Financial Performance - Net sales for Q1 2025 were $4,825 million, a decrease of 1.5% compared to $4,901 million in Q1 2024[13] - Operating income increased to $448 million in Q1 2025, up 6.9% from $419 million in Q1 2024[13] - Net loss attributable to Aptiv was $11 million in Q1 2025, compared to a net income of $218 million in Q1 2024[13] - Comprehensive income attributable to Aptiv decreased to $152 million in Q1 2025 from $165 million in Q1 2024[15] - Segment adjusted operating income for Q1 2025 was $572 million, compared to $544 million in Q1 2024, indicating a 5.1% increase[180] - The company reported a net income of $224 million for the three months ended March 31, 2025, compared to $218 million in the same period of 2024, representing a slight increase of 2.8%[187] Cash and Assets - Cash and cash equivalents decreased to $1,100 million as of March 31, 2025, down from $1,573 million at the end of 2024[17] - Total assets decreased to $23,102 million as of March 31, 2025, compared to $23,458 million at the end of 2024[17] - Total current assets decreased to $659 million as of March 31, 2025, compared to $671 million as of December 31, 2024[64] - Total long-term assets decreased to $2,558 million as of March 31, 2025, down from $2,842 million as of December 31, 2024[65] - As of March 31, 2025, accounts receivable net of allowances was $3,549 million, including an allowance for doubtful accounts of $49 million[47] Liabilities and Equity - Total liabilities decreased to $13,848 million as of March 31, 2025, down from $14,373 million at the end of 2024[17] - As of March 31, 2025, Aptiv reported total shareholders' equity of $9,159 million, a decrease from $11,322 million as of March 31, 2024, reflecting a net loss of $11 million during the first quarter of 2025[21] - Total accrued liabilities decreased to $1,663 million as of March 31, 2025, from $1,752 million as of December 31, 2024[66] - As of March 31, 2025, total debt amounted to $7,887 million, a decrease from $8,352 million as of December 31, 2024, representing a reduction of approximately 5.6%[77] Capital Expenditures and Investments - Capital expenditures for Q1 2025 were $197 million, a decrease from $265 million in Q1 2024[20] - The Company acquired 85% of Intercable Automotive Solutions S.r.l. and has a right to purchase the remaining 15% starting in 2026, with redeemable noncontrolling interest recorded at $95 million as of March 31, 2025[35] - The Company invested approximately $11 million in StradVision in February 2025, bringing the total investment in StradVision to $117 million as of March 31, 2025[204] - The Company made an investment of approximately $57 million in Maxieye in September 2024, with an additional contingent investment of approximately $24 million pending technical milestones[205] Restructuring and Separation Plans - The company announced plans to separate its Electrical Distribution Systems business into a new publicly traded company, expected to be completed by March 31, 2026[30] - The company incurred costs of $19 million related to the planned separation of its Electrical Distribution Systems business during the three months ended March 31, 2025[208] - The company recorded restructuring charges totaling approximately $37 million for the three months ended March 31, 2025[72] - The company expects to incur additional restructuring costs of approximately $65 million within the next twelve months[73] Tax and Shareholder Information - For the three months ended March 31, 2025, the income tax expense was $356 million, with an effective tax rate of 100%, compared to an income tax expense of $76 million and an effective tax rate of 21% for the same period in 2024[119] - Basic net loss per share for the three months ended March 31, 2025, was $(0.05), compared to a net income per share of $0.79 for the same period in 2024[127] - During the three months ended March 31, 2025, Aptiv repurchased approximately 48.5 million ordinary shares at an average price of $61.84 per share under the accelerated share repurchase agreements[131] - As of March 31, 2025, approximately $2,515 million of share repurchases remained available under the July 2024 share repurchase program[133] Derivative Financial Instruments - As of March 31, 2025, Aptiv had outstanding notional amounts for cash flow hedges totaling approximately $2.1 billion, including $400 million for copper and $1.32 billion for Mexican Peso[138] - Net losses on cash flow hedges included in accumulated OCI as of March 31, 2025, were $46 million, with $33 million expected to be included in cost of sales within the next 12 months[140] - The fair value of Aptiv's derivative financial instruments was in a net liability position of $23 million as of March 31, 2025, compared to $96 million as of December 31, 2024[151] Segment Performance - The Electrical Distribution Systems segment generated $2,024 million in net sales for Q1 2025, down from $2,081 million in Q1 2024, a decrease of 2.7%[178] - The Engineered Components Group reported net sales of $1,581 million in Q1 2025, a decrease of 0.9% from $1,596 million in Q1 2024[178] - Advanced Safety and User Experience segment achieved net sales of $1,424 million in Q1 2025, slightly up from $1,429 million in Q1 2024, reflecting a marginal decline[178] Other Financial Metrics - The company recognized share-based compensation expense of $30 million for Q1 2025, compared to $25 million in Q1 2024, marking a 20% increase[177] - Unrecognized compensation expense on a pre-tax basis is approximately $285 million, expected to be recognized over a weighted average period of about two years[177] - The company recognized a total gain of approximately $641 million from the restructuring of its investment in Motional during the year ended December 31, 2024[197]

Core Insights - Aptiv PLC reported better-than-expected first-quarter 2025 results with adjusted earnings of $1.69 per share, beating the Zacks Consensus Estimate by 9% and increasing 45.7% year over year [1] - Revenues for the quarter were $4.80 billion, surpassing the Zacks Consensus Estimate by 0.4% but decreasing 1.6% year over year [1] Revenue Performance - Adjusted revenues declined 1% year over year, with specific declines of 4% in Europe, 2% in North America, and 3% in South America, while Asia saw a growth of 5%, including a 2% increase in China [1] - The Electrical Distribution Systems and Engineered Components Group reported revenues of $2 billion and $1.6 billion, declining 3% and 1% year over year, respectively [2] - The Advanced Safety and User Experience segment's revenues remained flat at $1.4 billion year over year [2] Operating Income and Margins - Adjusted operating income was $572 million, up 5.2% from the previous year, with an adjusted operating income margin of 11.9%, an increase of 80 basis points year over year [2] Cash Flow and Debt - At the end of the quarter, Aptiv had cash and cash equivalents of $1.1 billion, down from $1.6 billion in the previous quarter, while long-term debt decreased from $7.8 billion to $7.6 billion [3] - The company generated $273 million in cash from operating activities, compared to $244 million in the first quarter of 2024 [3] Future Outlook - For Q2 2025, Aptiv expects revenues between $4.92 billion and $5.12 billion, and adjusted EPS between $1.7 and $1.9, both higher than current Zacks Consensus Estimates [4] - For the full year 2025, revenues are expected to be between $19.6 billion and $20.4 billion, with adjusted EPS between $7 and $7.6, also above current estimates [5] - The adjusted operating income margin for 2025 is anticipated between 11.9% and 12.3%, with capital expenditure expected to be $880 million [5]

Financial Performance - APTIV PLC reported quarterly earnings of $1.69 per share, exceeding the Zacks Consensus Estimate of $1.55 per share, and up from $1.16 per share a year ago, representing an earnings surprise of 9.03% [1] - The company posted revenues of $4.83 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.44%, although this is a slight decrease from year-ago revenues of $4.9 billion [2] - Over the last four quarters, APTIV has consistently surpassed consensus EPS estimates four times and topped revenue estimates two times [2] Stock Performance and Outlook - APTIV shares have declined approximately 5.7% since the beginning of the year, compared to a decline of 5.3% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $1.63 on revenues of $4.96 billion, and for the current fiscal year, it is $7.10 on revenues of $19.61 billion [7] Industry Context - The Automotive - Original Equipment industry, to which APTIV belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of APTIV's stock may be influenced by the overall outlook for the industry, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Financial Data and Key Metrics Changes - Revenue totaled $4.8 billion, down 1% year-over-year due to lower vehicle production in North America and Europe and negative customer mix [5][20] - Operating income reached a record $572 million, an increase of over 5%, reflecting strong operating execution and ongoing cost reduction initiatives [5][20] - Earnings per share hit a record of $1.69, a 46% increase from the prior year, driven by higher operating income and share count reductions [5][21] - Operating cash flow totaled $273 million, positioning the company to accelerate its deleveraging plan [5][29] Business Line Data and Key Metrics Changes - Advanced Safety and User Experience (ASUX) segment revenues were flat, with Active Safety revenues increasing by 9% and User Experience down 14% due to the roll-off of legacy programs [12][24] - Engineered Components Group (ECG) revenues increased by 1%, driven by 24% growth in China, offsetting declines in North America and Europe [14][26] - Electrical Distribution Systems (EDS) revenues declined by 3%, primarily due to lower light vehicle production, but bookings included over $1 billion in new business awards [16][26] Market Data and Key Metrics Changes - In North America, revenues were down 2%, while in Europe, revenues decreased by 4% year-over-year [22][23] - In China, revenues grew by 2% year-over-year, driven by growth with local OEMs, despite significant production volume declines with a specific EV customer [23][26] Company Strategy and Development Direction - The company is focused on the transition to electrified, software-defined, and connected solutions, positioning itself to enable this transition across multiple end markets [6][8] - The separation of the EDS business is on track, expected to create two independent public companies with unique product portfolios and financial profiles [6][32] - The company is adapting to evolving trade policies and customer needs, optimizing its supply chain and manufacturing footprint to mitigate tariff impacts [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth drivers of the business, despite current uncertainties due to rapid changes in global trade policies [7][8] - The company plans to update its full-year outlook once visibility improves, particularly regarding customer demand in the second half of the year [8][31] - Management highlighted strong cash flow generation and a robust balance sheet, providing flexibility to pursue growth opportunities [29][30] Other Important Information - The company completed a $3 billion accelerated share repurchase program, reducing its share count by 18% [6] - Bookings for the first quarter were nearly $5 billion, with strong traction in China and across various segments [10][11] Q&A Session Summary Question: Outlook and Tariff Impact - Management confirmed that the second quarter outlook is based on current visibility, with a focus on vehicle production and customer pricing strategies for the second half [34][36] Question: High-Value Production Relocation - Management indicated that high-value production could potentially move back to the U.S., but this does not include the wire harness business [38][40] Question: Advanced Content Bidding Launches - Management noted robust activity in advanced content bidding, although customer award timelines have been delayed [44][45] Question: EDS Spin Update - The separation plan for EDS remains unchanged, focusing on growth and efficiency improvements [46][47] Question: Volume Decline Implications - Management clarified that the volume decline in the second half is primarily due to uncertainty in vehicle production schedules [50][52] Question: China Market Performance - Management acknowledged strong growth in China, despite being impacted by a significant global EV manufacturer [60][61] Question: Tariff Commentary - Management confirmed that 99% of goods imported are USMCA compliant, implying minimal tariff costs [76][77]

Financial Data and Key Metrics Changes - Revenue totaled $4.8 billion, down 1% year-over-year due to lower vehicle production in North America and Europe and negative customer mix [5][21] - Operating income reached a record $572 million, an increase of over 5%, reflecting strong operating execution and ongoing cost reduction initiatives [5][21] - Earnings per share hit a record $1.69, a 46% increase from the prior year, driven by higher operating income and share repurchases [5][23] - Operating cash flow totaled $273 million, positioning the company to accelerate its deleveraging plan [5][31] Business Line Data and Key Metrics Changes - Advanced Safety and User Experience (ASUX) segment revenues were flat, with Active Safety revenues increasing by 9% and User Experience down 14% due to the roll-off of legacy programs [25][13] - Engineered Components Group (ECG) revenues increased by 1%, driven by 24% growth in China, offsetting declines in North America and Europe [26][16] - Electrical Distribution Systems (EDS) revenues declined by 3%, primarily due to lower light vehicle production, but bookings included over $1 billion in new business awards [27][18] Market Data and Key Metrics Changes - In North America, revenues were down 2%, while in Europe, revenues decreased by 4% year-over-year [24] - In China, revenues grew by 2% year-over-year, driven by growth with local OEMs, despite significant production volume declines with a specific EV customer [24][26] Company Strategy and Development Direction - The company is focused on the transition to electrified, software-defined, and connected solutions, positioning itself to enable this transition across multiple end markets [7][35] - The separation of the EDS business is on track, expected to create two independent public companies with unique product portfolios and financial profiles [35][19] - The company is proactively adapting its business to evolving trade policies and customer needs, leveraging a localized supply chain and flexible cost structure [10][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth drivers of the business, despite current uncertainties due to rapid changes in global trade policies [8][9] - The company is closely monitoring demand changes and plans to update its full-year outlook when visibility improves [8][9] - Management highlighted strong cash flow generation and a robust balance sheet, providing flexibility to execute strategic initiatives [31][32] Other Important Information - The company completed a $3 billion accelerated share repurchase program, reducing its share count by 18% [6] - Bookings for the first quarter were nearly $5 billion, with strong traction in China and across various segments [11][12] Q&A Session Summary Question: Outlook and Tariff Impact - Management confirmed that the second quarter guidance is based on current visibility, with a focus on vehicle production schedules and customer pricing strategies [37][41] Question: High-Value Production Relocation - Management indicated that high-value production could potentially move back to the U.S., but this does not include the wire harness business [42][44] Question: Advanced Content Bidding Launches - Management noted that activity levels remain robust, although customer award timelines have been extended due to macro uncertainties [48][49] Question: EDS Spin and Macro Uncertainty - Management affirmed that the plan to separate EDS remains unchanged, focusing on growth and cost minimization [50][51] Question: Volume Decline and Guidance - Management clarified that the guidance reflects a volume question for the second half of the year, with no direct tariff impact expected [54][60] Question: China Market Performance - Management acknowledged strong growth in China, despite being impacted by a significant global EV manufacturer [62][63] Question: Tariff Commentary - Management confirmed that 99% of goods imported are USMCA compliant, implying minimal tariff costs [78][79]

Financial Performance - Q1 2025 - Reported revenue was $4825 million, a decrease of (2%) year-over-year[28,55] - Adjusted revenue growth, excluding foreign exchange and commodities impact, was (1%)[28,55] - EBITDA increased by 5% to $758 million, with an EBITDA margin of 15.7%, a 100 bps increase[28] - Operating income reached a record $572 million for the first quarter, with an operating margin of 11.9%, up 80 bps[28] - Earnings per share (EPS) stood at $1.69, including a $0.21 benefit from Motional EPS[28] - Operating cash flow was $273 million, driven by higher year-over-year earnings and continued inventory management[28] Segment Performance - Q1 2025 - Advanced Safety & User Experience (AS&UX) reported flat revenue growth, with a 9% adjusted growth in Active Safety and 12% in SV Compute & Software[28,35] - Engineered Components Group (ECG) saw a 1% adjusted revenue growth, with China up 24%, and an 8% increase in operating income[28,39] - Electrical Distribution Systems (EDS) experienced a (3%) adjusted revenue decline due to lower vehicle production, but a 5% increase in operating income[28,43] Guidance and Outlook - The company provided Q2 2025 revenue guidance of $4920 - $5120 million and full-year 2025 revenue guidance of $19600 - $20400 million[45] - Q2 2025 adjusted revenue growth is expected to be around (1%), with NA ~flat, EU (3%), and China (4%)[45] - Full-year 2025 adjusted revenue growth is projected at approximately 2%[45]

"Our solid first quarter performance validates our industry-leading portfolio, global capabilities, and relentless focus on operational excellence," said Kevin Clark, chair and chief executive officer. "The company delivered record first quarter adjusted earnings per share, driven by strong execution and proactive capital allocation initiatives. As we navigate through near-term geopolitical uncertainties, our robust business model allows us to remain agile and responsive in a dynamic macroenvironment. Longe ...

针对部分市场人士有关"智驾产业最终可能出现赢家通吃"的观点，杨晓明表示，智驾领域较难形成垄 断。由于中国市场需求高度多样化，且产业链支持体系尚未固化，不同智驾企业仍可通过差异化路径探 索生存发展空间。从过往中国整车行业的整合历程来看，由于中国市场空间巨大，企业只要找到可行的 模式就可持续发展，智驾产业最终预计也将呈现"部分头部企业主导+多元参与者共存"的格局，这一过 程可能持续较长时间。 据了解，基于风河软件底座，并整合先进的AI技术，安波福中国在本次车展上展出了多款先进、可 靠、好用、高性价的新一代智能汽车本地化解决方案，涵盖端到端高级辅助驾驶、人工智能/机器学习 赋能下的感知系统、跨域融合数字基座等，致力于以值得信赖的本土化技术体系和交付能力赋能整车企 业。 杨晓明表示，中国智驾装机量增长的趋势仍将长期持续，原因在于相关技术已临近突破临界点。此外， 监管部门反应迅速、调整灵活，能够针对问题快速形成可执行方案，也有利于智驾产业的发展。 中证报中证网讯(记者王辉)为期10天的2025上海车展日前在上海开幕，全球科技公司安波福在本次车展 上首发了多款为中国市场量身定制的本地化创新方案。安波福中国及亚太区总裁杨晓 ...

Core Viewpoint - The Shanghai Auto Show showcases Ambarella China's end-to-end intelligent driving solutions, emphasizing 100% localization based on domestic supply chains [1] Group 1: Intelligent Driving Development - Intelligent driving is entering a rational development phase after a period of overheating and capital speculation, with expectations for future growth remaining positive [2][4] - The industry has faced challenges in key areas such as decision algorithms and reliable sensor technology, which have not yet achieved revolutionary breakthroughs [4] - Long-term, the core values of intelligent driving—safety, convenience, and efficiency—remain essential, with potential for expansion from specific scenarios to full-scale applications [5] Group 2: Localization Strategy - The company adheres to a localization strategy, aligning with China's trend of "self-control" in the automotive industry, and is increasing R&D investment to promote core material localization [7] - The localization rate for materials like copper and plastic is high, while the localization rate for electronic components has quadrupled in the past two years [7] - Ambarella has established multiple centers for local data collection, algorithm training, and scenario validation, achieving 100% localization for new intelligent vehicle solutions [7] Group 3: Globalization Support for Chinese Automakers - The two main challenges for Chinese automakers going global are "technical adaptation" and "data compliance," which Ambarella addresses by understanding local laws and regulations [9] - The company has developed advanced driver assistance systems for the European market that have received EU certification, aiding automakers in overcoming technical and regulatory barriers [9] - Ambarella's global data management system and manufacturing bases in 50 countries ensure stable supply for automakers' overseas products [10]

Group 1 - The global automotive manufacturing landscape is undergoing significant transformation by 2025, with companies like Aptiv actively adjusting to these changes [1] - Aptiv is promoting a fully localized supply chain strategy in China, aiming for self-sufficiency in its OEM customer business and local OEM export business [1][2] - The company emphasizes a "China for China" approach, ensuring that its intellectual property and R&D capabilities are rooted in China [2] Group 2 - At the Shanghai Auto Show, Aptiv showcased localized intelligent automotive solutions, including a real-time operating system and virtualization platform, focusing on emerging industries [2] - The company aims to achieve 100% localization in its solutions, allowing for flexible partnerships with domestic suppliers [2][3] - The current domestic chip localization rate in China is only 15%, indicating significant room for growth in this area [2] Group 3 - Aptiv acknowledges the challenges in achieving higher localization rates for automotive-grade chips and is committed to strengthening its supply chain in China [3] - The company is actively collaborating with local partners to create an ecosystem that supports domestic OEMs in their export efforts [5][6] - Aptiv's strategy includes leveraging its capabilities to support the export of Chinese automotive innovations, particularly in the electric vehicle sector [6]