EnerSys (ENS) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to EnerSys fourth quarter and full year fiscal 2025 results. (Operator Instructions) Please be advised that these conferences are being recorded. I would not like to hand the conference over to your speaker today, Lisa Hartman, Vice President of Investor Relations, please go ahead.

您好，感謝您的支持。歡迎了解 EnerSys 2025 財年第四季和全年業績。（操作員指示）請注意，這些會議正在錄音。我不想把今天的會議交給你們的發言人，投資者關係副總裁麗莎哈特曼，請繼續。

Good morning, everyone. Thank you for joining us today to discuss EnerSys' fourth quarter and full year 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 incoming CEO; 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 財年第四季和全年業績。今天與我一起參加電話會議的有 EnerSys 執行長 David Shaffer、EnerSys 總裁兼營運長兼新任執行長 Shawn O'Connell 以及 EnerSys 執行副總裁兼財務長 Andrea Funk。

Last evening, we published our fourth quarter and fiscal-year 2025 results under our 10-K with the SEC, which are available on our website. We also posted slides that we will be referencing during this call. The slides are available on the Presentations page within the Investor Relations section of our website.

昨晚，我們根據向美國證券交易委員會提交的 10-K 文件公佈了第四季度和 2025 財年的業績，可在我們的網站上查閱。我們也發布了本次通話中將要參考的幻燈片。您可以在我們網站「投資者關係」部分的「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. For a list of forward-looking statements and factors which could affect our future results, please refer to our recent Form 8-K and 10-K filed with the SEC.

提醒一下，我們將在本次電話會議上提出一些前瞻性的陳述，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。有關前瞻性陳述和可能影響我們未來業績的因素的列表，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。

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. 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 May 21, 2025.

此外，我們將公佈某些非公認會計準則財務指標，特別是有關我們的調整後合併營業收益表現、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（EBITDA），其中不包括某些項目。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 5 月 21 日發布的新聞稿。

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

現在，我將把電話轉給 EnerSys 的執行長 Dave Shaffer。

Thank you, Lisa, and good morning. Please turn to slide 4 for a review of our fourth quarter and full year performance. EnerSys delivered a very strong fourth quarter, demonstrating the earnings power of our balanced business.

謝謝你，麗莎，早安。請翻到投影片 4 回顧我們第四季和全年的業績。EnerSys 在第四季表現非常強勁，展現了我們均衡業務的獲利能力。

We grew revenue 7%, our second highest revenue quarter ever, and delivered record adjusted diluted EPS of $1.86 excluding 45X benefits. Highlights included record Motive Power margins, significant margin expansion in Energy Systems and Specialty and strong contributions from the Bren-Tronics acquisition.

我們的營收成長了 7%，這是我們有史以來收入第二高的季度，並且實現了創紀錄的調整後稀釋每股收益 1.86 美元（不包括 45 倍收益）。亮點包括創紀錄的動力利潤率、能源系統和專業領域的利潤率大幅擴大以及 Bren-Tronics 收購帶來的強勁貢獻。

In Energy Systems, we saw growth in data centers and continued moderate recovery in communications. Motive Power generated 15% earnings growth on similar volumes to prior year fourth quarter, with increased maintenance-free products reaching a record 29% of segment sales.

在能源系統方面，我們看到資料中心的成長以及通訊領域的持續溫和復甦。Motive Power 的獲利成長了 15%，銷量與去年同期第四季持平，其中免維護產品的銷量佔比達到創紀錄的 29%。

Specialty benefited from sustained strength in A&D markets and outperformance from Bren-Tronics. Full-year revenue was $3.6 billion, with meaningful gains in adjusted gross margin, adjusted operating earnings and adjusted earnings per share even before 45X benefits.

特種設備業務受惠於 A&D 市場的持續強勁表現以及 Bren-Tronics 的優異表現。全年營收為 36 億美元，即使在 45X 收益之前，調整後的毛利率、調整後的營業收入和調整後的每股盈餘都實現了顯著成長。

We made meaningful progress in fiscal-year 2025. We executed our strategy in a challenging environment. We expanded our share in the attractive and growing defense market through our higher-margin maintenance-free offerings, reduced costs, optimized our manufacturing footprint, invested in high speed, lower cost, flexible domestic production capacity and developed new product offerings, strengthening our foundation for future growth.

我們在2025財年取得了有意義的進展。我們在充滿挑戰的環境中執行了我們的策略。我們透過利潤率更高的免維護產品擴大了我們在具有吸引力且不斷增長的國防市場的份額，降低了成本，優化了製造足跡，投資了高速、低成本、靈活的國內生產能力，開發了新的產品，為未來的增長奠定了基礎。

As announced in November, today marks my final day as CEO. Shawn O'Connell takes the helm as CEO tomorrow. With deep industry experience and proven leadership across EnerSys, I am confident he will lead the company to continued success.

正如 11 月宣布的那樣，今天是我擔任執行長的最後一天。肖恩·奧康奈爾 (Shawn O'Connell) 明天將出任首席執行官。憑藉豐富的行業經驗和在 EnerSys 公認的領導能力，我相信他將帶領公司繼續取得成功。

It has been an honor to serve as EnerSys' CEO, and I would like to thank our employees for their consistent hard work and dedication in supporting each other and our customers every day, our Board of Directors for their support and our shareholders for your trust. I will now turn it over to Shawn to take you through more detail on our results and business drivers. Shawn?

擔任 EnerSys 的執行長是我的榮幸，我要感謝我們的員工始終如一的辛勤工作和奉獻精神，每天互相支持並支持我們的客戶，感謝董事會的支持以及股東的信任。現在我將把時間交給 Shawn，讓他向您更詳細地介紹我們的成果和業務驅動因素。肖恩？

Thank you, Dave, for your leadership and for positioning EnerSys for future success. I know I speak for the entire EnerSys family and wishing you the very best in your next chapter. Please turn to slide 6. As I begin my remarks today, I would like to start with my perspective on our business.

感謝 Dave 的領導以及為 EnerSys 未來的成功所做的努力。我知道我代表整個 EnerSys 大家庭，祝福你們在新的篇章中一切順利。請翻到幻燈片 6。今天，當我開始發言時，我想先談談我對我們業務的看法。

EnerSys enjoys deep customer relationships and leading market share positions in diverse end markets. The key to our future growth is that our solutions help our valued customers address their shared mounting concerns in two main areas, energy security and labor scarcity.

EnerSys 在不同的終端市場擁有深厚的客戶關係和領先的市場份額地位。我們未來成長的關鍵在於，我們的解決方案能夠幫助我們尊貴的客戶解決他們在能源安全和勞動力短缺兩個主要領域共同面臨的日益嚴重的問題。

Our products help our customers manage their energy costs and consumption while also making it possible for them to perform the same missions with fewer people through maintenance-free products and automation, enabled by intelligent stored energy solutions.

我們的產品可協助客戶管理能源成本和消耗，同時透過免維護產品和自動化（由智慧儲能解決方案實現），使他們能夠以更少的人力完成相同的任務。

Over the past six months, we have taken my strategic hypotheses, tested them with external advisers and are finalizing a focused road map to go deeper in helping our customers address these challenges while resetting our operations and reinforcing intense discipline on ROIC.

在過去的六個月裡，我們提出了我的策略假設，並與外部顧問進行了測試，並最終確定了重點路線圖，以更深入地幫助我們的客戶應對這些挑戰，同時重置我們的營運並加強對 ROIC 的嚴格約束。

There are opportunities for us to narrow our focus on select growth verticals, expand our service capabilities and achieve further operational efficiencies, which I will share more with you on our August call and upcoming quarters.

我們有機會將重點縮小到選定的成長垂直領域，擴大我們的服務能力並進一步提高營運效率，我將在 8 月的電話會議和未來幾季與大家分享更多。

In the near term, our focus is on disciplined execution as we move through a transitional period shaped by evolving macro and policy dynamics. Before I get into the quarter, I'd like to take a step back to address the broader macroeconomic environment, our tariff exposure and our approach to mitigating associated risks. Please turn to slide 7.

短期內，隨著宏觀和政策動態的不斷演變，我們正處於一個過渡時期，我們的重點是嚴格執行。在進入本季之前，我想先回顧一下更廣泛的宏觀經濟環境、我們的關稅風險以及我們減輕相關風險的方法。請翻到幻燈片 7。

In March, we established a dedicated cross-functional tariff task force dedicated solely on analyzing, coordinating and mitigating tariff impacts, considering both supply chain and pricing actions. This team is also monitoring both the tertiary impact of tariffs on inflationary pressures as well as, and perhaps most importantly, market dynamics, both positive and negative from suppressed demand to opportunities where our global footprint offers competitive advantages.

今年3月，我們成立了一個專門的跨職能關稅工作小組，專門負責分析、協調和減輕關稅影響，同時考慮供應鏈和定價行動。團隊也正在監測關稅對通膨壓力的第三級影響，以及或許最重要的是市場動態，包括從需求被抑製到我們的全球影響力提供競爭優勢的機會等正面和負面因素。

Thanks to our long-standing practices of producing in region for region onshoring from China, dual sourcing and footprint rationalization, we already have structural buffers in place. We are committed to fully mitigating any financial impact to our shareholders and see OpEx reductions as an effective lever for what cannot be offset by supply or pricing actions.

由於我們長期以來在中國區域內進行生產、雙重採購和足跡合理化的做法，我們已經建立了結構緩衝。我們致力於全面減輕對股東的任何財務影響，並將降低營運支出視為解決供應或定價行動無法抵消的影響的有效槓桿。

To put our tariff exposure in perspective, about two-thirds of our global revenue comes from the US, in which 80% of our US supply is either domestic or USMCA trade compliant. Only 5% of this is sourced from China, where the highest tariff rates still exist. At current tariff levels, our direct tariff exposure is approximately $92 million, down from $160 million prior to the May 12 US administration updates.

從關稅風險的角度來看，我們全球約三分之二的收入來自美國，其中 80% 的美國供應是國內供應或符合 USMCA 貿易規定的。其中只有5%來自中國，而中國仍有最高關稅稅率。以目前的關稅水平，我們的直接關稅風險約為 9,200 萬美元，低於 5 月 12 日美國政府更新之前的 1.6 億美元。

We intend to fully offset this impact, but expect some near-term friction in Q1 due to stranded tariffs that can't be passed on to customers and shifting customer order patterns. The biggest unknown to us is timing and the scope of broader inflation and/or slowdown effects across the industrial sector. That said, we are prepared for a range of outcomes, guided by our proven and refined playbook. We will remain well positioned to weather both tariffs and a potential downturn if one materializes.

我們打算完全抵消這種影響，但由於無法轉嫁給客戶的滯留關稅以及客戶訂單模式的轉變，預計第一季將出現一些短期摩擦。對我們來說最大的未知數是整個工業領域更廣泛的通膨和/或經濟放緩影響的時間和範圍。儘管如此，我們已經做好了應對一系列結果的準備，並以我們經過驗證和完善的劇本為指導。我們將保持良好的狀態來抵禦關稅和可能出現的經濟衰退（如果出現的話）。

Please turn to slide 8. In addition to our resilient balance sheet and conservative capital structure, EnerSys has a number of structural advantages to help us mitigate economic downturns. First, a large portion, about 60% of our business, follows GDP independent cycles with limited sensitivity to general economic conditions as they follow their own investment time lines. This includes A&D and data centers, which are currently enjoying robust market momentum, as well as network communications, which is poised for further recovery and expansion.

請翻到第 8 張投影片。除了我們具有韌性的資產負債表和保守的資本結構外，EnerSys 還擁有許多結構性優勢來幫助我們緩解經濟衰退。首先，我們業務的很大一部分（約 60%）遵循 GDP 獨立週期，對一般經濟狀況的敏感度有限，因為它們遵循自己的投資時間表。其中包括目前市場勢頭強勁的航空航天與國防和數據中心，以及預計將進一步復甦和擴張的網路通訊。

Second, our global manufacturing footprint provides flexibility in our production and distribution capabilities which enable us to respond and leverage varying geopolitical dynamics by market better than many of our competitors.

其次，我們的全球製造足跡為我們的生產和分銷能力提供了靈活性，使我們能夠比許多競爭對手更好地應對和利用市場變化的地緣政治動態。

Third, our primary operating capital investments have historically been a cash generator during recessionary periods. And finally, we maintain consistent OpEx discipline, enabling us to respond quickly when needed. While shifting conditions may temporarily affect market rhythm, we remain well positioned to expediently protect both earnings and cash flow.

第三，從歷史上看，我們主要的營運資本投資一直是經濟衰退時期的現金來源。最後，我們保持一致的營運支出紀律，使我們能夠在需要時快速做出反應。儘管不斷變化的條件可能會暫時影響市場節奏，但我們仍能很好地保護收益和現金流。

Please turn to slide 9. I'd now like to turn your attention to current business performance. Our overall book-to-bill in the fourth quarter was just over one, with Energy Systems and Specialty above one, offset by Motive Power, below one. Energy Systems had positive order rates for the third consecutive quarter, driven both by data centers and communications.

請翻到第 9 張投影片。現在我想請大家關注目前的業務表現。我們第四季的整體訂單出貨比略高於 1，其中能源系統和特種業務的訂單出貨比高於 1，而動力業務的訂單出貨比低於 1。在資料中心和通訊的推動下，能源系統連續第三個季度實現正訂單率。

In Specialty, A&D projects and orders have been robust. It's worth noting that we did see some order moderation early in the first quarter as customers adjusted to tariff-related developments, but activity rebounded quickly when tariff actions were paused.

在專業領域，A&D 項目和訂單一直很強勁。值得注意的是，由於客戶適應了與關稅相關的發展，我們在第一季初確實看到了一些訂單放緩，但當關稅行動暫停時，活動迅速反彈。

To provide more visibility in what we are seeing today versus prior year, our first-quarter year-to-date order rates for Motive Power are up to 16%, Energy Systems are up 10%, and Specialty are up 33% with the Bren-Tronics add. While we anticipate demand signals to be variable in the coming months, we view this as temporary recalibration phase and not a structural change in market trajectory.

為了更清楚地了解我們今天與去年相比的情況，我們第一季迄今的動力訂單率上漲了 16%，能源系統訂單率上漲了 10%，而隨著 Bren-Tronics 的加入，專業訂單率上漲了 33%。雖然我們預期未來幾個月需求訊號會發生變化，但我們認為這只是暫時的重新調整階段，而不是市場軌跡的結構性變化。

Now I'll provide some more detail on the business drivers behind our strong fiscal Q4 performance. In our Energy Systems business, I am pleased with the team's execution, nearly doubling adjusted operating earnings.

現在，我將更詳細地介紹我們第四季財務表現強勁背後的業務驅動因素。在我們的能源系統業務中，我對團隊的執行力感到滿意，調整後的營業收入幾乎翻了一番。

These improved results highlight the benefits of structural improvement actions, along with 22% year-on-year increase in quarterly data center revenue and continued signs of recovery in US communications spending. While we are encouraged by early project work and network expansion planning in US communications, particularly driven by AI-related data demand, many customers are selectively managing capital expenditures. As such, we expect the pace of network expansion to remain gradual and potentially uneven in the upcoming quarters.

這些改善的結果凸顯了結構性改善措施的好處，同時季度資料中心營收年增 22%，以及美國通訊支出持續復甦的跡象。雖然我們對美國通訊早期的專案工作和網路擴展規劃感到鼓舞，特別是在人工智慧相關數據需求的推動下，但許多客戶正在選擇性地管理資本支出。因此，我們預計未來幾季網路擴張的步伐將保持緩慢，甚至可能不平衡。

Order rates were sequentially higher, with particular strength in the Americas. Continued sequential order rate growth in EMEA is encouraging as a sign that the regional spend is increasing and off prior lows. It's important to note that while we are seeing strong order rates, lead times can extend the revenue conversion time line in this business. Further, although the segment is one most exposed to tariffs and supply chain disruptions, we have significantly improved our monitoring and ability to respond more quickly than in the past.

訂單率連續上升，美洲地區尤其強勁。歐洲、中東和非洲地區訂單率持續環比增長令人鼓舞，這表明該地區的支出正在增加，並且擺脫了先前的低點。值得注意的是，雖然我們看到了強勁的訂單率，但交貨時間可能會延長該業務的收入轉換時間表。此外，儘管該領域最容易受到關稅和供應鏈中斷的影響，但我們已顯著提高監控能力並比過去更快地做出反應。

Finally, as an additional future tailwind, our services revenues continue to be challenging for us is an increasing area of focus for [Keith]. We see this as a tremendous opportunity to add value to our customers and grow profitably in the future.

最後，作為未來的額外順風，我們的服務收入對我們來說仍然具有挑戰性，這是我們越來越關注的領域[基斯]。我們認為這是一個為客戶增加價值並在未來實現獲利成長的巨大機會。

In Motive Power, our very strong AOE performance was driven by another quarter of favorable price/mix on increasing TPPL with charger mix despite relatively flat sales year over year on lower volumes in EMEA and APAC.

在動力方面，儘管歐洲、中東和非洲地區以及亞太地區的銷量較低，但同比銷售額相對持平，推動了我們非常強勁的 AOE 表現，這是由於另一個季度的 TPPL 與充電器組合增加帶來了有利的價格/組合。

In Q4, sales of maintenance-free products were up 16% year over year, representing a record 29% of total Motive Power revenue, with customer enthusiasm over how our products help them address their labor challenges, as I had mentioned at the beginning of my remarks.

第四季度，免維護產品的銷售額年增 16%，佔 Motive Power 總收入的 29%，創歷史新高，正如我在發言開始時提到的那樣，客戶對我們的產品如何幫助他們解決勞動力挑戰表現出極大的熱情。

Industry estimates for lift trucks indicate calendar-year '25 may be down slightly over prior year, with continued expectations for a better recovery in calendar-year '26. We are receiving mixed signals on the near-term outlook for Motive Power.

堆高機產業估計顯示，25 日曆年可能比前一年略有下降，預計 26 日曆年將出現更好的復甦。我們收到了有關 Motive Power 近期前景的混合訊號。

Our April-May order book has been stable to promising, and April, ITA truck orders were up over 19% over last year's historical lows. Conversely, we have a lower starting backlog than both a year ago and last quarter, slower book and ship activity in the current quarter and anticipate disruption will continue to be impacted in the near term with major ports reporting dramatic fluctuations in container volumes over the past three months as importers drastically adjust shipments week by week in response to ongoing tariff updates.

我們的 4 月至 5 月訂單情況穩定且充滿希望，4 月 ITA 卡車訂單比去年的歷史最低點上漲了 19% 以上。相反，我們的起始積壓訂單量低於去年同期和上一季度，本季度的訂艙和出貨活動放緩，預計短期內中斷將繼續受到影響，主要港口報告過去三個月集裝箱吞吐量大幅波動，因為進口商根據持續的關稅更新每周大幅調整出貨量。

As a reminder, this business is largely correlated with GDP, but also has unique upside opportunities driven by macro trends of electrification and automation, as well as increasing market demand for our higher performing, higher value maintenance-free products.

提醒一下，這項業務與 GDP 密切相關，但也有獨特的上行機會，受到電氣化和自動化宏觀趨勢的推動，以及市場對我們性能更高、價值更高的免維護產品的需求不斷增長。

We believe the market pulled in some shipments into our fiscal Q4 in anticipation of announced tariffs, which will reverse out in the first quarter, creating a temporary drag. That said, we also see potential upside opportunities as lithium pricing pressure from Chinese suppliers may drive increased customer interest in TPPL going forward. But it's difficult to predict how and when these market dynamics will play out.

我們認為，市場預期關稅將宣布，從而將一些貨物拉入我們的財政第四季度，但關稅將在第一季度逆轉，造成暫時的拖累。儘管如此，我們也看到了潛在的上行機會，因為來自中國供應商的鋰定價壓力可能會推動客戶對 TPPL 的興趣增加。但很難預測這些市場動態將如何以及何時發揮作用。

In Specialty, we delivered significant year-over-year and quarter-over-quarter improvements in both revenue and adjusted operating earnings, driven by solid performance in Aerospace and Defense, supported by the continuing outperformance of our Bren-Tronics acquisition.

在專業領域，我們的營收和調整後營業利潤同比和環比均有顯著增長，這得益於航空航太和國防領域的穩健表現，以及我們對 Bren-Tronics 收購的持續優異表現。

Growth in Bren-Tronics was fueled by robust demand for chargers, soldier power and expeditionary power systems, as well as increased demand from the European defense market. The impressive A&D results were partially offset by slower Class 8 truck OEM volume recovery that we had initially anticipated.

Bren-Tronics 的成長得益於對充電器、士兵電源和遠徵電力系統的強勁需求，以及歐洲國防市場需求的成長。令人印象深刻的 A&D 業績被我們最初預期的 8 級卡車 OEM 銷量復甦放緩所部分抵消。

Tariff and macro uncertainty have paused the Class 8 truck recovery we are expecting for early fiscal '26, and we are seeing slower and choppy order rates as major OEMs continue to revise forecasts. A&D markets remain robust and will be strengthened by the macro, although we have seen some near-term delays that we believe to be timing related with personnel reductions in the administration temporary clogging the flow of orders.

關稅和宏觀不確定性暫停了我們預期的 26 財年初期 8 級卡車復甦，隨著主要原始設備製造商 (OEM) 繼續修改預測，我們看到訂單率正在放緩且波動。儘管我們看到一些近期的延遲，我們認為這是由於政府人員削減暫時阻礙了訂單流而導致的時間延遲，但 A&D 市場仍然保持強勁並將因宏觀因素而得到加強。

With strong momentum in Bren-Tronics and broader A&D amid opportunities for improvement in transportation when markets come back and our Missouri plant investments come online, our Specialty business remains well positioned for continued growth and profit expansion.

隨著市場復甦和我們在密蘇裡州的工廠投資上線，在運輸業改善的機會下，Bren-Tronics 和更廣泛的 A&D 業務發展勢頭強勁，我們的專業業務仍處於有利地位，可以繼續增長和擴大利潤。

Please turn to slide 10. Our recent performance reflects a business not only built for resilience, but ready to adapt. As we transition leadership, we are sharpening our focus, executing with discipline, building operational momentum and listening closely to customers as their challenges evolve.

請翻到第 10 張投影片。我們最近的表現反映出，我們的企業不僅具有韌性，而且隨時準備好適應。隨著領導層的過渡，我們正在加強重點，嚴格執行，建立營運動力，並密切傾聽客戶不斷變化的挑戰。

We've made meaningful strides bringing new technologies to market, introducing cutting-edge products such as software-driven energy management systems, which will help our customers address their energy scarcity challenges that I had mentioned earlier. These advancements equip our customers with adaptable and efficient solutions that evolve alongside their needs.

我們在將新技術推向市場方面取得了重大進展，推出了軟體驅動的能源管理系統等尖端產品，這將幫助我們的客戶解決我之前提到的能源短缺挑戰。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。

The preview of our Synova Sync charger and battery energy storage system, or BESS, for warehouse and distribution center customers generated a lot of excitement at recent trade shows. Synova Sync, our new generation battery charger, delivers high efficiency, IoT compatibility for remote monitoring and over-the-air firmware updates advancing our IoT ecosystem.

我們為倉庫和配送中心客戶預覽的 Synova Sync 充電器和電池儲能係統（BESS）在最近的貿易展會上引起了極大的興奮。Synova Sync 是我們的新一代電池充電器，具有高效率、物聯網相容性，可用於遠端監控和無線韌體更新，從而推進我們的物聯網生態系統。

While in the development phase, our BESS resonated with our customers looking for a solution to tackle power continuity challenges, costly infrastructure upgrades, long lead times and limited flexibility, barriers that often slow electrification efforts. Engineered for rapid deployment and semi portability, customers were enthused by the enhanced flexibility and efficiency of our BESS and what they will offer their operations.

在開發階段，我們的 BESS 引起了客戶的共鳴，他們尋求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，這些障礙往往會減緩電氣化進程。我們的 BESS 專為快速部署和半便攜性而設計，其增強的靈活性和效率以及其將為其營運提供的功能令客戶感到非常興奮。

Operationally, we're building on progress from fiscal '25 with a heightened focus on execution. The first new high-speed line in our Missouri Springfield [1] factory began production this quarter and is performing to expectations, with the second high-speed line on track to become operational in the fall.

在營運方面，我們在 25 財年的基礎上進一步加強執行力度。我們密蘇裡州斯普林菲爾德 [1] 工廠的第一條新高速生產線本季開始生產，且運作符合預期，第二條高速生產線也有望在秋季投入營運。

At the same time, we are actively reshaping our manufacturing footprint. As previously announced, we are closing our flooded lead-acid battery manufacturing facility in Monterrey, Mexico and transitioning production to our existing plant in Richmond, Kentucky. This move will enable us to optimize our cost structure as market demand continues to shift to our higher-performing TPPL batteries.

同時，我們正在積極重塑我們的製造足跡。正如先前宣布的那樣，我們將關閉位於墨西哥蒙特雷的富液式鉛酸電池製造工廠，並將生產轉移到位於肯塔基州里士滿的現有工廠。隨著市場需求繼續轉向性能更高的 TPPL 電池，此舉將使我們能夠優化成本結構。

The transition will also allow us to maximize near-term IRC 45X tax benefits and aligns with our philosophy of producing in market. The restructuring is expected to deliver an estimated pretax benefit of $19 million annually beginning fiscal-year 2027, while ensuring continued product availability and customer support.

這項轉變也將使我們能夠最大限度地享受近期 IRC 45X 稅收優惠，並符合我們的市場生產理念。此次重組預計將從 2027 財年開始每年帶來約 1,900 萬美元的稅前收益，同時確保持續的產品供應和客戶支援。

To further strengthen our focus on high-impact technology execution, as previously announced in March, Mark Matthews, President of our Specialty Global line of business, has been appointed Acting Chief Technology Officer.

為了進一步加強我們對高影響力技術執行的關注，正如 3 月宣布的那樣，我們專業全球業務線總裁 Mark Matthews 已被任命為代理首席技術長。

Mark brings more than three decades of engineering and operational leadership, including deep technical expertise in lithium-ion chemistry. He currently leads our Aerospace and Defense business, which utilizes multiple distinct lithium chemistries across mission-critical applications.

馬克擁有超過三十年的工程和營運領導經驗，包括在鋰離子化學方面的深厚技術專長。他目前領導我們的航空航太和國防業務，該業務在關鍵任務應用中採用多種不同的鋰化學物質。

This experience, combined with his deep relationships across the Department of Defense and Department of Energy, positions him well to guide the next phase of our lithium strategy and align it with national priorities.

這一經驗，加上他在國防部和能源部的深厚關係，使他能夠很好地指導我們鋰戰略的下一階段，並使其與國家優先事項保持一致。

Mark is actively reviewing our lithium technology road map and investment plans to ensure they reflect evolving market demands and long-term supply needs. His dual role ensures commercial alignment with R&D and capacity planning as we position EnerSys for future growth in domestic lithium battery manufacturing.

馬克正在積極審查我們的鋰技術路線圖和投資計劃，以確保它們反映不斷變化的市場需求和長期供應需求。他的雙重角色確保了商業與研發和產能規劃的一致性，使我們為 EnerSys 在國內鋰電池製造業的未來成長做好了準備。

While the funding of the DOE award for our domestic lithium plant remains pending, we are encouraged by recent engagement with the DOE and remain optimistic given the project's alignment with defense readiness, domestic supply assurance and American manufacturing.

雖然美國能源部對我們國內鋰工廠的資助仍懸而未決，但我們對最近與美國能源部的合作感到鼓舞，並且鑑於該項目與國防準備、國內供應保證和美國製造業的一致性，我們仍然保持樂觀。

In the meantime, we are taking a disciplined, risk-aware approach, adjusting our plans, maintaining flexibility and closely managing cost dynamics as we update our financial model for evolving cost and benefit assumptions to ensure our future path delivers an attractive return on investment for our shareholders.

同時，我們採取嚴謹、有風險意識的方法，調整計劃，保持靈活性，密切管理成本動態，同時更新財務模型以適應不斷變化的成本和收益假設，確保我們未來的道路為股東帶來有吸引力的投資回報。

We remain well positioned to move with speed and confidence once greater policy clarity emerges. In closing, I want to express my deep confidence in the strength of our business, the relevance of our solutions and the dedication of the EnerSys team.

一旦政策更加明朗，我們仍將保持快速和自信的行動。最後，我想表達我對我們業務實力、我們解決方案的相關性以及 EnerSys 團隊的奉獻精神的強烈信心。

We are energized by the critical role we play in supporting the industries that keep data and products across the world moving. I look forward to sharing more about our evolving strategy and growth road map during our fiscal Q1 earnings call in August.

我們在支持推動全球數據和產品流通的行業方面發揮關鍵作用，這讓我們充滿活力。我期待在 8 月的第一財季財報電話會議上分享更多有關我們不斷發展的策略和成長路線圖的資訊。

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？

Thank you, Shawn. Please turn to slide 12. Fourth-quarter net sales of $975 million were up 7% from prior year, the second highest revenue quarter for the company, driven by a 4% increase in organic volume, largely on Energy Systems communications continuing recovery and strength in data centers, as well as 1% positive price/mix across Motive Power and Energy Systems and a 4% positive impact from the Bren-Tronics acquisition, partially offset by 2% FX headwind. We achieved adjusted gross profit of $304 million, up $49 million year on year and up $41 million if you exclude 45X benefits.

謝謝你，肖恩。請翻到第 12 張投影片。第四季淨銷售額為 9.75 億美元，比上年增長 7%，是公司收入第二高的季度，推動因素包括有機銷量增長 4%，這主要得益於能源系統通信業務的持續復甦和數據中心的強勁增長，以及動力和能源系統 1% 的積極價格/產品組合，以及 Bren-Tronics 的強勁增長，以及動力和能源系統 1% 的積極價格/產品組合，以及 Bren-Tronics 收購帶來的 4% 的正面影響，但 2% 的部分積極收購。我們實現調整後毛利 3.04 億美元，比去年同期增加 4,900 萬美元，若不包括 45X 收益則增加 4,100 萬美元。

Q4 '25 adjusted gross margin of 31.2% was up 320 basis points versus prior year. And excluding 45X, adjusted gross margin was up 260 basis points despite the FX headwinds. Our adjusted operating earnings were $152 million in the quarter, up $43 million versus prior year with an adjusted operating margin of 15.6%. Excluding 45X benefits, adjusted operating earnings increased $35 million or 48%, with an adjusted operating margin of 11.1% on 7% revenue growth driving a 360 basis point margin improvement year on year.

25 年第四季調整後毛利率為 31.2%，較上年同期上升 320 個基點。除 45X 外，儘管面臨外匯不利因素，調整後的毛利率仍上漲了 260 個基點。本季我們的調整後營業收入為 1.52 億美元，比去年同期成長 4,300 萬美元，調整後營業利潤率為 15.6%。不包括 45X 福利，調整後的營業收入增加了 3,500 萬美元，即 48%，調整後的營業利潤率為 11.1%，收入成長 7%，推動利潤率年增 360 個基點。

Adjusted EBITDA was $167 million, an increase of $42 million versus prior year, while adjusted EBITDA margin was 17.1%, up 340 basis points versus prior year. Adjusted EPS for the fourth quarter came in above the high end of our guidance range at $2.97 per share, an increase of 43% over prior year.

調整後的 EBITDA 為 1.67 億美元，較上年增加 4,200 萬美元，調整後的 EBITDA 利潤率為 17.1%，較前一年增加 340 個基點。第四季調整後每股收益高於我們的預期範圍高端，達到每股 2.97 美元，較上年增長 43%。

Excluding 45X, adjusted EPS was a record $1.86 per share, up $0.66 per share versus prior year, demonstrating the strong earnings power of our diversified business and more than $0.40 per share higher than our previous record.

不包括 45X，調整後的每股收益達到創紀錄的 1.86 美元，比上年每股收益上漲 0.66 美元，證明了我們多元化業務的強勁盈利能力，比我們之前的記錄每股收益高出 0.40 美元以上。

In the fourth quarter of fiscal '25, our effective tax rate was 15.9% on an as-reported basis and 18.9% on an as adjusted basis before the benefit of 45X compared to 20.2% in Q4 of '24 and 23.3% in the prior quarter. Full-year net sales of $3.6 billion were up 1% year over year. We generated adjusted operating profit of $528 million, including $185 million benefit from IRC 45X tax credits.

在 2025 財年第四季度，我們的有效稅率在報告基礎上為 15.9%，在 45X 收益之前按調整後的基礎為 18.9%，而 2024 年第四季度為 20.2%，上一季為 23.3%。全年淨銷售額為 36 億美元，較去年同期成長 1%。我們實現了 5.28 億美元的調整後營業利潤，其中包括 1.85 億美元的 IRC 45X 稅收抵免收益。

Excluding the 45X benefits, we generated record adjusted profit of $343 million. Adjusted diluted EPS was $10.15 per share, an increase of 22%, and adjusted diluted EPS before 45X benefits was a record $5.58 per share, an increase of $0.53 from our prior record.

不計 45X 收益，我們的調整後利潤達到創紀錄的 3.43 億美元。調整後稀釋每股收益為每股 10.15 美元，增長 22%，扣除 45 倍收益前的調整後稀釋每股收益達到創紀錄的每股 5.58 美元，比之前的記錄增長 0.53 美元。

Let me now provide some details by segment. Please turn to slide 13. In the fourth quarter, Energy Systems revenue increased 8% from prior year to $399 million, primarily driven by increased volumes as well as price/mix and partially offset by FX.

現在讓我按部分提供一些詳細資訊。請翻到第 13 張投影片。第四季度，能源系統營收較上年同期成長 8%，達到 3.99 億美元，主要由於銷售量和價格/產品組合的成長，部分被外匯因素所抵銷。

Revenue was up over $10 million sequentially, the third consecutive increase, as we continue to see steady improvement in these end markets. Adjusted operating earnings of $35 million grew for the fifth consecutive quarter, reflecting higher operating leverage through our optimized cost structure and were $17 million higher than prior year.

由於我們繼續看到這些終端市場的穩定改善，收入環比增長超過 1000 萬美元，這是連續第三次增長。調整後的營業利潤連續第五個季度增長 3500 萬美元，反映出我們透過優化成本結構實現了更高的營業槓桿，比上年高出 1700 萬美元。

Adjusted operating margin of 8.7% increased an impressive 400 basis points versus prior year. We exited the quarter with encouraging order trends in this business and expect to deliver year-over-year margin expansion as revenue growth, and we continue with our structural improvement efforts.

調整後的營業利益率為 8.7%，較上年同期大幅增加了 400 個基點。本季結束時，該業務的訂單趨勢令人鼓舞，預計隨著收入的增長，利潤率將同比增長，我們將繼續進行結構改進工作。

While we remain fully confident in our ability to proactively mitigate tariffs and supply chain disruption when the macro environment stabilizes, we expect to absorb some short-term headwinds from stranded tariffs in the upcoming quarter.

雖然我們仍然完全有信心在宏觀環境穩定後主動緩解關稅和供應鏈中斷的影響，但我們預計下一季將承受關稅擱淺帶來的一些短期阻力。

As Shawn mentioned, although this segment is our most sensitive to tariffs and supply chain volatility, we have enhanced our visibility and responsiveness, allowing us to act with greater speed and precision than in prior cycles.

正如肖恩所提到的，雖然這一領域對關稅和供應鏈波動最為敏感，但我們已經提高了可見性和響應能力，使我們能夠比以前的周期更快地採取行動，並且更加精確。

Please turn to slide 14. Motive Power revenue was in line with the prior year at $392 million as FX headwinds and flat volumes were offset by positive price/mix. Motive Power again reported robust adjusted operating earnings this quarter, contributing $67 million, up 15% versus prior year on the flat revenue, largely on favorable price/mix as well as some lower commodity and manufacturing costs.

請翻到第 14 張投影片。由於外匯不利因素和交易量持平被積極的價格/組合所抵消，Motive Power 的收入與去年持平，為 3.92 億美元。本季度，Motive Power 再次報告了強勁的調整後營業利潤，貢獻了 6700 萬美元，較上年同期持平的收入增長了 15%，這主要得益於有利的價格/產品組合以及較低的商品和製造成本。

Maintenance-free conversion continued its impressive trend at a record 29% of Motive Power revenue in Q4. Adjusted operating margins were 17.1%, up 240 basis points versus the prior year. Since the implementation of tariffs, a leading industry report indicates a significant decline in market sentiment, reflecting a more than 50% drop in confidence for both current and future business as the broader market is digesting this evolving market dynamic.

免維護轉換繼續保持令人印象深刻的趨勢，在第四季度佔動力公司收入的 29%，創歷史新高。調整後的營業利益率為 17.1%，較上年增長 240 個基點。自實施關稅以來，一份領先的行業報告顯示，市場情緒大幅下降，反映出對當前和未來業務的信心下降了 50% 以上，因為更廣泛的市場正在消化這種不斷變化的市場動態。

While our products play a critical role in global supply chains, we expect a temporary short-term negative impact on new [lift] truck orders as companies reassess their investment strategies in response to the evolving trade landscape.

雖然我們的產品在全球供應鏈中發揮關鍵作用，但隨著企業根據不斷變化的貿易狀況重新評估其投資策略，我們預計新的[堆高機]訂單將受到暫時的短期負面影響。

We see meaningful upside to this business once conditions settle, supported by long-term tailwinds from electrification and automation, along with growing customer preference for our higher-performing maintenance-free solutions.

一旦情況穩定下來，我們認為這項業務將具有顯著的成長潛力，這得益於電氣化和自動化帶來的長期推動力，以及客戶對我們性能更高的免維護解決方案的日益青睞。

Please turn to slide 15. Specialty revenue increased 21% from prior year to $178 million, driven by a 22% positive impact from the Bren-Tronics acquisition and a 1% increase in organic volumes, partially offset by a 2% decrease in price/mix.

請翻到第 15 張投影片。特種產品收入較上年增長 21%，達到 1.78 億美元，這得益於 Bren-Tronics 收購帶來的 22% 的積極影響以及有機銷量的 1% 增長，但價格/產品組合下降 2% 部分抵消了這一影響。

Q4 '25 adjusted operating earnings of $15 million were nearly double prior year, with an adjusted operating margin of 8.5%, up 270 basis points. Specialty's performance reflects focused execution, with A&D and Bren-Tronics driving the current results. With additional leverage expected from our Missouri investments and longer-term transportation improvement, we anticipate further gains ahead.

25 年第四季調整後的營業收入為 1,500 萬美元，幾乎是去年同期的兩倍，調整後的營業利潤率為 8.5%，上漲了 270 個基點。Specialty 的表現反映了專注的執行力，其中 A&D 和 Bren-Tronics 推動了當前的表現。憑藉我們在密蘇裡州的投資以及長期交通改善所帶來的額外槓桿作用，我們預計未來將取得進一步的成長。

Please turn to slide 16. Positive operating cash flow of $135 million, offset by CapEx of $30 million, resulted in free cash flow of $105 million in the quarter. I would like to note that we have not yet received a $137 million US tax refund which we had expected in the fourth quarter. We fully attribute this delay to IRS staffing issues and anticipate receiving the refund with interest any day.

請翻到第 16 張投影片。1.35 億美元的正營運現金流，抵銷 3,000 萬美元的資本支出，導致本季自由現金流達到 1.05 億美元。我想指出的是，我們尚未收到原定於第四季收到的1.37億美元美國退稅。我們將此延遲完全歸咎於國稅局人員配備問題，並預計隨時都會收到退款和利息。

We had strong primary operating capital management, ending the year with $932 million on hand, up $79 million versus prior year as we built the business for future growth. As of March 31, 2025, we had $343 million of cash and cash equivalents on hand.

我們擁有強大的主要營運資本管理，年底時手頭上有 9.32 億美元，比上一年增加了 7,900 萬美元，因為我們為未來成長建立了業務。截至 2025 年 3 月 31 日，我們手頭上有 3.43 億美元的現金和現金等價物。

Net debt of $781 million represents an increase of approximately $270 million since the end of fiscal '24 as we made our acquisition of Bren-Tronics, returned $192 million to shareholders through share repurchases and dividends and continued to invest in our business.

淨債務為 7.81 億美元，自 24 財年末以來增加了約 2.7 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 1.92 億美元，並繼續投資於我們的業務。

Our credit agreement leverage ratio was 1.3 times 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 any macroeconomic dynamics that may impact us.

我們的信貸協議槓桿率為 EBITDA 的 1.3 倍。我們的資產負債表依然強勁，使我們能夠投資於成長並應對當前的經濟環境。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任何宏觀經濟動態。

Please turn to slide 17. During the fourth quarter, we paid $9.5 million in dividends and repurchased $40 million in shares. We currently have approximately $200 million remaining on our Board buyback authorization.

請翻到第 17 張投影片。第四季度，我們支付了 950 萬美元的股息並回購了價值 4000 萬美元的股票。我們目前董事會授權的回購資金還剩下約 2 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 in exciting end markets and making progress on our transformation journey. Given the strong cash flow generation of our business, we have the opportunity to be more aggressive in our opportunistic share buyback activity, particularly during these volatile market conditions.

我們將繼續評估有前景的附加收購機會，例如符合我們嚴謹的策略和財務標準的 Bren-Tronics，並專注於加強客戶親密度、憑藉我們在激動人心的終端市場的領先地位擴大錢包份額以及在我們的轉型之旅中取得進展。鑑於我們業務強勁的現金流，我們有機會更積極地進行機會性股票回購活動，尤其是在這些動盪的市場條件下。

Please turn to slide 18. As Shawn mentioned, we remain very confident in our ability to effectively manage our business in the evolving macro environment and deliver strong earnings performance. We are committed to fully shielding our investors from the ongoing impact of tariffs, although we may have some short-term headwinds when uncertainty creates pockets of volume disruption and stranded costs.

請翻到第 18 張投影片。正如肖恩所提到的，我們仍然對自己在不斷變化的宏觀環境中有效管理業務並實現強勁盈利業績的能力充滿信心。我們致力於全面保護我們的投資者免受關稅的持續影響，儘管當不確定性造成產量中斷和成本擱淺時，我們可能會面臨一些短期阻力。

Our fiscal first-quarter 2026 guidance reflects typical seasonal volume softness in Motive Power and transportation exacerbated by the short-term macro dynamics. For the first quarter of fiscal 2026, we expect net sales in the range of $830 million to $870 million with adjusted diluted EPS of $2.03 to $2.13 per share, which includes $35 million to $40 million of 45X benefits to gross profit.

我們對 2026 財年第一季的預期反映了動力和運輸業典型的季節性銷售疲軟，而短期宏觀動態加劇了這一現象。對於 2026 財年第一季度，我們預計淨銷售額將在 8.3 億美元至 8.7 億美元之間，調整後稀釋每股收益為 2.03 美元至 2.13 美元，其中包括 3500 萬至 4000 萬美元的 45 倍毛利收益。

The largest driver of our anticipated Q1 sequential decline in revenue and EPS can be attributed to Motive Power volumes, which are expected to be pressured on seasonality and tariff disruptions, with Motive Power Americas Q4 orders down 14% year on year as well as, to a lesser extent, approximately $5 million of stranded tariff costs. Shawn and I are working on scenario plans to effectively respond to any and all outcomes as it relates to further tariff policy dynamics.

我們預計第一季營收和每股盈餘將環比下降，最大的驅動因素可以歸因於動力公司的銷量，預計該銷量將受到季節性和關稅中斷的壓力，其中動力公司美洲公司第四季度的訂單同比下降 14%，此外，還有約 500 萬美元的滯留關稅成本（程度較輕）。肖恩和我正在製定情景計劃，以有效應對與進一步關稅政策動態相關的任何和所有結果。

Given the evolving policy environment and pacing of demand normalization, we are temporarily pausing quantified full-year guidance. That said, we believe Q1 will be the low point of our fiscal year. We anticipate full-year adjusted operating earnings growth, excluding 45X benefits, to outpace revenue growth for the fiscal year.

鑑於不斷變化的政策環境和需求正常化的步伐，我們暫時停止量化全年指引。話雖如此，我們相信第一季將是我們財政年度的最低點。我們預計全年調整後的營業利潤成長（不包括 45 倍福利）將超過本財年的營收成長。

With improvement in our order book during Q1 year-to-date, we expect revenue will be bolstered by our customers' enthusiasm for our maintenance-free offering, robust A&D and data center markets and ongoing improvements in our communication and transportation businesses, as well as ongoing improvements in our manufacturing costs, disciplined OpEx and reductions in our capital expenditures year on year, all of which will be tempered by macro dynamics.

隨著今年第一季迄今訂單量的增加，我們預計客戶對我們免維護產品的熱情、強勁的航空航天和國防及數據中心市場、我們通信和運輸業務的持續改進以及我們製造成本的持續改善、嚴格的運營支出和資本支出的逐年減少都將推動收入增長，但所有這些都將受到宏觀動態的影響。

To proactively mitigate these market dynamics, we have implemented direct and indirect cost control and also are currently reviewing additional reductions in both OpEx and CapEx as part of Shawn's strategic business improvement road map.

為了積極緩解這些市場動態，我們實施了直接和間接成本控制，並且作為 Shawn 策略業務改善路線圖的一部分，目前正在審查營運支出和資本支出的額外削減。

Please turn to slide 19. Before we move to Q&A, with the completion of our fiscal-year '25 results, I would like to provide an update on our progress towards the fiscal-year 2027 financial targets we set at Investor Day in June of 2023. In aggregate, we are on track towards our earnings targets, with strong performance on adjusted operating margin, EBITDA and EPS and future upside potential from the reinvestment of our excess cash flow.

請翻到第 19 張投影片。在我們進入問答環節之前，隨著我們 25 財年業績的公佈，我想向我們介紹一下我們在 2023 年 6 月投資者日設定的 2027 財年財務目標的進展情況。整體而言，我們正朝著獲利目標邁進，調整後的營業利潤率、EBITDA 和 EPS 表現強勁，並且透過對過剩現金流的再投資具有未來的上行潛力。

As with any multiyear plan, there are puts and takes. We are very pleased with our maintenance reconversions, realizing a richer mix of product sales across the business, our TPPL capacity investments, Energy Systems business optimization actions, the expanded 45X benefits and the accretive impact of our Bren-Tronics acquisition.

正如任何多年期計劃一樣，它有得有失。我們對維護轉換感到非常滿意，實現了整個業務中更豐富的產品銷售組合、我們的 TPPL 產能投資、能源系統業務優化行動、擴大的 45X 收益以及我們收購 Bren-Tronics 的增值影響。

On the flip side, our sales CAGRs have been below where we still believe our longer-term potential resides, largely on unforeseen market-wide disruptions. These outcomes have informed Shawn's strategy, which we will be updating you on in August.

另一方面，我們的銷售複合年增長率低於我們認為的長期潛力水平，這主要是由於不可預見的市場混亂。這些結果為 Shawn 的策略提供了參考，我們將在八月向您通報最新情況。

As Shawn steps into the CEO role, he is advancing our strategic work aimed at deepening customer intimacy, accelerating our most high-impact new product initiatives that help our customers address their energy and labor challenges and enhancing our operational efficiencies, execution and return on invested capital.

隨著肖恩擔任執行長一職，他正在推進我們的策略工作，旨在加深客戶親密度，加速我們最具影響力的新產品計劃，幫助我們的客戶解決能源和勞動力挑戰，並提高我們的營運效率、執行力和投資回報率。

These efforts, combined with our strong foundation, position us to pursue the growth and margin expansion we know our business is capable of. We look forward to sharing further updates as the fiscal-year progresses.

這些努力，加上我們堅實的基礎，使我們能夠追求我們知道我們的業務能夠實現的成長和利潤擴張。我們期待在財政年度進展過程中分享進一步的更新資訊。

In closing, global demand for our energy storage solutions continues to build, as our products and services remain essential to the industries that drive the global economy, from resilient grids and communications networks to secure data centers and national security as well as global material distribution and warehousing.

最後，全球對我們的能源儲存解決方案的需求持續增長，因為我們的產品和服務對於推動全球經濟的行業仍然至關重要，從彈性電網和通訊網路到安全的資料中心和國家安全以及全球材料分銷和倉儲。

Coming off of record shattering Q4, we are confident in the earnings power of our business and are optimistic about our ability to continue to expand margins, grow revenue and create long-term value for our shareholders.

在創下第四季度業績記錄之後，我們對公司的獲利能力充滿信心，並對我們繼續擴大利潤率、增加收入和為股東創造長期價值的能力充滿信心。

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

有了這個，我們就可以開始問問題了。操作員？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Noah Kaye, Oppenheimer.

諾亞·凱伊，奧本海默。

Hi, good morning. Thanks for taking the questions.

嗨，早安。感謝您回答這些問題。

Hi, Noah.

你好，諾亞。

So I guess, I just wanted to start first with understanding the 1Q guide, the revenue range. I think you gave some color on where we would see weakness in Motive, maybe a little bit of growth in Energy Systems and Specialty, you talked through that. But the EPS guide, about $0.20 higher year over year on kind of flat revenues at the midpoint. Can you help sort of bridge to that EPS growth with your expectations around operating margins and tax rate?

所以我想，我首先只是想了解第一季的指南，即收入範圍。我認為您已經明確指出了 Motive 的弱點，以及能源系統和專業領域可能出現的一些成長，您已經談到了這些。但 EPS 指南顯示，在中間收入基本持平的情況下，每股盈餘比去年同期高出約 0.20 美元。您能否透過對營業利潤率和稅率的預期來幫助實現每股盈餘成長？

Yeah, good morning. Noah it's Shawn. Good to hear your voice, and thank you for the question. I'll provide a little color here on what we're seeing for Q1, and then I'll let Andy handle the EPS portion of it. But just to give you a little idea of what went on in anticipation of Liberation Day, our Motive customers just largely took a wait-and-see approach, which affected had some near-term effect on orders. But then we probably saw a little bit of pull in to get ahead of that.

是的，早安。諾亞，是肖恩。很高興聽到您的聲音，感謝您的提問。我將在這裡對第一季的情況進行一些說明，然後讓安迪處理其中的每股收益部分。但是，只是為了讓您稍微了解解放日即將到來時發生的情況，我們的 Motive 客戶大多採取了觀望態度，這對訂單產生了一些短期影響。但隨後我們可能看到了一些領先優勢。

And then we saw some pickup with improving news from the administration. And now overall, as we mentioned in the remarks, year-to-date orders are relatively flat, with current order rates broadly in line with normal cycles. So where we would expect to see in comparison to the last several cycles. So it's -- while we have this noise, it feels like we are trending back to normal. What we don't know is the effect of reciprocal tariffs.

然後，我們看到政府方面傳來了一些好轉的消息。總體而言，正如我們在評論中提到的那樣，年初至今的訂單相對平穩，當前訂單率與正常週期大致一致。因此，與過去幾個週期相比，我們預計會看到什麼。所以——雖然我們聽到了這些噪音，但感覺我們正在恢復正常。我們不知道的是互惠關稅的效果。

We have a -- some of these are still pauses and not settled science, but it feels like a strengthening for us. And so we anticipate that this blip that we saw was totally tariff shock-related and that the markets are largely getting back to business.

我們有——其中一些仍處於停頓狀態，而不是已確定的科學，但這對我們來說感覺像是一種加強。因此，我們預計，我們看到的這種波動完全與關稅衝擊有關，而市場基本上正在恢復正常。

And then as you mentioned Energy Systems, we just continue to see activity coming in for network build-out. The carriers realize they have a deficit when it comes to passing AI traffic through their networks, and they're beginning to get active about solving those technical issues. So we feel very good about continued trajectory in ES and a rising comfort level in Motive, if you will.

正如您所提到的能源系統，我們繼續看到網路建設活動的發展。營運商意識到在透過其網路傳輸 AI 流量方面存在不足，並且他們開始積極解決這些技術問題。因此，如果您願意的話，我們對 ES 的持續發展軌跡和 Motive 的舒適度不斷上升感到非常滿意。

And then we didn't see the -- you didn't ask about transportation, but we're kind of following the same trajectory there where we were on pace for a nice recovery. And then just like in the forklift, the transportation customers sort of hit pause to sort through this tariff noise.

然後我們沒有看到——你沒有問到交通問題，但我們在那裡遵循著同樣的軌跡，我們正在穩步復甦。然後就像堆高機一樣，運輸客戶會暫停一下，以理清這些關稅噪音。

With that, I'll turn it over to Andy.

說完這些，我就把麥克風交給安迪。

Yeah. Thanks, Shawn. So I think you covered the markets well. Now what might help is if we level set to last year. So largely within Q1 '26, it's really going to look a lot like Q1 of '25.

是的。謝謝，肖恩。所以我認為你對市場的報導很到位。現在如果我們將水平設在去年，可能會有所幫助。因此，2026 年第一季的情況與 2025 年第一季的情況大致相同。

Revenues in line, if you look at our guide, but we're seeing lower volumes, mostly in Motive Power and some in transportation, as Shawn mentioned offset by the accretive benefit that we're having from Bren-Tronics and the really strong favorable price/mix we've been able to achieve.

如果你看一下我們的指南，你會發現收入是一致的，但我們看到銷量有所下降，主要是動力部門和運輸部門，正如 Shawn 提到的，但這被我們從 Bren-Tronics 獲得的增值收益以及我們能夠實現的非常強勁的優惠價格/組合所抵消。

So if I'm looking at EPS, EPS, our guide is up about midpoint, up about $0.10 year on year. But first normalize it, so pull out maybe $0.25 to $0.30 per share that we should have had of an uplift from Bren-Tronics in the 45X expanded EAM impact. But then add back, we probably are seeing about $0.15 per share from pressure from FX, and that gets you to really a flat EPS year on year.

因此，如果我查看 EPS、EPS，我們的指導價約為中點，比去年同期上漲約 0.10 美元。但首先要使其正常化，因此在 45 倍擴展的 EAM 影響中，我們應該從 Bren-Tronics 獲得每股 0.25 美元到 0.30 美元的提升。但再補充一下，我們可能會看到來自外匯的壓力導致每股收益約為 0.15 美元，這使得每股收益與去年同期持平。

So why flat? With lower volume, as Shawn mentioned, and that's really related mostly to Motive Power driving that and then a little bit of stranded tariff costs. And those items offset this really robust favorable price/mix gain that we've been able to achieve over the course of fiscal-year '25. So we are seeing our Q4 orders down on the tariff disruptions. But if you look full year, the orders are pretty much flat year on year.

那為什麼是平坦的呢？正如肖恩所提到的那樣，銷售量較低，這實際上主要與動力驅動有關，然後還有一點滯留關稅成本。這些項目抵銷了我們在 25 財年實現的強勁價格/組合收益。因此，我們看到第四季度的訂單因關稅中斷而下降。但如果縱觀全年，訂單量與去年同期相比基本持平。

So we'd expect, without a doubt, that Q1 is going to be the low point, and we should see recovery going on from there, absent additional kind of shocks.

因此，我們毫無疑問地預計第一季將是最低點，我們應該會看到從那裡開始復甦，除非出現其他類型的衝擊。

Okay, thanks, Andy. Yeah, sorry, meant to say $0.10 higher year-over-year, but thank you for bridging that. I guess just maybe explain the decision process around kind of pausing guidance? Because I want to make sure we get that number again because there's a lot of numbers that you guys gave out.

好的，謝謝，安迪。是的，抱歉，我的意思是說比去年同期高出 0.10 美元，但還是感謝您彌補了這一點。我想也許可以解釋一下暫停指導的決策過程？因為我想確保我們再次得到這個數字，因為你們給了很多數字。

But the 1Q-to-date order book is, year over year, up how much? And then just help us understand why pause full-year guidance if kind of to your point, we seem to be kind of experiencing some recovery in orders off of the early April uncertainty?

但第一季迄今的訂單量與去年同期相比增加了多少？然後，請幫助我們理解為什麼暫停全年指導，如果按照您的觀點，我們的訂單似乎正在從 4 月初的不確定性中恢復過來？

Yeah. So if we look at our Q4 orders -- and I think what we were referring to was within Motive Power Americas, we had that 14% pressure. If you look at orders overall, different -- the Energy Systems was up year on year. Obviously, we're during the recovery trends, basically flat to A&D, it's choppy.

是的。因此，如果我們查看第四季度的訂單——我認為我們指的是 Motive Power Americas 內部的訂單，我們面臨 14% 的壓力。如果從整體來看，就會發現不同的是——能源系統的訂單年增。顯然，我們正處於復甦趨勢中，與 A&D 基本持平，波動較大。

But what we really saw is this big pause and then kind of a resurgence. So if we look at full year-to-date within Motive Power calendar year, our calendar year is flat year on year. So we saw a big decline during Q4, which we're going to feel the effects of that coming out into Q1, and then a resurgence in Q1 so far of what we're seeing as far as orders sale.

但我們真正看到的是這種長時間的停頓，然後又出現了復甦。因此，如果我們查看 Motive Power 日曆年度內的全年數據，我們會發現我們的日曆年度與去年同期持平。因此，我們在第四季度看到了大幅下滑，我們將在第一季感受到這種下滑的影響，然後就訂單銷售而言，第一季將出現復甦。

Noah, this is Dave. Just for a little bit more clarification. If you look at Motive Power orders calendar year-to-date, they're very consistent with last year. So it's -- there was -- the cycles -- the normal cycle has been very disruptive as Shawn said, people took a wait-and-see attitude.

諾亞，這是戴夫。只是為了進一步澄清。如果您查看今年迄今為止的 Motive Power 訂單日曆，您會發現它們與去年非常一致。所以，正如肖恩所說，正常的周期非常具有破壞性，人們採取了觀望態度。

And the main reason we're just not in a position to provide annual guidance right now, it's just awaiting the final outcome of the reciprocal tariff negotiations and how that's all going to shake out. That could have both positive and negative impacts for us.

我們目前無法提供年度指導的主要原因是，我們只是在等待互惠關稅談判的最終結果以及這一切將如何發展。這可能對我們產生正面和負面的影響。

And we want to make sure we have that clarification and clarity before we go and provide a full annual guidance. As the situation rests today, it's all very manageable. We just want to make sure that, especially with Shawn coming on board, that we provide the best information we have going forward, and that's going to include fully understanding how these -- when these holds on the temporary and the reciprocal tariffs kind of wind down. So that's what we're waiting to see.

我們希望確保在提供完整的年度指導之前，我們已經獲得了澄清和清晰度。就目前的情況來看，一切都是可以控制的。我們只是想確保，特別是在肖恩加入之後，我們將提供我們掌握的最佳未來信息，這將包括充分了解這些——當這些臨時措施和互惠關稅將如何逐步取消時。這就是我們正在等待看到的。

Thanks, Dave. That's helpful. I just -- I need to maybe get some clarification. Apologies for not understanding around what you were actually saying around order recovery in this quarter to date, the current quarter. I thought you gave some color on that and some numbers overall. So can we just have it one more time, like what rebound you've seen since April?

謝謝，戴夫。這很有幫助。我只是——我可能需要得到一些澄清。抱歉，我不太明白您所說的本季度迄今為止（當前季度）的訂單恢復情況。我認為您對此給出了一些說明和一些總體數字。那麼我們可以再問一次嗎，例如自四月以來您看到了什麼反彈？

Again, what we talked about was some -- we don't provide necessarily the full order book for Q1. Obviously, it's evolving as we speak right now. But what we were giving you, Noah, was when we talked about the decline in Q4, we saw it bounce back in Q1. So year-to-date, it's flat. So I think we gave a couple of stats on what we're seeing throughout the course of the year. But what we're looking at is just the bounce back that we're seeing in Q1, if that helps.

再說一次，我們討論的是一些——我們不一定提供第一季的完整訂單。顯然，正如我們所說，它正在不斷發展。但是，諾亞，我們告訴你的是，當我們談到第四季度的下滑時，我們看到它在第一季反彈。因此今年迄今為止，情況持平。所以我認為我們提供了一些關於我們全年所見情況的統計數據。但如果有幫助的話，我們所關注的只是第一季的反彈。

Got it. Okay, very helpful. Thank you. I'll turn it over.

知道了。好的，非常有幫助。謝謝。我把它翻過來。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Good morning.

早安.

Hey, good morning. Thanks for taking my questions. I'm always hesitant to use people's time to say things like thanks, Dave, for everything. And -- it's been great working with you, and good luck in the next chapter. And I'll leave it at that.

嘿，早安。感謝您回答我的問題。我總是不願意佔用別人的時間來對一切說「謝謝，戴夫」。而且—與您合作非常愉快，祝您下一篇章一切順利。我就講到這裡。

But -- so I first just wanted to ask, Andy, I mean, now you gave out a new number here in the Q&A, the calendar year-to-date orders for Motive. Could I ask you if you can give that same year-to-date order growth or decline for energy storage and for specialty, excluding Bren-Tronics for specialty?

但是——所以我首先想問一下，安迪，我的意思是，現在你在問答環節中給出了一個新數字，即 Motive 日曆年初至今的訂單量。我能否請您提供年初至今能源儲存和專業領域訂單的成長或下降情況（不包括 Bren-Tronics 專業領域）？

Yes. The only thing, Brian, we -- this quarter was unfolding. Obviously, we're halfway through. There's a lot of actions that are going. What we -- the main message that we were trying to convey is Q4 orders were pressured, and we saw the rebound in Q1. And that's what's driving kind of that pressure that we're seeing in Q1. I think that's similar to the question that Noah was asking.

是的。布萊恩，我們唯一要做的事情——本季正在展開。顯然，我們已經完成了一半。有很多行動正在進行中。我們試圖傳達的主要訊息是第四季度的訂單面臨壓力，而我們在第一季看到了反彈。這就是我們在第一季看到的壓力的根源。我認為這與諾亞提出的問題類似。

If I look at my Q4 orders in general, though, just so you know versus prior year, I'm seeing a significant pickup in energy systems that's coming off the last year's pressure that -- last year was when it started that U-shaped recovery. So that recovery is continuing, although we do see some pull-ins from Energy Systems into Q4. So our Q1 volumes in Energy Systems might be more or less flat, but additional ongoing opportunity from there.

不過，如果我總體看一下第四季的訂單，就會發現與去年相比，能源系統出現了顯著的回升，擺脫了去年的壓力——去年是能源系統開始呈現 U 型復甦的時候。因此，儘管我們確實看到能源系統在第四季度有所成長，但復甦仍在繼續。因此，我們能源系統第一季的銷售量可能基本上持平，但未來還會有更多持續的機會。

Transportation year-on-year as the orders have been mostly flat to a little off of last year. But again, what we have talked about is on the Q3 call, you probably remember, we had like -- we've seen a 40% increase in sequential transportation orders.

運送訂單較去年同期基本持平或略低於去年。但是，您可能還記得，我們​​在第三季電話會議上討論過，我們看到連續運輸訂單增加了 40%。

Then, as Shawn mentioned, we saw a big decline. The main story we're trying to get here is -- it's -- week by week, it's a little bit all over the place. The market is responding, especially things like Class 8 OEM trucks and forklifts as our capital purchases.

然後，正如肖恩所提到的，我們看到了大幅下滑。我們在這裡試圖講述的主要故事是——它——一周又一周地發生著，到處都是。市場正在做出反應，尤其是像 8 級 OEM 卡車和堆高機這樣的作為我們資本採購的產品。

Our products are essential to moving products and information globally. So a lot of this kind of one we could pause is next week, it's up, one week -- it's not sustainable. Things have to level out. And we know that our products solve critical -- provide a critical benefit in the global economy, but we're seeing just a lot of volatility as everyone is trying to digest what's happening in the landscape as a result of these tariff calls.

我們的產品對於全球範圍內的產品和資訊的傳輸至關重要。因此，我們可以暫停很多這樣的活動，下週再進行，一週後——這是不可持續的。事情必須平穩下來。我們知道我們的產品解決了關鍵問題——為全球經濟提供了關鍵的利益，但我們看到了許多波動，因為每個人都在試圖消化這些關稅呼籲所導致的情況變化。

Okay, thanks, and I'll follow up more later on that. But can you talk a little bit more about the Section 45X. And I guess, specifically, I'm wondering, have you seen anyone else in the industry? Because I know a lot of people are looking for these checks. Have you seen anyone else in the industry get that check cut to them? And are you in an active dialogue with the IRS regarding getting the cash?

好的，謝謝，我稍後會跟進更多情況。但是您能否再多談談第 45X 條的情況？我想，具體來說，我想知道，您是否見過這個行業的其他人？因為我知道很多人都在找這些支票。您有看過業內其他人也獲得過這樣的待遇嗎？您是否正在與美國國稅局就獲取現金事宜進行積極對話？

Yeah, Brian, happy to take that one. Yeah, other companies or other lead-acid battery companies have received their check. With us being at [3/31] year-end, we're at a slight delay. There's been a lot of administrative changes in the IRS, and we have individuals just with our regular ongoing tax filings. We have contacts at the IRS who have said there's no holdup in particular on your refund, we're just short staffed.

是的，布萊恩，很高興接受這個。是的，其他公司或其他鉛酸電池公司已經收到了支票。由於已經到了 [3/31] 年末，所以我們稍微延遲了。美國國稅局發生了很多行政變化，我們個人只需定期進行納稅申報。我們與美國國稅局 (IRS) 有聯繫，他們說您的退款沒有遇到任何特別的阻礙，只是我們人手不夠。

We've received no indication from both political connections we have as well as from agents at the IRS themselves that there is anything other than just staffing delays. And we will -- we expect -- I mean, any day, I thought maybe we'd even get it yesterday and have an update to this Q&A. We expect to get it any day and interest accrues as well. So we'll get an additional benefit from them also.

我們從政治關係以及國稅局特工那裡沒有得到任何跡象表明除了人員配備延誤之外還有其他問題。我們會 — — 我們期望 — — 我的意思是，任何一天，我想也許我們昨天就能得到它並更新這個問答。我們期望隨時都能得到它，利息也會增加。因此我們也將從他們那裡獲得額外的好處。

Yeah. Brian, it's Shawn. I don't know if you're watching the up-to-the-date news on all the happenings on the Hill. But as we have been socializing, there's just broad bipartisan support of 45X and the package that was passed, and it has to go to the Senate, and it's still open to final tweaks, but the package that was passed was largely in line with what we thought it would be. And nearly all of the tenets of 45X that were important to us are intact, if not all.

是的。布萊恩，我是肖恩。我不知道您是否關注國會山莊發生的所有事件的最新消息。但正如我們一直在交流的那樣，45X 和已通過的一攬子計劃得到了兩黨的廣泛支持，它必須提交參議院，並且仍需進行最後的調整，但已通過的一攬子計劃與我們預想的基本上一致。45X 中對我們來說重要的原則幾乎全部都保留了下來，即使不是全部。

There's a little bit of an increased sunset past 2031. And they removed some wind stuff that didn't apply to us anyway. But broadly, 45X appears to be moving in the direction we thought it would be and will continue.

2031 年以後，日落時間會稍微增加。而且他們刪除了一些與我們無關的風的東西。但總體而言，45X 似乎正朝著我們預期的方向發展，並將繼續下去。

Yeah. I think everyone that's following EnerSys is following that closely. So yeah, thanks for that update. And I guess the last thing, if I could sneak in one more, is just -- I'm sorry if I missed this, but are you making any comments today regarding your latest thinking on the lithium plant?

是的。我認為關注 EnerSys 的每個人都在密切關注這一點。是的，謝謝你的更新。我想最後一件事，如果我可以再偷偷說一句的話，那就是——如果我錯過了這一點，我很抱歉，但您今天是否就您對鋰工廠的最新想法發表了任何評論？

Sure. I'll take that one, Brian. So we continue to have direct conversations with the administration. And we haven't seen in our talks with the DOE any wavering at all of their support of the lithium plant. And to remind you, the impetus for the funding was rooted in our -- largely our defense programs.

當然。我接受這個，布萊恩。因此我們繼續與政府進行直接對話。我們在與美國能源部的會談中沒有看到他們對鋰工廠的支援有任何動搖。需要提醒大家的是，這筆資金的動力主要來自於我們的國防計畫。

And just for a bit of color, there's over 40 programs today for the Department of Defense that are sourced in Asia, and many of them from China for our national defense. And they're trying to consolidate those programs and bring them back home.

稍微介紹一下，目前美國國防部有 40 多個項目來自亞洲，其中許多項目來自中國，用於我們的國防。他們正試圖整合這些項目並將其帶回國內。

So again, the support has been very strong. And then we have Mark Matthews, who we mentioned on the call, who's been involved in the program since day one, who maintains these direct relationships. And we have Mark going through and just making sure that along with our finance team, we keep our model updated. We make sure we understand all of the changing cost inputs, if any. And then now with the 45X news, we'll add that into our thinking.

所以，再次強調，支持力道非常大。然後我們有馬克馬修斯，我們在電話中提到他，他從第一天起就參與了這個項目，並維持這些直接的關係。我們讓馬克和我們的財務團隊一起檢查並確保我們的模型保持更新。我們確保了解所有變化的成本投入（如果有）。現在有了 45X 新聞，我們會將其納入我們的考慮範圍。

I will tell you also that we have never slowed down our cell development program so that while we've been waiting to see what's happening with funding, we've been working with our development partner to advance our A samples and be ready to go when we get the right news. So -- we -- again, at this time, we feel very positive about that. But as we update the model and what that looks like, we'll keep you updated.

我還要告訴你們，我們從未放慢我們的細胞開發計劃，因此，在我們等待資金進展的同時，我們一直在與我們的開發夥伴合作，推進我們的 A 樣品，並在我們得到正確的消息時做好準備。所以 — — 我們 — — 再次，此時，我們對此感到非常樂觀。但隨著我們更新模型及其外觀，我們會及時向您通報。

Okay perfect. Thanks very much.

好的，完美。非常感謝。

Thank you, Brian.

謝謝你，布萊恩。

Thank you. Greg Lewis, BTIG.

謝謝。格雷格·劉易斯（Greg Lewis），BTIG。

Yeah, thank you and good morning everybody and thanks for taking my questions and Dave, I know I thanked you last quarter, but thanks again for all the help over the last few years and good luck. Andy and Shawn, I guess this question is for you guys.

是的，謝謝大家，早上好，感謝您回答我的問題，戴夫，我知道我上個季度已經感謝過您了，但再次感謝您過去幾年提供的所有幫助，祝您好運。安迪和肖恩，我想這個問題是問你們的。

As we think about going forward, probably a couple questions inside this question. But as we look at the leverage target, you alluded to the tax refund you're going to get, that pushes it down even lower. So clearly, we're in a good position to kind of -- you mentioned the buyback or organic growth.

當我們思考下一步時，這個問題可能包含幾個問題。但是，當我們看一下槓桿目標時，您提到了您將獲得的退稅，這會將其壓得更低。所以很明顯，我們處於有利地位——您提到了回購或有機成長。

As we look around the landscape over the next few quarters, how are you thinking about the potential for inorganic growth and just as a point of clarification in the prepared comments where we talked about sequential or year-over-year EPS growth? Just to clarify, there's no expectation of bolt-ons in that number, correct?

當我們展望未來幾季的情況時，您如何看待無機成長的潛力，以及在我們討論連續或同比增長的準備好的評論中作為澄清的一點？只是為了澄清一下，這個數字中沒有附加內容的預期，對嗎？

No. No bolt-ons at all in our number at all.

不。我們的數量中根本沒有任何螺栓。

Okay. And then --

好的。進而--

I know -- it sounds like you have a bunch of other questions in there, Greg. So I just want to make sure that we can be succinct in getting to those.

我知道——聽起來你還有很多其他問題，格雷格。所以我只是想確保我們能夠簡潔地解決這些問題。

Great. And so like as we look at today, what is the opportunities on the M&A front? Just given your balance sheet, as we look at previous cycles, is uncertainty that we're in right now, is that kind of going to keep people on the sidelines in terms of your ability to acquire additional companies? Or is it kind of -- from your side, is it still business as usual?

偉大的。那麼，正如我們今天所看到的，併購方面有哪些機會？鑑於您的資產負債表，當我們回顧先前的周期時，我們會發現我們現在處於不確定性之中，這是否會讓人們對您收購其他公司的能力持觀望態度？或者說—從您的角度來看，一切還是照常嗎？

Greg -- let me take that, Andy. Greg, this is Shawn, and thank you for your question. Let me just say, we have a fantastic business. All of our macros are good. You have this whole situation happening in the world and particularly in the US, where the grid margin, that is the gap between the grid capacity and the load growth, is shrinking everywhere.

格雷格——讓我來接手，安迪。格雷格，我是肖恩，謝謝你的提問。我只想說，我們的業務非常棒。我們所有的宏都很好。這種情況在世界各地都存在，尤其是在美國，電網裕度（即電網容量和負載成長之間的差距）正在縮小。

And our customers are really looking for us to step in and help them manage that. And as you mentioned, we have this fantastic balance sheet with a lot of dry powder. And I think the inverse is true. We're not going to wait on the sidelines. I think probably some of this uncertainty will pressure some of the smaller players and probably actually increase our ability to go out and find good targets.

我們的客戶確實希望我們介入並幫助他們解決這個問題。正如您所說，我們擁有出色的資產負債表，並且擁有充足的資金。我認為反之亦然。我們不會袖手旁觀。我認為這種不確定性可能會給一些較小的參與者帶來壓力，但實際上可能會增強我們尋找良好目標的能力。

With that said, we still see a very long runway in A&D, and along with a lot of synergies with our domestic lithium manufacturing. You saw the lift we're getting from Bren-Tronics. They're not the only target for us. So we're going to be very opportunistic with that dry powder and stay acquisitive. And as long as the -- those targets fit our ROIC model, and we're really going to be putting a lot of rigor around what that should look like for our shareholders.

話雖如此，我們仍然看到 A&D 的長期發展前景，並且與我們國內的鋰製造業有許多協同效應。您看到了我們從 Bren-Tronics 獲得的幫助。他們不是我們唯一的目標。因此，我們將抓住機會，充分利用這些資源，維持收購動能。只要這些目標符合我們的 ROIC 模型，我們就會非常嚴格地評估這對我們的股東意味著什麼。

Yes. And if I can add a little bit more to that, Greg. Early in Q4, we're wrapping up our budget, and this is before a lot of these tariff disruptions occurred. We had double-digit revenue growth built into our budget, low double-digit revenue growth, no acquisitions based business. We just had an outstanding Q4.

是的。格雷格，如果我可以再補充一點的話。在第四季度初，我們正在完成預算，這是在許多關稅中斷發生之前。我們的預算中已經包含了兩位數的收入成長，低兩位數的收入成長，沒有基於收購的業務。我們剛剛度過了出色的第四季。

That was not an anomaly. That outstanding Q4 was even with comps and trends being slow, the opportunity for those to improve from there. That's the base we're building the strategy off of, and the business will improve from there. We've got growth verticals that Shawn is looking at efficiencies and execution. And all of that is before looking at any mergers and acquisitions, although with our deep, rich balance sheet that we have.

這並不是什麼異常現象。儘管同店銷售額和趨勢都比較緩慢，但第四季的出色表現仍為企業提供了改進的機會。這是我們制定策略的基礎，業務將由此得到改善。我們擁有垂直成長領域，肖恩正在關注其效率和執行情況。儘管我們擁有雄厚而豐富的資產負債表，但所有這些都是在考慮任何併購之前。

We have the ability to move fast, and we look at that on an ongoing basis. We do think Q1 is going to be the low point with the results trending back to this record Q4 and upside from there as we had done in our original budget before all of these tariff issues started to rise, but albeit, it's going to be tempered by the macro. So are we going to get back there this year, we could get back there earlier in this year? Or is it going to be later? It's going to depend.

我們有能力快速行動，我們會持續關注這一點。我們確實認為第一季將是最低點，結果將回落至創紀錄的第四季度，並從那裡開始上漲，就像我們在所有這些關稅問題開始出現之前在最初的預算中所做的那樣，但儘管如此，它仍將受到宏觀因素的緩和。那我們今年會回到那裡嗎？我們可以在今年早些時候回到那裡嗎？還是會晚一點？這得看情況。

Are the tariffs going to get negotiated and the tax rate cuts hold, will tariffs be expanded, will there be another Liberation Day kind of shock. That's all -- what we don't want to do is make promises things that we don't have full visibility of and are able to commit to you fully.

關稅是否會被談判，稅率是否會降低，關稅是否會擴大，是否會出現另一場解放日式的衝擊。僅此而已——我們不想做的是做出那些我們不完全了解並且無法完全向您承諾的事情。

Our Q1 order book is improving. We mentioned that Motive Power was pressured in Q4, but year on year, it's flat. As Shawn mentioned, we expect revenue lift from our maintenance-free offerings, A&D and data center robustness, ongoing comps and trends recovery. And we know the strength of our balance sheet offers optionality for us to proactively mitigate whatever comes at us.

我們第一季的訂單正在改善。我們提到，動力在第四季面臨壓力，但與去年同期相比持平。正如肖恩所提到的，我們預計免維護產品、A&D 和資料中心的穩健性、持續的比較和趨勢復甦將帶來收入成長。我們知道，我們資產負債表的強勁實力為我們提供了主動減輕任何潛在風險的選擇。

We know we're all over and ahead of tariffs. We can talk about that later. We've got a great playbook. We're committed to fully offsetting the impact. We've got a proven and effective refined playbook, and we know our products serve a critical role in these global markets.

我們知道我們已經結束並領先於關稅。我們可以稍後再談論此事。我們有一本很棒的劇本。我們致力於完全抵消影響。我們擁有經過驗證且有效的完善劇本，我們知道我們的產品在這些全球市場中發揮關鍵作用。

The real question is volatility. In a three-month span, our stock lost and regained $900 million in the marketplace. But the truth is nothing really changed. Our business potential is still there. Whatever -- wherever tariff ends up, we got it. Whatever happens to the macro, we've got a playbook. It's just the timing that we're struggling with.

真正的問題是波動性。在三個月的時間裡，我們的股票在市場上損失了 9 億美元，然後又重新上漲。但事實是，什麼都沒有改變。我們的商業潛力仍然存在。不管怎樣——無論關稅最終是多少，我們都得到了它。無論宏觀發生什麼，我們都有劇本。我們只是在努力把握時機。

Okay. And then you mentioned Motive and the orders -- the order intake. I guess -- and I think it might have been Dave that mentioned depending on how -- and realizing, hey, it's a house bill that needs to get through the Senate and there's a lot of work that needs to be done around that to change really anything.

好的。然後你提到了動機和訂單——訂單量。我想——我想可能是戴夫提到了這一點，這取決於——並意識到，嘿，這是一項需要通過參議院的眾議院法案，而且要真正改變任何事情，還有很多工作要做。

But there was a comment from somebody about it potentially being good. Is that related to all competition for TPPL from other -- whether it's electric -- battery electric or hydrogen or -- just if you could talk a little bit more about why changes to the IRA could be good? And does that also -- is that going to be an impact from tariffs as well, just given where some of your competition in Motive is sourced? Is that kind of a fair way to think about it?

但有人評論說它可能很好。這是否與其他 TPPL 的競爭有關——無論是電動的——電池電動的還是氫動力的——您能否再多談為什麼 IRA 的改變是好的？這是否也會受到關稅的影響，考慮到 Motive 的部分競爭對手來自哪裡？這是一種公平的思考方式嗎？

I can start, Greg, and then Shawn can add a little color. The comments I made were about the fundamentals of the business and the orders are very stable. In terms of the IRA, in terms of changing the competitive landscape, that's not really on the radar screen as much as that -- as the tariff, the tariff issues and how that's going to shake out. And depending on what the plant of origin is for our various competitors and us. And so that's really kind of what we're waiting to see is how all the tariffs land to see what that does in the competitive landscape.

我可以開始了，格雷格，然後肖恩可以添加一點顏色。我發表的評論是關於業務基本面，訂單非常穩定。就 IRA 而言，就改變競爭格局而言，這實際上並沒有受到太多關注——而是關稅、關稅問題以及它將如何發展。並且取決於我們和各個競爭對手的植物來源。因此，我們真正在等待的是所有關稅如何落地，看看這對競爭格局會產生什麼影響。

But in terms of 45X or any -- that's really -- if that's what you heard from my comments, that wasn't meant to have any impact on that. And again, just to want to reiterate, I know there's some hesitancy for us to give out order data because we don't normally do that. We -- but the orders in Q1 year-to-date have been on very solid footing across all our businesses.

但就 45X 或任何而言 — — 那真的 — — 如果這是您從我的評論中聽到的，那並不意味著對此產生任何影響。再次重申，我知道我們對於提供訂單數據有些猶豫，因為我們通常不會這樣做。我們——但今年第一季迄今為止我們所有業務的訂單基礎都非常穩固。

The order softness was in Q4, as Andy said, but things that really, if you look at it over a longer time period, things have normalized. And all indications from our order book are business as usual, pending what we see with these reciprocal tariffs.

正如安迪所說，訂單疲軟出現在第四季度，但如果從更長的時間來看，情況實際上已經正常化。我們的訂單簿上的所有跡像都表明一切照常，只等著我們觀察這些互惠關稅的情況。

Shawn, do you want to add any color to that?

肖恩，你想添加一些顏色嗎？

Yeah, I do. I think the other part of your question, Greg, was how we see the market and are there opportunities. And certainly, if you heard in the prepared remarks, we're now at 29% maintenance-free in Motive Power. And there's just so much meat on that bone to continue that conversion. If we talk about that energy scarcity and then the other side of that coin or energy security, the other side of that coin is labor scarcity.

是的，我知道。格雷格，我認為你問題的另一部分是我們如何看待市場以及是否存在機會。當然，如果您在準備好的發言中聽到了，我們現在的 Motive Power 免維護率已達到 29%。而且骨頭上還有很多肉，可以繼續進行這種轉化。如果我們談論能源短缺，那麼這個問題的另一面就是能源安全，而這個問題的另一面就是勞動力短缺。

And our customers, not only do they not want to spend the money on the labor element to manage these systems, they can't get the people. And so the people that they do get, they want to dedicate towards revenue-facing opportunities in the warehouse or revenue-facing activities.

而我們的客戶不僅不願意花錢僱用人力來管理這些系統，也找不到合適的人才。因此，他們希望招募的人才能夠致力於倉庫或收入活動中的創收機會。

So that maintenance-free conversion is going to continue. I'll tell you, we don't publish our quote rates, but our quote rates are far above that 29%. And so we know that that's resonating with customers. And at the same time, we're being added into more and more of the large OEM and customer programs. So we continue to see ourselves with share pickup opportunities.

因此免維護轉換將會持續下去。我告訴你，我們不公佈我們的報價率，但我們的報價率遠高於29%。因此我們知道這會引起顧客的共鳴。同時，我們也加入到越來越多的大型 OEM 和客戶專案中。因此，我們繼續看到自己擁有股票回升的機會。

And then the one thing that may be influenced by tariff activity, relative to your question about competitive positioning, should tariffs continue to remain high for Asia-based lithium or incoming lithium cells, TPPL gets you most of the way of lithium without some of the downside risks and safety considerations. So we could actually see an uptick in our TPPL offering should that tariff environment stay robust on lithium.

然後，關於您關於競爭定位的問題，有一件事可能會受到關稅活動的影響，如果亞洲鋰或進口鋰電池的關稅繼續保持在高位，那麼 TPPL 可以讓您獲得大部分鋰，而無需考慮一些下行風險和安全問題。因此，如果鋰的關稅環境保持強勁，我們實際上可以看到 TPPL 供應量上升。

So to your point, the macros that are giving us lift and allowing us on flat volumes to have the revenue and margin conversion that we've enjoyed, we expect -- fully expect to continue. And to Dave's point, we just need the market to settle down a bit on this tariff activity, which we believe we're beginning to see.

所以正如您所說，那些為我們帶來提升並讓我們在平穩的交易量上獲得我們所享受的收入和利潤轉換的宏，我們預計——完全預計會繼續下去。正如戴夫所說，我們只是需要市場對這種關稅活動稍微穩定下來，我們相信我們已經開始看到這一點。

And I'll add one other item, Greg, just to make sure there's no confusion there. As Shawn mentioned, and I think this is important to keep in mind -- we do not allocate 45X into our LOBs at all. So no impact on pricing. The only thing that we do which has always been part of our strategy is to produce in region, so increase our domestic capacity.

格雷格，我還要添加另一項內容，以確保不會造成混淆。正如 Shawn 所提到的，我認為記住這一點很重要——我們根本沒有將 45X 分配到我們的 LOB 中。因此對定價沒有影響。我們唯一做的事情，也是我們策略中始終存在的一部分，就是在區域內生產，從而提高我們的國內產能。

Our margins in Motive Power, 17.1% in the quarter, up 240 basis points. I mean, just phenomenal quarter for Motive Power. And going forward, other than this tariff disruption that we saw in our Q4 books that's going to play out in Q1, the higher conversion of maintenance-free Shawn mentioned, managing OpEx tightly, the NPI study is looking at -- we're talking about the Motive Power BESS, helping our customers manage their energy. There's a lot of enthusiasm on that, we should be launching that at the end of this year.

本季度，我們的動力部門利潤率為 17.1%，上漲了 240 個基點。我的意思是，對於 Motive Power 來說，這是一個非凡的季度。展望未來，除了我們在第四季度報告中看到的、將在第一季度顯現的關稅中斷之外，Shawn 提到的免維護轉換率更高，嚴格管理營運支出，NPI 研究正在關注——我們正在談論動力 BESS，幫助我們的客戶管理他們的能源。大家對此都很感興趣，我們應該會在今年年底推出它。

We also announced the closure of our Monterrey plant, transitioning production to Richmond. That also aligns with this strategy, gives us -- as maintenance-free adoption grows, rightsizes our footprint. We estimate that will save about $19 million beginning in fiscal-year '27. So while we know and we're as unhappy with the pressure that we're seeing temporarily in Q1, as I'm sure all of you are, I'm not worried about Motive Power at all going forward.

我們也宣布關閉蒙特雷工廠，將生產轉移至里士滿。這也符合這項策略，隨著免維護採用率的成長，我們可以適當地擴大我們的足跡。我們估計從 27 財年開始這將節省約 1,900 萬美元。因此，儘管我們知道並且對第一季暫時看到的壓力感到不滿，我相信你們所有人都是如此，但我並不擔心 Motive Power 未來的發展。

Thank you very much.

非常感謝。

Chip Moore, The Roth Capital Partners.

羅斯資本合夥公司的奇普摩爾 (Chip Moore)。

Good morning (multiple speakers) --

早安（多位發言者）——

Good morning, thanks for taking the question. Hey, I wanted to maybe dive deeper on Energy Systems. I guess, more -- any more color on sort of the green shoots you're seeing on potential network expansion and particularly anything around sort of this last mile communications? I think OpenAI is now talking about mobile hardware, these type of things. Are you seeing some of those discussions underway?

早上好，感謝您回答這個問題。嘿，我可能想更深入地了解能源系統。我想，您能否進一步了解潛在網路擴充方面的一些新跡象，特別是有關最後一哩通訊的新跡象？我認為 OpenAI 現在正在談論行動硬件，諸如此類的東西。您是否看到一些這樣的討論正在進行中？

Yeah, hi, Chip. Good morning, it's Shawn. Thank you for your question. Listen, I think the -- what we're really seeing is we saw that pause as just as I was coming into the Energy Systems business and a little over 1.5 years ago, we saw that pause happening and coming out of that, there was a couple of issues that occurred. One, these things, these pauses are always, particularly in these systems that we support, they always just create technical debt.

是的，你好，Chip。早安，我是肖恩。感謝您的提問。聽著，我認為——我們真正看到的是，就在我進入能源系統業務的時候，大約一年半前，我們看到了這種停頓，並且由此產生了一些問題。首先，這些事情、這些停頓總是存在的，特別是在我們支援的系統中，它們總是會產生技術債。

It's one of those things that the operators can put off, but they can't forestall forever. So you're seeing part of the recovery is just solving for the technical debt issues that they created and keeping the network back up and running and handling the brake fix in that part of it.

這是運營商可以推遲但無法永遠阻止的事情之一。因此，您會看到，復甦的一部分只是解決他們造成的技術債問題，並保持網路恢復運行，並處理其中的煞車修復。

The second part of it, what we're seeing directly from users relates to what we're talking about energy scarcity, but then also what I mentioned about processing AI center traffic. So a lot of the investment, we're seeing early investment, as you might imagine, are in upgrading macro sites.

第二部分，我們從用戶那裡直接看到的內容與我們正在談論的能源短缺有關，但也與我提到的處理人工智慧中心流量有關。因此，正如您可能想像的，我們看到的早期投資中有很多是用於升級宏觀網站的。

They're also upgrading -- years ago, central offices were being decommissioned or even sold off because the land lines are being decommissioned. Now operators are seeing those -- that brick-and-mortar as small AI data centers, if you will. So you note the Verizon and Frontier, I would call it, remarriage. And so we're seeing some of those upgrades.

他們還在進行升級——幾年前，由於陸地線路的退役，中央辦公室正在退役甚至被出售。現在，營運商將這些實體視為小型人工智慧資料中心。所以你注意到了 Verizon 和 Frontier，我稱之為再婚。因此我們看到了一些升級。

But it's not -- it isn't yet. And I just want to stress, it's not the -- one of the -- we're not getting the lift of one of the GE build-outs of years past. But to your point, in green shoots, we are starting to see the backbone enhanced and some of that investment going in.

但事實並非如此——目前還不是。我只想強調，這不是——我們沒有得到過去幾年通用電氣公司擴建帶來的提振。但正如您所說，在復甦的萌芽中，我們開始看到骨幹力量的增強和部分投資的投入。

Thanks. That's helpful. And maybe on sort of that more near-term rate fix in that segment. Just help us think about inventory dynamics and service utilization in some of those things?

謝謝。這很有幫助。或許是針對該部分更近期的利率修復。只是幫助我們思考其中的一些庫存動態和服務利用率？

Yeah. Most of -- I think most of the inventory pain that we saw with inventory oversupply, we've largely moved through that. We're seeing a lot of new equipment orders, and that's -- you bring up the service utilization piece.

是的。我認為，我們看到的庫存過剩問題大部分都已經基本解決了。我們看到很多新的設備訂單，這就是——你提出的服務利用率部分。

We always see equipment orders precede an uptick in service, and it's intuitive, right? Because materials being provisioned as site acquisitions are being done and site permitting, and then the service tends to follow. So I would tell you that our product performance has been robust over the past couple of quarters and service is gradually catching up to it, but we expect more upside in services as that materializes.

我們總是看到設備訂單先於服務增加，這是直觀的，對嗎？因為隨著場地收購的進行，材料供應也隨之完成，並且場地也獲得許可，因此服務也隨之提供。因此我想告訴大家，過去幾季我們的產品表現一直很強勁，服務也逐漸趕上，但我們預計，隨著這些表現的實現，服務方面將有更大的上升空間。

Appreciate it. And maybe if I could sneak one last one in, maybe on the outlook. Any thoughts to what might give you comfort to resume full-year guidance at some point? Would that be sort of working through some of these temporary headwinds and see what happens on reciprocal tariffs, just how you're thinking about that? Thanks.

非常感謝。也許我可以偷偷地再說最後一個，也許是關於前景。您認為什麼因素可能會讓您安心地在某個時候恢復全年指導？這是否會解決一些暫時的不利因素，並看看互惠關稅會發生什麼，您對此有何看法？謝謝。

Yeah, I'll take that, Chip, and thanks for the question. We absolutely are committed to resuming full-year guidance as soon as there's a little more clarity on what's happening with the overall landscape. A lot of news even happening today, as you know.

是的，我接受，Chip，謝謝你的提問。一旦整體情況更加明朗，我們絕對會致力於恢復全年指導。正如你所知，今天發生了很多新聞。

Hopefully, we'll be able to resume guidance next quarter, but it's going to depend on what happens in the macro. And I think we're just committed to making sure that what we give in our guide, we've got visibility into.

希望我們能夠在下個季度恢復指導，但這將取決於宏觀情況的變化。我認為我們只是致力於確保我們在指南中提供的內容能夠被我們清楚地看到。

Thank you. Appreciate it.

謝謝。非常感謝。

(multiple speakers) I'm not showing any further questions at this time. I'd like turn the call back over Dave for any closing remarks.

（多位發言者）我現在不想再問任何問題。我想將電話轉回給戴夫，讓他做最後發言。

Thank you, Kevin. In closing, I want to again express my deep appreciation to our investors for their continued confidence in EnerSys. It's been our privilege to help guide this company through its transformation into a global leader in energy solutions. With a strong team in place and clear momentum heading into fiscal-year '26, I'm excited to see what EnerSys will accomplish next under Shawn's leadership. Thank you, all.

謝謝你，凱文。最後，我要再次向我們的投資者對 EnerSys 的持續信任表示深深的感謝。我們很榮幸能夠幫助這家公司轉型為能源解決方案的全球領導者。憑藉強大的團隊和 26 財年的明顯發展勢頭，我很高興看到 EnerSys 在 Shawn 的領導下將取得怎樣的成就。謝謝大家。

Thank you ladies and gentlemen, that's conclude today's presentation. You may now disconnect, and have a wonderful day.

謝謝女士們、先生們，今天的演講到此結束。現在您可以斷開連接，享受美好的一天。