Visteon Corp (VC) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to Visteon's second-quarter 2025 results call. (Operator Instructions)

感謝您的支持。我叫格雷格，今天我將擔任您的會議主持人。現在，我歡迎大家參加偉世通 2025 年第二季業績電話會議。（操作員指示）

I would now like to turn the call over to Kris Doyle, Vice President of Investor Relations and FP&A. Kris?

現在我想將電話轉給投資者關係和 FP&A 副總裁 Kris Doyle。克里斯？

Good morning. I'm Kris Doyle, Vice President of Investor Relations and FP&A. Welcome to our earnings call for the second quarter of 2025.

早安.我是投資者關係和 FP&A 副總裁 Kris Doyle。歡迎參加我們 2025 年第二季的財報電話會議。

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. Please refer to the page titled Forward-Looking Information in our earnings material for more detail.

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。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。

Presentation materials for today's call were posted this morning on the Investors section of Visteon's website. You can download them at investors.visteon.com if you haven't already done so.

今天上午，偉世通網站的「投資者」部分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 scheduled 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 和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 發表完準備好的演講後，我們將開放問答熱線。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 good morning, everyone. Thank you for joining our second quarter 2025 earnings call. Visteon delivered another quarter of strong operating and financial performance demonstrating the strength of our business while continuing to execute on our long-term strategy. Net sales of $969 million came in higher than we had anticipated at the beginning of the quarter, driven by strong demand for our digital cockpit products, particularly in North America and Europe. Despite the robust sales performance, lower BMS sales in the US and the ongoing market dynamics in China resulted in sales slightly underperforming customer vehicle production. This trend is expected to reverse in Q3 and for the second half driven by new product launches and improving comps.

謝謝你，克里斯，大家早安。感謝您參加我們的 2025 年第二季財報電話會議。偉世通本季再次取得強勁的營運和財務業績，展現了我們業務的實力，同時繼續執行我們的長期策略。淨銷售額為 9.69 億美元，高於我們在本季初的預期，這得益於對我們數位駕駛艙產品的強勁需求，尤其是在北美和歐洲。儘管銷售業績強勁，但美國 BMS 銷售下降以及中國持續的市場動態導致銷量略低於客戶汽車產量。受新產品發布和同店銷售成長的推動，這一趨勢預計將在第三季和下半年發生逆轉。

Adjusted EBITDA was $134 million, representing a margin of 13.8% and adjusted free cash flow was $67 million for the quarter. As a result of our strong first half and outlook for the remainder of the year, we are reinstating and increasing guidance for the full year.

調整後的 EBITDA 為 1.34 億美元，利潤率為 13.8%，本季調整後的自由現金流為 6,700 萬美元。由於我們上半年的強勁表現以及今年剩餘時間的展望，我們將恢復並提高全年業績預期。

Operationally, the company performed very well, launching 21 new products, expanding profit margins through various productivity measures and winning $2 billion in new business in the quarter. We continue to invest in the business, both organically and inorganically, while returning capital to shareholders. We closed another bolt-on engineering services acquisition, our second in the past 12 months. In addition, we are initiating a quarterly dividend starting in Q3, highlighting our confidence in generating free cash flow and our commitment to returning capital to shareholders.

從營運角度來看，該公司表現非常出色，推出了 21 款新產品，透過各種生產力措施擴大了利潤率，並在本季度贏得了 20 億美元的新業務。我們將繼續以有機和無機的方式對業務進行投資，同時向股東返還資本。我們完成了另一項附加工程服務收購，這是我們在過去 12 個月內的第二筆收購。此外，我們將從第三季開始派發季度股息，這突顯了我們對產生自由現金流的信心以及向股東返還資本的承諾。

Turning to page 3. Our Q2 sales came in better than we had anticipated at the time of our first quarter earnings call earlier this year despite the tariffs that went into effect in April and May of this year. To recap the tariff situation in early April, a 25% tariff went into effect for all vehicles being imported into the US. In addition, starting in early May, a 25% tariff for all non-USMCA compliant auto parts went into effect, while USMCA compliant parts remained exempt.

翻到第 3 頁。儘管今年 4 月和 5 月關稅生效，但我們第二季的銷售額優於今年稍早第一季財報電話會議的預期。回顧 4 月初的關稅情況，所有進口到美國的車輛都將被徵收 25% 的關稅。此外，從5月初開始，所有不符合USMCA標準的汽車零件將徵收25%的關稅，而符合USMCA標準的零件則可免稅。

For Visteon, virtually all goods that we ship from Mexico to the US are USMCA-compliant and our direct exposure to tariffs under the current tariff structure is very low. In Q2, vehicle production schedules in North America remained stable and were not materially impacted by the tariffs.

對於偉世通而言，我們從墨西哥運往美國的幾乎所有貨物都符合 USMCA 標準，在現行關稅結構下我們直接受到關稅的影響非常低。第二季度，北美汽車生產計畫保持穩定，未受到關稅的實質影響。

For Visteon, sales of cockpit electronics products in Americas was strong in Q2. We benefited from the ramp-up of several recently launched products, including clusters and displays on Ford vehicles such as the Bronco, Maverick, and Explorer, infotainment systems, VW Jetta and Polo, and a large display on the Murano SUV with Nissan.

對偉世通而言，第二季美洲地區的駕駛艙電子產品銷售強勁。我們受益於最近推出的幾款產品的成長，包括福特汽車（如 Bronco、Maverick 和 Explorer）上的儀錶板和顯示器、資訊娛樂系統、大眾捷達和 Polo，以及日產 Murano SUV 上的大型顯示器。

Battery management system sales came in lower than anticipated but grew sequentially from the first quarter. GM is our largest customer for BMS and despite the general slowdown of EV sales in the US, they had a strong quarter. However, on a year-over-year basis, our BMS sales are lower in Q2, as GM and Stellantis, our two customers for BMS in the US were ramping up better manufacturing in 2024. Q2 of last year was the highest quarter in terms of BMS sales to GM which makes the year-over-year comparison difficult for this quarter. Overall, in Americas, the growth in cockpit electronics sales partially offset the decline in BMS sales on a year-over-year basis resulting in a 4 percentage point underperformance relative to customer vehicle production.

電池管理系統的銷售額低於預期，但較第一季有所成長。通用汽車是我們 BMS 的最大客戶，儘管美國電動車銷售總體放緩，但他們本季的業績表現強勁。然而，與去年同期相比，我們的 BMS 銷售額在第二季度有所下降，因為我們在美國的兩家 BMS 客戶通用汽車和 Stellantis 在 2024 年將提高生產效率。去年第二季度是通用汽車 BMS 銷量最高的一個季度，這使得本季的年比比較變得困難。總體而言，在美洲，駕駛艙電子產品銷售額的成長部分抵消了 BMS 銷售額的同比下降，導致其相對於客戶車輛產量的增幅低於 4 個百分點。

In Europe, Visteon sales were up year over year, driven by new product launches despite a reduction in vehicle production. Electric vehicles performed well in Europe in Q2 with introduction of affordable hybrid and EV models by car makers, and Visteon has cockpit electronics content on some that are doing well in the market. Key programs for Visteon in Q2 include displays and digital clusters on the R4 and R5 EVs from Renault; digital clusters on the Duster and Bigster vehicles with Dacia that come in ICE and hybrid versions; and digital cluster and audio system on the popular Ford Transit that offers ICE, hybrid, and all electric powertrains.

在歐洲，儘管汽車產量減少，偉世通的銷售仍較去年同期成長，這得益於新產品的推出。隨著汽車製造商推出價格實惠的混合動力和純電動車車型，電動車在第二季度在歐洲表現良好，偉世通在一些市場上表現良好的車型上採用了駕駛艙電子設備。偉世通第二季度的重點項目包括雷諾 R4 和 R5 電動車上的顯示器和數位儀錶板；達契亞 Duster 和 Bigster 車型上的數位儀錶板（有 ICE 和混合動力版本）；以及福特 Transit 上的數位儀錶板和音響系統（提供 ICE、混合動力和全電動動力系統）。

Our sales in Europe also benefited from R&D services offered to carmakers through our recent acquisitions. While these services revenues currently are relatively small, we plan to expand our services engagement with additional automakers in Europe in the future. Overall, our sales outperformed vehicle production by 8 percentage points in Europe in the second quarter.

我們在歐洲的銷售也受惠於我們最近的收購為汽車製造商提供的研發服務。雖然這些服務收入目前相對較小，但我們計劃在未來擴大與歐洲更多汽車製造商的服務合作。整體而言，第二季我們的歐洲銷售量比汽車產量高出 8 個百分點。

In rest of Asia, excluding China, we made good progress in Q2 on our strategic initiatives of growing sales with targeted carmakers such as Toyota, Hyundai, Mahindra, and Mitsubishi and with select two-wheeler manufacturers such as Honda and Royal Enfield. Overall, our sales continued the momentum from the first quarter with a growth over market of 8 percentage points.

在亞洲其他地區（中國除外），我們在第二季度與豐田、現代、馬恆達和三菱等目標汽車製造商以及本田和皇家恩菲爾德等精選兩輪車製造商的銷售增長戰略舉措取得了良好進展。總體而言，我們的銷售額延續了第一季的勢頭，比市場增長了 8 個百分點。

In China, our Q2 sales were down year over year, primarily due to the ongoing market share shift towards domestic OEMs that we have previously discussed. However, I'm pleased to note that sequentially, our Q2 sales were higher than Q1 with higher sales on vehicles such as the new Buick GL8 with GM and the Toyota Corolla. We are in the middle of a product transition with Geely, our largest customer in China, replacing an earlier generation cockpit domain controller with a new and more powerful system that's also priced higher that helped our sales in Q2.

在中國，我們的第二季銷售額年減，主要是由於我們之前討論過的市場份額持續向國內 OEM 轉移。不過，我很高興地註意到，與第一季相比，我們的第二季銷量有所提高，通用汽車的新款別克 GL8 和豐田卡羅拉等車型的銷量有所提高。我們正與中國最大的客戶吉利進行產品轉型，以更強大的新系統取代上一代駕駛艙域控制器，該系統價格也更高，這有助於我們在第二季的銷售。

Overall, China represented a significant drag on our global growth over market, lowering it by 5 percentage points in Q2. We anticipate second half sales in China to modestly increase compared to the first half driven by new product launches, combined with easier comps, we expect growth of our market to improve and be less of a headwind in the second half. In summary, Q2 was a strong quarter for sales with the cockpit electronics products performing well and partially offsetting the anticipated decline in BMS revenues.

總體而言，中國對我們的全球市場成長造成了嚴重拖累，導致第二季全球市場成長下降了 5 個百分點。我們預計，受新產品推出的推動，下半年中國市場的銷售額將較上半年略有成長，加上可比銷售額成長較快，我們預計下半年市場成長將會改善，阻力也會減少。綜上所述，第二季銷售表現強勁，駕駛艙電子產品表現良好，部分抵消了預期的 BMS 收入下降。

Turning to page 4. We had a very strong quarter of new business bookings with $2 billion of new business won in the quarter, bringing the year-to-date total to just under $4 billion through the first half of the year. This performance plus our pipeline for the second half of the year gives us confidence that we will exceed our $6 billion target for new business wins for the full year. Carmakers are extending existing vehicle platforms with hybrid and electric powertrain vehicles and delaying development of all new electric vehicle platforms. Offering larger and a greater number of displays in the cockpit is an attractive option to upgrade and refresh these vehicles, which is driving more opportunities for Visteon for displays and digital clusters. The right-hand side of the page highlights some of the key wins in the quarter.

翻到第 4 頁。本季我們的新業務訂單表現非常強勁，共贏得 20 億美元的新業務，使得今年上半年的年初至今總額略低於 40 億美元。這樣的業績加上我們下半年的計畫讓我們有信心，全年新業務贏取額將超過 60 億美元的目標。汽車製造商正在透過混合動力和電動動力汽車擴展現有的汽車平台，並推遲所有新電動車平台的開發。在駕駛艙內提供更大、更多的顯示器是升級和更新這些車輛的一個有吸引力的選擇，這為偉世通在顯示器和數位儀表板方面帶來了更多的機會。頁面右側重點介紹了本季度的一些關鍵勝利。

We won a 48-inch pillar-to-pillar OLED display with a leading German luxury automaker for the new hybrid and battery electric vehicles with first launch in 2028. This display will feature in all of the top-selling sedans and SUVs from this car maker. The next win is for a 16-inch display and digital cluster with Hyundai for the vehicles in India. Our localization efforts and investments in India was a key reason we were able to secure this business. We won a 5-inch digital cluster product with Honda for the two-wheeler market. This large program representing about $400 million in lifetime revenue establishes Visteon as a leading supplier to Honda in this segment of the market.

我們與一家領先的德國豪華汽車製造商贏得了 48 英寸柱對柱 OLED 顯示屏，用於 2028 年首次推出的新型混合動力和電池電動汽車。此次展覽將展示該汽車製造商的所有暢銷轎車和 SUV。下一個合作項目是與現代汽車合作，為印度市場提供 16 吋顯示器和數位儀錶板。我們在印度的在地化努力和投資是我們能夠獲得這項業務的關鍵原因。我們與本田公司合作贏得了針對兩輪車市場的 5 吋數位儀錶板產品。這個大型項目代表著約 4 億美元的終身收入，使偉世通成為本田在這一市場領域的領先供應商。

The last win highlighted is for a cockpit domain controller for Traton, a leading commercial vehicle manufacturer. We are an existing supplier to Traton for our SmartCore product, and this win represents the next generation of the product, which will go across the customers' new vehicle architecture. This significant win represents about $350 million in lifetime revenue and will help build the foundation of a growing commercial vehicle business.

最後一個突出的勝利是為領先的商用車製造商 Traton 贏得駕駛艙域控制器。我們是 Traton SmartCore 產品的現有供應商，此次得標代表該產品的下一代產品，將適用於客戶的新車輛架構。這場重大勝利代表著該公司約 3.5 億美元的終身收入，並將有助於奠定日益增長的商用車業務的基礎。

Turning to page 5. The second quarter was also strong in terms of new product launches. We launched 21 new products in the quarter with multiple automakers, including four products with commercial vehicle and two-wheeler manufacturers. This page highlights some of the key launches, illustrating the diversity of launch activity across powertrains, products, and vehicle markets.

翻到第 5 頁。第二季新產品發表也表現強勁。本季我們與多家汽車製造商合作推出了 21 款新產品，其中包括與商用車和兩輪車製造商合作推出的 4 款產品。本頁重點介紹了一些關鍵的發布，展示了動力系統、產品和汽車市場發布活動的多樣性。

We launched a digital cluster with connected services with Royal Enfield, a leading motorcycle manufacturer in India and a SmartCore and digital cluster program with Volvo in their construction vehicles and heavy-duty trucks. We also launched new SmartCore products with Volvo and Polestar, two brands that are part of Geely. And finally, we launched a 25-inch panoramic display with Audi on the new Q3 vehicle, our first business with this carmaker. Audi has completely redesigned the vehicle with the focus on the cockpit anchored by Visteon's advanced display product. The panoramic display creates an immersive experience for their driver and was featured prominently in the market introduction of the vehicle.

我們與印度領先的摩托車製造商 Royal Enfield 合作推出了具有連網服務的數位集群，並與沃爾沃在其工程車輛和重型卡車中推出了 SmartCore 和數位集群計劃。我們也與吉利旗下的兩個品牌沃爾沃和Polestar合作推出了新的SmartCore產品。最後，我們與奧迪合作，在新款 Q3 車型上推出了 25 吋全景顯示屏，這是我們與該汽車製造商的首次合作。奧迪對該車進行了徹底的重新設計，重點是以偉世通先進的顯示產品為中心的駕駛艙。全景顯示器為駕駛員創造了身臨其境的體驗，並在車輛的市場介紹中佔據突出地位。

Turning to page 6. We remain focused on executing our strategy, which is centered around offering products that are well aligned with key industry trends, supported by one of the best cost structure in the industry. This approach has enabled us to successfully navigate the evolving industry trends and position the company for growth. In parallel, we seek to balance the allocation of capital to initiatives to strengthen our execution capabilities and returning capital to shareholders.

翻到第 6 頁。我們將繼續專注於執行我們的策略，即提供與主要行業趨勢相符的產品，並以業內最佳的成本結構之一為支撐。這種方法使我們能夠成功駕馭不斷變化的行業趨勢並為公司的發展做好準備。同時，我們尋求平衡資本分配，以加強我們的執行能力並向股東返還資本。

In Q2, we made significant progress on our long-term strategic priorities. With the car becoming increasingly software-defined, displays are a key part of the user experience. We have been investing to develop deep expertise in automotive display design and manufacturing for the past several years, and these investments are continuing to pay off.

在第二季度，我們在長期戰略重點方面取得了重大進展。隨著汽車越來越由軟體定義，顯示器成為使用者體驗的關鍵部分。過去幾年來，我們一直致力於投資開發汽車顯示器設計和製造方面的深厚專業知識，這些投資正在持續獲得回報。

In Q2, our display sales were up about 20% over prior year as we launched several new display products, including the panoramic display for the new Audi Q3 that I discussed previously. The win of a large pillar-to-pillar display business with a leading luxury OEM, the biggest of its kind for OLED displays in the industry reinforces a strong position in the industry. Commercial vehicles, including heavy-duty trucks, buses, and even construction equipment as well as two-wheelers are converging on the same trends that passenger cars have been going through for some time. These adjacent transportation markets are an attractive growth opportunity for Visteon.

在第二季度，我們的顯示器銷售額比去年同期成長了約 20%，因為我們推出了幾款新的顯示器產品，包括我之前討論過的新款奧迪 Q3 的全景顯示器。與一家領先的豪華汽車原始設備製造商合作贏得大型柱對柱顯示器業務，這是業內最大的 OLED 顯示器業務，鞏固了其在行業中的強勢地位。商用車輛，包括重型卡車、公共汽車，甚至建築設備以及兩輪車，都在趨同於乘用車一段時間以來所經歷的相同趨勢。這些鄰近的運輸市場對於偉世通來說是一個極具吸引力的成長機會。

And in Q2, we won about $750 million in new business for SmartCore and digital cluster products. We anticipate that these two markets could represent as much as 10% of our sales by the end of this decade, up from about 4% today.

而在第二季度，我們贏得了約 7.5 億美元的 SmartCore 和數位集群產品新業務。我們預計，到本世紀末，這兩個市場將占我們銷售額的 10%，高於目前的 4% 左右。

As noted previously, Asian automakers, such as Toyota, Hyundai, Honda, and Maruti Suzuki represents an exciting growth opportunity for Visteon. In Q2, we secured key new business with Hyundai and Honda that builds up on the good progress we have made with Toyota and Maruti Suzuki that was reported previously. The 5-inch digital cluster win with Honda for two-wheelers is particularly interesting as it's a large-sized display for their market. As the global leader in two-wheelers, Honda is the technology trend center in that industry, and this product will likely spur other two-wheeler manufacturers to follow creating additional opportunities for Visteon.

如前所述，豐田、現代、本田和瑪魯蒂鈴木等亞洲汽車製造商為偉世通帶來了令人興奮的成長機會。在第二季度，我們與現代和本田簽訂了重要的新業務，這鞏固了我們先前報導的與豐田和瑪魯蒂鈴木取得的良好進展。本田為兩輪車推出的 5 吋數位儀錶板尤其引人注目，因為對於本田市場來說，這是一款大尺寸顯示器。作為兩輪車領域的全球領導者，本田是該行業的技術潮流中心，這款產品可能會刺激其他兩輪車製造商效仿，為偉世通創造更多機會。

We also made progress on several vertical integration initiatives. We continue to bring key display-related capabilities in-house. Large displays require large metal frames to provide structural support that adds significant weight and cost to the overall product. We use a lightweight metal alloy that is injection molded using a special high-temperature process called pixel molding to create this frame.

我們還在幾項垂直整合計劃上取得了進展。我們將繼續在內部引入與顯示相關的關鍵功能。大型顯示器需要大型金屬框架來提供結構支撐，這會大大增加整個產品的重量和成本。我們使用一種輕質金屬合金，透過一種稱為像素成型的特殊高溫製程射出成型來製作這個框架。

In Q2, we made progress in in-sourcing pixel molding capabilities at plants in Mexico and Tunisia. To our knowledge, we are the only supplier that has this capability in-house, which not only saves cost, but also derisk the supply chain from China dependency. We also made good progress on the in-sourcing of display backlight unit, which is a key electronics component of displays. Together with optical bonding and pixel molding, we are successfully bringing more of the display manufacturing process in-house.

第二季度，我們在墨西哥和突尼斯工廠的像素成型能力內部採購方面取得了進展。據我們所知，我們是唯一擁有這種內部能力的供應商，這不僅節省了成本，而且還降低了供應鏈對中國的依賴。我們在顯示器背光單元（顯示器的關鍵電子零件）的採購方面也取得了良好進展。透過光學黏合和像素成型，我們成功地將更多的顯示器製造流程引入到公司內部。

Lastly, we completed the acquisition of an engineering services company with about 250 people in Germany that specializes in automotive user interface design as a service to car manufacturers. With the trend of large displays and the anticipated introduction of Gen AI in the cockpit, user interface design in costs will likely require a complete reboot. This acquisition positions Visteon to engage with carmakers early during the concept phase of new cockpit designs. This is our second acquisition of engineering services company in the past 12 months.

最後，我們完成了對德國一家擁有約 250 名員工的工程服務公司的收購，該公司專門為汽車製造商提供汽車使用者介面設計服務。隨著大顯示器的趨勢和預期在駕駛艙中引入 Gen AI，使用者介面設計的成本可能需要徹底重新啟動。此次收購使偉世通能夠在新的駕駛艙設計概念階段早期與汽車製造商接觸。這是我們在過去12個月內第二次收購工程服務公司。

The first acquisition is also a similar-sized company, focused on vehicle connectivity and e-mobility technologies. Our objective with these acquisitions is to move up the value chain and engage early with our customers for next-generation technologies. It also offers the potential to drive meaningful sales and profit contribution as we expand the services offering across our customer portfolio.

首次收購的也是規模相似的公司，專注於車輛連接和電子移動技術。我們進行這些收購的目的是提升價值鏈，並儘早與客戶合作開發下一代技術。隨著我們擴大向客戶組合提供的服務，它還具有推動有意義的銷售和利潤貢獻的潛力。

Turning to page 7. I would like to provide an update on our outlook for the year. On our Q1 earnings call, we elected not to reaffirm guidance due to the potential risk of disruption to vehicle production due to tariffs. A quarter later, the risk to our original full year outlook has reduced even if it's not mitigated altogether. Our strong Q2 and first half performance, coupled with customer demand visibility, especially for Q3, puts us in a position to reinstate guidance and increase the midpoint for all three financial metrics of sales, adjusted EBITDA, and adjusted free cash flow for the full year.

翻到第 7 頁。我想就我們對今年的展望提供一些最新資訊。在我們的第一季財報電話會議上，我們選擇不重申指引意見，因為關稅可能會對汽車生產造成乾擾。一個季度後，我們最初的全年預期面臨的風險即使沒有完全消除，但也已經降低了。我們第二季和上半年的強勁業績，加上客戶需求的可見度（尤其是第三季），使我們能夠恢復指導並提高全年銷售額、調整後 EBITDA 和調整後自由現金流這三個財務指標的中點。

Our outlook for customer vehicle production for the second half is based largely on S&P Global's latest forecast with some modifications based on customer input. S&P Global is forecasting vehicle production to be down 5% for the second half, both sequentially and year over year. Compared to our original guidance, second half customer production has worsened slightly. It should be noted that in our guidance, we are assuming that the tariff status remains unchanged, including that all USMCA-compliant parts remain completely exempt from tariffs.

我們對下半年客戶汽車產量的展望主要基於標準普爾全球的最新預測，並根據客戶的意見做了一些修改。標準普爾全球預測下半年汽車產量將比去年同期下降 5%。與我們最初的預期相比，下半年客戶產量略有下降。需要注意的是，在我們的指導中，我們假設關稅狀況保持不變，包括所有符合 USMCA 的零件仍然完全免徵關稅。

Compared to our original guidance, our outlook is benefiting from favorable currency and the contribution from our recent engineering services acquisitions, partially offset by BMS. We have assumed lower BMS revenues to the potential lower consumer demand from the phaseout of the EV tax credit by the end of September.

與我們最初的指導相比，我們的前景受益於有利的貨幣和我們最近的工程服務收購的貢獻，但部分被 BMS 所抵消。我們假設，由於 9 月底電動車稅收抵免的逐步取消，消費者需求可能會下降，因此 BMS 收入可能會下降。

Our sales growth over market in the second half is anticipated to improve from Q2 levels, mainly driven by upcoming new product launches for displays and cockpit domain controllers. We now anticipate growth of our market of mid-single digit for the full year, a modest decline from original expectations due to lower BMS sales in China.

預計下半年我們的市場銷售成長將比第二季度有所提高，這主要得益於即將推出的顯示器和駕駛艙域控制器新產品。我們現在預計全年市場成長率將達到中等個位數，由於中國 BMS 銷量下降，與最初的預期相比略有下降。

In total, we remain cautiously optimistic despite the uncertain industry environment based on the strength of our product portfolio, the traction we are gaining in our strategic initiatives, as evident in our strong first half performance, and the visibility we have in near-term customer production schedules.

總體而言，儘管行業環境不確定，但我們仍然保持謹慎樂觀的態度，這得益於我們產品組合的實力、我們在戰略舉措中不斷獲得的動力（這從我們上半年的強勁表現中可以看出）以及我們對近期客戶生產計劃的了解。

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. Similar to quarter one, our second quarter was another strong quarter, both operationally and financially, allowing us to post excellent key metrics. Sales were $969 million, reflecting a 4% sequential improvement from Q1. It was better than anticipated and driven by robust demand for our digital cockpit products.

謝謝你，Sachin，大家早安。與第一季類似，我們的第二季無論是在營運還是財務方面都表現強勁，這使我們能夠發佈出色的關鍵指標。銷售額為 9.69 億美元，較第一季季增 4%。這比預期的要好，並且受到我們數位駕駛艙產品的強勁需求的推動。

Adjusted EBITDA for the quarter was $134 million, reflecting continued operational execution and cost discipline. Adjusted EBITDA margin for the quarter was a solid 13.8%, matching the record margin percentage that we set last quarter. We did benefit from some nonrecurring items and when normalizing for these items, our margins were in the mid-12% range, in line with our expectations. Adjusted free cash flow was $67 million, driven by a robust EBITDA performance as well as an inflow from working capital.

本季調整後的 EBITDA 為 1.34 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 利潤率達到 13.8%，與我們上個季度創下的利潤率記錄持平。我們確實受益於一些非經常性項目，當這些項目正常化時，我們的利潤率處於 12% 中間範圍，符合我們的預期。調整後的自由現金流為 6,700 萬美元，這得益於強勁的 EBITDA 業績以及營運資金流入。

In the quarter, we completed another bolt-on acquisition with a purchase price of $50 million, net of cash acquired. We ended the quarter with $361 million of net cash on the balance sheet and we are well positioned to continue executing on our balanced capital allocation strategy. Overall, we delivered another strong quarter, driven by our ongoing focus on commercial and operational discipline as well as capital efficiency.

本季度，我們完成了另一項附加收購，收購價格為 5,000 萬美元（扣除所獲現金）。本季末，我們的資產負債表上有 3.61 億美元的淨現金，我們已準備好繼續執行平衡的資本配置策略。整體而言，我們又取得了一個強勁的季度業績，這得益於我們持續專注於商業和營運紀律以及資本效率。

Turning to page 10. Sales were $969 million for the quarter, a decrease of $45 million compared to prior year. Customer production volumes were slightly negative year over year, declining in the low single digits in both the Americas and Europe, while production increased in Asia. Growth versus market was negative 1% in the quarter, recently launched programs with Ford, VW, Renault, and Nissan were positive contributors, while sales declines in BMS and China offset this growth. As a reminder, BMS sales peaked in Q2 last year as our US customers ramped up production of batteries in anticipation of new product launches.

翻到第 10 頁。本季銷售額為 9.69 億美元，較上年減少 4,500 萬美元。客戶產量較去年同期略有下降，美洲和歐洲的產量均呈現低個位數下降，而亞洲的產量則增加。本季相對於市場的成長為-1%，最近與福特、大眾、雷諾和日產推出的項目是積極的貢獻者，而 BMS 和中國的銷售下滑抵消了這一增長。提醒一下，由於我們的美國客戶為迎接新產品的推出而加大了電池產量，BMS 的銷售量在去年第二季達到頂峰。

Excluding China, growth of the market was 4% in the quarter, even with the additional headwind from BMS sales. Contributions from M&A represented slightly less than 1% of sales. Customer recoveries, primarily related to semiconductor cost increases, reduced sales compared to prior year by approximately 2%. Normal annual price reductions to our customers were slightly below 2% and in line with our historical average. FX was a very modest benefit in the quarter.

除中國外，即使受到 BMS 銷售的額外阻力，本季市場成長率仍為 4%。併購貢獻的銷售額略低於 1%。客戶追償主要與半導體成本增加有關，導致銷售額與前一年相比減少了約 2%。我們每年對客戶的正常價格降幅略低於 2%，與我們的歷史平均值一致。本季外匯收益非常有限。

Adjusted EBITDA for the quarter was $134 million. Compared to prior year, adjusted EBITDA was essentially flat, mostly as a result of lower sales, offset by nonrecurring items which was a net positive on a year-over-year basis. The majority of these nonrecurring items are commercial in nature and highlight the commercial discipline that we have integrated in our operating model by negotiating recoveries from our customers for incremental costs incurred from prior periods. The timing of these recoveries depends on a variety of factors, and we're not expecting a significant level of nonrecurring items in the second half of the year.

本季調整後的 EBITDA 為 1.34 億美元。與前一年相比，調整後的 EBITDA 基本持平，主要原因是銷售額下降，但非經常性項目較去年同期淨增為正。這些非經常性項目大部分屬於商業性質，透過與客戶協商收回前期產生的增加成本，凸顯了我們在營運模式中融入的商業紀律。這些復甦的時間取決於多種因素，我們預計下半年不會出現大量的非經常性項目。

Net engineering as a percentage of sales was 5.4% for the quarter and includes the recent engineering services acquisitions we've made in the last 12 months. On a year-over-year basis, net engineering costs increased slightly due to the recent engineering services acquisitions, partially offset by lower personnel costs and timing of 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 strategic engineering capabilities.

本季淨工程佔銷售額的百分比為 5.4%，其中包括我們在過去 12 個月內進行的工程服務收購。與去年同期相比，由於近期的工程服務收購，淨工程成本略有增加，但被較低的人員成本和工程恢復時間所部分抵銷。我們將繼續利用我們的平台方法和最佳成本足跡，並已開展多項措施來提高工程生產力，同時繼續投資於策略工程能力。

Adjusted SG&A was 4.2%, which reflects a healthy balance between ongoing cost controls and investment in key teams and technologies for the future. Our normalized margin for the quarter are in the mid-12% range when adjusted for several favorable nonrecurring items as well as net engineering and SG&A that are slightly below our full year expectations on a run rate basis. Our normalized margins have improved year over year and reflect the benefits of the various ongoing cost initiatives we have undertaken, including product costing, engineering productivity, platform-based product development, AI-driven process improvements, just to name a few.

調整後的銷售、一般及行政費用為 4.2%，反映了持續成本控制與對未來關鍵團隊和技術的投資之間的健康平衡。經過幾項有利的非經常性項目以及淨工程和銷售、一般及行政費用的調整後，本季度我們的標準化利潤率處於 12% 的中間範圍內，按運行率計算略低於我們的全年預期。我們的標準化利潤率逐年提高，反映了我們採取的各種持續成本措施帶來的好處，包括產品成本計算、工程生產力、基於平台的產品開發、人工智慧驅動的流程改進等等。

Turning to page 11. Visteon generated $105 million of adjusted free cash flow in the first half of the year. We continue to benefit from a robust level of adjusted EBITDA, and we were able to convert EBITDA to cash flow at a rate of 40%, in line with our original full year guidance. Trade working capital was an inflow and included a modest inventory reduction. Cash taxes were higher compared to last year, reflecting our continued improvement in profitability in most countries 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. We also had an outflow in the first half of the year related to our 2024 annual incentive program, which was paid out at higher levels than prior year due to strong financial and operational performance in 2024.

翻到第 11 頁。偉世通上半年產生了 1.05 億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 水平，並且我們能夠以 40% 的速度將 EBITDA 轉換為現金流，這與我們最初的全年指導一致。貿易營運資本是一筆流入，其中包括適度的庫存減少。現金稅較去年同期增加，反映出我們在大多數國家的獲利能力以及現金支付時間的持續改善。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。我們上半年也出現了與 2024 年年度激勵計畫相關的資金流出，由於 2024 年財務和營運業績強勁，該計畫的支出高於上一年。

In addition to this payout in the first quarter, other changes in the first half also included US pension contributions and the timing of various other cash flows. Capital expenditures were $66 million, representing 3.5% of sales and were slightly below our original full year expected run rate. In the first half of the year, in addition to ongoing investments supporting customer programs, we continue to invest in several in-sourcing initiatives. These initiatives include investments in various capabilities that are core to our product lines like magnesium injection molding, display bonding and assembly or camera assembly capabilities. In the quarter, we deployed a net $50 million of capital towards acquisitions. We ended the quarter with $671 million of cash and a net cash balance of $361 million.

除了第一季的這筆支出外，上半年的其他變化還包括美國退休金繳款和其他各種現金流的時間表。資本支出為 6,600 萬美元，佔銷售額的 3.5%，略低於我們最初的全年預期營運率。上半年，除了持續投資支援客戶專案外，我們還繼續投資多項內部採購計畫。這些措施包括對我們產品線核心的各種能力的投資，如鎂注塑成型、顯示器黏合和組裝或相機組裝能力。本季度，我們投入了 5,000 萬美元淨資本用於收購。本季末，我們的現金為 6.71 億美元，淨現金餘額為 3.61 億美元。

Turning to page 12. We have elected to reinstate guidance this quarter while raising the midpoint of our outlook for sales, adjusted EBITDA and adjusted free cash flow. Our guidance range for sales is $3.7 billion to $3.85 billion, an increase of $25 million versus our February guidance at the midpoint. Compared to our original guidance, we are benefiting from favorable currency movements, primarily with the euro as well as a modest increase in sales related to our recent Q2 acquisition, partially offset by lower BMS sales. We are largely aligned with S&P latest outlook, which is forecasting that our customer production is down in the low single digits for the full year, slightly better than the forecast back in January.

翻到第 12 頁。我們選擇在本季恢復指導，同時提高銷售額、調整後 EBITDA 和調整後自由現金流的預期中位數。我們的銷售預期範圍為 37 億美元至 38.5 億美元，比 2 月的中間值預期增加 2,500 萬美元。與我們最初的指導相比，我們受益於有利的貨幣變動，主要是歐元，以及與我們最近的第二季度收購相關的銷售額的小幅增長，但部分被 BMS 銷售額的下降所抵消。我們與標準普爾最新的展望基本一致，該預測稱，我們客戶的全年產量將下降個位數，略好於 1 月的預測。

Compared to the first half of the year, our guidance assumes a sequential decline in the second half of the year, reflecting lower customer production volumes of approximately 5%. This includes a sequential decline in Q3 of 7% for our customer production volumes compared to Q2, partially driven by normal seasonality in the US and Europe to account for summer plant closures. Offsetting this decline on new product launches, contributions from M&A and favorable currency. As a result, we anticipate Q3 will be close to Q1 2025 sales levels.

與上半年相比，我們的預期是下半年將較上季下滑，反映出客戶產量下降約 5%。其中包括，與第二季度相比，我們客戶的產量在第三季度環比下降了 7%，部分原因是由於美國和歐洲的正常季節性因素，導致夏季工廠關閉。新產品的推出、併購的貢獻以及有利的貨幣抵消了這一下降。因此，我們預計第三季的銷售水準將接近 2025 年第一季的銷售水準。

Growth over market is anticipated to increase from Q2 levels steadily throughout the year to a full year growth over market in the mid-single digits, slightly below our original guidance. This is mostly due to lower BMS sales and higher customer production volumes in China on vehicles we do not have content on.

預計全年市場成長率將從第二季的水平穩步上升至中等個位數的全年市場成長率，略低於我們最初的預期。這主要是由於中國 BMS 銷售量較低，以及客戶在未提供相關內容的車輛上生產量較高。

Compared to Q2, growth over market will improve as a result of new product launches for displays and SmartCore, while the headwinds from BMS and China will reduce primarily in the fourth quarter. As a result, we expect growth over market will be higher in Q4 than in Q3.

與第二季相比，由於顯示器和 SmartCore 新產品的推出，市場成長將會改善，而來自 BMS 和中國的阻力將在第四季度主要減少。因此，我們預期第四季的市場成長將高於第三季。

Adjusted EBITDA is expected to be between $475 million to $505 million, reflecting a 13% margin at the midpoint and an improvement of $25 million versus our previous guidance. We are integrating in our improved full year guidance, the net benefit from higher sales, the favorable nonrecurring items from the first half as well as ongoing strong operational performance. This equates to a second half margin in the low 12% range in line with our normalized margins in the first half of the year once you adjust for the expected lower sales volumes. We anticipate net engineering to be approximately 6% of sales for the full year, reflecting the incremental engineering costs associated with our recent acquisitions.

調整後的 EBITDA 預計在 4.75 億美元至 5.05 億美元之間，中間值為 13%，比我們先前預期的高出 2,500 萬美元。我們正在整合改進的全年指導、更高銷售額帶來的淨收益、上半年有利的非經常性項目以及持續強勁的營運業績。這意味著下半年的利潤率將在 12% 左右的低位，與我們上半年的正常利潤率一致，只要考慮到預期的銷售量下降。我們預計淨工程費用約佔全年銷售額的 6%，這反映了與我們最近的收購相關的增量工程成本。

Adjusted free cash flow is expected to be between $195 million to $225 million, reflecting a 43% EBITDA conversion at the midpoint of guidance and an improvement of $20 million versus original guidance primarily from higher profitability. CapEx is still expected to be approximately $150 million for the full year or 4% of revenue.

調整後的自由現金流預計在 1.95 億美元至 2.25 億美元之間，反映出指導中點 43% 的 EBITDA 轉換率，並且與原始指導相比增加了 2000 萬美元，這主要得益於更高的盈利能力。預計全年資本支出仍約為 1.5 億美元，佔收入的 4%。

Before moving on, let me provide some additional commentary on how we are modeling tariffs in our guidance. The midpoint of our guidance assumes no change in tariff policy or impact, including the assumption that USMCA-compliant goods crossing the Mexico-US border remain completely exempt from tariffs. As a reminder, we have approximately $10 million of goods that crossed the Mexico-US border today on a weekly basis, out of which 97% are USMCA compliant and, therefore, currently do not incur any tariffs. If this situation were to change, we would seek to pass the cost on to our customers, although there would be likely a timing mismatch as we would work to get agreements in place. You can find additional information on our potential exposure to tariffs on our Q1 earnings call.

在繼續之前，請允許我先就我們如何在指導中模擬關稅提供一些額外的評論。我們的指導中點假設關稅政策或影響不會發生變化，包括假設跨越墨西哥-美國邊境的符合 USMCA 的商品仍然完全免徵關稅。提醒一下，我們每周大約有價值 1000 萬美元的貨物跨越墨西哥-美國邊境，其中 97％符合 USMCA 規定，因此目前不產生任何關稅。如果這種情況發生變化，我們將尋求將成本轉嫁給我們的客戶，儘管在努力達成協議的過程中可能會出現時間上的不匹配。您可以在我們的第一季財報電話會議上找到有關我們可能面臨的關稅風險的更多資訊。

Turning to page 13. At our Investor Day in early 2023, we laid out our balanced capital allocation strategy that has four pillars: maintaining a strong balance sheet, investing in the business, both organically and inorganically through M&A, and returning capital to shareholders. Since our Investor Day, we have deployed approximately $650 million of capital towards these initiatives. We have been able to execute on this strategy as we continue to generate strong free cash flow, converting on average, 40% of our EBITDA into free cash flow annually. Of the capital we have deployed, approximately 50% of this capital went towards internal investments as we continue to generate robust returns with a return on invested capital in the high teens, one of the best return profiles in the industry.

翻到第 13 頁。在 2023 年初的投資者日上，我們制定了平衡的資本配置策略，該策略有四大支柱：保持強勁的資產負債表、透過併購以有機和無機方式投資業務以及向股東返還資本。自投資者日以來，我們已為這些計劃投入了約 6.5 億美元的資金。我們已經能夠執行這項策略，因為我們繼續產生強勁的自由現金流，平均每年將 40% 的 EBITDA 轉化為自由現金流。在我們部署的資本中，約有 50% 用於內部投資，因為我們繼續產生強勁的回報，投資資本回報率達到十幾歲左右，是業內最好的回報率之一。

We also have made progress executing on our M&A strategy. In the last 12 months, we have closed on three acquisitions for a total investment of approximately $105 million. Each acquisition at technology domain expertise to the company to further expand our product and service offerings to our customers. These acquisitions are bolt-on, representing just over 1% of sales on a full year run rate basis and are margin accretive to Visteon. We continue to have a robust M&A pipeline, and we'll look to close out additional acquisitions in the future.

我們在執行併購策略方面也取得了進展。在過去的 12 個月中，我們完成了三項收購，總投資額約為 1.05 億美元。每次收購都會為公司帶來技術領域的專業知識，進一步擴大我們向客戶提供的產品和服務。這些收購是附加的，佔全年銷售額的 1% 多一點，並且為偉世通增加了利潤。我們繼續擁有強大的併購管道，並期待在未來完成更多收購。

We also returned $176 million of capital through share repurchases. We temporarily paused repurchases in Q2 due to the uncertainty related to tariffs. Although this uncertainty remains, we intend to resume share repurchases in an opportunistic manner. In addition, we are announcing today the initiation of a quarterly dividend of $0.275 per share, representing about a 1% dividend yield on an annualized basis at today's stock price. The implementation of the dividend illustrates our confidence in our ongoing ability to generate cash and our commitment to returning capital to shareholders. This is in addition to our ongoing share repurchase program and not replacements.

我們也透過股票回購返還了 1.76 億美元的資本。由於關稅相關的不確定性，我們在第二季暫停了回購。儘管這種不確定性仍然存在，但我們打算抓住機會恢復股票回購。此外，我們今天宣布開始派發每股 0.275 美元的季度股息，以今天的股價計算，年化股息殖利率約為 1%。實施股利顯示我們對持續產生現金的能力充滿信心，並致力於向股東返還資本。這是我們正在進行的股票回購計劃的補充，而不是替代方案。

In summary, we have deployed a significant amount of capital since our Investor Day. At the same time, we have maintained one of the strongest balance sheets in the industry. Our current cash position was the expectation of additional free cash flow generation in the second half of the year enables us to continue to execute on our balanced capital allocation strategy. We will continue to invest in the business, both organically and inorganically, while returning capital to shareholders.

總而言之，自投資者日以來，我們已經投入了大量資金。同時，我們保持了業內最強勁的資產負債表之一。我們目前的現金狀況是預計下半年將產生額外的自由現金流，這使我們能夠繼續執行平衡的資本配置策略。我們將繼續以有機和無機的方式對業務進行投資，同時向股東返還資本。

Turning to page 14. Visteon remains a compelling long-term investment opportunity. We expect to benefit from higher demand for more digital content in the cockpit, regardless of powertrain. Visteon is well positioned for long-term top line growth, margin 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。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，我們都希望從駕駛艙對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、利潤率擴大和自由現金流產生，而我們強勁的資產負債表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) Itay Michaeli, TD Cowen.

（操作員指示）Itay Michaeli，TD Cowen。

Congrats on the quarter. Just first, maybe for Sachin. Another quarter of very strong bookings. It looks like you're gaining market share. I was hoping you could talk about, A, the drivers behind Visteon's recent market share gains and B, what the strong bookings do to kind of your longer-term growth expectations beyond the 5% previously guided for from 2025 to 2027.

恭喜本季取得佳績。只是首先，也許對於 Sachin 來說。又一個季度的預訂量非常強勁。看起來你們的市佔率正在擴大。我希望您能談談，A，偉世通近期市場份額增長背後的驅動因素，以及 B，強勁的訂單量對除了之前預測的 2025 年至 2027 年 5% 的增長速度之外的長期增長預期有何影響。

Yes, in fact, we're very happy about how the new business bookings have performed and if you look at our Q2 performance, it was very similar to Q1, driven mostly by displays and also clusters. And what it does is it really reflects the transformation is ongoing in the industry with the revised outlook for EVs outside of China. In China, as you know, EVs continue to grow and more importantly for us, our interest in AI-driven infotainment and autonomous driving is growing, which is our focus in that region.

是的，事實上，我們對新業務預訂的表現感到非常滿意，如果你看看我們第二季度的表現，它與第一季非常相似，主要受到展示和集群的推動。它確實反映了行業正在發生的轉型，以及中國以外地區電動車前景的調整。如您所知，在中國，電動車持續成長，對我們來說更重要的是，我們對人工智慧驅動的資訊娛樂和自動駕駛的興趣日益濃厚，這是我們在該地區關注的重點。

So what this transformation is doing, however, in the regions outside of China, it's causing OEMs to shift their focus to extend existing platforms and refreshed and then displays are a great way to enable them to offer more value-added and innovative experiences inside the vehicles. And as we have also -- I mentioned earlier, the investments we have been making in displays is really setting us apart from our competitors in terms of the depth and the scale of our capabilities, which I won't repeat here.

然而，這種轉變在中國以外的地區正在產生影響，它促使原始設備製造商將重點轉移到擴展現有平台和更新顯示器上，這是一種讓他們能夠在車內提供更多增值和創新體驗的好方法。正如我們之前提到的，我們在顯示器方面的投資確實使我們在能力的深度和規模方面有別於競爭對手，我在這裡就不再重複了。

But I would like to also say that we should look at our new business win performance over a multiyear period, I think it's actually quite useful to think about how it has evolved. If you go back a couple of years to 2023, they were actually driven by SmartCore and CDC and infotainment [wins]. Now that ratio at the time of, I should say, at the time in 2023, displays were actually a small portion of our new systems. That ratio became a little more even in 2024. And we are still in the process of implementing the infotainment and CDC programs that we won then. And this year, our displays is taking the lead. But we fully expect as we go forward to see more of a balancing to happen, especially with the interest is growing in higher-performance CDC systems with AI coming into the pocket which is creating this need for high-performance compute, which we clearly see happen now in China, but we expect it to also catch our momentum outside of China soon.

但我還想說，我們應該回顧我們多年來在新業務方面取得的成就，我認為思考它是如何發展的實際上非常有用。如果你回溯到 2023 年，它們實際上是由 SmartCore、CDC 和資訊娛樂驅動的[勝利]。現在，我應該說，在 2023 年的時候，顯示器實際上只是我們新系統的一小部分。到 2024 年，這一比例將變得更加均衡。我們仍在實施當時贏得的資訊娛樂和 CDC 計劃。今年，我們的展示處於領先地位。但我們完全相信，隨著我們不斷前進，將會出現更多的平衡，特別是隨著人們對更高性能 CDC 系統的興趣日益增長，而人工智慧的出現又創造了對高效能運算的需求，我們現在清楚地看到這種情況在中國發生，但我們預計它很快也會在中國以外地區趕上我們的發展勢頭。

Now in terms of the long-term impact of this, clearly, this is helping greatly in terms of driving the sales and especially in cockpit electronics. So we feel good about many of the initiatives that we had outlined as key to our -- achieving our 2027 targets. That includes the progress that we are making with our targeted growth automakers, especially in Asia, progress on two-wheelers and commercial vehicles as well, which is also have done well. And if you look at our first half performance, about close to 20% of our wins has been in commercial vehicles and two-wheeler markets. So that's very encouraging. So that's all very good, and it's going to help us in our achieving that long-term target.

現在就其長期影響而言，顯然，這對推動銷售，特別是駕駛艙電子設備的銷售有很大幫助。因此，我們對實現 2027 年目標所提出的許多關鍵措施感到滿意。這包括我們在目標成長型汽車製造商方面取得的進展，特別是在亞洲，兩輪車和商用車方面也取得了進展，這些方面也做得很好。如果你看一下我們上半年的業績，你會發現大約 20% 的勝利來自於商用車和兩輪車市場。這非常令人鼓舞。這一切都非常好，它將幫助我們實現長期目標。

But one thing I would like to highlight, however, which we need to understand how that's going to play out, is BMS. And so we will need to see how GM, in particular, will react to this market changes, including the phaseout of the tax credit. We think that our EVs continue to have interest from consumers. So do not prescribe to the notion that EVs are necessarily going away but we'll need to see how and what it does in the near term, and we'll be in a better position to comment on our long-term outlook later this year as we get more insights into other part of it.

但是我想強調的一點是，我們需要了解它將如何發揮作用，那就是 BMS。因此，我們需要觀察通用汽車將如何應對這一市場變化，包括稅收抵免的逐步取消。我們認為我們的電動車將繼續受到消費者的興趣。因此，不要認為電動車必然會消失，但我們需要觀察它在短期內如何發展以及會產生什麼影響，隨著我們對電動車其他部分的了解越來越多，我們將能夠在今年晚些時候更好地評論我們的長期前景。

Terrific. Maybe a quick follow-up for Jerome. With today's capital allocation announcements, can you just remind us how you're thinking about targeted net cash and future leverage, particularly with the business outlook improving?

了不起。也許是傑羅姆的快速後續行動。在今天的資本配置公告中，您能否提醒我們，您是如何考慮目標淨現金和未來槓桿的，特別是在業務前景改善的情況下？

Yeah. No, thanks, Itay. Generally, we have given a $100 million net cash position as kind of our minimum target for net cash. And as you know, today, we are well in excess of this. So that is not the only reason, but one of the reasons why we feel very confident with initiating a dividend, we've been constantly generating good EBITDA as well as strong cash flows in the last few quarters and years, in fact and we expect this to continue.

是的。不，謝謝，伊泰。一般來說，我們將 1 億美元的淨現金部位作為淨現金的最低目標。正如你們所知，今天我們已經遠遠超越了這個水準。所以這不是唯一的原因，但卻是我們對派發股息充滿信心的原因之一，事實上，在過去幾個季度和幾年裡，我們一直在產生良好的 EBITDA 以及強勁的現金流，我們預計這種情況將持續下去。

So that's really a testament of the strong cash flow generation. We have still $125 million authorized on our $20 million share repurchase authorization, and we'll be reactivating this quarter on top of initiating the dividends.

這確實證明了強勁的現金流產生。我們的 2,000 萬美元股票回購授權中仍有 1.25 億美元獲得授權，我們將在本季啟動股利分配並重新啟動此授權。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Visteon has talked about the success it's had with Toyota, and you mentioned at a recent conference that Toyota could account for about 10% of your total revenue in 2028. given how big and important Toyota is as a global OEM, I am hoping to better understand if you think there's the opportunity to further penetrate that customer beyond what you've done so far and its success with Toyota could also position Visteon to get additional wins with other Japanese auto OEMs?

偉世通談到了與豐田合作所取得的成功，您在最近的一次會議上提到，到 2028 年，豐田的收入將占到您總收入的 10% 左右。鑑於豐田作為全球汽車製造商的規模和重要性，我希望更好地了解您是否認為有機會進一步滲透到該客戶中，超越您目前所做的努力，並且其與豐田合作所取得的成功是否也能使偉世通贏得其他日本汽車製造商的青睞？

Yeah. Mark, this is a good question, and let me take that first. So if you look at the progress that we have made with Toyota, it has really been on a few of their, I would say, very high-profile vehicles such as Camry, Land Cruiser. We have also won content on the Tundra, Sequoia for North America and Corolla for China. And our wins have been mostly for digital clusters and to a smaller extent, displays. I should also mention we have one display for the Nexus brand as well.

是的。馬克，這是個好問題，讓我先來回答。因此，如果你看看我們與豐田合作所取得的進展，你會發現，這確實體現在他們的幾款非常引人注目的車型上，例如凱美瑞、陸地巡洋艦。我們還贏得了有關北美 Tundra、Sequoia 和中國 Corolla 的內容。我們的勝利主要體現在數位集群方面，其次是顯示器方面。我還應該提到，我們也有一個 Nexus 品牌的展示台。

So of the greatest products that we offer, it's still relatively, I would say, modest portion of the total opportunity that we see at Toyota. So we believe that this year, okay, we have done well with them so far. Last year was a very strong year in terms of new business wins and we expect to continue to win business retail as we go forward. At this stage, really what we need to be focused on is the execution of the many programs that we won and the successful launch and introduction into the market. So far so good. So we're very happy with where the relationship is standing today.

因此，我認為，儘管我們提供了最出色的產品，但它仍然只佔豐田所擁有的全部機會的一小部分。所以我們相信，今年到目前為止我們與他們合作得很好。去年是新業務成長非常強勁的一年，我們期望在未來繼續贏得零售業務。在這個階段，我們真正需要關注的是執行我們贏得的眾多項目以及成功推出和引入市場。到目前為止，一切都很好。因此，我們對目前的關係狀況感到非常滿意。

And I'm looking forward to continuing this relationship and establishing even a stronger a bond and a relationship here in the coming quarters. So I think everything so far is going as per -- we would have liked to do and nothing more to comment on that, and we've continue to remain very optimistic about the future.

我期待在未來幾個季度繼續保持這種關係並建立更牢固的紐帶和關係。所以我認為到目前為止一切都進展順利——我們希望這樣做，對此沒有更多要評論的，我們對未來仍然保持非常樂觀的態度。

My other question was on EBITDA margins. I believe EBITDA margin guidance is now about 13% at the midpoint compared to guidance in the mid-12% range that have been provided back in February. Jerome, you mentioned 1Q has some onetime benefits, but the full year is also tracking stronger. So can you help us better understand the different drivers of the improved EBITDA margin outlook? And also how much is coming from some of the M&A that you spoke about? Thanks.

我的另一個問題是關於 EBITDA 利潤率。我認為，EBITDA 利潤率指引目前約為 13% 的中間值，而 2 月提供的指引則為 12% 的中間值。傑羅姆，您提到第一季有一些一次性好處，但全年業績也將會更加強勁。那麼，您能否幫助我們更了解 EBITDA 利潤率前景改善的不同驅動因素？還有您談到的併購帶來的收益有多少？謝謝。

Yeah, absolutely, yes. So we've raised EBITDA to your point, and we're now at $490 million or 13% at the midpoint. So an improvement of $25 million or about 60 basis points. So what we're doing in the guidance, we're integrating the very strong H1 performance that we had so far. And we had a very good operational run rate, in fact, in H1.

是的，絕對是的。因此，我們將 EBITDA 提高到了您的目標，現在中間值為 4.9 億美元，即 13%。因此提高了 2500 萬美元或約 60 個基點。因此，我們在指導中所做的就是整合迄今為止非常強勁的 H1 表現。事實上，我們在上半年的營運運作率非常好。

So we are keeping that going. We also are adding, obviously, the nonrecurring items that we had in H1. I don't give a specific number in my prepared remarks, but we're talking about $10 million in Q2 of nonrecurring items on top of the $15 million that we had in Q1. So about a $25 million of nonrecurring item. However, some of that was contemplated, I would say, in our original full year guidance, maybe $5 million to $10 million.

因此我們會繼續這樣做。顯然，我們也增加了上半年的非經常性項目。我在準備好的發言中沒有給出具體的數字，但我們談論的是第二季度的非經常性項目金額為 1000 萬美元，而第一季的非經常性項目金額為 1500 萬美元。因此非經常性項目約為 2500 萬美元。不過，我想說，我們最初的全年指導中已經考慮到了其中的一些金額，大概是 500 萬到 1000 萬美元。

So if you think about H1 and H2, we have also included the small benefit of the acquisition, it's not very material in the scheme of things. We are adding a little bit of exchange and also contemplating a little bit more engineering and SG&A, largely to account to -- for specific investments we're doing in AI, for example, in engineering. So if you step back and look at our -- what we call our normalized margins, which are essentially excluding the nonrecurring items, we're running at 12.5% in the first half of the year and adjusting portfolio, that will be slightly lower in the second half, we'll be running at 12%. So that gives you the overall 13%, including the nonrecurring items that we've guided to for 2025.

因此，如果您考慮 H1 和 H2，我們還將收購的小額收益包括在內，但這在整個計劃中並不是很重要。我們正在增加一些交易，同時也考慮增加一些工程和銷售、一般及行政費用，主要是為了說明我們在人工智慧、工程等領域的具體投資。因此，如果你退一步看看我們的——我們所謂的標準化利潤率，基本上不包括非經常性項目，我們上半年的利潤率為 12.5%，調整投資組合後，下半年的利潤率會略低，為 12%。因此，總體而言，這是 13%，其中包括我們預計的 2025 年的非經常性項目。

Jerome, can you just clarify what the nonrecurring items are? Thanks.

傑羅姆，你能解釋一下非經常性項目是什麼嗎？謝謝。

Yes. So nonrecurring items are very similar to what we had in Q1. I would say about two-third of them are commercial items for items or costs that we have incurred on specific programs in prior years when the program didn't really materialize or go as planned. So we're negotiating recoveries with customers, and these are kind of claims, if you want.

是的。因此非經常性項目與我們第一季的情況非常相似。我想說其中大約三分之二是商業項目，這些項目或成本是我們在前幾年特定項目上產生的，當時該項目並未真正實現或按計劃進行。因此，我們正在與客戶協商追償事宜，如果您願意的話，這些都是索賠。

They are not large individually, but they add up and we've been quite successful in Q1 and Q2, negotiating these items. We -- It's quite unusual to have such a large number of claims or commercial items, negotiating -- negotiated in Q1 and Q2. And therefore, we don't anticipate having much in Q3 and Q4 on this front.

這些項目單獨來看並不大，但加起來就很大了，而且我們在第一季和第二季就這些項目的談判取得了相當大的成功。我們—在第一季和第二季談判如此大量的索賠或商業項目是非常不尋常的。因此，我們預計第三季和第四季在這方面不會有太大進展。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Just maybe a quick clarification on your last point, Jerome, just so I make sure I understand. So you named essentially about $25 million worth of 1 times in the first half, but the guidance is basically an EBITDA level raised by the same sort of amount. So were these mostly like timing where it was unusual that it was all in the first half that you would have had then in the full year? Or are those incremental? And then basically, the one times are most of what's driving this improvement in guidance?

傑羅姆，也許我需要快速澄清一下你的最後一點，以確保我理解了。因此，您提到上半年的 1 倍價值基本上為 2500 萬美元，但指引基本上是 EBITDA 水準提高了相同的金額。那麼，這些是否大多像時間一樣不尋常，因為這一切都發生在上半年，而您本應在全年發生這些事情？還是這些是增量的？那麼基本上，一次性事件是推動指導改善的主要因素嗎？

Yeah. So as I just said, there's about $5 million to $10 million that was contemplated already in our guidance. So you cannot really add the 25 on the full year, you can add probably 15 to 20. The rest is essentially a little bit of higher volume, partially offset by a little bit more cost on SG&A and engineering, but nothing material there.

是的。正如我剛才所說，我們的指導中已經考慮了大約 500 萬至 1000 萬美元。因此，您實際上無法在全年增加 25 個，但可能只能增加 15 到 20 個。其餘部分基本上是銷售量略有增加，但部分被銷售、一般及行政費用和工程費用略有增加所抵消，但沒有什麼實質影響。

The second question I was hoping to double click a little bit on BMS. So I understand the challenging comparison in the second quarter. Can you maybe talk a little bit about how we should think about cadence of comparisons on a go-forward basis for the rest of the year, but also a little bit longer term as well in the context of some of these new US regulations that could squeeze EV demand. So I think you have that as a, I guess, potential headwind for EV volumes, but then you also, I guess, still launching the program. So how do you think about the overall trajectory of BMS from here?

第二個問題我希望對 BMS 做一些詳細的說明。所以我理解第二季的比較具有挑戰性。您能否談談我們應該如何考慮今年剩餘時間的比較節奏，以及在美國新法規可能擠壓電動車需求的背景下，我們應該如何考慮更長期的比較節奏。所以我認為，這對電動車銷量來說是一個潛在的阻力，但你仍然會啟動該計劃。那麼，您如何看待 BMS 未來的整體發展軌跡呢？

Yeah. Let me take that, Emmanuel. This is Sachin. So yes, so first of all, I would like to share with you how this first half has performed relative to last year with BMS. So last year, both our customers in North America, GM and Stellantis were in ramp-up mode in their battery manufacturing and the supply chain for battery tends to be pretty long, especially when it's in the ramp-up phase. So the level of demand that we had from these customers last year didn't necessarily reflect their vehicle production last year. And what we are seeing this year with the inventory being built up and completed, is that our demand and our production of BMS, therefore it's reflecting what the vehicles -- or what these two OEMs are building this year as vehicles.

是的。讓我來接手吧，伊曼紐爾。這是薩欽。是的，首先，我想與大家分享 BMS 今年上半年相對於去年的表現。因此，去年，我們在北美的兩個客戶通用汽車和 Stellantis 都在加速電池製造，電池的供應鏈往往很長，尤其是在加速階段。因此，去年這些客戶的需求水準並不一定反映他們去年的汽車產量。我們今年看到的是庫存的建立和完成，這就是我們對 BMS 的需求和生產，因此它反映了車輛——或者說這兩家 OEM 今年正在生產的車輛。

So one thing I would say is, although it's lower on account of the reason I just mentioned with the buildup of inventory last year. Q2, sequentially, was higher than Q1 and is very much in line with what we see as the demand that's driven from the sell-through of the vehicles at our customers. And we will have to see to your point about the go-forward basis what happens. We will have to see how these OEMs respond to these credits being of this incentive being taken away by end of September.

所以我想說的是，儘管由於我剛才提到的去年庫存增加的原因，價格較低。第二季度的銷售量較上季高於第一季度，這與我們所看到的客戶車輛銷售所推動的需求非常一致。我們必須看看你關於未來發展的觀點會發生什麼。我們將拭目以待，看看這些原始設備製造商將如何應對 9 月底取消的激勵措施。

You probably know that the manufacturer credits still apply the 4 to 5x, and that remains. And we do anticipate that carmakers will continue to improve affordability of their vehicles. And as those investments that they are making in driving better affordability with the demand that we continue to see, especially in younger demographic, I do believe that EVs will continue to be part of the mix of powertrains that our customers will offer and ultimately, consumers could have a choice to pick the powertrain that best meets their lifestyle. So I think we may have a short-term uncertainty. But longer term, I think it will stabilize.

您可能知道製造商信用仍然適用 4 到 5 倍，並且保持不變。我們確實預計汽車製造商將繼續提高其汽車的價格承受能力。而且，隨著他們在提高汽車可負擔性方面所做的投資滿足我們不斷看到的需求（尤其是年輕人群的需求），我相信電動車將繼續成為我們客戶所提供的動力系統組合的一部分，最終，消費者可以選擇最適合他們生活方式的動力系統。所以我認為我們可能會面臨短期的不確定性。但從長遠來看，我認為它會穩定下來。

If you look at other parts of the world, Europe, of course, China, even emerging markets, demand for EVs has grown -- has not gone with the other way, incentives tend to be short term. At some point, this momentum is extreme and you hit critical mass. I do believe we have achieved that even here especially with infrastructure improving and the understanding of the lower operating cost of EVs starting to become a little more widespread, I think we will see ongoing demand for it. I can't really quantify at this stage exactly what it's going to be, but we'll be in a better position as we go forward to make a better estimate of that.

如果你看看世界其他地區，當然還有歐洲、中國，甚至是新興市場，對電動車的需求都在成長——而並沒有朝著相反的方向發展，激勵措施往往是短期的。在某個時刻，這種勢頭會達到極端，你就會達到臨界質量。我確實相信我們已經實現了這一目標，特別是隨著基礎設施的改善和人們對電動車較低營運成本的理解開始變得更加廣泛，我認為我們會看到對它的持續需求。目前我還無法確切量化它到底是什麼，但隨著我們繼續前進，我們將能夠更好地估計它。

And in terms of assumptions as well in our outlook and guidance, we have assumed that our BMS sales would be for Q3 and Q4, similar to what we've seen in Q2. And as Sachin said, it was a slight improvement from Q1. I think the good news these days is that there's more of a parity between production and demand. So that's very encouraging.

就我們的展望和指導中的假設而言，我們假設我們的 BMS 銷售額在第三季和第四季將與我們在第二季看到的類似。正如 Sachin 所說，這比第一季略有改善。我認為目前的好消息是生產和需求之間更加平衡。這非常令人鼓舞。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

I actually wanted to pick up a little bit there just on the BMS and EV discussion. I mean, if we think of Sachin about what you sort of just said, right, is whatever you're sort of implying for like a 4Q run rate on that business like bottom and we can be stable from there? And like how should we think and annualize that as sort of a go-forward rate unless we see some sort of recovery? Like -- and if so, like how should we think about how big that number is?

我實際上想就 BMS 和 EV 進行一些討論。我的意思是，如果我們考慮一下 Sachin 剛才說的話，對吧，無論您暗示的是第四季度該業務的運行率是否已經觸底，我們可以從那裡保持穩定？除非我們看到某種復甦，否則我們應該如何思考並將其作為年度前進率？例如——如果是這樣，我們該如何考慮這個數字有多大？

And I guess just given this business didn't really maybe pan out as many thought a few years ago, I mean, it sounds like maybe you're getting some -- you mentioned you're getting recoveries for prior programs. I'm not sure if it relates to this. But I guess I'm just wondering, are you rightsizing or restructuring your footprint for that business?

我想，鑑於這項業務幾年前可能並沒有像很多人想像的那樣成功，我的意思是，聽起來你可能得到了一些——你提到你正在從以前的項目中恢復。我不確定這是否與此有關。但我想我只是想知道，您是否正在為該業務調整規模或重組業務範圍？

Yeah. Let me answer that second part of the question first. So in terms of how we think about go forward, for our electrification business, given the fact that the volumes are not going to be at the levels that we had originally expected. What we are doing is to expand our offering in that vehicle category to go beyond BMS into more power electronics as well. And so we expect to have greater content on those vehicles, where today we may just have BMS to add other products to the mix and therefore, have greater content per vehicle.

是的。讓我先回答問題的第二部分。因此，就我們如何考慮未來發展而言，對於我們的電氣化業務，考慮到銷售不會達到我們最初預期的水平。我們正在進行的工作是擴大我們在該車輛類別中的產品範圍，使其不僅涵蓋 BMS，還涵蓋更多的電力電子設備。因此，我們期望在這些車輛上擁有更多的內容，今天我們可能只需要使用 BMS 來添加其他產品，從而每輛車擁有更多的內容。

So we are well on our way in terms of executing on that strategy both in Europe as well as in the US. And so that should help us in terms of offsetting some of the loss that we'll see in pure BMS sales as we move forward. However, that is a window in time because those wins have to be launched in terms of power electronics and convert it into revenue. In the meantime, we're still largely dependent on BMS. So for that portion -- for the rest of the year, we do expect us to mention that Q1, Q2 run rate will essentially be at the same levels, at least for the rest of the year.

因此，我們在歐洲和美國實施該策略的進展都很順利。因此，這應該有助於我們抵消未來純 BMS 銷售中出現的部分損失。然而，這只是一個時間窗口，因為這些勝利必須在電力電子方面實現，並將其轉化為收入。同時，我們仍然很大程度上依賴 BMS。因此，對於那部分 - 在今年剩餘時間內，我們確實希望提到 Q1、Q2 的運行率基本上保持在同一水平，至少在今年剩餘時間內是如此。

Now going forward, beyond that, if you think about where this level is in terms of the overall share of the vehicle sales, that's less than 5% of the customers' sales in the region. And if you look at the overall market, we are still tracking at a penetration of 7%, 8% as a portion of the total sales. So we think that, that is probably a reasonable expectation for us so that it should be able to either hold or slightly improve from these levels.

現在再進一步來看，如果你考慮一下這個水準在汽車銷售整體份額中所佔的比例，那麼這個水準還不到該地區客戶銷售額的 5%。如果你看一下整個市場，我們仍然追蹤到總銷售額的 7% 到 8% 的滲透率。因此我們認為，這對我們來說可能是一個合理的預期，以便它應該能夠保持或略微改善這些水平。

What's interesting is we have seen really good traction in the more affordable vehicle models that have been launched and still there are very few that's available as a choice for consumers. So as they expand their vehicle models and especially in the case of GM, that is the new old, for example, that's coming into production. We think that we will have more options and consumers will be able to pick from a wide variety of choice of better range performance and other things that we think that it may be a good thing to look at this level as kind of the floor.

有趣的是，我們看到已經推出的更實惠的車型確實具有良好的吸引力，但可供消費者選擇的車型仍然很少。因此，隨著他們擴大其車型，特別是對於通用汽車而言，例如，新的舊車型即將投入生產。我們認為我們將擁有更多的選擇，消費者將能夠從各種各樣的選擇中進行選擇，以獲得更好的續航性能和其他我們認為將這個水平視為底線可能是一件好事。

Okay. That's helpful. The second question is just on sort of your broadening of the customer base, penetration with new customers that you've historically been underexposed to, you mentioned Toyota, you mentioned some others. And I want to marry that thought with the more recent news that it seems like a lot of these players might be making further investments into the US. And does that perhaps make your opportunity with them even larger or maybe even a little bit more accelerated given that you may already have some footprint here that existing suppliers may not?

好的。這很有幫助。第二個問題是關於你們擴大客戶群，向你們過去未充分接觸過的新客戶滲透，你提到了豐田，也提到了其他一些客戶。我想將這個想法與最近的新聞結合起來，似乎很多參與者可能會進一步向美國投資。鑑於您可能已經在這裡擁有一些現有供應商可能沒有的足跡，這是否會使您與他們合作的機會更大，甚至可能加速一點？

Yeah. Overall, this trend towards having more of the supply we placed in the region where you are building vehicles has been a big benefit for us, not just for the US but also in other parts of the world, including Europe. So we are seeing recently, for example, Chinese OEMs wanting to get suppliers in Europe supply components. We see the same thing here in the US.

是的。總體而言，將更多供應放在汽車生產地的趨勢對我們來說是一個巨大的好處，不僅對美國如此，對包括歐洲在內的世界其他地區也是如此。例如，我們最近看到，中國原始設備製造商希望從歐洲獲得供應商供應零件。我們在美國也看到了同樣的情況。

And with this recent news that you are alluding to, it definitely is a positive for us as well, especially given investments we have made in vertical integration in many areas that we have mentioned on this point previously as well. This is all very helpful for us in terms of future demand.

而您提到的最近的新聞，對我們來說肯定也是一件好事，特別是考慮到我們已經在許多領域對垂直整合進行了投資，我們之前也提到過這一點。就未來的需求而言，這對我們非常有幫助。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Maybe just to understand the sales guidance versus initial expectations. What are the major puts and takes to -- just in terms of the market expectations, sounded pretty similar. FX I think, was a negative 1% or something like that. Now that's flat and then recoveries are unchanged and growth over market is slightly worse. So the main factors in the change here is better FX and M&A offset a little bit by the growth over market? Or is there other things that we're missing in terms of the puts and takes?

也許只是為了了解銷售指導與初步預期的對比情況。就市場預期而言，主要的利弊聽起來非常相似。我認為外匯是負 1% 或類似的數字。現在，這一數字持平，復甦保持不變，市場成長略有下降。那麼這裡變化的主要因素是更好的外匯和併購被市場成長稍微抵銷了？或者，在投入和產出方面我們還遺漏了其他東西嗎？

It's Jerome. You've essentially summarized pretty well. We had a $25 million improvement at the midpoint of the guidance. We've got favorable currency going into the second half, and that will represent versus our previous guidance, about 1% improvement. The acquisition is fairly minor in the scheme of things.

是傑羅姆。您基本上已經總結得很好了。我們在指導中期實現了 2500 萬美元的改善。進入下半年，我們的貨幣狀況良好，與我們先前的預期相比，這將帶來約 1% 的改善。從整體來看，這次收購規模相當小。

And all this is partially offset by a growth over market being slightly lower, mostly on the BMS side. We were -- and we are slightly more conservative than what IHS has given just for BMS. So that's -- yes, these are essentially kind of the puts and takes.

而所有這些都被市場略低的成長（主要是在 BMS 方面）部分抵消。我們 — — 而且我們比 IHS 針對 BMS 給出的預測稍微保守一些。是的，這些本質上是一種得失。

Got it. And there's obviously headwinds in China, headwinds from sort of BMS demand, could you frame that the percent of sales what these issues are? Because I think China last year was only 11% of sales. So it feels like it's kind of shrunk to the point that maybe the impact of declines there is mitigating. And then BMS, isn't that still a fairly small business, like maybe less than 3% of sales or something like that? Or any framing of the size of these businesses? Thanks.

知道了。顯然，中國存在著阻力，來自 BMS 需求的阻力，您能否指出這些問題在銷售中所佔的百分比？因為我認為去年中國僅佔銷售額的 11%。因此感覺它已經縮小到一定程度，也許那裡的衰退影響正在減輕。那麼 BMS 是不是還是一家規模相當小的企業，例如可能佔銷售額的不到 3% 左右？或對這些企業的規模有何規定？謝謝。

Yeah. BMS is very small in the China context for us. So I would say for us, in China, it has been mainly the cockpit domain controller as our main product. And we have seen also a sort of a bottoming out of the demand, and we're expecting going forward here, additional launches I mentioned this more powerful system that we are introducing with our largest customer.

是的。對我們來說，BMS 在中國的規模非常小。所以我想說，對我們來說，在中國，座艙控制器是我們的主要產品。我們也看到了需求觸底的跡象，我們預計未來還會推出更多產品，我之前提到過，我們將與我們最大的客戶一起推出更強大的系統。

There are other launches as well we did get some small benefit in terms of BMS in China this quarter. There were some vehicles that were launched by GM that uses our BMS that did well in Q2, and we'll have to see how it does in the second half of the year. So I would say things are after a few quarters of a decline, sequential decline, things are threatening and then starting to turn the corner for us in China. So we are cautiously optimistic.

本季我們也在中國的 BMS 方面推出了其他產品，確實獲得了一些小的收益。通用汽車推出的一些使用我們 BMS 的車輛在第二季度表現良好，我們必須看看它在今年下半年的表現如何。因此我想說，在經歷了幾個季度的下滑、連續下滑之後，情況開始對我們中國市場產生威脅，但隨後開始出現轉機。因此我們持謹慎樂觀的態度。

And I think that's the key. The year-over-year comparisons are pretty tough with China and BMS as well globally. But we are -- as Sachin said, we are seeing, in fact, of both China and as well BMS a slight improvement in Q2. We are planning to be fairly flat on the BMS side going forward, but we do see some minor increases in China for Q3 and Q4. Overall, China as Sachin said, 9% and BMS mid- to high single digits globally. Obviously, the business being mostly with our US customers, which are GM, Stellantis, and Honda as well. We do supply ultimately through Honda, through GM.

我認為這就是關鍵。與中國以及全球的 BMS 進行年比比較相當困難。但正如 Sachin 所說，事實上，我們看到中國和 BMS 在第二季度都略有改善。我們計劃未來 BMS 方面保持平穩，但我們確實看到中國在第三季和第四季會有一些小幅成長。總體而言，正如 Sachin 所說，中國佔 9%，而 BMS 在全球範圍內佔中高個位數。顯然，我們的業務主要針對美國客戶，包括通用汽車、Stellantis 和本田。我們最終透過本田和通用汽車進行供應。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Maybe just one question for me. We've covered a lot already. Sachin, I would just be interested in getting your updated perspective moving at China speed incrementally. And just generally, putting some offense in China as the cyclical and mix headwinds start to bottom out here, there's some thinking about both the software side where I know you've made a lot of investments in modularity, but maybe if we could talk about hardware in parallel as well. Thank you.

也許對我來說只是一個問題。我們已經討論了很多內容。薩欽，我只是希望你更新的觀點能以中國的速度逐步發展。總的來說，隨著週期性和混合性逆風開始在中國觸底，我們對中國市場採取了一些進攻措施，有一些關於軟體方面的思考，我知道你們在模組化方面投入了大量資金，但也許我們可以同時討論硬體。謝謝。

Yeah. No, I think both are very good questions, Luke. And I will talk about the progress that we're making, especially with what you referred to as China speed. So I'm giving you a couple of examples.

是的。不，我認為這兩個問題都很好，盧克。我將談談我們正在取得的進展，特別是你所說的中國速度。我給你舉幾個例子。

One is the recent display win that we had with Chery that we talked about in the previous quarter, we won it last quarter, and we will launch it essentially next year, right? So at a speed, which I think very few people even in China can match. The second one is we are working on cockpit domain controllers in China that are designed, developed, and launched under two years, which we can do largely because we have adapted ourselves to operating at China speed in China. And we have a platform approach, as you know, that was now a few years and continues to get stronger.

一個是我們最近與奇瑞合作贏得的展示合同，我們在上個季度討論過，我們在上個季度贏得了它，我們基本上會在明年推出它，對嗎？我認為，即使在中國，也很少人能達到這樣的速度。第二，我們正在中國研發座艙控制器，在兩年內完成設計、研發和上市，這很大程度上是因為我們適應了在中國以中國速度運作。如您所知，我們採用的是平台方法，這種方法已經使用了幾年，並且不斷變得更加強大。

Today, we are at a point, especially for cockpit domain controllers that we can use in our platform get to about 70% of their customers' requirements right out of the gate. So the very first release that we typically have, which is within three months of winning the business, we are able to meet a large number of the requirements. The great example is the one that we are currently developing with another one of these targeted booked OEMs in Japan, Mitsubishi when we have won for the very first time, an infotainment system business with them, which, by the way, I think will have many additional opportunities on the backs of -- as we go forward, including CDC opportunities with them.

今天，我們已達到這樣的水平，特別是對於我們可以在平台中使用的駕駛艙域控制器而言，它能夠立即滿足大約 70% 的客戶需求。因此，我們通常會在贏得業務後的三個月內發布第一個版本，以滿足大量的要求。一個很好的例子就是我們目前正在與日本另一家目標 OEM 三菱合作開發的系統，這是我們第一次與他們贏得資訊娛樂系統業務，順便說一句，我認為隨著我們前進，這將帶來許多額外的機會，包括與他們合作的 CDC 機會。

This program, just to give you some context, when we won it in Q1, already in this quarter, we are able to showcase to them a running system on a hardware, which with all of the design choices that will be in the final design and the software is functioning and is able to meet quite a bit of the requirements. This is really only possible if you have a platform approach. And it takes a fair amount of time to consign and release.

這個項目，只是為了給你一些背景信息，當我們在第一季度贏得它時，已經在這個季度，我們能夠向他們展示一個在硬體上運行的系統，它具有最終設計中的所有設計選擇，並且軟體正在運行並且能夠滿足相當多的要求。這其實只有採用平台方法才有可能。而且托運和放行也需要相當長的時間。

Today, I would say that in terms of being able to do these things at scale, very few companies can compare and meet our levels of scale and platformization both converging at the same time. So that's really our customer to this progress that we have made on the strategy.

今天，我想說，就能夠大規模地完成這些事情而言，很少有公司能夠與我們相比並達到我們同時融合的規模和平台化水平。因此，這確實是我們的客戶對我們在策略上取得的進展的認可。

Now with respect to the progress that we're making, I've mentioned Toyota already, so I won't comment on them. But just as a reminder, we have been talking about Honda, and Maruti Suzuki. One thing I will say is when you look at Honda, they have the two-wheeler side of their business but also very importantly, the four-wheelers, right? And we have made a lot of process in two-wheelers. We still have a lot of opportunity to go after on the four-wheeler side and the progress we made with Hyundai that we talked about and Maruti Suzuki in the previous quarter, I think all of these are well underway. At the same time, plenty of runway ahead of us.

現在關於我們所取得的進展，我已經提到了豐田，所以我不會對他們發表評論。但提醒一下，我們一直在談論本田和瑪魯蒂鈴木。我想說的是，當你看本田時，他們的業務有兩輪車方面，但同樣重要的是，他們還有四輪車，對嗎？我們在兩輪車領域取得了許多進展。我們在四輪車方面仍有很多機會，我們與現代和上一季的瑪魯蒂鈴木合作所取得的進展，我認為所有這些都在順利進行中。同時，我們前面還有充足的跑道。

And I think in these cases as well, it was not only innovation, cost quality that differentiated us, but as well as speed to market for all these customers. So I think that highly speaks to what we've been able to achieve.

我認為在這些情況下，我們不僅憑藉創新和成本品質脫穎而出，還以為所有客戶提供產品上市的速度脫穎而出。所以我認為這充分說明了我們所取得的成就。

And that does conclude the question-and-answer portion of today's call. I will now turn it back over to Kris Doyle. Kris?

今天電話會議的問答部分到此結束。現在我將把發言權交還給克里斯·道爾。克里斯？

Thanks. Thanks for participating in today's call. I'd like to quickly point your attention to slide 26 in which we highlight several Investor Relations activities for the third quarter. If you are interested in learning more, please contact the Investor Relations team.

謝謝。感謝您參加今天的電話會議。我想快速提請您注意第 26 張投影片，其中我們重點介紹了第三季的幾項投資者關係活動。如果您有興趣了解更多信息，請聯繫投資者關係團隊。

This now concludes our earnings call for the second quarter of 2025. Thank you.

我們對 2025 年第二季的收益電話會議到此結束。謝謝。

Thanks, Kris. And again, as Kris mentioned, this concludes Visteon's second-quarter 2025 results earnings call. You may now disconnect.

謝謝，克里斯。正如克里斯再次提到的，偉世通 2025 年第二季業績電話會議就此結束。您現在可以斷開連線。