Littelfuse Inc (LFUS) 2025 Q1 法說會逐字稿

Good day, and welcome, everyone, to the first-quarter 2025 Littelfuse earnings call. Please note, this call is being recorded.

大家好，歡迎參加 2025 年第一季 Littelfuse 收益電話會議。請注意，此通話正在錄音。

And it is now my pleasure to turn it over to the Head of Investor Relations, David Kelley. You may begin.

現在我很高興將這個主題交給投資人關係主管 David Kelley。你可以開始了。

Good morning, and welcome to the Littelfuse first-quarter 2025 earnings conference call. With me today are Greg Henderson, President and CEO; and Meenal Sethna, Executive Vice President and CFO.

早安，歡迎參加 Littelfuse 2025 年第一季財報電話會議。今天與我在一起的有總裁兼執行長 Greg Henderson；以及執行副總裁兼財務長 Meenal Sethna。

Yesterday, we reported results for our first quarter, and a copy of our earnings release and slide presentation, is available in the Investor Relations section of our website. A webcast of today's conference call will also be available on our website. Please advance to slide 2 for our disclaimers.

昨天，我們報告了第一季的業績，您可以在我們網站的投資者關係部分找到我們的收益報告和幻燈片演示的副本。今天的電話會議的網路直播也將在我們的網站上提供。請翻到投影片 2 查看我們的免責聲明。

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

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。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. 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.

此外，我們今天的評論涉及非公認會計準則財務指標。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 財務指標與最可比較的 GAAP 指標的對帳。

I will now turn the call over to Greg.

現在我將電話轉給格雷格。

Thank you, David, and thank you to everyone for joining us this morning. It's a pleasure to speak with all of you today, my first earnings call as CEO of Littelfuse. For those of you who are new to Littelfuse, I joined our Board two years ago and previously spent 10 years in Analog Devices where I have the responsibility for the automotive and energy, communications and aerospace businesses.

謝謝你，大衛，也感謝今天早上加入我們的所有人。我很高興今天能與大家交談，這是我作為 Littelfuse 執行長的第一次財報電話會議。對於剛加入 Littelfuse 的人來說，我兩年前加入了我們的董事會，之前在 Analog Devices 工作了 10 年，負責汽車和能源、通訊和航空航太業務。

Since taking on my current role in February, I've been getting to know our global teams on a deeper level. I've also spent time connecting with and listening to many of our customers, suppliers and partners. I joined Littelfuse excited about our capabilities, and three months into the role. I am deeply energized by the opportunity ahead. With that, I wanted to start by sharing three key observations: one, we are leaders in developing smart solutions that enable safe and efficient electrical energy transfer.

自從二月擔任現職以來，我對我們的全球團隊有了更深入的了解。我還花了一些時間與我們的許多客戶、供應商和合作夥伴聯繫並傾聽他們的意見。我加入 Littelfuse 並擔任該職位三個月，對我們的能力感到非常興奮。未來的機會讓我充滿動力。首先，我想分享三個關鍵觀察：第一，我們在開發能夠實現安全高效電能傳輸的智慧解決方案方面處於領先地位。

Our customers deeply value our capabilities and our market leadership is a significant asset. Because of this, we have built great brand equity across our products, offering broad multi-technology capabilities for our customers. As our end markets are moving to higher power and higher energy density, our customers are facing increasingly complex safety and efficiency challenges. As a result of this trend, our trusted and essential technologies are more frequently part of our customers' architectures.

我們的客戶非常重視我們的能力，我們的市場領導地位是一筆寶貴的資產。正因為如此，我們在我們的產品中建立了良好的品牌資產，為客戶提供廣泛的多技術能力。隨著我們的終端市場朝著更高的功率和更高的能量密度發展，我們的客戶面臨日益複雜的安全和效率挑戰。由於這種趨勢，我們值得信賴和必不可少的技術越來越頻繁地成為我們客戶架構的一部分。

Let me provide you two examples of the role we play in our customer solutions. First, in the rapidly growing grid storage market, we are a key supplier from the rapid container levels to the power conversion systems sensor the grid. With increasing power demand and the simultaneous push to lower operating costs, grid storage systems require increasingly sophisticated and thoughtful circuit protection strategy.

讓我向您提供兩個我們在客戶解決方案中所扮演的角色的例子。首先，在快速成長的電網儲存市場中，我們是從快速容器層級到電力轉換系統感測器電網的關鍵供應商。隨著電力需求的不斷增長以及同時降低營運成本的壓力，電網儲存系統需要越來越複雜和周到的電路保護策略。

We are a leader in high-speed fuses that are essential to enabling higher voltage trading. We're also a key provider of arc-flash and ground-fault protection within the cabinet and power conversion systems that reduce the risk of catastrophic failure.

我們是高速保險絲領域的領導者，高速保險絲對於實現更高電壓交易至關重要。我們也是機櫃和電源轉換系統內電弧閃光和接地故障保護的主要供應商，可降低災難性故障的風險。

Finally, our sensor and switch technologies are essential to temperature sensing and the safeguarding of short circuits.

最後，我們的感測器和開關技術對於溫度感應和短路防護至關重要。

A second example is our key role in data center advancements, where we are benefiting from our leading position at the passive electronics and protection supplier with high value and power semiconductor and switching capabilities. Our hyperscaler and infrastructure customers are evolving to higher power and current density solutions, and we are helping them develop safer and more efficient systems.

第二個例子是我們在資料中心發展中發揮的關鍵作用，我們受益於我們在被動電子和保護供應商方面的領先地位，擁有高價值和功率半導體和開關能力。我們的超大規模和基礎設施客戶正在朝著更高功率和電流密度的解決方案發展，我們正在幫助他們開發更安全、更有效率的系統。

We are innovating with our customers for multiple data center applications, including on the rack and power supply as well as at the power distribution level and for data center cooling. Across these applications, we leverage our leading fuse, switching, sensing and power semiconductor capabilities to provide integrated solutions. Importantly, in the quarter, we delivered key data center design wins for circuit protection and power distribution solutions and for megawatt capable power semiconductor devices for use in grain transfer switches.

我們正在與客戶一起創新多種資料中心應用，包括機架和電源以及配電層和資料中心冷卻。在這些應用中，我們利用領先的保險絲、開關、感測和功率半導體功能來提供整合解決方案。重要的是，在本季度，我們為電路保護和配電解決方案以及用於穀物轉換開關的兆瓦級功率半導體裝置贏得了關鍵的資料中心設計勝利。

Now my second key observation is that we have a highly talented and motivated team and a well-positioned and flexible global operating model, both of which are essential to winning more customers. From my conversations I have found our teams have a passion to win and they are invested in our technologies, our company and our customers. Our teams are often embedded with our customers, partnering on the design of next-generation solutions.

現在，我的第二個主要觀察是，我們擁有一支才華橫溢、積極進取的團隊，以及定位良好、靈活的全球營運模式，這兩者對於贏得更多客戶都至關重要。從我的談話中我發現我們的團隊有著強烈的求勝慾望，並且他們對我們的技術、我們的公司和我們的客戶投入了大量的精力。我們的團隊經常與客戶一起合作設計下一代解決方案。

We also have strong manufacturing and operating capabilities across our global footprint. We are often located in reaching with our customers and our supply chain, and we are well positioned to execute through a complex and evolving tariff and economic environment. Our global teams and operating models are competitive advantages, providing us the opportunity to strengthen our long-term position with customers.

我們的全球業務還擁有強大的製造和營運能力。我們經常與客戶和供應鏈保持聯繫，我們有能力應對複雜且不斷變化的關稅和經濟環境。我們的全球團隊和營運模式是我們競爭優勢，為我們提供了加強與客戶的長期地位的機會。

Finally, my third observation. Our strong profitability and cash generation provides a solid foundation for long-term success. We have a history of resilient and strong profitability, which reflects the unique value proposition of our trusted and essential products. We also benefit from the diverse nature of our end market exposure. Importantly, we are a strong cash generator, while our balance sheet provides us significant flexibility.

最後，我的第三個觀察。我們強大的獲利能力和現金創造能力為長期成功奠定了堅實的基礎。我們擁有堅韌而強勁的獲利歷史，這反映了我們值得信賴和必不可少的產品的獨特價值主張。我們也受惠於終端市場多樣化的性質。重要的是，我們擁有強大的現金產生器，而我們的資產負債表為我們提供了極大的靈活性。

Our financial strength positions us to continue capitalizing on leading organic and inorganic growth opportunities. Going forward with our customers requiring higher power and energy density solutions, we can further leverage our expanding content opportunities to drive long-term profitability enhancements.

我們的財務實力使我們能夠繼續利用領先的有機和無機成長機會。展望未來，隨著客戶對更高功率和能量密度解決方案的需求，我們可以進一步利用不斷擴大的內容機會來推動長期獲利能力的提升。

Now I wanted to spend a few minutes highlighting our first quarter results and provide some insights into what we are seeing into the second quarter amid an uncertain environment. First, I am proud of our global teams, who worked hard to deliver strong results that exceeded our expectations. In the quarter, we delivered solid sequential growth in our passive electronics and protection business, while our Industrial segment continues to drive strong results.

現在我想花幾分鐘時間重點介紹我們的第一季業績，並對在不確定的環境下我們對第二季的展望提供一些見解。首先，我為我們的全球團隊感到自豪，他們努力工作，並取得了超越我們預期的強勁成果。本季度，我們的被動電子和保護業務實現了穩健的連續成長，而我們的工業部門繼續取得強勁的業績。

In our Transportation segment, our teams work hard to deliver solid margin expansion despite soft end market conditions. In the quarter, we observed improved book-to-bill across all our businesses, with total Littelfuse book-to-bill tracking above one, reflecting our technology capabilities and our customer position.

在我們的運輸部門，儘管終端市場狀況疲軟，但我們的團隊仍努力實現利潤的穩定成長。在本季度，我們觀察到所有業務的訂單出貨比都有所改善，其中 Littelfuse 的整體訂單出貨比超過 1，這反映了我們的技術能力和客戶地位。

Our teams executed well through the first quarter, and we entered the second quarter with momentum and a strong backlog. Given growing trade and market uncertainty, we are working closely with our customers and partners to monitor potential demand risk in the second half. We have a history of navigating through challenging and fluid backdrops such as the supply chain shortages that emerged following code.

我們的團隊在第一季表現良好，我們帶著強勁的勢頭和充足的積壓訂單進入了第二季度。鑑於貿易和市場不確定性日益增加，我們正在與客戶和合作夥伴密切合作，監控下半年的潛在需求風險。我們曾經歷過各種充滿挑戰和變數的局面，例如程式碼出現後出現的供應鏈短缺。

We have a flexible operating model, and we have invested to align our footprint closer to our customers and their supply chain. We have built a strong tariff playbook that will help us navigate an uncertain environment. Taking a step back, while we're focused on executing through the current environment, I'm excited about our long-term opportunity. I am also confident that we are positioning ourselves to deliver best-in-class shareholder value.

我們擁有靈活的營運模式，並且我們進行了投資以使我們的業務足跡更加貼近我們的客戶及其供應鏈。我們已經制定了強有力的關稅策略，這將幫助我們應對不確定的環境。退一步來說，雖然我們專注於在當前環境下執行，但我對我們的長期機會感到興奮。我也堅信，我們有能力為股東創造最佳價值。

Before turning the call over to Meenal to provide additional color on our financial performance and outlook, I wanted to address our recent CFO transition plan announcement. On behalf of everyone at Littelfuse, we want to thank Meenal for her many contributions over 10 years of leadership at the company. Meenal has been a key driver of Littelfuse growth and profitability expansion.

在將電話轉給米納爾提供有關我們的財務業績和前景的更多細節之前，我想談談我們最近宣布的財務長過渡計劃。我謹代表 Littelfuse 全體員工感謝 Meenal 在公司領導十年來所做的許多貢獻。Meenal 一直是 Littelfuse 成長和獲利擴張的關鍵推動者。

And thanks to her guidance, we enter our next phase of growth with the financial strength and flexibility to capitalize on our numerous opportunities. I look forward to partnering with Meenal through the transition phase as our search process for our next CFO is underway.

在她的指導下，我們進入了下一個成長階段，擁有雄厚的財務實力和靈活性，能夠利用許多機會。我們正在尋找下一任財務官，我期待在過渡階段與 Meenal 合作。

With that, I will hand the call over to Meenal.

說完這些，我將把電話交給米納爾。

Thank you, Greg. I appreciate your kind words, and good morning, everyone, and thanks for joining us today. Please turn to slide 6 to start with details on our first quarter results. Revenue in the quarter was $554 million, up 4% versus last year in total and up 3% organically, exceeding the high end of our guidance range. Sales to Elmos Semiconductor as part of our Boardman capacity sharing agreement contributed 2% to sales growth, while Ford exchange was a 1% headwind.

謝謝你，格雷格。感謝您的善意言辭，大家早安，感謝您今天加入我們。請翻到投影片 6 來了解我們第一季的業績詳情。本季營收為 5.54 億美元，較去年同期成長 4%，有機成長 3%，超過了我們預期範圍的高端。作為我們 Boardman 產能共享協議的一部分，對 Elmos Semiconductor 的銷售為銷售成長貢獻了 2%，而福特交易所則帶來了 1% 的逆風。

GAAP operating margins were 12.7%. Adjusted operating margin finished at 14.2% and adjusted EBITDA margins were 20.1%. Adjusted operating margins expanded 320 basis points versus the prior year period, reflecting both strong operational performance and conversion on sales growth. First quarter GAAP diluted earnings was $1.75 and adjusted diluted earnings was $2.19, up 24% versus the prior year period and exceeding the high end of our guidance range. Our first quarter GAAP effective tax rate was 27%, and adjusted effective tax rate was 26%, in line with our expectations.

GAAP 營業利益率為 12.7%。調整後的營業利益率為 14.2%，調整後的 EBITDA 利潤率為 20.1%。調整後的營業利潤率較去年同期擴大了 320 個基點，反映了強勁的營運業績和銷售成長的轉換率。第一季 GAAP 稀釋收益為 1.75 美元，調整後稀釋收益為 2.19 美元，較去年同期成長 24%，超過我們預期範圍的高端。我們第一季的 GAAP 有效稅率為 27%，調整後有效稅率為 26%，符合我們的預期。

Please turn to slide 7 for updates on capital allocation. We delivered strong cash generation in the first quarter, and our balance sheet positions us well amid dynamic environment. Operating cash flow was $66 million in the quarter, and we generated $43 million in free cash flow, driving free cash conversion of 98%. We ended the quarter with $619 million of cash on hand and net debt to EBITDA leverage of 1.3x. Our balance sheet and history of strong cash generation provides significant flexibility, positioning us well to effectively navigate through economic uncertainty.

請翻到投影片 7 了解資本配置的最新情況。我們在第一季實現了強勁的現金創造，我們的資產負債表使我們在動態環境中處於有利地位。本季經營現金流為 6,600 萬美元，我們產生了 4,300 萬美元的自由現金流，推動自由現金轉換率達到 98%。本季末，我們手頭上有 6.19 億美元現金，淨負債與 EBITDA 的比率為 1.3 倍。我們的資產負債表和強勁的現金產生歷史提供了極大的靈活性，使我們能夠有效地應對經濟不確定性。

This is a case during COVID and subsequent supply chain disruptions, and we're confident we remain well situated in the current dynamic environment. In the first quarter, we returned $45 million to shareholders, $17 million via our cash dividend and $27 million via share repurchases. We will continue to prioritize our free cash flow for strategic acquisitions, and we'll continue to return capital to our shareholders through our dividend and share buyback. Please turn to slide 8 for our product segment highlights, starting with the Electronics Products segment. Sales for this segment were up 6% versus last year and up 3% organically.

這是新冠疫情及其後續供應鏈中斷期間的情況，我們有信心在當前動態環境中保持良好狀態。第一季度，我們向股東返還了 4,500 萬美元，其中透過現金股利返還 1,700 萬美元，透過股票回購返還 2,700 萬美元。我們將繼續優先考慮我們的自由現金流用於策略性收購，並將繼續透過股利和股票回購向股東返還資本。請翻到幻燈片 8 查看我們產品部門的亮點，首先是電子產品部門。該部門銷售額較去年同期成長 6%，有機成長 3%。

Sales from the Dortmund capacity sharing agreement contributed 4% to growth. Sales across passive products were up 13% organically, while semiconductor products declined 5% in the quarter. Our strong passive product sales growth in the quarter, reflects pockets of end demand recovery and improved orders from channel partners.

多特蒙德產能共享協議帶來的銷售額對成長貢獻了 4%。本季無源產品銷售額有機成長 13%，而半導體產品銷售額下降 5%。本季我們被動產品銷售強勁成長，反映了終端需求復甦和通路合作夥伴訂單增加。

Within our semiconductor products exposure, we observed continued softness across power semiconductors that more than offset improved demand for our protection products. Operating margins in the quarter were 15.2%, up 220 basis points versus the prior year period, while adjusted EBITDA margin finished at 22.1%.

在我們的半導體產品曝光中，我們觀察到功率半導體的持續疲軟，超過了對我們保護產品的需求的成長。本季營業利益率為 15.2%，較去年同期成長 220 個基點，調整後 EBITDA 利潤率為 22.1%。

Our teams executed well in the quarter as we delivered strong volume conversion on both our passive and protection products. Moving to our Transportation Products segment on slide 9. Segment organic sales declined 4% for the quarter. In the passenger car business, sales declined 6% organically. Passenger car sales were negatively impacted by global cargo declines and associated regional mix with particular softness in Europe and North America as well as planned auto sensor pruning actions.

由於我們在被動產品和保護產品上都實現了強勁的銷售轉換，我們的團隊在本季度表現良好。前往投影片 9 上的運送產品部分。本季分部有機銷售額下降 4%。乘用車業務銷售額有機下降6%。乘用車銷量受到全球貨運量下降、相關區域組合（尤其是歐洲和北美的疲軟）以及計劃中的汽車感測器修剪行動的負面影響。

We offset these declines in part with growth in China. Commercial vehicle sales for the quarter were down 2% organically and were negatively impacted by continued end market softness. For the segment, operating margins were 11.7% for the quarter, up 220 basis points versus the prior year period, while adjusted EBITDA margins finished at 17.1%. In the quarter, our focus on profitability initiatives again drove solid margin expansion despite soft demand conditions. We are continuing to drive initiatives, including leveraging best practices throughout the company as we continue our margin expansion progress.

我們透過中國市場的成長部分抵消了這些下降。本季商用車銷售量有機下降 2%，受到終端市場持續疲軟的負面影響。該部門本季營業利潤率為 11.7%，較去年同期成長 220 個基點，調整後 EBITDA 利潤率為 17.1%。本季度，儘管需求疲軟，但我們對獲利措施的關注再次推動了利潤率的穩定成長。我們將繼續推動各項舉措，包括在整個公司範圍內利用最佳實踐，繼續擴大利潤率。

On slide 10, Industrial Products segment sales grew 16% organically for the quarter. First quarter sales benefited from strong renewables, data center and HVAC growth as well as favorable pricing. Segment operating margins finished at 15.3% in the quarter, expanding 880 basis points versus prior year levels. Adjusted EBITDA margins were 18.5% in the quarter. We again delivered solid margin performance, driven by execution and strong conversion on volume growth.

在投影片 10 中，工業產品部門銷售額本季有機成長了 16%。第一季的銷售受益於強勁的再生能源、資料中心和暖通空調成長以及優惠的定價。本季分部營業利益率達 15.3%，較去年同期成長 880 個基點。本季調整後的 EBITDA 利潤率為 18.5%。在執行力和銷售成長強勁轉換的推動下，我們再次實現了穩健的利潤表現。

Please move to slide 12 for the forecast. During the first quarter, book-to-bill improved across all of our businesses, and we entered the second quarter with a strong backlog. We continue to work closely with our customers and partners to monitor ongoing trade dynamics and potential second half demand shift.

請移至投影片 12 查看預測。在第一季度，我們所有業務的訂單出貨比都有所改善，進入第二季度時，我們擁有大量積壓訂單。我們將繼續與客戶和合作夥伴密切合作，以監測當前的貿易動態和潛在的下半年需求變化。

We have a strong tariff mitigation playbook that we've been deploying over the past several weeks. We continue to work closely with our customers on various solutions to mitigate tariff impacts by flexing our global footprint, evaluating sourcing and logistics options and implementing pricing actions as necessary.

我們有一個強有力的關稅減免策略，並且在過去幾週一直在實施。我們將繼續與客戶密切合作，透過靈活運用我們的全球影響力、評估採購和物流選擇以及根據需要實施定價行動，制定各種解決方案來減輕關稅的影響。

Based on our actions and current policies enacted, we do not expect tariffs to have a material impact to our second quarter earnings. With that in mind, our second quarter guidance incorporates current market conditions, trade policies and foreign exchange rates as of today. We expect second quarter sales in the range of $565 million to $595 million. We're projecting second quarter EPS to be in the range of $2.10 to $2.40, which assumes a tax rate of between 23% and 25%. At current FX and commodity rates, we are expecting a $0.15 benefit to EPS versus the prior year.

根據我們的行動和現行政策，我們預期關稅不會對我們第二季的收益產生重大影響。考慮到這一點，我們的第二季指引考慮了截至今天的當前市場狀況、貿易政策和外匯匯率。我們預計第二季的銷售額將在 5.65 億美元至 5.95 億美元之間。我們預計第二季每股收益將在 2.10 美元至 2.40 美元之間，假設稅率在 23% 至 25% 之間。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 0.15 美元。

Our second quarter has historically included higher stock compensation expense due to certain retirement provisions. With some changes in our program, the impact will now be spread evenly across the second and third quarter. In the second quarter, these provisions had an unfavorable $0.10 EPS impact sequentially to Q1 and negative 50 basis point effect on margins.

由於某些退休金規定，我們第二季的股票薪酬支出歷來較高。透過對我們的計劃進行一些調整，影響將均勻分佈在第二季和第三季。在第二季度，這些撥備對每股收益產生了不利影響，環比第一季減少了 0.10 美元，對利潤率產生了 50 個基點的負影響。

Moving to slide 13, let me add some additional details on our full year 2025. We continue to expect about a 2% total sales growth stemming from our Dortmund multiyear capacity sharing arrangement.

轉到第 13 張投影片，讓我補充一些有關我們 2025 年全年的更多細節。我們繼續預計，由於多特蒙德多年的產能共享協議，總銷售額將成長約 2%。

We also continue to expect a neutral impact to EPS. As a reminder, we acquired the Dortmund fab from Elmos Semiconductor in late December. At current rates, we expect foreign exchange and commodities will represent a 1% tailwind to sales and a $0.40 benefit to earnings per share. On other modeling items, we are assuming $58 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. We're estimating a full year tax rate of between 23% and 25%.

我們也繼續預期對每股收益的影響為中性。提醒一下，我們在 12 月底從 Elmos Semiconductor 收購了多特蒙德工廠。按照目前的匯率，我們預計外匯和大宗商品將為銷售額帶來 1% 的推動力，並為每股收益帶來 0.40 美元的收益。在其他建模項目上，我們假設攤銷費用為 5,800 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。我們估計全年稅率在 23% 至 25% 之間。

And we also expect to invest $90 million to $95 million in capital expenditures. I want to reinforce that we've navigated complex landscapes over the past several years. We're benefiting from the work we've done over the years to diversify our end markets, broaden our customer mix and align our supply chain closer to our customers. We are well prepared to navigate through uncertain times with our experienced team and a strong balance sheet. In closing, it's been an honor to serve as CFO of Littelfuse over these last 10 years.

我們也預計將投資 9,000 萬至 9,500 萬美元的資本支出。我想強調的是，過去幾年我們已經經歷了複雜的情況。多年來，我們為實現終端市場多元化、擴大客戶結構以及使供應鏈更貼近客戶所做的努力讓我們受益匪淺。我們經驗豐富的團隊和強大的資產負債表已做好充分準備，度過不確定的時期。最後，我很榮幸在過去的 10 年裡擔任 Littelfuse 的財務長。

I would like to thank our talented global teams for their passion and achievements we've driven together. I look forward to working with Greg and the leadership team over the next several months to ensure a smooth transition.

我要感謝我們才華洋溢的全球團隊，感謝他們的熱情以及我們共同的成就。我期待在接下來的幾個月與格雷格和領導團隊合作，確保順利過渡。

And with that, I'll turn it back to Greg.

說完這些，我就把話題轉回給格雷格。

Thanks, Meenal. Our team is working hard with the goal to further leverage our strengths and sharpen our strategic playbook. We are focused on executing through a dynamic environment, but we're not losing sight of our strategic priorities. Before opening the call up for questions, I wanted to briefly preview our go-forward strategic priorities. One, we will enhance our focus to better capitalize on future growth opportunities.

謝謝，米納爾。我們的團隊正在努力工作，目標是進一步發揮我們的優勢並完善我們的策略策略。我們專注於在動態環境中執行，但我們不會忽略我們的策略重點。在開始提問之前，我想先簡單介紹一下我們未來的策略重點。一是我們將加強關注，並更好地利用未來的成長機會。

We will develop a more structured approach to evaluating the secular opportunities across our evolving end markets. We will also better leverage our strong global teams and their insights into the meaningful technology evolutions that are in front of us.

我們將制定更結構化的方法來評估不斷發展的終端市場的長期機會。我們還將更好地利用我們強大的全球團隊及其對我們面臨的有意義的技術變革的洞察力。

Strategic acquisitions will remain an important pillar of our growth strategy, and we will further align our growth goals with opportunities that enhance our long-term technology position. Two, we will provide more complete solutions for a broader set of our customers. While we are doing this in areas today, a couple of which I highlighted earlier, we can further leverage our diverse capabilities across more of our customers. To accomplish this, we are taking a more collaborative approach across our businesses.

策略收購仍將是我們成長策略的重要支柱，我們將進一步調整我們的成長目標與提升我們長期技術地位的機會。二是為更廣泛的客戶提供更完善的解決方案。雖然我們今天正在一些領域這樣做，其中有幾個我之前強調過，但我們可以進一步利用我們多樣化的能力為更多客戶提供服務。為了實現這一目標，我們在整個業務中採取了更具協作性的方式。

We are viewed as market leaders, but we can further harness our unique product portfolio position to help more of our customers solve complex challenges around safe and efficient power transfer. And three, we see an opportunity to continue driving operational excellence and enhance long-term profitability as we grow.

我們被視為市場領導者，但我們可以進一步利用我們獨特的產品組合地位，幫助更多客戶解決安全高效電力傳輸的複雜挑戰。第三，我們看到了在發展過程中繼續推動卓越營運和提高長期獲利能力的機會。

While we have a history of resilient profitability through cycles, we can better leverage areas of best-in-class practices and apply those across our businesses. We will further optimize our operating structure to support our long-term growth priorities and enhance performance.

雖然我們擁有在各個週期中保持強勁盈利的歷史，但我們可以更好地利用一流實踐領域，並將其應用於我們的業務中。我們將進一步優化營運結構，以支援我們的長期成長重點並提高績效。

We will look forward to sharing more about our strategic purposes in coming quarters. In closing, I want to again thank our global teams for their hard work and unwavering commitment to Littelfuse and our customers.

我們期待在未來幾季分享更多有關我們的策略目標的資訊。最後，我要再次感謝我們的全球團隊為 Littelfuse 和我們的客戶所做的辛勤工作和堅定不移的承諾。

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

接線員，我們準備開始問答。

(Operator Instructions)

（操作員指示）

Luke Junk, Baird.

盧克·簡克，貝爾德。

Great to talk to you on your first call here. Hoping we could start with the topic of the day in terms of tariffs and specifically, if we can unpack the assumption that's embedded into guidance for the second quarter, hoping specifically to parse out some of the geographic impacts in terms of the price recovery that you're anticipating? And then also maybe some of the more durable ways that you're avoiding or working around tariff impacts altogether relative to the tariff playbook that you mentioned as well. Thank you.

很高興第一次和您通話。希望我們可以從今天的關稅主題開始，具體來說，如果我們可以解開第二季度指導中所包含的假設，希望具體分析出您預期的價格復甦方面的一些地理影響？然後也許您還可以採取一些更持久的方法來避免或解決與您提到的關稅策略相關的關稅影響。謝謝。

Yeah. Thank you, Luke. Maybe I'll start by just saying Littelfuse, over the last years, has been focusing on building a flexible and asset-light operating model. And we've had a strategy of moving our manufacturing and our supply chains closer to our customers, and we continue to do that. So we have been diversifying our footprint and doing more local for local manufacturing.

是的。謝謝你，盧克。也許我首先要說的是，Littelfuse 在過去幾年裡一直致力於建立靈活、輕資產的營運模式。我們制定了將製造和供應鏈更貼近客戶的策略，並且我們將繼續這樣做。因此，我們一直在拓展業務範圍，並在本地製造方面進行更多本地化工作。

And that's why the trend that we've been on, that we will continue. In addition, I would say we've been working with our customers to mitigate tariffs as much as possible, managing ship to locations, managing where we supply things from them. So this is a trend that we will continue with. We expect to continue this trend of diversification and adding resiliency to our supply chain. And then with that, I'll hand over to Meenal, and she can give a little bit more detailed context on the details of how it's affecting our business and our outlook.

這就是我們所處的趨勢，我們將繼續下去。此外，我想說，我們一直在與客戶合作，盡可能降低關稅，管理出貨地點，管理我們從哪裡供應貨物。因此，我們將繼續保持這一趨勢。我們希望繼續這種多樣化趨勢並增強我們供應鏈的彈性。然後，我將把時間交給 Meenal，她可以更詳細地說明這件事如何影響我們的業務和前景。

Sure. Thanks, Greg. Luke, so maybe just to add on to what Greg was talking about, right? We -- our first focus is really working closely with our customers. Greg talked about anything we can do around sourcing and product changes, anything we can do around logistics ships that we're making.

當然。謝謝，格雷格。路克，也許只是想補充一下格雷格所說的內容，對嗎？我們－我們的首要重點是與我們的客戶密切合作。格雷格談到了我們在採購和產品變化方面可以做的任何事，以及我們在製造的物流船舶方面可以做的任何事。

And over time, we've also been focused on adjustments in the manufacturing footprint because that all helps. We also have a team across the company, multiple functions, multiple businesses that are meeting regularly, as you can imagine, really to review the latest in taking actions based on tariff announcements, customer requests, things like that. In general, with all the work that we've done, we don't expect tariffs to have a material impact to earnings in the second quarter. We've got all that work that we've done. And then when necessary, we're leveraging pricing, so we don't -- we don't anticipate an effect to earnings there.

隨著時間的推移，我們也一直專注於調整製造足跡，因為這一切都有幫助。你可以想像，我們公司還有一個團隊，負責多個職能部門和多個業務部門，他們會定期開會，以審查根據關稅公告、客戶要求等採取的最新行動。總的來說，透過我們所做的所有工作，我們預計關稅不會對第二季的收益產生重大影響。我們已經完成了所有工作。然後在必要時，我們會利用定價，所以我們不會 - 我們預計不會對收益產生影響。

And I think the last thing I'll just leave you with, I know there have been some questions about how do our sales shake out in the US and a little bit -- where are our sales coming from? Referring back to last year's information, about $800 million of our sales are in the United States.

我想最後要問大家的是，我知道有人問我們在美國的銷售情況如何，我們的銷售額來自哪裡？回顧去年的訊息，我們的銷售額中約有 8 億美元來自美國。

There's really two big countries where we're sourcing the product from. 15% of our sales are coming out of China. The biggest impact for us is really across our Electronics segment. We're working through all the mitigation actions that I mentioned first, and then we're leveraging pricing where necessary to offset the tariff cost. Another 60% of our products are sourced from Mexico.

我們的產品實際上來自兩個大國。我們的銷售額有 15% 來自中國。對我們來說，最大的影響實際上是在整個電子領域。我們正在採取我首先提到的所有緩解措施，然後在必要時利用定價來抵消關稅成本。我們的另外 60% 的產品來自墨西哥。

That's really part of our regional alignment with our customers. For us, over 90% of the product coming out of Mexico is covered either under US MCA or some other mechanisms, et cetera. And so we really have minimal tariffs coming through, and again, leveraging pricing is necessary there.

這實際上是我們與客戶區域協調的一部分。對我們來說，來自墨西哥的 90% 以上的產品都受到美國 MCA 或其他機制等的保護。因此，我們確實有最低的關稅，而且再次強調，利用定價是必要的。

Got it. And then I appreciate all that detail. Maybe looking near term in terms of what happened in the first quarter, Greg or Meenal, question could be for both of you, but just hoping to bridge the operating margin sequentially in electronics. Specifically, if we look on an underlying basis, excluding the Dortmund facility, incremental, very strong sequentially. Just how should we think about that in terms of maybe there was something in the 4Q comp, any outside strength in the first quarter or cost actions that may be more permanent above and beyond just the benefit of volume leverage? Thank you.

知道了。我很欣賞所有這些細節。也許從第一季發生的情況來看，格雷格或米納爾，這個問題可能是針對你們兩人的，但只是希望在電子產品方面連續縮小營業利潤率。具體來說，如果我們從基礎角度來看，不包括多特蒙德工廠，增量、連續性都非常強勁。我們該如何看待這個問題呢？也許第四季的業績表現不錯，第一季的外部實力強勁，或者成本行動可能比數量槓桿帶來的好處更持久？謝謝。

Sure. Thanks, Luke. Yeah, in general, when we look at the sequential versus the fourth quarter for Electronics, I want to say there wasn't anything out of the ordinary coming through there. We've always talked about the fact that for the Electronics segment that return to growth is really important for us. We get very, very strong operating leverage when we do have a return to growth.

當然。謝謝，盧克。是的，總的來說，當我們比較電子產業的第四季和上一季的表現時，我想說的是，並沒有發現任何異常情況。我們一直在談論這樣一個事實：對於電子領域來說，恢復成長對我們來說確實非常重要。當我們恢復成長時，我們獲得了非常非常強大的經營槓桿。

And then we saw -- as you saw in the prepared remarks, both in our passive electronics business as well as the protection side of our semiconductor business, we saw some nice sequential growth Q4 to Q1. And really that's -- I'd say, that's the biggest driver.

然後我們看到——正如您在準備好的評論中所看到的，無論是在我們的被動電子業務還是半導體業務的保護方面，我們都看到了第四季度相對於第一季度的良好連續增長。而事實上，我想說，這是最大的驅動力。

In terms of other areas around whether it's manufacturing, supply chain, we've been doing well around managing all of this. The tariff noise that's going on, we have had in general across the company, been looking at cost structures, and we have done some work around taking out costs as well. But I would say the big part is really that seeing that nice sequential growth.

至於其他領域，無論是製造還是供應鏈，我們在管理這些方面都做得很好。對於正在發生的關稅噪音，我們整個公司都在關注成本結構，我們也做了一些工作來降低成本。但我想說，真正重要的是看到良好的連續成長。

Got it. And then last question from me, maybe a slightly bigger picture, Greg, but maybe on the data center piece and some of the incremental opportunities, especially tied to AI-related awards, maybe if you could just update us on some idea of just materiality in terms of data center exposure across the business? You mentioned in -- I think Meenal mentioned in industrial, but I suspect there's some meaningful exposure within electronics as well. And then in terms of the AI-related engagements right now, just materiality and who you're working with? Should we assume you're working with some of the bigger hyperscalers and whatnot?

知道了。然後我的最後一個問題，也許可以稍微大一點，格雷格，但也許是關於數據中心部分和一些增量機會，特別是與人工智能相關的獎項相關的機會，也許你可以向我們介紹一下數據中心在整個業務中的重要性方面的一些想法？您提到過——我認為 Meenal 提到過工業領域，但我懷疑在電子領域也有一些有意義的接觸。那麼就目前與人工智慧相關的活動而言，只是實質的以及您與誰合作？我們是否應該假設您正在與一些較大的超大規模企業合作？

Yeah. I think one of the key focuses that, I have had, as I mentioned, was over the last months was to get out and visit customers and try to understand kind of how they see us and how we're positioned. And this data center is one that I've learned we have a really strong position with our customers.

是的。我認為，正如我所提到的，過去幾個月我的一個主要關注點就是走出去拜訪客戶，並試著了解他們如何看待我們以及我們的定位。據我了解，這個資料中心在我們的客戶中佔據著非常強勢的地位。

And I think the trend I talked about -- the big picture trends that I talked about, where architectures are moving to higher voltage and higher current is happening in the data center space. And I think the challenge is when you go to this higher voltage, higher current architectures, the protection becomes a much bigger deal.

我認為我談到的趨勢——我談到的大趨勢，即架構正在向更高的電壓和更高的電流發展，正在資料中心領域發生。我認為挑戰在於，當你採用這種更高電壓、更高電流的架構時，保護將變得更加重要。

And it's a much more challenging problem to protect the equipment, to protect people. If you go above 48-volt architectures in the data center, for example, you can have arcs and so now you have of course fire. And I think one of the interesting things that's happening in data center is that we've been participating in this electrification trend, and we're participating in this trend to go to higher voltage and higher current.

保護設備和人員是一個更具挑戰性的問題。例如，如果資料中心的電壓超過 48 伏特，就會出現電弧，從而引發火災。我認為資料中心正在發生的一件有趣的事情是，我們一直在參與這種電氣化趨勢，我們正在參與這種走向更高電壓和更高電流的趨勢。

The first place we really did was in the automotive market, which all went to 400-volt and 800-volt architectures.

我們真正做的第一件事是汽車市場，該市場全部採用 400 伏特和 800 伏特架構。

Now we're working with the leaders in the data center space that are looking at, taking these automotive architectures into the data center. And so that's a significant change and it provides a big content opportunity for us.

現在，我們正在與資料中心領域的領導者合作，研究將這些汽車架構引入資料中心。這是一個重大的變化，它為我們提供了巨大的內容機會。

So that's in the core safety and protection, but we also participate in other parts of the business, you mentioned HVAC, for example. In our Industrial business, HVAC business has been strong and actually a big driver for that has been in data center. So it's an important part of our business.

這是核心安全和保護，但我們也參與業務的其他部分，例如您提到的 HVAC。在我們的工業業務中，暖通空調 (HVAC) 業務一直表現強勁，而資料中心實際上是推動該業務發展的一大動力。所以這是我們業務的重要組成部分。

It's growing. We will continue to focus on it more. And as these mega trends go, it's going to even play more towards our strengths.

它正在成長。我們將繼續對此給予更多關注。隨著這些大趨勢的發展，它將更加發揮我們的優勢。

Got it. I appreciate all the color. I'll leave it there for now. Thank you.

知道了。我欣賞所有的色彩。我暫時把它留在那裡。謝謝。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Hi, good morning, everyone. Meenal, it has been great working with you, and we'll talk to you next week at our conference. And Greg, looking forward to working with you. Just a quick one on the tariff issue. Is pricing -- are you taking a list price approach or a surcharge approach?

大家好，早安。Meenal，與您合作非常愉快，我們下週會在會議上與您交談。格雷格，期待與您合作。我只想簡單談談關稅問題。定價－您採用的是定價方式還是附加費方式？

It varies, actually. We're doing both depending on the customers, what we typically do, but that the answer is it depends on the customers.

事實上，情況有所不同。我們根據客戶情況做這兩件事，我們通常會做什麼，但答案是這取決於客戶。

Okay. And then on the power semis, are you seeing any raise of light? Or is it pretty static? Or is it actually weakening a bit more and masked by protection recovery?

好的。那麼在電力半導體上，你看到任何光亮嗎？或者說它相當靜態？或者它實際上正在進一步減弱並被保護恢復所掩蓋？

Yeah. Thanks, Chris. Maybe I'll just take a kind of an answer on the power semiconductor business. And one of the things that, again, I was very focused on as I've come here is trying to better understand the value proposition in our semiconductor business, what our position is, our value proposition and where we play. And so I've been out meeting with our customers.

是的。謝謝，克里斯。也許我只是對功率半導體業務有一個大致的了解。我來到這裡時非常關注的事情之一就是試圖更好地了解我們半導體業務的價值主張、我們的地位、我們的價值主張以及我們的定位。所以我一直在外面與我們的客戶會面。

And I think one of the things that I have learned and I think is really important when we talk about this Littelfuse capability on safe and efficient energy transfer, our semiconductor business fits right there. And actually, for semiconductors, especially as you go to higher voltage, higher current, Littelfuse is more differentiated.

我認為，當我們談論 Littelfuse 在安全高效的能源傳輸方面的能力時，我學到的一件事，也是我認為非常重要的一件事，就是我們的半導體業務正好適合這一點。實際上，對於半導體而言，特別是當電壓和電流更高時，Littelfuse 的差異化程度更高。

So for very important applications, which are doing high energy transfer, we have a good position in. And for example, in our medical business, we are the market leader in the power stages that transfer energy in the defibrillator. And so this is transferring the energy from the storage to your part, basically, and whether that could be the defibrillator that's in your college gym or the defibrillator that's in the operating room, we're more the market leader in that.

因此，對於進行高能量傳輸的非常重要的應用，我們處於有利地位。例如，在我們的醫療業務中，我們是除顫器中傳輸能量的功率級的市場領導者。因此，這基本上就是將能量從儲存轉移到您的身體部位，無論是您大學體育館裡的除顫器還是手術室裡的除顫器，我們都是該領域的市場領導者。

And that -- our customers value was there because this is a very high energy density application that needs to be done in a very safe and precisely. So I would say our power semiconductor business has an important place in the market, and the trends moving to higher voltage and higher current are important. That said, I think we look at our market position, and I think there's areas of opportunity for us, both on strategy and execution, and we're focused on that from our overall strategy process. So we will be talking more over the coming months about how we see the semiconductor and where we're going to drive growth and opportunity in that business.

而這——我們的客戶價值就在那裡，因為這是一個非常高能量密度的應用，需要以非常安全和精確的方式完成。所以我想說我們的功率半導體業務在市場上佔有重要地位，朝向更高電壓和更高電流發展的趨勢很重要。話雖如此，我認為我們會審視我們的市場地位，我認為我們在策略和執行方面都有機會，而且我們會從整體策略流程的角度關注這一點。因此，我們將在接下來的幾個月中更多地談論我們如何看待半導體以及我們將如何推動該業務的成長和機會。

Okay. And in terms of the macro backdrop you're seeing right now, would you describe it as static or--

好的。就您現在看到的宏觀背景而言，您會將其描述為靜態的還是—

Are you asking the macro backdrop specific to semiconductors?

您問的是半導體特定的宏觀背景嗎？

Yeah, the power semiconductors.

是的，功率半導體。

Yeah. Look, I think that in our power semiconductor business is like our other businesses, and actually there are pockets that we're doing well. So for example, we talked about -- in the script, we talked about doing these power transfer switches for data centers. So there's pockets that are doing well, like data center. There're some other pockets like industrial automation that have been a little softer.

是的。看起來，我認為我們的功率半導體業務就像我們的其他業務一樣，實際上我們在某些​​方面做得很好。例如，我們在腳本中討論了為資料中心製作這些電源轉換開關。所以有些領域表現良好，例如資料中心。工業自動化等其他領域的表現則稍微疲軟一些。

So I would say that's the -- outside of the current macro larger question about the overall macro outlook, that's what we've been seeing in some of that.

所以我想說，這是——除了當前宏觀之外，關於整體宏觀前景的更大問題，這就是我們在其中看到的。

Okay. Great. And then on the capital allocation. Curious how your acquisition pipeline is looking now? And in the current environment, does that give you personally any pause on making capital allocation decisions for deals?

好的。偉大的。然後是資本配置。好奇您的收購管道現在進展如何？在當前環境下，這是否會讓您個人暫停為交易做出資本配置決策？

Yeah, I think, Chris,-- I think first, just starting, right? We have a very strong balance sheet, which gives us a lot of flexibility. So that's really a good thing and that's the strength that we have in the company. So we have a strong balance sheet. We continue to evaluate opportunities all the time.

是的，我認為，克里斯，——我認為首先，剛開始，對吧？我們的資產負債表非常強勁，這給了我們很大的彈性。這確實是件好事，這也是我們公司的優勢。因此我們的資產負債表強勁。我們始終持續評估機會。

But as I mentioned in the script, I think one of the key focuses we have is to work on our strategy, and so we're trying to sharpen our strategic focus on why Littelfuse, where we play and there have a very market-driven strategy working with our customers, understanding the market, understanding where the mega trends are going and where we want to go. So our focus right now is on building that strategy.

但正如我在腳本中提到的那樣，我認為我們的重點之一是製定策略，因此，我們正試圖加強我們的戰略重點，即為什麼選擇 Littelfuse、我們在哪裡開展業務，以及製定一個非常以市場為導向的戰略，與我們的客戶合作，了解市場，了解大趨勢的發展方向以及我們想要去的地方。因此我們現在的重點是製定該戰略。

And then as we develop that strategy and really focus on where we want to go, where we want to invest and how we want to drive growth, that will have both organic and inorganic elements. So we anticipate that M&A is going to be -- continue to be an important part of the strategy, and you will hear more about that as we roll the strategy over the coming months.

然後，當我們制定策略並真正關注我們想要去哪裡、我們想要投資哪裡以及如何推動成長時，這將同時包含有機和無機元素。因此，我們預計併購將繼續成為該策略的重要組成部分，隨著我們在未來幾個月推行該策略，您將聽到更多有關這方面的資訊。

That's great color. And last one for me. Meenal, I just wanted to ask about transportation margins, sustainability here in the low doubles. It's been a little bit lumpy. Fourth quarter was a little lighter and then boom, we're back up in the first quarter.

顏色真棒。對我來說這是最後一個。Meenal，我只是想問一下低雙倍的運輸利潤和永續性。它有點凹凸不平。第四季稍微輕鬆一些，然後第一季就又回升了。

And I think a good chunk of the $0.40 FX and commodities tailwind for this year does reside in transportation, so that may come to bear around your answer.

我認為今年 0.40 美元的外匯和大宗商品順風的很大一部分確實存在於運輸領域，因此這可能會對您的答案產生影響。

Yeah. So I'm just stepping back, right? We're really pleased with the progressive improvements we've made despite some of the challenges from a growth perspective with some of the markets. We've made really good strides in profitability, a lot of work done there. We talked about over the past several calls, the biggest focus areas have been pricing, focused a lot on pricing, a lot of footprint or rooftop reduction that we were focused on, especially in the CV part of the business, and even just some of the benefits that we're seeing from the pruning and other cost reduction activity that we've had.

是的。所以我只是退後一步，對嗎？儘管從某些市場的成長角度來看存在一些挑戰，但我們對所取得的進步感到非常高興。我們在獲利能力方面取得了長足的進步，並為此做了很多工作。在過去的幾次電話會議中，我們討論過，最大的關注點是定價，重點關注定價，我們關注的大量佔地面積或屋頂減少，特別是在業務的 CV 部分，甚至只是我們從修剪和其他成本削減活動中看到的一些好處。

I think going forward, that remains the focus for us for 2025 is the continued margin expansion. I think some of that, one, we think as we look further out sales growth opportunities and what we can do to better leverage our combined on the CV side, our legacy portfolio and the Carling portfolio across customers the additional content growth on EV, I'd say that's one.

我認為，展望未來，2025 年我們的重點仍是持續擴大利潤率。我認為其中的一些，首先，我們認為當我們進一步尋找銷售成長機會以及我們可以做些什麼來更好地利用我們在 CV 方面的結合、我們的傳統產品組合和 Carling 產品組合為客戶帶來 EV 的額外內容增長，我想這是其中之一。

Just a number of the operational -- I'll call it operational excellence opportunities. We've done some work there, but one of the things that we're focused on even more now is we see best practices across the company. How do we leverage those best practices that we see, say, in a couple of factories in Asia and think about them in North America or something in Europe that we do there.

這只是一些營運方面的問題——我稱之為卓越營運機會。我們已經在那裡做了一些工作，但我們現在更加關注的事情之一是看到整個公司的最佳實踐。我們如何利用我們在亞洲幾家工廠看到的最佳實踐，並在北美或歐洲考慮這些實踐。

So we're spending more time on that. We think there's another round of improvements that are coming through there as well. So those are some of the biggest areas we're looking at. Yes, there are some benefits from FX, but I would say the counter to that right now is also commodity prices are spiking up a bit. So it's a balance that we continue to monitor there.

所以我們在這方面花了更多時間。我們認為那裡還會出現新一輪的改進。這些是我們正在關注的一些最大的領域。是的，外匯確實有一些好處，但我想說，目前與之相反的是，大宗商品價格也在小幅上漲。因此，我們會繼續監測平衡情況。

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

Hey, good morning. Thanks for taking my questions and, Greg, great to hear from you here on your first call. I guess, Greg, maybe first from your business that you had over the last month or so. Just curious if you have any color on what you're hearing from your customers. in terms of their thoughts on the tariffs and their demand outlook and maybe how they're positioned and just how they're seeing the environment maybe?

嘿，早安。感謝您回答我的問題，格雷格，很高興在第一次通話中收到您的回覆。我想，格雷格，也許首先要談談你過去一個月左右的生意。我只是好奇您是否了解從客戶那裡聽到的消息。就他們對關稅和需求前景的看法以及他們的定位以及他們如何看待環境而言？

Thank you, David. Yes, I think, obviously, it's a very dynamic time, right? So -- and we're -- one of our key focuses is try to have as much conversations with our customers as we can. Just a little bit of context to kind of our business and our customers, just a little bit of context.

謝謝你，大衛。是的，我認為，顯然這是一個非常活躍的時期，對嗎？因此，我們的重點之一就是盡可能與客戶對話。只需簡單介紹一下我們的業務和客戶，僅此而已。

We had a very strong book-to-bill in the first quarter. So we have -- across all of our businesses, we had positive book-to-bill in the first quarter and we ended the second quarter with very strong backlog. That said, talking to our customers, there's a lot of, I would call it, anxiety, especially as it relates to the second half demand risk. And some submarkets like automotive and personal electronics probably maybe have a little more anxiety than others. So that said, I think we're confident in our 2Q guide. We continue to talk to our customers.

我們第一季的訂單出貨比非常強勁。因此，在我們所有的業務中，我們在第一季都實現了正向訂單出貨比，而在第二季末，我們擁有非常強勁的積壓訂單。話雖如此，在與我們的客戶交談時，我感覺到有很多焦慮，尤其是與下半年需求風險相關的焦慮。汽車和個人電子產品等一些子市場可能比其他市場更焦慮。所以，我認為我們對我們的第二季指南充滿信心。我們繼續與客戶溝通。

And Meenal mentioned, there's a lot of things we can do to mitigate the impacts and we're focused on those. The bigger question goes to kind of second half macro issues that we're all facing together. And our focus is just managing stay close to our customers, understand what they need and focus and we control, which is our execution and being flexible and resilient in the time.

米納爾提到，我們可以做很多事情來減輕影響，我們專注於這些事情。更大的問題涉及我們共同面臨的下半年宏觀問題。我們的重點是密切關注我們的客戶，了解他們的需求，並專注於控制，這是我們的執行力，並且具有靈活性和彈性。

Great color there. And then maybe just on the complete solutions side that you mentioned in the script there, we know that's a big value add. But as you kind of think about the opportunity there, is this something you think you can really deploy across the business? Or are there specific areas maybe that you're looking towards maybe first on this complete solutions? And then what do you think that benefit could be once you get that strategy really in place?

那裡的色彩很棒。然後也許僅從您在腳本中提到的完整解決方案來看，我們知道這是一個很大的附加價值。但是當您考慮那裡的機會時，您是否認為這是真正可以在整個業務中部署的東西？或者，您是否首先關注這些完整解決方案中的特定領域？那麼，您認為一旦真正實施策略，會帶來什麼好處呢？

Yeah. I think again, based on my observations and meeting with our teams and our customers, I mean, I've been really energized that one of the things I wanted to understand was that -- as I came in off the board was really understand how our customers see us and the value proposition we provide. And the exciting thing for me is that I learned that we -- our customers see us as more critical to their solution than I expected, and that we're really a partner in the next-generation architecture, and that's really powerful.

是的。我再次思考，根據我的觀察以及與我們的團隊和客戶的會面，我的意思是，我真的很想了解的一件事是——當我離開董事會時，我真正了解了客戶如何看待我們以及我們提供的價值主張。令我興奮的是，我了解到我們的客戶認為我們對他們的解決方案比我預期的更為重要，而且我們確實是下一代架構的合作夥伴，這非常強大。

And I gave a couple of examples of that in the script in terms of the grid storage and the data center. So we have areas where we're really doing that well. We're very partnered with our customers. And actually, in those cases where we're doing it best, we're able to also bring a breadth of technologies from across our company to those customers. But I would say I see that there's opportunity to scale that.

我在腳本中給出了幾個有關網格儲存和資料中心的例子。所以，我們在某些​​領域確實做得很好。我們與客戶建立了密切的合作關係。實際上，在我們做得最好的情況下，我們也能夠將公司範圍內的廣泛技術帶給這些客戶。但我想說，我看到了擴大這一規模的機會。

So I gave two examples in the data center and the grid storage, but I think we have opportunity to scale that broader, and do a better job of bringing our breadth of our capability more deeply and closer to our customers. And as we mentioned, I think our business units are going to work to operate a little bit more collaboratively across to make sure we do that.

因此，我在資料中心和電網儲存中給出了兩個例子，但我認為我們有機會將其擴展到更廣泛的領域，並更好地將我們的能力範圍更深入地、更貼近我們的客戶。正如我們所提到的，我認為我們的業務部門將更協作地開展工作，以確保我們做到這一點。

So that's something that we're focused on strategically. We see the opportunity, my leadership and my team and I see that opportunity. And so this is something that we will be talking about more over the coming months as we roll out our strategy.

所以這是我們策略重點關注的事情。我們看到了機會，我的領導、我的團隊和我都看到了這個機會。因此，在未來幾個月推出我們的策略時，我們將更多地討論這個問題。

Again, just one quick last one, if I may. On the passives, are you seeing that any constraints there or lead times expanding? Just curious how the passives business is positioned in terms of inventory and the demand trends there? Thanks.

再一次，如果可以的話，我只想問最後一個問題。對於被動因素，您是否發現有任何限製或交貨時間延長？只是好奇被動業務在庫存和需求趨勢上如何定位？謝謝。

Yeah. So maybe I'll start and then Meenal can kind of give a little bit more color. Like I said, we had a very strong 1Q, we had very strong book-to-bill. We entered across all the segments, including the electronic segments and the passive business. We entered 2Q with a strong backlog.

是的。所以也許我會開始，然後 Meenal 可以提供更多細節。正如我所說的，我們第一季的表現非常強勁，訂單出貨比也非常強勁。我們涉足了所有領域，包括電子領域和被動業務。我們進入第二季時擁有大量積壓訂單。

So I think from that perspective, we feel good about that. Meenal, you have some other color there?

所以我認為從這個角度來看，我們對此感覺良好。Meenal，你那裡還有其他顏色嗎？

And I'll add on as we look ahead to Q2, we put up a really good second quarter guide. We feel very, very confident in achieving that. And a good part of that will be the continuation on electronics return to growth.

我還要補充一點，展望第二季度，我們制定了一個非常好的第二季度指南。我們對於實現這一目標非常有信心。其中很大一部分將是電子產品繼續恢復成長。

(Operator Instructions)

（操作員指示）

David Silver, CL King.

大衛·西爾弗、CL·金。

Yeah, hi, thank you. Greg, I noted in your comments early on, you did mention you were speaking to customers. And then at the end of your comments, you talked about collaboration. And this question kind of touches on that. But this is more of a, I guess, a longer-term question, but your business wins come from like maybe a multiyear or longer-term collaboration with key customers. And I'm just wondering, in the current environment, beyond the immediate tactical issues with tariffs, but there is, in my opinion, an extra layer of uncertainty now.

是的，你好，謝謝你。格雷格，我注意到你早些時候在你的評論中提到你正在與客戶交談。然後在您的評論結束時，您談到了合作。這個問題有點牽涉到這一點。但我想，這更像是一個長期問題，但您的業務成功可能來自與關鍵客戶的多年或長期合作。我只是想知道，在當前環境下，除了關稅帶來的直接戰術問題之外，我認為現在還有一層額外的不確定性。

And I'm just wondering, with your longer-term projects that -- where you're collaborating most intensely with key customers, has there been any change in your customers' attitudes? In other words, are they pausing certain programs? Are they rethinking them at all in the current tariff and maybe trade policy environment? Might they be mirroring, I think, what you said, which is expanding their footprint and kind of developing resilience and who they source or their supply chains? So from a collaborative R&D and product development perspective, has there been any change that you're hearing about from your customers?

我只是想知道，在您與主要客戶進行最密切合作的長期專案中，客戶的態度是否發生了任何變化？換句話說，他們是否暫停某些程序？在當前的關稅和貿易政策環境下，他們是否會重新考慮這些問題？我認為，他們是否正在效仿您所說的，擴大他們的足跡並發展韌性以及他們的來源或供應鏈？那麼從協作研發和產品開發的角度來看，您是否從客戶那裡聽過任何變化？

Yeah, I think when we talk to our customers about the kind of like, I call it, current environment and tariffs and the kind of macro uncertainty, I think their focus is a lot with us on kind of what I would call short-term management of that, how do we navigate the tariff environment? And so that's a lot more short term. If we talk about the longer-term strategic investments and R&D priorities, we really haven't seen significant changes to that, and we're not seeing significant changes to that.

是的，我認為當我們與客戶談論我所說的當前環境、關稅和宏觀不確定性時，他們的重點是我們所說的短期管理，也就是我們如何應對關稅環境？所以這只是一個短期現象。如果我們談論長期策略投資和研發重點，我們確實沒有看到重大變化，而且我們也沒有看到重大變化。

And I think the mega trends that we talk about as growth drivers on electrification and on the markets transitioning to higher voltage, higher power, higher current are continuing and we're continuing to focus on that architecting with our customers. I think it helps as well that we're a global company with a global footprint, so we can do those developments and support those customers globally.

我認為，我們所說的電氣化成長動力以及市場向更高電壓、更高功率、更高電流轉型的大趨勢仍在繼續，我們將繼續專注於與客戶一起進行架構設計。我認為，我們是一家擁有全球影響力的跨國公司，因此我們可以進行這些開發並在全球範圍內為客戶提供支持，這也有幫助。

That really helps. And I guess, finally, and this kind of thing, what I've seen in the past as well is that in these difficult times, how you execute the difficult times is often based on your strategy, your investment. So right now, we see our customers continuing to focus on their strategic goals for their long-term growth drivers. And so we haven't really seen any significant changes in that.

這確實有幫助。我想，最後，這種事情，我過去也看到，在這些困難時期，你如何度過困難時期往往取決於你的策略和你的投資。因此，現在我們看到我們的客戶繼續專注於他們的長期成長動力的策略目標。因此我們實際上還沒有看到任何重大變化。

Okay. Thank you. And then I do have a question about your repurchase activity -- share repurchase activity this quarter. So at $27 million, Meenal, I think that is the largest one quarter buyback spend in several years. And I'm just wondering how you might characterize that? In other words, I know it's always an option, but would you say the first quarter level of activity is a reflection of, I don't know, offsetting share dilution or something like that -- sorry, offsetting the dilutive impact of share issuance?

好的。謝謝。然後我確實有一個關於您的回購活動的問題——本季的股票回購活動。因此，米納爾，我認為 2700 萬美元是幾年來最大的單季回購支出。我只是想知道您會如何描述這一點？換句話說，我知道這始終是一種選擇，但您是否會說第一季的活動水平反映了抵消股票稀釋或類似的東西 - 對不起，抵消股票發行的稀釋影響？

Or is it more opportunistic from the perspective of the level of your share price? So just characterizing the first quarter share buyback activity, and what we might take away from that given your meaningful cash balance? Thank you.

或者從你的股價水準來看，這是否更具機會性？那麼，僅描述第一季的股票回購活動，考慮到您有意義的現金餘額，我們可以從中得到什麼？謝謝。

Sure. Thanks, David. Why don't I -- I'll take a step back and just talk a little bit more about capital allocation. Greg answered the question on a lot of questions on are we continuing on M&A. And what you heard Greg talk about, first of all, was our priority is growth, right?

當然。謝謝，大衛。我為什麼不──我將退一步，再多談一點有關資本配置的問題。格雷格回答了很多關於我們是否繼續進行併購的問題。首先，您聽到格雷格談到，我們的首要任務是成長，對嗎？

We are continuing to invest for organic growth. We're going to continue looking at M&A. We're going to sharpen that -- our funnel on M&A as we work through the strategy over the next few months. And that's pretty consistent with how we've talked about capital allocation for four years now. We look at return of capital to shareholders through our dividend.

我們將繼續投資以實現有機成長。我們將繼續關注併購。我們將在接下來的幾個月裡制定策略，並進一步完善我們的併購管道。這與我們四年來討論的資本配置非常一致。我們透過股利來回報股東的資本。

It's the next priority that we go through. We expect to continue that. We've got our dividend update coming up in the second quarter. So you'll hear more from us on that.

這是我們接下來要考慮的優先事項。我們希望繼續這樣做。我們的股息將在第二季更新。因此您將從我們這裡聽到更多有關此方面的消息。

And then lastly is your question around share buyback, that's always been for us, periodic. It's always been, I call it, the third part of our capital allocation strategy. I would say, in addition to the first quarter, we did also buy back some shares in the fourth quarter. And our -- in general, our philosophy has always been periodic. It varies on are there other things that we're doing with our cash?

最後是關於股票回購的問題，對我們來說，股票回購一直是定期進行的。我始終稱之為我們資本配置策略的第三部分。我想說，除了第一季之外，我們在第四季也確實回購了一些股票。總的來說，我們的理念一直是週期性的。這取決於我們是否用現金做了其他事情？

What does the market look like right now? Have we bought back largely for dilution, and we did buy back a pretty good chunk in the past 6 months. So that's something we're continuing to evaluate. No change at this time to the capital allocation strategy.

現在市場狀況如何？我們回購的股份是否主要是為了稀釋？在過去的 6 個月裡，我們確實回購了相當大一部分股份。所以我們正在繼續評估這一點。目前資本配置策略沒有變動。

Okay, thank you very much.

好的，非常感謝。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Hey, thanks for having me back. Just wanted to follow up on the topic of book-to-bill. You emphasized a couple of times very strong positive for all three segments. Curious if April showed continuity there and -- or any falloff, and if it didn't show a falloff, why do you think that is in light of the obvious kind of gating items that might face your customer base, at least in some areas?

嘿，謝謝你讓我回來。只是想跟進訂單到出貨的話題。您多次強調了這三個部分都非常積極。好奇的是，四月是否表現出連續性或下降趨勢，如果沒有出現下降趨勢，您認為這是因為您的客戶群可能面臨明顯的限制性因素，至少在某些領域是如此？

So Chris, maybe I'll just take a step back, I know we've had a lot of comments on book-to-bill Q1 going into Q2, and then we also added in some comments about we're keeping an eye out on the second half. We feel good about our momentum from the first quarter, good book-to-bill, really good momentum going into the second quarter. And I think I said this already, but strong confidence in our ability to deliver on our second quarter. We've even put in a little moderation in there just for some of the unknowns that are out there, which is another reason we feel really good. When we look ahead, Greg even mentioned that we're working closely with our customers.

所以克里斯，也許我應該退一步說，我知道我們已經收到了很多關於第一季度進入第二季度的訂單出貨比的評論，然後我們還補充了一些關於我們密切關注下半年的評論。我們對第一季的發展動能感到滿意，訂單出貨比表現良好，進入第二季的發展動能也非常好。我想我已經說過了，我們對我們實現第二季目標的能力充滿信心。我們甚至對一些未知因素進行了少許調整，這也是我們感覺非常好的另一個原因。當我們展望未來時，格雷格甚至提到我們正在與客戶密切合作。

There's a little bit of noise going on everywhere. You read all the same headlines that we're reading. And so we're keeping an eye out on things, both ourselves, but then talking to customers every day. And areas like automotive, a little bit of unknown. They're out there on a daily basis on the personal electronics side, et cetera.

到處都有一些噪音。您讀到的標題和我們讀到的是一樣的。因此，我們不僅自己密切關注事態發展，而且每天與客戶交談。而汽車等領域則有點未知。他們每天都出現在個人電子產品領域等等。

So our focus is going to be we're going to continue monitoring. We're going to work closely with our customers. We're going to focus on what we can control. You asked me earlier about our margin expansion and how things are going in transportation. We're focused on margin expansion across all of our segments.

因此我們的重點是繼續監控。我們將與客戶密切合作。我們將集中精力於我們能夠控制的事情。您之前問過我關於我們的利潤率擴張以及運輸業的進展。我們專注於所有部門的利潤擴張。

And those are the things that we can focus on, we can control. We can adjust costs as necessary, we'll pivot as necessary on that.

這些都是我們可以關注、可以控制的事情。我們可以根據需要調整成本，並根據需要進行調整。

Thanks.

謝謝。

At this time, there are no further questions. Mr. Kelly, I turn the call back over to you--

目前，沒有其他問題。凱利先生，我把電話轉回給您——

Thanks, everyone. That does conclude our Q&A session today. For reference, we will be attending the Oppenheimer Industrial Growth Conference on May 5, as well as Baird's Global Consumer Technology and Services Conference on June 3. We look forward to seeing many of you at those events. Have a great day, everyone.

謝謝大家。今天的問答環節到此結束。作為參考，我們將於 5 月 5 日參加奧本海默工業成長會議，並於 6 月 3 日參加貝爾德全球消費者技術和服務會議。我們期待在這些活動中見到你們。祝大家有個愉快的一天。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。