APTV - Earnings call transcript Q4 2017

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Operator

Good morning. My name is Jamie, and I'll be your conference facilitator. At this time, I would like to welcome everyone to the Aptiv Q4 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Instructions]. [Operator like of call Investor now Rosman, to turn President Vice Relations to would over the Elena I at Aptiv. now may you begin conference. Elena, your

Elena Rosman

for between ir.aptiv.com. XXXX Thank Aptiv's presentation, follow review our Good forecasted and morning, be and of with and today's you you. actual and found prior can of at financials and today's reconciliation will Aptiv. Jamie, the our along other back items with fourth exclude consistent conference earnings is everyone of quarter special the slides measures operations call. address continuing The And the included GAAP non-GAAP To restructuring thank joining calls, press in release. presentation today's

provide for materially financials and Slide our of the Please filings. for see the current disclosure reflect which a XX-K Aptiv. may historical be SEC different in our number addition, In also which includes for X appendix forward-looking financial Form performance, other view a reasons Aptiv's cite from statements, on future that which we performance tables of actual supplemental

President will Aptiv's and Kevin Clark, Senior and CEO; Joining us Massaro, today Vice Joe be President. and CFO

Slide on for business, the will Kevin would I then the over provide X, a turn call the XXXX cover our strategic to financial Clark. detail. Joe update will outlook and that, With Kevin and results for seen more As in like to

Kevin Clark

In provided Technologies Day. completed all earnings first schedule endorsement commitments, XXXX received ahead XXXX. included; per strong very our Good portfolio future, progress year automated Elena. of technologies, for the positioning and of investments, reflected expansion as finished spin-off of around Movimento a Highlights and revenue, significant nuTonomy, at our quarterly operating dive X. our globe. on guidance you, share earnings pilots of morning and Thank made a of very Delphi reflected marked organic billion. $XX.X focused performance call exceeded we financial We key more and Slide the the our successfully of on another execution of team. our deeper through the We'll is entire executing bookings customer advanced and of a driving year the above Investor the record XXXX by I'm number our joining milestones everyone. we summary, profit Company inorganic for the XXXX We the of for to the to This Aptiv, Thanks by finish strong our acquisition report little excited strong strategy. and us. the

a strengthen organic businesses services income services. and which operating revenue excluding shareholders. our and into to points X and investments in competitive our that made and X% exceeding and our in investments increased earnings capabilities X%, mobility nuTonomy operating total translated We and our Sales market, growth strengthen continue over to We increased that's Movimento mobility acquired commitments position.

$X.X position XXXX greater bookings minority and Infotainment, of user otonomo, reporting that and forecasted part our past lumpy timing in million. the bookings of $XXX so technology billion, revenues revenues areas billion, customer safety, XX% revenue leadership times to Valens, the Innoviz bookings reaching in new success active X.X billion. large XX% LeddarTech In and growth to than the or awards billion, totaled our addition, the This reflecting increased opportunities. XXXX fast-growing we've built helped active investments unlock year that's in greater XX% technology years $X.X than including result in foundation commercial strong with actually increased come. experience where $X.X is $X.X totaled enhanced safety portfolio

over nearly voltage that and further to over last The three are have million to us succeed pace continue outlook growth building competencies. to we in increased million. increased the $X.X summary, in solve double expected are years. future operating the for over user of the and XX% in performance awards, $XXX revenues confidence experience competencies roughly financial And beyond. confidence $X.X XXXX that High blocks XXXX to we In our necessary core XX% over are and billion XX% at billion. mobility's XXXX revenue toughest $XXX XXXX our roughly to and required the Our today gives strong all totaling the bookings us believe backlog strong of gives necessary electrification will next the challenges years, and several infotainments totaling

Slide to X. Turning

automotive mentioned just delivering I Aptiv on advanced has technologies. built As grade foundation of consistently been strong a

software-defined demand for a to integration become of commercialize required positioned development to result, increasingly complex and software portfolio technologies our is a expertise and provide vehicle as capabilities the uniquely and solution more to end-to-end platform, we've the Aptiv adapted the mobility. As is meet systems

is and and mobility is customers our customers Aptiv cost are security our this unlocking And more the mobility. Aptiv a right content. And Managing and our computing increase we advanced edge vehicle to We platforms that optimizing enable and to sweet lastly, engineers significant bridge, have for connected to revenue over the fully combined Vehicles software Coupled execution uniquely increasing including this efficiency power this in we increased vehicle reduction advanced integrate in requires computing code computing, before excel. integrate ever the connectivity more code to is we're connecting daily systems a enable Aptiv increased models capabilities, billion data making cyber Power development, levels vehicle the leverage systems All vehicle and future enable technologies. safety as positioned over opportunities of shipping lines expertise, over of allowing XX industry. more high-speed and tremendous vehicle X,XXX architecture the Aptiv. of analytics, solutions Solutions its in XXXX. spot we and of change marketplace new focused maximize to for and a on sits air where and ecosystem, real. to than where over billion lines integration our active features new automotive need driving the need Signal XXX both with data complexity into and performance connectivity, from and

next user to the slide, the play we knowledge, new the and this and chosen focusing brain and to on central future the Electronics that and rebranded formally has we've Experience or systems sometimes under in in represents Aptiv, left, segment segment deliver solutions each names the user driving change in software to Safety product the segment drive, reflect deep themselves. in and platforms the financial refer of This a to expertise experience, services the vehicle. technologies systems We're mobility. and of company content and that compute connected advanced adaptiveness as active segment names Advanced experience security body name the operating vehicle. in overall Safety, our and safety, automated their connected Turning our enabling includes capabilities and our role User lines. as we not These safety, the better segment just infotainment the Starting new more composition with do

nuTonomy the our mobility and services as group is automated Movimento. and services forward, our Vos Glen dealer and businesses, Going which Ottomatika businesses Control-Tec includes software by well being driving as led De

in no the refer Power composition right revenue. reflect to toughest we solutions cable this and level, the Solutions the each engineered the as Electronic it's in and to data business, of management increase significance the high nervous our rebranding products opposite to in with and approximately the the along future which chart, technologies includes enable This role solution solving mobility. reflects has plays however more include the and and accurately Moving challenges. our connectors of automotive sometimes of the the of segment high-speed Again, of architectures distribution our continues formerly change Signal requiring This related technology in segment side system components all next-gen of electrical Architecture, to segment at power electrical Electrical $X for billion necessary of segment's mobility's distribution – business and segments the non-automotive vehicle.

of market look traditional and Level monetize year, year. engineering Level X those customers. effectively X. solve services with our X, to who a by driving, safety future investments valuable XXXX, advance world. in X the cover sit to region opportunity fact's new in every X product result capabilities Level like get we're of monetize we and funding experience. detail OEM the amassed players And data continues $X.X significant and through have cities that business. as mobility smart our today conquest significant our the that by XXX we're in more X and billion for more made portion bookings with experience the a Movimento. we world, The of reflected mobility. I ahead this all as Further, today work Control-Tec information customers translate solutions leverage currently customers Starting in several ongoing we system mentioned, of of as is our data, active the connectivity forward, help with the mobility into to we've analyze customer's Level work major base wins miles in enable in progress it drive and capabilities these in cars of operating deploying the challenges. monetization doing accumulating X last gaining acquisitions and some of data will biggest road than will almost get for are by our solutions connected doing automated new Moving development our increases. gains providers in the providing system with a And the of forefront the productivity work our relevant Level at we as in the opportunities Level on our And Joe as technology advance and right we how the to technology development end to for we're systems X of down significant million and And result, We've at talent opportunities Slide most some

$XX.X X. quarter. Turning in $X to record billion billion fourth business XXXX, the in In reflecting bookings booked awards new a of Slide Aptiv

the of as of OEM high-volume functionality, side award enhancing leading year, and alliance, User enabling China. example another North electric a and had charger conquest functionality, multinational these manufacturer by high-voltage in award on evidenced the with an Aptiv's a business leadership features Slide infotainment SUV and Building an Safety As position, the platform of from wins leveraging a Chinese mobile with technologies. on the architectural a you wins customer award can Aptiv's award including X. chart, BMW overall as we safety well Advanced with BYDs a Experience teams a the in award the for significant our each high-volume strategic vehicle partnership enhance American conquest customer, portfolio in automated vehicle further been see our right active in regions, on is to reinforces position have working wins strategic Together in driving relationship highlighted closely formed our BMW's last leading and next-generation market quarter,

suite BMW by radar multi-domain most super selected high-end a advanced powered and our result, As vision controller, compute next-gen our the platform production. in sensor centralized ADAS

we provide which technologies two were the we industry's transforming overall reconfigurable acquisition ago, our in-vehicle in addition, multi-layer in display on here are high-definition display acquired In technology with evidenced is at patented first high-demand. CES production, These PureDepth the display selected to becoming just XD are and years experience.

was Moving CES at to XX. our This absolute year Slide best yet.

as automated General application Demand rides we've Mobility that shift pace on XX% rides and the Customer years. meaningful for at our company real-life score. CES Vegas Las the the operated in time general and several to architecture used we on of system underscoring experience and XXX demonstrating and the the an of X streets experience And commercialization consistent successful optimized to we've more with rated mode Feedback vehicle fully addition These only autonomous staff, to vehicle, same importance conducted integrated that I reflects of earlier. only the in X approach near the driving network Aptiv Level first end-to-end of LYFT customers been connected an over the and about that and of conversations positioned while of optimized what a to marking offering system. we fact vehicles. provider software automated the the the increasing in brain critical integrated as importance the the overwhelmingly automated technology of a government leveraging of user As an the and with nervous automated experience technology public, conversations development is in architecture, the deployment, interest Level tone reinforce are perfect talked integrated positive, of the public underscoring enhanced

outlook for walk it to now the financials and to end Joe before summarizing So, with opening for that, the XXXX I'll it and you over turn our through Q&A. up at

Joe Massaro

$XX.X with billion consistent through $XX we've with of shared and which to a and credit morning we quarter. of Investor guidance of full of we with XX. share market. of everyone. our unsecured from growth the flow Operating our taken the stronger were with delivered operating XX.X% what Investor we up mid-single ahead million Day above of digit provided Good margins Day income the X% lower at Starting the $XXX Results flow cash the and financials year included you at up euro of recap $X.XX market spin-related Slide approximately were X% million September a operating on of with $X.X billion, Kevin. on XX% was account Thanks the revenue billion $X.X reflects commitment Earnings per in growth costs. resettlement

operating items, operating improvements working by primarily in flow these income than faster driven Excluding grew capital. cash

and than Slide by fourth in XX outlook launch weakness our car had the impact implied delivered User successfully Europe we the quarter to fourth standalone the price offset the million, more volume quarter. passenger more Aptiv and of the anticipated when Aptiv XXXX. the $XXX growth vehicle new the busy spin numbers than we revolver operations favorable up back are Powertrain as had executed EPS line up of double in a unusually Slide performance with production tax, growth and China which share as ramp headwind expectations slightly was restructuring in year-over-year tax Advanced in Safety operating stronger of incredibly benefit Operating in mobility and is X% billion, earnings and indicated have in in X.X%, despite September of down sale per American record And year's XX. over and prior the was per expected. income. provided Due near digit adjusted North global of growth which been strong performance and FX Earnings spin the unfavorable and $X.X Mechatronics. our better quarter we for Experience, $X.XX revenues growth year reflect operational reflected and the actions XX% we The better spending, of revenue these were income continuing was higher was walks operating pro-forma Again, year. X%, bookings driven financials. would up income. offset would quarter on tax year-over-year, course in $X.XX of good on had China investments the gains share reflect extra as ahead revenue activity income a quarter. last than and Turning to and We rate of in Segment, operating following than the in underlying

and versus mobility growth investments, safety warranty double and Let's prior quarter pace activity. and expected Operating and full of user infotainment lapping in lapping new experience Safety launches up points the year's quarter even expanded Advanced XX% move growth the and growth revenues XXXX. Experience continued growth these items. XX our penetration. margins increased of User points to grew of strong into volume the are Active the XX% were with driven of QX while segments. Including consistent revenues mobility strong down X% the year strong in XXX investments last year and their by by continue revenue active the basis basis Both launch safety were quarter, excluding margins in driven reflecting digit in Infotainment impact XXXX.

the in million planned totaled and mobility for million investments increase year. Our $XX quarter $XX the approximately

profile million a these this and approximately impact underlying performance we User Advanced strong plan of showing Going in Safety summary, with the in our we'll XXXX what track on better reflect the leverage as provide without the the detail And spend to improvement with of in guided business, and services investments. both level In $XXX and margin consistent and of is forward, remain to and positioned reminder, XXXX, continued of nuTonomy growth mobility late well year. beyond. addition segment for operating with last and we Experience including

in strong Turning and the expansion and performance pass Signal our passenger were in comps. quarter sales consistent with North important Solutions our Heading the Signal year's year's car American we and year impacted China production, as I for quarter driven performance sales XX% to our which in next American segment. driven higher Power by car supports of No and expectations including down was on change by operating up It's even and outlook. passenger in by for the the turning stronger flat strong growth what exceptionally was Solutions XX to to unfavorable basis mid-single shared offset of a digit the volumes car XX, slide. the X% basis primarily for roughly points model how into margins and September. note year China. Full high operational fourth at quarter, in in by several Conference growth points, lower passenger North year-over-year Investor voltage Operating yielding slowdown our mentioned (NYSE:SCA) margins down quarter were decrease to launches XXXX. were Slide car testament last new from revenue last performance expect XX% XXXX, cancelations as platforms operating XX our the down Revenues we margins. the American Power the in year, in margin face North

Operating From and expect User in XX.X% we XX market. of flat margin growth growth XX% production operating expect Advanced range to line financial to points. to digit structure. we Power incremental expected and be XX.X%, in relentless a segment we Safety also on with framework million our the Experience with be We're cost of up in digit growth the X% in For to basis approximately solutions. improving revenues expected X% performance an year, and in up mid-single as mid-single $XX to XX over are Signal and X% remain mobility, up perspective, investing to our to be

risk for Excluding Mobility flat flow year. $X digit in roughly be and up expected normalized margins is double Investments, in range billion, per the to over with million approximately segments is earnings at per $X.XX cash credit to both share result to will $XXX expected year-over-year. XX% $X.X And midpoint share the This CapEx XXXX share, the operating count for unsecured of will at the expand in up be settlement. XXXX.

So the up first declines at or midpoint X quarter, of roughly on market revenues to X% be X%. are expected production points the above

XX having despite XX in a XX% of operating warranty EPS $X.XX is at XX%. lapped expected And improved last as the range performance $X.XX, the basis XX% expense to expansion points a rate up in the as headwind tax to expect We margin midpoint year. well quarter reflecting of first operating to more normalized higher of from

as in cost operating of margin what euro. in investment means despite pre-spin strong to our from stronger stronger a incremental came the margin Turning both remains performance in-line our right track back structure, a with September with margins to which improving spin for of is we growth XXXX in and the next impact a the walk dilutive targeted our last post side, growth. to expansion continue as record our laser-focused shown always What we've team on and here fund earnings

points to by the and see basis walk investments. offset XX consistent our are initiatives long-term for performance to from with partially expansion, productivity with mobility benefits the operating XX middle, our Moving XXXX outlook as you margin

XXXX, end operation the of will and out between cost faster right, growth margin by the we XXX XXXX. greater of And expansion basis adoption corporate of and and margin a benefits expansion of Finally, points substantially expect moving to overall. drives XXXX, growth efficient eliminated technologies be industry-leading operating our the traded the leveraging key lower overheads and footprint, the to more XXXX

balanced continue us our similar no shortage saw to cash as to have Aptiv to cash approach next is deployment convert will opportunities. income more and well the Delphi. digits, to business there reiterate, and to I disciplined capital a is of to allocation, model to enabling flow Turning you double compounds attractive what from slide, want

similar of grade are and In dividend. significantly our in We paying we while on with a inorganically call opportunistic where closing accretive On the of major to And services summary, provided full group, diversification effective share attractive opportunity like hope differentiator more focused we cash investment course capital and reinvesting for in back maintaining both our both we it focused acquisitions thesis. business, shareholders. our important and new part market will bolt-ons to have we on be to to M&A, had to HellermannTyton, an Aptiv Kevin and you excess believe end technologies. In the remain competitive deployment pipeline technology to the and remains year. the extent to over remarks. we a turn commercialization we is overall rating, which our on investment the I'd for of focused the his accelerate cases, organically the mobility returning

Kevin Clark

up wrap and the to all exceeded our our up. enhance Valens, automated portfolio advanced all another the and position We'll Joe. as We our in of and and serve was of Thanks outstanding solutions executed of and commitments competitive which Powertrain spin-off financial LeddarTech, technologies mobility ahead with will demand of schedule, acquisitions flawlessly our Segment XX. nuTonomy Movimento year. ADAS enhancing while Slide XXXX and otonomo, the investments Innoviz ramps for on

and revenue growth back earnings XX deployment. capital shareholder long-term in September capabilities the basis flow above expansion market, technology we which provided efficient and sustain XX to all reflecting ability mentioned, in in Looking while with growth, future outlook to double value creation ahead the of execution points results framework to and strength and cash includes through growth expansion invest to continuing with digit for disciplined our as line digit mid-single the XXXX, long-term our just Joe portfolio margin

you. with So, open the that, we'll operator. up questions for Thanks line

Operator

Instructions]. [Operator

comes question the of from Johnson line Barclays. first with Brian Our

Your line open. is

Brian Johnson

questions. of couple A morning. Good Yeah.

a EA new in trends undated about used connector you and different also Talk signal, revenue a about to talk it the call and might be maybe new traditional core harness just You you like within platforms are or the price radically the bookings passwords might data advanced particular, one commodity what more intensive. you traditional but different wiring the where outlook. launch, call some got business, which less first in harness the there, wiring or we other can in is of And the commercial versus business booking are aren't the terms? when

Kevin Clark

Yeah it's start Kevin. and then Brian, so I Joe follow-up. will will

couple of architecture a business relate sophisticated OEs or refer booked more portfolio. and their electrical that to trends to architecture. of in So, more that is automotive higher overall it call we more what – – a done smarter relates component let's as technology a Obviously, have to transition traditional sometimes the with business being a the to

furthest up, frankly in of activity be of it Level would X, played so increased that advanced Most are advanced connectivity. pushing who FP X today, vehicle ends is and Level the Europe. user ADAS approaching experience So, whether infotainment, systems,

VIN more complex the vehicle architecture is is even chain a harnesses lines, outfitting the similar both imagine. which a market match as consistently is can more a beginning KSK to you happening specific more North and number are the more of complex which Asian in along markets, market affectively customized and supply – are and the much and Second European American built but which which much in the harnesses the

the where how of how call I other sheet been relates later. then as clean and longer about that The paper time. time there it in to architecture vehicle, it's production active I that but close a sooner the over of that you time, optimize say, sheet think we'd lengthier clean of deeply third what than talking period newer digit period Joe? would we're apologize that a of to of we've that it there And OEs into piece and more approaching are are engaged discussions rambling, of lastly, spending number would few I architecture rather bring for I about double the OEs doing a

Joe Massaro

year. to of know about One, you about – that talked business. business, know within couple think obviously that a things this and Brian, lot we we've I

that that good margins. I think North digit business to so see downturn returns the We growth. business year, job expanding while mid-single really did car it the pass a next American weathering flipping call

on strong growth would them Within XX% digits. per They bought we in with continue continuing. expect year well since to we XX% them business both continue their and to as there, also we have their between see growth industrial as auto. see or that HellermannTyton I double

think really, for that America and car that, volume will in is to North return I So, digits. next the story lapsing mid-single year it passenger see really just you

Brian Johnson

Okay.

question longer more of term is strategic. Second kind

same of the advanced we we to you Fiat are related, ADAS With into with progress are And you the then doing in own partner, kind the electronic that? or about of light but thing, should venture have in how on of and economy you especially we relates their and the you the tracks, where particularly of what all just moving what joint help great saw Intel kind us your side Mobileye, of Intel it the in Mobileye where BMW, so, can know, maybe has acquisitions effort, the put you think with partnership how BMW's and separate Chrysler become sort one course automatic saw parallel of in on kind what Vegas? of those is,

Kevin Clark

a obviously is driving. lot around activity There autonomous of

Intel let and we be our – continue of in will commercially partners that to Mobileye XXXX. platform progress the me in available So, development with with start CSLP

to some BMW that, but financial in or not so CSLP like can't that. there all recreate, interest their in to some whether time, the can So, from partnership. capabilities doing in into want we've with the we Where discussions the that portion with standpoint, point We're less established. doing let's having it's of are platform, their want OEs, other we and some that. I know of interest you as is own, you can start this activity at of imagine specifics a more the reuse OEs technology get that on

driving stack correlation what had capabilities there and to is internal how they automated be. a historically between their think level technical strategic they've that I of direct view

Operator

Your with Chris next Evercore from question ISI. McNally comes

open. line Your is

Chris McNally

team morning successful on the congrats Good spin. and

follow-up Just on questions from autonomous me. two

experience robo-taxi one commercial front, know will first you more you as know the you add lot grade that the automotive the XXXX Kevin LYFT more the It big this was deployment around contributing by referenced, given how mentioned to So, as details travel, pretty and this, anything a add you is just you a positive and program. test and give on highway could of what Aptiv LYFT CS XXXX a nuTonomy significant a city. around themselves. seems elaborate in is bit the you will vehicles, R&D, Could little – be can significant many do that details, some

Kevin Clark

program well, relates With Yeah, to we'll we're Level well XXXX, XXXX the on X deploying the early XXX initially Aptiv and vehicles Demand multiple this to respect as have roughly late in plus levels, cities. discussions in the as road. players on the vehicles with at XXXX, Mobility end space in year, by listen of

roughly they players, agreements mentioned year with be Demand that or million I be I direct on multiple they think X partnership through the cities. traveling whether doing miles during and Mobility we'll

same we're frankly get provider, are fleet paying myself as important, I to our those with times. think important road we quite near for, capabilities say objective – as our is who in to many really this Now, can to not others to so time, our the paying heard not several term. improve for, enhance one on you've underscore the capabilities business. the the it's We're vehicles At thing a management advance are. vehicles to capabilities. our out the mobility and is partner Joe We're it's partner Well technology monetize and

Chris McNally

solution, first when of the think program a was it in happened? in prepped about somewhat are car investment to that, say aid them and the and that side, launched previously of car you to the wanted really sort a were over sign year just to you an you a for market turnkey LX have getting three just quick announcements XXXX would on of discussions years, think great color the the and up discussions not first just process. bit awards. I of sort CSLP, may of follow-up be the Brian's case, it to with OEM Is questions an just sort you on as the know know type announce mentioned get think maybe you if you award and the maybe more scenes, I talked fair award That's production year. to some big I that last You just little those formal behind to community going that that some can't know

Kevin Clark

Sure.

So, have and those are conversations happened happening. several of

there is complex product an risk strategic portfolio from aspect this. standpoint, imagine it's aspect and reality, to aspect. can to is is a this, there you As in a this, OE there pretty business Then to there aspect a is mile

both full they solution. turnkey can what entire to number we those the about said want we of And having CSLP move quickly, platform CSLP and engaged of as are a platform about continue we more benefit have don't customers always We've want. provide who for the capabilities the is platform. of the giving OEs So, the as be with well portion our to more

On us a the having the the to or who portion, those understanding parts. system whole flipside allows for of the want enhance the ability

So, that's one. I say

The either second than doing cost And or see Demand expensive to the reasons going of with can to transporting can of driver or acceleration justified out relatively of things automated The the driver OEs. passengers the car are economic. they driving Mobility going get are the the than with system they the that's is things an and purely mobility quite the just and today other goods. on players sooner, one by that thing the economic have extent it's obvious autonomous it Chris, see we've driving of traditional players you you're if frankly concluded, the to for the

Joe Massaro

and Hey thing The Joe. we've about particularly on I'd one Chris, talked side. add OE it's other before the this

As our very now the is from into is they're Level to think into how conversations active evolved, Level around have thing becoming move other perspective from which we safety, X. the positive X, Level X, discussions

and accrue technology discussions, to which will benefit given and have to do about Level to going roadmap So over of XXXX active safety certainly XX X. the they X We capabilities by continuing of think XX are our have Level just as or discussions are sort sort the well. customers providing technology X Level becoming

Chris McNally

guys. allows And it great. the well. Appreciate That's sticky customer a color for as

Operator

comes from question Baird. David next Your Leiker with

open. line Your is

David Leiker

once Are just that jumped they becoming time the as view that? X, everybody roadmap? How seems I X manage and a look that was Level want to you got internally are to of just X How parallel businesses? upon do X to technology X do and paths? to having, you more to separate Level X you there sudden conversations prominent. out, we to and those Are from it X, follow-up manage a is on X Level then all now

Kevin Clark

answer is little bit both. The of a

our team X, where is. is [indiscernible] X and X are with that our in and their solutions, So, from economists and mobility of all group that's nuTonomy separate, high focused on driving Level actually our approach Ottomatika they Level is and the that fits focus Level with really X Level

However, algorithms And that reason mobility they customer to with we having to effectively that Experience setup Level is is is and That User around X I faster. the new Advanced technology. but Safety on And to affectively and that that is we resides with X separate technology X in sure focused our around mentioned the share technology with today. to and some are and discussions Level segment on able on we a they're Dave X, are delivering capabilities. are And separate much one sure OE Level ability want and is, two demand principally their moving their players advancing where focusing to Level that the Level X, have system we have a customers business share today there traditional organization then organizations make that advancements ADAS traditional group. make our

David Leiker

customer That's there. Yeah. different two bases

revenue know safety that's your XXXX between plus X, in versus that As X? the incremental would type we in ADAS guess about you X don't like but approach I out, looked be X, XXXX for mix me, Level is contribution timeframe, give terms you if the Level of what mobility on demand

Joe Massaro

number David, are that with services way now it's sliding billion The billion. out revenue to right been out see come interrupt, XX-XX. target we to right related $X it is we in our about seeing, driving/mobility around automated $X to Yeah. we've what so is

X that So X opportunities $X.X with Level Level coming we our target ease, on then Level plus are business demand billion from and XX% mobility of X group. of in of out as a migrate revenue coming

David Leiker

active X, that then And X? or safety underneath

Joe Massaro

$X.X Active safety will to plus by $X close of of north probably be billion then business. billion well

David Leiker

and X? that that's is or X And X include Level just

Joe Massaro

up the two, because. one that's existing That's just of level and

David Leiker

Okay. And here. one small then just item

the we As look performance experience there. at user bookings there, side, on strong infotainment strong rev

the being do space. market If look what your it bookings is that you share what versus today you are at today? that's What to is within think today being in business done that delivered relative

Joe Massaro

With our in what it to share will today market future? be relative the

David Leiker

currently, on your No, base no, what your it bookings share revenue near the current share there, is what's your versus are?

Kevin Clark

the that's one. some for the got you've end audio. hard the is challenge Part that David, cap with there of space, low of sitting

organically start systems relevant away. is an five did of where seven, going well, million push bookings We think years. you clearly to audio of the think acquisition of The us bucks. it's hundreds I is if technologies in a booking up from the XX top is I ourselves into to phenomenal. all way going focus couple think down. technology going as and in it the where it's we racked moving We over mid their for are next MLD for probably millions this just I dollars audio see XXXX end on low really this you and display the included mean position of

but play there probably about the up top targeting that three again, and down, five where So put how a you but to if further you clearly the bit audio racking top position. it's market, little in we're we want

Operator

Joseph Your Spak question from Capital with Markets. RBC comes next

is line Your open.

Joseph Spak

first is in a from sequential quarter XXXX, talked it XX the bit little The just you improvement expansion show margin bps of to first question of does what on but XX with so a sort more guide. about big line the previously,

your can So, that and of maybe what commodity other is stranded I of puts about but I think talk wondering you costs, subsiding years if the takes well? the as of the is was and outlook the some through sort

Joe Massaro

Yeah.

So stranded September purposes some this about of lap the the We're system. in by XXXX, QX all number. We've is here end going that's million to million cost with March. so as so and is the talked $XX warranty to costs. intents in the to of get out started Joe. to for got our We're mission costs stranded going of about million out deliberate it's But to help we a year fairly QX, $XX get $XX stranded about

where that lot of that's a So comes from.

do we savings. relates the to material the really manufacturing good it on job a performance However, as side continue to continued of

are business As that very $X.X so at to booked next scale. adds We've efficiencies we've going talked the bookings getting benefits about, revenue, into growing voltage buy. to to about plants, with XX% $XXX revenue. are one got year. grow well getting very, already to billion high product Very activate into grow continue to $XXX electrification, this like That strong efficiencies above similar we've It's year, material the in you of million revenues. the XX%. these going adds is, of to lines it's know manufacturing safety here of we Things coming million

really those So Commodities away of challenges there, the are about in pretty continue thing relative looks product average while help, overall top watching, copper, guide but there. – performance. we obviously resin that guide watch was mobility that any bit, copper, a so bang And perspective, a To changes to hedge, in oil we we where doing and around The only this that. light the is at being we'll to where through our XXXX passed but don't a costs perspective, an to around again, coming doesn't bouncing impact we're is I from see fund X.XX a continue but but don't conservative line, the that's of really which scale today, lines coppers Obviously we investing pass currency focused their to mindful investments. euro then to in again with if real been extent, mostly able got point adds pricing, through. additional their this significant from but plays footprint XXXX. you the business straightforward. those But at our post-spin, think and commodity for with not is but are that's bit will, biggest is the one, the

Joseph Spak

want the then times just now have back be sort helpful. potentially of you about on That's you a the guys couple rising mobility to provider. and reiterate of autonomous non-traditional don't customers talked then discussion, up there And you some

does that look retrofitting want work But someone with vehicles perspective? from something vehicles to Is them. actual or working those it you design really or CS like like at You else build vehicles? you're with showed what and guess is to it from I a, the

Kevin Clark

effectively is both. it Joe,

experience an driving, stack it's think an a I then well can optimized capability. OE Level that passengers as ADAS autonomous and or vehicle. custom I It's automated vehicle driving optimized bespoke has and architecture, for transport more X a X both setup it's what call and integrated more vehicle fully as user Level stack

both. So working we on actually are

Operator

Lache from Your next Bank. question comes with Deutsche Rod

Your line is open.

Rod Lache

to what I'll a strong various do uses M&A how your pipeline level, be couple you obviously thinking what you about pretty that is, cash out if So, a position high at we of so, us managing a Can and cash you target billion to kind is? between should of ended $X.X opportunities. thinking cash? at just remind ask a solid a or XXXX with the down very very things. we of you of One year alluded are

Joe Massaro

the You it know million million to run of call what, business right. $XXX $XXX to cash,

balance strong. the clearly So, cash is

run also like We year both business as do Things in technology some PureDepth it technology, as with the at and Solutions complete are capabilities allocation market home bookings type good release transactions Power philosophy that's transactions the we of auto, only mentioned, that the side Power on a at. that we count in couple And mentioned a both materialized, I things the this later we'll We the the bolt-on Signal BMW at my those next to and point As like flat. looking that of keeping will to a Those There moment. includes the really deal again, importance extend I changed. like look point but opportunity. that. the things over where share side. Signal And as well build funnel at the quarters. lot the comments, as HellermannTyton And I hasn't looking on prepared the we capital on within have deepens guide adjacent is unfold think of of The been returning cash so to target the control timing. to understand the haven't shareholders. get think

allow further creep. obviously, anything from And be on the we get we won't repurchasing on a through incremental we'll so So see avoid perspective. to materializing will from actually based creep what year as we really be funnel

Rod Lache

So to to $X.X so repurchases correct? just million Is have share and to cash to $XXX plus billion $XXX exit kind the at year that you M&A in deploy generate to clarify, that you between thinking year we thing. be the that should would million think of free that this you , suggests us to flow or

Joe Massaro

transactions types I don't electrical in to want we at of look take specific. that architecture that space. call particularly The time, number a

call midsized what time I'll to lot bolt-on. take We are They family-owned businesses. some are a of typically looking They cultivate. at

million to try Delphi. by hard hasn't we I average capital wouldn't work we all So on $XXX deployment want uses a from bundled XX/XX/XXXX, saying, record have are for Aptiv going up to smart but – it and to find we're million actually need on going be of that to think about to we of changed cash. to cash Long-term, really need $XXX

Rod Lache

still is American something rate Can you now run North switching put car actually situation. of in a headwind a risk mix, is for has from been Chrysler but give would return given what a shift is the exposure your that us tailwind part you for of passenger industry in And on bit a bucket? gears, broadly you sense And of guys the because passenger basis? that Fiat car a of the kind just a

Kevin Clark

to pass pass SUV GM That truck be car. be North working going through continues we the car. into FDA to business knew or we That in lot about XX% year, were during the looks a of and out about what took year. about XX% was America, really

we are as bid we very on. want of any we As we mindful car to business, on honestly book pass business, quite platforms if be what

bid continue certainly it's distinguishes we others. to are So But from and – are there carefully some something himself to certainly that managing that look through. watch we

with big I year think last it. do point, at have risk this a given what we happened associated

of pass – and That XX Distribution team was ourselves able out with something expand of see really Signal to margin we the XXXX manage basis where took headwind. again car that Power even points business on it's that, honestly margins but and to even to that no, without XX and was in lapping we'll XX% probably North points, basis American business through it. year Next – XX continue it's quite

we focused it and on continue extent laser the it we'll to short. comes are So the manage to up business

Rod Lache

was? Great. thinking you XX% you how XXXX? And that as about the did just lastly, bit for in pro and volume could talk year, to quarter, you how performance And about be saving configuration just going cost little items about the the conversion thinking and depreciation items are currently forma than your the we us what are lower like the it's should versus prior forward you full on configured a

Kevin Clark

Yeah.

always Delphi XX% about at we volume to talk So I as think, flowing XX% used HoldCo. to

it higher the XX%. of that we're to so in there end I call Aptiv, think it's with XX% range,

you know As slight I'll other business running from we flat we production are think – to see comment volume volume. make flow, for I up one this the is

XXXX, able we to is things HoldCo range we it a of margins, end And higher in to rule goal I'd our like cars to to be like when XX will expand the to things we the North of when see flow continue thumb, call see XX. higher. pass go China see, did So we Delphi as in QX but and when American

Rod Lache

run are in sustained items observing XXXX? the we depreciation would rate pro forma versus that that be cost like here performance And Okay. is the into something

Joe Massaro

the the I'd Let given be focused. us [indiscernible] then take get just and accelerated of through detail but about, we warranty talk bit, me there, buy some you know some

think we're stranded… be the mindful to I would thing tell that

Operator

Murphy America-Merrill with question Bank next of comes from Your Lynch. John

Your line is open.

John Murphy

mean drive If vehicles LX Good But more LX on longer could, an I ask morning you talking guys. bit theoretical. architecture. autonomous you and just see question in guys we I as it's slightly been even little have term granted, it, being new developed about

three you sort be? everything mean there times increase it's kind and a higher a Just, this [indiscernible] two I it is magnitude number, vehicle could XX% think potential kind of sort could a supply automakers. like What factor thing guys per you and contact of of content or the to is of veins for of guys. where you potential of that in the be it brains to

Kevin Clark

if it and thought it a don't and the – would I at content way longer in I and guess think per I vehicle. we I exact know the content from reflected about look number data it's solid the is growth more Joe And it's over architecture term and our by guidance in being that talked space. growth market. vehicle about driven at Day Investor growth software, more accelerated

have and I on I book. tell you safety per I seeing X. active active it, active factor and safety into Maybe factor Level So, spend but about Joe the way and safety don't content when you and to backing think about a change X a quit team revenues about our we vehicle Level number. would it, you, and think in are think

$X but next it be year infotainment this talked active call down from a we the for been that the you'll in we infotainment on so booking a range, that's in actually continue a billion lumpy, are think years several run about it's book to year-over-year range that rate revenue. the plus in the So, bookings, on up bit standpoint we We safety.

You'll the the architecture, smart to architectural, able out. as well, there how be vehicle then I strong see revenue plays will growth think and see that

Joe Massaro

will go you John, have it it with and to we back revisit offline.

architecture business, goes into and of about the think now if of view our between me it the about every is from XXXX moves $X optimization. architecture content $X sort you call for that As

be on for the has exactly a years complicated materials, And as the that optimization going but XX of mix Controller. content on out positive per in. vehicle are in well not end decrement. materials going we technology connection content one to systems, out, to as there we parts see higher trend, and coming we see architecture in would more three, at the the increase look the side And vehicle is getting Integrated that so as we maths are architecture Kevin's point, itself, compute But decrement, the Cockpit additional different Multi-Domain an is from platforms but Controller, the higher

Joe Massaro

growing of our product one are major everyone lines market, over of to So over here. segments growing

John Murphy

reduce market of you growth sort price might you that are valued sort Okay. towards the technologies to private to away I or in I some is, maybe car of returns just it that can potential being now? growth great might return future then just virtuous and capital? is with flyers early which greater margin incredibly that any also that, multiples guys sort the and follow-up stage from whether where even public confirmation decent and higher high stuff which in market And companies see multiples, more right regardless high but financially know be you some there particularly your circle then understand higher rewarded profitability in of market. now there are right targets guys valued significant rewards with mean the stock And cost you can the a there capital. some slightly of, drift market, exact Is are might get whatever view in disciplined in margins a of returns you shareholder But you been on of some barbell and right is the now

Kevin Clark

to maybe team say shareholders what Listen, capital. that our including ultimately And or reasons on happen. over with growth expanding that's management and roughly is the I I long near experience more is for zero directly half happens. growth return companies From standpoint, would the a second tell there possibility over seeing you taken for – compensation term term. aligned aligned tied too multiple

mindset that all report, tied and myself, there their team, has being And focused my affects increasing on pushed long down plan all our frankly return So size earlier with correlation to direct where on can they enhancing bid at the these term strategic. And our is about serve management consistent it's a on capital. generation, discussion for and discussion. a these on. time really drives is direct specific guidelines quite that We And take give cost go. program, to major on the what discussion structure team where do with capital look respect manically they and the one on Joe frankly programs, it's the we mentioned a of our a cost on about we we about and that expansion it them we review even return before margin is biggest than more with and management quite incentive

John Murphy

are copper, and you real very housekeeping, good pass in to inflation the with might quick seeing headwinds other just through apologize or you that facing That's Joe. relationship stuff of last ability particularly if this and automakers on hear. And I maybe the I walls all and that on I one of kind the roadmap of some mean, of missed for around XXXX sort index what? be what

Kevin Clark

I John. copper here pass are mean change copper. actual our is the through No for

not impact, efficiently. And again it oil, resin crude big oil able again, contractual are buy, call revenue depending fairly bit a no got So fast system, anticipating or we have sometime headwinds early down a with inventories they distant beyond but and resin, so that those seen really buy – a then derivative watch move certainly. to they moves. are the a effect, to little and we to are quarter can that's but we for changes that on we manage of how is lag this copper There the of half any give

of headwinds commodity see. a risked from anything not tough are So we lot

Operator

comes with next Your Sachs. question from Goldman David Tamberrino

Your line is open.

David Tamberrino

Active you kind looking $X Thanks. XQ. with significantly activity like and quarter billion wins quoting at accelerated year-to-date the safety state fourth as of your bookings the kind environment Can of business they share percentage from the is? of of are talk in of what about this looks at

Kevin Clark

across don't this Active safety the of as cent to the safety on standpoint picked rate to share locations. vision don't medium Look, We active I is customer Kevin. increased. have penetration have win. end has end – radar exact – opportunity other activity the tend an have the focused – be up I in higher from high rates base

a were we're year mentioned, Joe we XX more at As or so at ago or five XXXX. customers, I think in

seeing we well post customers new with significant are So up customers. a ramp as existing as

just changing on markets I mentioned, see a basis, the factor I relative a to a safety active going forward significant on [indiscernible]. book As our increase

Joe Massaro

It it's what my don't on depends in. response of We David, participate low our like mean types a like here. win don't infotainment rate, you're scoring, bit I cameras those little really we things. David end

Out X business. plus billion of XX% see those that have booking those good you're is active point, our it Level So work of the at win very plus that driving. as are as into we that autonomous would share and mentioned there, safety strong one saying why feeling we about we've got I We've in sites XXXX. rate conversations for so in be line XXXX and this you lead we are in – had earlier, then going And level after. teams call lower. mentioned $X the of been QX And if a very

David Tamberrino

I revenue far, but for together, it. on from software trying Got How more Tier booked that X, from to what $XX embedded it's is much you've that versus think Understanding bookings our almost related are just Tier X? safety about business much active a then that see million come package And hardware? how active software cumulatively account. so a as software versus of is we in think new

Kevin Clark

David. hard It's

side are to the software would in tell truly embedded I It's safety capability the on in sort But view like helping around it, is our falling firmware. of active sort sensor drive would and the things what's it's you there. the safety active it For redo is fusion there I of it's such business. of and us the price. business,

So it's our very revenue. to hard just put

David Tamberrino

Got it.

versus multi-domain and that you third your perspective, of that's uplift software software coming second components you from vision The a hardware have party? those the from embedded of How much controllers. mentioned engineers margin

Kevin Clark

two our else, products in integrator it's software all is that's have of a a put software customer another or my other, from someone some part, mean, our can if the software in our there. our some of software, what incorporate Al, actually platform of that I it I customer dependent, way of software, party but you've had is of steadfast, component. it TT, mix, but believe we are software so of customers' a from all lot of with usually terms but some There and third we a other third some we with

to the together tend that be software sure we and control and top sitting So on all within making unit. works

Operator

comes question next Fargo. Lim from from David Your Wells

Your line is open.

David Lim

guys. Hi. Good morning

you Just looks do like quickly the on call I the maybe what backlog declined EA little a passenger division can in like that? where had it something bit to you past. or cars, it your rate guys am it with win the the it looks for thinking on is, but EA elaborate

Kevin Clark

careful. David, you to got year-over-year, I think be

As it both. relates we've lumpiness, to but said there in is the past

had So I including change. a had a but the in GM positive obviously XXXX? read booking that a underscore, trend very wouldn't into [indiscernible] couple actually point don't year-over-year effect big I small we

David Lim

it. Got

I you finally, is you, that on was color moving would and color you. how additional situation but some the be So very you of there was lot us helpful. And give that's know a episodic. some with that parts, what NAFTA thinking impact can Thank would

Kevin Clark

is a million they less A lot tell call percentages, you concerning on as I'd to that's the months those ballpark back. we're or know, bumping maybe now, it much less in NAFTA, year. it do you would you additional is Right $XX what go, of really and got duties, if you, Aptiv, they things you if regional moving on content know adjustment and it call I of watching call two as with maybe six valued so a flows, significant you tax what XX%. That there know and talking parts nine are border about up know

manageable you in. it's the talking because of I extent though intellectual to the concept unlike the include counter the to they they percentages wide hard deal will that, and of content are what domestic us the in manufactured adjust So, domestic you it the there that the domestic you still big amounts, that be little value software put does the what into moment, put we're open. Mexico. call about, intellectual should allow the requirement, it not property RVs us, is in that extent That's tell are product are would watching – but content really calculate a they bit others, property the for mean? again number, would the can be one the calculate sort know at I because these What the and number,

way nice, from So, we're off it's a a to six have border tax. this was naturalistic but of can, something like manageable duty through. is it's going work lead, adjustment impact we tomorrow, again, Thought call a it and up additional – year forward you probably of full the on to of it million if months, maybe $XXX it would but probably basis, be plus

Operator

Your Citigroup. next from question Michaeli with comes Itay

Your is open. line

Itay Michaeli

back on thank, wanted morning. Demand Great Mobility go robo-taxi and good to the to discussions. I just

partners don't players extent technology the economics race example is there quickly of data the the that growth by we about kind you related or will provider, we content How quickly get deploy think seeing or limited as of business, we new year this in be think fairly effort? manager fleet like be still these a to revenue to software part different for the vehicle per mobility to into vehicles Aptiv next that want other that to ultimately race the of Aptiv to of relatively we're it on about deploying. understanding So, should enables customers your plan one will to be or that other

Kevin Clark

data that to of as AD it think depending both I which the customer the customer use both is – or allows a right answer would customer our for our cloud, to nature the be relation the mobility as agreement, well allows stack on vehicle with the data fleet sold and monetize customer, party. optimize is data whether whether performance basically third OE its say vehicle that to for to used they out data to it's or bundled manager after off opt by to on or outside fleet

be each be That biggest to opportunity. would target those. one would objective our be the would of able, So,

Itay Michaeli

it. And missed quickly outlook, helpful. I I That's Great. XXXX on just the apologize if

directional from commentary base? the provide product the you kind segment any did result So, of for margin

Joe Massaro

of Active excluding and Yes, both kind about will and be within User million. that business Experience investment, your lines, specific be the up and mobility $XXX that's Safety

Operator

question next Your comes with from Emmanuel Guggenheim. Rosner

Your is open. line

Emmanuel Rosner

everybody. Good morning

you quick it's two first one at from your to and it's can how of previous and how me, follow-ups question. related that on over Just future again X, the metric to organic growth. just bookings follow-up I'm maybe is Slide looking you go a think

thumb the way therefore at is Like, have to under was, old confidence it's growing Aptiv? a combined grow old think the we the of think look at revenues same can Delphi, XX% high CAGR, we rule I about X%. it at it

Kevin Clark

lifetime out, is four are out. listen Powertrain to be at would years years at for which with it three three business, the to two programs typically programs these are with Delphi Yeah, Aptiv revenues,

grow in grow is assume over can leakage or that bookings we You a of those FX shifts confidence know we X possibility some if can there XX%, there adjustments roughly that point is that would in to is you or program it, market.

Joe Massaro

over that that's I add would is favorable time, only the right. to Yeah, Emmanuel, thing

next year that are time. over that we was grow we too X%. right, one did over – grow So, ago, That's bookings year I XX%, necessarily couple wouldn't react years you a and booking of we analysis,

So, this year it's a not – time. over that is change

– plus CAGR We good year to CAGR for over as period. a a very such metric are have so it's us, bookings get lumpy going good are five over

Emmanuel Rosner

then one additional just follow-up. and Understood,

XXXX? some to in pretty in QX? electrical you it growth I are acceleration You – in guess we the about that business. expecting the going the talk decent of see cadence Can straight already Are

Kevin Clark

Yeah, it year. ramping and in lower will up the be throughout QX

I think down. QX to slightly actually flat it's

Joe Massaro

full for to and level the mind-single digit the then kind of up growth frankly Quite year. ramping

Kevin Clark

XXXX, you see just, where our that's the past to is details the the half so of accelerated we way that cover how think towards of coming. are sort about Different it's comp, back and

Operator

Your next with question Cross from comes Steven Research. Fox

open. is line Your

Steven Fox

could from in you, you disciplined are saying good that your the Hey, one question me. to that it's laid Just hear targets profit fall. to you out

autonomous up in seems Waymo just the One to changed been, to of miles be know, are going so vehicle for has the and even the ramp last, don't I Uber month for from that this have driven things miles or in vehicle expectation the year. that last

tests on you You how of million arm the guys data a of the seems road that be a through… bigger vehicles you raised what from getting expectation sort about as end talk XXX X about Can profit year. go are versus vehicle to autonomous just manage around by we talking

Kevin Clark

Listen, good it's a question, great a very question.

to based relates We group vehicles have plan we're a our that as advancement the and their need our it key [indiscernible] activity. that for be business activity specific and delivered tied milestones interaction. tied willing spent, to to mobility in technology that And ties on autonomous to to those do driving dollars to

structure we technologies very, and investment near and are support future then mentioned Joe focused to where to of those we commercial know the can we opportunities growth term reduction cost like early, safety. on, as those as internal through cost future managing taking opportunities you very much opportunities our funding active So, in growth apply can using newer

margin we disciplined manage capital We any So, business. we have it's commitments, on like targets targets, those. very it approach. we to have and We've just we return have financial operate a we other managed know

Steven Fox

that totally So of or you data near active possibilities, you more on the is was financial would could some reach pressure quickly be there to say there in term? spend kind more gather related to it if partnerships

Kevin Clark

on focused capital we're maximize how return Listen, on do and shareholder we value.

So, those things made that extent we'd are that to evaluate. financial opportunities sense, the like definitely

Operator

Langan Colin with from comes question UBS. next Your

Your open. line is

Colin Langan

a Any guidance good million XXXX, there? in the mobility if investment, $XXX on rate run does or post that's it to continue from incline

Joe Massaro

XXXX, will framework we'd did that it basis within expand Yeah, percentage Kevin's margin. points comment, the at will to to that to expand it between financial of XXXX but it but XX and it again XX expect and the that won't grow grow,

Colin Langan

your long from to or your help you Got tax the Does change you've this long-term at been trying lastly, tax all, rate, – it tax rate? I reform just there no is is if...? to think impact? I'm and have would about already in there no there the is help up really any have future U.S. essentially rate know gone would indicated then, it

Joe Massaro

XXXX U.S. or takes doesn't lower tax rate – is we're helpful, we we're focused way way XXXX we for given sustainable because move and Yeah, like but is big moment always it U.S. us, and to And and stays place. every the we're a treat is, tax the how significantly. to payer, in the U.S. not cost that to just the tax other make at it not rate tax, treat there that gives setup so sure

better manage are figure to it uses to how We we trying think got out cash. we for and

it. working So, we're always

a So, there lot is of out ins there. and

Operator

There are to questions this presenters no comments. further will for any time. back I the closing at the call turn over

Kevin Clark

We greatly Okay, and listen, you your day. a it well, appreciate great have for everybody time. thank

Operator

That conference call. earnings Thank concludes the QX you for joining. Aptiv XXXX

You may now disconnect.

Aptiv (APTV) 1 Feb 182017 Q4 Earnings call transcript