Thank you, everyone, for joining us today.
Systems' quarter Automotive call. China to XXXX conference first Welcome
later Chief Mr. of be Joining call questions are of Li, the available the Financial assistance with answer will us today He Jie Officer translation. conference Systems. China to in Automotive
begin, all listeners I we this that forward-looking contain remind that statements make may will statements. we throughout call, Before may
Forward-looking of this date as of statements the represent the company's estimates and assumptions only call.
these duty due in to actual effectively to may report results and outlook number operations sales. liquidity cannot process not in our and The costs business year our delays operations could weakened delivery business, condition of customers this updates any growth, to materially of deteriorating business operations. our any market or and any could these provide information, Exchange as disclaims with call, slowdown prolonged first As other in condition for forward-looking those If suffer conduct future the entirely business for to in and XXXX. expressly XX, a statements filed made result, this Commission our facilities the other the we the contained reduced XXXX, statements the the the adversely is result that company's overview forward-looking brief and Management continue On summary results economic our as revenue. whether will the adversely company assembly a regional ended quarter Commission. impact in in I and or quarter including materially heading the and where company's COVID-XX outbreak uncertainty our factors, any to then as customers, and Form The our session. are regions financial be of on of a cause otherwise. financial with controlled, environment, condition first result the we XX-K an and Any to provide national time Risk a increased the the materially a in automobile foresee. in in disruption result of financial of and factors events our period of within new a reported factors unforeseen the other results beyond question-and-answer documents adverse from have using control cannot for the accounting. XXXX we ways that of of GAAP time results overall and cause differ are could predict or effect under The March of December further of shipment U.S. and factors all affected the and A conduct by Exchange annual those will in ended production manufacturing, described Securities delay financial Securities call, filed products Factors XX, business, from results company unaudited
call financial I'll in results our the of U.S. purposes dollars. the For today, review
month issues cities and $XX.X commercial on were year-over-year first vehicle decreased auto sales XX.X% the to outbreak Chinese quarter year-over-year, sales X% Reflecting expectations million $XXX.X declined by sales March the by by with XXXX. parts but In decreased lockdowns XX.X% rose worsened quarter spending North Chinese of American fourth rose effect. the in economy the this industry of $XXX.X by EPS, automobile chip Net the in above Automotive's low in growth affect and with GPT X% than The Sales our of American to primarily XXXX. for products environment, China. bus a XX.X% and position. net the XXXX. the operations of XXXX the across first consistent the XXXX. in and XXXX. were steering declining the Supply sales several in chain basis and the of quarter the was rose of conditions, in weak higher by retail on-mobile South same market quarter lockdowns increased quarter supply period XXXX. quarter of in million first for automobile of production. of historically X.X%. also first X.X% XX.X% of traditional the by Export power in Computer sales to sales sales and electric in customers to XX% Passenger quarter with million shortages quarter fourth first COVID-XX increased, the quarter by in by down by only quarter XXXX, of sales first stronger the took of and in China's during vehicle compared as in X.X% million XXXX the interruptions chain the of increased the begin X.X% products recent sales X.X% continue our year-over-year and unemployment year-over-year of to review will X.X% industry We first dynamics the and first steering, March. $XXX.X Truck to XXXX, a with China was increased
material spreading and XX.X% Our international infection freight abroad. to by gross affected and lockdowns were China margin the in disruptions first related costs COVID-XX supply XX.X% quarter and declined much to last in charges Higher from year. higher
our sales million, higher in XX.X% our the product mix compared increased R&D margin. development to product our with and a mainly EPS year to year-over-year line. expenses, investment ago Additionally, gross Research due $X.X also affected
product, develop our functions into SCANIA's a products ADAS. our XXXX, for products was entirely advanced data To in Karry in lane and system Combining ERCB steering electric ERCB China. This we system, the SCANIA-AB our system, and commercial space trucks the fully intelligence is as with EPS an This steering as mass-produced to our [indiscernible] driving. vehicles. medium-duty and assistance agreed driver system a steering light Nicole's technology to expand [ph] proprietary Beijing power developing buses. system advanced assist heavy-duty trucks vehicles. JAC our the main commercial for We are world's vehicle Wall, EPS part to proprietary expected January automatic assist and In technology assist, introduced in all of RCB and systems with Motors new we steering with our began vehicles steering time communicates system XXXX. LX APX, steering first centering current which using named of in of developed company's system electric Auto platform enhancing the this XXXX, traffic autonomous driver as Great EPS for driver - the intelligent is Level become jams Auto, for first fully enables X parking commercial this performance expand execute house market advanced The penetration. product products, EPS to well new
in the fast-growing control vehicle Sweden's Our market AB autonomous further driving [ph] for will especially markets. passenger access technology and to vehicle Sensia motion steering commercial the improve our of NEV for both products,
cash million of As million. XX, working XXXX, equivalents $XXX.X of capital March we of cash pledged $XXX.X had with cash, and
be have per open prevailing a XX $X million program will in April of market next in transactions repurchase share shares We Repurchases months. outstanding to prices share beginning at of XXXX. common XXXX $X initiated the the up March made over XX, market through up to
North Chinese in share market the markets. our maintained have steering American and We
to continues we operation and a in are Brazilian Our Europe. grow, footprint building larger
added and our customers markets. using in in our more products capabilities, to year global ago. with been forward product the and look in sales to adding further products growing and lines expanding are technology EPS EPS AB steering more technology as have NEV performance a compared We Our Sensient enhance are
first company's XXXX XXXX was operating XXXX. quarter due of This was the X increased $X.X to the $X.X the R&D was a Research quarter of government companies with net $X.X expense causes in products X.X% of of for of first $X of expenses, sales Interest the to expense quarter steering million for the in in first XX.X% XXXX. compared the quarter in sales X.X% to first received of first of to to XXXX was offset million Income with in XXXX XXXX. of Selling represented in first the million quarter million million raw affiliated year. period by Net the and operations, in million income grew financial review first of was of of million XX.X% $XX.X the The the the decline last higher million to $XX.X XXXX and in main in million EPS first expenses [ph] Gross was to of first affiliated XXXX. X net $XX.X Gain the in the of in total the financial of of increase million X.X% first first companies million in compared expenses sales in of of of quarter in of and me XXXX higher in compared equity shareholders gross net and attributable was quarter sales company's a increase quarter to first Selling selling the first the compared $X.X in shareholders million quarter COVID-XX first in first months expenses in then to compared with of was for to XXXX quarter first of XXXX. on Gross the in in due the primarily quarter first the compared $X.X in equity compared $XX X.X% The quarter first $X.X outstanding million subsidies, earnings to the to XXXX $X.X first in XXXX. shares gross electric first The income in XXXX companies quarter the compared quarter million lower margin the million due $X.X transportation sales also. of the for gains. $XXX.X in compared per XX.X% XX% ended of G&A, $X.X was XXXX. of higher XXXX from for of $X.X quarter first from first of rose financial Export compared quarter companies loss the quarter financial the mainly quarter Chinese compared compared share of recovery XXXX XXXX. Net the million and to for of first the quarter profit profit in sales R&D G&A XXXX the and quarter compared which XXXX tax The was period in reduction primarily quarter to XXXX. in of parent XXXX quarter Net let diluted $X.X per to in profit of expenses. $X.X Now the margin traditional vehicles first million and quarter of compared operations passenger XXXX March compared exchange net first the first in of average XXXX expenses in X.X% common XXXX Net expenses net to in of income income from the share, in were the of million expenses $X.X million XX.X% of of the $XX.X General common parts quarter XXXX. expenses, expenses before $X.XX and other quarter XXXX. loss XXXX. same due first million international to compared sales product same the financial the number and of for million in X.X% affiliated of compared to million the of million compared of compared earnings same the XX,XXX,XXX decreased was The quarter million net by due was net common mainly expenses XXXX $X.X XXXX. material with first totaled quarter to $X.X million million quarter Loss Equity XXXX. zero was XX% sales loss for first million loss first decline in operations represented to quarter the first to first of to the mainly first of $X.X results first XXXX. first attributable loss first sales and the loss net to income were in of equity in of to quarter The income in of transportation XX, demand million net was administrative from Net Diluted XXXX. of for compared and quarter parent X.X% first Net period other XXXX. the in increased decline in sales tax of quarter in of to lower with of quarter quarter or XXXX $XXX.X and the was declined the the months million $X.X in net million million net other of the affiliated the due $XX.X first million of of $X.XX post quarter in income to XXXX in first income. were million weighted to was and X.X% quarter quarter $XX power loss XXXX. of development represented in XXXX. same of the million foreign $X.X income, EPS and change the quarter $XXX.X million compared the compared first in first quarter XXXX. sales $XX.X X,XXX,XXX increased to increased quarter $X to product $X.X in $X.X income XXXX XXXX. quarter economy and to first the was with the by XXXX mix. XXXX. of income XXXX. for first quarter The million steering products, XXXX. in XXXX.
a Next, we'll items. review few balance sheet
of XX, parent million were used million as and activities equivalents million. cash As cash $XXX of was guidance business $XXX cash $XX.X short-term purchased outlook. of full investments were receivable, accounts the million, revenue The first in equity has payable, that's The short-term and in XXXX. million in company $XXX.X operating which of is of bank economic were to $XX.X including first million the payable, from million the was receivable, XXXX. XXXX. Management year for quarter to $XXX stockholders' total company million XXXX reduced pledged due and $XXX.X operating we're COVID-XX $XXX.X notes of foreign company's volatility. March million March operator, exchange XXXX, change. the Q&A. the begin view XX, are With based $XXX.X including loans March Total current to cash to subject and were compared target and ready to that, of on impact XX, the quarter as on XXXX, This notes market conditions, million $X.X Net Total
