Bel Fuse Inc. (BELFB) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Bel Fuse second quarter 2026 earnings call. (Operator Instructions) As a reminder, this call is being recorded.

早安，歡迎參加 Bel Fuse 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次通話將被錄音。

I would now like to turn the call over to Jean Marie Young the Three Part Advisors. Please go ahead.

現在我想把電話交給 Three Part Advisors 的 Jean Marie Young。請開始。

Thank you, Dylan, 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 our company's expected operating and financial performance for future periods, including guidance for future periods in 2026. These statements are based on the company's current expectations and reflect the company's views only as of today, which 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. 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.

謝謝你，Dylan，各位早安。在開始之前，我想提醒各位，在今天的電話會議中，我們將就本公司業務發表若干陳述；依據聯邦證券法，這些陳述將被視為前瞻性陳述，例如關於本公司未來期間（包含 2026 年未來期間之指引）預期的營運與財務表現等陳述。這些陳述係基於公司目前的預期，且僅反映公司截至今日的觀點，不應被視為公司於任何後續日期之觀點的代表。公司不承擔更新任何前瞻性陳述或展望之義務。由於多項風險、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陳述所預測者存在重大差異。這些重大風險已在我們於昨日收盤後發布的新聞稿中加以摘要說明。關於可能影響我們財務表現並導致實際結果與預期出現重大差異之重大風險及其他重要因素的更多資訊，已在我們向美國證券交易委員會（SEC）提交的文件中討論，包括我們最近一期的 Form 10-K 年度報告，以及我們不時向 SEC 提交或可能提交的季度報告與其他文件。

We may also discuss non-GAAP results during this call and reconciliation of our GAAP results to our non-GAAP results have been included in our press release. Our press release and our SEC filings are all available in 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；我們的 GAAP 結果與非 GAAP 結果之調節表已包含於新聞稿中。我們的新聞稿與 SEC 申報文件皆可於本公司網站的投資人關係（IR）專區取得。

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

今天與我一同參與電話會議的有：總裁兼執行長 Farouq Tuweiq，以及財務長 Lynn Hutkin。接下來，我想把電話交給 Farouq。Farouq？

Thank you, Jean, and good morning, everyone. We appreciate you joining our call today. We are excited to have delivered another strong quarter in Q2, led by robustness across the majority of our end markets and in particular, within Data Solutions and defense sectors. Our distribution partners have also seen a significant uptick in demand. This trend started earlier in the year and has become more pronounced in Q2 with channel sales at its highest level since mid-2022.

謝謝你，Jean，各位早安。感謝各位今天加入我們的電話會議。我們很高興在第二季再度交出強勁的一季表現，主要受惠於我們多數終端市場的韌性，尤其是資料解決方案與國防領域。我們的通路合作夥伴也看到需求顯著上升。這一趨勢在今年稍早便已開始，並在第二季更為明顯，通路銷售達到自 2022 年年中以來的最高水準。

Bell completed an equity raise in May, selling approximately 1.7 million shares into the market, generating net proceeds of approximately $440 million. The proceeds were utilized to fully pay off our debt with the balance of the cash earmarked to fund the closure of the Enercon transaction in Q1 2027 and to invest in other initiatives to support Bell's growth.

Bell 於 5 月完成一次股權募資，向市場出售約 170 萬股，產生約 4.40 億美元的淨募資款。該筆資金已用於全數清償我們的債務，其餘現金則預留用於在 2027 年第一季完成 Enercon 交易的交割，並投資於其他支持 Bell 成長的計畫。

As announced last quarter, Bell is now organized under two end market-based segments: Aerospace, Defense and Rugged Solutions, or ADRS and Industrial Technology and Data Solutions or ITDS. Q2 was the first full quarter for us under the new structure, and the team has made nice progress in our segment strategic initiatives.

如上季所宣布，Bell 現已依終端市場劃分為兩個事業部門：航太、國防與強固解決方案（ADRS），以及工業技術與資料解決方案（ITDS）。第二季是我們在新架構下的第一個完整季度，團隊在各事業部門的策略性計畫上已取得良好進展。

During the quarter, we achieved a notable milestone with Bell's facility in Slovakia, gaining the required certification as a defense manufacturer in Europe. We noted on last quarter's call a European defense project win for the Slovakia site, and we're excited to report that Q2 marked an additional eight project wins from the European defense customers for the site. We anticipate these translating to sales beginning in the latter part of 2027, which is the normal monetization cycle of defense wins.

本季期間，我們在 Bell 位於斯洛伐克的廠區達成一項重要里程碑，取得在歐洲作為國防製造商所需的認證。我們在上季電話會議中提到斯洛伐克廠區贏得一項歐洲國防專案；我們也很高興報告，第二季該廠區再新增來自歐洲國防客戶的 8 項專案得標。我們預期這些得標將於 2027 年後半開始轉化為銷售，這符合國防專案得標的一般變現週期。

From a people perspective, much of the year has been focused on building the team structure to support our growth. This initiative is across the board from operations and sales to IT, finance, legal and HR. In this area, we made notable progress in Q2 and anticipate having all of the key roles filled by the end of 2026. We have also been doubling down on building out the A&D sales team in Europe and have filled some key positions there as well. We are very excited about these additions.

就人才面而言，今年大部分時間都聚焦於建立能支援我們成長的團隊架構。此項計畫涵蓋各部門，從營運與銷售到資訊科技、財務、法務與人資。在這方面，我們於第二季取得顯著進展，並預期在 2026 年底前補齊所有關鍵職位。我們也加倍投入於在歐洲擴建航太與國防（A&D）銷售團隊，並已在當地補上若干關鍵職位。我們對這些新加入的成員感到非常振奮。

Shifting to what's ahead. It was another strong quarter of bookings across the business, exceeding our level of sales for the sixth consecutive quarter. Based on the information available today, we are projecting that sales for Q3 to be in the range of $205 million to $225 million with gross margin in the range of 39% to 41%. Anticipated drivers of the sequential growth from Q2 is a continuation of the same trend, defense, Data Solutions and an increase in demand from components through our distribution partners.

接著談談未來展望。本季全公司接單再度強勁，且已連續第六個季度高於我們的銷售水準。基於目前可得資訊，我們預估第三季銷售額將落在 2.05 億至 2.25 億美元之間，毛利率約為 39% 至 41%。預期帶動第二季至第三季的序列成長因素，將延續相同趨勢：國防、資料解決方案，以及透過通路合作夥伴帶動的零組件需求增加。

As a point of note, the recent project wins, robust bookings and overall favorable market conditions will enable us to take a fresh look at our product portfolio. In this regard, we anticipate there will be some revenue rotation in the coming quarters, whereby higher growth, better margin business will emphasize ahead of our lower-margin business and products. We continuously evaluate our business and now have the luxury of focusing on better ROI business.

補充說明，近期的專案得標、強勁的接單以及整體有利的市場環境，將使我們得以重新檢視產品組合。在此方面，我們預期未來幾季將出現部分營收輪動，也就是較高成長、較佳毛利的業務將更為突出，並超前我們較低毛利的業務與產品。我們持續評估業務，而現在也更有餘裕將重心放在投資報酬率（ROI）更佳的業務上。

Overall, we are in exciting times, and there continues to be great momentum across the business. I'm proud and thankful of our global team for their collective efforts and pulling together, pushing forward and achieving another remarkable quarter for our shareholders.

整體而言，這是一段令人振奮的時期，整體業務動能依然強勁。我為我們全球團隊的共同努力感到驕傲並心懷感謝；大家齊心協力、持續推進，為股東再度創造一個卓越的季度。

And with that, I'll turn the call over to Lynn for the financial review.

接下來，我把電話交給 Lynn 進行財務回顧。

Thank you, Farouq. From a financial standpoint, we delivered a strong second quarter. We grew revenue, expanded margins and materially improved liquidity. These results increased our earnings quality and financial flexibility.

謝謝你，Farouq。從財務角度來看，我們第二季表現強勁。我們提升了營收、擴大了利潤率，並大幅改善流動性。這些成果提升了我們的盈餘品質與財務彈性。

In Q2, total sales were $210.7 million, up 25% from the prior year quarter. Growth was broad-based, led by the defense and Data Solutions sectors, as Farouq mentioned. The increase in sales through our distribution channel was most prominent among our component products, including fuses, integrated connector modules and RF connectors.

第二季總銷售額為 2.107 億美元，較去年同期成長 25%。成長動能廣泛，主要由國防與資料解決方案領域帶動，如 Farouq 所提。透過通路的銷售增加在我們的零組件產品中最為明顯，包括保險絲、整合式連接器模組與 RF 連接器。

Gross margin was 39.9%, up 120 basis points year-over-year. The increase primarily reflected operating leverage from higher volume and improved execution. These benefits were partially offset by higher material costs and unfavorable foreign exchange impact.

毛利率為 39.9%，年增 120 個基點。此增幅主要反映在較高出貨量下的營運槓桿，以及執行力提升。上述效益部分被較高的材料成本與不利的外匯影響所抵銷。

Adjusted EBITDA was $48.9 million compared with $35.2 million a year ago, an increase of approximately 39%. Adjusted EBITDA margin increased to 23.2% from 20.9%. This improvement reflects stronger conversion of revenue growth into operating profit.

調整後 EBITDA 為 4,890 萬美元，較一年前的 3,520 萬美元增加約 39%。調整後 EBITDA 利潤率由 20.9% 提升至 23.2%。此改善反映營收成長轉化為營業利益的能力更強。

From a segment perspective, ADRS revenue was $110.5 million, up $18.6 million or 20.6% from Q2 '25. Growth in ADRS was led by Defense, which totaled $66.5 million in Q2 '26, a 28.4% increase from Q2 '25. Sales into industrial applications were also strong during the quarter, largely through the distribution channel. These areas of growth were partially offset by a decline in commercial air versus last year.

以事業部門來看，ADRS 營收為 1.105 億美元，較 2025 年第二季增加 1,860 萬美元或 20.6%。ADRS 的成長主要由國防帶動，2026 年第二季國防營收合計 6,650 萬美元，較 2025 年第二季成長 28.4%。本季工業應用的銷售也表現強勁，主要透過通路。上述成長部分被商用航空較去年下滑所抵銷。

ADRS gross margin was 41.1% compared with 41.4% last year. Higher sales volumes added leverage into the P&L, but those gains were more than offset by foreign exchange and material cost pressures during the quarter. Pricing increases implemented on new orders earlier in 2026 are expected to benefit Q3 and subsequent periods. We are also investing in capital projects and process improvements to increase throughput, efficiency and capacity.

ADRS 毛利率為 41.1%，相較去年為 41.4%。較高的銷售量為損益表帶來營運槓桿，但這些增益在本季被外匯與材料成本壓力所抵銷且有餘。2026 年初針對新訂單實施的提價，預期將使第三季及後續期間受益。我們也正投資於資本專案與流程改善，以提升產出、效率與產能。

Turning to ITDS. Revenue for this segment was $100.2 million, up $23.8 million or 31.1% year-over-year. Growth was led by sales into the Data Solutions end market, which was up $20.7 million or 55% from Q2 '25. Higher demand within Data Solutions includes the beginning of a ramp related to recent project wins in the high-performance computing space.

接著談 ITDS。此分部營收為 1.002 億美元，年增 2,380 萬美元或 31.1%。成長主要由 Data Solutions 終端市場的銷售帶動，較 2025 年第二季增加 2,070 萬美元或 55%。Data Solutions 內較高的需求包含與近期在高效能運算領域專案得標相關的爬坡開始。

The acquisition of dataMate in March 2026 contributed $4.4 million of sales in Q2 '26 and is included within Data Solutions. While to a lesser extent, we also saw meaningful growth of sales into industrial and consumer applications, which rebounded nicely through our distribution channel in the second quarter. Strength in these end markets were partially offset by transportation, which declined modestly versus last year.

2026 年 3 月收購 dataMate 在 2026 年第二季貢獻 440 萬美元銷售，並歸類於 Data Solutions。此外，雖然幅度較小，我們也看到工業與消費性應用的銷售有顯著成長，第二季透過我們的經銷通路良好回升。這些終端市場的強勁表現，部分被運輸市場所抵銷，後者較去年小幅下滑。

ITDS gross margin was 38.8%, up from 36.6% last year, an improvement of 220 basis points. The increase was primarily driven by favorable product mix and operating efficiencies, including higher volume and improved utilization. These benefits were partially offset by foreign exchange impacts. The weaker US dollar relative to the renminbi increased costs at our China manufacturing locations during the current year period.

ITDS 毛利率為 38.8%，高於去年的 36.6%，改善 220 個基點。提升主要來自有利的產品組合與營運效率，包括更高的出貨量與更佳的產能利用率。上述效益部分被外匯影響所抵銷。美元相對人民幣走弱，使我們在中國製造據點於本年度期間的成本上升。

Turning to operating expenses. R&D was $9 million, up $0.9 million year-over-year. The increase was primarily due to higher personnel costs in the 2026 period. SG&A was $36.3 million, up $5.4 million from last year. The increase here was primarily due to higher compensation and benefits and an increase in professional fees, some of which were nonrecurring during the quarter. We expect SG&A to run in the range of approximately $34 million to $35 million in future quarters.

接著談營業費用。研發費用為 900 萬美元，年增 90 萬美元。增加主要是由 2026 年期間較高的人員成本所致。SG&A 為 3,630 萬美元，較去年增加 540 萬美元。此處增加主要由較高的薪酬與福利，以及專業服務費用增加所致，其中部分在本季屬一次性。我們預期未來各季 SG&A 約落在 3,400 萬至 3,500 萬美元區間。

Turning to cash flow and liquidity. We ended the quarter with $306.1 million of cash and securities, up from $57.8 million at December 31. This largely resulted from the equity raise completed in May, which generated net proceeds of approximately $440 million. During the second quarter, as Farouq mentioned, we repaid our full debt balance of $197.5 million, resulting in no outstanding debt balance at June 30. This increase in cash materially improves liquidity and our ability to fund growth, manage volatility and pursue strategic opportunities.

接著談現金流與流動性。本季末我們持有現金與有價證券 3.061 億美元，高於 12 月 31 日的 5,780 萬美元。這主要來自 5 月完成的股權募資，淨募資款約 4.40 億美元。第二季期間，如 Farouq 所提，我們償還了全部 1.975 億美元的債務餘額，使得 6 月 30 日無任何未償債務。現金增加顯著改善流動性，以及我們為成長提供資金、管理波動並把握策略性機會的能力。

From a working capital perspective, we have heavily invested in working capital to support growth throughout the first half of 2026. Accounts receivable increased $32 million based on higher sales volume in Q2 '26 versus Q4 '25. Inventories increased $32 million as additional raw materials were procured to accommodate the increase in orders received during the first half of 2026. And accounts payable increased $33 million, largely in line with the higher inventory levels. Capital expenditures were $4.9 million during the first half of 2026. We do anticipate a slightly higher level of CapEx in the second half of 2026. We're prioritizing projects expected to improve throughput, drive growth and have a quick ROI.

就營運資金而言，為支援 2026 年上半年整體成長，我們大幅投入營運資金。因 2026 年第二季相較 2025 年第四季銷售量較高，應收帳款增加 3,200 萬美元。存貨增加 3,200 萬美元，係因為為因應 2026 年上半年收到的訂單增加而採購更多原物料。應付帳款增加 3,300 萬美元，基本上與較高的存貨水位一致。2026 年上半年資本支出為 490 萬美元。我們預期 2026 年下半年資本支出水準將略高。我們優先推動可提升產出、帶動成長且投資報酬回收期較短的專案。

Going forward, we will focus on improving the cash generation cycle through better receivables management and payables planning. We do expect inventory turns to remain challenged in the near term as we build up our inventory levels to support our growth projections. Longer term, the objective is to convert a greater portion of earnings into consistent free cash flow as the business grows.

展望未來，我們將透過更佳的應收帳款管理與應付帳款規劃，著重改善現金產生週期。由於我們將提高存貨水位以支援成長預測，短期內存貨周轉率預期仍將面臨壓力。長期目標是隨著業務成長，將更大比例的獲利轉化為穩定的自由現金流。

And with that, I'll turn the call back over to Dylan to open the line for questions.

接下來，我把電話交回給 Dylan，開放提問。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

(接線員指示) Bobby Brooks，Northland Capital Markets。

First, I was curious to hear more discussion on the Slovakia site gaining the A&D qualification because that seems like a very meaningful update for the efforts to grow Enercon product sales within the region. So could you expand on what this means for the long-term strategy? And I think it would also be helpful for folks to remind them of what the Slovakia site was before this.

首先，我想聽更多關於斯洛伐克據點取得 A&D 資格認證的說明，因為這看起來是推動在該區域成長 Enercon 產品銷售的一項非常重要的更新。因此，能否進一步說明這對長期策略的意義？另外，我想也有助於提醒大家，這個斯洛伐克據點在此之前是做什麼的。

Yes. Thanks for the question, Bobby, and good to connect with you here. So maybe start backwards from your question. Slovakia historically was our industrial power factory, so focus on things like rail and e-mobility, laser cutting equipment, so kind of very high applications on the power side of the business. And we've been in the process of modifying the facility so that it could also accommodate aerospace and defense type applications from the acquired Enercon business to serve as a storefront for the European market as that market seeks to have more localized content.

好的。謝謝你的提問，Bobby，也很高興在這裡與你交流。那我或許從你的問題反向開始說明。斯洛伐克過去一直是我們的工業電力工廠，主要聚焦在像是鐵道與電動化移動（e-mobility）、雷射切割設備等，也就是電力事業端的高階應用。而我們一直在改造該設施，使其也能承接自收購 Enercon 業務而來的航太與國防類應用，作為面向歐洲市場的前端據點，因為該市場希望有更多在地化內容。

Obviously, it sounds a little bit easier than the reality of it. So the team has been hard at work here for well over a year, 1.5 years on gaining the appropriate certifications, government approvals changing out some flow of the facility, acquiring new equipment and selling equipment along with also training the team for these applications. So it's a pretty complicated effort. And that was -- the idea is to meet our customers where they are at. And that strategy has started to take hold in terms of translating to wins, and we mentioned it on the first quarter call, and we have nice more wins here in the second quarter.

顯然，聽起來會比實際執行容易一些。因此團隊在這裡已經投入超過一年、約一年半的時間，取得適當的認證與政府核准、調整部分廠內流程、添購新設備並出售部分設備，同時也針對這些應用訓練團隊。所以這是一項相當複雜的工作。而其核心想法是到客戶所在之處服務客戶。這個策略已開始發酵並轉化為得標，我們在第一季電話會議提過，第二季也再取得更多不錯的案子。

And I would say both of these outcomes were in advance of what we initially thought, which we -- when we did this a couple of years ago at this point, we said we anticipate by end of 2026 to have some wins. So that's obviously driven by the market and the reality of the world, but also driven by our investments that we've done at the headcount level, marketing level, attending conferences level and doubling down our efforts with the customers.

我會說，這兩項成果都比我們原先預期更早出現；我們在幾年前啟動這件事時曾表示，預期到 2026 年底才會有一些得標。因此這當然受到市場與世界現況的推動，但也來自我們在人力配置、行銷投入、參與研討會，以及加倍深化與客戶合作等層面的投資。

I would say, as we're investing in our go-to-market and sales on the A&D side across Europe, it's really for the whole A&D portfolio, right? Obviously, we have connectivity manufacturing sites in the UK, serving the European Union. So we're also needing to push those sales. So when we think about A&D, it is across the portfolio. It's not just any one product line. So from our perspective, it's more of the same. Obviously, we flagged Slovakia, just given the interest, and it's something we've talked about. But from our perspective, it's kind of more normal investment in the business.

我會說，當我們在歐洲投資 A&D 端的 go-to-market 與銷售時，其實是針對整個 A&D 產品組合，對吧？很明顯地，我們在英國也有連接器製造據點，服務歐盟。因此我們也需要推動那邊的銷售。所以當我們談 A&D 時，是涵蓋整個產品組合。不僅僅是任何單一產品線。因此從我們的角度來看，這只是延續既有作法。當然，我們特別提到斯洛伐克，主要是因為大家的關注，而且這也是我們一直在談的事情。但從我們的角度來看，這比較像是對業務進行更常態的投資。

Very helpful color. And then -- so just curious, there's been a continuous focus over the last several quarters by you and the team to pull internal levers to help spur growth. And now the last two quarters, we've seen really excellent growth that's pretty much all organic, right, as the year-over-year comps have included the Enercon benefit.

非常有幫助的補充說明。接著——我只是好奇，過去幾個季度你和團隊一直持續著重於拉動內部槓桿以促進成長。而在最近兩個季度，我們看到非常出色的成長，基本上幾乎全是有機成長，對吧，因為年對年比較中已包含 Enercon 的貢獻效益。

And what you guided for, for 3Q is a continuation of that. So I was just curious to hear -- maybe give you an opportunity to step back a little bit, but just curious to hear which initiatives do you feel have been most successful and maybe which more recently enacted initiatives you're most excited about going forward as it relates to growth?

而你們對第三季（3Q）的指引也是延續這樣的趨勢。所以我想請教——也許給你一個機會稍微退一步看全局——你覺得哪些舉措最成功？以及就成長而言，哪些是最近才推行、你對未來最感到興奮的舉措？

Yes. So I think that's a fair question. I think I would say that the wins in Q2 and Q1 are really more of the end of the journey in terms of a lot of the work that has been done by the team earlier this year and last year. So these wins, and as we've talked about, especially on the A&D side, it's a long chase cycle. So the fact that we're seeing the results in Q2, Q1, you'd have to look significantly more into the rearview mirror.

是的。我認為這是個合理的問題。我想我會說，第二季和第一季的勝利，其實更像是旅程的終點，反映的是團隊在今年稍早以及去年所做的大量工作。所以這些勝利——如我們討論過的——尤其在航太與國防（A&D）端，是一個很長的追逐週期。因此我們在第二季、第一季看到成果，你必須把視角更大幅度地往後看。

I would also say, as we think about growth across the portfolio, it's not just one area. We're seeing great wins in Data Solutions. We're seeing some great things on the industrial side, also the distribution side. So there is a swelling effect of some of the successes that the team has been doing.

我也會說，當我們思考整個產品組合的成長時，並不只是單一領域。我們在資料解決方案（Data Solutions）看到很好的勝利。在工業端以及通路端也看到一些很棒的進展。所以團隊所做的一些成功正在產生擴散效應。

The real question for us is not are we doing good and are we winning? Because I think the answer is yes. The focus of us is, are we fully living to our potential. And to where we are today, we're still not at our potential. And therefore, the investments in people, in systems and process, driving the commercial organization harder is still happening.

對我們而言，真正的問題不是我們做得好不好、是不是在贏？因為我認為答案是肯定的。我們關注的是，我們是否充分發揮了自身潛力。以我們今天的狀態來看，我們仍未達到應有的潛力。因此，在人才、系統與流程上的投資，以及更強力推動商業組織，仍在持續進行。

So for us, we talk about the strategic initiatives and put focus on it, but it's not like we have not been doing it for the last two or three years. It's just that we're starting to see some of the benefits of that. So we are still not where we need to be which is, I think, a great opportunity, especially given all the recent wins that we have been doing. But we think we can and should be doing more.

所以對我們來說，我們談論並聚焦於策略性舉措，但並不是說過去兩三年我們沒有在做。只是我們開始看到其中一些效益。因此我們仍未到達需要到的位置——我認為這是一個很好的機會，尤其考量到我們最近取得的各項勝利。但我們認為我們可以、也應該做得更多。

So optimization is really what we're focused on versus, okay, we're doing a good job. We're all going to take a break now, right? So it's just that driving force to relentlessly lifted our potential is kind of what we're getting at. So -- and we're still in the process of that. We haven't fully arrived yet. I'm not sure you ever do, but we want to get a little bit closer to the potential.

所以我們真正聚焦的是最佳化，而不是說，好吧，我們做得不錯。我們現在就要休息一下，對吧？所以我們想表達的是，那股不懈地提升自身潛力的驅動力。而我們仍在這個過程中。我們還沒有完全到達。我不確定你是否真的會「完全到達」，但我們希望能更接近那個潛力。

Sure. I appreciate that. And maybe just any specific ones that come to mind that you feel that maybe these are initiatives you had enacted in like '24 or early in '25 that you feel has kind of really helped spur -- or is it just really an -- an accumulation of several different pieces, just all kind of flowing together and kind of benefiting at the same time or starting to flow through at the same time?

了解。我很感謝你的說明。那也許有沒有任何具體的例子浮現在腦中——你覺得可能是在 2024 年或 2025 年初推行的舉措，確實有助於帶動——還是其實就是多個不同要素的累積，彼此一起運作，並在同一時間受益或開始反映在成果上？

Yes. So if we were to put that discussion into two topics, people and process. On the people side of it, we have added headcount. We have elevated some internal people that are helping to drive the teams. We have also -- are continuing to add also headcount, like we said, so the people side of it, we also had people that were the right people, but potentially not in the right place. So I think on the people side, we've done a pretty fair amount of movement and reassignment and reestablishing KPIs and expectations of performance, which I think is important.

是的。如果要把這個討論歸納成兩個主題：人與流程。在人員方面，我們增加了人力編制。我們也提拔了一些內部人才來協助帶領團隊。我們也——如同我們所說——持續增加人力；此外，有些人是對的人，但可能不在對的位置上。所以我認為在人員面，我們做了相當多的調整、重新分派，以及重新建立 KPI 與績效期待，我認為這很重要。

On the process side of it -- and the process side of it could be anywhere from the data side. So are we collecting data? Are we putting eyes on it? And now we're pushing the data piece of it. So we're still, I'd say, in process of that, but we're pretty dangerous today in terms of tracking and managing to that. So we're definitely excited about as we think about executive dashboards and CRMs and I'd say that stuff we're kind of moving along on pretty good.

在流程方面——流程可能涵蓋從資料面開始。也就是，我們是否在蒐集資料？我們是否有在檢視它？而現在我們正在推動資料這一塊。所以我會說我們仍在進行中，但就追蹤與管理而言，我們現在已經相當有戰力。因此當我們思考高階主管儀表板、CRM 等等，我會說我們在這些事情上推進得相當不錯。

The other side is the incentive scheme, and we will look to probably modify that as we continue to evolve, but just really rewarding performance and establishing and defining what performance means has been pretty important. And then another key element to, as I said, people and process is ensuring that our outside partners, especially in the reps that we use if folks recall, we had to redo a lot of our agreements with them to favor and pay more on new wins versus just legacy flow business. So I think that was a catalyst for change.

另一個面向是獎酬激勵方案；隨著我們持續演進，我們可能會再做調整，但真正去獎勵績效、並建立與定義「績效」的意涵，一直都非常重要。另外一個關鍵要素——如我所說，人與流程——是確保我們的外部合作夥伴，尤其是我們使用的代理代表（reps），如果大家還記得，我們必須重新談很多與他們的協議，使其更偏向、也更願意為「新案勝利」付費，而不是只為既有的延續性業務付費。所以我認為那是促成改變的催化劑。

And I think when we look at people, process plus outside partners reestablishing our expectations and contracts, I think that has together collectively been the momentum. The other thing I would say is we are seeing that re-segmenting our business is also, I'd say, going to be another lever and catalyst for focus and helping driving the depth because we are really at the end of the day, an end market-driven business and kind of speaking the language and the drive that our customers are driving those relationships more seriously.

我認為當我們把人、流程，再加上與外部夥伴重新建立期待與合約放在一起看，這些合在一起就是目前的動能。另外我會說，我們正在看到重新分群（re-segmenting）我們的業務也將成為另一個槓桿與催化劑，讓我們更聚焦並有助於推動深度，因為歸根結底，我們是一個由終端市場驅動的企業；用客戶的語言溝通，並以客戶推動關係的方式更嚴肅地經營這些關係。

The other thing I would say on the process side, I forgot as we talked about restructuring piece of it, obviously, we restructured into the two segments, but also we created more focus around business development and key account management, and we're seeing also the great benefits of that. So we were missing some of these, let's call it, more basic structures. So I think that I'm not sure there's one thing I can point to, but we're very excited to see what our leaders are doing and the team is delivering on aided by process and outside reps.

另外我想補充在流程面，剛才談到重組（restructuring）時我漏提了：很明顯我們重組成兩個事業部門，但我們也在業務開發與關鍵客戶管理上建立了更高的聚焦，而我們也看到這帶來很大的效益。所以我們之前缺少了一些——姑且稱之為——較基礎的架構。因此我不確定能指出單一因素，但我們非常期待看到我們的領導團隊在做的事情，以及團隊在流程與外部代理代表的助力下所交付的成果。

Super helpful, Farouq. Really appreciate it. And definitely makes a lot of sense as a lot of different pieces go into making a winning team like you have. So I appreciate the time and congrats on the good quarter.

非常有幫助，Farouq。真的很感謝。而且確實很合理，因為要打造像你們這樣的致勝團隊，需要很多不同的要素共同促成。所以感謝你撥冗，也恭喜這一季表現不錯。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行（Bank of America）。

I wanted to ask a little bit about the very strong defense growth that you're delivering here. Do you see this sustaining through the rest of the year? And do you need to add capacity in defense? I know, Lynn, you mentioned higher CapEx. What's that primarily geared towards? And I have a follow-up as well.

我想稍微問一下你們在國防領域所展現的非常強勁成長。你們認為這能在今年剩餘時間持續嗎？以及你們是否需要在國防端增加產能？我知道 Lynn，你提到更高的資本支出（CapEx）。那主要是用在哪些方面？我也還有一個追問。

We definitely think the outlook is looking pretty good, right? And let's kind of keep in mind that when we look at revenue, revenue is a little bit of a laggard indicator, right, because it indicates that you've already won a project and that you're starting to monetize. So from a forward-looking indicator, which the near forward is around bookings and the kind of medium term is around new wins. So when we look at forward indicators, bookings and new wins, we're definitely seeing the robustness and we are seeing the discussion modify on the defense side specifically.

我們確實認為展望看起來相當不錯，對吧？另外也請大家記住，當我們看營收時，營收其實是一個稍微落後的指標，對吧，因為它代表你已經拿下了一個專案，並且開始變現。因此就前瞻性指標而言，近期偏前瞻的是訂單（bookings），而中期則是新得標（new wins）。所以當我們看前瞻指標——訂單與新得標——我們確實看到其韌性，也看到在國防端，特別是相關討論正在有所調整。

Also, we're expanding more on the obviously, European piece by increasing our headcount. In terms of capacity, we -- capacity has not really been a big concern of ours, and we'd like to actually be more capacity challenged in the sense that we are obviously investing in CapEx. But the other thing keeping in mind is as we get Slovakia going a little bit, that will naturally give a little bit more flex on the capacity piece of it.

另外，我們也在歐洲這一塊進一步擴張，透過增加人力編制。就產能而言——我們的產能其實並不是我們很大的擔憂，我們反而希望在某種意義上更「吃緊」一些，因為我們顯然正在投資資本支出（CapEx）。但還有一點要記住的是，隨著斯洛伐克的業務逐步啟動，這自然會在產能面帶來更多彈性。

So capacity is not really a major concern of ours today. The focus is on the commercial front end of the house. We have the capacity and the ability to run the channel. That -- maybe more interesting thing we're focused on in addition to the wins is really the challenges within the supply chain, availability of materials is kind of the thing that we think about. So from a manufacturing perspective, not so much.

所以目前產能並不是我們主要的顧慮。重點在商業端的前端。我們具備產能，也有能力去運作這個通路。除了得標之外，我們更關注的、也許更有意思的，是供應鏈內部的挑戰——材料的可得性是我們會思考的重點。因此從製造的角度來看，倒不是那麼大的問題。

But in terms of sales teams, we're adding more because we think we'll be more -- we're adding more engineers also on the A&D business, specifically in a place like Slovakia. So all in all, we like how this is looking, and we are investing in the right opportunities to get ahead of it as well.

但就銷售團隊而言，我們正在增加人手，因為我們認為我們會更——我們也在航太與國防（A&D）業務上增加更多工程師，特別是在像斯洛伐克這樣的地方。總體來說，我們喜歡目前的發展態勢，也正在投資於正確的機會，以便提前布局。

Okay. And then just as a follow-up, when you look at the incremental margins in the quarter, those took a nice step up. It looks like in your guidance, too, there's very strong incremental margins, particularly at the operating margin level. How much of this is pricing versus mix versus other factors? And was there any pull forward as far as you can tell in the business in any areas that you'd call out if you saw any of it?

好的。接著追問一下，當你看本季的增量利潤率（incremental margins）時，確實有明顯上升。看起來在你們的指引中也有非常強勁的增量利潤率，特別是在營業利潤率層面。其中有多少是來自定價、產品組合（mix）或其他因素？另外，就你所能判斷的，有沒有任何業務領域出現提前拉貨（pull forward），如果有的話你會特別點出哪些？

Yes. So when we look back at our call that we had in the first quarter -- for the first quarter, which we had in April, we had talked about the challenges around input material and cost really across the portfolio. Shipping costs were going up. FX was going against us. Raw material input was going against us.

是的。回顧我們第一季——我們在4月針對第一季所做的電話會議——我們談到整個產品組合在投入材料與成本方面的挑戰。運輸成本在上升。匯率（FX）對我們不利。原物料投入也對我們不利。

So the way I would think about the margin improvement is largely has been operational leverage in nature, which kind of helped drive this margin. So what we did back in February and March time frame, we did put some price increases on new orders, which we said we'll start seeing the benefit of that in Q3 and Q4. So the good news is the way we look at Q2, while we did have headwinds, we know the model is working because despite everything kind of going against the source, we've seen the business deliver the operating leverage. So we have a proof point, if you will, and hopefully, as we head into Q3, we'll start seeing the benefits of price recovery and operational leverage. We'll obviously not recover the full price in Q3 because, right, it was on new orders that kind of get shipped out over time. So the expectation is we start seeing the benefit of price, which I don't think we saw much of that in Q2, and we hopefully start seeing some of that in Q3.

所以我會把毛利率改善主要歸因於營運槓桿（operational leverage）的性質，這在某種程度上推動了這次的利潤率。我們在2月和3月期間，確實對新訂單做了一些漲價，我們也說過會在第三季與第四季開始看到其效益。好消息是，從我們看第二季的角度，雖然確實有逆風，但我們知道這個模型是有效的，因為儘管各種因素都對成本端不利，我們仍看到業務展現出營運槓桿。所以我們有一個驗證點（proof point），而且希望隨著進入第三季，我們會開始看到價格回收（price recovery）與營運槓桿的效益。當然，我們不會在第三季就完全回收全部漲價，因為，對吧，這些是針對新訂單，而新訂單會隨時間逐步出貨。因此我們的預期是開始看到定價帶來的效益——我認為第二季幾乎沒有看到——並希望在第三季開始看到其中一部分。

Christopher Glynn, Oppenheimer & Co.

Christopher Glynn，Oppenheimer & Co.

So yes, just in terms of the gross margin, I think it's the second quarterly guide in a row where you ticked up from what had been the run rate of guidance for three or four quarters previously. And today, Farouq, you noted that you've got a nice opportunity to continue to press higher margin, higher growth products. Is -- are you suggesting that just some of the take rates and the overall growth are allowing you to de-emphasize more of the so-so mix end of your volume? And so you see a fresh kind of mix lever that has availed as the economy and some of your end markets have strengthened?

所以是的，就毛利率而言，我想這已經是連續第二次的季度指引，相較於先前三到四個季度的指引常態水準有所上調。而今天 Farouq，你提到你們有一個不錯的機會，可以持續推進更高毛利、更高成長的產品。你是否在暗示，某些拿單率（take rates）與整體成長，讓你們能夠淡化一些表現普通的產品組合端的量？因此，隨著經濟與你們部分終端市場轉強，你們看到一個新的組合（mix）槓桿正在浮現？

Yes. I think we called that out, Chris, is I think the normal expectation is when you start having an abundance of wins or new opportunities is you're thinking about where do we allocate really two things, hours and money. And as we have done a nice job on the wins, and we expect more out of the commercial organization, more wins, I think we can start thinking about, well, where do we want to allocate more of our time and effort where we can get a better ROI on the hours and dollars spent. And I think we have done a good job here where we are afforded that luxury. And obviously, if we get better ROI type SKU, right, it does all sorts of things. One, it frees up the team to go pursue other things, maybe de-emphasize some, let's call it, maybe noise. So it's nothing too special.

是的。我想我們有提到這點，Chris。一般的預期是，當你開始有大量得標或新機會時，你會思考兩件事要如何分配：工時與資金。隨著我們在得標方面做得不錯，而且我們也期待商業組織帶來更多成果、更多得標，我想我們就能開始思考：我們要把更多時間與精力投向哪裡，才能讓投入的工時與資金取得更好的投資報酬率（ROI）。我認為我們在這裡做得不錯，因此得以享有這樣的「餘裕」。而且很明顯地，如果我們拿到 ROI 更好的 SKU，對吧，它會帶來各種效益。第一，它能釋放團隊去追求其他事情，也許淡化一些——我們姑且稱之為——雜訊。所以其實沒有什麼特別玄妙的。

I think when you look at the industry, our competitors do this on a regular basis. For us, it's a little bit of a new luxury. And we're calling it out because we are a company that's in an evolutionary stage. We've been on this evolution here for the last few years, and we expect to continue to evolve. So from my perspective, this is a testament to the team allowing us to do some of these rotations. So we just called it out really in the spirit of flagging behavior and messaging where historically, we have not done as much of that.

我想如果你看整個產業，我們的競爭對手經常這麼做。對我們而言，這算是一種比較新的「奢侈」。我們之所以特別提出來，是因為我們是一家正處於演進階段的公司。過去幾年我們一直在這條演進路徑上，而且我們預期會持續演進。所以從我的角度來看，這是團隊表現的證明，讓我們能做一些這類輪動調整。因此我們提出來，主要是為了標示這種行為並傳達訊息，因為過去我們並沒有做這麼多。

Okay. Great. And a little bit on the Data Solutions side. I think Lynn said up 55%, maybe $20.7 million in sales or did she say plus that amount? I'm not sure, but also key customers hitting scaling inflection has been kind of a topic year-to-date for the Data Solutions business. I understand some of your customers in the AI space might have some optionality and take rate opportunities. Are you seeing some of that start to play through?

好的。很好。再談一下 Data Solutions 這邊。我想 Lynn 說成長 55%，大概是 2,070 萬美元的銷售額，還是她說增加了那個金額？我不太確定；但另外，關鍵客戶達到規模化拐點（scaling inflection）一直是今年以來 Data Solutions 業務的話題。我理解你們在 AI 領域的一些客戶可能有一些選擇權（optionality）以及拿單率（take rate）機會。你們是否看到其中一些開始反映出來？

Yes. I'll let kind of Lynn comment on that. But overall, your assessment is correct. We are seeing inflection points. We are seeing growth. And I think we've played it pretty wisely to where we want to allocate resources on that. And we are seeing those efforts really maybe two, three, four years ago efforts paying off today. Lynn, you want to comment on that?

是的。我先讓 Lynn 來評論一下。但整體而言，你的判斷是正確的。我們正在看到拐點。我們正在看到成長。而且我想我們在資源配置上做得相當明智，知道要把資源投向哪裡。我們也看到那些努力——可能是兩、三、四年前的投入——在今天開始收穫成果。Lynn，你要補充一下嗎？

Yes. So thanks, Chris. On the -- just to clarify the numbers there on Data Solutions, so it was about $58 million in Q2 '26, up from $38 million in Q2 last year. So it was a $20.7 million or 55% increase year-over-year, just to clarify those numbers.

是的。所以謝謝你，Chris。關於——只是澄清一下 Data Solutions 的數字，2026 年第二季約為 5,800 萬美元，高於去年第二季的 3,800 萬美元。所以年增 2,070 萬美元或 55%，只是澄清這些數字。

Great. And last one from me. So I think you mentioned eight new European defense design wins. And last quarter, you mentioned a couple. Just curious about the spectrum of size of those applications. I know Enercon specialized in small lots. What's the breadth? Is this a couple of customers? Or is it a wide range of customers and just kind of small lots versus potentially larger lots? Just curious, a little more complexion.

很好。我最後一個問題。所以我想你提到有八個新的歐洲國防設計案獲勝。而上個季度你提到幾個。我只是好奇這些應用在規模上的分布。我知道 Enercon 專長於小批量。這個範圍有多廣？是少數幾個客戶嗎？還是客戶範圍很廣，只是偏小批量、而非可能更大批量？只是好奇，想多了解一些細節。

Yes. Kind of a combination of that, right? By default, Europe, not too dissimilar to the American side. There tends to be concentration of OEMs, right? But we tend to think about it is around the platforms that you are on. And ideally, you want platform diversity, whether it be things that fly or things that are on the ground or things on the water. And for us, we want to measure and see diversity of programs because generally, it's different engineering teams and sometimes Europe is different countries where these things get done in.

是的。算是兩者的結合，對吧？就本質而言，歐洲和美國那邊並沒有太大不同。通常 OEM 會相對集中，對吧？但我們傾向從你所處的平台來思考。理想上，你希望平台多元化，不論是飛行的、地面的，或是水上的。對我們而言，我們想衡量並看到專案的多樣性，因為通常是不同的工程團隊，而且在歐洲有時是在不同國家完成這些工作。

So when we look at the diversity, we like the diversity. So it's not a -- yes, there are some kind of -- if you look at it from a customer perspective, OEMs, which is normal for us, right, on the A&D side. But we're seeing a diversity platform. In terms of scale, we think these are multimillion dollar collectively here opportunities over -- and we think about A&D over the life cycle of the program. So these could potentially turn to some very nice big wins for us.

所以當我們看多樣性時，我們喜歡這種多樣性。所以不是——是的，從客戶角度看，會有一些——OEM 的集中度，這對我們來說在航太與國防（A&D）端是正常的，對吧。但我們看到的是平台的多樣性。就規模而言，我們認為這些合計是數百萬美元等級的機會——而且我們在 A&D 會以專案全生命週期來看。因此，這些未來有可能轉化為對我們非常不錯的大案子。

So yes -- they're large, but I wouldn't say there's one dominant one, which we kind of like that diversity play a little bit as well because also funding cycles tend to go to maybe different technologies or different applications. So you want to make sure you have enough diversity. So if something gets funded, you're on it.

所以是的——它們很大，但我不會說有某一個是主導性的；我們也有點喜歡這種多元化的布局，因為資金週期也可能流向不同技術或不同應用。所以你要確保有足夠的多樣性。這樣一旦某個項目獲得資金，你就在其中。

And I'll give you, obviously, an example on that. We have a pretty heavy presence in the US side on the missiles side of it, which is a topic that's all in vogue, and we're pretty diversified on those, whether it be the launches or the missiles side of applications. So now we will be benefiting from that growth. Why? Because we kind of had a few diverse opportunities over our history.

我也給你一個例子。我們在美國的飛彈領域有相當深的布局，這也是目前很熱門的話題；而且我們在那裡相當分散，不論是發射端或飛彈端的應用。所以現在我們將受益於那樣的成長。為什麼？因為我們在過去的歷史中累積了幾個多元的機會。

So diversity is kind of what we're focused on/new wins. That's kind of really the only control, but we can't control funding cycles or anything like that. So we want to make sure that we have diverse new wins. And we can say we've accomplished that at least in this small sample size that we're talking about.

所以多樣性就是我們在新案獲勝上所聚焦的方向。那基本上是我們唯一能控制的，但我們無法控制資金週期或類似的事情。所以我們要確保我們有多元的新案獲勝。而至少在我們談到的這個小樣本中，我們可以說已經做到了。

James Ricchiuti, Needham & Co.

James Ricchiuti，Needham & Co.。

I was wondering if you could provide any color on the bookings in ITDS and ADRS, where you're seeing the strength? Obviously, you called out Data Solutions and Defense, but just if you can give us a little bit more color on the bookings activity you're seeing.

我想請問你是否能就 ITDS 和 ADRS 的訂單（bookings）提供一些補充說明，你們看到強勁的地方在哪裡？顯然你提到了 Data Solutions 和國防，但如果可以的話，能否再多分享一些你們看到的訂單活動情況？

Yes. So Jim, thanks for the question. I think on the bookings, as we mentioned, we have been seeing positive book-to-bills for six consecutive quarters now. That has been broad-based. So it's really been across both segments, most of our product lines, most of our end markets.

可以。所以 Jim，謝謝你的問題。我想在訂單方面，如我們提到的，我們已經連續六個季度看到正向的接單出貨比（book-to-bill）。這是廣泛性的。所以基本上涵蓋兩個事業部、我們大多數產品線，以及大多數終端市場。

I would say it is largely in Defense and Data Solutions and also through our distribution channels. So this is something that had been soft for the last couple of years, and we're seeing that rebound nicely over the last couple of quarters and Q2 was particularly strong.

我會說主要是在國防與 Data Solutions，以及透過我們的經銷通路。這在過去幾年一直偏弱，而我們看到在最近幾個季度明顯回升，第二季特別強。

So things that go through distribution, as I mentioned on the call, it's things like fuses and our ICMs and RF connectors. So it's components that kind of go into a wide variety of applications. So it's -- I would say there is concentration in Defense and Data Solutions, but it's not contained to those. It's much more broad-based.

所以透過經銷的部分，如我在電話會議中提到的，包括像是保險絲、我們的 ICM，以及 RF 連接器。所以這些是會用在各式各樣應用中的元件。所以——我會說國防與 Data Solutions 的確較集中，但並不僅限於那兩個領域。它更為廣泛。

Alluded to the replenishment that's going to be required on the defense side, particularly in the missiles area. Are you seeing that yet? Or is that something you're anticipating that potentially comes later in the year, early 2026?

你提到國防端將需要補庫存，特別是在飛彈領域。你們現在已經看到這個趨勢了嗎？還是你們預期可能會在今年稍晚、或 2026 年初才出現？

Yes. So obviously, public discourse and discussion leads the money. So the discussions obviously are happening for any casual observer of the news, as I'm sure everybody can follow here. We are seeing positive momentum on that front. But I would say there's a gap still between the required funding that people want to get to replenish and what we're seeing. So it still hasn't trickled all the way down.

是的。所以很明顯，公開的論述與討論會領先資金到位。所以相關討論顯然正在發生，任何隨便看新聞的人我相信都能追蹤到。我們確實看到這方面的正向動能。但我會說，在人們希望達到的補庫所需資金，與我們實際看到的之間，仍然有落差。所以它還沒有完全往下傳導。

So in short, we are seeing benefits of that. We are seeing some orders of that. The chatter in the channel around expectations and build rates is great, but still waiting on all sorts of kind of government funding to come through. So the nice news is we are seeing increased orders, but still, I think the funding needs to be more to achieve, let's call it, maybe normalization of stockpiles, which obviously, as you, I'm sure, read in the news, it's not going to happen in the next year or two. So it will be an ongoing effort for the near future.

所以簡而言之，我們正在看到一些好處。我們也看到一些相關訂單。通路端對於預期與建造速率的討論很熱絡，但仍在等待各種政府資金到位。所以好消息是我們看到訂單增加，但我仍認為要達到、姑且稱之為庫存正常化，資金還需要更多；而且如你我相信也從新聞讀到的，這不會在未來一兩年內就完成。所以在可預見的未來，這會是一項持續性的工作。

Are you seeing more activity in the space market? I'm wondering, yes, obviously, that's also been in the news. Can you quantify perhaps what kind of revenues you're seeing or the growth in this part of the business? I know it's an area that you have been putting more resources.

你們在太空市場看到更多活動嗎？我想問，對，顯然這也一直在新聞上。你能否量化一下你們在這部分業務看到的營收或成長？我知道這是你們一直在投入更多資源的領域。

Yes. So space for this quarter was $3 million. So it's up slightly from where it was last year. So it continues to be small for us, but an area that we think that there's a lot of potential in, especially as we look out over the next couple of years.

是的。所以本季度太空業務是 300 萬美元。比去年略有增加。所以對我們來說它仍然很小，但我們認為它是一個很有潛力的領域，尤其是展望未來幾年。

And I think, Jim, that's another example of, right, we are on a -- I think we have over 250 customers. We're on a lot of platforms and designs. The bottleneck is the ability to launch things into space. So until that bottleneck gets fixed before maybe we see some bigger numbers. But we are well positioned given the wins and where we are and who we're speaking to and the number of customers, but they got to figure out how they get into space given the bottleneck there. So that's kind of a good example of we need to focus on wins. We don't control when the revenue happens exactly, but design wins is really the leading indicator for us.

而且我想，Jim，這也是另一個例子：對吧，我們有——我想我們有超過 250 個客戶。我們在很多平台和設計案上。瓶頸在於把東西發射到太空的能力。所以在那個瓶頸被解決之前，我們可能才會看到更大的數字。但就我們的得標、我們所在的位置、我們正在接觸的對象，以及客戶數量而言，我們的布局很到位；只是他們必須在那個瓶頸下想辦法把東西送上太空。所以這是一個很好的例子：我們需要專注在得標。我們無法精準控制營收何時發生，但設計案得標對我們而言才是真正的領先指標。

Luke Junk, Baird.

Luke Junk，Baird。

Farouq, I want to start in Europe, the eight project wins in Slovakia. I think you said that was better than expected, especially relative to the timing of those awards. Can you just say what it means about the pipeline that you're seeing in some of the commercial development activity that is driving that from an internal standpoint as well?

Farouq，我想先從歐洲開始談，斯洛伐克拿下了八個專案。我想你說那比預期更好，尤其是相對於這些授標的時點。你能否談談，從內部角度來看，你們在一些推動這些成果的商業開發活動中所看到的案源管線，這代表了什麼？

Yes. So when we acquired Enercon back in Q4 2024, and we talked about this was going to be a more commercial synergy play and Europe being a very important piece of that commercial play. And we said at the time, because we know we had to do some work, but we have the Slovakia facility, adding some headcount, restructuring the business and given the pace that the European is going to move that, we said we'd expect to see some of the benefits of the commercial synergies end of 2026.

是的。我們在2024年第四季收購Enercon時就談到，這將會是一個更偏商業協同的布局，而歐洲是這個商業布局中非常重要的一環。我們當時也說過，因為我們知道需要做一些工作，但我們有斯洛伐克的廠房，要增加一些人力、重整業務；考量歐洲推進的速度，我們預期在2026年底會開始看到部分商業協同的效益。

And the fact that we can point to some wins in Q1 and in Q2 of 2026, by definition, ahead of schedule, partially attributed to the dynamics changing between, obviously, the change in administration in 2024, the realities of the ground of changes and the tone and political discourse has changed. So that has allowed for acceleration of on-continent, let's say, production and leaning into their independence. So I think that's moved up a little bit more. I think we are seeing a lot more opportunities.

而我們能在2026年第一季與第二季就指出一些得標案，按定義來說是提前於原先時程；部分可歸因於一些動態的改變——顯然，2024年政府更迭、地面現實的變化，以及語氣與政治論述都改變了。因此，這讓在歐陸生產（可以這麼說）得以加速，並更傾向於強化其自主性。所以我認為時程確實往前了一些。我想我們也看到更多的機會。

And part of the restructuring, we said we've added some headcount. The selling of defense products is a very intimate long-cycle design sale process. So we've added some headcount, which we're seeing some nice more short-term goals, which we hopefully will translate to new wins. We are still looking to add a few more headcounts in Europe, but we're not fully ramped up there on the team side yet.

而在重整的一部分，我們說過已增加一些人力。國防產品的銷售是一個非常緊密、長週期的設計導入式銷售流程。因此我們增加了一些人力，也看到一些不錯、較短期的目標成果，希望能轉化為新的得標。我們仍打算在歐洲再增補幾個人力名額，但就團隊面而言，目前還沒有完全拉升到位。

So as we bring on new people and the new people get their legs underneath them across different countries in Europe, we continue to expect more robustness in our growth. And then at some point, right, it just becomes a normal part of the business for us. But Europe is kind of the biggest opportunity in both -- on --the connectivity business and on the power business because we have an end market sales agnostic sales team in Europe that are selling all of our A&D products.

因此，隨著我們引進新同仁，而新同仁在歐洲不同國家逐步上手，我們仍預期成長動能會更為強健。然後在某個時間點，對我們而言，這就會成為業務的正常一部分。但歐洲在連接（connectivity）業務與電力（power）業務兩方面，都是最大的機會，因為我們在歐洲有一支不拘泥於單一終端市場的銷售團隊，銷售我們所有的航太與國防（A&D）產品。

Lynn, you mentioned in your remarks that the higher demand in Data Solutions included the beginning of a program ramp in high-performance compute. Can you just expand on that in terms of materiality? And looking into the back half of the year, is this one of the things that we're seeing an uptick in the revenue guidance walking into 3Q?

Lynn，你在談話中提到，資料解決方案（Data Solutions）的較高需求包含高效能運算（HPC）某個專案開始爬坡。你能否就其重要性/影響程度再多談一些？另外展望下半年，這是否是我們在進入第三季時看到營收指引上修的因素之一？

Yes. So yes, it is feeding into that. We are seeing, as I said, as you noted, there Luke, programmatic wins. Obviously, these are some of the things that we've won quite a while back, but now we're starting to see -- right, because as our customers gain customers and as our customers deploy their products, it kind of reverberates back to us, which is great.

是的。所以是的，這確實有貢獻。正如我說的、也如你指出的，Luke，我們看到的是一些專案型的得標。顯然，這些是我們在更早之前就拿下的案子，但現在開始看到——對，因為當我們的客戶取得他們的客戶、以及當我們的客戶部署其產品時，需求就會回傳到我們這邊，這很棒。

So when we look at the bookings, which lead this indicator -- and obviously, the chatter with our discussions and the intimacy as they're getting customers, our expectation is further ramp as we close out the year and as we head into next year. So the markers, the indicators, whether it be bookings on books, bookings are promised to come or general, you guys have capacity and you're ramping up, let's figure out planning discussions, all of that is indicating an upward -- healthy upward trend.

因此當我們看訂單（bookings）——這是領先指標——以及我們在討論中的各種訊息、還有在客戶取得客戶時我們之間的緊密互動，我們預期在今年結束前、以及邁入明年時會進一步爬坡。所以這些標記、指標，不論是已入帳的訂單、承諾將進來的訂單，或是一般性的「你們有產能、你們正在拉升，我們來談規劃」等討論，所有這些都顯示出向上——健康向上的趨勢。

Got it. And then maybe bigger picture for just curious to get your updated filter lens for M&A now, some dry powder on the balance sheet and a little bit of noise in the market just in general.

了解。然後可能從更宏觀的角度，我也想請教你們目前對併購（M&A）的更新篩選/觀察視角：資產負債表上有一些可用資金（dry powder），而整體市場也有些雜音。

Yes. I think one of the things that we tend to think about is we have -- we are a long-cycle design business. So while we appreciate the public markets are having, let's say, a lot of changes and shifts that are going on, we are focused on investing in the business for the medium and long term where we think there is good growth, good technology needs, good alignment with our customers. So we'll continue to invest in the business, whether it be technologies or capacity additions or new end markets. So we're -- nothing really changed from our perspective.

是的。我想我們通常會思考的一點是：我們是一個長週期的設計導入型業務。因此，雖然我們理解公開市場正經歷許多變化與位移，但我們專注於在中長期投資於我們認為具備良好成長、良好技術需求、且與客戶高度契合的領域。所以我們會持續投資於業務，不論是技術、產能擴增或新的終端市場。因此從我們的角度來看，沒有什麼真正改變。

What we are seeing in the market is, I'd say, a fair amount of let's maybe call it, aggressiveness or irrationality around payments, and we've seen some of our peers do acquisitions that we just think are not for us. So we'll focus on us. So we will be disciplined. We appreciate our investors' trust in our recent equity offering. And obviously, those are with us for a while, to be honest with you. So we will be disciplined. We're not looking to go all the way crazy.

我們在市場上看到的是，我會說，在付款條件/收購對價方面有相當程度的——姑且稱之為——進取或不理性；我們也看到一些同業做了我們認為不適合我們的收購。所以我們會專注在自己。我們會保持紀律。我們感謝投資人對我們近期增資發行的信任。而且坦白說，那些資金會在我們這裡待上一段時間。所以我們會保持紀律。我們不打算變得太瘋狂。

So we will be disciplined in our approach despite the market doing some maybe irrational things. And so the pipeline from our perspective is there's a lot of opportunities. And at that, I think it becomes a question of how hard do we want to compete and how crazy we want to get. So that's going to be a balance for us. But ultimately, foundationally, we're going to be balanced and mature in our approach of doing things, but not overly conservative.

因此，即便市場在做一些可能不理性的事情，我們仍會以有紀律的方式推進。就我們的角度而言，案源管線有很多機會。而到那個層面，我想問題就變成：我們想競爭到什麼程度、以及我們想把出價推到多激進。這會是我們需要拿捏的平衡。但最終在基礎上，我們會以平衡且成熟的方式來做事，但也不會過度保守。

Greg Palm, Craig-Hallum Capital Group.

Greg Palm，Craig-Hallum Capital Group。

This is Jackson Schroeder on for Greg Palm. A quick follow-up to that M&A piece, just kind of a basic one for me, that extra 20% left for Enercon coming next year. Is that as simple as just the 20% coming off of that $400 million? Or should we expect some kind of like upward or downward adjustment for that?

我是Jackson Schroeder，代Greg Palm提問。針對剛才併購那一段，我有個簡單的追問：明年要買下Enercon剩餘的20%。這是否就只是那4億美元的20%？還是我們應該預期會有某種上調或下調？

Yes. So it's -- and this is for those that want all the exciting details, we have put this back in our public disclosures back in 2024. It's a purchase of the remaining 20% equity interest in the business. And we will be taking measurements of EBITDA and paying a multiple off of that and then figuring out down to equity value, that's how we're going to get to the 20%. We put a, let's call it, a cap on the upside to the tune of 135% of what it was back when we actually did the acquisition. So there is a cap, but it's not 20% of the $400 million. It's going to be 20% of the actual EBITDA of the business. And we do accrue for all that.

是的。所以——對於想了解所有精彩細節的人——我們在2024年的公開揭露中已把這部分放回去說明過。這是收購該業務剩餘20%的股權權益。我們會以EBITDA進行衡量，並以其倍數來計算，再推導到股權價值，這就是我們計算那20%對價的方式。我們對上行空間設了一個上限，大約是我們當初完成收購時基準的135%。所以有上限，但不是4億美元的20%。它會是該業務實際EBITDA的20%。而我們也會為此進行應計。

I'll let Lynn hit on that here.

我讓 Lynn 在這裡說明。

Yes. And just -- so each quarter in case you're tracking it. So on the balance sheet, we do have a redeemable noncontrolling interest line there. As of the end of June, it was $102.6 million. So that's representative of what it would have looked like as of that date.

是的。另外——以防你在追蹤，每一季都是如此。所以在資產負債表上，我們確實有一條「可贖回非控股權益」的科目。截至 6 月底，該金額為 1.026 億美元。因此，這代表截至該日期它看起來會是什麼樣子。

Obviously, as Enercon continues to do well, that number increases as their TTM EBITDA increases. But to Farouq's point -- we will get to the point where there's a cap there. But that's the current value of it as of June.

顯然，隨著 Enercon 持續表現良好，該數字會隨其過去十二個月（TTM）EBITDA 的增加而上升。但呼應 Farouq 的觀點——我們會到達一個有上限的點。不過，這就是截至 6 月的目前價值。

And then just to remind you, there also is another earn-out payment. If you recall, there was a $5 million earnout that they had achieved based on '25 results that was paid out in early '26. There's a similar one based on '26 results that would be paid in early '27. So those are kind of the two components as far as cash needs related to that.

再提醒一下，另外還有一筆或有對價（earn-out）付款。如果你還記得，曾有一筆 500 萬美元的 earn-out，是他們依據 2025 年（'25）業績達成的，並已在 2026 年（'26）初支付。還有一筆類似的，係依據 2026 年（'26）業績，將於 2027 年（'27）初支付。所以就與此相關的現金需求而言，大致就是這兩個組成部分。

Perfect. And then just on the organic versus inorganic side. Can you kind of size your excitement and what you're seeing with organic growth, some of the elevated CapEx that you have on some sort of short-term high ROI projects? How much of that focus kind of going forward is really in the organic versus inorganic?

很好。接著關於有機與非有機（併購）這一塊。你能否談談你對有機成長的興奮程度與你所看到的情況，以及你們在一些短期高投資報酬（ROI）專案上較高的資本支出（CapEx）？往前看，這些重點到底有多少是放在有機、又有多少是放在非有機？

I would say it's -- we appreciate that some folks will co-mingle those for us, those are distinctly separate. Our organic play and the team and the sales initiatives, all the things that we've been talking about is the organic. So our team and our day jobs is focusing on the organic piece of it and driving that. So as we think about CapEx or hiring people or investment in technology, from our perspective, it's organic. Inorganic, we have a separate team that obviously does partner with our leadership and our senior leaders to identify, pursue and go after.

我會說——我們理解有些人會把兩者混在一起看，但對我們而言它們是明確分開的。我們的有機策略、團隊與銷售倡議，以及我們一直在談的所有事情，都是有機成長。因此，我們的團隊與日常工作重點就是聚焦在有機這一塊並推動它。所以當我們考慮資本支出（CapEx）、招募人員或技術投資時，從我們的角度來看，這些都是有機。非有機方面，我們有一個獨立團隊，當然會與我們的領導層與資深主管合作，去辨識、追求並推進相關機會。

But we're not de-emphasizing one over the other. So we kind of look at them as two separate tracks and the objective is for each of those tracks to run as hard as they can. So we're not looking at co-mingling, but our discussions here are generally around the organic piece of the business. We don't put any kind of long-term kind of sizing or targets on that, but we expect continued robustness from here.

但我們並沒有刻意弱化其中一個、強調另一個。我們把它們視為兩條獨立的軌道，目標是讓每一條軌道都盡可能全力運轉。所以我們不打算把兩者混在一起談，但我們在這裡的討論通常是圍繞業務的有機部分。我們不會對此設定任何長期的規模或目標，但我們預期從現在起仍會保持強勁動能。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通（JPMorgan）。

With the data facility transitions and ERP conversions completed, could you talk about like what the steady state benefits should we expect? And when should they show up in the numbers, please?

資料中心搬遷與 ERP 轉換都已完成後，能否談談我們應該期待哪些穩態（steady state）效益？以及它們何時會反映在數字上，謝謝？

Sorry, you broke up there, Tomo. So the question is around the data and then the app. So obviously, as we restructured our business and created key accounts group and business development within ITDS specifically because dataMate sits within ITDS, we're seeing the benefits of that, right? So whether it be on the BD side and the team that did come over to us with dataMate has been great. And they've been really doing their day jobs in addition to a facility move in addition to therapy conversion, we just keep seem to be throwing more at them and they're fully embracing the journey. And we're seeing some of the benefits of that with robustness on the backlog and opportunities. We have fed them into the Bell machine.

抱歉，你剛剛訊號有點斷，Tomo。所以問題是關於資料以及應用（app）。很明顯地，隨著我們重整業務，並在 ITDS 內部成立關鍵客戶群與業務開發（BD），特別是因為 dataMate 隸屬於 ITDS，我們正在看到這樣做的效益，對吧？無論是在 BD 端，或是從 dataMate 併入我們的團隊表現都很出色。而且他們在完成本職工作之餘，還要應付設施搬遷與系統轉換，我們似乎一直在丟更多事情給他們，但他們完全擁抱這段旅程。我們也從訂單積壓（backlog）與機會的強勁程度看到一些效益。我們已把他們納入 Bell 的機器（體系）中。

I'd say we're -- I can't say that we're fully up and going, obviously, given the nature of our business, but we're starting to see the benefits of that. We invested a little bit more on the BD side for their products, and we've already identified a few opportunities. So we'll see that coming. Keeping in mind that from a revenue percentage perspective, when we acquired dataMate, it was around $18 million. So if you were to think about that, from -- obviously, $18 million is a great number, but it's in itself is not going to be a massive mover for the ITDS or Bel Fuse business.

我會說——考量到我們業務的性質，我不能說我們已經完全上線運轉，但我們開始看到這些效益。我們在他們產品的 BD 端多投資了一些，而且已經辨識出幾個機會。所以你會看到這些逐步反映出來。也請記得，從營收占比的角度來看，我們收購 dataMate 時其規模大約是 1,800 萬美元。所以如果你這樣想——當然 1,800 萬美元是很好的數字，但它本身不會對 ITDS 或 Bel Fuse 的業務造成非常巨大的推動。

Theodore O'Neill, Litchfield Hills Research.

Theodore O'Neill，Litchfield Hills Research。

Congratulations on the good quarter. I've just got one question here. Obviously, with Enercon, you're in a much better place to capitalize on the A&D spend in the EU. But I'm wondering, do you worry that it will cannibalize spend in the US levels?

恭喜這一季表現不錯。我這裡只有一個問題。顯然，透過 Enercon，你們在把握歐盟航太與國防（A&D）支出方面處於更有利的位置。但我想問的是，你們會擔心這會排擠（cannibalize）美國的支出水準嗎？

I think the -- if this was normal times where there was not a ramp or increase due to global events, maybe instead of buying American, they kind of start building, we could see that. But the reality of the matter is we're seeing big spend, whether it be NATO catching up, whether it be strengthening and -- driving resilience into the infrastructure in Europe as we think about Ukraine and the issues going on there. But also remembering that the US has also gained a lot of new customers in terms of sales, whether it be the Saudi, some of the other guys. So even if there's a little bit of a drawdown into the Europeans, which we hope to benefit from that, I think we're seeing also increased sales of US equipment and also consumption. So we don't think that's the case, and we definitely haven't seen it. Sure, maybe some things are shifting around. But ultimately, we want to make sure that we're capturing on both sides. So net-net, we do think that all things going on today in A&D is a net benefit to us, unfortunately, given the world that we're in today.

我認為——如果是在正常時期，沒有因全球事件而出現的加速或增加，也許他們不再買美國貨、而是開始自行建置，我們可能會看到那種情況。但事實是，我們看到的是大幅支出——不論是北約（NATO）補足缺口，或是歐洲在思考烏克蘭及當地局勢時，強化並把韌性導入基礎建設。同時也要記得，美國在銷售方面也新增了很多客戶，例如沙烏地以及其他一些國家。所以即便歐洲那邊有一點點拉動（drawdown），而我們也希望能從中受益，我認為我們同時也看到美國裝備的銷售增加以及使用量上升。因此我們不認為會是那樣，而且我們確實也沒有看到。當然，可能有些事情在重新分配。但最終，我們要確保兩邊都能掌握到。所以整體而言，我們確實認為當前 A&D 的各種發展對我們是淨利多——雖然很不幸地，這是基於我們今天所處的世界情勢。

Yes. The other thing I would say to that point is we're seeing more investments in new technologies, right? And we're seeing emergence of new players. So we feel like we have a pretty good job at tackling the change in the end markets here, whether it be geographic, technological or manufacturers. I feel like we're doing a pretty good job tackling it from all fronts here.

是的。另外我想補充的是，我們看到更多對新技術的投資，對吧？而且我們也看到新玩家的出現。所以我們覺得自己在因應終端市場的變化方面做得相當不錯——不論是地理、技術或製造商層面的變化。我覺得我們在各個面向都處理得很好。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗（Citigroup）。

And I apologize if this was asked earlier because I was on another call as well. But between the two segments, could you maybe peel a little bit about demand dynamics, how we should think about what's baked into the guidance here, both on the top line as well as how we think about gross margins because it did take a nice step up for the ITDS segment. I think, Farouq, you talked a little bit about price recovery here in the second half. So if you could just help us between the two segments, how we think about the gross margin ramp as well.

如果這個問題先前已有人問過，我先道歉，因為我同時也在另一通電話上。但在兩個事業部之間，你能否再多拆解一下需求動態，讓我們理解這次指引（guidance）中已反映了哪些假設——包括營收端（top line），以及我們該如何看待毛利率，因為 ITDS 事業部的毛利率確實有明顯上升。我想 Farouq 你提到下半年會有一些價格回復（price recovery）。所以如果你能協助我們理解兩個事業部之間，毛利率爬升（ramp）的看法也會很有幫助。

Maybe kind of looking at both segments separately, the main driver on ADRS was defense spend and production. And on the ITDS side, it was -- I'd say maybe the leader there was Data Solutions, but also from a percentage perspective, but we're seeing great things in terms of call it our industrial -- industrial technology business, which would include a large amount of other industrial type applications and rail and so on.

也許把兩個事業部各自分開來看，ADRS 的主要驅動因素是國防支出與生產。而在 ITDS 這邊，我會說領頭的是 Data Solutions（資料解決方案），從占比角度來看也是如此；同時我們在所謂的工業——工業科技業務方面也看到很好的表現，這其中包含大量其他工業類應用、鐵路等等。

But also, it cuts across both segments is the increase in distribution. So we're seeing it on all fronts from an end market perspective. And also same thing as we look at the bookings that came out in Q2 is kind of broad-based, which is kind of a good thing versus concentration.

另外，橫跨兩個事業部的還有通路分銷的增加。所以從終端市場的角度來看，我們在各個面向都看到了。同樣地，我們看 Q2 的訂單（bookings）也相當廣泛分散，這是一件好事，相較於集中在少數領域。

The other thing I would say on the gross margin piece because we put in let's call it, a holistic price increase in February and March. And we said we're not really going to see the benefit of that until Q3 into Q4. I would say the step-up in gross margin that happened in Q2 was operational leverage and thanks to a lot of internal work done by the team. So I would not characterize that as pricing.

關於毛利率的部分，我還想補充的是，因為我們在 2 月和 3 月進行了我們稱之為全面性的調價。而我們也說過，真正的效益要到 Q3 延伸到 Q4 才會看到。我會說，Q2 毛利率的提升主要來自營運槓桿，以及團隊做了大量內部工作的成果。所以我不會把那個描述為來自定價。

As we head into Q3, it will be a combination of operational leverage and some pricing. And because of -- as we can all appreciate, the pricing cost dynamic is still -- was a little bit still challenged in Q2, not as maybe big of a percentage, but Q2 had some pricing pressures as well heading into the next quarter in terms of bookings. So we'll see a little bit of both, but I'd probably argue that the most part of our gross margin step-up is going to be operational leverage in nature.

進入 Q3 之後，將會是營運槓桿加上一些定價的組合。而且因為——大家都能理解，價格與成本的動態在 Q2 仍然——仍有些挑戰，雖然可能不是那麼大的比例，但 Q2 也有一些定價壓力，並延續到下一季在訂單方面。所以我們會看到兩者都有一些影響，但我可能會主張，我們毛利率提升的大部分本質上仍會是營運槓桿。

And the other thing that I'll add is on the FX side, that was a large pressure point for us in Q2, especially with the Chinese renminbi and the Israeli shekel. And looking at those trends, they have both stabilized and starting to recover a tiny bit in the current weeks here. So we're just -- we're not expecting further downward pressure from Q2 to Q3 on FX. If anything, it looks like it may improve a little bit. So -- and that does have a big impact on our margins. So if those two currencies do move more favorably, that will also assist the margin expansion.

另外我還要補充的是外匯（FX）方面，這在 Q2 對我們是很大的壓力點，尤其是人民幣和以色列謝克爾。從這些趨勢來看，兩者都已經趨於穩定，並且在最近幾週開始小幅回升。因此我們——不預期外匯在 Q2 到 Q3 之間會有進一步的下行壓力。如果有的話，看起來反而可能會小幅改善。所以——而這確實會對我們的利潤率造成很大影響。因此如果這兩種貨幣走勢更有利，也將有助於利潤率擴張。

Hendi Susanto, Gabelli Funds.

Hendi Susanto，Gabelli Funds。

Great results. I'll squeeze my two questions into one. Farouq, would you be able to share the magnitude of the price increase? That's one. And then second, you talked about revenue rotation into favorable higher-margin products. Can you share more colors in terms of timing and which product lines or product groups or whether it's broad-based?

成果很棒。我把兩個問題擠成一個問。Farouq，你能否分享這次調價的幅度？這是第一個。第二，你提到營收會輪轉到更有利、毛利更高的產品。你能否分享更多細節，例如時間點、哪些產品線或產品群，或是是否屬於全面性的現象？

Yes. I appreciate the question here Hendi. I think our pricing -- remember, we have a lot of SKUs for a company our size and customers. So it was really a surgical effort around what input costs went up where, coupled with the ability for the market to tolerate it, right? We have to kind of make some serious decisions also along the lines of, well, what is it that we're working on and expect to coming up here. So when we kind of look at all of that, I would say it was pretty broad-based and a pretty wide range. So that's one, but I'm not going to put a specific percentage on that. I don't think that will do us well.

可以。Hendi，我很感謝這個問題。我想我們的定價——請記得，以我們這樣規模的公司而言，我們有很多 SKU 和客戶。所以這其實是一個相當精準的作業：針對哪些投入成本在哪裡上升，再搭配市場能夠承受的程度，對吧？我們也必須在某種程度上做出一些重要決策，例如我們正在做什麼、以及接下來預期會推出什麼。所以當我們把這些都納入考量時，我會說它相當廣泛、範圍也很大。這是第一點，但我不會給出一個具體百分比。我不認為那樣對我們有利。

And then the -- in terms of rotation, it's really within ITDS, I would say, and maybe more specifically, as we think about Data Solutions. We are seeing some nice wins and outcomes that maybe we want to kind of shift the portfolio and allocate resources. Again, I wouldn't say there's anything special about that or unique. I think that's a very normal business going. My guess is we'll start rotating some of that and having these discussions and impacts as we head into, I don't know, Q4 into 2027.

至於輪轉（rotation），我會說主要是在 ITDS 內部，或更具體地說，當我們談到 Data Solutions（資料解決方案）時。我們看到一些不錯的勝出案與成果，讓我們可能想要調整產品組合並重新配置資源。同樣地，我不會說這有什麼特別或獨特之處。我認為這是很正常的經營運作。我猜我們會在接下來開始做一些輪轉，並在我們邁向——我不知道——Q4 到 2027 年期間，進行這些討論並看到影響。

We'll be measured, obviously, in our approach. But I think we have more than enough growth here to handle the business, right? So partially as we to continue to grow and continue to pay our bills and get the operational leverage. So it's a little bit of a balance, but we're not looking to commit to a dollar amount on that because I think it will be a little too arbitrary.

當然，我們會以審慎的方式來推進。但我認為我們這裡的成長動能已經綽綽有餘，足以支撐業務，對吧？所以部分是隨著我們持續成長、持續支付各項費用並取得營運槓桿。因此這需要一些平衡，但我們不打算對此承諾一個金額，因為我認為那會有點過於武斷。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Farouq Tuweiq for closing comments.

我們的問答環節到此結束。現在我想把時間交還給 Farouq Tuweiq 作結語。

So thank you, everyone, for joining our call today. We definitely enjoy-- these questions here. We think we have an exciting story, and we continue to deliver despite some of the choppiness out in the market. So we're excited to be halfway at the year here and continue to look to hopefully a good close for the year. So thank you again for everyone for their vote of confidence. Looking forward to our next call, and everybody, enjoy the rest of your summer.

所以謝謝各位今天加入我們的電話會議。我們確實很享受——這些問題。我們認為我們有一個令人振奮的故事，而且即使市場有些波動，我們仍持續交出成果。所以我們很高興今年已經走到一半，並且希望今年能有一個好的收尾。也再次感謝各位對我們的信任與支持。期待下一次的電話會議，也祝大家夏天剩下的時光愉快。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。