IPG Photonics Corp (IPGP) 2025 Q3 法說會逐字稿

Good morning, and welcome to IPG Photonics third-quarter 2025 conference call. Today's call is being recorded and webcast.

早安，歡迎參加IPG Photonics 2025年第三季電話會議。今天的電話會議將進行錄音和網路直播。

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

此時，我想把電話交給主持人，IPG 投資者關係高級總監尤金·費多托夫，讓他來做個介紹。請按計劃召開會議。

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，大家早安。今天陪同我出席的有 IPG Photonics 執行長 Mark Gitin 博士；以及資深副總裁兼財務長 Tim Mammen。

On today's call, Mark will provide a summary with a quick look at our third-quarter results and the overall demand environment, then walk you through the progress we are making on our long-term strategy. After that, he will turn it over to Tim to provide financial details.

在今天的電話會議上，Mark 將簡要概述我們第三季的業績和整體需求環境，然後向大家介紹我們在長期策略方面的進展。之後，他會將此事交給蒂姆，由蒂姆提供財務細節。

Let me remind you that statements made during this call that discuss our expectations or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties are detailed in our Form 10-K for the period ended December 31, 2024, and other reports on file with the Securities and Exchange Commission.

我想提醒各位，本次電話會議中所有關於我們對未來的預期或預測的陳述均為前瞻性陳述。這些前瞻性聲明存在風險和不確定性，可能導致公司的實際業績與此類前瞻性聲明中預測的業績有重大差異。這些風險和不確定性已在截至 2024 年 12 月 31 日的 10-K 表格以及向美國證券交易委員會提交的其他報告中詳細說明。

Any forward-looking statements made on this call are the company's expectations or predictions as of today, November 4, 2025, only, and the company assumes no obligations to publicly release any updates or revisions to any such statements.

本次電話會議中所做的任何前瞻性陳述僅代表本公司截至 2025 年 11 月 4 日的預期或預測，本公司不承擔公開更新或修訂任何此類陳述的義務。

During this call, we will be referencing certain non-GAAP measures. For more information on how we define these non-GAAP measures and the reconciliation of such measures to the most directly comparable GAAP measures as well as 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.

在本次電話會議中，我們將提及一些非GAAP指標。有關我們如何定義這些非GAAP指標以及這些指標與最直接可比的GAAP指標的調節的更多信息，以及有關我們已公佈業績的更多詳細信息，請參閱我們投資者關係網站上發布的盈利新聞稿、盈利電話會議演示文稿和財務數據工作簿。通話結束後，我們也會將這些準備好的演講稿發佈在我們的網站上。

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

接下來，我將把電話交給馬克。

Thanks, Eugene. Good morning, everyone. Third-quarter revenue was at the top end of our expectations, flat sequentially and up 11% year over year, excluding divestitures. There were a number of positive factors that drove the results this quarter.

謝謝你，尤金。各位早安。第三季營收達到我們預期的高端水平，環比持平，年增11%（不計剝離業務的影響）。本季業績的取得得益於許多正面因素。

Stronger demand in battery production driven by e-mobility and stationary storage supported higher sales in welding. With our adjustable mode beam laser, weld monitoring, and beam delivery solutions, we continue to win orders with some of the largest battery and automotive manufacturers across multiple regions.

電動車和固定式儲能推動電池生產需求強勁成長，進而帶動焊接產業銷售上升。憑藉我們可調模式光束雷射、焊接監控和光束傳輸解決方案，我們不斷贏得來自多個地區一些最大的電池和汽車製造商的訂單。

General industrial demand was stable compared with the prior quarter, and our cutting revenue was essentially flat and consistent with the past several quarters. We began shipping the new generation of our high-power rack-integrated lasers to cutting OEM customers globally. These next-generation lasers use our new higher power diodes, have a smaller footprint and lower manufacturing costs. Demand in additive manufacturing applications was very strong, and we won new business with our single-mode lasers tailored for that application.

與上一季相比，一般工業需求保持穩定，我們的切割業務收入基本上持平，與過去幾季的情況一致。我們開始向全球切割OEM客戶交付新一代高功率機架式雷射。這些新一代雷射採用我們新型高功率二極體，體積更小，製造成本更低。增材製造應用領域的需求非常強勁，我們憑藉專為該應用量身定制的單模雷射贏得了新業務。

Cleaning continued to grow, supported by the cleanLASER acquisition. Outside of industrial applications, we delivered year-over-year growth and built momentum towards longer-term value creation through new product introductions and new business wins. One exciting example of this is the growing interest in our CROSSBOW-directed energy solution, which I'll touch on shortly.

在 cleanLASER 收購案的支持下，清潔業持續成長。除了工業應用領域外，我們實現了同比增長，並透過推出新產品和贏得新業務，為創造長期價值奠定了基礎。一個令人興奮的例子是，人們對我們的 CROSSBOW 定向能量解決方案越來越感興趣，我稍後會詳細介紹。

I'm also pleased to share that we've received FDA clearance for the next generation of our thulium medical laser systems. This is an important step for the business, and we expect shipments to start by the end of the fourth quarter. I'll provide more detail on this milestone later in the call.

我很高興地宣布，我們的下一代铥醫用雷射系統已獲得 FDA 批准。這對公司而言是重要的一步，我們預計將在第四季末開始出貨。我稍後會在電話會議中提供關於這一里程碑的更多細節。

Our financial results improved in the quarter as we increased gross margin, managed operating expenses, and delivered adjusted EBITDA and adjusted earnings per share at the top end of our expectations. Order activity remained healthy with book-to-bill of approximately 1. While uncertainty in the demand environment persists, leading indicators such as PMIs continue to show improvements, and we remain cautiously optimistic going into the year-end.

本季我們的財務表現有所改善，毛利率提高，營運費用得到控制，調整後的 EBITDA 和調整後的每股盈餘均達到了預期上限。訂單活動保持良好狀態，訂單出貨比約為 1。儘管需求環境仍存在不確定性，但採購經理人指數 (PMI) 等領先指標持續改善，我們對年底仍保持謹慎樂觀。

Now I'd like to take a step back and offer some broader perspective on the longer-term trajectory of our business and the progress we're making on our strategic initiatives. Over the last 17 months, I've been methodically working to transform the organization, creating a disciplined high-performance culture that is fully prepared to take on the opportunities that lie ahead of us. This transformation involves moving IPG from a founder-led approach to a team-led operating model that can support further growth.

現在我想退後一步，從更廣闊的視角來談談我們業務的長期發展軌跡以及我們在策略舉措方面取得的進展。在過去的 17 個月裡，我一直在有條不紊地努力改造組織，打造一種紀律嚴明、績效卓越的文化，為迎接我們面前的機會做好了充分的準備。這項轉型意味著將 IPG 從創辦人主導的模式轉變為團隊主導的營運模式，以支持進一步的成長。

Last quarter, I highlighted some of the additions I have made to strengthen our executive leadership team. This top talent has brought deep expertise and fresh perspective, and they are already having a significant impact on our execution.

上個季度，我重點介紹了為加強我們的高階主管領導團隊而進行的一些人員擴充。這些頂尖人才帶來了深厚的專業知識和全新的視角，他們已經對我們的執行產生了重大影響。

The results we're delivering today show that the strategy we outlined earlier this year is taking hold and is beginning to drive meaningful improvement across our businesses. Our progress reflects disciplined execution, sharper focus, and a stronger alignment around our growth priorities. The steps we've taken to streamline operations, strengthen decision-making, and accelerate product development are translating into better performance and greater consistency across the business.

我們今天公佈的結果表明，我們今年稍早制定的策略正在奏效，並開始推動我們各項業務取得實質進展。我們的進步體現了嚴謹的執行、更清晰的重點以及對成長重點的更緊密協調。我們為簡化營運、加強決策和加快產品開發所採取的措施，正在轉化為更好的績效和更高的業務一致性。

Our focus remains on sustaining this momentum, balancing operational discipline with investment and innovation to position IPG for long-term profitable growth. The powerful combination of innovation and execution is driving progress across our key growth initiatives.

我們將繼續保持這一發展勢頭，在營運紀律與投資和創新之間取得平衡，以使IPG實現長期獲利成長。創新與執行的強強聯合正在推動我們各項關鍵成長計畫取得進展。

Our fundamental strategy is based on converting incumbent processes and applications to our differentiated laser-based solutions. This enables us to expand existing laser use cases, create new laser applications, and extend our reach into new high-growth applications such as medical, micromachining, and directed energy. These are large opportunities with the potential to significantly expand our addressable market.

我們的基本策略是將現有的製程和應用轉變為我們差異化的雷射解決方案。這使我們能夠擴展現有的雷射應用案例，創造新的雷射應用，並將我們的業務拓展到醫療、微加工和定向能量等新的高成長應用領域。這些都是巨大的機遇，有可能大幅擴大我們的目標市場。

We continue to strengthen our position in core industrial applications such as welding and cutting by focusing where differentiation matters most and where our technology delivers a clear performance or cost advantage. This is evidenced by our business wins and positions us to outpace the market as industrial production recovers.

我們繼續鞏固在焊接和切割等核心工業應用領域的地位，重點關注差異化最為重要的領域，以及我們的技術能夠帶來明顯性能或成本優勢的領域。我們的業務成功證明了這一點，並使我們能夠在工業生產復甦之際超越市場。

We're also moving up the value chain with our world-class laser applications capability that enables us to integrate our fiber lasers into differentiated subsystems to solve our customers' most challenging problems. This approach allows us to capture a greater share of customer spend and deepen long-term partnerships.

憑藉世界一流的雷射應用能力，我們也在價值鏈上不斷提升，這使我們能夠將光纖雷射整合到差異化的子系統中，從而解決客戶面臨的最具挑戰性的問題。這種方法使我們能夠獲得更大的客戶消費份額，並深化長期合作關係。

We have already demonstrated these benefits in welding, which has become our largest application. Our unique solutions enable safer and more reliable welding processes for thin foils and alloys used in advanced batteries for EV and stationary storage applications. We are also accelerating the adoption of lasers in other large industrial applications, displacing incumbent technologies.

我們已在焊接領域證明了這些優勢，焊接也已成為我們最大的應用領域。我們獨特的解決方案能夠為電動車和固定式儲能應用的高級電池中的薄箔和合金提供更安全、更可靠的焊接流程。我們也正在加速雷射技術在其他大型工業應用中的普及，以取代現有技術。

By combining our laser technology with deep applications expertise, we are solving complex challenges for our customers where precision and efficiency matters most. Laser cleaning is a great example of this approach. Customers convert to laser cleaning from conventional abrasive or chemical methods because our laser solution offers greater speed and control, is easy to automate and provides a safer and environmentally superior outcome. Lasers will continue to be adopted, driven by these advantages, and we are leading the change, accelerating broader implementation across the industry.

透過將我們的雷射技術與深厚的應用專業知識相結合，我們正在為客戶解決在精度和效率方面最為重要的複雜挑戰。雷射清洗就是這種方法的一個很好的例子。客戶從傳統的研磨或化學方法轉向雷射清洗，是因為我們的雷射解決方案速度更快、控制更精準，易於自動化，並且能夠提供更安全、更環保的清洗效果。雷射技術將在這些優勢的推動下繼續得到應用，我們正在引領這項變革，加速其在整個產業的更廣泛應用。

Finally, we're penetrating new nonindustrial applications in markets where laser-based solutions also offer clear cost benefits and superior outcomes relative to incumbent approaches. We are focused on medical, micromachining, and directed energy verticals where our innovative laser-based solutions provide strong competitive advantages. I'm pleased to report that we're making meaningful progress across each of these opportunities.

最後，我們正在開拓新的非工業應用市場，在這些市場中，基於雷射的解決方案也提供了明顯的成本優勢和相對於現有方法的優越結果。我們專注於醫療、微加工和定向能量等垂直領域，在這些領域，我們基於雷射的創新解決方案具有強大的競爭優勢。我很高興地報告，我們在所有這些機會方面都取得了實質進展。

In medical, we've been making strategic investments in urology applications. Our thulium lasers provide a superior solution for eliminating kidney stones and have demonstrated improved results versus legacy laser processes. On previous calls, I discussed a new customer we won earlier this year that has helped to drive strong revenue growth in the business in 2025.

在醫療領域，我們一直在泌尿科應用方面進行策略性投資。我們的铥雷射為消除腎結石提供了一種優越的解決方案，並且與傳統的雷射療法相比，已證明可以取得更好的效果。在之前的電話會議中，我討論了我們今年稍早贏得的一位新客戶，該客戶幫助推動了公司在 2025 年實現強勁的收入成長。

I'm happy to report another major milestone on today's call, FDA clearance and the upcoming launch of our next-generation urology system. This new system incorporates our proprietary StoneSense and advanced pulse modulation technologies, which deliver improved precision and control, continuing to enhance results in kidney stone removal procedures. Shipments are expected to begin in the fourth quarter.

我很高興地宣布，在今天的電話會議上，我們取得了另一個重大里程碑式的進展：我們的下一代泌尿系統獲得了FDA的批准，即將上市。此新系統融合了我們專有的 StoneSense 和先進的脈衝調製技術，可提高精確度和控制力，從而不斷提高腎結石清除手術的效果。預計將於第四季開始出貨。

This marks another important step in expanding our medical portfolio and demonstrates how our innovations continue to advance patient care and broaden our reach beyond industrial applications. We're executing against a clear roadmap that we believe will drive significant revenue growth including recurring consumables revenue over the next two to three years.

這標誌著我們在擴展醫療產品組合方面又邁出了重要一步，也表明了我們的創新如何持續推進患者護理，並將我們的業務範圍擴展到工業應用之外。我們正在按照清晰的路線圖執行，我們相信這將推動未來兩到三年內收入的顯著增長，包括經常性耗材收入。

Last quarter, we discussed CROSSBOW, a scalable and cost-effective laser defense system that can neutralize the threat of smaller Group 1 and Group 2 drones. CROSSBOW is a disruptive turnkey directed energy system enabled by our single-mode lasers, systems expertise, and our high-volume manufacturing capabilities.

上個季度，我們討論了 CROSSBOW，這是一種可擴展且經濟高效的雷射防禦系統，可消除較小的 1 類和 2 類無人機的威脅。CROSSBOW 是一款顛覆性的交鑰匙定向能量系統，它利用了我們的單模雷射、系統專業知識和大規模生產能力。

CROSSBOW can operate as a standalone system or can be integrated into layered defense architectures. This system was showcased during two recent defense shows: DSEI in London; and AUSA in Washington, DC. Interest was high from both defense and commercial customers for protection of critical military and civilian assets.

CROSSBOW 既可以作為獨立系統運行，也可以整合到分層防禦架構中。該系統在近期舉辦的兩場防務展上亮相：倫敦的DSEI防務展和華盛頓特區的AUSA防務展。國防和商業客戶都對該系統在保護關鍵軍事和民用資產方面的應用表現出濃厚的興趣。

We are working on converting leads into orders and are having conversations with multiple potential customers. We're proud to [announce] the opening of our new IPG defense customer center and production facility in Huntsville, Alabama, which is dedicated to supporting the CROSSBOW product line.

我們正在努力將潛在客戶轉化為訂單，並與多位潛在客戶進行洽談。我們很榮幸地宣布，位於阿拉巴馬州亨茨維爾的全新 IPG 防務客戶中心和生產設施正式啟用，該中心致力於為 CROSSBOW 產品線提供支援。

Over the last few months, there have been multiple examples of large international airports that were forced to shut down all flights due to the incursion of drones. We are optimistic that our solution can become a standard approach across many situations and scenarios to deal with these ever-increasing threats.

過去幾個月裡，由於無人機入侵，多個大型國際機場被迫關閉所有航班。我們樂觀地認為，我們的解決方案可以成為應對這些日益增長的威脅的多種情況和場景中的標準方法。

We believe this growth strategy best aligns our differentiating laser technology, market leadership, and deep applications expertise to solve the most challenging problems and enables us to deliver a compelling value proposition that makes IPG a trusted partner in the industries we serve.

我們相信，這項成長策略能夠最好地結合我們差異化的雷射技術、市場領導地位和深厚的應用專業知識，以解決最具挑戰性的問題，並使我們能夠提供引人注目的價值主張，使 IPG 成為我們所服務行業中值得信賴的合作夥伴。

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

接下來，我會把電話交給提姆。

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 revenue trends by application on slide 4.

謝謝你，馬克，大家早安。我的發言通常會在財報電話會議簡報之後進行，該簡報可在我們投資者關係網站上找到。我將從第 4 張投影片開始介紹按應用程式劃分的收入趨勢。

Revenue from materials processing increased 6% year over year, driven by higher sales in welding, additive manufacturing applications, cleaning, and micromachining, partially offset by lower sales in marking and divestitures, while cutting revenue remained nearly flat. Revenue from applications driven by higher sales in medical and advanced.

材料加工業務收入年增 6%，主要得益於焊接、增材製造應用、清洗和微加工業務的銷售額增長，但部分被標記和資產剝離業務的銷售額下降所抵消，而削減業務的收入基本保持不變。醫療和先進應用領域的銷售成長帶動了應用收入的成長。

Our emerging growth products performed well in the quarter, increasing on a year-over-year basis but declining slightly sequentially and accounting for 52% of sales in the third quarter, down from our record high of 54% in the prior quarter.

我們的新興成長產品在本季表現良好，年成長，但較上季略有下降，佔第三季銷售額的 52%，低於上一季創紀錄的 54%。

Moving to the revenue performance by region on slide 5. Sales in North America decreased by 16% sequentially but were up 8% year over year. Sequentially, sales declined due to the timing of some large orders in welding and advanced applications, while year-over-year growth was driven by higher revenue in advanced applications and medical as well as improved cutting and cleaning sales.

接下來請看第 5 張投影片，了解各地區的收入表現。北美地區的銷售額環比下降 16%，但年增 8%。從環比來看，由於焊接和先進應用領域的一些大訂單的時間安排，銷售額有所下降；而同比增長則得益於先進應用和醫療領域的收入增加以及切割和清潔業務的銷售改善。

Sales in Europe increased 11% sequentially and 4% year over year, excluding $7 million in divestitures. This sequential increase was driven by higher sales in welding, cutting, and additive manufacturing, while the year-over-year improvement was driven by the acquisition of cleanLASER as well as higher sales and cutting and additive manufacturing.

歐洲銷售額季增 11%，年增 4%（不包括 700 萬美元的資產剝離）。這一環比增長主要得益於焊接、切割和增材製造領域的銷售增長，而同比增長則主要得益於對 cleanLASER 的收購以及切割和增材製造領域的銷售額增長。

Revenue in Asia increased 5% sequentially and 15% year over year, driven by higher welding sales in China, Japan, and Korea as a result of stronger demand and business wins in battery applications. Our differentiated solution, including the combination of our AMB laser, weld process monitoring, and beam delivery is improving yields and battery safety and driving adoption by major battery manufacturers in the region.

亞洲地區營收季增 5%，年增 15%，這主要得益於中國、日本和韓國焊接產品銷售額的成長，而焊接產品的銷售成長又源自於電池應用領域需求的增強和業務的成功拓展。我們差異化的解決方案，包括我們的 AMB 雷射器、焊接過程監控和光束傳輸的結合，正在提高產量和電池安全性，並推動該地區主要電池製造商採用該方案。

Moving to the financial performance review on slide 6. Revenue came in at the top of our expectations at $251 million, flat sequentially and up 8% on a year-over-year basis or 11% excluding divestitures. Foreign currency increased revenue by approximately $3 million or 1% this quarter.

接下來是第 6 頁的財務績效評估。營收達到預期的 2.51 億美元，環比持平，年增 8%，若不計剝離資產則較去年同期成長 11%。本季外匯收入增加了約300萬美元，增幅約1%。

GAAP gross margin was 39.5% and adjusted gross margin was 39.8%, above our guidance and was driven by improved manufacturing cost absorption and a decrease in inventory provisions, partially offset by higher cost of products sold and increased shipping costs on a year-over-year basis. The impact of tariffs was 140 basis points in line with our expectations. We continue to work on mitigating tariffs, and the impact will likely continue in the fourth quarter.

GAAP毛利率為39.5%，調整後毛利率為39.8%，均高於我們的預期，這主要得益於製造成本吸收的改善和庫存撥備的減少，但部分被同比產品銷售成本的增加和運輸成本的增加所抵消。關稅的影響為 140 個基點，符合我們的預期。我們將繼續努力減輕關稅的影響，其影響可能會持續到第四季。

Operating expenses were flat sequentially but above last year's level, primarily due to the investments we are making to support our strategy and strengthen our organization, which Mark highlighted earlier on this call. GAAP operating income was $8 million, and our adjusted EBITDA was $37 million, slightly above the top end of our guidance. GAAP net income was $7 million or $0.18 per diluted share. Adjusted earnings per diluted share was $0.35 in the third quarter at the top end of our guidance.

營運支出環比持平，但高於去年同期水平，這主要是由於我們為支持策略和加強組織架構而進行的投資，馬克此前在電話會議上重點強調了這一點。 GAAP 營業收入為 800 萬美元，調整後 EBITDA 為 3,700 萬美元，略高於我們預期的上限。GAAP淨利為700萬美元，即每股攤薄收益0.18美元。第三季調整後每股攤薄收益為 0.35 美元，達到我們預期範圍的上限。

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 $870 million, $30 million in long-term investments, and no debt. During the quarter, we spent $21 million on capital expenditures and $16 million on repurchasing IPG shares, supporting our balanced capital allocation framework of investing in growth and returning cash to shareholders.

接下來，請看第 7 頁投影片，了解我們的資產負債表和現金流量表摘要。本季末，我們持有現金、現金等價物和短期投資 8.7 億美元，長期投資 3,000 萬美元，且無債務。本季度，我們投入了 2,100 萬美元用於資本支出，並投入 1,600 萬美元用於回購 IPG 股票，這支持了我們平衡的資本配置框架，即投資於成長並向股東返還現金。

As expected, operating cash flow started to improve significantly in the second half of the year, more than offsetting CapEx and driving positive free cash flow in the quarter. Looking ahead, we will likely come in well below $100 million in CapEx this year due to the timing of expenditures for our major investment in Germany. We still expect CapEx to decrease to about 5% of revenue and free cash flow to improve once the project is complete, but the timing of this project may keep next year's CapEx at approximately the same level as in 2025.

正如預期的那樣，下半年經營現金流開始顯著改善，足以抵消資本支出，並推動該季度自由現金流為正。展望未來，由於我們在德國的重大投資支出時間表，我們今年的資本支出可能會遠低於 1 億美元。我們仍然預計資本支出將下降到收入的 5% 左右，自由現金流將在專案完成後有所改善，但該專案的實施時間可能會使明年的資本支出與 2025 年的水平大致相同。

Moving to our outlook on slide 8. For the fourth quarter of 2025, we expect revenue of $230 million to $260 million and adjusted gross margin between 36% and 39%, including a potential impact of tariffs of about 140 basis points.

接下來，我們來看看第 8 張投影片的展望。我們預計 2025 年第四季營收為 2.3 億美元至 2.6 億美元，調整後毛利率為 36% 至 39%，其中包括關稅可能帶來的約 140 個基點的影響。

With investments in the growth of our business, and strengthening the organization, including leadership, we expect our operating expenses to remain elevated between $90 million and $92 million in the fourth quarter. We anticipate delivering adjusted earnings per diluted share in the range of $0.05 to $0.35 with approximately 42.5 million diluted common shares outstanding. Our adjusted EBITDA is expected to be between $21 million and $38 million.

由於我們對業務成長進行了投資，並加強了組織（包括領導層），我們預計第四季度的營運費用將保持在 9,000 萬美元至 9,200 萬美元的高點。我們預計調整後每股攤薄收益將在 0.05 美元至 0.35 美元之間，流通在外的攤薄普通股約為 4,250 萬股。我們調整後的 EBITDA 預計在 2,100 萬美元至 3,800 萬美元之間。

In summary, we are pleased to see further signs of continuing revenue stabilization coupled with margin improvement while investing in our strategic initiatives. We continue to believe we have significant operating leverage in our model. Our strong balance sheet gives us a significant advantage given the near-term uncertainty in the operating environment.

總而言之，我們很高興看到收入持續穩定的跡象進一步顯現，同時利潤率也有所提高，我們也在增加對策略舉措的投資。我們仍然相信我們的模式具有顯著的經營槓桿作用。鑑於近期經營環境的不確定性，我們強勁的資產負債表為我們帶來了顯著優勢。

I will now turn the call back to Mark.

現在我將把電話轉回給馬克。

Thanks, Tim. In closing, we are encouraged by the progress we've made and energized by the scale of the longer-term opportunity ahead. We believe we have strong growth opportunities driven by our differentiated solutions that have been successfully winning business even in a subdued industrial environment. As general industrial activity recovers, this positions us well to outgrow the market.

謝謝你，提姆。最後，我們對已取得的進展感到鼓舞，並對未來長期機會的規模感到振奮。我們相信，憑藉我們差異化的解決方案，即使在低迷的行業環境下也能成功贏得業務，從而擁有強勁的成長機會。隨著整體工業活動的復甦，這使我們能夠更好地超越市場成長。

Our market leadership, applications expertise, and complete solutions enables us to drive adoption of lasers, replacing incumbent technologies and expanding the addressable market. We are excited that our growth initiatives in medical, micromachining, and defense are already showing meaningful progress in driving incremental revenue. While we are cautiously optimistic about the demand environment, we continue to transform the company to create value for our customers and shareholders for the longer term.

我們憑藉市場領導、應用專業知識和完整的解決方案，推動雷射技術的普及應用，取代現有技術，並擴大目標市場。我們很高興看到，我們在醫療、微加工和國防領域的成長計畫已經在推動收入成長方面取得了顯著進展。儘管我們對市場需求環境持謹慎樂觀態度，但我們將繼續對公司進行轉型，以期為客戶和股東創造長期價值。

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

那麼，我們很樂意回答您的問題。

(Operator Instructions) Ruben Roy, Stifel.

（操作說明）魯本·羅伊，斯蒂費爾。

Thank you. Hi, Mark and Tim. Mark, I'd like to start with maybe just a little more detail on how you're thinking about the outlook for Q4. It's nice to see the progress coming out of Q3 and the book to bill and some of the sort of new areas that you're focused on continuing to contribute.

謝謝。嗨，馬克和提姆。馬克，我想先詳細了解你對第四季前景的看法。很高興看到第三季的進展，以及訂單完成和您持續關注的一些新領域。

So maybe you can walk us through -- I know you've used the term cautiously optimistic going into year-end here. But with PMIs improving, et cetera, and where the bookings are, it's a wide range of guidance again. What are some of the puts and takes to get to the lower end of that guided range or the higher end?

所以也許您可以給我們詳細解釋一下——我知道您在年底前使用了“謹慎樂觀”這個詞。但隨著採購經理人指數 (PMI) 等因素的改善，以及預訂情況的變化，目前的指導範圍又變得非常廣。要達到目標價位區間的下限或上限，有哪些買入和賣出策略？

Yeah, sure. Nice to talk to you, Ruben. See, first of all, we're quite happy with the performance around the world. As I mentioned, the book to bill continues to be about one globally at this elevated revenue. And it's showing continued strength in each of the regions actually in Asia, including Japan, Korea, and China.

當然可以。很高興和你聊天，魯本。首先，我們對全球範圍內的表現相當滿意。正如我之前提到的，在目前全球範圍內，圖書銷售收入仍維持在較高水準。而且，它在亞洲的各個地區，包括日本、韓國和中國，都展現了持續強勁的勢頭。

Europe is stabilizing, and we've been seeing some upside in North America. And we're really encouraged with these early signs of industrial expansion, as you mentioned too, PMIs are tracking a little bit higher now. So with the US about [52.5]; the Eurozone, now stabilizing at about [50]; China, a bit over [50] as well. So those are positive pieces.

歐洲局勢趨於穩定，北美也出現了一些好轉跡象。正如您所提到的，這些工業擴張的早期跡象確實令人鼓舞，採購經理人指數（PMI）目前也略有上升。所以美國大約是 [52.5]；歐元區現在穩定在 [50] 左右；中國也略高於 [50]。所以這些都是正面的方面。

And even in what has been muted industrial market, we're really seeing the benefits of our differentiation, right? The technology, the product quality, reliability, and the applications expertise that we've got and tie into that, the global support infrastructure that we have. Those things are starting to really give us some benefit.

即使在較低迷的工業市場中，我們也確實看到了差異化帶來的好處，對吧？我們擁有的技術、產品品質、可靠性和應用專業知識，以及與之相關的全球支援基礎設施。這些事情確實開始為我們帶來一些好處了。

And we've seen that in the cutting revenue, for example. That's been essentially flat now and consistent the past several quarters. And I've talked about this before, but our OEM inventories and cutting our OEMs, their inventories really normalized.

例如，我們已經從削減營收方面看到了這一點。營收目前基本持平，並且在過去幾季保持穩定。我之前也談到過這一點，但是我們的 OEM 庫存以及削減 OEM 的庫存，他們的庫存確實已經正常化了。

Happy that we've got our rack-integrated platform out. So this helps to contribute to how we guide. The new product is out now, and it's been qualified by most of our OEM customers. And again, that's the system that has the new diode lasers, that's higher power, smaller form factor, lower cost structure.

很高興我們的機架整合平台已經推出。所以這有助於我們改進指導方式。新產品現已上市，並已通過我們大多數OEM客戶的驗證。再次強調，該系統採用了新型二極體雷射器，具有更高的功率、更小的尺寸和更低的成本結構。

And then as I mentioned in the prepared remarks, we're continuing to get share gains in welding and additive manufacturing, that's going well to cleaning. So I really feel good about that, that we're positioned to outgrow the market as the industrial output starts to improve.

正如我在準備好的演講稿中提到的，我們在焊接和增材製造領域繼續獲得市場份額增長，這對清潔行業來說也是個好消息。因此，我對這一點感到非常樂觀，隨著工業產出的改善，我們已經做好了超越市場成長的準備。

And then, of course, as I mentioned, we're also focused on the key areas that we're investing in the non-industrial areas, right? So we've focused on the areas of medical, micromachining, and the defense area, the advanced area with our CROSSBOW system. And we're seeing some pickups there in each of those areas as well, new customer that we've talked about in medical, new product coming out in Q4, where we're starting to get some shipments. So all of those are contributing as well.

當然，正如我剛才提到的，我們也專注於非工業領域的關鍵投資方向，對吧？因此，我們專注於醫療、微加工和國防領域，以及我們CROSSBOW系統所處的先進領域。我們也看到這些領域出現了一些成長，例如我們在醫療領域提到的新客戶，以及第四季即將推出的新產品，我們已經開始收到一些貨物。所以所有這些因素都起到了作用。

So overall, I'll say again, cautiously optimistic and certainly feel better about the business now than we did a year ago at this time.

所以總的來說，我再次強調，我持謹慎樂觀態度，而且現在我對公司的業務狀況肯定比一年前這個時候要好得多。

Great. Thanks a lot for all the detail, Mark. I just had a quick follow-up on that and a quick one for Tim. Just a follow-up. It was nice to hear the e-mobility related welding revenue strengthen a bit. Was that geo specific? Or was that something that you saw more broad-based?

偉大的。馬克，非常感謝你提供的所有細節。我剛才快速跟進了這件事，也快速地問了提姆一個問題。補充一下。很高興聽到與電動車相關的焊接收入略有增長。那是否與地理位置有關？或者，你認為這種情況在更廣泛的範圍內都存在？

So actually, we're getting share gains globally. The -- if you look at Asia, we've had strength in Japan and Korea and continued share gains also in China. And then we've also had uptick in Europe. And we've had some wins also in the US, although the US is a little slower.

所以實際上，我們在全球範圍內都獲得了市場份額的成長。如果你看看亞洲市場，我們在日本和韓國市場表現強勁，在中國市場的份額也持續成長。此外，歐洲的病例也有所增加。我們在美國也取得了一些勝利，儘管美國的發展速度稍慢一些。

And one thing I would point out is that it's really about battery. It's not just EV. There's quite a lot of work going on now in stationary storage as well. So in China, which has the largest growth in has -- about a third of it is due to stationary storage with two-thirds about EV. And overall, just to point out too, the EV market is continuing to grow. Its year-to-date has grown about 25% year over year.

我想指出的一點是，這其實與電池有關。不僅僅是電動車。目前，固定儲存領域也有很多工作正在進行中。因此，在中國，成長最快的地區——其中約三分之一是由於固定式儲能，三分之二是由於電動車。另外，需要指出的是，電動車市場整體上仍在持續成長。今年迄今為止，其同比增長約 25%。

Yeah. Got it. Okay. A quick one for Tim. On the gross margin, Tim, just thinking about the outlook. It sounds like the -- unless I missed this, the tariff impact is about the same as you saw in Q3. Revenue at the midpoint is a little bit lower, but you've got a downtick in the gross margin.

是的。知道了。好的。給蒂姆一個簡短的問題。提姆，關於毛利率，我只是在考慮前景。聽起來——除非我錯過了什麼，否則關稅的影響與你在第三季看到的影響大致相同。中間點的收入略有下降，但毛利率也有所下降。

So maybe some moving parts there and how you're thinking about the margins as you get out of this year? And what's the expectation for tariff impact, if any, as you get into '26? Thank you.

所以，這裡面可能有一些變數，以及你如何看待今年剩餘時間的利潤空間？那麼，您預計到2026年，關稅會產生什麼影響（如果有的話）？謝謝。

Sure. I think, first of all, gross margin, both actually on a GAAP and adjusted basis was strong in Q3. I was actually very pleased with it. Some of the positives on that were that we started to see some improvement in product gross margin, which we've mentioned have been a bit weaker in the second quarter. So that's really good because that shows that some of the cost reduction initiatives that we've got.

當然。我認為，首先，第三季毛利率，無論是以 GAAP 標準還是調整後的標準來看，都非常強勁。我其實非常滿意。其中一些正面因素是，我們開始看到產品毛利率有所改善，我們之前提到過，第二季的產品毛利率略顯疲軟。這真的很好，因為它表明我們的一些成本削減措施是有效的。

Mark mentioned that around the RI laser. We're also trying to roll out the higher-power diodes across the platform more broadly, for example. There are other applications where we've introduced lower-cost lasers. So that was really pleasing to see that develop during the quarter for me.

馬克提到了RI雷射周圍的情況。例如，我們也在嘗試更廣泛地在整個平台上推廣高功率二極體。我們還在其他應用領域引入了成本更低的雷射。所以，看到這一季度以來的發展，我真的非常高興。

The other benefit on gross margin, a couple of other ones. Inventory provisions were lower, so I'd said that we expected to see those come down in the second half of this year given the work we've done around managing inventory. And then the final benefit was really an improvement in under-absorbed costs. So the overall absorption was pretty good in Q3.

毛利率方面還有其他一些好處。庫存撥備降低了，所以我之前說過，鑑於我們在庫存管理方面所做的工作，我們預計今年下半年庫存撥備會進一步降低。最終的好處是未充分吸收的成本得到了改善。所以第三季的整體吸收情況相當不錯。

That, though, did result from growing inventory a bit. If you look at the balance sheet, inventory is up about $20 million. That was an intentional investment in inventory really to reduce lead times to customers and support the business at this point in time.

但這確實是庫存略有增加的結果。從資產負債表上看，庫存增加了約 2,000 萬美元。這是一項有意增加庫存的投資，旨在縮短客戶的交貨時間，並在當前階段支持業務發展。

We're not expecting -- expecting a much more moderate impact from inventory in the fourth quarter. So kind of the midpoint of my gross margin guide factors that in. It's not factoring in any other significant increase in tariffs. We're trying to mitigate some of the effect of tariffs.

我們預計——預計第四季度庫存的影響會溫和得多。所以，我的毛利率指導原則的中點部分已經考慮到了這一點。它並未考慮其他任何大幅提高關稅的情況。我們正在努力減輕關稅帶來的一些影響。

I said fairly clearly. I don't think companies are going to get rid of the cost of tariffs given how pervasive they are, but we're looking at where we can increase pricing a little bit. We're looking at other programs internally in terms of manufacturing drawbacks of tariffs and things like that.

我說過得很清楚。鑑於關稅的普遍性，我認為企業不可能完全消除關稅成本，但我們正在研究如何在某個方面稍微提高價格。我們正在內部研究其他方案，以應對關稅等對製造業造成的不利影響。

They do take time to put in place. There's a huge amount of data, analytics, and approvals that you need to go through to get those in place, but they should start to see some of that tariff impact potentially ameliorate a bit going into next year.

這些都需要時間來落實。要實現這些目標，需要處理大量的數據、分析和審批，但到明年，他們應該會看到關稅影響有所緩解。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

I had a couple of questions. First on CROSSBOW. Wondering, Mark, how we might think about the opportunity looking to 2026. It sounds like you had good interest at the recent shows that you've participated in. Are you working with any other partners at the moment besides Lockheed Martin?

我有幾個問題。CROSSBOW 首發。馬克，我想知道我們該如何看待展望 2026 年的機會。聽起來你最近參加的幾場演出都獲得了不錯的迴響。除了洛克希德馬丁公司之外，您目前還與其他合作夥伴合作嗎？

Hi, Jim. Let me just step back for a minute. So yes, we're quite excited with CROSSBOW. And just to remind everybody, that's directed at the smaller class of drones, the Group 1 and Group 2. And we have really a unique position because it uses our high-power single-mode lasers plus the surrounding photonics that we make. And systems, and we do this at scale at large volume manufacturing. So we're able to deliver that and provide kind of a unique solution.

嗨，吉姆。讓我先退後一步。是的，我們對 CROSSBOW 感到非常興奮。再次提醒大家，這是針對較小類別的無人機，即第 1 組和第 2 組無人機。我們擁有非常獨特的優勢，因為它利用了我們的高功率單模雷射以及我們製造的周邊光子學技術。以及系統，我們透過大規模生產來實現這一點。因此，我們能夠做到這一點，並提供一種獨特的解決方案。

And we demonstrated that or showed that at the two big shows the DSEI, which is in London and also at the AUSA just a couple of weeks ago in Washington, DC. And Jim, what I would say is that we had quite a lot of interest, quite a lot of leads for that and that was both in the military space, but also in the civilian airspace, that's been a recent -- just in the last six weeks or so, we saw drone incursions shutdown major airports in Europe. Oslo, Copenhagen, Munich, all had long shutdowns.

我們在倫敦的DSEI防務展和幾週前在華盛頓特區的AUSA防務展上都展示了這一點。吉姆，我想說的是，我們收到了很多關注，也獲得了許多潛在客戶，這不僅包括軍事領域，也包括民用空域。最近，就在過去六週左右的時間裡，我們看到無人機入侵導致歐洲一些主要機場關閉。奧斯陸、哥本哈根、慕尼黑都經歷了長時間的停工。

So there's interest also in that civilian space. So quite a lot of leads that we're working through. We have, obviously, the link with Lockheed, but that's not -- it's not only Lockheed, and we have conversations going on with quite a few other potential customers in both the defense and civilian aerospace areas and globally.

所以，人們對民用領域也有興趣。所以我們正在跟進很多線索。我們顯然與洛克希德公司有聯繫，但這並不完全是——不僅僅是洛克希德公司，我們還在與國防和民用航空航天領域以及全球範圍內的許多其他潛在客戶進行洽談。

Now if we think about the opportunity, looking out to next year, it sounds like you've got a few -- more than a few irons in the fire in that -- I guess how do we think about it in terms of material revenue where I'm going with this?

現在，如果我們考慮一下機會，展望明年，聽起來你有很多專案正在進行中——我想，從物質收入的角度來看，我接下來要說的這些是什麼？

Yeah, sure. I understand, Jim. So what I would tell you is that we're qualifying leads. This does take some time to go through, so we do expect to get some revenue in 2026, but it takes some months certainly to qualify and turn leads into orders.

當然可以。我明白了，吉姆。所以我想告訴你們的是，我們正在篩選潛在客戶。這確實需要一些時間才能完成，所以我們預計在 2026 年會獲得一些收入，但肯定需要幾個月的時間來篩選潛在客戶並將其轉化為訂單。

Got it. Just with respect to the new urology system, which I guess you're skipping this quarter, again, similar question, looking out to next year, is this -- how significant product launches this review in terms of, I think, additional momentum in the medical market here?

知道了。關於新的泌尿系統，我猜您本季會跳過它，那麼，展望明年，我想問一個類似的問題：就醫療市場的進一步發展而言，這款產品的發布對本次評測的意義有多大？

Yeah. Thanks, Jim. I'll tell you, you're a little bit garbled in your voice, but I think I understood the question, and that was around the launch of our new urology product here in Q4.

是的。謝謝你，吉姆。我必須說，你的聲音有點含糊不清，但我認為我聽懂了你的問題，那大概是關於我們第四季度推出的泌尿科新產品的問題。

So just to reiterate for a moment, we have received FDA clearance, and we are launching this. This is a new product in urology. It's a thulium-based system. Next generation that has a couple of really key features. One is called StoneSense and the other is really a unique way that we're able to modulate the pulse output and both of those are for basically precision and safety.

所以再重申一遍，我們已經獲得FDA批准，我們將推出這款產品。這是泌尿科領域的新產品。這是一個基於铥的系統。下一代產品具備幾個非常關鍵的特性。其中一項技術稱為 StoneSense，另一項技術則是一種獨特的脈衝輸出調變方式，這兩項技術基本上都是為了提高精度和安全性。

The StoneSense actually can tell the difference between hitting a stone and tissue and therefore, have additional safety in the process. So we're launching that product. That's the first of a roadmap of new products in urology, and I've been talking about this for a several quarters now.

StoneSense 實際上可以區分擊打的是石頭還是紙巾，因此在擊打過程中能提供額外的安全性。所以我們要推出這款產品了。這是泌尿科新產品路線圖中的第一個產品，我已經談論這個問題好幾個季度了。

And just to point out, I had said several quarters ago that we were targeting a Q4 launch. So that's on track. And the entire roadmap with this being the first product is -- will give us substantial revenue growth. And I also want to point out too that earlier in the year, I had announced that we had a second major customer that's a leader also in the urology space.

另外要指出的是，我幾個季度前就說過，我們的目標是在第四季發布。所以一切進展順利。整個產品路線圖，作為首款產品，將為我們帶來可觀的收入成長。我還想指出，今年早些時候，我曾宣布我們迎來了第二位主要客戶，他也是泌尿科的領導者。

Remember, we've talked about Olympus before as one. We can't name the other, but it's another large player in the marketplace. And just to remind you also that as we bring out new product in the system side and gain share, that also brings with it recurring revenue because we also make the disposable fibers that go with each of the treatments.

記住，我們之前已經把奧林巴斯當作一個整體來討論過了。我們不能透露另一家公司的名稱，但它也是市場上的另一個主要巨頭。另外，也要提醒您，隨著我們在系統方面推出新產品並擴大市場份額，這也會帶來持續的收入，因為我們也生產與每種治療方案配套的一次性纖維。

So what I'd say is we're starting to ship the new product in Q4. We're excited about the product. We think it will gain us more share in that market. But I also want to say that it's the first of a number of new advancements that we'll be bringing out over the next couple of years. And we're expecting in urology, which is a $2 billion TAM, we're expecting to significantly grow that and it's -- so it will be a key part of our growth going forward.

所以我想說的是，我們將在第四季開始出貨新產品。我們對這款產品感到非常興奮。我們認為它將幫助我們在該市場贏得更多份額。但我還要說，這只是我們未來幾年將推出的一系列新進展中的第一個。我們預計泌尿科（市場規模達 20 億美元）將大幅成長，因此，這將是我們未來成長的關鍵部分。

Mark, in terms of 2026, if you were to rank this on some of the other opportunities that you're focused on, where would you place this, say, among the top three or four?

馬克，就 2026 年而言，如果你要把這個機會和你關注的其他一些機會進行排名，你會把它放在前三或前四的位置嗎？

Yeah. So Jim, it is one of the top ones for us. So when we think about the urology roadmap, we look at that as growing our urology revenue kind of 2 to 3x in the next two to three years. So I can give you some sense of how to consider that. It is one of the larger ones we're looking at. If we talk about the investments in three key areas based upon our differentiation.

是的。所以吉姆，這對我們來說是最重要的之一。所以，當我們考慮泌尿科的發展路線圖時，我們將其視為在未來兩到三年內將泌尿科收入增加 2 到 3 倍。所以我可以給你一些關於如何考慮這個問題的想法。這是我們正在考察的規模較大的項目之一。如果我們談談基於我們差異化的三個關鍵領域的投資。

We've talked about the urology, the micromachining space and then, of course, the area of -- the advanced area, which includes the CROSSBOW, that together, what I've said is that that's addressing about a $5 billion TAM and that over the next several years, we're expecting to grow hundreds of millions of dollars in those spaces.

我們已經討論了泌尿科、微加工領域，當然還有先進領域，包括 CROSSBOW，我說過，這些加起來的總市場規模約為 50 億美元，而且在未來幾年，我們預計這些領域的市場規模將增長數億美元。

Scott Graham, Seaport Research.

Scott Graham，Seaport Research。

Congrats on the quarter as well. Could you just remind us, when you talk about tariffs, the minus 140 basis points, that's a net number, right, versus your countermeasures?

也恭喜你本季業績出色。您能否提醒我們一下，當您談到關稅時，-140 個基點，這是一個淨額，對吧？是相對於您的反制措施而言的嗎？

That's the -- yeah, that's the impact on the quarter relative to a normalized run rate, say, in Q1 or second half of last year. So it's net of some countermeasures at the moment that we've implemented.

這就是——是的，這就是相對於正常運作率（例如去年第一季或下半年）而言，本季受到的影響。所以這是扣除我們目前已實施的一些應對措施後的淨值。

But for example, if you're trying to change pricing, Scott, you got to go through adjusting pricing, you got to adjust quotes, you've got to ship the existing backlog, you've got to wait for orders from customers. So you don't see the benefit from something like change in pricing for quite a significant period of time.

但舉例來說，史考特，如果你想改變價格，你必須調整價格，你必須調整報價，你必須交付現有的積壓訂單，你必須等待客戶的訂單。因此，在相當長的時間內，你看不到價格變動帶來的好處。

And then I mentioned that we're looking at different types of strategies to draw back some duties when you're re-exporting product or bringing product back into the US that has US content. But again, those take a lot of time to put in place because they're quite complex to do.

然後我提到，我們正在研究不同的策略，以便在重新出口產品或將含有美國成分的產品帶回美國時，能夠減少一些關稅。但是，這些措施需要花費大量時間才能落實，因為它們做起來相當複雜。

And just to remind you, Scott, too, as we've talked about for the tariffs, we have actually done quite a lot in terms of mitigation. If you recall that we have a flexible manufacturing footprint, and we actually moved product manufacturing for a number of product lines from the US to Europe, for example, we also flexed our supply chain, and we adjusted where some of the supply was coming from. So we have done quite a bit to mitigate and get us to where we are as well.

還有一點要提醒你，史考特，就像我們之前討論過的關稅問題一樣，我們在緩解措施方面實際上已經做了很多工作。如果您還記得，我們​​擁有靈活的生產佈局，例如，我們實際上已經將多條產品線的生產從美國轉移到了歐洲，我們也靈活調整了供應鏈，並調整了部分供應來源。所以，為了緩解這種情況並使我們達到現在的水平，我們已經做了很多工作。

Understood. Thank you. Just my follow-up question is the fourth quarter operating expenses number looks like about the same as the third quarter. And last year, I believe that number was lower, although your earnings were maybe under more pressure. Could you explain why maybe fourth-quarter operating expenses aren't maybe a little bit lower than what your guidance is? I guess that one surprised me a little bit.

明白了。謝謝。我的後續問題是，第四季的營運費用數字看起來與第三季大致相同。我相信去年這個數字更低，儘管你的收入可能面臨更大的壓力。能否解釋一下為什麼第四季的營運費用沒有比您預期的略低一些？這件事確實讓我有點意外。

Absolutely, Scott. So as I've been talking about for the last few quarters, we're making some key investments and that's what you're seeing in the OpEx. First is really around these key programs that I've been talking about in medical, in the urology, and the micromachining, in the advanced space, the CROSSBOW is a great example. So we're investing in those key areas. That's a significant piece of it.

當然，斯科特。正如我在過去幾個季度一直在談論的那樣，我們正在進行一些關鍵投資，而這正是您在營運支出中看到的。首先，圍繞著我一直在談論的醫療、泌尿科和微加工等先進領域的關鍵項目，CROSSBOW 就是一個很好的例子。所以我們正在這些關鍵領域進行投資。這是其中很重要的一部分。

And then also, we've made some investments really in the organization. I talked about last quarter some very top talent that we've recruited into the organization to help us lead the company into continued growth. So that's what you're seeing. And we expect that to stay at about that level going forward.

此外，我們也對公司進行了一些投資。上個季度我談到了我們招募到公司的一些頂尖人才，他們將幫助我們帶領公司繼續成長。這就是你看到的。我們預計未來這一數字將保持在目前的水平左右。

Keith Housum, Northcoast Research.

Keith Housum，北海岸研究公司。

Good quarter. Just remind me historically, has there been an opportunity for budget flushes in the fourth quarter and any potential benefit from the One Big Beautiful Bill that we saw passed earlier this year?

本季表現不錯。請您提醒我一下，從歷史數據來看，第四季是否有預算削減的機會？今年稍早通過的《一項宏偉法案》又帶來了哪些潛在好處？

In seasonality in the fourth quarter, sometimes, Q4 can be a bit weaker than the third quarter. It depends upon the geography. It's the issue, Keith. I mean, you can have slightly lower revenue, for example, in China, where China can be stronger in Q2, Q3, but then you can get some pull-through in other geographies that may or may not offset that. So it's not a particularly meaningful seasonality, I'd say, and it can be a little bit variable from period to period.

受季節性因素影響，第四季有時可能會比第三季略弱。這取決於地理位置。這就是問題所在，基斯。我的意思是，例如，你在中國的收入可能會略低一些，因為中國市場在第二季和第三季可能會比較強勁，但你可以在其他地區獲得一些拉動效應，這些效應可能會也可能不會抵消中國市場的損失。所以我覺得這不是一個特別有意義的季節性現象，而且不同時期之間也會有一些變化。

And then the One Big Beautiful Bill, no, I mean, the way -- One Big Beautiful Bill is very complicated in [what it does]. There are different ways you have to strategize about that. The way that we've looked at it in terms of preserving some of our permanent deductions that if you accelerate, for example, depreciation, you lose those. We don't see a meaningful change in the effective tax rate going forward related to OB3. You can see some benefit on cash taxes but not really to the effective tax rate overall.

然後是《一項偉大的法案》，不，我的意思是，《一項偉大的法案》在[它的作用]方面非常複雜。對此，你需要採取不同的策略。我們從保留一些永久性扣除額的角度來看待這個問題，例如，如果你加速折舊，你就會失去這些扣除額。我們認為，與 OB3 相關的實際稅率在未來不會發生實質變化。現金稅方面可能會有一些好處，但對整體實際稅率並沒有太大影響。

Okay. I appreciate it. Helpful. And then, Mark, you briefly mentioned a new facility in Huntsville, Alabama, regarding your CROSSBOW opportunity there. Can you just expand a little bit more about what you're going to be going down there? Is it going to be manufacturing? Is it just a sales location?

好的。謝謝。很有幫助。然後，馬克，你簡要地提到了阿拉巴馬州亨茨維爾的一個新設施，關於你在那裡的 CROSSBOW 機會。能再詳細說說你​​下去要做什麼嗎？是要進行生產製造嗎？它只是一個銷售點嗎？

Yeah, absolutely. So yeah, so our Huntsville location, so it's a small lease facility, and it's really in the heart of, let's say, of that type of technology, and it brings us closer to some key people that we need in that business. But it's also -- it also has near cleared airspace for doing a drone-type testing. So it all pulls together, and that's why we have that. And we're able to do a customer test there, validation there, and we'll do our -- some of the manufacturing there as well.

是的，絕對的。是的，我們在亨茨維爾的辦公地點是一個小型租賃設施，它位於這類技術的核心地帶，讓我們能夠更接近我們在該業務中需要的一些關鍵人物。但它也擁有近乎完全空曠的空域，可以進行無人機類型的測試。所以這一切都連結在一起，這就是我們擁有這一切的原因。我們可以在那裡進行客戶測試、驗證，我們也會在那裡進行一些生產製造。

(Operator Instructions) Mark Miller, The Benchmark Company.

（操作說明）馬克·米勒，基準公司。

I'm just wondering if you can give us some thoughts about margins for defense-related opportunities. Are they similar to corporate margins? Or would they be above or below?

我想請您談談對國防相關領域投資機會的看法。它們與公司利潤率類似嗎？或者它們會在上面還是在下面？

Yeah. Thanks very much for the question. So this is -- the area, for example, CROSSBOW is, again, in one of the highly differentiated areas. So that's where we're investing in these areas in medical, micromachining and this CROSSBOW area, this defense area. So very high differentiation and therefore, margins above what you would see in corporate.

是的。非常感謝您的提問。所以這裡——例如，CROSSBOW 地區，再次位於高度分化的地區。所以，這就是我們在醫療、微加工以及弩箭、國防等領域進行投資的原因。因此，差異化程度非常高，利潤率也高於企業平均。

Okay. With chip sales booming and shortages and pricing going through the roof, what's your thoughts about business from semiconductors next year?

好的。晶片銷售火爆，供應短缺，價格飛漲，您對明年半導體產業的業務有何看法？

Yeah. So I can tell you, we're actually excited about that area. That's an area that we've been concentrating in. So that also falls within that what we call the advanced segment, which has the CROSSBOW in it as well. So the area of semiconductor CapEx, this WFE piece, again, it's where we have significant differentiation.

是的。我可以告訴你，我們對那個領域感到非常興奮。這是我們一直重點關注的領域。所以，這也屬於我們所說的高階部分，其中也包括 CROSSBOW。所以，在半導體資本支出領域，也就是WFE這部分，我們再次展現了顯著的差異化優勢。

We're working with key suppliers that are in that market, largely in the metrology, inspection, and lithography space. And we've gotten some very -- some design wins in that area recently from that work with very differentiated products.

我們正在與該市場的主要供應商合作，這些供應商主要集中在計量、檢測和光刻領域。最近，我們憑藉著與這些差異化產品的合作，在這個領域取得了一些非常出色的設計成果。

So I really like those, that semiconductor area because when you win there, it's really an annuity that lasts for many years. And so as those start to roll out, we've seen some of that happening. That's why you saw our advanced up a bit this quarter was because of some of the semiconductor pull through.

所以我真的很喜歡半導體領域，因為如果你在這個領域取得成功，那就像你獲得了一筆可以持續多年的年金。隨著這些計畫陸續推出，我們已經看到一些成果正在顯現。這就是為什麼本季我們的業績略有成長，部分原因是半導體業務的復甦。

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.

問答環節到此結束。現在我想把電話轉回尤金·費多托夫，讓他做總結發言。

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

感謝您今天上午蒞臨，也感謝您一直以來對IPG的關注。本季我們將參加幾場投資者活動，期待很快能再次與您交流。祝大家今天過得愉快。

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。現在您可以斷開線路了，感謝您的配合。