Knowles Corp (KN) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by.

女士們、先生們，午安。感謝您的支持。

My name is [Kelvin]. I will be your conference operator today.

我的名字是[開爾文]。今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Q2 2025 Knowles Corporation earnings conference call.

現在，我歡迎大家參加諾爾斯公司 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Sarah Cook. Please go ahead.

現在我想把電話轉給莎拉庫克 (Sarah Cook)。請繼續。

Thank you. Welcome to our second -quarter 2025 earnings call.

謝謝。歡迎參加我們的 2025 年第二季財報電話會議。

I'm Sarah Cook, Vice President of Investor Relations. Presenting with me today are Jeffrey Niew, our President and CEO; and John Anderson, our Senior Vice President and CFO.

我是投資者關係副總裁莎拉庫克 (Sarah Cook)。今天與我一起出席的還有我們的總裁兼執行長 Jeffrey Niew 和我們的高級副總裁兼財務長 John Anderson。

Our call today will include remarks about future expectations, plans, and prospects for Knowles, which constitute forward-looking statements for purposes of the Safe Harbor Provisions, under the applicable federal securities laws.

我們今天的電話會議將包括對 Knowles 未來預期、計劃和前景的評論，根據適用的聯邦證券法，這些評論構成安全港條款所指的前瞻性陳述。

Forward-looking statements in this call will include comments about demand for company products; anticipated trends in company sales, expenses and profits; and involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations.

本次電話會議中的前瞻性陳述將包括對公司產品需求的評論；公司銷售、費用和利潤的預期趨勢；並涉及可能導致實際結果與當前預期存在重大差異的若干風險和不確定性。

The company urges investors to review the risks and uncertainties in the company's SEC filings, included but not limited to, the annual report on Form 10-K for the fiscal year ended December 31, 2024; periodic reports filed from time to time with the SEC; and the risks and uncertainties identified in today's earnings release.

本公司敦促投資者審查公司向美國證券交易委員會 (SEC) 提交的文件中的風險和不確定性，包括但不限於截至 2024 年 12 月 31 日的財政年度的 10-K 表年度報告；不時向美國證券交易委員會提交的定期報告；以及今天的收益報告中確定的風險和不確定性。

All forward-looking statements are made as of the date in this call. Knowles disclaims any duty to update such statements, except as required by law.

所有前瞻性陳述均截至本次電話會議當天作出。除非法律要求，Knowles 不承擔更新此類聲明的任何義務。

In addition, pursuant to Reg G, any non-GAAP financial measures referenced during today's conference call can be found in our press release posted on our website at knowles.com; and in our current Form 8-K filed today with the SEC. This will include a reconciliation to the most directly comparable GAAP measure.

此外，根據 Reg G，今天電話會議中引用的任何非 GAAP 財務指標均可在我們的網站 knowles.com 上發布的新聞稿中找到；也可以在我們今天向美國證券交易委員會 (SEC) 提交的最新 8-K 表格中找到。這將包括與最直接可比較的 GAAP 指標進行協調。

All financial references on this call will be on a non-GAAP continuing operations basis, with the exception of cash from operations or unless otherwise noted. We've made selected financial information available on webcast slides, which can be found in the Investor Relations section of our website.

本次電話會議中的所有財務參考均以非 GAAP 持續經營為基礎，除非經營活動現金流量或另有說明。我們在網路廣播幻燈片中提供了精選的財務信息，您可以在我們網站的投資者關係部分找到。

With that, let me turn the call over to Jeff who will provide details on our results. Jeff?

說完這些，讓我把電話轉給傑夫，他將提供有關我們結果的詳細資訊。傑夫？

Thanks, Sarah. Thanks to all of you for joining us today.

謝謝，莎拉。感謝各位今天的參與。

As the tariff situation continues to evolve, I will provide a brief update before my commentary on our second-quarter results and the market outlook.

隨著關稅情勢的不斷發展，我將在評論我們的第二季業績和市場前景之前提供簡要的更新資訊。

Although the tariff situation continues to be fluid, we are further along in our analysis and still believe Knowles is well positioned, as it relates to the direct and indirect impacts of tariffs. As I previously said, we are generally a proximity manufacturer; meaning, the vast majority of our products built in the US are shipped within the US and products built in Asia are shipped to customers in Asia and Europe. Couple this with our philosophy of sourcing materials geographically close to our production facilities, our total exposure to tariffs is less than 5% of revenue and 3% of cost of goods sold.

儘管關稅情況持續不穩定，但我們進一步分析，仍然認為 Knowles 處於有利地位，因為它與關稅的直接和間接影響有關。正如我之前所說，我們通常是一家鄰近製造商；這意味著，我們在美國生產的絕大多數產品都在美國境內運輸，而在亞洲生產的產品則運往亞洲和歐洲的客戶。再加上我們的理念是從靠近生產設施的地方採購材料，我們面臨的關稅總風險不到收入的 5% 和銷售成本的 3%。

In Q2, we have had success in passing these additional costs on to our customers. Our expectation is to continue to do so without loss of business. Additionally, I believe the primary end markets we serve in MedTech, defense, and the industrial sectors will be relatively insulated from the impacts of tariffs.

在第二季度，我們成功地將這些額外成本轉嫁給了客戶。我們的期望是繼續這樣做而不造成業務損失。此外，我相信我們在醫療技術、國防和工業領域服務的主要終端市場將相對不受關稅的影響。

Let me reiterate what I previously said: the applications that our products serve in MedTech markets such as hearing aids and devices that our capacitors are in, such as implantables, imaging, and ventilators, to name a few, have traditionally been considered essential. As these products are essential, our historical experience shows economic shocks and subsequent recessions can have modest short-term impacts to these markets but tend to have very little impact over the course of a full year.

讓我重申一下我之前說過的話：我們的產品在醫療技術市場的應用，例如助聽器和我們的電容器所使用的設備，例如植入式設備、成像設備和呼吸機等等，傳統上被認為是必不可少的。由於這些產品至關重要，我們的歷史經驗表明，經濟衝擊和隨後的經濟衰退可能會對這些市場產生適度的短期影響，但往往在全年內影響甚微。

I also believe the defense programs we participate in are secure. Based on our recent order activity, demand appears to be gaining strength.

我也相信我們參與的國防計劃是安全的。根據我們最近的訂單活動，需求似乎正在增強。

Finally, the industrial market has been more sensitive than MedTech and defense to recessions. But we are currently not seeing any impact on demand. We are obviously continuing to monitor this closely.

最後，工業市場對經濟衰退的敏感度比醫療科技和防禦市場更高。但我們目前沒有看到對需求的任何影響。我們顯然會繼續密切關注此事。

Now, I'll turn to our results. In Q2, we had a strong quarter, delivering revenue of $146 million, up 8% year over year; and cash from operations of $36 million, both exceeding the high end of our guided range. EPS of $0.24 was above the midpoint of the guided range, up 20% year over year.

現在，我將談談我們的結果。我們在第二季表現強勁，實現營收 1.46 億美元，年增 8%；經營現金流為 3,600 萬美元，均超過了我們預期的最高水準。每股收益 0.24 美元，高於指導範圍的中點，年增 20%。

Our business units continue to execute to the plan, based on the strategy we laid out at our Investor Day.

根據我們在投資者日制定的策略，我們的業務部門將繼續執行該計劃。

Now, turning to our segments. In Q2, MedTech & Specialty Audio revenue was $67 million, up 13% sequentially and 10% year over year. We saw strength in both our Specialty Audio business and in the Hearing Health market in Q2.

現在，轉向我們的部分。第二季度，醫療科技與專業音訊收入為 6,700 萬美元，較上季成長 13%，較去年同期成長 10%。我們在第二季度看到了專業音響業務和聽力健康市場均表現強勁。

Very similar to what we have seen historically, there was a brief slowdown in demand for Hearing Health products due to macroeconomic uncertainty in Q1, with sequential and year-over-year growth returning in Q2. The Hearing Health business continues to be resilient as these products are considered essential devices.

與我們歷史上看到的情況非常相似，由於第一季宏觀經濟的不確定性，聽力健康產品的需求短暫放緩，但第二季度又恢復了環比和同比增長。由於這些產品被視為必需設備，聽力健康業務繼續保持彈性。

With customers depending on our ability to develop -- deliver unique solutions, I would note the demand for MSA products continues to be strong as we head into Q3, giving me confidence in the expected year-over-year growth within our MSA business.

由於客戶依賴我們開發——提供獨特解決方案的能力，我注意到，隨著我們進入第三季度，對 MSA 產品的需求持續強勁，這讓我對 MSA 業務預期的同比增長充滿信心。

In the Precision Devices segment, Q2 revenue was $79 million, up 8% sequentially and 6% year over year. Revenue increased across all our end markets for both OEM and distribution partners. In Q2, bookings trends, building on Q1, continue to be strong for the Precision Devices segment.

精密設備部門第二季營收為 7,900 萬美元，季增 8%，年增 6%。我們所有終端市場（包括 OEM 和分銷合作夥伴）的收入均有所成長。在第二季度，精密設備部門的預訂趨勢在第一季的基礎上持續保持強勁。

I would note this is the third consecutive quarter with positive bookings trends. The bookings trends was broad-based across most of our end markets and the distribution demand has returned, as we believe inventory levels have normalized.

我想指出的是，這是連續第三個季度出現積極的預訂趨勢。預訂趨勢廣泛覆蓋我們大多數終端市場，分銷需求已經回升，因為我們相信庫存水準已經恢復正常。

We continue to collaborate with our customers, leading to a robust pipeline of new design wins, as our customers continue to choose our innovative and differentiated solutions across all the markets we serve.

我們繼續與客戶合作，從而獲得大量新的設計成果，因為我們的客戶繼續在我們服務的所有市場中選擇我們的創新和差異化解決方案。

Overall for Knowles, as we noted at the Investor Day, with the acceleration of design wins and order activity, we are positioned well for organic growth in 2025.

總體而言，正如我們在投資者日所指出的，對於 Knowles 而言，隨著設計中標和訂單活動的加速，我們已為 2025 年的有機增長做好了準備。

Beyond 2025, we expect an increase of organic growth rates from the historical levels, as new initiatives such as the expansion of our Specialty Film production line finally comes online. Additionally, new products such as our Inductor line, which we just announced last week, has the potential to expand our TAM and drive future growth.

2025 年以後，隨著特種薄膜生產線擴建等新措施的最終實施，我們預計有機成長率將在歷史水準上有所提高。此外，我們上週剛發布的電感器系列等新產品有可能擴大我們的 TAM 並推動未來的成長。

We are executing on the strategy of leveraging our unique technologies; creating custom products through our customer application intimacy; and then, scaling into production with a world-class operational capability for end markets with strong secular growth trends. It is proving to be a winning combination, leading to the beat in revenue and EPS this quarter. I believe it will allow us to continue to expand our margin profile.

我們正在執行以下策略：利用我們獨特的技術；透過我們與客戶的應用親密度創造客製化產品；然後，以世界一流的營運能力擴大生產規模，以滿足具有強勁長期成長趨勢的終端市場的需求。事實證明這是一個成功的組合，帶動本季營收和每股盈餘均有所成長。我相信它將使我們能夠繼續擴大我們的利潤率。

In the second quarter, we repurchased $30 million in shares, which was funded by robust cash generation from operations. We believe our strong cash generation will allow us to pursue synergistic acquisitions and buy back shares, while continuing to keep our debt at very manageable levels.

在第二季度，我們回購了價值 3,000 萬美元的股票，資金來自營運產生的大量現金。我們相信，強勁的現金產生能力將使我們能夠進行協同收購和回購股票，同時繼續將我們的債務保持在非常可控的水平。

In summary, as we enter the third quarter of 2025, I am excited by the momentum and strength the business demonstrated and the growth opportunities that we have in front of us, both in the near and longer term.

總而言之，當我們進入 2025 年第三季時，我對業務所展現出的勢頭和實力以及我們面臨的近期和長期成長機會感到興奮。

As I think about our growth potential in 2025, distribution inventory appears to have normalized, as orders are increasing and our design wins continue to be strong across our product portfolio. This is driving increased demand for our products, which gives me confidence we have entered a period of accelerated organic growth.

當我思考我們 2025 年的成長潛力時，分銷庫存似乎已經正常化，因為訂單正在增加，而且我們的設計勝利在我們的整個產品組合中繼續保持強勁。這推動了我們產品的需求增加，這讓我相信我們已經進入了加速有機增長期。

We are laser-focused on what we do best: designing custom-engineered products and delivering them at scale for customers and markets that value our solutions, positioning us well for growth beyond 2025.

我們專注於我們最擅長的領域：設計客製化產品並大規模交付給重視我們解決方案的客戶和市場，為我們在 2025 年以後的成長做好準備。

Now, let me turn the call over to John to detail our quarterly results and provide our Q3 guidance.

現在，讓我將電話轉給約翰，詳細介紹我們的季度業績並提供第三季指引。

Thanks, Jeff.

謝謝，傑夫。

We reported second-quarter revenues of $146 million, up 8% from the year-ago period and above the high end of our guidance range. EPS was $0.24 in the quarter, up $0.04 or 20% from the year-ago period and above the midpoint of our guidance range. Cash generated by operating activities was $36 million, exceeding the high end of our guidance range, driven by timing of collection activities, lower-than-anticipated inventory, and payments received in connection with settlement of foreign currency hedges.

我們公佈第二季營收為 1.46 億美元，較去年同期成長 8%，且高於我們預期範圍的上限。本季每股收益為 0.24 美元，較去年同期成長 0.04 美元或 20%，高於我們預期範圍的中點。經營活動產生的現金為 3,600 萬美元，超過了我們指導範圍的高端，這得益於收款活動的時間安排、低於預期的庫存以及與外匯對沖結算相關的付款。

In the MedTech & Specialty Audio segment, Q2 revenue was $67 million, up 10% compared with the year-ago period, driven by increased demand in Hearing Health and Specialty Audio. Q2 gross margins were 50.6%, down 280 basis points versus the year-ago period, driven by unfavorable product mix and higher factory costs. As expected, gross margins in the second quarter improved 200 basis points sequentially. We expect gross margins to remain in the low-50% range in the second half of the year.

在醫療科技和專業音訊領域，第二季營收為 6,700 萬美元，比去年同期成長 10%，這得益於聽力健康和專業音訊需求的成長。第二季毛利率為 50.6%，較去年同期下降 280 個基點，原因是產品組合不佳以及工廠成本上升。正如預期的那樣，第二季的毛利率環比提高了 200 個基點。我們預計下半年毛利率將維持在50%左右。

The Precision Devices segment delivered second-quarter revenues of $79 million, up 6% from the year-ago period. Segment gross margins were 38.7%, up 150 basis points from the second quarter of 2024, as improved pricing and higher production volumes resulted in increased factory capacity utilization in our legacy Precision Devices business. These improvements were partially offset by higher scrap costs and factory inefficiencies as we continue to ramp up the Specialty Film product line.

精密設備部門第二季營收為 7,900 萬美元，較去年同期成長 6%。分部毛利率為 38.7%，較 2024 年第二季上升 150 個基點，原因是定價改善和產量增加導致我們傳統精密設備業務的工廠產能利用率提高。隨著我們繼續擴大特種薄膜產品線，這些改進被更高的廢料成本和工廠效率低下所部分抵消。

On a total company basis, R&D expense in the quarter was $9 million, up slightly from Q2 2024 levels. SG&A expenses were $28 million, up $2 million from the prior year levels, driven primarily by annual merit increases and higher incentive compensation costs. Interest expense was $3 million in the quarter, down $2 million from the year-ago period as we continue to reduce our debt levels.

從整個公司來看，本季的研發費用為 900 萬美元，略高於 2024 年第二季的水準。銷售、一般及行政費用為 2,800 萬美元，比上年增加 200 萬美元，主要由於年度績效加薪和更高的激勵薪酬成本。由於我們持續降低債務水平，本季利息支出為 300 萬美元，比去年同期減少 200 萬美元。

Now, I'll turn to our balance sheet and cash flow. In the second quarter, we generated $36 million in cash from operating activities. It's important to note that cash from operations, for the three months ended June 30, includes $8 million in cash utilized to settle supplier obligations related to the Consumer MEMS Microphones business, which was sold last year.

現在，我將討論我們的資產負債表和現金流。第二季度，我們從經營活動產生了 3,600 萬美元的現金。值得注意的是，截至 6 月 30 日的三個月內，經營現金流包括 800 萬美元現金，用於清償與去年出售的消費類 MEMS 麥克風業務相關的供應商債務。

Capital spending was $5 million in the quarter. We continue to expect to generate operating cash flow of 16% to 20% of revenues for full-year 2025.

本季資本支出為 500 萬美元。我們繼續預期 2025 年全年的經營現金流將佔收入的 16% 至 20%。

During the second quarter, we repurchased 1.9 million shares at a total cost of $30 million. We exited the quarter with cash of $103 million and $190 million of debt that includes borrowings under our revolving credit facility and an interest-free seller note that was issued in connection with the Cornell acquisition.

第二季度，我們回購了 190 萬股，總成本為 3,000 萬美元。本季結束時，我們的現金為 1.03 億美元，債務為 1.9 億美元，其中包括循環信貸額度下的借款以及與康乃爾收購相關的無息賣方票據。

Lastly, our net leverage ratio, based on the trailing 12 months' adjusted EBITDA, was 0.7 times. We have liquidity of more than $350 million, as measured by cash plus unused capacity under our revolving credit facility.

最後，基於過去 12 個月調整後的 EBITDA，我們的淨槓桿率為 0.7 倍。以現金加上循環信貸額度下未使用的容量計算，我們的流動資金超過 3.5 億美元。

Moving to our guidance, for the third quarter of 2025, revenues are expected to be between $144 million and $154 million. R&D expenses are expected to be between $8 million and $10 million. Selling and administrative expenses are expected to be within the range of $25 million to $27 million.

根據我們的預測，2025 年第三季的營收預計在 1.44 億美元至 1.54 億美元之間。預計研發費用在800萬美元至1000萬美元之間。銷售和管理費用預計在 2500 萬美元至 2700 萬美元之間。

We're projecting adjusted [EBIT] margin for the quarter to be within the range of 22% to 24%. Interest expense in Q3 is estimated at $2 million and includes non-cash imputed interest. We expect an effective tax rate of 13% to 17%.

我們預計本季調整後的 [EBIT] 利潤率將在 22% 至 24% 之間。第三季的利息支出估計為 200 萬美元，其中包括非現金估算利息。我們預計有效稅率為 13% 至 17%。

We're projecting EPS to be within the range of $0.29 to $0.33 per share. This assumes weighted average shares outstanding during the quarter of $88.5 million on a fully diluted basis.

我們預計每股收益將在 0.29 美元至 0.33 美元之間。假設本季的加權平均流通股數以完全稀釋後計算為 8,850 萬美元。

We're projecting cash generated by operating activities to be within the range of $20 million to $30 million. Capital spending is expected to be $11 million.

我們預計經營活動產生的現金將在 2,000 萬至 3,000 萬美元之間。預計資本支出為1100萬美元。

We expect full-year capital spending to be approximately 5% of revenues, as we increase investments associated with capacity expansion related to our Specialty Film line.

由於我們增加了與特種薄膜生產線產能擴張相關的投資，我們預計全年資本支出約佔收入的 5%。

In conclusion, we resumed year-over-year revenue and earnings growth in both segments in the second quarter. With the strong backlog and increased order activity, we expect to continue to sustain both sequential and year-over-year revenue and earnings growth for the remainder of 2025.

總而言之，我們在第二季度恢復了兩個部門的年成長。由於積壓訂單量強勁且訂單活動增加，我們預計 2025 年剩餘時間內的收入和利潤將繼續保持環比和同比增長。

I will now turn the call back over to the operator for the questions-and-answers portion of our call. Operator?

現在我將把電話轉回給接線員，進行電話中的問答部分。操作員？

(Operator Instructions)

（操作員指示）

Christopher Rolland, Susquehanna.

克里斯多福羅蘭 (Christopher Rolland)，薩斯奎漢納。

Congrats on these results. The guide was nicely ahead of what we were thinking and perhaps, what you guys were thinking earlier in the year. If you could speak to maybe the delta, what is providing that upside? And then, also any update on demand for the thin film opportunity as well?

祝賀這些結果。該指南遠遠超出了我們的想法，甚至可能超出了你們今年早些時候的想法。如果您可以談論增量，那麼是什麼提供了這種優勢？那麼，對於薄膜機會的需求還有什麼更新嗎？

Yeah. First, I would sit there and say, I think, Chris, as I mentioned on the call, this is the third -- with Q2, the third successive quarter within the PD segment where we've had a book-to-bill over [1]. I would note our book-to-bill in Q2 for PD was above [1.15]. So we have the very strong bookings quarter again.

是的。首先，我想說，克里斯，正如我在電話中提到的，這是第三季度，也是 PD 部門連續第三個季度的訂單出貨比超過[1]。我要指出的是，我們第二季的訂單出貨比高於[1.15]。因此，我們再次迎來了非常強勁的預訂量。

It was pretty broad-based. I'd say in the PD segment, it was medical, defense, industrial; it's with our distribution partners, as well as with our direct customers. So we're seeing quite a bit of demand on the PD side.

它的基礎相當廣泛。我想說在 PD 領域，它涉及醫療、國防、工業；它與我們的分銷合作夥伴以及我們的直接客戶有關。因此，我們看到 PD 方面有相當多的需求。

I would sit there and say, on the MSA side, on the Hearing Health side, obviously, we saw Q1 be a little bit weaker in the end market. But it bounced right back in Q2. Like we've said in the past, with these essential devices, maybe somebody stayed home for a month and delays getting a hearing aid by a month. But it bounced back very nicely.

我想說，在 MSA 方面，在聽力健康方面，顯然，我們看到 Q1 在終端市場表現稍微疲軟一些。但第二季度它又迅速反彈。就像我們過去所說的那樣，有了這些必備設備，也許有人可以待在家裡一個月，從而推遲一個月去購買助聽器。但它反彈得非常好。

We're expecting both segments to have year-over-year growth for full-year 2025. So it's really pretty broad-based, Chris, across most markets.

我們預計 2025 年全年這兩個部門都將年增。所以克里斯，它確實非常廣泛，涉及大多數市場。

I think it's, I would say, a little bit of a testament to what we laid out at Investor Day, which is around these three markets: MedTech, industrial, and defense.

我想說，這在某種程度上證明了我們在投資者日所設定的目標，即圍繞這三個市場：醫療科技、工業和國防。

One last piece I would add: I was just looking at our bookings for July, and July to date, we are already having another strong month of bookings in July already.

最後我想補充一點：我剛剛查看了我們 7 月份的預訂情況，截至 7 月份，7 月份的預訂量已經非常強勁。

Excellent. And then, I know you're not guiding two quarters ahead. But without the MEMS business, I think that could create some volatility for Q4. Did you have any early thoughts on how we should be thinking about Q4?

出色的。然後，我知道你沒有預測未來兩季的情況。但如果沒有 MEMS 業務，我認為這可能會為第四季度帶來一些波動。您對我們應該如何考慮第四季有什麼初步想法嗎？

And then, secondly, just gross margin expansion. Like, with these higher volumes, what should we expect from higher utilizations moving forward here?

其次，毛利率擴大。例如，隨著產量的增加，我們應該對未來的更高利用率抱持著怎樣的期望？

Yeah. I'll let John cover the gross margin in a second.

是的。我馬上要約翰講一下毛利率。

Just from a revenue base, obviously, you're correct, we're not guiding to Q4. But I would say this, we are expecting year-over-year growth, again, in Q4. We expect sequential growth, again, in Q4. That's what I would sit there and say at this point.

僅從收入基礎來看，顯然你是對的，我們沒有指導第四季。但我想說的是，我們預計第四季將再次實現年比成長。我們預計第四季將再次實現連續成長。這就是我現在坐在那裡要說的話。

I think we're pretty fully booked already for Q3. With our lead times and our strong intimacy with our customers, we have a pretty good view of Q3.

我認為我們第三季的預訂已經很滿了。憑藉我們的交貨時間和與客戶的密切關係，我們對第三季有相當好的預期。

We're starting to get a pretty good view into Q4. But we're still expecting, based on the order activity, that we'll see year-over-year growth in Q4, as well as sequential growth in Q4.

我們開始對第四季有了相當好的展望。但根據訂單活動，我們仍預期第四季將出現年增，以及季增。

Yeah. Chris, in terms of gross margins and specifically, capacity utilization, we delivered gross margins of 44.3% in Q2. We expect sequential to be at least up 100 basis points or more in Q3 and kind of similar levels in Q4.

是的。克里斯，就毛利率和具體產能利用率而言，我們第二季的毛利率為 44.3%。我們預計第三季將季成長至少 100 個基點或更多，第四季將達到類似的水平。

And again, those improvements over the current 44.3%, as you said, is primarily driven by capacity utilization in our high-performance Caps business and also, a little bit in our MSA segment.

正如您所說，這些改進超過了目前的 44.3%，主要是由於我們的高性能 Caps 業務的產能利用率，而 MSA 部門也發揮了一定作用。

Bob Labick, CJS Securities.

鮑勃·拉比克（Bob Labick），CJS 證券公司。

Well, congrats on the strong performance.

好吧，恭喜你的出色表現。

Let's see, you touched on organic growth accelerating (technical difficulty) '25. You mentioned the Film expansion and Inductor lines. I was hoping you could just expand on that a little bit.

讓我們看看，您提到了有機成長加速（技術難度）'25。您提到了薄膜擴展和電感線。我希望您能稍微詳細闡述這一點。

The Film is for the energy order you talked about on previous calls? How should we think about that?

這部電影是為了您在之前的通話中談到的能源秩序嗎？我們該如何看待這個問題？

Well, the film will be, yeah, the energy order. But that would not really start hitting the revenue line until probably midyear next year, when we'll start delivering that order. So the growth in the Specialty Film line is actually going to be other customers, mainly MedTech, defense, and industrial, shorter term.

嗯，這部電影將會是能量秩序。但這可能要等到明年年中我們開始交付訂單時才會真正開始影響收入。因此，短期內特種薄膜生產線的成長實際上將來自其他客戶，主要是醫療技術、國防和工業。

But I think -- here's how I would frame it:

但我認為──我會這樣表達：

If you looked historically -- we gave quite a bit of information at the Investor Day and historically, these businesses that we have owned today, continuing ops, have grown over a cycle. They grew at -- we showed -- 4% organically.

如果你回顧歷史——我們在投資者日提供了相當多的信息，從歷史上看，我們今天擁有的這些業務，持續運營，已經經歷了一個週期的增長。我們的數據顯示，他們的有機成長率為 4%。

We [cut-committed] that on an organic basis. We think that over a cycle, 4% to 6% now is the growth rate for these businesses. I would say we're trending toward the higher end of that range, right now.

我們有機地[取消承諾]了這一點。我們認為，在一個週期內，這些業務的成長率現在是4%到6%。我想說，我們現在正趨向於該範圍的高端。

And so it's going to be driven by, first, a lot of new design wins in our core. I think we got good design wins in our core products. But then, there's these other expansionary opportunities. I would sit there and say, Specialty Film is going to really start delivering significant growth in the back half of this year as well as into 2026.

因此，首先，它將受到我們核心中大量新設計的勝利的推動。我認為我們的核心產品設計非常成功。但還有其他擴張機會。我想說，特種薄膜將在今年下半年以及 2026 年真正開始顯著成長。

The Inductor line is going to take a little longer. We just introduced that product category last week. It builds off of our ceramic capacitor capabilities or ceramic inductors. We would hope starting in about 24 months from now, we'd start to see some more significant revenue.

電感器線路將需要更長的時間。我們上週剛推出了該產品類別。它建立在我們的陶瓷電容器或陶瓷電感器的能力之上。我們希望從現在起大約 24 個月內開始看到更可觀的收入。

I think I would sit there and say, we've got a lot of design wins in the core, plus we've got some other opportunities that are expanding our TAM and allowing us to grow. So over the next, I would say, year to two years, I would sit there and say, our growth rate is going to be probably towards the higher end of that organic range that we laid out at the Investor Day.

我想我會坐在那裡說，我們在核心設計方面取得了很多勝利，此外我們還有一些其他機會可以擴大我們的 TAM 並讓我們成長。因此，我想說，在接下來的一到兩年內，我們的成長率可能會接近我們在投資者日制定的有機成長範圍的高端。

Okay. That sounds great. And then, you touched on this, too. Obviously, you had strong cash flow in the quarter. You bought back stock. But you still mentioned M&A as a potential part of the growth over time.

好的。聽起來不錯。然後，您也談到了這一點。顯然，本季你們的現金流強勁。你買回了股票。但您仍然提到併購是長期成長的潛在組成部分。

Can you talk just a little bit about the M&A market? It has closed up for a couple of companies or industries, with all the macro noise. How does it look now? How is your pipeline? What are your opportunities? How do you feel about it?

能簡單談談併購市場嗎？由於宏觀環境噪音的影響，一些公司或行業已經關閉。現在看起來怎麼樣？你的管道怎麼樣？你的機會是什麼？你對此有何感想？

Pipeline is good. I'd say, it's obviously hard to predict exactly when this is all going to come to fruition. We want to be disciplined around this, of course. As we've done in the past, we want to make sure that we're thinking about -- thoughtful at what we do.

管道很好。我想說，顯然很難準確預測這一切何時會實現。當然，我們希望在這方面保持紀律。正如我們過去所做的那樣，我們希望確保我們能夠深思熟慮地對待我們所做的事情。

We said at the Investor Day, there's three types of acquisitions: there's consolidation, there's extensions, and there's adjacencies. I'd say, again, Q1 into Q2, the market froze up a little bit on doing M&A. It seems like it's starting to re-open again.

我們在投資者日上說過，收購有三種：合併、擴展和鄰接。我想說，從第一季到第二季度，市場在併購方面出現了一些停滯。看起來它又開始重新開放了。

So while I don't have anything to announce here today, obviously; and it's hard to predict when things will happen, I think we're being aggressive here in areas where we think we can drive value for the corporation.

因此，雖然我今天顯然沒有什麼要宣布的，而且很難預測事情何時會發生，但我認為我們在那些我們認為可以為公司創造價值的領域正在積極行動。

And so we'll be looking at this. Obviously, we have our metrics. I don't know, John, if you want to cover how we look at this but we're going to be very disciplined about what we do.

因此我們將對此進行研究。顯然，我們有自己的指標。約翰，我不知道你是否想了解我們如何看待這個問題，但我們會非常嚴謹地對待我們所做的事情。

Yeah. Bob, we have a lot of optionality. I would say, with our low leverage and our strong cash flow generation, we continue to have a lot of optionality with respect to capital allocation.

是的。鮑勃，我們有很多選擇。我想說，憑藉我們較低的槓桿率和強勁的現金流，我們在資本配置方面仍然擁有很大的選擇性。

As you mentioned, we repurchased $30 million in shares in Q2 at an average price of just under $16. I would say likely that we'll continue to buy back shares in the back half of '25.

正如您所說，我們在第二季以略低於 16 美元的平均價格回購了價值 3,000 萬美元的股票。我想說我們很可能會在 2025 年下半年繼續回購股票。

Okay. Super. I'll come back with you. Thank you.

好的。極好的。我會跟你一起回來。謝謝。

(Operator Instructions)

（操作員指示）

There are no further questions. This concludes today's conference call.

沒有其他問題了。今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。