PHINIA Inc 2024年度报告

“Strategically and financially, our 2024 actionsare expected to continue to drive meaningful cashflow generation, shareholder returns, and solid,sustainable growth for PHINIA.” — Brady D. Ericson, President and Chief Executive Officer Dear Shareholders, 2024 marked PHINIA’s first full calendar year as an independent,publicly traded company. Our strong performance during the yearreflects the successful execution of our strategy and vision for long-term value creation. We launched innovative new technologies,celebrated numerous business wins and expansions across markets,and published our first Sustainability Report. We also strengthenedOur commitment to delivering market-leading technology andinnovative products that meet our customers’ evolving needs andexpanding our product offerings in new verticals is key to ensuringcontinued, stable growth for PHINIA. Starting in our Fuel Systemsbusiness, we secured significant program extensions, conquestbusiness wins and volume uplifts in 2024 across product lines,regions, and end markets, including: our balance sheet through strategic refinancings and other capitalallocation initiatives and returned $256 million to shareholdersthrough share repurchases and cash dividends. In July 2024, PHINIAwas added as a member of the US small-cap Russell 2000 Index,further enhancing our visibility with investors. We achieved working capital efficiencies and strengthened ourbalance sheet with two strategic debt refinancings and creditagreement amendments that lowered and fixed interest rates,staggered and extended maturities, and removed and lessenedcertain restrictive covenants. Our full-year 2024 results included$3.40 billion in net sales, net earnings margin of 2.3%, andadjusted EBITDA margin of 14.1%. Net cash generated by operatingactivities was $308 million, and adjusted free cash flow was $253million. Importantly, in 2024, we maintained strong shareholderreturns through $212 million in share repurchases and $44 millionin cash dividends. •An engine control unit (ECU) conquest win, augmenting apreviously awarded gasoline direct injection (GDi) fuel systemand representing the first full-system package utilizing PHINIA’scomplete hardware, software, and calibration. Strategically and financially, our 2024 actions are expected tocontinue to drive meaningful cash flow generation, shareholderreturns, and solid, sustainable growth for PHINIA. We have beencommitted to strong financial performance and shareholderreturns from the start—with total return on our stock (includingreinvestment of dividends) from the date we announced ourfirst dividend through the end of 2024, exceeding 80% and faroutpacing the S&P 600 Index and the S&P 600 Automotive Parts& Equipment Index. As we look to the current year, our strongbalance sheet provides us with financial flexibility to support ourcurrent and future growth initiatives. •A second product win in the aerospace and defense marketwith a post combustion injector system, providing required flightprofile engine performance and furthering our product offering anddiversification strategy with this newer market. •A second product win in the off-highway diesel market, withan electronically controlled, low pressure common rail injectionsystem for compact diesel engines designed to reduce emissionsand increase fuel efficiency. We also further invested in alternative fuel technologies andstrengthened strategic partnerships, with a hydrogen-poweredprototype for high-performance motorsports serving as a key highlight.We continue to see fuel systems development for zero-carbon fuels(such as hydrogen and ammonia) and lower-carbon fuels (such asethanol and compressed natural gas) as a medium-term opportunityfor revenue growth. For our Aftermarket business, we secured newbusiness wins and key contract renewals, introduced 3,600+ SKUs,and developed new distributor partnerships, expanding our shareof wallet and product offerings and supporting business growthacross regions. I want to thank our employees for their hard work and passion.I am proud of all that we have accomplished over the past year,and I am humbled and honored to lead our great company withthe support of an experienced senior leadership team andengaged board of directors. On behalf of our entire global team, we thank you for your trustand investment in PHINIA. Sincerely, PHINIA’s achievements in 2024, including our strategic investmentsand robust financial performance, underscore the strength of ourdiversified business model. Our disciplined financial management andbalanced approach to capital allocation have been pivotal in drivingour success. Notably, our diverse business model, with over 70% ofsales originating from our aftermarket and CV segments, continues tobe a key differentiator for us. Brady D. Ericson President and Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington D.C. 20549 Form 10-K (Mark One)☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(