Kimball Electronics Inc (KE) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the Kimball Electronics 3rd quarter fiscal 2025 earnings conference call.

女士們、先生們，早安，歡迎參加金博爾電子 2025 財年第三季財報電話會議。

My name is Kevin and I'll be the facilitator for today's call. (Operator Instructions)

我叫凱文，我將擔任今天電話會議的主持人。（操作員指示）

Today's call, May 7th, 2025, is being recorded. A replay of the call will be made available on the investor relations page of the Kimball Electronics website. At this time, I'd like to turn the call over to Andy Regrut Treasurer and Investor relations officer. Mr. Regrut, you may begin.

今天的通話（2025 年 5 月 7 日）正在錄音。此電話會議的重播將在 Kimball Electronics 網站的投資者關係頁面上提供。現在，我想將電話轉給財務主管兼投資者關係官 Andy Regrut。雷格魯特先生，你可以開始了。

Thank you and good morning, everyone. Welcome to our third quarter conference call. With me here today is Ric Phillips, our Chief Executive Officer; Jana Croom, Chief Financial Officer; and Steve Korn, Chief Operating Officer.

謝謝大家，早安。歡迎參加我們的第三季電話會議。今天和我一起在場的是我們的執行長 Ric Phillips、財務長 Jana Croom 和營運長 Steve Korn。

We issued a press release yesterday afternoon with our results for the 3rd quarter of fiscal 2025 ended March 31, 2025. To accompany today's call, a presentation has been posted to the investor relations page on our company website.

我們昨天下午發布了一份新聞稿，公佈了截至 2025 年 3 月 31 日的 2025 財年第三季的業績。為了配合今天的電話會議，我們公司網站的投資者關係頁面上發布了一份簡報。

Before we get started, I'd like to remind you that we will be making forward-looking statements that involve risk and uncertainty and are subject to our safe harbor provisions as stated in our press release in SEC filings, and that actual results can differ materially from the forward-looking statements.

在我們開始之前，我想提醒您，我們將做出涉及風險和不確定性的前瞻性陳述，並受我們在美國證券交易委員會 (SEC) 文件中的新聞稿中所述的安全港條款的約束，實際結果可能與前瞻性陳述存在重大差異。

Our commentary today will be focused on adjusted non-GAAP results; reconciliations of GAAP and non-GAAP amounts are available in our press release.

我們今天的評論將集中於調整後的非 GAAP 結果；GAAP 和非 GAAP 金額的對帳可在我們的新聞稿中查閱。

This morning, Ric will start the call with a few opening comments. Jana will review the financial results for the quarter and guidance for fiscal '25, and Ric will complete our prepared remarks before taking your questions. I'll now turn the call over to Ric.

今天上午，里克將在電話會議上發表一些開場白。Jana 將審查本季的財務結果和 25 財年的指導，Ric 將在回答您的問題之前完成我們準備好的發言。我現在將電話轉給 Ric。

Thanks, Andy, and good morning, everyone.

謝謝，安迪，大家早安。

I am proud of the results for the 3rd quarter and our team's ability to navigate an environment of uncertainty while focusing on what is controllable.

我為第三季的業績以及我們團隊在專注於可控因素的同時應對不確定環境的能力感到自豪。

Sales in Q3 were in line with expectations and increased sequentially.

第三季的銷售額符合預期並較上季成長。

Margins improved. We continue to generate cash from operating activities, and the paydown of debt continued with borrowings now 45% lower than peak levels. We have ample liquidity to weather the short-term unpredictable environment and significant dry powder to opportunistically invest in the business longer term.

利潤率有所提高。我們繼續從經營活動中產生現金，並繼續償還債務，目前借款額比高峰低 45％。我們擁有充足的流動資金來抵禦短期不可預測的環境，並且擁有大量的資金來機會性地進行長期業務投資。

As part of today's release, we are reiterating our guidance for fiscal 2025 with the expectation that we'll be at the top end of the range for sales and operating income.

作為今天發布的一部分，我們重申了對 2025 財年的指導，預計我們的銷售額和營業收入將達到最高水準。

We also announced the addition of a new manufacturing facility in Indianapolis focused on the medical industry.

我們也宣佈在印第安納波利斯增設一家專注於醫療產業的新製造工廠。

This is another step of repositioning the company for a return to growth and expanding our presence as a medical CMO, which will occur over time.

這是公司重新定位以恢復成長並擴大我們作為醫療 CMO 影響力的又一步，這將隨著時間的推移而實現。

To accelerate this strategy, we're looking to better strategically utilize the cash generated from our EMS operations and redeploy capital to the CMO.

為了加速這項策略，我們希望更好地策略性地利用 EMS 營運產生的現金，並將資本重新部署到 CMO。

We remind everyone that the revenue cycle of CMO is similar to EMS, and as a result, organic revenue growth will take time.

我們提醒大家，CMO 的營收週期與 EMS 相似，因此有機收入成長需要時間。

In our company's history, EMS generates high levels of cash when operating conditions are at historic norms, and this cash will be used to grow the medical CMO through organic and potentially inorganic channels.

在我們公司的歷史上，當營運條件處於歷史正常水平時，EMS 會產生大量現金，這些現金將用於透過有機和潛在的無機管道發展醫療 CMO。

The margin profile on higher level assemblies and finished medical devices could be accretive to the returns that are customary with contract manufacturing and EMS.

更高水準的組件和成品醫療器材的利潤率可以增加合約製造和 EMS 的常見回報。

To keep pace with industry growth, we are looking to continue to elevate our prominence in medical with an expanded manufacturing footprint through adjacencies and additional vertical integration of our production capabilities.

為了跟上產業發展的步伐，我們希望透過鄰近地區和生產能力的進一步垂直整合來擴大製造足跡，從而繼續提升我們在醫療領域的地位。

Turning back to the 3rd quarter, net sales totalled $375 million a 10% decline year over year when excluding the AT&M business, which was divested earlier this fiscal year.

回顧第三季度，如果不包括本財年稍早剝離的 AT&M 業務，淨銷售額總計 3.75 億美元，年減 10%。

From an end market perspective, sales in medical increased while the other two verticals we served were down in quarter.

從終端市場角度來看，醫療市場的銷售額有所成長，而我們服務的其他兩個垂直市場的銷售額在本季有所下降。

Starting with medical, net sales in Q3 were $115 million up 2% compared to the same period last year, and 31% of total company sales. It is important to highlight that the increase in the quarter was driven by non-recurring consignment inventory sales to our largest medical customer.

從醫療開始，第三季淨銷售額為 1.15 億美元，比去年同期成長 2%，占公司總銷售額的 31%。值得強調的是，本季的成長是由我們向最大的醫療客戶進行的一次性寄售庫存銷售所推動的。

This transaction was related to obsolete inventory associated with the FDA recall.

該交易與 FDA 召回的過時庫存有關。

We estimate the Q3 revenue impact on the medical vertical from the inventory sale was approximately 2%.

我們估計庫存銷售對醫療垂直行業第三季收入的影響約為 2%。

And the revenue impact in total was about 6%.

總收入影響約為6%。

As previously announced, we are working with this same customer out of our facility in Thailand to launch their respiratory care final assembly in HLA business this summer, and we'll continue to see volume growth as the customer restores its place in the market.

正如先前宣布的那樣，我們正在與同一位客戶在泰國的工廠合作，於今年夏天在 HLA 業務中推出他們的呼吸護理最終組裝，隨著客戶恢復其在市場上的地位，我們將繼續看到銷售成長。

The step of adding a new larger medically focused manufacturing facility in Indianapolis reflects our commitment to the CMO.

在印第安納波利斯增設一個新的、更大的、專注於醫療的製造工廠的舉措反映了我們對 CMO 的承諾。

The leased facility represents 300,000 square feet, a complement to our capabilities that extend beyond electronics and print circuit board assemblies, and include operations such as precision injected molded plastics, complete device assembly, and cold chain management, all of which support the production of medical disposables, surgical instruments, and selected drug delivery devices such as auto injectors.

該租賃設施佔地 300,000 平方英尺，對我們超出電子和印刷電路板組件範圍的生產能力進行了補充，包括精密注塑塑料、完整設備組裝和冷鏈管理等操作，所有這些都支持生產一次性醫療用品、手術器械和自動注射器等選定的藥物輸送裝置。

The plan is to transfer existing programs in Indianapolis to the new building over time and sell the buildings we currently operate out of.

該計劃是將印第安納波利斯的現有項目逐步轉移到新大樓，並出售我們目前運營的大樓。

We will have more than enough floor space in the new facility for future growth with new and existing customers, including the transfer work.

新工廠將有足夠的建築空間，以滿足新舊客戶未來的成長需求，包括轉移工作。

Next is automotive, our largest business with net sales of $173 million a 14% decrease compared to the third quarter of last year, and 46% of the total company.

其次是汽車業務，這是我們最大的業務，淨銷售額為 1.73 億美元，與去年第三季相比下降了 14%，占公司總銷售額的 46%。

Our automotive business is heavily concentrated in North America and China, but growing in Europe with the launch of the braking platform in Romania.

我們的汽車業務主要集中在北美和中國，但隨著羅馬尼亞煞車平台的推出，我們的汽車業務在歐洲也實現了成長。

For the 3rd consecutive quarter, results in China were strong.

中國市場業績連續第三個季度表現強勁。

Sales in Europe increased modestly as the new electronic braking program in Romania started to ramp production.

隨著羅馬尼亞新的電子煞車計畫開始提高產量，歐洲的銷售額略有成長。

North America, on the other hand, reported a decline in sales, primarily driven by the electronic braking program in Reynosa, as previously discussed.

另一方面，北美的銷售額出現下滑，主要原因是雷諾薩的電子煞車項目，如前所述。

We continue to monitor the demand for electronic steering systems for EVs globally, which were sequentially lower in the quarter.

我們持續監測全球電動車電子轉向系統的需求，本季該需求較上季下降。

Finally, industrial, with net sales of $86 million down 15% year over year when excluding AT&M and representing 23% of total company sales.

最後是工業，淨銷售額為 8,600 萬美元，不包括 AT&M 則較去年同期下降 15%，占公司總銷售額的 23%。

The decrease occurred in all regions with the largest decline in Europe, followed by Asia and a modest decrease in North America.

所有地區均出現下降，其中歐洲降幅最大，其次是亞洲，北美略有下降。

Our customers continue to experience market share loss from the commoditization of smart meters and reductions in climate control and public safety products. We are seeing stability in climate control on the horizon. However, we do not anticipate smart meters to be a significant portion of our industrial vertical going forward.

由於智慧電錶的商​​品化以及氣候控制和公共安全產品的減少，我們的客戶的市場份額持續下降。我們看到氣候控制即將趨於穩定。然而，我們預計智慧電錶未來不會成為我們工業垂直領域的重要組成部分。

I'll now turn the call over to Jana to provide more details on the financial results for Q3 and our guidance for the full year.

現在我將把電話轉給 Jana，讓她提供有關第三季財務業績和全年指引的更多詳細資訊。

Thank you and good morning, everyone.

謝謝大家，早安。

As Ric highlighted a moment ago, net sales in the third quarter were $374.6 million a 12% decrease year over year, 10% when excluding AT&M.

正如 Ric 剛才強調的那樣，第三季淨銷售額為 3.746 億美元，年減 12%，不包括 AT&M 則下降 10%。

Foreign exchange had a 1% unfavourable impact on consolidated sales in Q3.

外匯對第三季綜合銷售額產生了 1% 的不利影響。

On a sequential basis, the top line increased 5% compared to Q2, driven by the $24 million non-recurring consigned inventory sale in the medical vertical.

與上一季相比，營業收入較上季成長 5%，主要得益於醫療垂直領域 2,400 萬美元的非經常性寄售庫存銷售。

The gross margin rate in Q3 was 7.2%, a 70 basis point decline compared to 7.9% in the same period of fiscal 2024, with nearly half the decrease driven by the consigned inventory sale, which incorporated only a modest markup, and the balance of the decline coming from lower absorption, a result of reduced year over year sales in our EMS manufacturing facilities.

第三季的毛利率為 7.2%，與 2024 財年同期的 7.9% 相比下降了 70 個基點，其中近一半的降幅是由於寄售庫存銷售（僅包含適度的加價）造成的，其餘降幅則來自吸收率的下降，這是由於我們的 EMS 製造工廠的銷售額同比下降造成的。

On a sequential basis, however, our growth margin rate increased when compared to last quarter, the impact of restructuring.

然而，與上一季相比，我們的成長利潤率環比有所提高，這是重組的影響。

Adjusted selling and administrative expense in the third quarter for $11.2 million a $3.6 million or 24% reduction compared to the $14.8 million we reported in Q3 last year.

第三季調整後的銷售和管理費用為 1,120 萬美元，與去年第三季報告的 1,480 萬美元相比減少了 360 萬美元，即 24%。

With the decrease primarily resulting from the absence of AT&M this year versus the full quarter of expense and fiscal 2024 and cost reduction efforts.

下降的主要原因是今年沒有 AT&M，而整個季度都沒有支出，而且 2024 財年沒有支出，而且成本削減力度較大。

When measured as a percentage of sales, adjusted selling and administrative expenses were 3%, a 50 basis point improvement compared to 3.5% in Q3 of fiscal 2024.

以銷售額的百分比衡量，調整後的銷售和管理費用為 3%，與 2024 財年第三季的 3.5% 相比提高了 50 個基點。

Adjusted operating income for the third quarter was $15.7 million for 4.2% of net sales, which compared to last year's adjusted results of $18.7 million or 4.4% in net sales.

第三季調整後的營業收入為 1,570 萬美元，佔淨銷售額的 4.2%，而去年調整後的營業收入為 1,870 萬美元，佔淨銷售額的 4.4%。

Other income and expense was expense of $4.6 million compared to $6.3 million of expense last year, with the rejection being driven by lower interest expense down 50% year over year.

其他收入和支出為 460 萬美元，而去年的支出為 630 萬美元，拒絕的原因是利息支出比去年同期下降了 50%。

The effective tax rate in the third quarter was 46.6% compared to 52.4% in Q3 of fiscal 2024.

第三季的有效稅率為 46.6%，而 2024 財年第三季的有效稅率為 52.4%。

Our higher rate was primarily driven by the limitation of tax deductibility of our interest expense, which cannot exceed a certain percentage of domestic EBIT.

我們的稅率較高主要是因為利息支出的稅收抵扣受到限制，即不能超過國內息稅前利潤的一定百分比。

Withholding taxes on global cash repatriation also drove the rate higher, but those funds were used to pay down debt, thus increased taxes are offset by lower interest expenses.

全球現金匯回的預扣稅也推高了利率，但這些資金用於償還債務，因此增加的稅收被較低的利息支出所抵消。

As a reminder, the effective tax rate last year was skewed higher by the impact of the impairment and restructuring charges associated with the AT&M business.

提醒一下，由於與 AT&M 業務相關的減損和重組費用的影響，去年有效稅率偏高。

We expect a tax rate around 30% for the full fiscal year.

我們預計整個財年的稅率約為30%。

Adjusted net income in the third quarter of fiscal 2025 was $6.8 million or [$0.27] per diluted share compared to adjusted net income in Q3 last year of $9.8 million or [$0.39] per diluted share.

2025 財年第三季調整後淨收入為 680 萬美元，即每股攤薄收益 [0.27 美元]，而去年第三季調整後淨收入為 980 萬美元，即每股攤薄收益 [0.39 美元]。

Turning now to the balance sheet.

現在來看資產負債表。

Cash and cash equivalents at March 31st, 2025, for $51.4 million.

2025 年 3 月 31 日的現金和現金等價物為 5,140 萬美元。

Cash flow generated by operating activities in the quarter was $30.9 million our fifth consecutive quarter of positive cash flow.

本季經營活動產生的現金流為 3,090 萬美元，這是我們連續第五個季度實現正現金流。

Cash conversion days were 99 days compared to 110 days in Q3 of fiscal 2024 and 107 days last quarter.

現金轉換天數為 99 天，而 2024 財年第三季為 110 天，上一季為 107 天。

The decrease in CCD this quarter compared to Q2 was driven by improvements in DSOs and PDSOH.

與第二季相比，本季 CCD 的下降是由於 DSO 和 PDSOH 的改善所致。

For clarity, our CCD calculation in Q3 excludes the consigned inventory sale.

為了清楚起見，我們在第三季的 CCD 計算不包括寄售庫存銷售。

We are pleased with the progress we've made related to cash conversion and look to continue to significantly improve our cash conversion days as we actively and aggressively manage its components.

我們對現金轉換的進展感到滿意，並希望透過積極主動管理現金轉換的各個組成部分，繼續顯著改善現金轉換天數。

Inventory ended the quarter at $296.6 million which represents a $9.6 million reduction compared to Q2 and $100 million or 25% lower than a year ago.

本季末庫存為 2.966 億美元，與第二季相比減少了 960 萬美元，與去年同期相比減少了 1 億美元（即 25%）。

Please note that the consigned inventory sale did not contribute to the reduction. The inventory that was sold was consigned to Kimball and required movement into our possession with an immediate sale to our customer in the same month.

請注意，寄售庫存銷售並未導致減價。售出的庫存已委託給 Kimball，並要求轉至我們手中，並在同一個月內立即出售給我們的客戶。

Capital expenditures in the 3rd quarter were $4 million.

第三季的資本支出為400萬美元。

CapEx will likely be at the low end of the guidance range as we work through the timing of spend related to the transfer of work for the closure of the Tampa facility, the CMO strategy, and other investment needs.

當我們確定與關閉坦帕工廠的工作轉移、CMO 策略和其他投資需求相關的支出時間時，資本支出可能會處於指導範圍的低端。

Borrowings at March 301, 2025, were $178.8 million a $26 million reduction from the second quarter, and down $116 million were 40% from the beginning of the fiscal year.

截至 2025 年 3 月 30 日的借款為 1.788 億美元，較第二季減少 2,600 萬美元，較財年初減少 1.16 億美元，降幅達 40%。

Short-term liquidity available represented as cash and cash equivalents, plus the unused portion of our credit facility totalled $304.6 million at the end of the third quarter.

截至第三季末，可用的短期流動資金（以現金和現金等價物表示）加上我們信貸額度中未使用的部分總計 3.046 億美元。

This continues to be a great example of controlling what we can control and setting up our balance sheet for future growth.

這仍然是一個很好的例子，說明如何控制我們能夠控制的事情，並為未來的成長建立資產負債表。

In the third quarter we invested $3 million to repurchase 175,000 shares of common stock.

第三季我們投資 300 萬美元回購 175,000 股普通股。

Since October 2015, under our board authorized share repurchase program, a total of [$100 million.7] has been returned to our share owners by purchasing $6.5 million shares of common stock.

自 2015 年 10 月以來，根據董事會授權的股票回購計劃，我們透過購買價值 650 萬美元的普通股，向股東返還了總計 [1 億美元.7]。

We have $19.3 million remaining on the repurchase program.

我們的回購計畫還剩餘 1,930 萬美元。

As Ric mentioned, we are reiterating our guidance for fiscal year 2025 with net sales in the range of [$1.4billion to $1.44 billion]. Adjusted operating income is estimated at 3.4% to 3.6% of net sales, and capital expenditures of [$40million to $50 million.]

正如 Ric 所提到的，我們重申 2025 財年的指導方針，淨銷售額在[14億美元至14.4億美元]。調整後的營業收入預計佔淨銷售額的 3.4% 至 3.6%，資本支出預計為[4000萬到5000萬美元。 ]

Based on what we know today, we expect to be at the high end of ranges for sales and adjusted operating income margin.

根據我們今天所了解的情況，我們預期銷售額和調整後的營業收入利潤率將處於較高水準。

Our estimates for the closing of the facility of Tampa have not changed, with total asset costs in the range of $6.5million to $8.5 million and we fully expect the proceeds from the sale of the property to exceed the exit cost.

我們對坦帕工廠關閉的估計沒有改變，總資產成本在 650 萬美元至 850 萬美元之間，我們完全預計出售該資產的收益將超過退出成本。

I'll now turn the call back over to Ric.

我現在將電話轉回給 Ric。

Thanks Jana.

謝謝 Jana。

Before we open the lines for questions, I'd like to share a few thoughts in closing.

在我們開始提問之前，我想最後分享幾點想法。

It probably goes without saying that the current tariff environment is filled with uncertainty and unpredictability for many, including our business, our customers, and the end consumer.

毋庸置疑，當前的關稅環境對許多人來說充滿了不確定性和不可預測性，包括我們的企業、我們的客戶和最終消費者。

We continue to carefully monitor the situation to understand potential impacts and possible solutions for both the short and longer term.

我們將繼續密切關注局勢，以了解短期和長期的潛在影響和可能的解決方案。

Options could include changing final delivery locations, shifting production to different Kimball facilities, or simply paying the tariffs.

選項可能包括更改最終交貨地點、將生產轉移到不同的 Kimball 工廠，或只是支付關稅。

There may also be impacts on our supply chain, and we are considering alternatives for US manufacturing, but the rules of engagement need to be finalized before solutions can be agreed upon and implemented. This uncertainty makes the timing of recovery in our core EMS business increasingly more difficult to predict.

這也可能對我們的供應鏈產生影響，我們正在考慮美國製造業的替代方案，但在達成和實施解決方案之前，需要最終確定交戰規則。這種不確定性使得我們核心 EMS 業務的復甦時間越來越難以預測。

As we look to the future, it's important to recall the recent steps we've taken to reposition the company.

展望未來，回顧我們最近為重新定位公司所採取的措施非常重要。

We divested the non-core AT&M business.

我們剝離了非核心的AT&M業務。

We are in the process of closing our Tampa facility to streamline our network, thus improving our global capacity utilization.

我們正在關閉坦帕工廠，以精簡我們的網絡，從而提高我們的全球產能利用率。

We made major workforce and other cost reductions to respond to demand softness.

為了應對需求疲軟，我們大幅削減了勞動力和其他成本。

We drove significant inventory and cash flow improvements, and we announced a lease signing for a new facility fully dedicated to the CMO.

我們推動了庫存和現金流的大幅改善，並宣布簽署了一份專門用於 CMO 的新設施的租約。

With a strong balance sheet, we're focused on returning to growth through emerging medical technologies, high-level assemblies, and a variety of drug device combinations.

憑藉強大的資產負債表，我們專注於透過新興醫療技術、高級組件和各種藥物設備組合恢復成長。

We look to elevate our prominence as a medical CMO with expanded manufacturing capabilities in the United States, new adjacencies, and additional vertical integration in medical device production.

我們希望透過擴大在美國的製造能力、開拓新的鄰接領域以及在醫療器材生產方面進一步垂直整合，提升我們作為醫療 CMO 的地位。

I'm optimistic we're getting closer to that return to growth and that we've taken the right steps to reposition the company for the future.

我樂觀地認為，我們正越來越接近恢復成長，並且我們已經採取了正確的步驟來重新定位公司的未來。

Operator, we'd now like to open your minds for questions.

接線員，我們現在想回答你們的問題。

(Operator Instructions)

（操作員指示）

Mike Crawford, B. Riley Securities

邁克·克勞福德，B. Riley 證券

Thank you. Could you give us some more details about this, strategy with this new larger facility in Indianapolis, like, what does this do to fixed costs given the lease, any additional equipment you might buy, labor, and, I guess the second part of that is what might the owned facility that that you would transfer over time be worth if you were to be able to so that.

謝謝。您能否向我們提供一些有關這方面的更多細節，關於這個位於印第安納波利斯的新的大型工廠的戰略，比如，考慮到租賃、您可能購買的任何額外設備、勞動力，這對固定成本有何影響，我想第二部分是，如果您能夠這樣做，那麼隨著時間的推移，您轉移的自有工廠的價值會是多少。

Sure, I can start that, Mike, and thanks for joining us today.

當然，我可以開始，麥克，感謝您今天加入我們。

Yeah, we're really excited about the facility. It gives us first of all, a lot more space, frankly, to expand and grow in the medical CMO compared to what we have currently in Indianapolis. It also is a, it's a brand new facility.

是的，我們對這個設施感到非常興奮。坦白說，與印第安納波利斯目前的情況相比，它首先為我們在醫療 CMO 領域提供了更大的擴張和發展空間。這也是一個全新的設施。

It has, different characteristics in terms of ceiling heights and layout and clean room capability that we're going to build that just is a game changer for us in terms of playing there. We did, as mentioned and as you asked, do this as a lease, which is, not our typical approach. We typically own our facilities, and we did this intentionally and frankly creatively in terms of the lease terms to give us time and space to fill it over time.

它在天花板高度、佈局和潔淨室能力方面具有不同的特點，我們將要建造的這些特點對於我們在那裡開展業務來說是一個改變遊戲規則的因素。正如您所提到的和所要求的，我們確實以租賃的方式進行了此事，這不是我們的典型做法。我們通常擁有自己的設施，我們在租賃條款方面有意且坦率地創造性地這樣做，以便給我們時間和空間來隨著時間的推移填補它。

So, the ability to grow is there, the ability to expand over time is there, but we're also not overburdened with large costs upfront, particularly given that it's a lease and given the terms of the lease.

因此，我們有成長的能力，有隨著時間而擴張的能力，但我們也不會背負過高的前期成本，特別是考慮到這是租賃，並考慮到租賃條款。

And my thought is just adding that a little bit. So, the terms of the lease, just to give you a little insight. While we're doing the build out and leasehold improvement, we actually don't start paying rent on the facility until all of that is done, which was important so that we weren't to the point of having, an expense drag on our income statement while we were getting the facility up and running, in terms of additional labor costs, etc.

我的想法只是稍微補充一點。因此，租賃條款只是為了讓您有一點了解。在我們進行擴建和租賃改進的同時，我們實際上要等到所有這些都完成後才開始支付設施租金，這一點很重要，這樣我們在設施啟動和運行期間就不會在損益表中產生費用拖累，例如額外的勞動力成本等。

Right now, we're not anticipating that we're going to have additional labor costs. Until we start to have the additional revenue and all those corresponding things coming along with that and so right now it's really just probably 6 or 7 months from now and once we have the leasehold improvements in place, that we'll start experiencing the rent and then some depreciation costs associated with the equipment that we've got to put in place.

目前，我們預計不會產生額外的勞動成本。直到我們開始獲得額外的收入和隨之而來的所有相應的東西，所以現在實際上可能只需要 6 或 7 個月的時間，一旦我們完成了租賃改進，我們就會開始經歷租金，然後是與我們必須安裝的設備相關的一些折舊成本。

But this structure in terms of creating the least amount of burden on both the balance sheet and the income statement while committing to the growth opportunity.

但這種結構在致力於成長機會的同時，對資產負債表和損益表帶來的負擔最小。

I feel really good about the way that we did this.

我對於我們這樣做的方式感到非常滿意。

Great, and potential value in the sale of the existing facility?

很棒，出售現有設施有潛在價值嗎？

I think Mike I believe it's too early to tell. We're probably, the transition from the current facility to new facility will probably take 2 to 3 years due to the FDA qualifications and validations of some of the products in the current facility, but we will provide more details as we go forward.

我認為麥克，我認為現在下結論還為時過早。由於 FDA 對目前設施中某些產品的資格和驗證，從目前設施到新設施的過渡可能需要 2 到 3 年的時間，但我們將在今後提供更多詳細資訊。

But we're not anticipating like significant proceeds from the sale of the current assets.

但我們並不期望透過出售現有資產獲得巨額收益。

Oh, okay, thank you. Just one more for me, it's nice to see that the uptick, after 5 quarters of the client in open orders or backlog.

噢，好的，謝謝你。對我來說還有一件事，很高興看到經過 5 個季度之後客戶的未結訂單或積壓訂單數量有所上升。

Roughly by vertical, how does that break out?

大致上是垂直方向來看，它是如何突破的？

Yeah, if I look at the verticals, like the greatest increase was in medical, from a dollar standpoint, followed by industrial and automotive were very similar in that increase.

是的，如果我看一下垂直行業，從美元的角度來看，增幅最大的是醫療行業，其次是工業和汽車行業，增幅非常相似。

Thank you. I'll jump back into the queue.

謝謝。我將重新回到隊列中。

Thank you.

謝謝。

Jaeson Schmidt, Lake Street Capital Markets.

Jaeson Schmidt，Lake Street Capital Markets。

Hey guys, thanks for taking my questions. Congrats on the strong March quarter. Just looking at the results here, do you think any orders were pulled into March just given the backdrop?

嘿夥計們，謝謝你們回答我的問題。恭喜三月季度業績強勁。僅從這裡的結果來看，考慮到這樣的背景，您是否認為 3 月會有訂單被拉進來？

It's a great question, Jaeson, and frankly we talk to our customers about that all the time. I would say uncertain.

這是一個很好的問題，Jaeson，坦白說，我們一直在與客戶討論這個問題。我想說不確定。

We haven't gotten strong indications that there's a lot of pull forward ahead of the tariffs necessarily, but we certainly are well aware that that could be a possibility. So, we don't have a great read on it, and we continue to talk to customers daily to get their take.

我們還沒有得到強有力的跡象表明在關稅實施前必然會有很大推動力，但我們當然很清楚這可能是一種可能性。因此，我們對此沒有很好的了解，我們每天繼續與客戶交談以了解他們的看法。

Gotcha. And then just looking at sort of the first month of Q4 curious what you're seeing from kind of a quoting activity and booking standpoint.

明白了。然後只看一下第四季度的第一個月，好奇您從報價活動和預訂的角度看到了什麼。

In general, Jaeson, we're seeing a good trend again, we're cautious about it, we recognize the uncertainty of the environment, but we're seeing pockets of strength relative to where we've been, and we take a good look at our funnel on a very regular basis, and I will say that our funnel is very healthy.

總的來說，Jaeson，我們再次看到了良好的趨勢，我們對此持謹慎態度，我們認識到環境的不確定性，但相對於我們以前的狀態，我們看到了一些優勢，我們定期仔細檢查我們的漏斗，我想說我們的漏斗非常健康。

Perfect. And then last one from me and I'll jump back into queue.

完美的。接下來是我最後一個發言，然後我會回到隊列中。

Apologize if I missed this, but how should we think about OpEx trending the rest of this calendar year.

如果我錯過了這一點，請原諒，但是我們應該如何看待今年剩餘時間的營運支出趨勢。

When you say OpEx trending, do you mean the expense piece, the gross margin, the operating income margin?

當您說營運支出趨勢時，您指的是費用部分、毛利率還是營業收入利潤率？

Really just for the selling it in administrative expenses.

真的只是為了銷售它的管理費用。

Yeah, and so this is something that we did want to touch on and we were going to touch on in Q4 SG&A this year is low as a percentage of sales, right?

是的，這是我們確實想談及的一點，我們將在今年第四季談及銷售、一般及行政費用佔銷售額的百分比很低，對嗎？

And so we did that because we knew that this was going to be a challenging year in an environment and so there was a lot of belts tightening. There was a fair amount of cost that we pushed out.

我們這樣做是因為我們知道今年將是充滿挑戰的一年，因此我們必須勒緊褲腰帶。我們減少了相當一部分成本。

But in FY26, as you're thinking about it for modelling purposes, we are not going to be able to hold SG&A to 3% of net sales. There are some investments we're going to have to make to prepare the business for this, return to growth, and so I would encourage you if you're thinking about that 3% level is not a norm that we can hold. And grow the business and prepare for the future.

但在 26 財年，正如您出於建模目的所考慮的那樣，我們將無法將銷售、一般和行政費用控制在淨銷售額的 3% 以內。我們必須進行一些投資，為業務做好準備，恢復成長，因此，如果您認為 3% 的水平不是我們可以保持的常態，我會鼓勵您。發展業務並為未來做好準備。

Okay, that's really helpful thanks a lot guys.

好的，這真的很有幫助，非常感謝大家。

Thanks.

謝謝。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Yeah, hey thanks for taking the questions. Hey Janna. Sorry, I think you kind of broke up there.

是的，謝謝你回答這些問題。嘿，Janna。抱歉，我想你們已經分手了。

But so, Jana just kind of continuing the conversation on, us taking a modeling approach here looking forward, I think just in the short term it looks like we're going to have a step down in gross margin operating income, percentage, I'm guessing that's tariffs.

但是，Jana 只是繼續談話，我們在這裡採取一種建模方法來展望未來，我認為在短期內看起來我們的毛利率營業收入百分比將會下降，我猜這是關稅。

I think the math works out to maybe 2% operating income margin, for the last quarter here, is that right? And you just kind of talk about the short term. Moves in gross margin operating, income, things like that, and then how we should think about those pieces for next fiscal year.

我認為，經過計算，上一季的營業利潤率可能為 2%，對嗎？你只是談論短期問題。毛利率、營業收入等的變化，以及我們應該如何考慮下一財年的這些因素。

Thanks.

謝謝。

Yeah, so I know that we got it to the high end of an OI range [34 to 36].

是的，所以我知道我們已經達到了 OI 範圍的高端[34至36]。

Next quarter is not going to be a 2% OI margin quarter. We actually think next quarter is shaping up to be fairly similar to Q3, but we did not increase our estimates for OI margins because you know you're only one tweet away from who knows what and so it.

下個季度的 OI 保證金率不會達到 2%。我們實際上認為下個季度的情況將與第三季度非常相似，但我們沒有提高對 OI 利潤率的估計，因為你知道你只差一條推文就能知道會發生什麼。

It just made sense to stay conservative and reserved, and we'll see how the quarter shakes out, but I would model an expectation similar to what we did, this quarter.

保持保守和保留是有道理的，我們將看看本季的情況如何，但我將模擬與本季類似的預期。

The restructuring impacts are taking hold, and we're pleased with the progress, very hard fought that the organization has made.

重組的影響正在顯現，我們對組織經過艱苦努力所取得的進展感到滿意。

Got it, that's super helpful. I appreciate the clarity on that.

明白了，這非常有幫助。我很欣賞這一點的清晰度。

And then as my follow up just on the Indianapolis facility, Ric, just curious why you feel like this was the right time to make this move.

然後，正如我對印第安納波利斯工廠的後續關注，里克，我只是好奇你為什麼覺得現在是採取這一舉措的正確時機。

Can you just touch on the demand environment, medical, and then, beyond sort of this more inorganic move, does this at all change the approach to inorganic growth from here. Can you just kind of talk about, you've got this facility now. Does that at all change your approach to in inorganic growth in the medical space?

您能否簡單談談需求環境、醫療，然後，除了這種更無機的舉措之外，這是否會改變無機增長的方法。您能否簡單談談您現在擁有的這個設施。這是否會改變您對醫療領域無機成長的態度？

Great question. And as you know from prior quarters, the medical CMO has been a space that we're excited about. We of course play in today.

好問題。正如您從前幾個季度所了解的，醫療 CMO 一直是我們興奮的領域。今天我們當然要參加比賽。

We think we can play in a much larger way. Quite honestly, while our Indianapolis facility currently that we have is performing very well operationally.

我們認為我們可以發揮更大的作用。坦白說，我們目前位於印第安納波利斯的工廠運作狀況非常好。

We can't Get new big business in the medical CMO without a different facility. And so, we made that investment. We're very encouraged by the conversations that we've been having over time with major players there and yes, we continue to look hard at potential inorganic opportunities as well.

如果沒有不同的設施，我們就無法在醫療 CMO 領域獲得新的大業務。因此，我們進行了這項投資。我們對長期以來與主要參與者進行的對話感到非常鼓舞，是的，我們也在繼續努力尋找潛在的無機機會。

So, all of this Is based on our belief that this is first of all, a very attractive space. Secondly, a space that we have some really Differentiated capabilities in with our ability to handle drugs with what we already do with injectors, etc. So, this is an area of growth for us for sure in the future and we want to do best behind it.

所以，這一切都基於我們的信念：這首先是一個非常有吸引力的空間。其次，我們在這個領域擁有真正差異化的能力，我們有能力處理毒品，就像我們已經處理注射器一樣，等等。所以，這肯定是我們未來的一個成長領域，我們希望在這個領域做得最好。

Got it that's helpful and then just one last one for me, Jana, continue to manage the balance sheet well here any more room to work with, inventory management, and then just can you kind of touch on the cash conversion here.

明白了，這很有幫助，然後對我來說最後一個問題，Jana，繼續管理好資產負債表，這裡還有更多的工作空間，庫存管理，然後你能否在這裡談談現金轉換。

where do you think that's going to be trending here, and then finally just on buybacks, it sounds like you've got about $20 million left. Do you feel like you guys are in a position to continue to, repurchase shares here. Thanks.

您認為這將會成為一種趨勢，最後，就回購而言，聽起來您還剩下約 2000 萬美元。您是否覺得你們有能力繼續在這裡回購股票？謝謝。

So, I'll start with the share repurchase and then I'll work my way backwards in your question. So yes, we expect to continue our share repurchase program.

因此，我將從股票回購開始，然後再反過來回答你的問題。所以是的，我們希望繼續我們的股票回購計劃。

And so, expect for that to continue on and we'll report on that in the quarters that's the easy one in terms of CCD, so I look at where we were, and this is a huge partnership between operations and finance, right?

因此，預計這種情況會繼續下去，我們將在季度中報告這一點，就 CCD 而言，這是簡單的，所以我看看我們當時的情況，這是營運和財務之間的巨大合作夥伴關係，對吧？

So, moving down from, an excess of 110 days to where we're at currently incredibly proud of the progress that we've made but definitely still more to go, we feel like there's work that we can do in PDSOH.

因此，從超出 110 天的時間縮短到目前我們所取得的進展，我們對此感到無比自豪，但肯定還有更多的工作要做，我們覺得我們可以在 PDSOH 中開展工作。

There's work that we can do in DSO and AP days parity, and potentially a little beyond that, to get the cash conversion days down so we still think that there's a fair amount of room to go there in terms of our cash conversion.

我們可以在 DSO 和 AP 天數平價方面做一些工作，甚至可能更進一步，以減少現金轉換天數，因此我們仍然認為在現金轉換方面還有相當大的提升空間。

Sounds great. Really appreciate it. Thanks.

聽起來很棒。真的很感激。謝謝。

Thank you.

謝謝。

Anja Soderstrom, Sidoti & Company.

Anja Soderstrom，Sidoti & Company。

Hi, thank you for taking my questions. Most of them have been addressed already, but when are you going to lapse that steering program fall off in the auto?

你好，謝謝你回答我的問題。其中大多數問題已經解決，但是您什麼時候會讓汽車中的轉向程序失效呢？

Where to go?

去哪裡？

That's probably a Steve question.

這可能是史蒂夫的問題。

On the program is the breaking program in Mexico and that will fall off completely with the exception of some small service work at the end of this quarter.

該計劃包括在墨西哥進行的煞車計劃，除了本季末的一些小型服務工作外，該計劃將完全停止。

Okay, and then you're ramping some other programs, right? So, we should start seeing an increase.

好的，然後您正在推進一些其他項目，對嗎？因此，我們應該開始看到成長。

Right, yeah, like Ric mentioned, there's a new breaking program that launched this quarter in Romania and looks to be very solid going forward, and we have other programs that we're launching, but that that major breaking program that Ric referred to.

是的，是的，就像 Ric 提到的那樣，本季在羅馬尼亞推出了一項新的突破計劃，看起來未來會非常穩健，我們還有其他計劃正在推出，但這是 Ric 提到的那個主要突破計劃。

It was significantly less than it was a year ago and will continue to trend down and be complete by the end of this quarter.

與一年前相比，這一數字明顯減少，並將繼續呈下降趨勢，並在本季末完成。

Okay, thank you.

好的，謝謝。

And then, with you closing the Tampa facility and moving some of that production to other facilities and now you opening another facility and going to move, how is that going to affect your gross margin going forward and, when do you expect that to sort of normalize?

然後，隨著您關閉坦帕工廠並將部分生產轉移到其他工廠，現在您又開設了另一家工廠並準備搬遷，這將如何影響您未來的毛利率，您預計何時會恢復正常？

Yeah, with the with the gamba closure.

是的，使用 gamba 閉包。

Oh go ahead Jana.

哦，繼續吧，Jana。

Go ahead, please. I'll chime in after.

請繼續。稍後我會加入討論。

With the Tampa closure, we're still on target to have that, rapped up by the end of June.

隨著坦帕的關閉，我們仍有望在六月底完成這一目標。

Our team has done a great job supporting our customers and our employees, really applaud that team and our Jasper team and our other teams around the globe that have taken on that. It's gone very well, and we continue to be right on target to close that with how we expected it to be closed.

我們的團隊在支持客戶和員工方面做得非常出色，我們真誠地向這個團隊、我們的 Jasper 團隊以及全球其他承擔這項任務的團隊表示敬意。一切進展順利，我們將繼續按照預期目標完成任務。

We do expect some gross margin improvement there with that, and then, the Indy facility is all contained with Indianapolis and just that facility. So, we, there will be a small impact to gross margin, but we don't see a major impact there, with what we're doing and that move from one facility to the next.

我們確實預計那裡的毛利率會提高，然後，印第安納波利斯工廠就包含在印第安納波利斯工廠中。因此，這對毛利率會產生很小的影響，但考慮到我們正在做的事情以及從一個工廠轉移到另一個工廠，我們認為不會產生重大影響。

And the other thing I remind everybody of is.

我還要提醒大家的是。

As our customers and our supply chain and we are dealing with the impact of tariffs, both unknown and unknown.

由於我們的客戶和供應鏈，我們正在應對關稅的影響，無論是未知的還是未知的。

Consumer sensitivity on price is paramount on everybody's mind, and you know we're doing our best to hold our margin as best we can, but there there's sensitivities out there and we're not immune and nobody else is either and so we're doing everything that we can to hold it.

消費者對價格的敏感度是每個人最關心的問題，你知道我們正在盡最大努力保持我們的利潤率，但存在著敏感性，我們並不能倖免，其他人也不能倖免，所以我們正在盡一切努力來保持它。

I mean, Steve's in, tough negotiations on a regular basis. And so, we do expect some impact, benefit from the Tampa closure, but we are also experiencing pressure that we're navigating.

我的意思是，史蒂夫經常參加艱難的談判。因此，我們確實預計坦帕關閉會帶來一些影響和好處，但我們也面臨著應對的壓力。

Okay, thank you.

好的，謝謝。

And then just one last one in terms of [cap expand] and the investments in and automation and efficiencies where are, do you still have a lot of room there to make improvements there and that could sort of help your utilization and margins?

然後最後一個關於[cap expand]以及對自動化和效率的投資的問題，您是否還有很大改進空間，這是否有助於提高您的利用率和利潤率？

Yeah, we continue to make investments in automation, both in our warehouses and on our production floors, and we continue to see opportunities there, and we've been on that journey now for 4+ years, and we are continuing on that journey.

是的，我們繼續在倉庫和生產車間的自動化方面進行投資，我們繼續在那裡看到機會，我們已經踏上這趟旅程 4 年多了，我們將繼續這趟旅程。

Okay.

好的。

Thank you. That was all for me

謝謝。對我來說就是這樣

Thank you.

謝謝。

Hendi Susanto, Gabelli Funds.

Hendi Susanto，Gabelli Funds 基金。

Good morning, Ric, Jana, and Steve.

早安，瑞克、賈娜和史蒂夫。

I would like to ask about, automotive first.

我想先問一下關於汽車的問題。

So, your manufacturing footprint in China, like, can you compare and contrast how different it is in terms of, let's say like 70% of your auto business is steering wheel? Is that the case in China also? And then, so, like if you look at the high level, what the revenue composition of China looks like, how different or how similar it is.

那麼，您在中國的製造足跡，例如，您能否比較一下和對比一下它有何不同，比如說 70% 的汽車業務是方向盤？中國也是這樣嗎？那麼，如果你從高層次來看，中國的收入組成是什麼樣的，有多麼不同或多麼相似。

I would say China's a little higher percentage on steering, and, comparatively speaking, it is probably closer to 80% in steering in China across a number of, tier one customers and OEMs, both the domestic Chinese OEMs as well as the foreign OEMs.

我想說，中國在轉向系統方面的佔比要高一些，相對而言，中國轉向系統在眾多一級客戶和原始設備製造商（包括中國國內原始設備製造商和外國原始設備製造商）中的佔比可能接近 80%。

Yeah, and then may I also ask about the breaking program like would you be able to disclose like how many customers you are working with or and then like how many platforms in terms of design awards?

是的，然後我還可以問一下突破計劃，例如，您能否透露您正在與多少​​客戶合作，或者在設計獎項方面有多少個平台？

Yeah, we're working with 2 or 3 different customers in breaking.

是的，我們正在與 2 或 3 個不同的客戶合作。

I can't share much more than that on platforms, but we continue to have very good opportunities in breaking, and that's typically the number of customers that some of our key customers across the globe today.

我無法在平台上分享更多信息，但我們在突破方面仍然擁有非常好的機會，這通常是我們今天在全球的一些主要客戶的客戶數量。

And the same customer that we had the business within Mexico was the customer in Romania.

我們在墨西哥有業務的客戶和我們在羅馬尼亞有業務的客戶是同一個。

And then may I know what type of, vehicles?

那我可以知道是什麼類型的車輛嗎？

They're both, IE vehicles and EVs, so we have both, breaking on both.

它們都是 IE 車輛和電動車，因此我們同時擁有這兩種車輛，並且對它們都進行了改進。

Yeah, and then, my next question is about the sales trend in industrial, the declines in smart metering, climate controls, and public safety products, have we reached the bottom yet?

是的，然後，我的下一個問題是關於工業銷售趨勢，智慧計量、氣候控制和公共安全產品的下滑，我們已經觸底了嗎？

I believe we've reached the bottom, or we believe we've reached the bottom in climate controls, from what we're seeing, smart metering as we had in our release, we don't see that as a significant part of our industrial moving forward, and also in the public safety, we believe we've reached the bottom of that also.

我相信我們已經觸底，或者說，我們相信我們已經觸底，在氣候控制方面，從我們所看到的情況來看，智能計量，正如我們在發布中所說，我們並不認為這是我們工業進步的重要組成部分，在公共安全方面，我們相信我們也已經觸底。

And then in order to see Let's say like gross returning industrials, what are the top low hanging fruits?

然後，為了了解工業總回報率，最容易實現的目標是什麼？

The top low hanging fruits is our current customers we're seeing, opportunities there with both new programs and current programs as industrial continues to come back.

我們看到的最容易實現的成果就是我們目前的客戶，隨著工業的持續復甦，新專案和現有專案都存在機會。

We have some new awards and some new verticals that we're also seeing some opportunities that are maybe 12 to 15 months out, so we're seeing those opportunities.

我們獲得了一些新獎項和一些新的垂直領域，我們也看到了一些可能需要 12 到 15 個月才能實現的機會，所以我們看到了這些機會。

As well as some charging opportunities with a couple of customers that we're seeing as well, haven't, cannot announce any awards yet, but we are in a very good position with those customers.

我們也看到了一些與客戶合作的充電機會，雖然還沒有，也不能宣布任何獎項，但我們與這些客戶的關係非常好。

And Jana, I would like to understand this better. The consigned inventory sale impact, you mentioned the impact was 22% and 6% is like.

還有 Jana，我希望能更好地理解這一點。寄售庫存銷售的影響，您提到的影響是 22%，6% 左右。

I would like to verify my understanding about those two different numbers 22% on. Like.it.

我想驗證一下我對這兩個不同數字 22% 的理解。喜歡它。

[Was 22% of the medical vertical specifically and 6% of total net sales]

[佔醫療垂直市場的 22%，佔總淨銷售額的 6%]

Yeah, okay grand, thank you that's very helpful.

是的，好的，謝謝您，這非常有幫助。

And then with regard to the time pack closing so the estimated exit cost is [6.5 to 8.5], how much has incurred like let's say like year-to-date and when the remainder will the remainder be entirely in the fourth quarter of this of the current fiscal year?

然後關於時間包結束，估計退出成本為 [6.5 到 8.5]，比如說今年迄今為止已經產生了多少，剩餘部分什麼時候會在本財政年度的第四季度全部到位？

So here today I actually have the restructuring in front of me right now.

所以今天我面臨的其實是重組問題。

We've done about [$3.5million to $4 million.]

我們已經做了[350萬至400萬美元。 ]

The bulk of the closing again with our goal of being closed by 6:30 FY25 will incur next quarter.

我們的目標是在 2025 財年 6:30 之前完成關閉工作，而大部分關閉工作將在下個季度進行。

Okay, so there's like maybe like between $3million and $4 million left for.

好的，那麼可能還剩下 300 萬到 400 萬美元。

yeah, I'd say there's about $3.5 million of expense left perhaps more than that, and we'll incur.

是的，我認為還剩下大約 350 萬美元的費用，甚至更多，我們將承擔這些費用。

I would say probably 90% of that next quarter there may be a tail into Q1 of 2026 just depending on, the process and the transfer of work.

我想說，下個季度的 90% 可能會持續到 2026 年第一季度，這取決於流程和工作的轉移。

I will say, and I echo's comments. Our Tampa team has been absolutely amazing. They have, just done an incredible job with this. We're going to take care of our customers and make sure that we do it right and so if that bleeds over a little bit into Q1 it will.

我會說，我同意你的評論。我們的坦帕團隊真是太棒了。他們在這方面做得非常好。我們會照顧好我們的客戶，並確保我們做得正確，因此，如果這種情況在第一季有所蔓延，那麼就會發生。

Okay, yeah, and then, one last question, I think with regard to let's say ongoing, trend of inventory digestion in certain spots whether it is in industrial or automotive and now we have uncertainty.

好的，是的，然後，最後一個問題，我認為就某些領域的庫存消化趨勢而言，無論是在工業領域還是汽車領域，現在我們都存在不確定性。

Like, can you highlight, where inventory corrections is better today compared to 3 months ago and when do you see areas where customers may do inventory rebuild.

例如，您能否強調一下，與 3 個月前相比，現在哪些庫存調整更好，以及您認為客戶何時可以在哪些領域進行庫存重建。

Sometime in, like sometime soon, some companies are expecting incremental or gradual improvement in the second half, wondering whether you can share some puts and takes on the inventory digestion that has been ongoing for a while, versus when customers may, rebuild their inventories.

在某個時候，例如不久的將來，一些公司預計下半年會出現逐步或漸進的改善，想知道您是否可以分享一些已經持續一段時間的庫存消化的利弊，以及客戶何時可能重建庫存。

Hendi, what, as we've shared our inventory has come down to $100 million over the last 12 months, we continue to see a positive trend moving forward as we, burn down our excess inventory and it's really across all of our verticals, maybe a little stronger in industrial and medical, but we had a significant amount of LTSA or long term supply agreement inventory that we took from suppliers that is now burning down at a very good rate, we continue to see that going forward, we're not, seeing a significant build-up of inventory at our customers today, so we'll monitor that very closely as Jana mentioned, the environment, obviously.

Hendi，正如我們所分享的，我們的庫存在過去 12 個月中已降至 1 億美元，隨著我們消耗掉過剩庫存，我們繼續看到積極的趨勢，這確實遍及我們所有的垂直領域，在工業和醫療領域可能稍微強勁一些，但我們從供應商處獲得了大量 LTSA 或長期供應協議庫存，現在這些庫存正在以非常強勁的速度繼續提到的，我們將密切監視環境。

It's very difficult to read with the with the tariffs and things that are happening but from what we see, we will continue to see that inventory come down over the next 12 months.

考慮到關稅和正在發生的事情，我們很難做出判斷，但從我們所看到的情況來看，未來 12 個月庫存將繼續下降。

Thank you, Ric, yeah, I think I would like to clarify that what I meant was on the customer side what you are seeing on the customer side I guess what you said like is mimicking like.

謝謝你，里克，是的，我想我要澄清一下，我的意思是從客戶的角度看，你在客戶的角度看到的，我想你所說的就像是模仿。

I like inventory destocking done in terms of what we had seen in some of the verticals. Do you feel like we're past that? Is that what you're asking?

就我們在某些​​垂直行業中看到的情況而言，我喜歡進行庫存去庫存。你覺得我們已經過去那個階段了嗎？這就是你要問的嗎？

Yes, like on the customer side, yeah.

是的，就像在客戶端一樣，是的。

Yeah, I believe we're past that. what we're seeing today from our customers is.

是的，我相信我們已經度過了那個階段。我們今天從客戶那裡看到的是。

They're sharing is there's not a significant amount of inventory in their channels, but you know it's hard to see we don't have complete visibility to that.

他們分享的是他們的管道中沒有大量的庫存，但你知道，我們很難看到這一點，因為我們對此沒有完整的了解。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Mike Crawford, B Riley. Your line is now live.

麥克克勞福德、B萊利。您的線路現已通電。

Thank you. I just wanted to go back to, your guidance to talk about being at the high end.

謝謝。我只是想回到你的指導上，談論高端問題。

Of your guidance and I mean that that implies like just I don't know $335 million of revenue in June quarter versus what I think Jana you said it was a [$23 million]

你的指導，我的意思是，這意味著，我不知道 6 月季度的收入是 3.35 億美元，而我認為 Jana 你說的是2300萬美元

[Consigned inventory sale because that 22% and 6% come to slightly different numbers]. One's [25 million, one's 22 million] but it's.

[寄售庫存，因為 22% 和 6% 的數字略有不同]。一個是 [2500 萬，一個是 2200 萬]，但是。

[2 million].

[200萬]

I'm sorry?

對不起？

It's $24 million of consigned inventory sales.

這是價值 2400 萬美元的寄售庫存銷售額。

Okay.

好的。

And so, what would it take for you to exceed that$ 335 million that it would take to get over the high end of your guidance?

那麼，您需要做些什麼才能超過 3.35 億美元，從而達到您指導的最高值呢？

If man continues to be strong, it'll be higher, and we'll beat it.

如果人類繼續強大，它就會更高，我們就會打敗它。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）