Littelfuse Inc (LFUS) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Littelfuse fourth quarter 2024 earnings conference call.

大家好，歡迎參加 Littelfuse 2024 年第四季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

At this time, I will turn the call over to the Head of Investor Relations, David Kelley.

現在，我將把電話轉給投資者關係主管戴維凱利 (David Kelley)。

Please proceed.

請繼續。

Good morning, and welcome to the Littelfuse fourth quarter 2024 earnings conference call.

早安，歡迎參加 Littelfuse 2024 年第四季財報電話會議。

With me today are Dave Heinzmann, President and CEO; Meenal Sethna, Executive Vice President and CFO; and Greg Henderson, Littelfuse Board, Director and incoming CEO.

今天與我在一起的有總裁兼執行長 Dave Heinzmann； Meenal Sethna，執行副總裁兼財務長；以及 Littelfuse 董事會成員、董事兼新任執行長 Greg Henderson。

Yesterday, we reported results for our fourth quarter, and a copy of our earnings release and slide presentation is available on the Investor Relations section of our website.

昨天，我們報告了第四季度的業績，您可以在我們網站的「投資者關係」部分查閱我們的收益報告和幻燈片簡報的副本。

A webcast of today's conference call will also be available on our website.

今天的電話會議的網路直播也將在我們的網站上提供。

Please advance to slide 2 for our disclaimers.

請翻到投影片 2 查看我們的免責聲明。

Our discussions today will include forward-looking statements.

我們今天的討論將包括前瞻性陳述。

These forward-looking statements may involve significant risks and uncertainties.

這些前瞻性陳述可能涉及重大風險和不確定性。

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.

請查看昨天的新聞稿和我們的 10-K 和 10-Q 表格，以了解有關可能導致實際結果與我們的預期存在重大差異的重要風險的更多詳細資訊。

We assume no obligation to update any of this forward-looking information.

我們不承擔更新任何前瞻性資訊的義務。

Also, our remarks today refer to non-GAAP financial measures.

此外，我們今天的評論涉及非公認會計準則財務指標。

A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in our earnings release available on the Investor Relations section of our website.

我們網站的「投資者關係」部分提供的收益報告中提供了這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表。

I will now turn the call over to Dave.

現在我將電話轉給戴夫。

Thank you, David.

謝謝你，大衛。

Good morning, and thanks for joining us today.

早安，感謝您今天加入我們。

Let's start with highlights on slide 4.

讓我們從投影片 4 上的重點內容開始。

In the fourth quarter, our performance and results came in as we expected, as both sales and earnings were within our prior guided range.

第四季度，我們的業績和結果符合預期，銷售額和收益均在我們先前的指導範圍內。

The consistency of our performance reflects our global team's strong operational execution and unwavering focus on our diverse and broad customer base.

我們績效的一致性反映了我們全球團隊強大的營運執行力以及對多元化和廣泛客戶群的堅定關注。

As we delivered solid quarterly results met a mixed environment across our end markets.

儘管我們取得了穩健的季度業績，但終端市場環境卻好壞參半。

For full year 2024, we continue to deliver design win momentum and drive new product innovations alongside our global customers while navigating a choppy environment.

展望 2024 年全年，我們將繼續保持設計勝利的勢頭，與全球客戶一起在動盪的環境中推動新產品創新。

We believe our steadfast commitment to our customers positions us to deliver continued long-term top-tier growth.

我們相信，我們對客戶的堅定承諾使我們能夠持續實現長期的頂級成長。

We exited the year with the electronics destocking cycle behind us and signs of distribution inventory replenishment emerging.

今年已然結束了電子產品去庫存週期，分銷庫存補充的跡像也逐漸顯現。

Notably, our Electronics segment book-to-bill is at its highest level since the second quarter of 2022.

值得注意的是，我們的電子部門訂單出貨比達到了 2022 年第二季以來的最高水準。

Our passive business book-to-bill is above one.

我們的被動業務訂單出貨比超過 1。

And while power semiconductor remains below one, we observed improved order rates in the quarter relative to levels seen earlier in the year.

儘管功率半導體仍低於 1，但我們觀察到本季的訂單率相對於今年稍早的水平有所提高。

As order rates are gradually improving, we continue to see broader design win strength across our diverse technology offering and end market exposures.

隨著訂單率的逐步提高，我們繼續看到我們多樣化的技術產品和終端市場曝光中更廣泛的設計獲勝實力。

We remain confident in our -- a key enabler of sustainability, connectivity and safety megatrends.

我們對我們的永續性、連結性和安全性大趨勢的關鍵推動因素仍然充滿信心。

We also strove for improved operational performance in 2024 and delivered meaningful profitability enhancements across our businesses driving solid second half margin expansion.

我們也致力於在 2024 年提高營運業績，並實現整個業務的獲利能力顯著提升，推動下半年利潤率穩定成長。

Into 2025, we continue to align our cost structure to reflect current business and market conditions while positioning our company for a return to growth and further margin expansion.

邁向 2025 年，我們將繼續調整成本結構，以反映當前的業務和市場狀況，同時幫助公司恢復成長並進一步擴大利潤率。

Finally, we generated strong free cash flow conversion in 2024, while our balance sheet exits the year well positioned to support our long-term growth strategy.

最後，我們在 2024 年實現了強勁的自由現金流轉換，同時我們的資產負債表在年底時能夠很好地支持我們的長期成長策略。

Taking a step back, we are confident our actions in 2024 will support growth and solid earnings expansion in 2025 as well as meaningful long-term momentum beyond the new year.

退一步來說，我們相信，我們在 2024 年採取的行動將支持 2025 年的成長和穩健的獲利擴張，以及新年之後有意義的長期發展勢頭。

I want to thank our global teams for their focused efforts and persistent hard work in the fourth quarter and throughout 2024.

我要感謝我們的全球團隊在第四季和整個 2024 年的專注努力和堅持不懈的努力。

Now let's turn to our end markets and design activity, starting with the electronics on slide 6.

現在讓我們轉向終端市場和設計活動，從幻燈片 6 上的電子產品開始。

Electronics market trends were mixed but improved through the fourth quarter.

電子市場趨勢好壞參半，但第四季有所改善。

Data center remained a strong growth driver in part driven by AI applications.

資料中心仍然是強勁的成長動力，部分原因是受到人工智慧應用的推動。

Medical demand was mixed while demand for consumer products, appliances and building technologies remain subdued.

醫療需求好壞參半，而消費品、家用電器和建築技術的需求仍然低迷。

Yet as the quarter progressed, we observed some emerging signs of stabilization, particularly in North America and Asia regions.

然而隨著本季的發展，我們觀察到一些新的穩定跡象，特別是在北美和亞洲地區。

Broadly, electronics end market design and activity remains healthy, and we delivered another strong win rate across a broad set of applications in the quarter.

總體而言，電子終端市場設計和活動依然保持健康，我們在本季在廣泛的應用中再次取得了強勁的成功率。

Of note, we saw strong taxes opportunities in conversion in China, driving meaningful order expansion in the region in the fourth quarter and full year 2024.

值得注意的是，我們看到了中國在轉型方面的巨大稅收機會，推動了該地區在第四季和 2024 年全年的訂單大幅擴張。

In North America, we continue to observe some ongoing design win to order conversion delays but a pickup in order trends late in the quarter was encouraging.

在北美，我們繼續觀察到一些正在進行的設計勝利到訂單轉換的延遲，但本季末訂單趨勢的回升令人鼓舞。

Turning to our electronics end market design wins in the quarter, we secured a meaningful data center win for a cooling application in North America and an infrastructure application in Japan.

談到本季我們獲得的電子終端市場設計勝利，我們獲得了北美冷卻應用和日本基礎設施應用領域有意義的資料中心勝利。

We secured datacom, server and compute wins in North America, China and Taiwan.

我們在北美、中國和台灣獲得了數據通訊、伺服器和計算方面的勝利。

We also delivered global wins for appliance applications that utilize our broad technology capabilities.

我們還在全球範圍內贏得了利用我們廣泛技術能力的設備應用市場。

Similarly, we secured business for multiple building technology and automation applications in regions including North America, China, Taiwan and India.

同樣，我們在北美、中國、台灣和印度等地區獲得了多種建築技術和自動化應用的業務。

Finally, we delivered meaningful wins for medical applications in North America and Europe in the quarter.

最後，我們在本季在北美和歐洲的醫療應用方面取得了有意義的勝利。

Moving on to transportation end markets and design wins on slide 7.

前往投影片 7 上的運輸終端市場和設計勝利。

Starting with our passenger car exposure, we benefited from our global positioning and balanced technology offering, which helped to offset slightly lower global car builds in the quarter and ongoing pruning actions associated with our sensor product line.

從我們的乘用車業務開始，我們受益於我們的全球定位和均衡的技術產品，這有助於抵消本季度全球汽車產量略有下降以及與我們的傳感器產品線相關的持續精簡行動。

We delivered solid growth in China as we leveraged our technology expertise experienced local teams and strong partnerships with local OEMs.

我們充分利用自己的技術專長、經驗豐富的本地團隊以及與本地 OEM 廠商的緊密合作關係，在中國實現了穩健的成長。

Outside of China, solid demand for our low-voltage products partially offset weaker North American and European production volumes and EV sales.

在中國以外，對我們低壓產品的強勁需求部分抵消了北美和歐洲產量和電動車銷售的疲軟。

In 2025, we believe our exposure to multiple secular growth drivers and ongoing innovations with our global customers position us to offset likely continued soft global car build trends.

到 2025 年，我們相信，我們對多個長期成長動力的把握以及與全球客戶的持續創新將使我們能夠抵消可能持續疲軟的全球汽車製造趨勢。

Regarding our commercial vehicle exposure, while soft underlying market trends continued in the fourth quarter, we delivered solid volume expansion and continue to drive favorable pricing.

就我們的商用車業務而言，雖然第四季度基礎市場繼續呈現疲軟趨勢，但我們實現了銷售量穩步擴張，並繼續推動優惠的定價。

Into 2025, we see some initial, albeit early signs of improvement in certain commercial vehicle markets, led by construction and heavy-duty truck with recovery likely weighted to the back half of the year.

展望 2025 年，我們將看到某些商用車市場出現一些初步改善的跡象，其中以建築業和重型卡車為首，復甦可能會集中在下半年。

Given our strong content offering and continued traction with customers, we remain confident in our commercial vehicle positioning and are excited about long-term opportunities across our broad exposures.

鑑於我們強大的內容產品和對客戶的持續吸引力，我們對我們的商用車定位仍然充滿信心，並對我們廣泛接觸的長期機會感到興奮。

In the quarter, we secured solid new transportation business across both passenger and commercial vehicle end markets.

本季度，我們在乘用車和商用車終端市場均獲得了穩固的新運輸業務。

In passenger vehicles, we secured several meaningful high-voltage opportunities with customers in South Korea, China and Europe.

在乘用車領域，我們與韓國、中國和歐洲的客戶獲得了多個有意義的高壓機會。

We also delivered multiple low-voltage fuse wins, including in North America, Europe, South Korea and China, which demonstrates the global scale of our business.

我們也贏得了多個低壓保險絲客戶，包括北美、歐洲、韓國和中國，這反映了我們業務的全球規模。

Finally, we secured ADAS application opportunities for customers in China and Europe.

最後我們為中國和歐洲的客戶爭取了ADAS的應用機會。

In commercial vehicle end markets, we secured several construction and agriculture equipment wins for customers in North America and Europe.

在商用車終端市場，我們為北美和歐洲的客戶贏得了許多建築和農業設備訂單。

We also delivered multiple recreational and specialty vehicle wins in the quarter.

本季度，我們還在多款休閒和特種車輛上取得了勝利。

Turning to slide 8, industrial markets and design activity.

轉到第 8 張投影片，工業市場和設計活動。

In the fourth quarter, we observed mixed end demand trends across our broad industrial exposure.

在第四季度，我們觀察到廣泛工業領域終端需求趨勢好壞參半。

We benefited from continued strong HVAC and industrial safety application demand.

我們受益於持續強勁的暖通空調和工業安全應用需求。

However, we observed continued soft industrial equipment, factory automation and charging infrastructure trends.

然而，我們觀察到工業設備、工廠自動化和充電基礎設施的軟趨勢持續存在。

We continue to see more pronounced softness across our industrial power semiconductor products where we have more meaningful exposure to weaker European and Asian industrial markets.

我們繼續看到工業功率半導體產品的疲軟趨勢更加明顯，我們對較弱的歐洲和亞洲工業市場的敞口更大。

Broadly, we observed a solid order rate momentum late in the quarter and into 2025.

總體而言，我們觀察到本季末以及 2025 年的訂單率勢頭強勁。

We see an improving albeit likely gradual industrial recovery.

我們看到工業復甦正在改善，儘管可能是一個漸進的過程。

Importantly, our industrial secular growth drivers remain intact.

重要的是，我們的工業長期成長動力依然完好。

We see continued strong momentum headlined by renewables, automation and industrial safety.

我們看到再生能源、自動化和工業安全持續保持強勁發展勢頭。

Regarding our design wins in the fourth quarter, we secured meaningful renewable opportunities, including for a solar application in North America and for a solar and energy storage application in China.

關於我們在第四季度的設計勝利，我們獲得了有意義的再生能源機會，包括北美的太陽能應用和中國的太陽能和儲能應用。

We also secured several commercial HVAC wins in the quarter, so our teams continue to leverage core residential HVAC technology expertise to drive new market expansion.

我們還在本季度獲得了多項商用 HVAC 訂單，因此我們的團隊將繼續利用核心住宅 HVAC 技術專長來推動新市場的擴張。

In Japan, we secured a win for a rail traction drive application that will utilize our semiconductor capability.

在日本，我們贏得了利用我們半導體能力的鐵路牽引驅動應用。

Finally, we delivered a variety of wins across heavy industrial markets, including construction, mining and oil and gas in the quarter.

最後，本季我們在整個重工業市場（包括建築、採礦、石油和天然氣）取得了許多勝利。

Across our businesses, we continue to partner with our broad customer base to drive innovative solutions for our diverse end market exposure.

在我們的業務中，我們繼續與廣泛的客戶群合作，為我們多樣化的終端市場提供創新解決方案。

We will remain focused on operational execution as we strive to deliver leading performance in 2025.

我們將繼續專注於營運執行，努力在 2025 年實現領先的業績。

I will now turn the call over to Meenal to provide additional color on our financial performance and outlook.

現在，我將把電話轉給米納爾，讓他進一步介紹我們的財務表現和前景。

Thanks, Dave.

謝謝，戴夫。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝大家今天的參與。

Please turn to slide 10 to start with details on our fourth quarter results.

請翻到第 10 張投影片來了解我們第四季的業績詳情。

Revenue in the quarter was $530 million, down 1% versus last year in total and flat organically.

本季營收為 5.3 億美元，較去年同期下降 1%，有機收入持平。

The product line pruning actions we've discussed reduced sales about 2%, in line with our expectations in the prior quarter.

我們討論過的產品線精簡行動使銷售額減少了約 2%，這與我們上一季的預期一致。

GAAP operating margins were negative 6.9% and include $93 million of noncash goodwill and intangible impairment charges.

GAAP 營業利潤率為負 6.9%，其中包括 9,300 萬美元的非現金商譽和無形資產減損費用。

The charges are primarily related to the impairment of certain assets impacted by ongoing weak EV charging infrastructure trends.

這些費用主要與受持續疲軟的電動車充電基礎設施趨勢影響的某些資產減損有關。

For the quarter, adjusted operating margin finished at 12% and adjusted EBITDA margins were 18.1%.

本季度，調整後的營業利潤率為 12%，調整後的 EBITDA 利潤率為 18.1%。

Fourth quarter GAAP diluted loss per share was $1.57 and adjusted diluted earnings was $2.04. Our fourth quarter GAAP effective tax rate was negative 30% and adjusted effective tax rate was 13%.

第四季 GAAP 每股攤薄虧損為 1.57 美元，調整後稀釋收益為 2.04 美元。我們第四季的 GAAP 有效稅率為負 30%，調整後有效稅率為 13%。

Let's turn to slide 11 for our full year performance.

讓我們翻到第 11 張投影片來了解我們的全年業績。

We finished the year with sales of $2.2 billion, down 7% in total and organically versus last year.

我們今年的銷售額為 22 億美元，與去年相比下降了 7%，且呈現有機下降。

GAAP operating margins were 7.8%.

GAAP 營業利益率為 7.8%。

Adjusted operating margin finished at 12.9%, and adjusted EBITDA margins were 18.9%.

調整後的營業利潤率達到 12.9%，調整後的 EBITDA 利潤率達到 18.9%。

Foreign exchange and commodities had a 30 basis point unfavorable impact to margins.

外匯和商品對利潤率產生了30個基點的不利影響。

We drove improvement in our cost structure in 2024 and are pleased with our resulting margin trajectory as our second half operating margins expanded 220 basis points from the first half of the year.

我們在 2024 年推動了成本結構的改善，並對由此產生的利潤率走勢感到滿意，因為我們下半年的營業利潤率比上半年擴大了 220 個基點。

Finally, full year GAAP diluted EPS was $4.51 and adjusted diluted EPS finished at $8.48. Our full year GAAP effective tax rate was 31% and adjusted effective rate was 21%.

最後，全年 GAAP 稀釋每股收益為 4.51 美元，調整後稀釋每股收益為 8.48 美元。我們全年的 GAAP 有效稅率為 31%，調整後有效稅率為 21%。

Please turn to slide 12 for updates on capital allocation.

請翻到第 12 張投影片了解資本配置的最新情況。

We delivered strong cash generation in 2024.

我們在 2024 年實現了強勁的現金創造。

In the quarter, operating cash flow was $161 million, and we generated $135 million in free cash flow.

本季度，經營現金流為 1.61 億美元，我們產生了 1.35 億美元的自由現金流。

For the full year, operating cash flow was $368 million, and we generated $292 million in free cash flow, driving cash conversion well over 100%.

全年營運現金流為 3.68 億美元，我們產生 2.92 億美元的自由現金流，現金轉換率遠超過 100%。

Our strong performance also reflects our ongoing focus on working capital management.

我們的強勁表現也反映了我們對營運資本管理的持續關注。

Into 2025, we continue to target 100% free cash flow conversion aligned with our long-term goals.

進入 2025 年，我們將繼續致力於實現 100% 的自由現金流轉換，這與我們的長期目標保持一致。

We ended the quarter with $725 million of cash on hand and net debt-to-EBITDA leverage of 1.2 times.

截至本季末，我們持有現金 7.25 億美元，淨負債與 EBITDA 比率為 1.2 倍。

Our balance sheet remains strong and gives us continued flexibility on capital deployment.

我們的資產負債表依然強勁，為我們提供了持續的資本部署彈性。

We'll continue to prioritize our free cash flow for thoughtful acquisitions, and we'll continue to return capital to our shareholders through our dividend and periodic share buyback.

我們將繼續優先考慮我們的自由現金流以進行深思熟慮的收購，並將繼續透過股息和定期股票回購向股東返還資本。

For the full year 2024, we returned $108 million of capital to shareholders, including $67 million through our cash dividend and $41 million through opportunistic share repurchases.

2024 年全年，我們向股東返還了 1.08 億美元的資本，包括透過現金股利返還 6,700 萬美元，並透過機會性股票回購返還 4,100 萬美元。

We remain disciplined in our capital allocation strategy as we strive to maximize long-term shareholder value.

我們致力於實現長期股東價值的最大化，並嚴格遵循資本配置策略。

Please turn to slide 13 for our product segment highlights, starting with the electronics products segment.

請翻到第 13 張投影片查看我們產品部門的亮點，從電子產品部門開始。

Sales for this segment were down 4% organically at 12% for the quarter and year, respectively.

該部門銷售額本季和去年分別有機下降 4% 至 12%。

Versus prior year, sales across passive products were up 9% organically for the quarter and down 1% for the year, while semiconductor products declined 13% and 20% for the quarter and the year.

與去年同期相比，本季無源產品銷售額有機成長 9%，全年下降 1%，而本季和全年半導體產品銷售額分別下降 13% 和 20%。

Our solid passive product sales growth in the quarter reflects stabilizing end demand trends and improved orders from channel partners.

本季我們穩健的被動產品銷售成長反映了終端需求趨勢的穩定和通路合作夥伴訂單的增加。

Within our semiconductor product exposure, we saw stabilizing demand for our protection products but continued softness across power semiconductors.

在我們的半導體產品範圍內，我們看到保護產品的需求趨於穩定，但功率半導體的需求持續疲軟。

Operating margins in the quarter were 12.3%, while EBITDA margin finished above 19%, both in line with our expectations.

本季營業利益率為 12.3%，EBITDA 利潤率超過 19%，均符合我們的預期。

We finished the year with segment operating margins of 14.2% and EBITDA margins of nearly 21%.

我們今年的分部營業利潤率為 14.2%，EBITDA 利潤率接近 21%。

Moving to our transportation products segment.

轉向我們的運輸產品部門。

On slide 14, segment organic sales declined 1% and for both the quarter and the year amidst decline across global car builds and commercial vehicle end markets.

在投影片 14 中，由於全球汽車製造和商用車終端市場下滑，分部有機銷售額本季和全年均下降了 1%。

Segment sales were negatively impacted 6% versus last year for the quarter and 5% of the year from pruning actions we've been undertaking.

由於我們採取的削減措施，本季部門銷售額與去年同期相比下降了 6%，全年下降了 5%。

In the passenger vehicle business, sales declined 4% organically in the quarter and came in flat for the year.

在乘用車業務方面，本季銷售額有機下降 4%，全年銷售額持平。

Fourth quarter sales were negatively impacted by planned auto sensor product exits and ongoing global car build decline, in part offset by growth in China.

第四季的銷售受到汽車感測器產品計劃退出和全球汽車產量持續下滑的負面影響，但中國市場的成長部分抵消了這一影響。

Within commercial vehicles, sales for the quarter were up 4% organically and down 1% for the year.

商用車方面，本季銷售額有機成長 4%，年減 1%。

In the fourth quarter, we delivered volume growth and favorable pricing despite continued end market weakness, this more than offset impacts pruning action.

第四季度，儘管終端市場持續疲軟，但我們仍實現了銷售成長和優惠定價，足以抵消修剪行動的影響。

For the segment, operating margins were 9% and over 10% for the quarter and year, respectively, while EBITDA margins finished at 14.5% in the quarter and 15.6% for the year.

該部門本季的營業利潤率和全年的營業利潤率分別為 9% 和 10% 以上，而本季的 EBITDA 利潤率達到 14.5%，全年的 EBITDA 利潤率達到 15.6%。

Foreign exchange and commodities were a headwind for the full year, unfavorably impacting margins 110 basis points.

外匯和大宗商品是全年的阻力，對利潤率造成 110 個基點的不利影響。

We're pleased with our focus on cost actions, pricing and pruning initiatives drove 530 basis points of operating margin expansion for the year.

我們很高興看到我們專注於成本行動、定價和精簡舉措，這推動全年營業利潤率擴大了 530 個基點。

We believe these actions position us well for continued margin growth into 2025.

我們相信，這些措施將有助於我們在 2025 年之前持續獲利成長。

On slide 15, industrial products segment sales increased 12% organically for the quarter and declined 1% for the year, navigating well through a number of weak industrial end markets.

在幻燈片 15 上，工業產品部門銷售額本季有機成長 12%，全年下降 1%，在一系列疲軟的工業終端市場中表現良好。

Fourth quarter sales benefited from strong HVAC growth, solid data center momentum and continued industrial safety expansion.

第四季的銷售受益於暖通空調的強勁成長、資料中心的穩健發展勢頭以及工業安全的持續擴張。

Segment operating margins finished at 17.1% in the quarter, expanding 440 basis points versus prior year levels, while full year margins finished at 13.9%.

本季分部營業利益率為 17.1%，較上年同期擴大 440 個基點，全年利潤率為 13.9%。

Adjusted EBITDA margins were 20.8% in the quarter, while full year margins finished over 18% for the year.

本季調整後 EBITDA 利潤率為 20.8%，全年利潤率超過 18%。

We delivered strong margin expansion in the quarter, led by continued solid execution and strong conversion on volume growth.

由於持續穩健的執行力和強勁的銷售成長轉換率，我們本季實現了利潤率強勁成長。

Our improved industrial segment margins throughout 2024 also reflect our operational execution and solid volume leverage.

我們整個 2024 年工業部門利潤率的提高也反映了我們的營運執行力和穩健的銷售槓桿。

We expect continued growth and margin momentum into 2025.

我們預計到 2025 年，其成長和利潤率將繼續保持強勁勢頭。

Now please move to slide 16 for the forecast.

現在請移至投影片 16 查看預測。

As we start 2025, we continue to see a mixed macro environment.

進入 2025 年，我們將繼續看到混合的宏觀環境。

With electronics, we expect passive product recovery, but ongoing soft semiconductor product sales in the first quarter.

對於電子產品而言，我們預計被動產品將會復甦，但第一季半導體產品銷售將持續疲軟。

We expect ongoing industrial segment momentum while we see a mixed underlying transportation backdrop starting the year.

我們預計工業領域將持續保持成長勢頭，同時我們看到年初運輸業的基本背景將好壞參半。

We expect low single-digit global car build decline with signs of modest commercial vehicle market recovery projected for later in the year.

我們預計全球汽車產量將出現個位數低點下滑，商用車市場預計將在今年稍後出現溫和復甦的跡象。

With these assumptions, we expect first quarter sales in the range of $520 million to $550 million.

根據這些假設，我們預計第一季的銷售額將在 5.2 億美元至 5.5 億美元之間。

This includes about a 2% headwind from FX versus the prior year.

與上年相比，這包括來自外匯的約 2% 的逆風。

We're projecting first quarter EPS to be in the range of $1.70 to $1.90, which includes a tax rate of 26%.

我們預計第一季每股收益將在 1.70 美元至 1.90 美元之間，其中包括 26% 的稅率。

Sequentially, the higher tax rate represents a $0.32 headwind to earnings as we benefited from a retroactive tax holiday extension in the fourth quarter.

由於我們受益於第四季度的追溯性免稅期延長，因此更高的稅率對收益造成了 0.32 美元的不利影響。

At current FX and commodity rates, we are expecting an $0.11 benefit to EPS versus the prior year.

以當前外匯和商品匯率計算，我們預計每股收益將比上年增加 0.11 美元。

Please turn to slide 17 for additional full year 2025 color.

請前往幻燈片 17 查看 2025 年全年的更多顏色。

We expect solid earnings expansion, reflecting our growth position in recent cost-scaling actions and ongoing focus on operational execution.

我們預計獲利將穩定成長，這反映了我們在近期成本擴張行動中的成長地位以及對營運執行的持續關注。

At current rates, we expect FX and commodities will represent a 1% headwind to sales but a $0.22 benefit to EPS.

以目前匯率計算，我們預期外匯和大宗商品將對銷售造成 1% 的阻力，但會對每股收益產生 0.22 美元的利多。

Also, as we announced in late December, we completed our acquisition of the Dortmund semiconductor fab from Elmos Semiconductor.

此外，正如我們在 12 月底宣布的那樣，我們已完成對 Elmos Semiconductor 公司多特蒙德半導體工廠的收購。

The acquisition also includes a multiyear capacity sharing arrangement with Elmos.

此次收購還包括與 Elmos 達成的多年產能共享協議。

For 2025, we expect about a 2% total sales growth from volumes sold to Elmos and a neutral EPS impact from this arrangement.

到 2025 年，我們預計銷售給 Elmos 的產品總銷售額將成長約 2%，且這種安排對每股盈餘的影響為中性。

On other modeling items, we're assuming $59 million in amortization expense and $35 million in interest expense, about two-third of which we expect to offset through interest income from our cash investment strategy.

在其他建模項目上，我們假設攤銷費用為 5,900 萬美元，利息費用為 3,500 萬美元，其中約三分之二預計透過現金投資策略的利息收入來抵銷。

We are estimating a full year tax rate of between 23% to 25%.

我們預計全年稅率在 23% 至 25% 之間。

As a reminder, ongoing Pillar 2 tax legislation is a headwind on tax rate and we continue to evaluate opportunities to improve our rates.

提醒一下，正在進行的第二支柱稅法對稅率來說是一個阻力，我們將繼續評估提高稅率的機會。

We also expect to invest $90 million to $95 million in capital expenditures.

我們也預計將投資 9,000 萬至 9,500 萬美元的資本支出。

As we turn the page to the new year, we believe our ongoing momentum with customers on design wins and product innovation, positions us well for a return to growth.

隨著我們翻開新的一年，我們相信我們在設計勝利和產品創新方面與客戶持續保持的良好勢頭，將為我們恢復成長做好準備。

Our focused execution and cost-scaling actions have enhanced our operating model, positioning us for solid earnings expansion in 2025 amidst a dynamic environment.

我們專注的執行和成本擴展行動增強了我們的營運模式，使我們在 2025 年的動態環境中實現穩健的獲利成長。

Our strong cash generation focus and our well-positioned balance sheet also gives us both flexibility and confidence as we aim to deliver long-term top-tier growth and earnings expansion.

我們對現金產生的強烈關注和良好的資產負債表也為我們提供了靈活性和信心，因為我們的目標是實現長期頂級成長和獲利擴張。

In closing, I'd like to recognize our employees and partners for their meaningful contributions and unwavering commitment to Littelfuse.

最後，我要感謝我們的員工和合作夥伴對 Littelfuse 的有意義的貢獻和堅定不移的承諾。

I would also like to thank Dave for his outstanding leadership of Littelfuse.

我還要感謝 Dave 對 Littelfuse 的傑出領導。

It's been a pleasure working with him for the last decade, and I'm grateful for our strong partnership.

在過去的十年裡，我很榮幸與他共事，並感謝我們之間的強大合作關係。

I wish you well in retirement.

祝您退休後生活幸福。

I've got to know Greg over his nearly two years on our Board, and I look forward to partnering with him as we enter the next phase of the Littelfuse growth journey.

我已經在 Greg 擔任我們董事會成員的近兩年時間裡認識了他，我期待著在我們進入 Littelfuse 發展之旅的下一階段時與他合作。

I remain excited for the meaningful opportunities that lie ahead.

我仍然對未來的有意義的機會感到興奮。

And with that, I'll turn it back to Dave for some final comments.

最後，我會把話題轉回給戴夫，請他發表一些最後的評論。

Thanks, Meenal.

謝謝，米納爾。

In summary, while we navigated a difficult environment in 2024, our unwavering focus on our customers and our persistent push for operational enhancements have positioned us to deliver solid growth and earnings expansion in 2025.

總而言之，雖然我們在 2024 年度過了艱難的環境，但我們對客戶的堅定關注以及對營運改進的不懈推動，使我們能夠在 2025 年實現穩健的增長和盈利擴張。

With our diversified business model and broad technology offering, we are confident in our ability to drive long-term top-tier value for our shareholders.

憑藉我們多元化的業務模式和廣泛的技術產品，我們有信心為股東創造長期的頂級價值。

Finally, I just want to say a few words as I will soon be wrapping up a 40-year career with Littelfuse.

最後，我只想說幾句話，因為我即將結束在 Littelfuse 的 40 年職業生涯。

It's been an amazing journey with a truly exceptional company.

與真正卓越的公司合作是一段奇妙的旅程。

I want to thank the Board for their continuous support over the years.

我要感謝董事會多年來的持續支持。

I also want to thank all of the Littelfuse employees who worked tirelessly to deliver on our long-term growth strategy.

我還要感謝所有 Littelfuse 員工，他們孜孜不倦地努力實現我們的長期成長策略。

It's been an honor to lead you all, and I am confident that you're positioning the company for meaningful long-term success.

我很榮幸能夠領導你們，我相信你們將帶領公司取得有意義的長期成功。

I'm also grateful to be leaving the company in such great hands.

我也很感激能將公司交給如此優秀的人。

Greg and I have worked closely together over the last couple of years.

過去幾年裡，格雷格和我一直密切合作。

He brings the ideal skill set and leadership track record to lead this company into the next stage of growth.

他帶來了理想的技能和領導業績，將帶領公司進入下一階段的發展。

And with that, I'm going to turn it over to Greg, who is going to say a few words.

現在，我將把時間交給格雷格，他會講幾句話。

Thank you, Dave.

謝謝你，戴夫。

On behalf of Littelfuse, I want to thank you for your leadership and congratulate you on an impressive 40-year career at the company.

我謹代表 Littelfuse 感謝您的領導，並祝賀您在公司 40 年的職業生涯中取得的輝煌成就。

For the Littelfuse employees listening on the call, I look forward to working with you all as we begin the next chapter of the Littelfuse growth story.

對於正在聆聽電話會議的 Littelfuse 員工來說，我期待著與你們所有人一起開啟 Littelfuse 成長故事的下一章。

And for the analyst and investor community, I'm excited to meet many of you in the coming months.

對於分析師和投資者群體來說，我很高興在接下來的幾個月與你們見面。

And with that, I'll turn the call back to you Dave.

說完這些，我就把電話轉給你，戴夫。

Thanks, Greg.

謝謝，格雷格。

Operator, we are ready to begin the Q&A.

接線員，我們現在可以開始問答了。

(Operator Instructions)

（操作員指令）

Luke Junk, Baird.

盧克瓊克，貝爾德。

Good morning.

早安.

Thanks for taking the questions.

感謝您回答這些問題。

Dave, just to start with.

戴夫，首先。

Congratulations on your 40 year career at Little Fs and upcoming retirement.

恭喜您在 Little Fs 工作 40 年並即將退休。

Absolutely well deserved.

絕對當之無愧。

Thanks.

謝謝。

In terms of the quarter itself, to start with here, it'd be great if we could just put a finer point on book-to-bill on Passive this quarter, sounded pretty positive based on your comments, Dave, plus maybe just what you're hearing from distributors qualitatively as you begin to see some restocking in the Passive channel as well?

就本季而言，首先，如果我們能更詳細地介紹一下 Passive 本季度的訂單出貨比，那就太好了，根據你的評論，聽起來非常積極，戴夫，再加上也許只是當當您開始看到被動通路中也有一些補貨時，您是否從經銷商那裡聽到了一些定性消息？

Yeah, sure.

是的，當然。

Luke, I think generally, let's take a step back and look at overall electronics.

盧克，我認為總體來說，讓我們退一步來看看整體電子產品。

And what we would say is fundamentally, the inventory correction is largely behind us at this point.

從根本上來說，我們要說的是，目前庫存調整已基本結束。

We stated that in the prepared remarks, book-to-bill for the first time since early 2022 are now above one in electronics as a whole.

我們在準備好的評論中指出，自 2022 年初以來，整個電子產品的訂單出貨比首次超過 1。

Passives and our protection book-to-bills are firmly above one, and while the power semi sector portion of our business is a little more challenged with the kind of the heavy industrial focus, particularly in Europe and China, so it's still below one, but it's improved nicely over the last quarter.

被動元件和我們的保護性訂單出貨比都穩固地高於1，而我們業務中的電力半導體部門部分則面臨著更大的挑戰，因為重工業重點，特別是在歐洲和中國，所以它仍然低於1，但上個季度已經有了很大的改善。

And through the course of the quarter, while we saw ended the year above one.

在整個季度中，我們看到年末的銷售額超過了 1。

We also saw continued momentum improvement going into -- through January.

我們也看到，進入 1 月份，發展動能持續改善。

So we remain pretty positive about kind of the general direction there and kind of getting some of the correction cycles behind us.

因此，我們對於那裡的整體方向以及我們所經歷的一些修正週期仍然非常樂觀。

Conversations with our distribution partners range all over the math from individual, kind of markets they're serving and things like that.

我們與分銷合作夥伴的對話涉及個人的數學計算、他們所服務的市場類型等等。

I think what they're seeing generally is fairly stable book-to-bill, kind of stabilizing book-to-bills with a bit more positivity coming in North America and in Asia.

我認為他們總體上看到的是訂單出貨比相當穩定，北美和亞洲的訂單出貨比趨於穩定，並且更加積極。

Europe continues to still be pretty sluggish.

歐洲經濟持續低迷。

And we don't see Europe necessarily turning any time soon.

而且我們也不認為歐洲很快就會轉變。

So but pretty positive comments, North America and Asia momentum.

但北美和亞洲的發展勢頭相當積極。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just if we could double-click on those early signs of select industrial recovery relative to power semi and what has been weakness.

然後也許我們可以雙擊那些相對於電力半導體的選擇性工業復甦的早期跡像以及一直以來的弱點。

Is there any more texture in terms of market?

從市場方面來說是否還有更多的質感？

Should we assume that it's from a geographic standpoint also weighted to North America and Asia, Dave?

戴夫，我們是否應該假設從地理角度來看它也偏向北美和亞洲？

Yeah, I think if you look at industrial more broadly, you've got the power semi, which we talk about being very industrial heavy.

是的，我認為如果你更廣泛地看待工業，你會看到電力半導體，我們說它是工業重型的。

There, what I'd say is kind of stabilization coming there tends to be more in the North America and Asia, where we're seeing that kind of stabilize.

我想說的是，北美和亞洲的穩定趨勢更為明顯，我們已經看到這種穩定性。

As I stated earlier, Europe continues to still be a bit tough there.

正如我之前所說，歐洲的情況仍然有些艱難。

A lot of machine automation and things like that, that are going on in Europe for global support, but that continues to be a bit sluggish there.

歐洲正在進行大量機器自動化等項目以獲得全球支持，但那裡的進展仍然有些緩慢。

On the other industrial portion in our industrial segment itself, we had a very solid quarter there.

在我們工業部門的其他工業部分，我們度過了一個非常穩健的季度。

And it's kind of a nichey business, right, where we serve individual areas.

這是一種小眾業務，我們為個別領域提供服務。

And so we continue to see strength and safety applications.

因此我們繼續看到強度和安全性的應用。

That's been a really nice growth area for us.

對我們來說，這是一個非常好的成長領域。

We've seen the HVAC space begin to show improvements there, and we're making good progress and kind of moving from more residential focus to commercial focus.

我們已經看到暖通空調領域開始出現改善，我們正在取得良好的進展，並且從住宅重點轉向商業重點。

They're getting nice design wins and growth in that area.

他們在該領域獲得了良好的設計成果並取得了成長。

So we're seeing those places particular applications and markets and regions where we see stronger momentum and that's starting to show up in our results.

因此，我們看到這些地方、特定的應用、市場和地區出現了更強勁的發展勢頭，並且這開始在我們的結果中顯現出來。

Got it.

知道了。

And then, Meenal, with transportation margins showing some really significant strength in the third quarter, stepping down sequentially here in the 4Q, but still finishing the year above the level you were expecting.

然後，米納爾，運輸利潤率在第三季度顯示出非常顯著的強勁勢頭，在第四季度環比下降，但全年利潤仍高於你預期的水平。

Can you just help us understand kind of what's in the margin profile in the back half of the year as we step into 2025, I guess I'm just trying to tease out what sort of base we should use to build our '25 margin assumption in the transportation segment?

您能否幫助我們了解一下，在邁入 2025 年之際，下半年的利潤率情況如何？

Sure.

當然。

Thanks, Luke.

謝謝，盧克。

So I'd say, one, we're really pleased with the progress that we've made through transportation.

所以我想說，首先，我們對交通運輸的進展感到非常高興。

We started the year at mid-single-digit range and have worked our way up as we talked about a number of actions that we've been undertaking to really get to the point where we're at finishing in the double digits for the year.

我們今年的業績開局處於個位數的中段，但隨著我們討論採取一系列措施，我們逐步實現兩位數的業績目標。

I would say going into 2025, we continue to feel very confident about the margin expansion.

我想說，進入 2025 年，我們仍然對利潤率擴大充滿信心。

There's work that we we've done in '24 and continue to do in 2025 around pricing, as we've been talking about for a while, finishing off some footprint work, some other cost reductions that we're taking.

我們在 2024 年已經完成了一些工作，並將在 2025 年繼續進行定價工作，正如我們之前討論過的，完成了一些足跡工作，以及我們正在採取的一些其他成本削減措施。

So we feel good, and we feel those actions will mitigate some of the headwinds that you hear swirling around, around the declining car build that we're expecting for the year and a little bit of the volatility around foreign exchange and commodities.

所以我們感覺很好，我們認為這些舉措將減輕大家聽到的一些不利因素，包括我們預計今年汽車產量將下降以及外匯和大宗商品的波動。

But net-net, we feel good for continued margin expansion going into 2025 and actions we have been taking and are continuing to take.

但總體而言，我們對 2025 年利潤率的持續擴大以及我們一直在採取和將繼續採取的行動感到樂觀。

And then if I could just sneak in a last quick question.

然後我可以偷偷問最後一個問題嗎？

This is more just modeling.

這僅僅是建模而已。

Historically speaking, incentive comp has had a heavier impact just seasonally in the second quarter based on how you account for it.

從歷史上看，根據您的會計方式，激勵薪酬在第二季度的季節性影響更為顯著。

Should we expect that to be the case again this year, Meenal?

米納爾，我們是否應該期待今年再次出現這種情況？

Great question.

好問題。

The incentive comp will be a little bit more of a run rate when we think about Q2 as opposed to that the, I'll call it, the outsized spike that we've had.

當我們考慮第二季時，激勵補償的運行率會更高一些，而不是我所說的我們已經經歷的超大高峰。

As we get into a little bit more around the Q2 guide, we'll give you a little bit more color on that.

隨著我們進一步了解第二季指南，我們將為您提供更多相關內容。

But I would expect it would be a little bit more dampened than what you've seen in historic years.

但我預計它會比歷史上所見的情況稍微緩和一些。

I'll leave it there.

我就把它留在那裡。

Thank you.

謝謝。

Thanks for the question, Luke.

謝謝你的提問，盧克。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑富瑞 (Jefferies)。

Hi, good morning.

嗨，早安。

Congratulations, Dave, on your retirement and Greg on the new role.

戴夫，祝賀你退休，並祝賀格雷格擔任新職務。

We look forward to working with you.

我們期待與您合作。

I just wanted to kind of go through the guidance for 1Q.

我只是想了解第一季的指導。

I think it implies margins are roughly flat sequentially.

我認為這意味著利潤率與上一季大致持平。

Can you just talk through the puts and takes on margin performance and how margins should progress through the year, especially, do you see some volume recovery?

您能否談談利潤率表現的利弊以及利潤率在全年將如何變化，特別是，您是否看到了一些交易量的復甦？

Sure.

當然。

So you're thinking more from a sequential perspective, just a little more color on some things through the year.

因此，您更多是從連續的角度進行思考，對全年的一些事情進行更詳細的了解。

Yeah, what I would say is that we've always talked about, for us, one of the biggest factors as we think about margin recovery has typically been around volumes and strong volumes, strong conversion rates on that. while we're not waiting for that, right, we're definitely working on continuing to drive growth.

是的，我想說的是，我們一直在談論，對我們來說，考慮利潤率回升的最大因素之一通常是銷量、強勁的銷量和強勁的轉換率。雖然我們並沒有等待這一點，但是我們肯定會努力繼續推動成長。

We've done a lot of work in terms of -- as I mentioned in the earlier comments, but just around pricing, cost adjustments and other cost reductions and some footprint work.

正如我在之前的評論中提到的那樣，我們在這方面做了很多工作，但只是圍繞定價、成本調整和其他成本削減以及一些足跡工作。

So I would expect that we'll see as we work through 2025, we'll continue to see margin expansion going forward through the year.

因此，我預計，到 2025 年，我們將繼續看到利潤率在今年繼續擴大。

Appreciate the color.

感謝色彩。

One of the markets you talked about seeing the benefit this quarter was HVAC.

您談到的本季受益的市場之一是 HVAC 市場。

Do you expect -- I think there's been some talk about some prebuild there.

您是否期待——我認為那裡已經討論過一些預建事宜。

Do you expect that to lead to an air pocket in demand in the first quarter?

您預計這會導致第一季需求下滑嗎？

And how does that impact industrial growth in 1Q?

這對第一季的工業成長有何影響？

Thank you.

謝謝。

Sure.

當然。

Yes.

是的。

Obviously, with the refrigerant change requirements coming and things like that, there's some concerns whether is there a prebuild going on in preparation of that.

顯然，隨著冷媒更換要​​求的出台以及諸如此類的事情，人們擔心是否有預建工作正在進行以準備這些事情。

Kind of get mixed results when you read from the OEMs and the distributors serving that.

當你從 OEM 和服務經銷商那裡讀到資訊時，會發現結果有好有壞。

We've seen good improvement there.

我們在那裡看到了很好的進步。

But I think -- I don't believe we're going to have an air pocket for a couple of reasons.

但我認為——由於幾個原因，我不相信我們會遇到氣泡。

One is we've also been pivoting a lot of energy towards taking the technologies that we're selling into the residential space into industrial space as well.

一是我們也一直投入大量精力，將我們銷售的技術從住宅領域推廣到工業領域。

So we're seeing a nice status and design wins into the industrial HVAC space, which we think if there is any kind of bubble or a slowdown in the residential, we hope we kind of backfill that with the industrial growth there.

因此，我們看到工業暖通空調領域的良好地位和設計勝利，我們認為，如果住宅領域出現任何泡沫或放緩，我們希望透過那裡的工業成長來填補這一空白。

So in general, we continue to feel positive about it.

因此總的來說，我們對此仍然持正面態度。

Thanks for the questions.

感謝您的提問。

Thank you.

謝謝。

I appreciate it.

我很感激。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Hey, thanks, good morning and Dave, wishing you the best for great retirement.

嘿，謝謝，早安，戴夫，祝你退休後一切順利。

I wanted to ask about -- you talked about cost scaling action.

我想問一下—您談到了成本擴大行動。

It sounds like a little different characterization than straight cost restructuring.

這聽起來與直接成本重組的特性略有不同。

Does that refer to positioning the assets for very high conversion margins as growth returns.

這是否意味著隨著成長回報，將資產定位為非常高的轉換利潤率。

Does that what cost scaling actions refers to?

這就是成本擴大行動所指的嗎？

Yeah.

是的。

Chris, it's Meenal.

克里斯，我是米納爾。

So I'd say a couple of things.

因此我想說幾件事。

It's, one, as we've been talking about where we are in terms of our growth trajectory right now.

首先，我們一直在談論我們目前的成長軌跡。

We're absolutely expecting 2025, and to see that return to growth.

我們絕對期待 2025 年能夠恢復成長。

In the meantime, where we are today, we're really just, I'll call it, rightsizing our cost structure to align to the state of our business today into where we are today.

同時，就我們目前的情況而言，我們實際上只是在調整我們的成本結構，以適應我們今天的業務狀況。

Some of that our cost reductions.

其中一部分是我們的成本削減。

We've also spent a lot of time around discretionary cost reductions.

我們也花了大量時間來削減可自由支配的成本。

I've been talking about indefinitely different parts of the business.

我一直在無限地談論業務的不同部分。

We've been doing a lot of what we call footprint work, whether that's relating to manufacturing and supply chain.

我們一直在做大量所謂的足跡工作，無論它是否與製造和供應鏈有關。

So we've been trying to optimize that as we normally do.

因此我們一直在嘗試像平常一樣對其進行優化。

So it's really for us, it's a combination of all that, but my reference to scaling is more aligning our cost structure to the current state of the business.

所以對我們來說，這實際上是所有這些的結合，但我所指的擴展更多的是使我們的成本結構與當前的業務狀態保持一致。

Okay.

好的。

And then commercial vehicle, you've been growing the last couple of quarters now in down markets and I believe, with some concentration of the overall pruning actions of the company falling within the CV.

然後是商用車，在過去幾個季度裡，你們在低迷的市場中實現了成長，我相信，公司整體的修剪行動集中在 CV 範圍內。

I know you talked about price there.

我知道你在那裡談論價格。

Is that really the full delta versus market?

這真的是相對於市場的完整差異嗎？

Or is content have good momentum on CV even during this broad-based well in global CV markets?

或者，即使在全球 CV 市場普遍表現良好的情況下，內容在 CV 上是否仍具有良好的發展動能？

Yeah.

是的。

And Chris, I think both have an impact.

克里斯，我認為兩者都有影響。

Clearly, we've been working to kind of look at customers and product applications and products that we've done some pruning on and addressing that.

顯然，我們一直在努力研究客戶和產品應用以及我們已經做過一些精簡和解決的產品。

Usually, if you take that approach, you'll do that with pricing actions to kind of drive those activities.

通常，如果你採取這種方法，你會透過定價行動來推動這些活動。

So that certainly is a positive.

這當然是一件正面的事。

Often you find when you're doing that, some customers stick around and are willing to pay the higher prices and that's certainly a benefit.

通常你會發現，當你這樣做的時候，有些客戶會留下來並願意支付更高的價格，這當然是有好處的。

We've also seen -- we have a fairly nichey business within commercial vehicle.

我們也看到－我們在商用車領域擁有相當小眾的業務。

So our ability to gain share, get in new applications I feel have been a positive for us.

因此，我認為我們獲得市場份額、獲得新應用的能力對我們來說是積極的。

We'll continue to be an opportunity for us, particularly as we focus on kind of the high-growth applications and margin profiles on technologies and products that we have that we think are most attractive.

我們將繼續為我們帶來機會，特別是當我們專注於我們認為最具吸引力的高成長應用和技術和產品的利潤率狀況時。

So I think it's actually both.

所以我認為實際上兩者兼而有之。

I think we've been outperforming the market because of our performance with customers and engaging with customers and supporting them and also from the pruning activities.

我認為，我們的表現優於市場，因為我們在客戶方面的表現、與客戶的互動和支持，以及修剪活動。

Great.

偉大的。

And then could we just get a little bit more detail on the impairment at acquisition that might have been related to?

那麼，我們能否更詳細地了解可能與之相關的收購減損情況？

Or did it kind of cross a couple?

或者這有點違背了夫妻感情？

Yeah, Chris, it's Meenal again.

是的，克里斯，又是米納爾。

So the impairment that we took the -- and I think we noted in our prepared slides, it was a $93 million impairment covering both some goodwill and intangible assets.

因此，我們提列的減值—我想我們在準備好的幻燈片中提到了，這是 9,300 萬美元的減值，涵蓋一些商譽和無形資產。

It's almost all related to certain assets within our industrial segment, and we've been talking about for a while that we've seen some downturns in a number of different industrial markets, but particularly we're seeing this in the EV infrastructure space, which falls into our industrial segment.

這幾乎都與我們工業部門的某些資產有關，我們一直在談論一段時間，我們看到許多不同的工業市場都出現了一些低迷，但特別是在電動車基礎設施領域，屬於我們的工業領域。

We took a look at projections, market projections, our projections just don't see a substantial near-term recovery coming.

我們查看了預測、市場預測，我們的預測顯示短期內不會出現大幅復甦。

So as part of the normal accounting assessment you have to go through when you come to some of those conclusions.

因此，當您得出某些結論時，您必須進行正常會計評估。

We went through our forecasting and basically just took a non-cash charge in the fourth quarter for the accounting rules and how all the math works there.

我們進行了預測，基本上只是在第四季度根據會計規則和所有數學運算收取了非現金費用。

David Williams, The Benchmark Company.

大衛威廉斯 (David Williams)，The Benchmark Company。

Hey, good morning.

嘿，早安。

Thanks giving question and David, happy retirement to you.

感謝您的提問，大衛，祝您退休快樂。

So after 40 years, you should take some time and really enjoy that.

所以 40 年後，你應該花點時間真正享受它。

So I guess with that, I wanted to ask since it hasn't been already, but just the impact of potential tariffs to your business, just kind of given China and then, of course, the discussions around EV.

所以我想問一下，既然還沒有，但只是考慮到中國，當然還有圍繞電動車的討論，潛在的關稅對您的業務的影響。

Anything with the new administration that gives you any concerns or thoughts around that, please?

新政府有什麼讓您擔心或想到的事嗎？

Thank you.

謝謝。

Great question, David.

很好的問題，大衛。

And certainly, the volatility that potential tariffs and geopolitical actions take place are certainly an area that gets our attention.

當然，潛在關稅和地緣政治行動的波動肯定是引起我們關注的領域。

We spent a fair amount of time looking against scenario planning and things.

我們花了相當多的時間來研究情境規劃和其他事項。

However, I would say the tariff situation itself, first of all, we're kind of waiting to see how it plays out exactly.

不過，我想說，首先，我們正在等待觀察關稅情況本身究竟如何發展。

But not new.

但並不新鮮。

Back in 2017, we went through these sorts of issues.

早在 2017 年，我們就經歷過類似的問題。

And over the last several years, we've worked really hard to make sure our manufacturing footprint is aligned to the regions where the primary source of our customers are.

在過去幾年裡，我們一直努力確保我們的製造足跡與我們主要客戶來源地區保持一致。

And so we try to align closer to customers over that time.

因此，我們會努力在那段時間內更貼近客戶。

So we've gotten better with that in the last few years.

所以在過去的幾年裡我們在這方面取得了進展。

When tariffs do come, if they come, we have a historical kind of experience on that, where we engage with our customers and try to work through solutions with the customer.

當關稅確實到來時，我們有歷史經驗，我們會與客戶接觸並嘗試與客戶一起找到解決方案。

It goes customer by customer, right?

它是一個接一個地接待顧客，對嗎？

And sometimes supply chains could be a little complex and there's movements between the customer and ourselves that we can do to address those things and reduce the impacts of tariffs and where we can do that, we absolutely do those things.

有時供應鏈可能有點複雜，我們可以在客戶和我們之間做一些變動來解決這些問題，並減少關稅的影響，只要我們能做到，我們絕對會去做。

By the way, that's all been done kind of at the business unit level, right, where they're dealing with our individual customers.

順便說一句，這一切都是在業務部門層級完成的，他們負責與我們的個人客戶打交道。

And at the end of the day, if we get to the point where we can't solve those issues with customers, then we will pass those costs along to customers and a pricing action.

最後，如果我們無法與客戶解決這些問題，那麼我們將把這些成本和定價行動轉嫁給客戶。

So we -- while it certainly has an impact to us, I think we're fairly confident in how we've worked through it in the past, and minimize the impact on the business last time, and we'll continue to do that.

因此，雖然這肯定會對我們產生影響，但我認為我們對過去的處理方式相當有信心，並將上次對業務的影響降至最低，我們將繼續這樣做。

Okay.

好的。

Great.

偉大的。

And then maybe just on the five year strategy update.

然後可能只是關於五年戰略更新。

I know you guys were going through that and was scheduled maybe to give some more color around the Analyst Day.

我知道你們正在經歷這些事情，並計劃在分析師日期間提供更多細節。

But just curious how you're thinking about that having gone through the five year strategy?

但我很好奇您在製定了五年策略之後是如何考慮的？

How are you thinking about the business longer term?

您對於公司的長期發展有什麼看法？

And maybe, Greg, if you're able to chime in there, I would love to hear your comments.

也許，格雷格，如果你能加入進來，我很樂意聽聽你的評論。

But any color just around that strategy going forward beyond maybe just 2025?

但是，對於該策略未來（例如 2025 年以後）有什麼具體規劃嗎？

Yeah.

是的。

No, I think it's a good question.

不，我認為這是個好問題。

And obviously, as we've postponed the Investor Day, we just felt it was best suited to give Greg the opportunity to get his feet on the ground, really understand the business significantly.

顯然，由於我們推遲了投資者日，我們只是覺得這最適合讓格雷格有機會腳踏實地，真正了解業務。

We didn't think it was best necessary to have it, where he come in and kind of share with you where we are at on our current five year strategy and where we're headed.

我們認為沒有必要讓他來和你們分享我們目前的五年策略以及我們的發展方向。

So we felt it was prudent to give a little bit of space to do that and give Greg some time to kind of learn a little bit more from the inside as opposed to the Board level on that.

因此，我們認為明智的做法是給予格雷格一些空間，讓他從內部而不是董事會層面學到更多。

So Greg, maybe you have a couple of comments?

那麼 Greg，也許你有一些評論嗎？

Yeah.

是的。

Thanks, and thanks, David, for the question.

謝謝，也謝謝 David 提出這個問題。

For me, I'm really very excited to be here.

對我來說，我真的非常興奮來到這裡。

And I think, as Dave mentioned, I think it was a great way for me to enter the company.

而且我認為，正如戴夫所提到的，這對我來說是進入公司的絕佳方式。

Coming from the Board, I have been working with Dave and been able to meet the leadership team in the last 1.5 years.

作為董事會成員，我一直與戴夫共事，並在過去的 1.5 年與領導團隊會面。

So from my perspective, Littelfuse is a great franchise.

所以從我的角度來看，Littelfuse 是一家很棒的特許經營商。

We have a strong global market position.

我們在全球市場佔有強大的地位。

We have great technology and people and I'm excited to be part of that next phase of growth.

我們擁有先進的技術和人才，我很高興能夠成為下一階段發展的一部分。

So we will be continuing to meet you, talk to you roll out more about that as we go forward, but I'm excited about it.

因此，我們將繼續與您會面，並與您討論更多有關這方面的事宜，我對此感到非常興奮。

Congratulations on the move there and looking forward to working with you as well.

恭喜您遷入並期待與您合作。

Thanks for the question, David.

謝謝你的提問，大衛。

William Kerwin, Morningstar.

威廉·克爾溫，晨星。

Hi, thanks, everyone and Dave, let me echo all the congratulations on a tremendous career and a warm welcome to Greg coming in very soon.

嗨，謝謝大家，戴夫，請允許我再次對大家的巨大成就表示祝賀，並熱烈歡迎格雷格即將加入。

If I could just add one more on margins, but specifically for the electronics segment. think that came in a little bit below where the expectations were coming into the fourth quarter.

如果我可以在利潤率上再補充一點，但具體來說是針對電子領域。我認為第四季的業績略低於預期。

So just curious what was going on there?

所以很好奇那裡發生了什麼事？

Is that more of a semis dynamic or a passive dynamic and how you expect that segment specifically profit margin to evolve over 2025?

這更多的是一種半動態還是被動動態？

Sure.

當然。

Thanks.

謝謝。

It's a great question.

這是一個很好的問題。

So here's what I would say.

這就是我要說的。

When we take a look at our electronics segments over the years and that's -- we've always talked about, that goes through these market cycles that are further exacerbated by the distribution inventory cycles.

當我們回顧多年來的電子產品細分市場時，我們一直在談論，它經歷了這些市場週期，而分銷庫存週期進一步加劇了這個週期。

We go through those prior down cycles, we've seen our margins drop into the mid-teens when you're down at the low points in terms of volumes.

我們經歷過先前的衰退週期，當銷售量處於低潮時，我們的利潤率會下降到十五六成左右。

In this particular case, as we've gone through this down cycle, which has gone a little longer than anyone was expecting the excess inventory that we've seen, not just in distribution channels, but EMSs and OEMs and then just this elongation of timing has really had a bit of a further effect on margins for us.

在這個特殊情況下，我們經歷了一個比任何人預期的都要長的下行週期，我們看到的過剩庫存不僅出現在分銷渠道，也出現在 EMS 和 OEM 中，然後就是這種延長時機確實對我們的利潤產生了一些進一步的影響。

I'm confident as we look ahead to 2025, when we start to see recovery, Dave talked about passives in our protection semiconductor book-to-bills now are trending well over one that from a 2025 perspective, the volumes for us really drives margin recovery, and we've proven the incremental margins that come out of that.

我相信，當我們展望2025 年時，當我們開始看到復甦時，Dave 談到了我們保護半導體訂單出貨比中的被動元件，現在趨勢遠遠超過從2025 年的角度來看，我們的銷售確實推動了利潤率復甦，我們已經證明了由此帶來的增量利潤。

So I feel good about our trajectory, margin improvement across electronics and we'll see some uplift as we go through the year.

因此，我對我們的發展軌跡、電子產品利潤率的提高感到很滿意，並且我們將在今年看到一些提升。

Okay.

好的。

Terrific.

了不起。

Thanks Meenal.

謝謝 Meenal。

And maybe a longer-term one for me as a follow-up.

對我來說，這或許是個長期的後續行動。

Just curious in the electric vehicle space, how you're seeing the dynamics over the next five years as OEMs move to higher voltage drivetrains and knowing that, that provides a good amount of content uplift for you?

只是好奇在電動車領域，隨著原始設備製造商轉向更高電壓的傳動系統，您如何看待未來五年的動態，並且知道這一點，這會為您提供大量的內容提升？

And even if there are maybe some short-term fits and starts here with EV programs.

即使電動車專案可能存在一些短期的起伏。

Are you seeing that momentum continue in terms of rising from for example, 400-volts towards 800-volts, et cetera?

您是否看到這種勢頭繼續上升，例如從 400 伏特上升到 800 伏特等等？

And then maybe just a quick view on heavier vehicle electrification too, whether that's ag equipment, semis, et cetera?

然後也許只是對重型車輛電氣化進行快速了解，無論是農業設備、半拖車還是其他？

Sure.

當然。

Electrification of vehicles certainly has gotten a lot of attention, positive and negative over the last couple of years.

過去幾年裡，汽車電氣化確實得到了很多關注，有正面的，也有負面的。

I think our position is that electrification will happen, right?

我認為我們的立場是電氣化將會發生，對嗎？

It's going to happen over time, perhaps at a slower rate than we had hoped maybe a couple of years ago, we've always had a bit more conservative view at the adoption rate than maybe what the market has viewed.

隨著時間的推移，這個過程可能會比我們幾年前希望的要慢，我們對採用率的看法一直比市場預期的更保守。

So we're in it for the long haul.

所以我們會長期堅持下去。

We've been developing products for high-voltage allocations.

我們一直在開發高壓分配產品。

We're in a good position there.

我們在那裡處於有利地位。

For us, content, the higher the voltage, the higher the content for us.

對我們來說，內容，電壓越高，對我們來說內容就越高。

So as voltages go from 400 to 800 to beyond, those are all positive intent opportunities for us.

因此，當電壓從 400 升至 800 甚至更高時，這對我們來說都是積極的機會。

Look, in the fourth quarter, 94% of the EV growth took place in China as the rest of the market was relatively flat.

你看，在第四季度，94% 的電動車成長發生在中國，因為其他市場相對穩定。

We're positioned well in China.

我們在中國市場佔有有利地位。

We have strong relationships with OEMs.

我們與 OEM 保持著牢固的關係。

And while the high-voltage side, we have more competition there, we continue to win the low-voltage side and the electronics applications with Chinese OEMs.

雖然在高壓方面我們面臨更激烈的競爭，但我們在低壓方面以及中國原始設備製造商的電子應用領域繼續取得勝利。

So even if we don't get all the high voltage in China, which we do win, but it's not at the same rate we win in other parts of the world.

因此，即使我們無法在中國獲得所有的高壓，我們確實贏了，但我們獲勝的速度並不像在世界其他地區那麼快。

The content, the growth in EVs in China will continue to be a good story for us in the long term, I think we're well positioned for that over time.

從長遠來看，中國電動車的成長將繼續為我們帶來好處，我認為從長遠來看，我們已做好準備。

And that's kind of -- we're committed to supporting that as it happens.

這就是——我們致力於支持這一點。

On the commercial side, it's a lot more variety of approaches that are taking place.

從商業角度來看，正在採取更加多樣化的方法。

And electrification and the commercial side can be everything from electrifying hydraulic mechanisms, lifting, construction and agriculture equipment, which is not necessarily a full EV but electrification of the movement systems in a vehicle, that's great content for us and creates opportunity for us moving from hydraulic to electrical.

電氣化和商業方面可以是一切，從電動液壓機構、起重、建築和農業設備，不一定是完整的電動車，而是汽車運動系統的電氣化，這對我們來說是很好的內容，為我們創造了從從液壓到電動。

And certainly, heavy truck, last mile applications.

當然還有重型卡車、最後一哩路的應用。

There's a great opportunity there.

那裡有一個很好的機會。

We're well positioned there and are seeing nice opportunities in that space.

我們在那裡佔據了有利位置，並且看到了該領域的良好機會。

So we're in it for the long haul.

所以我們會長期堅持下去。

We think over the next five years, it will continue to be a content driver for us predicting the exact pace of it.

我們認為，在未來五年內，它將繼續成為內容驅動因素，我們也可以預測它的確切發展速度。

I think we remain agile, and we'll respond to that as the markets evolve.

我認為我們仍將保持敏捷，並會隨著市場的發展做出反應。

Great.

偉大的。

Thank you so much.

太感謝了。

Thanks for the questions, Will.

謝謝你的提問，威爾。

(Operator Instructions)

（操作員指令）

David Silver, CL King.

大衛·西爾弗、CL·金。

Yeah.

是的。

First, let me add my congratulations to Dave on a long successful career and also to Greg.

首先，我要祝賀戴夫和格雷格長期以來的成功職業生涯。

I just would have a big picture question.

我只是想問一個宏觀問題。

I'll call it kind of a look back or look forward type of question.

我將其稱為回顧或展望類型的問題。

But first, as a sell-side analyst, I know we're often guilty of a very narrow or short-term focus.

但首先，身為賣方分析師，我知道我們經常犯下目光過於狹隘或短視的錯誤。

Dave, you've been with the company in a very long time and grown up with it, I guess.

戴夫，我想，你已經在公司工作很久了，並且和公司一起成長了。

I was just wondering if you could look back maybe three to five years maybe to the beginning of the pandemic just as a just as a point in time.

我只是想知道您是否可以回顧一下大約三到五年前，也許是疫情開始的某個時間點。

I was wondering if you might be able to call out one or two of the longer-term or more structural changes that you have implemented that you would say, really position your company well here and now looking ahead?

我想知道您是否可以列出您所實施的一兩個長期或結構性變革，您認為這些變革是否真正為您的公司在當前和未來做好了準備？

And then secondarily, I do wonder if you could maybe point out one or two of the major challenges or opportunities that you think Littelfuse needs to adapt to or to succeed at in order for it to reach its long-term growth goals?

其次，我確實想知道您是否可以指出一兩個您認為 Littelfuse 需要適應或取得成功的主要挑戰或機遇，以實現其長期成長目標？

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

And yeah, I have kind of grown up to the business.

是的，我已經適應了這個行業。

I walked into the doors of Littelfuse when I was 20 years old.

20歲時，我走進了Littelfuse的大門。

So I've spent my career with the company and have learned from a very early stage in the different applications and products and markets that we serve as those have evolved over the years.

我的職業生涯都在公司度過，從很早的時候我就了解了我們所服務的不同應用、產品和市場，因為它們多年來一直在發展。

Certainly, if you look at the last three to five years, and it's been a pretty interesting three to five years on pandemic situations, geopolitical situations and things like that, has been fairly dynamic.

當然，如果你回顧過去三到五年，你會發現這三到五年非常有趣，疫情情勢、地緣政治局勢等都相當活躍。

But what I would say is, I think the keys for us have been identifying even prior to three to five years ago, what are the long-term positive megatrends that are going to drive opportunity for Littelfuse, not in the next three years, but in the next 10 to 20 years.

但我想說的是，我認為我們的關鍵在於早在三到五年前就已經確定了哪些長期積極的大趨勢將為 Littelfuse 帶來機遇，不是在未來三年，而是在未來的10到20年裡。

And making sure we're aligning our strategy to participate and play a role with our customers to support our customers as we go on that journey.

並確保我們調整策略，與客戶一起參與並發揮作用，為我們的客戶提供支援。

And so I think that has been really important for us.

所以我認為這對我們來說非常重要。

Our investments have been in those areas.

我們的投資一直在這些領域。

Our focus has been in those areas.

我們的重點一直放在這些領域。

I think they've served us well.

我認為他們為我們提供了良好的服務。

And I think looking forward, the reality is those trends if anything are stronger today than they were five years ago or 10 years ago, when we identified them.

我認為展望未來，現實情況是，這些趨勢今天比我們五年前或十年前發現它們時更強勁。

So we -- I think we continue to be well positioned to participate in these long-term trends.

因此，我認為我們仍然處於有利地位，可以參與這些長期趨勢。

Your question on what challenges or whatever, certainly, I think geopolitical situations create more challenges.

你問的是挑戰是什麼，當然，我認為地緣政治局勢帶來了更多挑戰。

But we have a really strong team at Littelfuse with strong experience and we're not overly dependent on a singular application or a singular market.

但 Littelfuse 擁有一支非常強大的團隊，他們擁有豐富的經驗，我們不會過度依賴單一的應用或單一的市場。

We have become more diversified over time.

隨著時間的推移，我們變得更加多樣化。

And I think that will actually serve us well as we run a global business.

我認為這對我們開展全球業務實際上大有裨益。

That diversification and placement we have and the strength of our capabilities and our products and our team will serve us well and our investors well for quite some time.

我們的多元化和佈局、以及我們的能力、產品和團隊的實力將在相當長的一段時間內為我們和我們的投資者提供良好的服務。

Okay, great.

好的，太好了。

Congratulations again.

再次恭喜。

That's all for me.

對我來說這就是全部了。

Thank you.

謝謝。

That concludes the question-and-answer session.

問答環節到此結束。

I would like to turn the call back over to David Kelley for closing remarks.

我想將電話轉回給戴維凱利 (David Kelley)，請他作最後發言。

Yeah.

是的。

Thank you, and thanks, everyone, for your questions today.

謝謝大家今天提出的問題。

That does conclude the Q&A.

問答環節到此結束。

We hope everyone has a great day.

我們希望每個人都度過愉快的一天。

Thank you.

謝謝。

Ladies and gentlemen.

女士們，先生們。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。