Veoneer, Inc. (VNE) 2021 Q2 法說會逐字稿

Hello, and welcome to the Veoneer Q2 Report 2021 Call.

您好，歡迎參加 Veoneer 2021 年第二季報告電話會議。

(Operator Instructions)

（操作員說明）

Today, I'm pleased to present Thomas Jönsson. Please go ahead with your meeting.

今天，我很高興向大家介紹托馬斯·約翰遜。請繼續您的會議。

Thank you very much, Nas, and welcome, everyone, to our second quarter 2021 earnings conference call and webcast presentation. Here in Stockholm, we have our Chairman, President and CEO, Jan Carlson; our Chief Financial Officer, Ray Pekar; and myself, Thomas Jönsson, Communications and IR. During the call today, Jan will comment on our current business highlights as well as provide an update on our launches and technology, and Ray will then walk you through financial results and provide some commentary on our 2021 outlook.

非常感謝 Nas，歡迎大家參加我們的 2021 年第二季財報電話會議和網路廣播演示。在斯德哥爾摩，我們的董事長、總裁兼執行長 Jan Carlson；我們的財務長 Ray Pekar；以及我本人，Thomas Jönsson，傳播與投資者關係部門。在今天的電話會議中，Jan 將評論我們當前的業務亮點，並提供有關我們的發布和技術的最新信息，然後 Ray 將向您介紹財務業績，並對我們 2021 年的前景提供一些評論。

After that, we will remain on the line for a Q&A session. And as usual, slides and earnings release are available through a link on the homepage of our corporate website. If we look to the next page. We have the safe harbor statement, which today actually cover 2 slides, which are both an integrated part of this presentation and includes the Q&A that will follow here today.

之後，我們將保持線上問答環節。與往常一樣，幻燈片和收益發布可透過我們公司網站主頁上的連結取得。如果我們看下一頁。我們有安全港聲明，今天實際上涵蓋了兩張幻燈片，它們都是本簡報的組成部分，並且包括今天將在此處進行的問答。

During the presentation, we will reference some non-U.S. GAAP measures, and the reconciliations of the figures are disclosed in our quarterly press release and the 10-Q that will be filed with the SEC. We can flip to the next page which is actually the second page of safe harbor, where I will just mention that we intend to conclude the call at 3:00 p.m. CET. So please limit yourself to a maximum of 2 questions, and we can work in as many requests as possible. With that, I will turn the call over to our CEO, Jan Carlson. So Jan, please take over.

在演示過程中，我們將參考一些非美國公認會計準則衡量標準，數據的調節將在我們的季度新聞稿和將向 SEC 提交的 10-Q 報告中揭露。我們可以翻到下一頁，實際上是安全港的第二頁，我只是提到我們打算在下午 3:00 結束通話。英語六級考試。因此，請將您的問題限制在最多 2 個以內，我們可以處理盡可能多的請求。接下來，我會將電話轉給我們的執行長 Jan Carlson。所以，Jan，請接手。

Thank you very much, Thomas. I would also like to welcome everyone to our Q2 earnings call. Turning the page. We see the merger agreement with Magna. This -- focus on this webcast is a quarterly report, but I would like also to comment on our merger announcement with Magna. Yesterday, our Board of Directors decided to enter into a merger agreement with Magna, the large automotive supplier. Magna is offering shareholders $31.25 per share, which represents a significant premium over our recent share price. The offer is supported by shareholders representing 40% of our shares. Market conditions have changed significantly since the spin of Veoneer in 2018.

非常感謝你，托馬斯。我還要歡迎大家參加我們的第二季財報電話會議。翻過這一頁。我們看到與麥格納的合併協議。這次網路廣播的重點是季度報告，但我還想對我們與麥格納的合併公告發表評論。昨天，我們的董事會決定與大型汽車供應商麥格納簽訂合併協議。麥格納向股東提供每股 31.25 美元的報價，比我們最近的股價有顯著溢價。該要約得到了持有我們 40% 股份的股東的支持。自 2018 年 Veoneer 分拆以來，市場狀況發生了顯著變化。

Light vehicle production forecasts have deteriorated significantly and it's not clear when or even if production will come back to levels experienced a few years ago. The changes OEMs are going through with disruptive technology shifts are driving higher investment needs, both short term and long term. This development is faster than expected. Adding the unexpected events that have hit the world during the past 18 months, like chip shortages, supply constraints and COVID-19 have taught us to expect that more challenges could come in the coming years.

輕型汽車產量預測已大幅惡化，目前尚不清楚產量何時或是否會恢復到幾年前的水平。原始設備製造商正在經歷的顛覆性技術變革正在推動更高的短期和長期投資需求。這一發展速度比預期快。再加上過去 18 個月席捲全球的意外事件，例如晶片短缺、供應限制和 COVID-19，我們預計未來幾年可能會出現更多挑戰。

Combined, these developments lead to higher industry-wide risk. And for a smaller company like Veoneer, this risk is amplified. Despite these developments, we have managed to position Veoneer very well through an ecosystem of partners, cutting-edge technology and a strong order book.

綜合起來，這些發展導致整個產業的風險更高。對於像維寧爾這樣的小公司來說，這種風險被放大了。儘管取得了這些進展，我們仍然透過合作夥伴生態系統、尖端技術和強大的訂單簿成功地為維寧爾定位了良好的位置。

In our main area, Active Safety, the market is set to go through consolidation since no active safety company today has more than 15% market share. This will change as the active safety market continues its rapid development. So when a large stable technology-focused industry participants like Magna with the need for ADAS, software and electronics capabilities enters into discussions with us and presents a compelling offer, the Board of Directors saw it as a good opportunity to deliver immediate and significant value to our shareholders as well as to find a good home for our employees.

在我們的主要領域主動安全領域，市場將經歷整合，因為目前沒有一家主動安全公司的市佔率超過 15%。隨著主動安全市場的持續快速發展，這種情況將會改變。因此，當像麥格納這樣需要ADAS、軟體和電子功能的大型穩定的以技術為中心的行業參與者與我們進行討論並提出令人信服的報價時，董事會認為這是一個很好的機會，可以為我們的客戶提供即時和重大的價值。

With that, let's get back to the main topic for this call and this webcast, our earnings release. Turning the page. To sum up, I'm very pleased with Veoneer's performance during a challenging quarter. Despite uncertainty from supply disruptions, the COVID-19 pandemic and sequentially lower light vehicle production, leading to lower sales, Veoneer improved its gross profit and operating loss as well as its cash flow. These improvements were achieved through the progress of our ongoing Market Adjustment Initiatives, and we expect continuous progress throughout 2021.

說到這裡，讓我們回到本次電話會議和本次網路廣播的主題，即我們的收益發布。翻過這一頁。總而言之，我對 Veoneer 在充滿挑戰的季度中的表現感到非常滿意。儘管供應中斷、COVID-19 大流行以及輕型汽車產量連續下降導致銷量下降的不確定性，Veoneer 仍改善了其毛利、營業虧損以及現金流。這些改進是透過我們正在進行的市場調整計劃的進展實現的，我們預計 2021 年將持續取得進展。

Our organic sales growth for the second quarter was 108%, strongly outperforming global light vehicle production. The overall outperformance of 58 basis points is, to a large extent, partly explained by regional shifts in the vehicle production in the second quarter.

我們第二季的有機銷售成長率為 108%，遠超過全球輕型汽車產量。整體表現優異 58 個基點在很大程度上是由於第二季汽車產量的區域變化造成的。

Our ongoing heavy launch period also contributed to the outgrowth. The semiconductor supply shortages continue to create industry delivery challenges and drive costs in our operations. We expect these disruptions to continue into 2022 but gradually ease from the second half of this year. Costs directly associated with the semiconductor shortages are estimated to amount to $4 million.

我們持續的大量發布也促進了成長。半導體供應短缺持續為產業交付帶來挑戰，並增加我們的營運成本。我們預計這些幹擾將持續到 2022 年，但從今年下半年開始逐漸緩解。與半導體短缺直接相關的成本估計達 400 萬美元。

The Market Adjustment Initiatives Program has been instrumental to improving our performance year-over-year and thereby helping to mitigate the effects created by supply disruptions and the COVID-19 pandemic. As result, we reduced our operating losses and ended the second quarter with a cash balance of $556 million.

市場調整計畫對於我們逐年提高績效發揮了重要作用，有助於減輕供應中斷和 COVID-19 大流行造成的影響。結果，我們減少了營運虧損，第二季結束時現金餘額為 5.56 億美元。

Our ADAS and AD software unit Arriver is on track with first in-vehicle demonstrations to customers taking place with positive feedback. And in China, the good momentum in Active Safety continues with new contract awards and launches during the quarter. The team recently celebrated being honored the best quality award by Great Wall Motor for the first time. During the first half of the year, we had important customer wins and launches in the Chinese markets. And finally, order intake during the last 12 months was slightly more than $530 million, which is above our own expectations and gives further confidence in securing a higher order value this year than in 2020.

我們的 ADAS 和 AD 軟體單元 Arriver 正在向客戶進行首次車載演示，並獲得積極回饋。在中國，隨著本季新合約的授予和推出，主動安全領域的良好勢頭仍在繼續。近日，團隊首次榮獲長城汽車頒發的最佳品質獎。今年上半年，我們贏得了重要的客戶並在中國市場推出了產品。最後，過去 12 個月的訂單量略高於 5.3 億美元，這超出了我們自己的預期，並進一步增強了我們今年獲得比 2020 年更高訂單價值的信心。

Turning the page. In second quarter, light vehicle production was up 50% compared to the same quarter last year when COVID-19 sent production down to a record low levels. The regional mix worked in our favor this quarter compared to first quarter with strong year-over-year growth in North America, Europe and Japan, where our content per vehicle is more than 4x higher than in China, which contributed greatly to our revenues outpacing light vehicle production with broad margin.

翻過這一頁。第二季度，輕型汽車產量與去年同期相比成長了 50%，當時 COVID-19 導致產量降至歷史最低水準。與第一季相比，本季的區域組合對我們有利，北美、歐洲和日本的同比增長強勁，我們每輛車的內容量比中國高出4 倍以上，這對我們的收入增長做出了巨大貢獻輕型汽車生產利潤空間廣闊。

Looking ahead into next quarter, the light vehicle production is expected to increase by approximately 6% sequentially in third quarter '21. For the full year 2021, an increase of approximately 10% from 2020 is expected, reaching approximately 79 million vehicles, compared to 72 million vehicles in 2020.

展望下個季度，預計 21 年第三季輕型汽車產量將較上季成長約 6%。 2021年全年，預計較2020年成長約10%，達到約7,900萬輛，而2020年為7,200萬輛。

Let's have a look into our launch situation on the next page. Just like 2020, 2021 is a very important launch year for Veoneer. Executing well through these 2 years is key for us to achieve the midterm target of $2.5 billion in sales. And therefore, I'm pleased that our launch timings are on track although the positive volume effects are somewhat held back by the short-term fluctuations in the OEM demand.

讓我們在下一頁看看我們的啟動情況。與 2020 年一樣，2021 年對 Veoneer 來說是非常重要的發布年。這兩年的良好執行對於我們實現 25 億美元銷售額的中期目標至關重要。因此，我很高興我們的發佈時間已步入正軌，儘管 OEM 需求的短期波動在一定程度上抑制了積極的銷售效應。

I would like to highlight our content on the Geely AMA where we have a full system and integration supplier to the vehicle. This is a flagship program for us, illustrating the strength of our vision, radar, ECU and not least, software capabilities. It further highlights the momentum we have in China right now, where we, among other customer wins, signed yet another new customer for our vision technology, bringing the number of vision customers in China to 4.

我想強調一下我們在吉利 AMA 上的內容，我們擁有完整的車輛系統和整合供應商。這是我們的旗艦項目，展示了我們的視覺、雷達、ECU 以及軟體功能的實力。這進一步凸顯了我們目前在中國的發展勢頭，除了贏得其他客戶外，我們還為我們的視覺技術簽署了另一個新客戶，使中國的視覺客戶數量達到 4 個。

According to our launch schedule, we will, at the end of this year, have launched 8 vehicle platforms from 6 different OEMs with our fourth-generation vision including our in-house developed perception algorithms, further establishing us as the #1 challenger in vision-based systems.

根據我們的發佈時間表，我們將在今年年底推出來自6 個不同OEM 的8 個車輛平台，其中包含我們的第四代視覺，包括我們內部開發的感知演算法，進一步確立我們作為視覺領域第一挑戰者的地位是基於系統。

We are making good progress, as highlighted in the next page. Arriver whose software ran on Qualcomm's Snapdragon platform in a vehicle for the first time in quarter 1 is now being demonstrated to clients in vehicle with positive feedback. In May, Volvo XC40 recharge was appointed 2021 top safety pick by Insurance Institute for Highway Safety in the United States, who particularly highlighted crash avoidance and mitigation, vehicle to vehicle, and vehicle to pedestrian capabilities.

正如下一頁所強調的，我們正在取得良好進展。 Arriver 的軟體於第一季首次在車輛中運行在高通 Snapdragon 平台上，現在正在向車輛中的客戶進行演示，並獲得了積極的反饋。 5 月，Volvo XC40 Recharge 被美國公路安全保險協會評為 2021 年最佳安全選擇，該協會特別強調了碰撞避免和緩解、車輛對車輛以及車輛對行人的能力。

The vehicle run the current generation of Arriver software, another proof point that we are on track to create a global leading challenger for Active Safety systems and software. The Subaru Levorg won the prestigious Best 5-Star award in Japan NCAP, outperforming 10 other 5-star rated vehicles. It's equipped with the new generation eyesight hardware variant of Veoneer sport generation, stereo vision systems, reengineered to meet Subaru specification.

該車輛運行最新一代的 Arriver 軟體，這再次證明我們正在打造主動安全系統和軟體的全球領先挑戰者。 Subaru Levorg 榮獲日本 NCAP 久負盛名的最佳 5 星獎，表現優於其他 10 輛 5 星評級車輛。它配備了 Veoneer 運動世代的新一代視力硬體變體、立體視覺系統，經過重新設計以滿足斯巴魯規格。

I would now like to turn it over to Ray for the financial highlights for the quarter. Please, Ray?

我現在想將其轉交給雷，以了解本季的財務亮點。請問，雷？

Thank you, Jan. If we turn to the next slide, our financial highlights slide. We are pleased with our continued strong organic sales growth of approximately $200 million during the second quarter, which represents a growth over market of approximately 58 percentage points. Our net sales of $398 million were lower than our expectations from the beginning of the quarter, mainly due to the erosion of our customer call offs during the quarter. Our cash position of $556 million at the end of the quarter was slightly better than our expectation at the beginning of the quarter due to our continued strong cash flow focus.

謝謝你，Jan。我們對第二季度約 2 億美元的持續強勁有機銷售成長感到滿意，這比市場增長了約 58 個百分點。我們的淨銷售額為 3.98 億美元，低於本季初的預期，主要是由於本季客戶取消訂單的減少。由於我們持續大力關注現金流，我們季度末的現金狀況為 5.56 億美元，略優於我們季度初的預期。

And in this quickly changing environment, we continue to identify opportunities to reduce our investments for growth without compromising future launches, as illustrated by our capital expenditure reductions year-over-year and R&D cost control. So overall, a very good financial performance for the quarter as we prepare for continued organic sales growth and make strategic investments for the future.

在這個快速變化的環境中，我們繼續尋找機會減少成長投資，同時又不影響未來的產品發布，我們的資本支出逐年減少和研發成本控制就說明了這一點。總的來說，本季的財務表現非常好，因為我們為持續的有機銷售成長做好了準備，並為未來進行了策略性投資。

Looking further into the details for the second quarter on the next slide, our $214 million net sales increase for the quarter was due to new program launches and of course, the sharp LVP recovery from the pandemic in 2020. The organic sales increase across most product areas where the Active Safety growth -- organic growth rather, was $110 million or 140% and while the RCS organic growth was $68 million or 68%.

進一步查看下一張幻燈片中第二季度的詳細信息，我們本季度的淨銷售額增長了2.14 億美元，這是由於新計劃的推出，當然還有2020 年LVP 從大流行中大幅復甦。多數產品的有機銷售額成長其中主動安全成長（更準確地說是有機成長）為 1.1 億美元，即 140%，而 RCS 有機成長為 6,800 萬美元，即 68%。

Our operating loss change year-over-year was mostly driven by lower engineering recoveries, other income, which were partially offset by the higher gross profit during the quarter. The $59 million improvement in gross profit was mostly due to the organic sales growth, a $6 million net currency benefit and the Market Adjustment Initiatives, which were partially offset by approximately $4 million of extra costs related to supply chain disruptions. RD&E, net of $108 million, increased $64 million during the quarter as compared to last year, due to the $80 million above-normal engineering reimbursements that we saw in 2020.

我們的營業虧損年增率主要是由於工程回收率和其他收入較低，但本季毛利較高部分抵銷了這些損失。毛利增加 5,900 萬美元，主要歸功於有機銷售成長、600 萬美元的淨貨幣收益和市場調整計劃，但部分被與供應鏈中斷相關的約 400 萬美元的額外成本所抵消。由於 2020 年工程報銷超出正常水準 8,000 萬美元，本季 RD&E 淨額為 1.08 億美元，與去年相比增加了 6,400 萬美元。

SG&A and other income combined were $22 million higher than the same period last year, mainly due to the $20 million Brake Systems recovery last year in 2020 and a $3 million restructuring cost this year in 2021. Lastly, our operating cash flow of negative $69 million for the quarter was $38 million better than last year, mainly driven by a stable net working capital here in 2021 versus the negative impact last year caused by the pandemic.

SG&A 和其他收入合計比去年同期高出2,200 萬美元，主要是由於去年2020 年煞車系統回收了2,000 萬美元，以及今年2021 年的300 萬美元重組成本。美元該季度比去年增加了 3,800 萬美元，主要是由於 2021 年淨營運資本穩定，而不是去年大流行造成的負面影響。

Looking now to the sequential performance on the next slide. Our net sales of $398 million for the second quarter decreased $21 million or 5% sequentially from the first quarter as compared to the sequential LVP decline of 9%. The sequential sales decline was more evident in RCS, of 7%, since the business is more closely linked to the underlying LVP, while the Active Safety decline of 4% reflects our strong growth over market in this product area.

現在看看下一張投影片上的連續效能。我們第二季的淨銷售額為 3.98 億美元，較第一季下降 2,100 萬美元，即 5%，而 LVP 則是環比下降 9%。 RCS 的銷售額環比下降更為明顯，下降了 7%，因為該業務與基礎 LVP 的聯繫更緊密，而主動安全下降 4% 反映了我們在該產品領域市場的強勁增長。

Gross profit increased $6 million sequentially, primarily due to the benefits from our Market Adjustment Initiatives, including customer recoveries, which were partially offset by the lower organic sales development. RD&E, net decreased $9 million sequentially from the previous quarter, primarily due to higher engineering reimbursements during the second quarter. Lastly, our operating cash flow improved $41 million, primarily due to the net working capital and operating loss improvement during the quarter.

毛利環比增加了 600 萬美元，主要是由於我們的市場調整計劃（包括客戶恢復）的好處，但有機銷售發展的下降部分抵消了這一好處。研發與工程 (RD&E) 淨額較上季較上季減少 900 萬美元，主要是因為第二季工程報銷增加。最後，我們的營運現金流量增加了 4,100 萬美元，這主要是由於本季淨營運資本和營運虧損的改善。

Looking now to our first half results on the next slide. Our first half net sales, increase of $270 million to $816 million, was mostly driven by organic sales growth of $258 million or 49%, which represents a 20-percentage point outperformance versus the LVP. The primary organic sales growth contributors were Active Safety, 58% and Restraint Controls 33%. While net currency effects mostly or entirely offset the Brake Systems divestiture.

現在看看下一張投影片上我們的上半部結果。我們上半年的淨銷售額增加了 2.7 億美元，達到 8.16 億美元，這主要是由有機銷售額增長 2.58 億美元或 49% 推動的，這比 LVP 表現好 20 個百分點。有機銷售成長的主要貢獻者是主動安全系統（58%）和約束控制系統（33%）。而淨貨幣影響大部分或完全抵消了煞車系統剝離。

The operating loss change year-over-year for the first half was driven by lower engineering recoveries and other income which were mostly offset by the higher gross profit. During the first half of the year, our gross profit increased to $118 million, resulting in a gross margin of 14.4% as compared to 10.3% in 2020. And I should mention that the gross margin on an LTM basis is now close to 15%.

上半年營業虧損年變動是由於工程回收率和其他收入較低，但大部分被較高的毛利所抵銷。今年上半年，我們的毛利增加至 1.18 億美元，毛利率為 14.4%，而 2020 年為 10.3%。

These improvements are mainly due to our strong above-market organic sales growth, along with currency and Market Adjustment Initiatives tailwinds, which were partially offset by certain extra costs related to supply chain disruptions. We estimate underlying engineering costs improved year-over-year for the first half of the year by approximately $40 million when we take into consideration divestiture effects. Lastly, our operating cash flow decreased $63 million during -- due to the negative swing in net working capital of $64 million during the first half of the year.

這些改善主要歸因於我們高於市場的強勁有機銷售成長，以及貨幣和市場調整計畫的推動，但這些成長被與供應鏈中斷相關的某些額外成本部分抵消。考慮到資產剝離的影響，我們估計今年上半年的基礎工程成本將比去年同期減少了約 4,000 萬美元。最後，由於上半年淨營運資本出現 6,400 萬美元的負波動，我們的營運現金流減少了 6,300 萬美元。

Looking now to our outlook for 2021 on the next page. Our 2021 outlook remains essentially unchanged from the beginning of the year. The current full year indication is for organic sales growth to exceed 25%, which implies an outperformance versus the underlying LVP in the mid-teens as a percentage. Our outlook now indicates a net currency translation tailwind of approximately 4% versus a 3% at the beginning of the second quarter. As a result of our Market Adjustment Initiatives Program and strong organic sales growth, we expect RD&E net to be in the range of $110 million to $120 million per quarter during 2021 and the operating loss is expected to improve in 2021 as compared to 2020, despite certain headwinds.

現在展望下一頁我們對 2021 年的展望。我們對 2021 年的展望與年初基本保持不變。目前全年的有機銷售成長率預計將超過 25%，這意味著相對於基本 LVP 的百分比而言，其表現優於中位數。我們目前的展望表明，淨貨幣換算順風約為 4%，而第二季初為 3%。由於我們的市場調整計畫和強勁的有機銷售成長，我們預計2021 年每季RD&E 淨額將在1.1 億至1.2 億美元之間，與2020 年相比，2021 年的營運虧損預計將有所改善，儘管某些不利因素。

We expect capital expenditures to be approximately $100 million in 2021, and we estimate our cash balance to be more than $400 million at the end of 2021. And lastly, for 2021, we expect our operating loss and cash flow performance to improve sequentially during 2021 as we expect our operating leverage on organic sales growth to improve during the second half of 2021. So overall, a continued positive momentum in our results and outlook, carrying over into our midterm targets, especially in this very mixed and uncertain environment. With that, I'll turn it over to Jan.

我們預計 2021 年的資本支出約為 1 億美元，預計到 2021 年底我們的現金餘額將超過 4 億美元。預計2021 年下半年我們對有機銷售成長的營運槓桿將有所改善。中。有了這個，我會把它交給簡。

Thank you, Ray. Turning the page, we come to the end of this formal presentation. As you may have seen, we're planning to host a Capital Markets Day on September 9. And due to the merger agreement with Magna, we have decided to cancel this event, as I'm sure you understand.

謝謝你，雷。翻過這一頁，我們的正式演講即將結束。正如您可能已經看到的，我們計劃在 9 月 9 日舉辦資本市場日。

Having said that, this concludes the formal comments for today's earnings call. But before we move into Q&A, I would like to extend a sincere thank you to the entire Veoneer team for their dedication and strong execution with a sharp continued focus on quality, health and safety. The team remained focused on launching new technologies and customer programs during what still are challenging conditions. And with that, I turn the call back to you, Nas, and we open up for Q&A. Thank you.

話雖如此，今天的財報電話會議的正式評論到此結束。但在我們進入問答環節之前，我想向整個 Veoneer 團隊致以誠摯的謝意，感謝他們的奉獻精神和強大的執行力，以及對品質、健康和安全的持續關注。在仍充滿挑戰的條件下，團隊仍專注於推出新技術和客戶計畫。然後，我將電話轉回給你，納斯，然後我們開始問答。謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Joachim Gunell from DNB Markets.

我們的第一個問題來自 DNB Markets 的 Joachim Gunell。

So -- well, although, I mean, I agree with the industrial logic with ADAS market consolidation to gain scale, this seems like a reversal in strategy as we thought it made more sense for Veoneer to be stand-alone from the Tier 1 supplier in 2018. So can you just talk a bit about what is driving this change in perception?

所以，儘管我同意 ADAS 市場整合以擴大規模的工業邏輯，但這似乎是戰略上的逆轉，因為我們認為 Veoneer 從一級供應商中獨立出來更有意義2018 年。了這種觀念的變化嗎？

Well, for us, we are seeing a very different environment, back in 2018, that we are seeing currently today. And as mentioned, we have seen a significant deterioration in light vehicle production. We have seen the change in speed of technology and OEMs and in the market in general. We are also seeing that things can happen in the environment that we cannot have control over, and that is something that we are taking into account.

嗯，對我們來說，2018 年的環境與今天的環境非常不同。如前所述，我們看到輕型汽車生產顯著惡化。我們已經看到了技術、原始設備製造商以及整個市場的速度變化。我們也看到，在我們無法控制的環境中可能會發生一些事情，這是我們正在考慮的事情。

Combining these things, we think it is better for Veoneer to come into a company that is focused on ADAS, focused -- having a clear strategy and focus in electronics and focusing software technology and focusing in area where our assets will make a significant difference in the core strategy.

綜合這些因素，我們認為 Veoneer 最好加入一家專注於 ADAS 的公司，專注於電子產品、軟體技術和我們的資產將產生重大影響的領域。

If you look to Autoliv and compare the difference when we spun it out, Autoliv is mainly a private, technical and mechanical company focusing on occupant protection with the absorption of kinetic energy of the occupant, whereas Magna here is articulating another strategy, focusing from the beginning, on the ADAS part.

如果你看看奧托立夫並比較一下我們剝離出來時的差異，奧托立夫主要是一家私營的技術和機械公司，專注於透過吸收乘員動能來保護乘員，而麥格納則闡述了另一種策略，專注於乘員保護。

So we think that the home here for Veoneer in Magna, fits very well with their strategy, and it fits very well with what we present.

因此，我們認為 Veoneer 在麥格納的家非常符合他們的策略，也非常符合我們所展示的內容。

And on the Arriver side, can you give some more sense here with regards to how far some of the more advanced discussions are going and the timing for agreements to be signed?

在到達者方面，您能否就一些更深入的討論進行到何種程度以及簽署協議的時間提供更多資訊？

Not really. More than we are having good customer discussions that are ongoing and that we are in demonstration of in-vehicle demonstrations on the road to customers. And that we have an expectation to reach some conclusion with customers and get first awards within the year. So nothing more concrete than that.

並不真地。我們不僅正在進行良好的客戶討論，而且還在向客戶展示車載演示。我們期望在年內與客戶達成一些結論並獲得一等獎。所以沒有比這更具體的了。

And the next question comes from the line of Joseph Spak from RBC.

下一個問題來自 RBC 的 Joseph Spak。

I guess just as a first question, going through some of the deal materials and Magna talking about is being accretive to them in 2024. I know previously, you had indicated getting more towards sustainable profit a year ahead of that. So is there anything to read into that? I know the environment, you keep saying, that has sort of changed but -- and maybe we'll sort of see some of your forecasts when the proxy comes out. But if you could talk about sort of the longer-term path here for Veoneer? That would be helpful.

我想作為第一個問題，瀏覽一些交易資料和麥格納談論的這些資料將在 2024 年為他們帶來增值。那麼有什麼值得解讀的嗎？我知道環境，你一直說，已經發生了一些變化，但是——也許當代理商出現時我們會看到你的一些預測。但您能否談談 Veoneer 的長期發展道路？那會有幫助的。

We have nothing to add beyond what we are writing here in the earnings release, that we are reiterating, becoming cash flow positive and profitable sometime during 2023. And how they view on the accretion in 2024, et cetera, I am not in the situation to comment on. We have not changed the outlook here for the longer term. Maybe we have not changed the outlook here essentially on the year either since our previous earnings release. And I think that is a strength to our execution. It's a strength to our team being able to manage the situation in a good way despite challenging times.

除了我們在財報中所寫的內容之外，我們沒有什麼可補充的，我們重申，在2023 年的某個時候現金流量將變得正數並盈利。不處於這種情況發表評論。我們沒有改變這裡的長期前景。也許自從我們上次發布財報以來，我們對今年的前景也沒有本質上的改變。我認為這是我們執行力的一個優勢。儘管面臨挑戰，我們團隊仍然能夠以良好的方式管理局勢，這是我們團隊的優勢。

Okay. And then maybe just one final one. Jan, if you could harken back on some of your Autoliv experience, right, maybe to some of the opportunities but also challenges. Magna may face in having multiple suppliers on the ADAS side and on the vision and sort of potentially the path line they got. I think it would seem like if Arriver sort of continues to make progress, and it seems like you're having some good progress there that -- there can be good interest there, but obviously, they've got legacy programs and legacy suppliers as well the dealers. So maybe just based on -- again, based on your history as sort of from your Autoliv days how the company can go about managing some of those challenges?

好的。然後也許只是最後一件事。 Jan，如果您能回顧一下您在奧托立夫的經歷，對吧，也許您會看到一些機遇，但也有一些挑戰。麥格納可能面臨 ADAS 方面擁有多家供應商的問題，以及他們獲得的願景和潛在路線。我認為，如果 Arriver 繼續取得進展，而且似乎您在那裡取得了一些良好的進展——那裡可能會有很大的興趣，但顯然，他們有遺留項目和遺留供應商經銷商們好。因此，也許只是基於——再次基於您在奧托立夫時代的歷史，公司如何應對其中一些挑戰？

Yes. I'll let the comment on the Magna side stand for Magna. On the Autoliv side, you remember we had a cooperation with Mobileye and then we started off our own development and then worked out well. So I can only say that we have done experience that we acted in a very good way with the customer and with the partner that we separated from and that worked out fine for that program, and we did our own development, now leading up to Veoneer and leading up to the situation we are in today. So I had a good experience of that and how this will turn out for Magna, you have to ask the Magna people.

是的。我會讓麥格納的評論代表麥格納。在奧托立夫方面，你記得我們和Mobileye有合作，然後我們開始自己開發，然後進展順利。所以我只能說，我們的經驗是，我們與客戶以及與我們分離的合作夥伴以非常好的方式行事，並且該計劃效果很好，並且我們進行了自己的開發，現在通向 Veoneer並導致了我們今天的處境。所以我對此有很好的經驗，以及這對麥格納來說將如何結果，你必須問麥格納人。

And the next question comes from the line of Emmanuel Rosner from Deutsche Bank.

下一個問題來自德意志銀行的伊曼紐·羅斯納。

One follow-up question on, I guess, the outlook for Arriver. So I think last quarter, you had updated that Arriver was in discussion with multiple OEMs as well as multiple Tier 1s. Does being owned by a larger Tier 1 going forward, change the ability to sell the software through other Tier 1? I guess you had sort of positioned Arriver more as a Tier 2 supplier, really?

我想，接下來的一個問題是關於 Arriver 的前景。因此，我認為上個季度，您更新了 Arriver 正在與多個 OEM 以及多個一級供應商進行討論的情況。未來被更大的 Tier 1 擁有是否會改變透過其他 Tier 1 銷售軟體的能力？我猜您將 Arriver 定位為二級供應商，真的嗎？

Yes, we are operating under the current arrangement with Qualcomm, and we have no reason to believe not -- Qualcomm will not support that. So we are continuing to operating this in the same way going forward. So there is no change to our strategy here.

是的，我們正在按照與高通的當前安排進行運營，我們沒有理由相信高通不會支持這一點。因此，我們今後將繼續以同樣的方式進行營運。所以我們的策略沒有改變。

Okay. But in terms of cost -- partner and feedback from some of the discussions that you have been having with these multiple OEMs and Tier 1s around being acquired by Magna. Does it change anything in terms of their thinking?

好的。但就成本而言，合作夥伴以及您與這些多家原始設備製造商和一級供應商圍繞著被麥格納收購進行的一些討論的反饋。這對他們的想法有什麼改變嗎？

Well, first of all, we haven't had any discussions in these hours this morning with any of our customers, and this was announced as of yesterday. And I have no -- I can't anticipate any change just as such from customers. Magna is a very well-known company to all of the OEMs around the world. So I don't think that should be any change.

好吧，首先，我們在今天早上的這些時間裡沒有與任何客戶進行任何討論，這是昨天宣布的。我無法預期客戶會做出任何改變。麥格納是全球所有原始設備製造商都非常知名的公司。所以我認為這不應該有任何改變。

Okay. And I guess, second question is on the new order, the new business. You said that things played out a bit better in the second quarter than you had anticipated. Can you just give a little bit more detail I can -- I guess what part of it was sort of like contracts that you hadn't expected or just things playing out faster, just more volume? And then obviously, you reiterated the full year view for the orders to be better in 2021 than 2020. I think 2020 was actually $530 million on the last 12 months basis. So you expect a better second half this year. Can you just tell us what is expected to drive it?

好的。我想，第二個問題是關於新訂單、新業務。您說第二季的情況比您預期的要好一些。你能提供更多的細節嗎——我猜其中的哪一部分有點像你沒有預料到的合同，或者只是事情進展得更快，只是數量更大？顯然，您重申了 2021 年訂單量將好於 2020 年的全年預期。所以你預計今年下半年會更好。您能告訴我們預計是什麼驅動它嗎？

Well, in the good order intake in second quarter, it's a combination of several things. We have some parts that have been pulled forward from second half into second quarter. So that is what we said, somewhat better than expected. We had new orders coming also that we haven't seen on the radar. So we have a combination of both. And I think some of it that we were expecting in second half is really pointing out that second half is a very stronger -- much stronger half here, than first quarter came and the second quarter.

嗯，第二季的良好訂單量是多種因素共同作用的結果。我們有一些部分已從下半年推遲到第二季。這就是我們所說的，比預期好一些。我們還收到了雷達上沒有看到的新訂單。所以我們將兩者結合。我認為我們對下半年的預期確實表明下半年比第一季和第二季強得多。

But we are still of a strong opinion, we've allowed to perform 2020 in order intake. So there is no change to our outlook. We hold on to this. And -- we are not in this volatile world able to give you more color on numbers or quantification of this. We are staying out of that because it's so easy for orders to be pushed over the year-end and then we are in a different situation. We may not lose it, but it's coming a week or 2 or 3 later, and then it's affecting the numbers. So we are staying out of it and holding on to better than last year.

但我們仍然堅定地認為，我們已經允許執行 2020 年的訂單接收量。因此，我們的前景沒有改變。我們堅持這一點。而且—在這個動盪的世界裡，我們無法為您提供更多有關數字或量化的資訊。我們不參與其中，因為訂單很容易被推遲到年底，然後我們的情況就不同了。我們可能不會失去它，但它會在一周或兩三年後到來，然後它會影響數字。因此，我們不會介入，並保持比去年更好的水平。

And the next question comes from the line of Hampus Engellau from Handelsbanken.

下一個問題來自 Handelsbanken 的 Hampus Engellau。

I have 2 questions. The first question is on the back of the Qualcomm collaboration and also your current customers. How have you like mitigated the risk areas going into this merger process and in terms of getting new business that -- given that Magna is running the Mobileye vision software, and it remains to be seen how they will manage Arriver, (inaudible) identification software. How that is going to play out? That's the first question.

我有 2 個問題。第一個問題是關於高通合作以及您目前的客戶的。鑑於麥格納正在運行 Mobileye 視覺軟體，並且他們將如何管理 Arriver（聽不清楚）識別軟體，您希望如何減輕合併過程中以及獲得新業務方面的風險？結果會如何呢？這是第一個問題。

Second question is more on the timing issue here. I mean, you've been struggling for some years since the IPO in 2018. And you're about now to like really capitalize on the order backlog with stellar growth in coming years. And so the question is more on the Board's decision, on the timing on accepting the bid now and why not later? And if there is a major change in terms of capital need, R&D spending to capitalizing the backlog that you have kind of soon, which makes you take this decision. Those are my 2 questions.

第二個問題更多的是關於時間問題。我的意思是，自 2018 年 IPO 以來，您已經掙扎了好幾年。因此，問題更多在於董事會的決定，在於現在接受投標的時間，為什麼不稍後呢？如果資本需求、研發支出有重大變化，以資本化你很快就會積壓的訂單，這會讓你做出這個決定。這是我的兩個問題。

Starting on the first one, on the Qualcomm situation, we are of a strong belief that Qualcomm has no intention to change the corporation in how it is. So we believe that, that cooperation will continue to operate as it has been agreed with Veoneer. And then Qualcomm and Magna will have to get to know each other. I'm sure they know each other already in a way of big suppliers. But we will have to talk about the details going forward. But the intention is we believe from Qualcomm side to continue this operation as is.

從第一個問題開始，就高通的情況而言，我們堅信高通無意改變公司的現狀。因此，我們相信，這種合作將按照與 Veoneer 達成的協議繼續進行。然後高通和麥格納將必須相互了解。我確信他們已經以大供應商的方式互相了解。但我們必須討論未來的細節。但我們認為高通方面的意圖是繼續照原樣進行這項操作。

When it comes to the timing of this as I tried to allude to here, we believe this is a very superior offer. This is a value-creative offer from Magna that the Board is recommending to the shareholders. And the reason why now and not later, you don't know how the situation looks like in a year or 2 or 3 down the road. You know that you have an offer, you have to decide upon as of right now and you can only look into your own plans and see your own risks and opportunities that you have going forward.

當談到我在這裡試圖提到的時機時，我們相信這是一個非常優越的報價。這是麥格納董事會向股東推薦的一項具有價值創造的要約。為什麼現在而不是以後，你不知道一年、兩三年後的情況會是什麼樣子。你知道你有一份工作，你必須立即做出決定，你只能研究你自己的計劃，看看你自己未來的風險和機會。

And we believe that we have a strong plan. We really believe that we have a strong outlook. We haven't changed our guidance since the quarter ago or 2 quarters ago and we are holding on to that. So in fact, there is no change. But in the environment around us, you can see that for the things that are going on are if anything changing on the more risky side, it's a more uncertain side. And that is, I think, something that we have to take into account.

我們相信我們有一個強而有力的計劃。我們確實相信我們擁有強大的前景。自從一個季度前或兩個季度前以來，我們沒有改變我們的指導方針，我們將堅持這一點。所以事實上並沒有什麼變化。但在我們周圍的環境中，你可以看到，對於正在發生的事情來說，如果風險更大的一面發生變化，那就是不確定的一面。我認為這是我們必須考慮的事情。

When you get then an offer from a strong industrial player. We then intend to find a home for these assets to satisfy our employees that creates value for shareholders and safeguard their commitments to customers, the Board has decided to accept that. You don't know if that offer is on the table in a month, in a year from now or in 2 years from now, you don't simply know how that is going to happen.

當您收到強大的工業參與者的報價時。然後，我們打算為這些資產找到一個家，以滿足我們的員工，為股東創造價值並維護他們對客戶的承諾，董事會決定接受這一點。你不知道該報價是否會在一個月內、一年後或兩年後出現，你也不知道這會如何發生。

We are looking into the plan and making the best decision with the outlook and the information and forward-looking information we have at hand. And the Board has carefully analyzed this and have come to this conclusion.

我們正在研究該計劃，並根據我們手頭上的前景和資訊以及前瞻性資訊做出最佳決策。董事會對此進行了仔細分析並得出了這個結論。

And the next question comes from the line of Dan Levy from Crédit Suisse.

下一個問題來自瑞士信貸銀行的 Dan Levy。

First, maybe you could just give us a sense to what extent were you -- was this a competitive process? Were there others that may have cited interest in acquiring you?

首先，也許你可以讓我們了解一下你的水平如何——這是一個競爭過程嗎？是否有其他人表示有興趣收購您？

Well, as I said, the Board has carefully analyzed this transaction and has carefully looked into the situation. And there have been discussions with alternative partners, there has been discussions along the way. And I don't want to go into more of this as of right now. We will all have the proxy coming out and that will describe the proxy.

那麼，正如我所說，董事會已經仔細分析了這筆交易，並仔細研究了情況。我們一直在與其他合作夥伴進行討論，一路上一直在討論。我現在不想對此進行更多討論。我們都會有代理出來，這將描述代理。

Great. And then second, I just want to go to your order intake. And if you look at the progression over the years, it has come down even if you adjust out the Brake Systems orders. The order intake was higher in 2017, 2018. Obviously, the LVP environment is lower today, so that certainly plays a role. But maybe you can give us a sense over the past couple of years, to what extent has a more narrowed focus, maybe limited some of your business pursuits, or maybe to what extent has more resource constraints or more vigilant focus on resources, limited some of your business pursuits. And how under a larger roof, does that change the business pursuit strategy?

偉大的。其次，我只想了解您的訂單量。如果你看看多年來的進展，即使你調整了煞車系統訂單，它仍然下降了。 2017 年和 2018 年的訂單量較高。但也許你可以讓我們了解過去幾年，在多大程度上你的關注範圍更窄，可能限制了你的一些業務追求，或者可能在多大程度上有更多的資源限製或對資源更加警惕，限制了一些您的商業追求。在更大的範圍內，這會如何改變業務追求策略？

I don't think we can see a point to resource constraints for lower order intake. I think that an environment where light vehicle production is under heavy pressure, where OEMs are focusing on alternative focus areas in electrification, where you have COVID-19 pandemic going on, it's affecting a company like Veoneer. It's affecting the entire industry. And it's affecting a company like Veoneer.

我認為我們看不到減少訂單量的資源限制的意義。我認為，輕型汽車生產面臨巨大壓力、原始設備製造商專注於電氣化的替代重點領域、新冠肺炎 (COVID-19) 大流行的環境，都會影響像 Veoneer 這樣的公司。它正在影響整個行業。它正在影響像 Veoneer 這樣的公司。

I think we are in a very good place with a very good ecosystem and very good product portfolio, but you can't simply not neglect that we have a negative cash flow and that we have a balance sheet that is very strong, but it's limited as long as we are providing negative cash flow. And in a tough environment, I think that coming into a company of Magna's structure, the resources and the skill sets we can have -- we can have a better position to offer its products without constraints of a financial situation that we are in.

我認為我們處於一個非常好的位置，擁有非常好的生態系統和非常好的產品組合，但你不能簡單地忽視我們的現金流是負的，而且我們的資產負債表非常強大，但它是有限的只要我們提供負現金流。在艱難的環境中，我認為，進入麥格納這樣的結構、資源和技能的公司，我們可以擁有更好的地位來提供其產品，而不受我們所處財務狀況的限制。

We are in a situation where we see a good way forward according to the guidance and the indications we have submitted. But as of today, you can't deny that you have a negative cash flow and customer sees that. And if they are then constrained and facing other difficult areas that may have a negative effect on us.

根據我們提交的指導和指示，我們看到了良好的前進方向。但截至今天，你不能否認你的現金流為負，客戶也看到了這一點。如果他們受到限制並面臨其他困難領域，可能會對我們產生負面影響。

I think that our product portfolio is very much appreciated by Magna. They have seen what our capabilities are. They have seen the skills of our people and the products that we have and the abilities that we have to execute on our programs, and that is leading them to signing this agreement with Veoneer. And I have a very good hope and I'm very much looking forward for these assets and this company as it is to come into that situation and get away from that type of financial constraint.

我認為麥格納非常讚賞我們的產品組合。他們已經看到了我們的能力。他們看到了我們員工的技能、我們擁有的產品以及我們執行專案的能力，這促使他們與維寧爾簽署了這份協議。我有一個很好的希望，我非常期待這些資產和這家公司，因為它會進入這種情況並擺脫這種類型的財務約束。

And the next question comes from the line of Aileen Smith from Bank of America.

下一個問題來自美國銀行的艾琳史密斯。

To ask a question around Magna perhaps in a different way, if the acquisition closes, then obviously, any of your capital needs will be fulfilled by Magna, which is a significant free cash flow generator. However, if the acquisition doesn't close for whatever reason in the future, then you're still staring down the barrel of something like $350 million in cash burn this year and a cash balance of $400 million at the end of the year which if we extrapolate could put you in a position where you could require additional capital at some point in the next year plus. So how should we think about the contingency plans internally as you think about keeping the business funded and investing in technology and product, should the acquisition potentially fall apart?

也許以不同的方式問一個關於麥格納的問題，如果收購完成，那麼顯然，你的任何資本需求都將由麥格納滿足，麥格納是一個重要的自由現金流發生器。然而，如果未來無論出於什麼原因收購沒有完成，那麼你仍然會面臨今年 3.5 億美元的現金消耗和年底 4 億美元的現金餘額，如果我們推斷，您可能會在明年的某個時候需要額外的資金。那麼，當您考慮保持業務資金並投資於技術和產品時，如果收購可能失敗，我們應該如何考慮內部應急計劃？

First of all, we have 40% of support already from the shareholders when signing the agreement. We have a very good hope, and we are convinced that we will make this successful, closing and get the votes. We are definitely looking in that direction. We also have a plan where we become cash flow positive in 2023. We are seeing continuous improvements in our executions in performance. So for us, the speculation that you are talking about here has not been in our radar screen. We are executing and doing what we are focused to do in running the company according to our plan, and we think that we will be able to take that question when it comes at a later stage. So we have not had that discussion internally as the backup plan you're talking about.

首先，我們在簽署協議時就已經得到了股東40%的支持。我們抱持著很好的希望，並且相信我們能夠成功完成這次會議並獲得選票。我們肯定正在朝這個方向尋找。我們還有一個計劃，在 2023 年實現正現金流。所以對我們來說，你在這裡談論的猜測還沒有出現在我們的雷達螢幕上。我們正在根據我們的計劃執行和做我們在運營公司時專注於做的事情，我們認為稍後階段出現這個問題時我們將能夠回答這個問題。因此，我們尚未在內部進行討論作為您所說的備用計劃。

Okay. That's helpful. And then another question around the 2023 financial targets. A lot of suppliers disclose their kind of net new business backlogs or roll on of new business revenue per annum, which can kind of help bridge current revenue to future revenue. As we think about the midterm target for revenue of $2.5 billion plus, can you provide some color on how much of the target is based on programs that have been signed and awarded and that you have a lot of visibility on in terms of timing or magnitude versus how much is based on various assumptions and maybe sale and negotiation?

好的。這很有幫助。然後是關於 2023 年財務目標的另一個問題。許多供應商披露了他們的淨新業務積壓或每年新業務收入的滾動，這可以幫助將當前收入與未來收入聯繫起來。當我們考慮 25 億美元以上收入的中期目標時，您能否提供一些說明，說明該目標中有多少是基於已簽署和授予的項目，並且您在時間或規模方面有很多了解與多少是基於各種假設以及可能的銷售和談判？

And you've referenced a couple of times today that the macro environment has changed a lot in the past few years with lower volumes, not to mention the technology landscape. So just trying to figure out how much of that target is based on some big programs that have been won that are yet to be announced versus how much is based on more internal assumptions from you guys?

您今天多次提到，過去幾年宏觀環境發生了很大變化，銷量下降，更不用說技術前景了。因此，只是想弄清楚該目標中有多少是基於一些已贏得但尚未宣布的大型項目，而有多少是基於你們的更多內部假設？

Yes. I think when we look at the 2023 target that we've laid out, that is primarily based on the $14 billion order book that we had at the beginning of the year. So when we look specifically at 2023, the vast majority of that business or that target is already booked. So when we look at what we are -- what we're bidding for right now, it's primarily 2024 and beyond.

是的。我認為，當我們審視我們所製定的 2023 年目標時，這主要是基於我們年初的 140 億美元訂單。因此，當我們具體考慮 2023 年時，絕大多數業務或目標已經被預訂。因此，當我們審視我們現在的目標時，我們主要關注的是 2024 年及以後的情況。

Although, we do -- we have won some business this year that could positively or will positively impact the 2023 number but the vast majority of 2023 is booked. So of course, you have the uncertainty around take rates. You have the uncertainty around currency and LVP, as you mentioned. But I think we feel pretty good about the 2023 target as it stands today.

儘管我們今年贏得了一些業務，這些業務可能會對 2023 年的數字產生積極影響，但 2023 年的絕大多數業務都已預訂。因此，當然，成交率存在不確定性。正如您所提到的，貨幣和 LVP 存在不確定性。但我認為我們對目前 2023 年的目標感覺很好。

The next question comes from the line of Brian Lombardi from Seaport.

下一個問題來自 Seaport 的 Brian Lombardi。

Brian, if your line is on mute can you please unmute yourself? We can't hear, Brian. So let's try the next one. Brian Johnson from Barclays.

Brian，如果您的線路處於靜音狀態，您可以取消靜音嗎？我們聽不到，布萊恩。那麼讓我們試試下一個。巴克萊銀行的布萊恩·約翰遜。

Congratulations on a great long-term home for the Veoneer technical team. A couple of questions. I know this will come out in the proxy. But are there any breakup fees or anything else that have been negotiated as part of the deal?

恭喜 Veoneer 技術團隊擁有一個美好的長期家園。有幾個問題。我知道這會在代理中出現。但作為交易的一部分，是否有任何分手費或其他已協商好的內容？

Yes. As I said, we are referring -- we are not commenting on the details on the deal here. We are staying out of this. We will document all the process and how it's the structure and it will be described in the proxy.

是的。正如我所說，我們指的是——我們不會在這裡評論交易的細節。我們不會介入此事。我們將記錄所有過程及其結構，並將在代理中進行描述。

Okay. And then secondly, and I know this will become Magna's issue, but maybe your thoughts on it. A couple of other questioners kind of alluded to it. So Magna has been traditionally a reseller of the Intel Mobileye product line, adding some value particularly around it. You, of course, have chosen your own vision approach and, of course, with Arriver, we're making substantial progress. So how do you think that plays out going forward? Will Magna transition to the Arriver technology? Can they actually coexist and give large Tier 1s choice of 2 different vision-based solutions?

好的。其次，我知道這將成為麥格納的問題，但也許你對此有什麼想法。其他幾個提問者也提到了這一點。因此，麥格納一直是英特爾 Mobileye 產品線的經銷商，特別是圍繞該產品線增加了一些價值。當然，您已經選擇了自己的願景方法，當然，透過 Arriver，我們正在取得實質進展。那麼您認為未來會如何發展呢？麥格納會過渡到Arriver 技術嗎？它們實際上可以共存並為大型一級供應商提供兩種不同的基於視覺的解決方案的選擇嗎？

Well, I'm sure you may have seen or heard that Magna earnings call -- or call here, this conference call this morning. I think they are excited about Arriver. They are looking forward to the addition of the software resources and the competencies that Arriver represents. How that will play out inside Magna, you have to ask the Magna team, I stay out of speculations of that.

好吧，我相信您可能已經看到或聽說過麥格納的財報電話會議，或者今天早上打電話給這裡的電話會議。我認為他們對到達者感到興奮。他們期待增加 Arriver 所代表的軟體資源和能力。這將如何在麥格納內部發揮作用，你必須詢問麥格納團隊，我不會對此進行猜測。

We got the question earlier on this call, how we had in Autoliv several years ago when before we started our development. And I got a question here around how we -- what experience we had there? And I can only reiterate that again, we had -- it worked out fine for us in that sense, in Autoliv, but how it will work out for Magna, you have to ask Magna about it.

我們在這次電話會議的早些時候收到了一個問題，幾年前我們開始開發之前，我們在奧托立夫的情況如何。我在這裡有一個關於我們如何——我們在那裡有什麼經歷的問題？我只能再次重申，我們——從這個意義上來說，在奧托立夫對我們來說效果很好，但對麥格納來說效果如何，你必須問麥格納。

And the next question comes from the line of Björn Enarson from Danske Bank.

下一個問題來自丹斯克銀行的 Björn Enarson。

First of all, congratulations on the good Q2 numbers today. I have a question on the offer, of course. The Board obviously sees this as a good offer. And can you help us to understand if you believe that you get a fair valuation of the Arriver offering in this offer? Or is it more that as you are addressing a little bit that you're accepting a lower offer as the risk has -- being a stand-alone company has increased so much that you think that this is the best outcome for the shareholders?

首先，恭喜今天第二季的良好數據。當然，我對這個提議有疑問。董事會顯然認為這是一個很好的提議。您能否幫助我們了解您是否認為您在此報價中獲得了對到達者報價的公平估值？或者更多的是，當你正在解決一點問題時，你接受了一個較低的報價，因為風險已經增加了——作為一家獨立的公司已經增加了這麼多，你認為這對股東來說是最好的結果？

No. This is not an offer on one or the other parts or, so we are getting an offer for an entire company in its totality, and we have reflected the value of Veoneer with, of course, the different parts. And with, of course, the different developments and what we can do as an alternative to accepting this offer for the different parts and how the different parts can grow.

不。當然，隨著不同的發展，我們可以做些什麼來取代接受不同部分的報價，以及不同部分如何發展。

But one of the other parts of that, I'm staying out of commenting on this one. The Board has looked on totality for shareholders and the value for shareholders here on Veoneer side. And the conclusion is based on that. And then you can always dive into it, but I'm staying out of that commentaries here.

但其中的其他部分之一，我不會對此發表評論。董事會著眼於維寧爾方面股東的整體性和股東的價值。結論就是基於此。然後你可以隨時深入研究它，但我不會在這裡發表評論。

And on Arriver, I would assume, at least also for the Board, is an important part of the calculation and as Qualcomm is part of that game as well. I would assume that they have been addressed by Magna before this offer, such -- is that -- are they part of the discussion?

我認為，至少對於董事會而言，Arriver 是計算的重要組成部分，而高通也是遊戲的一部分。我認為麥格納在提出這項提議之前已經解決了這些問題，那麼它們是討論的一部分嗎？

But of course, Bjorn, if you look into the different bits and pieces and you know Veoneer quite well. I mean Arriver is a very, very interesting challenger in this market, one of the few that can really take up the fight with leading suppliers in this area. So that, of course, is an interesting part. You can take on the other end of it, the Restraint Control, a very mature business, representing ballpark 25% worldwide market share, so a leader in that space.

當然，Bjorn，如果你仔細研究不同的細節，你就會對 Veoneer 非常了解。我的意思是，Arriver 是這個市場上非常非常有趣的挑戰者，也是少數能夠真正與該領域領先供應商競爭的公司之一。所以這當然是一個有趣的部分。您可以挑戰它的另一端，即約束控制，這是一項非常成熟的業務，約佔全球 25% 的市場份額，因此是該領域的領導者。

You can take our radar activities, which represents the bulk of our sales in Active Safety, which is also a leading player. So each and every one of our bigger product areas here represent a significant position and a significant value for it. And I think that is what the board sees. You can't say that one -- we are trading one against the other. We are looking on the totality on the offer itself.

您可以看看我們的雷達活動，它占我們主動安全領域銷售額的大部分，這也是一個領先的參與者。因此，我們每一個較大的產品領域都代表著重要的地位和重要的價值。我認為這就是董事會所看到的。你不能這麼說——我們正在以一種方式與另一種方式進行交易。我們正在關注報價本身的整體性。

The next question comes from the line of David Kelley from Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

Just starting with maybe the competitive landscape in ADAS. I would assume that combined Magna and Veoneer that puts you in the top 4, maybe 5 players as it relates to market share and scale. Can you just talk about the market share opportunity you see for the combined company and particularly as we think about your historical like 9% to 10% share in Active Safety?

我們先從 ADAS 領域的競爭格局開始。我認為，麥格納和維寧爾的合併將使您躋身前 4 名，也許是 5 名，因為這與市場份額和規模有關。您能否談談您認為合併後公司的市場佔有率機會，特別是考慮到您在主動安全領域的歷史份額為 9% 至 10%？

No, I should stay out of talking about the combination here, and I refer that to the Magna and to the buyer to view the combination of the 2 and how they want to position this. It represents pro forma 2020 ballpark, $1.2 billion in Active Safety. And the growth rate there, I think, was portrayed in the conference call here and how the market growth is growing in their slide set.

不，我不應該在這裡談論這種組合，我將其轉給麥格納和買家，以查看兩者的組合以及他們想要如何定位它。預計 2020 年主動安全領域預計價值 12 億美元。我認為，這裡的電話會議描述了那裡的成長率，以及他們的幻燈片中市場成長的情況。

So I have to defer that question to Magna. I think we can speak for Veoneer and the basis for Veoneer and how we have viewed this, and we have viewed ourselves as being in a very good position with a very good asset with growth opportunities. We have indicated $2.5 billion by 2023 in sales. And I think that is giving Magna the addition that they are looking for in boosting their growth. But how much and what they are going to do, you should probably ask Magna.

所以我必須把這個問題交給麥格納。我認為我們可以代表 Veoneer 以及 Veoneer 的基礎以及我們如何看待這一點，我們認為自己處於非常有利的位置，擁有非常好的資產和成長機會。我們預計到 2023 年銷售額將達到 25 億美元。我認為這為麥格納提供了他們正在尋求的促進成長的補充。但他們打算做多少以及做什麼，你可能應該問麥格納。

Okay. Got it. I had to ask. Maybe more shorter-term question on supply disruption and shortages. You referenced that continuing into the second half of the year. I was just hoping you could provide some color on how you're thinking about the sequential impact versus the second quarter and even maybe the visibility to some pace of supply normalization just what you're seeing out there in the channel?

好的。知道了。我不得不問。也許是關於供應中斷和短缺的更短期問題。您提到這種情況一直持續到下半年。我只是希望您能提供一些關於您如何看待第二季度的連續影響的信息，甚至可能是您在渠道中看到的供應正常化一定程度的可見性？

I think when we look at the sequential into the second half from the first half of the year, we certainly expect the cost impact to subside or to improve. However, we -- there's still supply chain constraints out there. And I think there's no hiding behind that. And we expect this could continue into 2022 as well.

我認為，當我們從上半年到下半年的連續情況來看，我們當然預期成本影響會消退或改善。然而，我們仍然存在供應鏈限制。我認為這背後沒有隱藏的東西。我們預計這種情況也可能持續到 2022 年。

I think there's more and more customers and more and more suppliers starting to acknowledge that this is going to go into next year as well. So I think at the end of the day, all we can do is continue to be transparent with our customers, work closely with our customers and try to make sure that we can avoid being the constraint, I think at the end of the day, but we do expect to see some improvement into the second half, but still be some cost impact in the P&L.

我認為越來越多的客戶和越來越多的供應商開始承認這也將持續到明年。所以我認為歸根結底，我們所能做的就是繼續對客戶保持透明，與客戶密切合作，並努力確保我們能夠避免成為約束，我認為歸根結底，但我們確實預計下半年會有所改善，但損益表中仍會受到一些成本影響。

I still wanted to point out actually the performance of our chip shortages having a negative effect of $4 million for the second quarter. For a company like ours here, I think it's a very good achievement by our team to be able to -- it's $4 million. It's a lot of money, but still it could be much worse. And I think we have been managing this quite well.

我仍然想指出，實際上我們的晶片短缺對第二季度造成了 400 萬美元的負面影響。對於像我們這樣的公司來說，我認為我們的團隊能夠取得 400 萬美元的成就是一項非常好的成就。這是很多錢，但情況仍然可能更糟。我認為我們在這方面處理得很好。

Next question comes from the line of Rod Lache from Wolfe Research.

下一個問題來自 Wolfe Research 的 Rod Lache。

This is Shreyas Patil on for Rod. Two questions from me. Number one, Veoneer, as you mentioned, Veoneer is well regarded as a leader in radar systems, and you've been particularly expanding in 77 gigahertz systems. Magna has also been working in -- on imaging radars. And it's not something I've heard from Veoneer in terms of kind of future development work. I'm not sure if that's something you're working on. And how do you see something like imaging radar potentially impacting the traditional radar business that you currently have?

這是羅德的施裡亞斯·帕蒂爾。我有兩個問題。第一，Veoneer，正如您所提到的，Veoneer 被認為是雷達系統的領導者，並且您一直在 77 GHz 系統上特別擴展。麥格納也一直致力於成像雷達。我還沒有從 Veoneer 那裡聽說過有關未來開發工作的內容。我不確定這是否是你正在做的事情。您如何看待成像雷達之類的技術可能對您目前擁有的傳統雷達業務產生影響？

Well, we are looking also on the imaging radars. And I think that is an interesting product that we are looking into and having activities upon. And again, here, I think that would be a Magna discussion, how they are going to use their own activities and how they're going to use what we are having ongoing in Veoneer.

嗯，我們也在關注成像雷達。我認為這是一個有趣的產品，我們正在研究並進行活動。再次強調，我認為這將是麥格納的討論，他們將如何利用自己的活動，以及他們將如何利用我們在 Veoneer 正在進行的活動。

I think listening to Magna and listening to the discussions, they find our product portfolio, very complementary to each other. So I think that their thoughts may be that what we have here fits into what they are lacking, et cetera. So again, here, I've said it many times on this call, but it's, of course, the natural thing, you should talk to Magna about how they view what they are now buying compared to what they have. we are not in detail, aware of their activities, as you can understand. So it's hard for me to comment on.

我認為聽麥格納的發言和討論，他們發現我們的產品組合非常互補。所以我認為他們的想法可能是我們這裡擁有的適合他們所缺乏的，等等。再說一次，我在這次電話會議上已經說過很多次了，但這當然是很自然的事情，你應該與麥格納談談他們如何看待他們現在購買的東西與他們擁有的東西相比。正如你所理解的，我們並沒有詳細了解他們的活動。所以我很難評論。

Okay. And then just on the business. Can you remind us what the size of the Market Adjustment Initiatives Program, what that -- how big is that expected to be this year? And what kind of savings do you see from that? And then what were the size of engineering reimbursements in Q2?

好的。然後就談生意了。您能否提醒我們市場調整計畫的規模是多少？您從中看到了哪些節省？那麼第二季的工程報銷規模是多少呢？

Yes. Typically, we don't give specific engineering reimbursements during the quarter. I think we called out last year, the $80 million is above normal engineering because it had such an impact and a lot of it was related to prior period work. I think when we look at -- again, when we look at the Market Adjustment Initiatives, we don't give all of the details on what that is generating. But I must say that I mentioned in the script here that we estimate that the engineering impact on the cost side has been about $40 million for the first half of the year.

是的。通常，我們不會在本季提供具體的工程補償。我想我們去年就說過，8000 萬美元超出了正常的工程投入，因為它產生了很大的影響，而且其中很多與前期工作有關。我認為，當我們再次審視市場調整計畫時，我們並沒有提供有關其產生的所有細節。但我必須說，我在這裡的腳本中提到，我們估計今年上半年工程對成本的影響約為 4000 萬美元。

And that's a combination of an improvement in the gross cost and it's net of all the divestiture impact. So you've got additional costs related to Zenuity, but we don't have the equity method cost anymore in the P&L. And then you also have the benefit from not having the Brake Systems R&D and then underlying core gross engineering costs has come down.

這是總成本的改善和扣除所有資產剝離影響後的綜合結果。因此，您有與 Zenuity 相關的額外成本，但損益表中不再有權益法成本。然後，您還可以從沒有煞車系統研發的情況中受益，然後基礎核心總工程成本就會下降。

So I think the big one -- or the big contributor there has been on the engineering. And then of course, as I mentioned earlier, we did receive some -- have some customer recoveries in the gross profit area during the quarter, but I think we should not talk about that here.

所以我認為最大的貢獻者——或者說最大的貢獻者是工程方面的。當然，正如我之前提到的，我們確實收到了一些——在本季度的毛利領域有一些客戶恢復，但我認為我們不應該在這裡談論這一點。

And we have one more question from Michael Filatov from Berenberg.

來自貝倫貝格 (Berenberg) 的邁克爾·菲拉托夫 (Michael Filatov) 又向我們提出了一個問題。

So just looking at the incremental gross margins, I mean, a little bit higher than I think you would have expected. I think, initially, it was expectations of 20% to 25%. How should we think about that in the back half? Do you think you can sort of maintain this elevated incremental gross margin cadence? And then I've got another follow-up after that as well.

因此，只要看看增量毛利率，我的意思是，比我想像的要高一點。我認為，最初的預期是 20% 到 25%。後半段我們該如何思考？您認為您可以維持這種較高的毛利率增量節奏嗎？之後我還有另一個後續行動。

Yes. I think when you look at the leverage on the gross profit, underlying maybe around 20% in the quarter. And I think that's I think that's pretty much in line with what we had indicated earlier in the year that as the gross margin leverage improves, throughout the year. We talked about the 20% level, maybe even slightly above the 20% level. So I think we're -- we believe that we're on track to meet those deliverables.

是的。我認為，當你看一下毛利的槓桿率時，本季的潛在利潤可能在 20% 左右。我認為這與我們今年稍早表示的情況非常一致，即隨著全年毛利率槓桿率的提高。我們談到了 20% 的水平，甚至可能略高於 20% 的水平。所以我認為我們相信我們正在實現這些可交付成果。

Okay. Got it. And then just in terms of the acquisition, you guys have some overlap in the portfolio and maybe some manufacturing overlap? Is there any sort of expectation of rationalization of your sort of your facility footprint or your product portfolio footprint or product portfolio?

好的。知道了。然後就收購而言，你們的產品組合有一些重疊，也許還有一些製造重疊？您是否期望對您的設施足跡或產品組合足跡或產品組合進行合理化？

No. Well, I cannot comment on that. I'm not in a position to comment on it. Magna had in their press release that they are looking for $100 million in synergies in 2024. And besides that, I have no comments to it.

不，我不能對此發表評論。我無法對此發表評論。麥格納在新聞稿中表示，他們希望在 2024 年實現 1 億美元的協同效應。

Okay. Great. And just one quick one. Just because recently, you announced sort of this partnership, bringing Baraja's LiDAR automotive grade to market. and Magna has got a relationship with Innoviz. Is there any kind of road map to what their game plan is with LiDAR given your sort of experience with LiDAR historically?

好的。偉大的。只是一個快速的。就因為最近，你們宣布了這種合作關係，將 Baraja 的汽車等級 LiDAR 推向市場。麥格納與 Innoviz 建立了合作關係。鑑於您過去使用 LiDAR 的經驗，是否有任何關於 LiDAR 的遊戲計劃的路線圖？

We think that is a very good achievement with Baraja. So we think that is a very good partnership. And how they are going to do this going forward and what's going to be their strategy between Innoviz and Baraja, I'll leave it to Magna.

我們認為巴拉哈取得了非常好的成就。所以我們認為這是一個非常好的合作關係。他們未來將如何做到這一點以及 Innoviz 和 Baraja 之間的策略是什麼，我將把它留給麥格納。

And as there are no further questions, I'll hand it back to the speakers.

由於沒有其他問題了，我將把它交還給發言者。

All right. Very good. Thank you very much. I would very much like to thank everyone for your participation in this earnings call. Thanks for your very good and insightful questions. Now looking ahead, our next quarterly earnings release is tentatively planned for October 20, 2021. And we look forward to speaking to you in various meetings and calls, et cetera, in the meantime. And I wish you all a very good summer, and please take care and drive safe out there and looking forward to talk to you later. Thank you.

好的。非常好。非常感謝。我非常感謝大家參與本次財報電話會議。感謝您提出非常好的、富有洞察力的問題。現在展望未來，我們暫定於 2021 年 10 月 20 日發布下一個季度收益。祝大家有個愉快的夏天，請小心駕駛，安全駕駛，期待稍後與您交談。謝謝。

This concludes our conference call. Thank you all for attending. You may now disconnect your lines.

我們的電話會議到此結束。感謝大家的出席。現在您可以斷開線路。