Gentex Corp (GNTX) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Gentex reports fourth quarter and year-end 2025 financial results. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎閱讀 Gentex 發布 2025 年第四季及全年財務業績報告。目前，所有參與者均處於唯讀模式。請注意，今天的會議正在錄影。（操作說明）

I would now like to hand the conference over to your speaker today, Josh O'Berski, Vice President of Investor Relations.

現在我謹將會議交給今天的主講人，投資人關係副總裁喬許‧奧伯斯基。

Thank you. Good morning, and thank you for joining us today for our fourth-quarter and year-end 2025 earnings conference call. I'm Josh O'Berski, Gentex's Vice President 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 along with edited transcripts will be available following the call on the Investors section of our website at ir.gentex.com.

謝謝。早安，感謝各位今天參加我們2025年第四季及全年財報電話會議。我是喬許‧奧伯斯基，Gentex公司的投資人關係副總裁。今天陪同我出席的有：總裁兼執行長史蒂夫唐寧；營運長兼技術長尼爾博姆；以及財務副總裁兼財務長凱文納許。請注意，本次電話會議的網路直播回放以及編輯後的文字稿將在會議結束後發佈在公司網站 ir.gentex.com 的投資者關係版塊。

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 press release from this morning and our annual report on Form 10-K for the year ended December 31, 2024, as well as general economic conditions. If one or more of these risks or uncertainties materialize or if our underlying assumptions or estimates prove to be incorrect, actual results could differ materially from these expressed or implied in our forward-looking statements.

再次提醒大家，今天電話會議上的許多陳述都是前瞻性陳述，反映了我們目前的預期。這些聲明受到許多已知和未知風險及不確定因素的影響，包括我們今天早上發布的新聞稿和截至 2024 年 12 月 31 日的 10-K 表格年度報告中詳述的風險及不確定因素，以及總體經濟狀況。如果這些風險或不確定性中的一項或多項成為現實，或者如果我們的基本假設或估計被證明是錯誤的，則實際結果可能與我們在前瞻性聲明中明示或暗示的結果有重大差異。

I will now hand the call over to Steve Downing for our prepared remarks.

現在我將把電話交給史蒂夫唐寧，他將發表我們事先準備好的演講。

Thank you, Josh. For the fourth quarter of 2025, the company reported consolidated net sales of $644.4 million, an increase of 19% compared to net sales of $541.6 million for the fourth quarter of last year. VOXX contributed $103.4 million of revenue during the fourth quarter, and the core Gentex revenue was $541 million.

謝謝你，喬許。該公司公佈 2025 年第四季合併淨銷售額為 6.444 億美元，比去年第四季的淨銷售額 5.416 億美元成長了 19%。VOXX 在第四季度貢獻了 1.034 億美元的收入，而 Gentex 的核心收入為 5.41 億美元。

While core Gentex revenue was essentially flat compared to the fourth quarter of last year, our performance within our primary markets was notably stronger. Revenue in these regions grew approximately 3% compared to a 2% decline in light vehicle production, representing a five-point outperformance relative to the underlying market.

儘管 Gentex 的核心收入與去年第四季基本持平，但我們在主要市場的表現明顯更強。這些地區的收入成長了約 3%，而輕型汽車產量卻下降了 2%，比市場整體表現高出 5 個百分點。

Sales into China totaled $34.5 million for the quarter, down 33% from last year due to the impact of tariffs. The consolidated gross margin in the fourth quarter of 2025 was 34.8% compared with a gross margin of 32.5% in the fourth quarter of last year, which did not include VOXX. The core Gentex gross margin was 35.5%, representing a 300-basis-point increase compared to last year and is the highest gross margin since the first half of 2021.

受關稅影響，本季對華銷售額總計 3,450 萬美元，比去年同期下降 33%。2025 年第四季綜合毛利率為 34.8%，而去年第四季毛利率為 32.5%（不含 VOXX）。Gentex 的核心毛利率為 35.5%，比去年增長了 300 個基點，是 2021 年上半年以來的最高毛利率。

The increase in gross margin was the result of favorable product mix, operational efficiencies, and purchasing cost reductions, partially offset by tariff-related costs. The steady improvement in gross margin reflects the company's disciplined focus on cost control, productivity, and execution.

毛利率的成長得益於有利的產品組合、營運效率的提高和採購成本的降低，但部分被關稅相關成本所抵銷。毛利率的穩定提升反映了公司在成本控制、生產效率和執行力方面的嚴格控制。

Over the last two years, we established and announced the target of getting back to the 35% to 36% gross margin range, and the team has accomplished this goal through unbelievable grit and determination despite the external headwinds. It is also interesting to note that the gross margin improvement was partially offset by incremental tariff-related costs which reduced gross margin by approximately 150 basis points versus last year.

在過去的兩年裡，我們制定並宣布了將毛利率恢復到 35% 至 36% 的目標，儘管面臨外部不利因素，團隊憑藉著令人難以置信的毅力和決心實現了這一目標。值得注意的是，毛利率的提高部分被關稅相關成本的增加所抵消，導致毛利率比去年下降了約 150 個基點。

Consolidated operating expenses during the fourth quarter were $104.4 million compared to operating expenses of $86.5 million in the fourth quarter of last year. The increase was primarily due to the VOXX acquisition, which accounted for $24.6 million of the increase. The core Gentex operating expenses included $800,000 in Gentex-specific severance expenses.

第四季綜合營運費用為 1.044 億美元，而去年同期營運費用為 8,650 萬美元。此次成長主要歸功於對 VOXX 的收購，該收購帶來了 2,460 萬美元的成長。Gentex 的核心營運費用包括 80 萬美元的 Gentex 特定遣散費。

Over the last 1.5 years, the company has been focused on expanding the gross margin as well as improving our operating cost structure. This effort included early retirement programs aimed at decreasing headcount and reduce third-party spend to lower ongoing operating expenses, while making sure our key technology and product initiatives continue to move forward.

過去一年半以來，公司一直致力於提高毛利率並改善營運成本結構。這項努力包括旨在減少員工人數和減少第三方支出以降低持續營運費用的提前退休計劃，同時確保我們的關鍵技術和產品計劃繼續向前推進。

Consolidated income from operations for the fourth quarter was $120.1 million compared to income from operations of $89.8 million last year, which did not include VOXX. Core Gentex income from operations was $112.5 million, a 25.3% increase versus the fourth quarter of last year. Total other loss was $8.7 million during the fourth quarter compared to other income of $8 million last year. Last year's gain was from a fair value adjustment of our original investment in VOXX.

第四季綜合營業收入為 1.201 億美元，而去年同期營業收入為 8,980 萬美元（不含 VOXX）。Gentex核心營運收入為1.125億美元，比去年第四季成長25.3%。第四季其他總虧損為 870 萬美元，而去年同期其他收入為 800 萬美元。去年的收益來自我們對 VOXX 原始投資的公平價值調整。

During the fourth quarter, the company had an effective tax rate of 16.3% compared to an effective tax rate of 10.3% last year. The increase was driven by lower tax benefits related to stock-based compensation as well as a reduced benefit from the foreign-derived intangible income deduction. Consolidated net income was $93 million compared to $87.7 million in the fourth quarter of last year. Earnings per diluted share in the fourth quarter were $0.43 compared with earnings per diluted share of $0.39 last year, which did not include VOXX.

第四季度，該公司實際稅率為 16.3%，而去年同期實際稅率為 10.3%。此次成長是由於與股票選擇權相關的稅收優惠減少，以及來自國外的無形收入扣除優惠減少所致。合併淨收入為 9,300 萬美元，而去年第四季為 8,770 萬美元。第四季稀釋後每股收益為 0.43 美元，而去年同期稀釋後每股收益為 0.39 美元（不含 VOXX）。

For calendar year 2025, the company's consolidated net sales were $2.53 billion, an increase of 10% compared to net sales of $2.31 billion in calendar year 2024. The consolidated revenue includes nine months of VOXX-related revenue.

2025 年日曆年，該公司合併淨銷售額為 25.3 億美元，比 2024 年日曆年的淨銷售額 23.1 億美元成長了 10%。合併收入包括與 VOXX 相關的九個月收入。

Core Gentex sales were $2.27 billion for the year, a 2% decline versus last year, primarily driven by lower demand for the company's exports into the China market due to tariffs. In the company's primary regions, revenue increased by approximately 1% despite a 1% decline in light vehicle production. For calendar year 2025, the consolidated gross margin was 34.2% compared to a gross margin of 33.3% last year, which did not include VOXX.

Gentex 核心銷售額本年度為 22.7 億美元，較上年下降 2%，主要原因是關稅導致該公司對中國市場的出口需求下降。在該公司的主要地區，儘管輕型汽車產量下降了 1%，但收入仍增加了約 1%。2025 年曆年度的綜合毛利率為 34.2%，而去年毛利率為 33.3%（不含 VOXX）。

The core Gentex gross margin was 34.7%, a 140-basis-point increase compared to last year. Gross margin improvements were the result of purchasing cost reductions, operational efficiencies, and favorable product mix, which were partially offset by tariff costs that were not reimbursed during the quarter -- sorry, during the year. The gross margin expansion was exceptional, especially when considering that the 140-basis-point gain was achieved despite lower sales and new tariff-related headwinds that were not fully offset during the year.

Gentex 的核心毛利率為 34.7%，比去年增長了 140 個基點。毛利率的提高得益於採購成本的降低、營運效率的提高以及有利的產品組合，但部分被本季度（抱歉，是本年度）未得到補償的關稅成本所抵消。毛利率的擴張非常出色，尤其考慮到在銷售額下降和新的關稅相關不利因素尚未完全抵消的情況下，仍實現了 140 個基點的成長。

For the year, consolidated operating expenses were $392.8 million. Core Gentex operating expenses were $318.5 million in comparison to $311.4 million last year. Core Gentex operating expenses this year also included $10.4 million in Gentex-specific severance expenses. VOXX operating expenses were $74.3 million from April through year-end.

該年度合併營運費用為 3.928 億美元。Gentex核心營運支出為3.185億美元，去年為3.114億美元。今年 Gentex 的核心營運支出還包括 1,040 萬美元的 Gentex 特定遣散費。從四月到年底，VOXX 的營運費用為 7,430 萬美元。

Total other loss was $12.9 million for 2025 compared to other income of $12.5 million last year. For calendar year 2025, the company's effective tax rate was 16.6% compared to an effective tax rate of 14.3% last year. The rate increase was driven by reduced tax benefits related to stock-based compensation as well as a lower benefit from the FDII deduction.

2025 年其他總虧損為 1,290 萬美元，而去年其他收入為 1,250 萬美元。2025 年曆年，該公司實際稅率為 16.6%，而去年實際稅率為 14.3%。稅率上調的原因是與股票選擇權相關的稅收優惠減少，以及 FDII 扣除帶來的收益降低。

Consolidated net income for calendar year 2025 was $384.8 million compared to income of $404.5 million last year. Earnings per diluted share this year was $1.74 compared to earnings per diluted share of $1.76 last year.

2025 年曆年度的綜合淨收入為 3.848 億美元，而上一年的收入為 4.045 億美元。今年每股攤薄收益為 1.74 美元，而去年每股攤薄收益為 1.76 美元。

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

現在我將把電話轉給凱文，以便他進一步說明財務細節。

Thanks, Steve. Gentex Automotive generated $527.6 million in net sales during the fourth quarter of '25 compared to $531.3 million in the fourth quarter of '24, despite a 3% quarter-over-quarter decline in auto-dimming mirror shipments. For the full year, 2025, Gentex Automotive delivered $2.22 billion in net sales compared with $2.26 billion in 2024 -- in '24, even as auto-dimming mirror shipments declined 6% year over year. This performance highlights the company's ability to sustain strong revenue levels driven by ongoing content expansion.

謝謝你，史蒂夫。儘管自動防眩後視鏡的出貨量較上季下降了 3%，但 Gentex Automotive 在 2025 年第四季的淨銷售額仍達到 5.276 億美元，而 2024 年第四季的淨銷售額為 5.313 億美元。2025 年全年，Gentex Automotive 的淨銷售額為 22.2 億美元，而 2024 年為 22.6 億美元——儘管 2024 年自動防眩後視鏡的出貨量同比下降了 6%。這項業績凸顯了該公司在持續的內容擴張推動下，維持強勁營收水準的能力。

In our other category, which includes dimmable aircraft windows, fire protection products, medical products and biometrics, fourth-quarter net sales were $13.3 million, up from $10.3 million in the prior year period. And for the full year, other net sales were $51.1 million compared to $48.6 million in 2024.

在其他類別中，包括可調光飛機窗戶、消防產品、醫療產品和生物辨識技術，第四季淨銷售額為 1,330 萬美元，高於去年同期的 1,030 萬美元。全年其他淨銷售額為 5,110 萬美元，而 2024 年為 4,860 萬美元。

VOXX contributed $103.4 million in net sales during the fourth quarter of '25 and $267.2 million for the nine month period from April 1 through December 31. The fourth quarter reflected the expected seasonal and sequential increase tied to holiday period demand. And post-acquisition integration remains on track with product strategies aligning, customer engagement strengthening, and operational synergy efforts progressing across the combined businesses.

VOXX 在 2025 年第四季貢獻了 1.034 億美元的淨銷售額，從 4 月 1 日至 12 月 31 日的九個月期間貢獻了 2.672 億美元的淨銷售額。第四季度反映了與假期期間需求相關的預期季節性和環比增長。收購後的整合工作仍在按計畫進行，產品策略正在協調一致，客戶互動正在加強，合併後的業務營運綜效也不斷推進。

Turning to capital allocation. We repurchased 3.8 million shares in the fourth quarter at an average price of $23.43. And for the full year, we repurchased 13.6 million shares at an average price of $23.48, totaling $319 million. We ended the year with 35.9 million shares remaining under our repurchase authorization.

接下來討論資本配置。我們在第四季以平均每股 23.43 美元的價格回購了 380 萬股股票。全年來看，我們以平均每股 23.48 美元的價格回購了 1,360 萬股股票，總計 3.19 億美元。截至年底，我們根據回購授權還剩餘 3,590 萬股。

Turning to the balance sheet. Our comparisons today are based on December 31 of '25 versus December 31 of '24. Starting with liquidity. Cash and cash equivalents were $145.6 million, down from $233.3 million at year-end 2024. This decline was primarily driven by the acquisition and share repurchases, partially offset by operating cash flow. Short-term and long-term investments totaled $278.3 million compared to $361.9 million at the end of '24.

接下來看一下資產負債表。我們今天的比較是基於 2025 年 12 月 31 日與 2024 年 12 月 31 日的資料。首先從流動性入手。現金及現金等價物為 1.456 億美元，低於 2024 年底的 2.333 億美元。這一下滑主要是由於收購和股票回購造成的，部分被營運現金流所抵銷。短期和長期投資總額為 2.783 億美元，而 2024 年底為 3.619 億美元。

Accounts receivable stood at $368.5 million compared to $295.3 million at year-end 2024. Of that, $290.6 million was attributable to Gentex and $77.9 million to VOXX. Inventories totaled $516.3 million, of which $392.2 million represented core Gentex inventory, down from $436.5 million at year-end 2024, largely due to reductions in raw material inventory. The remaining $124 million reflects VOXX inventory.

截至 2024 年底，應收帳款為 3.685 億美元，而 2024 年底為 2.953 億美元。其中，Gentex 貢獻了 2.906 億美元，VOXX 貢獻了 7,790 萬美元。庫存總額為 5.163 億美元，其中 3.922 億美元為 Gentex 核心庫存，低於 2024 年底的 4.365 億美元，主要是由於原材料庫存減少。剩餘的 1.24 億美元反映的是 VOXX 的庫存。

Consolidated accounts payable was $249 million compared to $168.3 million at year-end 2024, including $159.3 million for Gentex and $89.6 million for VOXX. Preliminary cash flow from operations for the fourth quarter was $125.7 million compared to $154.4 million in the same period last year, primarily due to changes in working capital. And operating cash flow for the calendar year '25 reached $587.3 million, up from $498.2 million in 2024, also driven by changes in working capital.

合併應付帳款為 2.49 億美元，而 2024 年底為 1.683 億美元，其中 Gentex 應付帳款為 1.593 億美元，VOXX 應付帳款為 8,960 萬美元。第四季初步經營活動現金流為 1.257 億美元，去年同期為 1.544 億美元，主要原因是營運資本的變化。2025 年的營運現金流達 5.873 億美元，高於 2024 年的 4.982 億美元，這也是由於營運資本的變化所致。

In the fourth quarter, net capital expenditures were $17.5 million compared to $38.5 million in the fourth quarter of last year. And for the full year, net capital expenditures were $120.6 million compared to $141.4 million in the prior year.

第四季淨資本支出為 1,750 萬美元，去年同期為 3,850 萬美元。全年淨資本支出為 1.206 億美元，而上一年為 1.414 億美元。

And lastly, depreciation and amortization expense for the fourth quarter was $25.2 million compared to $23.8 million in Q4 last year. And on a year-to-date basis, depreciation and amortization totaled $104 million, up from $94.7 million in the prior year.

最後，第四季的折舊和攤提費用為 2,520 萬美元，而去年同期為 2,380 萬美元。今年迄今為止，折舊和攤提總額為 1.04 億美元，高於上年的 9,470 萬美元。

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

現在我將把電話交給尼爾，讓他為大家帶來產品更新報告。

Thank you, Kevin. The fourth quarter of 2025 was another strong launch quarter. In the quarter, over 85% of the launches were advanced interior and exterior auto-dimming mirrors and electronic features. Driver monitoring, HomeLink, and Full Display Mirror were the products driving the greatest growth of the advanced feature launches for the quarter.

謝謝你，凱文。2025年第四季又是一個強勁的發布季度。本季度，超過 85% 的新品發布都採用了先進的內外自動防眩後視鏡和電子功能。駕駛監控、HomeLink 和全螢幕鏡像功能是本季推動高級功能發布成長最快的產品。

We're excited to announce that in the fourth quarter of 2025, we began shipping driver monitoring systems to both Volvo and Polestar. It's an exceptional accomplishment for the Gentex team in that these driver monitoring mirrors contain a full system of cameras, LED emitters, processing and Gentex-developed software to perform the required features. This was a great achievement, and the team did an outstanding job getting the product to market.

我們很高興地宣布，2025年第四季度，我們開始向沃爾沃和極星交付駕駛員監控系統。對Gentex團隊來說，這是一項卓越的成就，因為這些駕駛監控後視鏡包含完整的攝影機系統、LED發射器、處理器以及Gentex自主研發的軟體，能夠實現所需的各項功能。這是一項了不起的成就，團隊在將產品推向市場方面做得非常出色。

At the start of 2026, we once again exhibited at the Consumer Electronics Show in Las Vegas. The show floor provides an excellent format for meeting with our customers, suppliers, investors and consumers, all while demonstrating our latest technologies and capabilities. This was our 11th year at the show and by far, our biggest.

2026年初，我們再次參加了在拉斯維加斯舉辦的消費性電子展。展會現場為我們提供了一個絕佳的平台，讓我們能夠與客戶、供應商、投資者和消費者會面，同時展示我們最新的技術和能力。這是我們第 11 年參加這個展會，也是迄今為止規模最大的一次。

With four distinct booths, we were able to showcase our eSight medical product, our connected smoke detection system, PLACE, the new technologies in audio from Klipsch and Onkyo, and an evolution of our technologies and strategies of our core automotive business.

我們設立了四個不同的展位，分別展示了我們的 eSight 醫療產品、我們的連網煙霧偵測系統 PLACE、Klipsch 和 Onkyo 的音訊新技術，以及我們核心汽車業務的技術和策略的演變。

At our combined VOXX and premium audio company booth, Klipsch celebrated its 80th anniversary by debuting the next generation of its iconic 5s, 7s, and 9s powered speakers. It's new Atlas series of Hi-Fi headphones, the newest frontier in Hi-Fi speakers in its reference signature and Apollo Series as well as a preview of the Flexus Element outdoor sound bar. Additionally, the team showcased its vision for premium Onkyo AV receivers with a wide assortment of new products on display. Launching this many new products was a heavy lift, but the team did a great job and these new products received 26 awards from the show.

在我們 VOXX 和高端音響公司聯合展位上，Klipsch 發布了其標誌性 5s、7s 和 9s 主動式揚聲器的下一代產品，以此慶祝其成立 80 週年。它推出了全新的 Atlas 系列 Hi-Fi 耳機、Hi-Fi 揚聲器領域的最新前沿產品——參考級產品和 Apollo 系列，以及 Flexus Element 戶外條形音箱的預覽版。此外，該團隊還展示了其對高端安橋AV接收器的願景，並展出了各種各樣的新產品。推出這麼多新產品是一項艱鉅的任務，但團隊做得非常出色，這些新產品在展會上獲得了 26 個獎項。

In the main Gentex booth, the primary products were our next-generation Full Display Mirror, dimmable sun visors and sunroofs, HomeLink 6, our PLACE, smart home safety system, and our driver and in-cabin monitoring systems. This year at CES, the product that drove the greatest interest from all groups visiting the main booth was the dimmable visor. Utilizing our core electrochromic technology, our visors reduced sun glare while allowing drivers to still see what's ahead.

在 Gentex 的主展位上，主要產品包括我們的下一代全顯示後視鏡、可調光遮陽板和天窗、HomeLink 6、我們的 PLACE 智慧家庭安全系統以及我們的駕駛員和車內監控系統。今年CES展上，最吸引主展台所有參觀者關注的產品是可調光遮陽板。這款遮陽板運用了我們的核心電致變色技術，既能減少陽光眩光，又能讓駕駛者看清前方路況。

We showcased the multiple integrations of the vanity mirror, including a mirror surface covering the entirety of the visor that could be turned on or off. OEM interest in our dimmable visor technology has never been higher, and we're pleased to announce that we have our first customer and launch with a target to begin shipping in the second half of 2027. We believe this is the first of many customers who will incorporate this technology into their vehicles.

我們展示了化妝鏡的多種整合方式，包括覆蓋整個遮陽板的鏡面，可以打開或關閉。OEM廠商對我們的可調光遮陽板技術的興趣從未如此高漲，我們很高興地宣布，我們已經有了第一位客戶，併計劃在2027年下半年開始發貨。我們相信，這將是眾多將這項技術應用到車輛中的客戶中的第一位。

Full Display Mirrors continue to develop with the market, and it's the auto industry's leading digital rearview mirror, having shipped on more than 140 different vehicles around the world. At this year's CES, we demonstrated our next-generation Full Display Mirror, which incorporates the company's dynamic view assist, a series of dynamic viewing modes that can enhance driving safety and make, using the digital mirror, feel more natural.

全視鏡隨著市場不斷發展，它是汽車行業領先的數位後視鏡，已在全球 140 多種不同的車型上銷售。在今年的 CES 展會上，我們展示了我們的下一代全顯示後視鏡，它融合了該公司的動態視圖輔助功能，該功能包含一系列動態視圖模式，可以增強駕駛安全性，並使使用數位後視鏡感覺更加自然。

By utilizing a higher resolution imager, the Full Display Mirror can automatically expand the mirror's digital view when the vehicle is moving slowly. It can digitally tilt downwards when the vehicles in reverse, and it can display picture in picture functions like showing what's in your blind spot or what's in the cargo bed of your truck.

透過使用更高解析度的成像器，全顯示後視鏡可以在車輛低速行駛時自動擴展後視鏡的數位視圖。當車輛倒車時，它可以向下傾斜，並且可以顯示畫中畫功能，例如顯示盲點中的情況或卡車貨廂中的情況。

There was a lot of excitement and interest in the next phase of Full Display Mirror, and we're excited to get the launches moving. In 2025, Full Display Mirror continued to expand as a share of our overall business as we shipped 3.19 million units, representing approximately an 8% increase compared to the 2.96 million units shipped in 2024. Looking ahead to this year, we expect Full Display Mirror to grow by an additional 200,000 to 400,000 units.

大家對全視鏡的下一階段充滿期待與興趣，我們很高興能夠盡快啟動發布流程。2025 年，全視鏡在我們整體業務中的份額持續擴大，出貨量達到 319 萬台，比 2024 年的 296 萬台成長了約 8%。展望今年，我們預計全視鏡銷售將再成長 20 萬至 40 萬台。

To help showcase our driver and in-cabin sensing technologies at CES this year, we developed an all-new demonstrator that was able to show the primary DMS features while also demonstrating our 2D and structured light-based 3D cabin monitoring for detecting passengers, objects, and even presence of life. Additionally, we demonstrated our latest software suite containing emerging features like cognitive state recognition, impairment detection, vital signs monitoring, and post-crash communications.

為了在今年的 CES 上展示我們的駕駛員和車內感測技術，我們開發了一個全新的演示器，該演示器能夠展示主要的 DMS 功能，同時也能展示我們基於 2D 和結構光的 3D 車廂監控技術，用於檢測乘客、物體，甚至生命體的存在。此外，我們還展示了我們最新的軟體套件，其中包含認知狀態識別、損傷檢測、生命體徵監測和事故後通訊等新興功能。

Our driver monitoring and in-cabin monitoring systems continue to gain traction as they provide a scalable, easy-to-deploy mirror integrated platform. In Q1 of 2025, we announced we were shipping to Rivian, and we began shipping to Volvo and Polestar in Q4 of 2025. By the middle of 2026, we expect to be in production with two additional OEMs.

我們的駕駛員監控和車內監控系統持續獲得市場認可，因為它們提供了一個可擴展、易於部署的後視鏡整合平台。2025 年第一季度，我們宣布開始向 Rivian 供貨；2025 年第四季度，我們開始向沃爾沃和 Polestar 供貨。到 2026 年中，我們預計將與另外兩家 OEM 廠商合作生產。

As we look forward into 2026, it's clear that light vehicle production in our primary markets will remain mostly flat. With this prospect, the Gentex teams will continue to focus on how we can drive greater efficiency in our processes, improve our pricing with suppliers and mitigate impact -- tariff impacts while we continue to ramp up for the launch and production of complex technologies like large area devices and visors. We have an outstanding team here at Gentex, and I'm confident in our ability to continue to drive improvements while we advance the technology as well.

展望 2026 年，很明顯，我們主要市場的輕型汽車產量將基本保持穩定。有鑑於此前景，Gentex 團隊將繼續專注於如何提高流程效率、改善與供應商的定價以及減輕影響——關稅影響，同時我們將繼續加強推出和生產複雜技術，例如大面積設備和護目鏡。Gentex 擁有一支傑出的團隊，我相信我們有能力在推動技術發展的同時，不斷推動改進。

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，請他作指導和總結發言。

Thanks, Neil. The company's 2026 and 2027 light vehicle production assumptions reflect the S&P Global Mobility mid-January 2026 forecast for North America, Europe, Japan, Korea, and China and was included in our press release from earlier this morning. Based on the S&P Global Mobility forecast, market conditions in our primary markets, the continued impacts on the China market from tariffs, and the expected incremental sales contribution from the VOXX acquisition, the company is providing detailed annual guidance for 2026 and revenue guidance for 2027.

謝謝你，尼爾。該公司對 2026 年和 2027 年輕型汽車產量的假設反映了標普全球移動出行公司 2026 年 1 月中旬對北美、歐洲、日本、韓國和中國的預測，並已包含在我們今天早上早些時候發布的新聞稿中。根據標普全球移動出行預測、我們主要市場的市場狀況、關稅對中國市場的持續影響，以及收購 VOXX 帶來的預期增量銷售貢獻，公司現提供 2026 年的詳細年度指導和 2027 年的收入指導。

Consolidated revenue for 2026, including VOXX, is expected to be between $2.6 billion and $2.7 billion. Consolidated gross margin is anticipated to be between 34% and 35%. Consolidated operating expenses, excluding severance, are forecasted at $410 million to $420 million. The effective tax rate is expected to be between 16% and 18%. Capital expenditures are projected at $125 million to $140 million. And depreciation and amortization is expected to total $100 million to $110 million.

2026 年合併收入（包括 VOXX）預計在 26 億美元至 27 億美元之間。預計合併毛利率將在 34% 至 35% 之間。不包括遣散費在內的綜合營運費用預計為 4.1 億美元至 4.2 億美元。實際稅率預計在16%至18%之間。預計資本支出為 1.25 億美元至 1.4 億美元。預計折舊和攤銷總額將達 1 億至 1.1 億美元。

Additionally, based on the current S&P Global Mobility light vehicle production outlook and the company's estimates for VOXX, premium audio, aerospace, medical, fire protection, and consumer electronic products, the company currently expects calendar year 2027 revenue to be between $2.75 billion and $2.85 billion.

此外，根據標普全球移動出行輕型汽車生產展望以及該公司對 VOXX、高級音訊、航空航天、醫療、消防和消費性電子產品的估計，該公司目前預計 2027 年日曆年的收入將在 27.5 億美元至 28.5 億美元之間。

We came into 2025 with a focus on growth and improving profitability and hoping for stable end market. Instead, we were confronted with a dynamic marketplace, including headwinds created by the volatility of tariffs, counter tariffs, weakening production in our primary markets, and cost inflation. Despite these challenges, our team delivered impressive results.

進入 2025 年，我們專注於成長和提高獲利能力，並希望終端市場保持穩定。相反，我們面臨的是一個動態的市場，包括關稅波動、反制關稅、主要市場生產疲軟以及成本上漲等帶來的不利因素。儘管面臨這些挑戰，我們的團隊仍取得了令人矚目的成果。

In April, we completed the VOXX acquisition and have addressed most of the integration challenges. We are also well on our way of accomplishing our planned cost improvement initiatives that we believe will ultimately yield approximately $40 million per year in positive cash flow from the VOXX business.

今年四月，我們完成了 VOXX 的收購，並解決了大部分整合難題。我們目前也在穩步推進計劃中的成本改善舉措，我們相信這些舉措最終將使 VOXX 業務每年產生約 4000 萬美元的正現金流。

In our core business, our teams reduced costs, improved efficiency, and expanded profitability, resulting in gross margins at the highest level in several years and accomplishing our stated goal of returning to 35% to 36% gross margin levels. This year, our sales teams were able to offset a 29% year-over-year sales decline in China through increased sales in our primary markets that outperformed the market by 3% despite the turbulence in those markets. These results reinforce my confidence in our team's ability to persevere through unforeseen and volatile circumstances and to adjust rapidly to changing business conditions and environments.

在我們的核心業務中，我們的團隊降低了成本，提高了效率，擴大了盈利能力，使毛利率達到了幾年來的最高水平，並實現了我們既定的目標，即恢復到 35% 至 36% 的毛利率水平。今年，儘管中國市場動盪不安，但我們的銷售團隊透過主要市場的銷售額成長，抵消了中國市場年比 29% 的銷售額下滑。這些主要市場的銷售額成長幅度比市場平均高出 3%。這些結果增強了我對我們團隊在不可預見和動盪的環境中堅持不懈的能力，以及快速適應不斷變化的商業條件和環境的能力的信心。

The market conditions in 2025 remind us of one key takeaway: growth must come from innovation. The team is answering that challenge with focus and determination. Despite the market conditions and the focus on cost alignment, the team has continued to launch and develop our next wave of products that include new driver monitoring systems, our next generation of Full Display Mirrors, large area devices, our first production award for dimmable visors, and a whole new product lineup within the Premium Audio group that won numerous awards at the Consumer Electronics Show.

2025 年的市場狀況提醒我們一個關鍵要點：成長必須來自創新。團隊正以專注和決心應對這項挑戰。儘管市場環境和成本控制面臨挑戰，但團隊仍持續推出和開發下一波產品，其中包括新的駕駛員監控系統、下一代全顯示後視鏡、大面積設備、我們首個可調光遮陽板生產獎項，以及在消費電子展上贏得眾多獎項的高級音頻產品系列。

Our strategy is to continue to leverage our core competencies to drive above-market growth through existing and new technologies. This growth, combined with our cost discipline, will allow us to create shareholder value for years to come.

我們的策略是繼續發揮我們的核心競爭力，透過現有技術和新技術推動高於市場平均的成長。這一成長，加上我們的成本控制，將使我們能夠在未來幾年內為股東創造價值。

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

我們今天的演講就到此結束了。現在我們可以進入提問環節了。

(Operator Instructions) Luke Junk, Baird.

（操作說明）盧克瓊克，貝爾德。

Maybe just for starters, Steve, if we could just square the downside and an upside risk relative to the revenue guidance range, up growth as we went through last year, of course, a little [uneven] on a quarter-by-quarter basis, just how you're thinking about some of those impacts that we saw last year, vehicle [intermix] and maybe anything customer specific that we should keep in mind as well? Thank you.

史蒂夫，或許我們可以先來探討一下，相對於營收預期範圍，下行風險和上行風險是否一致？當然，就像去年一樣，我們預計季度成長會有些波動，您是如何看待去年出現的一些影響因素的，例如車輛組合，以及任何我們應該考慮的客戶特定因素？謝謝。

Yeah. I think if you look at overall, the -- yeah, you're absolutely right. First of all, 2025 was definitely lumpy in terms of what was happening, not only regionally but with our customer base. I think if you look at the upside or kind of the tailwinds behind that forecast, you start to see some stability in the North American market. There's definitely some upside for that market to improve or be a little better than production estimates.

是的。我認為從整體上看——是的，你說得完全正確。首先，2025 年的發展情勢肯定起伏不定，不僅在區域層面如此，在我們的客戶群方面也是如此。我認為，如果你看看這項預測背後的利多因素或順風，你會發現北美市場開始出現一些穩定性。該市場肯定還有一些上漲空間，可能會有所改善，或略好於生產預期。

I mean, if you look at where it's been in the last few years, it's definitely been towards the lower end of probably what we'd expect to be economically stable production environment in North America. If you look at the Western Europe side, that's probably the next biggest opportunity for us to see some improvements. There definitely seems to be some stability there. Definitely not as bad as what probably I thought it was coming into '25. It definitely performed a little better than I thought.

我的意思是，如果你看看過去幾年它的發展狀況，它肯定處於北美經濟穩定生產環境的較低水平。如果看看西歐方面，那可能是我們取得一些進步的下一個最大機會。那裡的局勢似乎確實比較穩定。絕對沒有我2025年初預想的那麼糟。它的表現確實比我想像的要好一些。

The risk factor is obviously what's going on in the China market. And does that deterioration continue to happen? And then the last one for us is we do have some pretty good exposure to Tesla as a customer. What continues to be the role of Tesla as it relates to EV and the acceptance rate of those vehicles globally, we've been a long-term partner with them and definitely have some out risk on an OEM basis with Tesla.

風險因素顯然是中國市場的現狀。這種惡化趨勢還在持續嗎？最後一點是，我們身為特斯拉的客戶，與特斯拉有相當不錯的接觸。特斯拉在電動車領域以及全球電動車的接受度方面將繼續扮演重要角色，我們一直是他們的長期合作夥伴，並且在 OEM 層面上與特斯拉肯定存在一些風險分擔。

Got it. Maybe switching gears to margins, gross margin for '25 in total. I think if I have my numbers right, I ended up being about 30 bps above the high end of your guidance with the 4Q upside. Can we just unpack what was better than expected over the last couple of months of the year in the fourth quarter versus where you guided? And then what is sustainable as we walk into '26? Or is there anything that we should be making sure that we adjust for coming out this quarter?

知道了。或許可以換個角度談談利潤率，2025 年的總毛利率。我認為，如果我的數據沒錯的話，考慮到第四季的上漲空間，我的最終業績比你們預期的上限高出約 30 個基點。我們能否詳細分析一下，今年第四季最後幾個月有哪些方面好於預期，以及與您先前的預期相比有哪些不同之處？那麼，當我們邁入 2026 年時，什麼是永續發展的呢？或者，我們應該確保在本季推出的產品中做出一些調整？

Yeah. I'd say on the positive side, the product mix, operational efficiencies, labor, yield, all the things internally were really solid, especially in the fourth quarter. PPV and the pricing out of the supply base was solid.

是的。積極的一面是，產品組合、營運效率、勞動力、產量，所有內部因素都非常穩健，尤其是在第四季度。PPV 和供應基礎定價都很穩健。

If you look on the negative side, obviously, tariff impact in the second half of the year was a lot larger than it was in the first half. A lot of that was not reimbursed in the quarter. And so that 150-basis-point headwind in Q4 was really pretty significant when you look at overall performance.

從負面角度來看，顯然，下半年的關稅影響比上半年大得多。其中很多費用在本季都沒有得到報銷。因此，第四季150個基點的不利因素對整體業績的影響確實相當顯著。

For us to hit that mid-35s despite those headwinds was -- obviously tells you kind of what the upside could be longer term if we can get the tariff situation completely under control.

儘管面臨諸多不利因素，我們仍能達到 35 倍左右的水平——這顯然表明，如果我們能夠完全控制關稅形勢，從長遠來看，股價可能會有怎樣的上漲空間。

DRAM, obviously, getting a lot of headlines in auto. Maybe if you could just comment on what you're seeing in the supply chain right now or relative to pricing trends and any internal efforts that you might be working on from an engineering standpoint? And would I be right in assuming that there's some direct exposure here in terms of the FDM build materials, especially?

顯然，DRAM在汽車領域佔據了許多新聞頭條。或許您可以談談您目前在供應鏈中觀察到的情況，或與價格趨勢相關的情況，以及您從工程角度正在進行的任何內部工作？我是否可以假設，FDM 製造材料方面存在一些直接的暴露風險，尤其是一些直接暴露風險？

Yeah, Luke, so in regards to the FDM, that uses the DDR3 technology. So it's a little older technology. So we -- from a supply side, there's not a lot of risk on that, but there is just from a pricing side, the pricing on RAM with these issues that popped up have gone through the roof on pretty much every version of that component.

是的，盧克，關於FDM，它使用的是DDR3技術。所以這是一項比較老舊的技術。所以，從供應方面來看，風險並不大，但從定價方面來看，由於這些問題的出現​​，幾乎所有版本的記憶體價格都飆升了。

On the DDR4, there is a little bit of exposure in that as well from a DMS product, driver monitoring product, that we're doing, so from a supply side. We've got allocation where we've got parts to build and ship, but we are working on ultimate supply sources as well to alleviate any risk associated with that.

在 DDR4 方面，由於我們正在開發的 DMS 產品（驅動程式監控產品），我們也有一些曝光，所以從供應方面來說也是如此。我們已經分配了零件，可以進行生產和發貨，但我們也在努力尋找最終的供應來源，以減輕與之相關的任何風險。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I was hoping to also ask a question around gross margin. But with respect to the 2026 guidance and hoping you could walk us from the '25 level to '26, which is pretty flattish year over year. You just reported very strong 4Q gross margins. You just spoke a bit about some of the drivers there. But can you talk a bit more on puts and takes for '26?

我還想問一個關於毛利率的問題。但就 2026 年的指導意見而言，希望您能為我們解釋一下從 2025 年到 2026 年的水平，因為 2026 年的水平與去年相比相當平穩。你們剛剛公佈了非常強勁的第四季毛利率。你剛才稍微提到了那裡的一些司機。但您能否再詳細談談 2026 年的賣出和賣出策略？

It sounds like there's more opportunity to go on tariff recoveries. You also, I think, have some opportunities with VOXX as you work on the integration there. But then there's been obviously some of these challenges like DRAM that you were just referring to. So any more on the puts and takes and bridging to the '26 outlook would be helpful.

聽起來還有更多機會透過關稅追回款項。我認為，您在參與VOXX的整合工作時，也會有一些機會。但顯然，也存在一些挑戰，例如您剛才提到的DRAM問題。所以，如果能提供更多關於看漲和看跌期權以及對 2026 年前景展望的信息，那就太好了。

Yeah, absolutely. So if you look at the performance, exit rate for the last six months of '25, that's kind of our base case going into '26. And so we continue to see on the headwind side, obviously, you got customer pricing challenges like we always have. But on the tailwind side, you have supplier pricing that should improve. The two biggest challenges you have going into '26, however, are one of them are commodity pricing, especially as it relates to precious metals.

是的，絕對的。所以，如果你看一下 2025 年最後六個月的業績和退出率，這大致就是我們進入 2026 年的基本情況。因此，我們繼續看到不利因素，顯然，客戶在定價方面面臨一如既往的挑戰。但有利的一面是，供應商定價應該會有所改善。然而，進入 2026 年，你面臨的兩大挑戰之一是商品定價，尤其是與貴金屬相關的商品定價。

So our exposure typically runs silver, gold, and ruthenium. Obviously, ruthenium most people don't follow. But silver and gold are pretty obvious issues, also expecting a little bit of challenge as it relates to copper and some of the things that are happening in that marketplace, especially their impact on circuit boards and other electronics.

因此，我們的投資通常包括白銀、黃金和釕。顯然，大多數人並不關注釕。但白銀和黃金的情況則比較明朗，同時預期銅及其市場動態也會帶來一些挑戰，尤其是它們對電路板和其他電子產品的影響。

The other big one is tariffs. So we'll have a full year of tariff rates, and some of those have changed since the beginning of '25. And so if you look at the weighted average, we really only had about six months of the full weighted average of tariffs this year versus a full 12 months next year. So those two, in particular, represent probably $45 million or $50 million of headwinds when we start the beginning of the year.

另一個大問題是關稅。因此，我們將迎來一整年的關稅稅率，其中一些稅率自 2025 年初以來已經發生了變化。因此，如果你看一下加權平均值，你會發現今年我們實際上只有大約六個月的完整加權平均關稅，而明年則是完整的 12 個月。因此，這兩個因素尤其可能代表我們在年初時面臨的 4,500 萬至 5,000 萬美元的不利影響。

Okay. Understood. My other question was on China. And you've spoken a bit already on what you've seen in the China market directly. Maybe speak a bit more on what you're expecting for China this year. But then higher level as we're seeing the Chinese OEMs continuing to expand beyond the China market, to what extent do you think Gentex can sell to those OEMs as they're selling into markets like Europe? Thank you.

好的。明白了。我的另一個問題是關於中國的。您之前已經談到了一些您在中國市場直接觀察到的情況。或許您可以再多談談您對今年中國市場的預期。但從更高的層面來看，我們看到中國汽車製造商不斷向中國以外的市場擴張，您認為Gentex能在多大程度上向這些汽車製造商銷售產品，就像他們向歐洲等市場銷售產品一樣？謝謝。

Well, I think on the China market, what our primary focus right now and what we're expecting to happen is continued a little bit of headwinds for us exporting into the China market. And that's primarily driven by the fact that the content and the tariff rates just don't support that additional cost on given how high those tariffs are for us to be able to operate under that business model and sell into the China market, at least at the levels we have in the past.

嗯，我認為就中國市場而言，我們目前的主要關注點以及我們預計未來將要發生的事情是，我們出口到中國市場仍將面臨一些不利因素。這主要是因為，鑑於關稅如此之高，產品內容和關稅稅率根本無法支撐額外的成本，以至於我們無法按照這種商業模式運作並向中國市場銷售產品，至少無法達到我們過去所達到的水平。

As you look -- as you start talking about Chinese OEMs and their role in the rest of the world production, I think that's a big function of is that cars produced in China and exported to those markets or are they cars produced by Chinese OEMs domestically in the markets they're selling. And the reason why I separate the two is if we're shipping into the China market for manufacturing and then export, that still will be a difficult business model to engage in.

當你開始談論中國汽車製造商及其在世界其他地區生產中的作用時，我認為一個重要的問題是，這些汽車是在中國生產並出口到這些市場，還是由中國汽車製造商在國內生產並銷往這些市場。我之所以將兩者分開，是因為如果我們先在中國市場進行生產，然後再出口，那仍然是一種難以進行的商業模式。

On the flip side of that is Chinese OEMs, if they grow capacity in the Western world or in other parts of Asia, and we can ship into those regions at a better duty rate then we absolutely have a better chance of being competitive and a way for us to sell into those customers.

另一方面，如果中國OEM廠商在西方國家或亞洲其他地區擴大產能，而我們能夠以更優惠的關稅稅率向這些地區發貨，那麼我們絕對有更大的機會保持競爭力，並有機會向這些客戶銷售產品。

Yeah. And then Steve, just a quick follow-up there. I mean, as you're seeing some of the Chinese OEMs start to set up factories outside of China, are you already getting interest in using your products and making progress? Or is that something you'd still have to accomplish going forward?

是的。然後史蒂夫，我再補充一點。我的意思是，隨著一些中國OEM廠商開始在中國境外建廠，你們的產品是否已經引起了他們的興趣並取得了進展？或者說，這是接下來還需要完成的事嗎？

No. There's the -- most of those customers have worked with us in the past. And so as they look to expand footprint into other regions, we're absolutely on their list of suppliers.

不。其中大多數客戶過去都曾與我們合作過。因此，當他們尋求將業務拓展到其他地區時，我們絕對是他們的供應商之一。

Josh Nichols, B. Riley Securities.

Josh Nichols，B. Riley Securities。

Great to see the robust margin expansion. That's already been touched on, but I guess you've been talking a little bit about some new commercialization wins that are going to be ramping up between like DMS, also in dimmable glass longer term.

很高興看到利潤率強勁成長。這一點之前已經提到過了，但我猜你一直在談論一些新的商業化成果，這些成果將在DMS等領域逐步推進，從長遠來看，可調光玻璃領域也將取得進展。

When you look at like the '27 guidance that you've kind of put out there now -- I think that implies like 6% growth -- what's your expectations that are being built into that return in terms of the ramp for DMS, the China recovery, and dimmable glass in terms of like revenue contribution overall?

看看你們現在發布的 2027 年業績指引——我認為這意味著大約 6% 的成長——你們對 DMS 的成長、中國市場的復甦以及可調光玻璃在整體收入貢獻方面的預期是什麼？

Yeah. So if you look at the '26 revenue has virtually nothing in it from -- has nothing in it from dimmable glass, I mean, other than existing aerospace products. But if you look at the rest of it, we're anticipating continued decline in exports into the China market. No help from dimmable glass.

是的。所以，如果你看一下 2026 年的收入，你會發現除了現有的航空航太產品之外，可調光玻璃幾乎沒有任何收入。但從其他方面來看，我們預計對中國市場的出口將持續下降。可調光玻璃也無濟於事。

Obviously, revenue in the second half of '26, we'll start to see some tailwinds from the DMS launches. Right now, they're fairly immaterial between the two OEMs that we're shipping on currently. Once we add those other two, it starts to become material. The real impact of that will be in '27 and beyond.

顯然，在 2026 年下半年，隨著 DMS 的推出，營收將會開始出現一些利多因素。目前，在我們目前合作的兩家 OEM 廠商之間，這些差異幾乎可以忽略不計。一旦再加上另外兩項，事情就開始變得實質了。真正的衝擊將在2027年及以後顯現。

Got it. And then in terms of the commercialization timelines, it's great to hear you already have your first customer like visor, but additional larger opportunities like sunroof, side windows, things like that, what's an update on that?

知道了。至於商業化時間表，很高興聽到你們已經有了第一個客戶，例如遮陽板，但是像天窗、側窗之類的其他更大的機會，這方面有什麼最新進展嗎？

Yeah. So the interest in large -- so obviously, the visor stuff is great. The excitement in that is truly ramped up in the last 12 months and since CES, even higher than -- so we're super excited about that and being able to expand on that. From a large area device side, customer side, customer engagement still is really strong. Interest levels are really strong.

是的。所以大家對大遮陽帽很有興趣——很明顯，遮陽帽之類的東西很棒。過去 12 個月以來，尤其是自 CES 以來，人們對這方面的熱情確實高漲，甚至更高——所以我們對此感到非常興奮，並且能夠在此基礎上進行擴展。從大面積設備端和客戶端來看，客戶參與度依然非常高。市場興趣非常濃厚。

In this quarter, I think we announced that last quarter, we were in process of getting capital in place to be able to do our own coating processes on film substrates, which is required for this. That equipment is in-house and in the process of being assembled and installed. So we're hoping by the end of Q1 here that we'll be starting to build off material. And on this line, we'll be able to start building material that we can start using with customers to demonstrate production capability.

在本季度，我認為我們宣布了上個季度我們正在籌集資金，以便在薄膜基材上進行我們自己的塗層工藝，這是這項技術所必需的。該設備已在公司內部，目前正在組裝和安裝過程中。所以我們希望到第一季末，我們就能開始著手進行材料方面的建設。沿著這條生產線，我們將能夠開始生產可以與客戶一起使用的材料，以展示我們的生產能力。

I think the key important difference there is visors that is basically our core chemistry. And so from a timing to market, it can be a quicker go-to-market because it basically leverages what we've done in mirrors and in aerospace.

我認為關鍵的區別在於面罩，這基本上是我們的核心化學成分。因此，從上市時間來看，它可以更快地進入市場，因為它基本上利用了我們在鏡子和航空航太領域所取得的成就。

Yeah, interesting to see how that progresses because obviously, it could be a very significant growth driver, similar to kind of what FDM was if you go back. Last question for me would just be on the VOXX integration path. I know you said you've been targeting this $40 million plus. Like how much of that work is already done? Is it showing any material profitability? Or do you expect a lot of those synergies to kind of be realized like the back half of '26?

是的，看看它如何發展很有意思，因為很明顯，它可能成為一個非常重要的成長驅動力，類似於以前的FDM。我最後一個問題是關於 VOXX 的整合方案。我知道你說過你的目標金額是4000萬美元以上。例如，這些工作已經完成了多少？它是否顯示出任何實質的獲利能力？還是你預期很多綜效會在 2026 年下半年達成？

Yeah. I think if you look at where we came from, it was the business that was breakeven to losing money. And then if you look at 2026, we're probably about halfway there. We feel like that it will continue to ramp. The teams have been hard at work at finding opportunities. The PAC team and the Klipsch team is just getting ready to launch some new products kind of midyear into the last part of the year, which will help boost sales growth, improve margins. And then everybody is hard to work on kind of trimming up the cost side. So we feel like we're pretty well halfway to 60% of the way there in '26 and then coming into '27 full run rate at that level.

是的。我認為，如果你回顧我們最初的經營狀況，你會發現我們當時是一家勉強收支平衡甚至虧損的企業。展望 2026 年，我們可能已經完成了一半的目標。我們感覺這種趨勢還會繼續加劇。各團隊一直努力尋找機會。PAC 團隊和 Klipsch 團隊正準備在年中到下半年推出一些新產品，這將有助於促進銷售成長，提高利潤率。然後，大家都很難在成本上做出努力。所以我們感覺我們在 2026 年已經完成了目標的一半到 60%，然後在 2027 年以該水平的全速前進。

Well, if you look at the profitability in Q4, if you look at the VOXX standalone financials, you can -- if you annualize what Q4 was, we're in a pretty good shape already going into '26 to be basically halfway there, then it's about trying to get beyond that during calendar year '26 and into '27.

嗯，如果你看一下第四季度的盈利能力，如果你看一下 VOXX 的獨立財務報表，你會發現——如果你把第四季度的業績按年計算，到 2026 年，我們已經處於相當不錯的狀態，基本上完成了一半的目標，接下來的重點是在 2026 年和 2027 年超越這個目標。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

A couple of questions. First, just on VOXX, besides the extra quarter or so, like, are you expecting any growth in that business like on an annualized basis?

幾個問題。首先，就 VOXX 而言，除了額外增加的季度左右，您是否預期該業務在年化方面會有任何成長？

Yeah, it's about a 5% grower in calendar -- if you were to look at a full run rate year for 2026.

是的，以日曆年計算，成長率約為 5%——如果你看 2026 年的完整運行率年份的話。

Okay. So then if we think about core Gentex, that's pretty flattish or maybe even down a little bit. Is that the right way to think about it?

好的。所以，如果我們考慮 Gentex 的核心部分，就會發現它相當平坦，甚至可能略有下降。這種思考方式正確嗎？

No. Gentex is up about 2% to 3%.

不。Gentex股價上漲約2%至3%。

Core Gentex.

核心 Gentex。

Production that's down just as a comparator looking at production down 1% for the year, down 2% for the primary markets, yes.

僅作為比較對象，產量就下降了，全年產量下降了 1%，主要市場下降了 2%，是的。

Yeah. Okay. And then the OpEx up year over year, obviously, part of that is, again, another quarter of VOXX. Anything else to consider in the OpEx outlook?

是的。好的。然後營運支出較去年同期上升，顯然，其中一部分原因又是 VOXX 的另一個季度。營運支出方面還有其他需要考慮的因素嗎？

No. Really, that's the one thing is one quarter of a combined entity. I mean, if you look at the core Gentex operating expenses, they're pretty much flat year over year.

不。實際上，那隻是合併實體的四分之一。我的意思是，如果你看一下 Gentex 的核心營運費用，它們與去年相比基本持平。

Okay. Last quarter, you had sort of talked about some of the -- I know this was sort of touched on a little bit with Mark's question with the Chinese into Europe. But you talked about some European decontent thing. Is there any sort of update on what you're seeing from some of your customers there?

好的。上個季度，您曾談到過一些——我知道馬克關於中國人進入歐洲的問題也稍微涉及了這一點。但你剛才提到了一些關於歐洲不滿情緒的事情。您能否提供一些關於您那邊客戶回饋的最新情況？

The revenue in the quarter was actually reversed. So I think some of that was anomaly, given some of the shutdowns in Q3 with some of the larger -- some of the European customers. But that decontenting is continuing as it relates to some of the ones that we discussed before, but the volume in the quarter was actually reversed.

該季度的收入實際上被沖銷了。所以我覺得其中一些情況屬於異常現象，因為第三季一些較大的歐洲客戶出現了停工。但就我們之前討論過的某些產品而言，這種減產仍在繼續，但本季的數量實際上發生了逆轉。

And that -- and just to be clear, the decontenting primarily focused on outside auto-dimming mirrors. A lot of it is passenger side feature elimination. And so as OEMs struggle on their cost side, that's one of the things they do look at is feature elimination to try to save money.

而且——需要明確的是——此減配主要集中在外部自動防眩後視鏡。許多改動都涉及取消乘客側的功能。因此，當 OEM 廠商在成本方面苦苦掙扎時，他們考慮的方法之一就是取消某些功能以節省金錢。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Just have a question first on the walk to the 2027 revenue growth. So for this year in '26, you're pointing to maybe a 1% core growth against your core markets down 2%, right? And then for '27, this inflects a bit, right, in terms of your growth over market. So yeah, just curious on that bridge and does VOXX potentially outpace that growth rate, like contributing more than its pro rata share or not necessarily? Thank you.

首先，我想問一個關於實現 2027 年營收成長的問題。所以，對於 2026 年，您的意思是核心市場成長率可能只有 1%，而核心市場卻下降了 2%，對嗎？那麼對於 2027 年來說，這在某種程度上會影響到你相對於市場的成長，對吧。所以，我只是好奇那座橋的情況，VOXX 是否有可能超越這個增長率，例如貢獻超過其按比例應得的份額，或者不一定？謝謝。

No, like Kevin mentioned a minute ago, I think we would view it as more like 2% to 3% core Gentex growth in '26. And part of the inflection that you see in terms of that performance in '27 isn't overweight VOXX at all. It's actually core Gentex and the Gentex portion of that growth is really going to be driven by some of the full years of the DMS launches that Neil talked about, some continued FDM growth. And then by the end, not that it's material, but at the end, you start looking at visor sales actually starting to hit the income statement as well.

不，就像 Kevin 剛才提到的那樣，我認為我們會認為 2026 年 Gentex 核心業務的成長率更接近 2% 到 3%。而你在 2027 年的表現中所看到的轉變，部分原因根本不是 VOXX 過重。實際上，Gentex 的核心業務是 Gentex，而 Gentex 的成長部分將真正由 Neil 提到的 DMS 產品發布幾年來的全部收益以及 FDM 的持續成長所驅動。然後到了最後，雖然這不算什麼實質的改變，但到了最後，你會發現遮陽帽的銷售額其實也開始計入損益表了。

Got it. Okay. And then apologies if I missed this, but is there an expectation to recover the $19 million or $20 million of net tariff headwind that you incurred this past year in '25? And then just how are you thinking about free cash flow and buybacks for this year?

知道了。好的。如果我錯過了什麼，請見諒，但貴公司是否預期在 2025 年能夠彌補去年因關稅淨不利因素造成的 1900 萬美元或 2000 萬美元損失？那麼，您今年是如何考慮自由現金流和股票回購的呢？

So yeah, no problem. Thanks, James. First, on the tariff side, yeah, our intention is to recover as much of that as humanly possible. Now some of that may be like indirect in terms of how we get it. Some of the customer negotiations are direct, PO to PO price increases to cover the tariff impact. Some of them are delaying APRs or not given price downs in exchange. It's just dollars to us, so we try to just negotiate the best deal for each of our customers that makes sense for them and for us.

是的，沒問題。謝謝你，詹姆斯。首先，在關稅方面，是的，我們的目標是盡可能收回關稅。現在，其中一些資訊可能是間接獲得的。部分客戶談判是直接的，透過訂單到訂單的價格上漲來彌補關稅的影響。有些公司推遲支付年利率，或不提供降價作為交換條件。對我們來說，這只是金錢交易，所以我們努力為每位客戶爭取對他們和我們來說都最合理的交易。

Sorry, and then you asked a second question there, too, James -- oh, cash flow, yeah. So obviously, if you look at cash flow this year, it was at the highest level we've had in a long time. And so our goal is to continue to focus on cash flow. We've done a great job of that. And buybacks are obviously one of the primary uses of cash flow when we're successful in generating it.

抱歉，詹姆斯，你又問了第二個問題——哦，現金流，是的。顯然，如果你看今年的現金流，你會發現它達到了我們很長一段時間以來的最高水平。因此，我們的目標是繼續專注於現金流。我們在這方面做得非常出色。顯然，當我們成功產生現金流時，股票回購是現金流的主要用途之一。

Ryan Brinkman, JPMorgan.

Ryan Brinkman，摩根大通。

I wanted to ask on China. When you see that your sales are softer in that region due to the abnormally high tariff rates you're facing, are the customers mostly foregoing the use of electrochromic mirrors? Or are they maybe turning to domestically produced alternatives, which I think might be lower end, maybe less desirable but lower cost? I ask because I'm curious what your expectation is, should the tariff rates eventually normalize lower in terms of your ability to maybe see a rebound in revenue from that market.

我想問一些關於中國的問題。當您發現由於面臨異常高的關稅，該地區的銷售額有所下降時，客戶是否大多放棄了使用電致變色鏡？或者他們可能正在轉向國產替代品，我認為這些替代品可能檔次較低，可能不太受歡迎，但價格更低？我這麼問是因為我很好奇，如果關稅最終恢復正常並走低，你們是否有可能從該市場獲得收入反彈？

Yeah. I think if tariff rates drop significantly, then we would be right back in a good position to compete in that space. On the second part of your question about what are the alternatives, I would say it's probably a two-thirds, one-third type scenario, which is two-thirds of the time, domestic Chinese OEM is just dropping the technology. And about a third of the time, they're using a local supplier out of the domestic China market to try to replicate the products that we were selling.

是的。我認為，如果關稅大幅下降，那麼我們將重新處於有利地位，並在該領域競爭。關於你問題的第二部分，也就是有哪些替代方案，我認為可能是三分之二、三分之一的情況，也就是說，在三分之二的時間裡，中國國內的OEM廠商會放棄這項技術。在大約有三分之一的情況下，他們會使用中國國內市場的本地供應商來嘗試複製我們之前銷售的產品。

Okay. That's helpful. Thanks. And then on the DRAM issue discussed earlier, I mean, it sounds like it's not going to really impact vehicle production, certainly nothing like the chip shortage. But you did reference some higher costs, and I assume those were higher costs to Gentex as you acquire the components. But what is your expectation in terms of the completeness or timing differences in terms of maybe being compensated by customers for those higher memory costs?

好的。那很有幫助。謝謝。至於之前提到的DRAM問題，我的意思是，聽起來它不會對汽車生產造成太大影響，肯定不會像晶片短缺那樣嚴重。但您確實提到了一些更高的成本，我猜想這些成本指的是Gentex採購零件時的成本。但是，對於更高的記憶體成本，您是否期望客戶能夠補償您在完整性或時間安排上的差異？

Yeah. I think -- that's a great question. I think from a memory side, that's one of the items that we still got to go back from a customer perspective, just like the tariffs and go -- some of these DRAM cost points are multiples of where they used to be from a pricing. So they are something we're going to have to go back to the customer base and negotiate increases in compensation for those.

是的。我覺得——這是一個很好的問題。我認為從記憶體方面來看，這是我們仍然需要從客戶角度重新審視的項目之一，就像關稅一樣——這些DRAM的成本點已經是以前價格的數倍了。所以，我們需要重新與客戶群協商，提高他們的補償金額。

And a lot of times, like what we did during the other supply shortages, once they became available, we would work with OEMs ahead of time saying, what do you want us to do? So if a chip is $4 and now it's trading for $40, obviously, the supply base can't eat that on their own. So an OEM has to help us with the determination of, are they willing to pay that extra premium to guarantee production.

很多時候，就像我們在其他供應短缺期間所做的那樣，一旦供應恢復，我們就會提前與原始設備製造商 (OEM) 合作，詢問他們希望我們怎麼做。所以如果一塊晶片的價格是 4 美元，現在漲到了 40 美元，顯然，供應方無法獨自消化這麼多的晶片。因此，OEM廠商需要幫助我們確定，他們是否願意支付額外的溢價來確保生產。

And so we've historically worked with them proactively when we find chips available. Luckily, we've had to do less of that than a lot of the supply base is unfortunately headed.

因此，我們歷來都會在發現有晶片可用時主動與他們合作。幸運的是，我們不必像許多供應鏈企業那樣為此付出如此沉重的代價。

Okay. Very helpful again. Thank you. And then just lastly, is there an update you can provide on the dimmable sun visors? Did I hear you say you're looking to launch that product, I think, before the sort of large area dimmable glass and what progress you would have made?

好的。再次感謝你的幫忙。最後，關於可調光遮陽板，您能否提供一些最新進展？我好像聽您說過，您打算在推出大面積可調光玻璃之前，先推出該產品，而且您也取得了一些進展？

Yeah. The dimmable visor, we've got our first customer on board in launch, and we'll go to production in late 2027. And on large area devices, the update was around the equipment we talked about last quarter, getting in the wet coat capability in-house, so we're not dependent on outside suppliers for making the films. So that equipment is in-house being installed, started last week, and the plan is for that to be up and operational late Q1, early Q2, so we can start producing some of our own films to give us better film quality to be able to keep that product moving forward.

是的。可調式光罩，我們已經找到了第一位客戶，並將於 2027 年底投入生產。在大面積設備上，更新的內容與我們上個季度討論的設備有關，即在內部實現濕塗層能力，這樣我們就不必依賴外部供應商來製造薄膜。所以，這套設備已經安裝在公司內部，上週開始安裝，計劃在第一季末或第二季度初投入使用，這樣我們就可以開始生產我們自己的一些薄膜，從而提高薄膜質量，推動產品向前發展。

(Operator Instructions) David Whiston, Morningstar.

（操作說明）David Whiston，晨星公司。

Guys, on the headcount reductions, it sounds like they're -- this one we hear about more on the Gentex side. I'm just curious, is that where you want it now? Or do you see more buyout packages needed this year?

各位，關於裁員，聽起來好像──我們聽到更多Gentex方面的消息。我只是好奇，你現在想把它放在那裡嗎？還是您認為今年需要更多的買斷方案？

If sales continue on the path that we believe they will, we're really close to the right headcount that we need to be. The fundamental change, obviously, would be driven by market conditions. So in other words, if the market continues to soften, then obviously, we'd have to react to that. But as of right now, we've executed 90% of everything we need to do to be ready to go for 2026.

如果銷售額繼續按照我們預期的方向成長，那麼我們離所需的理想員工人數就非常接近了。顯然，根本性的變化將由市場狀況所驅動。換句話說，如果市場繼續走軟，那麼顯然，我們必須對此做出反應。但就目前而言，我們已經完成了 2026 年所需準備工作的 90%。

Okay. And on the core gross margin going beyond 35% to 36%, is that at all realistic to think about? Or is that really just a very best-case scenario long term, assuming constant tariff environment?

好的。核心毛利率超過 35% 到 36%，這現實嗎？或者說，這只是在關稅環境不變的情況下，長期來看的最佳情況？

Yeah. It's a really kind of best-case scenario, especially to your point, especially regarding what happens with the tariff environment. I mean, if that were to go away overnight, then obviously, I think there's a lot of opportunity on the upside. But given the -- what's happening with the precious metal side right now and with tariff environment, it seems that 35%, 36% seems like a really good spot.

是的。這確實是一種最佳情況，尤其正如您所說，尤其是在關稅環境方面。我的意思是，如果這種情況一夜之間消失，那麼顯然，我認為會有很大的上升空間。但考慮到目前貴金屬市場和關稅環境的變化，35%、36% 似乎是一個非常好的價格。

And just last question, any major pickup in business with automakers onshoring some production back into the United States because of the tariffs?

最後一個問題，由於關稅的影響，汽車製造商是否有將部分生產遷回美國，從而帶動了業務的大幅成長？

No. There's a lot of conversation. We haven't seen anything drastic yet in terms of tailwinds from that. It does add some complexity because on the flip side of that conversation is what about onshoring on Europe and other places where those customers are asking for any help they can get to eliminate duty and tariff implications on exports into those regions.

不。大家聊得很開心。目前我們還沒有看到這方面有任何顯著的利多因素。這確實增加了一些複雜性，因為另一方面，如果歐洲和其他地方的客戶要求盡可能地幫助他們消除出口到這些地區的關稅和稅費影響，那麼該如何處理這些地區的生產問題呢？

So the business is definitely becoming more complex over the next several years. I think most of those tailwinds that are going to help on the onshoring side are still out two to three years before you'll see any change in revenue because of that -- those decisions.

因此，未來幾年，業務肯定會變得更加複雜。我認為，那些有利於企業將生產環節遷回國內的利多因素，大多還需要兩到三年才能真正體現在收入方面——也就是這些決策的影響。

Thank you. I would now like to turn the call back over to Josh O'Berski for any closing remarks.

謝謝。現在我想把電話轉回喬許‧奧伯斯基，請他作總結發言。

Awesome. Thank you, everyone, for your time and questions today. This concludes our call.

驚人的。感謝各位今天抽出時間並提出問題。通話到此結束。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。