Bel Fuse Inc (BELFA) 2025 Q4 法說會逐字稿

Good morning and welcome to the Bel Fuse fourth quarter 2025 earnings call. (Operator Instructions). I would now like to turn the call over to Jean Marie Young with Three-Part Advisors. Please go ahead, Jean.

早安，歡迎參加 Bel Fuse 2025 年第四季財報電話會議。（操作說明）現在我想把電話交給三方顧問公司的 Jean Marie Young。請繼續，珍。

Thank you and good morning everyone. Before we begin, I'd like to remind everybody 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 2026.

謝謝大家，大家早安。在會議開始之前，我想提醒大家，在今天的電話會議中，我們將發表一些與我們業務相關的聲明，這些聲明將被視為聯邦證券法下的前瞻性聲明，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 2026 年未來期間的指導。

These statements are based on the company's current expectations and reflects 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.

這些聲明是基於公司目前的預期，僅反映公司截至今日的觀點，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聲明或展望的義務。

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. These material risks are summarized in the press release that we issued after market closed yesterday.

由於許多風險、不確定性及其他因素，未來期間的實際結果可能與這些前瞻性聲明所預測的結果有重大差異。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概述。

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.

有關可能影響我們財務業績並導致實際結果與預期存在重大差異的重大風險和其他重要因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格年度報告、季度報告以及我們已提交或可能不時向美國證券交易委員會提交的其他文件。

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 our website. Joining me today on the call is Farouq Tuweiq, President and CEO, and Lynn Hutkin, CFO. With that, I'd like to turn the call over to Farouq. Farouq

我們也可能在本次電話會議中討論非GAAP業績，我們的GAAP業績與非GAAP業績的調節表已包含在我們的新聞稿中。我們的新聞稿和提交給美國證券交易委員會的文件都可以在我們網站的投資者關係部分找到。今天和我一起參加電話會議的有總裁兼執行長 Farouq Tuweiq 和財務長 Lynn Hutkin。接下來，我想把電話交給法魯克。法魯克

Thank you, Jean, and good morning, everyone. We appreciate you joining our call today. I want to begin by expressing a big thank you to our global team for making customer service and meeting demand their top priorities and for delivering innovative technologies as a key partner to our customers. As a result, 2025 was a milestone year for Bel with record revenue and EBITDA.

謝謝你，珍妮，大家早安。感謝您今天參加我們的電話會議。首先，我要衷心感謝我們的全球團隊，感謝他們將客戶服務和滿足需求放在首位，並作為客戶的重要合作夥伴，提供創新技術。因此，2025 年是 Bel 的里程碑之年，其營收和 EBITDA 均創歷史新高。

We delivered net sales of $675.5 million for the full year, a 26.3% increase over 2024, and achieved a record GAAP and non-GAAP EPS. Fourth quarter sales reached $175.9 million, up 17.4% year over year. Our gross margins expanded to 39.1% for the year, reflecting strong execution and operational discipline.

我們全年淨銷售額達到 6.755 億美元，比 2024 年增長 26.3%，並創下了 GAAP 和非 GAAP 每股收益的紀錄。第四季銷售額達到 1.759 億美元，年增 17.4%。本年度我們的毛利率成長至 39.1%，這反映了我們強大的執行力和營運紀律。

Aerospace and defense, including space, continued to be strong drivers for us in 2025. For the full year, A&D accounted for 38% of our consolidated sales. With 28% from defense and 10% from commercial aerospace. Recovery in the networking in market and growth in AI applications also contributed to higher sales in 2025.

2025年，航空航太和國防（包括太空）仍是我們強勁的成長動力。全年來看，航空航太與國防業務占我們合併銷售額的 38%。其中 28% 來自國防，10% 來自商業航空航太。網路市場的復甦和人工智慧應用的成長也促進了2025年銷售額的成長。

Order volumes remained strong across multiple in-markets throughout the year, resulting in a full year book to bill ratio of 1.1. We have seen continued improvement and strength heading into Q1. This sustained momentum in incoming orders highlights a healthy demand environment across our end markets and positions us well as we move into 2026.

全年多個市場的訂單量保持強勁，全年訂單出貨比達到1.1。進入第一季度，我們看到了持續的改善和強勁勢頭。訂單持續成長的動能凸顯了我們終端市場健康的需求環境，也為我們邁入 2026 年奠定了良好的基礎。

Our team delivered these record results despite headwinds from material pricing, particularly gold, copper, and PCBs and unfavorable FX movements in the Peso, RMB, and Shekel. We're actively monitoring these factors and have and will continue to take pricing actions to mitigate incremental costs, ensuring continued margin strength.

儘管面臨原材料價格上漲（尤其是黃金、銅和印刷電路板價格上漲）以及比索、人民幣和謝克爾匯率不利波動等不利因素，我們的團隊仍然取得了這些創紀錄的業績。我們正在積極監控這些因素，並已採取並將繼續採取定價措施來降低新增成本，以確保利潤率持續強勁成長。

Operationally, we successfully completed the closure of our Pingyao China facility in Q4, transitioning operations to a third-party supplier without interruption to the business. This move is part of our ongoing efforts to optimize our global footprints and drive cost efficiencies. We also made significant progress in strengthening our balance sheet, paying down our debt by $90 million during 2025.

在營運方面，我們已於第四季度成功關閉了位於中國平遙的工廠，並將營運過渡到第三方供應商，業務未受到任何影響。此舉是我們持續優化全球佈局、提高成本效益工作的一部分。我們在加強資產負債表方面也取得了重大進展，在 2025 年償還了 9,000 萬美元的債務。

This has created additional capacity and flexibility for future investments and potential acquisitions as we continue to pursue growth opportunities. Looking ahead to 2026, we anticipate continued growth in aerospace, defense, space, and AI, the same revenue drivers that have benefited Bel over the past few quarters.

這為我們未來的投資和潛在收購創造了額外的能力和靈活性，因為我們將繼續尋求成長機會。展望 2026 年，我們預期航空航太、國防、太空和人工智慧領域將持續成長，這些領域也是過去幾季貝爾公司獲得收入的主要驅動力。

Additionally, we have seen positive shift in sales across the networking, consumer, premise wiring markets, as well as through our distribution channel. The rebound in these areas are expected to continue into 2026. We also foresee increased raw material input costs and a weaker USD which will require us to proactively manage pricing and pass costs along where appropriate.

此外，我們看到網路、消費、樓宇佈線市場以及我們的分銷管道的銷售額都出現了積極的轉變。預計這些領域的復甦勢頭將持續到2026年。我們也預期原料投入成本將增加，美元將走弱，這將需要我們積極主動地管理價格，並在適當的時候將成本轉嫁給客戶。

Our pipeline for M&A activity remains active, and we are excited about several opportunities currently in various stages of evaluation. We anticipate a better backdrop in terms of M&A opportunities as the market noise settles down a bit in 2026.

我們的併購活動仍在進行中，我們對目前處於不同評估階段的幾個機會感到興奮。我們預計，隨著市場噪音在 2026 年有所減少，併購機會方面將出現更好的環境。

As announced a few weeks ago, we're excited to welcome Tom Smelker to our executive team. Tom joins us from Mercury Systems, bringing valuable experience and a fresh perspective on aerospace and defense. His leadership will help us better align our organization with changing customer needs and industry trends.

正如幾週前宣布的那樣，我們很高興地歡迎 Tom Smelker 加入我們的管理團隊。Tom 來自 Mercury Systems 公司，他為我們帶來了寶貴的經驗和對航空航太和國防的全新視角。他的領導能力將幫助我們更好地調整組織架構，以適應不斷變化的客戶需求和行業趨勢。

As we continue to evolve, we are reviewing our segment structures to ensure we're well positioned for future growth. With aerospace and defense now representing a significant portion of our business, we see opportunities to further tailor our leadership and strategy to the unique demands of these markets.

隨著我們不斷發展，我們正在審查我們的業務板塊結構，以確保我們為未來的成長做好充分準備。鑑於航空航太和國防業務目前在我們業務中佔據了相當大的比例，我們看到了進一步調整我們的領導層和策略，以滿足這些市場獨特需求的機會。

Before turning the call over to Lynn, I would like to take a moment to recognize Pete Bittner, President of our connectivity solutions business, who will be retiring in April after 23 years with Bel. Pete has been instrumental in shaping and growing the segment and leaving it in great conditions as he pursues his next chapter, and we thank him for his many meaningful contributions.

在將電話轉給 Lynn 之前，我想花一點時間向我們的連接解決方案業務總裁 Pete Bittner 致敬，他將在 Bel 工作 23 年後於 4 月退休。Pete 為領域的發展和壯大做出了重要貢獻，在他開啟人生新篇章之際，他為這個領域留下了良好的基礎，我們感謝他所做的許多有意義的貢獻。

Wish him great luck and he'll be missed, but we're sure he'll enjoy his time with his wife and family. I'd also like to take a moment to recognize Dan Bernstein, who transitioned out of the CEO role in May 2025. This past year has been one of a significant transition for Bel, and I want to sincerely thank Dan for making it a seamless one.

祝他好運，我們會想念他的，但我們相信他會享受和妻子和家人在一起的時光。我還要藉此機會感謝丹伯恩斯坦，他於 2025 年 5 月卸任執行長一職。過去一年對貝爾來說是意義重大的一年，我衷心感謝丹讓這過程如此順利。

Our business transformation, which began years ago under Dan's leadership, laid a strong foundation for the company's continued success. His vision and commitment to Bel's growth have positioned us well for the future, and we're grateful for the guidance and dedication. On behalf of the entire organization, thank you, Dan, for your outstanding contributions and for setting Bel up for success.

在丹的領導下，我們多年前就開始了業務轉型，為公司的持續成功奠定了堅實的基礎。他對貝爾發展的遠見卓識和堅定承諾，使我們為未來奠定了良好的基礎，我們非常感謝他的指導和奉獻。我謹代表整個組織，感謝丹的傑出貢獻，感謝他為貝爾的成功奠定了基礎。

With that, I'll turn the call over to Lynn to run through the financial highlights from the quarter and provide color on the outlook for Q1 2026. Lynn.

接下來，我會把電話交給 Lynn，讓她介紹本季的財務亮點，並展望 2026 年第一季的前景。林恩。

Thank you. From a financial standpoint, we had another strong quarter and year with continued margin expansion and solid sales growth across all segments. Fourth quarter 2025 sales were $175.9 million, up 17.4% from the same quarter last year. Full year 2025 sales totaled $675.5 million a 26.3% increase over 2024. On an organic basis, sales grew by $41.5 million or 7.8% over 2024.

謝謝。從財務角度來看，我們迎來了一個強勁的季度和年度業績，所有業務板塊的利潤率持續擴張，銷售額也實現了穩健成長。2025 年第四季銷售額為 1.759 億美元，比去年同期成長 17.4%。2025 年全年銷售額總計 6.755 億美元，比 2024 年成長 26.3%。以自然成長計算，2024 年銷售額成長了 4,150 萬美元，增幅為 7.8%。

All three product segments delivered organic growth for the quarter, demonstrating the strength of our diversified portfolio. Profitability improved alongside sales, with gross margin rising to 39.4% in Q4 '25, up from 37.5% in Q4 '24. For the full year 2025, gross margin was 39.1% compared to 37.8% in 2024.

本季度所有三個產品板塊均實現了內生成長，證明了我們多元化產品組合的實力。隨著銷售額的成長，獲利能力也隨之提高，2025 年第四季毛利率升至 39.4%，高於 2024 年第四季的 37.5%。2025 年全年毛利率為 39.1%，而 2024 年為 37.8%。

This margin expansion was driven by improved absorption of fixed costs in our factories due to higher sales volumes and by strong execution within each segment, maintaining discipline around SKU level profitability. These results highlight our ability to drive value through operational efficiency and strategic focus. Now turning to our product groups.

利潤率的提升得益於銷售量增加，工廠固定成本的吸收能力增強，以及各細分市場強有力的執行，從而維持了 SKU 等級的獲利能力。這些結果凸顯了我們透過營運效率和策略重點創造價值的能力。現在讓我們來看看我們的產品組。

Power Solutions and Protection delivered another exceptional quarter with sales reaching $92.5 million in Q4 '25, an increase of 18.5% compared to the fourth quarter of last year. The sales growth in the power solution segment was driven by several key end markets, including a $1.5 million increase in sales of our front-end power products serving the network networking and market in Q4 '25 compared to Q4 last year.

電源解決方案和保護業務又迎來了一個卓越的季度，2025 年第四季銷售額達到 9,250 萬美元，比去年第四季成長了 18.5%。電源解決方案領域的銷售成長主要得益於幾個關鍵終端市場，其中包括 2025 年第四季面向網路互聯市場的前端電源產品銷售額比去年同期成長了 150 萬美元。

Fourth quarter sales into AI specific customers reached $4 million in Q4 '25, up from the $3.3 million in Q4 '24. Fuse product sales were up by $1.4 million in Q4 '25, a 31% increase from Q4 '24. Sales into consumer applications increased by $1.8 million in the current quarter, up 32% from Q4 '24.

2025 年第四季度，面向 AI 特定客戶的銷售額達到 400 萬美元，高於 2024 年第四季的 330 萬美元。2025 年第四季保險絲產品銷售額成長 140 萬美元，比 2024 年第四季成長 31%。本季在消費者應用領域的銷售額成長了 180 萬美元，比 2024 年第四季成長了 32%。

And just to note in our power segment, this is also where we had the acquisition last year, so there was some organic growth on the on the defense side as well. These areas of growth were partially offset by a decrease in sales of our rail products by $4 million and immobility sales were down $1.1 million as compared to Q4 '24. The gross margin for the power segment was 44.5%.

另外要指出的是，在我們的電力業務板塊，這也是我們去年進行收購的領域，因此在國防方面也實現了一定的自然成長。這些成長領域被鐵路產品銷售額減少 400 萬美元以及非行動產品銷售額較 2024 年第四季下降 110 萬美元部分抵銷。電力業務的毛利率為 44.5%。

For the fourth quarter of 2025, representing a 390 basis points improvement from Q4 '24. This improvement was primarily driven by higher power sales into the aerospace and defense and markets, a favorable shift in product mix, and better absorption of fixed costs at our factories. Our connectivity Solutions Group achieved sales growth of 15.1% during the fourth quarter of 2025, as it reached $60.5 million compared to Q4 '24.

2025 年第四季度，比 2024 年第四季改善 390 個基點。這項改善主要得益於航空航太和國防市場電力銷售的成長、產品組合的有利變化以及工廠固定成本的更好地吸收。2025 年第四季度，我們的連結解決方案集團實現了 15.1% 的銷售成長，達到 6,050 萬美元，而 2024 年第四季為 6,050 萬美元。

This improvement was due to the continued strong performance in commercial aerospace applications, where sales totaled $18.2 million, an increase of $3.8 million, or 26% year over year. Sales into space applications amounted to $2.6 million in Q4 '25, up 53% from Q4 '24.

這項改善歸功於商業航空航太應用領域的持續強勁表現，該領域的銷售額總計 1,820 萬美元，比上年同期成長 380 萬美元，增幅達 26%。2025 年第四季度，太空應用領域的銷售額達到 260 萬美元，比 2024 年第四季成長 53%。

Connectivity sales through the distribution channel were up $3.8 million or 20% versus Q4 '24, primarily due to shipments into the defense and market through the distribution channel. Profitability within the connectivity segment continued to improve, with gross margin for the group rising to 37.2% in Q4 '25 from 36.6% in Q4 '24.

透過分銷管道實現的連接產品銷售額比 2024 年第四季度增長了 380 萬美元，增幅達 20%，這主要是由於透過分銷管道向國防和市場發貨所致。連結業務領域的獲利能力持續改善，集團毛利率從 2024 年第四季的 36.6% 上升至 2025 年第四季的 37.2%。

This margin expansion reflects the benefits of operational efficiencies achieved through improved revenue, a more favorable product mix, and facility consolidations completed last year. These positive factors were partially offset by minimum wage increases in Mexico. Lastly, our Magnetic Solutions Group sales delivered a solid quarter with sales reaching $22.9 million in Q4 '25, a 19.1% increase compared to Q4 '24.

利潤率的提升反映了營運效率的提高所帶來的效益，這得益於收入的增加、更有利的產品組合以及去年完成的設施整合。墨西哥最低工資上漲部分抵消了這些積極因素。最後，我們的磁性解決方案集團的銷售額在 2025 年第四季實現了穩健成長，銷售額達到 2,290 萬美元，比 2024 年第四季成長了 19.1%。

This performance was primarily driven by higher shipments to a major networking customer. Gross margin for the group was 27.3% in Q4 '25, down from 29.1% in Q4 '24. This margin differential was due to minimum wage increases in China, an increase in material costs, primarily in gold and PCBs, and unfavorable foreign exchange impacts related to the RMB.

這項業績主要得益於向一家大型網路客戶增加出貨量。2025 年第四季度，該集團的毛利率為 27.3%，低於 2024 年第四季的 29.1%。這一利潤差異是由於中國最低工資上漲、材料成本上漲（主要是黃金和印刷電路板）以及人民幣匯率的不利影響所造成的。

Research and development expenses totaled $8 million in Q4 '25, representing an increase of $1.1 million compared to Q4 '24. This increase was primarily attributable to the inclusion of Entercom's R&D costs, which amounted to an incremental increase of $1 million during Q4 '25.

2025 年第四季研發費用總計 800 萬美元，比 2024 年第四季增加了 110 萬美元。這一成長主要歸因於 Entercom 的研發成本的計入，這導致 2025 年第四季研發成本增加了 100 萬美元。

We anticipate that R&D expenses in future quarters will generally remain consistent with the Q4 '25 level as we continue to invest in new technologies and solutions to support our customers and drive long-term growth.

我們預計，未來幾季的研發支出將與 2025 年第四季的水平基本保持一致，因為我們將繼續投資於新技術和解決方案，以支持我們的客戶並推動長期成長。

Selling general and administrative expenses for the fourth quarter of 2025 were $32.6 million, down $2.2 million from the $34.8 million in Q4 '24, primarily driven by lower acquisition-related legal and professional fees in 2025 compared to 2024.

2025 年第四季銷售一般及行政費用為 3,260 萬美元，比 2024 年第四季的 3,480 萬美元減少了 220 萬美元，主要原因是 2025 年與收購相關的法律和專業費用比 2024 年有所下降。

Turning to our balance sheet and cash flow, we closed the year with $57.8 million in cash, down 10.5 million from last year, primarily driven by our proactive efforts to strengthen our balance sheet, including paying down $90 million in long-term debt, resulting in $197.5 million of total debt outstanding at December 31, 2025.

從資產負債表和現金流量來看，我們年底的現金餘額為 5,780 萬美元，比去年減少了 1,050 萬美元，這主要是由於我們積極採取措施加強資產負債表，包括償還 9,000 萬美元的長期債務，截至 2025 年 12 月 31 日，未償債務總額為 1.975 億美元。

Additionally, we made $3.5 million in dividend payments and we invested $12 million in capital expenditures to support growth and efficiency initiatives. These outflows were partially offset by $7.8 million in proceeds from property sales and $1 million from the sale of Held to mature securities earlier in the year. During the full year 2025, we generated cash flows from operations of $80.6 million.

此外，我們支付了 350 萬美元的股息，並投資了 1,200 萬美元用於資本支出，以支持成長和效率提升計劃。這些資金流出部分被出售房產所得的 780 萬美元和今年稍早出售 Held 到期證券所得的 100 萬美元所抵銷。2025 年全年，我們的經營活動產生的現金流量為 8,060 萬美元。

Taking into account our swap agreements, the weighted average interest rate on our debt balance at December 31, 2025, was 4.4%. Looking ahead to the first quarter of 2026, we continue to see strength across all three segments. Historically, our first quarter tends to be our lowest sales quarter of the year, given the impacts of the Lunar New Year holiday in China.

考慮到我們的互換協議，截至 2025 年 12 月 31 日，我們債務餘額的加權平均利率為 4.4%。展望 2026 年第一季度，我們預計三大業務部門均將持續保持強勁勢頭。從歷史數據來看，由於中國農曆新年假期的影響，我們第一季往往是一年中銷售額最低的季度。

In light of this historical trend and based on the information available as of today, we expect Q1 '26 sales to be in the range of $165 million to $180 million. Gross margin is expected to be in the range of 37% to 39%, given anticipated headwinds related to higher material costs and the unfavorable FX environment we are in.

鑑於這一歷史趨勢，並根據目前可獲得的信息，我們預計 2026 年第一季的銷售額將在 1.65 億美元至 1.8 億美元之間。考慮到材料成本上漲和當前不利的匯率環境等預期不利因素，毛利率預計將在 37% 至 39% 之間。

Overall, our consistent performance, strategic investments, and operational excellence have positioned Dell for continued success. We remain committed to driving shareholder value, innovating for our customers, and capitalizing on growth opportunities across our markets. I'd now like to turn the call back to the operator to open the call for questions.

總體而言，我們持續穩定的業績、策略性投資和卓越的運營，使戴爾能夠繼續取得成功。我們將持續致力於提升股東價值，為客戶創新，並掌握各市場的成長機會。現在我想把電話轉回給接線員，以便接受提問。

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

（操作說明）Bobby Brooks，北地資本市場。

Hey, good morning team. Thank you for taking my call. So wanted to touch on kind of sales initiatives moving forward. So you guys brought in the new head of sales about a year ago, right? And I'd just be curious to hear where. He sees the most interesting opportunities for growth.

嘿，各位早安。謝謝您接聽我的電話。所以我想談談未來銷售方面的舉措。你們大約一年前引進了新的銷售主管，對吧？我只是好奇想知道在哪裡。他看到了最有發展前景的機會。

Obviously, for [roop], when you initially joined the CFO a handful of years ago, you led a massive shift in the margin profile of the company, which a lot of that was sort of low-hanging, a lot of that was sort of like low-hanging fruit that you targeted. So I'm just curious to hear if that's sort of same scenario, if Uma is seeing that sort of same scenario, and again, like what he sees as the largest opportunities to go after.

顯然，對於[roop]來說，幾年前你剛加入公司擔任財務長時，你領導了公司利潤率的巨大轉變，其中很多都是唾手可得的，你瞄準的都是唾手可得的成果。所以我很好奇，這是否是類似的情況，烏瑪是否也看到了類似的情況，以及他認為最大的機會是什麼。

Yeah, thanks Bobby and good to speak with you here. I think that's a pretty nuanced question. I, as a reminder, we are largely in a medium to long-term design cycle businesses, right? So as we think about Influence and we think about A&D, I'd probably suggest the largest part of A&D for 2026 is going to be simply receiving orders from the customers as they get funding and deployment.

是的，謝謝你，鮑比，很高興在這裡和你聊天。我覺得這是一個非常微妙的問題。我再次提醒大家，我們主要從事的是中長期設計週期業務，對吧？所以，當我們思考影響力以及航空航天與國防時，我可能會認為，2026 年航空航天與國防的最大部分將是接收客戶的訂單，因為他們獲得了資金和部署。

So if we were to think about sitting early on in the year here about new wins and when they get funding. Yeah, you're at least one year out, probably one year to two years before you monetize them. In some of our shorter design cycle businesses on the other end, I would say something like fuses, you could probably see a win a couple of quarters out, and that translates into some sales or some of our consumer business.

所以，如果我們今年年初就開始考慮新的勝利以及它們何時獲得資金，那就太好了。是的，至少還要一年，可能要一到兩年才能開始獲利。另一方面，在我們一些設計週期較短的業務中，例如保險絲，你可能在幾個季度後就能看到成效，這會轉化為一些銷售或我們的一些消費者業務。

So we are a long cycle design business. There's no quick wins here. We sell technology. We want to get in with the customer. We want to do the hard stuff and therefore that does take a while. If we look at the past few quarters and some of the benefits of him there, that has been a reflection of the work that the team has done at a global level, within the various businesses, right?

所以，我們是一家週期較長的設計公司。這裡沒有捷徑可走。我們銷售技術。我們想贏得客戶的信任。我們想做難事，所以這確實需要時間。如果我們回顧過去幾個季度以及他所帶來的一些好處，這反映了團隊在全球範圍內、在各個業務領域所做的工作，對吧？

So I would suggest that the wins and the performance that in Q4. It was probably not much due to sales efforts that happened in Q4, right? This is stuff that probably happened early on in 2026. So we are seeing the benefits of the global team folks and doubling down.

所以我建議關注第四季度的勝利和表現。這大概不是第四季銷售努力的直接結果，對吧？這大概是2026年初發生的事。所以我們看到了全球團隊帶來的好處，並且正在加倍投入。

When we look across the business, we have new wins across probably all of our end markets, maybe a little bit less so in places like e-mobility or maybe some of our, I'd say rail is kind of a little bit on a slow year, but I would say more often than not we always have new wins.

從整個業務來看，我們在幾乎所有終端市場都取得了新的成功，可能在電動出行領域或鐵路領域稍遜一籌，鐵路領域今年發展比較緩慢，但總的來說，我們總是能取得新的成功。

And when we think about the funneling process, right, we want to make sure we're going after a robust set of opportunities that are good opportunities and try to convert them to sales and that process we started a while back. Now that's not to suggest that we're, we don't have work to do on the last call we talked about CRM implementation.

當我們考慮銷售漏斗流程時，我們希望確保我們追求的是一系列可靠的、好的機會，並努力將它們轉化為銷售，而這個過程我們已經開始了一段時間了。當然，這並不是說我們沒有工作要做，上次通話我們討論了 CRM 實施的問題。

In Q4 we did, you know three four, a little over three dozen worth of contracts with our reps in the US to really lean into new opportunities. So, we're trying to move the whole system forward, from compensation structures to software and, data, and mindset shift and it's been happening, right? It's evolutionary. So we've seen the wins.

第四季度，我們與美國的代表簽訂了三四十份合同，真正抓住了新的機會。所以，我們正在努力推動整個系統向前發展，從薪酬結構到軟體和數據，以及思維方式的轉變，而且這種情況已經發生了，對吧？這是進化的結果。我們已經看到了勝利。

Where is it going to come from? I mean, we think probably, there's a lot of money going into A&D, data centers, AI, a lot of obviously interest going in there, but quite frankly, our consumer business did very good last year.

它從哪裡來？我的意思是，我們認為，可能會有很多資金投入到航空航天與國防、資料中心、人工智慧領域，顯然人們對這些領域非常感興趣，但坦白說，我們去年的消費者業務表現非常好。

So I think what we like about us is we touched a lot of in markets and we like the way they're looking today heading into 2026 a little bit more maybe than early '25 or '24 so a long answer to yours, but I just want to caution we're not a quick term business and we're trying to sell more design in type work or modified solutions versus just purely off the shelf stuff.

所以我覺得我們喜歡自己的一點是，我們已經涉足了許多市場，而且我們很喜歡這些市場目前的發展前景，並展望2026年，可能比2025年初或2024年初更有發展潛力。所以，對於你的問題，我有很多話要說，但我只想強調，我們不是一家追求短期利益的公司，我們試圖銷售更多字體設計或修改後的解決方案，而不是純粹的現成產品。

Absolutely, really appreciate that detailed color for and then maybe just turn into the one cute guide, very impressive, but just wanted to maybe unpack that a little bit more and maybe hoping to get a little bit more granular on the expectations for growth across the three segments.

當然，我非常欣賞這種細緻的色彩運用，然後也許可以把它變成一個可愛的指南，這非常令人印象深刻，但我只是想再深入探討一下，並希望更細緻地了解這三個部分的增長預期。

Sure, Bobby. So, as we look to the first quarter, and I guess I'll, compare it to this recent Q4 that just ended here, we're seeing a lot of the same areas of strength across all three segments. So not seeing much in the way of significant shifts or changes from Q4 to Q1.

當然可以，鮑比。所以，當我們展望第一季時，我想把它和剛結束的第四季進行比較，我們發現所有三個業務部門都有很多相同的優勢領域。因此，從第四季度到第一季度，並沒有看到太多重大變化或轉變。

I think the only variable in there is the Lunar New Year holiday, which impacts. Primarily magnetics and then to a lesser extent power. So those are the areas where, we may see a little bit of softness from Q4 to Q1, but other than that factor, everything is pretty similar to the Q4 drivers.

我認為其中唯一的變數是農曆新年假期，它會產生影響。主要是磁力，其次是電力。所以，在這些方面，我們可能會看到 Q4 到 Q1 之間略有柔和，但除此之外，其他方面都與 Q4 驅動單元非常相似。

Got it. I appreciate the color there. Congrats on the great quarter. I'll return to the queue.

知道了。我喜歡那裡的顏色。恭喜你們本季業績出色。我將重新排隊。

Thank you.

謝謝。

Christopher Glynn, Oppenheimer & Company.

克里斯托弗·格林，奧本海默公司。

Thank you. Good morning. I just want to build on Bobby's question about developing the commercial funnel. So you mentioned focus on designing a modified by modified versus off shelf is how you're developing the funnel that makes sense. We've heard that we're curious if you're noting any traction in win rates versus historical as you, mature this, these strategies from you.

謝謝。早安.我只是想在 Bobby 關於開發商業管道的問題上再補充一些內容。所以你提到，重點在於設計一種由改良產品而非現成產品組成的改良產品，這才是你建構銷售漏斗的合理方式。我們聽說，隨著您不斷完善這些策略，您是否注意到勝率與歷史數據相比有任何提升？

I think we're doing a better job at defining what a win is and how we want it to be at certain levels of of margin. The other thing I think we are moving more towards as we hit 2026 and we talked about last call is we want to really try to bring the whole Bel portfolio to our customers. I think historically we've been really more focused around selling that specific product.

我認為我們在定義什麼是勝利以及在特定優勢水平下我們希望勝利是什麼樣子方面做得更好了。我認為隨著我們邁向 2026 年，我們也在最後時刻討論過，我們正在努力將 Bel 的整個產品組合帶給我們的客戶。我認為從歷史上看，我們一直更專注於銷售那款特定的產品。

Like a fuse or a connector or a power supply and we do need to do a better job at in doing a little bit more systems type, sales to our customers. Now this is a little bit of a longer journey, but the idea there is we want to get more alignment to the customer solve more of their problems and challenges and really be a little bit more of the solutions, address the difficult things for our customers.

就像保險絲、連接器或電源一樣，我們需要在系統類型方面做得更好，向客戶銷售更多產品。這需要更長的時間，但我們的想法是，我們希望與客戶更加緊密地合作，解決他們更多的問題和挑戰，並真正成為解決方案的一部分，解決客戶遇到的難題。

So it's not just simply about more shots on goal, which we are seeing, we're seeing better shots on goal, and, but we still want to continue to evolve to, higher content, on goal, so. Yes, we're seeing better. Also the market's a little bit better place, right? So which creates more opportunity for us.

所以，這不僅僅是射門次數增多的問題，雖然我們也看到了射門次數的增加，而且射門品質也有所提高，但我們仍然希望繼續進步，提高射門品質和品質。是的，情況好轉了。而且市場狀況也稍微好轉了一些，對吧？這為我們創造了更多機會。

I think the team also if you remember we spoke on the last call where we started creating new internal groups and structures to align to that. So for example, we. Created a key accounts group, right, which we have not had that us some most of the time it was kind of sitting inside the BU now we want to have a more Bel focused, key account groups that bring all of our products to the costs because we do have a lot of skews.

我認為團隊也應該記得，我們​​在上次電話會議上討論過，我們開始創建新的內部團隊和結構來配合這個目標。例如，我們。我們創建了一個重點客戶團隊，對吧？我們以前大部分時間都沒有這樣的團隊，它基本上都隸屬於業務部門。現在我們希望有一個更專注於貝爾的關鍵客戶團隊，將我們所有產品的成本納入考量，因為我們確實存在許多偏差。

Same thing on the business development efforts. We, we're coalescing the teams around in markets as we think about prices and directions. So, I would also argue customer service is extremely important part of this as we create an easier user experience for our customers and we used to have a lot of different email addresses to customers and different forms and everything and the like or different.

業務拓展方面也是如此。我們正在整合市場團隊，思考價格與發展方向。所以，我認為客戶服務也是其中極為重要的部分，因為我們要為客戶創造更便利的使用者體驗。過去，我們有許多不同的客戶電子郵件地址、不同的表格等等。

List to our distribution partners. So I think it calling these things out to not underemphasize that that there's a robustness in what we're doing that needs to be pervasive in our holistic approach to the market. So, the short answer is yes there, Chris, but it's also more than just trying to get more shots on goal.

向我們的分銷合作夥伴發送清單。所以我認為指出這些問題是為了強調我們所做的事情具有穩健性，而這種穩健性需要貫穿我們對市場的整體方法。所以，簡而言之，答案是肯定的，克里斯，但這不僅僅是努力增加射門次數那麼簡單。

Great, thanks. That was great color fruit, and then on the AI customer base you mentioned that is one of the continued drivers of growth, next year, you've often described it as being an early stage, I think, with single source to well-funded more startups versus the headline big three or four.

太好了，謝謝。那真是色彩繽紛的水果，然後你提到人工智慧客戶群是持續成長的驅動力之一，明年，你經常將其描述為早期階段，我認為，資金雄厚的初創公司將以單一來源為主，而不是像三大或四家巨頭那樣佔據主導地位。

You're just curious if any of those customers are potentially, positioning for, adoption curve for their technology where you can coattail, not necessarily, first half of '26, but more conceptually.

你只是好奇這些客戶中是否有人正在為他們的技術的採用曲線進行定位，以便你可以搭上順風車，不一定是在 2026 年上半年，而是在概念上。

Yeah, I think the answer is yes, in short, the body language, from our customers, I'd say across the networking side, but specific to your question around AI, yes, and that is obviously reflected, based on the bookings that came in, towards the end of the year last year, the discussions that are ongoing with our customers and obviously the ultimate outlook that we put out there in the quarter.

是的，我認為答案是肯定的。簡而言之，從我們客戶的肢體語言來看，我認為在整個網路方面都是如此。但具體到你關於人工智慧的問題，是的，這一點顯然體現在去年年底的預訂情況、我們與客戶正在進行的討論，以及我們在本季發布的最終展望中。

So the answer is yes, we're seeing the positive momentum scaling and continuing to move forward. And also let's not forget, there's a networking. Set of customers that bundle our product into their solutions that ultimately make it to folks like hyper scalers right?

所以答案是肯定的，我們看到積極的勢頭正在擴大並繼續向前發展。還有一點不要忘記，人脈關係也很重要。有一群客戶將我們的產品捆綁到他們的解決方案中，最終讓像超大規模資料中心這樣的用戶使用，對吧？

So when we think about networking, it is obviously AI and that is not an insignificant number, for us, which is nice to see the team's efforts pay off there but also networking side is just as important because we do touch AI in in a couple of different ways, right?

所以當我們想到網路時，顯然指的是人工智慧，這對我們來說意義重大，很高興看到團隊的努力得到了回報，但網路方面也同樣重要，因為我們確實以幾種不同的方式接觸到了人工智慧，對吧？

Yes, understood. And then just defense, just wanted to clarify. I get a lot of questions about the mix. I think you're pretty broad based rotor, fixed wing, munitions, comms, radars, maybe even just curious if all those categories, if that is accurate, where the weightings are.

是的，明白了。然後就是辯護部分，我想澄清一下。我常被問到混音方面的問題。我認為你的研究範圍很廣，涵蓋了旋翼機、固定翼飛機、彈藥、通訊、雷達等等，或許我只是好奇，如果這些類別準確的話，它們的權重分別是多少。

Yes, in short.

是的，簡而言之。

Okay, great, understood. I understand defensive.

好的，明白了。我理解防衛心理。

Yeah, I would say we want to be careful with kind of talking about at our size here, right, but all the kind of main, we're on all the major programs and some not major programs, so it's a very diversified portfolio, and we're, to the things that you called out, munitions, things that fly, right, and, we're doing more ground.

是的，我想說，以我們目前的規模，我們應該謹慎地談論這件事，對吧？但是，我們參與了所有主要的項目，以及一些非主要的項目，所以我們的業務組合非常多元化。至於你提到的那些，彈藥、飛行器之類的東西，對吧？而且，我們也在做更多的地面專案。

Obviously space is a little bit tangent to that as well, but, we cover, encryption communication, right? So all the things that you talked about we probably touch it.

顯然，太空也與此略有關係，但是，我們已經討論過加密通信，對吧？所以你剛才提到的所有事情，我們可能都會涉及。

Great. And last one, just the housekeeping any thoughts on, share class consolidation? I think one of your holders had a generated a headline.

偉大的。最後一個問題，就是一些瑣碎的事情，大家對股份類別合併有什麼想法嗎？我認為你們的某個持有者產生了一條標題。

Yeah, I would say, I think from the gist of it, there, our shareholder structure is a little bit more nuanced, from the perspective of the economic differential between the two shares, right, versus just a vote no vote. So that's one. I would say, as an appropriate due course, we'll have a company, response and views on that at the appropriate time.

是的，我認為從本質上講，從兩種股票之間的經濟差異來看，我們的股東結構更加微妙，對吧，而不是僅僅透過投票反對來實現。這是其中之一。我認為，作為適當的時候，我們會就此事發表公司回應和看法。

I don't want to speak on behalf of the board, but at the appropriate time we'll address that. And also we, I think what we're trying to do here, Chris, and we've really been at this for the last, handful of years here, is we want our fiduciary dairies to serve the best interests of all of our shareholders, A's and B's.

我不想代表董事會發言，但我們會擇機處理此事。而且，我認為我們在這裡努力做的事情，克里斯，也是我們過去幾年一直在努力做的事情，就是我們希望我們的信託乳品公司能夠服務於我們所有股東（A類和B類股東）的最大利益。

And as we build a company that's set up for the future with, good performance and investing in our employees and our customers ultimately that's kind of what moves the needle, so I just wanted, we're very aware of the fiduciary duty but I think the board at the appropriate time will have a response that's a little more formal to this.

當我們打造一家面向未來的公司，注重良好的業績，並投資於我們的員工和客戶時，最終這才是推動公司發展的關鍵。所以我想說的是，我們非常清楚受託責任，但我認為董事會會在適當的時候對此做出更正式的回應。

Thank you.

謝謝。

Sure thing.

當然可以。

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究。

Hey, congratulations on the good quarter.

嘿，恭喜你本季業績出色。

Thank you, Theo.

謝謝你，西奧。

Thank you.

謝謝。

Yes, so, are you guys seeing any impact from the spike in prices on memory?

是的，那麼，你們是否觀察到內存價格飆升對其造成任何影響？

I was going to say, our customers, I would say largely are the ones that feel it, we not directly, are impacted by that, obviously we have our other, let's say spike in prices that we're dealing with like cold and cobra we spoke about, but on the memory specifically it's more I'd say our customers are influenced by that.

我本來想說，我們的客戶，我認為主要是感受到這種影響的，我們自己並沒有直接受到影響。當然，我們還有其他方面，例如我們之前提到的冷鍊和眼鏡蛇產品的價格上漲，但就記憶體問題而言，我認為受影響更大的是我們的客戶。

Okay, and on the gold, copper, and print circuit board side, and the weaker dollar, do you have the ability to hedge some of those, or do you pass the pricing on? How do you, adjust for that?

好的，那麼關於黃金、銅和印刷電路板這幾項，以及美元走弱的問題，你們是否有能力對沖其中的一些風險，還是會將價格波動轉嫁給客戶？你如何應對這種情況？

Yeah, that's a good point. Today we hedge our effects, exposure, from a raw material perspective, we, we're in the business of providing solutions to our customers and techno technology, so we want to focus on what we're good at. We're not running a prop desk here trying to hedge everything right?

沒錯，你說得有道理。今天，我們從原材料的角度對沖風險和損失，我們致力於為客戶提供解決方案和技術，因此我們希望專注於我們擅長的領域。我們這裡又不是在經營自營交易台，試圖對所有情況進行對沖，對吧？

So I think our approach has been we want to try to do our best to mitigate and offset price increases, but to the ability and work with our customers to the extent that we can't, we unfortunately have to pass it along and I think that's not unique to us and really kind of in line with the supply chain behavior.

所以我認為我們的做法是，我們希望盡最大努力減輕和抵消價格上漲，但也要盡力與客戶合作，如果我們實在無法做到，我們很遺憾地不得不將成本轉嫁給客戶。我認為這並非我們獨有的做法，而是供應鏈行為的普遍規律。

But ultimately, we want to be great partners to the extent we can offset it, sometimes we'll find alternative sources, we want to be solutions provider really to our partners, but in cases we can't, we need to do the unfortunate decision of passing it along.

但歸根結底，我們希望盡可能成為優秀的合作夥伴，有時我們會尋找替代資源，我們希望真正成為合作夥伴的解決方案提供者，但在某些情況下，我們無法做到這一點，我們不得不做出將問題轉嫁出去的無奈決定。

Okay, and finally on the aerospace side, do you have any exposure to the drone market?

好的，最後問一下航空航太方面，你們是否涉足無人機市場？

I would say we generally do, yes. I think the drone market is going through some interesting things, right, where there's, let's call it more consumer that tends to get retrofitted as we're seeing out in the world and like Ukraine that's not really our market.

是的，我通常都會這麼做。我認為無人機市場正在經歷一些有趣的事情，對吧？我們姑且稱之為消費者市場，就像我們在世界各地看到的那樣，無人機往往會進行改裝，而像烏克蘭這樣的國家，並不是我們真正的市場。

We're more in the military the US primes and, some of the European and Israeli OEMs, the stuff they manufacture. So we're not in the, let's say drones that you and I are maybe buying, we're in the more sophisticated drone game.

我們主要服務美國軍方主要供應商，以及一些歐洲和以色列的原始設備製造商，以及他們生產的產品。所以，我們不是在討論你我可能正在購買的那種無人機，我們是在討論更複雜的無人機領域。

Okay, thanks very much.

好的，非常感謝。

Greg Palm, Craig-Hallum Capital Group.

格雷格·帕爾姆，克雷格-哈勒姆資本集團。

Yeah, thanks, this is, Danny Eggerichs on for Greg today. Thanks for taking the questions. Maybe just hitting again on A&D and maybe unpacking how you saw that develop, in the quarter maybe between Entercom and Corbell and maybe what you saw in some, cross sell business.

是的，謝謝，今天由丹尼·埃格里奇斯代替格雷格為大家帶來報道。謝謝您回答問題。或許可以再談談A&D，分析一下你在本季是如何看待該領域的發展的，例如Entercom和Corbell之間的發展，以及你在一些交叉銷售業務中看到的情況。

And then obviously we know kind of about the increased spend, but as you look into 2026 here what gets you excited about the growth in this business and what kind of visibility do you have here.

當然，我們也大致了解了支出增加的情況，但是展望 2026 年，是什麼讓您對這項業務的成長感到興奮？您對這項業務的成長前景有何看法？

Yeah, so Danny, I'll take the first part of that question. So the growth that we saw, when we talk about defense, it's both in our legacy cinch business and through Intercom. We definitely saw growth in the Entercom business. As we look at the cinch business, I think it's important to also keep in mind what we sell through our distribution channel.

好的，丹尼，我來回答這個問題的第一部分。所以，當我們談到國防時，我們看到的成長既體現在我們傳統的 Cinch 業務中，也體現在 Intercom 業務中。我們確實看到了Entercom業務的成長。當我們審視束緊業務時，我認為同樣重要的是要記住我們透過分銷管道銷售的產品。

So there are direct sales and then there are sales through distribution which we don't really break out into those end markets today. But we did see, as we mentioned in the commentary, we did see a nice increase in distribution, that related to growth, in defense, for that cinch business. So I would say that it was pretty split between the two. So both, cinch and Entercom had robust growth in defense in Q4.

所以有直接銷售，也有透過分銷管道進行的銷售，但我們目前還沒有真正進入這些終端市場。但正如我們在評論中提到的，我們確實看到分銷出現了不錯的成長，這與國防領域的成長有關，對於這個產業來說尤其如此。所以我覺得這兩者勢均力敵。因此，Cinch 和 Entercom 在第四季度的國防業務均實現了強勁成長。

One thing we as we head into 2026, right, we're seeing the build rates on the plain side continue to increase and head in the right direction. Also, a lot of the programs around munitions and given kind of what's going on in the world, these are well funded programs.

展望 2026 年，我們看到平原地區的建設速度持續成長，並朝著正確的方向發展。此外，許多與軍火相關的項目，考慮到當今世界局勢，都是資金充足的項目。

So we think there'll be a prioritization to make sure those get to fruition and the finish line. So as we look at the amalgamation of that, we feel pretty good as to where we stand compared to what's funded out there.

因此我們認為應該優先考慮這些項目，確保它們能夠順利完成。所以，當我們審視這些因素的綜合起來，我們感覺我們目前的處境與市場上其他獲得資助的項目相比相當不錯。

Okay, that's very helpful, thanks, and maybe if I can just touch on gross margin here, which was pretty strong in the quarter, especially in power, I know you mentioned some of those headwinds with FX and input costs, but any way to quantify those and then as we kind of have that, push pull between these input costs and passing on price in any way to think about, potential margin expansion in '26.

好的，這很有幫助，謝謝。我能否在這裡談談毛利率？本季毛利率表現相當強勁，尤其是在電力方面。我知道您提到了一些匯率和投入成本的不利因素，但有沒有辦法量化這些因素？鑑於這些投入成本和價格轉嫁之間的拉鋸戰，我們能否考慮一下 2026 年潛在的利潤率擴張？

Yeah, I think as we look at the fourth quarter, I think we thought that we may have had some additional FX headwinds in Q4, but we have had hedging programs in place as Farouq mentioned. So we're still seeing the benefits of those prior hedging programs come through the current periods. So I, as we look to '26, we do foresee some, margin pressure there on FX.

是的，我認為當我們展望第四季度時，我們原本以為第四季度可能會面臨一些額外的外匯不利因素，但正如法魯克所提到的那樣，我們已經制定了對沖計劃。因此，我們仍然可以看到之前那些對沖計劃帶來的好處在當前時期顯現出來。因此，展望 2026 年，我們預期外匯市場將面臨一定的利潤壓力。

I mean, if you look at the Peso, RMB, and Shekel, they're all moving in an unfavorable direction and we do hedge probably half of that, but that's going to start rolling off. So, we definitely see pressures there and then even on the material side, that's something that it takes time to ultimately come through our numbers, right?

我的意思是，如果你看看比索、人民幣和謝克爾，它們都在朝著不利的方向發展，我們可能對其中一半進行了對沖，但這將會開始好轉。所以，我們確實看到了這方面的壓力，而且即使在物質方面，這也需要時間才能最終體現在我們的數據中，對吧？

As we're buying, raw materials today, that's, something that will flow through our financials, at a later date. So, we do think that we will see margin pressures, in '26 and this is why we're, really being mindful of pricing, actions that we may need to take with customers.

我們今天購買的原料，會在以後反映在我們的財務報表中。所以，我們認為 2026 年利潤率會面臨壓力，這就是為什麼我們非常關注定價，以及我們可能需要對客戶採取的行動。

And one thing that's just kind of flag on the pricing, right? It, it's a little bit of, it's not as simple as we wake up and raise our prices, right? There's a little bit of cadence to that. So that some of the contemplations are do you reprice the backlog? Do you come up with an updated pricing list for distribution which takes I think something like 30 days before it's effective. So there's a little bit of a of a time issue.

還有一點就是價格方面有點問題，對吧？事情有點複雜，不是我們醒來就漲價那麼簡單，對吧？這其中帶有一點節奏感。所以，其中一些需要考慮的問題是：是否應該重新評估積壓訂單？你們會制定一份更新後的分銷價格表嗎？我記得大概需要 30 天左右才能生效。所以時間上有點問題。

The other thing I would say, and we've talked about this in the past, while our margins are great and we'll always continue to try and push margin expansion, we have pivoted from a margin gain to a growth gain. So we need to make sure that we are winning our fair share of business and opportunities out there that we can get in on.

還有一點我想說，我們過去也討論過這個問題，雖然我們的利潤率很高，而且我們也會一直努力擴大利潤率，但我們已經從追求利潤率成長轉向追求成長。所以我們需要確保我們能夠贏得應有的業務份額和機會。

And to enable that there is some potential investment that we've been doing a little bit around the go to markets, the systems piece of it, and the people piece of it. So I just want to make sure, and I know the margins gets a lot of discussions on the Bel earnings.

為了實現這一點，我們已經在市場准入、系統建置和人員配備方面進行了一些潛在的投資。所以我只是想確認一下，我知道貝爾公司的獲利情況經常被討論利潤率問題。

And obviously we, we're very proud of our margins, but we are heading in some headwinds and we got to make sure that we have a, in the middle of this kind of growth that's coming that we're positioned appropriately for not pigging out too much.

顯然，我們對自己的利潤率感到非常自豪，但我們正面臨一些逆風，我們必須確保在即將到來的這種成長過程中，我們能夠做好適當的準備，避免過度擴張。

Yeah, no that all makes good sense. I appreciate the call. I'll leave it there.

是的，沒錯，這些都很有道理。感謝您的來電。我就說到這兒吧。

Luke Junk from Baird.

來自 Baird 的 Luke Junk。

Good morning. Yeah, good morning. Thanks for taking the question. Farouq, just want to double click on what we've been talking about in terms of, what you've been doing to realign the sales force, really thinking more about, how do you attack markets or key customers.

早安.早安.感謝您回答這個問題。Farouq，我想再次強調我們一直在討論的內容，也就是你為了重新調整銷售團隊所做的工作，以及你如何開拓市場或重點客戶。

But something that you said in the script kind of caught my attention in, with Tom coming in into head the connectivity business that there might be it sounds like opportunities even further down in the organization, am I hearing that right in terms of aligning operations maybe even from let's say manufacturing footprint to better attack some of these discrete opportunities.

但你在劇本中提到的一件事引起了我的注意，湯姆接管了連接業務，這聽起來像是組織內部更底層的機會，我理解的對嗎？比如說，調整運營，甚至調整製造佈局，以便更好地抓住這些具體的機會。

Thanks for the question there, Luke. I would say a couple of things just to maybe answer it from the back way of your question here. So on the operational side, we, we've, I can't remember, 78 facilities, we, we've done a lot. So what's going to dictate facility moves is the current state of the business and the customer demand, right? We pride ourselves on working with our customers.

謝謝你的提問，盧克。我想補充幾點，或許可以從另一個角度回答你的問題。所以在營運方面，我們有，我記不清了，78 個設施，我們做了很多工作。所以，決定設施搬遷的因素是企業目前的經營狀況和顧客需求，對吧？我們以與客戶合作為榮。

So, obviously for a while, it was a lot of discussion around China to India, then that froze. If that kind of starts up for some people it is startup, we were going to move to some of our products to India. So I would say given the geopolitical world that we live in and the realignment of localization of supply chains. We are in these, let's say active discussions, right?

所以，很顯然，有一段時間，圍繞中國和印度的討論很多，然後這種討論就停滯了。如果對某些人來說，那種類型的新創公司就是新創公司，我們原本打算把一些產品轉移到印度。所以，鑑於我們所處的地緣政治環境以及供應鏈本地化的調整，我認為…我們現在正在進行這些討論，對吧？

But in terms of build and standalone basis, putting aside geopolitical supply chains, I think our facilities are pretty good, so we have to react to the fundamentals of the market. I think our biggest opportunity here is around the go to market and sales piece of it. I think maybe just to highlight on, moving a facility for us is a big task.

但就建設和獨立基礎而言，撇開地緣政治供應鏈不談，我認為我們的設施相當不錯，所以我們必須對市場的基本面做出反應。我認為我們最大的機會在於市場推廣和銷售環節。我想強調一點，對我們來說，搬遷工廠是一項艱鉅的任務。

And it's not simply as just moving equipment, building some buffer supply and moving equipment from place A to place B. You need to set up a lot of kind of the legal structures and if you're talking about A&D, there's a lot of regulatory hurdles to jump through as we're setting up, for example, our Slovakia factory to be more A&D facing to the European markets.

這不僅僅是搬運設備、建立一些緩衝供應，然後將設備從 A 地搬到 B 地那麼簡單。你需要建立很多法律架構，如果你談論的是航空航太和國防領域，那麼在我們將斯洛伐克工廠轉型為面向歐洲市場的航空航太和國防工廠時，還有很多監管障礙需要克服。

We're living through the complexity and spider web of getting all the clearances and certifications on defense weaponry control. In addition to that, customers usually always have to want to come out to your facility and do audits, and usually there's feedback, and that takes the whole, issue. So, it's not easy. It's we don't take these decisions and moving facilities lightly. So we need our customer or market changing dynamics to force our hand on a facility move.

我們正在經歷國防武器管制方面所有許可和認證的複雜性和錯綜複雜的過程。除此之外，客戶通常總是願意親自到你的工廠進行審核，而且通常會有回饋，這就解決了整個問題。所以，這並不容易。我們不會輕易做出這些決定，也不會輕易搬遷設施。因此，我們需要客戶或市場動態的變化來迫使我們進行設施搬遷。

Go to market our products today that we have that can be bundled together that can be brought to bear as we talked about the key accounts group earlier, that is our biggest opportunity at hand and then operations, there's always things to be done, sure, but I think we've done so many of them that we need to live in growth land and if we're not going to move facility unless it's going to help us grow, right?

今天，我們要把現有的產品推向市場，這些產品可以捆綁在一起，就像我們之前談到的重點客戶群一樣，這是我們目前最大的機會。至於營運方面，當然總是有很多事情要做，但我認為我們已經做了很多，我們需要保持成長勢頭。除非搬遷工廠有助於我們發展，否則我們不會搬遷，對吧？

Yeah, that was super helpful. Thank you. Your term, just curious, from a guidance standpoint, Lunar New Year obviously having a seasonal impact as we've normally see in the business, but it's pretty late this year. I think it's, almost as late as it can be just from a calendar standpoint.

是的，那真的很有幫助。謝謝。我只是好奇，從指導的角度來看，農曆新年顯然會對業務產生季節性影響，正如我們通常在業務中看到的那樣，但今年的農曆新年來得相當晚。從日曆角度來看，我覺得這幾乎已經是最後期限了。

Would you normally have maybe a little better feel for that seasonal impact in a typical year? Is there any conservatism just because of lunar New Year timing and the guidance?

通常情況下，您在正常年份或許能更感受到這種季節性影響？就因為農曆新年的時間和相關指導，就存在保守主義傾向嗎？

I think, as Luke, in public land, right, everybody's always trying to figure out the optimal way to guide the streets. Our perspective from guidance is we want to land in range and we build it around the midpoint, right? So we're not trying to, we don't build it to the high end point of our range and to God we go over range, we build it to the midpoint, right, to allow for some room for shifting from quarter to quarter.

我認為，就像盧克一樣，在公共土地上，每個人都在努力尋找引導街道的最佳方式。從指導的角度來看，我們希望降落在射程範圍內，並且我們圍繞中點來構建它，對嗎？所以我們不會試圖把它構建到我們範圍的高端，也不會超出範圍，我們會把它構建到中點，對吧，這樣可以留出一些空間，以便在每個季度之間進行調整。

Obviously we're an A&D that tends to be kind of sometimes funny business, if we allow for some overorder and fuses, yes, given how late we are in the quarter talking about Q4 right here, we are roughly in the back of February, yes, we have better visibility.

顯然，我們是一家航空航太與國防公司，有時業務運作方式可能有點古怪。如果我們允許一些超額訂單和保險絲，是的，考慮到我們現在談論的是第四季度，時間已經接近尾聲，大約是二月底，是的，我們有了更好的可見性。

But to put your com in question specifically about Chinese New Year, it's two weeks off, right? Everybody can shuts down. It's not just us. It's all the CMs, it's all our customers in the Far East, right? So as a result of that, everybody goes pencils down for two weeks. And when they come back, it doesn't just turn on a dime. Usually there's a week of, let's say, upstart time, getting back into the groove, getting things going.

但具體來說，你問的是關於中國新年假期的問題，假期是兩週，對吧？所有人都可以關機。不只是我們。都是CM，都是我們在遠東地區的客戶，對吧？因此，大家都要停筆兩週。即使他們回來，情況也不會立刻好轉。通常情況下，會有一週左右的恢復期，重新進入狀態，讓一切步入正軌。

So you're probably talking somewhere between two weeks to three weeks loss on a three month period, all right? That's not insignificant. So, I wouldn't say conservatism. I would say we want to do what we say we're going to do and we'll give it our best guess. So we're not trying to be conservative on that.

所以，你大概是在說三個月內損失兩到三週的時間，對吧？這並非微不足道。所以，我不會稱之為保守主義。我想說，我們想說到做到，我們會盡最大努力。所以，我們在這方面並不打算採取保守的做法。

Fair enough. And then just want to zoom out from my, last question. The power side of networking, obviously you've got some exposure there. I mean, the higher levels of power, the power of these more capable chips really becoming quite apparent in that world right now.

很公平。然後，我想從我最後一個問題的角度來看這個問題。顯然，你在人脈網絡的權力上已經有所接觸。我的意思是，更高水平的功率，這些更強大的晶片的功率，現在在這個領域真的變得越來越明顯了。

And I'm just wondering to what extent you're seeing any pull through from a design cycle, point of view for high voltage components from either your tier one customers or your direct customers in that world, and. Especially if there's any IP that might be leverageable either I think rail or mobility both have some high voltage, IP that might be interesting. Thank you.

我想知道，從設計週期的角度來看，您在多大程度上看到了高壓元件的改進，無論是來自您的一級客戶還是該領域的直接客戶。尤其是如果有一些可以利用的智慧財產權的話，我認為鐵路或交通運輸領域都有一些高價值的智慧財產權，可能會很有趣。謝謝。

Yeah, I was going to say, yeah, I think there's a couple of things to unpack there, right? Specifically the AI networking world, it's always going to go to more high power, higher density, less energy, right, more efficiency. So that's a constant theme over ever. Now we are seeing, I would say some new designs coming in relatively maybe in a short period of time.

是的，我正想說，是的，我認為這裡面有幾個問題需要探討，對吧？具體來說，人工智慧網路領域的發展方向始終是更高的功率、更高的密度、更低的能耗、更高的效率。所以這始終是一個不變的主題。現在我們看到，一些新的設計可能會在相對較短的時間內出現。

Maybe back in the day it was a three years to four years design cycle. Things are coming out a little bit, sooner. So we are, for example, selling some products at AI, but we're already working on the next gen stuff, so that has happened a little bit quicker. I will also say generally. Right, we do have exceptions, but we're not really an IT business, right?

或許以前設計週期是三到四年。事情正在慢慢明朗化，而且比之前更早。例如，我們正在人工智慧領域銷售一些產品，但我們已經在研發下一代產品，所以這方面的進展速度更快一些。我還要補充一點，總的來說。沒錯，我們確實也有例外情況，但我們其實不是IT公司，對吧？

We R&D to fix or address a problem and then what we want to do is we want to, and we do a pretty good job at this, inside of each of our business units is how do we leverage what we've developed for somebody to either standardize it or slight modifications and then we extend the reach of that product whether it be through distribution or other similar customers.

我們進行研發是為了解決或解決問題，然後我們想要做的，也是我們在每個業務部門內部都做得相當不錯的事情，就是如何利用我們為他人開發的東西，要么將其標準化，要么稍作修改，然後我們通過分銷或其他類似客戶來擴大該產品的影響範圍。

The other thing we are seeing, which is actually interesting is some of our actual immobility products, given the nature of those products, we are starting to see some military folks looking at, let's say, high-end products and services, but not quite military grades, so kind of what we're I guess we're calling semi-military being used.

我們看到的另一件事，其實很有趣，就是我們的一些實際的行動不便產品，鑑於這些產品的性質，我們開始看到一些軍方人士關注，比如說高端產品和服務，但又不是完全的軍用級別，所以我們稱之為半軍用產品正在被使用。

So we are seeing that extension of the R&D effort that has gone to immobility and to other markets. Now, we haven't won anything yet, but we're feeling good about potential wins coming if that makes sense so that's how we extend our R&D dollars. We're not looking to reinvent the world every time.

因此，我們看到研發工作正從非行動出行領域擴展到其他市場。現在，我們還沒有贏得任何獎項，但如果這樣說你能理解的話，我們對未來可能取得的勝利感到樂觀，這就是我們擴大研發資金投入的方式。我們並非每次都要重新創造世界。

Yeah, okay, cool, appreciate it, Farouq. I'll leave it there for now. Thank you.

好的，謝謝，法魯克。我暫時就說到這裡吧。謝謝。

Jacob Parsons, Needham & Company.

Jacob Parsons，Needham & Company。

Hi, thanks for taking my call here. I'm just asking a question on behalf of James Ricchiuti. So, we've been kind of hearing a better tone in the commercial aerospace market, really, particularly with the leading domestic players in the marketplace. So how are you guys thinking about this area of the business in 2026 and potential for better growth within the connectivity solutions area?

您好，謝謝您接聽我的電話。我只是替 James Ricchiuti 問問題。所以，我們確實聽到商業航空航太市場，特別是國內領導企業的市場氛圍，正在好轉。那麼，你們如何看待2026年該業務領域的發展前景以及連接解決方案領域更大的成長潛力？

So as it relates to commercial air specifically, right? I mean, for better or for worse, we are from an OEM perspective, are attached the hit to, our largest North American customer, and the way that we're going to make more money and to be clear, we service that customer both through our connectivity and our, power R&D business, so the way we're going to grow revenue is a direct correlation to increase build rates, right?

所以，就商業航空而言，對吧？我的意思是，無論好壞，從 OEM 的角度來看，我們都與我們最大的北美客戶息息相關，而我們賺錢的方式，需要明確的是，我們透過我們的連接和電力研發業務為該客戶提供服務，因此，我們增加收入的方式與提高生產力直接相關，對吧？

And we've lived the ugly side of that when there was kind of the all the union negotiation if you recall, I think it was Q4 last year there was a shutdown that kind of threw our business a little bit out of whack or back in the days of the grounding of the Max.

我們也經歷過那段時期醜陋的一面，例如當時的工會談判，如果你還記得的話，我想應該是去年第四季度，工廠停工導致我們的業務有點失衡，或者回到Max停飛的那段時間。

So we are going to, see how that correlates to the build rights. So what we always point folks to is, I think, they're very public about build rates and what's going to get approved and not approved. So take a view on that. And that should have a direct correlation back to us on the connectivity business, so not the power business. There is an MRO element to it, right?

所以我們要看看這與建置權限有何關聯。所以，我們總是向人們指出，他們在建設進度以及哪些項目會獲得批准、哪些項目不會獲得批准方面都非常公開透明。所以，請談談你的看法。而這應該與我們的連接業務直接相關，而不是與電力業務相關。這裡面一定有維護、維修和大修（MRO）的因素，對吧？

So as we think about MRO cycles, I tend to think about our people on the planes flying, being consumed, and miles are being put on these planes. And every so often those planes need to be kind of retrofitted or MRO, right? So we think flights and when we look at the earnings of the some of the flight operators out there, people are flying and planes are moving, so we feel both good on the OEM and MRO side.

所以當我們考慮 MRO 週期時，我往往會想到我們的人員在飛機上飛行，消耗資源，以及這些飛機正在累積的里程。而且這些飛機時不時需要進行一些改裝或維修，對吧？所以我們認為航班，以及我們觀察一些航空公司的收入，人們都在飛行，飛機也在運行，所以我們對原始設備製造商 (OEM) 和維修、修理和大修 (MRO) 兩方面都感到樂觀。

Yeah, that's all super super helpful and if I can just kind of get one more in, so I'm curious, has the book to bill ratio, varied much by market vertical and which areas of the business have you guys seen the biggest changes relative to last quarter?

是的，這些都非常非常有幫助。如果我還能再補充一個問題，我很好奇，訂單出貨比是否因市場垂直領域而異？與上個季度相比，你們認為業務的哪些方面變化最大？

Yeah, so I think on the book to build side, Farouq had mentioned we were at 1.1, for the full year. I think our book to bill has strengthened as the year progressed. In Q4, our book to bill was 1.3, and I would say that strength was seen across all three, product segments. So there's, you know that there's not one segment that is really high while someone else is below one all three are very strong in Q4.

是的，所以我覺得在書籍建構方面，法魯克提到我們全年的目標是 1.1。我認為隨著時間的推移，我們的應收帳款比率有所提高。第四季度，我們的訂單出貨比為 1.3，我認為所有三個產品部門都體現了這種強勁勢頭。所以，你知道，沒有哪個細分市場特別高，而其他細分市場卻低於 1，這三個細分市場在第四季都非常強勁。

Awesome, thank you for taking my questions.

太棒了，謝謝你回答我的問題。

Hendy Susanto from Gabelli Funds.

來自 Gabelli Funds 的亨迪蘇珊托 (Hendy Susanto)。

Good morning, Farouq and Lynn. I have several questions.

法魯克和琳恩，早安。我有幾個問題。

Morning Hendi.

早上好，亨迪。

Farouq, can you help unpack more details on your AI opportunities in terms of end products or end devices to help us build better ideas? Some products that come to mind, are like power modules, network switches, traditional compute, AI servers, and optical networking. Perhaps you can help us, build better ideas of your, end devices.

Farouq，您能否詳細介紹您在人工智慧領域的應用，例如最終產品或終端設備方面，以便我們更好地構思？我能想到的一些產品包括：電源模組、網路交換器、傳統運算設備、人工智慧伺服器和光網路設備。或許您可以幫助我們，提出更好的終端設備方案。

Yeah, I would say Hendi, we want to be a little bit careful here, but our prices are going to are more around the power side of the business, and the Bel power is kind of where it's at. I would say from a direct where we know things are going for AI.

是的，亨迪，我想說，我們想在這裡謹慎一些，但我們的價格將更多地圍繞業務的電力方面，而貝爾電力正是關鍵所在。我想說的是，從我們直接了解人工智慧發展方向的角度來看。

Obviously, our magnetics business is also beneficiary from the networking guys, and they're kind of the RJ45, kind of what we call magnetic solutions which is really more maybe a potentially interconnect product. So that's how we go at it largely.

顯然，我們的磁性元件業務也受益於網路設備供應商，他們提供的 RJ45 接口，也就是我們所說的磁性解決方案，實際上更像是一種潛在的互連產品。所以，我們基本上就是這麼做的。

Our connectivity business doesn't do too much into those in markets given that we're really more low volume, medium volume harsh environment applications and that prices coupled with it being more copper based so that's how we kind of go at the AI piece of it.

我們的連接業務並沒有過多涉足這些市場，因為我們主要面向低容量、中等容量的惡劣環境應用，而且價格也比較高，再加上它更多地基於銅纜，所以這就是我們在人工智慧領域所採取的方式。

And I should say we're generally we do some stuff with the hyper scalers, but that's not really our focus markets if you remember we got in trouble there back in 2020, so we want to make sure we pick spots where technology and service matters versus just a copy product with a race to the bottom on pricing.

我應該說，我們通常會和超大規模資料中心做一些合作，但這不是我們真正的重點市場。如果你還記得的話，我們在 2020 年在這方面遇到了麻煩。所以，我們希望確保我們選擇的領域是技術和服務至關重要的，而不是只是複製產品，陷入價格戰的泥淖。

Yeah, and if I may I quickly check if there are products that may carry some opportunity for physical AI or humanoid robots.

是的，如果可以的話，我想快速了解是否有一些產品可能為實體人工智慧或人形機器人提供一些機會。

I think the humanoid market is still getting settled. Today it's definitely not a big dollar amount. It's very much R&D centric. I think there's a question around from a humanoid's perspective, is that ultimately a consumer product like auto, or is that going to be a technology play? I still think we're far out from mass production, but today it has not been a discussion level for us that's a dominant one.

我認為人形機器人市場仍在發展穩定中。如今這絕對不是一筆巨款。它非常注重研發。我認為從人形機器人的角度來看，有一個問題：它最終會像汽車一樣成為消費性產品，還是會成為技術應用？我仍然認為我們距離大規模生產還很遠，但今天這不是我們討論的重點。

Okay, and then what are your latest view and outlook on pockets of market recovery and inventory rebuild activities among customers?

好的，那麼您對客戶市場復甦和庫存重建活動的最新看法和展望是什麼？

I don't think we, right, I think the inventory rebuild is kind of stacking up the shelf really on the customers. I think given that everybody, I'd say went through a pretty difficult lesson back in '23 and '24 and overlaid with a tear up geopolitical world we're in, I'd say people are generally ordering more to demand versus building up the shelf and, quite frankly, I think that's probably a good thing in the sense where if you want to build the shelf, then you've got to deal with the hangover.

我不認為我們，對吧，我認為庫存重建實際上是在為顧客增加貨架上的商品數量。我認為，鑑於每個人在 2023 年和 2024 年都經歷了一次相當艱難的教訓，再加上我們現在所處的動蕩的地緣政治環境，我認為人們普遍傾向於更多地根據需求下單，而不是囤積庫存。坦白說，我認為這可能是一件好事，因為如果你想囤積庫存，那麼你就必須應對由此帶來的後果。

So today we feel largely, I'm sure there's exceptions obviously we touch a lot of markets, but largely we feel it's a shift to demand versus shift to put on a shelf and build a buffer stock because obviously with tariffs, if things move, the things that you put on the shelf all of a sudden really change pretty quickly. So I think there's a little bit nervousness around that from our customer perspective.

所以今天我們感覺，雖然肯定也有例外（我們涉足很多市場），但總的來說，我們感覺需求正在從囤貨和建立緩衝庫存轉向購買，因為很明顯，關稅一旦生效，商品種類就會迅速發生變化。所以我覺得從客戶的角度來看，大家對此有點擔心。

Yeah, and then, Lynn, I have a question on seasonality of cells in aerospace and defense. Is there an, like if I look at [Encor] cells, I'm trying to figure out what seasonality we need to model, and then plus considering that you are, you may also like winning like more design, so what kind of seasonality can we expect in 2026 in aerospace and defense?

是的，琳恩，我還有一個關於航空航太和國防領域細胞季節性的問題。例如，如果我查看[Encor]單元格，我正在嘗試弄清楚我們需要模擬什麼樣的季節性，而且考慮到您可能也喜歡贏得更多設計，那麼我們可以預期2026年航空航天和國防領域會出現什麼樣的季節性？

I'd say generally aerospace and defense is not a seasonal business where we play, right? North America, Israel, Europe, right? I would say it's really more around, sometimes they move it from court to the other when things get funding, right? That's kind of where the chappies comes from, but it's not really a seasonal to seasonal, play.

我認為，在我們涉足的航空航太和國防領域，一般來說並不是一個受季節影響的行業，對吧？北美、以色列、歐洲，對吧？我覺得這種情況比較常見，有時當專案獲得資金時，他們會把案件從一個法院轉移到另一個法院，對吧？這就是“chappies”的由來，但它不是一個季節性的戲劇。

I would say, if there was a seasonality, I mean not to the Entercom business obviously or connected business, but there is some less working days generally in Q4 just with the holidays and and Thanksgiving, but, and some of the Jewish holidays in October. But other than that, I would not say it's a seasonal business.

我想說，如果存在季節性因素的話，我的意思顯然不是指 Entercom 的業務或相關業務，而是指第四季度的工作日通常會減少一些，因為有假日、感恩節以及十月份的一些猶太節日。但除此之外，我不會說這是季節性產業。

Okay, and then, I have a question on capital allocation and debt payment, especially, following the $90 million of debt payment in 2025. What is your playbook for capital allocation and debt payment?

好的，接下來，我有一個關於資本配置和債務償還的問題，特別是關於2025年償還9000萬美元債務的問題。你們的資本配置和債務償還策略是什麼？

Yeah, go ahead, Lynn.

好的，請便，琳恩。

So I think as we look at, capital allocation. Priority number one is, reinvesting in the business through CapEx. We have regular w dividends that we continue to pay. Barring anything on the M&A front, debt paydown is where it would be and I think from a dollar perspective, the last couple of quarters, it's, they've been robust debt paydowns, to the tune of, call it between $20 million and $30 million a quarter.

所以我認為，當我們審視資本配置時…首要任務是透過資本支出對業務進行再投資。我們有定期派發股息的計劃，並且會繼續派發。如果併購方面沒有其他進展，那麼償還債務將是主要目標。我認為從美元的角度來看，過去幾個季度，債務償還力度很大，每季大約償還 2,000 萬至 3,000 萬美元。

And we would look to continue, doing that going forward. Now keep in mind Q1 tends to be a cash, heavy cash utilization quarter just with our annual bonus payment, insurance payments, things like that. So I expect Q1 would be on the lower side, but as we look to Q2, 34, that would be around the level of debt paydown assuming there isn't anything on the M&A front.

我們將繼續這樣做，並期待未來能繼續這樣做。請記住，第一季通常是現金使用量很大的季度，因為我們要支付年度獎金、保險費等等。所以我預計第一季會比較低，但展望第二季度，34，這應該差不多是償還債務的水平，假設併購方面沒有任何進展。

Got it. Thank you, Farouq. Thank you, Lynn.

知道了。謝謝你，法魯克。謝謝你，琳恩。

Thanks Hendi.

謝謝亨迪。

Thanks Hendi.

謝謝亨迪。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，北地資本市場。

Hey, thanks for taking the follow-up. So just wanted to circle back and ask specifically kind on Entercon and cross-selling opportunities there. Obviously you mentioned this and more specifically with aerospace and defense. These are long cycle programs, right?

嘿，謝謝你跟進。所以我想再補充一下，特別問一下關於 Entercon 以及在那裡的交叉銷售機會。顯然您提到了這一點，更具體地說是航空航天和國防領域。這些都是週期很長的項目，對吧？

So these aren't happening one quarter and seeing the outcome the next. But just curious to hear if maybe that's still on the back burner just because demand was so robust in 2025 and the segment's kind of just had a deal with the demand that they were seeing, so just kind of curious to hear more on that.

所以這些事情不會在一個季度發生，然後在下一個季度就看到結果。但我很好奇，這是否仍然被擱置，僅僅是因為 2025 年的需求非常強勁，而該領域已經與他們所看到的需求達成了某種協議，所以我很想了解更多相關資訊。

Yeah, no back burners here. Yes, we get, we understand we've got to prioritize, but also remember we have to live in new wins land, right, because we can't influence when orders come from our customers, right? When the program gets funding, can they sell it, right? What does the military budgets look like, and then you get an order.

是的，這裡沒有備胎。是的，我們明白，我們必須分清輕重緩急，但也要記住，我們必須著眼於新的勝利，對吧，因為我們無法左右客戶何時下訂單，對吧？當項目獲得資金後，他們可以把它賣出去，對吧？軍費預算是多少？然後你就接到命令了。

The thing that we can influence is going after new programs and aligning ourselves to new wins and new design cycles, right? So as we go after these we are doing a better job at collaborating. I think we're doing a better job at ensuring that both the connectivity and the power side of the house understand what they're going after, weekly calls and, putting in some incentives along the way.

我們能夠影響的是去爭取新的項目，並讓自己與新的成功和新的設計週期保持一致，對吧？因此，在推動這些目標的過程中，我們在協作方面做得越來越好。我認為我們在確保房屋的連接和電力方面都了解他們的目標方面做得更好了，每週的電話會議以及在此過程中提供的一些激勵措施。

We can do a little bit better job, but that process is in place, and what's interesting. Interesting is we're definitely seeing some of this, let's say go to market. So there was a couple of interesting quotes in Israel where I was alluding to earlier from our immobility products that, there was a need locally in Israel that our team flagged, but they didn't need quite the, let's say high levelness of the military stuff.

我們還可以做得更好一些，但流程已經到位，而且這很有趣。有趣的是，我們確實看到其中一些產品正在進入市場。所以，在以色列，我聽到了一些有趣的引述，我之前也提到過我們的行動產品，以色列當地確實存在這種需求，我們的團隊也注意到了這一點，但他們並不需要像軍用產品那樣高水平的產品。

But they needed really complex products which are immobility and Slovakia teams do a great job at. So we're trying to quote those into Israel. So I classify that as kind of a real-time opportunity that we're chasing and we've seen a few of those as well.

但他們需要非常複雜的產品，而這些產品在移動性方面有局限性，斯洛伐克團隊在這方面做得非常出色。所以我們正在嘗試將這些報價轉給以色列。所以我認為這是一種我們正在追逐的即時機遇，而且我們也看到了一些這樣的機會。

Another example of this is there was a cabling need at our, let's say. Entercom business which our connectivity group can assist with so they're working on kind of getting all that qualified and approved normally in this case Entercom would have had to go outside. And deal with others, but we're able to capture more of this spend.

另一個例子是，假設我們公司需要佈線。Entercom 的業務，我們的連線團隊可以提供協助，所以他們正在努力獲得所有必要的資格認證和批准，通常情況下，Entercom 需要向外部尋求協助。我們也要與其他客戶打交道，但我們能夠獲得更多這部分支出。

So the opportunities are real, but in the spirit of greediness, we'd always love to do more. But I think as we're getting more bids out there now at a joint level, we're seeing some nice traction. Hopefully we, continue to do that and kick that into gear a little bit more.

所以機會是真實存在的，但出於貪婪，我們總是想做得更多。但我認為，隨著現在聯合投標越來越多，我們看到了一些不錯的進展。希望我們能繼續這樣做，並進一步加快步伐。

Awesome to hear and again, congrats on the great quarter.

聽到這個消息真是太棒了，再次恭喜你們取得如此出色的季度業績。

Thanks, Bobby.

謝謝你，鮑比。

There are no further questions at this time. I would like to turn the floor back over to Farouq Tuweiq for closing comments.

目前沒有其他問題了。現在我把發言權交還給法魯克·圖維克，請他做總結發言。

Yeah, no, thank you for that and again, could not be more proud of the team for the great year. Again, also thank you for all of you guys joining the call today and taking interest in what we think is a very exciting times for Bel Fuse. So thank you. I look forward to speaking to you in a couple of months from now.

是的，謝謝你。再次感謝，我為團隊在過去一年所取得的輝煌成就感到無比自豪。再次感謝各位今天參加電話會議，並對我們認為對 Bel Fuse 而言非常激動人心的時刻表現出興趣。所以，謝謝你。我期待在幾個月後與您交談。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您可以在此時斷開線路。