Gentex Corp (GNTX) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Gentex reports fourth quarter and year-end 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎閱讀 Gentex 2024 年第四季和年終財務業績報告。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Josh O'Berski, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係總監喬希·奧伯斯基 (Josh O'Berski)。請繼續。

Thank you. Good morning and thank you for joining us today for our fourth-quarter 2024 earnings conference call. I'm Josh O'Berski, Gentex's Director of Investor Relations, and with me today are Steve Downing, President and CEO; Neil Boehm, COO and CTO; and Kevin Nash, Vice President of Finance and CFO. Please note that a replay of this conference call webcast and edited transcripts will be available after the call in the Investors section of our website located at ir.gentex.com.

謝謝。早安，感謝您今天參加我們的 2024 年第四季財報電話會議。我是 Gentex 投資者關係總監 Josh O'Berski，今天與我一起出席的是總裁兼執行長 Steve Downing； Neil Boehm，營運長兼首席技術長；以及財務副總裁兼財務長 Kevin Nash。請注意，電話會議結束後，您可以在我們網站的「投資者」部分（網址為 ir.gentex.com）重播本次電話會議的網路直播和編輯後的文字記錄。

As a reminder, many of our comments today contain forward-looking statements based on current expectations. These forward-looking statements are subject to known and unknown risks, including those set forth in our fourth quarter 2024 earnings release, press release and our annual report on Form 10-K for the year ended December 31, 2023, as well as other general economic factors. Should one or more of these risks or uncertainties materialize or underlying assumptions or estimates prove incorrect, actual results may vary materially from those that we express today.

提醒一下，我們今天的許多評論都包含基於當前預期的前瞻性陳述。這些前瞻性陳述受已知和未知風險的影響，包括我們 2024 年第四季財報、新聞稿和截至 2023 年 12 月 31 日的 10-K 表年度報告中所述風險，以及其他一般經濟因素。如果這些風險或不確定因素中的一個或多個成為現實，或者基本的假設或估計被證明不正確，實際結果可能與我們今天表達的結果有重大差異。

I'll now hand the call over to Steve Downing for our prepared remarks. Steve?

現在我將電話交給史蒂夫唐寧 (Steve Downing)，讓他發表我們準備好的發言。史蒂夫？

Thank you, Josh. For the fourth quarter of 2024, the company reported net sales of $541.6 million a decrease of 8% compared to net sales of $589.1 million for the fourth quarter of last year. Light vehicle production decreased by 6% quarter-over-quarter in the company's primary markets of North America, Europe and Japan and Korea. Compared to the beginning of the quarter forecast, production weakness in the company's primary markets combined with a weak vehicle build mix that resulted in revenue being much lower than we initially anticipated for the quarter. The combination of these two factors resulted in a revenue shortfall of approximately $45 million to $50 million versus the company's beginning of quarter forecast.

謝謝你，喬希。2024 年第四季度，該公司報告淨銷售額為 5.416 億美元，較去年第四季的淨銷售額 5.891 億美元下降 8%。該公司在北美、歐洲和日本、韓國主要市場的輕型汽車產量較上季下降6%。與季度初的預測相比，該公司主要市場的生產疲軟加上車輛製造組合疲軟，導致收入遠低於我們最初對該季度的預期。這兩個因素的結合導致該公司的收入與季度初預測相比短缺約 4,500 萬至 5,000 萬美元。

During the fourth quarter, there was significant weakness in our primary markets that impacted both light vehicle production volumes and product mix during the quarter. We believe the number of our OEM and Tier 1 customers look to improve their incoming inventory levels during the quarter and build a weaker mix of vehicles versus the trends we have seen over the last several quarters. As an example, approximately one-half of our revenue shortfall in the fourth quarter came from lower-than-expected Full Display Mirror unit shipments. Unfortunately, these changes all occurred within the quarter, causing a significant variance from our beginning of quarter forecast with most of the change happening in November and December.

在第四季度，我們的主要市場表現明顯疲軟，影響了本季輕型車的產量和產品結構。我們相信，與過去幾季的趨勢相比，我們的許多 OEM 和一級客戶都希望在本季度提高他們的庫存水平，並建立一個較弱的車輛組合。例如，第四季我們營收缺口的約一半來自於全顯示鏡單元出貨量低於預期。不幸的是，這些變化都發生在本季度內，導致與我們季度初的預測有很大差異，其中大多數變化發生在 11 月和 12 月。

The gross margin in the fourth quarter of 2024 was 32.5% compared with a gross margin of 34.5% in the fourth quarter of last year. The decrease in gross margin in the fourth quarter was primarily due to the lower-than-expected sales levels, weaker product mix and the inability to leverage overhead costs. These factors more than offset the positive tailwinds from purchasing cost reductions that were achieved throughout calendar year 2024. The gross margin during the fourth quarter was significantly lower than our anticipated margin performance for the quarter. But when we model the gross margin impact from lower than forecasted revenue due to the lower vehicle production, and the lower Full Display Mirror shipments, we would have had a quarter very similar to the margin in the fourth quarter of last year.

2024年第四季的毛利率為32.5%，而去年第四季的毛利率為34.5%。第四季毛利率下降主要由於銷售水準低於預期、產品組合較弱以及無法利用間接成本。這些因素遠遠抵消了 2024 年全年採購成本降低的正面影響。第四季的毛利率明顯低於我們預期的本季利潤率表現。但是，當我們模擬由於汽車產量下降和全顯示鏡出貨量下降導致的收入低於預測而對毛利率的影響時，我們會發現本季的利潤率與去年第四季非常相似。

Operating expenses during the fourth quarter of 2024 were up 22% to $86.5 million due to staffing and engineering-related professional fees with total operating expense for the quarter also impacted by intangible asset impairment charges of $8.9 million related to a technology acquired in 2020. Our operating expenses for the fourth quarter and full year 2024 have been elevated as we expand our engineering capability to focus on the many new product launches currently underway and to help support the R&D activity necessary to execute our product road maps. It is worth noting that operating expenses, net of the impairment charges for the quarter grew at the lowest rate of the year.

2024 年第四季的營運費用成長22% 至8,650 萬美元，原因是人員配備和工程相關的專業費用，本季的總營運費用也受到與2020 年收購的技術相關的890 萬美元無形資產減值費用的影響。隨著我們擴大工程能力以專注於目前正在進行的許多新產品的發布並幫助支持執行我們的產品路線圖所需的研發活動，我們第四季度和 2024 年全年的營運費用有所增加。值得注意的是，本季扣除減損費用後的營業費用成長率為年內最低。

Income from operations for the fourth quarter of 2024 was $89.8 million compared to income from operations of $132.8 million for the fourth quarter of last year. During the fourth quarter of 2024, the company had an effective tax rate of 10.3%, which was driven by the foreign-derived intangible income deduction, provision to return adjustments and other discrete benefits. In the fourth quarter of 2024, net income was $87.7 million compared to net income of $116.9 million in the fourth quarter of last year.

2024 年第四季的營業收入為 8,980 萬美元，而去年第四季的營業收入為 1.328 億美元。2024 年第四季度，該公司的有效稅率為 10.3%，這主要是受外國無形收入扣除、退稅調整準備金和其他單獨福利的影響。2024 年第四季淨收入為 8,770 萬美元，而去年第四季淨收入為 1.169 億美元。

Earnings per diluted share in the fourth quarter of 2024 were $0.39 compared with earnings per diluted share of $0.50 in the fourth quarter of last year. For calendar year 2024, the company's net sales were $2.31 billion, an increase of 1% compared to net sales of $2.3 billion last year, representing the highest annual sales in company history despite light vehicle production that decreased this year by more than 4% in the company's primary markets. The company's revenue outperformance versus the underlying market was driven primarily by growth in FDM unit shipments.

2024 年第四季每股攤薄收益為 0.39 美元，而去年第四季每股攤薄收益為 0.50 美元。2024 日曆年，該公司的淨銷售額為23.1 億美元，與去年的23 億美元淨銷售額相比增長了1%，儘管今年輕型汽車產量下降了4% 以上，但仍創下了公司歷史上的最高年銷售額。該公司的營收優於基礎市場，主要得益於 FDM 單位出貨量的成長。

For calendar year 2024, the gross margin was 33.3% compared to a gross margin of 33.2% last year. Gross margin improvements were primarily the result of supplier cost reductions and lower freight costs -- though these benefits were largely offset by weaker than expected product mix, higher labor costs and the inability to leverage fixed overhead costs due to the lower than forecasted revenue for the year.

2024 年曆年的毛利率為 33.3%，而去年的毛利率為 33.2%。毛利率提高主要是由於供應商成本降低和運費降低——儘管這些好處在很大程度上被產品組合弱於預期、勞動力成本上升以及由於收入低於預期而無法利用固定間接成本所抵消。

Despite the many headwinds that impacted revenue and gross margins this year, we were able to continue to make improvements to the gross margin profile of the company. The improvements made this year, combined with our targeted improvements for 2025, provide the road map and plan to achieve a target of approximately 35% gross margin by the end of 2025. For calendar year 2024, operating expenses increased 17% and to $311.4 million compared to operating expenses of $266.9 million last year. Net of the impairment charges discussed previously, the total operating expense for the year was in line with our forecasted operating expenses.

儘管今年有許多不利因素影響了營收和毛利率，但我們仍能繼續改善公司的毛利率狀況。今年所做的改進，加上我們 2025 年的目標改進，提供了路線圖，並計劃在 2025 年底實現約 35% 的毛利率目標。2024 日曆年，營運費用較去年的 2.669 億美元增加 17%，達到 3.114 億美元。扣除前面討論過的減損費用後，全年總營業費用與我們預測的營業費用一致。

The company has been investing heavily in engineering capability over the last few years in order to support the elevated rate of launches driven by customer awards to accelerate our research and development activity necessary to execute the new technologies and product road map showcased at CES and to fund R&D activity required to achieve product redesigns in support of our cost improvement initiatives. The plan for 2025 is based on a much lower growth rate in operating expenses for the year as we believe the new baseline of engineering spend is sufficient to support our current engineering initiatives.

過去幾年來，公司一直在大力投資工程能力，以支持客戶獎勵推動的新產品發布率的提高，加速我們在 CES 上展示的新技術和產品路線圖所需的研發活動，並為為了支持我們的成本改善舉措，需要進行研發活動來實現產品重新設計。2025 年的計畫是基於當年較低的營運費用成長率，因為我們相信新的工程支出基準足以支持我們目前的工程計畫。

For calendar year 2024, the company's effective tax rate was 14.3% compared to an effective tax rate of 15.2% last year. The decrease in the tax rate in 2024 was primarily driven by an increased benefit from the foreign-derived intangible income deduction and R&D tax credits compared to last year. Net income for calendar year 2024 was $404.5 million compared to net income of $428.4 million last year. Earnings per diluted share for calendar year 2024 were $1.76 and compared to earnings per diluted share of $1.84 last year.

2024 年曆年，該公司的有效稅率為 14.3%，而去年的有效稅率為 15.2%。2024 年稅率的下降主要是由於與去年相比，外國衍生無形收入扣除和研發稅收抵免帶來的收益增加。2024 年曆年的淨收入為 4.045 億美元，而去年的淨收入為 4.284 億美元。2024 年曆年每股攤薄收益為 1.76 美元，而去年每股攤薄收益為 1.84 美元。

Thank you, and I'll now hand the call over to Kevin for some further financial details.

謝謝，現在我將把電話交給凱文，詢問更多財務細節。

Thank you, Steve. Automotive net sales during the fourth quarter of '24 were $531.3 million compared to $578.7 million in the fourth quarter of '23. And for calendar year '24, Automotive net sales were $2.26 billion compared to $2.25 billion in '23. For the year, FDM shipments increased 21% to 2.96 million units, which more than offset a 6% decrease in Automotive Mirror unit shipments compared to '23. Other net sales in the fourth quarter of '24, which includes Dimmable Aircraft Windows, Fire Protection products, and Medical products were $10.3 million, a decrease of 2% compared to other net sales of $10.5 million in fourth quarter of '23.

謝謝你，史蒂夫。24 年第四季汽車淨銷售額為 5.313 億美元，而 23 年第四季為 5.787 億美元。就 24 日曆年而言，汽車淨銷售額為 22.6 億美元，而 23 年為 22.5 億美元。今年，FDM 出貨量成長了 21%，達到 296 萬台，抵銷了汽車後視鏡出貨量與 23 年相比 6% 的下降。24 年第四季的其他淨銷售額（包括可調光飛機窗、消防產品和醫療產品）為 1,030 萬美元，與 23 年第四季的其他淨銷售額 1,050 萬美元相比下降 2%。

Fire Protection sales increased by 5%. Dimmable Aircraft Windows decreased by 23% for the fourth quarter of '24 when compared to the fourth quarter of '23, and Medical product sales were $0.6 million in the fourth quarter for the eSight product that launched in the third quarter of '24. Other net sales for calendar year '24 were $48.6 million compared to other net sales of $44.6 million in calendar '23. Fire Protection sales increased 4% year-over-year, while Dimmable Aircraft Windows increased by 9% in '24 compared to '23 and Medical product sales were $1.4 million for calendar year 2024.

消防產品銷售額成長了 5%。與 23 年第四季相比，24 年第四季可調光飛機窗戶的銷售額下降了 23%，24 年第三季推出的 eSight 產品的醫療產品銷售額在第四季度為 60 萬美元。'24 日曆年的其他淨銷售額為 4860 萬美元，而 '23 日曆年的其他淨銷售額為 4460 萬美元。消防產品銷售額年增 4%，可調光飛機窗銷售額在 24 年較 23 年增長 9%，醫療產品銷售額在 2024 日曆年為 140 萬美元。

Share repurchases. The company repurchased 604,000 shares of its common stock during the fourth quarter at an average of $30.54 per share. And for the year ended December 31, 2024, the company repurchased 6.4 million shares of its common stock at an average price of $32.20 per share for a total of $206.1 million. And as of December 31, 2024, the company has 9.4 million shares remaining available for repurchase from the previously announced plan. Shifting over to the balance sheet. The balance sheet conversions mentioned today are as of December 31, 2024, compared to December 31, 2023.

股票回購。該公司第四季以平均每股 30.54 美元的價格回購了 604,000 股普通股。截至 2024 年 12 月 31 日的年度，該公司以每股 32.20 美元的平均價格回購了 640 萬股普通股，總計 2.061 億美元。截至 2024 年 12 月 31 日，公司仍有 940 萬股股份可供根據先前宣布的計畫回購。轉向資產負債表。今天提到的資產負債表轉換是截至 2024 年 12 月 31 日，截至 2023 年 12 月 31 日。

Cash and cash equivalents were $233.3 million compared to $226.4 million. Short-term and long-term investments combined were $361.9 million, up from $299.1 million which includes fixed income investments as well as the company's equity and cost method investments. Accounts receivables $295.3 million, down from $321.8 million due to the size and timing of sales during the fourth quarter. Inventories were $436.5 million, up from $402.5 million, and accounts payable decreased to $168.3 million, a decrease from $184.4 million. Preliminary cash flow items; fourth quarter 2024 cash flow from operations was $154.4 million compared to $169.6 million in the fourth quarter of last year. In calendar year 2024 cash flow from operations was $498.2 million compared to $537.2 million in calendar year '23.

現金和現金等價物為 2.333 億美元，而去年同期為 2.264 億美元。短期和長期投資總額為 3.619 億美元，高於 2.991 億美元，其中包括固定收益投資以及該公司的股權和成本法投資。應收帳款 2.953 億美元，低於 3.218 億美元，原因是第四季的銷售規模和時間。庫存為 4.365 億美元，高於 4.025 億美元，應付帳款從 1.844 億美元減少至 1.683 億美元。初步現金流量項目； 2024 年第四季經營現金流為 1.544 億美元，去年第四季為 1.696 億美元。2024 年曆年的經營現金流為 4.982 億美元，而 23 日曆年為 5.372 億美元。

Capital expenditures for the fourth quarter were $41.7 million compared with $62.3 million for the fourth quarter of last year and calendar year 2024 expenditures were $144.7 million compared to $183.7 million for calendar year '23. And lastly, depreciation and amortization for the fourth quarter was $23.8 million compared with $22.3 million for the fourth quarter of '23, and year-to-date, depreciation and amortization was $94.7 million compared with $93.3 million for year-to-date 2023.

第四季的資本支出為 4,170 萬美元，而去年第四季為 6,230 萬美元，2024 年曆年的支出為 1.447 億美元，而 23 日曆年的支出為 1.837 億美元。最後，第四季的折舊和攤銷為 2,380 萬美元，而 2023 年第四季為 2,230 萬美元，年初至今的折舊和攤銷為 9,470 萬美元，而 2023 年年初至今為 9,330 萬美元。

I'll now hand the call over to Neil for a product update.

我現在將把電話交給 Neil 來報告產品最新情況。

Thank you, Kevin. Earlier in January, Gentex participated in the 2025 Consumer Electronics Show. This shows about innovation and technology, and it's a great place for us to showcase our current and future technologies and products to customers and consumers. It's a chance for us to get our road map over the company in front of people to help them see where we're headed.

謝謝你，凱文。今年1月初，Gentex參加了2025年消費性電子展。這是展示創新和技術的展會，也是我們向客戶和消費者展示當前和未來技術和產品的絕佳場所。這是我們向人們展示公司發展路線圖的機會，以幫助他們了解我們的發展方向。

This year, we had three different booths supporting Gentex technologies. At the Venetian Expo Center, we had two booths, one booth was supporting and demonstrating our Medical Wearables, eSight, and the second booth was demonstrating our Connected Smoke Detector product lineup that we've named Place. A satellite boost, we're in the middle of the relevant technology areas and provided us with some great customer and consumer insight and feedback. The main Gentex booth was located at the West Hall of the Las Vegas Convention Center. At this booth, we demonstrated products and technologies for all of our major verticals of automotive, aerospace, medical and consumer-facing products.

今年，我們有三個不同的展位支援Gentex 技術。在威尼斯博覽中心，我們有兩個展位，一個展位支援並展示我們的醫療穿戴式裝置 eSight，第二個展位展示我們命名為 Place 的連網煙霧偵測器產品系列。衛星的推動，使我們處於相關技術領域的中間，並為我們提供了一些很好的客戶和消費者見解和回饋。Gentex 的主展位位於拉斯維加斯會議中心的西廳。在這個展位上，我們展示了汽車、航空航太、醫療和麵向消費者的所有主要垂直領域的產品和技術。

Again, this year, like in past years, we had multiple vehicles and product demonstrators at the booth to help people get a real feel for our product strategy and direction. There were several new demonstrators and properties for CES 2025. The large area device demonstrators stood in the middle of the booth space, and help to demonstrate the functionality of a Large Dimming Films. This allowed people to see for the first time our dimming technology on plastic substrate in sunroof-sized parts.

同樣，今年與往年一樣，我們在展位上安排了多輛車輛和產品演示者，以幫助人們真正感受到我們的產品戰略和方向。CES 2025 有幾位新的示範者和新功能。大面積設備展示者站在展位空間的中間，幫助示範大型調光膜的功能。這讓人們第一次看到了我們在天窗大小的零件上的塑膠基板上的調光技術。

Next to the large area device property, there was a new demonstrator showing our partner, Solis and their wireless power and meta technology in an automotive use case. The demonstrator with a door of a vehicle that displayed how power and data could be delivered to the door wirelessly. With no wire harness of connectors, power was delivered to activate the window movement and dimming of the window. A wireless connection to the outside mirror demonstrated how a camera could be powered and the video transmitted by this exciting new technology.

在大面積設備屬性旁邊，有一個新的演示器展示我們的合作夥伴 Solis 及其在汽車用例中的無線電源和元技術。示範者手持車門，展示如何以無線方式將電力和資料傳送至車門。無需連接器的線束，即可輸送電力來啟動窗戶的移動和調光。與外後視鏡的無線連接演示瞭如何透過這項令人興奮的新技術為攝影機供電並傳輸視訊。

Also at the booth, we had a complete in-vehicle demonstration of the next-generation HomeLink uniting the Connected Car in the Smart Home. This vehicle allowed for the demonstration of multiple device activation methods of RF long-range Bluetooth and cloud-based. It also helped us to show the different levels of vehicle integration like hard buttons, soft buttons or through Apple Car Play and Android Auto. The all new app has improved device training and seen creation while the new API solutions allow for control of the garage door from the car or a phone app.

此外，我們在展位上還對將連網汽車與智慧家居融為一體的下一代 HomeLink 進行了完整的車載演示。該車輛可以演示RF遠端藍牙和基於雲端的多種設備啟動方法。它還幫助我們展示了車輛整合的不同級別，例如硬按鈕、軟按鈕或透過 Apple Car Play 和 Android Auto。全新的應用程式改進了設備培訓並實現了創造，而新的 API 解決方案允許透過汽車或手機應用程式控制車庫門。

We're truly excited about the opportunities this new generation of HomeLink can bring to Gentex. To demonstrate our improvements in strategy with driver monitoring systems, we showed an updated simulator in a product panel that displayed the different hardware and software combination we've been sourced by four different OEMs. Between these two properties, we are able to show how we can compete today with different technical solutions to meet each OEM's needs.

我們對新一代 HomeLink 能為 Gentex 帶來的機會感到非常興奮。為了展示我們在駕駛員監控系統策略方面的改進，我們在產品面板中展示了更新的模擬器，該面板展示了我們從四個不同的 OEM 採購的不同硬體和軟體組合。透過這兩種特性，我們能夠展示如何利用不同的技術解決方案來競爭，以滿足每個 OEM 的需求。

The last update for CES is about other Dimming products. At the show, we demonstrated for the first time a Dimming Visor with an integrated display and Small Dimming Glasses. The Visor With Display was a concept we used at the show to gauge interest in the technology and to talk with customers about what type of information would make sense to be positioned in this area. Overall, this concept was very well received and we'll continue to work on refining the details of the product going forward. In regards to the Dimmig Glasses, this was a great concept that allowed us to show how our dimming technology could be applied in different use cases beyond mirrors, windows, sunroofs and visors.

CES 的最新更新是關於其他調光產品。在展會上，我們首次展示了整合式顯示器和小型調光眼鏡的調光遮陽板。帶有顯示器的遮陽板是我們在展會上使用的概念，用於衡量人們對該技術的興趣，並與客戶討論什麼類型的信息適合放在這個區域。總的來說，這個概念很受歡迎，我們將繼續致力於完善產品的細節。就調光眼鏡而言，這是一個很棒的概念，它讓我們能夠展示我們的調光技術如何應用於鏡子、窗戶、天窗和遮陽板之外的不同用例。

Now for a quick update on launches in Full Display Mirror. In the fourth quarter of 2024, we had another busy launch quarter with over 60% of our launches being advanced features. HomeLink and Full Display Mirror were the biggest drivers of the launches. We're excited to announce that in the fourth quarter of 2024, we began shipping Full Display Mirror on the Renault Master and Volkswagen transporter. Both Renault and Volkswagen are new OEM customers for Full Display Mirror.

現在快速更新全顯示鏡像中的啟動情況。2024 年第四季度，我們又度過了一個繁忙的發布季度，其中 60% 以上的發布都是高級功能。HomeLink 和 Full Display Mirror 是此次發布的最大推動力。我們很高興地宣布，從 2024 年第四季開始，我們將開始在雷諾 Master 和大眾運輸車上配備全顯示鏡。雷諾和大眾都是全顯示鏡的新 OEM 客戶。

In addition to these two nameplates, there were seven additional nameplates with previous OEMs, bringing our total launch nameplates to 133. Full Display Mirror units came in lower than forecasted for the fourth quarter of '24, as was mentioned earlier, we had an incredible growth year and shipped 2.96 million units in calendar year '24, and achieved our goal of shipping at least 500,000 units more than 2023. This product continues to gain interest from luxury brands to volume brands around the world, and we're well positioned to keep this technology moving.

除了這兩個品牌之外，還有七個來自先前 OEM 的品牌，使我們的發布品牌總數達到 133 個。全螢幕鏡像出貨量低於24 年第四季的預測，正如前面提到的，我們經歷了令人難以置信的增長，在24 日曆年出貨量為296 萬台，實現了出貨量至少增加50 萬台的目標比 2023 年還要早。該產品繼續受到世界各地從奢侈品牌到大眾品牌的關注，而我們也已做好準備，推動這項技術的發展。

Gentex is an excellent innovation and technology company, and we've done a great job in improving our product portfolio and getting projects to market. As we enter 2025, we need to keep our focus on innovation. But it's clear that we need to increase our focus on building material reductions and improvements in efficiency that can have an immediate impact on our financial performance. This increased focus has begun and the teams are driving to get improvements in place to help get our margins back in line with our goals.

Gentex 是一家優秀的創新技術公司，我們在完善產品組合和將專案推向市場方面做得非常出色。進入2025年，我們需要繼續專注於創新。但很明顯，我們需要更加重視建築材料的減少和效率的提高，因為這會對我們的財務表現產生直接的影響。這種日益增強的關注度已經開始，各個團隊正在努力進行改進，以幫助我們的利潤率重新回到我們的目標水平。

I'll now hand the call back over to Steve for guidance and closing remarks.

現在我將把電話交還給史蒂夫，請他提供指導並作結束語。

Thanks, Neil. The company's current forecast for light vehicle production for calendar year 2025 and 2026 and are based on the S&P Global Mobility mid-January '25 forecast for light vehicle production in North America, Europe, Japan, Korea and China and are detailed in our press release. Light vehicle production in these markets is expected to decrease by approximately 1% for calendar year 2025 versus last year, while light vehicle production in our primary markets of North America, Europe, Japan, and Korea is expected to be down over 2%.

謝謝，尼爾。該公司目前對 2025 年和 2026 年輕型汽車產量的預測是基於標普全球移動服務公司 25 年 1 月中旬對北美、歐洲、日本、韓國和中國輕型汽車產量的預測，詳情請參閱我們的新聞稿。預計 2025 日曆年這些市場的輕型汽車產量將比去年下降約 1%，而我們主要市場北美、歐洲、日本和韓國的輕型汽車產量預計將下降 2% 以上。

For calendar year 2026, light vehicle production in North America, Europe, Japan, Korea, and China, is forecasted to grow by approximately 2% compared to light vehicle production estimates for 2025. The company's guidance excludes any impact from the company's pending acquisition of VOXX International Corporation which remains subject to certain regulatory and VOXX shareholder approvals. Based on this light vehicle production forecast and our estimates for Aerospace, Fire Protection and Medical sales, the company is providing guidance for calendar year 2025 as follows.

預計 2026 年北美、歐洲、日本、韓國和中國的輕型汽車產量將比 2025 年的輕型汽車產量增加約 2%。該公司的預期不包括該公司即將收購 VOXX International Corporation 的任何影響，該收購仍需獲得某些監管機構和 VOXX 股東的批准。根據此輕型汽車產量預測以及我們對航空航天、消防和醫療銷售的估計，該公司對 2025 日曆年提供瞭如下指導。

Revenue for the year is expected to be between $2.4 billion and $2.45 billion. Gross margins for the year are expected to be between 33.5% and 34.5%. Operating expenses are expected to be between $310 million and $320 million. Our estimated annual tax rate is forecasted to be between 15% and 17%. Capital expenditures are expected to be between $125 million and $150 million and depreciation and amortization are now forecasted to be between $85 million and $90 million. Additionally, based on the mid-January 2025, S&P Global Mobility light vehicle production forecast, as well as the company's estimates for Aerospace, Fire Protection and Medical sales, the company currently expects calender year 2026 revenue to be between $2.55 billion and $2.65 billion. Despite the industry's optimism at the beginning of the year, calendar year 2024 brought a challenging operating environment for much of the year, driven by lower-than-expected light vehicle production in our primary markets.

預計全年營收在 24 億美元至 24.5 億美元之間。預計全年毛利率在33.5%至34.5%之間。預計營運費用在 3.1 億美元至 3.2 億美元之間。我們預計年稅率在 15% 至 17% 之間。資本支出預計在 1.25 億美元至 1.5 億美元之間，折舊和攤銷預計在 8,500 萬美元至 9,000 萬美元之間。此外，根據標準普爾全球行動公司對2025年1月中旬輕型汽車產量的預測，以及該公司對航空航太、消防和醫療銷售的估計，該公司目前預計2026日曆年的收入將在25.5億美元至26.5億美元之間。儘管年初產業情勢樂觀，但由於主要市場的輕型汽車產量低於預期，2024 年的大部分時間都面臨著充滿挑戰的經營環境。

Despite these challenges, the company has been able to continue outperforming the underlying market and create year-over-year growth. These headwinds significantly impacted our overall revenue estimates, which makes margin expansion very difficult. Despite this, the team's work and focus on margin improvement allowed us to make a modest year-over-year improvement in gross margin as well. As we look into 2025, light vehicle production estimates indicate that our largest markets are poised to shrink even more. However, even in the face of a smaller end market, we are forecasting revenue growth in 2025 that at midpoint of revenue guidance suggests a 7% outgrowth versus our primary markets. This growth can only be accomplished by launching and new products and technology. The commitment we have made to invest in and develop engineering capabilities and new technologies is beginning to provide the signs of what we hope to be a long-term sustainable outperformance versus the underlying market that can generate shareholder returns for long into the future.

儘管面臨這些挑戰，該公司仍能夠繼續超越基礎市場並實現同比成長。這些不利因素嚴重影響了我們的整體營收預期，使得利潤率的擴大變得非常困難。儘管如此，團隊的工作和對提高利潤率的關注也使我們的毛利率比去年同期略有提高。展望 2025 年，輕型汽車產量估計表明，我們最大的市場將進一步萎縮。然而，即使面對較小的終端市場，我們仍預測 2025 年的營收將成長，營收預期的中點表明，與我們的主要市場相比，成長率將達到 7%。這種成長只有透過推出新產品和新技術才能實現。我們對投資和開發工程能力和新技術的承諾已開始顯現出我們希望實現的長期可持續超越基礎市場的跡象，從而能夠在未來很長一段時間內為股東帶來回報。

That completes our prepared comments for today. We can now proceed to questions.

今天的準備就到此結束。現在我們可以開始提問了。

(Operator Instructions) Luke Junk, Baird.

（操作員指令）盧克瓊克，貝爾德。

Steve, maybe to start with, if we could double-click on the vehicle mix impacts in the quarter. Looking at this, you gave guidance in late October and the last couple of months of the year had that short fall, you said of around $45 million to $50 million. As you just diagnosed what happened in the quarter? How do you delineate between impacts that are maybe more tied to year-end inventory rebalancing both base mirror and maybe some FDM impacts in there as well versus vehicle mix factors that might linger into '25 here. And based on what you're seeing in January, any changes in the business that can better answer that question as well?

史蒂夫，首先，我們可以雙擊本季的車輛組合影響。從這個角度來看，您在 10 月底給出了指導，而今年最後幾個月的缺口約為 4500 萬至 5000 萬美元。正如您剛才診斷的那樣，本季發生了什麼？您如何區分可能與年終庫存重新平衡（包括基本鏡像和一些 FDM 影響）更相關的影響與可能持續到 25 年的車輛組合因素。根據您在一月份看到的情況，業務上有哪些變化可以更好地回答這個問題？

Yes. Thanks, Luke. That's a good question. I think if you look at the primary portion of the miss, I would say probably about half of that, we think, is inventory adjustments -- that won't go into next year. And the reason why we believe that is to your point, when we look at the first few weeks of shipment in '25 and -- what we're seeing for -- through the rest of the quarter, it would indicate that this is not -- that portion of the problem won't be lingering. There is probably a $20 million, $25 million reduction in our Q1 estimates that we're seeing that's based on a little bit of us being conservative about product mix issues.

是的。謝謝，盧克。這是個好問題。我認為，如果您看一下未達標的主要部分，我想說大概其中一半是庫存調整——這不會計入明年。我們之所以相信這一點，是因為正如你所說，當我們回顧 2025 年頭幾週的出貨情況，以及本季度剩餘時間的情況時，就會發現情況並非如此。存在。我們第一季的預期可能會減少 2,000 萬美元至 2,500 萬美元，這是基於我們對產品組合問題持保守態度。

Typical this time, at this point in the cycle is you have a combination of factors, a lower production, lower sales based on economic conditions. But then the one that's harder to calculate because it's data like -- this doesn't really track in the North American market really well is what is the average sale price of a vehicle? And so, we're just starting to dig in and get some data around that area.

此時的典型情況是，在週期的這個階段，會出現多種因素，即基於經濟狀況的產量下降、銷售下降。但是，由於數據不太準確，很難計算，例如——這在北美市場上並沒有得到很好的跟踪，那就是汽車的平均售價是多少？所以，我們剛開始深入研究並獲取該地區的一些數據。

But one of the things we're definitely seeing is that the highest end of the vehicles, I mean, for the last two years, really, 70% vehicles that were sold in North America were very high content features. And we're starting to see a little bit of weakness on that side. And that's probably the other half of the revenue loss that we saw in the quarter was really driven by that. Just content on a per vehicle basis wasn't the same as what we've seen in the last two years.

但我們確實看到的一件事是，在過去的兩年裡，在北美銷售的最高端汽車中，70% 都具有非常高的內容功能。我們開始看到這方面的一些弱點。這可能是我們本季看到的另一半收入損失實際上是由這個原因造成的。僅按每輛車計算的內容就與我們過去兩年看到的內容不同。

Got it. And then switching to kind of how that filters through the P&L. Obviously, mix has impacts on gross margin, but you mentioned in the release that if not for mix and where volume shook out in the quarter that you would have been probably more flat on a year-over-year basis for gross margin?

知道了。然後切換到如何透過損益表進行過濾。顯然，產品組合會影響毛利率，但您在新聞稿中提到，如果不是因為產品組合以及本季銷量出現波動，那麼您的毛利率可能會比去年持平？

And -- just trying to square that with the '25 gross margin guidance on a seasonal basis, especially in the near term, given that the first quarter usually sees some sequential gross margin pressures as [price] and whatnot -- come in with recovery thereafter. Any reason to think that maybe that would be a little flatter trajectory to start the year given just the weight that was on the 4Q comp specifically for gross margin?

而且——只是試圖將其與季節性的 25 年毛利率指導相一致，特別是在短期內，考慮到第一季度通常會隨著價格等因素的複蘇而出現一些連續的毛利率壓力此後。有沒有理由認為，考慮到第四季毛利率的權重，年初的軌跡可能會更加平坦一些？

Yes. I would say the normal cyclical nature of the gross margin performance throughout the year will still be the case next year. But we're expecting the overall margin in Q1 to step up versus Q4 because the sales level should be better. If you look at what our Q1 guidance is and really for the rest of the year, that full year guidance, this basically implies that Q1 has to be significantly better than what Q4 was from a pure revenue standpoint, and so that's really what the margin recovery will be focused on.

是的。我想說，明年全年毛利率表現的正常週期性仍將如此。但我們預計第一季的整體利潤率將比第四季有所上升，因為銷售水平會更好。如果你看看我們第一季的業績指引，以及今年剩餘時間的全年業績指引，這基本上意味著，從純收入的角度來看，第一季的業績必須明顯好於第四季度，因此這才是利潤率將聚焦在復甦。

If you look at $50 million roughly and you say, hey, contribution margin of at least 40% on those level of sales, you can kind of model what you would see Q1 to be even if it does hit what we thought Q4 was going to be from an overall revenue perspective, that was really the headwind that hit the hardest on the margin performance. There really wasn't anything underlying in the business that we would say would structurally [raw] that caused that margin deterioration other than just the lack of sales.

如果你粗略地看一下5000 萬美元，然後說，嘿，在這個銷售水平上貢獻利潤率至少為40%，那麼你可以大致模擬出你認為第一季度的情況，即使它確實達到了我們認為第四季的水平從整體收入角度來看，這確實是對利潤率表現打擊最嚴重的逆風。除了銷售不足之外，我們認為業務中確實沒有任何結構性因素導致利潤率下降。

Understood. And then just last question for me. I'm not sure how much you can say right now, but VOXX still pending closure of that deal, of course. But I don't know if you can speak to just a high level, maybe a couple of strategic imperatives once you close the deal just in terms of key action items that investors should expect here in 2025?

明白了。接下來是我最後一個問題。我不確定你現在能說多少，但 VOXX 當然仍在等待這筆交易的完成。但我不知道您是否可以從更高層面談談，一旦您完成交易，也許可以談談投資者在 2025 年應該期待的幾個關鍵行動項目方面的戰略要務？

Yes. Right now, what we're tentatively looking at just based on the timing of both regulatory approvals and then VOXX shareholder approvals, we're probably looking at towards the end of Q1 as a target close date. So as we move through the next couple of months, we'll obviously be submitting more information and communicating with shareholders about how we're coming on that schedule and time line. And then obviously, once the close happens, we'll be talking about other disclosures that we'll be making about the future of that business? What does it look like? What estimates do we have or what revenue impact that will have for us going forward.

是的。目前，我們暫時僅根據監管部門批准和 VOXX 股東批准的時間來確定目標完成日期，可能將第一季末作為目標完成日期。因此，在接下來的幾個月裡，我們顯然會提交更多訊息，並與股東溝通我們如何按照計劃和時間線進行。那麼顯然，一旦完成交易，我們就會談論有關該業務未來的其他披露資訊？它看起來像什麼？我們有何估計，或這將對我們未來的收入產生什麼影響。

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克（Joseph Spak）。

I want to touch on, again, some of the content and maybe some of what you're seeing in the quarter and really how you're thinking about this going forward, because obviously, FDM and content, it was a big part of the -- it was a big part of the growth story here. So your '25, '26 guide, if I'm looking at it correctly, kind of implies some slowing content growth the further you go out and I just want to understand what you're assuming? Are you assuming that vehicle mix doesn't recover or graves? And is that because of vehicle affordability and maybe even like what an FDM target for '25 and '26 is embedded in your outlook?

我想再次談談一些內容，也許你在本季度看到的一些情況，以及你對未來的看法，因為很明顯，FDM 和內容是——這是這裡成長故事的重要組成部分。所以，如果我沒有看錯的話，您的 25、26 年指南暗示，隨著時間的推移，內容增長會有所放緩，我只是想了解您的假設是什麼？您是否認為車輛混合物不會恢復或損壞？這是因為車輛價格便宜嗎？

Yes. If you look at really what we're focused on and what -- really what's impacting and kind of slowing that growth outperformance versus the underlying market. That's really as evidenced in the last couple of quarters when you see both base auto-dimming inside and outside mirrors have actually shrunk in the last few quarters. And a lot of that has to do with weakness in the China market and some of our other major OEMs pulling back on overall production levels. And so those headwinds, FDM, HomeLink and some of the other growth we've seen on advanced features are more offsetting those.

是的。如果你看看我們真正關注的是什麼，以及真正影響和減緩這種相對於基礎市場的成長表現的因素是什麼。這一點確實在過去幾個季度得到了證實，您可以看到基本自動調光內、外後視鏡的尺寸在過去幾個季度實際上都有所縮小。這在很大程度上與中國市場的疲軟以及我們其他一些主要原始設備製造商的整體生產水準下降有關。因此，這些不利因素、FDM、HomeLink 以及我們在進階功能上看到的一些其他成長將更能抵消這些因素的影響。

But as we go forward, like to your point, some of the growth rates in those advanced features may not be enough to offset them to which we were able to outperform by, say, 8% or 9% versus the underlying market. That kind of 6%, 7%, though, we look at over the next couple of years and believe that is very achievable from an out-performance versus the underlying market. If you look at FDM in particular, our forecast right now for '25 would suggest probably 300,000 or so unit growth in FDM for this year. And so that's kind of what we're [modeling] our capacity and financial model around.

但隨著我們不斷前進，就像您所說，這些先進功能的一些成長率可能不足以抵消我們能夠超越基礎市場 8% 或 9% 的成長率。不過，我們預計未來幾年內 6%、7% 的成長率是可以實現的，並且相信如果表現優於基礎市場，這一增長率是可以實現的。如果特別關注 FDM，我們目前對 25 年的預測表明，今年 FDM 的單位增長量可能為 300,000 左右。這就是我們建構產能和財務模型的基礎。

Okay. That's helpful. And I guess just maybe diving even a little bit deeper to '25. You get production down one. I think you just said outgrowth of about 7 points would suggest -- if I'm doing the quick math, right, it seems like you're saying like a 1% FX headwind. Is that about right?

好的。這很有幫助。我想也許我們應該更深入地探討一下『25』。你的產量就下降了一個。我想您剛才說了大約 7 個點的增長將表明 — — 如果我進行快速計算的話，對吧，似乎您說的是 1% 的外匯逆風。那是對的嗎？

I think when you look at it, it's really -- when we talk about the outperformance, this is in our primary market. So you're looking at Europe, North America and the Japan Korea market because that still makes up a large portion of our revenue. And so when you look at those markets, those are really down over 2%. And so when you do the math, that's where the 7% outperformance comes from.

我認為，當你看到它時，它確實是——當我們談論優異表現時，這是我們的主要市場。所以你要關注歐洲、北美和日本韓國市場，因為這仍然占我們收入的很大一部分。所以當你看看這些市場時，你會發現它們確實下降了超過2%。所以，如果你算一下，你會發現這就是 7% 的優異表現的來源。

Okay. So just -- the FX headwind in the sales guidance is that --

好的。因此，銷售指引中的外匯阻力在於--

Most of sales is denominated in US dollar. Less than 10% of our sales are denominated in foreign currencies. I mean, in China, it's about 9%, 10% of sales, and that is the stuff that is denominated in RMB. So there may be a little bit of a headwind there as well.

大部分銷售額以美元計價。我們的銷售額中不到 10% 以外幣計價。我的意思是，在中國，大約有 9% 到 10% 的銷售額是以人民幣計價的。因此那裡可能也會有一點阻力。

Okay. So then maybe can you just help us understand like for that 7 points of growth, let's say, for '25? If we -- like one, is it possible to sort of understand, I guess, what -- how customer mix plays within that or I guess relative to minus one industry vehicle production? And then also, like of the outgrowth component what we say is the mix between just three units and content or product mix?

好的。那麼，您能否幫助我們了解一下，比如說，25 年的 7 個成長點？如果我們 - 例如，是否有可能了解，我猜，客戶組合在其中起著什麼作用，或者我猜是相對於減一行業汽車生產而言的？然後，就像我們所說的成長組成部分一樣，只是三個單元和內容或產品組合之間的混合？

Yes. Well, first, I'd say, first, before we get into the customer mix, I talk about geographic mix. And so if you look at the markets that have been most impacted over the last 12 months, it's really Europe and North America and Japan, Korea have been very severely impacted.

是的。嗯，首先，我想說，在我們討論客戶組合之前，我先談談地理組合。因此，如果看看過去 12 個月受影響最嚴重的市場，你會發現歐洲、北美、日本和韓國受到的影響最為嚴重。

If you go forward into '25, you start to see some lingering effects of that. There's not a natural recovery, especially in the European market to the extent to which to get back to where they used to be. And so those obviously create some headwinds for us. We have to get content on a per vehicle basis to offset those overall lower levels of production that those three primary markets have gone through the last few years.

如果您進入 25 年，您就會開始看到它的一些揮之不去的影響。尤其在歐洲市場，並沒有出現自然復甦，也沒有恢復到以前的水準。這些顯然給我們帶來了一些阻力。我們必須按每輛車獲取內容，以抵消這三個主要市場過去幾年經歷的整體產量下降。

In addition to that, though, your point about certain OEMs is absolutely right. Obviously, there's some OEMs that are very much struggling. Some of those have been great customers of ours for a while. And so those have had a disproportionate impact on the negative side of our ability to grow as those customers have struggled with their product lineup and favorability.

除此之外，您對某些 OEM 的觀點完全正確。顯然，一些原始設備製造商正處於困境。其中有些人早已是我們的優質客戶。因此，這些對我們的成長能力產生了不成比例的負面影響，因為這些客戶在產品陣容和喜好方面遇到了困難。

Obviously, there's been a huge impact to the profitability of certain OEMs as they've committed to EV executions that have not been accepted by the marketplace the way they expected. That's definitely caused some headwinds for us too, both in our anticipated launches of what we're going to get with those with those growth opportunities, but also now on the back side of that, which is causing cost pressure on -- as those OEMs try to offset the investments that they've made and are obviously being rewarded in the marketplace for those investments.

顯然，某些 OEM 的獲利能力受到了巨大影響，因為他們致力於生產的電動車並未像他們預期的那樣被市場接受。這無疑也給我們帶來了一些阻力，一方面，我們預期將推出具有成長機會的產品，另一方面，這也給原始設備製造商帶來了成本壓力。這些投資顯然在市場上獲得了回報。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Maybe first to pick up on your comments about CES and all the products you had there, I know you're meeting with a number of your customers. Now that you've had time to potentially get more feedback from those customers and continue to engage. Can you share a bit more on any areas you're getting particular momentum in? And especially if you could talk to you around the Large Dimmable Devices, you're making some progress being able to work on the technology there. So it would be -- especially -- interested on that product, too.

首先我想問一下您對 CES 以及您在那裡展示的所有產品的評論，我知道您正在與許多客戶會面。現在您有時間從這些客戶那裡獲得更多回饋並繼續參與。您能否再分享一下您在哪些領域取得了特別的進展？特別是如果您能就大型可調光設備進行討論，您就會在那裡的技術上取得一些進展。因此它也會對該產品特別感興趣。

Yes. The show is really good for us from an overall product strategy in a direction and getting multiple customers, obviously, global customers to see the different technologies and how we're showing them was, again, really successful.

是的。從整體產品策略的方向來看，這次展會對我們來說確實很有好處，讓多個客戶，顯然是全球客戶，看到了不同的技術，而我們向他們展示的方式也確實非常成功。

I would say a couple of the areas that were -- some of the highlights are the ones that I touched on, the Large Dimming demonstrator showing plastic substrate films with the dimming technology laminated between glass was really positively seen help to demonstrate how the technology has evolved from just being between glass like a standard mirror to actually being on a plastic substrate. So that one was really successful. And I think we're gaining some momentum on large area devices coming out of that.

我想說幾個亮點，我提到過一些，大型調光演示器展示了夾在玻璃之間的塑膠基板薄膜和調光技術，這確實有助於展示該技術如何從僅僅像標準鏡子一樣夾在玻璃之間發展到實際上位於塑膠基板上。所以那一次確實成功了。我認為我們在大面積設備方面的發展勢頭正在增強。

Another one was the Solis, our partner Solis and the Wireless Power, the ability to, in some situations, to not have connectors and harnesses that go through openings, but wireless-ly powered data, and wireless-ly do power and data was actually a really, really well received, and we're -- a lot of interest gaining in different use cases in automotive as well. Those would be the two that really stepped up.

另一個是 Solis，我們的合作夥伴 Solis 和無線電源，在某些情況下，無需通過開口的連接器和線束，而是通過無線方式供電數據，並且通過無線方式供電和傳輸數據非常非常受歡迎，而且我們對汽車領域中的不同用例也產生了濃厚的興趣。他們兩個才是真正出類拔萃的人。

Obviously, we've got a lot of other ones like our HomeLink product, the NextGen System that I talked about, a lot of customers interested in that again, depending regionally, I would say some of our Asian-based customers had a lot of interest in that and the elution of the HomeLink line product as we look forward, gained a lot of momentum, too.

顯然，我們還有很多其他產品，例如我之前提到的 HomeLink 產品、NextGen 系統，很多客戶對此感興趣，根據地區不同，我想說我們的一些亞洲客戶有很多我們對此的興趣以及對HomeLink系列產品未來的展望也獲得了極大的發展動力。

And just in terms of the customer engagement, I mean do you feel like you're close with new bookings for some of those products?

就客戶參與度而言，我的意思是，您是否覺得其中一些產品的新預訂已經接近尾聲？

Yes. A couple of them. Yes, I think some of those concepts, keep in mind that we're demonstrating the idea of the concept to gauge interest as well. I would say on larger devices, I think we've got a couple of projects that will be that we're moving forward with from a development side that within the next couple of years, we're looking to bring those to market.

是的。有幾個。是的，我認為其中一些概念，請記住，我們正在展示概念的想法以衡量興趣。我想說，在更大的設備上，我認為我們有幾個項目將從開發方面推進，在未來幾年內，我們希望將它們推向市場。

On Dimming Visors, we're getting close. I think that's probably another 12 to 24 months to really get that into an execution phase and get that moving in vehicles. Solis, the power -- Wireless Power is a little too early. The first time demonstrating and showing concepts. I think there's some interest in it. We're obviously working with them to promote it, but there's a little more -- the sales cycle and that's still in process.

關於調光遮陽板，我們已經很接近了。我認為可能還需要 12 到 24 個月的時間才能真正進入執行階段並開始在車輛上應用。Solis，無線充電有點太早了。第一次示範並展示概念。我認為人們對此有一定的興趣。我們顯然正在與他們合作推廣它，但還有一些事情——銷售週期，這仍在進行中。

On the other side, on the DMS, Driver Monitoring and Cabin Monitoring side, what was nice to be able to show there was we actually showed the four unique OEM executions we're currently launching. one just started into production. The other three will be launching over the next 12 to 18 months. So it was good to be able to show not only the state that you have you -- have some awards with OEMs, but actually show the physical product and what those will look like.

另一方面，在 DMS、駕駛員監控和駕駛室監控方面，能夠在那裡展示的是令人高興的是我們實際上展示了我們目前正在推出的四種獨特的 OEM 執行。一家剛開始投入生產。其餘三艘將於未來 12 至 18 個月內發射升空。因此，能夠展示的不僅是您所擁有的狀態——與 OEM 一起獲得的一些獎項，而且實際上還展示了實體產品以及它們的外觀，這很好。

Okay. And just on the financials, maybe you could detail a little bit more of your expectations. Not only for your own cost downs, but pricing assumptions this year with customers and suppliers relative to some of the typical levels. And -- could you talk about how far you are with the negotiations on that front and securing what you need to in order to hit that 35% gross margin target exiting the year?

好的。就財務狀況而言，也許您可以更詳細地說明您的預期。不僅要降低自己的成本，還要與今年與客戶和供應商相關的某些典型水平的定價假設。您能否談談這方面的談判進展如何，以及如何確保今年年底實現 35% 的毛利率目標？

On the pricing to our customer side, we're modeling about 100 to 150 basis points of headwinds from pricing to we believe we can offset that or more than offset that on the supplier side based on the contracts that we have negotiated. I think we talked about this just a little earlier on the last question, but there is a timing impact of that number. We don't see that until Q2, just given the level of inventory and law that we carry.

在對客戶的定價方面，我們對定價的阻力進行了大約 100 到 150 個基點的預測，我們相信，根據我們協商好的合同，我們可以在供應商方面抵消甚至抵消更多的阻力。我想我們剛才在上一個問題中討論過這個問題，但是這個數字對時間有影響。考慮到我們的庫存水準和法律，我們要到第二季才能看到這一點。

But there -- so obviously, the difference between those two hits harder in Q1. But then as we start to get the supplier cost down to roll through our financials in Q2 and beyond is when we start to feel the positive impact of that.

但很明顯，這兩者之間的差異在第一季表現得更為明顯。但是，當我們開始降低供應商成本並影響到第二季及以後的財務狀況時，我們就開始感受到它的正面影響。

Beyond that -- higher sales levels will obviously help, and then to Neil's comments that he made in his prepared section. We are -- a lot of focus on building material reduction based on engineering work to help over those bill of materials, and then operational efficiency internally. We know that labor has gotten more expensive over the last several years. And so we have some very specific plans on how to make sure we're raising throughput to help offset that higher labor cost.

除此之外——更高的銷售水平顯然會有所幫助，然後是尼爾在準備好的部分中發表的評論。我們非常注重透過工程工作來減少建築材料，以幫助節省材料清單，然後提高內部營運效率。我們知道過去幾年勞動成本變得越來越高。因此，我們制定了一些非常具體的計劃，以確保提高產量以幫助抵消更高的勞動成本。

Ron Jewsikow, Guggenheim Securities.

古根漢證券公司的羅恩朱西科（Ron Jewsikow）。

Yes. On the mix issues cited for the fourth quarter, on the surface level, interior near shipments were quite a bit weaker than the next year mirror shipments relative to the third quarter. And implied ASPs were also pretty healthy, which suggests, I think FDM is probably pretty stable as a percentage of the mix. I guess -- were there mixes within the mirror shipments? Or was it more related to HomeLink or something else? Because the split of mirror shipments doesn't really screen like mix was a material headwind, at least based on the exterior versus interior splits?

是的。就第四季提到的混合問題而言，從表面來看，與第三季相比，室內近視鏡的出貨量比明年鏡子的出貨量要弱得多。而隱含的 ASP 也相當健康，這表明，我認為 FDM 在組合中的百分比可能相當穩定。我猜——鏡像貨物中是否存在混合物？或者它與 HomeLink 或其他東西更相關？因為鏡子出貨量的分割並不能真正顯示出混合是一種材料逆風，至少基於外部與內部的分割？

Yes. Well, the bigger mix issue there was just the fact that they were down. The significance of the drop in overall mirror shipments and especially -- especially if you look at the OEC sales, that obviously hurts disproportionately on the margin side. And so if you look at those, that's really when we talk about mix. The mix of FDM was solid.

是的。好吧，更大的混合問題就是它們失敗了。鏡子整體出貨量下降的幅度非常大，尤其是如果你看看OEC的銷量，這顯然會對利潤造成嚴重的影響。所以如果你看一下這些，那才是我們真正談論混合的時候。FDM 混合物很堅固。

There was, to your point, though, as North America weakens, you do see some of the North American specific features, things like Compass and HomeLink and other features that start to get negatively impacted because of weakness in the North American market. What's unique about FDM is it's not geographically biased as much as some of our other feature sets. So you can produce solid growth profile between Europe, North America, Japan or Korea in that space.

不過，正如您所說，隨著北美市場的疲軟，您確實會看到一些北美特有的功能，例如 Compass 和 HomeLink 等功能開始因北美市場的疲軟而受到負面影響。FDM 的獨特之處在於它不像我們的其他一些功能集那樣具有地理偏見。因此，您可以在歐洲、北美、日本或韓國之間產生穩健的成長概況。

The other aspect of mix that was negative was the geographical mix associated with our China business. So there was quite a bit of weakness in the China market. We continue to expect there to be a lot of cost pressures and weakness in that space in terms of overall volumes.

另一個負面的組合方面是與我們的中國業務相關的地理組合。因此，中國市場存在相當明顯的疲軟跡象。我們仍然預計，就整體銷售而言，該領域將面臨很大的成本壓力和疲軟趨勢。

And then lastly, I think when you look at some of the growth opportunities and what we are expecting from an overall outside mirror shipment, Tesla volumes didn't come close to where we thought they were at the beginning of the year, especially in Q4. And so that definitely had a negative impact on our overall OEC shipments as well.

最後，我認為當你看到一些成長機會以及我們對整體外後視鏡出貨量的預期時，特斯拉的銷售量並沒有接近我們年初的預期，尤其是在第四季。這肯定也會對我們的整體 OEC 出貨量產生負面影響。

Okay. That's helpful. And then on the commentary that FDM was a sizable, I think you might have said half of the revenue short fall this quarter. I guess based on implied ASPs, again, that they were pretty stable versus the third quarter, does that imply your base expectation was that FDM contribution to the business was expected to accelerate in the fourth quarter and either because of kind of channel dynamics or mix that didn't really play out?

好的。這很有幫助。然後關於 FDM 規模相當大的評論，我想您可能會說本季收入缺口有一半。我猜，基於隱含的平均售價，它們與第三季相比相當穩定，這是否意味著你的基本預期是，FDM 對業務的貢獻預計將在第四季度加速，無論是由於通路動態還是組合那根本沒發生過？

Yes, that's correct. We are expecting a higher growth rate in Q4 on FDM. Neil mentioned a couple of the launches. But then there was a couple of existing OEMs that we're talking about deploying at higher take rates. And just given some of the struggles they were facing, they either slowed down or pushed out those increased take rates.

是的，正確。我們預計第四季度 FDM 的成長率會更高。尼爾提到了幾次發射。但我們正在討論一些現有的 OEM 以更高的接受率進行部署。考慮到他們所面臨的一些困難，他們要么放慢速度，要么推遲提高收費率。

Okay. And then if I could just sneak in one more. On the 2025 guide, I know you tend to you and your team tend to like to take -- like to take a conservative advance relative to S&P Global Mobility on production. Is that still the case? Or do you think expectations now as they're set are it more reasonable?

好的。然後如果我可以再偷偷溜進去一次。關於 2025 年指南，我知道您和您的團隊傾向於採取相對於標準普爾全球流動性生產較為保守的進步。現在還是這樣嗎？或者您認為現在設定的預期是否更合理？

No. I think -- I mean, I think they finally came to grips a little bit more like what we -- back to our -- a little more pessimistic position on -- especially Europe and North America at the time. We continue to think that there's still going to be some struggles -- in those three markets.

不。我認為——我的意思是，我認為他們最終會採取更像我們當時所持的更悲觀的立場——尤其是對歐洲和北美。我們仍然認為這三個市場仍將面臨一些困難。

I think, unfortunately, a lot of the growth that the industry has seen over the last few years has really been strictly driven by the China production environment. And we have obviously definitely a much lower exposure to China than we do the rest of the world from a production standpoint. And so we continue to have a little bit more of a pessimistic take on light vehicle production in North America, Europe and Japan and Korea.

我認為，不幸的是，過去幾年該行業的成長很大程度上是由中國的生產環境嚴格推動的。從生產角度來看，我們對中國的依賴顯然比對世界其他地區的依賴低得多。因此，我們對於北美、歐洲、日本和韓國的輕型車生產仍然持較為悲觀的看法。

James Picariello, BNP Paribas.

法國巴黎銀行的詹姆斯·皮卡里洛（James Picariello）。

Just revisit the dynamics that drove the fourth quarter downside mainly driven by the lower OEM sales mix and the key customer underperformance. I know this has already been asked, but just how are you bridging to or thinking about that 6 points of outgrowth now embedded in the 2025 guide? It does sound as though FDM remains a key driver of that outperformance. Your key customers similar to the fourth quarter, have lower build mix or maybe slightly lower take rates for FDM. I assume you have visibility into new customers or customers that recently launched on FDM that you'll be growing substantially with this year. Can you kind of provide some color on that with respect to the 6 points of outgrowth?

重新審視導致第四季度下滑的因素，主要原因是 OEM 銷售組合下降和主要客戶表現不佳。我知道這個問題已經被問過了，但是您是如何銜接或考慮 2025 年指南中現有的 6 個發展要點的呢？聽起來好像 FDM 仍然是這種優異表現的關鍵驅動因素。您的主要客戶與第四季度類似，其構建組合較低或 FDM 的接受率可能略低。我認為您已經了解了新客戶或最近在 FDM 上推出的客戶，今年您的業務將大幅成長。您能否就這 6 個發展點提供一些具體解釋？

Yes. Thanks, James. When you look at the overall growth, you're absolutely right. One of the building blocks for that performance in '25 will be continued growth in FDM. Neil mentioned the two new OEMs that we're launching with. Obviously, we have some other OEMs that we've launched within '24 -- '23 and '24. They're still rolling out on new vehicles. And so those will continue to provide the tailwind behind the growth rate in that product lineup. We do see some growth, like we mentioned before, some of the later in we'll have some DMS and In-cabin Monitoring System launches. And so those will also provide tailwinds.

是的。謝謝，詹姆斯。當你觀察整體成長時，你的說法是完全正確的。25年取得這項成績的基礎之一就是FDM的持續成長。Neil 提到了我們將與之合作的兩家新 OEM。顯然，我們在'24年、'23年和'24年推出了一些其他 OEM。他們仍在推出新車。因此，這些將繼續為該產品系列的成長率提供推動力。我們確實看到了一些成長，就像我們之前提到的，稍後我們會推出一些 DMS 和艙內監控系統。所以這些也將提供順風。

If you look at '25 as a whole, we also -- hopefully, we'll get back to some tailwinds on the OEC side of the business versus the headwinds that we've been facing here for the -- a good portion of '24. And so when we look at individual OEM customers, some of them went through a really rough -- tough time during '24 as well. And so there hopefully will be some recovery from those OEMs as well in terms of not only how they're doing but then the content that they're buying from us as well.

如果你把 25 年作為一個整體來看，我們也希望，OEC 業務方面能夠重新獲得一些順風，而不是過去相當長一段時間裡我們面臨的逆風。因此，當我們觀察個別 OEM 客戶時，我們會發現其中一些客戶在 2024 年也經歷了非常艱難的時期。因此，我們希望這些 OEM 也能有所復甦，不僅包括他們的經營狀況，還包括他們從我們這裡購買的內容。

So we look at a combination part of the reason why we give those comments in the prepared section is to point out that a lot of the growth that we're focused on in '25 and '26 is going to be driven by content. We're not expecting a whole lot of help from total light vehicle production. In fact, we're going to have to offset a lot of headwind there.

因此，我們綜合考慮了我們在準備好的部分中給出這些評論的原因，以指出我們在'25年和'26年關注的大部分增長將由內容驅動。我們並不指望輕型汽車整體產量能為我們帶來很大幫助。事實上，我們必須抵消那裡的許多逆風。

There will be some -- obviously, some unique OEM mix, some OEMs that have been struggling are doing really well. We think there'll be some more consistent performance between them versus their historical position of each other. But for the most part, this is all -- most of this growth is being driven by content growth in our primary markets.

顯然，會有一些獨特的 OEM 組合，一些一直在苦苦掙扎的 OEM 確實做得很好。我們認為，相對於彼此的歷史地位，它們之間的表現會更加一致。但在很大程度上，這就是全部——大部分的成長是由我們主要市場的內容成長所推動。

Got it. That's very helpful. And just apologies if I missed this, but any thoughts on seasonality for the year? Particularly just to start the year in the first quarter, given the choppiness that we obviously saw in the fourth quarter, just high level how to think about maybe the first quarter or first half? And when -- as we consider the VOXX acquisition, is that still expected to close at some point within the first quarter? And just any thoughts you'd be willing to share on the $40 million to $50 million -- cost synergy, cost improvement for that business, the timing of that?

知道了。這非常有幫助。如果我錯過了這一點，請原諒，但是您對今年的季節性有什麼想法嗎？特別是在今年第一季開始之際，考慮到我們在第四季明顯看到的波動，高層如何看待第一季或上半年？當我們考慮 VOXX 收購時，是否仍預計在第一季的某個時間完成？您願意就 4,000 萬到 5,000 萬美元的成本協同效應、該業務的成本改善以及時機問題分享什麼想法嗎？

Yes. So I'll start with the VOXX close. We're targeting into Q1. It's kind of the tentative time line we have right now based on waiting on regulatory approvals and shareholder approval and just the normal timing of when that can be accomplished. So that's kind of what our target is right now. Imagine kind of very into Q1 is kind of what we're targeting right now. If you look at your first part of your question, James -- seasonality.

是的。因此我將從 VOXX 結束的部分開始。我們的目標是第一季。這是我們目前的暫定時間表，基於等待監管部門批准和股東批准以及可以完成的正常時間。這就是我們現在的目標。想像一下，Q1 就是我們現在的目標。如果你看一下問題的第一部分，詹姆斯——季節性。

I would say, yes, I think the first half of the year from a seasonality standpoint is going to be really unique, but I think that one is going to be mainly tied to what is happening with North American trade agreements. There's obviously a lot of our customers build cars both in Canada and Mexico and what impact would the tariffs or right of tariffs have on overall vehicle production in those countries. And so that one, I think, is going to cause a little bit of chaos here in the first half of the year, which is to be understood.

我想說，是的，我認為從季節性的角度來看，今年上半年將非常獨特，但我認為這主要與北美貿易協定的進展有關。顯然，我們的許多客戶都在加拿大和墨西哥生產汽車，關稅或關稅權會對這些國家的整體汽車生產產生什麼影響。所以，我認為這會在今年上半年造成一些混亂，這是可以理解的。

I don't think that other than that, I don't think there's going to be a ton of abnormal seasonality that we're expecting for I think it's going to be a pretty normal year in terms of the cadence. And then you had a third question.

除此之外，我認為不會出現我們預期的大量異常季節性，我認為從節奏上來說這將是相當正常的一年。然後你還有第三個問題。

The last one on the $40 million to $50 million in cost savings, really, the first part of the acquisition is really getting to know the team. Looking at duplicate costs where we have both being a public company. I mean some of those costs go away right away, things like insurance and SEC and auditors and those things. And then beyond that is really looking at the strategic part of the business.

最後一個關於 4000 萬到 5000 萬美元的成本節省，實際上，收購的第一部分是真正了解團隊。查看作為上市公司的重複成本。我的意思是其中一些成本會馬上消失，例如保險、證券交易委員會、審計師等等。除此之外，還要真正專注於業務的策略部分。

And leveraging our spend, we're a bigger company, bigger electronic spend. They buy a lot of electronics. And then longer term, looking at strategic places where we can become a manufacturer of some of the stuff that they make. That's really some of the larger points, but that's going to take 18 to 24 months to kind of get through a lot of that.

利用我們的支出，我們可以成為一家更大的公司，在電子領域的支出也更大。他們購買了很多電子產品。然後從長遠來看，我們會尋找一些策略性地點，以便成為他們所生產某些產品的製造商。這確實是一些較大的問題，但需要 18 到 24 個月的時間才能解決其中的大部分問題。

Josh Nichols, B. Riley.

喬許‧尼可斯、B.萊利。

It seems like most of the questions about the near-term stuff have probably been tackled. Thinking a little bit further ahead. So I think '26 sales up a little bit over 7%, 500 bps to 600 bps about performance relative to the light vehicle production estimates. One, is there much built into that in terms of the new technology offerings in dimmable glass, what you've also been doing for Driver and Cabin monitoring or have you been pretty conservative on the expectations for that because those are newer technologies aren't really generating much revenue today?

看起來關於近期事務的大多數問題可能都已解決。想得稍微長遠。因此我認為 26 年的銷售額將成長 7% 以上，相對於輕型汽車產量預估，成長 500 個基點到 600 個基點。第一，在調光玻璃的新技術產品方面，你們是否已經考慮到了這一點，你們在駕駛員和座艙監控方面做了哪些工作，或者你們對這方面的期望是否相當保守，因為這些都是新技術，今天真的創造了多少收入？

Yes. The '26 -- part of the '26 growth is going to be -- continue to be driven by Full Display Mirror and Driver Monitoring and In-Cabin Monitoring launches, along with kind of our existing portfolio of products. There's really not much in there from a revenue standpoint on -- from large area devices.

是的。26 年——26 年成長的一部分——將繼續受到全顯示鏡、駕駛員監控和車內監控發布以及我們現有的產品組合的推動。從大面積設備的收入角度來看，確實沒有太多收入。

Got it. And then historically, if you look back some number of years, right, the company was able to do -- I think you touched on it earlier, like 800 basis points to 1,000 basis points of growth relative to light vehicle production. And I know you've talked about there are some headwinds, so you're still able to do 500 bps to 600 bps. But -- do you think that there's a path to getting back to that high single-digit percentage of outperformance? And like what is that going to be? Is it going to be Driver Monitoring? Or will it be when you have Driver Monitoring, but you're also layering in some large area in Dimmable Devices? I'm just curious your longer-term thoughts about the opportunity that you see with some of these new technologies that you had on display at CES.

知道了。從歷史上看，如果回顧過去幾年，該公司能夠做到 - 我想你之前提到過，相對於輕型汽車產量，增長率達到 800 個基點到 1,000 個基點。我知道您談到了存在一些阻力，所以您仍然能夠實現 500 bps 到 600 bps 的速度。但是—您認為有沒有辦法讓業績恢復到那個較高的個位數百分比呢？那會是什麼呢？這會是駕駛員監控嗎？或者當您擁有驅動器監控，但還在可調光設備中的一些大區域進行分層時會出現這種情況？我只是好奇，對於在 CES 上展示的一些新技術所帶來的機遇，您有何長期看法。

Yes, I think you're exactly right. I think you'd be looking out several years before that type of outgrowth becomes a possibility just given the market dynamics and conditions that we're experiencing right now. But to your point, once you start launching Driver Monitoring and In-cabin Monitoring and then you start talking about large area devices at full scale, those start to drive the potential for higher growth rates.

是的，我認為你完全正確。我認為，考慮到我們目前所經歷的市場動態和條件，這種成長可能還需要幾年的時間才能實現。但正如您所說，一旦您開始啟動駕駛員監控和車內監控，然後開始全面談論大面積設備，這些設備就會開始推動更高成長率的潛力。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

It seems like the customers which underperformed the industry production in 4Q might have just happened to have been those that disproportionately order your Full Display Mirrors. Is that the right way to look at it, that these were actions that the customers took across their lineup? I just wanted to check that it wasn't also maybe like a customer mix like a cement mix phenomenon, as opposed to customer because we've also been hearing that maybe automakers are finding customers that are interested in more affordable vehicles, like Chevy Trax as opposed to a Traverse or maybe lower spec models within a given vehicle like a base versus more low-conversion. I just through -- as given FDM's greater prevalence on higher spend EV vehicles.

看起來，第四季度產量低於行業水平的客戶可能恰好就是那些不成比例地訂購您的全顯示鏡的客戶。這樣看是否正確？我只是想確認一下，這是否也可能像水泥混合現像一樣是一種客戶混合現象，而不是客戶混合現象，因為我們也聽說汽車製造商可能正在尋找對更實惠的車輛感興趣的客戶，例如雪佛蘭Trax與 Traverse 或特定車輛中規格較低的車型（如基本款與低改裝款）相比。我只是通過——鑑於 FDM 在高價位 EV 車輛上的普及率更高。

Yes. No, there was absolutely both of those factors playing. And there's no doubt, if you look at especially the Europe market, I believe, and portions of the North American market where D&E segment vehicles were disproportionately lower. A, B, and parts of C segment in some of these markets actually did okay. But the painful part was really around C, D, and E in our primary markets. And so, to your point, yes, there was definitely more volume going into lower-level vehicles, not only lower segment vehicles, but lower-cost vehicles even inside of some of those segments.

是的。不，這兩個因素肯定都起作用了。毫無疑問，如果你特別關注歐洲市場和北美市場的部分地區，D＆E 級車輛的銷量會低得多。其中一些市場的 A 類、B 類以及部分 C 類市場實際上表現還不錯。但真正痛苦的部分是圍繞著我們主要市場的 C、D 和 E。所以，正如您所說，是的，低等級車輛的銷量肯定更多，不僅是低端車輛，甚至在某些細分市場中，還有低成本車輛。

So like I said, it's difficult in the North American market to get your hands on good data on ASP or what the average sale price of a vehicle is. But what the date we're seeing is that there definitely was a trend towards less expensive vehicles in the quarter.

所以就像我說的，在北美市場很難獲得有關 ASP 或汽車平均售價的良好數據。但從數據顯示，本季汽車價格確實呈現下​​降趨勢。

Okay. And I'd love to get your perspective on the extent to which you think that might continue into 2025? And then just overall, when you think about that 300,000 unit increase in FDM shipments that you referenced earlier, how important might customer or segment mix of production B versus contributing to that number, the overall change in industry production or maybe most importantly, I would imagine that the launch activity that you have a plan for FDM in '25?

好的。我很想聽聽您的看法，您認為這種狀況會持續到 2025 年嗎？然後總體而言，當你想到你之前提到的FDM 出貨量增加30 萬台時，客戶或B 類生產細分市場組合對這一數字的貢獻有多大，行業生產的整體變化有多大，或者也許最重要的是，我會想像一下您在 '25 年為 FDM 制定的啟動活動計劃？

Yes. No, it becomes very important. There's no doubt. If you look at the cost of that product, how it's packaged on vehicles. And then also which OEMs are you participating on, trying to make the more we launch the better -- the better we are able to handle the mix issue between OEMs. And what I mean there is that at the beginning of this process when we first started creating this product, we are only exposed at two or three OEMs, meaning if those OEMs didn't do well, we were in trouble from a product launch standpoint. As we start to roll out into more volume brands, you start to get a little bit more protection as it relates to which OEMs are winning in the marketplace. And how does this product have growth opportunities beyond just the luxury segment.

是的。不，它變得非常重要。毫無疑問。如果你看看該產品的成本，你就會知道它在車輛上是如何包裝的。然後您還參與了哪些 OEM，試圖使我們推出的產品越多越好——我們就越能處理 OEM 之間的混合問題。我的意思是，當我們剛開始創建這個產品時，我們只與兩三個 OEM 合作，這意味著如果這些 OEM 表現不好，從產品發布的角度來看，我們就會遇到麻煩。當我們開始推出更多大眾品牌時，您會開始獲得更多的保護，因為這與哪些 OEM 在市場上獲勝有關。該產品如何在奢侈品市場之外擁有成長機會？

And so we're doing -- as we launch and continue to increase the number of OEMs we're supporting with this product that actually helps secure the downside of the business a little bit and gives you multiple ways to be able to win or at least compete in the space. But there's no doubt if the trend were to continue of lower-cost vehicles, it would definitely hurt that forecast. What we're seeing is we tend to take a pretty conservative approach. We feel like that 300,000 units is achievable given our customer mix. It's not an overly aggressive target by any stretch. But we are mindful of the fact that there's a lot of economic factors happening right now, especially in our primary markets.

因此，我們正在這樣做——隨著我們推出並繼續增加我們支持的 OEM 數量，該產品實際上有助於確保業務的下行風險，並為您提供多種方式來獲勝或至少在空​​間上競爭。但毫無疑問，如果汽車低成本趨勢持續下去，肯定會損害這項預測。我們看到的是，我們傾向於採取相當保守的方法。我們認為，考慮到我們的客戶結構，30 萬台的銷售量是可以實現的。無論如何，這並不是一個過於激進的目標。但我們注意到，目前有許多經濟因素存在，特別是在我們的主要市場。

Okay. That's helpful. And then just lastly, how should we think about capital allocation following the VOXX acquisition, particularly with regard to the amount or cadence of buyback?

好的。這很有幫助。最後，我們該如何考慮收購 VOXX 之後的資本配置，特別是回購的金額或步調？

I think as we roll through and hopefully as the close happens, it will definitely impact a little bit our capital allocation strategy and how much cash diverting towards share repurchases. But given the size of the acquisition, we don't think that will really slow us down for a long period of time. We look at the business and what our plans are to help improve profitability.

我認為，隨著我們的推進以及收盤，它肯定會對我們的資本配置策略以及有多少現金轉向股票回購產生一定影響。但考慮到收購的規模，我們認為這不會在很長一段時間內阻礙我們的發展。我們審視業務並制定計劃來幫助提高盈利能力。

Our goal is, as we -- like Kevin mentioned, in the 18- to 24-month window as we digest that acquisition and start making improvements to that underlying business we should be able to get back to that level of share repurchases probably even before that time period. But then more importantly, if we're successful in the integration, it will actually provide additional capital that we can use towards our capital allocation strategy.

我們的目標是，正如凱文所提到的那樣，在18 到24 個月的時間裡，當我們消化這項收購併開始改進基礎業務時，我們應該能夠回到那個水平的股票回購，甚至可能在那個時間段。但更重要的是，如果我們成功整合，它實際上將提供額外的資本，我們可以將其用於我們的資本配置策略。

(Operator Instructions) David Whiston, Morningstar.

（操作員指示）大衛·惠斯頓（David Whiston），晨星。

Just staying on the buyback topic from a different perspective. Your stock is looking really cheap now, especially in line of today. Does that make -- you're also talking about weak production in '25. So does that make you more apprehensive? Or does it maybe fire up to want to do buybacks even more because it is soft -- that unusually the levels?

只是從不同的角度討論回購話題。你的股票現在看起來真的很便宜，尤其是在今天。這是否意味著——您也在談論 25 年的產量疲軟。這是否令你更加憂慮呢？或者它會因為市場疲軟而引發更多回購慾望——這是不尋常的水平？

Well, thanks for the -- thanks for pointing that one out. David. No, it's a very fair point, though. I mean one of the things -- from our perspective, we look at a long-term horizon of how the company is positioned, our growth trajectory, what we think our profitability will look like over a three-, four-, five-year period. And this price is disproportionately lower than what we think. I mean, yes, we get the quarter, we understand it wasn't great, but the market does tend to overreact, that tends to put us in a position that we would tend to want to get more aggressive, not less.

好吧，謝謝你指出這一點。大衛。不，但這是一個非常公平的觀點。我的意思是，從我們的角度來看，我們會從長遠角度考慮公司的定位、成長軌跡，以及我們認為未來三、四、五年的獲利能力。而且這個價格比我們想像的還要低很多。我的意思是，是的，我們了解這個季度的表現並不好，但市場確實容易反應過度，這往往使我們處於一種傾向於更積極而不是更消極的境地。

So when we look at this, we step forward and say, take a quarter out of it, even '25 performance if we hit these numbers, is going to be back to a level of cash generation that's very good, given the underlying market conditions and '26 would be even better. So as a general rule, we look at these downturns as opportunities to buy typically -- like we did mention, though, is we do have the VOXX acquisition that's still pending. And so it will be a balance between how do we fund the VOXX acquisition at the same time as take advantage of market conditions like these. Because we don't feel like this price point is indicative of what our growth and profitability trajectory looks like.

因此，當我們審視這一點時，我們會向前邁進，說，如果我們達到這些數字，即使 25 年的業績也能回到非常好的現金產生水平，考慮到潛在的市場條件'26 就更好了。因此，一般來說，我們通常會將這些經濟衰退視為買入的機會——正如我們所提到的那樣，我們確實有 VOXX 收購案尚未完成。因此，我們需要在如何為 VOXX 收購提供資金以及如何利用這樣的市場條件之間取得平衡。因為我們覺得這個價格點不能顯示我們的成長和獲利軌跡。

Okay. And then going back to the tariff comment you made earlier when you talked about the downstream impact. What about upstream? Are a lot of your raw materials really not coming from Canada and Mexico because they're coming from Asia due to technology components? And then related, is -- does your guidance have any tariff impact in it?

好的。然後回到您之前談到下游影響時所做的關稅評論。那麼上游又如何呢？由於技術因素，你們的許多原料是否真的不是來自加拿大和墨西哥，而是來自亞洲？然後相關的是—您的指導是否對關稅產生任何影響？

So our guidance right now, there was some tariffs that were effective for January 1, but that was only a couple of million dollars. Most of our raw material imports are from Asia, but there is some exposure to Mexico in that, I'll say, $5 million to $10 million range a worst-case scenario if the -- if there is a 25% tariff on Mexico, it's Mexico, primarily, there's not really anything from Canada, but there's nothing in our guidance for that yet to be determined -- tariff that is not in effect yet.

因此，我們目前的指導方針是，有些關稅將於 1 月 1 日起生效，但只有幾百萬美元。我們的大部分原料進口都來自亞洲，但也有一些來自墨西哥的風險敞口，我想說，如果對墨西哥徵收 25% 的關稅，最壞的情況是 500 萬到 1000 萬美元，主要是墨西哥，實際上沒有來自加拿大的任何產品，但我們的指導中還沒有任何尚未確定的內容—關稅尚未生效。

The one that was effective on January 1, though, is in our numbers.

不過，從 1 月 1 日起生效的數據已經記錄在我們的數據中。

I'm not showing any further questions at this time. I would now like to turn it back over to Josh for any closing remarks.

我現在不想再問任何問題。現在我想將發言權交還給喬希 (Josh)，請他做最後發言。

Thank you, everyone, for your time today. I appreciate the questions and follow-ups. If there's anything else that you need, please don't hesitate to reach out. But otherwise, have a great weekend.

謝謝大家今天抽出時間。我非常感謝您的提問和後續跟進。如果您還有其他需要，請隨時與我們聯繫。但除此之外，祝大家週末愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。祝大家有個愉快的一天。