EnerSys (ENS) 2026 Q1 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the EnerSys Q1 fiscal year 2026 earnings webcast and conference call. (Operator Instructions)

女士們、先生們，早安，謝謝你們的支持。我叫凱爾文，今天我將擔任您的會議主持人。現在，我歡迎大家參加 EnerSys 2026 財年第一季財報網路廣播和電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Lisa Hartman, Vice President of Investor relations. Please go ahead.

謝謝。現在我想將電話轉給投資者關係副總裁麗莎哈特曼 (Lisa Hartman)。請繼續。

Good morning, everyone. Thank you for joining us today to discuss EnerSys's first quarter results. On the call with me today are Shawn O'Connell, EnerSys's President and Chief Executive Officer, and Andy Funk, EnerSys's Executive Vice President and Chief Financial Officer.

大家早安。感謝您今天加入我們討論 EnerSys 第一季的業績。今天與我一起參加電話會議的有 EnerSys 總裁兼執行長 Shawn O'Connell 和 EnerSys 執行副總裁兼財務長 Andy Funk。

Last evening, we published our first quarter results with the SEC, which are available on our website. We also posted slides, that we'll be referring to during this call. The slides are available on the presentations page within the investor relations section of our website. As a reminder, we will be presenting certain forward-looking statements on this call that are subject to uncertainties and changes in circumstances.

昨晚，我們向美國證券交易委員會公佈了第一季業績，可在我們的網站上查閱。我們也發布了幻燈片，我們將在本次電話會議中參考這些幻燈片。幻燈片可在我們網站投資者關係部分的簡報頁面上找到。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。

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-Q filed with the SEC.

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 表和 10-Q 表。

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 August 6, 2025.

此外，我們將展示某些非 GAAP 財務指標，特別是有關我們的調整後合併營業收益表現、自由現金流量、調整後每股稀釋收益和調整後 EBITDA（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 8 月 6 日發布的新聞稿。

Now I'll turn the call over to EnerSys's CEO, Shawn O'Connell.

現在我將電話轉給 EnerSys 的執行長 Shawn O'Connell。

Thank you, Lisa, and good morning. Please turn to slide four. Here's what we'll cover today. First, I would like to introduce EnerSys, our strategic framework to transform and grow our company. Second, we'll provide an overview of our first quarter results. Third, we will provide an update on potential tariff impacts. Fourth, we'll report out on our capital allocation actions. And finally, we will provide color on our Q2 guidance.

謝謝你，麗莎，早安。請翻到第四張投影片。這就是我們今天要討論的內容。首先，我想介紹一下 EnerSys，這是我們公司轉型和發展的策略框架。其次，我們將概述第一季的業績。第三，我們將提供有關潛在關稅影響的最新資訊。第四，我們將報告我們的資本配置行動。最後，我們將對第二季的指導提供詳細說明。

Please turn to slide five. In the first quarter, we launched EnerSys, our strategic framework to shape the next era of growth for EnerSys. EnerSys builds on the hypothesis we have developed to unlock EnerSys's value. This framework focuses on three pillars optimizing our core, invigorating our operating model, and accelerating growth.

請翻到第五張投影片。第一季度，我們推出了 EnerSys，這是我們的策略框架，旨在塑造 EnerSys 的下一個成長時代。EnerSys 建立在我們為釋放 EnerSys 的價值而製定的假設之上。此框架重點在於三大支柱：優化我們的核心、激發我們的營運模式和加速成長。

Optimizing our core consists of restructuring our organization to enhance our operational efficiency, and effectiveness with a focus on maximizing returns on capital. We recognize that we need to be faster and more efficient to lead the way in our markets, and so we recently announced a strategic organizational realignment. Through this program, we are reducing 11% of our non-production workforce, generating $80 million in annualized savings beginning in fiscal year 2026. With this effort well underway, we expect to realize $30 million to $35 million in savings in the second half of this fiscal year.

優化我們的核心包括重組我們的組織以提高我們的營運效率和效力，重點是最大化資本回報。我們認識到，我們需要更快、更有效率地引領市場，因此我們最近宣布了策略組織調整。透過該計劃，我們將減少 11% 的非生產勞動力，從 2026 財年開始每年節省 8,000 萬美元。隨著這項工作的順利進行，我們預計本財年下半年將節省 3,000 萬至 3,500 萬美元。

More importantly, this isn't just about cost savings. This restructuring is about speed and focus. We've reduced layers of management to make our teams more agile, and decision making more direct. We are also shifting our manufacturing organization from a centralized model to three centers of excellence, or CoEs aligned to our core technologies lead acid, power electronics, and lithium ion. Which require very different skill sets.

更重要的是，這不僅僅是為了節省成本。這次重組的關鍵在於速度和重點。我們減少了管理層級，使我們的團隊更加靈活，決策更加直接。我們也將把我們的製造組織從集中模式轉變為三個卓越中心，即與我們的核心技術鉛酸、電力電子和鋰離子一致的核心中心。這需要非常不同的技能組合。

These teams are designed to drive operational clarity and deepen functional competency, that will be managed within the lines of business for stronger alignment of sales. By removing management layers and taking manufacturing supply chains out of a corporate silo, we are reducing complexities and sharpening skills to drive better and faster decisions to better serve our customers, while lowering cost of operations.

這些團隊旨在提高營運清晰度並深化職能能力，並在業務線內進行管理，以實現更強的銷售協調性。透過消除管理層級並將製造供應鏈從企業孤島中解放出來，我們降低了複雜性並提高了技能，從而推動更好、更快的決策，更好地服務客戶，同時降低營運成本。

The second pillar of our strategy is to invigorate our operating model. This includes enhancing our strategic planning processes and operational excellence metrics throughout the organization. Enabling decisions to be made with greater urgency, accountability, and coordination. We are confident these changes will enable us to bring new products to market faster, increase our productivity, and be more focused with our capital allocation choices. These first two pillars are part of a transformation, that will fuel our ability to accelerate growth.

我們策略的第二個支柱是振興我們的營運模式。這包括加強整個組織的策略規劃流程和卓越營運指標。使決策能夠更緊迫、更負責、更協調。我們相信，這些變化將使我們能夠更快地將新產品推向市場，提高我們的生產力，並更加專注於我們的資本配置選擇。前兩個支柱是轉型的一部分，將增強我們加速成長的能力。

We believe we are uniquely positioned to leverage our leading market positions in diverse end markets to deliver new products and services that play a key role in solving two of our customers' biggest common challenges, energy security and labor scarcity. We'll be focused on accelerating new product development that our customers are asking us for, such as battery energy storage systems, predictive analytics and services, and markets that we know well and have a right to win.

我們相信，我們擁有獨特的優勢，可以利用我們在不同終端市場的領先地位來提供新產品和服務，在解決客戶面臨的兩個最大的共同挑戰——能源安全和勞動力短缺——方面發揮關鍵作用。我們將專注於加速客戶要求的新產品開發，例如電池儲能係統、預測分析和服務，以及我們熟悉並有權贏得的市場。

We will be rigorous with capital allocation choices, tied to returns of future cash flow with a focus on accelerating our growth in current and adjacent end markets. To help lead this next chapter, we've officially named Mark Matthews our Chief Technology Officer. Mark joined EnerSys in 2016, that has over 30 years of experience in energy storage, and battery technology, specializing in lithium-ion solutions. Mark co-developed Breakthrough BESS technologies, earlier in his career and has a proven customer-centered approach to new product development.

我們將嚴格選擇資本配置，與未來現金流回報掛鉤，重點加速我們在當前和鄰近終端市場的成長。為了幫助引領下一章，我們正式任命馬克‧馬修斯 (Mark Matthews) 為我們的技術長。馬克於 2016 年加入 EnerSys，該公司在能源儲存和電池技術方面擁有 30 多年的經驗，專門從事鋰離子解決方案。馬克在其職業生涯早期曾與他人共同開發了突破性的 BESS 技術，並已證明其以客戶為中心的新產品開發方法。

Mark brings stronger alignment with sales and an outside in perspective with his customer experiences, and he knows what it takes to bring high performing solutions to market fast. As interim CTO, he has already realigned our engineering team to better focus on growth. We're excited about what's next under his leadership. Now I'd like to share a few more details on our centers of excellence, or CoEs. Please turn to slide six.

馬克在銷售方面具有更強的一致性，並且能夠從外部視角看待客戶體驗，他知道如何快速將高效能解決方案推向市場。作為臨時首席技術官，他已經重新調整了我們的工程團隊，以便更好地專注於成長。我們對他領導下的未來感到興奮。現在我想分享一些有關我們的卓越中心（CoE）的更多細節。請翻到第六張幻燈片。

Our CoEs will serve as a cornerstone for how we operate. There are unique needs and expertise required to win in each of these technologies which, when operated centrally, left value on the table in terms of cost and speed, we are now looking to unlock. Our lead acid CoE will drive global operational excellence and consistency across our lead acid and TPPL plants, as well as strategic sourcing, supply chain, and distribution activities to improve productivity, and enhance delivery reliability to our customers. This team will implement standard work, benchmark performance, and continuously balanced production requirements to optimize our more stable, capital intensive lead acid manufacturing team.

我們的核心能力中心 (CoE) 將成為我們營運的基石。要想在每項技術中取勝，都需要獨特的需求和專業知識，而當這些技術集中運作時，它們在成本和速度方面會留下價值，我們現在正在尋求釋放這些價值。我們的鉛酸卓越中心將推動我們的鉛酸和 TPPL 工廠以及策略採購、供應鏈和分銷活動的全球卓越營運和一致性，以提高生產力並增強向客戶交付的可靠性。該團隊將實施標準化工作、基準性能和不斷平衡的生產要求，以優化我們更穩定、資本密集的鉛酸製造團隊。

Our power electronics CoE will manage contract manufacturing, assembly operations, strategic sourcing, and supply chain management of our power electronics offerings into one cohesive, highly skilled structure. This team will leverage strong external partnerships across our entire organization to accelerate speed to market and optimize the nimbleness, and working capital requirements of this highly technical asset-like portion of our company.

我們的電力電子卓越中心將把電力電子產品的合約製造、組裝作業、策略採購和供應鏈管理整合成一個有凝聚力、高技能的結構。該團隊將利用我們整個組織中強大的外部合作夥伴關係來加快產品上市速度並優化我們公司這一高度技術資產部分的靈活性和營運資金需求。

And the third, our lithium-ion CoE, will enable us to leverage deep lithium expertise in customer relationships, we have across the company to accelerate innovation and improve execution in this high-tech landscape. This team will be focused on developing and aligning the evolving sourcing, engineering, and manufacturing skills required, especially as we prepare for future investments, like our planned lithium cell facility. Their mission deliver the next generation of products our customers are already asking for.

第三，我們的鋰離子卓越中心將使我們能夠利用公司在客戶關係方面的深厚鋰專業知識，加速創新並提高這一高科技領域的執行力。團隊將專注於開發和調整所需的不斷發展的採購、工程和製造技能，特別是在我們為未來投資做準備時，例如我們計劃中的鋰電池工廠。他們的使命是提供我們的客戶已經要求的下一代產品。

Please turn to slide seven. The value of this new organizational design is visible in a strategic bolt on acquisition we completed in June. Rebel Systems, while new to the market, the team at Rebel has quickly become a trusted solutions provider to the US military, specializing in cost effective, technology-driven lithium ion-based hybrid power and energy storage systems, and communication solutions for the defense industry.

請翻到第七張幻燈片。這種新組織設計的價值在我們六月完成的一項策略性附加收購中得到了體現。Rebel Systems 雖然是市場新手，但 Rebel 團隊已迅速成為美國軍方值得信賴的解決方案提供商，專門為國防工業提供具有成本效益、技術驅動的鋰離子混合動力和儲能係統以及通訊解決方案。

Combined with our 2024 acquisition of Bren-Tronics and leveraging leading position in the defense sector, we now offer a fully integrated portfolio designed to meet the evolving demands of modern military operations. This strategic acquisition will not only provide an additional product stream in the A&D portion of our specialty LOB, but it is also an example of how we are leveraging disciplined M&A to enhance our talent and skills that will benefit us across the company in both our new lithium CoE and our battery energy storage systems product development.

結合我們 2024 年對 Bren-Tronics 的收購以及在國防領域的領先地位，我們現在提供完全整合的產品組合，旨在滿足現代軍事行動不斷變化的需求。這項策略性收購不僅將為我們專業業務線的航太與國防部門提供額外的產品流，也是我們如何利用規範的併購來提升人才和技能的一個例子，這將使我們整個公司的新鋰電池卓越中心和電池儲能係統產品開發受益。

Overall, we are committed to ensuring our transformation initiatives and refreshed strategy, deliver stronger organic growth, higher margins, and higher returns on invested capital. We will continue to provide updates on EnerSys over the next several quarters. Please turn to slide eight.

整體而言，我們致力於確保我們的轉型措施和更新策略實現更強勁的有機成長、更高的利潤率和更高的投資資本回報。我們將在接下來的幾個季度繼續提供有關 EnerSys 的最新資訊。請翻到第八張幻燈片。

Net sales were up 5% year over year, with a book to build greater than one. Adjusted operating earnings were up 8%, and adjusted EBITDA was up 2%, excluding 45x benefits, adjusted diluted EPS on our base business was down versus prior year on FX, and the anticipated impact of lower organic volumes, which are temporarily pressured by tariff uncertainty.

淨銷售額年增 5%，訂單量超過 1 筆。調整後的營業利潤成長了 8%，調整後的 EBITDA 成長了 2%，不包括 45 倍收益，我們基礎業務的調整後稀釋每股收益較上年有所下降，原因是外匯影響，以及預計有機產量下降的影響，而有機產量暫時受到關稅不確定性的壓力。

Year over year revenue growth in the quarter was driven by strength from the Bren-Tronics acquisition, which once again outperformed as increasing our wallet share of the defense market. We also saw early recovery in the US communications and market and continued strong data center deployments. These increases were partially offset by softer macro conditions in India across most of our businesses. Additional pressure on already soft transportation market, as well as lower volumes among forklift customers, where tariff uncertainty disrupted customers buying behaviour.

本季營收年增主要得益於對 Bren-Tronics 的收購，該收購再次提高了我們在國防市場的份額。我們也看到美國通訊和市場早期復甦，並繼續強勁部署資料中心。這些成長被印度大部分業務的宏觀環境疲軟所部分抵消。原本就疲軟的運輸市場面臨額外壓力，而且堆高機客戶的交易量下降，關稅不確定性擾亂了客戶的購買行為。

We view this variability as near term and expect improving clarity in public policy to support more stable market dynamics beginning in the second quarter, and improving further as the fiscal year progresses. As typical in our first quarter, free cash flow is lower due to timing of annual payments, as well as an increase in inventory despite lower sales to support our expected ramp up in revenue throughout the year.

我們認為這種變化是短期的，並預計公共政策的清晰度將提高，以支持從第二季度開始更穩定的市場動態，並隨著財政年度的進展進一步改善。與我們第一季的典型情況一樣，由於年度付款時間安排，自由現金流較低，儘管銷售額較低，但庫存增加，以支持我們全年預期的收入成長。

Yesterday we announced the Board approval for a $1 billion increase in our share repurchase authorization to be executed over the next five years. This authorization provides us flexibility to repurchase our shares when undervalued as we did in Q1, while balancing our free cash flow generation with disciplined capital allocation to create shareholder value.

昨天，我們宣布董事會批准將股票回購授權增加 10 億美元，並在未來五年內執行。此項授權使我們能夠靈活地在股價被低估時回購股票，就像我們在第一季所做的那樣，同時平衡我們的自由現金流產生和嚴格的資本配置，以創造股東價值。

During this period of macro uncertainty, we intend to keep our leverage below the low end of our target range, retaining a prudent level of dry powder for future capital allocation optionality. Please turn to slide nine. First, a few comments on public policy items impacting our business. With the passage of the One Big Beautiful Act, we saw favorable outcomes to EnerSys's 45x remains largely intact, along with the enactment of other favorable tax policies.

在宏觀不確定的時期，我們打算將槓桿率保持在目標範圍的低端以下，為未來的資本配置選擇保留審慎的儲備水準。請翻到第九張投影片。首先，就影響我們業務的公共政策項目發表一些評論。隨著《美麗大法案》的通過，我們看到了對 EnerSys 的 45x 有利的結果，同時也頒布了其他優惠的稅收政策。

With regard to tariffs, approximately 22% of our US sourcing is affected by direct tariff costs. Our tariff task force continues to proactively mitigate direct and tertiary exposure, enhance supply chain optionality, and assess our competitive positioning's impact on demand. We remain confident, we'll be able to fully offset the impact of tariffs to our P&O.

關於關稅，我們大約 22% 的美國採購受到直接關稅成本的影響。我們的關稅工作小組繼續積極減輕直接和第三級風險，增強供應鏈的可選性，並評估我們的競爭定位對需求的影響。我們仍然有信心，我們將能夠完全抵消關稅對我們的 P&O 的影響。

Please turn to slide 10. I will now provide some additional detail on demand trends and the dynamics across markets we serve, while Andy will provide more detail on the performance of our business segments later in the call. In Q1, orders and book to bill were up year over year, with strength beginning to accelerate across the business.

請翻到第 10 張投影片。我現在將提供一些有關需求趨勢和我們所服務市場動態的更多細節，而安迪將在稍後的電話會議中提供有關我們業務部門表現的更多細節。第一季度，訂單量和訂單出貨比年增，整個業務的實力開始加速增強。

Backlog has moderated since the peak levels we saw in fiscal '24 but has remained stable with a quarterly backlog coverage of [1.1]. Consistent with our historical trends. These order patterns are indicative of ongoing steady growth, but with limited visibility beyond the next quarter.

自 2024 財年達到高峰以來，積壓訂單量有所緩和，但保持穩定，季度積壓訂單覆蓋率為[1.1]。與我們的歷史趨勢一致。這些訂單模式顯示持續穩定成長，但下個季度之後的可見度有限。

We are seeing communications orders picking up, and we expect customer spending behavior to continue growing at a measured pace. We see some network buildouts emerging, but we expect customer investments to be more disciplined in prior cycles, and more closely tied to their specific growth plans.

我們看到通訊訂單正在回升，我們預期客戶消費行為將繼續以穩健的速度成長。我們看到一些網路建設正在興起，但我們預計客戶的投資在先前的周期中會更加謹慎，並且與他們的具體成長計畫更加緊密地聯繫在一起。

Data centers where we enjoy a large share of the US market for lead acid-based uninterruptible power supplies or UPS is still in the early phases of the growth cycle. While orders can be uneven quarter to quarter, demand remains robust, and we expect that to continue. The timing of our deployments tends to align with the later stages of buildouts, which are often faced by energy availability and infrastructure readiness.

我們在美國鉛酸不間斷電源（UPS）市場佔有很大份額的資料中心仍處於成長週期的早期階段。儘管訂單量可能在各季度之間不均衡，但需求依然強勁，我們預計這種趨勢將持續下去。我們的部署時間往往與建設的後期階段一致，這通常面臨能源可用性和基礎設施準備的問題。

The dynamic geopolitical environment is driving an increase in global defense budgets and demand for next generation power technologies for both tactical applications and mobile soldier power applications. A&D activity is accelerating, but in the quarter our US A&D revenue, excluding Bren-Tronics was flat as actual spending is temporarily delayed by changes in US personnel involved in procurement.

動態的地緣政治環境正在推動全球國防預算的增加以及對戰術應用和機動士兵電力應用的下一代電力技術的需求的增加。A&D 活動正在加速，但本季我們的美國 A&D 收入（不包括 Bren-Tronics）持平，因為實際支出因參與採購的美國人員變動而暫時延遲。

We see this as a significant growth opportunity moving forward. Now a few comments on our operations. In our Missouri plants, our output is improving, and our new assembly lines implementation and performance schedule is on track. As we shared last call, the first assembly line is now running, and the second line is planned for the fall. However, realization of the financial benefits will be delayed due to suppressed transportation volumes.

我們認為這是未來的一個重要的成長機會。現在就我們的營運發表幾點評論。在我們密蘇裡州的工廠，我們的產量正在提高，新裝配線的實施和性能計劃正在按計劃進行。正如我們上次通話中所說，第一條裝配線現已投入運行，第二條裝配線計劃於秋季投入運行。然而，由於運輸量受到抑制，財務效益的實現將會延遲。

As part of our transformation efforts, our lead CoE team is refining our plant load balancing cadence to ensure that we maximize productivity, and efficiency across our manufacturing facilities. Our plans for a new lithium factory remain on hold, and upcoming discussions with the relevant government officials are scheduled later this month. We expect to have more to report on this important effort next quarter.

作為我們轉型工作的一部分，我們的領導 CoE 團隊正在改進我們的工廠負載平衡節奏，以確保最大限度地提高我們製造工廠的生產力和效率。我們新建鋰工廠的計畫仍處於擱置狀態，本月稍後將與相關政府官員進行討論。我們預計下個季度將有更多關於這項重要努力的報告。

In closing, we're taking clear, decisive steps to improve operations and positions for growth. While the full impact of our EnerSys strategic framework will take time, we're moving fast and seeing early progress. We're confident in our team, our solutions, and our ability to deliver for customers and shareholders.

最後，我們正在採取明確、果斷的措施來改善營運和發展定位。雖然我們的 EnerSys 策略框架的全面影響需要時間，但我們正在快速行動並看到早期進展。我們對我們的團隊、我們的解決方案以及我們為客戶和股東提供服務的能力充滿信心。

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

現在我讓安迪更詳細地討論我們的財務表現和前景。安迪。

Thanks, Shawn. Please turn the light 12. First quarter net sales came in at $893 million up 5% from prior year, driven by a 4% positive impact from the Bren-Tronics acquisition, a 1% gain from positive price mix, and a 1% increase from FX tailwinds, partially offset by an expected 1% decrease in organic volume as continuing data center robustness and recovery and communications was more than offset by decreases in the forklift and Class 8 OEM markets.

謝謝，肖恩。請把燈調到12。第一季淨銷售額達到 8.93 億美元，比上年增長 5%，這得益於 Bren-Tronics 收購帶來的 4% 的積極影響、積極的價格組合帶來的 1% 的增長以及外匯順風帶來的 1% 的增長，但由於數據中心的持續穩健性和恢復以及通信的持續增長 18% 市場增長

We achieved gross profit of $253 million up $15 million year on year, and up $9 million excluding 45x benefits. Q1 '26 gross margin of 28.4% was up 40 basis points versus the prior year. Excluding 45x, gross margin was mostly flat.

我們實現了 2.53 億美元的毛利，比去年同期增加了 1,500 萬美元，扣除 45 倍福利後增加了 900 萬美元。26 年第一季毛利率為 28.4%，較上年同期上升 40 個基點。除 45x 外，毛利率基本持平。

Our gross margins in the quarter were temporarily pressured by lower volumes than mix, resulting from our customers' uncertainty regarding US policy and hesitation to make significant investments, particularly in motive power, which I will discuss in more detail shortly.

由於客戶對美國政策的不確定性以及不願進行重大投資（特別是在動力方面），我們本季的毛利率暫時受到銷量低於組合的壓力，我將在稍後詳細討論這一點。

Our adjusted operating earnings were $114 million in the quarter, up $9 million from prior year, with an adjusted operating margin of 12.8%. We benefited from $38 million from 45x and excluding these benefits, adjusted operating earnings increased $3 million or 4%, with an adjusted operating margin of 8.5% roughly in line with the prior year.

本季我們的調整後營業收入為 1.14 億美元，比上年增加 900 萬美元，調整後營業利潤率為 12.8%。我們從 45x 中獲益 3,800 萬美元，除去這些收益，調整後的營業收入增加了 300 萬美元，即 4%，調整後的營業利潤率為 8.5%，與上年大致持平。

Adjusted EBITDA was $123 million an increase of $2 million versus prior year, while adjusted EBITDA margin was 13.8%, down 40 basis points versus the prior year. Adjusted EPS for the first quarter was $2.08 per share, an increase of 5% over prior year. Excluding 45x, adjusted EPS was $1.11 per share, down 6% versus prior year, primarily due to the impact of FX, which added $0.15 of pressure below the line. For the first quarter of fiscal '26, our effective tax rate was 12.5% on an as reported basis and 21.4% on an as adjusted basis before the benefit of 45x compared to 20.8% and Q1 of '25 and 20.4% in the prior quarter.

調整後的 EBITDA 為 1.23 億美元，較前一年增加 200 萬美元，調整後的 EBITDA 利潤率為 13.8%，較上年下降 40 個基點。第一季調整後每股收益為 2.08 美元，較上年增長 5%。不包括 45 倍，調整後的每股收益為 1.11 美元，較上年下降 6%，主要由於外匯的影響，導致線下壓力增加 0.15 美元。26 財年第一季度，我們的有效稅率（報告基礎）為 12.5%，調整後（扣除 45 倍收益前）為 21.4%，而 2025 年第一季為 20.8%，上一季為 20.4%。

Let me now provide details by segment. Please turn to slide 13. In the first quarter, energy systems revenue increased 8% from prior year to $391 million primarily driven by greater volume, price mix, and positive effects. Adjusted operating earnings increased 44% from prior year to $27 million, reflecting the benefits of increased volume and favorable price mix. Adjusted operating margin of 7% increased 170 basis points versus the prior year.

現在讓我按部分提供詳細資訊。請翻到第 13 張投影片。第一季度，能源系統營收較上年同期成長 8%，達到 3.91 億美元，主要得益於銷售成長、價格組合變化和正面影響。調整後的營業利潤較上年增長 44%，達到 2,700 萬美元，反映了銷售成長和價格組合優惠的好處。調整後的營業利益率為 7%，比前一年增加 170 個基點。

As Shawn mentioned, we exited the quarter with encouraging quarter trends in this business. We expect year over year margin expansion as revenue increases, driven by data center demand and ongoing communications recovery, so partially offset by continued softness and EMEA.

正如肖恩所提到的，我們在本季結束時表現出令人鼓舞的業務季度趨勢。我們預計，隨著收入增加，利潤率將逐年擴大，這主要得益於資料中心需求和持續的通訊復甦，但部分抵消了持續的疲軟和歐洲、中東和非洲地區的經濟影響。

Structural improvements should also continue to support performance. Motive power revenue decreased 5% from prior year to $349 million as lower volumes more than offsets slightly favorable price mix and FXs tailwinds. Motive power adjusted operating earnings were $47 million down $9 million versus the prior year on the lower volumes and the higher inflationary costs. Adjusted operating margins were 13.4%, down 190 basis points versus prior year.

結構性改進也應繼續支持業績。動力部門收入較上年下降 5% 至 3.49 億美元，因為銷量下降抵消了略微有利的價格組合和 FX 的順風。由於銷量下降和通膨成本上升，動力調整後的營業利潤為 4,700 萬美元，比上年下降 900 萬美元。調整後的營業利益率為 13.4%，較前一年下降 190 個基點。

Market-wide tariff disruptions disproportionately affected smaller, higher margin customer sales and installations of new distribution centers, which typically include higher margin charger sales. Along with the low-cost leverage and the volume pressure, these dynamics temporarily weighed in margins sequentially and versus prior year. However, maintenance-free product sales increased 9% year on year and were 27.1% of motive power revenue mix compared to 23.8% in Q1 of '25, providing optimism that margins will recover in motive power once the macro uncertainty settles.

整個市場的關稅中斷對規模較小、利潤率較高的客戶銷售和新配送中心的安裝產生了不成比例的影響，而新配送中心通常包括利潤率較高的充電器銷售。加上低成本槓桿和銷售壓力，這些動態暫時影響了利潤率的環比和年比。然而，免維護產品銷售額年增 9%，佔動力收入組合的 27.1%，而 25 年第一季這一比例為 23.8%，這讓人樂觀地認為，一旦宏觀不確定性平息，動力利潤率將會回升。

We expect new [lift] truck demand to improve, so Q2 will remain impacted as customers continue to navigate this trade uncertainty. Longer term, most power is well positioned for growth, supported by electrification, automation, and strong demand for a maintenance-free and charger solutions. Specialty revenue increased 18% from prior year to $149 million driven by a 24% positive impact from the Bren-Tronics acquisition, as well as a 1% increase from FX, which more than offset a 7% decrease in organic volumes, primarily from transportation and flat price mix.

我們預計新堆高機需求將會改善，因此由於客戶繼續應對這種貿易不確定性，第二季仍將受到影響。從長遠來看，在電氣化、自動化以及對免維護和充電器解決方案的強勁需求的支持下，大多數電力都具有良好的成長潛力。特種業務收入較上年增長 18%，達到 1.49 億美元，這得益於 Bren-Tronics 收購帶來的 24% 的積極影響，以及外匯收入帶來的 1% 的增長，這足以抵消有機銷量 7% 的下降（主要來自運輸和固定價格組合）。

Q1 '26 adjusted operating earnings at $10 million for nearly double that of the prior year when we entered the transportation down cycle. Adjusted operating margin of 6.5% was up 260 basis points. We see the fastest opportunity for margin expansion of specialty, driven by robust A&D demand and ongoing TPPL cost and delivery gains from automation under our [Lit] CoE.

26 年第一季調整後的營業利潤為 1,000 萬美元，幾乎是去年進入運輸下行週期時的兩倍。調整後的營業利益率為 6.5%，上漲 260 個基點。我們認為專業領域利潤率擴張的最快機會在於強勁的 A&D 需求以及我們 [Lit] CoE 下自動化帶來的持續 TPPL 成本和交付收益。

Please turn to slide 14. Positive operating cash flow of $1 million offset by CapEx of $33 million resulted in free cash flow of negative $32 million in the quarter. As the seasonally lowest cash flow quarter, Q1 was roughly in line with prior year, though impacted by higher primary operating capital.

請翻到第 14 張投影片。100 萬美元的正營運現金流與 3,300 萬美元的資本支出相抵消，導致本季自由現金流為負 3,200 萬美元。作為季節性現金流最低的季度，第一季與去年同期基本持平，但受到較高初級營運資本的影響。

As a reminder, even though the dynamics of our business cost quarterly and annual volatility in cash generation, EnerSys is generated an average free cash flow conversion rate, excluding 45 benefits of 105% over the past five years, and we expect to continue delivering at these levels over time. Primary operating capital increased to $993 million during the quarter due to higher strategic inventory investments in anticipation of recovering volumes in the upcoming quarters.

提醒一下，儘管我們業務的動態導致現金產生量在季度和年度內出現波動，但 EnerSys 在過去五年中產生了平均自由現金流轉換率（不包括 45 項收益），為 105%，並且我們預計隨著時間的推移將繼續保持這些水平。由於預期未來幾季銷售將回升，戰略庫存投資增加，本季主要營運資本增加至 9.93 億美元。

Improving primary operating capital over time is one of the positive outcomes we expect to realize with our new CoEs. As of June 20, 2025, we had $347 million of cash and cash equivalents on hand. Net debt of $964 million represents an increase of approximately $183 million, since the end of fiscal '25, as we've returned $159 million to shareholders to share repurchases and dividends and continued to invest in our business.

隨著時間的推移，改善主要營運資本是我們期望透過新的 CoE 實現的正面成果之一。截至 2025 年 6 月 20 日，我們手頭上有 3.47 億美元的現金和現金等價物。淨債務為 9.64 億美元，自 25 財年末以來增加了約 1.83 億美元，因為我們已向股東返還 1.59 億美元用於股票回購和股息，並繼續投資於我們的業務。

Our leverage ratio remains comfortably below our target range at 1.6 times. While we still have not received our fiscal year '24 US tax refund of $137 million we are accruing interest that mostly offsets our incremental borrowing costs. Recent updates from the IRA tax technician assigned to our return indicated our return is officially processed and posted into the IRA system, with a submission for payment to be released in early September, which will further reduce our net leverage.

我們的槓桿率仍遠低於我們的目標範圍，為 1.6 倍。雖然我們仍未收到 24 財年的 1.37 億美元美國退稅，但我們正在累積利息，這些利息大部分抵消了我們的增量借貸成本。負責我們退稅的 IRA 稅務技術人員最近更新的資訊表明，我們的退稅已正式處理並發佈到 IRA 系統中，付款申請將於 9 月初發布，這將進一步降低我們的淨槓桿率。

Our balance sheet remains strong. And positions us to invest in growth and navigate the current economic environment. During this period of heightened geopolitical uncertainty, we anticipate maintaining our net leverage at or below the low end of our 2 times 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.

我們的資產負債表依然強勁。並使我們能夠投資於成長並應對當前的經濟環境。在地緣政治不確定性加劇的時期，我們預期我們的淨槓桿率將維持在 2 倍至 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，並吸收任何可能影響我們的宏觀經濟動態。

Please turn to slide 15. During the first quarter, we repurchased 1.7 million shares for $150 million at an average price of $86.20 per share. We also paid $9.1 million in dividends. As Shawn mentioned, our board of directors approved a $1 billion dollar increase to our buyback authorization to be executed over the next five years, bringing our total remaining authorization to nearly $1.1 billion. This increased authorization allows us to be more aggressive in our opportunistic share buyback activity, particularly during these volatile market conditions, while still targeting leverage below the low end of our 2 times to 3 times target range.

請翻到第 15 張投影片。第一季度，我們以每股 86.20 美元的平均價格回購了 170 萬股，價值 1.5 億美元。我們還支付了 910 萬美元的股息。正如肖恩所提到的，我們的董事會批准將回購授權增加 10 億美元，並在未來五年內執行，使我們剩餘的授權總額達到近 11 億美元。此次授權的增加使我們能夠更積極地進行機會性股票回購活動，特別是在這些動盪的市場條件下，同時仍將槓桿率定為低於我們 2 倍至 3 倍目標範圍的低端。

Additionally, the Board has increased our quarterly divided by 9% to [$26.25] per share. Both of these actions represent our confidence in the growth and strategy of our business, as well as our continued commitment to returning shareholder value. We continue to evaluate accreted bolt on acquisition opportunities like Bren-Tronics and [Revel] that align with their disciplines, strategic, and financial criteria, and are focused on strengthening customer intimacy, [expenditure] share of wallet with our leading positions and exciting end markets and advancing our transformation progress.

此外，董事會已將我們的季度股息提高 9%，至每股 [26.25 美元]。這兩項措施都體現了我們對業務成長和策略的信心，以及我們對回報股東價值的持續承諾。我們將繼續評估符合其學科、策略和財務標準的累積收購機會，例如 Bren-Tronics 和 [Revel]，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 [支出] 份額並推進我們的轉型進程。

Please turn up the slide 16. As anticipated, our seasonally lower first quarter was further burdened by the impact of tariff uncertainty and volumes and mix. We continue to expect this will mark the low point of earnings for the fiscal year, with increasing clarity to dissipate these pressures over the course of the year. For the second quarter of fiscal 2026, we expect net sales in the range of $870 million to $910 million with adjusted diluted EPS of $2.33 to $2.43 per share, which includes $35 million to $40 million of 45x benefits to cost of sales.

請翻到第 16 張投影片。正如預期的那樣，我們第一季的季節性下滑進一步受到關稅不確定性以及銷售和產品組合的影響。我們繼續預計，這將成為本財年盈利的最低點，隨著年內這些壓力的消散，情況將越來越明朗。對於 2026 財年第二季度，我們預計淨銷售額將在 8.7 億美元至 9.1 億美元之間，調整後稀釋每股收益為 2.33 美元至 2.43 美元，其中包括 3500 萬至 4000 萬美元的 45 倍銷售成本收益。

Excluding 45x, we expect adjusted diluted EPS of $1.34 to $1.44 per share, up 8% at the midpoint of the range. Before I close, I would like to provide some additional details on the impact of our recently announced cost reduction program. The actions underway represent $80 million in total annualized savings, a 10% reduction in fiscal year '25 OpEx of $70 million and a $10 million reduction in cost of goods sold.

不包括 45 倍，我們預計調整後的稀釋每股收益為每股 1.34 美元至 1.44 美元，在區間中點上漲 8%。在結束之前，我想提供一些有關我們最近宣布的成本削減計劃的影響的更多細節。正在進行的行動意味著每年總共節省 8,000 萬美元，25 財年的營運支出減少 10%，即 7,000 萬美元，銷售成本減少 1,000 萬美元。

We expect to incur one-time charges of $15 million to $20 million primarily in Q2 and Q3, and to see material net benefits beginning in the third fiscal quarter with $30 million to $35 million of net savings in fiscal year 2026. We remain confident in the earnings power of our business, and our ability to navigate through evolving policy and macroeconomic conditions.

我們預計主要在第二季和第三季將產生 1,500 萬至 2,000 萬美元的一次性費用，並從第三財季開始獲得實質淨收益，2026 財年的淨節省額為 3,000 萬至 3,500 萬美元。我們對我們業務的盈利能力以及應對不斷變化的政策和宏觀經濟條件的能力仍然充滿信心。

Our diversified business model is helping offset the near-term softness in tariff sensitive segments such as forklift trucks and Class 8 transportation. In defense, future demand for both our organic and acquired technologies is strengthened by global customer needs. We are seeing continued signs of recovery in communications, and sustained strength in data centers and industrials. While we're encouraged by momentum in these key growth areas, we believe it is prudent to keep our full year quantitative guidance paused until there's greater clarity around public policy, macro trends, and more importantly, the downstream effects on our customers' behaviors.

我們多元化的商業模式有助於抵消堆高機和 8 級運輸等關稅敏感領域的近期疲軟。在國防方面，全球客戶的需求增強了我們內部技術和收購技術的未來需求。我們看到通訊產業持續復甦的跡象，以及資料中心和工業領域的持續強勁表現。雖然這些關鍵成長領域的勢頭令我們感到鼓舞，但我們認為，在公共政策、宏觀趨勢以及更重要的是對客戶行為的下游影響更加明朗之前，暫停全年量化指導是明智之舉。

We continue to expect full year adjusted operating earnings growth, excluding 45x to outpace revenue growth. We are excited about the impact EnerSys will have on our accelerating achievement of our long-term top line growth opportunities and margin expansion through streamlined operations.

我們持續預期全年調整後的營業利潤成長（不包括 45 倍）將超過營收成長。我們很高興看到 EnerSys 將透過精簡營運對我們加速實現長期收入成長機會和利潤擴張產生影響。

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。

(Operator Instructions) Chip Moore, Roth Capital.

（操作員指示）Chip Moore，Roth Capital。

Good morning, thanks for taking the question. I wanted to as on energy systems encouraging to hear communications, seeing some comeback, just maybe expand on that what you're seeing and how you're thinking about, rest of year and cadence of that recovery.

早上好，感謝您回答這個問題。我希望在能源系統方面聽到鼓勵的交流，看到一些復甦，也許可以擴展您所看到的以及您的想法，以及今年剩餘時間和復甦的節奏。

Hi, good morning. It's Shawn. I'll start and then turn it over to Andy. We're definitely seeing, good activity across the board in telecom and broadband. We're seeing some early stage, build outs that we were tracking over the course of the last year beginning to materialize.

嗨，早安。是肖恩。我先開始，然後交給安迪。我們確實看到，電信和寬頻領域全面呈現良好勢頭。我們看到，我們在過去一年中追蹤的一些早期階段的建設開始實現。

Certainly, broadband is early in their, [doxA 4.0] tech upgrades and those require more power. And, so they're incremental power adds and certainly that those operators are also looking at their energy footprint and the utility networks that they exist in.

當然，寬頻還處於早期階段，[doxA 4.0] 技術升級需要更多的電力。因此，它們會增加電力，當然這些營運商也在關注他們的能源足跡和他們所處的公用事業網路。

So we're seeing activity there. We're also seeing, if you think about the telecommunications folks, with all the robust data activity going on, the telecom operators are also looking at Their point in managing and being distribution networks for that data. So we're seeing some very encouraging macro upgrades occurring that we're able to leverage and take advantage of, and we expect that to be a continuing trend, throughout this year and subsequent years.

所以我們在那裡看到了活動。我們也看到，如果你考慮電信人員，隨著所有強大的數據活動的進行，電信業者也在考慮管理和成為這些數據的分發網路。因此，我們看到一些非常令人鼓舞的宏觀升級正在發生，我們可以利用這些升級，並且我們預計這將成為今年及以後幾年的持續趨勢。

Yeah, I can add maybe a little bit to that as well, Chip. Yeah, I think we had a little bit more of some pre-tariff buy-ins in Q4 than we had anticipated that pressured Q1 a little bit. So if you look at Q4 and Q1 together, I think you see a little bit more of that steady ongoing progression, versus year on year volume is up 5%, 2% price mix, as Shawn mentioned, data center is very robust, up 14% year on year in the first quarter. And you know we continue to see that ongoing steady improvement to continue going forward throughout the course of the year.

是的，我也可以補充一點，Chip。是的，我認為我們在第四季度獲得的關稅前買入量比我們預期的要多一些，這給第一季帶來了一些壓力。因此，如果將第四季度和第一季放在一起看，我認為你會看到更加穩定的持續增長，而同比銷量增長 5%，價格組合增長 2%，正如 Shawn 提到的，數據中心非常強勁，第一季同比增長 14%。你知道，我們將繼續看到這種持續穩定的改善，並將在全年繼續向前發展。

Great, very very helpful. If I could ask one more just on the cost optimization underway, pretty substantial and any way to help us, frame potential marketing trajectory, across the business and then maybe, energy systems in particular just. How do we think about future up cycles and down cycles, what you can do there. Thanks.

非常好，非常有幫助。如果我可以再問一個關於正在進行的成本優化的問題，這個問題相當重要，有什麼方法可以幫助我們建立整個業務，特別是能源系統的潛在行銷軌跡。我們如何看待未來的上升週期和下降週期，您可以做些什麼。謝謝。

Short, and I missed a little bit the first part of your question. I don't know if you, I think you maybe were talking, you're talking about full year or second quarter.

簡短地說，我有點忽略了你問題的第一部分。我不知道您是否，我想您可能在談論，您談論的是全年還是第二季。

Yeah, no, just in general, and more so on next year when you get the full benefit, just margin trajectory with those savings ramped.

是的，不，只是一般而言，更重要的是，明年當你獲得全部利益時，利潤軌跡會隨著這些節省而增加。

The savings that we have, sure, so I'll go through a little bit of color maybe on our full year projections and give you just some general momentum of what we're seeing. And I think in Q1, obviously the bottom-line results were not as exciting, as we'd like, but we're in line with what we expected, and I think we managed the uncertainty well coming in with the sales above the guidance and adjust GPS in line with our expectations.

當然，我們有節省，所以我將對我們的全年預測進行一些介紹，並向你們提供我們所看到的一些總體動力。我認為，在第一季度，最終結果顯然不如我們所希望的那樣令人興奮，但與我們的預期相符，而且我認為我們很好地管理了不確定性，銷售額高於預期，並根據我們的預期調整了 GPS。

Obviously, that implies the margin uncertainty in the Q1, the margin erosion. In Q1, we had a little more volume than we thought with some with a little bit of price mix hit, particularly a motive power, which we can talk about further. We absolutely believe Q1 is going to be the low point and Q2 and beyond will be tracking back towards the record Q4 levels that we had with upside, albeit, tempered by the macro. Underlying business remains really good.

顯然，這意味著第一季的利潤率存在不確定性，利潤率受到侵蝕。在第一季度，我們的交易量比我們想像的要多一些，其中一些價格組合受到了一點衝擊，特別是動力，我們可以進一步討論。我們堅信，第一季將是最低點，而第二季及以後，儘管受到宏觀因素的影響，但將會回升至第四季的創紀錄水平。基礎業務依然保持良好。

We look at full year AOE growth, excluding 45 to outpace the revenue growth. The cost reduction program, $70 million of net full year OpEx savings and $10 million in manufacturing savings. It we'll see about $30 million to $35 million of that in fiscal year, largely underway, but it'll start to materially impact in the second half of the year. And we'll have about $15 million to $20 million in one-time charges from that. I can go through some trends in each one of the lines of businesses if you're looking for that as well.

我們關注全年 AOE 成長，不包括 45 個超過收入成長的。成本削減計劃全年淨營運支出節省 7,000 萬美元，製造成本節省 1,000 萬美元。我們將在本財年看到其中約 3,000 萬至 3,500 萬美元，大部分正在進行中，但它將在下半年開始產生實質影響。我們將從中獲得約 1500 萬至 2000 萬美元的一次性費用。如果您也想了解的話，我可以為您介紹各個業務領域的一些趨勢。

Yeah, no, that was helpful and maybe just on the savings in the second half of the year, Andy, that $30 to $35, is that relatively, equally spread or more so in Q4, any.

是的，不，這很有幫助，也許只是關於下半年的節省，安迪，那 30 到 35 美元，在第四季度是相對平均分配的還是更多。

Any little more little more in Q4 than Q3. So it'll start to, you'll see it, some of it in Q3 and then a little bit more going into Q4.

Q4 比 Q3 稍微多一點。所以你會在第三季看到一些變化，然後在第四季看到更多變化。

Noah Kaye, Oppenheimer & Co.

諾亞·凱伊（Noah Kaye），奧本海默公司

Yeah, I think just to follow up on Chip's question, you affect the full $80 million savings on a run rate basis, that's a couple 100 bps of, structural margin expansion right there, and I would assume that your -- make uplift, from, [comms] and you know some of the other business, elements returning will help support some underlying margin expansion as well.

是的，我想只是為了跟進 Chip 的問題，你以運行率為基礎影響了全部 8000 萬美元的節省，這是幾百個基點的結構性利潤率擴張，我認為你的 - 從 [通信] 和其他一些業務中獲得的提升，元素的回歸也將有助於支持一些潛在的利潤率擴張。

So I mean, I guess if you can just sort of first confirm that you know we're perhaps heading into next year tracking towards mid-teens the margins, all in basis that seems a reasonable starting point so would love your feedback.

所以我的意思是，我想如果你能先確認一下，你知道我們可能在明年追蹤到十五六歲的利潤率，所有這些都是基於一個合理的起點，所以很樂意聽取你的回饋。

Yeah, we don't have, obviously we haven't provided full year guidance, let alone next year, Noah, but for sure, I mean $80 million of cost savings equates to a $60 a share. If you would apply that on our fiscal '25 actuals, that alone would take our AOE margin excluding 45x from about [$9.5 to $117]. So it should have a significant impact, but I think the important part to mention. Is that these actions were not taken in response to any short-term macro conditions.

是的，我們沒有，顯然我們還沒有提供全年指導，更不用說明年了，諾亞，但可以肯定的是，8000 萬美元的成本節約相當於每股 60 美元。如果你將其應用於我們的 2025 年財政年度實際數據，那麼僅此一項就可以使我們的 AOE 利潤率（不包括 45 倍）從[9.5美元至117美元]。所以它應該會產生重大影響，但我認為值得一提的是重要的部分。這些行動並不是為了應對任何短期宏觀條件而採取的。

I mean, we see the pressures that we saw in Q1 as being very temporary and will start to abate in Q2 and throughout the rest of the year. It's just the timing. This was some, choices that that hard choices because people are affected, but that we weighed heavily before any of this macro downturn occurred. And a lot of it is really about, quicker speed, more customer focused, removing layers of management.

我的意思是，我們認為第一季看到的壓力只是暫時的，並將在第二季以及今年剩餘時間內開始減輕。只是時機而已。這是一些艱難的選擇，因為人們會受到影響，但在宏觀經濟衰退發生之前，我們已經進行了認真的權衡。其中許多實際上都與更快的速度、更以客戶為中心、消除管理層級有關。

Our revenue has been stagnant, and our customers are asking more for us, so doubling down on our core business where we have the right to win, being more customer focused in both the engineering and operations. And we'll be refreshing all of our long-term targets, including both the savings impact as well as, additional growth that we expect, but, we think this is much larger than a cost reduction plan.

我們的收入一直停滯不前，而客戶對我們的要求越來越高，因此我們加倍投入我們有能力取勝的核心業務，在工程和營運方面更加以客戶為中心。我們將更新所有長期目標，包括節省影響以及我們預期的額外成長，但我們認為這比成本削減計劃要大得多。

Yeah, and that's a perfect, I think transition to what I really want to get after, which is -- how we should think about this new strategic growth, framework. And I want to take it in two parts. One is really around where Apart from the, what have you done lately, strategic cost reduction announcement, where the early wins can be on the margin side, where you see opportunities maybe around, I don't know, better sourcing, procurement, throughput at the factory, and, are there material [COGS] opportunities you really see the opportunity to go after.

是的，我認為這是一個完美的過渡，我真正想要的是——我們應該如何看待這個新的策略成長框架。我想將其分為兩部分來討論。一個是除了您最近所做的事情之外，戰略成本削減公告，早期的勝利可能在利潤方面，您可能在哪裡看到機會，我不知道，更好的採購，工廠的產量，以及是否存在您真正看到的機會去追求的重大[COGS]機會。

But then, to pick up on your point on the organic growth side, I think you just mentioned the customers are looking for more from EnerSys and looking for the company to grow faster. Can you maybe give us some insights there on, where you think, you can help accelerate the growth through this focus?

但是，為了回答您關於有機成長方面的問題，我想您剛才提到客戶希望從 EnerSys 獲得更多，並希望公司更快發展。您能否給我們一些見解，您認為您可以透過這種關注來幫助加速成長？

Yeah, so no, it's Shawn. Good morning, nice to hear your voice. I think that I'll start and then turn it over to Andy if we want to get deeper into the margin discussions. As you look at, and I'll just remind you of a, call or a comment that I made in the earlier remarks, we believe that we have substantially, will substantially mitigate all tariff exposure to the P&L, that's a pretty bold statement.

是的，所以不是，是肖恩。早上好，很高興聽到你的聲音。如果我們想更深入地討論保證金問題，我想我會先開始，然後再交給安迪。正如您所看到的，我只是想提醒您，我在先前的評論中提出的一個呼籲或評論，我們相信我們已經大大減輕了所有關稅對損益表的影響，這是一個非常大膽的聲明。

And we do meet weekly on that, but how it pertains to your question, and we've done some great work there, if you think about just the supply chain efforts and the rules of the road that may go into buying lead and plastics and dealing with that supply chain versus a shifting global, electronic supply chain with microprocessors and how dynamic that is and the level of specialization required to get that right.

我們確實每週都會就此舉行會議，但這與您的問題有何關係？我們在這方面做了一些出色的工作，如果您只考慮供應鏈工作和購買鉛和塑料的規則，並處理該供應鏈與不斷變化的全球電子供應鏈（帶有微處理器）以及其動態性以及做好這項工作所需的專業化水平。

And early stages here, the CoE focus are allowing our supply chain folks that specialization and, that brought that, broad and deep visibility into how they could administer those, purchases and those supply chains. And that is how we're able to tell you that, we're mitigating that tariff exposure. So that, that's some real early wins and we expect, again, we're 10 weeks in. We expect that to continue, to unlock value for us and continue to help us be extremely competitive on cost and expand margin to your point. The second part of your question, I think is about growth and where customers, how we see that manifesting.

在早期階段，CoE 的重點是讓我們的供應鏈人員實現專業化，並讓他們能夠廣泛且深入地了解如何管理採購和供應鏈。這就是我們能夠告訴您的，我們正在減輕關稅風險。所以，這是一些真正的早期勝利，我們預計，我們將再過 10 週。我們期望這種情況能夠持續下去，為我們釋放價值，並繼續幫助我們在成本上極具競爭力，並擴大利潤率。我認為，你問題的第二部分是關於成長以及客戶在哪裡，以及我們如何看待這種成長。

And I'll just give you, for instance, our maintenance-free journey for a very large retailer in the United States has already demonstrated one that they could have substantial labor reductions, two, that they could make substantial investments or I'm sorry, advancements in sustainability. Moreover, they're asking us, for additional, to essentially embed additional revenue streams for us.

我給你舉個例子，我們為美國一家大型零售商實施的免維護之旅已經證明，一是他們可以大幅減少勞動力，二是他們可以進行大量投資，或者說，在可持續性方面取得進步。此外，他們還要求我們提供額外的服務，以便為我們提供額外的收入來源。

In doing real-time monitoring of their sites and also once we get our battery energy storage systems launched for warehousing logistics, they want to add that into that power management at the site in addition to the forklift battery. So it's really effectively deeper wallet share, deeper mining existing customer relationships right in our core right where we have a right to win, where customers are asking us to do this, and incidentally, we began in the first quarter shipping IoT enabled capability on every battery and mode of power.

在對他們的站點進行即時監控時，一旦我們為倉儲物流推出電池儲能係統，他們希望除了堆高機電池之外，將其添加到站點的電源管理中。因此，這實際上是一種更深層的錢包份額，更深入地挖掘我們核心中的現有客戶關係，這是我們有權取勝的地方，也是客戶要求我們這樣做的地方，順便說一句，我們在第一季就開始在每種電池和電源模式上推出支援物聯網的功能。

So we are already building the plumbing to be able to do that, but that's a very emblematic example of how we're going to find growth in our core business.

因此，我們已經在建立管道來實現這一點，但這是一個非常具有像徵意義的例子，說明了我們如何在核心業務中成長。

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, good morning. My first question is just on the buyback, which is really interesting and, pretty exciting or bold announcement. I'm just wondering, does that mean that we should have any takeaways about your capital allocation philosophy and what I mean is that, I don't know if I'm supposed to be thinking that this.

嗨，早安。我的第一個問題是關於回購的，這是一個非常有趣、令人興奮或大膽的聲明。我只是想知道，這是否意味著我們應該對您的資本配置理念有所了解，我的意思是，我不知道我是否應該這樣想。

Might be laying the foundation for a Plan B regarding the funds coming from 45x in the event that the lithium plan ends up not making sense to move forward on. It's just $1 billion is a really big figure, and it kind of lines up with the tax credit over the decade.

如果鋰計劃最終沒有意義繼續推進，那麼可能會為來自 45x 的資金的 B 計劃奠定基礎。10 億美元是一個非常大的數字，它與十年來的稅收抵免額基本一致。

Yeah, good morning, Brian. Shawn, I'll start and then I'll turn it over to Andy for more of the financial piece. On 45x, first of all, we have maintained, always and will maintain that we're going to use those proceeds as the law intends. And so those investments are into our ability to produce batteries, that are needed domestically at the right cost and the right technologies for our customers. So for example, expanding Kentucky and closing Monterrey and accelerating that to gain those benefits, is, one such example, our expansions in TPPL and that capability.

是的，早上好，布萊恩。肖恩，我先開始，然後我會把更多的財務部分交給安迪。關於 45x，首先，我們一直堅持、並將始終堅持我們將按照法律規定使用這些收益。因此，這些投資是為了提高我們生產電池的能力，以滿足國內客戶的需求，並能以合適的成本和合適的技術滿足客戶的需求。例如，擴大肯塔基州、關閉蒙特雷並加速以獲得這些好處，就是我們在 TPPL 方面的擴張和這種能力的一個例子。

And certainly, we still feel very confident, based on our discussions with the government about our lithium plant. While the end size or, how exactly we achieve that could shift a little with this administration. Nothing we're hearing is negative on that. We -- part of our strategy, just overall, we're going to be very disciplined and very opportunistic with capital allocation. And so we asked our board for that reload and that pretty strong statement.

當然，根據我們與政府就鋰工廠進行的討論，我們仍然感到非常有信心。但最終規模或我們究竟如何實現這一目標可能會隨著本屆政府的施政而發生一些變化。我們所聽到的對此沒有任何負面消息。作為我們策略的一部分，總體而言，我們將在資本配置方面非常嚴謹且抓住機會。因此，我們要求董事會重新加載並發表非常強烈的聲明。

To say, if we see, we believe in our future and we believe in our opportunities, and if we see the street undervaluing our stock and it being a buy opportunity, we're opportunistically going to buy. The other thing we didn't want to signal here, and I hope that we did not, is that we're not going to stay, we are going to stay on the acquisition hunt, and the rebel acquisition is an example of a very small tuck in. We did quickly and effectively. That makes a lot of sense for us.

也就是說，如果我們看到、相信我們的未來、相信我們的機會，如果我們看到華爾街低估了我們的股票並且這是一個買入機會，我們就會趁機買入。我們不想在這裡暗示的另一件事，我希望我們沒有，就是我們不會停留，我們將繼續尋找收購對象，而叛軍收購是一個非常小的收買的例子。我們做得又快又有效。這對我們來說很有意義。

It's Rebel is built on the lithium battery that's provided by Bren-Tronics. So we've taken more of that supply to the Department of Defense, and we're going to continue to do those as well. So that, that's our overarching strategies that we just want to be opportunistic with our deployment of capital, our own shares are one way to do that. And we're not going to blend or blurry it with 45x proceeds. And on top of that, just we've mentioned in the past, I'll just remind you that We've never returned 45x benefits to our lines of business, and we've never allowed them to incorporate that into their pricing strategies.

它的 Rebel 採用的是 Bren-Tronics 提供的鋰電池。因此，我們向國防部提供了更多的物資，我們也將繼續這樣做。所以，這就是我們的整體策略，我們只是想抓住機會部署資本，而我們自己的股票就是實現這一目標的一種方式。我們不會用 45 倍收益來混淆或模糊它。除此之外，正如我們過去提到的，我只想提醒您，我們從未向我們的業務線返還 45 倍的收益，我們也從未允許他們將其納入他們的定價策略中。

And did you have anything you'd add to Brian on that?

您對 Brian 對此還有什麼補充嗎？

I think you nailed it, Shawn. The only other thing that I would add is we are being very clear that we intend to stay below the low end of our 2 times to 3 times target leverage ratio, just with the uncertainties in the market right now so that we have ample dry powder. Whether it's, strategic t and acquisitions like Rebel, which was a tremendous ad to our whole A&D platform, or, and also to have available cap capability to do things like our lithium plant.

我認為你成功了，肖恩。我唯一想補充的是，我們非常明確地表示，我們打算將槓桿率保持在 2 倍至 3 倍目標值的低端以下，因為目前市場存在不確定性，所以我們有充足的資金。無論是像 Rebel 這樣的策略性收購，這對我們整個 A&D 平台來說都是一個巨大的廣告，還是擁有可用的容量能力來做像我們的鋰工廠這樣的事情。

Okay, yeah, no, that's really helpful to hear how you're thinking about all that. Thank you. One more quick question, the gross margin that we're having to put into the model for the second quarter is, it seems to be like a, pretty material step-up from the first quarter. So if you just comment, on the near-term gross margin for second quarter.

好的，是的，不，聽聽你對這一切的看法真的很有幫助。謝謝。還有一個簡短的問題，我們必須將第二季的毛利率納入模型，它似乎比第一季有了相當大的實質成長。因此，如果您只是評論一下第二季的近期毛利率。

Sure, so not giving specific numbers, Brian, but I see all of our lines of businesses, beginning to close the GAAP, versus prior year. All of our lines of business will see improvement with motive power closing the GAAP to prior year as these uncertainties begin to dissipate, although we still think we'll see a little bit of pressure, from this tariff uncertainty, and maybe just to give a little bit of color on that. A couple of things with motive power, volume being down, EMEA was down 15% and America is down 1.8%.

當然，布萊恩，我沒有給出具體的數字，但我看到我們所有的業務線都開始接近 GAAP，與去年相比。隨著這些不確定性開始消散，我們所有的業務線都將得到改善，動力將按照 GAAP 接近上一年的水平，儘管我們仍然認為，我們會看到一點壓力，來自這種關稅不確定性，也許只是對此給出一點顏色。一些與動力相關的因素，例如銷量下降，歐洲、中東和非洲地區下降了 15%，美國下降了 1.8%。

I think this is really consistent with a lot of what you're seeing in industry data. We -- I think our smaller accounts were especially cautious. Our national accounts increased from 17% to 29% of sales in the first quarter, and I think those smaller customers were the ones that were a little more uncertain. And there's some industry data that is just really aligned with it. The high street [Yal] call yesterday, they had chuck lifts down 19% on economic uncertainty and the customers and market order patterns, overall weaker industry book rates. But there's also some industry projections that really show some positive data and motive power.

我認為這與您在行業數據中看到的許多情況確實一致。我們——我認為我們的小額帳戶尤其謹慎。我們第一季的全國銷售額從 17% 成長到了 29%，我認為那些較小的客戶是那些更不確定的客戶。有一些行業數據與此完全一致。昨天，商業街 [Yal] 表示，由於經濟不確定性以及客戶和市場訂單模式，他們的現金流下降了 19%，整個行業的帳面利率也較弱。但也有一些產業預測確實顯示了一些正面的數據和動力。

The industry data said forklift 0.3% in 2024 and being really flat in calendar '25, but both the Global newswire said they're expecting a 6.8% CAGR from [ 24% to 30%], and Research Insights is projecting a 13% CAGR and forklifts from [25% to 30%], and that that's not, that's even without our maintenance-free conversion. So I think there's a lot of optimism in motive power, but just looking at the quarter, I think, versus prior year at our guide, revenue is largely in line with the Bren-Tronics impact and some favorable price mix, I think volumes will be mostly flat.

產業數據顯示，2024 年堆高機的複合年增長率為 0.3%，2025 年基本持平，但全球新聞通訊社均表示，他們預計叉車的複合年增長率為 6.8%，從 [24% 到 30%]，而 Research Insights 則預測叉車的複合年增長率為 6.8%，從 [24% 到 30%]，而 Research Insights 則預測叉車的複合年增長率為 13%，從 30%]，而 Research Insights 則預測叉車的複合年增長率為 13%，從 30%]因此，我認為人們對動力有很多樂觀情緒，但僅從本季度來看，我認為與去年同期相比，收入與 Bren-Tronics 的影響和一些有利的價格組合基本一致，我認為銷量將基本持平。

We have a little bit of a cushion for uncertainty, and the EPS improvement will be driven by the favorable price mix more than offsetting some of the higher costs that we're seeing.

我們對不確定性有一點緩衝，每股盈餘的改善將受到有利價格組合的推動，足以抵消我們看到的一些較高的成本。

(Operator Instructions) Ladies and gentlemen, there are no further questions at this time, and with that, I will turn the call back over to Shawn O'Connell for closing remarks. Please go ahead.

（操作員指示）女士們，先生們，現在沒有其他問題了，我將把電話轉回給肖恩·奧康奈爾 (Shawn O'Connell) 作結束語。請繼續。

Thank you. We'd like to thank you all for joining us today. We are confident in our strategy, excited for our future. We look forward to updating you again next quarter, and we wish you all a great day.

謝謝。我們感謝大家今天的參加。我們對我們的策略充滿信心，對我們的未來充滿期待。我們期待下個季度再次向您更新訊息，並祝大家度過美好的一天。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating. You may now disconnect.

女士們、先生們，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。