Gentex Corp (GNTX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Gentex second-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Gentex 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to 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 Josh O'Berski。請繼續。

Thank you. Good morning and thank you for joining us today for our second-quarter 2025 earnings conference call. I'm Josh O'Berski, Gentex, Director of Investor Relations.

謝謝。早安，感謝您今天參加我們的 2025 年第二季財報電話會議。我是 Gentex 的投資者關係總監 Josh O'Berski。

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, along with edited transcripts will be available following the call in the Investor Section of our website at ir.gentex.com.

今天與我一起的還有總裁兼執行長史蒂夫唐寧 (Steve Downing)、營運長兼技術長尼爾博姆 (Neil Boehm) 以及財務副總裁兼財務長凱文納許 (Kevin Nash)。請注意，本次電話會議網路直播的重播以及編輯後的文字記錄將在會議結束後在我們網站 ir.gentex.com 的投資者部分提供。

As a reminder, many of the statements made during today's call are forward-looking statements that reflect our current expectations. These statements are subject to a number of risks and uncertainties, both known and unknown, including those detailed in our second-quarter 2025 earnings press release and our annual report on Form 10-K for the year ended December 31, 2024, as well as general economic conditions.

提醒一下，今天電話會議上的許多陳述都是反映我們目前預期的前瞻性陳述。這些聲明受多種已知和未知的風險和不確定性的影響，包括我們 2025 年第二季度收益新聞稿和截至 2024 年 12 月 31 日的 10-K 表年度報告中詳述的風險和不確定性，以及一般經濟狀況。

If one or more of these risks are uncertainties materialize or if our underlying assumptions or estimates prove to be incorrect, actual results could differ materially from those expressed or implied in our forward-looking statements. I'll now hand the call over to Steve Downing for our prepared remarks. Steve?

如果這些風險中的一個或多個不確定因素成為現實，或者我們的基本假設或估計被證明是不正確的，則實際結果可能與我們的前瞻性陳述中表達或暗示的結果有重大差異。現在我將把電話交給史蒂夫唐寧，讓他發表準備好的演講。史蒂夫？

Thanks, Josh. Gentex completed its acquisition of VOXXX on April 1 of this year, and we did our best in the press release from this morning to provide information for both what we call core Gentex, meaning without VOXX; and consolidated Gentex, which includes financial performance for both Gentex and VOXX. Additionally, in an effort to not repeat this caveat throughout the call, it is important to remember that for any year-over-year or quarter-over-quarter comparisons, the second quarter of last year does not include VOXX.

謝謝，喬希。Gentex 於今年 4 月 1 日完成了對 VOXXX 的收購，從今天早上開始，我們在新聞稿中盡力提供了所謂的核心 Gentex（不包括 VOXX）和合併 Gentex（包括 Gentex 和 VOXX 的財務業績）的資訊。此外，為了避免在整個通話過程中重複這項警告，重要的是要記住，對於任何同比或環比比較，去年第二季並不包括 VOXX。

In the second quarter of 2025, consolidated net sales were $657.9 million, which represents a 15% increase over the second quarter of last year. Core Gentex' revenue for the quarter was $579 million, which represents a 1% growth rate versus last year on a decline of 2% in light vehicle production in our primary markets. VOXX revenue for the second quarter was $78.8 million.

2025年第二季度，合併淨銷售額為6.579億美元，比去年第二季成長15%。本季核心 Gentex 的營收為 5.79 億美元，與去年相比成長了 1%，而我們主要市場的輕型汽車產量下降了 2%。VOXX 第二季的營收為 7,880 萬美元。

Given the overall weak light vehicle production in our primary regions, we are very pleased with our sales levels this quarter. This is particularly notable given the impact that tariffs and counter-tariffs have had on demand for our products, especially in the China market.

鑑於我們主要地區的輕型汽車產量整體疲軟，我們對本季的銷售水準非常滿意。鑑於關稅和反關稅對我們產品需求的影響，尤其是在中國市場，這一點尤其值得注意。

Overall, sales into China for Gentex during the quarter were approximately $33 million compared to our beginning of year forecast of $50 million to $60 million for second quarter sales. Despite revenue headwinds related to tariffs and reduced sales into the China market, the company more than offset these challenges through strong growth and Full Display Mirror and other advanced features, along with incremental revenue from the VOXX acquisition.

總體而言，本季 Gentex 在中國的銷售額約為 3,300 萬美元，而我們年初預測的第二季銷售額為 5,000 萬至 6,000 萬美元。儘管面臨關稅和中國市場銷售下降帶來的收入阻力，但該公司憑藉強勁的成長動能、全顯示鏡像和其他先進功能以及收購 VOXX 帶來的增量收入，足以抵銷這些挑戰。

Our consolidated gross margin for the quarter was 34.2%, up from 32.9% in the second quarter of last year. Core Gentex' gross margin was 35.3%, a 240-basis-point improvement versus last year. Sequentially, we saw a 210-basis-point improvement in core gross margin, reflecting the continued success of our margin improvement initiatives. The improvements were driven by purchasing cost reductions, favorable product mix, and operational efficiencies, although they were partially offset by tariffs that were not reimbursed during the quarter.

本季我們的綜合毛利率為 34.2%，高於去年第二季的 32.9%。Core Gentex 的毛利率為 35.3%，比去年同期提高了 240 個基點。核心毛利率連續提高了 210 個基點，這反映了我們的利潤率提高舉措的持續成功。這些改善是由採購成本降低、有利的產品組合和營運效率所推動的，儘管這些改善被本季未退還的關稅部分抵消。

Additionally, on an adjusted basis, consolidated gross margin was 34.6%, when excluding $2.5 million purchase accounting adjustment related to the VOXX acquisition. During an incredibly difficult operating environment, this quarter's gross margin performance is a testament to the hard work and discipline the entire team has put into our margin improvement effort.

此外，經調整後，扣除與 VOXX 收購相關的 250 萬美元購買會計調整後，合併毛利率為 34.6%。在極其困難的經營環境下，本季的毛利率表現證明了整個團隊為提高利潤率所付出的辛勤工作和紀律。

Operating expenses for the quarter were $106.8 million, up from $73.7 million last year, primarily due to the VOXX acquisition. VOXX accounted for $23.9 million of that increase, plus $1.5 million in acquisition-related costs on the VOXX side and $600,000 in costs relating to severance expenses for VOXX.

本季營運費用為 1.068 億美元，高於去年的 7,370 萬美元，主要原因是收購 VOXX。VOXX 佔該成長部分的 2,390 萬美元，另外還有 VOXX 方面的 150 萬美元收購相關成本以及 VOXX 遣散費相關的 60 萬美元成本。

Core Gentex's operating expenses were $80.7 million up from $73.7 million, but this included expenses of $1 million in acquisition-related costs for Gentex, and $6.2 million in early retirement incentives for core Gentex. When we adjust for these one-time items, Core Gentex' operating expenses were down slightly versus last year, which is in line with our expectation, strategy, and execution of the work we have been doing on our cost reduction program.

核心 Gentex 的營運費用從 7,370 萬美元增加到 8,070 萬美元，但其中包括 Gentex 的 100 萬美元收購相關費用，以及核心 Gentex 的 620 萬美元提前退休獎勵。當我們調整這些一次性項目時，Core Gentex 的營運費用較去年略有下降，這符合我們的預期、策略以及我們在成本削減計劃上所做工作的執行情況。

Consolidated income from operations was $118.5 million compared to $114.9 million last year. However, core Gentex' operating income was $123.8 million, up 8% year-over-year. Additionally, when adjusted for the one-time expenses mentioned previously, core Gentex' operating income was $130.9 million, a 14% increase over last year.

綜合營業收入為 1.185 億美元，去年同期為 1.149 億美元。不過，Gentex 的核心營業收入為 1.238 億美元，較去年同期成長 8%。此外，經調整前面提到的一次性費用後，Gentex 的核心營業收入為 1.309 億美元，比去年增長 14%。

Our effective tax rate for the quarter was 17.2%, up from 15.1% last year, primarily due to lower stock-based compensation tax benefits and a reduced form derived intangible income deduction. Consolidated net income for the quarter was $96 million, up 12% from $86 million last year. On an adjusted basis, net income was $105.8 million, a 23% increase versus last year.

本季我們的有效稅率為 17.2%，高於去年的 15.1%，主要原因是股票薪酬稅收優惠減少以及衍生無形收入扣除額減少。本季綜合淨收入為 9,600 萬美元，較去年的 8,600 萬美元成長 12%。經調整後，淨收入為 1.058 億美元，較去年同期成長 23%。

Consolidated earnings per share were $0.43, up 16% versus last year. When we adjust earnings per share for the one-time expenses mentioned previously, EPS was $0.47, a 27% increase over last year.

每股綜合收益為 0.43 美元，較去年同期成長 16%。當我們根據前面提到的一次性費用調整每股盈餘時，每股盈餘為 0.47 美元，比去年成長 27%。

I will now hand the call over to Kevin for some further financial details.

我現在將把電話交給凱文，詢問更多財務細節。

Thank you, Steve. Gentex Automotive net sales were $566.5 million in the second quarter of '25, which were negatively affected by the company's lower than expected sales into the China market due to the impact of counter-tariffs, but were more than offset by increased advanced feature mirror sales.

謝謝你，史蒂夫。2025 年第二季度，Gentex Automotive 的淨銷售額為 5.665 億美元，受到反關稅的影響，該公司在中國市場的銷售額低於預期，這對該公司產生了負面影響，但高級功能鏡銷售額的成長抵消了這一影響。

Net sales from Gentex' Other product lines, which includes dimmable aircraft windows, fire protection products, medical devices, and biometrics, were $12.5 million in the second quarter of '25, compared to $13.6 million in the second quarter of '24.

Gentex 其他產品線的淨銷售額（包括可調光飛機窗戶、防火產品、醫療設備和生物辨識技術）在 25 年第二季為 1,250 萬美元，而 24 年第二季為 1,360 萬美元。

And as previously mentioned, VOXX net sales contributed $78.8 million during the second quarter of 2025. The company continues to work through post-acquisition transition with a focus on aligning product strategies, optimizing customer relationships, and identifying operational synergies across both businesses.

如前所述，VOXX 淨銷售額在 2025 年第二季貢獻了 7,880 萬美元。該公司繼續致力於收購後的過渡，重點是調整產品策略、優化客戶關係以及確定兩家企業之間的營運協同效應。

During the second quarter of 2025, the company repurchased 5.7 million shares of its common stock at an average price of $22.13 per share for a total of $126.2 million. And year-to-date, the company has repurchased 8.8 million shares for a total of $202.2 million at an average price of $22.97 per share.

2025年第二季度，該公司以平均每股22.13美元的價格回購了570萬股普通股，總計1.262億美元。年初至今，該公司已回購 880 萬股，總價值 2.022 億美元，平均價格為每股 22.97 美元。

And on July 16, '25, the company announced a new share repurchase authorization from the Board of Directors of an additional 40 million shares, representing more than 18% of the company's outstanding shares as of June 30, '25. This new authorization is in addition to the company's existing repurchase authorization.

2025 年 7 月 16 日，公司宣布董事會授權回購額外 4,000 萬股股票，佔 2025 年 6 月 30 日公司流通股的 18% 以上。此項新授權是公司現有回購授權的補充。

And with this new authorization, as of today, the company now has approximately 40.6 million shares authorized for repurchase under the plan. The company intends to continue to repurchase additional shares of its common stock in the future in support of the previously disclosed capital allocation strategy, but share repurchases will vary from time to time and will take into account macroeconomic issues, market trends, and other factors the company deems appropriate.

憑藉這項新授權，截至今天，該公司根據該計劃已獲得約 4,060 萬股回購授權。公司打算在未來繼續回購更多普通股，以支持先前揭露的資本配置策略，但股票回購將不時變化，並將考慮宏觀經濟問題、市場趨勢和公司認為適當的其他因素。

Shifting over to the balance sheet, today's comparisons are figures as of June 30 versus December 31, '24. These numbers include the initial purchase accounting estimates from the VOXX acquisition as of April 1. And while they reflect our best estimates, they may be subject to change throughout the measurement period.

轉到資產負債表，今天比較的是截至 24 年 6 月 30 日與 12 月 31 日的數據。這些數字包括截至 4 月 1 日 VOXX 收購的初始購買會計估計。雖然它們反映了我們的最佳估計，但在整個測量期間可能會發生變化。

Starting with liquidity. Cash and cash equivalents were $119.8 million, down from $233.3 million at year end, primarily as a result of the VOXX acquisition and share repurchases during the quarter. Short-term and long-term investments totaled $290.1 million compared to $361.9 million at the end of '24. These investments include both fixed income securities and our equity and cost method holdings.

從流動性開始。現金和現金等價物為 1.198 億美元，低於年底的 2.333 億美元，主要原因是本季收購 VOXX 和股票回購。短期和長期投資總額為 2.901 億美元，而 24 年底為 3.619 億美元。這些投資包括固定收益證券以及我們的股權和成本法持有量。

Total accounts receivable stood at $372.9 million. Of that, $317.5 million was attributable to Gentex, and $55.4 million came from the VOXX acquisition. The increase in core Gentex receivables was primarily driven by higher sequential sales and the timing of the sales within the quarter.

應收帳款總額為 3.729 億美元。其中，3.175 億美元來自 Gentex，5,540 萬美元來自 VOXX 收購。Gentex 核心應收帳款的成長主要得益於連續銷售額的成長以及本季銷售時間的安排。

Total inventories were $473.3 million with $380.9 million representing core Gentex inventory. That's down from $436.5 million at year end, largely due to reductions in raw material inventory. The remaining $92.4 million inventory is tied to the VOXX acquisition.

總庫存為 4.733 億美元，其中 3.809 億美元為 Gentex 核心庫存。這一數字較去年年底的 4.365 億美元有所下降，主要原因是原材料庫存減少。剩餘價值 9,240 萬美元的庫存與 VOXX 收購有關。

And consolidated accounts payable was $212.6 million. And within that, core Gentex accounts payable was $156.3 million, down from $168.3 million at the end of '24, primarily due to lower inventory purchases during the quarter. And the remaining $56.3 million reflects payables associated with VOXX. And as it relates to cash flow, the company is still in the process of finalizing operating cash flow metrics for the quarter, and we'll provide those details in its upcoming Form 10-Q filing.

合併應付帳款為 2.126 億美元。其中，Gentex 核心應付帳款為 1.563 億美元，低於 24 年底的 1.683 億美元，主要原因是本季庫存採購量減少。剩餘的 5,630 萬美元是與 VOXX 相關的應付款項。至於現金流，該公司仍在確定本季的營運現金流指標，我們將在即將提交的 10-Q 表中提供這些詳細資訊。

Capital expenditures for the second quarter of 25 were approximately $31.1 million compared to $31.8 million in the same period last year. And year-to-date, capital expenditures totaled $67.8 million, up from $63.6 million in the first half of '24.

25年第二季的資本支出約為3,110萬美元，而去年同期為3,180萬美元。今年迄今為止，資本支出總額為 6,780 萬美元，高於 24 年上半年的 6,360 萬美元。

And depreciation and amortization expense for the second quarter was approximately $27.4 million, including $0.8 million attributable to VOXX, and $26.6 million related to Gentex. This compares to $23.9 million in the second quarter of '24. And on a year-to-date basis, depreciation and amortization total of $52.9 million compared to $47.9 million in the prior year period.

第二季的折舊和攤銷費用約為 2,740 萬美元，其中歸因於 VOXX 的 80 萬美元，以及與 Gentex 相關的 2,660 萬美元。相比之下，24 年第二季的營收為 2,390 萬美元。從年初至今，折舊和攤提總額為 5,290 萬美元，而去年同期為 4,790 萬美元。

I'm now handing the call over to Neil for a product update.

我現在將電話交給 Neil 來更新產品資訊。

Thank you, Kevin. In the second quarter of 2025, we had 18 net new nameplate launches of our interior and exterior auto dimming mirrors and electronic features. Over half of these launches in the quarter included advanced feature content, with Full Display Mirror and HomeLink being the primary technologies introduced. The launch cadence has been strong over the past several quarters, and the teams have been doing an outstanding job to make them successful.

謝謝你，凱文。2025 年第二季度，我們淨推出了 18 款全新車內和車外自動防眩後視鏡及電子功能產品。本季推出的產品中，超過一半包含高級功能內容，其中全顯示鏡像和 HomeLink 是主要推出的技術。過去幾個季度，產品的發布節奏非常強勁，各個團隊也做出了出色的工作，確保了產品的成功。

Now for an update on Full Display Mirror. In the second quarter, Full Display Mirror launched on the Cadillac CELESTIQ, Ferrari 296 GTB, Genesis GV60, Hyundai Ioniq 9, and the Mitsubishi Outlander. These new launches bring our total number of nameplates launched to 139.

現在來了解全顯示鏡像的更新。第二季度，全顯示後視鏡功能在凱迪拉克 CELESTIQ、法拉利 296 GTB、Genesis GV60、現代 Ioniq 9 和三菱歐藍德上推出。這些新產品的推出使我們推出的品牌總數達到 139 個。

With six months of actual performance and improved visibility around program launches, we now expect Full Display Mirror unit shipments for the full year of 2025 to increase by approximately 150,000 to 300,000 units compared to 2024. Interest in the Full Display Mirror product family remains strong even in a challenging production environment, particularly in North America.

憑藉六個月的實際表現和專案啟動前後的可見性提高，我們現在預計 2025 年全年全顯示鏡面單元的出貨量將比 2024 年增加約 150,000 至 300,000 台。即使在充滿挑戰的生產環境中，尤其是在北美，人們對全顯示鏡產品系列的興趣仍然濃厚。

In addition to the growth in units in 2025, we continue to anticipate announcing an additional OEM customer for Full Display Mirror later this year. Full Display Mirror has been one of Gentex' primary growth drivers, and we remain fully committed to its continued advancement. We're actively investing in next generation camera and display technologies, new feature content, and a deeper focus on user experience to ensure the platform remains at the forefront of the market.

除了 2025 年銷量的成長之外，我們還預計將在今年稍後宣布全顯示鏡的另一個 OEM 客戶。全顯示鏡一直是 Gentex 的主要成長動力之一，我們將繼續全力致力於其持續發展。我們正在積極投資下一代相機和顯示技術、新功能內容，並更加關注用戶體驗，以確保平台始終處於市場前沿。

Another product focus area for us has been large area devices. In the second quarter, our teams made strong progress in optimizing initial production lines for large area applications, like sunroofs and visors, and advanced key technical aspects such as dimming speed and film durability. Our customers remain highly engaged and we're working closely with them to align product capabilities with their evolving expectations. For larger area devices, our target is to bring this technology to production within the next 24 months.

我們關注的另一個產品領域是大面積設備。在第二季度，我們的團隊在優化天窗和遮陽板等大面積應用的初始生產線方面取得了重大進展，並在調光速度和薄膜耐久性等關鍵技術方面取得了進展。我們的客戶仍然高度參與，我們正在與他們密切合作，以使產品功能符合他們不斷變化的期望。對於更大面積的設備，我們的目標是在未來 24 個月內將這項技術投入生產。

Turning to VOXX, now that we've completed our first full quarter working alongside their teams, we're focused on gaining a deeper understanding of their product lines, cost structures, and operational opportunities. The various technology and product platforms this acquisition brings, like iris-based biometrics and the Premium Audio Group, will create some new and unique product opportunities, and we're excited to engage into these areas going forward.

談到 VOXX，現在我們已經完成了與他們的團隊合作的第一個完整季度，我們專注於更深入地了解他們的產品線、成本結構和營運機會。此次收購帶來的各種技術和產品平台，如基於虹膜的生物辨識技術和高級音訊集團，將創造一些新的和獨特的產品機會，我們很高興能夠在未來參與這些領域。

We've taken a deliberate approach to not rush the integration so that we can ensure alignment across departments. As with our core Gentex technologies, we're focused on balancing quality, cost, performance, and design, and I remain optimistic that our ability to enhance each of these metrics across our expanded portfolio.

我們採取了謹慎的措施，不倉促完成整合，以確保各部門之間的協調一致。與我們的核心 Gentex 技術一樣，我們專注於平衡品質、成本、性能和設計，我仍然對我們在擴展的產品組合中提升這些指標的能力保持樂觀。

Finally, we're excited to announce that we began shipments of our new PLACE product line through a major big VOXX retail partner during the quarter. PLACE is a suite of advanced multifunctional smoke and carbon monoxide alarms designed to elevate home safety, comfort, and security through room-specific intelligence.

最後，我們很高興地宣布，我們在本季開始透過大型 VOXX 零售合作夥伴出貨我們的新 PLACE 產品線。PLACE 是一套先進的多功能煙霧和一氧化碳警報器，旨在透過特定房間的智慧提高家庭安全性、舒適度和保障性。

The system is managed via an intuitive mobile app and features an industry-first low frequency sounder, engineered to improve alarm effectiveness for deep sleepers, children, and individuals with hearing impairments. It also aligns with emerging safety standards, including updated residential codes recently adopted in states like California.

該系統透過直覺的行動應用程式進行管理，並配備業界首創的低頻發聲器，旨在提高深度睡眠者、兒童和聽力障礙人士的警報有效性。它也符合新興的安全標準，包括加州等州最近採用的最新住宅規範。

As a long-standing leader in commercial fire protection and sensing technologies, the launch of PLACE marks a significant milestone in our strategy to bring cutting-edge, accessible home safety solutions directly to consumers and further expand Gentex' presence in a rapidly growing smart home market. Gentex is an innovation-driven technology company. Our focus on R&D over the past several years has enabled us to generate a strong pipeline of both automotive and non-automotive products and technologies, and we're excited about the potential they have to help drive our growth into the future.

作為商業防火和感測技術領域的長期領導者，PLACE 的推出標誌著我們策略的一個重要里程碑，即為消費者直接提供尖端、可訪問的家庭安全解決方案，並進一步擴大 Gentex 在快速增長的智慧家庭市場的影響力。Gentex 是一家創新驅動的科技公司。過去幾年來，我們一直專注於研發，這使我們能夠打造強大的汽車和非汽車產品和技術管道，我們對它們推動我們未來發展的潛力感到非常興奮。

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. Our light vehicle production forecast for the third quarter and the remainder of the year is based on the mid-July 2025 S&P Global Mobility Outlook for North America, Europe, Japan, Korea, and China. For the third quarter of 2025, global light vehicle production is expected to be relatively flat compared to the third quarter of last year, while light vehicle production in our primary markets is projected to be down approximately 1% for the quarter.

謝謝，尼爾。我們對第三季和今年剩餘時間的輕型汽車產量預測是基於 2025 年 7 月中旬標準普爾全球移動出行展望，涵蓋北美、歐洲、日本、韓國和中國。2025 年第三季度，全球輕型汽車產量預計與去年第三季度相比持平，而我們主要市場的輕型汽車產量預計當季度將下降約 1%。

In the fourth quarter, global production is expected to decline by approximately 6%, with similar declines anticipated for our primary markets. For the full-year 2025, light vehicle production in our primary markets is now expected to be down 3% year-over-year, with North American production projected to fall by approximately 4% compared to last year.

第四季度，全球產量預計將下降約 6%，我們的主要市場也預計會出現類似的下降。就 2025 年全年而言，我們主要市場的輕型汽車產量預計將年減 3%，其中北美產量預計將比去年下降約 4%。

Based on this updated production outlook, our first-half performance, reduced demand in China due to the recently implemented counter tariffs, and the expected contribution from the VOXX acquisition, we are revising our full-year 2025 guidance. This updated guidance reflects the anticipated impact of all known tariffs effective as of today.

根據更新後的生產前景、我們上半年的業績、由於最近實施的反關稅導致的中國需求下降以及 VOXX 收購的預期貢獻，我們正在修改 2025 年全年指引。此更新指南反映了截至今日生效的所有已知關稅的預期影響。

We now expect consolidated revenue, including VOXX, to be in the range of $2.44 billion and $2.61 billion, which is higher than our previous estimate of $2.15 billion and $2.32 billion without VOXX.

我們現在預計包括 VOXX 在內的綜合收入將在 24.4 億美元至 26.1 億美元之間，高於我們先前估計的不包括 VOXX 的 21.5 億美元至 23.2 億美元。

Revenue from Gentex' primary markets is expected to be in the range of $2.1 billion and $2.2 billion. Revenue from the China market is projected at $100 million to $125 million. And VOXX revenue is estimated to contribute between $240 million to $280 million.

Gentex 主要市場的營收預計在 21 億美元至 22 億美元之間。預計中國市場收入為 1 億至 1.25 億美元。VOXX 的收入預計將在 2.4 億至 2.8 億美元之間。

Consolidated gross margin, including VOXX, is expected to be between 33% and 34%. Core Gentex without VOXX is now expected to be between 34% and 34.5%, which is a significant improvement from our prior range of 33% to 34%. VOXX's gross margin is anticipated to be in the range of 27% to 29%.

包括 VOXX 在內的綜合毛利率預計在 33% 至 34% 之間。目前預計不含 VOXX 的核心 Gentex 比例將在 34% 至 34.5% 之間，這比我們之前的 33% 至 34% 範圍有顯著改善。VOXX 的毛利率預計在 27% 至 29% 之間。

Consolidated operating expenses, excluding severance, are expected to be between $370 million to $390 million. Core Gentex operating expenses are expected to remain unchanged at $300 million to $310 million. VOXX operating expenses are projected to be between $70 million and $80 million, excluding severance.

不包括遣散費的綜合營運費用預計在 3.7 億美元至 3.9 億美元之間。Gentex 核心營運支出預計將保持不變，為 3 億至 3.1 億美元。VOXX 的營運費用預計在 7,000 萬美元至 8,000 萬美元之間（不包括遣散費）。

Our effective tax rate is now expected to be in the range of 16% to 17% versus our previous estimate of 15% to 17%. Capital expenditures remain unchanged at $100 million to $125 million for the year.

我們現在預計有效稅率將在 16% 至 17% 之間，而先前預期的有效稅率為 15% 至 17%。全年資本支出維持不變，為 1 億美元至 1.25 億美元。

And lastly, consolidated depreciation and amortization is expected to be between $91 million and $98 million. This includes $90 million to $95 million for Gentex and $1 million to $3 million for VOXX.

最後，合併折舊和攤銷預計在 9,100 萬美元至 9,800 萬美元之間。其中包括向 Gentex 支付 9,000 萬至 9,500 萬美元，向 VOXX 支付 100 萬至 300 萬美元。

The second quarter began with a flurry of activity that has not slowed down. We closed the VOXX acquisition on April 1 and then moved very quickly into a chaotic period of global trade uncertainty that lasted for the entire quarter and remains unresolved.

第二季開始，各項活動就一直保持熱潮。我們於 4 月 1 日完成了對 VOXX 的收購，隨後很快就進入了持續整個季度且仍未解決的全球貿易不確定混亂時期。

It was, nevertheless, a very productive quarter as we continue to make progress on our path toward improved profitability. Our teams are performing at a very high level and our operational efficiency is improving significantly versus the same time last year.

儘管如此，這是一個非常富有成效的季度，因為我們在提高盈利能力的道路上繼續取得進展。我們的團隊表現非常出色，我們的營運效率與去年同期相比有了顯著提高。

These improvements played a key role in driving strong revenue and profitability improvements, despite revenue reductions in the domestic China market and the lower-than-expected light vehicle production in our primary markets. Over the next several quarters, the company will continue executing the margin improvement initiatives that are targeted to get the core margin profile in line with our long-term target of 35% to 36%.

儘管中國國內市場收入減少且主要市場輕型汽車產量低於預期，但這些改進在推動收入和盈利能力強勁提升方面發揮了關鍵作用。在接下來的幾個季度中，公司將繼續執行利潤率改善計劃，旨在使核心利潤率與我們 35% 至 36% 的長期目標保持一致。

We are working on those targets. While we're working on those targets, we are also working with the VOXX team to ensure the combined organization is appropriately structured to support long-term profitability and shareholder value.

我們正在努力實現這些目標。在努力實現這些目標的同時，我們也與 VOXX 團隊合作，確保合併後的組織結構合理，並能夠支援長期獲利能力和股東價值。

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

我們今天的準備演講到此結束。現在我們可以繼續提問了。

(Operator Instructions) Luke Junk, Baird.

（操作員指示）盧克瓊克，貝爾德。

Hi, thanks for taking the questions. Steve, maybe if we could start with just the underpinnings of gross margin, certainly, I think one of the big stories this quarter. And just curious to get your thoughts on the factors that are now within your controls.

你好，謝謝你回答這個問題。史蒂夫，如果我們可以從毛利率的基礎開始討論，當然，我認為這是本季的重大新聞之一。我只是好奇地想知道您對現在可以控制的因素的看法。

We're starting to see the gross margin improvement effort internally really showing up in the P&L and continuing to work on that versus something of the uncertainty that's still out there, be it in industry production volume, [product mix]. And then my gut -- it feels like you turned the corner on getting your arms around the margin trend. Is that how you feel as well?

我們開始看到內部毛利率的提高確實體現在損益表中，並且我們將繼續努力，以應對仍然存在的一些不確定性，無論是在行業產量方面，[產品組合]。然後我的直覺告訴我──感覺你已經扭轉了利潤趨勢。你也是這麼想的嗎？

Yeah. I'd say, I mean, honestly, if you go back over this, it's been a little over two years that we've been working on margin improvement, really, since the forced electronics cost increases that we incurred post-COVID. But since that time there was a lot of other factors. Obviously, the labor crisis and other factors on the industry that caused some problems.

是的。我想說，老實說，如果你回顧一下，自從新冠疫情之後電子產品成本被迫增加以來，我們實際上已經致力於提高利潤率兩年多了。但從那時起，就出現了許多其他因素。顯然，勞工危機等因素對這個產業造成了一些問題。

So it felt like over the last two years, every time we made progress, there was some type of headwind that reset the bar lower. This quarter really starts to show the work that's been going on. And it read through all the way through the income statement, which I think is a really positive sign to your point.

所以感覺在過去的兩年裡，每當我們取得進步時，就會出現某種逆風，將標準降低。本季真正開始展現正在進行的工作。它通讀了整個損益表，我認為這對你的觀點來說是一個非常正面的訊號。

And just kind of walk through that a little bit. The way we categorize this, we'd say, there's a negative -- there was a negative in the quarter between pricing and tariffs of 50 to 100 basis points. We're kind of the negatives on margin.

稍微介紹一下這一點。我們對此進行分類的方式是，存在負值——本季定價和關稅之間存在 50 到 100 個基點的負值。我們的利潤率有點負面。

But then, there were several positives, but the biggest ones were PPV. So our savings from our supply base, that was 100 to 150 basis points. And then labor and overhead savings were 150 to 200 basis points positive.

不過，也有一些正面的方面，但最大的正面方面是 PPV。因此，我們從供應基地節省了 100 到 150 個基點。然後勞力和管理費用節省了150至200個基點。

So when you start looking at those trends, we don't see those reversing in the second half of the year. If you look at the pricing from the commodities that we buy, those should be locked in for the rest of the year. And then if you look at the labor and overhead, as long as revenues stay in this range, we should have a very efficient -- and our operational efficiencies are definitely showing the signs of improving the steps that we look at in terms of predicting how are we going to do in the second half of the year.

因此，當你開始觀察這些趨勢時，我們看不到它們在下半年出現逆轉。如果你看一下我們購買的商品的價格，你會發現這些價格在今年剩餘時間內應該是固定的。然後，如果你看一下勞動力和管理費用，只要收入保持在這個範圍內，我們就應該有一個非常高效的 - 而且我們的運營效率肯定顯示出改善的跡象，我們可以從預測下半年的表現來看。

And then just switching gears to China. Certainly, it's coming up in the guidance relative to now, less bad tariff situation. But just curious how you're thinking about China strategically, incrementally? I mean, clearly the market is open again to some extent but still a challenging market with respect to competitiveness, payment terms, et cetera.

然後話題轉到中國。當然，相對於現在而言，這是在指導範圍內的，關稅情況沒有那麼糟糕。但我只是好奇您是如何從戰略上、逐步地考慮中國問題的？我的意思是，顯然市場在某種程度上再次開放，但在競爭力、付款條件等方面仍然是一個充滿挑戰的市場。

Yeah, I mean for us, the biggest challenge in the China market is because almost all of those sales are exports out of the US into the China market, the threat of those counter-tariffs, when they got over 100%, basically, had all of our customers in China reconsidering what to do with our product. And on a large degree, it's either some of it got resourced to local suppliers, but the vast majority of it just they punted on the technology itself and just removed it from the vehicle.

是的，對我們來說，中國市場面臨的最大挑戰是，幾乎所有銷售都是從美國出口到中國市場的，當反關稅的威脅超過 100% 時，基本上，我們在中國的所有客戶都會重新考慮如何處理我們的產品。在很大程度上，要么是將部分資源提供給當地供應商，但絕大多數只是放棄技術本身並將其從車輛上移除。

And that's also in keeping two things. It's not just the tariffs, it's also the decreasing profitability for OEMs in the domestic China market. A lot of them -- and this is well-documented obviously in that industry, but there's been a lot of challenge with their profitability. And so some of the content and features are starting to get squeezed out from a product planning standpoint.

這也符合兩點。這不僅是關稅問題，也是中國國內市場原始設備製造商獲利能力下降的問題。他們中的許多人——這在該行業顯然是有據可查的，但他們的盈利能力面臨著許多挑戰。因此，從產品規劃的角度來看，一些內容和功能開始受到擠壓。

And so we're relooking at that China market, trying to determine, how do we find a way to grow there? In this market, the way, in the current uncertainty as it relates to tariffs and counter-tariffs, we haven't found that winning formula yet.

因此，我們正在重新審視中國市場，試圖確定如何在那裡實現成長？在這個市場中，由於目前與關稅和反關稅相關的不確定性，我們還沒有找到成功的秘訣。

But like we've always said, that market does tend to be a little lower than average margin profile. And so there is definitely some help there as that business shrunk. It's not obviously helpful on the revenue side, but it does help on the margin side.

但就像我們一直說的那樣，該市場的利潤率確實略低於平均水平。因此，當該業務萎縮時，肯定會有一些幫助。這對收入方面沒有明顯的幫助，但對利潤方面確實有幫助。

Got it. And then, lastly, Neil, just hoping to get a little more commentary on large area devices mid-year. So I guess what you're sharing today sounds like good news in terms of engineering on locks and aligning to what customers are expecting. But for that view to bring production within the next 24 months, could there be some conservatism in there, potentially?

知道了。最後，尼爾，我只是希望在年中對大面積設備有更多的評論。因此，我想您今天分享的內容在鎖具工程和滿足客戶期望方面聽起來是個好消息。但是，對於在未來 24 個月內實現生產的觀點，其中是否可能存在一些保守主義？

There could be a little bit. The team's done an amazing job these last, I'll say, the last six months this first part of the year getting processes improved to get the visual characteristics, performance, all the above on the product and technology to customer level that can really help us accelerate bringing it to market.

可能會有一點點。我想說，在過去的六個月裡，也就是今年上半年，團隊做了非常出色的工作，改進了流程，將產品和技術的視覺特性、性能等都提升到了客戶層面，這確實可以幫助我們加速將產品推向市場。

So there could be -- I mean, 24 months, I think is a pretty safe window. I think we should be able to achieve something sooner than that. But there's a lot of variables that are still in line in achieving the product that the end customer is looking for.

所以可能有——我的意思是，24個月，我認為是一個非常安全的窗口期。我認為我們應該能夠更快地取得一些成果。但要獲得最終客戶想要的產品，仍有許多變數需要考慮。

So still working really hard. Team's doing a phenomenal job. But feel pretty comfortable that within those 24 months, we should be able to get there.

所以仍然非常努力地工作。團隊表現出色。但我們可以放心，在 24 個月內，我們應該能夠實現目標。

Okay. Well, I'll stay tuned. I'll leave it there. Thank you.

好的。好吧，我會繼續關注。我就把它留在那裡。謝謝。

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克。

Hey, team. Good morning, everyone. A couple of questions, I guess, on VOXX, now that you've had another quarter to adjusted this and it's in the guide.

嘿，團隊。大家早安。我想，關於 VOXX 有幾個問題，現在您又花了四分之一的時間來調整它，並且它已包含在指南中。

Obviously, the EBIT is break even this year. It looks like it's a $100 million annualized OpEx run rate. How should we think about that level on a go-forward basis in terms of either synergies or cost savings that could come out as we think about the next couple of years?

顯然，今年的息稅前利潤是損益兩平的。看起來，年度營運支出運作率為 1 億美元。當我們考慮未來幾年可能出現的協同效應或成本節約時，我們應該如何展望這一水平？

Yeah, if you look at the overall OpEx on the VOXX side, we know there's some synergies in combining the two organizations. Part of that is you have two separately publicly traded companies going down to one. We know that that'll bring about a lot of those.

是的，如果你看一下 VOXX 方面的整體營運支出，我們就會知道合併這兩個組織會產生一些協同效應。其中一部分原因是兩家獨立上市的公司規模縮減為一家。我們知道這會帶來很多好處。

We also know, as Neil's team engages with their engineering teams, there's definitely some overlap and some synergies that we think we can accomplish there. The same thing with the back-office side of the house, we definitely know that working together, we can definitely find ways to be more efficient.

我們也知道，當 Neil 的團隊與他們的工程團隊合作時，肯定會存在一些重疊和協同效應，我們認為我們可以在那裡實現這些重疊和協同效應。後台部門也是一樣，我們確信，透過共同努力，我們一定能找到提高效率的方法。

One of them will take a little longer, but that's also ERP integrations. Our system, we believe, is a more efficient system that will help with the workload that's manually required today inside of the VOXX system that we believe we can help with.

其中之一將需要更長的時間，但這也是 ERP 整合。我們相信，我們的系統是一個更有效率的系統，它將有助於解決 VOXX 系統內部目前手動所需的工作量，我們相信我們可以提供協助。

So this is a 12- to 18-month process but definitely want to get that OpEx on a percentage basis. Probably won't get all the way to the Gentex level but definitely closer to that -- percentage sales, yeah, on a percentage sales.

因此，這是一個 12 到 18 個月的過程，但肯定希望按百分比獲得該營運支出。可能不會完全達到 Gentex 的水平，但絕對更接近那個水平——百分比銷售額，是的，百分比銷售額。

Yeah. It's a percentage sales. Okay. So over a couple of years, you think that's a reasonable --

是的。這是銷售額百分比。好的。所以幾年後，你認為這是一個合理的--

Yeah, very much so.

是的，非常如此。

Yeah. Okay. And then just keep sticking on VOXX, like I know, with the Audio side of the business, when you talked when you first bought it at the height of tariff uncertainty, there was maybe some decisions that had to be made about sourcing from China versus other alternatives.

是的。好的。然後繼續堅持 VOXX，就像我所知道的，在音頻業務方面，當你第一次在關稅不確定性最嚴重的時候購買它時，可能需要做出一些決定，是從中國採購還是從其他替代品採購。

And that seemed more clear when tariffs were 145% or higher. Maybe less clear at current levels. I know it's not like we have full tariff certainty yet, but do you have any harder views of what you what you plan to do there or when you think the decision would be made?

當關稅達到 145% 或更高時，這一點似乎更加明顯。在目前的水平上可能不太清楚。我知道我們現在還沒有完全確定關稅，但您對計劃做什麼或何時做出決定有什麼更嚴格的看法嗎？

Yeah. So, the Audio teams, so primarily Klipsch, but Klipsch and Onkyo teams have done a phenomenal job of proactively getting sourcing decisions made to reduce that risk. So in that case in particular, now, as a consumer electronics company, they have a lot more flexibility than an automotive supplier does for sure.

是的。因此，音訊團隊主要是 Klipsch，但 Klipsch 和 Onkyo 團隊在主動做出採購決策以降低風險方面做得非常出色。因此，在這種情況下，作為一家消費性電子公司，他們肯定比汽車供應商擁有更大的靈活性。

And so a lot of those, they've already made decisions with the existing supply base of how to reduce the risk and exposure to tariffs out of the China market. And so they're actively pursuing relocation of manufacturing in their supply base currently.

因此，許多公司已經與現有供應基地做出了決策，以降低中國市場以外的關稅風險。因此，他們目前正在積極尋求將製造業務遷移至其供應基地。

I would expect that within 12 months, basically, that most of those transitions will have been handled already. And so to your point, it will be nowhere near that 100% that was threatened and worrisome.

我預計，基本上在 12 個月內，大部分過渡問題都會被處理。所以正如您所說，它遠遠不會達到受到威脅和擔憂的 100%。

They're, obviously, based on trade deals that are happening between the US and the rest of the world, there will be some remnant of tariffs that will exist for the long period. But it'll be significantly lower than what that 100% risk factor was.

顯然，這些措施是基於美國與世界其他國家之間正在達成的貿易協議，因此，一些關稅將長期存在。但它將明顯低於 100% 的風險因素。

Yeah. Last one for me just on the core Gentex Mirror business. I think like second quarter production did certainly come in better that benefited from you. We're seeing some signs of softening schedules in the back half.

是的。對我來說最後一個是關於核心的 Gentex Mirror 業務。我認為第二季的產量確實會更好，這要歸功於您的努力。我們看到下半年賽程安排有些鬆懈的跡象。

Do you think there was any -- like, would you classify it as any, like, pull forward or shifting in timing? Or -- I guess, how do you view the cadence of the production 2Q through the balance of the year?

您認為是否存在—例如，您會將其歸類為提前或時間轉移嗎？或者——我想，您如何看待第二季的生產節奏以及全年的平衡？

Yeah, it was like if you look at Q2 and what we're seeing in Q3, we think Q3 is going to be very similar to Q2. I think the softening is really going to happen in Q4. And that's -- if you look at our primary markets, North America, and Japan, Korea markets are the ones that are probably on a year-over-year basis and Q4, are going to be down the most.

是的，如果你看一下第二季以及我們在第三季看到的情況，我們認為第三季將與第二季非常相似。我認為疲軟現象將在第四季真正出現。如果你看看我們的主要市場，北美、日本和韓國市場可能是年比來看第四季下滑幅度最大的市場。

If you look at it, there was some pull forward a little bit. We did push back on that with our customers. In other words, what they were looking for was some shipments ahead of trade deadlines.

如果你看一下，你會發現它有一點點向前拉。我們確實向客戶提出了這個問題。換句話說，他們希望在貿易截止日期之前收到一些貨物。

We just worked with them very openly about, well, we could do that for you, but you're going to -- we're going to incur a tremendous amount of costs on the overtime side. If that's something you need us to do, we'll do, but we got to talk about the expense associated with that. And most of our customers made decisions based on that delta cost basis of whether or not they wanted us to pull ahead schedules.

我們只是非常公開地與他們合作，好吧，我們可以為您做到這一點，但是您將 - 我們將在加班方面承擔巨額成本。如果您需要我們做這件事，我們會做，但我們必須討論與此相關的費用。我們的大多數客戶都是根據成本增量來決定是否希望我們提前完成計劃。

So I don't think it was as much as what has been speculated. There definitely was a little bit. But I wouldn't say it was a significant portion of our revenue was a pull forward from the back half of the year in the Q2.

所以我不認為它像人們猜測的那麼多。確實有一點。但我不會說我們的收入很大一部分是從第二季下半年開始成長的。

Okay. Great. Thanks so much, guys.

好的。偉大的。非常感謝大家。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hey, guys. This is Jake on for James. Now that you've had a chance to have a full quarter owning VOXX and really dig into the business, how do you think about what portion of VOXX revenue should be considered non-core and could be divested versus what you guys definitely want to pull into the core business?

嘿，大家好。這是傑克代替詹姆斯上場。現在您已經有機會用整整一個季​​度的時間擁有 VOXX 並真正深入研究該業務，您認為 VOXX 收入的哪一部分應該被視為非核心收入並且可以被剝離，而哪一部分是您肯定想納入核心業務的？

Well, I think if you look at that total business, right? I mean it really breaks up into, really, two separate buckets, right? In terms of revenue, you have the Premium Audio. And part of the reason we're excited about Premium Audio is Neil referenced our PLACE launch. And that move into what we're trying to do is expand our HomeLink brand into home automation.

嗯，我想如果你看一下整個業務，對嗎？我的意思是它實際上分成了兩個獨立的桶，對嗎？就收入而言，您擁有高級音訊。我們對 Premium Audio 感到興奮的原因之一是 Neil 提到了我們的 PLACE 發布。我們正在嘗試將 HomeLink 品牌拓展到家庭自動化領域。

And so both our PLACE product and the Klipsch and Onkyo brands were part of that strategy of how do we combine that business and start to become a bigger player in the home automation space, and start to leverage our manufacturing capability in home electronics as well. And so I look at that and say, that was really part of what we were really attracted to in the acquisition of VOXX.

因此，我們的 PLACE 產品以及 Klipsch 和 Onkyo 品牌都是該策略的一部分，即如何整合這些業務並開始成為家庭自動化領域更大的參與者，並開始利用我們在家庭電子產品方面的製造能力。所以我認為，這正是我們收購 VOXX 的真正原因之一。

The other two pieces are really very similar piece of business to what we do. So you have an OEM piece of the business that VOXX on the electronic side handles. And then they have an automotive aftermarket business.

另外兩部分業務與我們所做的非常相似。因此，您擁有由電子部門的 VOXX 負責的 OEM 業務部分。然後他們還有汽車售後市場業務。

And so they've done distribution for us for a long period of time and we're very familiar with what their distribution model looks like. As we sit here today, both of those are still interesting pieces of business for us where we look at that and say, hey, how can we -- we know we can help improve the overall profitability of those businesses.

他們已經為我們做了很長一段時間的分銷，我們非常熟悉他們的分銷模式。今天我們坐在這裡，這兩項業務對我們來說仍然是有趣的，我們看著它們說，嘿，我們如何——我們知道我們可以幫助提高這些業務的整體盈利能力。

And so we want to leverage our supply base on the cost reduction side from a bill of materials standpoint. But then also look at how can we get those products to market quicker at a lower OpEx?

因此，從物料清單的角度來看，我們希望利用我們的供應基礎來降低成本。但同時我們也要考慮如何以更低的營運成本將這些產品更快推向市場？

And then the one last piece is the biometrics, which has always been part of our growth path for -- in the Mirror growth. And we got -- we're getting our hands on the underlying algorithm through that acquisition. So the EyeLock piece is more of a longer-term strategy, but being able to own that technology was important, too.

最後一點是生物辨識技術，它一直是我們 Mirror 成長路徑的一部分。我們透過這次收購掌握了底層演算法。因此，EyeLock 更像是長期策略，但能夠擁有這項技術也很重要。

All right. Thanks, guys. And then I just wanted to quickly follow up on China. How should we think about the first half, second half split? And then what does the run rate look like going forward into 2026 and beyond?

好的。謝謝大家。然後我只是想快速跟進中國的情況。我們該如何看待上半場和下半場的分裂？那麼 2026 年及以後的運行率會是怎麼樣呢？

Yeah, if you look at -- the first quarter was almost a normal quarter for us, really, in terms of exports into China. I think that was at $43 million, I believe, and then $33 million. I would say, probably, in the back half, you're probably more like $25 million per quarter roughly.

是的，如果你看一下——就對中國的出口而言，第一季對我們來說幾乎是一個正常的季度。我認為這個數字是 4300 萬美元，然後是 3300 萬美元。我想說，可能在後半年，你每季的收入大概會達到 2,500 萬美元左右。

And then after that, I mean, who knows? But if a deal gets done that's sub-50% tariff rates, then I would say, it's probably $75 million to $110 million book of business for us going forward versus the $240 million, $250 million we're anticipating this year.

然後之後，我的意思是，誰知道呢？但如果達成低於 50% 關稅稅率的協議，那麼我想說，我們未來的業務額可能會達到 7,500 萬至 1.1 億美元，而今年我們預計的業務額為 2.4 億至 2.5 億美元。

Josh Nichols, B. Riley.

喬許·尼可斯、B·萊利。

Yeah. Thanks for taking my question. Great to see the margin and the revenue bump coming in here.

是的。感謝您回答我的問題。很高興看到利潤和收入的成長。

I know, I think last quarter, things have been shifting a lot with the tariffs and whatnot. Mix was a big question, right, last quarter. And clearly, mix has become a pretty big tailwind for this quarter. You've seen FDM, other advanced feature mirrors move higher.

我知道，我認為上個季度，由於關稅等原因，情況發生了很大變化。上個季度，混合是一個大問題。顯然，混合已成為本季相當大的順風。您已經看到 FDM，其他高級功能鏡像移動得更高。

I'm curious, like, what's changed a little bit and what you're hearing from your customers for how they're focusing on mix for some of these higher value products? And what continues to be a little bit of challenging, like the co-production market?

我很好奇，例如，有什麼變化？您從客戶那裡聽說了什麼？他們是如何關注這些高價值產品的組合的？那麼，哪些領域仍充滿挑戰，例如合拍市場？

Yeah, I think, overall, what you're seeing is kind of return to where we were a couple of years ago where OEMs were focused on profitability, knowing that overall light vehicle production isn't probably going to be what anyone would like. But based on that, how do you -- that does tend to shift part of the upper half of the production volume into higher mix for us. That's good.

是的，我認為，總的來說，你所看到的是回到幾年前的狀態，當時原始設備製造商專注於盈利能力，因為他們知道整體輕型汽車的生產可能不會像人們所希望的那樣。但基於此，你如何——這確實傾向於將產量上半部轉移到更高的組合中。那挺好的。

At the same time, though, you'll see some OEC declines and that's obviously negative on the margin profile side. And so there is some good news in there, but there's also -- there also is some decontenting and some focus on cost from an OEM standpoint that have negatively impacted our OEC volumes.

但同時，你會看到一些 OEC 下降，這對利潤率而言顯然是不利的。這其中有一些好消息，但從 OEM 的角度來看，也存在一些內容減少和對成本的關注，這些都對我們的 OEC 銷售產生了負面影響。

And so it's not all positive tailwinds. We actually fought through some additional headwinds. And so the financial performance, given that full context, was actually very, very good.

因此，事情並非全是積極的順風。我們實際上克服了一些額外的阻力。因此，考慮到整個背景，財務表現實際上非常非常好。

When you look at losing that type of OEC volume on a year-over-year basis, that is a pretty negative, both operationally, but also on the overall margin profile. And so while there is some definitely trend towards FDM and increased take rates on advanced features, the outside portion of the book of business is definitely struggling a little.

如果按年計算的話，OEC 銷售出現如此大的損失，那麼無論從營運角度還是從整體利潤率來看，這都是相當不利的。因此，儘管 FDM 確實存在趨勢，並且高級功能的採用率有所提高，但業務簿的外部部分肯定遇到了一些困難。

And then just to touch on, like, VOXX real quick. I think at a high-level, you mentioned it's running around break even today. But when you look at the opportunity for margin expansion, I think the guidance for VOXX is like 27% to 29%.

然後快速觸及 VOXX。我認為，從高層次來看，您提到今天的營運處於收支平衡狀態。但當你考慮利潤率擴張的機會時，我認為 VOXX 的預期利潤率應該是 27% 到 29%。

This year, you guys, your core business is running the best-in-class numbers 34%-plus this year. Like, how much do you think that those margins for VOXX could improve over the next like 12 to 24 months?

各位，今年，你們的核心業務的業績達到了業內最佳水平，增長了 34% 以上。例如，您認為 VOXX 的利潤率在未來 12 到 24 個月內可以提高多少？

As you mentioned, probably not to the level that you guys are operating at the core business, given the nature of it. But I'm just curious how much that synergies and operating leverage is going to be coming through the gross margin line for VOXX?

正如您所說，考慮到核心業務的性質，可能還達不到您們經營核心業務的水平。但我只是好奇，這種協同效應和經營槓桿有多少會透過 VOXX 的毛利率實現？

Yeah. I would say I don't know about -- given the industries. I think on the Klipsch side, you have -- you can improve it in a quicker environment because of the cycle on how quickly those products are redesigned. And that tends to be reset the margin profile of consumer electronics quicker and every one of those redesigns gives you an opportunity to improve bill.

是的。我想說我不知道——考慮到行業情況。我認為，就 Klipsch 而言，你可以在更快的環境中對其進行改進，因為這些產品重新設計的週期非常快。這往往會更快地重置消費性電子產品的利潤狀況，而每一次重新設計都會給您提供改善帳單的機會。

The automotive side, obviously, takes a little longer. But I would say, if you're looking out two years or so, I think 200 to 300 basis points of improvement in the gross margin is absolutely achievable.

顯然，汽車方面需要更長的時間。但我想說，如果展望未來兩年左右，我認為毛利率提高 200 到 300 個基點是絕對可以實現的。

And then last question for me. You touched on the dimmable glass, a very big opportunity there. Good to see the progress the company has been making on that front.

這是我的最後一個問題。您提到了可調光玻璃，這是一個很大的機會。很高興看到公司在這方面的進展。

On driver monitoring, a little bit more near-term revenue opportunity. Any updates on that? I know you expect to do a little bit of revenue this year and -- but that could ramp to be more material over the '27, '28 type time frame?

在駕駛員監控方面，近期的收入機會更多。有最新消息嗎？我知道您預計今年會有一點收入，但這可能會在 27、28 年的時間範圍內增加到更多收入嗎？

Right. Yeah. Exactly. So we start -- our second customer will go to production here in late Q3, early Q4. And then the additional -- and actually, there's -- customer two will be late Q3, early Q4.

正確的。是的。確切地。因此我們開始—我們的第二個客戶將在第三季末、第四季初開始生產。然後另外的——實際上是有的——第二個客戶將在第三季末、第四季初。

Customer three will be late Q4, early Q1 of next year. And then the fourth one will also be early first half of 2026 with, as you said, volumes will be ramping up over the next couple of years. Really, '27 into '28 is when it becomes more significant or substantial.

第三個客戶將於明年第四季末、第一季初。第四次也將在 2026 年上半年初，正如您所說，未來幾年產量將會增加。確實，從 2027 年到 2028 年，它變得更加重要或更實質。

Appreciate the context. Thanks.

欣賞上下文。謝謝。

(Operator Instructions) Ronald Jewsikow, Guggenheim Securities.

（操作員指示）古根漢證券公司的羅納德·朱西科 (Ronald Jewsikow)。

Yeah, good morning and thanks for taking my question. Maybe -- yeah, good morning. Maybe starting on just the FDM growth, the increase in the guide.

是的，早上好，感謝您回答我的問題。也許——是的，早安。也許只是從 FDM 的成長、指南的增加開始。

Any color on what's driving the roughly 5% upside versus prior shipment expectations? I guess one unpack, like, I don't think it's probably like vehicle production volumes or is it take rates? Is it launches coming quicker than expected? Just what you're seeing.

與先前的出貨量預期相比，是什麼推動了約 5% 的上漲？我想，一來，我認為它可能不像汽車產量，或者是接受率？它的發布速度是否比預期的要快？正是您所看到的。

It's really a combination of both of those. I'd say the launch cadence and both take rates, I mean, we have line of sight to what this could be. I think we're a little bit more pessimistic on LVP in the first half of the year than what actually happened.

這其實是兩者的結合。我想說的是，發射節奏和利率，我的意思是，我們已經預見了這可能會是什麼樣子。我認為我們對上半年 LVP 的預期比實際情況要悲觀。

And so with that, we were -- like, we had talked at the beginning of the year that we thought there was a little bit more risk factors there. Given the strong first half of the year and the launches that Neil referenced in the second half, our confidence is starting to increase in us hitting those numbers, primarily based on what's already happened this year.

因此，我們——就像我們在年初談到的那樣，我們認為那裡有更多的風險因素。鑑於上半年的強勁表現以及尼爾提到的下半年的推出，我們對實現這些數字的信心開始增強，這主要基於今年已經發生的事情。

But then also, even with the lower production volumes, if you look at how we're laid out across those OEMs and what those take rates could look like, we think there's a little less risk factor now than what we thought at the beginning of the year. And so yeah, I think take rates continue to trend positive and then the launches have not slowed down.

但是，即使產量較低，如果看一下我們在這些 OEM 中的佈局情況以及這些 OEM 的接受率，我們認為現在的風險因素比年初時要小一些。是的，我認為接受率將繼續呈現正面趨勢，而且推出的速度也沒有放緩。

And I think that's one of the big improvements in the back half of this year. OEMs are still committed to their product launch cycles and we're hitting those.

我認為這是今年下半年的重大進步之一。原始設備製造商 (OEM) 仍致力於其產品發布週期，我們也正在實現這些目標。

Okay. No, that's super helpful color. And want to maybe double tap or it might be triple or quadruple at this point on the China guide. I guess, what is the reason in your estimation that the China market is not bouncing back, I think, post-tariff relief to pre-tariff levels?

好的。不，那是非常有用的顏色。並且可能想要雙擊，或者在中國指南的這個位置點擊三遍或四遍。我想，您認為中國市場在關稅減免後沒有恢復到關稅減免前的水平的原因是什麼？

Is local competition filling the void? Was there enough inventory in the channel already that OEMs we're able to use that? Or is there just the content thing at certain OEMs as a result of tariffs?

本地競爭是否填補了這一空白？通路中是否已經有足夠的庫存可供 OEM 使用？還是僅僅是關稅導致某些 OEM 出現內容問題？

Yeah, if we were -- all three of them are true, but the single biggest one is decontenting. If you look at it, and this is really driven by the profitability of the OEMs in that market right now being squeezed very, very tight.

是的，如果我們——這三個都是正確的，但最大的一個是減少內容。如果你看一下，你會發現這其實是由於目前該市場中 OEM 的獲利能力受到極大擠壓所致。

A lot of them -- and you've seen the announcements on negative margin profile for several OEMs and others struggling just to break even. A lot of it has been driven by decontenting and trying to get the cost per vehicle down.

其中很多——您已經看到幾家 OEM 廠商的利潤率出現負值，而其他廠商則在努力實現收支平衡。其中很大一部分原因是為了減少車輛容量並降低每輛車的成本。

There has been a little bit of replacement on local competition, but I would say that's a much, much smaller percentage of the business loss in China is driven by that. More of it's driven by decontenting.

本地競爭對手確實有所替代，但我想說，在中國，由此造成的業務損失只佔很小一部分。其中很大一部分是由內容減少所驅動。

Okay. That's helpful color. And if I could just squeeze one more in. On the tariffs or the net tariff costs that weren't reimbursed this quarter, it seems like it was maybe $4 million to $5 million of net costs -- sorry?

好的。這是很有幫助的顏色。如果我能再擠進一個就好了。關於本季未報銷的關稅或淨關稅成本，似乎淨成本大概是 400 萬至 500 萬美元——抱歉？

It's about $2.7 million.

大約是270萬美元。

Okay. Do you expect those to be reimbursed in the second half, or is that just assumed as leakage in the guide?

好的。您是否預計這些費用將在下半年償還，還是只是在指南中假設為洩漏？

No. The team's very clear that our expectation is that we're going to get at least all -- most if not all of that reimbursed.

不。團隊非常清楚，我們的期望是，我們將獲得至少全部——如果不是全部的話，大部分——的補償。

Okay. No. That's super helpful and I really appreciate you taking my questions.

好的。不。這非常有幫助，非常感謝您回答我的問題。

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

(technical difficulty) In terms of the core company getting that gross margining target to 35% to 36%, what major activities still need to be done to get to that level?

（技術難度）核心公司要達成35%-36%的毛利率目標，還需要做哪些主要工作才能達到這個水準？

Right now if mix stayed the same, I would tell you, we're there. But we have additional things that we had kicked off that we're still working on. That includes some product redesigns.

現在，如果混合物保持不變，我會告訴你，我們就在那裡。但我們已經啟動了一些其他工作，目前仍在繼續進行中。其中包括一些產品的重新設計。

Definitely -- it all started -- if you go back to when the cost increases happened on the electronics piece, there were several things that we began working on. Some of those redesigns, we're still working on that we haven't fully executed yet. There's obviously continuous improvement on the manufacturing piece: throughput, yield, scrap cost, those types of things.

毫無疑問——這一切的開始——如果你回顧一下電子產品成本增加的時候，我們開始著手做幾件事。其中一些重新設計我們仍在努力，但尚未完全執行。製造環節顯然不斷改進：產量、產量、廢品成本等等。

Also one of the things that we always work on is replacement of products. And that can mean that can mean different things, right? So some of our incoming bill materials are impacted by tariffs from different regions, so looking for alternative supply. And so we're constantly looking at those saying, how do we de-risk the business to make sure we get to this margin profile and stay at it for a longer period of time.

我們一直致力於的一件事就是產品的替換。這可能意味著不同的事情，對嗎？因此，我們的一些進貨材料受到不同地區關稅的影響，因此需要尋找替代供應。因此，我們一直在關注這些問題，即如何降低業務風險，以確保我們達到這個利潤率水平，並在更長的時間內保持下去。

Okay. Thanks. And then on your supply chain, how much exposure do you guys have to rare earths and magnet materials from China upstream?

好的。謝謝。那麼在你們的供應鏈中，你們對來自中國上游的稀土和磁鐵材料的接觸程度有多大？

I would say on the rare earth side, there's quite a bit of exposure on the coding side for core Gentex, right? There's a lot on the precious metal side and our codings, especially.

我想說，在稀土方面，核心 Gentex 在編碼方面有相當多的曝光，對嗎？貴金屬方面有很多內容，尤其是我們的編碼。

Obviously with the Klipsch acquisition, magnets became a much bigger piece of -- magnets weren't a problem for us pre-acquisition. But obviously, that is something that the Klipsch team and the Premium Audio team has been working really hard on to make sure that does not become an issue for them and their ability to deliver to their customer base.

顯然，隨著 Klipsch 的收購，磁鐵佔據了更大的份額——在收購之前，磁鐵對我們來說不是問題。但顯然，Klipsch 團隊和 Premium Audio 團隊一直在努力解決這個問題，以確保這不會成為他們向客戶群提供服務的能力的問題。

I would say they've done a really good job of de-risking that supply as much as humanly possible in this environment. Not that it's completely risk free, but right now, we feel like we have a very good plan of how to make sure to maintain supply of magnets for their speaker products.

我想說，在這種環境下，他們已經盡力出色地降低了供應風險。這並非完全沒有風險，但目前，我們覺得我們有一個很好的計劃，可以確保為他們的揚聲器產品維持磁鐵的供應。

Yeah. Thanks, man.

是的。謝謝，老兄。

Thank you. And I'm currently showing no further questions at this time. I'd like to hand the call back over to Josh O'Berski for closing remarks.

謝謝。目前我沒有其他問題。我想將電話轉回給 Josh O'Berski 來做最後發言。

Thank you, everyone, for your time today. As a reminder, we will be at SEMA in November. If any investors are interested in joining us, please reach out. But this concludes our conference call. Have a great weekend.

謝謝大家今天抽出時間。提醒一下，我們將於 11 月參加 SEMA。如果有投資者有興趣加入我們，請聯絡我們。我們的電話會議到此結束。祝你周末愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。