EnerSys (ENS) 2025 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to the third quarter fiscal 2025 and EnerSys earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加 2025 財年第三季及 EnerSys 財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Lisa Hartman, Vice President, Investor Relations and Corporate Communications. Please go ahead.

現在，我想將會議移交給投資者關係和企業傳播副總裁麗莎哈特曼 (Lisa Hartman)。請繼續。

Good morning, everyone. Thank you for joining us today to discuss EnerSys third quarter fiscal 2025 results. On the call with me today are David Shaffer, EnerSys' Chief Executive Officer; Shawn O'Connell, EnerSys' President and Chief Operating Officer; and Andrea Funk, EnerSys' Executive Vice President and Chief Financial Officer.

大家早安。感謝您今天加入我們討論 EnerSys 2025 財年第三季業績。今天與我一起通話的有 EnerSys 的執行長 David Shaffer； EnerSys 總裁兼營運長 Shawn O'Connell；以及 EnerSys 執行副總裁兼財務長 Andrea Funk。

Last evening, we published our third quarter 2025 results and our 10-Q with the SEC which are available on our website. We also posted slides that we will be referencing during the call. The slides are available on the presentations page within the Investor Relations section of our website.

昨晚，我們發布了 2025 年第三季業績以及向美國證券交易委員會提交的 10-Q 報告，可在我們的網站上查閱。我們也發布了通話期間將要參考的幻燈片。您可在我們網站「投資者關係」部分內的簡報頁面上找到這些投影片。

As a reminder, we will be presenting certain forward-looking statements on this call that are subject to uncertainties and changes in circumstances. Our actual results may differ materially from these forward-looking statements for a number of reasons. These statements are made only as of today.

提醒一下，我們將在本次電話會議上提出一些前瞻性陳述，這些陳述可能會受到不確定性和情況變化的影響。由於多種原因，我們的實際結果可能與這些前瞻性陳述有重大差異。這些聲明僅截至今天為止。

For a list of forward-looking statements and factors that could affect our future results, please refer to our recent form 8-K and 10-K filed with the SEC. In addition, we will be presenting certain non-GAAP financial measures particularly concerning our adjusted consolidated operating earnings performance, free cash flow adjusted diluted earnings per share and adjusted EBITDA, which excludes certain items.

有關前瞻性陳述和可能影響我們未來結果的因素的列表，請參閱我們最近向美國證券交易委員會提交的 8-K 和 10-K 表格。此外，我們將列出某些非公認會計準則財務指標，特別是有關我們的調整後綜合營業利潤表現、自由現金流調整後每股攤薄收益和調整後息稅折舊攤銷前利潤（不包括某些項目）。

For an explanation of the difference between the GAAP and non-GAAP financial metrics, please see our company's form 8-K which includes our press release dated February 5, 2025.

有關 GAAP 和非 GAAP 財務指標之間差異的解釋，請參閱我們公司的 8-K 表格，其中包括我們在 2025 年 2 月 5 日發布的新聞稿。

Now I'll turn the call over to EnerSys' CEO, Dave Shaffer.

現在我將電話轉給 EnerSys 的執行長 Dave Shaffer。

Thank you, Lisa and good morning. Please turn to slide 4 for a review of our third quarter performance. Q3 marked a return to growth. We executed well, increasing profitability and improving but still mixed market conditions. Revenue was up 5% year over year supported by contributions from Bren-Tronics and a gradual recovery in the US communications market.

謝謝你，麗莎，早安。請翻到投影片 4 回顧我們第三季的表現。第三季標誌著恢復成長。我們表現良好，獲利能力提高，市場狀況改善但仍然好壞參半。得益於Bren-Tronics的貢獻和美國通訊市場的逐步復甦，營收年增5％。

Our year over year revenue increase was somewhat below our expectations, primarily due to FX headwinds a slower than anticipated ramp in US communication spend and the impact of a large motor power customers plant disruption in EMEA. We realized impressive margin expansion even before the IRA, driven by strong price mix across all lines of business.

我們的年比收入成長略低於我們的預期，主要由於外匯逆風、美國通訊支出成長慢於預期以及歐洲、中東和非洲地區大型電機電力客戶工廠中斷的影響。在 IRA 之前，我們就已經實現了令人矚目的利潤率擴張，這得益於所有業務線強勁的價格組合。

The accretive contributions of Bren-Tronics and operational improvements in energy systems. Adjusted EPS excluding IRA benefit was up 10% year over year and was up 22% inclusive of the IRA benefits. Free cash flow was down year over year, but increased substantially versus prior quarter, driven by higher earnings and a reduction in primary operating capital while continuing to make strategic investments.

Bren-Tronics 的增值貢獻和能源系統的營運改進。不包括 IRA 福利的調整後每股盈餘年增 10%，包括 IRA 福利的調整後每股盈餘年增 22%。自由現金流年減，但較上一季大幅增加，這得益於收益增加、主要營運資本減少以及持續進行策略性投資。

While market demand has yet to return to normal levels, we believe we have surpassed the inflection point. We are seeing a gradual recovery in the US communications market and early indications of an upturn in the Class 8 OEM transportation sector.

雖然市場需求尚未恢復到正常水平，但我們相信已經跨越了轉折點。我們看到美國通訊市場正在逐步復甦，並且 8 級 OEM 運輸業也出現了回升的早期跡象。

At the same time, we are executing our transformation initiatives further optimizing our energy systems business and our Missouri plants in order to be best positioned for growth and flexibility at lower costs as demand continues to rebound.

同時，我們正在實施轉型計劃，進一步優化我們的能源系統業務和密蘇裡州工廠，以便在需求持續反彈的情況下以較低的成本實現最佳成長和靈活性。

We are seeing promising demand indicators and positive momentum across our business particularly as we approach the end of our fiscal year. Overall orders increase year over year with Energy Systems Americas showing over 30% order growth in Q3. We have revised our full year guidance to reflect our Q3 performance and expectations for significant growth in Q4 over prior year.

我們看到整個業務的需求指標和勢頭都呈現良好勢頭，尤其是在接近財政年度結束時的情況。整體訂單量較去年同期成長，其中美國能源系統公司第三季訂單量成長超過 30%。我們已修改全年業績預期，以反映我們第三季的業績以及對第四季較上年同期大幅成長的預期。

Excluding the impact of the IRA, our Q4 guidance at the midpoint represents year over year revenue growth of 8% and an increase in adjusted EPS of nearly $0.60 per share or approximately 50%. We remain confident in our strategic direction and the substantial growth opportunities emerging across our portfolio.

排除 IRA 的影響，我們對第四季度的中位數預測表明，收入同比增長 8%，調整後每股收益增加近 0.60 美元，約 50%。我們對我們的策略方向和投資組合中出現的巨大成長機會仍然充滿信心。

Shawn and Andy will give details by line of business on our third quarter fiscal '25 financial performance and outlook, but I will first provide a few highlights on our strategy and execution. I'd like to share some high level thoughts on the evolving policy landscape as the US administration implements new executive actions.

肖恩和安迪將按業務線詳細介紹我們 25 財年第三季的財務業績和前景，但我將首先介紹一些我們策略和執行的亮點。我想分享一些高層的想法關於美國政府實施新的行政措施之際政策格局的演變。

We have been proactively assessing tariff scenarios and refining our supply chain strategies over the past two months, and we have already begun to undertake actions to optimize inventory and manufacturing processes to mitigate potential cost increases.

過去兩個月來，我們一直在積極評估關稅情景並完善我們的供應鏈策略，並且我們已經開始採取行動優化庫存和製造流程，以減輕潛在的成本增加。

In addition, given our strong and reasonable commercial relationships, we would enact swift and fair pricing actions as necessary. Our ability to navigate dynamic market conditions as we have successfully demonstrated through prior supply chain disruptions and tariff regulations is one of our strengths, positioning us for long-term success in an evolving environment.

此外，鑑於我們牢固且合理的商業關係，我們將根據需要採取迅速而公平的定價行動。我們的優勢之一就是我們能夠應對動態的市場條件，正如我們在先前的供應鏈中斷和關稅監管中成功證明的那樣，這使我們能夠在不斷變化的環境中取得長期成功。

Additionally, while it is possible that policy changes could impact the timing of our recent DOE funding and ultimate project plan delivery date as 90-day administrative review processes are underway, we cannot speculate on the outcomes but remain optimistic due to the importance of our products and planned investment for national security, domestic supply assurance and American manufacturing job creation.

此外，雖然由於 90 天的行政審查程序正在進行中，政策變化可能會影響我們最近的 DOE 資金時間和最終項目計劃交付日期，但我們無法推測結果，但仍保持樂觀，因為我們的產品和計劃投資對國家安全、國內供應保障和美國製造業創造就業機會的重要性。

Therefore, we are moving forward with a disciplined, risk mitigation approach, ensuring our execution plans remain agile and adaptable. One area of bipartisan consensus is the importance of a robust domestic supply chain, particularly for defense related products.

因此，我們正在採取嚴謹的風險緩解方法，確保我們的執行計劃保持靈活和適應性。兩黨共識之一就是強大的國內供應鏈的重要性，特別是對於國防相關產品。

EnerSys is well positioned to support the US government efforts in this area, reinforcing our role as a trusted partner in energy storage solutions, which would be further enhanced by our planned lithium gigafactory.

EnerSys 完全有能力支持美國政府在這一領域的努力，鞏固我們作為能源儲存解決方案領域值得信賴的合作夥伴的地位，而我們計劃中的鋰超級工廠將進一步增強這一地位。

Please turn to slide 5. We remain at the forefront of innovation, introducing cutting-edge products such as software driven energy management systems. These advancements equip our customers with adaptable and efficient solutions that evolve alongside their needs. We recognized our first revenue from our fast charge and storage system marking an important milestone for the company.

請翻到投影片 5。我們始終站在創新的前沿，推出了軟體驅動的能源管理系統等尖端產品。這些進步為我們的客戶提供了適應性強、高效的解決方案，可隨著他們的需求而不斷發展。我們從快速充電和儲存系統中獲得了第一筆收入，這是該公司的一個重要里程碑。

We are leveraging our Fast Charge and Storage Lithium and software technology to accelerate the development of a new battery energy storage system for a Motive Power warehouse and distribution center customers. We are designing the solution to tackle power continuity challenges, costly infrastructure upgrades, long lead times and limited flexibility, barriers that often slow electrification efforts.

我們正在利用我們的快速充電和儲存鋰和軟體技術來加速為 Motive Power 倉庫和配送中心客戶開發新的電池儲能係統。我們正在設計解決方案來應對電力連續性挑戰、昂貴的基礎設施升級、較長的交貨時間和有限的靈活性，這些障礙往往會阻礙電氣化進程。

Our BESS will enable peak shaving, power factor correction and optimum energy use. Engineered for rapid deployment and semi portability, our BESS will enhance flexibility and efficiency for our customers' operations. We look forward to previewing this new solution at both (inaudible) trade shows beginning this march.

我們的 BESS 將實現峰值調節、功率因數校正和最佳能源利用。我們的 BESS 採用快速部署和半便攜性設計，將提高客戶營運的靈活性和效率。我們期待在三月開始的兩個（聽不清楚）貿易展會上預覽這項新解決方案。

We will also be previewing our next generation charging solutions at both trade shows. This advanced line delivers exceptional efficiency and performance featuring two-way data and energy flow capabilities to optimize energy use.

我們還將在兩個貿易展會上預覽我們的下一代充電解決方案。此先進的生產線具有卓越的效率和性能，具有雙向數據和能量流功能，可優化能源使用。

Alongside our BESS, these solutions offer cloud-based data reporting for enhanced energy and operational management. Together, they lay the foundation for on-site microgrids, enabling our customers to efficiently store, manage and utilize energy.

除了我們的 BESS 之外，這些解決方案還提供基於雲端的數據報告，以增強能源和營運管理。它們共同為現場微電網奠定了基礎，使我們的客戶能夠有效率地儲存、管理和利用能源。

We are also pleased to announce that Wi-iQ battery monitoring devices are now standard on all applicable Motive Power products sold in North America, which is an integral first step in enabling new value-added services through our IoT strategy. Wi-iQ provides fleet managers with performance insights and analytics, enabling data driven decisions that optimize energy consumption, improve battery management and extend asset life.

我們也很高興地宣布，Wi-iQ 電池監控設備現在已成為北美銷售的所有適用 Motive Power 產品的標準配置，這是透過我們的物聯網策略實現新的增值服務的重要第一步。Wi-iQ 為車隊管理人員提供效能洞察和分析，透過數據驅動的決策來優化能源消耗、改善電池管理並延長資產壽命。

This technology reduces downtime, lowers operational costs and enhances sustainability, delivering measurable value to our customers while reinforcing EnerSys as the leader in intelligent energy management solutions.

這項技術減少了停機時間、降低了營運成本並提高了永續性，為我們的客戶提供了可衡量的價值，同時鞏固了 EnerSys 作為智慧能源管理解決方案領導者的地位。

Our thoughts are with those impacted by the recent wildfires in Los Angeles and we extend our deepest sympathies to those affected communities. While it is unfortunate that our solutions were needed, we are proud that our Alpha XRT extended runtime power systems performed as expected, delivering 72 hour backup power to keep emergency services, telecommunications networks and critical infrastructure connected when it mattered most.

我們對最近洛杉磯山火中受到影響的人們表示深切的慰問，並向受影響的社區表示最深切的同情。儘管很遺憾我們的解決方案無法滿足需求，但我們很自豪我們的 Alpha XRT 延長運行時間電源系統能夠按預期運行，提供 72 小時備用電源，在最關鍵的時刻保持緊急服務、電信網路和關鍵基礎設施的連接。

With over 5,000 XRT power modules deployed across California, this crisis reinforced the reliability and resilience of our technology. I also want to recognize the incredible efforts of our field service teams who provided on the ground support to our customers, ensuring seamless deployment, maintenance and rapid response during the emergency.

我們在加州部署了超過 5,000 個 XRT 電源模組，這場危機增強了我們技術的可靠性和彈性。我還要讚揚我們的現場服務團隊所做的巨大努力，他們為我們的客戶提供了地面支持，確保了緊急情況下的無縫部署、維護和快速回應。

As extreme weather events become more frequent, our commitment to delivering high performance energy solutions remains stronger than ever as it becomes increasingly critical to our customers and the communities they serve.

隨著極端天氣事件變得越來越頻繁，我們對提供高效能能源解決方案的承諾比以往任何時候都更加堅定，因為它對我們的客戶及其服務的社區變得越來越重要。

We continue to focus on optimizing the business as well. Our investment in our Missouri factories have significantly progressed operational flexibility allowing us to better adapt to shifts in customer demand while driving long-term efficiency gains.

我們將繼續致力於優化業務。我們對密蘇裡州工廠的投資顯著提高了營運靈活性，使我們能夠更好地適應客戶需求的變化，同時提高長期效率。

These enhancements remain on track for completion by the end of the fiscal year and position us for sustained operational excellence and growth as is evidenced by our teams achieving a 20% year over year improvement in both our Springfield 1 scrap rate and our global TPPL scrap rate fiscal year-to-date.

這些改進將在本財年結束前完成，並使我們能夠持續實現卓越營運和成長，這一點從我們的團隊在本財年迄今的斯普林菲爾德 1 號廢品率和全球 TPPL 廢品率同比均提高了 20% 就可以看出。

This quarter, we continue to accelerate the business through our transformation strategy. I am pleased to report that Bren-Tronics acquisition is contributing to revenue and earnings above our expectations and all major US integration milestones are complete.

本季度，我們持續透過轉型策略加速業務發展。我很高興地報告，Bren-Tronics 的收購對我們收入和收益的貢獻超出了我們的預期，並且所有主要的美國整合里程碑都已完成。

Please turn to slide 6. We were proud to receive several recognitions this quarter, including being named to Newsweek's list of America's most responsible companies and receiving the 2025 Military Friendly Employee designation for the second year in a row.

請翻到幻燈片 6。我們很榮幸本季獲得多項認可，包括被《新聞周刊》評為美國最具責任感的公司之一，並連續第二年獲得 2025 年軍事友好員工稱號。

In closing, we anticipate dynamic conditions to persist in the coming months as markets absorb evolving US administrative executive actions. We have successfully managed through similar external challenges in the past and our operational flexibility is even better than before. We are confident that we are well on track for continued topline and profit expansion as we close the fiscal year.

最後，隨著市場逐漸吸收美國行政部門的行動，我們預計未來幾個月動態狀況將持續存在。我們過去成功應對了類似的外部挑戰，我們的營運彈性甚至比以前更好。我們有信心，在財政年度結束時，我們的營業額和利潤將繼續保持成長。

I will now turn it over to Shawn to take you through more details of our operations. Shawn?

現在我將把話題交給肖恩，讓他向大家介紹我們營運的更多細節。肖恩？

Thank you, Dave. Please turn to slide 8. Before I dive into the details of our performance this quarter, I want to take a moment to express my enthusiasm for the strong execution I've seen from our team over the past few months. It's been a privilege to step into this expanded leadership role.

謝謝你，戴夫。請翻到第 8 張投影片。在深入介紹本季的業績細節之前，我想花點時間表達我對過去幾個月我們團隊強勁執行力的熱情。我很榮幸能夠擔任這項重要的領導職責。

One of my first priorities has been ensuring we have the right leadership in place to sustain our momentum and accelerate our progress. We are very pleased to have Keith Fisher come on board as President of our Energy Systems Business.

我的首要任務之一是確保我們擁有正確的領導來保持我們的發展勢頭並加快我們的進步。我們非常高興 Keith Fisher 能夠擔任我們能源系統業務總裁。

With experience managing dozens of international sites and executing complex global strategies and multi-billion dollar businesses, Keith brings tremendous capabilities and execution, operational excellence and services transformation to EnerSys. As I step closer to assuming the role of CEO in May, I have been deeply engaged in listening to our employees, customers, Board members and shareholders.

憑藉管理數十個國際站點、執行複雜的全球策略和數十億美元業務的經驗，Keith 為 EnerSys 帶來了強大的能力和執行力、卓越營運和服務轉型。隨著我將於五月進一步擔任執行長一職，我一直在深入地傾聽我們的員工、客戶、董事會成員和股東的意見。

This process has reinforced my confidence in the incredible opportunities ahead opportunities. We are uniquely positioned to seize by leveraging our leading market position to help our customers solve their mounting energy and labor challenges.

這個過程增強了我對未來難以置信的機會的信心。我們利用領先的市場地位，幫助客戶解決日益嚴峻的能源和勞動力挑戰，以獲得獨特的優勢。

These important conversations and observations have solidified my conviction in the strategic actions I plan to lead and have helped me begin to frame our execution plan and financial targets as we build on the strong foundation established under Dave's leadership.

這些重要的對話和觀察堅定了我對我計劃領導的策略行動的信念，並幫助我開始製定我們的執行計劃和財務目標，因為我們將在戴夫領導下建立的堅實基礎上再接再厲。

Our focus will be to reprioritize our growth verticals, expand our service capabilities and optimize our operational efficiencies, areas in which we have significant opportunities to unlock value. While I look forward to sharing more details of this strategy in the coming quarters, I can confidently say that I have never been more excited about the future of EnerSys and the potential we have to drive sustained growth and enhance shareholder value.

我們的重點是重新調整我們的垂直成長領域，擴大我們的服務能力，並優化我們的營運效率，在這些領域我們有很大機會釋放價值。我期待在未來幾季分享有關該策略的更多細節，同時我可以自信地說，我從未像現在這樣對 EnerSys 的未來以及我們推動持續成長和提高股東價值的潛力感到興奮。

Now I'll provide some detail on the performance of the Energy Systems business. I am extremely pleased with the team's execution, delivering a 77% year over year increase in adjusted operating earnings on a 4% year over year increase in revenue. Q3 marked the first year-over-year revenue gains in six quarters and the first year over year increase in operating earnings in five quarters.

現在我將提供有關能源系統業務表現的一些詳細資訊。我對團隊的執行力感到非常滿意，調整後的營業收入年增 77%，營收年增 4%。第三季是公司六個季度以來首次營收年增，五個季度以來首次營業收入年增。

Both sequential and year over year profit growth was driven by the structural improvement actions we have taken beginning to be visible in our financial results along with recovering spending by our US Communications customers.

連續和同比的利潤成長都得益於我們採取的結構性改善行動，這些行動已開始在我們的財務表現中顯現出來，同時我們的美國通訊客戶支出也在恢復。

Demand indicators for this business are positive, while EMEA orders remain muted, America's year over year order rates were up across all end markets with communications up nearly 40% and data center up approximately 25%. While spending has not yet returned to prior deployment levels, the increase in activity alongside rising order volumes confirms that the indicators we have been tracking over the past two quarters are now beginning to translate into realized revenue.

該業務的需求指標是積極的，儘管 EMEA 地區的訂單仍然低迷，但美國所有終端市場的同比訂單率均有所上升，其中通訊市場增長近 40%，數據中心市場增長約 25%。雖然支出尚未恢復到先前的部署水平，但活動的增加和訂單量的上升證實了我們過去兩個季度一直追蹤的指標現在已經開始轉化為實際收入。

As anticipated, the deferral of network resiliency investment could only last so long. Encouragingly, we are also witnessing early project work and network expansion investments beginning to take shape in US Communications, largely driven by AI, data demand broadly across the industry.

正如預期的那樣，網路彈性投資的延遲只能持續一段時間。令人鼓舞的是，我們也看到美國通訊的早期專案工作和網路擴展投資開始成形，這主要受到人工智慧和整個產業的數據需求的推動。

Lower interest rates and the continued surge in AI driven data consumption driving last mile connectivity demand should spark broader network expansion. As an example, one of our largest customers just increased their outlook by 20% for a core telecommunications power project.

較低的利率和人工智慧驅動的數據消費的持續激增將推動最後一英里的連接需求，這將引發更廣泛的網路擴張。例如，我們的一個最大客戶剛剛將核心電信電力專案的預期提高了 20%。

Motive Power performed in line with prior year with our higher margin proprietary maintenance free offerings, driving positive price mix. In Q3, sales of these products were up 17% year over year, representing 27% of total Motive Power sales, up from 23% in the prior year.

動力電源的表現與去年同期一致，得益於我們利潤率更高的專有免維護產品，推動了積極的價格組合。第三季度，這些產品的銷售額年增 17%，佔 Motive Power 總銷售額的 27%，高於去年的 23%。

This shift underscores the strength of our competitive positioning and our ability to drive pricing and mix improvements. We are accelerating the introduction of lithium and IoT-enabled product offerings to further enhance our customers' experience.

這項轉變凸顯了我們的競爭優勢以及推動定價和產品組合改進的能力。我們正在加快推出鋰和物聯網產品，以進一步增強客戶體驗。

Q3 results reflected some headwinds from FX and onetime events that we do not expect to repeat in Q4 including a large customer plant disruption in EMEA which came back online this quarter. While Motive Power volume growth has been relatively soft this year, looking forward, demand indicators are encouraging. And industry data continues to support our expectations of mid, long-term market growth opportunities.

第三季的業績反映了外匯和一次性事件帶來的一些不利因素，我們預計這些因素不會在第四季度重演，其中包括歐洲、中東和非洲地區一家大型客戶工廠的停產，該工廠本季已恢復生產。儘管今年動力電池銷量成長相對疲軟，但展望未來，需求指標令人鼓舞。產業數據持續支持我們對中長期市場成長機會的預期。

To that point, although recent industry data shows a year over year decline in the Americas, there was a significant order rate improvement in December, the strongest month this calendar year. And industry experts continue to anticipate lift truck shipments to reach near double-digit growth for the next calendar year.

到目前為止，儘管最近的行業數據顯示美洲地區的訂單量比去年同期下降，但 12 月的訂單率顯著改善，是今年最強勁的月份。產業專家持續預測明年堆高機出貨量將達到近兩位數的成長。

Our book to bill ratio is above 1 and our global backlog remains healthy nearly 2 times historic levels. And while we are experiencing general economic weakness in EMEA with the automotive sector, causing some broad near-term pressure in the region, our pricing discipline mix optimization and strategic product introductions are driving stability and earnings and positioning Motive Power for long term success.

我們的訂單出貨比高於1，全球積壓訂單仍維持健康狀態，幾乎是歷史水準的2倍。儘管歐洲、中東和非洲地區（EMEA）的汽車行業普遍遭遇經濟疲軟，導致該地區在短期內面臨普遍壓力，但我們的定價原則組合優化和戰略產品推出正在推動穩定性和盈利能力，並為 Motive Power 的長期成功做好準備。

In specialty, we delivered significant year over year, quarter over quarter improvements in both revenue and adjusted operating earnings driven by strong performance in aerospace and defense, supported by the outperformance of our Bren-Tronics acquisition.

在專業領域，由於航空航太和國防領域的強勁表現，以及我們對 Bren-Tronics 的收購，我們在收入和調整後營業收入方面實現了同比和環比顯著增長。

Growth in Bren-Tronics was fueled by robust demand for chargers, soldier power and expeditionary power systems as well as increased customer confidence now with EnerSys financial backing which has led to discussions around larger longer-term orders, a testament to the value of the strategic relationship.

Bren-Tronics 的成長得益於對充電器、士兵電源和遠徵電源系統的強勁需求，以及現在有了 EnerSys 的資金支持後客戶信心增強，這引發了有關更大規模長期訂單的討論，證明了戰略關係的價值。

The impressive A&D results were partially offset by continued soft but stable volumes in Class 8 truck OEM demand that is beginning to show signs of recovery. Looking at demand trends, our US transportation Q3 '25 book-to-bill ratio was over 1.4 reflecting new account wins and aftermarket growth.

令人印象深刻的 A&D 業績被 8 級卡車 OEM 需求持續疲軟但穩定所部分抵消，且 8 級卡車 OEM 需求已開始出現復甦跡象。從需求趨勢來看，我們美國運輸業 25 年第三季的訂單出貨比超過 1.4，反映了新帳戶的贏得和售後市場的成長。

Recent industry data shows North American class 8 truck net orders were up 29% over prior year in December. This data combined with positive growing backlog in Americas gives us confidence we have hit the bottom and we should see this business return to growth in the coming quarters.

最近的行業數據顯示，12 月份北美 8 級卡車淨訂單比去年同期增長了 29%。這些數據加上美洲地區積壓訂單的正面成長讓我們有信心，我們已經觸底，我們應該會看到這項業務在未來幾季恢復成長。

With strong momentum and Bren-Tronics and broader A&D, coupled with signs of recovery and transportation markets and our Missouri plant investments coming online, our specialty business is well positioned for continued growth and profit expansion.

憑藉強勁的發展勢頭以及 Bren-Tronics 和更廣泛的 A&D，再加上復甦和運輸市場的跡像以及我們在密蘇裡工廠的投資上線，我們的特種業務已準備好繼續增長和利潤擴大。

Now I'll turn it over to Andy to discuss our financial results and outlook in greater detail. Andy?

現在我將讓安迪更詳細地討論我們的財務表現和前景。安迪？

Thanks, Shwan. Please turn to slide 10. Third quarter net sales of $906 million were up 5% from prior year, driven by a 2% increase in organic volume, largely on energy systems, communications, early recovery and strength in data centers as well as 2% positive price mix across all lines of business but Motive Power in particular and a 3% positive impact from the Bren-Tronics acquisition, partially offset by a 2% FX headwind.

謝謝，Shwan。請翻到第 10 張投影片。第三季淨銷售額為 9.06 億美元，比上年增長 5%，主要得益於有機銷量增長 2%，這主要得益於能源系統、通信、數據中心的早期復甦和實力，以及除動力之外所有業務線 2% 的積極價格組合，以及收購 Bren-Tronics 帶來的 3% 的積極影響，但逆風影響了這一部分的積極影響。

We achieved adjusted gross profit of $299 million, up $35 million year on year and up $19 million excluding the IRA benefits. Q3 '25 adjusted gross margin of 33% was up over 200 basis points versus prior year. Excluding the IRA, adjusted gross margin was up 80 basis points despite some headwinds from commodity hedge timing and FX.

我們實現調整後毛利2.99億美元，比去年同期增加3,500萬美元，扣除IRA福利則增加1,900萬美元。25 年第三季調整後毛利率為 33%，較上年同期上升了 200 個基點。不包括 IRA，儘管商品對沖時機和外匯方面存在一些阻力，調整後的毛利率仍上漲了 80 個基點。

Our adjusted operating earnings were $155 million in the quarter, up $25 million versus prior year with an adjusted operating margin of 17.1%. Excluding IRA benefits, adjusted operating earnings increased $9 million or 13% on 5% revenue growth, driving a 60 basis point margin improvement over prior year.

本季我們的調整後營業收入為 1.55 億美元，較上年同期成長 2,500 萬美元，調整後營業利潤率為 17.1%。不包括 IRA 福利，調整後的營業收入增加了 900 萬美元，增幅為 13%，收入增長了 5%，推動利潤率較上年提高 60 個基點。

Adjusted EBITDA was $171 million, an increase of $27 million versus prior year. While adjusted EBITDA margins was 18.9%, up 220 basis points versus prior year. Adjusted EPS for the third quarter came in above the high-end of our guidance range at $3.12 per share, an increase of 22% over prior year.

調整後 EBITDA 為 1.71 億美元，較前一年增加 2,700 萬美元。調整後的 EBITDA 利潤率為 18.9%，較上年同期上升了 220 個基點。第三季調整後每股盈餘高於我們預期範圍的高位，為每股 3.12 美元，較上年同期成長 22%。

Excluding IRA, adjusted EPS was up $0.12 per share versus prior year, but down $0.08 sequentially after absorbing over $0.20 per share of pressure collectively from FX as well as commodity hedge timing and tax rate phasing that will not repeat in the fourth quarter.

不包括 IRA，調整後的每股收益較上年同期上漲 0.12 美元，但環比下降 0.08 美元，因為外匯、商品對沖時機和稅率階段性因素共同造成了每股超過 0.20 美元的壓力，而這種情況在第四季度不會重演。

In the third quarter of fiscal '25, our effective tax rate was 9.4% on an as reported basis and 23.3% on an as adjusted basis before the benefit of the IRA compared to 20% in Q3 of '24 and 19.4% in prior quarter. Our Q3 '25 tax rate was impacted by a phasing of tax recognition in the period due to the increase of pre-tax income from the additional IRA tax benefit we recorded this quarter, much of which will offset in Q4.

在 2025 財年第三季度，我們的有效稅率按報告基礎計算為 9.4%，以 IRA 收益前調整後基礎計算為 23.3%，而 2024 年第三季度為 20%，上一季為 19.4%。由於本季我們記錄的額外 IRA 稅收優惠導致稅前收入增加，我們 25 年第三季的稅率受到了期間稅務確認分階段的影響，其中大部分將在第四季度抵消。

Let me now provide some details by segment. Please turn to slide 11. In the third quarter, Energy Systems revenue increased 4% from prior year to $389 million, primarily driven by increased volumes and partially offset by FX pressure. Revenue was up approximately $7 million sequentially, the second consecutive increase as we continue to see improvement in these end markets.

現在讓我按部分提供一些細節。請翻到第 11 張投影片。第三季度，能源系統營收較上年同期成長 4% 至 3.89 億美元，主要由於銷售成長，部分抵銷了外匯壓力。由於我們繼續看到這些終端市場的改善，營收季增約 700 萬美元，這是連續第二次成長。

Adjusted operating earnings of $25 million grew for the fourth consecutive quarter, reflecting the increased revenue on top of the optimized cost structure and were almost $11 million higher than prior year. Adjusted operating margin of 6.5% increased 270 basis points over a prior year.

調整後的營業收入連續第四個季度成長 2,500 萬美元，反映出成本結構優化的同時收入增加，比去年同期高出近 1,100 萬美元。調整後營業利益率為 6.5%，較前一年增加 270 個基點。

We exited the quarter with encouraging order trends in this business and expect to deliver further margin expansion as revenue recovers and we continue with our structural improvement effort. As Keith assumes the reins, he is committed to holding headcount efficiencies while the business picks up, creating operating leverage on top of further actions he plans to take.

本季結束時，該業務的訂單趨勢令人鼓舞，預計隨著收入的恢復和我們繼續進行結構性改進，利潤率將進一步擴大。基斯接任後，致力於在業務回升的同時保持員工效率，並在計劃採取的進一步行動之上創造經營槓桿。

Please turn to slide 12. Versus prior year, Motive Power revenue increased 1% to $359 million as positive price mix and volume offset foreign exchange headwinds. As Shawn mentioned, volume was temporarily impacted by a plant disruption at our largest customer shipped to location in EMEA.

請翻到第 12 張投影片。與去年同期相比，由於積極的價格組合和銷售抵消了外匯不利因素，Motive Power 的收入成長了 1%，達到 3.59 億美元。正如肖恩所提到的，由於我們最大的客戶位於歐洲、中東和非洲地區的工廠中斷，出貨量暫時受到影響。

Motive Power again reported strong adjusted operating earnings this quarter, contributing $53 million in line with prior year and supported by ongoing OpEx discipline. Adjusted operating margins were 14.7% relatively flat to prior year.

本季度，Motive Power 再次報告了強勁的調整後營業利潤，貢獻了 5,300 萬美元，與去年同期持平，並受到持續營運支出控制的支持。調整後營業利益率為 14.7%，與前一年相比持平。

We remain optimistic coming out of Q3 with good visibility from industry data as well as our own order book. With solid operational execution and higher maintenance free TPPL volume, we expect healthy margin expansion in the fourth quarter.

從行業數據和我們自己的訂單情況來看，我們對第三季仍然持樂觀態度。憑藉穩健的營運執行和更高的免維護 TPPL 量，我們預計第四季度利潤率將健康成長。

Please turn to slide 13. Specialty revenue increased 17% from prior year to $155 million, driven by a 21% positive impact from the Bren-Tronics acquisition and a 2% increase in price mix, partially offset by a 6% decline in organic volumes with volumes increasing 4%, sequentially.

請翻到第 13 張投影片。特種產品收入較上年增長 17%，達到 1.55 億美元，這得益於 Bren-Tronics 收購帶來的 21% 的積極影響以及價格組合上漲 2%，但有機銷量下降 6%（環比增長 4%）部分抵消了這一影響。

Q3 '25 adjusted operating earnings of $10 million were up approximately $2 million versus prior year with an adjusted operating margin of 6.2%, up 50 basis points. Margins are steadily moving toward our target range of low double digits.

25 年第三季調整後營業收入為 1,000 萬美元，較前一年增加約 200 萬美元，調整後營業利潤率為 6.2%，上漲 50 個基點。利潤率正穩定地向我們目標範圍（低兩位數）靠攏。

We are confident that we will see ongoing revenue and margin expansion over the next several quarters driven by improved absorption and costs in our Missouri plants, benefits from the Bren-Tronics acquisition and growth in our higher margin transportation aftermarket volume.

我們相信，由於密蘇里工廠吸收能力和成本的提高、收購 Bren-Tronics 帶來的好處以及利潤率更高的運輸售後市場銷量的增長，未來幾個季度我們的收入和利潤率將持續擴大。

Please turn to slide 14. Positive operating cash flow of $81 million offset by CapEx of $24 million resulted in free cash flow of $57 million in the quarter. Note that the benefit of our IRA credits have not yet had the full positive impact on our cash flow this fiscal year.

請翻到第 14 張投影片。8,100 萬美元的正營運現金流扣除 2,400 萬美元的資本支出後，導致本季自由現金流達到 5,700 萬美元。請注意，我們的 IRA 積分福利尚未對我們本財年的現金流量產生完全的正面影響。

We finalized our 2024 tax filings in January and expect to receive a tax refund of $135 million this upcoming March. As of December 29, 2024, we had $463 million of cash and cash equivalents on hand. Net debt of $852 million represents an increase of approximately $341 million since the end of fiscal '24 as we made our acquisition of Bren-Tronics returned $142 million to shareholders through share repurchases and dividends and continued to invest in our business.

我們於一月完成了 2024 年的報稅，預計今年三月收到 1.35 億美元的退稅。截至 2024 年 12 月 29 日，我們持有 4.63 億美元的現金及現金等價物。淨債務為 8.52 億美元，自 24 財年末以來增加了約 3.41 億美元，因為我們收購了 Bren-Tronics，透過股票回購和股息向股東返還了 1.42 億美元，並繼續投資於我們的業務。

Our credit agreement leverage ratio was 1.5 times the EBITDA. Our balance sheet remains strong and positions us to invest in growth and navigate the current economic environment. We anticipate maintaining our net leverage at or below the low end of our 2 to 3 times target range, providing us with ample dry powder for our capital allocation decisions and to absorb potential regulatory changes that may impact us.

我們的信用協議槓桿率為 EBITDA 的 1.5 倍。我們的資產負債表依然強勁，使我們能夠投資成長並駕馭當前的經濟環境。我們預計我們的淨槓桿率將維持在2至3倍目標範圍的低端或以下，為我們的資本配置決策提供充足的資金，並吸收可能影響我們的潛在監管變化。

Please turn to slide 15. During the third quarter, we paid $10 million in dividends and repurchased $39 million in shares. We currently have approximately $219 million remaining on our buyback authorization.

請翻到第 15 張投影片。第三季度，我們支付了 1,000 萬美元的股息，並回購了價值 3,900 萬美元的股票。我們目前授權的回購金額還剩餘約 2.19 億美元。

We continue to evaluate promising bolt-on acquisition opportunities like Bren-Tronics that align with our disciplined strategic and financial criteria and are focused on strengthening customer intimacy, expanding share of wallet with our leading positions and exciting end markets and making progress on our transformation journey.

我們將繼續評估有前景的附加收購機會，例如 Bren-Tronics，這些機會符合我們嚴謹的戰略和財務標準，並專注於加強客戶親密度、憑藉我們的領先地位和令人興奮的終端市場擴大錢包份額並在我們的轉型之旅中取得進展。

Please turn to slide 16. We expect the fiscal fourth quarter to be one of our strongest quarters on record, driven by increasing order rates and favorable demand trends across our core end markets as well as structural cost improvement actions and planned strategic new product releases.

請翻到第 16 張投影片。我們預計第四財季將成為我們有史以來最強勁的季度之一，這得益於我們核心終端市場的訂單率上升和有利的需求趨勢，以及結構性成本改進行動和計劃中的戰略性新產品發布。

We are particularly encouraged by steady demand return in the US communications market and early signs of recovery in the transportation sector. These positive dynamics are tempered by ongoing macroeconomic uncertainty, particularly in EMEA and the evolving policy landscape in the US, which we continue to monitor closely.

美國通訊市場需求穩定回升，交通運輸領域出現早期復甦跡象，令我們特別鼓舞。這些積極的勢頭受到持續的宏觀經濟不確定性的影響，尤其是歐洲、中東和非洲地區以及美國不斷變化的政策格局，我們將繼續密切關注這些因素。

Our fiscal fourth quarter 2025 guidance range is $960 million to $1 billion of net sales, up 8% at the midpoint compared to prior Q4 with adjusted diluted EPS of $2.75 to $2.85 per share, up 35% at the midpoint compared to prior Q4.

我們對 2025 財年第四季的預期範圍為淨銷售額 9.6 億美元至 10 億美元，中位數較上一季成長 8%，調整後攤薄每股收益為每股 2.75 美元至 2.85 美元，中位數較上一季成長 35%。

While our full year revenue guidance has been revised to reflect the non-repeat of one-off impacts in Q3 and steadily improving communications and transportation markets. We are confident in the strength of our diversified portfolio as we are successfully managing our business to increase profitability and cash flow.

同時，我們對全年收入預期進行了修改，以反映第三季不會重複出現的一次性影響以及通訊和運輸市場的穩定改善。我們對我們的多元化投資組合的實力充滿信心，因為我們正在成功管理我們的業務以提高盈利能力和現金流。

Additionally, margin expansion across our business is enabling us to maintain a positive outlook with year over year earnings growth and momentum. Our fiscal year 2025 revenue guidance is now between [$3.603 billion and $3.643 billion] of net sales, up 1% at the midpoint versus fiscal year '24, but 3% below prior guidance midpoint in an uncertain macro environment.

此外，我們整個業務的利潤率不斷擴大，使我們能夠保持積極的前景以及逐年盈利的成長和勢頭。我們對 2025 財年的營收預期目前為淨銷售額 [36.03 億美元至 36.43 億美元] 之間，較 24 財年的中位數成長 1%，但在宏觀環境不確定的情況下，比先前預期的中位數低 3%。

We are raising our fiscal 2025 adjusted diluted EPS guidance range to between $9.97 and $10.07 per share. This represents an increase of $1.67 per share or 20% at the midpoint compared to fiscal '24 and an increase of $0.22 per share or 2% from our prior guidance midpoint with a pre-IRA tax rate of 18% to 20%. With or without the IRA benefits, our fourth fiscal quarter and full fiscal 2025 should mark a record for the company's earnings.

我們將 2025 財年調整後稀釋每股盈餘預期範圍上調至每股 9.97 美元至 10.07 美元之間。與 24 財年相比，這意味著每股增加 1.67 美元，即中位數成長 20%，與我們先前的指導中位數相比，每股增加 0.22 美元，即 2%，IRA 前稅率為 18% 至 20%。無論有沒有 IRA 福利，我們的第四財季和整個 2025 財年都應該創下公司獲利的新高。

Our CapEx expectation for the full fiscal year 2025 is approximately $120 million. As we look ahead, we see continued momentum and demand for reliable power solutions, underpinned by accelerating trends in electrification digitization and data driven infrastructure.

我們預計 2025 財年全年的資本支出約為 1.2 億美元。展望未來，我們看到對可靠電力解決方案的持續發展勢頭和需求，這得益於電氣化數位化和數據驅動基礎設施的加速發展趨勢。

EnerSys is well positioned to capitalize on these opportunities by helping our customers address their energy and labor concerns. We remain focused on delivering long-term value for our stockholders and are excited about the opportunities in front of us.

EnerSys 能夠充分利用這些機會，幫助我們的客戶解決他們的能源和勞動力問題。我們仍然專注於為股東創造長期價值，並對我們面前的機會感到興奮。

With this, let's open it up for questions. Operator?

現在，讓我們開始提問。操作員？

(Operator Instructions) Noah Kaye, Oppenheimer.

（操作員指示）Noah Kaye，奧本海默。

Could we just start with maybe trying to bridge around the sequential revenue growth from three 3Q to 4Q? About $75 million increase sequentially. I guess Motive Power though has always been strong seasonally and it might be even a little bit stronger now because you're lapping that customer plant disruption. But just how do you think about roughly breaking out among the segments?

我們是否可以先嘗試彌補第三季到第四季的連續營收成長差距？比上一季增加約 7,500 萬美元。我認為，Motive Power 的季節性表現一直很強勁，而且現在可能甚至會更強勁一些，因為你正在應對客戶工廠的中斷。但是您如何看待在各個部分之間進行粗略的劃分呢？

As you know, we don't give specific guidance by each LoB, but I can talk a little bit about how the markets are doing. Motive Power, no concerns. Q4 tends to be our strongest quarter. We think some of the choppiness is behind us. Like everyone, I think the markets are a bit cautious with some of the administration changes, but we continue to have enthusiasm for maintenance free.

如你所知，我們不會給出每個 LoB 的具體指導，但我可以稍微談一下市場表現。動力，無憂。第四季往往是我們表現最強勁的一個季度。我們認為部分波動已經過去。與所有人一樣，我認為市場對於一些管理變化有些謹慎，但我們對免維護仍然充滿熱情。

Energy Systems, Shawn shared some of the order data that we have. So we believe while it's still not back to, I'd say even normalized state, we are definitely seeing a continuous albeit slow return to normalization. Specialty, we've had some great indicators in the market as well on orders although again, it's still suppressed, it's getting better.

能源系統，肖恩分享了我們掌握的一些訂單數據。因此，我們相信，雖然它還沒有恢復到正常狀態，但我們肯定會看到持續的、儘管緩慢的恢復正常化。專業，我們在市場上也有一些很好的訂單指標，儘管它仍然受到抑制，但正在好轉。

A&D, solid. Bren-Tronics is going well. We really think we've gotten through the inflection point overall and business is starting to return to normal. So we feel good about that. I would say also if you want to look at our EPS, we had -- I mentioned it in prepared remarks, but we had about $0.2 of pressure that we know won't repeat. We knew it was going to happen in the third quarter. The biggest piece was it was about $8 million of pressure we had from some commodity hedge timing, which is really just timing of lead and commodity price movements.

A＆D，堅固。Bren-Tronics 進展順利。我們確實認為我們總體上已經度過了轉折點並且業務開始恢復正常。因此我們對此感到很高興。我也想說，如果你想看看我們的每股收益，我們有 - 我在準備好的評論中提到過，但我們面臨大約 0.2 美元的壓力，我們知道不會重複。我們知道這將在第三季發生。最大的壓力是來自一些商品對沖時機的壓力，約 800 萬美元，這實際上只是鉛和商品價格變動的時機。

If you look throughout each quarter, we had about $0.06 of a spike in lead costs in our second quarter that flowed through in our Q3 results. So we have good visibility going into Q4 of knowing it won't repeat. But when you look at that versus Q1, Q2 and what we know will happen in Q4, there's about $0.16 of pressure from that alone. If you pull that out, it's really kind of a steady trajectory throughout our quarter as things continue to improve.

如果你縱觀每個季度，我們第二季度的領先成本增加了約 0.06 美元，這影響到了我們第三季度的業績。因此，我們對第四季有很好的預見性，知道這種情況不會重演。但是，當你將其與第一季、第二季以及我們所知的第四季度的情況進行比較時，僅此一項就有大約 0.16 美元的壓力。如果你把它拿出來，你會發現整個季度的情況確實呈現穩定的軌跡，因為情況不斷改善。

I think with ES, just to double click, some of the cost actions that were taken, business optimization earlier this year, certainly have been part of the margin improvement story, I think. But as we look at the fourth quarter, I think the company is aspirationally targeted maybe getting into the 8% to 10% range. How viable does that feel based off of both the end market's recovery and just some of the timing of some of these optimization benefits?

我認為，透過 ES，只需雙擊，今年早些時候採取的一些成本行動、業務優化肯定是利潤率提高的一部分。但當我們展望第四季時，我認為該公司的目標是可能達到 8% 到 10% 的範圍。根據終端市場的復甦和部分優化效益的時機，這種做法的可行性如何？

Yeah. I absolutely feel 8% to 10% is in range but likely not Q4. It's where we thought we'd get there. The recovery has been a little slower. And when you have the transportation pressure, as well as the comms pressure, the underabsorption that we have in our Missouri plants, you kind of get that double whammy. But we absolutely are still committed and feel very confident that in and I'd say near term, not long term, 8% to 10% is the margin the low end of the business, 10% to 12% overall and 12% to 15% on the high end. So we should get near that if we're not in it by the fourth quarter.

是的。我絕對認為 8% 到 10% 在範圍內，但可能不會在第四季。我們以為我們會到達那裡。復甦速度稍慢一些。當你面臨運輸壓力、通訊壓力以及密蘇裡州工廠的吸收不足時，你就會遭受雙重打擊。但我們絕對仍會致力於此，並且非常有信心，我認為在短期內（不是長期），8％到10％是業務利潤率的低端，總體為10％到12％，高端為12％到15％。所以如果我們在第四季之前沒有達到這個目標，我們就應該接近這個目標。

And certainly, throughout the course of '26, that should be our mantra. And I know Shawn can comment on this further, Keith is absolutely committed to not bringing back the headcount work that Shawn put in place as the business resumes. We get under absorption of our Missouri plants as well as our service team. So what we found is kind of service lags the products coming back and we don't want to let those service guys go.

當然，在整個26年，這應該是我們的口頭禪。我知道肖恩可以對此進一步發表評論，基斯絕對致力於在業務恢復時不再恢復肖恩安排的員工人數工作。我們吸收了密蘇裡州工廠和服務團隊的精髓。所以我們發現服務落後於產品的返回，我們不想讓那些服務人員離開。

So all of that, the headset we have there that are tech guys that we need to retain, you end up getting some under absorption which pressures those service margins. But as we're seeing the product orders start to come back, the service will follow. And then Keith also has a lot of additional service optimization efforts underway. So I don't know if there's anything.

所以所有這些，我們所擁有的那些需要保留的技術人員，最終都會產生一些吸收不足的情況，這會對服務利潤造成壓力。但隨著我們看到產品訂單開始回升，服務也會隨之回升。此外，Keith 也正在進行許多額外的服務優化工作。所以我不知道是否有任何事情。

I'll just add and feel free if I say anything wrong effective. But I would say most of the Q3 and probably Q4 question marks as it relates to this is service related. And to Andy's point, getting that lag kind of right, it -- service carried us when product sales slowed down. And now it's sort of the flip where the service is going to have to catch up to the product sales. So but yeah, I would say, but the order rates give us a lot of confidence, Noah. And yeah, we just need to execute.

我只會添加，如果我說錯了什麼，請隨意。但我想說，與此相關的大多數 Q3 和 Q4 問號都與服務有關。正如安迪所說，當產品銷售放緩時，服務就能支撐我們度過這種延遲。現在情況發生了逆轉，服務必須跟上產品銷售的步伐。所以，是的，我想說，但是訂單率給了我們很大的信心，諾亞。是的，我們只需要執行。

And maybe you can expand on that and certainly, Shawn as well since it's an ES question. But maybe talk about the shape of the demand recovery in comms. You mentioned a couple of times a little bit more gradual. So is -- maybe give us some more color by either region or type of spend, maybe what's leading, what's taking a little bit longer and kind of how you think about sort of the shape of the trajectory from here.

也許您可以進一步闡述這一點，當然，Shawn 也可以，因為這是一個 ES 問題。但也許可以談談通訊需求復甦的情況。您曾經幾次提到要更循序漸進。所以——也許您可以按地區或支出類型為我們提供更多細節，也許哪些是領先的，哪些需要更長的時間，以及您如何看待從現在開始的軌跡形狀。

Yeah. It's Shawn. I'll take that one. So, they've hit the nail on the head with us with the service. So I really bifurcate the recovery into two parts. The first thing, the cost piece that Andy spoke to and there's certainly more opportunities to continue to work on cost. As you know, we started a transformation journey about a year ago, concurrent with my tenure in that business. And it's just that it started and there's opportunity remains to continue to refine that structure and develop OpEx leverage.

是的。是肖恩。我要那個。所以，他們透過這項服務準確地擊中了我們的痛點。因此我實際上把恢復分成兩個部分。首先，安迪談到了成本部分，當然還有更多機會繼續致力於降低成本。如你所知，大約一年前，隨著我在該公司的任職，我們開始了轉型之旅。這才剛開始，仍有機會繼續完善該結構並開發營運支出槓桿。

The second part is volume and the part that was a little slower for us was the service recovery. And Andy mentioned that and there's just a certain foundational element to service, even with all the cost flexing that we've done that that goes under absorbed.

第二部分是數量，對我們來說稍微慢一點的部分是服務恢復。安迪提到了這一點，即使我們已經調整了所有成本，服務仍然需要一定的基礎要素。

And to Dave's point a year ago, as the markets had shut down and we were no longer seeing product sales, if you remember at the time, it was the inventory that the carriers had purchased that were sort of the glut in the system. Even with the product sale shut down, we were recognizing some record service numbers at the end of the year. They were muted by the overall revenue base. But -- and it stands to reason, right? You have all that material in the field, you have to get it installed.

正如戴夫一年前所說的那樣，由於市場關閉，我們不再看到產品銷售，如果你還記得的話，當時，正是運營商購買的庫存造成了系統中的過剩。即使產品銷售停止，我們仍然在年底取得了一些創紀錄的服務數字。整體收入基礎讓他們啞口無言。但是——這是合情合理的，對吧？您已經在現場擁有所有的材料，您必須將其安裝起來。

On the ramp back up, we're seeing -- the product sales are -- we actually outperformed in product sales in Q3. And this time muted by the lack of a service which would lag it a little bit. And so we're going to continue to see that as the product sales come back, the services will have that lag event coming in. But the biggest area where we need the recovery in the Americas. We need it in break/fix and we need it in project work.

在復甦過程中，我們看到 - 產品銷售 - 我們的第三季產品銷售實際上表現出色。而這一次，由於缺乏服務，速度稍微落後了一些。因此，我們將繼續看到，隨著產品銷售的回升，服務將出現滯後事件。但我們最需要復甦的地區是美洲。我們在故障/修復時需要它，我們在專案工作中也需要它。

And we're seeing all of the resiliency, break/fix type spend sort of come back and reach normal. And then we're seeing the beginning vestiges of project work in the Americas where we have the again, the lion share of our mass. And that work is really laying the groundwork to process AI traffic.

我們看到所有的彈性、中斷/修復類型的支出都已恢復正常。然後我們看到了在美洲開展專案工作的初步跡象，我們在那裡再次佔據了最大的份額。這項工作確實為處理人工智慧流量奠定了基礎。

So we have -- we mentioned in the prepared remarks a 20% uptick in a certain telecommunications customer and what this is expanding the power requirements within macro sites. And we've mentioned Hyperboost in the past of being able to put more power up the tower without a lot more infrastructure up the tower and new cabling of the tower.

因此，我們在準備好的評論中提到，某家電信客戶的數量增加了 20%，這擴大了宏站點的電力需求。我們以前提到過 Hyperboost，它能夠為塔提供更多電力，而無需在塔上增加更多基礎設施和鋪設新電纜。

But in addition to that, we're deploying our energy router where we're able to throttle different pieces of equipment based on the needs of the carrier without rolling trucks. And that's giving them a lot more optionality in their backbone as these loads come online. So those are the types of projects that we're seeing.

但除此之外，我們還在部署能源路由器，這樣我們就可以根據承運商的需求來調節不同的設備，而無需使用卡車。當這些負載上線時，這將為他們在主幹網路上提供更多的選擇權。這些就是我們所看到的項目類型。

We're also seeing the old brick and mortar central offices and head ends. The carriers are starting to realize that these are actually can be AI data driven support centers. So there's a renewed interest about that, but those are the areas that we're seeing it. And again, encouraging signs across the markets.

我們也看到了老式的磚瓦結構的中心局和前端機。營運商開始意識到這些實際上可以成為人工智慧數據驅動的支援中心。因此人們對此又產生了新的興趣，但這些是我們觀察到的領域。市場上再次出現了令人鼓舞的跡象。

And just to wrap it with a bow, Noah, on the modeling, year on year, Q1 down 15%; Q2 down 10%; Q3 up 4%; Q4 should be well into the mid double digits. But if you look at our Q4, Q3 is not sizably up over Q2 sequentially. And Q4 is probably not going to look all that different than Q1 of last year. So we're -- it's definitely a nice trajectory.

最後，Noah，根據模型，與去年同期相比，第一季下降了 15%；第二季下降 10%；第三季成長 4%； Q4 應該會達到兩位數的中段。但如果你看一下我們的第四季度，你會發現第三季的業績與第二季相比並沒有大幅成長。第四季可能與去年第一季不會有太大不同。所以我們—這絕對是一條很好的軌跡。

It's definitely we've gotten through this year, but you can see we're not yet back where we should be and it's just a little slower but great fundamentals happening both in our internal cost structure as well as indicators that things are coming back and getting through some of this market uncertainty have right now will certainly help us as well.

我們確實度過了今年，但你可以看到我們還沒有回到我們應該回到的位置，只是速度稍微慢了一點，但我們內部成本結構以及情況正在好轉的指標都發生了良好的基本面，度過目前的一些市場不確定性肯定也會對我們有所幫助。

More tailwind ahead. I got a lot more questions but I'll take them offline.

前方有更多順風。我還有很多問題，但我會將它們離線處理。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

I guess you kind of really highlighted the telecom. So I'll pivot over to Motive. As we kind of look at Motive and it's been resilient and as we're kind of working with customers and seeing what's out there, is that kind of -- should we kind of think about that as, hey, we're going to continue to fight for pricing and continue to just kind of push things forward? But it does seem like it's kind of more steady as she goes in Motive here for the next few quarters.

我想您確實突出了電信。因此我將轉向 Motive。當我們觀察 Motive 時，它一直具有彈性，當我們與客戶合作並了解那裡的情況時，我們是否應該考慮這一點，嘿，我們將繼續爭取定價並繼續推動事情向前發展？但隨著她在接下來的幾季中繼續保持 Motive 風格，情況似乎會更加穩定。

Yeah. I'll take that Greg. This is Shawn. We had, and it was mentioned in the prepared remarks, there was a little bit of malaise at the end of last year, particularly going into November in the Americas. And but there was sort of an exhale in December and we've seen our order rates pick up quite dramatically. And December was our best month of the last calendar year and they have not slowed in January.

是的。我會接受這個，格雷格。這是肖恩。我們在準備好的發言中也提到過，去年年底，特別是進入十一月份，美洲地區出現了一些不景氣的現象。但 12 月的情況有所好轉，我們的訂單率大幅上升。去年 12 月是我們業績最好的月份，而 1 月份的業績也並未放緩。

So if you look at our forward outlook, all of our industry indexes and associations that we follow anticipate lift truck shipments to reach near double digit growth this calendar year. So I think the team did a great job, managing through some of that uncertainty and some of that malaise last year. And we really see a path back to growth this year fairly robustly.

因此，如果您看一下我們的前瞻性展望，我們所關注的所有行業指數和協會都預計今年堆高機出貨量將達到接近兩位數的成長。所以我認為球隊做得很好，克服了去年的一些不確定性和一些不景氣。我們確實看到今年的成長之路將相當強勁。

And just to give you another data point on that, our book to bill in Motive Power was 1.3 across all regions. So even in Europe where we had the fire at our biggest customer, we're just seeing that activity come back very nicely. So we remain pretty confident that yes, we'll be studied, but we're going to come back to growth.

再給你另一個數據點，Motive Power 的訂單出貨比在所有地區都是 1.3。因此，即使在我們最大的客戶歐洲遭遇火災，我們也看到業務活動正在順利恢復。因此，我們仍然非常有信心，是的，我們會被研究，但我們會恢復成長。

Yeah. I guess the only thing I would add to that is the product management and the product portfolio all looks very solid in this business. So there's a lot of new exciting products coming online. We've got exciting feature sets for the customers and good margin and growth opportunities for us. So a lot of things going right in the Motive business.

是的。我想我唯一想補充的是，這個行業的產品管理和產品組合看起來都非常穩健。因此有很多令人興奮的新產品上線。我們為客戶提供了令人興奮的功能集，並為我們帶來了良好的利潤和成長機會。因此，Motive 業務中許多事情進展順利。

So the -- I guess some of these animal spirits are coming back. And I guess the last few weeks have been challenging for anybody that's running a business. As you think about --

所以——我想有些動物精神正在回歸。我想，過去幾週對於任何經營企業的人來說都是充滿挑戰的。當你想到--

What are you talking about, Greg?

你在說什麼呢，格雷格？

I have to ask about tariff. So as you kind of look and see the opportunities ahead, I mean what seems like telecoms finally, we've been waiting for that recovery for a couple of years. It seems like it's here. As you think about managing the tariffs and sourcing, I mean yeah, how do we -- what can we do and how do we -- is it just, hey, we're just going to have to push that on our customers or just kind of curious how you're thinking about that.

我要問一下關稅問題。因此，當你看到前方的機會時，我的意思是，看起來電信業終於迎來了復甦，我們已經等待了好幾年。好像就是在這裡。當您考慮管理關稅和採購時，我的意思是，我們該怎麼做——我們能做什麼，我們該怎麼做——只是，嘿，我們只需要把它推給我們的客戶，或者只是好奇您是如何考慮這個問題的。

And if there's things, I guess if we're taking things, I guess there's a 30 day window. Can we -- I imagine supply chains are kind of you can't just flip a switch and get everything you need in 30 days. So just kind of any color how you're thinking about managing through this over the next couple quarters.

如果有事情發生，我想如果我們要採取行動，我想會有 30 天的時間。我們可以嗎——我想供應鏈就像你不能只輕輕一按開關就能在 30 天內得到你需要的一切。那麼，您打算如何在接下來的幾季解決這個問題呢？

Yeah. Greg, you know what, I'm just going to go ahead and we'll talk about tariffs. I want to talk about the DOE funding and the Inflation Reduction Act funding, the 45X. We just kind of hit all. And our strategy and our products is very well aligned with this administration's priority of creating US jobs, grid resiliency, the military supply chain. So I think we're on the right track and there's certainly uncertainty right now and as this administration is moving quickly, we've just sort of have to sort through it all.

是的。格雷格，你知道嗎，我要繼續，我們將討論關稅問題。我想談談能源部資金和通膨削減法案資金，即45X。我們幾乎擊中了所有目標。我們的策略和產品與本屆政府創造美國就業機會、電網彈性和軍事供應鏈的優先事項高度一致。所以我認為我們走在正確的軌道上，現在肯定存在不確定性，而且由於本屆政府行動迅速，我們必須理清所有問題。

And so the -- I'll start I guess with the DOE funding on the lithium plant. We're still very excited about this project. I was disappointed during our Board meeting last week. I couldn't go to the State of the State address for Governor McMaster who mentioned our project.

所以——我想先從美國能源部對鋰工廠的資助開始。我們仍然對這個項目感到非常興奮。我對上週的董事會感到失望。我無法參加麥克馬斯特州長的州情咨文演講，他在演講中提到了我們的計畫。

So there's still a lot of commitment for that. But certainly, the changes in administration, it's causing us to kind of put a little bit of a hold on things until we get some clarification, get through the budget reconciliation process.

因此，我們仍需要做出許多承諾。但可以肯定的是，政府的變動導致我們不得不暫時擱置一些事情，直到我們得到一些澄清，完成預算協調程序。

And but again, I'm very confident given the fact that our grant has already been sort of allocated to the National Energy Tech Lab and the feedback we've been getting from our folks in DC that we just need to get through this period of time. But that said, we're -- I just can't stress enough that we're going to be disciplined about our capital allocation and what we're going to do and the choices we make for meeting the high hurdle rates. So I guess that's on the factory.

但是，我再次非常有信心，因為我們的撥款已經分配給國家能源技術實驗室，而且我們從華盛頓特區得到的回饋是，我們只需要度過這段時間。但話雖如此，我還是要強調，我們將嚴格控制我們的資本配置，以及我們將要做的事情和為滿足高回報率所做的選擇。所以我猜這是工廠的問題。

Shawn, you kind of want to talk on tariffs since you guys are doing so much in the war room on that?

肖恩，既然你們在作戰室裡為關稅做了很多工作，你想談談關稅問題嗎？

Yeah. So Dave mentioned that the concept of a war room. We've done a tremendous amount of work to derisk supply chain and we learned -- we took some scars during the pandemic, but I think we navigated it well. We've spent a tremendous amount of energy derisking China, giving ourselves optionality around the world. We've talked in previous cycles about building flexibility into our TPPL plants. So to Dave's point, nobody's going to totally mitigate or ameliorate the tariffs.

是的。戴夫提到了作戰室的概念。我們為降低供應鏈風險做了大量工作，我們也學到了教訓——在疫情期間，我們受到了一些傷害，但我認為我們處理得很好。我們花了巨大的精力來降低中國的風險，為我們自己在世界範圍內提供了選擇權。我們在先前的周期中討論過如何在 TPPL 工廠中增強靈活性。所以正如戴夫所說，沒有人能夠完全減輕或改善關稅。

But I would tell you, our sales teams and operations teams have been in lockstep. We have a playbook, we have playbooks ready to go and we're calling plays going into the Monday morning to respond to the weekend tariffs. We obviously pulled back on those.

但我想告訴你，我們的銷售團隊和營運團隊一直步調一致。我們有一份劇本，我們已經準備好了劇本，我們正在製定週一早上的劇本來應對週末的關稅。我們顯然放棄了這些。

And I just want to quantify that my answer on tariffs is as of 9:47 AM this morning. So but I really do believe the investments that we've taken have put us in a better spot than we've ever been to be flexible and to move things around the world and try to react to these situations.

我只想量化一下，我對關稅的答案是截至今天上午 9:47 的答案。所以，我確實相信，我們所做的投資使我們處於比以往任何時候都更好的境地，能夠靈活地推動全球事務並嘗試對這些情況做出反應。

Again, I don't want to give the impression that anybody can know the extent of where these things will manifest in the supply chain. I would just tell you that our supply chain is more resilient now and our optionality is better than it's ever been. And we'll just continue to have this in our windscreen, continue to work this from a war room perspective and continue to model out where we think these are going to happen and do our best to stay ahead of them.

我再說一遍，我不想給人留下這樣的印象：任何人都知道這些事情在供應鏈中會表現到何種程度。我只想告訴你，我們的供應鏈現在更具彈性，我們的可選性比以往任何時候都好。我們將繼續關注這一點，繼續從作戰室的角度開展工作，繼續模擬我們認為這些事情將會發生在哪裡，並盡最大努力保持領先。

And I think I guess my other question is as we think about NAFTA versus we'll just call it Asia, what's more important to our supply chain?

我想我的另一個問題是，當我們考慮北美自由貿易協定與我們稱之為亞洲時，什麼對我們的供應鏈更重要？

What was the first thing? What versus --

第一件事是什麼？什麼與--

I was going to say between like, so like around tariff, as we think about Asia versus, Mexico and Canada, with NAFTA, I guess those are on hold but what's more important to the supply chain?

我想說的是，圍繞著關稅，當我們考慮亞洲與墨西哥、加拿大以及北美自由貿易協定時，我想這些都暫時擱置，但對於供應鏈來說什麼更重要呢？

Yeah. So we were actually -- the China tariffs were fairly muted and we've done a lot of work to mitigate that anyway. We were going to -- we saw the Canada and Mexico tariffs as a much bigger event for us. So we did a lot of work to mitigate that. You have about 10% of US revenues that are dependent upon Mexico, for example. And there are products that come from Mexico that aren't made anywhere else. On the other hand, we have products that come from Mexico that can be 100% made in our Richmond, Kentucky facility.

是的。因此，我們實際上——中國的關稅相當溫和，而且我們已經做了很多工作來緩解這種影響。我們將會－我們認為加拿大和墨西哥的關稅對我們來說是一件大事。因此我們做了很多工作來緩解這種情況。例如，美國大約 10% 的收入依賴墨西哥。而有些產品產自墨西哥，但在其他地方卻沒有生產。另一方面，我們的產品來自墨西哥，但可以在我們位於肯塔基州里士滿的工廠 100% 生產。

And then a piece of Mexico is our data center battery, our standard lead acid valve regulated data center battery. But our data center trajectory in TPPL has been extremely strong. And there could be an option to migrate that to TPPL should we so desire and our customers are really receiving TPPL well.

然後墨西哥的一部分是我們的資料中心電池，我們的標準鉛酸閥控資料中心電池。但我們的資料中心在 TPPL 的發展軌跡非常強勁。如果我們願意的話，我們可以選擇將其遷移到 TPPL，而我們的客戶確實很好地接受了 TPPL。

So there's a lot of scenario planning that we're doing. But the Canada and Mexico one was fairly substantial this time around. And then from Canada, we have dependent parts of our supply chain for TPPL. So there was a lot of work going to mitigating those actions as well. But to your point, we've got our eyes on Europe as well.

所以我們正在進行大量的情境規劃。但這次加拿大和墨西哥的援助金額相當大。然後從加拿大來看，我們的供應鏈中有依賴 TPPL 的部分。因此，我們也做了很多工作來減輕這些行為的影響。但正如您所說，我們也關注歐洲。

We've got our eyes on Europe. We've got that modeled and ready. And so yeah, it's -- certainly those were -- those were not ones we would have addressed during the pandemic if you will.

我們的目光聚焦在歐洲。我們已經建模並準備好了。是的，這些當然不是我們在疫情期間會解決的問題。

Yeah. And taking some specific actions we've taken Greg. We've built some strategic inventory ready to buffer from some of this. We've modeled fair pricing actions that we're prepared to act on swiftly in various scenarios if necessary. The TPPL manufacturing could actually help us as more customers convert to TPPL favorable. So tariffs could actually accelerate that conversion.

是的。我們已經採取了一些具體行動，格雷格。我們已經建立了一些戰略庫存，準備緩衝其中的一些問題。我們已經模擬了公平的定價行動，如果有必要，我們準備在各種情況下迅速採取行動。隨著越來越多的客戶轉向 TPPL，TPPL 製造實際上可以幫助我們。因此關稅實際上可能會加速這種轉變。

So the last thing I'd comment is we have more than three months of inventory on hand in general. So generally speaking, when tariff actions, if and when they'd occur, they wouldn't materially impact us for about a quarter after in effect.

我最後要說的是，我們通常有超過三個月的庫存。因此一般來說，如果關稅行動真的發生，那麼在生效後約一個季度內不會對我們產生重大影響。

And last question, I'm sure on modeling we don't -- didn't build specifically tariff costs themselves for that reason. Right now, there's nothing currently in place and because of the inventory build. What we have built is some continued uncertainty which we talked about how quickly some of these markets are coming back or growth in Motive Power.

最後一個問題，我確信在建模時我們不會因為這個原因而專門建立關稅成本。目前，由於庫存增加，還沒有任何措施到位。我們所建立的是一些持續的不確定性，我們談論的是其中一些市場復甦的速度或動力的成長速度。

And we do feel like it's impacting just overall market demand because of the uncertainty. And when that gets behind us, we think there'll be a little bit more robustness in the marketplace.

我們確實感覺到，由於不確定性，它正在影響整體市場需求。當這一切過去之後，我們認為市場將會變得更加強勁。

There's absolutely some reticence out there by some of the customers to make decisions until they have some clarification some of these things. So that's why we did what we did in the Q4 forecast.

有些客戶確實會猶豫是否要做出決定，直到他們弄清楚一些事情為止。這就是我們在第四季度預測中所做的事的原因。

Chip Moore, Roth Capital Partners.

羅斯資本合夥公司的奇普摩爾 (Chip Moore)。

I guess we've hit Energy Systems and Motive and the policy stuff. Maybe Alaska on specialty, it sounds like aerospace and defense is -- visibility there is quite good. I guess maybe expand on that. And then I think Bren-Tronics in particular, you mentioned seeing some larger and longer term orders now that they're under your umbrella, maybe expand on that.

我想我們已經觸及了能源系統、動力和政策面。也許阿拉斯加在專業方面聽起來像航空航天和國防——那裡的可見性相當好。我想或許可以進一步擴展這一點。然後我認為，特別是 Bren-Tronics，您提到現在他們在您的保護傘下看到了一些更大、更長期的訂單，也許可以擴大這一點。

Yeah. I can start. I would say especially transportation, as we said in the prepared remarks, that orderbook is improving. So the market, the industry data seems to be progressing. We've made very serious or significant progress on the new equipment, the new lines.

是的。我可以開始了。我想說，特別是在交通運輸領域，正如我們在準備好的評論中所說，訂單正在改善。因此市場、產業數據似乎正在取得進展。我們在新設備、新生產線方面取得了非常重大或重大的進展。

Shawn, do you have specific updates on the production, equipment and plant one?

肖恩，您有關於生產、設備和工廠的具體更新資訊嗎？

Yeah, I do, Dave. The lines are coming online as we had had socialized. So by the end of this quarter, we'll have the first of the two lines sort of up to speed and running. And the second line, totally up to speed and running by the end of the summer. And these are 50% faster than the original lines we're using with half the labor content. So it's a big pick up for us to migrate that volume to the those lines and the translated benefit. But we should be, I would say full speed on both lines by Q3 of next year.

是的，我明白，戴夫。正如我們進行社交一樣，這些線路正在上線。因此，到本季末，我們的兩條生產線中的第一條將達到額定速度並投入運作。第二條生產線將在夏季末全面達產並投入營運。這些生產線比我們原來使用的生產線速度快 50%，但勞動力卻減少了一半。因此，對於我們來說，將該數量遷移到這些線路並轉換收益是一個巨大的進步。但我想說，到明年第三季度，這兩條生產線都應該全速運轉。

Just to put a little bit of data on top of that, the transportation book to bill was 1.35 in Q3. Our transportation backlog grew by 44% over Q2 on a 44% increase in orders sequentially. So it's seeming promising for us. And as you mentioned, Bren-Tronics is just really exceeding our expectations. As you probably saw, we had $28 million of revenue in Q3 of '25. So I think there's a real nice outlook.

我們再放一些數據，第三季的運輸訂單出貨比為 1.35。我們的運輸積壓訂單比第二季度增加了 44%，訂單量較上季增加了 44%。因此，這對我們來說似乎是有希望的。正如您所說，Bren-Tronics 確實超出了我們的預期。您可能已經看到了，我們在 25 年第三季的收入為 2800 萬美元。所以我認為這是一個非常好的前景。

Yeah. I think Shawn noted earlier in his comments that what we're getting a lot of feedback on with BT or Bren-Tronics is the combination of EnerSys and Bren-Tronics is very assuring to some of the customers, the army. They like the combination, they like the stability, the balance sheet. So it's really been a good news story.

是的。我認為肖恩早些時候在他的評論中指出，我們收到了很多有關 BT 或 Bren-Tronics 的反饋，EnerSys 和 Bren-Tronics 的結合對於一些客戶（軍隊）來說非常令人放心。他們喜歡這種組合、這種穩定性、這種平衡表。這真是一個好消息。

And any more on aftermarket roll out in heavy duty trucking market. How that progressing?

以及有關重型卡車市場售後市場推出的更多資訊。進展如何？

It's progressing well. I would say that we're very focused on that. We need to focus on pricing, we need to keep our eyes on tariffs. So there's a lot of blocking and tackling we have to do. But moving that mix is absolutely a big part of our improvement plans for this business.

進展順利。我想說我們非常關注這一點。我們需要關注定價，我們需要關注關稅。因此我們必須進行大量的阻擋和鏟球工作。但改變這種組合絕對是我們這項業務改進計劃的重要組成部分。

And maybe just one last one for me to your point on Bren-Tronics being a good fit, I guess net leverage, 1.5 times and obviously you've got that $135 million coming in and with taxes, just how are you thinking about the M&A funnel? Are you seeing more opportunities like that?

也許我只想問最後一個問題，關於您提到的 Bren-Tronics 很合適，我猜淨槓桿率是 1.5 倍，顯然您有 1.35 億美元的收入，加上稅款，您如何看待併購管道？您是否看到更多這樣的機會？

We think this could be a big year for M&A overall and we definitely have some things in the hopper. And this is an area, specialty and specifically A&D is an area that we're looking at. Of course, we're looking at in other parts of the business as well, but the balance sheet's in great shape. Andy, is there any color you want to add?

我們認為今年對於併購而言可能是重要的一年，而且我們確實已經做好了一些準備。這是一個領域，一個專業，特別是 A&D 是我們正在關注的一個領域。當然，我們也在關注業務的其他部分，但資產負債表狀況良好。安迪，你想添加什麼顏色嗎？

Yeah. I mean our leverage is at 1.5 times, slight increase from the beginning of the year on Bren-Tronics, excluding IRA, which we always look at it with and without, it would be 2.1 times. We anticipate staying at or below our target range of 2 times to 3 times. We talked about continuing to look at opportunities where we can maximize shareholder value through accretive acquisition. So we're constantly looking.

是的。我的意思是我們的槓桿率是 1.5 倍，比今年年初的 Bren-Tronics 略有增加，不包括 IRA（我們總是考慮有無 IRA），槓桿率將是 2.1 倍。我們預計將保持在 2 倍到 3 倍的目標範圍或以下。我們討論了繼續尋找透過增值收購來實現股東價值最大化的機會。因此我們一直在尋找。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

I think that I'm just being dense here, but I'm -- we're at the end of the call and I still don't really understand something. So we're lowering the sales outlook by $100 million. And we're -- you're -- I'm hearing that the reasons are the slower than anticipated recovering communications and transportation markets and there is an issue I know with a major customer in Motive, but then also the outlook includes improving communication, markets and improving transportation.

我想我只是太愚鈍了，但是我——我們已經結束了通話，但我仍然不太明白一些事情。因此我們將銷售預期下調了 1 億美元。我們——你——我聽說原因是通訊和運輸市場復甦慢於預期，而且我知道 Motive 的一個主要客戶存在問題，但前景還包括改善通訊、市場和改善運輸。

So can you just talk about why -- like rank order the reasons why sales are -- expectation is down $100 million? And talk about did some of that revenue that you lost because of the customer issue, does that get pushed from the third quarter to the fourth quarter?

那麼您能否談談為什麼——例如按順序列出銷售額預計下降 1 億美元的原因？請談談由於客戶問題而損失的部分收入是否會從第三季推遲到第四季？

Sure. I'll be happy to take that Brian if it helps. And as you know, the number that you're quoting on revenue, of course, for the full year includes both the Q3 and Q4. And our Q3 revenue obviously was below the low end of our guide that. I should point out if it wasn't for FX, it would have been at the low end of our range, but still somewhat of a disappointment while EPS I'd say pull out the impact of IRA was right in line with where we had expected that it would be.

當然。如果有幫助的話我會很高興接受它，Brian。如您所知，您引用的全年收入數字當然包括第三季和第四季的收入。我們的第三季收入明顯低於我們的預期低端。我應該指出，如果不是因為外匯，它本來會處於我們範圍的低端，但仍然有點令人失望，而我認為每股盈餘 (EPS) 除去 IRA 的影響與我們的預期是一致的。

So as we look at that going forward, we're trending off the fact that in Q3, comms didn't come back as quickly as we thought and trans didn't come back as quickly as we thought. We are seeing progress on both of those. As we mentioned, Bren-Tronics was over Motive Power. Some of the miss in Q3, I'd say probably just under $10 million was due to that customer fire that would have put us, again, closer to our midpoint.

因此，當我們展望未來時，我們傾向於認為，在第三季度，通訊業的復甦速度不如我們想像的那麼快，跨性別產業的復甦速度也不如我們想像的那麼快。我們看到這兩方面都取得了進展。正如我們所提到的，Bren-Tronics 優於 Motive Power。我認為第三季的虧損部分是由於客戶火災造成的，大概接近 1000 萬美元，這將使我們的虧損再次接近中點。

We won't get a huge surge in Q4. They were at full capacity before they had a fire. They're back at full capacity now. So we probably won't get a catch up on that until they have their shut -- until scheduled shutdowns next year is when they'll probably be able to get ahead a little bit. That happened in October, so we had a full quarter impact.

我們在第四季不會大幅成長。在發生火災之前，他們的產能已經達到滿載狀態。他們現在已恢復滿載生產。因此，我們可能無法趕上這一點，直到他們關閉——直到明年按計劃關閉時，他們才可能能夠稍微領先一點。這件事發生在十月份，所以對我們整個季度都產生了影響。

And again, there's just a general a little bit of reticence on spending because of some uncertainty with the administration. So that's kind of tampering things a little bit. And I'd say that drove some of the Q3 miss and our expectations for Q4. As we said, we built a little hesitation in there. The trajectory is good.

而且，由於對政府的某些不確定性，人們普遍對支出持謹慎態度。這有點篡改事物了。我想說，這在一定程度上導致了第三季業績不如預期以及我們對第四季的預期。正如我們所說的，我們在那裡建立了一點猶豫。運行彈道很好。

But there's going to be a little bit of slowness, mostly because of that. And I think we've demonstrated that we manage the business well even when we don't have the revenue we thought we would that we're able to manage our expenses and hit these EPS targets.

但主要因為這個原因，速度會稍微慢一點。我認為我們已經證明，即使我們沒有像預期的那樣獲得收入，我們也能很好地管理業務，並且能夠管理我們的開支並實現這些每股收益目標。

And based on that both revenue and EPS, we narrowed the ranges with more confidence in what we expect to be able to deliver in the fourth quarter. Does that help? And again, I mentioned that commodity hedge item, yeah, I think if you pull that commodity hedge timing out, that's just that $0.16. Don't even look at -- our EBITDA excluding IRA.

並且基於收入和每股收益，我們縮小了範圍，並對預計第四季度的業績更加有信心。這樣有幫助嗎？我再次提到了商品對沖項目，是的，我認為如果你將商品對沖時間拉出來，那就只有 0.16 美元。甚至不要看——我們的 EBITDA 不包括 IRA。

If you look at Q2 -- sequential changes, Q1 to Q2, up 10%; Q2 to Q3, up 12%; Q3 to Q4, probably up 12% to 13% again. So if you pull out the IRA noise and you pull out that one-time item that we had that we know won't repeat again because we capitalize our items -- our cost of sales items and you expense them a quarter later, it's really a nice steady trajectory.

如果你看第二季度——連續的變化，第一季到第二季度，成長了 10%；第二季至第三季度，成長 12%；第三季到第四季，可能還會上漲12%到13%。因此，如果您消除 IRA 噪音並消除我們擁有的一次性項目，我們知道它不會再次重複，因為我們將我們的項目資本化 - 我們的銷售成本項目並且您在一個季度後將它們作為費用，這真的是一個很好的穩定軌跡。

And then on the communications side, you talked about America's orders rebounding about 40%. But is that -- are we still well below levels that we were at previously or is that I mean it's obvious off of relatively low base, right? But so because I'm just trying to reconcile, you've got slow return to normal in communications with also we have 40% order growth in the Americas in communications, which sounds excellent, right?

然後在通訊方面，您談到美國的訂單反彈了約 40%。但是——我們是否仍然遠低於以前的水平，或者我的意思是，這在相對較低的基數上是顯而易見的，對嗎？但是，因為我只是想調和一下，你們的溝通已經慢慢恢復正常了，而且我們在美洲的溝通訂單增長了 40%，這聽起來很棒，對吧？

It's -- I think the one thing that's important to keep in mind is your off easy comp last year in Q3 and Q4 is when it really started to crash. So that's where I'm talking about. If you look at year on year total Energy Systems, Q1, again, I mentioned 15% down in the first quarter, 10% down in the second quarter, 4% up in the third quarter and will probably be mid double digits in the fourth quarter.

我認為有一件事要牢記，那就是去年第三季和第四季的輕鬆競爭才是真正開始崩潰的時候。這就是我要講的。如果您再次查看第一季度的能源系統總體同比數據，我提到第一季度下降了 15％，第二季度下降了 10％，第三季度增長了 4％，而第四季度可能會達到兩位數的中等水平。

So you're looking at Q4 year on year is going to be a big pick up. Sequentially, it's going to be nice, steady improvement. So our fourth quarter ES is probably going to look pretty much like our first quarter. So it's a U shaped and you'd expect to be growing from there.

因此，您會看到第四季度的同比數據將大幅增長。依序類推，將會有一個良好、穩定的進步。因此，我們第四季度的獲利預測可能與第一季的獲利預測非常相似。因此，它是 U 形的，並且您希望從那裡開始增長。

So we're thinking Q4 is going to be kind of like just about at normalized levels. And then coming out of that, it will have some return to normalcy with Missouri costs as we start to have better absorption, as those lines start to come online, as we start catching up in our service like Shawn mentioned and then from there, we should have some growth. And you can follow on individual --

因此，我們認為第四季度的情況將基本達到正常水平。然後走出這一困境，隨著我們開始更好地吸收，隨著這些線路開始上線，隨著我們開始像肖恩提到的那樣趕上我們的服務，密蘇裡州的成本將恢復正常，然後從那裡開始，我們應該會有一些增長。您可以關注個人--

Yeah. I'll follow up. I'm sure everyone's jumping into their next earnings call here like I am too.

是的。我會跟進。我相信每個人都跟我一樣，正在參加下一次財報電話會議。

That concludes today's question and answer session. I'd like to turn the call back to Dave Shaffer for closing remarks.

今天的問答環節到此結束。我想請戴夫謝弗 (Dave Shaffer) 作最後發言。

I want to thank you for joining today's call and thank you for your interest in EnerSys. We look forward to updating you again next quarter. Have a good day.

我感謝您參加今天的電話會議，也感謝您對 EnerSys 的關注。我們期待下個季度再次為您更新。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。