that's reflected in our Q1, our performance as you can see both in terms of sales but also new business wins.

是的，馬克，我認為這是一個非常好的問題。作為我們與客戶互動的一部分，特別是在這段時間，我親自與亞洲、歐洲和北美的幾乎所有客戶見面。我想說的是，無論是從營運環境還是從客戶的長期計畫來看，環境都非常穩定。這反映在我們的第一季業績中，如您所見，我們的業績不僅體現在銷售額方面，也體現在新業務方面。

And I expect that as customers are working through this tariff related challenges, that they will continue to look through the cycle and want to make sure that they are positioned well when this thing does come to a conclusion, whichever way it does.

我希望，當客戶努力應對與關稅相關的挑戰時，他們將繼續審視整個週期，並確保當事情最終得出結論時，無論結果如何，他們都能處於有利地位。

So I expect that new business activity will remain robust throughout the year. The pipeline of opportunities that we see is pretty robust. Across all of our product lines, so we feel that with the start that we've had in Q1, that we would be in a good position to achieve our target and also cross our performance that we've had over the last couple of years in terms of new business wins and that will continue to position as well going forward.

因此我預計全年新業務活動將保持強勁。我們看到的機會管道相當豐富。在我們所有的產品線中，我們認為，從第一季開始，我們將處於有利位置，能夠實現我們的目標，並且在贏得新業務方面超越過去幾年的業績，並且在未來將繼續保持良好的地位。

Thank you.

謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Thank you for taking the questions. First, can you just give us a sense to what extent there's been. Any sort of impact to the production schedules you've seen? Any call-off activity, and maybe you could give a sense how much pull forward of volume there's been. We've heard about some customers sort of building up some excess inventory inn preparation for May 3.

感謝您回答這些問題。首先，您能否讓我們了解目前的情況。您認為這對生產計劃有什麼影響嗎？任何取消活動，也許您可以了解一下交易量的提前量是多少。我們聽說有些客戶正在為 5 月 3 日的銷售做準備，囤積一些多餘的庫存。

Yeah. So it's really interesting then that we didn't really see any meaningful pull ahead from our customers. In fact, our customer orders were remarkably stable throughout Q1. So the levels at the beginning of the quarter, almost to the end were the same.

是的。因此，有趣的是，我們並沒有真正看到客戶有任何顯著的進步。事實上，我們的客戶訂單在整個第一季都非常穩定。因此，本季初到末的水平幾乎是相同的。

And yet we did see that dealer inventories did get pulled down, which probably suggests that some of the consumer pull ahead might have been managed through the existing dealer inventories. I would say that the order scenario looks pretty stable even for what we would consider as a high confidence range in Q2, so it doesn't reflect any reduction in production. So we will have to wait and see. But so far so good.

然而，我們確實看到經銷商庫存確實下降了，這可能表明部分消費者的提前購買可能是透過現有的經銷商庫存來實現的。我想說的是，即使對於我們認為的第二季度的高置信範圍來說，訂單情況看起來也相當穩定，因此它並不反映出產量的任何減少。因此我們只能拭目以待。但到目前為止一切都很好。

Okay, great, thank you. And then as a follow up, maybe you can give us a sense of your supply chain if you've seen any incremental costs hitting. I know that you're mostly manufacturing in in Mexico. Has there been any impact on your supply chain? Any costs hitting you?

好的，太好了，謝謝。然後作為後續問題，如果您發現任何增量成本受到影響，也許您可以讓我們了解您的供應鏈。我知道你們主要在墨西哥進行生產。這對你們的供應鏈有影響嗎？您有任何費用嗎？

And then should we look at to the extent that you do incur costs? How much was the chip crisis of '21, '22 and your negotiations with OEMs and a comp for how discussions may play out with your customers?

那麼我們是否應該看看您確實產生了多少成本？21 年和 22 年的晶片危機對您與 OEM 廠商的談判以及與客戶的談判結果有何影響？

Yeah. So the short answer to the supplier question is that we have not seen any meaningful increases in costs. In fact, I would say virtually none.

是的。因此，對於供應商問題的簡短回答是，我們沒有看到成本有任何有意義的增加。事實上，我想說幾乎沒有。

And I think part of the reason is that our suppliers, their direct costs have not been impacted as far as we can tell from what has happened with respect to the global tariff situation. So again, just to be clear, we really don't have any supplier-driven cost increases that we anticipate that we would have to work through. So that's a good situation.

我認為部分原因是，就全球關稅情況而言，我們的供應商的直接成本並未受到影響。因此，再次明確一點，我們確實沒有任何由供應商驅動的成本增加，我們預計我們必須努力解決。所以這是一個很好的情況。

In terms of your question about what can we learn from the last crisis, there's a lot that we have learned and we have put in place. One of the things that we have done very well is to diversify our supply base and where we have now many more options in terms of finding alternate forces or components, obviously there will be some that will always be more challenging than others, but we are in a much stronger situation now to be able to deal with any sort of a supply related situation as compared to the last cycle.

關於您問的我們可以從上次危機中學到什麼，我們已經學到了很多，並且已經付諸實踐。我們做得非常好的一件事就是使我們的供應基礎多樣化，現在我們在尋找替代力量或部件方面有了更多的選擇，顯然有些選擇總是比其他選擇更具挑戰性，但與上一個週期相比，我們現在的處境更加有利，能夠應對任何與供應相關的情況。

Okay, thank you.

好的，謝謝。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

I just want to commend you for all the detailed information, especially given all the uncertainty. It's, I think, supremely helpful.

我只是想讚揚你提供的所有詳細信息，特別是考慮到所有的不確定性。我認為這非常有幫助。

Jerome, just -- in your example you gave about if it plays out like S&P says and you think you'd be sort of the lower end of your guidance range. So if I'm following your math, right, that would be $130 million annual impact, so about 65 for the back half of the year when the tariffs come in.

傑羅姆，只是－在您的例子中，您給出瞭如果情況像標準普爾所說的那樣發展，您認為您的預期將處於指導範圍的下限。所以如果我沒有記錯的話，那將是每年 1.3 億美元的影響，所以當關稅開始實施時，下半年的影響約為 65 億美元。

So to get to the low end of your guidance range versus the mid-point you said you were tracking to, are you sort of assuming like, 80% sort of offset to that cost, or like what is your plan to sort of price, like what would you baking in on that in terms of that outlook based on your conversations with your customers?

那麼，為了達到您的指導範圍的低端，而不是您所說的要跟踪的中間點，您是否假設 80% 的成本抵消，或者您計劃如何定價，根據您與客戶的對話，您會在前景方面對此做出什麼調整？

Yeah, thanks, Joe. So S&P and we wanted to give this in our prepared remarks is just one scenario, and there are many out there, but just on that one, your math is correct. Our customers would go or would decline a further 3%, and that's about $130 million of impact in terms of sales we are using and assuming based on what we've seen in prior years a 30 -- 25% incremental impact.

是的，謝謝，喬。因此，標準普爾和我們在準備好的評論中提出的只是一種情況，還有很多種情況，但就這一點而言，你的計算是正確的。我們的客戶數量將增加或減少 3%，就銷售額而言，這將產生約 1.3 億美元的影響，根據前幾年看到的情況，我們假設增量影響為 30% 至 25%。

We were -- we would assume as well that we are recovering 1% of the tariff impact which at 2.5% -- $2.5 million times four weeks, times eight months, would be about $80 million. So the impact would be essentially on the volume. We would be able to offset some of that with a good head start that we had in Q1 and with some minor adjustment as well to our spending, so that would give us essentially a 450 number for the for the full year, which is at the low end of our original guidance.

我們——我們也假設我們正在收回 1% 的關稅影響，即 2.5%——250 萬美元乘以四周，乘以八個月，約為 8000 萬美元。因此影響主要體現在數量上。我們能夠透過第一季的良好開局和支出的一些小調整來抵消其中的一些影響，這樣全年的銷售額基本上會達到 450，這是我們最初預期的低端。

Now it's just one scenario and we are going to wait to have a little bit more clarity on tariffs and visibility on production schedules before we come out with something. The key thing as such invention, we are very active these days on potential actions that we can take, not just on the supply chain side, but as well on our cost structure, and we're busy on this [cost].

現在這只是一種情況，我們將等待關稅和生產計劃更加明朗後再做出決定。關鍵在於這種發明，我們最近非常積極地考慮可以採取的潛在行動，不僅在供應鏈方面，而且在我們的成本結構方面，我們正忙於這個[成本]。

Yeah, no, thanks. I appreciate that that there's a lot of moving parts. I just wanted to get a better sense for sort of what you guys were trying to assume on your end in a potential scenario, understanding there's many.

是的，不用了，謝謝。我很欣賞其中有很多活動部件。我只是想更了解你們在潛在情景中試圖假設什麼，了解有很多種情況。

The second question is: I think in '24, about 7% of your sales were in China but not for China exported to other markets. But I don't -- was any of that destined for the US or is that really more for the rest of Asia Pacific and Europe? And is there any impact from the business I guess you do in China for export, not for domestic consumption?

第二個問題是：我認為24年，你們的銷售額中約有7%來自中國，但沒有從中國出口到其他市場。但我不知道──這些貨物是運往美國的嗎？還是主要運往亞太地區和歐洲的其他地區？我猜你們在中國做的是出口業務，而不是國內消費業務，這會有什麼影響嗎？

Yeah, Joe, I think very little of what we do in China actually makes its way to the US. I think specifically there are some Nissan vehicles that carry some content that we manufacture in China, but it's very small.

是的，喬，我認為我們在中國所做的事情實際上很少會傳到美國。我認為具體來說，有些日產汽車搭載了我們在中國生產的部分零件，但數量非常少。

Thanks so much.

非常感謝。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Actually another question on China, if I may, so it continues to be a very challenging in the region for a lot of companies, but certainly including Visteon. Can you remind us your strategy there, where you are in your efforts to sort of rebalance customer makes? And I guess from a timeline point of view, when would you anticipate to serve -- really improve this growth on the market situation?

實際上，如果可以的話，我還有一個關於中國的問題，所以對於許多公司來說，中國在該地區仍然是一個非常具有挑戰性的問題，當然也包括偉世通。您能否提醒我們您的策略，您正在努力重新平衡客戶需求？我想從時間軸的角度來看，您預計何時能夠真正改善市場成長狀況？

Yeah, no, that's a great question, and China does remain one of the challenges that I think we will be working through this year and probably also into next year. But one thing I would like to say is that the whole trend of global OEMs losing market share, which has continued. In Q1, although from a year-over-year perspective it looks like they've lost from the ground, at least from a sequential basis we're starting to see some sort of a floor developing.

是的，不，這是一個很好的問題，我認為中國仍然是我們今年乃至明年需要努力克服的挑戰之一。但我想說的是，全球原始設備製造商失去市場份額的整體趨勢仍在持續。在第一季度，儘管從同比角度來看他們似乎已經大幅虧損，但至少從環比來看，我們開始看到某種底部正在形成。

Now it's just one quarter's worth of data, so we will not claim any relief just yet, but it's encouraging nonetheless to see that. So what is our strategy? Our strategy is to work with a mix of domestic OEMs that are doing well in China. They have scale, but also global ambitions, and that's important. And then with global OEMs, we will be working with those that we believe will still have a meaningful share in that market over the next few years.

現在這只是一個季度的數據，所以我們還不能宣稱有任何緩解，但看到這一點仍然令人鼓舞。那我們的策略是什麼？我們的策略是與在中國表現良好的國內原始設備製造商合作。他們不僅有規模，還有全球抱負，這點很重要。然後，我們將與全球原始設備製造商合作，我們相信這些製造商在未來幾年內仍將在該市場佔有重要份額。

In the latter group, we believe those would be the German OEMs in particular, luxury OEMs, and some Japanese OEMs, in particular Toyota. If you look at Toyota's performance in China in Q1, it was actually a positive gain that they had in that region, and they have recently announced that they will have the first fully owned manufacturing plant for Lexus brand in China, and that's a very good sign. And as you know, we have been growing our relationship with Toyota and that has progressed very well.

在後一類中，我們認為尤其是德國的原始設備製造商、豪華汽車原始設備製造商以及一些日本的原始設備製造商，特別是豐田。如果你看一下豐田第一季在中國的業績，你會發現他們在該地區實際上取得了積極的增長，而且他們最近宣布將在中國擁有第一家雷克薩斯品牌的全資製造工廠，這是一個非常好的跡象。如您所知，我們與豐田的關係一直在發展，而且進展非常順利。

Now, with the Chinese domestic OEMs we mentioned on this call our very first win with Chery, and Chery is a great example of the type of OEMs that we want to do business with. The OEMs that have scale, it will probably hit 3 million units this year of vehicle production, with a significant portion of that sent for exports, and that's where we can help them. And in turn, we expect that that would help us with them also to a certain extent in China. So that's our strategy.

現在，我們在這次電話會議上提到的中國國內原始設備製造商與奇瑞的首次合作取得了成功，奇瑞就是我們希望與之開展業務的原始設備製造商類型的典範。有規模的原始設備製造商今年的汽車產量可能會達到 300 萬輛，其中很大一部分用於出口，這就是我們可以幫助他們的地方。反過來，我們期望這也會在某種程度上幫助我們在中國的發展。這就是我們的策略。

Now, in terms of when they start to actually look that way in the numbers. We expect this year to be kind of our transition year for our business in China. We expect to start to slowly grow next year onwards. And our expectation is in the timeframe, say, '27, '28, that we would be back to where we used to be at, say, in 2023 and '24 at the beginning of this down cycle that we saw during '24, so we hope to be able to recover the lost sales in China by then.

現在，就他們何時開始在數字上真正看到這一點而言。我們預計今年將成為我們在中國業務的轉型年。我們預計明年起將會開始緩慢成長。我們的預期是，在 2027 年、2028 年這個時間段內，我們會回到以前的水平，例如在 2023 年和 2024 年，也就是 2024 年下行週期開始時，所以我們希望到那時能夠恢復在中國的銷售損失。

Yeah, that's great color. My second question is around the -- your said it's focused on building a cash position in the current uncertain environment. Can you just maybe tell us what this involves? I think there was some mention of reducing some discretionary expenses. I'm curious how to think about other spending such as CapEx. So just broadly, what's in this year's strategy from a cash preservation point of view.

是的，顏色很棒。我的第二個問題是關於——您說它的重點是在當前不確定的環境中建立現金頭寸。您能告訴我們這涉及什麼嗎？我認為有人提到減少一些可自由支配的開支。我很好奇如何看待其他支出，例如資本支出。那麼從現金保全的角度來看，今年的策略整體上是怎麼樣的呢？

Yes, and I would say, Emmanuel, we are continuing as we've done in the past to focus on cost controls as well as cash generation. So nothing really fundamentally changes here, and we've done a good job in executing very well quarter in quarter out, and this quarter is also another demonstration that we're able to do that very well.

是的，我想說，伊曼紐爾，我們將繼續像過去一樣專注於成本控制和現金創造。所以這裡實際上沒有什麼根本性的變化，我們每個季度都執行得很好，這個季度也再次證明了我們能夠很好地做到這一點。

So we've got a few scenarios whereby depending on the volume change severity, we would action different plans. So I won't go into details, but it would go from minor discretionary spending reduction to a little bit more structural changes, again without jeopardizing the future investments that we've been making in both CapEx but as well in engineering, especially as we are making sure that we are supporting our strategic objectives. So nothing maybe to discuss in great detail during this call, but we are again scenario planning.

因此，我們有幾個場景，根據音量變化的嚴重程度，我們會採取不同的計劃。因此，我不會詳細說明，但它將從小幅削減可自由支配的支出到稍微結構性的變化，同樣不會危及我們在資本支出和工程方面所做的未來投資，特別是當我們確保支持我們的戰略目標時。因此，這次通話中可能沒有什麼需要詳細討論的，但我們再次進行了情境規劃。

Great. Thank you.

偉大的。謝謝。

Colin Langan, Wells Fargo Bank.

富國銀行的科林‧蘭根 (Colin Langan)。

Thanks for taking my question. Just a basic question. I believe your comment was that margins in the quarter normalize would be slightly over 12%. I think there were [138]. It sounds like there's 16 million, 17 million of unusual items in the quarter. Is that right? And what are those unusual items?

感謝您回答我的問題。這只是一個基本問題。我相信您的評論是本季利潤率正常化後將略高於 12%。我認為[138]。聽起來本季有 1600 萬到 1700 萬件不尋常的物品。是嗎？這些不尋常的物品是什麼？

That is correct, yes. So we had close to $15 million of what I would characterize as one-timers. Most of them were commercial items that we were able to close out in Q1. Many of these are -- in fact, we're expected to close throughout the year, but thanks to the diligence of the team, we're able to close them out early and very late in most cases to cost recoveries that we have negotiated with our customers.

是的，沒錯。因此，我們有近 1500 萬美元的資金，我稱之為一次性資金。其中大部分都是商業產品，我們能夠在第一季結清。事實上，我們預計其中許多交易將在全年完成，但由於團隊的勤奮努力，我們能夠在大多數情況下提前或很晚完成這些交易，以收回與客戶協商的成本。

For example, when a program changes, we potentially incur cost, and we are recovering these costs. So a lot of these costs, in fact, most of them were related to prior year and we're able to successfully close these items. You'll find the impact of these one-timers pretty well spread on the P&L, so just a minor amount in sales in manufacturing as well as in engineering recovery. So it's kind of spread all over our P&L, and you're correct, our normalized margins without this would have been slightly over 12%.

例如，當一個程式發生變化時，我們可能會產生成本，而我們正在收回這些成本。事實上，這些成本中的許多都與前一年有關，我們能夠成功結清這些項目。您會發現這些一次性事件對損益表的影響相當大，因此對製造業和工程恢復業的銷售影響很小。所以它在某種程度上分散在我們的損益表中，您說得對，如果沒有這個，我們的標準化利潤率會略高於 12%。

Got it. And then just -- if we think about tariffs, any view on how the competitive landscape could change, particularly if maybe tariffs on stuff out of Mexico are lower than what maybe ends up around the rest of the world. Are all your competitors also in Mexico, or is there a potential that, other competitors are more disadvantaged if they face a higher tariff in some other part of the world?

知道了。然後，如果我們考慮關稅，任何關於競爭格局如何變化的看法，特別是如果對墨西哥出口產品的關稅可能低於世界其他地區的關稅。你們的所有競爭對手是否都在墨西哥？或者，如果其他競爭對手在世界其他地區面臨更高的關稅，他們是否會面臨更不利的情況？

That's a very good question and the answer is that not all of them are in Mexico, and some have been shipping products from Asia, which certainly would be a disadvantage in this situation. There are some obviously that are in Mexico like us, but there are also a few that have their operations in Asia and if that turns out to be the case like you discussed, it would certainly be an advantage to the ones that are operating out of Mexico, such as us.

這是一個非常好的問題，答案是，並非所有公司都在墨西哥，有些公司一直在從亞洲運送產品，這在這種情況下肯定是一個缺點。顯然，有些公司像我們一樣在墨西哥，但也有一些公司在亞洲開展業務，如果情況確實如您所說，那麼對於像我們這樣在墨西哥開展業務的公司來說，這無疑將是一個優勢。

Got it. All right, thanks for taking my question.

知道了。好的，感謝您回答我的問題。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

Mr. Federico, I guess you're on mute.

費德里科先生，我猜您靜音了。

Let's go to the next question.

我們來看下一個問題。

Let's move on to the next question, please.

請讓我們繼續下一個問題。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Just going back to the new business that wins in the quarter, the $1.9 billion, was that above your internal expectations and could you exceed the $6 billion dollar target for the year? And then the bigger picture questions tied to the new business wins. As you've been looking kind of $6 billion the last few years, does that set up the company to potentially see some revenue acceleration beyond the 5% that you've laid out through 2027, sort of in the mid- to longer-term as these wins translate to revenue in the future?

回到本季贏得的新業務，19 億美元的收入，是否超出了您的內部預期？您是否可以超過今年 60 億美元的目標？然後與新業務勝利相關的更大問題。由於您在過去幾年中一直在尋求 60 億美元的收入，這是否會使公司的收入有可能加速增長，超過您到 2027 年制定的 5% 的增長目標，或者說，從中長期來看，這些勝利會轉化為未來的收入？

Yeah, to answer the second question first, the stronger we perform new business wins in the earlier portion of that period that you mentioned, clearly it helps us perform better and our plan obviously is to exceed what we have communicated. So that's clearly the objective here.

是的，首先回答第二個問題，在您提到的那個時期的早期階段，我們取得的新業務勝利越強勁，顯然有助於我們表現得更好，而我們的計劃顯然會超出我們所傳達的範圍。這顯然是我們的目標。

In terms of the timing of the events, sometimes the timing is difficult to predict because of when the award decision gets made. What I would say is that coming into the year we had seen the pipeline to be very robust. In fact, this is one of the strongest pipelines of new business opportunities I've seen, I would say over the last five years, because the last few years we have been impacted by some sort of a crisis or the other, and it was really refreshing to see the industry kind of getting back into the mode of innovation and design.

就活動時間而言，有時由於獎項決定的做出時間，時間很難預測。我想說的是，進入今年以來，我們看到了非常強大的管道。事實上，我想說，這是我在過去五年裡見過的最強大的新商業機會之一，因為過去幾年我們受到了這樣或那樣的危機的影響，看到這個行業重新回到創新和設計的模式真是令人欣慰。

Very strong displays opportunities driven by the larger displays starting to migrate into the mass market, which is exactly what we had been anticipating, and we have set ourselves up to take advantage of that trend by equipping all of our plants in different regions to be able to build this place that makes us pretty unique in terms of our capability versus the competition.

大型顯示器開始進入大眾市場，這帶來了非常強勁的顯示器機遇，這正是我們一直期待的，我們已經做好準備利用這一趨勢，為我們位於不同地區的所有工廠配備設備，以便能夠建造這個地方，這使得我們在能力方面與競爭對手相比非常獨特。

So we do expect to have a disproportionate share of the market. We also see a very strong pipeline in CDCs, copy domain controllers and instrument clusters even which we thought would start to taper down, but we see a robust activity, especially in Asia.

因此，我們確實預期會佔據不成比例的市場份額。我們也看到 CDC、複製網域控制器和儀表板領域有著非常強勁的銷售管道，儘管我們原以為這些領域會開始逐漸減少，但我們看到了強勁的活動，尤其是在亞洲。

And so, I would say that it sets us up very well for this year. Maybe this is also an indication of what we will expect to see the industry get into this new cycle coming out of the last few years.

所以，我想說，這為我們今年做好了充分的準備。這或許也預示著我們預期該產業將在過去幾年進入新的周期。

That's very helpful. Thank you. Just a quick follow up. Sachin, hoping you could give a bit more color on the conquest win with the domestic Chinese OEM and maybe just talk about potential further opportunities for additional conquest wins going forward.

這非常有幫助。謝謝。只是快速跟進。薩欽，希望您能對中國國內 OEM 的征服勝利做更多的介紹，或許還能談談未來獲得更多征服勝利的潛在機會。

Absolutely. And I think we mentioned that the customer there is Chery, and they've not done business with Chery in the past, and this is a customer that also has evolved quite a bit. If you know Chery from, I would say 10 years ago, they're not anything like they used to be now. They have a very broad range of products. They've been very successful in exporting their vehicles, and they are now focused on Europe as an export market in South America.

絕對地。我想我們提到過那裡的客戶是奇瑞，他們過去沒有與奇瑞做過生意，而這個客戶也已經發生了很大的變化。如果你了解奇瑞，我想說 10 年前的奇瑞已經跟現在完全不一樣了。他們的產品種類非常廣泛。他們的汽車出口非常成功，目前他們將重點放在歐洲作為南美的出口市場。

So our first win with them is for a large display that is going into the European market and we have subsequent opportunities of following up with them. In fact, our team is in China this week for the Shanghai Auto Show, as you may know, and there have been follow on discussions with Chery and with other customers as well.

因此，我們與他們合作的第一次勝利是進入歐洲市場的大型顯示器，我們隨後還有機會與他們跟進。事實上，正如你們所知，我們的團隊本周正在中國參加上海車展，並且與奇瑞和其他客戶進行了後續討論。

We certainly expect that this first win will translate into subsequent more business opportunities with them, but we will have to first execute this one very well. It's a very aggressive timeline in terms of production. It also helps us because it impacts our revenue positively earlier.

我們當然希望這次的首次勝利能轉化為後續與他們合作的更多商業機會，但我們必須先好好地執行這場勝利。從生產角度來說，這是一個非常緊迫的時間表。它也對我們有幫助，因為它可以更早地對我們的收入產生積極影響。

And I think this is kind of the examples that you will see more of, especially with those OEMs who are moving very quickly. They have their targets for exports, and we are in a great position to support them in their export ambitions. So we hope this would be the first of many with this OEM and others that we have targeted in China.

我認為這種例子將會越來越多，尤其是那些行動非常迅速的原始設備製造商。他們有自己的出口目標，我們有能力支持他們實現出口目標。因此，我們希望這將是我們與該 OEM 以及我們在中國針對的其他 OEM 進行的眾多合作中的第一個。

Terrific. That's all very helpful. Thank you.

了不起。這一切都非常有幫助。謝謝。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Thanks for taking questions. Sachin, maybe we could start just with some additional context around your expectations for display growth this year in terms of what's within your control relative to where newer programs are ramping right now, just where they are in the ramp. Additional launches you have (inaudible) two and kind of just the overall shape of demand and displays as we go through this year. Certainly, comps pretty easy in the first quarter here that normalizes to some extent going forward. So just don't want to over extrapolate what we saw here in the first quarter year on year.

感謝您的提問。薩欽，也許我們可以先從一些額外的背景資訊開始，了解您對今年展示廣告成長的預期，以及相對於目前新項目的成長情況，在您的控制範圍內有哪些方面。另外，您也推出了（聽不清楚）兩款產品，這大概就是我們今年的整體需求和展示狀況。當然，第一季的業績比較容易，未來會在某種程度上恢復正常。因此，我們不想過度推斷第一季同比的情況。

Yeah. So first of all, in terms of new product launches, we started the year pretty strong with successful launches, and we have a pretty robust set of launches planned for the rest of the year. I believe that number is somewhere around 90 if I'm correct here, which would indicate a pretty robust activity. And if you see in terms of the growth of our displays, it was a robust a strong double-digit growth int Q1. We expect this to continue because we have a strong pipeline of new launches coming through, and this place will grow in terms of our share of the revenue.

是的。首先，就新產品發布而言，我們今年開局表現相當強勁，推出了多款成功產品，並且我們計劃在今年剩餘時間內推出一系列相當強勁的產品。如果我沒記錯的話，我相信這個數字在 90 左右，這表明活動相當活躍。如果你從我們的顯示器成長來看，第一季實現了強勁的兩位數成長。我們預計這種情況將會持續下去，因為我們有大量的新產品即將推出，而且我們在這個地方的收入份額也會成長。

Today, they're already a couple of points greater than last year and we expect that to continue this year to improve and also next year. So we have, I think, set ourselves up well for this place to emerge as one of our leading product growth categories it's sort of in addition to digital clusters.

今天，他們的分數已經比去年高出幾分，我們預計今年和明年他們的分數將繼續提高。因此，我認為，我們已經為這個地方做好了準備，讓它成為我們的主要產品成長類別之一，它是數位集群的補充。

Got it. And then follow-up question, maybe a little bigger picture in nature, but just like to get your thoughts on working with China local OEMs on export business and to what extent it is or isn't maybe fundamentally different in terms of design cycles, pricing, things of that nature relative to China-for-China business, just where you're able to get better traction from an export standpoint.

知道了。然後是後續問題，可能本質上是一個更大的圖景，但我只是想了解一下您對與中國本地 OEM 合作開展出口業務的看法，以及在設計週期、定價等方面與中國為中國開展的業務在多大程度上存在或沒有根本區別，從出口的角度來看，您能夠在哪些方面獲得更好的牽引力。

Is it different engaging in terms of export business or is it more so that there's a different quality excitation as they're exporting into the west, which gives you some advantage versus local peers.

就出口業務而言，這是否有所不同？或者，當他們向西方出口時，是否存在不同的品質激勵，這會讓你比當地同行更具優勢。

Yeah, absolutely. And as you know, there are very distinct differences in quality expectations for products sold in China versus outside of China, which is one of the reasons why we believe we are in a very good position to support these OEMs. So what doesn't change, however, there are very aggressive time schedules which is typically a year or at most a year and a half, and we at Visteon have been anticipating this and especially for this place, they're able to leverage the capabilities that we have put in place.

是的，絕對是如此。如您所知，在中國銷售的產品和在中國以外銷售的產品的品質期望存在非常明顯的差異，這也是我們相信我們能夠很好地支持這些 OEM 的原因之一。那麼，不變的是，我們的時間表非常緊湊，通常需要一年或最多一年半，而我們偉世通一直在期待這一點，特別是對於這個地方，他們能夠利用我們已經建立的能力。

Now in terms of cost and pricing in China, it is also a lot more challenging, and again, it goes hand in hand with the technical requirements. If the requirements are a little more flexible, let me put it that way, then that also takes a different direction in terms of pricing and cost. But as you export, you have to meet different requirements and what are the case in China. And so we are able to defend our pricing a little bit better for exports.

現在就中國的成本和定價而言，它也更具挑戰性，而且它與技術要求密切相關。如果要求更靈活一些，那麼在定價和成本方面也會有所不同。但是當你出口時，你必須滿足不同的要求，以及中國的情況。因此，我們能夠更好地維護我們的出口定價。

Very helpful. Thank you.

非常有幫助。謝謝。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Thanks for taking the question. I guess I just want to understand how the contracts you guys have with the OEM customers work, so if there are production cuts, presumably they'd be a portion of makeup that the -- already designed within the contracts or is this all negotiated? Just -- I'm trying to understand how that works.

感謝您回答這個問題。我想我只是想了解你們與 OEM 客戶簽訂的合約是如何運作的，所以如果減產，大概會是合約中已經設計好的一部分產品，還是這一切都是經過協商的？只是——我試著理解它是如何運作的。

Yeah, so there is a certain level, a range that we call it that, that is contemplated in the contracts typically. So if the production cuts, still keep it within the range, then it's normal business; outside of the range, yes, then that requires a discussion and negotiation on the cost recoveries.

是的，所以存在一個特定的水平，一個我們稱之為範圍的水平，這通常在合約中有所考慮。所以如果減產，仍然保持在這個範圍內，那麼這是正常的業務；是的，超出範圍，那麼就需要就成本回收進行討論和談判。

And we had some of the commercial items that we have been negotiating, not necessarily this quarter but in past quarters were related to these kind of topics where volumes were lower and we went back and were able to negotiate.

我們正在談判一些商業項目，不一定是本季的，但在過去的幾個季度中，這些項目都與此類主題有關，當時交易量較低，我們回去後就可以進行談判。

It sounds like normal range would not obviously include what's happening here. So would it, is it safe to say that the S&P global numbers happen? Okay, so most of it's negotiated. And then prior to all these various announcements there were quite -- there were a series of deal announcements for across the tier ones, some of the [messengers] stuff like that.

聽起來正常範圍顯然不包括這裡發生的事情。那麼，我們可以肯定地說標準普爾全球數據會發生嗎？好的，大部分都已經協商好了。在發布所有這些公告之前，已經有一系列針對各一級供應商的交易公告，包括一些類似 [messengers] 的東西。

I think you've mentioned in the prepared comments about potentially doing M&A once clarity is gained, but just curious if how you characterize the [EMA] environment, presumably it might be a good time to do deals given the press evaluations or the uncertainty kind of the trump card unattended that kind of stops you from maybe contemplating that in (inaudible).

我認為您在準備好的評論中提到過，一旦情況明朗，就有可能進行併購，但我只是好奇您如何描述[EMA]環境，考慮到媒體的評估或無人看管的王牌的不確定性，現在可能是進行交易的好時機，這可能會阻止您考慮（聽不清楚）。

Yeah, no, I think that's a very good question, and we do think the same way that this is a very good environment to be on the lookout for adding some capability or perhaps even different product lines, but our first priority, as you can appreciate, is to ensure that we are able to safely negotiate the current environment of tariffs, assuming that that is something that we can address in the next couple of quarters, I think Visteon is in a very good position to continue to grow, and some of that will happen through M&A.

是的，不，我認為這是一個非常好的問題，我們確實以同樣的方式認為，這是一個非常好的環境，值得關注增加一些能力，甚至不同的產品線，但我們的首要任務，正如你所理解的，是確保我們能夠安全地協商當前的關稅環境，假設這是我們可以在接下來的幾個季度中解決的問題，我認為偉世通購買。

So we do continue to look, and we do agree with you that it's a good time to be looking and we should look at what opportunities that might present to ourselves.

因此，我們確實會繼續尋找，並且我們確實同意你的觀點，現在是尋找的好時機，我們應該看看可能為我們自己帶來什麼機會。

And maybe as mentioned in prior quarters as well, we have a pipeline of bolt-on acquisitions, so we are we're pretty active on this topic.

也許正如前幾季所提到的那樣，我們有一系列附加收購，因此我們在這個主題上非常活躍。

Thank you.

謝謝。

Ron Jewsikow, Guggenheim.

古根漢美術館的羅恩朱西科（Ron Jewsikow）。

Thanks for taking my question. Maybe this first one's for Jerome, but just for a clarification on the commercial recovery items, kind of that $16 million to $17 million benefit in the first quarter, none of that was in advance of kind of potential future tariff procurement costs, and then also that bucket in the 10-Q looks like it was a $30 million dollar top-line benefit this quarter, but that does include design changes. I'm just kind of curious if there's anything else worth calling out that kind of drove that line this quarter.

感謝您回答我的問題。也許第一個是給傑羅姆的，但只是為了澄清一下商業復甦項目，第一季的 1600 萬至 1700 萬美元收益，這些都不是預先支付的潛在未來關稅採購成本，而且 10-Q 中的那部分收益看起來像是本季度 3000 萬美元的頂線收益，但其中確實包括設計變更。我只是有點好奇，本季是否還有什麼值得一提的事情推動了這一趨勢。

Yeah, to your first question, nothing is obviously in anticipation. It's everything is well related to past cost that we've incurred when we've -- that we've recovered in Q1. So again, it's outside of Q1 from a cost standpoint and therefore it's truly a one-timer. Maybe back to your first question, if you don't mind repeating it.

是的，對於你的第一個問題，顯然沒有什麼可以預料的。這一切都與我們在第一季收回的過去產生的成本密切相關。因此，從成本角度來看，它不在第一季度，因此它確實是一次性的。如果您不介意重複的話，也許可以回到您的第一個問題。

Just that bucket in the 10-Q where that sits, I think it includes design changes as well. It was plus $30 million versus the same quarter last year. Is there anything worth calling out because I think with annual price reductions and things like that, it does look like a pretty big source of top-line upside. Just curious --

就 10-Q 中的那個桶子而言，我認為它也包括設計變更。與去年同期相比，增加了 3,000 萬美元。有什麼值得指出的嗎？因為我認為，透過年度降價等措施，它確實看起來是營收成長的相當大的來源。只是好奇--

Yeah. So we always have design changes, so that's these are, I would say, regular items. And so they were in the $15 million or $16 million one-timers that we had this quarter. You did have some impact to engineering recoveries, but it's different from design changes. So again, these were truly one-timers that are truly outside of the normal course of business, and that's why we wanted to highlight them.

是的。因此，我們的設計總是會發生變化，所以我認為這些都是常規項目。因此，他們是我們本季的 1500 萬美元或 1600 萬美元的一次性投資。你確實對工程恢復產生了一些影響，但這與設計變更不同。所以，再說一次，這些都是真正超出正常業務範圍的一次性事件，這就是我們想要強調它們的原因。

Okay, that's super helpful. And then Sachin, you noted the stabilization and kind of Chinese OEM share shifts this quarter, which I do think has been quite surprising and maybe a bit underreported for the industry, I guess is your sense that that is kind of the start of a new trend or a bit of an aberration because I guess just with kind of the price cuts we seem to see every quarter from Chinese local OEMs, it's tough to imagine this trend continues, but I imagine you're a bit more connected than we are to that.

好的，這非常有幫助。然後，Sachin，您注意到本季度中國 OEM 份額趨於穩定和變化，我認為這確實令人驚訝，而且對於行業來說可能有點被低估了，我想您是否認為這是一種新趨勢的開始或有點異常，因為我想我們似乎每個季度都會看到中國本土 OEM 廠商降價，很難想像這種趨勢會持續下去，但我想您對此的更多。

Yeah, no, I do believe that the rapid declines that we saw in 2024, that was bound to, at some point, turn a corner primarily because the global OEMs are also not just standing still, right? So they are launching new vehicle models and there have been -- there has been a slew of announcements at Shanghai Auto Show this week about the models that they are launching exactly in response to some of the things that they've learned about the Chinese market.

是的，不，我確實相信，我們在 2024 年看到的快速下滑，在某個時候必然會出現轉機，主要是因為全球原始設備製造商也不會停滯不前，對吧？因此，他們正在推出新的車型，並且在本週的上海車展上已經發布了一系列有關他們即將推出的車型的公告，這些公告正是針對他們對中國市場的一些了解而發布的。

So as those changes and those launches flow through, we expect that there would be some more stabilization of their market shares in that region. And Toyota's performance really is a good indication. Toyota mostly sells vehicles in China. Yes, they have a few EVs, but that's not what's driving the sales, and yet they have been able to hold their own, which is a clear indication that the consumers there do look for quality, for our brand, and in that regard, I would not count the global OEMs, especially those that have strong brand reputation for quality, customer service, et cetera, I wouldn't count them out just yet.

因此，隨著這些變化和產品的推出，我們預計他們在該地區的市場份額將更加穩定。豐田的表現確實是一個很好的例子。豐田主要在中國銷售汽車。是的，他們有幾款電動車，但這並不是推動銷售的因素，但他們仍然能夠保持自己的地位，這清楚地表明那裡的消費者確實在尋找我們品牌的質量，在這方面，我不會指望全球原始設備製造商，特別是那些在質量、客戶服務等方面擁有強大品牌聲譽的原始設備製造商，我現在還不會把他們排除在外。

So I do believe it's an underreported story like you said, but again, I think it's just one quarter in the making, so maybe it will catch more traction as we go forward.

所以我確實相信這是一個未被充分報導的故事，就像你說的，但是我再說一次，我認為這只是一個季度的進展，所以也許隨著我們前進，它會引起更多的關注。

Thank you. I really appreciate you taking my question.

謝謝。非常感謝您回答我的問題。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

This is Winnie on for Edison. I was wondering if you can walk us through the facilities in North America outside of the US, and potentially how relocation scenario might look like. Is that in the playbook eventually we see these tariffs is gaining or is the direct hit from sort of fairly manageable [funding] recoveries from customers that it's not something that you would have to think about.

這是愛迪生的溫妮。我想知道您是否可以向我們介紹美國以外的北美設施，以及可能的搬遷方案。我們在劇本中最終看到的是這些關稅正在上漲，還是直接受到來自客戶相當可控的[資金]回收的打擊，而這不是你必須考慮的事情。

I guess if you're asking whether you would consider a plant in the US away from Mexico, I would say that it really all depends on how the tariffs settle out and what our customers' production plans are as a result of that. So our focus always is to be a good partner to our customers, number one, right? And if it means that if we have to make change in our manufacturing footprint, as long as the business case is there to justify it, we will be fully prepared to do so.

我想，如果您問的是是否會考慮在墨西哥以外的美國建立工廠，我會說這完全取決於關稅如何解決以及我們的客戶因此制定的生產計劃。所以我們的重點始終是成為客戶的良好合作夥伴，這是最重要的，對嗎？如果這意味著我們必須改變我們的製造足跡，只要有商業案例證明其合理性，我們就會做好充分的準備。

At this point in time, the way it is currently set up, it's not clear that there would be any benefit of making a change, but that can change at any moment, as you know. So I think the key takeaway for you is that we are fully capable of doing it. We have a tremendous execution competence here at Visteon. We're extremely close and working closely with our customers to figure this out. But it will depend on ultimately what the, at least, a mid-term visibility looks like, if not long term, for us to be able to make this kind of decisions.

目前，就目前的設定方式而言，尚不清楚進行更改是否有任何好處，但如您所知，這種情況隨時可能發生變化。所以我認為對你來說關鍵的一點是我們完全有能力做到這一點。偉世通擁有強大的執行能力。我們正與客戶密切合作以解決這個問題。但這最終將取決於至少是中期（如果不是長期）的可見性，以便我們能夠做出此類決定。

And that has been echoed by our customers as well saying, don't make harsh decisions until there is clarity on the tariffs, and that is actually our position for now.

我們的客戶也表達了同樣的意見，他們表示，在關稅問題明朗之前不要做出嚴厲的決定，這其實就是我們目前的立場。

Gotcha. Thank you. Very clear. And then my follow up is, I was wondering if you can comment on the BMS cells and if you [want] how that is relative to expectations. And then you mentioned the fourth European EV OEM. I'm just wondering how the one came about and what -- if you can help us find sort of like the revenue opportunity there.

明白了。謝謝。非常清楚。然後我的後續問題是，我想知道您是否可以對 BMS 單元發表評論，以及您是否[想]了解這與預期有何關係。然後您提到了第四家歐洲電動車原始設備製造商。我只是想知道這個想法是怎麼產生的，以及你是否可以幫助我們找到那裡的收入機會。

Right. As I mentioned, I think in the last quarter's earnings call, our customers for BMS in North America had built a pretty robust level of inventory with anticipation of a higher sell through of EVs, and while EV sales have gone up in even the US, all those sales levels have not been at the levels that were anticipated, so there is sufficient inventory in the supply chain and in the channel for those OEM.

正確的。正如我所提到的，我認為在上個季度的收益電話會議上，我們在北美的 BMS 客戶已經建立了相當強勁的庫存水平，預計電動汽車的銷量會更高，儘管即使在美國，電動汽車的銷量也有所上升，但所有這些銷售水平都沒有達到預期的水平，因此供應鏈和渠道中有足夠的庫存供這些 OEM 使用。

So we were anticipating our BMS sales to be lower this year than last year. And there was a factory shut down also in Q1 at GM that was also planned by the way, so nothing that was a surprise to us. So our Q1 sales reflects all of that. Now, with the tariff related uncertainty, we'll have to see how that develops and if you notice S&P Global has pulled down their expectation for [GMTV] sales, perhaps acknowledging some level of impact there. So we'll have to see how that develops.

因此，我們預計今年的 BMS 銷售額將低於去年。順便說一下，通用汽車在第一季還關閉了一家工廠，這也是計劃好的，所以這對我們來說並不令人意外。因此，我們的第一季銷售額反映了所有這些。現在，由於關稅相關的不確定性，我們必須觀察事態如何發展，如果你注意到標準普爾全球已經下調了對 [GMTV] 銷售的預期，或許承認存在一定程度的影響。所以我們必須觀察事情如何發展。

Now on the other question, right, the fourth customer that we want. Outside of China, what we see with respect to electrification is that customers are taking a step back and consolidating and revisiting their plans to build electrified vehicles, and I say electrified because combination of fully electric as well as plug-ins, and with a lot of focus on cost, first and foremost, but also performance, because it's become very clear that for EVs to be successful, and they have to be, there will be a bigger portion of the powertrain mix than it is so far. The focus is to be on those two attributes: cost and performance.

現在談談另一個問題，對，我們想要的第四個客戶。在中國以外，就電氣化而言，我們看到客戶正在退後一步，鞏固並重新考慮製造電動汽車的計劃，我之所以說是電氣化，是因為它是全電動和插電式混合動力汽車的結合，並且首先非常關注成本，但性能也同樣重要，因為很明顯，電動汽車要想成功，而且必須成功，動力總成組合的比例將比現在更大。重點是這兩個屬性：成本和性能。

And I'll take a lot of you know good feeling from the win because it was a win of a very high-profile business out there that was completed heavily by every supplier, and our capabilities with respect to technology and cost were very well recognized and that's why we were successful. So it tells you that our power electronics products and BMS are both competitive and technology leading.

我從這次勝利中獲得了很多好感，因為這是一個非常引人注目的業務的勝利，每個供應商都大量參與其中，我們在技術和成本方面的能力得到了很好的認可，這就是我們成功的原因。所以這告訴你我們的電力電子產品和BMS都是有競爭力的並且技術領先。

And for us in particular, we need to be present in those types of products because EVs are the ones that will drive the electrification-related innovations in the industry. And that's what will impact ultimately how corporate electronics will look like. So all of those things are related and our presence in those segments are very important for us to have that capability that can impact a broader portion of our business.

對我們來說尤其需要出現在這些類型的產品中，因為電動車將推動產業電氣化相關的創新。這最終將影響企業電子產品的外觀。因此，所有這些事情都是相關的，我們在這些領域的存在對於我們擁有能夠影響更廣泛業務的能力非常重要。

Great. Thank you so much.

偉大的。太感謝了。

This concludes our earnings call for the first quarter of 2025. Thank you everyone for participating in today's call and your ongoing interest. Thank you.

2025 年第一季的收益電話會議到此結束。感謝大家參加今天的電話會議並持續關注。謝謝。

This concludes Visteon's first-quarter 2025 results earnings call. You may now disconnect.

偉世通 2025 年第一季業績電話會議到此結束。您現在可以斷開連線。