Littelfuse Inc (LFUS) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Littelfuse Second Quarter 2023 Earnings Conference Call. Today's call is being recorded. At this time, I'd like to turn the call over to Head of Investor Relations, Trisha Tuntland. Please proceed.

大家好，歡迎參加 Littelfuse 2023 年第二季度收益電話會議。今天的通話正在錄音。現在，我想將電話轉給投資者關係主管 Trisha Tuntland。請繼續。

Good morning, and welcome to the Littelfuse Second Quarter 2023 Earnings Conference Call. With me today are Dave Heinzmann, President and CEO; and Meenal Sethna, Executive Vice President and CFO. Yesterday, we reported results for our second quarter, and a copy of our earnings release and slide presentation is available in the Investor Relations section of our website.

早上好，歡迎參加 Littelfuse 2023 年第二季度收益電話會議。今天與我在一起的有總裁兼首席執行官戴夫·海因茨曼 (Dave Heinzmann)；和 Meenal Sethna，執行副總裁兼首席財務官。昨天，我們報告了第二季度的業績，我們網站的投資者關係部分提供了我們的收益發布和幻燈片演示的副本。

A webcast of today's conference call will also be available on our website. Please advance to Slide 2 for our disclaimers. Our discussions today will include forward-looking statements. These forward-looking statements may involve significant risks and uncertainties. Please review yesterday's press release and our Forms 10-K and 10-Q for more detail about important risks that could cause actual results to differ materially from our expectations.

我們的網站上還將提供今天電話會議的網絡廣播。請前往幻燈片 2 了解我們的免責聲明。我們今天的討論將包括前瞻性陳述。這些前瞻性陳述可能涉及重大風險和不確定性。請查看昨天的新聞稿以及我們的 10-K 和 10-Q 表格，了解可能導致實際結果與我們的預期產生重大差異的重要風險的更多詳細信息。

We assume no obligation to update any of this forward-looking information. Also, our remarks today refer to non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in our earnings release available in the Investor Relations section of our website. I will now turn the call over to Dave.

我們不承擔更新任何此類前瞻性信息的義務。此外，我們今天的言論還涉及非公認會計準則財務指標。我們網站投資者關係部分的收益發布中提供了這些非公認會計準則財務指標與最具可比性的公認會計準則財務指標的調節表。我現在將把電話轉給戴夫。

Thank you, Trisha. Good morning, and thanks for joining us today. Let's start with highlights on Slide 4. While our second quarter financial results were below our expectations, our global teams delivered solid results, driven by our strong operating fundamentals within an ongoing dynamic environment. Design in activities remain quite robust, and we secured significant new business in sustainability, connectivity and safety applications and continue to advance our strategic investments in high-growth end markets.

謝謝你，特麗莎。早上好，感謝您今天加入我們。讓我們從幻燈片4 上的重點開始。雖然我們第二季度的財務業績低於我們的預期，但我們的全球團隊在持續動態的環境中強勁的運營基本面的推動下，取得了穩健的業績。活動設計仍然相當強勁，我們在可持續發展、連接性和安全應用方面獲得了重要的新業務，並繼續推進我們在高增長終端市場的戰略投資。

Our strong overall performance to date in 2023 reflects the resiliency of our business model. I am confident with our diverse technologies and capabilities and the strength of our execution continue to position us to deliver on our long-term growth strategy. Together, our global teams have achieved significant performance within our strategy. And I want to extend my gratitude to our associates for their unwavering dedication and remarkable contributions.

2023 年迄今為止，我們強勁的整體業績反映了我們業務模式的彈性。我對我們多樣化的技術和能力以及我們的執行力充滿信心，這將繼續使我們能夠實現我們的長期增長戰略。我們的全球團隊共同在我們的戰略範圍內取得了顯著的業績。我要向我們的員工表示感謝，感謝他們堅定不移的奉獻精神和卓越的貢獻。

Meenal will provide additional color on our financial performance and outlook. As announced in June, we entered into a purchase agreement to acquire a 200-millimeter wafer fab located in Dortmund, Germany from Elmos Semiconductor. This acquisition is an important element in our long-term growth strategy for power semiconductors. Key to our sustained success in expanding our portfolio of technologies and growing internal capabilities to enable us to meet the increasing demands of our customers and high-growth power conversion applications.

Meenal 將為我們的財務業績和前景提供更多的色彩。正如 6 月宣布的那樣，我們簽訂了一份購買協議，從 Elmos Semiconductor 收購位於德國多特蒙德的一座 200 毫米晶圓廠。此次收購是我們功率半導體長期增長戰略的重要組成部分。這是我們在擴展技術組合和不斷增強內部能力方面取得持續成功的關鍵，使我們能夠滿足客戶和高增長電源轉換應用日益增長的需求。

This strategic investment will expand our long-term business opportunities in industrial end markets like renewables, energy storage, automation, motor drives, power supplies and e-mobility off-board charging infrastructure. The Dortmund fab will complement our current footprint, adding a highly skilled technology team, extensive 200-millimeter manufacturing and development experience and an efficient high-quality wafer processing operation.

這項戰略投資將擴大我們在可再生能源、能源存儲、自動化、電機驅動、電源和電動汽車非車載充電基礎設施等工業終端市場的長期商機。多特蒙德晶圓廠將補充我們目前的足跡，增加一支高技能的技術團隊、豐富的 200 毫米製造和開發經驗以及高效的高質量晶圓加工操作。

We are excited about the future prospects with our combined teams and capabilities, which I am confident will continue to position us for long-term profitable growth, consistent with our strategy shown on Slide 5. Moving on to sustainability. We recently published our 2022 report, which is available on our website. Slide 6 provides an overview of our 2022 highlights.

我們對我們聯合團隊和能力的未來前景感到興奮，我相信這將繼續使我們實現長期盈利增長，與幻燈片 5 中所示的戰略一致。轉向可持續發展。我們最近發布了 2022 年報告，可在我們的網站上獲取。幻燈片 6 概述了我們 2022 年的亮點。

We believe we have responsibility to our customers, employees, investors and the communities where we live and work to conduct our business in a thoughtful, sustainable way. I am proud of the efforts of our global teams who everywhere, every day, help to create a culture that embraces diversity, old solutions and sustained success as we make ongoing progress on our continuous improvement journey, which will continue to play an instrumental role in the growth and advancement of the company.

我們相信，我們對客戶、員工、投資者以及我們生活和工作的社區負有責任，以深思熟慮、可持續的方式開展業務。我為我們的全球團隊所做的努力感到自豪，他們每天都在各地幫助創造一種擁抱多樣性、舊解決方案和持續成功的文化，隨著我們在持續改進之旅中不斷取得進展，這將繼續發揮重要作用公司的成長和進步。

We are proud of our achievements and remain committed to the long-term value of a robust ESG strategy. Before we get into business design wins, I would like to start with the market and customer dynamics we are seeing. Taking a step back, our company's end market exposure remains highly diversified, balanced and broad. Where we are selling into industrial markets, we are seeing strong growth across passenger vehicle markets. We achieved double-digit content outgrowth across our product portfolio.

我們為自己的成就感到自豪，並繼續致力於實現穩健的 ESG 戰略的長期價值。在我們討論商業設計勝利之前，我想從我們所看到的市場和客戶動態開始。退一步來說，我們公司的終端市場敞口仍然高度多元化、均衡和廣泛。在我們向工業市場銷售的地方，我們看到乘用車市場的強勁增長。我們的產品組合實現了兩位數的內容增長。

Design activity remains robust, and we are capturing new business with our differentiated capabilities and intensifying focus on enabling applications around sustainability, connectivity and safety. Our execution is accelerating the rate of new business wins and expanding the product content with leading customers, which positions us well for the future.

設計活動仍然強勁，我們正在利用我們的差異化能力捕獲新業務，並加強關注圍繞可持續性、連通性和安全性的應用程序。我們的執行力正在加快贏得新業務的速度，並擴大領先客戶的產品內容，這為我們的未來奠定了良好的基礎。

End market demand remains healthy across many of our end markets. We are seeing value creation and strong demand driven by our strategic positioning within renewables, industrial automation and safety, medical, specialty high-end power supplies, cloud computing to support artificial intelligence applications and electrification of vehicles and their charging infrastructure.

我們的許多終端市場的終端市場需求仍然保持健康。我們看到，我們在可再生能源、工業自動化和安全、醫療、特種高端電源、雲計算等領域的戰略定位推動了價值創造和強勁需求，以支持人工智能應用以及車輛及其充電基礎設施的電氣化。

We continue to see inventory destocking across parts of our electronics, commercial vehicle businesses. With our lead times coming down and current POS levels, we expect this to continue through the year as customers adjust their inventory levels to a more stable demand. Given that many of our end markets are in a growth trajectory, this will continue to help moderate the transitory destocking that is taking place.

我們繼續看到我們的電子、商用車業務的部分庫存去庫存。隨著交貨時間的縮短和當前 POS 水平的下降，我們預計這一情況將持續到今年，因為客戶會調整庫存水平以適應更穩定的需求。鑑於我們的許多終端市場正處於增長軌道，這將繼續有助於緩解正在發生的暫時性去庫存。

I'm particularly proud of our strong year-to-date performance as we continue to leverage our sound business fundamentals to successfully navigate the varying end markets and inventory management trends across our businesses. Our global teams remain focused on driving long-term growth, profitability and cash generation. We continue to actively manage costs to align to business conditions while also advancing our strategic initiatives across the industrial, transportation and electronics end markets we serve, demonstrating our ability to balance short-term cost optimization and long-term strategic investments.

我對我們今年迄今為止的強勁表現感到特別自豪，因為我們繼續利用良好的業務基礎來成功駕馭不同的終端市場和整個業務的庫存管理趨勢。我們的全球團隊仍然專注於推動長期增長、盈利能力和現金生成。我們繼續積極管理成本以適應業務狀況，同時推進我們所服務的工業、運輸和電子終端市場的戰略舉措，展示了我們平衡短期成本優化和長期戰略投資的能力。

Looking ahead, I am confident that our global execution will deliver long-term best-in-class financial results consistent with our growth strategy. Now let's move on to business design wins during the second quarter. For industrial end markets on Slide 7, our leading technologies are critical for empowering greater sustainability and safety. The ongoing focus on renewables is expanding the requirement for our reliable products.

展望未來，我相信我們的全球執行力將帶來符合我們增長戰略的長期一流財務業績。現在讓我們繼續討論第二季度的業務設計勝利。對於 Slide 7 上的工業終端市場，我們的領先技術對於增強可持續性和安全性至關重要。對可再生能源的持續關注正在擴大對我們可靠產品的要求。

During the quarter, we leveraged our deep customer relationships and technical expertise to secure significant business in combiner boxes for solar and battery storage systems. Given the breadth of our product portfolio, we also see substantial new business opportunities related to government-funded initiatives and infrastructure investments that support electrification.

在本季度，我們利用深厚的客戶關係和技術專長，確保了太陽能和電池存儲系統匯流箱的重要業務。鑑於我們產品組合的廣泛性，我們還看到了與支持電氣化的政府資助計劃和基礎設施投資相關的大量新商機。

We won business with several of our solutions for a construction project, for a battery plant, the major automotive manufacturer. Our high-power solutions capture business with customers in their energy management systems. Within industrial safety, our leading product performance and application knowledge won us additional business for commercial kitchens with major retailers. We also grew our business in HVAC and industrial motor drives based on our customer relationships and expansive offerings.

我們通過為大型汽車製造商的電池廠的建築項目提供的多個解決方案贏得了業務。我們的高功率解決方案在客戶的能源管理系統中贏得了業務。在工業安全領域，我們領先的產品性能和應用知識為我們贏得了與主要零售商的商業廚房的額外業務。基於我們的客戶關係和廣泛的產品，我們還發展了暖通空調和工業電機驅動領域的業務。

Our differentiated capabilities position us well to partner with customers to meet their increasing requirements than the global structural themes of sustainability and safety, which will continue to drive our long-term growth. Turning to our transportation end markets on Slide 8. We continue to see meaningful product content opportunities driven by the ongoing push towards greater sustainability, connectivity and safety.

我們的差異化能力使我們能夠很好地與客戶合作，滿足他們日益增長的需求，而不是可持續性和安全性的全球結構主題，這將繼續推動我們的長期增長。轉向幻燈片 8 上的運輸終端市場。我們繼續看到有意義的產品內容機會，這些機會是由持續推動更高的可持續性、連通性和安全性所推動的。

In passenger vehicles, our new business opportunity pipeline is robust, given the increasing complexity related to the electrification of platforms. During the quarter, our differentiated high-voltage product features and technical support delivered wins for onboard chargers and high-voltage power distribution.

在乘用車領域，鑑於平台電氣化相關的複雜性不斷增加，我們的新商機渠道十分強勁。本季度，我們差異化的高壓產品特性和技術支持在車載充電機和高壓配電方面取得了勝利。

For our electrical sensor products, we are seeing intensifying design activity for battery management systems and drive applications. Our technical capabilities and innovative solutions won significant business with a multinational automotive manufacturer. We captured business by leveraging our proprietary technologies and unmatched designs to grow our presence in conventional low-voltage applications.

對於我們的電氣傳感器產品，我們看到電池管理系統和驅動應用的設計活動不斷加強。我們的技術能力和創新解決方案贏得了一家跨國汽車製造商的重要業務。我們利用專有技術和無與倫比的設計來擴大我們在傳統低壓應用領域的影響力，從而贏得了業務。

Within electronification, as it relates to safety, our design expertise and broad portfolio won business within in-cabin cameras and for hands-on detection applications. Across commercial vehicle applications within electrification, our design capabilities and innovative solutions secured significant business for high-voltage power distribution modules in construction equipment and battery management systems in 2- and 3-wheelers.

在電子化領域，由於它與安全相關，我們的設計專業知識和廣泛的產品組合贏得了艙內攝像頭和手動檢測應用的業務。在電氣化領域的商用車應用中，我們的設計能力和創新解決方案確保了建築設備中的高壓配電模塊以及兩輪和三輪車電池管理系統的重要業務。

In broader commercial vehicle markets with our local engineering support, we continue to increase our product content in agricultural equipment applications. EV charging infrastructure expansion efforts continue to accelerate with the electrification of transportation applications. With our broad range of solutions, we secured significant global business with our power semiconductors, electronic components and fuses.

在更廣闊的商用車市場，憑藉我們當地的工程支持，我們不斷增加農業設備應用中的產品含量。隨著交通應用的電氣化，電動汽車充電基礎設施的擴建工作繼續加速。憑藉我們廣泛的解決方案，我們在功率半導體、電子元件和保險絲方面獲得了重要的全球業務。

Solutions from our Western Automation portfolio further expand our new business opportunity pipeline. Given the intention to make charging infrastructure more accessible and widespread on a global scale, we're extremely well positioned with our comprehensive technologies to participate in the proliferation of stations worldwide.

我們的西部自動化產品組合的解決方案進一步擴大了我們的新商機渠道。考慮到讓充電基礎設施在全球範圍內更加便捷和廣泛普及的目的，我們憑藉全面的技術處於非常有利的位置，可以參與全球充電站的擴建。

Moving on to Slide 9. In electronics end markets, we continue to engage in very robust design activities, customers focus on meeting future needs across the structural growth themes of safety, connectivity and sustainability. Our global reach and superior design support are accelerating demand for our reliable products. We won a global business for life-saving medical devices across some multiple applications, including a wearable defibrillator and in an implantable device.

轉到幻燈片 9。在電子終端市場，我們繼續從事非常穩健的設計活動，客戶專注於滿足安全、連接性和可持續性等結構性增長主題的未來需求。我們的全球影響力和卓越的設計支持正在加速人們對我們可靠產品的需求。我們贏得了一項涉及多種應用的救生醫療設備的全球業務，包括可穿戴除顫器和植入式設備。

Connectivity requirements are driving wins across data centers, including for our C&K Switch portfolio for communications infrastructure. We expect opportunities like these to become more prevalent as high-performance computing for machine learning and AI expands requirements for next-generation platforms. We are seeing good success with cross-selling C&K products to Littelfuse customers.

連接性需求正在推動數據中心的勝利，包括我們用於通信基礎設施的 C&K Switch 產品組合。我們預計，隨著機器學習和人工智能的高性能計算擴大對下一代平台的需求，此類機會將變得更加普遍。我們在向 Littelfuse 客戶交叉銷售 C&K 產品方面取得了巨大成功。

Sustainability continues to drive wins in power supplies for power tools and LED lighting. Our pipeline of new business opportunities remain strong, and our global teams are positioned to support customers, which will continue to expand our electronics content across diverse applications with a focus on sustainability, connectivity and safety.

可持續發展繼續推動電動工具和 LED 照明電源的勝利。我們的新商機渠道依然強勁，我們的全球團隊致力於為客戶提供支持，客戶將繼續在不同的應用領域擴展我們的電子產品內容，重點關注可持續性、連接性和安全性。

We continue to generate robust design win momentum and the array of new business wins we have secured spans a wide spectrum of end markets, applications and geographies, highlighting our global capabilities and footprint. Through engaging closely with our customers' engineering teams, our collaborations have been instrumental in expediting next-generation product development and design-in activities.

我們繼續產生強勁的設計贏得動力，我們贏得的一系列新業務涵蓋廣泛的終端市場、應用和地區，凸顯了我們的全球能力和足跡。通過與客戶的工程團隊密切合作，我們的合作有助於加快下一代產品的開發和設計活動。

With the organic growth stemming from these new business activities, complemented by our strategic acquisitions, we are confident that our long-term growth trajectory will be further fortified and sustained. I will now turn the call over to Meenal to provide additional color on our financial performance and outlook.

隨著這些新業務活動帶來的有機增長，再加上我們的戰略收購，我們有信心我們的長期增長軌跡將得到進一步鞏固和持續。我現在將把電話轉給 Meenal，為我們的財務業績和前景提供更多信息。

Thanks, Dave. Good morning, everyone, and thank you all for joining us today. Please turn to Slide 11 to start with our second quarter results. Revenue of $612 million, was down 1% and down 8% organically versus last year. Acquisitions added 7% of growth. GAAP operating margins were 15%. Adjusted operating margins were nearly 17% and EBITDA margins were 22.5%.

謝謝，戴夫。大家早上好，感謝大家今天加入我們。請翻到幻燈片 11，開始了解我們第二季度的業績。收入為 6.12 億美元，與去年相比下降 1%，有機下降 8%。收購推動了 7% 的增長。 GAAP 營業利潤率為 15%。調整後營業利潤率接近 17%，EBITDA 利潤率為 22.5%。

For the first half of this year, we've delivered adjusted operating margins just shy of 18% and EBITDA margins of 23.6%, continuing to drive results in our targeted margin ranges. Our strong margin performance reflects our portfolio diversification efforts across both end markets and technologies, expansion of our partnerships with customers and distributors and continued focus on operational excellence.

今年上半年，我們的調整後營業利潤率略低於 18%，EBITDA 利潤率為 23.6%，繼續推動我們的目標利潤率範圍內的業績。我們強勁的利潤率表現反映了我們在終端市場和技術領域的投資組合多元化努力、擴大了與客戶和分銷商的合作夥伴關係以及持續關注卓越運營。

Second quarter GAAP diluted earnings per share was $2.79 and adjusted diluted EPS, $3.12. Adjusted EPS finished lower than projected due to a combination of the drop-through from slightly lower sales than expected, unfavorable nonoperating items, partially offset by some reductions in operating expenses. Our GAAP effective tax rate was 18%. The adjusted effective tax rate was 17.4%, which was higher than projected.

第二季度 GAAP 攤薄每股收益為 2.79 美元，調整後攤薄每股收益為 3.12 美元。調整後每股收益低於預期，原因是銷售額略低於預期、不利的非經營項目造成的下降，但部分被經營費用的減少所抵消。我們的 GAAP 有效稅率為 18%。調整後有效稅率為17.4%，高於預期。

The combination of the higher tax rate and unfavorability from nonoperating investments reduced EPS by $0.09. Operating cash flow in the quarter was $98 million, and we generated $82 million in free cash flow. Year-to-date, we generated $110 million in free cash flow, yielding a 69% conversion rate. We reduced inventory levels through the first half of the year, contributing to our solid cash flow performance. We expect to drive both a higher cash generation and free cash flow conversion rate in the second half as per our typical seasonal patterns.

較高的稅率和非經營性投資的不利因素相結合，使每股收益減少了 0.09 美元。本季度的運營現金流為 9800 萬美元，我們產生了 8200 萬美元的自由現金流。今年迄今為止，我們產生了 1.1 億美元的自由現金流，轉化率為 69%。上半年我們降低了庫存水平，為我們穩健的現金流表現做出了貢獻。根據我們典型的季節性模式，我們預計下半年將實現更高的現金生成和自由現金流轉換率。

Our capital structure remains very strong, ending the quarter with 1.4x net debt-to-EBITDA leverage. We remain both disciplined and consistent in our capital allocation. We continue to prioritize organic and inorganic opportunities, driving ongoing growth and returns while ensuring return of capital to our shareholders.

我們的資本結構仍然非常強勁，本季度末淨債務與 EBITDA 的槓桿率為 1.4 倍。我們的資本配置保持紀律性和一致性。我們繼續優先考慮有機和無機機會，推動持續增長和回報，同時確保股東資本回報。

Our Board of Directors approved an 8% increase in our quarterly cash dividend equating to a $2.60 annual rate. We've grown our dividend 12% on a compounded annual basis since inception, a testament to our long-term earnings' trajectory and cash generation power.

我們的董事會批准將季度現金股息增加 8%，相當於年利率 2.60 美元。自成立以來，我們的股息年復合增長率為 12%，這證明了我們的長期盈利軌跡和現金生成能力。

Moving to our second quarter results across our segments. Please turn to Slide 12. Electronics sales were down 2% year-over-year and down 13% organically, the delta being the C&K acquisition. Operating margins were nearly 23% and EBITDA margins ended at 28.5%. While transitory inventory destocking has impacted our near-term growth trajectory, we continue to see underlying growth drivers across our portfolio.

轉向我們各個部門的第二季度業績。請參閱幻燈片 12。電子產品銷售額同比下降 2%，有機銷售額下降 13%，增量是 C&K 收購造成的。營業利潤率接近 23%，EBITDA 利潤率為 28.5%。雖然暫時的庫存去庫存影響了我們的近期增長軌跡，但我們仍然看到整個投資組合的潛在增長動力。

In the quarter, we continued our positive momentum across industrial, medical and renewable applications and also auto electrification themes. Along with the operational groundwork we've laid over time, we've maintained strong margin performance in a challenging market environment.

本季度，我們在工業、醫療和可再生能源應用以及汽車電氣化主題方面繼續保持積極勢頭。除了我們長期以來奠定的運營基礎之外，我們在充滿挑戰的市場環境中保持了強勁的利潤率表現。

Turning to the Transportation segment on Slide 13. Sales were down 5% overall and down 6% on an organic basis. We saw divergent trends across end markets with our passenger vehicle business growing 7%, a significant driver of the double-digit content outgrowth we realized across the breadth of our automotive portfolio. Our commercial vehicle business was down 17% on an organic basis.

轉向幻燈片 13 上的運輸部門。整體銷售額下降 5%，有機銷售額下降 6%。我們看到了終端市場的不同趨勢，我們的乘用車業務增長了 7%，這是我們在整個汽車產品組合中實現兩位數內容增長的重要推動力。我們的商用車業務有機下降了 17%。

While end market growth continued, we saw higher-than-expected inventory destocking across our customers. Segment operating margins finished just under 5% and EBITDA at 11%, below our expectations. Weaker sales and related volume deleverage across our commercial vehicle business slowed down our expected margin improvement. We are taking actions to reduce costs further, expand the scope of our operating footprint shifts and optimize product and customer profitability.

雖然終端市場持續增長，但我們發現客戶的庫存去庫存量高於預期。部門營業利潤率略低於 5%，EBITDA 為 11%，低於我們的預期。我們商用車業務的銷售疲軟和相關的銷量去槓桿化減緩了我們預期的利潤率改善。我們正在採取行動進一步降低成本，擴大我們的運營足跡轉移範圍並優化產品和客戶的盈利能力。

We are also progressing on our integration initiatives to overcome the margin dilution from the Carling acquisition. We remain committed on driving an improved segment margin trajectory to our mid-teens margin target. Across our Industrial segment on Slide 14, sales were up 15% and up 9% organically. We continue to drive wins across a broad set of higher growth and newer end markets, while demonstrating the value we continue to deliver to our customers.

我們還在推進整合計劃，以克服 Carling 收購造成的利潤稀釋。我們仍然致力於推動改善細分市場利潤率軌跡，以實現我們的中雙位數利潤率目標。在幻燈片 14 上的整個工業部門，銷售額有機增長了 15% 和 9%。我們繼續在廣泛的更高增長和更新的終端市場中取得勝利，同時展示我們繼續為客戶提供的價值。

Operating margins were 16.8% and EBITDA margins finished at over 21%. Turning to the forecast on Slide 15. We continue to see growth across many of our end markets. However, we expect this to be overshadowed by inventory destocking within electronics and transportation through this year, affecting both sales and margins with the volume deleverage.

營業利潤率為 16.8%，EBITDA 利潤率超過 21%。轉向幻燈片 15 上的預測。我們繼續看到許多終端市場的增長。然而，我們預計今年電子和運輸領域的庫存去庫存將掩蓋這一點，從而影響銷售額和利潤率以及銷量去槓桿化。

With this backdrop, we expect third quarter sales in the range of $570 million to $595 million. At the midpoint, we project sales to be down 12% versus last year. By segment, we expect sequential sales growth across industrial, offset by a decline across electronics and transportation. We expect adjusted EPS to be in the range of $2.48 to $2.72, which assumes a 19.5% tax rate.

在此背景下，我們預計第三季度銷售額將在 5.7 億至 5.95 億美元之間。我們預計銷售額將比去年下降 12%。按細分市場來看，我們預計整個工業領域的銷售額將連續增長，但被電子和運輸領域的銷售額下降所抵消。我們預計調整後每股收益將在 2.48 美元至 2.72 美元之間，假設稅率為 19.5%。

Slide 16 includes some additional full year 2023 color. At current foreign exchange rates, we expect the $0.35 unfavorable impact on EPS and no material impact to sales. We expect $66 million in amortization expense and $40 million in interest expense at current interest rates. We expect a full year tax rate of 18% to 19%, higher than previous projections due to shifts in earnings' mix across jurisdictions.

幻燈片 16 包括一些額外的 2023 年全年顏色。按照當前匯率，我們預計每股收益將受到 0.35 美元的不利影響，但對銷售不會產生重大影響。按當前利率計算，我們預計攤銷費用為 6600 萬美元，利息費用為 4000 萬美元。由於各司法管轄區盈利結構的變化，我們預計全年稅率為 18% 至 19%，高於之前的預測。

And we are modestly reducing our capital expenditures to the range of $100 million to $110 million. Dave referenced our announcement on the future acquisition of the Dortmund Semiconductor fab. As the expected close is early in our fiscal year 2025, we do not expect this transaction to have a material impact to our 2023 or 2024 financial results.

我們正在適度地將資本支出削減至 1 億至 1.1 億美元的範圍。戴夫提到了我們關於未來收購多特蒙德半導體工廠的公告。由於預計交易將於 2025 財年年初完成，因此我們預計此次交易不會對我們 2023 年或 2024 年的財務業績產生重大影響。

Over the years, we've diversified our portfolio, continuing to pivot to higher-growth markets and increased organic investments while leveraging strong secular themes. Our portfolio expansion is helping us weather the interim cycling across certain markets and transitory destocking. We remain focused on driving our business forward in the second half, elevating our cash generation and continuing our operating margin trajectory in the high teens for the year.

多年來，我們實現了投資組合多元化，繼續轉向高增長市場並增加有機投資，同時利用強大的長期主題。我們的投資組合擴張正在幫助我們度過某些市場的臨時周期和暫時的去庫存。我們仍然專注於推動下半年的業務發展，提高我們的現金生成能力，並繼續保持今年高十幾歲的營業利潤率軌跡。

We're confident that our ongoing execution positions us to deliver on our long-term growth strategy. I'd like to extend my gratitude to all of our team members for their unwavering hard work and dedication. Your efforts have been instrumental in continuing to drive our success. And with that, I'll turn it back to Dave for some final comments.

我們相信，我們持續的執行使我們能夠實現我們的長期增長戰略。我謹向我們所有團隊成員的堅定不移的辛勤工作和奉獻精神表示感謝。您的努力對於繼續推動我們的成功發揮了重要作用。至此，我將把它轉回給戴夫，徵求一些最後的意見。

Thanks, Meenal. In summary, on Slide 17, we have achieved strong year-to-date results. The Littelfuse business model has proven its resilience in this dynamic environment while supporting the strength of our growth strategy. This is evident in the consistent double-digit sales and earnings' growth achieved over the past 5, 10 and 15 years. Our expansion into high-growth end markets, technologies and geographies has diversified our business and significantly improved our profitability.

謝謝，米納爾。總之，在幻燈片 17 上，我們取得了年初至今的強勁成果。 Littelfuse 的業務模式已證明其在這種動態環境中的彈性，同時支持我們的增長戰略的力量。這從過去 5 年、10 年和 15 年持續實現兩位數的銷售額和盈利增長中可以看出。我們向高增長終端市場、技術和地區的擴張使我們的業務多元化，並顯著提高了我們的盈利能力。

Our experienced teams have refined our playbook, enabling us to effectively navigate through ever-changing environments. We remain excited about the opportunities we have ahead of us and confident in our ability to deliver sustained long-term value for all stakeholders through continued execution, diversification and strategic investment for growth.

我們經驗豐富的團隊完善了我們的策略，使我們能夠有效地應對不斷變化的環境。我們對面前的機遇仍然感到興奮，並對我們通過持續執行、多元化和戰略投資促進增長為所有利益相關者提供持續的長期價值的能力充滿信心。

And with that, I will now turn the call back to the operator for Q&A.

現在，我將把電話轉回給接線員進行問答。

(Operator Instructions)

（操作員說明）

We'll take our first question from Luke Junk with Baird.

我們將回答盧克·垃圾和貝爾德提出的第一個問題。

This is a question probably for Meenal. I'm just wondering if you can help animate what's underpinning the guidance in the third quarter for electronics, specifically you're signaling it should be down sequentially overall? But I'm just wondering if we look at the passive and semiconductor portions of the profile of that business, the sharp decline that seems to be implied here, is this just further weakening in passive? Or should we be thinking about semi also weakening sequentially possibly?

這可能是 Meenal 的問題。我只是想知道您是否可以幫助動畫化支撐第三季度電子產品指導的內容，特別是您表示總體上應該按順序下降？但我只是想知道，如果我們看看該業務概況中的無源和半導體部分，這裡似乎暗示著急劇下降，這是否只是無源的進一步削弱？或者我們是否應該考慮半成品也可能依次減弱？

Yes. Thanks, Luke. So of course, we've been talking about all the transitory destocking that's been going on and really the bulk of what we're seeing within the quarter -- the sequential quarter, Q2 to Q3 is destocking, primarily because of the size, you see it coming through electronics, some of the passive side. And we also have semiconductors that are a little bit more passive like in terms of going through distribution, et cetera.

是的。謝謝，盧克。當然，我們一直在談論所有正在發生的暫時性去庫存，實際上我們在本季度看到的大部分情況——第二季度到第三季度都在去庫存，主要是因為規模，你看到它來自電子設備，一些無源方面。我們還有一些更加被動的半導體，比如在分銷等方面。

And so that's really where we're seeing the sequential down. And then, of course, we also talked about in the prepared remarks within our Transportation segment, we're expecting the continuation on the commercial vehicle side of the business and some continued destocking there as well.

這就是我們看到的順序下降的地方。當然，我們還在運輸部門準備好的評論中談到，我們預計商用車方面的業務將繼續下去，並且也會繼續去庫存。

Actually, on the power semi side, we actually continue to enjoy seeing growth in that business that's really kind of focused on industrial applications. So in the kind of the balancing between the two, we continue to see pretty good strength in the power side.

實際上，在功率半導體方面，我們實際上繼續看到該業務的增長，該業務真正專注於工業應用。因此，在兩者之間的平衡中，我們繼續看到動力方面相當不錯的實力。

Got it. That's helpful to me to kick off there, Dave. My second question, I think, would probably be best for you, Dave. And I was just hoping you could zoom out and give us a better view of the overall picture around auto or passenger vehicle this quarter, thinking on a combined basis between electronics and what's in the Transportation segment? I know that you've made comments about the content growth that you're seeing, and I think that might maybe better animate the underlying trend in the business versus what we can just see for pass car and transportation?

知道了。這對我從那裡開始很有幫助，戴夫。我認為我的第二個問題可能最適合你，戴夫。我只是希望您能縮小範圍，讓我們更好地了解本季度汽車或乘用車的整體情況，結合電子產品和運輸領域的內容進行思考？我知道您對所看到的內容增長發表了評論，我認為與我們在通行車和交通方面看到的內容相比，這可能會更好地激發業務的潛在趨勢？

Sure. Happy to, Luke. It's -- overall, the passenger car business remains a very positive spot for us. As we stated in the prepared portion of the remarks, we continue to see double-digit outgrowth. And while reported in Transportation, specifically in this segment, we show that a 7% growth in pass car. We've talked about this before. A great deal of our growth in the electrified applications actually come from products outside of our segment reporting in passenger car.

當然。很高興，盧克。總的來說，乘用車業務對我們來說仍然是一個非常積極的領域。正如我們在發言準備部分所述，我們繼續看到兩位數的增長。在《交通運輸》報告中，特別是在這一領域，我們發現通行車增長了 7%。我們之前已經討論過這個問題。我們在電氣化應用方面的很大一部分增長實際上來自我們乘用車細分市場報告之外的產品。

So with that, we actually saw it double digit. So we continue to see -- over the last 3 years, we've seen double-digit outgrowth. Our design wins continue to be quite robust there. So really, when you look at the challenge of the Transportation segment to really focused on kind of the destocking challenge within the commercial vehicle side.

因此，我們實際上看到了兩位數。因此，我們繼續看到——在過去的三年裡，我們看到了兩位數的增長。我們的設計勝利在那裡仍然相當強勁。所以，實際上，當你看到運輸領域面臨的挑戰時，要真正關注商用車方面的去庫存挑戰。

Got it. And then if I could just sneak in one more question. Dave, you mentioned in your prepared remarks, sensor applications, specifically some increased demand for, I think you said battery management and drive-related applications. And I'd just be curious if you could and look at what's in your sensor business in transportation right now? I think it may be -- is something that is a little more by investors, and it would be great just to get a quick primer around what are some of the key opportunities that you're looking at within the sensor portfolio?

知道了。然後我可以再問一個問題嗎？戴夫，您在準備好的發言中提到了傳感器應用，特別是一些增加的需求，我想您說的是電池管理和驅動器相關的應用。我很好奇您是否可以看看您目前在交通領域的傳感器業務有哪些？我認為這可能是投資者更多關注的事情，如果能快速了解一下您在傳感器產品組合中看到的一些關鍵機會，那就太好了？

Yes. Historically, our sensor portfolio within the passenger car side of the business was related to solar sensors in the applications -- in the cabins for cabin comfort and also in safety applications for speed and position sensing and that type of thing. That's been our core.

是的。從歷史上看，我們在乘用車方面的傳感器產品組合與應用中的太陽能傳感器相關——在駕駛室中用於提高駕駛室舒適度，在安全應用中用於速度和位置傳感等。這一直是我們的核心。

Over the last 1.5 years or so, we've been focused heavily on how do we transition to also focus on the electrical systems as vehicles electrify. So we have organically developed and launched current sensors that are used extensively within electric drive applications and battery management types of applications. And we have launched those and have had some nice traction in the early days there with some design wins with multinationals that will be meaningful for us over time.

在過去 1.5 年左右的時間裡，我們一直重點關注如何隨著車輛電氣化而過渡到關注電氣系統。因此，我們有機地開發並推出了廣泛用於電力驅動應用和電池管理類型應用的電流傳感器。我們已經推出了這些產品，並在早期獲得了一些不錯的吸引力，並贏得了一些跨國公司的設計勝利，隨著時間的推移，這對我們來說將是有意義的。

Next, we'll go to David Williams with Benchmark.

接下來，我們將請來 Benchmark 的 David Williams。

So I guess, Dave, if we kind of think about the inventory rebalancing, it feels like this has been ongoing for some time. And in the Electronics segment, these last 4 quarters or so, so I guess my question is, how should we think about the normalized run rate here just kind of given that maybe you've been over shipping to consumption over the last several quarters?

所以我想，戴夫，如果我們考慮一下庫存重新平衡，感覺這種情況已經持續了一段時間了。在電子產品領域，最近四個季度左右，所以我想我的問題是，考慮到過去幾個季度您可能已經過度運輸消費，我們應該如何考慮這裡的標準化運行率？

Yes. Let me start with the backdrop, but I'm not sure what normal is anymore over the last handful of years with COVID-related challenges and massive supply chain issues. But if you look back at our history, obviously, in the electronics products, we ship a great deal of our product through distribution to a very broad customer base. That model certainly does create a swing in inventories as demands increase and lead times go out, then as lead times begin to shorten and availability comes down or demand starts to soften, then there's a correction that takes place.

是的。讓我從背景開始，但我不確定過去幾年中與新冠病毒相關的挑戰和大規模供應鏈問題是否正常。但如果你回顧一下我們在電子產品領域的歷史，很明顯，我們通過分銷向非常廣泛的客戶群運送大量產品。隨著需求的增加和交貨時間的延長，這種模式確實會造成庫存的波動，然後隨著交貨時間開始縮短、可用性下降或需求開始疲軟，就會發生修正。

Historically, what would be kind of normal for us there would be kind of from a peak to trough of about a 4- to 5-quarter sort of cycle there. And so certainly, kind of about this time last year is really where we were seeing the big peaks within the electronics side of our business. So we're clearly going through that cycle. We've been going through destocking actions by our channel partners over the last couple of quarters.

從歷史上看，從高峰到低谷大約有 4 到 5 個季度的周期，這對我們來說是正常的。因此，可以肯定的是，去年的這個時候，我們確實看到了電子業務領域的高峰。所以我們顯然正在經歷這個週期。在過去的幾個季度中，我們的渠道合作夥伴一直在採取去庫存行動。

We certainly saw it for the bulk of this year. We kind of expect that to go through this year to get through that peak to trough that we need to. The good news is underlying design-in activity continues to be quite robust, and we see pockets where we continue to see really good strength. Still softness in kind of consumer-facing sorts of products, but we're kind of working our way through that normal cycle.

我們今年大部分時間都看到了這種情況。我們預計今年會經歷我們需要的高峰和低谷。好消息是，潛在的設計活動仍然相當強勁，我們看到了一些地方，我們繼續看到真正強勁的實力。面向消費者的產品仍然疲軟，但我們正在努力度過正常週期。

Okay. Great. And then maybe one for you, Meenal. At the current midpoint of the guidance, the revenue profitability seems to be deteriorating about the 3x that of the topline, at least on a percentage basis. How should we think about the leverage, again, whatever normalized may be, but how do we think about that leverage going forward as sales begin to rebound and you really start to see the benefits of the strategy come into play?

好的。偉大的。也許還有一份適合你，Meenal。在當前指引的中點，收入盈利能力似乎正在惡化，約為營收的 3 倍，至少從百分比來看是這樣。我們應該如何考慮槓桿，無論標準化可能是什麼，但是隨著銷售開始反彈並且您真正開始看到該策略的好處發揮作用，我們如何考慮未來的槓桿？

Yes. No, great question and maybe going back to one of the earlier ones. I talked about the fact when you take a look at sequentially, what's happening and really where we're seeing a lot of the transitory destocking is coming through electronics, which, as we know, has our strongest margins today. So that incremental variable -- variable margin, I'd call it, tends to be pretty strong and the upswing.

是的。不，這是一個很好的問題，也許我們可以回到之前的問題之一。我談到了這樣一個事實：當你按順序查看正在發生的事情時，我們實際上看到大量的暫時性去庫存是通過電子產品實現的，正如我們所知，電子產品今天擁有最強勁的利潤率。因此，增量變量——我稱之為可變保證金，往往非常強勁並且呈上升趨勢。

And so when we see this destocking environment, we tend to see a bit of a higher decline than normal, I'd say, over that 50% mark. As part of what we do, knowing that, that's part of what we see, we quickly react to making sure that we're sizing our operations and adjusting our cost structure to really manage through that and mitigate some of that. But that's really where you're seeing some of that degradation coming through.

因此，當我們看到這種去庫存環境時，我想說，我們往往會看到比正常情況更高的降幅，超過 50%。作為我們所做工作的一部分，我們知道，這也是我們所看到的一部分，我們會迅速做出反應，確保我們正在調整我們的運營規模並調整我們的成本結構，以真正管理並減輕其中的一些影響。但這確實是你看到一些退化的地方。

Great. And then one more, if I can, real quick. Just, Dave, you talked about the product and customer profitability optimization. Can you give us a little color on what the process is there? And maybe anything around what the expectation should be?

偉大的。如果可以的話，然後再快一點。剛才，戴夫，您談到了產品和客戶盈利能力優化。您能給我們介紹一下這個過程嗎？也許有什麼與預期相符的事情？

Yes, sure. So this is pretty standard of things we normally do. And especially when we talk about acquisitions and we talk about this idea of integration, this is absolutely something that we do with every acquisition coming into the portfolio. So between both areas like Carling, which is specific to transportation, but even C&K, we'll do a lot of work in, I call it, a deep dive into really understanding the products, the mix, the customers, geographies, a whole bunch of things.

是的，當然。所以這是我們通常做的事情的標準。尤其是當我們談論收購併談論整合的想法時，這絕對是我們對投資組合中的每一次收購所做的事情。因此，在 Carling（專門針對運輸）和 C&K 等兩個領域之間，我們將做大量工作，我稱之為，深入了解產品、組合、客戶、地理位置，以及整個領域。一堆東​​西。

Recall last year, where we normally would have done that all in year 1, we were really spending a lot of time working with customers. It was a pretty significant backlog going on. So that was really our priority last year. Given where we are now, especially in the current environment, we're really shifting our focus to make sure we go through that assessment.

回想一下去年，我們通常會在第一年就完成所有這些工作，我們確實花了很多時間與客戶合作。這是一個相當大的積壓正在進行。所以這確實是我們去年的首要任務。鑑於我們現在所處的位置，特別是在當前環境下，我們確實正在轉移注意力，以確保我們完成評估。

And also, I would say, even in legacy parts of our portfolio, where we've seen that price-cost equation move around, we think there's an opportunity for us to just make sure that we are still on the right path and the right priority focus on that. So that's really what we're going to be going through in the next few quarters.

而且，我想說，即使在我們投資組合的遺留部分，我們已經看到價格-成本方程在變化，我們認為我們有機會確保我們仍然走在正確的道路上，並且是正確的。優先關注這一點。這就是我們在接下來的幾個季度中將要經歷的事情。

Next, we'll go to David Silver with CL King.

接下來，我們將請來 David Silver 和 CL King。

So just a couple of areas to touch on. First one would be, I guess, China, right? So roughly 25% of your revenues. And I think compared to expectations at the beginning of the year for a number of my companies, the development or the rebound from their lockdowns and whatnot has been less than expected. I was wondering if you could just take a minute or 2 and characterize how you think that your operations in China and whatnot have developed over the first half of this year and maybe your expectations a quarter or 2 out?

所以只有幾個方面需要討論。我想第一個是中國，對嗎？大約佔您收入的 25%。我認為，與今年年初對我的一些公司的預期相比，他們的發展或從封鎖中的反彈等等都低於預期。我想知道您能否花一兩分鐘描述一下您對今年上半年在中國的業務以及其他業務的發展情況的看法，以及您對四分之一或兩個季度的預期？

Sure, David. I'm happy to take that. And certainly, there was an expectation, I think, that as China came out of the lockdown after 2 or 3 years of lockdown environment that there'd be a pretty strong rebound in demand overall. And while I would say there has been an improvement in the pass car portion of China and kind of a bounce back a bit on the passenger car build in China, we certainly are not seeing a lot of strength bouncing back in China in the broader demand.

當然，大衛。我很樂意接受。當然，我認為，隨著中國在兩三年的封鎖環境後擺脫封鎖，總體需求將會出現相當強勁的反彈。雖然我想說中國的乘用車部分有所改善，並且中國的乘用車製造有所反彈，但我們當然沒有看到中國在更廣泛的需求中出現很大的反彈。

From our standpoint, a lot of customer base that we have in Asia in general and certainly in Greater China is focused also on consumer-oriented like small appliances, tablets, laptops, et cetera, that market, of course, is down. And we have seen that for some time. We haven't seen that bounce back yet. So clearly, I would say China remains a bit of a drag from our expectations going into the year. But I don't think we're alone in that.

從我們的角度來看，我們在亞洲，當然還有大中華區的很多客戶群也都專注於以消費者為導向的產品，如小家電、平板電腦、筆記本電腦等，當然，這個市場正在下降。我們已經看到這種情況有一段時間了。我們還沒有看到反彈。很明顯，我想說中國仍然對我們今年的預期產生了一定的拖累。但我認為我們並不孤單。

Okay. Great. And then the second question, I think I would maybe characterize this as just maybe like some incremental commentary on integration of recent acquisitions. So I think at a couple of points in the slide deck and in your comments, you've talked about kind of next steps of integration, let's say, with Carling in the auto or in the Transportation segment, and I believe, C&K in the electronics area.

好的。偉大的。然後是第二個問題，我想我可能會將其描述為對最近收購整合的一些增量評論。因此，我認為在幻燈片和評論中的幾個要點中，您談到了下一步的整合，比如說，與 Carling 在汽車或運輸領域的整合，我相信 C&K 在電子領域。

I was wondering if you could just take a minute and kind of maybe discuss from a historical perspective, how that integration has gone to date? Has it met expectations where you had the greatest success? And then in particular, maybe if you could highlight the incremental integration moves that you called out in the slide deck at a couple of points?

我想知道您是否可以花一點時間從歷史的角度討論一下迄今為止的整合進展如何？它是否達到了您取得最大成功的預期？然後特別是，也許您可​​以突出顯示您在幻燈片中的幾個點上提出的增量集成舉措？

Sure. I'll take that, and Meenal, you can add color if you'd like. But overall, if we take a step back and let's look at the 2 bigger ones, the C&K and the Carling, Carling coming first. As Meenal talked about just in the last couple of minutes, overall, the Carling acquisition is going well, and we had a very strong year last year. If you remember, our first year of full ownership, we were up 20% over the prior year under the previous ownership. And that was really a year where we cleaned up significant amounts of backlog.

當然。我會接受的，Meenal，如果你願意的話，你可以添加顏色。但總的來說，如果我們退後一步，讓我們看看兩個較大的，C&K 和 Carling，Carling 排在第一位。正如 Meenal 在最後幾分鐘談到的那樣，總體而言，Carling 收購進展順利，去年我們的表現非常強勁。如果您還記得，在我們完全擁有所有權的第一年，我們比前一年增長了 20%。那確實是我們清理了大量積壓訂單的一年。

So we would say year 1 of that integration was well ahead of our plan because of that cleanup. Clearly, it's challenged now with kind of both the challenge of not building out that backlog. And then also, we're seeing kind of inventory rebalancing from supply chain and customers that are driving a bit of a pause there. So overall, I think it's going well. Clearly, there is the challenge as you focus year 1 to make sure you're serving those customers and embracing those customers to the best we can.

因此，我們可以說，由於清理工作，整合的第一年遠遠超出了我們的計劃。顯然，它現在面臨著不增加積壓訂單的挑戰。此外，我們還看到供應鍊和客戶的庫存重新平衡，這導致了那裡的一些停頓。總的來說，我認為進展順利。顯然，當您在第一年專注於確保為這些客戶提供服務並儘最大努力擁抱這些客戶時，您會面臨挑戰。

Now a lot of heavy lifting going on with some footprint work that's ongoing as well as Meenal talked about kind of our traditional way of looking at product line and customer profitability that we're deep in the midst of now. So overall, we believe that over the next couple of years, we'll very much be on our plan for the integration of that business. So we feel good about that.

現在正在進行大量繁重的工作，一些足跡工作正在進行，Meenal 談到了我們目前正在深入研究的產品線和客戶盈利能力的傳統方式。總的來說，我們相信在接下來的幾年裡，我們將大力推進該業務的整合計劃。所以我們對此感覺良好。

On the C&K side, had some similar sort of feels to it. Last year was quite solid. But we also, in that case, see destocking that's taking place with customers there, particularly that go through the channel. As you remember, that was one of the leverage points for us with C&K is the fact that our ability to leverage our channel. So there is destocking that's taking place there.

在 C&K 方面，也有類似的感覺。去年的表現相當穩健。但在這種情況下，我們也看到那裡的客戶正在減少庫存，特別是通過渠道的客戶。如您所知，C&K 的優勢之一是我們有能力利用我們的渠道。所以那裡正在去庫存。

However, we're really seeing good momentum and taking C&K products to the Littelfuse core customer base. So we're seeing a lot of good cross-selling opportunity. And as you recall there, our big opportunity there is really sales synergies. And we're beginning to see good momentum there, and we feel good about that. So overall, a few dwells on inventory sort there for actions going on, right, this year. But overall, the integration is going quite well.

然而，我們確實看到了良好的勢頭，並將 C&K 產品推向 Littelfuse 核心客戶群。因此，我們看到了很多很好的交叉銷售機會。正如您所記得的那樣，我們的巨大機會確實是銷售協同效應。我們開始看到那裡的良好勢頭，我們對此感覺良好。因此，總體而言，一些人關註今年正在進行的行動的庫存分類。但總體而言，整合進展順利。

Next, we'll go to Joshua Buchalter with TD Cowen.

接下來，我們將與 TD Cowen 一起去約書亞·布查爾特 (Joshua Buchalter)。

Question for Dave. I guess I wanted to ask a big picture on the destocking. Your inventory on books went down in the second quarter. But clearly, there's a good bit more to go. If we sort of disaggregate that, can you help us understand where things are at on books? And where levels are now in the channel? And I guess, if any way you can quantify where they need to be in the back half of the year for us to be comfortable that sort of wrapped up by the end of the year?

問戴夫的問題。我想我想問一下去庫存的大局。第二季度你們的圖書庫存下降了。但顯然，還有很長的路要走。如果我們把它分解一下，你能幫助我們理解書本上的內容嗎？通道中現在的水平是多少？我想，是否有什麼方法可以量化他們在今年下半年需要達到的水平，才能讓我們在年底前完成這樣的工作？

Sure. Yes. We have both opportunities for us. One certainly is on-book inventories, and you've seen that decline through the course of the first half of the year, and we have more work to go there. And clearly, as like a lot of companies are working through as supply chains have balanced out now and ability to kind of pull back on the inventory position there to support the business, so that's ongoing. We'll continue to do work on that.

當然。是的。我們都有這兩種機會。其中之一當然是賬面庫存，今年上半年你已經看到了庫存的下降，我們還有更多的工作要做。顯然，正如許多公司正在努力解決的問題一樣，供應鏈現在已經達到平衡，並且有能力減少庫存以支持業務，所以這種情況正在持續。我們將繼續開展這方面的工作。

From a channel destocking and cleanup that's ongoing, as I mentioned earlier, kind of typical is that 4 to 5 quarter peak-to-trough sort of cycle. And we're kind of halfway through it. And our view now is we expect it to kind of go as we have seen in the past, and we'll see that bleed through the back half of the year.

正如我之前提到的，從正在進行的渠道去庫存和清理來看，典型的是 4 到 5 個季度的高峰到低谷週期。我們已經完成一半了。我們現在的觀點是，我們預計它會像我們過去看到的那樣發展，我們將在今年下半年看到這種情況。

And maybe one for Meenal. I wanted to ask about margins. They're obviously running still above where they were in 2019, 2020, but coming down as volumes come down. Has there been any change in the pricing environment as you go through this extended period of destocking? And how are you feeling about your ability to continue to pass on inflationary costs on the input side?

也許還有一份 Meenal。我想問一下利潤率。顯然，它們的運行速度仍高於 2019 年、2020 年的水平，但隨著銷量的下降而下降。在經歷這段長時間的去庫存過程中，定價環境有什麼變化嗎？您對繼續在投入方面轉嫁通脹成本的能力有何看法？

Yes. Thanks, Josh. So maybe just -- I'll step back as this is part of the overall question. We had back in January talked about our overall company margins and the target we have for this year. I talked about the high teens, 17% to 19% average for the year, and we continue to remain committed to that. As part of that as we're going through the year, we've spent a lot of time laying the foundation around -- Dave talked a lot about the integration work that's going on.

是的。謝謝，喬什。所以也許只是——我會退後一步，因為這是整個問題的一部分。我們在一月份就討論過我們公司的整體利潤率和今年的目標。我談到了高青少年，今年的平均水平為 17% 至 19%，我們將繼續致力於實現這一目標。作為我們這一年的一部分，我們花了很多時間奠定基礎——戴夫談論了很多關於正在進行的集成工作。

On the price-cost side, we -- so far, we've maintained price, and we've seen the cost balance out, some increases in some places, decreases in others. So we continue to remain neutral around the price-cost side. So I think compared to the last cycle, which was our intent, last cycle 2019, 2020, we were running in the 14%, 14.5% margin range. So we feel good with all the work we have done and continue to do to keep the margins in that higher target range.

在價格成本方面，到目前為止，我們一直維持價格不變，並且我們已經看到成本平衡，一些地方增加了，另一些地方則減少了。因此，我們在價格成本方面繼續保持中立。因此，我認為與我們的意圖（即 2019 年和 2020 年的上一個週期）相比，我們的利潤率範圍為 14%、14.5%。因此，我們對我們所做的所有工作感到滿意，並將繼續努力將利潤率保持在更高的目標範圍內。

(Operator Instructions)

（操作員說明）

Next, we'll go to William Kerwin with Morningstar.

接下來，我們將與晨星公司一起拜訪威廉·科爾文。

A lot of my main questions have already been asked. So I think I'll switch a little longer term here. Haven't talked too much about the Industrial segment, some nice growth in the quarter. Definitely a place where some peers have been seeing some weaker performance. So just curious what you would call out as doing particularly well there this year if you're seeing any incremental weakness? And then also, what's exciting you most for the long term out of the industrial market?

我的很多主要問題已經被問到了。所以我想我會在這裡改變更長的期限。沒有過多談論工業領域，本季度出現了一些不錯的增長。這絕對是一些同行表現較弱的地方。那麼，如果您發現任何增量疲軟，您會認為今年表現特別好的是什麼？另外，從長遠來看，工業市場最令您興奮的是什麼？

Yes. From an industrial end market, we continue to see overall strength in that end market. There is some mixed bag between different pieces of it, if you will. We see particular strength out of renewable energy and energy storage types of applications that are quite strong. We see kind of industrial safety applications also continuing to be quite positive as well that we're seeing kind of play through there.

是的。從工業終端市場來看，我們繼續看到該終端市場的整體實力。如果你願意的話，它的不同部分之間存在一些混合包。我們看到可再生能源和儲能類型應用的特別優勢，它們非常強大。我們看到工業安全應用也繼續非常積極，我們看到了那裡的某種發揮。

The area where maybe we see a bit of weakness that we've talked about in the last couple of quarters is HVAC, particularly residential HVAC tends to be down a bit and is a bit softer. And there may be a little bit of softness in industrial automation types of applications, but it really kind of bounces off. We're also beginning to see the kind of crosses over between industrial and electronics applications with communications and data centers as there is a push to invest in and drive AI types of installations to support the higher compute needs.

我們在過去幾個季度中討論過的可能會看到一些疲軟的領域是暖通空調，特別是住宅暖通空調往往會有所下降，而且會更加疲軟。工業自動化類型的應用程序可能會有一點軟弱，但它確實會反彈。我們還開始看到工業和電子應用與通信和數據中心之間的交叉，因為人們大力投資和推動人工智能類型的安裝，以支持更高的計算需求。

We have both on the servers and the power supplies for those servers. There's lots of content for us. But also in the infrastructure of the data centers themselves and the power systems there, we have a lot of industrial play there, which we're beginning to see more activity, again, on as well there.

我們在服務器上以及這些服務器的電源上都有。我們有很多內容。而且在數據中心本身和電力系統的基礎設施方面，我們也有很多工業活動，我們也開始看到更多的活動。

Awesome. That's great color. And then one more for me, if I may. I know it's a small part of your business, but I think it's been a while since we've heard about the silicon carbide business for your semiconductor. So just wondering if there's any update there?

驚人的。那顏色真棒。如果可以的話，再給我一份。我知道這只是你們業務的一小部分，但我認為我們已經有一段時間沒有聽說過你們半導體的碳化矽業務了。所以只是想知道是否有任何更新？

Sure. No real change or update from what we've talked about in the past. And obviously, this is getting a significant amount of attention from the large semiconductor players, particularly for our traction drive applications and EV applications where there's billions of dollars being invested to support that. That is not our core market. That is not where we're focused.

當然。與我們過去討論的內容相比，沒有真正的改變或更新。顯然，這引起了大型半導體廠商的極大關注，特別是對於我們的牽引驅動應用和電動汽車應用，它們投資了數十億美元來支持這一點。那不是我們的核心市場。這不是我們關注的重點。

We do have a silicon carbide offering, that's part of our more industrial-focused power semiconductor business. And we do see design-in activities there and things like renewable energy, some off-board charging types of applications and things. But we just have that as an offering as a part of our broader portfolio. It's not an outsized investment area for us.

我們確實有碳化矽產品，這是我們更專注於工業的功率半導體業務的一部分。我們確實看到了那裡的設計活動以及可再生能源、一些非車載充電類型的應用程序等。但我們只是將其作為我們更廣泛的產品組合的一部分。這對我們來說並不是一個巨大的投資領域。

Next, we'll go to Christopher Glynn with Oppenheimer.

接下來，我們將和奧本海默一起去克里斯托弗·格林。

Dave, I was intrigued by your comment around accelerating rate of new business wins, design-in activity. Is there any way to quantify that, maybe ratios or otherwise? Is it oriented more to your actual win rates or proliferation of opportunities?

戴夫，我對你關於加快新業務獲勝速度和設計活動的評論很感興趣。有沒有什麼方法可以量化這一點，也許是比率還是其他？它更注重您的實際勝率還是機會的增加？

Yes. I think it's kind of -- obviously, we track design-in activity as a key metric across all of our businesses. So we made kind of general statements about that where we're seeing those design-in activities, I think particularly on the electronics side. But overall, if you look back over the last couple of years, engineers and our customers' engineers have spent an awful lot of time on the redesigns to get better sources to keep their operations running and things like that, which kind of backed up some of the new design activity that they wanted to do. Well, that's free back up, but the engineers are very engaged in that.

是的。我認為，顯然，我們將跟踪設計活動作為我們所有業務的關鍵指標。因此，我們對我們所看到的這些設計活動做了一般性的陳述，我認為特別是在電子方面。但總的來說，如果你回顧過去幾年，工程師和我們客戶的工程師花了很多時間進行重新設計，以獲得更好的資源來保持他們的運營以及類似的事情，這在某種程度上支持了一些他們想做的新設計活動。嗯，這是免費的備份，但工程師們對此非常投入。

We're seeing a lot of activity there. So increases in activities and design-in and design wins for things like renewable energy, power conversion types of applications. So on the industrial side of things, quite robust. Also on the pass car side, we don't share every quarter what we're doing on design wins there, but we're actually a bit ahead of where we were last year in design wins. We had a robust year last year in overall pass car design wins and we're actually a bit ahead of that this year.

我們看到那裡有很多活動。因此，可再生能源、電力轉換類型應用等方面的活動、設計導入和設計獲勝都在增加。所以在工業方面，相當強勁。同樣在通行車方面，我們不會每個季度都分享我們在設計勝利方面所做的工作，但我們實際上比去年在設計勝利方面領先了一些。去年我們在整體通行證汽車設計方面取得了強勁的表現，今年我們實際上已經領先了一點。

So we feel good about the activity. And it's easy for us sometimes to kind of internally get turn in towards the challenge of the near term, but the reality is the bulk of our activities and our people are focused on the long-term gains, and we're seeing really good progress there.

所以我們對這項活動感覺很好。有時我們很容易在內部轉向近期的挑戰，但現實是我們的大部分活動和我們的員工都專注於長期收益，我們看到了非常好的進展那裡。

Great. And then a follow-up. On the Dortmund acquisition, I know closing is a little way out, but any kind of indication on the scale of investment or run rate even in generic terms like small, medium, large?

偉大的。然後是後續行動。關於多特蒙德的收購，我知道完成交易還有點出路，但是關於投資規模或運行率的任何指示，即使是小型、中型、大型等通用術語？

So obviously, that's an acquisition that hasn't closed yet. And it being a -- maybe an atypical acquisition for us in some ways, it's an area where we're really focused on supporting and accelerating our activities in the power semiconductor for industrial applications, power conversion, renewable energy, these sorts of areas.

顯然，這是一項尚未完成的收購。從某些方面來說，這對我們來說可能是一次非典型收購，但我們真正專注於支持和加速我們在工業應用、電力轉換、可再生能源等領域的功率半導體領域的活動。

And so we have agreed upon with Elmos a capacity-sharing application over the next few years as they move some of their products out to other facilities, we'll begin the activity of porting in some of our designs and developing new products that we launch within that fab during that transition period.

因此，我們與 Elmos 就未來幾年的容量共享應用程序達成一致，當他們將一些產品轉移到其他設施時，我們將開始移植我們的一些設計並開發我們推出的新產品在過渡期間該晶圓廠內。

So it will be a meaningful impact to our power semi business over the next several years. As a company, I would say it's more of a small sort of investment that really -- it's really focused on solidifying that power semi portion of our business.

因此，這將對我們未來幾年的功率半導體業務產生重大影響。作為一家公司，我想說這更像是一項小型投資，它真正專注於鞏固我們業務的電力半部分。

Next, we'll go to Matt Sheerin with Stifel.

接下來，我們將與 Stifel 一起採訪 Matt Sheerin。

I do have a few follow-up questions. Just on the inventory correction within electronics, Dave, could you give us an idea of what the inventory days at your distribution partners look like and what the book-to-bill looks like?

我確實有一些後續問題。關於電子產品中的庫存修正，戴夫，您能否向我們介紹一下您的分銷合作夥伴的庫存天數以及訂單到帳單的情況？

Yes. And let's start with kind of days. And normal for us kind of on average across both our broad line distributors and high service distributors, normal for us would be in that mid-teens weeks of inventory. And so that's kind of normal. Right now, I'd say we'd be running 3 to 4 weeks heavy on that. That's less than we were a couple of quarters ago, and we're seeing month-by-month reductions in that inventory level. So it's kind of going as expected, I believe there. So we're working our way through that, and I think that will be a positive.

是的。讓我們從一些日子開始吧。對於我們的廣泛分銷商和高服務分銷商來說，平均而言，正常情況是庫存量在十幾週左右。這很正常。現在，我想說我們將為此投入 3 至 4 週的時間。這比幾個季度前要少，而且我們看到庫存水平逐月減少。所以我相信事情正在按預期進行。所以我們正在努力解決這個問題，我認為這將是積極的。

Are there -- do you know what the point-of-sale or POS sellout numbers look like relative to your sell-in? Is that starting to soften as well?

您是否知道銷售點或 POS 銷售量相對於銷售量的情況如何？是不是也開始軟化了？

Yes. There's pockets of it, right? So there's areas where the POS is hanging in there really well, and there are pockets of applications where that's softer. So kind of our view of how things are going is based upon what we see as current POS levels. So underlying POS remains pretty good. So we continue to kind of watch that carefully.

是的。裡面還有口袋，對吧？因此，POS 在某些領域表現得非常好，而在某些應用程序中則表現得比較軟。因此，我們對事情進展的看法是基於我們對當前 POS 水平的看法。所以底層的 POS 仍然相當不錯。所以我們繼續仔細觀察。

Okay. And your book-to-bill is still negative, I imagine?

好的。我想你的訂單出貨量仍然是負數吧？

Our book-to-bill is below 1, and that's a combination, right, of a couple of things. One is this inventory destocking that's taking place. The other is, as we've worked our way back, our lead times on almost all products are now -- have moved to pre-COVID levels of kind of normalized lead times. So every time we pull those back, that drops orders. And so that kind of -- between those 2 things, certainly, it's running below 1.

我們的訂單出貨比低於 1，這是多種因素共同作用的結果。其中之一是正在進行的庫存去庫存。另一個是，隨著我們的努力，我們幾乎所有產品的交貨時間現在都已恢復到新冠疫情前的標準化交貨時間水平。因此，每次我們撤回這些訂單時，訂單都會減少。所以，在這兩件事之間，當然，它的運行速度低於 1。

Got it. Okay. And just a couple of modeling questions, Meenal. It looks like sort of backing in based on your EPS and revenue guide, it looks like operating margin is going to be sort of in the low 15% range with lower gross margin sequentially. From an OpEx standpoint, are there any plans to reduce costs? Or are you going to hold steady here based on where you were?

知道了。好的。 Meenal，還有幾個建模問題。這看起來像是基於你的 EPS 和收入指南的支持，看起來營業利潤率將在 15% 的低範圍內，毛利率也會依次降低。從運營支出的角度來看，是否有降低成本的計劃？或者你會根據你所在的位置在這裡保持穩定嗎？

Yes. Great question. So just circling back, we don't guide, of course, to operating margins in an individual quarter. But what I would say stepping back from one of the earlier questions, we're still committed to that high-teens margin range we talked about for the year. At the same time, we may have quarters, right? Some might be on the higher end, some may be at the lower end or even below that. So we know that there's going to be a balance there.

是的。很好的問題。回過頭來，我們當然不會指導單個季度的營業利潤率。但我要說的是，從之前的一個問題來看，我們仍然致力於今年討論的高雙位數利潤範圍。同時，我們可能還有宿舍，對嗎？有些可能處於較高端，有些可能處於較低端甚至低於該端。所以我們知道那裡將會有一個平衡。

In terms of actions we're taking or things that we're doing, especially in the businesses where a lot of discussion on the transitory destocking, we're absolutely looking at cost, whether it's interim costs right now, variable costs that we can look at or even just the cost structure as we think about businesses.

就我們正在採取的行動或正在做的事情而言，特別是在對暫時性去庫存進行大量討論的企業中，我們絕對會考慮成本，無論是現在的臨時成本，還是我們可以實現的可變成本。當我們考慮企業時，看看甚至只是成本結構。

So especially across the electronics side, we've talked a little bit about on the transportation side. We've got work to do around the Carling integration. Dave and I both talked about that. We're looking at the customer and product line profitability. And absolutely, we're also looking at cost structure in that business.

因此，特別是在電子方面，我們在運輸方面討論了一些。我們在 Carling 整合方面還有很多工作要做。戴夫和我都談到了這一點。我們正在研究客戶和產品線的盈利能力。當然，我們也在研究該業務的成本結構。

So a number of different things going on to make sure that we continue to invest in the business for the future because we know this is transitory. But I'd say also tighten up our cost structure for the environment that we are in today.

因此，我們正在採取許多不同的措施來確保我們繼續對未來的業務進行投資，因為我們知道這是暫時的。但我想說的是，還要根據我們今天所處的環境收緊我們的成本結構。

Okay. And I appreciate that you don't give specific guidance for the year. But I know seasonally, your electronics business is usually down sequentially, and I would expect it to be perhaps more than that with this inventory correction and then transportation kind of same thing.

好的。我很感激你沒有給出今年的具體指導。但我知道，從季節性角度來看，您的電子業務通常會連續下降，而且我預計，通過庫存調整和運輸類似的事情，情況可能會更大。

So in terms of kind of how margins look like in Q4 and when they expect to bottom, would you expect Q4 to be down from Q3 in terms of margins and revenue?

那麼，就第四季度的利潤率以及預計何時觸底而言，您是否預計第四季度的利潤率和收入會低於第三季度？

Yes. At this point, right, we gave you the visibility that we have, right? With the Q3 guide talking about really build electronics, we expect Q3 to be sequentially down, a little bit also on the transportation side. A lot of that really coming because of the destocking. After that, I'll even go back to what Dave made a comment earlier about, it's tough to pinpoint the normal anymore. So we're not offering a sequential view or really have enough there. But again, I would say in our prepared comments, we talked about destocking going through this year.

是的。在這一點上，對吧，我們給了你我們所擁有的可見性，對吧？隨著第三季度指南談論真正的電子產品製造，我們預計第三季度將連續下降，運輸方面也會有所下降。其中很多確實是由於去庫存而產生的。之後，我什至會回到戴夫之前發表的評論，很難再確定正常情況了。因此，我們沒有提供順序視圖，也沒有提供足夠的視圖。但我想說，在我們準備好的評論中，我們討論了今年的去庫存情況。

Okay. And just lastly, on the automotive or transportation margins, which are at the lowest level in many quarters. Is it really just the matter of the volumes or also getting synergies from the acquisitions and getting costs out and you're still committed to that mid teens, but it looks like it's going to take a while to get there. So what's the timing of that?

好的。最後，汽車或運輸利潤率處於許多季度以來的最低水平。這真的只是數量的問題，還是從收購中獲得協同效應和降低成本的問題，你仍然致力於那個十幾歲左右的時間，但看起來需要一段時間才能實現這一目標。那麼具體時間是什麼時候呢？

Yes. So maybe just a little bit more color on Q2 and the path forward for. So absolutely, in Q2, some of the comments, the destocking that we saw in the commercial vehicle side of the business definitely higher than we were expecting. You saw it in our sales, you see it in the margins. I'd say that was probably a couple of hundred basis point margin impact. So just flat out right there, we would have been at a -- had we been able to take out that destocking, the margins definitely would have trended where we expected.

是的。因此，也許對第二季度和未來的道路有更多的了解。因此，絕對地，在第二季度，一些評論，我們在商用車業務方面看到的去庫存肯定高於我們的預期。你在我們的銷售中看到了這一點，在利潤中看到了這一點。我想說這可能會對利潤率造成幾百個基點的影響。因此，就在那裡，我們本來會處於這樣的狀態——如果我們能夠去庫存，那麼利潤率肯定會達到我們預期的趨勢。

I'd also say the Mexican peso for us because Mexico is such a big footprint, a manufacturing hub for us, we saw a pretty sudden strengthening in the peso last quarter, pretty unexpected and that also hampered margins a bit, maybe 100 basis points. So that was a little bit of a color.

我還想說墨西哥比索對我們來說是因為墨西哥的足跡如此之大，是我們的製造中心，上個季度我們看到比索突然走強，非常出乎意料，這也對利潤率造成了一些影響，可能是100 個基點。所以這有點顏色。

I'd say outside of those, we would have seen absolute margin projection expected in that trajectory. So I talked about earlier, look, we're looking at costs. We're looking at footprint work that we're doing, which includes some of the activities that Dave mentioned as it related to Carling. We're also across the automotive business, it's really been now 4 years of car build that's in the upper 70s or lower 80 million build range.

我想說的是，除此之外，我們會看到該軌跡中預期的絕對利潤預測。所以我之前談到，我們正在考慮成本。我們正在研究我們正在做的足跡工作，其中包括戴夫提到的一些與卡林相關的活動。我們還涉足汽車行業，汽車製造已經過去 4 年了，生產量已達到 70 多輛或 8000 萬輛以下。

So we're also looking at the footprint that we have for automotive and maybe scaling that back a little bit. And then I also talked about that customer product line profitability that we're working on, especially with the newer parts of the business. So I think the combination of all that, we continue to expect that margin trajectory moving forward, positively moving higher, and we're still committed to that mid-teens margin range for transportation. Yes, it will take us maybe a little bit longer than we were expecting given the destocking, but we're absolutely committed to that.

因此，我們也在研究汽車領域的足跡，並可能稍微縮小規模。然後我還談到了我們正在努力的客戶產品線盈利能力，特別是業務的較新部分。因此，我認為綜合所有這些，我們繼續預計利潤率軌跡將向前發展，積極走高，並且我們仍然致力於交通運輸的中十幾歲的利潤率範圍。是的，考慮到去庫存，我們可能需要比預期更長的時間，但我們絕對致力於這一點。

Matt, I think it's important to take a step back overall, right? And take a look at overall performance of the margin profile in the business through the course of this year, which we still believe to be for the year in the high teens. When we take a look at that versus previous cycles, when we've been in the debt of previous cycles, we've been in that 14%, 14.5% range. That has improved meaningfully really with our strategy to diversify the mix of the business in the end markets we're serving, execution across the businesses.

馬特，我認為總體上退後一步很重要，對吧？看看今年以來該業務利潤率的整體表現，我們仍然認為今年的利潤率將保持在高位。當我們與之前的周期相比時，當我們陷入之前週期的債務時，我們就處於 14%、14.5% 的範圍內。通過我們的戰略，使我們所服務的終端市場的業務組合多樣化，以及跨業務執行，這一點確實得到了有意義的改善。

And by the way, that at a time, we've made some sizable acquisitions over the last couple of years, which overall is about 200-point drag on corporate margins. So seeing that overall improvement even while digesting these sizable acquisitions, so I think, generally, we're moving off in the ability to execute through the bottom side of the cycle.

順便說一句，過去幾年我們曾進行過一些大規模收購，總體而言，這對公司利潤率造成了約 200 點的拖累。因此，即使在消化這些大規模收購的同時，也能看到整體的改善，所以我認為，總的來說，我們正在擺脫週期底部的執行能力。

Next, we'll go to David Williams with Benchmark.

接下來，我們將請來 Benchmark 的 David Williams。

Meenal, I just want to ask quickly on the cash cycle. It looks like that peak maybe last quarter and it come down a bit this quarter. But just kind of thinking about your internal inventory levels where you're comfortable, where do you think that number should be as you're thinking about working capital and just getting that right size on your internal inventories?

Meenal，我只想快速詢問一下現金周期。看起來可能是上個季度的峰值，本季度有所下降。但是，只要考慮一下您感到滿意的內部庫存水平，當您考慮營運資金並在內部庫存上獲得正確的規模時，您認為該數字應該在哪裡？

Yes. So there's a lot of work that our teams have been doing around inventories. Our days right now are somewhere in about the 120, 130 days. I would expect that over time, as we continue to work that down, we get back closer to the 100-day mark and even lower over time. That's really where we were pre-pandemic as we adjust our -- as we think about adjusting our supply chain.

是的。因此，我們的團隊圍繞庫存做了很多工作。我們現在的日子大約是 120、130 天。我預計，隨著時間的推移，隨著我們繼續努力，我們會回到接近 100 天的大關，甚至隨著時間的推移更低。這確實是我們在大流行前調整我們的供應鏈時所面臨的情況。

I think the other thing I would add is some of that also comes with acquisitions, right? Typically, a big part of our synergies also come from working capital management, whether that's really the focus around day sales, DSO, and inventory level. So that's all the work that we're doing as it relates to areas like the C&K and the Carling acquisition. So absolutely, we're making good progress and more to go on that.

我想我要補充的另一件事是其中一些也伴隨著收購，對嗎？通常，我們的協同效應的很大一部分也來自營運資金管理，無論這是否真的是圍繞日銷售、DSO 和庫存水平的重點。這就是我們正在做的所有工作，因為它涉及 C&K 和 Carling 收購等領域。所以絕對，我們正在取得良好進展，而且還有更多進展。

I appreciate your follow-up question, David. That concludes our Q&A session. Thank you for joining us on today's call and your interest in Littelfuse. We look forward to talking with you again soon. Have a wonderful day.

我很高興你提出後續問題，大衛。我們的問答環節到此結束。感謝您參加今天的電話會議以及您對 Littelfuse 的興趣。我們期待很快再次與您交談。祝你有美好的一天。