EnerSys (ENS) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the EnerSys Q2 fiscal year 2026 earnings webcast and conference call. (Operator Instructions) Thank you.

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。此時此刻，我謹代表 EnerSys 公司歡迎各位參加 2026 財年第二季業績網路直播和電話會議。（操作說明）謝謝。

Now, I would now like to turn the call over to Lisa Langell, Vice President of Investor Relations and Corporate Communications. Please go ahead.

現在，我將把電話交給投資者關係和企業傳播副總裁 Lisa Langell。請繼續。

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

各位早安。感謝您今天蒞臨現場，與我們共同探討EnEnerSys公司第二財季的業績。與我一同通話的是 EnerSys 總裁兼執行長 Shawn O'Connell；以及 EnerSys 執行副總裁兼財務長 Andrea Funk。

Last evening, we published our second 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.

昨晚，我們向美國證券交易委員會提交了第二季業績報告，報告可在我們的網站上查閱。我們也發布了將在本次通話中提到的幻燈片。幻燈片可在我們網站「投資者關係」部分的「簡報」頁面上找到。

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-Q filed with the SEC.

再次提醒各位，我們將在本次電話會議上提出一些前瞻性陳述，這些陳述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。這些聲明僅代表截至今日的觀點。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 表格和 10-Q 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 November 5, 2025.

此外，我們將公佈一些非公認會計準則財務指標，特別是關於我們調整後的合併經營收益、自由現金流量、調整後的稀釋每股盈餘和調整後的 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，其中包含我們 2025 年 11 月 5 日發布的新聞稿。

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

現在，我將把電話交給 EnerSys 的執行長肖恩·奧康奈爾。

Thank you, Lisa, and good morning. Please turn to slide 4. During the call today, we will provide an overview of our second quarter results, share progress on our energized strategic framework, update you on the latest demand trends we are seeing in our diverse end markets and provide guidance for our third quarter.

謝謝你，麗莎，早安。請翻到第4張投影片。在今天的電話會議上，我們將概述第二季業績，分享我們充滿活力的策略框架的進展情況，向您介紹我們在多元化終端市場中看到的最新需求趨勢，並提供第三季的業績指引。

Please turn to slide 5. Our performance in the second quarter was strong, with net sales up 8% year-over-year. Earnings growth outpaced revenue growth driven by favorable price mix, more than offsetting higher costs, resulting in both adjusted operating earnings and EBITDA being up 13%.

請翻到第5張投影片。我們第二季的業績表現強勁，淨銷售額年增 8%。獲利成長超過收入成長，這得益於有利的價格組合，足以抵消更高的成本，最終調整後的營業利潤和 EBITDA 均增長了 13%。

Excluding 45X benefits, adjusted diluted EPS on our base business was up 15% versus prior year on the higher earnings, as well as our lower share count. Our net sales and adjusted diluted EPS both marked new Q2 records driven by strong growth in data center, industrial and A&D. We are seeing positive trends in the majority of our markets, albeit with some lumpiness.

剔除 45 倍收益後，由於獲利增加以及流通股數量減少，我們基礎業務的調整後稀釋每股收益比上年增長了 15%。受資料中心、工業和航空航太與國防業務強勁成長的推動，我們的淨銷售額和調整後稀釋每股收益均創下第二季新紀錄。我們看到大多數市場都呈現正面趨勢，儘管也存在一些波動。

Energy Systems led the way this quarter with year-over-year sales growth seen across all end markets, data center, industrials and communications, as well as continued margin improvement. Motive Power improved sequentially but was lower versus prior year as expected on suppressed volumes. Specialty delivered notable performance improvement, nearing double-digit AOE margins on A&D revenue and margin expansion. Free cash flow in the quarter was particularly strong, and we're pleased to return $78 million in capital to our shareholders this quarter through share repurchases and dividends.

本季能源系統業務表現突出，所有終端市場（資料中心、工業和通訊）的銷售額均實現年增，利潤率也持續提高。由於銷量受到抑制，動力輸出環比有所改善，但與去年同期相比有所下降，符合預期。特種業務取得了顯著的業績提升，航空航太與國防收入和利潤率均接近兩位數的 AOE 利潤率。本季自由現金流表現特別強勁，我們很高興在本季透過股票回購和分紅向股東返還 7,800 萬美元的資本。

Please turn to slide 6. Through our energized strategic framework, we are optimizing our core, invigorating our operating model and accelerating our growth. We are reallocating resources to higher impact projects, and we are focusing on where we have a right to win.

請翻到第6張投影片。透過我們充滿活力的策略框架，我們正在優化核心業務，增強營運模式，加速成長。我們將資源重新分配到影響更大的專案中，並將重點放在我們有把握獲勝的領域。

We're putting in place the structure that enables our people to focus, specialize and execute with agility and speed. We've made great progress over the past two quarters, and I'm excited to update you on these recent highlights. First, the reduction in force actions we announced in July are nearing completion and support our efforts to right size the organization. Early benefits are materializing from the $80 million annual cost saving initiative, and the realization of these savings will grow in the third and fourth quarters.

我們正在建立一種結構，使我們的員工能夠集中精力、專精於特定領域，並敏捷快速地執行任務。過去兩個季度我們取得了巨大進展，我很高興向大家報告最近的亮點。首先，我們在 7 月宣布的裁員措施即將完成，這將支持我們調整組織規模的努力。這項每年節省 8,000 萬美元成本的計畫已初見成效，這些節省的金額將在第三季和第四季進一步增加。

Next, we launched our three centers of excellence Lead-Acid, Power Electronics and Lithium, which are leveraging innovation and best practices across these critical areas to deliver products faster and lower costs. We are already beginning to see ensuing benefits.

接下來，我們成立了鉛酸電池、電力電子和鋰電池三大卓越中心，這些中心利用創新和最佳實踐，在這些關鍵領域更快地交付產品，並降低成本。我們已經開始看到由此帶來的好處。

As an example, our exceptional performance in Energy Systems was bolstered by approved agility from our Power Electronics Center of Excellence. The CoE cut validation time on new components from weeks to days using in-region audits and smarter collaboration. This effort, along with other optimization improvements in our Missouri plants and SIOP helped us support a major communications customer.

例如，我們在能源系統領域的出色表現得益於電力電子卓越中心的敏捷性。卓越中心利用區域內審核和更聰明的協作，將新組件的驗證時間從幾週縮短到幾天。這項努力，以及我們在密蘇裡州工廠和 SIOP 中的其他優化改進，幫助我們為重要的通訊客戶提供支援。

We delivered a solution within one quarter on an initiative that previously could have taken up to 18 months. This is just one instance of how our transformation initiatives are improving execution and accelerating revenue growth.

我們僅用一個季度就交付了解決方案，而此前該專案可能需要長達 18 個月的時間才能完成。這只是我們的轉型措施如何提高執行力並加速營收成長的一個例子。

We are also leveraging AI to drive increased efficiency. For example, our Lead-Acid Center of Excellence has implemented AI-trained inspection cameras and software. This tool enables us to identify defects in battery plates faster and lower scrap rates. We are increasing our rigor around new product introductions and CapEx investments, reallocating resources to focus on higher return opportunities and executing with greater speed.

我們也在利用人工智慧來提高效率。例如，我們的鉛酸卓越中心已經部署了人工智慧訓練的偵測攝影機和軟體。該工具使我們能夠更快地識別電池極板的缺陷，並降低報廢率。我們正在加強對新產品推出和資本支出投資的嚴格把控，重新分配資源，專注於回報更高的機會，並以更快的速度執行。

As a data point, our capital spending in the quarter was reduced to 30% to $21 million from $30 million in Q2 '25, even with much of the spend this quarter coming from projects we started last fiscal year. Aligned with our new product roadmap for lithium technology, we are evaluating our make versus buy options for our lithium cell supply, which includes our planned lithium cell factory. Recent discussions with relevant government officials have been constructive, and we expect to provide an update to you on our new lithium factory plans next quarter.

作為數據點，本季我們的資本支出比 2025 年第二季減少了 30%，從 3,000 萬美元降至 2,100 萬美元，儘管本季的大部分支出來自我們上個財政年度開始的項目。為了配合我們新的鋰電池技術產品路線圖，我們正在評估鋰電池供應的自製與外購方案，其中包括我們計劃中的鋰電池工廠。最近與相關政府官員的討論具有建設性，我們預計下個季度將向您提供關於我們新鋰工廠計劃的最新資訊。

Please turn to slide 7. In the second quarter, we fully offset the tariffs realized in our P&L through proactive supply chain actions and pricing strategies. As we've previously shared, approximately 22% of our US sourcing is from countries affected by direct tariff costs. Our estimated direct tariff exposure is now some $70 million annualized for fiscal year '26. This has improved from our prior estimate of $94 million as a result of supply chain mitigation activities.

請翻到第7頁投影片。第二季度，我們透過積極的供應鏈措施和定價策略，完全抵銷了損益表中的關稅影響。正如我們之前分享過的，我們美國採購的商品中約有 22% 來自受直接關稅成本影響的國家。我們估計，2026 財年的直接關稅風險約為每年 7,000 萬美元。由於採取了供應鏈緩解措施，這一數字較我們先前估計的 9,400 萬美元有所改善。

While we anticipate ongoing volatility and further policy shifts, we remain confident we'll be able to fully offset the impact of tariffs to our P&L. Our task force continues to proactively mitigate direct and indirect exposure of tariffs, enhance supply chain optionality and assess impact on demand.

儘管我們預期市場波動將持續，政策也將進一步變化，但我們仍有信心完全抵銷關稅對我們損益的影響。我們的工作小組將繼續積極主動地減輕關稅的直接和間接影響，增強供應鏈的靈活性，並評估對需求的影響。

Please turn to slide 8. Market uncertainty evaded somewhat in the quarter. However, our order book does not yet reflect normalized market conditions. We expect that improving macro conditions and increasing clarity on public policy will continue to support more stable dynamics in the coming quarters. Q2 orders pared back sequentially after strong orders in Q1, which illustrates the dynamic conditions we are currently seeing in the market.

請翻到第8張幻燈片。本季市場不確定性有所緩解。然而，我們的訂單量尚未反映出正常的市場狀況。我們預計，宏觀經濟環境的改善和公共政策的日益明朗將繼續為未來幾季的經濟穩定發展奠定基礎。繼第一季強勁的訂單之後，第二季的訂單量較上季下降，這表明我們目前在市場中看到的動態狀況。

In Q2, Backlog and Specialty was up, supported by strong demand in A&D. However, backlog was down in Motive Power on a mix of tariff uncertainty and a return to pre-COVID buying patterns with levels of book and ship business continuing to increase. Energy Systems backlog is stable. In Communications, we are seeing more spending on network refreshes than network expansions. We remain encouraged by the opportunities these customers are reviewing to replace large inventories of older equipment out in the field.

第二季度，積壓訂單和特種產品訂單量成長，這得益於航空航太和國防領域的強勁需求。然而，由於關稅的不確定性以及恢復到新冠疫情前的購買模式，動力設備的積壓訂單有所下降，預訂量和船舶業務量持續增長。能源系統積壓情況穩定。在通訊領域，我們看到用於網路更新的支出比用於網路擴展的支出更多。我們仍然對這些客戶正在考慮更換現場大量老舊設備的機會感到鼓舞。

Data centers continue to be a key growth vector for EnerSys. While deployment timing can vary by project, demand in this market remains strong. As part of our strategy to accelerate our growth, we are focusing on opportunities to leverage our leading lead asset market share and expand our share of wallet through new product introductions in this segment. The data center market is in the early phase of a multi-year growth cycle driven by the rise of AI and the increasing need for energy resilience.

資料中心仍然是 EnerSys 的關鍵成長動力。雖然部署時間可能因專案而異，但該市場的需求仍然強勁。作為加速成長策略的一部分，我們正專注於利用我們領先的主要資產市場份額，並透過在該領域推出新產品來擴大我們的市場份額。資料中心市場正處於多年成長週期的早期階段，其成長動力來自人工智慧的興起和對能源彈性日益增長的需求。

The dynamic geopolitical environment continues to drive an increase in global defense budgets and demand for next-gen power technologies for both tactical and mobile soldier applications. A&D activity in the quarter was robust, with visibility to increasing sales for upcoming quarters as the government personnel and spend disruptions settled. Although the Class 8 market remains soft, we saw some improved demand signals and transportation with significant order reflection, both sequentially and year-over-year.

動態的地緣政治環境持續推動全球國防預算的成長，並促使戰術和移動士兵應用領域對下一代電力技術提出更高的要求。本季航空航太與國防活動表現強勁，隨著政府人員和支出中斷情況的穩定，預計未來幾季的銷售額將有所增長。儘管 8 級市場依然疲軟，但我們看到了一些需求改善的訊號，運輸量也出現了顯著的訂單成長，無論環比還是同比都是如此。

Please turn to slide 9. We are proud to have published our fiscal year 2025 sustainability report in October, highlighting how we are delivering measurable energy savings, improving efficiency and reducing costs for EnerSys and our customers. It emphasizes our commitment to communities, operational excellence and our role in supporting global energy resilience.

請翻到第9頁投影片。我們很自豪地在 10 月發布了 2025 財年永續發展報告，重點介紹了我們如何為 EnerSys 和我們的客戶實現可衡量的節能、提高效率和降低成本。它強調了我們對社區的承諾、卓越的營運以及我們在支持全球能源韌性方面所發揮的作用。

The report reflects the progress we've made and how our sustainability journey aligns with EnerGize, demonstrating how strategic improvements in energy usage, data and systems management drive both efficiency and financial performance. My vision for EnerSys is clear to embed sustainability, resilience and operational excellence into every part of our enterprise. These principles are not just strategic, they are foundational to delivering long-term value to our customers, communities and shareholders.

該報告反映了我們所取得的進展，以及我們的永續發展之路如何與 EnerGize 的理念相契合，展示了能源使用、數據和系統管理方面的策略改進如何提高效率和財務績效。我對 EnerSys 的願景很明確，就是將永續性、韌性和卓越營運融入我們企業的各個環節。這些原則不僅具有戰略意義，而且是為我們的客戶、社區和股東創造長期價值的基礎。

Please turn to slide 10. We are excited to announce that we plan to hold our next Investor Day on June 11, 2026 in New York City. We look forward to sharing more details and progress on our strategic roadmap and longer-term financial targets with you then.

請翻到第10張投影片。我們很高興地宣布，我們計劃於 2026 年 6 月 11 日在紐約市舉辦下一屆投資者日活動。我們期待屆時與您分享更多關於我們的策略路線圖和長期財務目標的細節和進展。

In summary, our progress this quarter reflects not only strong execution but also a shared commitment to continuous improvement and collaboration across the company. We are positioning EnerSys for long-term sustainable success in delivering solutions for our customers and generating value for our shareholders.

總而言之，本季我們的進展不僅體現了強有力的執行力，也體現了公司對持續改善和協作的共同承諾。我們正在努力使 EnerSys 實現長期可持續的成功，為客戶提供解決方案，並為股東創造價值。

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

現在，我將把發言權交給安迪，讓他更詳細地討論我們的財務表現和展望。安迪？

Thanks, John. Please turn to slide 12. Net sales came in at $951 million, up 8% from prior year and a record high for our second quarter, driven by a 3% positive impact from organic volumes, 3% positive price mix, a 1% tailwind from FX and a 1% benefit from Bren-Tronics. The sales growth was driven by strength across most of our end markets.

謝謝你，約翰。請翻到第12頁投影片。淨銷售額達 9.51 億美元，比上年同期增長 8%，創第二季度歷史新高，這主要得益於有機銷量增長 3%、價格組合增長 3%、匯率利好 1% 以及 Bren-Tronics 帶來的收益 1%。銷售成長主要得益於我們大多數終端市場的強勁表現。

We achieved adjusted gross profit of $277 million, up $23 million year-on-year and up $16 million excluding 45X benefits. Q2 '26 adjusted gross margin of 29.1% was up 70 basis points sequentially and up 40 basis points versus the prior year. Excluding 45X, adjusted gross margin was up 80 basis points sequentially and mostly flat versus the prior year.

我們實現了調整後毛利 2.77 億美元，年增 2,300 萬美元，不計入 45 倍收益則成長 1,600 萬美元。2026 年第二季調整後毛利率為 29.1%，較上季成長 70 個基點，較去年同期成長 40 個基點。剔除 45X 的影響，調整後的毛利率較上季成長 80 個基點，與去年同期大致持平。

Our adjusted operating earnings were $130 million in the quarter, up $15 million versus prior year, with an adjusted operating margin of 13.6%. We had a $40 million benefit from 45X in the quarter. Excluding those benefits, adjusted operating earnings increased $8 million or 10% with an adjusted operating margin of 9.5%, up 20 basis points versus the prior year.

本季調整後的營業利潤為 1.3 億美元，比上年同期成長 1,500 萬美元，調整後的營業利潤率為 13.6%。本季我們從 45X 獲得了 4000 萬美元的收益。剔除這些收益，調整後的營業利潤增加了 800 萬美元，增幅達 10%，調整後的營業利潤率為 9.5%，比上年增長了 20 個基點。

Adjusted EBITDA was $146 million, an increase of $17 million versus the prior year, while adjusted EBITDA margin was 15.3%, up 70 basis points versus prior year. Adjusted diluted EPS was $2.56 per share, an increase of 21% over prior year. Excluding 45X, it was $1.51 per share, up 15% versus prior year, both representing record highs for our fiscal second quarter.

調整後 EBITDA 為 1.46 億美元，較上年增加 1,700 萬美元；調整後 EBITDA 利潤率為 15.3%，較上年增加 70 個基點。調整後的稀釋每股收益為 2.56 美元，比上年增長 21%。剔除 45X 的影響，每股收益為 1.51 美元，比上年同期成長 15%，均創下我們第二財季的歷史新高。

Our Q2 '26 effective tax rate was 10.5% on an as-reported basis and 23% on an as-adjusted basis before the benefit of 45X compared to 19.4% in Q2 '25 and 21.4% in the prior quarter on geographical mix of earnings which can vary quarter to quarter. We expect our full year tax rate on an as-adjusted basis before the benefit of 45X for fiscal year 2026 to be in the range of 20% to 22%.

2026 年第二季度，我們的實際稅率按報告基準為 10.5%，按調整基準為 23%（未計入 45 倍收益），而 2025 年第二季度為 19.4%，上一季為 21.4%，這是由於收益的地域組合每季度都會有所不同。我們預計，在 2026 財年享有 45X 優惠之前，經調整後的全年稅率將在 20% 至 22% 之間。

Let me now provide details by segment. Please turn to slide 13. In the second quarter, Energy Systems revenue increased 14% from prior year to $435 million primarily driven by stronger volumes, along with favorable price mix and a slightly positive FX impact. Adjusted operating earnings increased 38% from prior year to $34 million, reflecting the benefits of the increased volume and favorable price mix. Adjusted operating margin of 7.7% increased 130 basis points versus prior year.

現在讓我分階段提供詳細資訊。請翻到第13頁。第二季度，能源系統營收較上年同期成長 14%，達到 4.35 億美元，主要得益於銷售成長、價格組合有利以及匯率略微上漲的影響。經調整後的營業利潤比上年增長了 38%，達到 3,400 萬美元，這反映了銷售成長和有利的價格組合帶來的好處。經調整後的營業利益率為7.7%，較上年同期成長130個基點。

As Shawn mentioned, we saw unique wins in this business during the quarter that we expect to normalize next quarter. We remain confident in our margin trajectory with the upside from here, as data center demand and ongoing communications recovery should allow us to generate operating leverage and higher margins with additional support from our structural cost reductions.

正如肖恩所提到的那樣，我們在本季度看到了該業務領域一些獨特的成功案例，我們預計下個季度這些案例將恢復正常。我們對利潤率的發展軌跡仍然充滿信心，並認為未來還有上升空間，因為資料中心的需求和通訊產業的持續復甦應該能夠讓我們產生營運槓桿效應，並在結構性成本削減的額外支持下實現更高的利潤率。

Motive Power revenue decreased 2% from prior year to $360 million as anticipated, with lower volumes for macro headwinds, more than offsetting favorable price mix and FX tailwinds. Motive Power adjusted operating earnings were $48 million, down $10 million versus prior year, primarily on those lower volumes. Adjusted operating margins were 13.3%, down 240 basis points versus the prior year.

如預期，動力業務收入較上年下降 2% 至 3.6 億美元，宏觀經濟逆風導致銷售下降，抵消了有利的價格組合和匯率利多因素。Motive Power 的調整後營業利潤為 4,800 萬美元，比上年減少 1,000 萬美元，主要是因為銷售量下降。經調整後的營業利益率為 13.3%，較上年下降 240 個基點。

Maintenance-free product sales increased 14% year-on-year and were 29.9% of Motive Power revenue mix compared to 25.8% in Q2 '25. Looking forward, we expect Motive Power volumes to regain year-over-year growth in the third quarter as the macro settles.

免維護產品銷售額年增 14%，佔動力總成收入的 29.9%，而 2025 年第二季為 25.8%。展望未來，我們預計隨著宏觀經濟情勢趨於穩定，動力裝置銷售量將在第三季恢復年成長。

We expect lithium sales to make up a bigger portion of this growth which will temporarily pressure margins on higher cost pass through from both China tariffs as well as elevated costs which we will experience until lithium sales reach higher volumes. Longer-term, Motive Power is well positioned for growth, supported by electrification, automation and strong demand for our maintenance-free and charger solutions.

我們預計鋰銷售額將佔這一成長的更大比例，這將暫時對利潤率構成壓力，因為中國關稅以及鋰銷售額達到更高水平之前我們將面臨的成本上漲都會增加成本。從長遠來看，在電氣化、自動化以及對我們免維護充電器解決方案的強勁需求的支援下，Motive Power 已做好充分準備迎接成長。

Specialty revenue increased 16% from prior year to $157 million, largely driven by a 7% increase in organic volumes and a 7% benefit from the Bren-Tronics acquisition, as well as a 1% increase from FX and price mix. We remain impressed by the contributions from Bren-Tronics and the cultural fit between our companies, both of which have surpassed our initial expectations. As we acquired Bren-Tronics in the second quarter of our fiscal '25, the results will be included in our ongoing operations in future quarters.

特種產品收入較上年增長 16% 至 1.57 億美元，主要得益於有機銷量增長 7% 和收購 Bren-Tronics 帶來的 7% 收益，以及匯率和價格組合帶來的 1% 增長。我們對 Bren-Tronics 的貢獻以及我們兩家公司之間的文化契合度印象深刻，這兩方面都超出了我們最初的預期。由於我們在 2025 財年第二季收購了 Bren-Tronics，因此其業績將在未來幾季計入我們的持續經營業績。

Q2 '26 adjusted operating earnings of $15 million were nearly double that of the prior year when we entered the transportation down cycle. Adjusted operating margin of 9.2% was up 380 basis points. We continue to see the near-term opportunity of margin expansion in Specialty, driven by robust A&D demand and ongoing TPPL cost and delivery gains from automation under our Lead-Acid CoE.

2026 年第二季調整後的營業利潤為 1,500 萬美元，幾乎是去年同期的兩倍，當時我們正處於運輸業的下行週期。經調整後的營業利益率為 9.2%，上升了 380 個基點。我們繼續看到特種產品近期利潤率擴張的機會，這得益於強勁的航空航太和國防需求，以及我們鉛酸卓越中心自動化帶來的TPPL成本和交付方面的持續收益。

Please turn to slide 14. Operating cash flow of $218 million offset by CapEx of $21 million resulted in strong free cash flow of $197 million in the quarter, an increase of $194 million versus the prior year, same period. This increase was bolstered by the receipt of our US federal tax refund. Free cash flow conversion in the quarter was 288%. Excluding the benefit of 45X earnings in cash, free cash flow conversion was still an impressive 196%.

請翻到第14頁。本季經營現金流為 2.18 億美元，資本支出為 2,100 萬美元，最終實現強勁的自由現金流 1.97 億美元，比上年同期成長 1.94 億美元。此次成長得益於我們收到了美國聯邦退稅款。本季自由現金流轉換率為 288%。即使不考慮 45 倍現金收益的收益，自由現金流轉換率仍高達 196%。

Primary operating capital increased slightly to just over $1 billion during the quarter on higher sales, with our working capital efficiency measured internally by primary operating capital as a percentage of annualized sales, improving 120 basis points versus prior year and 130 basis points sequentially. As we invigorate our operating model, we will continue to focus on delivering value from enhanced working capital discipline enabled by our CoEs.

由於銷售額成長，本季主要營運資本略微增加至略高於 10 億美元。我們內部衡量的營運資本效率，即主要營運資本佔年化銷售額的百分比，較上年同期提高了 120 個基點，較上一季度提高了 130 個基點。隨著我們不斷改進營運模式，我們將繼續專注於透過卓越中心加強營運資本管理，從而創造價值。

As of September 20, 2025, we had $389 million of cash and cash equivalents on hand. Net debt of $842 million represents an increase of approximately $61 million since the end of fiscal '25. Our leverage ratio remains well below our target range at 1.3 times EBITDA. Our balance sheet is very strong and positions us to invest in growth and navigate the current economic environment.

截至 2025 年 9 月 20 日，我們手頭上擁有現金及現金等價物 3.89 億美元。淨債務為 8.42 億美元，比 2025 財年末增加了約 6,100 萬美元。我們的槓桿率仍遠低於目標範圍，為 EBITDA 的 1.3 倍。我們的資產負債表非常穩健，這使我們能夠投資於成長並應對當前的經濟環境。

During this period of heightened geopolitical uncertainty, we anticipate maintaining debt 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 choices and to absorb any macroeconomic dynamics that may impact us.

在當前地緣政治不確定性加劇的時期，我們預計將債務槓桿率維持在 2 倍至 3 倍目標範圍的低端或以下，這將為我們的資本配置選擇提供充足的資金，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 second quarter, we repurchased 636,000 shares for $68 million at an average price of under $107 per share. We also paid $10 million in dividends. Since quarter end, we repurchased an additional 325,000 shares for $37 million, leaving approximately $960 million in a buyback authorization as of November 4. We continue to be opportunistic in our share buyback activity, particularly as market conditions remain volatile. Our buybacks, in addition to the dividends, underscore our long-standing commitment to returning value to our shareholders.

請翻到第15頁。第二季度，我們以每股不到 107 美元的平均價格回購了 636,000 股股票，總計 6,800 萬美元。我們還支付了1000萬美元的股息。自季末以來，我們以 3,700 萬美元的價格回購了 325,000 股股票，截至 11 月 4 日，回購授權金額還剩下約 9.6 億美元。我們將繼續抓住機會進行股票回購活動，尤其是在市場狀況依然波動的情況下。除了分紅之外，我們的股票回購也反映了我們長期以來對股東回報價值的承諾。

We continue to evaluate accreted bolt-on acquisitions such as Bren-Tronics and Rebel that align with our discipline, strategic and financial criteria and are focused on strengthening customer intimacy, expanding share of wallet with their leading positions in exciting end markets and advancing our transformation progress.

我們將繼續評估符合我們紀律、策略和財務標準的增值附加收購，例如 Bren-Tronics 和 Rebel，這些收購專注於加強與客戶的親密關係，利用其在令人興奮的終端市場的領先地位擴大錢包份額，並推進我們的轉型進程。

Please turn to slide 16. As we navigate the current environment of mixed and market demand trends, we are optimistic but cautious about the near-term outlook. Year-over-year, our Q3 outlook reflects OpEx improvement from realization of our restructuring efforts, healthy demand in data center and A&D, improvements in Motive Power, and relatively flat communications revenue following a particularly strong Q2.

請翻到第16頁。面對當前市場需求趨勢複雜多變的環境，我們對近期前景持樂觀但謹慎的態度。與去年同期相比，我們第三季的展望反映了重組努力帶來的營運支出改善、資料中心和航空航太與國防領域的健康需求、動力電源的改善，以及在第二季表現強勁之後通訊收入相對持平。

For the third quarter of fiscal 2026, we expect net sales in the range of $920 million to $960 million with adjusted diluted EPF of $2.71 to $2.81 per share, which includes $35 million to $40 million of 45X benefits to cost of sales. Excluding 45X, we expect adjusted diluted EPF of $1.64 to $1.74 per share, up 46% at the midpoint of the range. Our CapEx expectation for the full fiscal 2026 is approximately $80 million. As a reminder, we expect to realize $30 million to $35 million of net savings in fiscal year '26 related to our cost reduction initiatives.

我們預計 2026 財年第三季淨銷售額在 9.2 億美元至 9.6 億美元之間，調整後的稀釋每股收益為 2.71 美元至 2.81 美元，其中包括 3,500 萬美元至 4,000 萬美元的 45 倍銷售成本收益。剔除 45 倍因子後，我們預期調整後的稀釋後員工公積金為每股 1.64 美元至 1.74 美元，以區間中點計算，上漲 46%。我們對 2026 財年全年資本支出的預期約為 8,000 萬美元。再次提醒大家，我們預計在 2026 財年透過成本削減計畫實現 3,000 萬至 3,500 萬美元的淨節省。

While we are pleased with the EnerSys' overall trajectory and are seeing positive momentum across several growth areas, we believe it remains prudent to keep full year quantitative guidance paused due to the dynamic macroenvironment and its downstream effect on customer buying patterns. That said, we reaffirm our expectation that full year adjusted operating earnings growth, excluding 45X, will outpace revenue growth. We remain confident in the earnings power of our business and our ability to navigate through evolving policy and macroeconomic conditions.

儘管我們對 EnerSys 的整體發展軌跡感到滿意，並在多個成長領域看到了積極的勢頭，但考慮到動態的宏觀環境及其對客戶購買模式的下游影響，我們認為暫停全年量化指引仍然是審慎的做法。儘管如此，我們重申，我們預計全年調整後的營業利潤成長（不包括 45 倍）將超過營收成長。我們對公司的獲利能力以及應對不斷變化的政策和宏觀經濟環境的能力仍然充滿信心。

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

接下來，我們來接受提問。操作員？

(Operator Instructions) Sherif Elmaghrabi, BTIG.

（操作說明）Sherif Elmaghrabi，BTIG。

When you talk about demand pull-ins and customers shifting their spending as they manage tariffs, can you tell us what end markets are most impacted? And what do you need to see from some of these customers that would give you more long-term visibility?

當您談到需求下降和消費者在應對關稅時調整支出時，您能告訴我們哪些終端市場受到最大的影響嗎？那麼，為了獲得更長期的可見性，您需要從這些客戶身上看到什麼呢？

This is Shawn. I think the big problem that we had was in the Communications sector, but I don't think it was relative to tariff activity. It was more that customer front loading, the year and opportunity because they were involved in a large acquisition that was going to dominate the second half of their year.

這是肖恩。我認為我們遇到的最大問題出在通訊領域，但我認為這與資費活動無關。更確切地說，這是客戶提前預訂，也是因為他們參與了一項大型收購，這項收購將主導他們下半年的業務，所以這是一個難得的機會。

So the good news with that is with our centers of excellence, we're able to accommodate them and move very quickly to help them do that. And it provided a little lumpiness in our order book, in that, front loading did have a result of a higher Q2. But beyond that, it's not that difficult for us to manage.

好消息是，憑藉我們的卓越中心，我們能夠滿足他們的需求，並迅速採取行動幫助他們實現這一目標。這也導致我們的訂單簿出現了一些波動，因為提前交貨確實帶來了第二季更高的訂單量。但除此之外，對我們來說管理起來並不難。

We'll also say Motive Power, what we're seeing is a restoration of our book to ship business, which incidentally was sort of the character of that business for decades, where you have a higher percentage of book and ship in the period and a lower percentage of backlog. And as we mentioned in our prepared remarks, we're starting seeing a restoration back to that which really supports our our ability to do a quick ship out of our factories. We've spent a lot of time putting that in place.

我們還要說，在動力方面，我們看到的是訂單發貨業務的恢復，順便說一句，這正是該業務幾十年來的特點，即訂單發貨率較高，積壓訂單率較低。正如我們在準備好的演講稿中提到的，我們開始看到這種情況有所恢復，這確實支持了我們工廠快速發貨的能力。我們花了很多時間來實現這一點。

So we don't see a lot of volatility in terms of tariff activity with these pull-ins as we did in the first quarter. It's more just customers reacting to their localized order demand patterns.

因此，與第一季的情況不同，這些進口產品並未造成關稅活動的太大波動。這更多是顧客對本地訂單需求模式的反應。

And Sherif, if I could just add one comment onto that, Shawn's absolutely correct but the only other comment I'd make with the tariff environment is our customers are particularly on the large capital spending, so buying motor power forklifts or buying Class A trucks. that's where we think there's some, I call it, hesitation in the market. I don't know if you saw the Hyster Yale release yesterday. They called out a 4% reduction year-on-year on lower forklift truck volume. And they specifically said from ongoing economic uncertainty, dampening customers' bookings over the past several quarters.

謝里夫，如果我能補充一點，肖恩說得完全正確，但關於關稅環境，我唯一想補充的是，我們的客戶尤其關注大額資本支出，例如購買電動堆高機或A級卡車。我們認為，這方面市場存在一些，我稱之為，猶豫。我不知道你昨天有沒有看到海斯特耶魯的發表會。他們指出，堆高機銷量較去年同期下降了 4%。他們特別指出，持續的經濟不確定性導致過去幾季客戶的預訂量下降。

We feel that also and fortunately, our business isn't affected as much because we have a diversity of end markets and also we do the replacement cycle as well as the initial battery in the first truck.

我們也覺得這一點，幸運的是，我們的業務受到的影響並不大，因為我們的終端市場多樣化，而且我們也負責第一輛卡車的初始電池更換週期。

And when we think about lithium driving elevated costs, is that about operating leverage to sales ramp or is this kind of an interim phenomenon until the new cell plant comes online?

當我們考慮鋰推高成本時，這是否與銷售成長的營運槓桿效應有關，還是說這只是新電池廠投產前的過渡現象？

There's actually two aspects to that. First of all, obviously most of the lithium cells right now come from China across the market, so that elevates the cost of lithium batteries in the US, in particular. And so we've got that higher cost pass through which affects the value proposition. And then, we're still in early -- we're ramping up right now but we're still in early innings. Our lithium battery sales, for example, in the Americas were up 45% in Motive Power. But because we're not yet at full out 1, 2 shifts, we're not able to operate at the maximum efficiency that you have when you reach a certain volume level. So even independent of the sourcing of the cells, our pack assembly costs are elevated for the short time until we reach more standardized volumes.

實際上，這其中包含兩個方面。首先，很顯然，目前市面上大部分的鋰電池都來自中國，這推高了美國鋰電池成本。因此，成本上漲會轉嫁到消費者身上，進而影響產品的價值主張。目前我們還處於早期階段——我們正在加緊推進，但仍然處於比賽初期。例如，我們在美洲的鋰電池銷量在動力領域成長了 45%。但因為我們還沒有完全實現 1 班、2 班制，所以我們無法像達到一定產量水準時那樣以最高效率運作。因此，即使不考慮電池的來源，在達到更標準化的產量之前，我們的電池組組裝成本也會在短期內增加。

Brian Drab, William Blair and Company.

Brian Drab，William Blair and Company。

Could we first just talk about gross margin. And I think you mentioned it somewhat on the call but the step down somewhat sequentially and like what are the main drivers of that? I think it's some of the absorption issues, Andy, that you just mentioned. But going forward, how should we think about gross margin at least directionally and are we're going to get back to the levels that we saw in the second half of 2025?

我們先來談談毛利率吧。我想你在電話會議上也提到過，逐步降級是必然的，那麼主要驅動因素是什麼呢？安迪，我覺得問題出在你剛才提到的吸收。但展望未來，我們該如何看待毛利率，至少在方向上，我們能否恢復到 2025 年下半年的水平？

Just to clarify, sequentially, we had a pick up in gross margin both with and without 45X. Are you referring to a specific segment?

需要澄清的是，無論是否考慮 45 倍乘數效應，我們的毛利率都出現了環比成長。您指的是某個特定群體嗎？

No, I'm probably looking at a model that we're just been in the process of updating, but can you just comment on the outlook then, how we should think about gross margin from here?

不，我可能看到的是我們剛開始更新的一個模型，但您能否就前景發表一下看法，我們應該如何看待接下來的毛利率？

Yeah, so we certainly have price mix improvements happening across all of our lines of businesses as you saw in this quarter as well. We've got some mixed improvements. There's some dynamics, segment by segment, for example, we talked about Motive Power, depending on how quickly lithium ramps, that does put some pressure on gross margin because you have higher costs pass through as with tariffs in general. But there's no reason to not expect ongoing continuous improvement in gross margins similar to what we've been seeing.

是的，正如您在本季所看到的，我們所有業務線的價格組合確實都在進行改善。我們取得了一些進步，但結果喜憂參半。各個細分市場之間存在一些動態變化，例如，我們討論過動力電源，這取決於鋰電池的普及速度，這確實會對毛利率造成一些壓力，因為更高的成本會像關稅一樣轉嫁到用戶身上。但是，我們沒有理由不期待毛利率會像我們目前看到的那樣持續改善。

Okay, got it. Yeah, no, I'm looking at updated numbers now and I'm just seeing that -- I'm seeing 28.7%. Is that right?

好的，明白了。是的，不，我現在正在查看更新後的數據，我看到的是——我看到的是 28.7%。是這樣嗎？

So if I look at actual reported gross margin, we're at 29.1% versus 28.41%.

所以，如果我看一下實際公佈的毛利率，我們是 29.1%，而之前為 28.41%。

Adjusted.

已調整。

(multiple speakers) And adjusted excluding -- maybe that's right. If you exclude 45X, we're at 25% versus 24.1% and Q1, so we look at it both ways.

（多位發言者）並進行了調整，排除——也許這樣是對的。如果排除 45X，我們得到 25%，而第一季為 24.1%，所以我們從兩個角度來看這個問題。

Okay. It was just much higher in the second half of fiscal '25 unless I'm really off, and I'm wondering, are we going to get with some of the cost cutting in all these initiatives and as the capacity -- as the utilization ramps up, are you going to see these levels that you saw in the second half of '25 is my main question.

好的。除非我記錯了，否則 2025 財年下半年的水平要高得多。我想知道，隨著這些措施的成本削減以及產能利用率的提高，我們是否會看到 2025 年下半年的水平？這是我的主要問題。

Sure. Good point, Brian, because you bring up an important aspect. In Q3 of '25, it was a 33% reported gross margin. But if you recall, we had the 45X electroactive material catch-up that had prior periods in it.

當然。布萊恩說得對，你提出了一個重要的面向。2025 年第三季度，該公司公佈的毛利率為 33%。但如果你還記得的話，我們之前經歷了 45 倍電活性材料的追趕，其中還包含一些早期階段。

If you look at gross margin, excluding 45X, it was at 24.7%. So again, Q2 was at 25%. Q4, we had -- there was a lot of -- it was a great quarter. But of course, we had also mentioned there were a lot of onetime items that wouldn't repeat. That was at 26.7% and was on much higher volume as well. So the 24.7% in Q3 '25 and then we were at 25% last quarter, and 25% this quarter, I think it's a nice, steady trajectory. And the additional tariffs will certainly give a little bit of pressure with the higher cost pass-through. And there's a nice trajectory in front of us. So I think it's a bright spot.

若排除 45 倍利息，毛利率為 24.7%。所以，第二季同樣是 25%。第四季度，我們有很多——那是一個非常棒的季度。當然，我們也提到有很多一次性物品不會重複出現。當時股價下跌了 26.7%，成交量也高很多。所以，2025 年第三季是 24.7%，上個季度是 25%，這個季度也是 25%，我認為這是一個不錯、穩定的發展軌跡。而額外的關稅肯定會帶來一些壓力，因為更高的成本會轉嫁到消費者身上。我們面前有一條美好的發展軌跡。所以我覺得這是個亮點。

Okay. And then can you just talk about data center for a second, just how much revenue are you generating in data center? What was the growth rate specifically in data center? And what products are you winning the most with there? And is this including like Lead-Acid batteries that are being sold in conjunction with generators? Or is it more your stand-alone UPS products? And would love an update there.

好的。那麼，您能否簡單談談資料中心的情況，你們在資料中心方面創造了多少收入？具體而言，資料中心的成長率是多少？那你們那裡哪些產品最暢銷？這是否包括與發電機一起銷售的鉛酸蓄電池之類的東西？或者，您指的是您的獨立式UPS產品？我很想了解一下最新情況。

Sure. I can give some of the numbers and then maybe Shawn can follow-up a little bit with the specific products. As you know, in data centers, it is mostly lead-acid and some UPS systems that we have right now with, again, work underway, with Mark leading our engineering efforts for some new product introductions, which we're excited about.

當然。我可以提供一些數據，然後肖恩或許可以跟進一下具體產品的情況。如您所知，資料中心目前主要採用鉛酸電池和一些 UPS 系統，我們正在努力研發一些新產品，Mark 將領導我們的工程團隊，我們對此感到非常興奮。

That's not yet in the current quarter. Current quarter data centers year-on-year were up 29%. And in the first quarter, they were up 14%. So obviously, it really continues to be a bright spot for us with a lot of opportunities going forward.

本季還不會發生。本季資料中心年增 29%。第一季度，他們的業績成長了 14%。所以很明顯，這仍然是我們的一大亮點，未來還有很多機會。

And Shawn, I don't know if you have anything to add.

肖恩，我不知道你還有什麼要補充的。

Yeah. I would say, you have the same thing occurring in the data center environment that we have in Motive and other places and that our TPPL products are resonating very well. We have a leading Lead-Acid market share that is quite compelling. So most of the products, to Andy's point, are like our HX product line that is valve-regulated technology. And then TPPL is growing at a similar CAGR to what you would have seen in Motive Power and NexSys.

是的。我想說，資料中心環境與 Motive 和其他地方的情況一樣，我們的 TPPL 產品也得到了很好的反響。我們在鉛酸電池市場擁有領先的份額，這非常有吸引力。所以，正如 Andy 所說，大多數產品都像我們的 HX 產品線一樣，採用閥控技術。而且，TPPL 的複合年增長率與 Motive Power 和 NexSys 的複合年增長率類似。

And then to Andy's point, I just want to give a little shout out to Mark Matthews. We have a very commercially minded CTO, who's also a lithium expert. And today, the business that he comes from, A&D, we deal in nine chemistries of lithium, very advanced technological applications. And so Mark's applying that knowledge. Also, our lithium CoE is moving so much faster than it ever has. And he's quickly -- we have some -- we will update you in future quarters on some NPI activity, that's very encouraging to expand that Lead-Acid market share into other products like lithium. But today, it's Lead-Acid.

然後，正如安迪所說，我只想特別提一下馬克馬修斯。我們有一位極具商業頭腦的技術官，同時也是一位鋰專家。而如今，他所在的A&D公司，主要經營九種鋰化學產品，以及非常先進的技術應用。所以馬克正在運用這些知識。此外，我們的鋰離子電池產能利用率提升速度也比以往任何時候都快得多。而且他很快就——我們有一些——我們將在未來幾季向您匯報一些新產品導入活動，這對於將鉛酸電池市場份額擴展到鋰等其他產品來說非常令人鼓舞。但現在，使用的是鉛酸電池。

Chip Moore, ROTH Capital Partners.

Chip Moore，ROTH Capital Partners。

I want to ask -- on communications outside of that large customer that was front-loading, just maybe you can speak to what you're seeing in that end market in terms of less break and fix, but more network build-out and some pull-through on power electronics? It sounds like you think margins should go higher from here, but just any more color?

我想問一下——除了那位提前投入大量資金的大客戶之外，關於終端市場的情況，您能否談談您觀察到的情況，比如故障修復減少，但網絡建設增加，以及電力電子產品方面的一些推廣應用？聽起來你認為利潤率應該再提高一些，但還需要更多顏色嗎？

Yeah, Chip, I didn't want to over-index on the pull-in there. The pull-in is just a good sign of what's going on. And the reason for the pull-in, we talked in the prepared remarks about network refresh. And what I'd like to point out is with all of the rise in data and data that -- whether it's the AI or other use cases, the overall aggregate volume of data that has to move around the planet is increasing.

是的，Chip，我不想在那裡過度索引拉取。車輛駛入停車場恰恰顯示了當前狀況的良好態勢。至於撤回的原因，我們在事先準備好的演講稿中談到了網路更新。我想指出的是，隨著數據量和數據量的激增——無論是人工智慧還是其他應用場景——需要在全球範圍內傳輸的數據總量都在增加。

And so when we talk about network refresh, it isn't just about updating aged equipment. It's about putting equipment in that can handle the traffic and handle the increase in data traffic. And when we do that, it's also -- that equipment tends to be more power hungry and require more advanced solutions. So I would tell you that we're seeing fairly encouraging demand signals across that marketplace. And while it may not be the 2G or 3G or 4G consistent build-out that we've seen in the past, what we see is users sort of picking -- our customers picking their spots and how they're going to participate in that next evolution in demand.

因此，當我們談到網路更新時，不僅僅是指更新老舊設備。關鍵在於安裝能夠處理現有流量和應對資料流量成長的設備。而且，當我們這樣做的時候，這些設備往往更耗電，需要更先進的解決方案。因此，我可以告訴大家，我們看到該市場出現了相當令人鼓舞的需求訊號。雖然這可能不像我們過去看到的 2G、3G 或 4G 那樣持續不斷地建設，但我們看到的是用戶——我們的客戶——正在選擇他們的位置以及他們將如何參與下一個需求演變。

So I would tell you, it's very good. It's not a -- we're seeing singles and doubles. We're not seeing network build that I would call the home run. But again, very encouraging demand signals across communications.

所以我會告訴你，它非常好。這不是——我們看到的是單打和雙打。我們還沒有看到可以稱之為「完美之作」的網路建設。但再次強調，各種傳播管道都釋放出了非常令人鼓舞的需求訊號。

Great. Very, very helpful color. If I could ask one more, probably more specialty A&D, but just the government shutdown is -- any impacts there or any risks as we look forward? And it doesn't sound like it, but I'd be curious to get your thoughts.

偉大的。非常非常有用的顏色。如果我能再問一個問題，可能更偏向專業航空航太與國防領域，但只是政府停擺——這會對我們未來造成什麼影響或風險嗎？聽起來不像，但我很想聽聽你的想法。

Yeah. I would tell you that we've had -- it's sort of a mixed bag. We've had good discussions with our government counterparts relative to our lithium plant and the DOE folks seem to be in the office and working.

是的。我可以告訴你，我們遇到的情況──可以說是喜憂參半。我們已經與政府對口部門就我們的鋰工廠進行了良好的討論，能源部的員工似乎都在辦公室工作。

On the other hand, we saw some of the impacts of the shutdown are main defense type warehouses that aren't as active. But generally, across the board, I'll tell you that the impact has not been substantial. And we're seeing just extraordinary activity in what Andy mentioned the Bren-Tronics folks and how pleased we are with that acquisition. They're doing a great job. They're seeing quite a bit of demand.

另一方面，我們看到停工對一些主要國防類型的倉庫產生了影響，這些倉庫的活躍度有所下降。但總的來說，我可以告訴你，影響並不大。我們看到了安迪提到的 Bren-Tronics 公司非常出色的表現，我們對這項收購感到非常滿意。他們做得很好。他們發現需求相當大。

And then I'll also tell you, we have -- because of our technology position in thermal batteries -- there's only about three companies in the US that make thermal batteries, and we have a leading position in advanced technology for thermals. And we're just seeing excellent demand signals across about 12 programs.

然後我還要告訴你們，由於我們在熱電池領域的技術地位——美國祇有大約三家公司生產熱電池，而我們在熱電池先進技術領域處於領先地位。我們看到大約 12 個節目都呈現出極佳的需求訊號。

And what those -- just so you can conceptualize what that is, those are the types of batteries that are used for all -- when you hear talk about hypersonics and advanced defense applications, it's being powered by EnerSys lithium cobalt technology. And so we're very encouraged by that. So I would tell you, overall, A&D demand for us in spite of the lumpiness and the shutdown looks very good.

為了讓你們更好地理解這些電池是什麼，我解釋一下，這些電池用於所有高超音速飛行器和先進國防應用，它們都由 EnerSys 鋰鈷技術提供動力。因此，我們對此感到非常鼓舞。所以，總的來說，儘管市場波動和停工影響，但航空航太和國防領域對我們的需求看起來非常好。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

So it seems like restructuring benefits starting to hit their run rate here, some additional levers being pulled as well on productivity and just overall increased focus on thoughtful resource allocation. So as we think about how that translates to operating margins, what's sort of a fair way to think about the trend in Energy Systems and kind of overall operating margins, even on a sequential basis for what's implied for 3Q, but just sort of directionally, where should they be heading?

所以看來重組帶來的益處開始顯現，同時也採取一些額外的措施來提高生產力，並且整體上更加重視周全的資源分配。因此，當我們思考這會如何影響營業利潤率時，如何才能比較公平地看待能源系統和整體營業利潤率的趨勢，即使是按第三季度環比來看，也應該從方向上來考慮，它們應該朝著哪個方向發展？

Well, I'll start, and I'll give it to Andy to talk more specifically on numbers. But I would tell you that what we're seeing in the CoE realignment is that we have a target-rich environment to continue to work on our costs and gain efficiencies. There's a lot of positive momentum in Keith's business in Energy Systems.

那我先來，接下來交給安迪，讓他更具體地談談數字方面的問題。但我想告訴大家的是，我們在卓越中心重組中看到的是，我們擁有一個目標豐富的環境，可以繼續努力降低成本並提高效率。Keith在能源系統領域的業務發展勢頭良好。

I will tell you that they have more opportunities to continue to increase their efficiency there. So we're going to stay on that path. And one of the reasons we're excited to have Keith join us is just because he has that strong operator background, and you're seeing it in the numbers. But we continue that -- we fully expect that trend to continue.

我可以告訴你，他們在那裡有更多機會繼續提高效率。所以我們會繼續沿著這條路走下去。我們很高興 Keith 加入我們，其中一個原因就是他擁有強大的營運背景，這點從數據中就能看出來。但我們會繼續保持這種勢頭——我們完全預期這種趨勢會持續下去。

And then what I'll also tell you, along the lines of the CoEs, I've been making a concerted effort to get down to Missouri once a month personally and work with the team and walk the factory floor there. And every one of our metrics is improving from OEE to decreasing scrap rates to increased productivity. So the team is doing a fantastic job. You're seeing the evidence of the focus that people aren't too spread thin. They can specialize focus on doing what matters, and that's our bread and butter. So again, we expect that those efficiencies continue. It's early days. We're very encouraged.

此外，關於卓越中心（CoE），我還要告訴你們，我一直在努力每月親自前往密蘇裡州一次，與團隊一起工作，並參觀那裡的工廠車間。從整體設備效率 (OEE) 到廢品率下降，再到生產力提高，我們的每項指標都在改善。所以團隊做得非常出色。你可以看到，人們注意力集中，沒有分散太多精力。他們可以專注於做重要的事情，而這正是我們賴以生存的根本。因此，我們預期這些效率提升將會持續。現在下結論還為時過早。我們深受鼓舞。

Andy, do you want to add to that?

安迪，你想補充什麼嗎？

Yeah. As we said on the last call, we had expected that Q1 would be the low point of the year. And in fact, with our dramatic improvement in Q2, that just demonstrates that. Obviously, Q-on-Q adjusted EPS, excluding 45X, was up $0.41 or 37%. Our underlying business is really good. It's actually more compelling than we would have even said a quarter ago.

是的。正如我們在上次電話會議上所說，我們預計第一季將是今年的低谷。事實上，我們在第二季度取得的顯著進步就證明了這一點。顯然，不計入 45 倍市盈率，季度調整後每股收益成長 0.41 美元，增幅達 37%。我們的基礎業務非常好。實際上，這比我們三個月前所說的更有說服力。

We anticipate full year AOE growth, excluding 45X, will continue to outpace revenue, which obviously implies, Noah, that we'll continue to have margin expansion. I'll give you a little bit of color for each one of the segments of what we're expecting. But as a reminder, our cost reduction program, which was $80 million, $70 million of OpEx and $10 million of manufacturing will start kicking in more. We had a couple of million dollars this quarter, but it's really going to start ramping up in Q3 and Q4.

我們預計全年 AOE 成長（不包括 45X）將繼續超過收入成長，這顯然意味著，諾亞，我們將繼續實現利潤率擴張。我會為我們預期的各個部分分別進行一些簡單的描述。但需要提醒的是，我們的成本削減計劃（總額為 8000 萬美元，其中 7000 萬美元用於營運支出，1000 萬美元用於製造）將開始發揮更大的作用。本季我們獲得了幾百萬美元的收入，但第三季和第四季營收將會大幅成長。

Energy Systems, we're on the path to continuing to improve the margins there. Cost actions have been taken, and there's more work that's central to the strategy. We're seeing steady volume growth for data centers. The comms network refresh is continuing. And while we don't think that might happen this year, but we're confident a build-out has to happen to be able to get all of that AI data delivered into users' hands like you and I. So we think that's going to be more at a measured pace, but ongoing. And the services area is also a key focus for us and has been improving.

能源系統方面，我們正努力持續提高利潤率。已經採取了成本控制措施，還有更多對策略至關重要的工作要做。我們看到資料中心業務量穩定成長。通訊網路更新仍在進行中。雖然我們認為今年可能無法實現，但我們確信必須進行前期建設，才能將所有人工智慧資料交付給像你我這樣的用戶。因此，我們認為這項工作將以更穩健的步伐持續進行。服務領域也是我們的重點領域，並且一直在不斷改進。

And Motive Power, as we mentioned, market conditions, hesitant is probably the best word to describe it. But from a positive standpoint, maintenance-free conversions are going great, although lithium might be a little bit of a headwind on margins in the near term.

至於動力方面，正如我們所提到的，市場狀況……猶豫不決可能是描述它的最佳詞彙。但從正面的角度來看，免維護轉換進展順利，儘管鋰可能在短期內對利潤率造成一些不利影響。

Our soft book-to-bill is a little bit of a concern, I'll be honest. We're not sure how much of that is return to pre-COVID buying patterns versus just this hesitancy that we're talking about. So we're keeping an eye on it. But if you recall, longer term, we've got the Monterrey closure happening next year. We've got our new TPPL and lithium offerings coming online, new chargers, the BESS on the horizon.

說實話，我們目前的訂單結算流程有點令人擔憂。我們不確定其中有多少是恢復到新冠疫情前的購買模式，又有多少僅僅是我們正在討論的這種猶豫不決。所以我們會密切關注此事。但如果你還記得的話，從長遠來看，蒙特雷港明年就要關閉了。我們的新 TPPL 和鋰電池產品即將上線，新型充電器，電池儲能係統 (BESS) 也即將問世。

So we feel really good longer term. And if you look at some of the industry data on Motive Power, I think what you're seeing is very consistent with what we're seeing as well, a little bit of hesitation near term, but no concerns longer term for that business.

所以從長遠來看，我們感覺非常好。如果你看一下動力裝置的行業數據，我認為你看到的情況與我們看到的情況非常一致，短期內可能會有些猶豫，但從長遠來看，該業務不會受到任何影響。

Specialty, not unreasonable to expect double-digit AOE by next quarter and beyond as our A&D business continues to gain strength. The aftermarket and transportation is starting to pick up, right, from a low starting point. The lead CoE is driving cost improvements, that Shawn mentioned when he's visiting Missouri, it's going well through the automation.

鑑於我們的航空航太與國防業務持續增強，預計下一季及以後實現兩位數的AOE成長並非不合理。售後市場和運輸業正開始復甦，對吧？儘管起點很低。領先的卓越中心正在推動成本改進，肖恩在訪問密蘇裡州時提到，自動化進展順利。

And then just as clarity, we don't expect Class 8 to pick back up this year yet. So, I think generally speaking, I'd say the margin improvement, bottom line you saw this quarter is not unreasonable to expect that same level on an ongoing quarterly sequential basis near term.

最後要澄清的是，我們預計今年8級颶風不會再出現。所以，總的來說，我認為本季利潤率的改善，也就是最終的利潤率，是可以合理預期在短期內每季都能維持同樣的水準的。

That's perfect and comprehensive color. And I'm glad you mentioned the Class 8 aftermarket, which is something that we thought of as a great growth lever for the company and kind of watching for inflection. It sounds like you do expect some growth even this quarter. Maybe just frame up for us where that business stands now? What's sort of driving now improved traction? Any way to think about magnitude of contribution, how meaningful a growth driver this can be?

這是完美且全面的色彩。我很高興你提到了 8 級改裝市場，我們認為這是公司發展的巨大槓桿，並且一直在關注其轉折點。聽起來你預計本季也會有成長。或許可以先跟我們介紹一下這家公司目前的經營狀況？現在這種駕駛方式的牽引力提升是什麼感覺？有沒有辦法衡量貢獻的大小，以及這能對成長產生多大的影響？

Yeah. No, we don't specifically guide down to those -- that seg markets. But I will say that we -- the aftermarket business is picking up double-digit. It's just off a slow starting point, and some of that's being offset by the OEMs.

是的。不，我們不會專門引導投資者進入那些細分市場。但我必須說，我們的售後市場業務正在以兩位數的速度成長。它只是起步較慢，而部分原因被原始設備製造商（OEM）所抵消。

But if you look in the aggregate for Specialty, we did have some nice order books for our transportation. Q3 orders sequentially were up 26% and 20% year-on-year. Again, a lot of that is coming from the aftermarket. But you have to remember, it's coming off a low base. So it's not an area that we're -- we expect is going to make a meaningful movement to our bottom-line numbers in the short-term. Manufacturing improvement is helping that as well. And the lead CoE will also help us with, I think, more success in transportation longer term.

但從整體來看，特種運輸業務的訂單量相當不錯。第三季訂單季增 26%，年增 20%。同樣，許多產品都來自售後市場。但你要記住，這是從一個很低的基數開始的。所以，我們預期這個領域在短期內不會對我們的最終收益產生實質的影響。生產製造流程的改進也對此有所幫助。我認為，領先的卓越中心也將幫助我們在交通運輸領域取得更長遠的成功。

Yeah. And I think Andy mentioned it earlier, and it's just something to just sort of, I think, repeat a bit. If you think of new trucks in Class 8, if the new trucks aren't being built at the same rate, then fleet operators are going to have to do more to keep old trucks on the road or existing fleets on the road, and that bodes well for us.

是的。我想安迪之前也提到過這一點，我覺得有必要再重複一次。如果你考慮 8 級新卡車，如果新卡車的生產速度跟不上，那麼車隊營運商就必須付出更多努力來維持舊卡車或現有車隊的正常運轉，這對我們來說是個好兆頭。

So just like in the forklifts, Andy mentioned that if you're looking at material handling order rates for new trucks, it's more suppressed than we are because we have the replacement and the ability to help them keep those fleets in the warehouse and fleets on the road. So that's part of our -- this renewable component of battery where we'll get a second bite or third bite at the apple with the fleet that -- when new trucks aren't being sold. So I think that's a piece of it.

就像堆高機一樣，安迪提到，如果你查看新卡車的物料搬運訂單率，你會發現它比我們受到的抑制更大，因為我們有替換方案，並且有能力幫助他們保持倉庫中的車隊和路上的車隊。所以這是我們電池再生能源組件的一部分，當新卡車賣不出去的時候，我們就可以在車隊中獲得第二次或第三次機會。所以我覺得這是其中一部分原因。

Okay. Perfect. If I could sneak one more in. Just outstanding cash generation this quarter, even exclusive of the tax refund, leverage back down to 1.3x. A lot of dry powder for that buyback. Just how are you thinking about repurchase activity here? And maybe kind of update us on your M&A opportunity set as well?

好的。完美的。如果我能再偷偷加一個就好了。本季現金流表現非常出色，即使不計入退稅，槓桿率也回落至1.3倍。有大量現金可用於股票回購。您是如何考慮這裡的回購活動的？或許還可以簡單介紹一下你們的併購機會？

Yeah, sure. We are really pleased with the cash flow generation. And I will say that's an area with invigorating our operating model that we are being intentionally more disciplined and focused on as a management team. So I'm very excited about the outcome of the effort that we've had.

當然可以。我們對現金流狀況非常滿意。我想說，在改善我們的營運模式方面，我們管理團隊正有意識地更加自律和專注。我對我們所取得的成果感到非常興奮。

So it's a $1 billion buyback, we intend to continuing buying back stock. It's part of our ongoing basis. We generate a lot of cash, and we're committed to returning value to our shareholders. And I would say in periods of dislocation between our stock price and intrinsic value, which we believe is the case now, we're going to continue to buy back at elevated levels.

所以這是一項10億美元的股票回購計劃，我們打算繼續回購股票。這是我們日常工作的一部分。我們創造了大量現金流，並致力於為股東創造價值。我認為，在股價與內在價值脫節的時期（我們認為目前就是這種情況），我們將繼續在高點回購股票。

We do want to keep a portion of our available capital capacity to be opportunistic with M&A activities. M&A will continue to be part of our growth strategy going forward. But we don't have anything specific to announce right now.

我們確實希望保留一部分可用資本，以便在併購活動中抓住機會。未來，併購仍將是我們成長策略的一部分。但我們目前還沒有任何具體消息可以宣布。

Shawn, I don't know if you want to add any color to that.

肖恩，我不知道你是否想給它添加一些顏色。

Yeah, I would just say generally, we -- with all of the focus on operating rigor, I want to make sure we're not giving the impression that we're not going to deploy capital. We're just going to deploy it for high-quality investment opportunities. We have a few M&A opportunities in the pipeline that we think are compelling.

是的，總的來說，我們——在所有關注營運嚴謹性的同時，我想確保我們不會給人留下我們不會部署資本的印象。我們將把它應用於高品質的投資機會。我們目前有一些併購機會正在籌備中，我們認為這些機會很有吸引力。

But again, for us, it's going to be free cash flow margin and increasing free cash flow margin and then deploying that for the right ROIC, and we're going to stay opportunistic. So I think you can expect us to deploy that discipline and rigor to those opportunities. But definitely, we're going to put that cash to work. And to Andy's point, whether that's buying our own shares when they're undervalued or investing internally in our business for the right opportunities and certainly M&A.

但對我們來說，關鍵在於自由現金流利潤率，提高自由現金流利潤率，然後將其用於獲得合適的投資回報率，我們將保持機會主義。所以我認為你們可以期待我們將這種自律和嚴謹的態度運用在這些機會中。但我們一定會讓這筆資金發揮作用。正如安迪所說，無論是當股票被低估時買入我們自己的股票，還是在合適的時機對公司內部進行投資，當然還有併購。

There's no further questions at this time. I will now turn the call back over to Shawn O'Connell for closing remarks. Shawn?

目前沒有其他問題了。現在我將把電話交還給肖恩·奧康奈爾，請他作總結發言。肖恩？

Thank you, Mark. I'd like to thank everybody for joining us on the call today. We look forward to updating you again next quarter. Hope you have a great day.

謝謝你，馬克。感謝各位今天參加我們的電話會議。我們期待下季再次向您報告最新情況。祝你今天過得愉快。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。