IPG Photonics Corp (IPGP) 2024 Q4 法說會逐字稿

Good morning, and welcome to IPG Photonics fourth-quarter 2024 conference call. Today's call is being recorded and webcast.

早安，歡迎參加 IPG Photonics 2024 年第四季電話會議。今天的通話正在錄音並進行網路直播。

At this time, I'd like to turn the call over to your host, Eugene Fedotoff, IPG's Senior Director of Investor Relations, for introductions. Please go ahead with your conference.

現在，我想將電話轉給主持人、IPG 投資者關係高級總監 Eugene Fedotoff，進行介紹。請繼續進行會議。

Thank you, and good morning, everyone. With me today is IPG Photonics' CEO, Dr. Mark Gitin; and Senior Vice President and CFO, Tim Mammen.

謝謝大家，早安。今天與我一起的是 IPG Photonics 的執行長 Mark Gitin 博士；以及資深副總裁兼財務長 Tim Mammen。

Let me remind you that statements made during the course of this call that discuss management's or the company's intentions, expectations or predictions are the forward-looking statements. These forward-looking statements are subject to risks and uncertainties and could cause the company's actual results to differ materially from those projected in such forward-looking statements.

讓我提醒您，在本次電話會議過程中討論管理階層或公司的意圖、期望或預測的陳述均為前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致公司的實際結果與此類前瞻性陳述中的預測有重大差異。

These risks and uncertainties are detailed in IPG Photonics' Form 10-K for the period ended December 31, 2023, and our reports on file with the Securities and Exchange Commission. Copies of these filings may be obtained by visiting the Investors section of IPG's website or the SEC's website directly.

這些風險和不確定性在 IPG Photonics 截至 2023 年 12 月 31 日的 10-K 表以及我們提交給美國證券交易委員會的報告中詳細說明。您可以透過造訪 IPG 網站的投資者部分或直接造訪 SEC 網站來取得這些文件的副本。

Any forward-looking statements made on this call are the company's expectations or predictions as of today, February 11, 2025 only, and the company assumes no obligation to publicly release any updates or revisions to any such statements. For additional details on our reported results, please refer to the earnings press release, earnings call presentation and the financial data workbook posted on our Investor Relations website. We will also post these prepared remarks on our website after this call.

本次電話會議上所做的任何前瞻性陳述僅為本公司截至今天（2025 年 2 月 11 日）的預期或預測，本公司不承擔公開發布此類陳述的任何更新或修訂的義務。有關我們報告的結果的更多詳細信息，請參閱我們的投資者關係網站上發布的收益新聞稿、收益電話會議演示文稿和財務數據工作簿。本次電話會議結束後，我們也會在我們的網站上發布這些準備好的評論。

With that, I'll now turn the call over to Mark.

說完這些，我現在將電話轉給馬克。

Thanks, Eugene, and good morning, everyone. For today's call, I'll provide a high-level overview of the quarter and share progress we've made on our strategy to drive long-term sustainable and profitable growth. After that, I will turn it over to Tim to provide more of the financial details, and then we will open the call for questions.

謝謝，尤金，大家早安。在今天的電話會議上，我將概述本季的情況，並分享我們在推動長期可持續獲利成長的策略方面取得的進展。之後，我會將話題轉交給提姆，讓他提供更多財務細節，然後我們會開始回答問題。

Starting with our fourth quarter, revenue came in at the high end of our guidance, up slightly from our third quarter and consistent with the business environment that continues to bounce along the bottom. Gross margin improved in the quarter helped by our efforts to reduce inventories.

從第四季開始，收入就達到了我們預期的高位，比第三季略有上升，與持續在底部反彈的商業環境保持一致。得益於我們努力減少庫存，本季毛利率有所提高。

Our operating expenses were also better than expected and down both year over year and sequentially. Our progress on expenses reflects the hard work the team has already undertaken to reduce our cost structure, and we will be deploying the savings towards strategic investments in the business.

我們的營運費用也優於預期，年比和季比均有所下降。我們在費用方面的進展反映了團隊為降低成本結構所做的努力，我們將把節省的資金用於業務的策略性投資。

Our free cash flow remains strong, reflecting higher profits and the positive working capital impact, and we maintained a very strong balance sheet. Although our results do not yet reflect our full potential, I'm proud of the progress we've made in navigating a challenging business environment that is impacting us on two levels: one, the tough macro conditions in general industrial and automotive markets, including EV; and two, a more competitive environment in cutting.

我們的自由現金流依然強勁，反映出更高的利潤和正面的營運資本影響，我們維持了非常強勁的資產負債表。儘管我們的業績尚未反映出我們的全部潛力，但我為我們在應對充滿挑戰的商業環境中所取得的進展感到自豪，這種環境在兩個層面影響著我們：一是包括電動汽車在內的一般工業和汽車市場的嚴峻宏觀條件；二是切割環境更加競爭激烈。

Over the last few months, we've undertook a comprehensive review of our strategy, markets, technologies and competition. We then developed a plan to strengthen our current products, penetrate new applications and markets, introduce novel solutions and set the foundation for a return to growth and better profitability in 2026 and 2027. Our leadership team and Board are aligned around our strategic plan, and we are hitting the ground running.

在過去的幾個月裡，我們對我們的策略、市場、技術和競爭進行了全面的審查。然後，我們制定了一項計劃，以加強我們現有的產品，滲透新的應用和市場，推出新穎的解決方案，並為 2026 年和 2027 年恢復增長和提高盈利能力奠定基礎。我們的領導團隊和董事會一致同意我們的策略計劃，我們正在立即採取行動。

We are addressing the challenging near-term demand environment and increased competition by reducing product costs, accelerating product development and strengthening relationships and support for our OEM customers. A prime example of our efforts to reduce product cost is our recent introduction of a new high-power fiber laser platform. This platform features next-generation high-power pump diodes that enable a more compact design at a lower manufacturing costs to help our cutting OEM customers defend against low-cost Chinese-made systems.

我們正在透過降低產品成本、加快產品開發以及加強與 OEM 客戶的關係和支援來應對充滿挑戰的近期需求環境和日益激烈的競爭。我們最近推出的新型高功率光纖雷射平台就是我們努力降低產品成本的典型例子。該平台採用下一代高功率泵浦二極體，可以更低的製造成本實現更緊湊的設計，幫助我們的尖端 OEM 客戶抵禦低成本的中國製造系統。

We also remain well positioned for opportunities in applications such as welding and cleaning as industrial and e-mobility demand recovers. In order to win in the long term, we are making investments in our business to drive differentiation in attractive markets where we can earn the greatest returns on our capital. Since I joined, we've taken a deep dive into every R&D program.

隨著工業和電動車需求的復甦，我們在焊接和清潔等應用領域也仍處於有利地位。為了長期勝利，我們正在對我們的業務進行投資，以在有吸引力的市場中推動差異化，從而讓我們獲得最大的資本回報。自從我加入以來，我們深入研究了每個研發項目。

Entering 2025, we are accelerating investment in several dedicated programs with strong market potential. Examples include urology applications, key micromachining opportunities in other areas where we have strong expertise and important relationships with market-leading customers.

進入2025年，我們正在加快對幾個具有強大市場潛力的專門項目的投資。例子包括泌尿科應用和其他領域的關鍵微加工機會，我們在這些領域擁有豐富的專業知識和與市場領先客戶的重要關係。

In aggregate, these programs target markets exceeding $5 billion in TAM and offer IPG multiple hundreds of millions of dollars in revenue opportunities over the next several years. It's important to note that these road maps will develop over time and have multiple milestones to hit on the path to market, but we are engaged with key customers today and have booked initial orders for a number of products in development.

總體而言，這些項目的目標市場規模超過 50 億美元，並將在未來幾年為 IPG 帶來數億美元的收入機會。值得注意的是，這些路線圖將隨著時間的推移而發展，並在進入市場的道路上有多個里程碑需要實現，但我們目前正在與主要客戶接洽，並已為一些正在開發的產品預訂了初始訂單。

For competitive reasons, we prefer to keep many of these initiatives out of the spotlight, but one area that I can highlight is urology. Urology is a multibillion dollar TAM where we already have a solid position and where our applications and laser expertise can be utilized to create novel treatment solutions and outperformance on the market today.

出於競爭原因，我們傾向於將這些舉措置於聚光燈之外，但我可以強調的一個領域是泌尿科。泌尿科是一個價值數十億美元的TAM，我們在該領域已佔據穩固的地位，並且可以利用我們的應用和雷射專業知識來創造新穎的治療方案並在當今市場上表現出色。

We expect to introduce the next product on our urology road map later this year, our new generation of thulium laser systems for the treatment of kidney stones, and we are making good progress in our other targeted R&D program.

我們預計將在今年稍後推出泌尿科路線圖上的下一個產品，即用於治療腎結石的新一代铥雷射系統，並且我們在其他有針對性的研發項目中也取得了良好進展。

We expect to generate initial revenue from some of these programs in 2025 with more meaningful returns on our investments beginning in 2026 and beyond as new products gain traction. We're also actively seeking opportunities to expand product offerings and market reach in key application areas throughout targeted acquisitions.

我們預計，2025 年將從其中一些項目中產生初始收入，隨著新產品的普及，從 2026 年開始及以後，我們的投資將獲得更豐厚的回報。我們也積極尋找機會透過有針對性的收購擴大關鍵應用領域的產品供應和市場覆蓋範圍。

We are integrating our December acquisition of cleanLASER, a maker of laser-based cleaning systems. cleanLASER is an example of our plan to complement focused R&D with strategic tuck-in acquisitions that accelerate our penetration of important markets.

我們正在整合12月收購的雷射清潔系統製造商 cleanLASER。 cleanLASER 是我們計劃的一個例子，該計劃旨在透過策略性附加收購來補充重點研發，從而加速我們對重要市場的滲透。

By leveraging cleanLASER's unique technological expertise and European presence and combining it with our strength in other markets, we aim to accelerate growth of our laser-based cleaning systems. Cleaning is a promising market, particularly for laser systems for the long term, and it's a market where we bring differentiated solutions.

透過利用 cleanLASER 獨特的技術專長和歐洲影響力，並結合我們在其他市場的優勢，我們旨在加速基於雷射的清潔系統的發展。清潔是一個前景光明的市場，特別是對於長期的雷射系統而言，也是我們為之帶來差異化解決方案的市場。

Furthermore, to support our strategy, we are strengthening discipline and execution across the organization. We are increasing intimacy with our customers so that we can focus product development under foremost needs.

此外，為了支持我們的策略，我們正在加強整個組織的紀律和執行力。我們正在增進與客戶的親密度，以便我們能夠專注於滿足最重要的需求進行產品開發。

We are enhancing our go-to-market by optimizing our sales team structure to drive targeted business development opportunities and improve account and product management. And finally, we're enhancing our service strategy and our offerings to better support our customers, build trust and create recurring revenue opportunities.

我們正在透過優化銷售團隊結構來增強我們的市場競爭力，以推動有針對性的業務發展機會並改善帳戶和產品管理。最後，我們正在加強我們的服務策略和產品，以便更好地支援我們的客戶，建立信任並創造經常性的收入機會。

In summary, from innovation and cost savings to strategic acquisitions and tailored solutions, our initiatives showcase the depth of work underway to strengthen IPG for the long term. While some of our initiatives, including our product development programs will take time to be reflected in our results. Our work today to strengthen our organization and execution will put us in a position to mitigate the near-term environment while positioning IPG for a stronger 2026 and beyond.

總而言之，從創新和成本節約到策略性收購和客製化解決方案，我們的措施展示了為長期加強 IPG 而進行的深入工作。而我們的一些舉措，包括產品開發計劃，需要一些時間才能反映在結果中。我們今天為加強組織和執行力所做的工作將使我們能夠緩解近期的環境，同時為 IPG 奠定更強大的基礎，迎接 2026 年及以後的輝煌。

Moving to our near-term outlook. We continue to believe we are bouncing along the bottom with fourth quarter book-to-bill close to 1. As I've discussed, we are investing in the growth of our business which will have an impact on our profitability in the near term, but we are committed to these investments as they will drive shareholder value in the long term. When revenue growth returns, we expect to show strong operating leverage that highlights the value of our platform.

轉向我們的近期展望。我們仍然相信，我們正在觸底反彈，第四季的訂單出貨比接近 1。正如我所討論的，我們正在投資於業務成長，這將在短期內對我們的獲利能力產生影響，但我們致力於這些投資，因為它們將在長期內推動股東價值。當營收成長恢復時，我們預期將展現出強勁的經營槓桿，從而凸顯我們平台的價值。

Before turning the call over to Tim, I wanted to touch on a few other items. The first is how we are thinking about capital allocation as we invest for the future. IPG has exciting opportunities ahead. We also have one of the strongest balance sheets in the industry with over $900 million of cash and no debt. This financial strength provides flexibility and a significant competitive advantage.

在將電話轉給蒂姆之前，我想談談一些其他事項。首先是我們在為未來投資時如何考慮資本配置。IPG 面臨著令人興奮的機會。我們還擁有業內最強勁的資產負債表之一，現金超過 9 億美元，且沒有債務。這種財務實力提供了靈活性和顯著的競爭優勢。

We've talked today about our strategic investments in differentiation and growth, both organic and via tuck-in acquisitions. As we prioritize investing in our business, you should expect us to be less aggressive on share repurchases in the near term.

今天我們討論了我們在差異化和成長方面的策略性投資，包括有機成長和透過收購實現的成長。由於我們優先投資於我們的業務，因此您應該預料到我們近期在股票回購方面不會那麼積極。

We are excited about the initiatives we're driving as we position the company for long-term value creation. The second item relates to the founders trusts that are significant long-term shareholders of IPG. The Gapontsev trusts have always operated with IPG's long-term interest in mind, and have historically sold modest amounts in the open market under Rule 144A to cover their expenses.

我們對我們正在推動的舉措感到非常興奮，因為我們正在為公司創造長期價值而努力。第二項涉及創辦人信託，他們是 IPG 的長期重要股東。Gapontsev 信託始終以 IPG 的長期利益為出發點，並曾根據 144A 規則在公開市場上出售少量資產以彌補開支。

Since Trust 1 and 3's remaining shares are not currently eligible to be sold under Rule 144, we plan to file a resale registration statement following our 10-K to facilitate an orderly distribution of shares over the next three years to cover expenses and diversified trust assets.

由於信託 1 和 3 的剩餘股份目前不符合根據規則 144 出售的資格，我們計劃在 10-K 之後提交轉售登記聲明，以便在未來三年內有序分配股份，以支付費用和多元化信託資產。

The total amount of shares to be registered represents approximately 5% of IPG's total outstanding shares today. The trusts have indicated that they intend to remain significant long-term shareholders and support our strategy.

即將登記的股份總數約佔 IPG 目前已發行股份總數的 5%。信託公司已表示，他們打算繼續作為長期重要股東，並支持我們的策略。

In closing, IPG is a great company with enormous potential. I am confident that with our continued focus on innovation and execution, we are well positioned to leverage our strengths to drive sustained growth.

最後，IPG 是一家具有巨大潛力的優秀公司。我相信，透過我們持續專注於創新和執行，我們完全有能力利用我們的優勢來推動持續成長。

With that, I will now turn the call over to Tim.

說完這些，我現在將電話轉給提姆。

Thank you, Mark, and good morning, everyone. My comments will generally follow the earnings call presentation, which is available on our Investor Relations website. I will start with the financial review on slide 4.

謝謝你，馬克，大家早安。我的評論通常會在收益電話會議報告之後進行，該報告可在我們的投資者關係網站上查閱。我將從幻燈片 4 上的財務審查開始。

Revenue came in at the top of our guidance in the fourth quarter at $234 million, up slightly on a sequential basis despite the full quarter impact from the disposal of Russian operations and only a modest revenue contribution from cleanLASER. Revenue was down 22% year over year and down 18%, excluding divested operations. Foreign currency reduced revenue by approximately 1% this quarter.

第四季度收入達到了我們預期的最高水平，為 2.34 億美元，儘管出售俄羅斯業務對整個季度產生了影響，而且 cleanLASER 的收入貢獻很小，但環比仍略有增長。營收年減 22%，若不包括剝離業務則下降 18%。本季外幣收入減少了約 1%。

Revenue from materials processing applications decreased 24% year over year primarily due to lower sales in welding, cutting and marking applications, while sales increased in additive manufacturing and micromachining applications. Revenue from other applications decreased 6% due to lower sales in medical, partially offset by increased sales in advanced applications.

材料加工應用的收入年減 24%，主要原因是焊接、切割和標記應用的銷售額下降，而增材製造和微加工應用的銷售增加。由於醫療領域銷售額下降，其他應用領域收入下降 6%，但先進應用領域銷售額成長部分抵消了這一影響。

Gross margin was 38.6%, an increase of 40 basis points year over year and above our guidance, driven by lower product costs and a decrease in import duty and shipping costs, partially offset by lower absorption of manufacturing expenses as a result of lower revenue. Continued effort to rightsize inventory resulted in a more moderate impact from inventory provisions.

毛利率為 38.6%，較上年同期增加 40 個基點，高於我們的預期，這主要得益於產品成本下降以及進口關稅和運輸成本下降，但由於收入下降導致製造費用吸收減少，部分抵消了這一增長。持續努力合理調整庫存使庫存撥備的影響更為溫和。

Operating expenses were below our guidance range because of a onetime benefit from stock-based compensation expense, and we were down both year over year and sequentially due to the disposition of our Russian operations and controlled spending.

由於股票薪酬費用的一次性收益，營業費用低於我們的指導範圍，並且由於我們對俄羅斯業務的處置和控制支出，我們的營業費用同比和環比均有所下降。

Currency translation had a minor impact on revenue and gross profit in the quarter of approximately $2 million and $1 million, respectively. Foreign currency transaction gains had a positive impact on operating income of $1 million. GAAP operating income was $14 million and reported net income was $8 million or $0.18 per diluted share.

貨幣換算對本季的營收和毛利影響較小，分別約為 200 萬美元和 100 萬美元。外幣交易收益對100萬美元的營業收入產生了正面影響。公認會計準則營業收入為 1,400 萬美元，報告淨收入為 800 萬美元，即每股攤薄收入 0.18 美元。

The effective tax rate was 64% in the quarter due to certain unusual tax items primarily related to repatriation of cash, which impacted the quarter by $3.4 million and earnings by $0.08 per share. In addition to this item, the effective tax rate was impacted by no tax benefits from losses in certain regions, other discrete items and the geographic spread of income in the quarter.

本季有效稅率為 64%，主要原因是某些不尋常的稅項與現金匯回有關，這給本季帶來了 340 萬美元的影響，每股收益減少了 0.08 美元。除此項之外，有效稅率還受到某些地區損失、其他單獨項目和本季度收入的地理分佈所產生的稅收優惠的影響。

Now let's look at our revenue by application, which we provide an update on annually. Welding was 37% of total sales in 2024 and was down year over year due to weakness in general industrial manufacturing and automotive, including EV battery manufacturing compared to a strong 2023.

現在讓我們來看看我們按應用程式劃分的收入，我們每年都會提供更新。2024 年，焊接佔總銷售額的 37%，與 2023 年的強勁表現相比，由於一般工業製造和汽車（包括電動車電池製造）的疲軟，焊接銷售額同比下降。

Cutting revenue continued to decline and represented 21% of total revenue in 2024. We saw soft demand in general manufacturing and e-mobility markets across all regions and our OEM customers went through inventory destocking due to a lack of market recovery in the second half of the year.

切割收入持續下降，到 2024 年將佔總收入的 21%。我們發現所有地區的一般製造業和電動車市場需求疲軟，並且由於下半年市場復甦不足，我們的 OEM 客戶經歷了庫存去化。

Competition continued to impact cutting sales in China, although these represent less than 5% of our consolidated revenue. Our OEM customers are seeing some increased competition from low-cost Chinese laser cutting system suppliers, selling outside of China, and we are working closely with customers to help them maintain their market share.

儘管中國市場的銷售額僅占我們綜合收入的不到 5%，但競爭仍持續影響著我們的銷售額。我們的 OEM 客戶發現來自中國境外低成本雷射切割系統供應商的競爭日益激烈，我們正在與客戶密切合作，幫助他們維持市場份額。

Medical bounced back significantly in the fourth quarter but was down slightly for the year, adjusting for the divestiture of Russia. We expect Medical to grow in 2025 with more significant revenue increases in 2026 and beyond. Medical is one of the attractive areas with strong growth opportunities that Mark detailed.

醫療業務在第四季度大幅反彈，但考慮到俄羅斯業務的剝離，全年略有下滑。我們預計醫療業務將在 2025 年實現成長，並在 2026 年及以後實現更顯著的收入成長。醫療是馬克詳述的具有強勁成長機會的有吸引力的領域之一。

Moving to the revenue performance by region on slide 6. Sales in North America increased 6% sequentially, but were down 31% year over year due to lower sales in welding applications as a result of a large e-mobility purchase in the prior year that did not repeat this year.

轉到第 6 張投影片上各地區的收入表現。北美地區的銷售額環比增長 6%，但同比下降 31%，原因是去年大量購買電動車導致焊接應用的銷售額下降，而今年沒有重複這一趨勢。

Our medical orders from a large customer improved significantly from the prior quarter, but were still down year over year. Excluding divested revenue, sales in Europe increased 5% sequentially driven by growth in additive manufacturing and advanced applications. European sales declined 22% year over year due to lower sales and cutting applications as the industrial demand environment remained weak.

我們來自大客戶的醫療訂單較上一季有顯著改善，但年比仍下降。除剝離收入外，受積層製造和先進應用成長的推動，歐洲地區銷售額較上季成長 5%。由於工業需求環境依然疲軟，銷售下降及削減應用，歐洲銷售額年減 22%。

Revenue in China decreased 10% sequentially and 22% year over year due to lower sales in cutting and welding applications to general industrial and e-mobility customers, which was partially offset by growth in additive manufacturing.

中國區收入環比下降 10%，年減 22%，原因是面向一般工業和電動車客戶的切割和焊接應用銷售額下降，但增材製造業務的成長部分抵消了這一影響。

Moving to a summary of our balance sheet and cash flow on slide 7. We ended the quarter with cash, cash equivalents and short-term investments of $930 million and no debt. Cash provided by operations was $74 million, and capital expenditures were $23 million during the fourth quarter. Despite revenue being down this year, we continued to generate strong cash flow from operations and positive cash flow from inventory as we manage our investments in working capital.

前往投影片 7 上的我們的資產負債表和現金流量摘要。截至本季末，我們的現金、現金等價物和短期投資為 9.3 億美元，且沒有債務。第四季經營活動提供的現金為 7,400 萬美元，資本支出為 2,300 萬美元。儘管今年收入下降，但我們透過管理營運資本投資，繼續產生強勁的營運現金流和正的庫存現金流。

We sold two buildings earlier this year, realizing $25 million in proceeds and our capital expenditures for the full year came in at approximately $99 million, which was well below our earlier expectations. However, some projects were delayed and will drive higher capital spending in 2025. We spent $57 million on share repurchases in the fourth quarter and $344 million for the full year.

我們今年稍早出售了兩棟建築，獲得了 2500 萬美元的收益，全年資本支出約為 9,900 萬美元，遠低於我們先前的預期。然而，一些項目被推遲，並將在2025年推動資本支出增加。我們在第四季花了 5700 萬美元用於股票回購，全年花費了 3.44 億美元。

Moving to our outlook on slide 9. For the first quarter of 2025, we expect revenue of $210 million to $240 million. We expect the first quarter gross margin to be between 36% and 39%. As Mark alluded to, we are increasing investments in the growth of our business.

轉到第 9 頁的展望。我們預計 2025 年第一季的營收為 2.1 億至 2.4 億美元。我們預計第一季毛利率在36%至39%之間。正如馬克所提到的，我們正在增加對業務成長的投資。

As a result, our operating expenses are expected to be between $82 million and $84 million in the first quarter. We expect these expenses to increase further in the second quarter and remain elevated over the course of the year.

因此，我們第一季的營運費用預計在 8,200 萬美元至 8,400 萬美元之間。我們預計這些費用將在第二季進一步增加，並在全年保持高位。

We anticipate delivering adjusted earnings per diluted share in the range of $0.05 to $0.35 with approximately 43 million diluted common shares outstanding. The adjusted EPS excludes amortization, acquisition-related charges and any other nonrecurring items.

我們預計調整後每股攤薄收益在 0.05 美元至 0.35 美元之間，流通在外的攤薄普通股約為 4,300 萬股。調整後的每股盈餘不包括攤銷、收購相關費用和任何其他非經常性項目。

First quarter adjusted EBITDA, which excludes stock-based compensation, is expected to be between $19 million and $35 million. We are planning on providing these non-GAAP financial metrics starting in the first quarter of 2025 to help you keep track of our underlying financial performance.

第一季調整後的 EBITDA（不含股票薪資）預計在 1,900 萬美元至 3,500 萬美元之間。我們計劃從 2025 年第一季開始提供這些非 GAAP 財務指標，以協助您追蹤我們的基礎財務表現。

We expect our 2025 CapEx to be between $105 million and $115 million. The increase is primarily related to investment in manufacturing capacity in Germany in order to replace fiber and other critical production that we lost access to in Russia.

我們預計 2025 年的資本支出將在 1.05 億美元至 1.15 億美元之間。成長主要與對德國製造能力的投資有關，旨在取代我們在俄羅斯失去的纖維和其他關鍵生產能力。

As mentioned earlier, a significant part of the 2025 expenditure relates to this project that was deferred from 2024. We continue to expect our normal maintenance CapEx to return to less than 5% of revenue once these critical investments are completed in the next 12 to 15 months.

如前所述，2025 年支出的很大一部分與這個從 2024 年推遲的項目有關。我們繼續預計，一旦這些關鍵投資在未來 12 到 15 個月內完成，我們的正常維護資本支出將恢復到收入的 5% 以下。

In closing, I would like to highlight that our team remains focused and continues to execute well through the current environment. As we prioritize near-term investment in our future opportunities, we believe that these initiatives strengthen our foundation and position us well to deliver healthy operating leverage as the company returns to growth. We will also be able to improve free cash flow even further as we complete our near-term CapEx commitments.

最後，我想強調的是，我們的團隊仍然專注並在當前環境中繼續表現出色。當我們優先考慮對未來機會的短期投資時，我們相信這些措施將加強我們的基礎，並使我們能夠在公司恢復成長時提供健康的營運槓桿。隨著我們完成近期資本支出承諾，我們也將能夠進一步改善自由現金流。

With that, we will be happy to take your questions.

我們將很樂意回答您的問題。

(Operator Instructions) Ruben Roy, Stifel.

（操作員指示）Ruben Roy，Stifel。

I wanted to start, Mark, if I could, on maybe drilling into some of the details around your review of the business a bit. And specifically, as you look at some of these new opportunities and then balance that against what's going on in cutting, I'd love to maybe get some thoughts on how you're thinking about cutting, investments in cutting? And how you see cutting play out over the next several years as you invest in some of these other growth areas?

馬克，如果可以的話，我想先深入了解你對業務的評價的一些細節。具體來說，當您看到這些新機遇，然後將其與切割領域正在發生的事情進行權衡時，我很想聽聽您對切割、切割投資的看法？當您投資於其他一些成長領域時，您如何看待未來幾年的削減效應？

Great. Well, thanks a lot for the question, Ruben, it's good to talk to you. So yes, I've now spent six months doing a deep dive into all of our technology capabilities, execution and really all of the R&D programs and entering the new year, then we've really aligned on a three-year strategic plan now to drive differentiation and profitable growth. And we'll talk about that with respect to cutting as well.

偉大的。好吧，非常感謝您的提問，魯本，很高興與您交談。是的，我現在花了六個月的時間深入研究我們所有的技術能力、執行情況以及所有的研發項目，進入新的一年，我們真正制定了一項三年戰略計劃，以推動差異化和盈利增長。我們也會談論有關切割的問題。

So -- we're launching new high-power fiber lasers that I talked about on lower-cost platforms with smaller form factors, and these are really competitive in today's market. And these provide a competitive edge now for our OEMs to compete in the market because just to speak about cutting for a minute, remember that cutting in China has really been the biggest issue from a competitive aspect, and that's less than 5% of the business now.

所以，我們正在推出我在成本更低、外形更小的平台上推出的新型高功率光纖雷射器，這些雷射在當今市場上確實具有競爭力。這些為我們的 OEM 在市場上競爭提供了競爭優勢，因為只談論切割，請記住，從競爭的角度來看，中國的切割確實是最大的問題，現在切割佔業務的比重還不到 5％。

As we go to other markets, we're starting to see, as Tim mentioned, some of our -- some of our cutting OEMs seeing Chinese systems play into some of their markets. And we are providing now these new higher power, smaller form factor lasers at lower costs could allow them to compete. So that's the -- that's where we're playing on the cutting side.

當我們進入其他市場時，正如蒂姆所提到的，我們開始看到我們的一些切割原始設備製造商看到中國系統進入了他們的一些市場。我們現在提供的這些新型更高功率、更小尺寸且成本更低的雷射可以使它們更具競爭力。所以這就是—這就是我們在切割方面所做的事情。

And then we're driving now to really move towards towards differentiation in the marketplace with -- and launch profitable growth in some other key areas that I talked about. And the key areas that I'm talking about there are urology, micromachining, advanced applications, and these are programs that the target market that are -- markets exceeding $5 billion in TAM and offer IPG really hundreds of millions of dollars in revenue opportunities over the next several years.

然後，我們現在真正致力於實現市場差異化，並在我剛才談到的其他一些關鍵領域中實現盈利性成長。我所談論的關鍵領域是泌尿學、微機械加工、先進應用，這些項目的目標市場是——總市場規模超過 50 億美元，並將在未來幾年為 IPG 提供數億美元的收入機會。

And it's important to also mention that we're -- in these areas, we're working collaboratively with key customers and we already have purchase orders in place for some of these programs. We expect to see benefits from these later this year and really kicking in, in '26 and '27.

值得一提的是，在這些領域，我們正在與主要客戶合作，並且已經為其中一些項目下了採購訂單。我們預計這些措施將在今年稍後顯現效益，並在 26 年和 27 年真正發揮作用。

So now just to bring back to that. So these are differentiated areas that we're driving. That's what's really going to drive the growth of the company, cutting will continue to provide differentiation where we can, but the -- again, the real growth from the company is going to be from these key areas that I mentioned.

現在我們回顧一下這一點。這些都是我們正在推動的差異化領域。這才是真正推動公司發展的動力，我們會繼續在力所能及的範圍內實現差異化，但同樣，公司的真正成長將來自我提到的這些關鍵領域。

And we've got key programs in place now to drive these, and we've got customers engaged, and that's where the growth is going to come. We'll see some of that later in 2025, but the real growth from those differentiated programs is going to be in '26 and '27.

現在我們已經制定了關鍵計劃來推動這些計劃，我們已經讓客戶參與其中，這就是成長的來源。我們將在 2025 年稍後看到其中的一些，但這些差異化項目的真正成長將在 2026 年和 2027 年。

Okay. Mark, I guess just to make sure I'm understanding correctly on Tim's comments about competition starting to boil up here and there outside of China. Are you saying that the -- Tim mentioned that you're working with customers to maintain their market share.

好的。馬克，我想這只是為了確保我正確理解了蒂姆關於中國以外地區競爭開始白熱化的評論。您是說—提姆提到您正在與客戶合作以維持他們的市場份額。

I assume what you're talking about there is more on competitive differentiation rather than price. Is that the way to think about that? Or is it something else that you --

我認為您談論的更多的是競爭差異化而不是價格。是這樣思考的嗎？或者你還有別的什麼--

So the way that I would -- yes. So the way that I would talk about it here is, again, we're launching -- and we already launched at the Photonics West show so people saw this very high power. So 40 kilowatts based upon our newest higher power diode platform.

所以我會這樣做——是的。因此，我在這裡談論它的方式是，我們正在推出——而且我們已經在西部光電展上推出了它，所以人們看到了這種非常高的功率。因此，基於我們最新的高功率二極體平台，功率為 40 千瓦。

So that gives the the OEM, a smaller form factor with higher power at lower cost. So now think about that from them competing in the marketplace that allows them to put a higher power laser into their system in that same form factor.

這樣一來，OEM 就可以以更低的成本獲得更小的外形尺寸和更高的功率。現在想想，他們在市場上的競爭使他們能夠以相同的外形尺寸將更高功率的雷射放入他們的系統中。

So the form factor to give you an idea our 40-kilowatt laser is now in a form factor that years ago was a 4 kilowatt laser. And again, at a better dollars per watt level so they can then put those in their systems and compete with Chinese players that may be approaching in some of their markets with their systems.

因此，為了讓您了解，我們的 40 千瓦雷射現在的形狀尺寸與幾年前的 4 千瓦雷射器的形狀尺寸相同。再次，以更好的每瓦美元水平，他們可以將其放入他們的系統中，並與可能在某些市場上使用其係統的中國公司競爭。

Okay. Okay. And then just one last question. You mentioned, Mark, a lot of these areas of focus and investment and expectations for return to growth in 2026. With this mindset of bouncing along the bottom, book-to-bill a little bit under one, can you give us a little bit of detail about how you're thinking about visibility or the second half of the year?

好的。好的。最後一個問題。馬克，您提到了許多這些重點領域和投資，以及對 2026 年恢復成長的預期。在這種在底部徘徊、訂單出貨比略低於 1 的思維模式下，您能否向我們詳細介紹一下您對可見性或今年下半年的看法？

Do you think revenues are steady state here, can get things get worse, maybe a little bit better? What are the puts and takes as you think about the rest of '25?

您認為這裡的收入狀況穩定嗎？當您考慮 25 年剩餘的時間時，您有哪些得失？

Yes. I mean we're not guiding to the full year. What I can say, again, we're seeing book-to-bill is around 1 or a little bit below 1. It's -- the industrial markets have still been under pressure. And you can see varied forecast of what's going to happen to the industrial markets.

是的。我的意思是我們沒有對全年做出預測。我可以再說一次，我們看到訂單出貨比大約是 1 或略低於 1。工業市場仍面臨壓力。您可以看到工業市場未來走勢的不同預測。

There's a little bit of uptick in some of the PMIs that gives a little bit of good indication. We're seeing some of our customers are coming to more normalized inventories. But again, it's really going to depend on what happens later in the year in those industrial markets and how that plays out.

一些 PMI 數據略有上升，這給出了一些良好的跡象。我們發現一些客戶的庫存正在變得更加正常化。但同樣，這實際上將取決於今年稍後這些工業市場的情況以及其結果如何。

We are expecting some -- we are expecting some contribution from some of the investments we're making towards the end of the year. I think positively, cutting picked up a little bit in Q4. That reflects some of the sentiment that we're hearing from our OEMs that their inventory levels are back down to a much more normal basis and the demand environment is definitely stable.

我們期待—我們期待在年底前進行的一些投資能帶來一些貢獻。我認為積極的一面是，第四季度的削減有所回升。這反映了我們從原始設備製造商那裡聽到的一些觀點，即他們的庫存水準已經回落到更正常的基礎上，需求環境肯定是穩定的。

On the book-to-bill, one thing I would point out, the reason why it was just a little bit below 1 was because of all the geopolitical uncertainty in Korea, and our Korean bookings came in very weak versus expectations. Those orders are not canceled, and they have -- they're expecting to book a lot of those orders in Q1. But just given the uncertainty there that impacted total bookings had it not been for that Korean impact book-to-bill would have been at or slightly above 1.

關於訂單出貨比，我想指出的一點是，訂單出貨比之所以略低於1，是因為韓國的地緣政治不確定性，我們的韓國訂單量與預期相比非常疲軟。這些訂單沒有被取消，而且他們預計第一季會接到很多這樣的訂單。但考慮到那裡的不確定性影響了總預訂量，如果沒有韓國的影響，訂單出貨比將會達到或略高於 1。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，Needham & Company。

I just wanted to talk a little bit about the step-up you're anticipating in OpEx in Q1 from Q4. And I wonder if you can give us a sense as to how that plays out between sales and marketing and R&D. It sounds like you've got a fair amount of investment going on, on the new product front. But I assume there's also market development.

我只是想稍微談談您預計第一季的營運支出將比第四季增加。我想知道您是否可以向我們介紹一下銷售、行銷和研發之間是如何合作的。聽起來你們在新產品方面已經投入了相當多的資金。但我認為市場也會發展。

And maybe just to clarify, you're anticipating, Tim, I think you said further increase in Q2. And then are you expecting that OpEx level to somewhat level off in the back half? I may have misinterpreted what you said.

也許只是為了澄清一下，提姆，你預計第二季會進一步增加。那麼您是否預計下半年營運支出水準會趨於穩定？我可能誤解了你所說的話。

So let's do with those in stages, Jim. First of all, yes, Q1 OpEx increases. First of all, Q4 benefited from about $3 million of stock-based compensation related to PSUs that we're not going to invest. So you layer that back in to get to a more normalized level for stock-based comp.

所以讓我們分階段進行吧，吉姆。首先，是的，第一季的營運支出增加了。首先，第四季度受益於與 PSU 相關的約 300 萬美元的股票薪酬，我們不會投資這些股票。因此，您將其重新分層以獲得基於股票的薪酬的更標準化水平。

The second thing that really impacts it is that bonus levels do end up being accrued at more of a target level where they've been below target because we've been underperforming relative to our budget, and you then start to see some of the investments in the business start to ramp up.

真正影響它的第二件事是，獎金水平最終會累積到更接近目標水平，而獎金水平一直低於目標，因為我們的表現低於預算，然後你會開始看到一些業務投資開始增加。

So yes, in Q2, we expect OpEx will increase further and then stabilize for the remainder of the year. I haven't got a split on SG&A and R&D for the first quarter, but a lot of the PSU and Stockholm stuff would be mainly in G&A and selling SG&A, and then the increase in some of the bonuses is really spread across all SG&A and R&D as well.

所以是的，在第二季度，我們預計營運支出將進一步增加，然後在今年剩餘時間內保持穩定。我還沒有對第一季的銷售、一般及行政費用和研發費用進行拆分，但很多 PSU 和斯德哥爾摩項目主要集中在銷售、一般及行政費用和銷售銷售、一般及行政費用中，然後部分獎金的增加實際上也分攤到了所有銷售、一般及行政費用和研發費用中。

And Jim, you're right, some of that is focused on the go-to-market, right? So the business development aspects of this, some more focused OEM sales as well as our service infrastructure. And these programs, as I mentioned, that we're doubling down on these are programs that will really drive us into the future.

吉姆，您說得對，其中一些重點是進入市場，對嗎？因此，這方面的業務發展更加重視 OEM 銷售以及我們的服務基礎設施。正如我所提到的，我們正在加倍努力實施這些項目，這些項目將真正推動我們走向未來。

Got it. And then two quick ones, if I may. It sounds like you're anticipating growth in the medical business in '25. Is that -- are you seeing, Mark, some broadening out of the customer base? I know you've had concentration in this area of the business?

知道了。如果可以的話，我還有兩點簡短的問題。聽起來你預計25年醫療業務會成長。那是－馬克，您是否看到客戶群有所擴大？我知道您一直專注於這個業務領域？

And then the other follow-up question just relates -- I was struck by the increase you saw in Japan. And Tim, maybe you can give a little color on that, whether that's sustainable.

然後另一個後續問題就相關了——我對您在日本看到的增長感到震驚。提姆，也許你可以稍微解釋一下這是否可持續。

Yes. Thanks, Jim. It was great to see you. So following up on that, the yes, we are expecting some uptick at the -- towards the end of the year because on the medical, we're launching a new product in our line of thulium lasers for lithotripsy, that's kidney stones.

是的。謝謝，吉姆。很高興見到你。因此，接下來，是的，我們預計到今年年底會有一些成長，因為在醫療方面，我們將在我們的铥雷射系列中推出一種用於碎石（治療腎結石）的新產品。

So that's where we're going to see the first part of the uptick, but we have a very significant road map that we're continuing to invest in that will drive further growth in '26 and '27. And the other piece of your question, yes, we have picked up another key OEM in urology, and that will also start to turn on this year and give us some update.

所以這就是我們將看到的上升的第一部分，但我們有一個非常重要的路線圖，我們將繼續投資，這將推動26年和27年的進一步成長。關於您問題的另一部分，是的，我們已經選擇了另一家泌尿科領域的關鍵 OEM，該公司今年也將開始運營，並為我們提供一些更新資訊。

I think Japan, they had a good quarter. So overall, they actually had quite a reasonable year. Japan revenue can be a bit volatile from quarter to quarter and uneven just in the way that they run their businesses. So Q1 actually is got a reasonable guidance, not particularly strong, but they've got a reasonable budget out there for the year.

我認為日本本季表現不錯。所以整體來說，他們今年的表現還不錯。日本的營收每季都會有點波動，而且由於其經營方式的不同，也會出現不均衡的情況。因此，第一季實際上得到了合理的指導，雖然不是特別強勁，但他們為今年制定了合理的預算。

It's actually a good business because it's fairly diverse. Some of the feedback we've heard on an improvement in the cutting business comes from Japanese OEM customers. And I think there's a bit more of a positive turn around the Japanese economy as a whole.

這實際上是一門好生意，因為它相當多樣化。我們聽到的一些關於切割業務改進的回饋來自日本 OEM 客戶。我認為日本經濟整體上出現了一些正面的轉變。

Keith Housum, Northcoast Research.

基思‧豪瑟姆 (Keith Housum)，Northcoast Research。

Tim, I just want to make sure I understand in terms of the manufacturing process for the high-powered lasers, are you guys already implementing your cost-cutting measures there in terms of reducing cost console for those? Or is that still ongoing here?

提姆，我只是想確保我了解高功率雷射的製造過程，你們是否已經在那裡實施了削減成本的措施，以降低這些雷射的成本控制台？或者這事在這裡仍在進行中嗎？

You talked about the low cost -- the new low-cost high-power lasers?

您談到了低成本—新型低成本高功率雷射？

Correct.

正確的。

So they are we're rolling the there's new cost high-power lasers when are they being rolled out or they've only reflected in the business model already.

因此，我們正在推出新的成本高功率雷射器，它們何時推出或僅反映在商業模式中。

Yes. Thanks for the question. So we're just launching those. We announced this actually at Photonics West this last couple of weeks ago, where we showed our high-power 40-kilowatt laser in a very small form factor. Again, this is all based upon our new high-powered diodes that then -- can give us higher power fiber lasers in a smaller form factor and yes, at a lower cost and that we're rolling those out in Q1 and Q2 of this year.

是的。謝謝你的提問。所以我們剛剛推出這些。實際上，我們在幾週前的美國西部光電展上就宣布了這一消息，展示了我們體積非常小、功率極大的 40 千瓦雷射。再次重申，這一切都基於我們的新型高功率二極管，它可以為我們提供尺寸更小、功率更高的光纖雷射器，而且成本更低，我們將在今年第一季和第二季推出這些產品。

Got you. Appreciate it. And part of the question that's tough to answer, but I've got to ask that question. Obviously, a lot of moving parts with tariffs going on these days. You guys sold to OEMs around the world. How are you guys thinking about tariffs as we stand today?

明白了。非常感謝。部分問題很難回答，但我必須問這個問題。顯然，目前關稅問題有許多變動。你們的產品銷往世界各地的 OEM。就目前情況而言，你們對關稅有什麼看法？

So first of all, I mean, in the worst case tariffs would probably have a 150 to 200 basis point impact if we did nothing like continue to source and supply lasers, but we actually have quite a lot of flexibility in what we can do. So we can move manufacturing from one location to another and supply customers in different regions from different areas.

首先，我的意思是，如果我們不繼續採購和供應雷射器，最壞的情況下關稅可能會產生 150 到 200 個基點的影響，但實際上我們在可以做的事情上有相當大的靈活性。因此，我們可以將製造業務從一個地方轉移到另一個地方，並從不同地區向不同地區的客戶提供產品。

So that does provide us with a lot of flexibility in relation to potential tariffs. I mean it's not possible to say they'll have no impact, but we think that the impact, at least from a cost side can be managed and will be relatively small.

因此，這確實為我們在潛在關稅方面提供了極大的靈活性。我的意思是，不可能說它們不會產生影響，但我們認為，至少從成本方面來看，影響是可以控制的，而且會相對較小。

I think it's more difficult to identify how much uncertainty this drives into the near-term environment from a demand perspective in the longer term. I mean in the US, for example, tariffs are designed to drive reshoring of manufacturing and that would largely come from automation and using flexible efficient tools like lasers, so there'd be a longer-term potential medium- to longer-term benefit from that. But -- from the cost side, we've got a relatively manageable situation and some flexibility in what we can do.

我認為，從長期需求角度來看，很難確定這會對短期環境帶來多大的不確定性。我的意思是，例如在美國，關稅旨在推動製造業回流，而這主要來自於自動化和使用雷射等靈活高效的工具，因此這將帶來長期潛在的中長期利益。但從成本方面來看，我們的狀況相對容易管理，而且在處理事務上也有一定的彈性。

Okay. I appreciate that. And I guess last question for you here. We continue to hear a question on volume versus price. And obviously, I understand the different parts of the business, have a different impact.

好的。我很感激。我想這是您的最後一個問題。我們繼續聽到有關數量與價格的問題。顯然，我了解業務的不同部分有不同的影響。

But maybe you can perhaps provide a little color in terms of where are you seeing the biggest pressure on volume versus price these days?

但或許您可以稍微解釋一下，您認為目前哪裡的成交量與價格壓力最大？

Yes. I think the place to talk about that is really in cutting, as I mentioned earlier. So again, just to review, the biggest issue in competition and volume and price has really been in China with cutting. That's now less than 5% of the business.

是的。我認為真正需要討論這個問題的地方是在切割，正如我之前提到的。所以，再回顧一下，競爭以及產量和價格的最大問題其實在於中國的切割。目前這一比例還不到業務量的5%。

If you go outside of China, our OEMs, we have very good position with those OEMs, because they know the performance and the reliability and the support and service that we provide. Now they're starting to see some pressures from cutting systems coming from China into their marketplace, and that's where that's driving some of that.

如果你去中國以外的地方，我們的原始設備製造商，我們與這些原始設備製造商有著非常良好的關係，因為他們了解我們提供的性能和可靠性以及支援和服務。現在他們開始看到來自中國的切割系統給他們的市場帶來一些壓力，而這正是推動其發展的原因。

And from now bringing out the higher power, lower cost, lower dollars per watt, you can say, in the smaller form factor, now those customers will be in positions to win against the Chinese players using higher power systems, higher-power lasers within their systems at similar cost and/or, in some cases, driving some lower cost within their system from the lasers.

從現在起，透過在更小的尺寸下實現更高的功率、更低的成本、更低的每瓦美元價格，這些客戶將能夠戰勝使用更高功率系統、在系統中使用更高功率雷射器且成本相似的中國企業，或者在某些情況下，透過利用雷射器降低系統中的成本。

And we would expect that from a volume standpoint, today, it's been -- the cutting market has been depressed for some time. We're starting to see some of that destocking subside. And so as industrial markets come back and the volumes come back, we should see those things start to normalize.

我們預計，從今天的銷售角度來看，切割市場已經低迷了一段時間。我們開始看到去庫存的勢頭減弱。因此，隨著工業市場復甦和產量回升，我們應該看到這些情況開始正常化。

(Operator Instructions) Michael Feniger, Bank of America.

（操作員指示）美國銀行邁克爾費尼格 (Michael Feniger)。

Just can you remind us just on the auto side and e-mobility, just how big of that is as a percent of the business right now and what you're seeing currently with that? Is that -- is there any expectation that we could see some of that come back in the second half? Just curious how you guys are looking at that side of the business?

您能否提醒我們一下，就汽車和電動車而言，其在目前業務中所佔的比例有多大，以及您目前看到的情況如何？那麼我們是否預計下半年會出現一些反彈呢？只是好奇你們是如何看待這個事業的？

Yes. I mean, we haven't given an EV number on that this year. EVs basically it's gone down over the years. So it's less than 20% of total revenue was above 20%. And then you have other automotive business and actually got that number on hand, Michael, but you add that to the EV was probably still in the range of 25%-plus for total automotive sales.

是的。我的意思是，我們今年還沒有給出這方面的電動車數字。電動車的銷量這些年來基本上一直在下降。因此，總收入中不到20％的比例高於20％。然後你還有其他汽車業務，並且實際上得到了這個數字，邁克爾，但你補充說，電動車的銷售額可能仍然在汽車總銷售額的 25% 以上的範圍內。

The EV environment, I think, remains uncertain and unclear. I mean, capacity utilization is picking up. There are a number of projects that we know that are out there that we're very closely working with the end customers on. So it's -- the business is -- we're expecting it to stabilize and potentially improve a little bit this year, but no significant massive momentum behind it yet.

我認為，電動車環境仍然不確定且不明確。我的意思是，產能利用率正在上升。我們知道有許多項目我們正在與最終客戶密切合作。因此，我們預計今年業務將會穩定下來，並可能略有改善，但目前還沒有顯著的巨大發展勢頭。

And the only thing I would add to that, just to remind you, we've got very strong position in EV batteries, even with it being down because, again, we have a combination of our adjustable mode laser plus the what's called the LDD or laser diode -- laser depth dynamics that actually will measure the weld in situ and provide quality control plus some of this scanning and system. So we have a very big moat around that area. So as the EV comes back, we will get our fair share of that business.

我唯一想補充的是，即使電動車電池市場處於低迷狀態，我們仍然佔據著非常強勢的地位，因為我們結合了可調模式激光器和所謂的 LDD 或激光二極管 - 激光深度動力學實際上可以測量現場焊縫並提供質量控制以及一些掃描和系統。因此我們在該地區周圍建造了一條很大的護城河。因此，隨著電動車的回歸，我們將獲得應有的業務份額。

And the other thing just to point out on because EV is often equated to batteries, there are other areas of batteries that are continuing to grow. For example, stationary storage is becoming a big area that's grown 100% year over year and continues to grow. And there are other areas of electrification where we play in the batteries because of these unique capabilities that we bring in the laser and the process.

另一點需要指出的是，由於電動車通常等同於電池，因此電池的其他領域也持續成長。例如，固定式儲存正在成為一個很大的領域，其年增長率為 100%，並且還在繼續增長。憑藉我們在雷射和製程方面的獨特能力，我們還可以在電池領域的其他電氣化領域中大顯身手。

And Mark, just to double-click on that. your -- the competition intensifying, it sounds like that's still more that your customers are seeing that's still cutting side. Is that correct? It's not showing up on welding or on the EV side?

馬克，只需雙擊它即可。你的—競爭日益激烈，聽起來你的客戶看到的仍然是前沿的。那正確嗎？它沒有出現在焊接或電動車方面嗎？

That's right. The biggest issues in competition are in that cutting side. The other areas like welding, like EV welding and some of the areas that I talked about where we're investing in, these are areas where we have key differentiation.

這是正確的。比賽中最大的問題就在於切入方面。其他領域，例如焊接，例如電動車焊接以及我談到的我們正在投資的一些領域，這些都是我們關鍵差異化的領域。

Remember, as a company, we have tremendous technologies in fibers and diodes and optics and scanning and the whole host plus there's tremendous process and applications knowledge within the company. So you put those pieces together and then that really creates a moat.

請記住，作為一家公司，我們在光纖、二極體、光學、掃描和整個主機方面擁有豐富的技術，此外公司還擁有豐富的流程和應用知識。所以你把這些部分放在一起，就真的形成了一個護城河。

And so if we talk about that and even shift to where we're investing, we're investing for growth in areas where we have these key differentiation in medical, in micromachining, in some of these advanced areas where we can bring those pieces and really drive the growth and have real moats around the business.

因此，如果我們談論這一點，甚至轉向我們的投資領域，我們就會發現，我們投資於我們在醫療、微機械加工等領域具有關鍵差異化優勢的增長，在這些先進領域，我們可以帶來這些部分，真正推動增長，並在業務周圍建立真正的護城河。

Fair enough, Mark. And I think Tim addressed this in an earlier question, but I'm just curious with some of the tariffs, I mean, how much of the US revenue do you guys import from Europe. I know you guys have had the CapEx that you're set to invest in the capacity increase in Germany.

相當公平，馬克。我認為蒂姆在之前的問題中已經回答了這個問題，但我只是對一些關稅感到好奇，我的意思是，你們從歐洲進口了多少美國收入。我知道你們已經有了資本支出，準備投資德國的產能提升。

I'm just curious with tariffs, do you have to think a little bit differently on -- you guys have moved a lot of your production footprint, obviously, out of Russia, and you guys have expanded in certain areas.

我只是對關稅感到好奇，你們是否需要有一點不同的想法——顯然，你們已經將很大一部分生產足跡遷出了俄羅斯，並且你們已經在某些地區進行了擴張。

I'm just curious if we err in a more tariff-driven world. Do you have to think a little bit more about maybe your footprint? Is that more smaller or bigger changes to think about?

我只是好奇，在一個關稅驅動的世界裡我們是否會犯錯。您是否需要再多考慮一下您的足跡？需要考慮的是更小的變化還是更大的變化？

Yes. Again, there's a lot of uncertainty in the tariff side. What I would tell you and Tim mentioned this, we have a lot of flexibility in our manufacturing platform. We have a lot of capability in the US and in Europe.

是的。再次，關稅方面存在著許多不確定性。我想告訴你，蒂姆也提到了這一點，我們的製造平台具有很大的靈活性。我們在美國和歐洲擁有強大的產能。

So there's the ability to decide where we should build, and we have some of that flexibility as we look at potential future tariffs and how that works. So I think we have a lot of capability to mitigate depending on what's happening. I'll let Tim.

因此，我們能夠決定在哪裡建設，並且在考慮未來潛在的關稅及其運作方式時，我們也具有一定的靈活性。因此我認為，根據當前的情況，我們有很大能力去緩解影響。我會讓提姆。

Yes, Mike, maybe question, we do not expect tariffs to suddenly turn around -- we don't expect a turnaround and say, we're going to have to increase CapEx by another $50 million, right? We actually have a significant facility in the US that's just about to be completed. So that would enable us to ramp production in the US. If we don't want to import stuff from our German facility.

是的，麥克，也許有疑問，我們不希望關稅突然轉變——我們不希望出現轉變，然後說，我們將不得不再增加 5000 萬美元的資本支出，對嗎？事實上，我們在美國有一個重要的設施即將完工。這將使我們能夠在美國提高產量。如果我們不想從德國工廠進口產品。

That would, in turn, free up capacity in Germany to supply other countries around the world. And then when the German investment in fiber and the optical component manufacturing is completed this year that replaces Russia, that actually provides a lot of capacity within Germany as well.

這反過來會釋放德國的產能，以供應世界其他國家。然後，當德國今年完成對光纖和光學元件製造的投資並取代俄羅斯時，這實際上也為德國提供了大量的產能。

So -- the 1 thing I'm pretty -- I'll say with some very good degree of certainty, we're not going to turn around and say we have to build another $50 million building somewhere because of tariffs. We really -- we expect free cash flow to improve significantly in '26 once we're over this investment cycle.

所以 — — 有一件事我可以非常肯定地說，我們不會因為關稅而不得不在某個地方再建一座價值 5000 萬美元的大樓。我們確實——我們預計，一旦我們結束這個投資週期，自由現金流將在 26 年顯著改善。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究公司。

I wanted to explore cutting a little bit more. I know you ended the year with about 21% of sales from cutting and if we, let's just say, take out the China piece call that 4%, 5%. We're looking at in the upper teens percent of sales basis.

我想要對剪輯進行更多的探索。我知道你們今年的銷售額有 21% 左右來自切割，如果除去中國部分，這個比例大概是 4% 或 5%。我們正在研究銷售額基礎的百分之十幾。

I know you're launching new products to help defend your market positions, but maybe help us understand what percentage of that mid-teens cutting away from China is under this competitive pressure you're talking about? And how much of that, are you going to go out and try to really defend with new products?

我知道你們正在推出新產品來幫助捍衛自己的市場地位，但也許能幫助我們了解一下，在那些從中國撤資的十幾歲的企業中，有多少比例是迫於你所說的競爭壓力？那麼，您準備推出多少新產品來真正防禦呢？

So again, from this side, it's -- the cutting percentage is a bit less than that, again, outside of China, and we will be defending that business with these new lasers. Again, the new lasers provide a significant benefit in size, performance and cost. So we believe that these will provide our OEMs a very good position to compete.

所以，從這個角度來看，在中國以外，切割百分比要低一些，我們將用這些新雷射器來捍衛這項業務。再次，新型雷射在尺寸、性能和成本方面具有顯著的優勢。因此我們相信這些將為我們的 OEM 提供非常有利的競爭地位。

So just to clarify -- just on the 15% that remains includes foil cutting, which is another specialized cutting. So we haven't given a specific number on the flat sheet metal, I think that it's less than the 15%. And that's where our customers are on a global basis, and we intend to defend that business vigorously over the coming year and beyond.

因此，需要澄清的是，剩下的 15% 僅包括箔切割，這是另一種專業切割。因此，我們沒有給出平板金屬上的具體數字，我認為它低於 15%。這就是我們全球客戶的所在地，我們打算在未來一年及以後大力捍衛這項業務。

And again, just realize too that we have very close relationships with these OEMs. We've been supporting them for years. And it's the lasers, it's the performance, it's the reliability, and it's also the support and infrastructure that we provide to service our customers and their customers.

而且，我們也要意識到，我們與這些 OEM 的關係非常密切。我們多年來一直支持他們。它是雷射器，它是性能，它是可靠性，也是我們為服務我們的客戶及其客戶提供的支援和基礎設施。

So that's a key piece of this. It's -- when it comes to these OEMs that are outside of China, it's a bigger piece than just power in dollars per watt.

這是其中的關鍵部分。對於中國以外的原始設備製造商來說，這不僅僅是每瓦美元的功率這麼簡單。

Got it. I appreciate it. The other question I wanted to ask actually, I have one more after this, if you don't mind. But within the first quarter guide for adjusted EPS, could you tell us what the add back is for amortization that you're changing your adjusted to an adjusted EPS (inaudible) so what is that going to be in cents per share and in full dollars so we can see the tax rate, too?

知道了。我很感激。實際上我想問的另一個問題是，如果您不介意的話，我在此之後還有一個問題。但是，在第一季度的調整後每股收益指南中，您能否告訴我們，您將調整後的每股收益更改為調整後的每股收益（聽不清楚），那麼每股收益以美分錶示是多少，以美元表示是多少，以便我們也可以看到稅率？

Yes. The amortization is about $2.3 million per quarter. And then on a EPS basis, it would be just over $0.03 on an EPS basis after tax. That's the only add back that we're incorporating in guidance on adjusted EPS. And then adjusted EBITDA, we said includes the add back of stock comp as well as all of the depreciation and amortization.

是的。每季攤銷約 230 萬美元。然後以每股收益為基礎，稅後每股收益將略高於 0.03 美元。這是我們在調整後每股盈餘指引中納入的唯一加回內容。然後調整後的 EBITDA，我們說包括股票補償的加回以及所有的折舊和攤提。

Yes. Last question, I don't know if you can answer it or if you will, but it sounded a little bit, Mark, like setting the stage for '26, '27 sales growth was your comment. I mean, for '25, is it really just hoping to get back to flat in the second half of the year at this point?

是的。最後一個問題，我不知道您是否可以回答，或者您是否願意回答，但馬克，這聽起來有點像您的評論為 26、27 年的銷售增長奠定基礎。我的意思是，對於 25 年來說，現在真的只是希望在下半年恢復平穩嗎？

So we're not guiding for the full year. What I would tell you is that we've mentioned the fact that some of our new products we'll be launching in -- towards the end of the year. So we -- I mentioned that we have a new medical product that will be coming out late in the year.

因此，我們沒有對全年業績做出預測。我想告訴你們的是，我們已經提到過，我們的一些新產品將在年底推出。所以我們——我提到我們有一個新的醫療產品將於今年稍後推出。

I also mentioned that we have a new customer coming online there. And some of the other programs that I talked about, where we're making the significant -- where we're making these investments in the micromachining, in the medical, in these advanced markets, we'll start to see some early sales in that area.

我還提到我們有一位新客戶上線。在我談到的其他一些項目中，我們正在對微機械加工、醫療和這些先進市場進行重大投資，我們將開始看到這些領域的一些早期銷售。

And those -- these are programs that we've -- we're engaged with customers, and we even have some purchase orders for some of the initial products that will start to come out. So combine that. And then --

這些都是我們與客戶合作的項目，我們甚至已經收到了一些即將推出的初始產品的採購訂單。因此將其結合起來。進而--

Maybe some pick up during the course of the year on the welding --

也許在一年的時間裡，焊接技術會有所進步--

On welding and some of the other --

關於焊接和其他一些--

Cleaning. And then I mean the tone we heard from the cutting OEMs is a little bit more positive, but obviously, we're going in there with lower cost lasers and defending that business pretty vigorously, so.

打掃。然後我的意思是，我們從切割原始設備製造商那裡聽到的語氣更積極一些，但顯然，我們正採用成本較低的激光器進入該領域，並非常積極地捍衛該業務，所以。

Mark Miller, The Benchmark Company.

馬克‧米勒 (Mark Miller)，The Benchmark Company。

Besides your aforementioned lower-cost, high-power lasers, what other measures are you taking to try to improve margins?

除了前面提到的低成本、高功率雷射之外，您還採取了哪些措施來提高利潤率？

What are the measures we're taking to improve margins. I think first of all, on like, I'll talk about a little bit on the gross margin side, Mark can talk about things like LDD where we're taking some cost out and other parts. But on the gross margin side, having got inventory much more under control, the impact of inventory provisions this year will decrease.

我們採取了哪些措施來提高利潤率。我認為首先，我會談談毛利率方面的問題，馬克可以談談 LDD 等方面的問題，我們正在削減一些成本和其他部分。但在毛利率方面，由於庫存得到更好的控制，今年庫存撥備的影響將會減少。

We expect to see some benefit from the low-cost product as it's rolled out. We're definitely working on looking at how to improve operational efficiency even at these lower revenue levels to try and reduce further some of the underabsorption. We had a little bit of a benefit from that in Q4, but we're still under absorbed relative to an optimal level by about 600 basis points.

我們期望隨著低成本產品的推出，能夠看到一些效益。我們正在努力研究如何在較低的收入水平上提高營運效率，以進一步減少吸收不足的情況。我們在第四季度獲得了一點好處，但相對於最佳水平，我們的吸收量仍然不足約 600 個基點。

So we need to sometimes preserve the investment in the manufacturing capacity. We've had a rebound in demand, for example, for a product that was running at very, very low levels last year and had we dismantled that manufacturing, we would have been able to respond to the customer demand. But we certainly want to try and take out a few hundred basis points on underabsorption this year, that would be thing.

所以我們有時需要保留對製造能力的投資。例如，對於去年產量非常低的產品，我們的需求已經反彈，如果我們取消該生產基地，我們就能滿足客戶的需求。但我們今年確實希望嘗試消除吸收不足的幾百個基點，這將是一件好事。

And then if the investments -- the product from the investment starts to gain some traction, there'll probably be a bit of a mix benefit on gross margin. Mark --

然後，如果投資——投資產品開始獲得一些吸引力，那麼毛利率可能會有一些混合效益。標記--

Yes, I mean, exactly as I talked about, the investments that we're making are in areas with quite differentiated products where we can maintain and gain margin. So in each of these areas in medical and advanced and also in areas like micromachining, where we're bringing out new products, the gross margins, the differentiation is very high, the moats are high, and we'll be able to expand higher margin with mix.

是的，正如我剛才所說，我們的投資是在產品差異化相當明顯的領域，我們可以在這些領域中保持並獲得利潤。因此，在醫療和先進技術以及微機械加工等領域，我們推出的新產品的毛利率和差異化都非常高，護城河很高，我們將能夠透過產品組合來擴大更高的利潤率。

And as Tim said, we're also continuing to work on gross margin benefits across the portfolio. We are working on also reducing costs on some other products. And as Tim said, we're working on operational efficiencies that will continue to help margins. So overall, we're working on a number of areas that, over time, will drive the margins up.

正如提姆所說，我們也將繼續致力於提高整個投資組合的毛利率效益。我們也正在努力降低其他一些產品的成本。正如蒂姆所說，我們正在努力提高營運效率，這將繼續有助於提高利潤率。所以總的來說，我們正在多個領域開展工作，隨著時間的推移，這些領域將會提高利潤率。

Your laser and non-laser system sales were down sequentially year over year. I'm just wondering what's going on there.

您的雷射和非雷射系統銷售額較去年同期連續下降。我只是想知道那裡發生了什麼事。

On laser and non-laser sales. Most of that is just timing of orders with customers, some of the larger automation systems, they've got a very strong pipeline of orders they're working on, but I think customers have been sitting on their hands even post the election, we didn't see a big pickup in orders, but they've got still a strong pipeline that they're working through on that. We should see a pickup in that during the course of this year.

關於雷射和非雷射銷售。其中大部分只是與客戶訂單的時間安排，一些較大的自動化系統，他們有一個非常強大的訂單管道，但我認為即使在選舉之後，客戶也一直在等待，我們沒有看到訂單的大幅增加，但他們仍然有一個強大的管道，他們正在努力解決這個問題。我們應該會看到，今年這數字會有所回升。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eugene Fedotoff, for closing comments.

問答環節已經結束。現在我想將電話轉回給 Eugene Fedotoff，請他發表最後評論。

Thank you for joining us this morning and for your continued interest in IPG. We will be participating in a number of investor events this quarter, and looking forward to speaking with you again soon, and a great day, everyone.

感謝您今天早上加入我們的行列並感謝您對 IPG 的持續關注。本季我們將參加多項投資者活動，期待很快再次與您交談，祝大家有愉快的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。