Visteon Corporation (VC) 2026 Q1 法說會逐字稿

Good morning. I'm Kris Doyle, Vice President of Investor Relations and FP&A. Welcome to our earnings call for the first quarter of 2026.

早安。我是Kris Doyle，投資人關係與FP&A副總裁。歡迎參加我們2026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. Please refer to the page titled Forward-Looking Statements in our earnings material for more detail. Presentation materials for today's call were posted this morning on the Investors section of Visteon's website.

在今天上午的電話會議開始之前，我想提醒各位，今天的簡報包含《1995年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述不保證未來表現，且受各種風險、不確定性與假設影響，可能導致實際結果與所表達內容出現重大差異。更多細節請參閱我們財報資料中題為「前瞻性陳述」的頁面。今日電話會議的簡報資料已於今早發布於Visteon網站的投資人專區。

Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We've 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. Thank you again for joining us.

今天與會者包括總裁暨執行長Sachin Lawande，以及資深副總裁暨財務長Jerome Rouquet。本次電話會議安排為一小時，並將在Sachin與Jerome的準備發言後開放提問。請將您的參與限制為一個問題及一個追問。再次感謝各位加入我們。

Now, I'll turn the call over to Sachin.

現在，我把電話交給Sachin。

Thank you, Kris, and good morning, everyone.

謝謝你，Kris，各位早安。

Visteon delivered a solid start to the year, with first-quarter sales coming ahead of our expectations. Net sales were $954 million, up 2% year over year, despite lower industry and customer vehicle production. New product launches and customer recoveries more than offset the anticipated headwinds from lower BMS volumes and vehicle discontinuations at Ford. Growth over market in the quarter was 3%.

Visteon在今年開局表現穩健，第一季銷售額超出我們的預期。儘管產業與客戶的整車產量較低，淨銷售額仍達9.54億美元，年增2%。新產品導入與客戶補償回收，足以抵銷因BMS出貨量下降以及福特車款停產所帶來的預期逆風。本季相較市場的成長為3%。

Adjusted EBITDA was $104 million, broadly in line with our expectations. During the quarter, we saw elevated semiconductor costs, while the associated recoveries from customers are expected to be weighted more to the later part of the year. Adjusted free cash flow was negative $23 million, primarily driven by normal seasonality and higher inventory levels.

調整後EBITDA為1.04億美元，整體符合我們的預期。本季我們看到半導體成本偏高，而相關的客戶補償回收預期將較集中在今年較後段。調整後自由現金流為負2,300萬美元，主要受正常季節性因素與較高庫存水位所影響。

We continue to maintain a strong balance sheet with net cash of $385 million, providing ample flexibility to execute our capital allocation strategy. New business wins were just over $1 billion, led by cockpit domain controllers and digital clusters. A key highlight was our high-performance compute win with SAIC in China, a third customer for AI-based smart cockpit systems, reinforcing our first-mover advantage in this emerging technology, similar to our early leadership with SmartCore.

我們持續維持強健的資產負債表，淨現金為3.85億美元，為執行資本配置策略提供充足彈性。新業務得標金額略高於10億美元，主要由座艙域控制器與數位儀表群（digital clusters）帶動。一項重點亮點是我們在中國與上汽（SAIC）取得高效能運算（HPC）專案，成為AI智慧座艙系統的第三家客戶，強化我們在此新興技術上的先行者優勢，類似於我們早期在SmartCore的領先地位。

Q1 was a busy quarter for operations, with 20 launches across 11 automakers, including on several high-profile vehicles, underscoring our continued execution excellence in a dynamic supply chain environment.

第一季營運相當忙碌，我們在11家車廠共完成20項導入（launch），其中包含多款高關注度車型，凸顯我們在動態供應鏈環境下持續卓越的執行力。

Finally, we continued to return capital to shareholders. During the quarter, we returned $40 million through share repurchases and dividends. Overall, the quarter reflects a good start to the year, with strong execution across all parts of our business and continued progress on our strategic priorities.

最後，我們持續回饋股東。本季透過庫藏股回購與股利合計回饋4,000萬美元。整體而言，本季反映出今年良好的開局，我們在各業務面向均展現強勁執行力，並在策略重點上持續取得進展。

Turning to page 3. This page shows our Q1 sales performance by region, representing a solid start to the year with balanced global customer demand. In the Americas, demand for cockpit electronics was strong, driven by a ramp-up of recently launched products, including new display programs with Nissan and GM. We also benefited from one-time customer recoveries related to prior EV volume declines. Offsetting these were the anticipated headwinds from vehicle discontinuations at Ford and lower BMS volumes due to changes in EV policies and incentives.

請翻到第3頁。本頁顯示我們第一季按地區劃分的銷售表現，代表今年穩健開局，全球客戶需求均衡。在美洲，座艙電子需求強勁，主要受近期導入產品的放量帶動，包括與日產與通用汽車（GM）的新顯示器專案。我們也受惠於一次性客戶補償回收，與先前電動車（EV）銷量下滑相關。抵銷因素包括福特車款停產帶來的預期逆風，以及因電動車政策與補貼/激勵變動導致的BMS出貨量下降。

In Europe, we benefited from strong ramp-ups on several successful vehicle programs. Key contributors included a curved panoramic display referred to as a digital stage, combining a 12-inch digital cluster and a slightly larger center information display on the Audi Q3, digital clusters and displays on the Renault 4 and 5 EVs, and digital clusters on the new Nissan Qashqai and Juke. These programs supported Q1 sales growth despite a weak vehicle production environment. The engineering services acquisition from last year also contributed modestly to our sales in Europe.

在歐洲，我們受惠於多個成功車型專案的強勁放量。主要貢獻包括：奧迪Q3上的弧形全景顯示器（稱為數位舞台），結合12吋數位儀表與略大一些的中控資訊顯示器；雷諾4與5電動車上的數位儀表與顯示器；以及新款日產Qashqai與Juke上的數位儀表。儘管整車產量環境疲弱，這些專案仍支撐第一季銷售成長。去年收購的工程服務業務也對我們在歐洲的銷售帶來小幅貢獻。

In rest of Asia, India was a strong market for Visteon, with ramp-ups of a new SmartCore system for Mahindra and a digital cluster for TVS, a leading two-wheeler OEM. We also launched new digital cluster programs with Nissan and Mitsubishi for Japan and ASEAN markets, offsetting a Mazda program roll-off.

在亞洲其他地區，印度對Visteon而言是強勁市場，包含為Mahindra導入新的SmartCore系統，以及為兩輪車領先OEM TVS導入數位儀表。我們也為日本與東協市場，與日產及三菱導入新的數位儀表專案，抵銷了馬自達某專案的退場。

In China, policy reset and demand pull-forward late last year led to lower Q1 vehicle production, particularly in the price-sensitive segments. Our sales were in line with expectations, supported by greater exposure to higher-value segments that are less affected by policy changes. We also benefited from several recently launched programs, including a new cockpit domain controller with Zeekr, an upgraded digital cluster on the Toyota Corolla, and a new digital cluster on the Toyota Frontlander.

在中國，去年底政策重置與需求提前拉貨導致第一季整車產量較低，尤其在價格敏感的細分市場。我們的銷售符合預期，主要受惠於我們在較高價值細分市場的曝險較高，較不受政策變動影響。我們也受惠於多個近期導入的專案，包括與極氪（Zeekr）的新座艙域控制器、豐田Corolla的升級版數位儀表，以及豐田Frontlander的新數位儀表。

The year-over-year decline in our sales has reduced significantly versus prior quarters and is now tracking more in line with customer production volumes. Looking ahead, we have multiple launches in the second half that are expected to drive modest growth in China this year, followed by a more meaningful step-up in 2027. In summary, we started the year very well with stable global demand for cockpit electronics and new product launches offsetting the expected headwinds primarily from lower BMS volumes.

我們銷售的年減幅度相較前幾季已顯著收斂，現已更貼近客戶整車產量變化。展望未來，我們在下半年有多項導入，預期將帶動今年在中國的溫和成長，並在2027年出現更明顯的躍升。總結而言，我們今年開局非常良好，全球座艙電子需求穩定，新產品導入抵銷了主要來自BMS出貨量下降的預期逆風。

Turning to page 4. Q1 was a busy launch quarter with 20 new products launched with 11 car makers and on some strategically important vehicles for our customers. This page highlights a few key programs. We marked a significant milestone with our first launch for Toyota's Lexus brand on the fully redesigned Lexus ES, a flagship model leading the next-generation electrified lineup for Lexus. Our driver display is standard on all trims globally, reinforcing Visteon's role in advancing premium in-cabin experiences with Toyota and contributing to our growth with this customer.

請翻到第4頁。第一季是忙碌的導入季度，我們與11家車廠在部分對客戶具策略重要性的車款上，共導入20項新產品。本頁重點列出幾個關鍵專案。我們在豐田Lexus品牌上達成重要里程碑：於全新改款的Lexus ES（作為Lexus下一代電動化產品線的旗艦車型）完成首次導入。我們的駕駛顯示器在全球所有車型等級均為標配，強化Visteon與豐田共同推進高端車內體驗的角色，並有助於我們在該客戶的成長。

We also launched a digital cluster on the first-ever Infiniti QX65, a mid-sized luxury SUV from Nissan for US and Middle East markets. This new vehicle is a key part of Nissan's turnaround strategy in the US, and our 12-inch digital cluster comes standard in all trim lines of this vehicle.

我們也在首款Infiniti QX65上導入數位儀表，該車為日產面向美國與中東市場的中型豪華SUV。這款新車是日產在美國扭轉局勢策略的關鍵一環，而我們的12吋數位儀表在該車所有車型等級均為標配。

In China, we launched a driver display for the new electric Ford Bronco, developed specifically for that market. The automotive market in China is evolving beyond electrification to highly specialized segments with focus on technology and lifestyle applications. And the electric Bronco is significant for Ford in China, designed to compete directly with local EV manufacturers.

在中國，我們為全新電動Ford Bronco導入駕駛顯示器，並針對該市場專門開發。中國汽車市場正從單純電動化，演進至高度專業化的細分領域，更聚焦於科技與生活風格應用。而電動Bronco對福特在中國具有重要意義，其設計旨在直接與本土電動車製造商競爭。

India is one of the fastest-growing auto markets, and in Q1, we launched multiple products, including a digital cluster with Hyundai, infotainment with Tata, and a center information display with Renault. Hyundai and Tata are already well positioned in India as number two and number three players, and Renault has recently made India a cornerstone of its strategy.

印度是成長最快的汽車市場之一，而在第一季我們導入多項產品，包括與現代（Hyundai）的數位儀表、與塔塔（Tata）的資訊娛樂系統，以及與雷諾（Renault）的中控資訊顯示器。現代與塔塔在印度已分別穩居第二與第三大業者，而雷諾近期也將印度定位為其策略的核心。

India today represents nearly 10% of our total sales. And these launches position us to grow alongside our customers in what will be a key growth market going forward. In summary, we had a solid start in Q1 with new launches that laid the foundation for growth in the coming quarters and underscore Visteon's role in automaker's go-to-market strategies worldwide.

目前印度約占我們總銷售額的近10%。這些導入使我們得以在未來的關鍵成長市場中，與客戶一同成長。總結而言，我們在第一季以穩健表現開局，新導入專案為未來幾季的成長奠定基礎，並凸顯Visteon在全球車廠上市策略（go-to-market strategies）中的關鍵角色。

Turning to page 5. We secured approximately $1 billion in new business during the quarter. As expected, customer sourcing in Q1 was somewhat lighter following a strong finish to last year and some display opportunities were shifted into the second quarter. Our product portfolio remains well aligned with key industry trends and our new business opportunity pipeline is strong for the rest of the year. Based on current visibility, we remain on track to achieve our full-year target of $6 billion.

翻到第 5 頁。本季我們取得約 10 億美元的新業務。如預期所示，在去年強勁收尾之後，第一季客戶招標/採購活動相對偏淡，且部分顯示器相關機會已移轉至第二季。我們的產品組合仍與產業關鍵趨勢高度契合，且今年其餘時間的新業務機會管線強勁。依據目前能見度，我們仍按計畫達成全年 60 億美元的目標。

I would like to highlight a few of the key first-quarter wins on this page. In China, we secured our third customer for an AI-capable cockpit system with SAIC Motor for its IM brand. SAIC Motor is one of the largest car makers in China, and IM is their new brand targeting the premium cars segment.

我想在本頁重點說明幾項第一季的重要得標。在中國，我們與上汽集團（SAIC Motor）旗下 IM 品牌，取得第三個具備 AI 能力的座艙系統客戶。上汽集團是中國最大的車廠之一，而 IM 是其鎖定高端乘用車市場的新品牌。

Automakers in China are rapidly adopting agentic AI to enhance in-cabin experiences, driving demand for high-performance cockpit systems capable of running LLMs and video language models, or VLMs, using the latest silicon, such as Qualcomm's fifth-generation Snapdragon chips. These high-performance systems also enable greater ECU integration, accelerating the shift towards centralized domain architectures.

中國車廠正快速採用代理式 AI（agentic AI）以提升車內體驗，帶動對高效能座艙系統的需求；此類系統可使用最新晶片（例如高通第五代 Snapdragon 晶片）運行大型語言模型（LLM）與視覺語言模型（VLM）。這些高效能系統也能實現更高程度的 ECU 整合，加速向集中式域架構的轉型。

Importantly, Visteon has established an early-mover advantage with three OEM wins in the space, more than any other Tier 1 supplier, positioning us very well to take advantage of this emerging trend. Mainstream vehicles will continue to use conventional cockpit domain controllers for affordability reasons, with premium vehicles transitioning to AI-based cockpits.

重要的是，Visteon 已在此領域取得先行者優勢，拿下 3 家 OEM 的訂單，數量多於任何其他一級供應商（Tier 1），使我們能很好地把握這一新興趨勢。基於成本可負擔性考量，主流車款仍將持續採用傳統座艙域控制器，而高端車款將轉向以 AI 為基礎的座艙。

In India, we secured a SmartCore cockpit domain controller win with a European OEM for their vehicles for India and other emerging markets, our first SmartCore win with this customer. The system will power three cockpit displays and support advanced infotainment and entertainment features, similar to recent SmartCore launches in China and India. Beyond strong product market fit of SmartCore, speed was a key competitive differentiator and the main reason for this win, as the start of production of the vehicle is under 12 months.

在印度，我們與一家歐洲 OEM 取得 SmartCore 座艙域控制器訂單，應用於其面向印度及其他新興市場的車款，這也是我們首次與該客戶取得 SmartCore 訂單。該系統將驅動三個座艙顯示器，並支援先進資訊娛樂與娛樂功能，類似於近期在中國與印度的 SmartCore 上市案例。除了 SmartCore 產品與市場的高度契合之外，速度是關鍵的競爭差異化因素，也是本次得標的主要原因，因為該車款距離量產開始不到 12 個月。

We also expanded our commercial vehicle business by adding a new customer for digital clusters with a US manufacturer of purpose-built vehicles for defense, delivery, and fire and emergency markets. The 12-inch cluster will feature on their next-generation delivery vehicles, with production starting in early 2028, reflecting the growing adoption of digital cockpits in all kinds of commercial vehicles and not just for heavy-duty trucks.

我們也透過新增一位客戶來擴大商用車業務，為一家美國專用車製造商提供數位儀表（digital clusters），其產品面向國防、配送，以及消防與緊急救援市場。其下一代配送車將搭載 12 吋儀表，預計於 2028 年初開始量產，反映數位座艙在各類商用車（不僅是重型卡車）中的採用正持續提升。

In two-wheelers, we expanded our digital cluster program with Honda to additional models, representing an incremental $100 million of lifetime sales, further strengthening our engagement with the world's largest two-wheeler OEM. In summary, our Q1 performance was highlighted by strategic wins in key markets, reinforcing our technology leadership and supporting a strong pipeline that keeps us on track for our $6 billion full-year target.

在二輪車方面，我們將與本田（Honda）的數位儀表專案擴展至更多車型，新增約 1 億美元的全生命週期銷售額，進一步強化我們與全球最大二輪車 OEM 的合作關係。總結而言，我們第一季的表現以在關鍵市場取得策略性訂單為亮點，強化了我們的技術領導地位，並支撐強勁的機會管線，使我們持續朝全年 60 億美元目標前進。

Turning to page 6. China, the world's largest auto market, is also the most competitive, with intense pricing pressure in budget and mainstream segments, which Visteon has strategically avoided to protect profitability. Above mainstream, the market is now evolving beyond electrification into more specialized segments centered on intelligence, luxury, and lifestyle.

翻到第 6 頁。中國作為全球最大的汽車市場，同時也是競爭最激烈的市場；在入門與主流級距存在強烈的價格壓力，Visteon 為了保護獲利能力，已策略性地避開該等領域。在主流以上，市場如今正從電動化進一步演進至更具專業化的細分領域，聚焦於智慧化、奢華與生活風格。

A key area of growth is the emerging premium tech segment as traditional OEMs compete with tech-first players such as Tesla, XPeng, and Li Auto, with vehicles that combine luxury with advanced technology. OEMs such as Geely, Chery, and SAIC, who are amongst the largest in China, are defining their premium brands around the convergence of premium design, immersive digital experiences, and most importantly, artificial intelligence.

一個關鍵成長領域是新興的高端科技（premium tech）級距；傳統 OEM 正與特斯拉（Tesla）、小鵬（XPeng）與理想（Li Auto）等科技優先（tech-first）業者競爭，推出結合奢華與先進科技的車款。吉利（Geely）、奇瑞（Chery）與上汽（SAIC）等中國規模最大的 OEM 之一，正以高端設計、沉浸式數位體驗的融合，尤其是人工智慧，來定義其高端品牌。

The cockpit is at the center of differentiation, with agentic AI enabling a new level of in-cabin intelligence. Unlike traditional command-based systems, AI-powered smart cabins can understand user intent, reason through complex tasks, and act proactively on behalf of the user. For example, instead of manually entering a destination, the system can anticipate and suggest it based on context or what it hears from conversation. It can also translate incoming messages in real-time, draft responses with minimal input, and answer open-ended questions about surroundings, what the driver may be seeing outside the window, for example, delivering a far more intuitive and personalized in-cabin experience.

座艙是差異化的核心，而代理式 AI 使車內智慧達到全新層級。不同於傳統以指令為主的系統，AI 驅動的智慧座艙能理解使用者意圖、推理複雜任務，並代表使用者主動採取行動。例如，使用者不必手動輸入目的地，系統可依情境或從對話中聽到的內容預判並提出建議。它也能即時翻譯來訊、在極少輸入下草擬回覆，並回答關於周遭環境的開放式問題，例如駕駛從車窗外看到的事物，帶來更直覺且更個人化的車內體驗。

This level of intelligence requires a step change in computing power to run AI workloads far beyond what current cockpit domain controllers can provide. Visteon was the first Tier 1 supplier to develop a high-performance version of SmartCore using the newest fifth-generation chip from Qualcomm. We also developed the first cockpit-specific agentic AI software framework, Cognito-AI, to enable the development of use cases, like I just mentioned.

要達到這種智慧水準，需要運行遠超現有座艙域控制器能力的 AI 工作負載，因此必須在運算能力上實現躍升。Visteon 是第一家使用高通最新第五代晶片開發高效能版 SmartCore 的一級供應商（Tier 1）。我們也開發了首個座艙專用的代理式 AI 軟體框架 Cognito-AI，以支援我剛才提到的各類使用情境開發。

Our early investments in AI helped establish Visteon as a preferred partner for car makers in China for their AI-enabled cockpit systems. These next-generation systems carry significantly higher content value, and the business booked with the three OEMs thus far is already over $1 billion in value. We expect more vehicles to be added to the programs after the initial launches, which are happening this year.

我們在 AI 方面的早期投資，協助 Visteon 成為中國車廠在 AI 使能座艙系統上的首選合作夥伴。這些次世代系統具有顯著更高的單車內容價值（content value），而截至目前與三家 OEM 所簽下的業務價值已超過 10 億美元。我們預期在今年的初始上市之後，相關專案將納入更多車型。

While China is leading adoption of AI, we see this as a global inflection point. AI will also become a competitive must-have in other parts of the world, accelerated by the international expansion of Chinese OEMs and drive the next phase of growth for Visteon.

雖然中國在 AI 採用上領先，我們認為這是全球性的拐點。在中國 OEM 國際化擴張的帶動下，AI 也將在世界其他地區成為競爭上的必備要素，並推動 Visteon 下一階段的成長。

Turning to page 7. Before wrapping up, let me briefly discuss our outlook for the remainder of the year. Since issuing our guidance, S&P has lowered its global light vehicle production forecast for our customers by approximately 1.5 percentage points, with most of the impact in the second half of the year, the main reason being the Middle East conflict and there could be further downside if the hostilities persist for longer than anticipated. Production for our key customers is now expected to decline in the mid-single digits year over year.

翻到第 7 頁。在結束之前，我簡要說明我們對今年剩餘期間的展望。自我們發布財測指引以來，標普（S&P）已將我們客戶的全球輕型車產量預測下調約 1.5 個百分點，影響多集中在下半年；主要原因是中東衝突，若敵對行動持續時間長於預期，仍可能有進一步下行風險。目前預期我們主要客戶的產量將年減中個位數百分比。

On the supply side, memory remains constrained as strong demand from AI and data centers limits availability for automotive. Automotive continues to rely on older memory technologies that suppliers are phasing out in favor of newer nodes, creating a structural supply-demand imbalance and driving passing pressure and tightness in supply. We expect this environment to persist through 2027 before easing as new capacity starts to come online.

在供應端方面，記憶體仍然吃緊，因 AI 與資料中心的強勁需求限制了車用供給。車用領域仍依賴較舊的記憶體技術，而供應商正逐步淘汰舊製程、轉向更新節點，造成結構性的供需失衡，並推升價格壓力與供應緊張。我們預期此環境將持續至 2027 年，之後隨著新產能逐步到位才會緩解。

In this environment, we are proactively managing supply by working closely with existing suppliers and qualifying additional sources. We were able to secure sufficient supply in Q1 through proactive actions, ensuring no impact on our customers. We expect supply to remain tight throughout the rest of the year, with incremental supply from new sources starting to become more meaningful in the second half of the year.

在此環境下，我們透過與既有供應商密切合作並認證新增來源，主動管理供應。藉由積極作為，我們在第一季取得足夠供應，確保對客戶沒有影響。我們預期今年其餘時間供應仍將緊俏，而來自新來源的增量供應將在下半年開始變得更具意義。

On the positive side, customer demand has remained resilient, with Q1 coming in ahead of expectations and Q2 schedules indicating continued strength. Importantly, our key launches remain on track.

正面來看，客戶需求仍具韌性，第一季表現優於預期，且第二季排程顯示強勁動能可望延續。重要的是，我們的關鍵量產導入（launches）仍按計畫推進。

Taking all this into account and based on current data, we are reaffirming our full-year sales guidance despite incremental headwinds in the broader market. We will continue to closely monitor macro and supply conditions and provide updates as the year progresses.

綜合以上因素並基於目前數據，儘管整體市場逆風增加，我們仍重申全年銷售指引。我們將持續密切監控總體環境與供應狀況，並在年度進行過程中提供更新。

Now, I will hand it over to Jerome to discuss financials in more detail.

接下來我將把時間交給 Jerome，請他更詳細地說明財務狀況。

Thank you, Sachin, and good morning, everyone.

謝謝你，Sachin，各位早安。

We delivered in Q1 a balanced set of financial results in what continues to be a dynamic operating environment. For the quarter, sales were $954 million, a 2% increase from the prior year. We continue to see strong growth with new product launches and benefit from solid commercial execution, partially offset by lower customer production and expected headwinds, including lower BMS sales with GM and the discontinuation of several car lines at Ford. Growth over market was 3%, in line with our full-year expectations of low-single-digit outperformance.

我們在第一季交出一組均衡的財務成果，而營運環境仍持續動態變化。本季銷售額為9.54億美元，較去年同期成長2%。我們持續看到新產品上市帶來的強勁成長，並受惠於穩健的商業執行力；但部分被客戶產量下降與預期逆風所抵銷，包括對GM的BMS銷售下降，以及Ford停產數個車系。相較於市場的超額成長為3%，符合我們對全年「低個位數」優於市場表現的預期。

Adjusted EBITDA was $104 million, representing a margin of 10.9%. As we indicated on the prior call, we expected Q1 to be the low point for EBITDA, with improvement throughout the year as we make progress on customer recovery agreements and cost initiatives. In the quarter, we were impacted by elevated semiconductor costs and the timing mismatch of customer recoveries.

調整後EBITDA為1.04億美元，對應利潤率10.9%。如同我們在上一通電話會議中所提到的，我們預期第一季將是EBITDA的低點，並將隨著我們在客戶補償協議與成本措施上取得進展而於全年逐步改善。本季我們受到半導體成本居高不下以及客戶補償回收時點不匹配的影響。

Adjusted free cash flow was negative in the quarter, primarily driven by an increase in working capital, particularly inventory, and the 2025 incentive compensation which was paid in Q1.

本季調整後自由現金流為負，主要是因營運資金增加所致，尤其是庫存增加，以及於第一季支付的2025年激勵薪酬。

We continue to execute on our balanced capital allocation strategy, returning $40 million to shareholders, with $30 million in share repurchases and $10 million in dividends. We ended the quarter with a strong balance sheet and net cash of $385 million, providing flexibility to deploy capital while navigating the current market environment.

我們持續執行均衡的資本配置策略，向股東回饋4,000萬美元，其中3,000萬美元用於庫藏股回購、1,000萬美元用於股利。本季末我們的資產負債表依然強健，淨現金為3.85億美元，讓我們在因應目前市場環境的同時，仍具備靈活運用資本的彈性。

Turning to page 10. Sales for the quarter were $954 million, an increase of $20 million year over year. Customer production volumes were down 4%, while growth over market was 3% when excluding pricing and currency. Compared to our internal expectations a couple of months ago, we benefited from higher customer volumes, better pricing dynamics, and additional benefits from EV program commercial settlements.

請翻到第10頁。本季銷售額為9.54億美元，年增2,000萬美元。客戶產量下滑4%；若排除價格與匯率因素，超額市場成長為3%。相較於我們幾個月前的內部預期，我們受惠於較高的客戶出貨量、更佳的定價動態，以及電動車（EV）專案商業和解帶來的額外收益。

As Sachin already provided details on customer volumes in the quarter, let me provide some additional color on pricing and EV commercial settlements and how they impacted both sales and EBITDA. First, pricing was a headwind of $5 million in the quarter, which was lower than what we typically see. As a reminder, pricing in this environment is influenced by several moving pieces. These include annual and discrete price changes with customers, the unwinding or maintaining of surcharges put in place during the prior semiconductor shortage, and more recently, customer recoveries related to memory cost increases.

Sachin已就本季客戶出貨量提供細節，我再補充一些關於定價與EV商業和解的背景，以及它們如何影響銷售與EBITDA。首先，本季定價帶來500萬美元的逆風，低於我們通常看到的水準。提醒各位，在此環境下，定價會受到多項變動因素影響。包括與客戶的年度及單次價格調整、在先前半導體短缺期間所採取之附加費的回沖或維持，以及近期與記憶體成本上升相關的客戶補償回收。

During the first quarter, we were able to mitigate a portion of the elevated semiconductor costs through short-term commercial pricing agreements, while we continue to work towards longer-term recovery arrangements. We are making good progress on these longer-term agreements, and we expect that incremental costs will be offset by more permanent recoveries as we move throughout 2026, consistent with the assumptions embedded in our guidance.

在第一季，我們透過短期商業定價協議，得以緩解部分偏高的半導體成本，同時持續推進較長期的補償回收安排。我們在這些長期協議上進展良好，並預期隨著我們在2026年逐步推進，新增成本將由更具永久性的補償回收所抵銷，與我們財測中所內含的假設一致。

From an EBITDA perspective, the lower pricing we achieved with customers in the first quarter, combined with supplier cost reductions and value engineering activities, allowed us to partially mitigate the elevated costs from memory and resourcing actions. The net impact of these commercial activities was a headwind of just over $15 million.

就EBITDA而言，我們在第一季與客戶達成的較低定價，結合供應商降成本與價值工程活動，使我們得以部分抵銷記憶體與資源配置行動帶來的成本上升。這些商業活動的淨影響為略高於1,500萬美元的逆風。

Second, the additional benefit to sales from one-time settlements, primarily related to EV programs, was approximately $20 million, while the EBITDA was approximately $10 million as we closed out supplier settlements as well. As a reminder, our full-year guidance included $10 million of expected one-timers from program settlements, which was achieved in Q1.

第二，來自一次性和解（主要與EV專案相關）對銷售的額外貢獻約為2,000萬美元；由於我們也完成了供應商和解，對EBITDA的貢獻約為1,000萬美元。提醒各位，我們全年財測包含預期來自專案和解的一次性收益1,000萬美元，而這已在第一季達成。

With this context, let me provide more color on our year-over-year Q1 EBITDA bridge. First, let me remind everyone that prior-year results included approximately $15 million of one-time items, which impacts the year-over-year comparison.

在此背景下，我再補充我們第一季EBITDA年對年變動的橋接分析。首先提醒各位，去年同期的結果包含約1,500萬美元的一次性項目，這會影響年對年比較。

Second, as just mentioned, the negative impact from all commercial activities, including customer and supplier pricing, was a headwind of $15 million. This was partially offset by the benefit of EV settlements that I also highlighted. The remaining year-over-year decline in EBITDA of approximately $5 million was driven by lower volume, unfavorable FX and slightly higher freight and logistics, partially offset by ongoing cost initiatives, including vertical integration and engineering productivity.

第二，如剛才所述，所有商業活動（包含客戶與供應商定價）帶來的負面影響為1,500萬美元的逆風。這部分由我也提到的EV和解收益所部分抵銷。其餘約500萬美元的EBITDA年對年下滑，主要由較低的出貨量、不利的匯率，以及略高的運輸與物流成本所致；部分被持續的成本措施所抵銷，包括垂直整合與工程生產力提升。

Turning to page 11. Adjusted free cash flow for the quarter was negative $23 million, reflecting the typical seasonality of our business, with Q1 generally being one of the lower quarters for cash flow. In 2026, this dynamic was more pronounced for a few reasons. First, EBITDA in the quarter was at a low point for the year as expected. Second, we increased inventory levels during the quarter due to normal seasonality, inflation, and as a deliberate action to manage supply chain risk and market volatility. And third, the annual incentive compensation payout is in Q1, reflective of the strong performance last year and is reported in the line other changes.

請翻到第11頁。本季調整後自由現金流為負2,300萬美元，反映我們業務的典型季節性，第一季通常是現金流較低的季度之一。在2026年，這種情況因幾個原因而更為明顯。第一，如預期所示，本季EBITDA處於全年低點。第二，我們在本季提高了庫存水位，原因包括正常季節性、通膨，以及我們為管理供應鏈風險與市場波動而採取的刻意行動。第三，年度激勵薪酬於第一季發放，反映去年強勁表現，並列示於「其他變動」項下。

As it relates to the remainder of cash flow items, cash taxes were slightly lower year over year, primarily due to lower profitability in the quarter and timing of payments last year. Interest income continued to offset interest expense. Capital expenditures were in line with the prior year and continue to support new program launches.

至於其餘現金流項目，現金稅款年對年略降，主要因本季獲利較低以及去年付款時點所致。利息收入持續抵銷利息費用。資本支出與去年持平，並持續支持新專案上市。

Turning to capital allocation, we deployed $40 million in the quarter through share repurchases and dividends. We ended the quarter with $385 million of net cash and expect to continue deploying capital in a disciplined and balanced manner.

在資本配置方面，我們本季透過庫藏股回購與股利合計投入4,000萬美元。本季末我們的淨現金為3.85億美元，並預期將持續以審慎且均衡的方式運用資本。

Turning to page 12. Turning to our outlook, we are reaffirming our full-year guidance across all key financial metrics as the strong start of the year will help us offset a softer-than-expected market setup in the second half of the year.

請翻到第12頁。就展望而言，我們重申所有關鍵財務指標的全年財測；因為年初的強勁開局將有助於抵銷下半年市場環境較預期疲弱的影響。

Starting with sales, we continue to expect revenue in the range of $3.625 billion to $3.825 billion, which represents a low-single-digit growth over market. This reflects the strength of our product portfolio, strong customer demand in the first half of the year and the continued ramp of recent launches despite the softer-than-anticipated second-half production environment Sachin outlined.

先從銷售來看，我們仍預期營收介於36.25億至38.25億美元，代表相較市場為低個位數的超額成長。這反映我們產品組合的實力、上半年強勁的客戶需求，以及近期上市產品的持續放量，儘管Sachin所提到的下半年生產環境較預期疲弱。

Moving to profitability, we continue to expect adjusted EBITDA in the range of $455 million to $495 million, which corresponds to a margin of approximately 12.8% at the midpoint. Compared to the first quarter, we expect margins to improve as the year progresses. This is primarily driven by higher customer recoveries, as well as the continued impact of our cost initiatives, including product costing actions, vertical integration, engineering productivity, as well as resource rebalancing across our global footprint.

再看獲利能力，我們仍預期調整後EBITDA介於4.55億至4.95億美元，中點對應利潤率約12.8%。相較第一季，我們預期利潤率將隨著年度推進而改善。主要驅動因素為更高的客戶補償回收，以及我們成本措施的持續影響，包括產品成本改善行動、垂直整合、工程生產力提升，以及在全球據點間進行資源再平衡。

On free cash flow, we continue to expect adjusted free cash flow in the range of $170 million to $210 million. That said, we are currently trending towards the lower end of this range. This reflects our plan to maintain higher levels of inventory as we proactively manage supply constraints, especially around certain semiconductor and memory components.

在自由現金流方面，我們仍預期調整後自由現金流介於1.70億至2.10億美元。不過，目前我們的趨勢偏向此區間的低端。這反映我們計畫維持較高的庫存水位，以主動管理供應限制，特別是某些半導體與記憶體元件。

Importantly, our strong balance sheet provides us with significant flexibility to navigate these dynamics. Maintaining financial strength continues to be a core pillar of our capital allocation philosophy, enabling us to invest in the business and return cash to shareholders while managing near-term volatility. We plan to provide a more comprehensive update on our longer-term capital allocation priorities at our upcoming Investor Day.

重要的是，我們強健的資產負債表為我們提供了顯著的彈性以因應這些動態。維持財務實力仍是我們資本配置理念的核心支柱，使我們能在管理短期波動的同時，投資於業務並向股東回饋現金。我們計畫在即將舉行的投資人日，對較長期的資本配置優先事項提供更全面的更新。

Turning to page 13. Visteon continues to be a compelling long-term investment opportunity. We have spent the last couple of years rebuilding our growth algorithm, while executing operationally and commercially throughout a dynamic environment. We remain confident in our long-term opportunity, and we look forward to sharing more with you at our upcoming Investor Day on June 25 in New York City.

接著翻到第 13 頁。Visteon 仍是一個具吸引力的長期投資機會。過去幾年，我們在充滿變動的環境中，一方面落實營運與商務執行，一方面重建我們的成長演算法。我們對長期機會仍充滿信心，並期待在 6 月 25 日於紐約市舉行的投資人日與各位分享更多內容。

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

感謝各位今天撥冗參與。接下來我想開放電話會議進入提問。

(Operator Instructions) Mark Delaney, Goldman Sachs.

(接線員指示) Mark Delaney，高盛。

Good morning. Thank you for taking the question. I was hoping to start with a question on the demand and production environment. The company spoke in its prepared remarks about S&P lowering its forecast for 2026, driven by the Middle East conflict. You said that at least for the first half, customer schedules have actually been solid and not even a bit better than expected.

早安。感謝讓我提問。我想先從需求與生產環境的問題開始。公司在事先準備的發言中提到，S&P 因中東衝突而下調了 2026 年的預測。你提到至少在上半年，客戶排程其實相當穩健，甚至比預期還要好一些。

Could you speak a bit more on what Visteon has seen with respect to LVP? As you look into the second half, are you seeing any softening in your own customer conversations? And maybe clarify what you're trying to bake into guidance for the year and the 1H to 2H trajectory.

能否再多談一些 Visteon 對 LVP 的觀察？展望下半年，你們在與客戶的對話中是否看到任何走弱？也請釐清一下，你們在全年指引以及上半年到下半年的走勢假設中，想納入哪些因素。

Yeah. Thanks, Mark. It's Jerome. Let me answer that question.

好的。謝謝你，Mark。我是 Jerome。我來回答這個問題。

So we are -- as you've heard, we're maintaining our full-year guidance for sales and as well for EBITDA. Let me give you a little bit of color by quarter. So Q1 came in a little stronger than what we had anticipated. We were also positively impacted by some EV settlements, about $20 million. So it's important to make sure that we don't annualize that $20 million.

如各位所聽到的，我們維持全年營收以及 EBITDA 的指引不變。我按季度補充一些背景。第一季表現比我們原先預期略強。我們也受到一些電動車（EV）結算款的正面影響，約 2,000 萬美元。因此很重要的一點是，不要把這 2,000 萬美元年化。

Q2, even with the Middle East conflict, we do have a pretty strong setup for Q2. We have good visibility on our orders, and I would say that Q2 looks similar to what we had in Q1 from an older standpoint. So pretty robust first half of the year.

第二季，即使有中東衝突，我們第二季的布局仍相當強勁。我們對訂單有良好的能見度，我會說從整體角度來看，第二季看起來與第一季相近。因此上半年相當強勁。

As far as the second half is concerned, we are using S&P (inaudible) revised numbers recently and dropped the second half of the year for us by approximately 2%, so a softer setup as we go into the second half. But we do have strong launches that are supposed to come in line in Q3 and Q4, mostly around Toyota as well as the HPC launches.

至於下半年，我們採用 S&P（聽不清）近期修訂後的數字，將我們下半年的預估下調約 2%，因此進入下半年時的態勢會較為偏弱。不過，我們在第三季與第四季預計會有強勁的新案量產（launch），主要來自 Toyota，以及 HPC 的量產導入。

So overall, a strong H1 with a little bit of a softer H2 than anticipated allows us to stay on guidance for the full year. I would say as well that we still have got a fairly large range this year on sales for the guidance, $1 million each way. So it allows us to have some leeway as well up and down versus the midpoint.

整體而言，上半年強勁、下半年較原先預期略為偏弱，讓我們得以維持全年指引不變。另外我也想說，我們今年的營收指引區間仍相當大，上下各有 100 萬美元的幅度。因此相較於中位數，上下波動也保留了一些彈性。

That's helpful, Jerome. And just to clarify, when you talk about the softening in 2H and basing it off of what S&P has projected, it doesn't sound like you've actually seen a change in your own customers' schedules. Is that correct?

這很有幫助，Jerome。再確認一下，當你談到下半年走弱、並以 S&P 的預測為基礎時，聽起來你們其實並沒有在自家客戶的排程上看到變化。是這樣嗎？

That is correct for Q2, indeed, yes. And we have normally visibility for the next three months.

是的，第二季確實如此。而且我們通常對未來三個月有能見度。

Okay. And then my other question is just on memory. The company's guidance had assumed you'd substantially recover the increasing costs in your full-year guidance. You spoke a bit around the progress you're making there in the first quarter, but maybe talk about how far along you are in securing those recoveries. And are you still expecting to substantially recover all of the higher semiconductor memory costs for this year's guidance? Thanks.

了解。我另一個問題是關於記憶體。公司指引假設你們在全年指引中能大幅回收上升的成本。你們在第一季談到一些進展，但能否說明目前在爭取這些回收（recoveries）方面進度到哪裡了？你們是否仍預期在今年指引中，能大幅回收所有較高的半導體記憶體成本？謝謝。

That's a good point. Let me -- maybe before we even talk about recovery, we should probably talk about supply because with if supplies is an issue, recovery is maybe an issue, which is not our case. But let me hand over to Sachin and then I'll talk again about recoveries.

這點問得很好。我想——也許在談回收之前，我們應該先談供應，因為如果供應是問題，回收可能也會是問題；但我們的情況不是這樣。不過我先交給 Sachin，之後我再回來談回收。

Thanks, Jerome. So I think this is a point that we probably need to make sure that we express clearly the situation so we can understand what's happening with supply, which obviously has implications on our ability to recover as well.

謝謝，Jerome。我認為我們需要把現況清楚表達，讓大家理解供應端正在發生什麼事，而這顯然也會影響我們回收成本的能力。

So as you probably are aware, there are two factors that are really driving the supply situation. One is the higher-than-expected demand for memory, I should say, driven by AI for data centers, for smartphones, et cetera. But very importantly, many of our traditional large memory suppliers are shifting away from the older tech nodes that have been used by automotive to newer tech nodes, which also reduces capacity for auto.

如各位可能知道的，供應情勢主要由兩個因素驅動。第一是記憶體需求高於預期，我應該說，這是由資料中心的 AI、智慧型手機等帶動。但更重要的是，我們許多傳統大型記憶體供應商正從汽車業使用的較舊製程節點，轉向較新的製程節點，這也降低了汽車用記憶體的產能。

And this is what has created this imbalance between supply and demand, which has lowered availability of memory for industries like auto and others as well, by the way. So I think the impression all of us should have is that there's no segment of the industry that will get enough memory in the short-term. And obviously, that has resulted in higher prices.

這就造成供需失衡，進而降低了汽車等產業（順帶一提，還有其他產業）的記憶體可取得性。因此我想我們都應該有的認知是：短期內，產業中沒有任何一個區塊能取得足夠的記憶體。而這顯然也導致價格上升。

Now, as the smaller suppliers look at this environment, they see this as an opportunity to enter the market for autos, so smaller fabs in particular. And we are working with some of them to bring them into our supply base and, in fact, have managed to secure some supply already for this year. About 10% of our total full-year demand this year for the first time would be met by some of these emerging suppliers.

現在，較小的供應商看到這樣的環境，會把它視為切入汽車市場的機會，特別是一些較小的晶圓廠。我們正與其中一些合作，把他們納入我們的供應體系；事實上，我們今年已經成功取得部分供應。今年我們全年總需求中，約有 10% 將首次由這些新興供應商來滿足。

One more point that I would like to add is that, unlike in the prior semiconductor crisis, where the lead times for new capacity to come online was fairly long, two-plus years. In this case, with memories, it's shorter. If there's clean room space available, new capacity can come online in about a year. So that's helpful. And so we believe with more suppliers coming in, this situation that we have right now will probably last perhaps into the middle of next year, maybe towards the end of next year and start to get better from there. And that will also help in terms of drawing the prices down as more supply comes into the market.

我還想補充一點：不同於先前的半導體危機，當時新增產能上線的前置時間相當長，通常要兩年以上。這次在記憶體方面，時間較短。如果有可用的無塵室空間，新產能大約一年就能上線。這是有利因素。因此我們相信，隨著更多供應商加入，目前的情況可能會延續到明年年中，或許到明年年底，之後開始改善。而隨著更多供給進入市場，也將有助於把價格拉回。

So that's the situation we're dealing with. We have done, as a team, a very good job of ensuring that none of our customers are impacted in terms of their production for Q1. And we anticipate with all of the measures that we have in place, working closely with our current suppliers and the new ones that we'll be able to mitigate the situation. And although it's going to be tight, we should be in a position to meet the customer demand.

這就是我們正在面對的情況。我們團隊在確保第一季客戶生產不受影響方面做得非常好。我們預期，透過已採取的各項措施、與現有供應商及新供應商密切合作，我們將能緩解這個情勢。雖然會很吃緊，但我們應該能滿足客戶需求。

And then on the recovery, so maybe first on cost, cost came in line with expectation in Q1, slightly higher than $20 million, as we had indicated during our last call. In terms of progressing with customers in terms of negotiations, we've done pretty well so far.

接著談回收：先談成本，第一季成本符合預期，略高於 2,000 萬美元，正如我們在上次電話會議中所提到的。至於與客戶協商的進展，我們目前做得相當不錯。

And let me give you a bit more color then on the overall impact that all this had in Q1. So in Q1, we've reported an outflow of $15 million on what we call our commercial items. So it's the net between our supplier savings and what we give to our customers. Overall, we had anticipated we would have some level of leakage in Q1, as we were obviously working on long-term contracts. So what we did just for Q1 was executing very short-term commercial agreements with some of our customers, and that helped us mitigate some of these additional costs that we got, plus $20 million, as I just said.

讓我再補充一些背景，說明這一切在第一季對整體影響的情況。所以在第一季，我們在所謂的商業項目上報告了1,500萬美元的資金流出。也就是我們從供應商取得的節省與我們讓利給客戶之間的淨額。整體而言，我們原本就預期第一季會有一定程度的滲漏，因為我們顯然正在處理長期合約。因此，我們在第一季所做的是，與部分客戶簽訂非常短期的商業協議，這有助於我們緩解部分新增成本；此外，正如我剛才所說，還有2,000萬美元。

So overall progression is going on well with negotiations, and we are expecting most of the negotiation to be closed by end of Q2. So we'll see, as a result of that, some level of catch-up in the second quarter. And we are expecting our commercial business equation to be neutral in the second quarter as some of the improvements that we have with our regular suppliers come online. But overall, for the full year, we're maintaining our guidance in terms of recovery, and we are still expecting to have some level of leakage, largely because of the timing issues that we'll have for the full year.

整體來看，談判進展良好，我們預期大部分談判會在第二季末前完成。因此，第二季我們會看到一定程度的追溯補回（catch-up）。隨著我們與常規供應商的部分改善措施開始到位，我們預期第二季商業面（收支方程式）將達到中性。但就全年而言，我們維持在回收（recovery）方面的指引不變；我們仍預期全年會有一定程度的滲漏，主要是因為全年會面臨時點上的問題。

Thank you.

謝謝。

Colin Langan, Wells Fargo.

Wells Fargo 的 Colin Langan。

Oh, great. Thanks for taking my questions. Just to follow up on this issue, so you have over $20 million in costs, but you have $15 million of recoveries. You've got something close to 75% recoveries already, and then you expect to have that caught up in Q2. Does that mean we get a little additional boost already in Q2 from recovery timing?

太好了。謝謝回答我的問題。就這個議題追問一下，你們有超過2,000萬美元的成本，但有1,500萬美元的回收。你們已經回收了接近75%，然後你們預期第二季會補回。這是否意味著第二季因回收時點而會有一些額外的提振？

Yes, Colin. That's Jerome. Correct. So we've had this $15 million leakage, and we like to combine essentially what we're giving to customers versus what we're getting from suppliers, in some cases increases, obviously. So we look at this holistically with negotiating, I would say, with customers, the full pricing package with them.

是的，Colin。我是 Jerome。沒錯。所以我們有這1,500萬美元的滲漏；我們傾向把我們給客戶的讓利與我們從供應商那邊取得的（在某些情況下顯然是漲價）合併來看。因此在談判時，我們會以整體角度來看，基本上是與客戶協商完整的定價方案。

So that includes not only the annual price reduction, that includes as well the legacy recoveries from prior chip shortages, as well as now the new memory cost increases that we're passing on to customers. So we are expecting this leakage of $15 million to be neutral in the second half of the year and then slightly improve as we go in Q3 and Q4 so that we have a minimal leakage for the full year as I indicated and per our guidance.

這不僅包含年度降價，也包含先前晶片短缺時期的歷史回收（legacy recoveries），以及我們現在正轉嫁給客戶的新增記憶體成本上漲。因此，我們預期這1,500萬美元的滲漏在下半年會轉為中性，並且在第三季與第四季會略有改善，使得如我所說、也符合我們指引，全年僅有極小幅的滲漏。

Okay. I think I actually had that wrong. So it's $15 million -- so you have like -- about a third is recovered in the quarter, but you expect -- does that all jump back? Does that $15 million become a positive in Q2? Sorry.

好的。我想我剛才其實理解錯了。所以是1,500萬美元——也就是說，本季大概回收了三分之一，但你們預期——那會全部跳回來嗎？這1,500萬美元在第二季會變成正數嗎？抱歉。

It does. Yes, it does. Absolutely. So it does become positive in Q2, and it will improve even slightly better. It will improve slightly in Q3 and Q4 for a slight negative for the full year.

會的。是的，會的。完全正確。所以第二季會轉為正數，而且還會再略微改善。第三季與第四季會再小幅改善，因此全年合計會是小幅負數。

Got it. And then the guide for the year is low-single-digit growth over market. You made it abundantly clear that the first half was going to be really tough with roll-offs and the BMS, but you still did 3% in Q1. Why not mid-single now more likely as we go through the year, given you have highlighted pretty strong second-half launches?

了解。另外，你們對全年指引是相對市場的低個位數成長。你們已經非常清楚表示上半年會因到期下滑（roll-offs）與 BMS 而非常艱難，但第一季仍有3%。既然你們也強調下半年有相當強勁的新案導入（launches），為什麼現在不更可能是中個位數？

Yes. I would say Q1 came in pretty close to our expectations. We had not given guidance per quarter. So 3% was generally in line with the low-single digit for the full year. We're expecting to hold that performance pretty much throughout the year. And we're expecting all regions to perform pretty well, maybe with the exception of the Americas, largely because of the BMS situation. But overall, a pretty consistent growth over market throughout the year.

是的。我會說第一季的表現非常接近我們的預期。我們並未提供逐季指引。因此，3%大致符合全年低個位數的水準。我們預期全年大致都能維持這樣的表現。我們也預期各區域表現都會不錯，可能只有美洲例外，主要是因為 BMS 的情況。但整體而言，全年都會維持相對市場的穩定成長。

Okay. All right. Thanks for taking my question.

好的。好。謝謝回答我的問題。

Emmanuel Rosner, Wolfe Research.

Wolfe Research 的 Emmanuel Rosner。

Great. Thank you so much. I appreciate all the color on the memory supply and discussion and trying to derisk the outlook. Just curious, as we sort of like start looking into next year and you speak to OEMs about trying to mitigate the risk of disruptions, are there any conversations around potential sort of like decontenting or using essentially less memory or solutions that use less of it? And I'm also curious on the pricing side or the recovery side, the nature of the longer-term agreements that you're working on with the OEMs, would those essentially allow ongoing pass-through even into next year if the DRAM costs keep rising?

太好了。非常感謝。我很感謝你們對記憶體供應的補充說明與討論，以及試圖降低展望風險的作法。我想請教的是，當我們開始展望明年、並與 OEM 討論如何降低中斷風險時，是否有任何關於可能「去內容化」（decontenting）或本質上使用更少記憶體、或採用用量更少的解決方案的對話？另外我也想了解定價或回收方面：你們目前與 OEM 推進的較長期協議，其性質是否能讓你們即使到明年、若 DRAM 成本持續上升，也能持續轉嫁（pass-through）？

Yeah. So let me take that, Emmanuel.

是的。Emmanuel，我來回答。

So on the first topic, we are not actually seeing any interest in decontenting, and the discussions have been mostly around how do we secure enough supply for 2027. Now, as you can imagine, most of the time thus far has been going into securing supply for this year, and there's still a lot of activity, as I've just mentioned on my previous comment. But as we start to think about 2027, we are working with all of our suppliers, the traditional suppliers plus the new ones that we are bringing online.

就第一個主題而言，我們其實沒有看到任何去內容化的興趣；討論多半是圍繞著如何確保2027年有足夠的供應。如你所想，截至目前大部分時間都投入在確保今年的供應，而且正如我在前一則評論提到的，仍有很多活動在進行。但當我們開始思考2027年時，我們正與所有供應商合作，包括傳統供應商以及我們正在導入的新供應商。

And as I mentioned, I think the supply next year will largely depend on our ability to secure enough quantity of parts from these newer suppliers that are emerging, largely because of the fact that many of the existing larger suppliers to automotive are shifting their technologies to newer technologies. So that dynamic has to be managed first and foremost. And that's what we are focused on. We expect that over the course of this year and maybe towards Q3, we should be in a position to have supply secured for next year.

如我所提到的，我認為明年的供應在很大程度上取決於我們能否從這些新興的新供應商那裡取得足夠的零件數量；主要原因是，許多既有、較大型的車用供應商正把其技術轉向更新一代的技術。因此，必須優先管理這種動態。這也是我們目前的重點。我們預期在今年過程中、可能到第三季左右，我們應該能確保明年的供應。

In terms of pricing negotiations that we are currently having, I think they are kind of different by different customers. Some of them are signing up for a multi-year pricing agreement, so it's going into the piece price, essentially. And some are preferring to have annual pricing negotiations. So it will depend on each customer in terms of how they address it.

至於我們目前正在進行的定價談判，我認為不同客戶之間差異很大。有些客戶會簽多年的定價協議，基本上會反映在單件價格（piece price）中。也有些客戶偏好每年進行一次定價談判。因此，各客戶會如何處理，將取決於每一位客戶本身。

Understood. And then, can you talk a little bit more about the expected ramp-up in launches in the second half? I know you just spoke about the growth of the market holding on, but how should we think about this in relation to your comments about, I guess, S&P's outlook but weaker volume. Do you have a good sense that this should not really affect ramp curve?

了解。另外，你能否再多談一些下半年新案導入預期加速爬坡（ramp-up）的情況？我知道你剛才提到相對市場的成長會維持，但我們應該如何把這點與你對（我想是）S&P 展望但量（volume）較弱的評論連結起來？你們是否有把握這不會真正影響爬坡曲線（ramp curve）？

Yeah. I think so because -- and this was also evident in Q1. A lot of our performance was driven by new launches, not so much the underlying vehicle production environment of the car makers. And a lot of our launches this year are the high-value ones are in the second half, and in fact, they're ramping up in Q4.

是的。我想是的，因為——而且這在第一季也很明顯。我們的許多表現是由新案導入所驅動，而不是由車廠的整體車輛生產環境所驅動。而且我們今年很多高價值的新案導入都在下半年，事實上會在第四季加速爬坡。

So in terms of the total number of launches, this year looks a lot like last year. I would say even a few more launches this year than last year. But there are some that are very consequential, especially the ones with Toyota and the HPC launches that we spent quite a bit of time on in our prepared remarks. Those are pretty high value, although their real ramp-up begins in Q4. So contribution this year is still relatively small, but meaningful, and this is what is helping us offset what we have seen thus far as the reduction in vehicle production.

因此，就總體發佈（launch）數量而言，今年看起來很像去年。我會說今年甚至比去年還多幾個發佈。但其中有一些影響非常重大，特別是與豐田（Toyota）相關的，以及我們在事先準備的發言中花了不少時間談到的 HPC 發佈。這些的價值相當高，雖然它們真正的放量要到第四季才開始。所以今年的貢獻仍相對較小，但具有意義，而這正是幫助我們抵銷迄今所見車輛產量下滑影響的因素。

I do believe if the environment hopefully stabilizes, especially in the Middle East, that if we go forward from here, there may be a potential benefit to us if the underlying vehicle production holds up. At this point in time, it's too early to say whether this growth over market will improve from here, but it's been a really good start to the year. Q2 looks pretty strong. And so the second half, considering where we're at at the beginning of the year, we'll have to wait and see as we proceed here how that develops.

我確實相信，如果外部環境能夠穩定下來——尤其是中東地區——那麼從現在往後，如果整體車輛產量能維持住，我們可能會有潛在的受益。就目前而言，還太早判斷我們相對於市場的成長是否會從這裡開始改善，但今年開局非常好。第二季看起來相當強勁。因此，下半年在年初所處的位置基礎上，我們還得隨著進展觀察其後續發展。

Perfect. Thank you.

很好。謝謝。

Winnie Dong, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Winnie Dong。

Hi. Thanks so much for taking my question. My question is on the new business win of $1 billion for the quarter. For context, would you mind giving us some, I guess, color on whether this is typical of seasonality or whether you're seeing any sort of pushout with decisions in terms of wins?

嗨。非常感謝讓我提問。我的問題是關於本季 10 億美元的新業務得標（new business win）。作為背景說明，您是否方便提供一些看法：這是否屬於典型的季節性表現，或是您是否看到在得標決策方面有任何延後（pushout）的情況？

And then secondly, in terms of the growth drivers in 2027 and beyond, perhaps you can tease your Investor Day in June a little bit and outline some big buckets of drivers there that we can look forward to. Thank you.

第二個問題，關於 2027 年及之後的成長驅動因素，也許您可以稍微預告一下 6 月的投資人日（Investor Day），並概述幾個我們可以期待的主要驅動類別。謝謝。

Yeah. So the first quarter was expected to be a little lighter, given that we had a very strong finish to last year, and we also had, as I mentioned, a few display opportunities that got pushed out into Q2, about $300 million to $400 million worth. So I would say, even with that, it might be considered a little light, but pretty, I would say, normal for first quarter in terms of seasonality of new business wins.

好的。第一季原本就預期會稍微淡一些，因為去年年底收尾非常強勁；另外如我提到的，也有幾個顯示器（display）的機會被延後到第二季，大約 3 億到 4 億美元。所以我會說，即便如此，可能仍可視為稍微偏淡，但就新業務得標的季節性而言，第一季算是相當、我會說是正常的水準。

Now, if you look at the pipeline for the remainder of the year, I would say, again, much like new business wins, even in terms of much like the new product launches, new business wins also look very similar to 2025 in aggregate, but the mix is different. The product mix and the regional mix are both different. 2025, we had, I would say, even the number and value of wins for displays and cockpit electronics.

再看今年剩餘期間的案源（pipeline），我會說同樣地，無論是新業務得標或新產品發佈，整體合計看起來都與 2025 年非常相似，但組合不同。產品組合與區域組合都不同。2025 年，我會說我們在顯示器與座艙電子（cockpit electronics）方面的得標數量與價值都很高。

This year, we are seeing more opportunities for cockpit electronics and also more in Asia. And the display opportunities this year are more evenly spread between Europe as well as Americas. So overall, we are pretty pleased with what we see as new business opportunities in this environment, and we expect this year to look similar to last year in total in terms of the value of the business wins.

今年我們看到更多座艙電子的機會，也更多在亞洲。整體而言，在這樣的環境下，我們對所看到的新業務機會相當滿意，並預期今年在得標總價值方面會與去年相近。

To your second question, we do want to leave something for our Investor Day to share with you, but I think that the main drivers that you are referring to there are going to be the new products that we have won and that we are launching, that we have been discussing quite a bit in our earnings calls over the last few quarters. So displays, obviously, will have a very big role to play in our growth, given the high wins that we've had in the last few quarters, which will be coming into production here very soon.

至於您的第二個問題，我們也想留一些內容在投資人日與各位分享；但我想您所指的主要驅動因素，將會是我們已經拿下並正在導入量產的新產品——過去幾季我們在法說會上也談了不少。因此，顯示器顯然會在我們的成長中扮演非常重要的角色，因為過去幾季我們取得了高額得標，這些很快就會進入量產。

HPCs, simply because of the very high content value, will also have a very meaningful impact. And then the other growth drivers that we have talked about, Toyota, targeted customers, and then two-wheelers and commercial vehicles. What's interesting about our growth profile here is that we are not relying on just one or two things for us to be able to make our numbers. We have a number of things that are in play that are all growing. So we have a lot more of confidence that we will be able to achieve that given the diversification that we have.

HPC 由於單車內容價值（content value）非常高，也將帶來非常顯著的影響。另外，我們也談過的其他成長驅動因素包括：豐田、目標客戶，以及二輪車與商用車。我們這裡的成長輪廓有趣之處在於，我們並不是只依賴一兩個因素來達成目標。我們有多個同時在推進、且都在成長的項目。因此，基於我們的多元化，我們更有信心能夠達成目標。

Thank you so much for the color.

非常感謝您的補充說明。

Joe Spak, UBS.

瑞銀（UBS）的 Joe Spak。

Thanks, everyone. Sachin, sorry to go back to memory, but just one more point on this. My understanding is some of that additional supply that's coming online is from China. So I just want to make sure your customers are okay with that. And I thought I heard you mention that you already secured about 10% of this year's supply from these new sources. So why would it not be at least at that level or if not better for next year?

謝謝各位。Sachin，抱歉又回到記憶體（memory）這個話題，但我還有一點想再確認。我的理解是，新增的部分供給有一些是來自中國。所以我只是想確認你們的客戶對此是否可以接受。而且我想我聽到你提到，你們已經從這些新來源取得了約今年供應量的 10%。那為什麼明年至少不會維持在這個水準，甚至更好呢？

Yeah. To answer your second question first, absolutely. We don't see that it should not be better than that. We absolutely expect it to be better. And the question is by how much and to what extent.

是的。我先回答您的第二個問題：完全是。我們不認為明年不會比這更好。我們絕對預期會更好。問題在於會好多少、以及到什麼程度。

So to give you some sense of the number of different memory chips that we buy, we buy about, I would say, about 60 different types of chips that go into the DRAM category. Then there are also NAND flash, eMMC, and UFS, as well as NOR. Not to confuse you, but just the point is that there are many different types of memories in different densities that we need.

為了讓您了解我們採購的不同記憶體晶片種類數量，我們採購大約——我會說——約 60 種不同類型、屬於 DRAM 類別的晶片。此外還有 NAND flash、eMMC、UFS，以及 NOR。不是要讓您混淆，重點只是：我們需要許多不同類型、不同密度的記憶體。

And typically, very few of these suppliers are able to offer you all of the parts that you need. So we have to have a mix of suppliers that tend to have their strengths in specific categories, and that's the sort of process that we have been going through, identifying the suppliers, building relationships, and starting supplies so that we can test their parts, qualify them, and then introduce them in our customers' production.

而通常，能夠一次提供您所需全部料號的供應商其實很少。因此我們必須搭配多家供應商，各自在特定類別有其強項；這也就是我們一直在進行的流程：辨識供應商、建立合作關係、開始供貨，讓我們能測試其零件、完成認證（qualify），然後再把它們導入客戶的量產。

So that's the current situation with supply. And I believe that going back to your first part of the question, do you mind repeating your first part?

這就是目前供應面的情況。我想回到您問題的第一部分，您介意再重複一下第一部分嗎？

Just if the customers are okay with some of the new sources coming online from China.

就是客戶是否能接受部分新增來源是來自中國、並開始上線供貨。

Yeah. So in this environment where there is shortage of parts, there's absolutely no problem with that. And so the first thing is to make sure that we have the production secured. Obviously, they would like it to be non-China-based if there is availability, but in this environment, we do not see that as a problem.

是的。在目前零組件短缺的環境下，這完全不是問題。因此第一要務是確保我們的產能供應已經鎖定。當然，如果有供應可選，他們會希望是非中國來源，但在這樣的環境下，我們不認為這會構成問題。

Okay. I guess the second question, Jerome, just on cap allocation, I know you said more details on the long-term plan at the Analyst Day. You did buy back $30 million this quarter. I think that means you've got like $45 million left on the authorization. I know you said last quarter, you could do about $100 million and you also earmarked about $300 million for M&A.

好的。我想第二個問題，Jerome，關於資本配置（cap allocation）：我知道你說會在分析師日（Analyst Day）提供更多長期計畫的細節。你們本季回購了 3,000 萬美元。我想這表示授權額度大概還剩 4,500 萬美元左右。我知道你上季提到你們可能可以做大約 1 億美元，另外也預留了約 3 億美元用於併購（M&A）。

So I guess I'm just wondering if there's any sort of change to that thinking with some of the comments you made about free cash flow or the pipeline or even really the current share price. And could we expect an increase in authorization because it does seem like you're coming to the end there?

所以我想我只是想了解一下，基於你對自由現金流、產品管線，甚至是目前股價的一些評論，這樣的想法是否有任何改變。另外，我們是否可以預期授權額度會提高？因為看起來你們似乎快用到上限了？

Right. So generally, no, nothing has changed. And we had highlighted that it was up to $300 million for M&A, up to $150 million for share repurchases. With the cash balance that we have at the end of Q1, even with potentially tracking towards the low end of the range for adjusted free cash flow for this year, we could still do everything.

對。所以一般來說，沒有，沒有任何改變。而且我們先前也強調過，M&A 的額度最高為 3 億美元，股票回購最高為 1.5 億美元。以我們在第一季末的現金餘額來看，即使今年調整後自由現金流可能落在區間低端，我們仍然可以把這些事情全部都做完。

So we're still very focused on M&A, and we'll continue as well to return in an opportunistic manner cash to shareholders with share repurchases, as well as continue on our dividends. But overall, nothing has fundamentally changed in terms of our philosophy.

所以我們仍然非常專注於 M&A，同時也會以機會式的方式透過股票回購把現金回饋給股東，並且持續發放股利。但整體而言，我們在理念上並沒有任何根本性的改變。

Thank you.

謝謝。

Dan Levy, Barclays.

Dan Levy，巴克萊。

Hi. Good morning. Thanks for taking the questions. I wanted to just first double-click on the growth dynamics, and we saw negative growth in China in the first quarter. Maybe you could just unpack some of the mix dynamics, where I would have assumed that with the lower end of the market underperforming, the higher end outperforming, that would have helped you. And then is the view that you can still get that positive growth for the full year with the launches in 2H enough to sort of bring you up to the positive growth?

嗨。早安。謝謝讓我提問。我想先更深入確認一下成長動能；我們看到第一季在中國出現負成長。也許你可以拆解一下產品組合的動態：我原本以為在市場低端表現較弱、高端表現較強的情況下，這應該會對你們有利。另外，你們的看法是，靠下半年（2H）的新品上市，是否仍能讓全年回到正成長，足以把整體拉回正成長？

Yeah. So let me take that.

是的。我來回答這個。

So if you see what has happened in China, as you mentioned, lower growth in vehicle production in the more price-sensitive segments, and I would say better performance, but not necessarily a lot of growth in the upper end of the market, that is certainly more helpful to us. I do want to also mention at the same time, there is the headwind of the market share loss of the global OEMs that is still ongoing. So it's not all good news necessarily.

所以如果你看中國發生的情況，如你所提到的，在對價格更敏感的細分市場，整車產量成長較低；而在市場高端，我會說表現較好，但不一定有很大的成長，這確實對我們更有利。但我也想同時提到一個逆風：全球 OEM 的市占流失仍在持續。所以不見得全都是好消息。

So the new launches so far have been largely offsetting what we saw as declines with our traditional global OEMs. And therefore, for Q1, it was kind of even in terms of our performance and vehicle production. As we go forward, especially with the HPC launches, I believe we will start to see growth relative to production in China, and that will continue and have more of a step function next year as those launches get into a production ramp-up.

到目前為止，新車型/新專案的導入大致上抵消了我們在傳統全球 OEM 客戶那邊看到的下滑。因此在第一季，就我們的表現相對於整車產量而言，大致算是持平。往後看，特別是隨著 HPC 的導入，我相信我們會開始看到相對於中國整車產量的成長；而且隨著這些導入進入量產爬坡，明年會有更明顯的階梯式提升。

Okay, great. Thank you. And then as a follow-up, sorry, I know we keep on getting questions on the DRAM here. But on a longer-term basis, is there any ability for you to transition your products to be using DDR5 to address some of the supply issues? Or is your point that these newer Chinese suppliers are going to be more than enough to offset some of the large suppliers that are eventually phasing out DDR4, and so longer term, this issue will be addressed by these other smaller suppliers?

好的，很棒。謝謝。接著追問一下，抱歉，我知道我們一直被問到 DRAM 的問題。但從更長期來看，你們是否有能力把產品轉向使用 DDR5，以解決部分供應問題？還是你的意思是，這些較新的中國供應商將足以抵消一些大型供應商最終逐步淘汰 DDR4 的影響，因此長期而言，這個問題會由其他較小的供應商來解決？

No, that's a great question. And let me just also take a step back.

不，這是個很好的問題。我也先退一步說明一下。

So when you look at a technology like DDR4 versus DDR5, the 5 is not backwards compatible with 4. And these memories typically are interfaced to a micro or a SoC or a system on a chip. And that micro or SoC needs to have the capability to be able to be interfaced to a DDR5 for us to move to DDR5.

當你看 DDR4 與 DDR5 這類技術時，DDR5 並不向下相容 DDR4。而這些記憶體通常會與一顆 micro（微控制器）或 SoC（系統單晶片）介接。而那顆 micro 或 SoC 必須具備可與 DDR5 介接的能力，我們才能轉向 DDR5。

Now, the majority of the micros used in the industry for the cockpit are not capable of being interfaced with DDR5. So that's one point. So that transition has to happen, the evolution of the micros and SoCs that are used for cockpit, which come from suppliers such as Qualcomm or NXP and others. They have to be able to provide this SOCs. There has to be then other changes because they're not going to just introduce a single change like moving from DDR4 to DDR5.

目前產業中用於座艙（cockpit）的多數 micro 並不具備與 DDR5 介接的能力。這是第一點。因此必須先完成轉換，也就是座艙所使用的 micro 與 SoC 的演進；這些晶片來自高通（Qualcomm）、恩智浦（NXP）等供應商。他們必須能提供這些 SoC。接著還需要其他變更，因為他們不會只引入單一變更，例如僅從 DDR4 換到 DDR5。

So it's a bigger change and a bigger change typically requires longer time for automotives. So that's one dynamic. Now, what we are seeing though is the higher-end CDCs and HPCs already use DDR5. So what this might do is to push the industry faster towards CDCs, upper-end CDCs and HPCs simply because of the shift in the underlying technologies.

所以這是一個更大的變更；而更大的變更在汽車領域通常需要更長的時間。這是一個動態。不過我們看到的是，高階 CDC 與 HPC 已經在使用 DDR5。因此，這可能會因為底層技術的轉移，而推動產業更快走向 CDC（尤其是高階 CDC）以及 HPC。

Now, DDR5 will come at a density that is fundamentally a step higher than DDR4. So we'll be able to do more with this processing power and memory that's going to be available, which I think will accelerate the trend towards more integrated cockpit domain controllers and eventually central domain controllers like the HPC. So we believe that this trend, in some ways, is going to push the industry to adopt more content simply because it will be cheaper to do it that way than to stay with older technologies with more function-specific, feature-specific implementations.

另外，DDR5 的密度將在本質上比 DDR4 高一個台階。因此，隨著可用的運算能力與記憶體提升，我們能做更多事情；我認為這會加速趨勢，朝向更整合的座艙域控制器，並最終走向像 HPC 這樣的中央域控制器。所以我們相信，這個趨勢在某種程度上會推動產業採用更多內容（content），因為相較於維持舊技術、以更多功能專用/特性專用的方式實作，用這種方式會更便宜。

Great. Thank you.

很好。謝謝。

Luke Junk, Baird.

Luke Junk，Baird。

Good morning. Thanks for taking questions. First question, Sachin, just curious to get some perspective on what you mentioned as the early mover advantage in HPC. I think you said your three wins are more than any other Tier 1 supplier. Just hoping we could double-click maybe on the competitive landscape on a relative basis and then given the award this morning that you announced that's launching within a year or so, I think you said within 12 months, just the near-term pipeline for maybe adding additional awards, including maybe additional vehicles with your current customers. Thank you.

早安。謝謝讓我提問。第一個問題，Sachin，我想請你分享一下你提到的 HPC 先行者優勢的看法。我想你說你們拿下的三個案子比任何其他一級供應商（Tier 1）都多。希望你能更深入談談相對的競爭格局；另外，考量你們今天早上宣布的那個獎項/得標案，將在一年左右導入量產，我想你說是 12 個月內，想請教短期的 pipeline：是否有機會再新增更多得標案，包括可能在現有客戶上增加更多車款。謝謝。

Yeah. No, thanks, Luke. So we have three customers that are launching this year, as I mentioned, and they're all launching initially on their flagship vehicles, but at the same time, lining up vehicles following that initial launch that we are in discussions with them on, which will extend this business. So that has been one of the sort of new learnings for us as well. When we were first discussing AI and HPC, let's say, about a year ago, our thought was that it was more limited in application to perhaps just the very top end, the flagship vehicles.

是的。謝謝你，Luke。如我提到的，我們今年有三個客戶會導入量產，且一開始都會先在他們的旗艦車款上推出；但同時，他們也在規劃初次導入之後的後續車款，我們正與他們討論，這將延伸這項業務。所以這也是我們的一個新收穫。當我們大約一年前首次討論 AI 與 HPC 時，我們原本認為其應用可能較為有限，或許只會用在最頂端的旗艦車款。

But the competitive dynamics now in the China market with what's happening, especially with the emerging premium tech segment that I discussed, that's really driving more volume to adopt AI as one of the key foundational capabilities of the cockpit of those vehicles. So we actually see that market grow quite rapidly starting in China. And because of exports, we expect that technology to start to make impact in other regions, probably starting with Europe initially before it comes to other parts of the world.

但目前中國市場的競爭動態，尤其是我提到的新興高端科技細分市場所發生的事情，正推動更大的量體把 AI 作為這些車款座艙的關鍵基礎能力之一。因此我們確實看到這個市場從中國開始相當快速地成長。而且因為出口，我們預期這項技術會開始影響其他地區，可能會先從歐洲開始，之後才會擴散到世界其他地方。

Helpful. And then, Jerome, maybe just hoping to make sure we're calibrating the launch cadence right in the back half of the year. I guess two specific things in that. First would be, in terms of the high-compute launches, any initial demand indications? I know there's a level of variability just on the demand for the vehicles themselves.

很有幫助。接著，Jerome，我想確認一下我們對下半年導入節奏的校準是否正確。我想特別聚焦兩點。第一，關於高運算（high-compute）導入案，是否有任何初期需求的跡象？我知道這會受到車輛本身需求的影響而有一定的變動性。

And then, you also made a comment about the (inaudible) Was that mainly a Toyota-related comment? Or is there some China color that we need to understand there as well? Thank you.

然後，您也提到了一點關於（聽不清）的評論。那主要是與豐田相關的評論嗎？還是其中也有一些與中國相關的因素需要我們理解？

I was about to say we are using IHS for the HPC launches, and these have been holding pretty well compared to what we had initially guided to. So no major changes.

我正想說，我們在 HPC 的新產品導入上使用 IHS，而相較於我們最初給出的指引，這些表現一直維持得相當不錯。所以沒有重大變化。

Sachin, do you want to take the second one?

Sachin，你要不要回答第二個問題？

Yeah. In general, on the cadence itself, what I would say is that there has been no change on the launch plans and in terms of the volumes as well. We have been very focused on ensuring that we have supply of components because the lead times, as you can imagine, especially with this third wind, has been extremely short. So I would say for now, Luke, the focus is on ensuring that we can launch and achieve the ramp volume that we have for this year, which has remained pretty steady. There has been no change.

是的。整體來看，就節奏本身而言，我想說的是，無論是上市計畫或是出貨量方面，都沒有任何變化。我們一直非常專注於確保零組件供應，因為如你所想像的，尤其在這第三波（趨勢/動能）之下，交期變得非常短。所以我會說，目前 Luke，我們的重點是確保能夠如期推出，並達成我們今年規劃的爬坡量，而這一直都相當穩定。沒有變化。

And if anything, depending upon availability of supply, there may be the ability to increase it. But given where we stand with lead times and so on. I would think that would be a fairly big challenge for us to accomplish.

而且如果有的話，取決於供應可得性，我們可能有能力把它再提高。但以我們目前面對的交期等情況來看，我認為要做到這點對我們會是相當大的挑戰。

I've got it. I'll leave it there. Thank you.

了解。我就先到這裡。謝謝。

Tom Narayan, RBC.

RBC 的 Tom Narayan。

Thanks for taking the question. Just a quick follow-up. The first one on the $300 million M&A, I know in the past you've said this is likely tuck-ins. But just curious, is there a reason why this is being prioritized now? Is it because you're seeing deals kind of at attractive pricing? Is it something that you see that works well with what you're trying to achieve now versus later?

謝謝讓我提問。我想快速追問一下。第一個是關於 3 億美元的併購（M&A），我知道過去你們說這可能是補強型收購（tuck-ins）。但我想了解，為什麼現在會優先推動這件事？是因為你們看到交易估值/價格變得更具吸引力嗎？還是你們認為這在當下比起之後更能配合你們想達成的目標？

Yeah. So yes, in some parts, but it's really more driven by how we see the trends emerge in the industry. There's a very big trend towards a software-driven, more integrated domain controller approach for these vehicles. And that requires that you have all of the software capabilities to implement those features. And that's the primary driver of trying to secure those capabilities that would allow us to offer more and more integrated domain controllers.

是的。某種程度上是，但更主要是由我們對產業趨勢演進的判斷所驅動。目前有一個非常大的趨勢，是車輛朝向以軟體驅動、更加整合的網域控制器（domain controller）架構發展。而這需要具備完整的軟體能力，才能實作這些功能。因此，主要驅動因素就是要取得這些能力，讓我們能提供越來越整合的網域控制器。

Eventually, we see a certain level of ADAS also getting integrated with cockpit, as features like AEB become mandated in all jurisdictions. It's already a mandate in Europe. In 2028 and '29, China and US will follow. And as standard requirements, OEMs will not be able to price for them. They will be essentially part of the standard equipment. So we expect more and more features to get standardized or de facto acquired and therefore integrated, and the cost is going to be a prime driver, and that will drive greater levels of integration. So that's one thing.

最終，我們也看到一定程度的 ADAS 會與座艙（cockpit）整合，因為像 AEB 這類功能將在所有司法管轄區被強制要求。在歐洲已經是強制規定。在 2028、2029 年，中國與美國也會跟進。而一旦成為標準要求，OEM 將無法再為這些功能另外定價。它們基本上會成為標準配備的一部分。因此我們預期會有越來越多功能被標準化或事實上成為必備，進而被整合；成本將成為主要驅動因素，並推動更高程度的整合。這是第一點。

The second thing that's driving our M&A strategy is the fact that all of these technologies that are emerging very rapidly coming from mainstream tech industries and impacting automotive at a pace that's been faster than ever before, we see opportunity for offering services, outsourced R&D services, expert services to help OEMs define how to use those technologies in their vehicles. And what we're finding, now your question, we're finding these opportunities, these companies that have a lot of depth of expertise, but they don't necessarily have the scale.

第二個驅動我們併購策略的因素是：各種新興技術正以非常快的速度出現，從主流科技產業而來，並以前所未有的速度影響汽車產業；我們看到提供服務的機會，包括服務型業務、外包研發（R&D）服務、專家服務，協助 OEM 定義如何在車輛中使用這些技術。而回到你的問題，我們發現了這些機會——一些公司具備很深的專業能力，但不一定具備規模。

And we believe that we can provide a scaling ability to these companies, help the OEMs, and in turn, that helps us make our platform more future-proof. And so it's got that virtuous cycle, where us engaging in advanced technology activities with OEMs helps us understand how to keep our platforms competitive and in time for the market introduction. So that's the second.

我們相信我們可以為這些公司提供擴張能力，協助 OEM，而反過來也能讓我們的平台更具前瞻性、更能因應未來。因此形成一個良性循環：我們與 OEM 共同投入先進技術活動，能幫助我們理解如何讓平台保持競爭力，並能及時配合市場導入。這是第二點。

And the third driver of M&A has always been vertical integration. And we have been very successful with that so far, and we want to continue to take it forward as we see opportunities to bring more of the manufacturing value content into our plants, rather than to rely on an extended supply chain, which eventually also helps us counter this request that we get from customers to be less dependent on China and other parts of the world where we are today perhaps more exposed than we should be.

第三個併購驅動因素一直都是垂直整合。到目前為止我們在這方面非常成功，也希望在看到機會時持續推進，把更多製造端的價值含量導入我們的工廠，而不是依賴延伸的供應鏈；這最終也有助於我們回應客戶的要求——降低對中國以及世界其他地區的依賴，因為在那些地方我們目前的曝險可能比應有的更高。

Got it. Thanks for a very robust answer. And then, Jerome, just to clarify the guidance being maintained despite the S&P cutting, was it that the Q1 coming in ahead of your expectations? Was that the main driver of being able to do that?

了解。謝謝你非常詳盡的回答。另外，Jerome，我想釐清一下：在 S&P 下修（預測/數據）之後，你們仍維持指引，是因為第一季表現優於你們的預期嗎？這是能夠維持指引的主要原因嗎？

Correct, yes, along as well with some good visibility and robust orders that we see for the second quarter. But you're absolutely correct, yes.

沒錯，是的，同時我們也對第二季看到一些良好的能見度以及強勁的訂單。但你說得完全正確，是的。

Got it. Thanks.

了解。謝謝。

Thank you.

謝謝。

Thank you. This concludes our earnings call for the first quarter of 2026. Thank you for participating in today's call and your ongoing interest in Visteon.

謝謝。以上為我們 2026 年第一季的法說會到此結束。感謝各位參與今天的電話會議，並持續關注 Visteon。

This concludes Visteon's first-quarter 2026 results earnings call. You may now disconnect.

以上為 Visteon 2026 年第一季財報法說會到此結束。您現在可以掛線。