Bel Fuse Inc (BELFA) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Bel Fuse first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Bel Fuse 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, [Jean Marie Young] with Three Part Advisors. Please go ahead, Jean.

現在我很高興向您介紹您的主持人 [Jean Marie Young] 和 Three Part Advisors。請繼續，Jean。

Thank you, Darryl, and good morning, everyone. Before we begin, I'd like to remind everyone that during today's conference call, we will make statements relating to our business that will be considered forward-looking statements under federal securities laws, such as statements regarding the company's expected operating and financial performance for future periods, including guidance for future periods in 2025.

謝謝你，達裡爾，大家早安。在我們開始之前，我想提醒大家，在今天的電話會議中，我們將做出與我們的業務有關的聲明，這些聲明將根據聯邦證券法被視為前瞻性聲明，例如有關公司未來期間預期運營和財務業績的聲明，包括對 2025 年未來期間的指導。

These statements are based on the company's current expectations and reflect the company's views only as of today and should not be considered representative of the company's views as of any subsequent date. The company disclaims any obligation to update any forward-looking statements or outlook. Actual results for future periods may differ materially from those projected by these forward-looking statements due to a number of risks, uncertainties and other factors.

這些聲明是基於公司目前的預期，僅反映公司截至今天的觀點，不應被視為代表公司在任何後續日期的觀點。本公司不承擔更新任何前瞻性陳述或展望的義務。由於多種風險、不確定性和其他因素，未來期間的實際結果可能與這些前瞻性陳述所預測的結果有重大差異。

These material risks are summarized in the press release that we issued after market close yesterday. Additional information about the material risks and other important factors that could potentially impact our financial performance and cause actual results to differ materially from our expectations is discussed in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly reports and other documents that we have filed or may file with the SEC from time to time.

這些重大風險已在我們昨天收盤後發布的新聞稿中進行了總結。我們向美國證券交易委員會提交的文件中討論了可能影響我們的財務業績並導致實際結果與我們的預期存在重大差異的重大風險和其他重要因素的其他信息，包括我們最近的 10-K 表年度報告以及我們已經或可能不時向美國證券交易委員會提交的季度報告和其他文件。

We may also discuss non-GAAP results during this call, and reconciliations of our GAAP results to non-GAAP results have been included in our press release. Our press release and our SEC filings are all available at the IR section of the website.

我們也可能在本次電話會議中討論非 GAAP 結果，並且我們的新聞稿中包含了 GAAP 結果與非 GAAP 結果的對帳。我們的新聞稿和 SEC 文件均可在網站的 IR 部分查閱。

Joining me today on the call is Dan Bernstein, President and CEO; Farouq Tuweiq, CFO; and Lynn Hutkin, Vice President of Financial Reporting and Investor Relations.

今天參加電話會議的還有總裁兼執行長 Dan Bernstein、財務長法魯克圖韋克 (Farouq Tuweiq) 和財務報告與投資者關係副總裁 Lynn Hutkin。

With that, I'd like to turn the call over to Dan. Dan?

說完這些，我想把電話轉給丹。擔？

Thank you, Jean. We are pleased with our first quarter results, which were in line with our expectations for the quarter. Our recent acquisition of Enercon continued to perform well and has helped to further diversify Bel from our end markets and geographic perspective.

謝謝你，Jean。我們對第一季的業績感到滿意，這符合我們對本季的預期。我們最近收購的 Enercon 持續表現良好，並幫助我們從終端市場和地理角度進一步實現 Bel 的多元化。

During the first quarter of 2025, the aerospace and defense or A&D end markets accounted for 38% of our global sales, making it our largest end market segment. Other highlights during the first quarter included AI, which contributed to $4.6 million of revenue and space, which contributed $2.3 million of revenue during the first quarter of 2025.

2025 年第一季度，航空航太和國防或 A&D 終端市場占我們全球銷售額的 38%，成為我們最大的終端市場領域。第一季的其他亮點包括人工智慧，貢獻了 460 萬美元的收入，以及空間，在 2025 年第一季度貢獻了 230 萬美元的收入。

This represents double-digit growth within each of these end markets compared to the first quarter of 2024. Other factors impacting the quarter were lower sales into our consumer market related to a banned Chinese supplier, e-mobility and a normalization of sales into our rail end market.

與 2024 年第一季相比，這意味著每個終端市場都實現了兩位數的成長。影響本季的其他因素包括因中國供應商被禁而導致的消費市場銷售下降、電動車以及鐵路終端市場銷售正常化。

We are definitely entering a new challenging phase with the global tariffs. However, based on our diversification strategy, our manufacturing and our product portfolio, I am confident that we will navigate through this.

隨著全球關稅的實施，我們無疑地正在進入一個新的挑戰階段。然而，基於我們的多元化策略、我們的製造和我們的產品組合，我相信我們能夠渡過難關。

With that, I'm turning the call over to Lynn. Lynn?

說完，我將電話轉給 Lynn。琳恩？

Thank you, Dan. From a financial perspective, we observed continued margin expansion when comparing Q1 '25 to Q1 '24. Sales for the first quarter of '25 reached $152.2 million, reflecting an 18.9% increase from the first quarter of '24.

謝謝你，丹。從財務角度來看，與 2024 年第一季相比，我們觀察到 2025 年第一季的利潤率持續擴大。25 年第一季的銷售額達到 1.522 億美元，比 24 年第一季成長 18.9%。

The strong performance within our A&D end market and the improvement in sales in our Magnetics segment helped offset the year-over-year decline in our networking, consumer, rail and e-mobility end markets within our Power segment during the first quarter of 2025 compared to the same quarter of '24.

我們的 A&D 終端市場的強勁表現以及磁性元件部門銷售額的成長，幫助抵消了 2025 年第一季度與 24 年同期相比，我們電力部門內網路、消費者、鐵路和電子行動終端市場的同比下滑。

Our gross margin improved to 38.6% in Q1 2025, up from 37.5% in Q1 2024, with these profitability gains primarily driven by our Magnetics and Connectivity segments.

我們的毛利率從 2024 年第一季的 37.5% 提高到 2025 年第一季的 38.6%，獲利能力的成長主要得益於我們的磁性元件和連接部件部門。

Gross margin increased by 110 basis points in Q1 2025 compared to Q1 2024. This margin improvement was supported by a favorable product mix and the successful implementation of various cost reduction and efficiency programs.

2025 年第一季的毛利率與 2024 年第一季相比增加了 110 個基點。利潤率的提高得益於良好的產品組合以及各種成本削減和效率提高計劃的成功實施。

Now turning to our product groups. Sales of Power Solutions and Protection in the first quarter of 2025 amounted to $83.1 million, reflecting a 37.9% increase compared to the same period last year. This growth was largely driven by our new aerospace and defense exposure, which contributed $32.4 million to the Power segment for the first three months of 2025.

現在轉向我們的產品組。2025年第一季電源解決方案和保護銷售額達8,310萬美元，較去年同期成長37.9%。這一成長主要得益於我們新的航空航太和國防業務，這為 2025 年頭三個月的電力部門貢獻了 3,240 萬美元。

On the consumer side, sales decreased by $2.8 million in Q1 '25 compared to Q1 '24, primarily due to the trade restriction imposed on one of our suppliers in China, as mentioned in our prior earnings calls. Additionally, given e-mobility sales were still robust in Q1 of 2024, we saw a $1.6 million year-over-year decline in this end market in Q1 '25.

在消費者方面，2025 年第一季的銷售額與 2024 年第一季相比減少了 280 萬美元，這主要是由於我們在中國的一家供應商受到了貿易限制，正如我們在之前的財報電話會議上提到的那樣。此外，鑑於 2024 年第一季電動車銷售依然強勁，我們發現 2025 年第一季該終端市場銷售額年減 160 萬美元。

Sales into the rail end market has started to normalize coming off an unusually strong 2024, resulting in a $1.5 million reduction during Q1 '25 compared to the same period of '24. These declines were partially offset by a $3.8 million increase in sales to our AI customers, bringing total AI sales for Q1 '25 to $4.6 million. Further, circuit protection sales increased by $700,000 in Q1 '25 compared to Q1 '24.

在經歷了 2024 年異常強勁的銷售後，鐵路終端市場的銷售已開始正常化，導致 2025 年第一季的銷售額與 2024 年同期相比減少了 150 萬美元。這些下降部分被我們對 AI 客戶的銷售額增加 380 萬美元所抵消，使 2025 年第一季的 AI 總銷售額達到 460 萬美元。此外，2025 年第一季的電路保護銷售額與 2024 年第一季相比增加了 70 萬美元。

The gross margin for the Power segment in the first quarter of '25 was 42.6%, reflecting a decline of 140 basis points from Q1 2024. This decrease was primarily attributed to nonrecurring items that were recorded at a 100% gross margin in Q1 2024.

25 年第一季電力部門的毛利率為 42.6%，較 2024 年第一季下降了 140 個基點。這一下降主要歸因於 2024 年第一季毛利率為 100% 的非經常性項目。

On the plus side, our power gross margins were favorably impacted by appreciation of the US dollar versus the Chinese renminbi during the 2025 quarter. Turning to our Connectivity Solutions Group.

從好的方面來看，2025 年季度美元兌人民幣升值對我們的電力毛利率產生了積極影響。轉向我們的連接解決方案組。

Sales for Q1 2025 reached $50.7 million, a decrease of 6.5% compared to Q1 2024. Sales for commercial air applications in Q1 2025 were $12.9 million, which represents a decline of $1.7 million or 12% from Q1 2024. Additionally, sales into the industrial end markets fell by $800,000 compared to the same period last year.

2025 年第一季的銷售額達到 5,070 萬美元，與 2024 年第一季相比下降 6.5%。2025 年第一季商業空氣應用的銷售額為 1,290 萬美元，比 2024 年第一季下降 170 萬美元，降幅為 12%。此外，工業終端市場的銷售額與去年同期相比下降了 80 萬美元。

On the positive side, Connectivity products sold into defense applications totaled $12.2 million in Q1 2025, an increase of 13% from Q1 2024 and sales into the space end market reached $2.3 million in Q1 '25, up by 15% from Q1 '24. The gross margin for this group was 37.9% in the first quarter of 2025, representing an improvement of 180 basis points from Q1 2024.

積極的一面是，2025 年第一季度，銷售給國防應用的連接產品總額達到 1220 萬美元，比 2024 年第一季增長 13%，2025 年第一季度，銷售給太空終端市場的連接產品總額達到 230 萬美元，比 2024 年第一季增長 15%。2025 年第一季提高了 37.9%，該集團比 2024 年第一季提高了 180 個基點。

This margin expansion was largely attributable to operational efficiencies achieved through facility consolidations completed in 2024, along with favorable foreign exchange impacts related to the peso. These positive drivers were partially offset by minimum wage increases in Mexico that took effect in Q1 2025.

利潤率的擴大主要歸功於 2024 年完成的設施整合所帶來的營運效率的提高，以及與比索相關的有利外匯影響。2025 年第一季生效的墨西哥最低工資調漲政策部分抵銷了這些積極驅動因素。

Lastly, in the first quarter of 2025, our Magnetic Solutions Group recorded sales of $18.5 million, representing a 36.1% increase compared to the first quarter of 2024. This level of growth aligns with expectations discussed during last quarter's earnings calls, where we noted that sales volumes had stabilized, and we were beginning to see a rebound since the second quarter of 2024.

最後，2025 年第一季度，我們的磁性解決方案集團的銷售額為 1,850 萬美元，與 2024 年第一季相比成長了 36.1%。這一成長水準與上個季度財報電話會議上討論的預期一致，我們注意到銷售量已經穩定下來，並且自 2024 年第二季度以來我們開始看到反彈。

The gross margin for this group improved to 24.7% in Q1 2025 compared to 16% in Q1 2024, marking an 870 basis points improvement year-over-year. This increase in margin was primarily driven by the higher sales volume in Q1 2025, as well as recent facility consolidations in China and favorable exchange rates related to the Chinese renminbi compared to Q1 2024.

2025 年第一季度，該集團的毛利率從 2024 年第一季的 16% 提高至 24.7%，年增 870 個基點。利潤率的成長主要得益於 2025 年第一季的銷售量增加，以及中國近期的設施整合，以及與 2024 年第一季相比人民幣匯率的有利影響。

At the consolidated level, across all product segments, our total backlog of orders reached $395.7 million, reflecting an increase of $14.1 million or 4% compared to December 31, 2024. R&D expenses reached $7.2 million in Q1 '25, a higher level compared to Q1 '24, primarily due to the acquisition of Enercon and the inclusion of their expenses.

綜合來看，在所有產品領域，我們的積壓訂單總額達到 3.957 億美元，與 2024 年 12 月 31 日相比增加了 1,410 萬美元，增幅為 4%。2025 年第一季的研發費用達到 720 萬美元，與 2024 年第一季相比有所上升，這主要是由於收購了 Enercon 並將其費用納入其中。

We expect future quarters to generally align with the Q1 '25 expense. Selling, general and administrative expenses totaled $29.5 million, representing 19.4% of sales. Compared to the previous year, SG&A increased by $4.6 million in 2025. Again, the primary factor contributing to this rise in SG&A is the inclusion of Enercon expenses.

我們預計未來幾季的支出將與 25 年第一季的支出基本一致。銷售、一般及行政費用總計 2,950 萬美元，佔銷售額的 19.4%。與前一年相比，2025 年銷售、一般及行政費用增加了 460 萬美元。再次，導致銷售、一般及行政費用 (SG&A) 上漲的主要因素是 Enercon 費用的納入。

Within SG&A, increases were seen in legal fees, salaries, fringe benefits and amortization expense, which were largely offset by a reduction in incentive compensation. As there were no unusual items in SG&A during Q1 '25, we believe this level of expense is generally indicative of the expected run rate for future quarters in 2025.

在銷售、一般及行政費用中，法律費用、工資、附加福利和攤銷費用均有所增加，但很大程度上被激勵薪酬的減少所抵消。由於 2025 年第一季銷售、一般及行政費用中沒有異常項目，我們認為這一費用水準通常可以顯示 2025 年未來幾季的預期運作率。

Looking at our balance sheet and cash flow, we finished the quarter with $67 million in cash and securities, a decrease of $2 million from the $69 million we reported at the end of 2024. This change was mainly due to the repayment of long-term debt amounting to $7.5 million, $2.8 million spent on capital expenditures and a dividend payment of $829,000. These cash outflows were partially offset by $8.1 million in net cash generated from operating activities.

從我們的資產負債表和現金流來看，本季末我們的現金和證券餘額為 6,700 萬美元，比 2024 年底報告的 6,900 萬美元減少了 200 萬美元。這項變更主要是由於償還了 750 萬美元的長期債務、花費了 280 萬美元的資本支出以及支付了 829,000 美元的股息。這些現金流出部分被經營活動產生的 810 萬美元淨現金所抵銷。

I would now like to turn the call over to Farouq.

現在我想把電話轉給法魯克。

Thank you, Lynn. Good morning, everybody. After coming out of a solid and predictable first quarter, we have less clarity as we looked ahead to the second quarter. In order to frame what we are seeing, let's first talk about our base business demand, putting tariffs aside.

謝謝你，林恩。大家早安。在經歷了穩健且可預測的第一季之後，我們對第二季的展望並不那麼清晰。為了闡明我們所看到的情況，讓我們先討論一下我們的基本業務需求，暫且不論關稅。

As we mentioned on our February call, we were largely optimistic entering into 2025 with the growth expected across the business with varying degrees. We said Magnetics was expected to be our largest percentage grower this year, followed by Enercon on a pro forma basis.

正如我們在二月的電話會議上提到的那樣，我們對 2025 年抱持著非常樂觀的態度，預計整個業務將實現不同程度的成長。我們表示，Magnetics 預計將成為今年增幅最大的公司，其次是 Enercon（以備考基礎計算）。

The end markets of defense, space, AI were all robust and growing. We expected to see a rebound in networking and distribution sales as we went through the year, predominantly in the second half. Year-over-year challenges this year would largely be in our Power segment with tough comps to 2024 for the rail and consumer markets and continued softness in e-mobility.

國防、太空、人工智慧等終端市場均表現強勁且不斷成長。我們預計今年網路和分銷銷售額將反彈，主要是在下半年。今年的同比挑戰主要集中在電力領域，2024 年鐵路和消費市場將面臨嚴峻挑戰，電動車市場也將持續疲軟。

Each of these comments from our February call is still the current state of affairs of our base business. So the good news is, aside from tariffs, there are no changes to report at this time. Now on to the tariff discussion. To provide some broad context, approximately 25% of our consolidated sales are brought into the US from countries outside of the US and therefore, potentially could be subject to recent tariffs.

我們二月電話會議上的每一則評論仍然代表著我們基礎業務的現狀。因此，好消息是，除了關稅之外，目前沒有任何變化需要報告。現在開始討論關稅。為了提供一些廣泛的背景信息，我們合併銷售額的約 25% 是從美國以外的國家進入美國的，因此可能會受到最近關稅的影響。

The other 75%, the majority of our business is either manufactured outside the US and shipped to customers located outside of the US or is manufactured in the US for local consumption. Of the 25%, a little over 10% is China, with the balance largely coming from Europe, India, Israel and Mexico, along with a few other places.

其餘 75%，即我們的大部分業務要麼在美國境外製造並運送給美國境外的客戶，要麼在美國製造供當地消費。在這25%中，略高於10%來自中國，其餘主要來自歐洲、印度、以色列和墨西哥以及其他一些地方。

Keep in mind that even these imports are not all equal, and certain of our products imported into the US come through various trade advantage zones. For example, our Mexico products are covered under the USMCA trade agreement and these are currently exempt from tariffs. A similar trade agreement exist between the US and the Dominican Republic and the Caribbean border nations.

請記住，即使這些進口產品也不盡相同，而且我們進口到美國的某些產品是透過各種貿易優勢區進口的。例如，我們的墨西哥產品受到 USMCA 貿易協定的約束，目前免徵關稅。美國與多明尼加共和國及加勒比海邊境國家之間也存在類似的貿易協定。

However, those do appear to be subject to tariffs today. Even as it relates to imports from China, certain of our customers who are the importers of record operate within free trade zones in the US and therefore, can receive product into the US and ship it back out of the U.S. all on a tariff-free basis.

然而，這些產品今天似乎確實要徵收關稅。即使涉及從中國進口，我們的某些客戶（即記錄在案的進口商）在美國的自由貿易區內運營，因此可以將產品接收至美國，並將其運回美國，且全部免關稅。

As we look at the road ahead on trade, we view tariffs in two separate buckets, China and everybody else. China is its own concern as we all know about. So we leave that at that. As for the rest, we feel clarity will come in Q2 as agreements are reached with friendly nations such as India and Israel. The bottom line is, we will be looking to pass all tariff exposures onward.

當我們展望未來的貿易之路時，我們將關稅分為兩個不同的類別：中國和其他國家。眾所周知，中國有自己的關切。所以我們就這樣吧。至於其餘方面，我們認為隨著與印度和以色列等友好國家達成協議，第二季情況將會明朗。底線是，我們將尋求轉嫁所有關稅風險。

As of today, we have started to see push out request from some customers related to products coming into the US from China, specifically until there is further clarity. We believe our second quarter will likely be the most impacted as customers remain in a holding pattern, while the administration works out the individual trade deals.

截至今天，我們已經開始看到一些客戶提出推遲從中國進入美國的產品的請求，直到有進一步的明確消息為止。我們認為，第二季可能受到的影響最大，因為在政府制定單獨的貿易協議期間，客戶仍處於等待狀態。

In yesterday afternoon's earnings release, we noted a revenue guide for Q2 of a range from $145 million to $155 million. Given the information we have as of today, this is our best estimate of where the quarter will land based on underlying demand and taking into account some potential downside related to tariffs.

在昨天下午的財報中，我們注意到第二季的營收預期在 1.45 億至 1.55 億美元之間。根據我們今天掌握的信息，這是我們根據潛在需求並考慮到與關稅相關的一些潛在下行因素對本季度表現的最佳估計。

Please keep in mind, this is a highly dynamic and changing environment that we are working closely with our customers to navigate. Today, we are better prepared to deal with these uncertain times as we have built a more nimble and resilient organization in recent years, including us starting to move some products from China into our India operations mid to late last year and expect to do more so as time goes on.

請記住，這是一個高度動態和變化的環境，我們正在與客戶密切合作以應對這一變化。今天，我們已經做好了更充分的準備來應對這些不確定的時期，因為我們近年來建立了一個更加靈活和有彈性的組織，包括我們在去年年中下旬開始將一些產品從中國轉移到我們的印度業務，並且隨著時間的推移，我們期望做更多這樣的事情。

While tariffs do create uncertainty, they also do create an opportunity for us and we will be looking for it on the sales and procurement side. On the sales front, we aim to develop and grow our Tier 2 customer base as a means of mitigating fluctuations that can happen with our Tier 1 customer volumes. New tools will enable our sales teams to engage in digital data mining and opportunity pipeline tracking.

雖然關稅確實帶來了不確定性，但也為我們創造了機會，我們將在銷售和採購方面尋找機會。在銷售方面，我們的目標是開發和擴大我們的二級客戶群，以減輕一級客戶數量可能發生的波動。新工具將使我們的銷售團隊能夠參與數位資料探勘和機會管道追蹤。

These items, coupled with enhancements our commission structure aim to drive growth within new customers. On the procurement side, a series of initiatives are currently underway. Rising geopolitical tensions are driving tariff increases and trade restriction, reinforcing the need for supplier diversification and regional sourcing strategies.

這些項目加上我們佣金結構的增強旨在推動新客戶的成長。在採購方面，目前正在進行一系列措施。地緣政治緊張局勢加劇導致關稅上調和貿易限制，強化了供應商多元化和區域採購策略的必要性。

Further, inflationary pressures are resulting in higher wages in the countries in which Bel operates, emphasizing the need for further automation. As we did on the SKU level profitability side a few years back and more recently, our procurement spend will be managed through data analytics and KPI tracking.

此外，通膨壓力導致 Bel 開展業務的國家的薪資上漲，凸顯了進一步自動化的必要性。正如我們幾年前和最近在 SKU 層級盈利能力方面所做的那樣，我們的採購支出將透過數據分析和 KPI 追蹤來管理。

Cost savings are expected to be realized over the next 12 to 18 months, driven by price negotiation, spend consolidation, identifying alternate suppliers, automation and other cost optimization opportunities. These are all things we are excited about.

預計在未來 12 至 18 個月內將實現成本節約，這得益於價格談判、支出合併、尋找替代供應商、自動化和其他成本優化機會。這些都是令我們興奮的事。

From a liquidity perspective, this has become more of a focus for us given the Murky near-term outlook. As a reminder, our credit facility is set to expire in September 2026 and our plan was to refinance the facility during the summer of 2025 to ensure a new arrangement was in place prior to the current facility going into a current liability classification.

從流動性的角度來看，鑑於近期前景不明朗，這已成為我們關注的重點。提醒一下，我們的信貸額度將於 2026 年 9 月到期，我們的計劃是在 2025 年夏季對該信貸額度進行再融資，以確保在當前信貸額度進入流動負債分類之前製定新的安排。

Given the current macro environment and uncertainty of how the market will look this summer, we decided it's best to be more proactive in this regard versus waiting until the summertime. We are currently and we have launched the process of working with our bank group to amend our existing credit facility to increase our capacity under the agreement and to extend the maturity date.

鑑於當前的宏觀環境以及今年夏天市場前景的不確定性，我們決定最好在這方面採取更積極主動的行動，而不是等到夏天。我們目前正在與銀行集團合作，修改我們現有的信貸安排，以增加我們在協議下的承保能力並延長到期日。

We anticipate this will be finalized in the next week or four. We're focused on debt paydown as well. While we did not pay as much as we had hoped in Q1, only about $7 million, this is understandable and expected as Q1 is a very heavy cash outflow quarter for Bel Fuse due to our various annual payment such as IT licenses, insurance dividend and annual bonuses.

我們預計這將在下週或四周內完成。我們也關注債務償還。雖然我們在第一季支付的金額沒有達到我們的預期，只有大約 700 萬美元，但這是可以理解和預料的，因為第一季對 Bel Fuse 來說是一個非常大的現金流出季度，因為我們要支付各種年度款項，例如 IT 許可證、保險紅利和年度獎金。

To put that in perspective, in April alone, by this coming Monday, Tuesday, we would have paid $10 million down further against our debt and expect to pay down an incremental $10 million to $15 million by end of this quarter, so May and June.

從這個角度來看，光是 4 月份，到下週一、週二，我們將進一步償還 1,000 萬美元的債務，並預計到本季末（即 5 月和 6 月）將再償還 1,000 萬至 1,500 萬美元。

In summary, while we are encouraged by our business demand and internal initiatives on the sales and procurement front, the current tariff landscape cannot be ignored. Bel will almost certainly be impacted by it in some way. However, we believe our exposure is contained to a relatively small percentage of our business, especially given the industries in which we operate.

總而言之，雖然我們對業務需求和銷售及採購的內部舉措感到鼓舞，但當前的關稅情況不容忽視。貝爾幾乎肯定會受到某種影響。然而，我們認為，我們的風險敞口只占我們業務的一小部分，尤其是考慮到我們所經營的行業。

While the current levels of China tariffs are unprecedented, tariffs in general are not new to Bel and we have successfully navigated them in the past. Importantly, our business today is more diversified and less dependent on China than it has ever been.

雖然目前中國關稅水準是前所未有的，但總體而言，關稅對 Bel 來說並不新鮮，我們過去也曾成功應對過這些關稅。重要的是，我們今天的業務比以往任何時候都更加多樣化，對中國的依賴也更少。

We'll continue to take actions within our control to mitigate those factors outside of us. With that, I'll turn the call over to Dan.

我們將繼續採取我們所能採取的行動來減輕我們外在的因素。說完這些，我就把電話轉給丹。

All right. Thank you, Farouq. Before opening the call for questions, as this is my last earning call as a CEO, I wanted to take this opportunity to thank all our associates around the world for the tremendous level of hard work and dedication to Bel over these many years.

好的。謝謝你，法魯克。在開始提問之前，由於這是我作為執行長的最後一次財報電話會議，我想藉此機會感謝我們在世界各地的所有同事多年來為 Bel 所做的巨大努力和奉獻。

If you think back at the business my father founded over 75 years ago, he would be amazed at what we have achieved together as a team. It's been a true honor to lead such a talented group of individuals during my tenure as CEO.

如果你回想一下我父親 75 年前創立的企業，他會對我們作為一個團隊共同取得的成就感到驚訝。在我擔任執行長期間，能夠領導這樣一群才華洋溢的人，我感到非常榮幸。

And to the Bel shareholders, thank you for your support and belief in Bel as we grow and continue to evolve and I'm grateful that you have chosen to be part of Bel during this journey. As a large shareholder myself, I'm confident that Farouq and the executive team will do an excellent job.

對於 Bel 的股東們，感謝你們在我們成長和不斷發展的過程中給予 Bel 的支持和信任，我很感激你們選擇成為 Bel 的一部分。身為大股東，我相信 Farouq 和他的執行團隊會出色地完成工作。

With that, I'd like to turn the call back to Darryl to open up the call for questions.

說到這裡，我想把電話轉回給 Darryl，讓他開始提問。

Thank you. (Operator Instructions) Bobby Brooks, Northland Capital Markets.

謝謝。（操作員指示）Bobby Brooks，Northland Capital Markets。

I just want to say, first, great color on the tariff impact, that's really appreciated. It seems like you guys have really good insulation from it. But I was just hoping maybe could you just discuss it a little bit by product segment between kind of contrasting how maybe Magnetics power and Connectivity are separately impacted. Maybe it is all the same between all three, but I feel like there's probably a little bit divergence between the three.

我只想說，首先，關於關稅影響的闡述非常精彩，我真的很感激。看起來你們的隔熱效果確實很好。但我只是希望您能按產品領域稍微討論一下，對比一下磁力和連接性分別受到的影響。也許這三者都是一樣的，但我覺得三者之間可能有些差異。

Sure. Hi, Bobby, this is Lynn. So by product segment, I guess let's first start with Connectivity. The vast majority of Connectivity is not impacted by the US tariffs.

當然。嗨，Bobby，我是 Lynn。因此，按照產品領域，我想我們先從連接性開始。絕大多數連線不受美國關稅的影響。

They do the majority of their manufacturing in the US and in the UK for local consumption in each of those regions. So there's a very small amount of impact there. So largely unimpacted, let's say.

他們的大部分生產都在美國和英國進行，以滿足當地消費者的需求。因此，其影響非常小。因此可以說基本上不受影響。

On the power side, we estimate that about 60% or thereabouts of power is not impacted by the U.S. tariffs. The balance of power, as you know, there's manufacturing in China, Slovakia, Israel. So a portion of those goods that are manufactured there do come into the US and are currently subject to tariffs.

在電力方面，我們估計大約60%左右的電力不受美國關稅的影響。如你所知，力量平衡在於中國、斯洛伐克、以色列都有製造業。因此，在那裡生產的部分商品確實進入了美國，目前需要支付關稅。

On the Magnetic side, again, it's a similar percentage. About 60% there is not subject to US tariffs. There is a portion that is manufactured in the DR, which, as Farouq mentioned is currently subject even though it is under CAFTA, it still appears to be subject to those 10% tariffs that are in place today. So that's how it breaks down by product group.

在磁性方面，同樣是類似的百分比。其中約60%不受美國關稅約束。其中一部分是在多明尼加共和國製造的，正如法魯克所提到的，儘管多明尼加共和國屬於中美洲自由貿易協定成員國，但似乎仍需繳納目前實施的 10% 關稅。這就是按產品組細分的情況。

Got it. That's super helpful color. And then second, Connectivity the past several quarters has kind of been the bright spot for you guys in terms of like year-over-year growth. So I was a little surprised to see it down 6.5% this quarter. You did mention that commercial air was down 12% year-over-year.

知道了。這是非常有用的顏色。其次，過去幾個季度，連結性一直是你們年成長的亮點。因此，當我看到本季下降 6.5% 時我感到有點驚訝。您確實提到過，商業航空運輸量年減了 12%。

Was that really the primary driver of this decline? Just was hoping to get more color on that decrease and maybe how you think that dynamic evolves going forward?

這真的是導致這種下降的主要原因嗎？只是希望對這種減少有更深入的了解，也許您認為這種動態將如何發展？

Yeah. So on the Connectivity side, the year-over-year decline was largely driven by the reduction in commercial air. And a lot of that just has to do with timing where their production levels are still down a bit. So that was the main driver. There was also some softness in the industrial area.

是的。因此，在連通性方面，年減主要是由於商業航空的減少。這在很大程度上與時間有關，因為當時他們的生產水平仍然略有下降。這就是主要驅動因素。工業領域也出現一些疲軟跡象。

But the balance of the segment was still strong and defense was up year-over-year. So I would say largely commercial air was the driver there.

但該部門的平衡仍然強勁，防禦能力較去年同期成長。所以我想說，商業航空是推動這項進程的主要因素。

And I think, Bobby, based on all the public comments that's out there, right, is there's that hope and expectation of continuing to ramp up the outputs as we go through the year and we see some of the requests coming into the FAA.

鮑比，我認為，根據目前所有的公眾評論，隨著我們度過這一年，我們看到一些請求進入聯邦航空局，因此，我們希望並期待繼續提高產出。

The other thing keeping in mind that things kind of went on pause back in the fall time frame, with all the union negotiation. So all that's going to bring work on the system. I think when we look at the outlook and the backlog, we definitely expect this to recover, but just happen to play out here this way.

另一件要記住的事情是，自秋季以來，隨著工會的全面談判，一切都暫停了。所以所有這些都會為系統帶來工作。我認為，當我們審視前景和積壓訂單時，我們肯定預計情況會好轉，但恰好以這種方式發生。

Fair enough. That makes a lot of sense. And then maybe last one for me. Obviously, you guys gave some pretty good nominal color on the AI benefits. It was like $4.6 million in the quarter, right, and that was up double digits year-over-year.

很公平。這很有道理。這對我來說也許是最後一個了。顯然，你們對人工智慧的優勢給了相當好的名義色彩。本季的營收大約是 460 萬美元，年增了兩位數。

Could you maybe just rehash for us, I think it would be helpful for everybody on the call to get reminded of, it's my understanding it's really the Power segment that is seeing that AI benefit. And could you just discuss like who these -- I know sometimes you don't have visibility because it's going through distribution, but any visibility you can have on like the type of AI customers and ultimately, what those products are being used for in the AI space, that would be helpful.

您能否為我們重新闡述一下，我認為這對電話會議上的每個人都有幫助，我的理解是，電力部門確實看到了人工智慧的好處。您能否討論一下這些人是誰——我知道有時您無法看到它們，因為它們正在透過分銷，但如果您能了解 AI 客戶的類型，以及這些產品最終在 AI 領域的用途，那將會很有幫助。

Yes. So Bobby, appreciate the question. And as you called it out, right, when we call out AI, we think of that as the floor because above that, some of our other products will make their way into AI-type applications through various channels, including some of our networking customers. So when we talk about AI, this is kind of undoubtable floor base case, if you will. And that revenue is largely going to GPU manufacturers.

是的。Bobby，我很感謝你提出這個問題。正如您所說，當我們提到人工智慧時，我們認為這是底線，因為在此之上，我們的一些其他產品將透過各種管道進入人工智慧類型的應用程序，包括我們的一些網路客戶。因此，當我們談論人工智慧時，如果你願意的話，這是一種毫無疑問的基本情況。這些收入大部分都流向了 GPU 製造商。

Now I want to be very careful with saying that because we are not aligned to the kind of headline grabbing guys, that are large public companies that we all read about. We are focused generally on more private, heavily funded next-gen type GP manufacturers in the US largely.

現在我要非常謹慎地表達這一點，因為我們並不屬於那些引人注目的公司，也就是我們經常讀到的大型上市公司。我們主要關注美國較為私有、資金雄厚的下一代 GP 製造商。

So -- and that's how really a testament to how Bel does things very well, which is we do a lot of hand -- handholding with our engineers, our customer engineers, we co-develop and we become a true partner to them throughout their journey of growth. So in short, I would think of these as GPU manufacturers.

所以 — — 這確實證明了 Bel 做得非常好，我們與我們的工程師、客戶工程師進行了很多手把手的指導，我們共同開發，並在他們的整個成長過程中成為他們真正的合作夥伴。簡而言之，我認為這些是 GPU 製造商。

Super helpful color. Appreciate the call and congrats on the strong 1Q print. And Dan, cheers to the next step in your career.

超有用的顏色。感謝您的來電，並祝賀第一季業績強勁。丹，為你職業生涯的下一步乾杯。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

Hey, Dan, I'll echo my congratulations as well, wish you the best. Farouq and Lynn, couple of questions. I'm wondering if you could talk about the Enercon business, what you're seeing in that business? Maybe including, yeah, if you can, the change in the business, the growth of the business on a pro forma basis year-over-year since we don't have a lot of experience with it for the March quarter.

嘿，丹，我也向你表示祝賀，祝你一切順利。Farouq 和 Lynn，有幾個問題。我想知道您是否可以談談 Enercon 業務以及您對該業務的看法？是的，如果可以的話，也許包括業務的變化，業務在備考基礎上的同比增長，因為我們對三月季度沒有太多經驗。

Yes. So I'd say, Jim, it's kind of -- it is what it is. It's what we thought it was, which is all good, right?

是的。所以我想說，吉姆，這有點——這就是事實。正如我們所想的那樣，一切都很好，對吧？

Hey, we think it's better than what we thought it was a lot, don't want to sell, don't want to sell, Farouq that one.

嘿，我們覺得它比我們想像的好很多，不想賣，不想賣，法魯克那個。

Yeah. No, it's a great business. It's interesting because Dan and I and [Steve] were just in Israel, the first -- roughly the first week in April. So we're kind of up to date there. But as you remember, Jim, we initially talked about this back in September, then we closed it in November.

是的。不，這是一筆偉大的生意。這很有趣，因為丹、我和史蒂夫剛剛在以色列，大約是四月的第一個星期。所以我們在這方面已經比較了解了。但你記得，吉姆，我們最初在九月談論過這個問題，然後在十一月結束了。

We talked about it in February and here we are again. And I think the theme of all throughout all these conversations is continued robustness and growth, excellent, excellent team, technology, alignment with customers, financial profile is kind of the growth side of things, the margin profile.

我們在二月討論過這個問題，現在我們又再次討論這個問題。我認為所有這些對話的主題是持續的穩健性和成長、優秀、優秀的團隊、技術、與客戶的一致性、財務狀況是事物的成長方面，利潤率狀況。

So to Dan's point, we're very excited about having the team. And also, as we just think about on the Bel side of things, right, today, as Dan said, A&D is roughly 38% of our business in the quarter. So it's our largest market, good tailwinds and obviously, as Enercon is both suppliers into US and Israel and some other places such as the Europeans and India.

所以正如丹所說，我們對擁有這個團隊感到非常興奮。而且，正如我們今天從 Bel 方面考慮的那樣，正如 Dan 所說，A&D 約占我們本季業務的 38%。因此，這是我們最大的市場，順風順水，顯然，Enercon 既是美國、以色列，也是歐洲和印度等其他一些地方的供應商。

So we continue to be very excited about that. We also do see the opportunity to further accelerate that growth in places like Europe and in America. So there's a lot of exciting kind of things for us. So it is at a minimum as advertised, but it's roughly ahead for us, which is great.

因此我們對此繼續感到非常興奮。我們也確實看到了在歐洲和美國等地進一步加速這一成長的機會。所以對我們來說有很多令人興奮的事情。因此，它至少和廣告宣傳的一樣，但對我們來說大致是領先的，這很好。

Dan, do you want to add to that? Or is that about cover?

丹，你想補充一下嗎？或者那是為了掩護？

I think, again, we do -- we were surprised again how much we do like it. We tend to be somewhat hesitant. And I think there's a lot of things going on at this time that they're looking outside the box that we don't want to discuss because it's too initial, but they are looking at a lot of exciting opportunities that personally we didn't have in our own house.

我想，我們確實如此——我們再次驚訝於我們如此喜歡它。我們往往有些猶豫。我認為目前正在發生很多事情，他們正在尋找我們不想討論的框架之外的東西，因為這太過初步，但他們正在尋找許多令人興奮的機會，而這些機會是我們自己家裡所沒有的。

So we think the future is very, very strong for them, and we just see a lot of upside. So I think it's a great deal for the company and our shareholders. And the price we paid was a very -- as you know, a very excellent price compared to what was being sold in the marketplace today.

因此，我們認為他們的未來前景非常光明，而且我們看到了許多好處。所以我認為這對公司和股東來說都是一筆好交易。而且我們支付的價格非常——如你所知，與今天市場上出售的價格相比，是一個非常優惠的價格。

And maybe a little early, and Farouq, you may have alluded to this in the answer you just gave, but are you seeing any revenue synergy opportunities yet? Or is that something you anticipate coming later on?

也許有點早，法魯克，你可能在剛才的回答中提到了這一點，但你是否看到任何收入協同機會？或者這是您預期稍後會發生的事？

Yeah. No, so remember it, putting aside, that is all defense, right, which takes a little bit of a while. So really it starts out with filling up the funnel in, let's call it, new opportunities. So as we think about the funneling process, we definitely see some of the benefits of flagging thing, let's say, between the Enercon folks and the Bel Fuse folks.

是的。不，所以記住，把它放在一邊，那都是防禦，對，這需要一點時間。所以實際上它始於填滿漏斗，我們稱之為新的機會。因此，當我們思考漏斗過程時，我們肯定會看到標記事物的一些好處，比如說，在 Enercon 人員和 Bel Fuse 人員之間。

And we have a program in place to kind of really push this to ensure that our sales teams and our business development market intelligence folks are aligned.

我們已經制定了一項計劃來真正推動這一點，以確保我們的銷售團隊和業務開發市場情報人員保持一致。

So as we see about filling in the funnel, right, beyond what was already in the funnel, right, just the benefit of synergies, we are definitely seeing some of those opportunities. And we have referred some of these opportunities to each other, if you will. So we're definitely excited.

因此，正如我們所看到的，填充漏斗，除了漏斗中已有的內容之外，還有協同效應的好處，我們肯定看到了其中的一些機會。如果你願意的話，我們已經互相提到了其中的一些機會。所以我們確實很興奮。

But in terms of monetization, this is a little bit of a longer design cycle, but step one, fill up the funnel, which we are seeing and doing, which is good to see. And then when we do look at the underlying fundamentals of what's going on in broader defense, things are moving quicker just given the global world that we're living in today.

但就貨幣化而言，這是一個稍微長一點的設計週期，但第一步是填滿漏斗，這是我們正在看到和做的事情，這是很高興看到的。當我們真正審視更廣泛的國防領域正在發生的事情的基本面時，我們會發現，考慮到我們今天所處的全球化世界，事情的發展速度更快。

So we think that potentially be an accelerant than base normal times, right? So I think we are in a good market, in a good time and we have the right team around the table. So I think all that should yield pretty good outcomes for us.

所以我們認為這可能比正常時間更有加速作用，對嗎？所以我認為我們處於一個好的市場、好的時機，我們有合適的團隊。所以我認為所有這些都會為我們帶來相當好的結果。

Got it. Final question for me is just, I think last call, you talked about a couple of facility consolidations and the product transition line of the fuse line in China. Any update and any other plans for consolidation or changes in the footprint, just given what we're seeing out in the market?

知道了。對我來說，最後一個問題是，我想上次您談到了一些設施整合以及中國保險絲生產線的產品轉型線。鑑於我們在市場上看到的情況，有任何更新和其他合併或改變足跡的計劃嗎？

Yeah. It's a good question there, Jim. So correct, we are fully out of the fuse and we have a fully empty facility. I think we're out of there in the first maybe a week or two in January. So that's another one that we say we're fully out.

是的。這是一個好問題，吉姆。非常正確，我們的保險絲已經完全用完了，而且我們的設施也完全空了。我認為我們會在一月份的一至兩週內離開那裡。所以這是我們所說的完全退出的另一個。

Now we're just in the process of winding that out from a entity and a building perspective. So that's good to see and we're seeing the clean-up in that operational structure, which is great to see. In terms of operations, everything is kind of proceeding on, nothing new to announce, maybe just to extend your question there a little bit, and I alluded to it into my comments.

現在我們正處於從實體和建築角度解決這個問題的過程中。很高興看到這一點，我們也看到了營運結構的清理，這真是太好了。在營運方面，一切都在進行中，沒有什麼新消息可以宣布，也許只是稍微延伸一下你的問題，我在我的評論中提到了這一點。

Obviously, there's China and there's everybody else in this day and age that we're living in. And we had started moving some of our products, both on the power and the magnetic side from China into our India facility.

顯然，在我們生活的這個時代，有中國，也有其他國家。我們已經開始將部分產品（包括電源和磁性產品）從中國轉移到印度工廠。

Remember, we acquired a India facility there back in 2021 and that's kind of our foothold there into India. So as we started that roughly, I think, Q3 last year to Q4, we're getting the lines up and going and we did that in advance of, obviously, any of the tariffs or even the new administration coming in.

請記住，我們早在 2021 年就在那裡收購了一家印度工廠，這是我們在印度的立足點。因此，我想，當我們大約在去年第三季到第四季開始時，我們就已經開始安排行程了，而且我們顯然在任何關稅甚至新政府上台之前就完成了這些安排。

So as we look for the rest of the year, we will be looking to shift more, let's call it, at-risk revenue into our India operations. As we said earlier, roughly 10% of our revenue is subject to China and we'll want to move some of that as we can into -- to the extent that we can into other places. So I'd say the team has really done an excellent job on being nimble and forward with along tight partnership with our customers to really try to kind of move these things.

因此，展望今年剩餘時間，我們將尋求將更多（我們稱之為風險收入）轉移到我們的印度業務。正如我們之前所說，我們大約 10% 的收入來自中國，我們希望盡可能將其中的一部分轉移到其他地方。所以我想說，團隊在靈活和前瞻性方面確實做得非常出色，並與我們的客戶建立了緊密的合作夥伴關係，真正努力推動這些事情的發展。

And our teams have been great, both in China and India. So that maybe an extension of your question there, Jim, a little bit, but that's not to be stuck as we build a more connected organization globally. We're putting in the plumbing to more dynamically move things across facilities, which is very good in this day and age.

我們的團隊非常出色，無論是在中國還是印度。因此，吉姆，這也許是您問題的延伸，但這並不是我們要停留在的問題，因為我們在全球範圍內建立了一個聯繫更加緊密的組織。我們正在安裝管道，以便更動態地在設施之間移動物品，這在當今時代非常好。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

As much as Farouq added to insight and execution over the past few years, it sounds like, Dan, you're still adding some value to the -- his curve there with the advice on answering Enercon and good luck in the future. I wanted to ask about the $8 million to $10 million allowance there.

儘管法魯克在過去幾年中增加了洞察力和執行力，但丹，聽起來你仍然在為他的曲線增加一些價值，並提供了回答 Enercon 的建議，祝你未來好運。我想問一下那裡的 800 萬到 1000 萬美元的津貼。

A couple of things. Do you see that as deferred or migrated from Bel? And hypothetically say, if you think -- if tariffs were maybe cut in half, would that break an impasse? Because it seems like the implication of the allowance is that you're holding price discipline and not willing to eat any tariffs.

有幾件事。您認為這是從 Bel 延遲還是遷移而來？假設一下，如果你認為──如果關稅削減一半，就能打破僵局嗎？因為看起來，這項配額的意思是你堅持價格紀律，不願意承擔任何關稅。

Yeah. So that's a good question, Chris, right? So what we're seeing is, I'd say, largely maybe the distributors, but also some OEMs as well. And the -- I'm going to put some broad strokes here because there's always obviously exceptions.

是的。所以這是個好問題，克里斯，對吧？所以我想說，我們看到的可能主要是分銷商，但也有一些原始設備製造商 (OEM)。而且 — — 我要在這裡做些概括，因為顯然總是存在例外。

So if you're going to take product coming in from China and pay, let's use round numbers, 150% tariff and then the tariff gets resolved for, let's say, in a month, then all of a sudden, you have this really expensive product, right, that you have paid for to bring it into the US.

因此，如果你要從中國進口產品並支付（假設為整數）150% 的關稅，然後假設在一個月內關稅得到解決，那麼突然之間，你就會有這種非常昂貴的產品，對吧，你已經支付了將其帶入美國的費用。

And then how do you sell that, right, if now the gates of cheaper products or lower tariffs come in. So as people wrestle with having expensive goods coming in, that's one piece of it. So we're seeing a few folks just say, listen, let's just take a breather hair. I got some componentry in the inventory. Let me chew into that inventory just until we get a little bit of clarity.

那麼，如果現在出現了更便宜的產品或更低的關稅，你該如何銷售它？因此，當人們努力應對昂貴的商品進口時，這只是其中的一部分。所以我們看到一些人只是說，聽著，讓我們喘口氣吧。我的庫存裡有一些零件。讓我仔細研究一下這個清單，直到我們稍微弄清楚為止。

So to your question, well, what happens? Yeah, I think there's a few different outcomes. One, people really go deep into their inventory and becomes over depleted and then all of a sudden, you could potentially start getting this, let's say, makeup ordering or acceleration of ordering, so more of a push out type approach. So that is a possibility. The other possibility is it's also going to depend on, well, what happens with some of this great trade zone that we keep hearing about and what happens to the others, right?

那麼對於你的問題，那麼，會發生什麼事？是的，我認為會有幾種不同的結果。首先，人們真的深入研究他們的庫存並變得過度消耗，然後突然之間，你可能會開始得到這種情況，比如說，化妝品訂購或加速訂購，所以更多的是一種推出式的方法。所以這是有可能的。另一種可能性是，這也將取決於我們一直聽到的這個大型貿易區的部分情況以及其他情況，對嗎？

So to put in perspective, India today is at 27%, I believe, right? So if today it's 150% tariff versus 27%, that's a pretty big difference. But if India goes to zero and China comes down to 40% or 50%, I think you might be back into the same game because there's a lot of efficiencies to be gained in places like China.

所以從這個角度來看，我認為印度目前的比例是 27%，對嗎？因此，如果今天的關稅是 150% 而不是 27%，那麼差異就很大了。但如果印度的碳排放佔比降至零，而中國降至 40% 或 50%，我認為雙方可能會回到同樣的局面，因為在中國等地可以獲得很大的效率。

So it's hard to just look at China because we've got to look at what happens to everybody else. I would say some of the other locations globally got hit a lot harder, including Vietnam and Thailand, which are not necessarily places for us.

因此，我們很難只關注中國，因為我們必須關注其他國家的情況。我想說，全球其他一些地區受到的打擊要嚴重得多，包括越南和泰國，這些地方不一定適合我們。

So could it be this is a push out or a pause? Yes. Could it be you get a -- I don't want to say a flood gate, but a make-up orders, if you will? Sure. Could you also lose some of this revenue?

那麼這可能是一種延遲還是暫停？是的。您是否會收到——我不想說是洪水閘門，而是補發訂單，如果您願意的話？當然。您是否也會損失部分收入？

I'd say maybe, yes, in more of our commodity consumer business, but some of our other business, I'd say it's a little bit more sticky. So the answer is yes, we think there could be deferred, if you will. The question is when and how long.

我想說，也許是的，在我們的更多商品消費業務中是這樣，但在我們的其他一些業務中，我想說它有點棘手。所以答案是肯定的，我們認為如果願意的話可以延後。問題是何時以及持續多久。

And that's why I said earlier, I think Q2, as we think about the rest of the world working out these one-on-one trades with the Trump administration, we think there'll be a lot of clarity in May and June and the dust will settle. And I think it sounds like the public chatter, I think there's mixed messages on what's going on with China, but we are seeing potentially some people trying to get to something.

這就是我之前說的，我認為在第二季度，當我們考慮世界其他國家與川普政府進行一對一交易時，我們認為五月和六月情況會更加明朗，一切將會塵埃落定。我認為這聽起來像是公眾的閒聊，我認為對於中國正在發生的事情存在著混合的訊息，但我們看到有些人可能試圖取得一些成果。

So I think people are just saying, let's just take a breather here unless I absolutely need it, and it could be deferred.

所以我認為人們只是說，讓我們在這裡喘口氣，除非我絕對需要它，而且它可以被推遲。

Great. And just wanted to dive into the networking market a little bit. I think we have a good glimpse of how that is playing through at Magnetics with the comparisons and some normalization there. Could you touch on networking as it pertains to the other two segments, please?

偉大的。只是想稍微深入了解網路市場。我認為，透過比較和一些標準化，我們已經很好地了解了這一點在 Magnetics 中是如何發揮作用的。您能否談談與其他兩個部分相關的網路問題？

Sure. So on the power side, when we look at networking, and we'll carve out AI from that, right, because we talked about AI separately. So AI is strong for Power. On the networking side, though, we have seen some downward pressure in networking from last year versus this year. However, we have started to see an increase in bookings there.

當然。因此，在電源方面，當我們研究網路時，我們會從中分離出人工智慧，對，因為我們單獨討論了人工智慧。因此，AI 對於 Power 來說非常強大。不過，在網路方面，我們發現與去年相比，今年的網路出現了一些下行壓力。然而，我們已經開始看到那裡的預訂量增加。

So it does seem to be coming back later this year. But in Q1, networking was down. So that's an area of rebound that we're still waiting to come back. And then on the Connectivity side, there is a little bit of networking in there, but Connectivity is largely A&D, industrial and with a portion of it going through distribution. So it's not as much networking exposure in Connectivity.

因此它似乎會在今年晚些時候回歸。但在第一季度，網路狀況出現下滑。因此，這是一個我們仍在等待的反彈區域。然後在連接方面，其中有一點網絡，但連接主要是 A&D、工業，其中一部分透過分銷。因此，在連線方面，網路曝光度並不高。

And I think, Chris, it dovetails with our expectation, right? We're seeing kind of the backlog come in. I should say throughout the quarter, in general, we've seen some very nice bookings come through and which kind of reaffirmed kind of what I was saying earlier about our outlook for the year. So -- and then aside from tariff.

克里斯，我認為這與我們的期望相符，對嗎？我們看到了積壓的情況。我應該說，整個季度，總體而言，我們看到了一些非常好的預訂量，這在某種程度上證實了我之前對今年前景的評價。那麼——除了關稅。

Yeah. And last one for me, how are you seeing design-in activity in general? Is there any kind of consternation in the pacing relative to trade? Or is it totally separate? And in an absolute sense, how is design-in activity?

是的。最後一個問題是，您如何看待整體設計活動？與貿易相關的步伐是否存在某種驚愕？還是完全獨立的？從絕對意義上來說，設計活動如何？

I think some things because of COVID, we still have effects of COVID, where basically everybody is focusing on sourcing and so forth. I think it's leveled off now to a certain extent. However, we are pushing it hard. And I think the point of bringing in our new Head of Revenue is really a go-to-market strategy is really focused on what do we have to do to jump start and do a better job than we have done in the past.

我認為有些事情是因為新冠疫情，我們仍然受到疫情的影響，基本上每個人都把注意力集中在採購等方面。我認為現在在某種程度上已經趨於平穩。然而，我們正在努力推動。我認為引入新的收入主管的真正目的是製定市場進入策略，真正關注的是我們必須做些什麼才能快速起步並比過去做得更好。

So as Farouq mentioned, we're taking a whole unique -- different approach for us of how we go to market and the strategy we're using, how to address second-tier and third-tier customers.

正如 Farouq 所提到的，我們採取了一種完全獨特的方法——對於我們如何進入市場、使用什麼策略以及如何滿足二線和三線客戶的需求，我們採取了一種完全不同的方法。

We're very fortunate to have a person that came to us, came to one of the largest distributors in the world. His revenue was about $1.6 billion, and he oversold over 500 people. So we do have high expectation for him to turn around our strategy on how we go to market going forward. So for us, we think there's still many exciting opportunities out there.

我們非常幸運，有這樣一個人來到我們這裡，來到世界上最大的經銷商之一。他的收入約為 16 億美元，銷售量超過 500 人。因此，我們對他寄予厚望，希望他能改變我們未來的市場策略。因此對我們來說，我們認為仍有許多令人興奮的機會。

I think that's the overarching view there, Chris, when we kind of lay it into kind of end markets, obviously, AI bucks that trend, right, kind of what Dan talks about and then defense, right? We're seeing some nice stuff there, obviously. And so I think our overarching theme is, I think we're in a good place. But to Dan's point, we want more and we think we're driving to a lot of them. This will be a big year to put down the plumbing for that.

克里斯，我認為這是總體觀點，當我們將其應用到終端市場時，顯然，人工智慧會逆轉這一趨勢，對吧，就像丹所說的那樣，然後是防禦，對吧？顯然，我們在那裡看到了一些好東西。所以我認為我們的總體主題是，我認為我們處於一個很好的位置。但正如丹所說，我們想要更多，我們認為我們正在努力實現許多目標。今年將是鋪設管道的重要一年。

But in some areas, just given the dynamics of the world we're in, we're seeing some good stuff. It's interesting. Dan's comments remind me is if you remember on our consumer side, we always talk about that Chinese supplier that got banned in Q2 last year.

但在某些領域，考慮到我們所處世界的動態，我們看到了一些好的東西。這很有趣。丹的評論提醒我，如果你還記得，在我們的消費者方面，我們總是談論去年第二季被禁止的中國供應商。

And when we look at our business within consumer aside from that Chinese consumer, it's actually experiencing really nice growth, which is, I think, a testament to the team. Now it's obviously a smaller dollar amounts, but the growth we're seeing there is from a percentage perspective is very good.

當我們審視中國消費者以外的消費者業務時，我們發現它實際上正在經歷非常好的成長，我認為這是對團隊的證明。現在顯然金額較小，但從百分比角度來看，我們看到的成長非常好。

And I think some of the shift in the way we're thinking about things, we're seeing some bright spots. But obviously, I think tariff is going to move things a little bit here. But ultimately, we want more going forward.

我認為，我們思考問題的方式發生了一些轉變，我們看到了一些亮點。但顯然，我認為關稅會對事情產生一些影響。但最終，我們希望能取得更多進展。

Greg Palm, Craig-Hallum.

格雷格·帕爾姆、克雷格·哈勒姆。

And Dan would just like to echo my congratulations as well on a very successful tenure in career at Bel.

丹也想和我一樣，祝賀他在貝爾的職業生涯取得了巨大的成功。

Thank you so much.

太感謝了。

Can we maybe just start on the quarter? It was sort of at the upper end of the guidance. I'm curious, did you see any pull-in of orders ahead of those tariffs?

我們可以從本季開始嗎？這差不多是指導值的上限了。我很好奇，在這些關稅實施之前，您是否看到任何訂單的增加？

Yeah, not so much this go on. We saw the inverse of that. So I would say no. There might be an exception here and there, but it wasn't a theme for us this quarter.

是的，這種情況不會再發生了。我們看到了相反的情況。所以我會說不。可能這裡或那裡會有例外，但這不是我們本季的主題。

Okay. And as you kind of think ahead as a reaction to these tariffs, I mean, how quickly can you move manufacturing around into other regions if this becomes a permanent thing? And I guess the bigger question is, what kind of capacity do you have?

好的。當您考慮對這些關稅的反應時，我的意思是，如果這成為永久性的事情，您能多快將製造業轉移到其他地區？我想更大的問題是，你擁有什麼樣的能力？

Let me just answer. I think the question is to you is where do we move? I think that was the concern, we had four years ago. A lot of our competitors, a lot of our customers moved to Mexico or Vietnam. And I know those at this point have been hit very hard.

讓我簡單回答一下。我想你問的問題是我們要搬到哪裡去？我認為這是我們四年前所擔心的問題。我們的許多競爭對手、許多客戶都轉移到了墨西哥或越南。我知道這些人現在受到了非常嚴重的打擊。

And that's our biggest problem is where do we go and so forth. But we have done a good job of looking -- building a base in India. Four years ago, we had no operation in India. Today, we have three different operations in India. I think we're looking to -- I'm sorry, we're looking for a third.

我們最大的問題是我們要去哪裡等等。但我們在尋找印度基地方面做得很好。四年前，我們在印度還沒有業務。如今，我們在印度有三個不同的業務。我想我們正在尋找——抱歉，我們正在尋找第三個。

So we really are focused to prepare ourselves to be able to move quickly if it needs to be.

因此，我們確實集中精力做好準備，以便在必要時能夠迅速採取行動。

Yeah. And I think, Greg, just keeping in mind that our product is -- we're not making stuff and just selling it, right? It comes with audits. Customers have to take a look at it. They got to make sure the facility does what they need it to do.

是的。我認為，格雷格，只要記住我們的產品是——我們不製造東西然後只銷售它，對嗎？它附帶審計。顧客一定要看一看。他們必須確保該設施能夠滿足他們的需求。

You need customer approvals before you can move facilities in places like defense, that takes very long time in places. So we're not doing kind of the more heavily commodity stuff. So for us, it takes a little bit of while. And as a result of that, we started putting the plumbing in, like I said, into India, right, from back in Q3 last year. The question becomes is, we've always contemplated where do we go in India was a very natural thing.

在國防等地方遷移設施之前，需要獲得客戶的批准，而這在某些地方需要很長時間。所以我們不會做那些更重商品性的事情。所以對我們來說，這需要一點時間。因此，正如我所說，我們從去年第三季開始在印度建立管道。問題是，我們一直在思考去印度哪裡是一件非常自然的事。

I think we have a very friendly relations with India. And I think ultimately, all the body language indicates that we will work something out. But we have contemplated in the past, looking at places like in Thailand and Vietnam. And when we look at the tariffs, those guys got hit with, it's -- I would say, thank God, we didn't spend all that money moving to those places just to -- I mean, I'm getting with some crazy tariff. So I think we'll get some clarity on whose -- what nations we're really friendly with and we think India will be in that.

我認為我們與印度的關係非常友好。我認為最終所有的肢體語言都顯示我們會找到解決方案。但我們過去曾考慮過，考察過泰國和越南等地。當我們看到那些人受到的關稅時，我想說，感謝上帝，我們沒有花那麼多錢搬到那些地方只是為了——我的意思是，我得到了一些瘋狂的關稅。因此我認為我們會弄清楚我們與哪些國家真正友好，我們認為印度也在其中。

And I think that's going to probably be a focus of ours.

我認為這可能會成為我們的關注重點。

And then I guess, lastly, on the AI-related revenue. So that's a pretty big step-up in this quarter relative to the annual in '24. I'm curious, is that a function of current customers ramping up? Is that expansion of new customers? What exactly are you seeing in that particular vertical?

最後我想談談與人工智慧相關的收入。因此，與 24 年全年相比，本季的增幅相當大。我很好奇，這是目前客戶增加的功能嗎？這是擴大新客戶嗎？您在那個特定的垂直領域到底看到了什麼？

I think it's a combination, I mean it's interesting, right? When we go after these kind of customers and to be clear, to a little bit of a different extent. But when we look at space, for example, right? Obviously, it's been around for a little bit longer, but we've seen kind of that 15% year-over-year growth. And when we looked at e-Mobility before e-Mobility cooled down, right, you align yourself with these customers, you get in early, you design with them.

我認為這是一種組合，我的意思是它很有趣，對吧？當我們追逐這類客戶時，要明確的是，程度略有不同。但是，例如，當我們觀察太空時，對嗎？顯然，它存在的時間稍長一些，但我們已經看到了 15% 的同比增長。當我們在電動車冷卻下來之前研究電動車時，你要與這些客戶保持一致，儘早介入，並與他們一起設計。

And then as they start ramping up their sales efforts and getting customers, you will see that pretty big step function. So I would look at the AI jump as people we've had a relationship with for a long time. And as they start proving out their technology and selling their technology on the GPU side, we see big steps. So I think what you're seeing right now is we're going through these big steps. I'd say these customers that we speak to are relatively new-ish type companies.

然後，當他們開始加強銷售並獲得客戶時，您將看到相當大的進步。因此，我認為人工智慧的飛躍與我們長期以來一直保持著良好的關係。當他們開始證明他們的技術並在 GPU 方面銷售他們的技術時，我們看到了巨大的進步。所以我認為您現在看到的是我們正在經歷這些重大進展。我想說，我們交談的這些客戶都是相對較新的公司。

And so they're not kind of, like I said, the main headline guys that you read into the newspapers. So these people are, I'd say, they're all new-ish customers. But for us, new-ish means we've been with them for a while. We've talked to, but now new-ish in a sense we start seeing the revenue side of it.

所以，正如我所說，他們並不是報紙上主要報道的人物。所以我想說，這些人都是新客戶。但對我們來說，「新」意味著我們已經與他們合作了一段時間。我們已經談過了，但是從某種意義上來說，現在我們開始看到它的收入方面。

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究公司。

Congratulations on a good quarter. So, I was wondering if -- looking at your opportunity set in sort of new products, design wins and new customers, does this change in the environment change the way you focus on those issues?

恭喜本季業績良好。所以，我想知道——看看您在新產品、設計勝利和新客戶方面的機會，環境的變化是否會改變您關注這些問題的方式？

It's -- we tend to kind of in a very cleeshay manner think about market unsettleness in terms of opportunity. So obviously, as we think about China tariffs, right? So we're going to feel that a little bit on the 10% side, but we also have other competitors out there. So I'm not certainly sure. I think it changes maybe, let's say, our operations.

我們傾向於以非常清晰的方式從機會的角度來思考市場不穩定。所以很明顯，我們考慮中國關稅，對吧？因此，我們會感覺到 10% 左右的差距，但我們也面臨其他競爭對手。所以我不太確定。我認為它可能會改變我們的營運。

So we've always been focused on operations, where should we be? What should we -- to Dan's point, where do you go? So we're going to get some clarity on that. And we've been already kind of laying on the pipe work into India. So from an operational perspective, sure.

所以我們一直專注於運營，我們應該在哪裡？我們該怎麼做──針對丹的觀點，你要去哪裡？因此，我們要對此進行澄清。我們已經在印度鋪設管道了。所以從營運角度來看，確實如此。

I think from a sales perspective, we do think there's opportunities and in these times, these are the times that we need to be out there supporting our customers and ingratiating ourselves and leading with our minds versus kind of commodities. So does it change a little bit? Sure. But ultimately, we are a long design cycle business. And if you remember, over 90% of our business, our customers themselves are B2B, right?

我認為從銷售角度來看，我們確實認為有機會，在這種時候，我們需要走出去支持我們的客戶，討好我們自己，用我們的想法而不是商品來引領。那麼它有一點改變嗎？當然。但最終，我們是一家設計週期較長的企業。如果你還記得的話，我們 90% 以上的業務、我們的客戶本身都是 B2B，對嗎？

So businesses will invest and where they're part of the technology solution. So I would say, it changes a little bit, creates opportunity, but we're committed on kind of where we go from here. And again, there has been around since 2018, 2019, right, when -- so it's not a -- now nobody, I think, thought it would escalate to this level, but we do think cooler heads at some point will prevail.

因此企業將進行投資，並成為技術解決方案的一部分。所以我想說，它發生了一些變化，創造了機會，但我們致力於從這裡走向何方。再說一次，自 2018 年、2019 年以來，這種情況就已經存在了，所以現在不是——我認為，沒有人認為它會升級到這個程度，但我們確實認為，在某個時候，冷靜的頭腦會佔上風。

And my last question is, given what's going on in the market, what's the level of activity you're seeing in terms of potential acquisitions?

我的最後一個問題是，鑑於目前的市場狀況，您認為潛在收購的活動水平如何？

Yeah. So we're redoing our facility to get more capacity. We're focused on now paying down because we think that's just kind of a good thing to do. And one of the reasons is maybe we'll see how the world goes out here, but may create opportunity on that side of it. I would say, overall, we started seeing a little bit of a healthier M&A market in Q1.

是的。因此，我們正在重建我們的設施以獲得更大的容量。我們現在專注於償還債務，因為我們認為這是一件好事。其中一個原因是，也許我們會看到世界如何發展，但可能在那一邊創造機會。我想說，總體而言，我們在第一季開始看到併購市場稍微健康一些。

But then as the tariff discussions start taking hold, companies that were going to come out or people that were entertaining a sale kind of went to pause a little bit. I think there's just a lot of wait and see similar to our customers we're seeing in the M&A side. So I would say the M&A market is quiet. It's a wait-and-see approach. So Q2, I would say, we expect it to probably largely quiet.

但隨著關稅談判開始深入，原本打算退出的公司或考慮出售的人開始稍微停下來。我認為，與我們在併購方面看到的客戶一樣，有很多人在等待觀望。所以我想說併購市場很平靜。這是一種觀望態度。因此我想說，我們預計第二季可能會基本平靜。

And then we'll see where the rest of the year shakes out, right? But I'd say we were on a good glide path initially from just the overall market activity in Q1 before we kind of hit a little bit of a pause there.

然後我們會看到今年剩餘時間的情況如何，對嗎？但我想說，從第一季的整體市場活動來看，我們最初處於良好的下滑軌道，但後來出現了一點停頓。

Hendi Susanto, Gabelli Funds.

Hendi Susanto，Gabelli Funds 基金。

And then first of all, to Dan, thank you for all these many years and all the best for your next chapter.

首先，我要感謝丹，感謝你這麼多年的支持，祝你在接下來的篇章中一切順利。

I have to call you up every quarter because I miss you so much.

我每個季度都必須給你打電話，因為我太想念你了。

So my first question is now that we have tariffs and tariff challenges, what is the latest status of inventory correction and expectation on market recovery in some areas that you haven't discussed?

所以我的第一個問題是，現在我們面臨關稅和關稅挑戰，您還沒有討論的一些地區庫存調整的最新情況和市場復甦的預期是什麼？

Yeah. So kind of -- so there was a three tariffs. New consumer be a little bit challenged in later on through the year, but tariff kind of changed some of that. But remember, tariffs, while we've said it's around 25% of our business, it's not all the same. So we kind of look at the 10% coming out of China as the really big question mark and what happens there.

是的。所以——有三種關稅。今年晚些時候，新消費者將面臨一些挑戰，但關稅在某種程度上改變了這種狀況。但請記住，雖然我們說過關稅約占我們業務的 25%，但情況並不完全一樣。因此，我們認為來自中國的 10% 是一個很大的問號，而且中國會發生什麼事。

The other 15%, I think, is kind of acceptable and some of that's going to kind of really growing into end markets like defense. So I would say of that 15%, there's good market growth and recovery in some areas. It's the China piece that we're waiting to get some clarity on. So I think overall and this is kind of why we repeated what we talked about in February, where we do expect the recovery. So I think we just need to get a little bit clarity on Q2.

我認為，剩下的 15% 是可以接受的，其中一部分將會真正進入國防等終端市場。所以我想說，在這 15% 中，一些地區的市場成長和復甦表現良好。我們正在等待有關中國問題的進一步澄清。所以我認為總體而言，這也是我們重複二月所談論的內容的原因，我們確實預期會出現復甦。所以我認為我們只需要稍微澄清一下第二季的情況。

But ultimately, we think we'll get through it and have a little more clarity heading in. And that's why we called out in our earnings release last night, Hendi, some of the, let's call it, revenue that maybe got impacted with this pause that we're in right now.

但最終，我們認為我們會渡過難關，並取得更清晰的認識。這就是為什麼我們在昨晚的收益報告中指出，亨迪，部分收入可能會受到我們目前所處的暫停階段的影響。

And then of the 10% of sales that has exposure, any insight into how much of those where Bel Fuse has a single supplier positions, like Bel Fuse is the only supplier? And then any -- is there also any insight where customers may have multiple suppliers, but all of those have the same challenge.

那麼，在 10% 的銷售額中，是否有人了解 Bel Fuse 有多少是單一供應商，例如 Bel Fuse 是唯一的供應商？然後，是否有任何見解表明客戶可能有多個供應商，但所有供應商都面臨相同的挑戰。

In other words, is everyone is on par with one another, and there's no alternative of like shifting to, let's say, like non-China location?

換句話說，是不是每個人都處於同等地位，沒有其他選擇，例如轉移到中國以外的地區？

Yes. I appreciate the question. I'd say it kind of runs the gamut. Some of it is, we're sole source and some of it is multi-source. Some of it is highly engineered custom work that we do and some of it is commodity like some of our consumer stuff.

是的。我很感謝你提出這個問題。我想說它涵蓋了所有範圍。有些是我們唯一來源，有些則是多來源。其中一些是我們進行的高度工程化客製化工作，而另一些則是商品，例如我們的一些消費品。

So I would just say it runs the gamut. So that's why even when we do look within that number, it's not one big brush where we could say, okay, it all goes out of the window or all stays, right? So it will be a few different shades of that. To your point about maybe some of the more kind of commodity stuff, could somebody switch buying from, let's say, China to a place in Vietnam? Sure, but it's not like Vietnam today has zero tariffs, right?

所以我只想說它涵蓋了所有範圍。所以這就是為什麼即使我們確實查看這個數字，我們也不能一概而論地說，好吧，一切都消失了或者都留下了，對嗎？因此它會有幾種不同的色調。關於您所提到的一些大宗商品，有人可以將購買地點從中國轉移到越南嗎？當然，但現在越南並不是零關稅，對吧？

So it is a better tariff level, but China has a lot of efficiencies, right? So mathematically, sure, it's lower tariff. But as we think about the efficiency side of things, China still is very, very good into that world. So will we expect maybe to lose some of that in more commodity stuff? Sure.

所以這是一個更好的關稅水平，但中國還有很多效率，對嗎？所以從數學上來說，這確實是較低的關稅。但當我們從效率方面考慮時，中國在世界範圍內的表現仍然非常非常好。那麼，我們是否會在更多的商品上損失一些呢？當然。

But I think there's a lot of wait and see just in the market right now because, again, our industry, switching is not the easiest of choices to happen overnight. Generally, there needs to be a little bit of a plan for it.

但我認為目前市場上存在著許多觀望情緒，因為對我們這個產業來說，轉換並不是一夜之間就能做出的最容易的選擇。一般來說，需要有一點計劃。

Yeah. And then may I clarify how much exposure Enercon business has to tariff?

是的。那我可以澄清一下 Enercon 業務對關稅的影響有多大嗎？

Yeah. So I would say we do have some of their products that gets shipped in from Israel. So that would get tariff and maybe a couple of other locations as well. But remember, that's all kind of largely defense sole source, right? So that stuff, we are passing it on.

是的。所以我想說我們確實有一些他們的產品是從以色列運來的。因此這將涉及關稅，或許還會涉及其他幾個地點。但請記住，這基本上是防禦的唯一來源，對嗎？所以，我們正在傳遞這些東西。

I would say that's a high, high, high switching cost. Again, nobody likes paying those, but I think those we feel solid about or more comfortable with.

我想說，這是一個非常非常高的轉換成本。再說一次，沒有人喜歡支付這些費用，但我認為這些費用讓我們感到安心或更舒適。

And the majority, Hendi, there is, as you know, there are a couple of manufacturing facilities for Enercon in the US. And part of their production process brings in partially assembled product from the Israel site. So it's largely intercompany. So the tariffs would be at Bel's cost currently. But to Farouq's point, everything goes into defense for the most part.

大多數人都知道，Hendi，Enercon 在美國有幾家製造工廠。其生產流程的一部分是從以色列工廠引進部分組裝的產品。所以這主要是公司間的事。因此，目前的關稅將由 Bel 承擔。但正如法魯克所言，大部分一切都是為了防禦。

Got it. Yeah. And then this is a hypothetical question like, but let's say, if tariff persist based on how you dealt with tariff in the past, do you foresee negotiation on a customer-by-customer basis? And then do you expect like a quick or like prolonged negotiation? Like what are some lessons learned from, let's say, like negotiation on how to split the tariff with your customers in the past?

知道了。是的。這是一個假設性的問題，但是假設，如果關稅根據您過去處理關稅的方式持續存在，您是否預見到會根據每個客戶進行談判？那麼，您期望談判是快速的還是長時間的？比如說，從過去如何與客戶分攤關稅的談判中，您學到了什麼經驗教訓？

Yeah. I think I'll give the commentary there a little bit high level, Hendi. But generally, our nature of our business is customer to customer, right? So we're -- so any time we do a purchase order or order or anything, customer to customer. So therefore, we're not just putting something on the shelf and then people come buy them, right?

是的。我想我會對那裡的評論給出更高層次的看法，亨迪。但總的來說，我們的業務性質是客戶對客戶，對嗎？所以我們——任何時候我們都會向客戶下購買訂單或訂單或任何事情。因此，我們不會只是把產品放在貨架上，然後人們就會來購買，對嗎？

So it's everything we do is really one-to-one. Within those one to one, there's different level of SKUs depending on the customer of what products we're selling, right? So it's -- again, it's hard to paint a broad brush. But generally, our approach is, we are not really in a position to be eating the tariffs. And our industry, broadly speaking and including Bel Fuse did that back in 2018, 2019, and we did operate under those tariffs and the industry has done that.

所以我們所做的一切其實都是一對一的。在一對一銷售中，根據客戶和我們銷售的產品，SKU 的等級也有不同，對嗎？所以 — — 再次強調，很難一概而論。但總的來說，我們的做法是，我們實際上無法承擔關稅。從廣義上講，包括 Bel Fuse 在內的我們的行業早在 2018 年、2019 年就這樣做了，我們確實在這些關稅下運營，整個行業也都這樣做了。

Now it's a different dollar amount to your point. But for us, from a scale perspective, the kind of value engineering that we bring, we're not really in a position to be eating those things. The other thing I would say is roughly 70% of Lynn correct me if I'm wrong, of our imports are coming to US, our customer is the importer of record.

現在，這與你的觀點是不同的美元金額。但對我們來說，從規模的角度來看，我們所帶來的價值工程，我們其實還不足以吃掉這些東西。我想說的另一件事是，如果我錯了，大約 70% 的 Lynn 會糾正我，我們的進口商品都運往美國，我們的客戶是記錄的進口商。

And what that basically means is, we're delivering the product somewhere, let's say, for example, in Hong Kong, and they're bringing it into the US. So they're dealing with the tariffs, right, and so on.

這基本上意味著，我們將產品運送到某個地方，例如香港，然後他們將其帶入美國。所以他們正在處理關稅問題等等。

So -- and I think that's a pretty important thing. I mean, ultimately, the tariffs are getting paid, but we're not the ones that are standing front and center on that. So again, we realigned our shipping, let's say, routes over the last two, three years to include more of this record of import, importer of record off to the customer versus us getting into the shipping business. So a long way of saying is, it's all one-to-one and our operating mantra, barring any exceptions is to pass it on.

所以——我認為這是一件非常重要的事。我的意思是，最終關稅是要支付的，但我們並不是站在最前線和中心的人。因此，我們再次重新調整了我們的航運路線，比如說，在過去的兩三年裡，我們納入了更多的進口記錄，將進口商的記錄轉交給客戶，而不是讓我們進入航運業務。所以，長話短說，一切都是一對一的，我們的經營宗旨，除非有任何例外，就是將其傳遞下去。

Thank you. This now concludes our question-and-answer session. I would now like to turn the floor back over to Dan Bernstein for closing comments.

謝謝。我們的問答環節到此結束。現在我想把發言權交還給丹伯恩斯坦，請他發表最後評論。

Just again, I'd like to thank everybody for following us and I can't tell you how pleased I am to have Farouq aboard and the executive team we put together over the past two years. As I said, I'm extremely successful on the future of the company. And once again, I truly want to thank everybody for your support over these years. You made my job a lot easier. So I would say I'd speak to you in a quarter, but I'm not going to speak to you in a quarter.

我再次感謝大家對我們的關注，我無法形容我對法魯克的加入以及我們在過去兩年中組建的管理團隊的喜悅。正如我所說，我對公司的未來非常有信心。我再次衷心感謝大家這些年來的支持。你讓我的工作變得輕鬆多了。所以我想說我會在一個季度內和你談話，但我不會在一個季度內和你談話。

But I will speak to you at the annual meeting if you ever want to come to the annual meeting. Thank you.

但如果您想參加年會的話，我會在年會上與您交談。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may now disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。現在您可以斷開線路，享受美好的一天。