Littelfuse Inc (LFUS) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Littelfuse third quarter 2025 earnings conference call. Today's call is being recorded.

大家好，歡迎參加 Littelfuse 2025 年第三季財報電話會議。今天的通話將會被錄音。

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

此時，我將把電話轉交給投資人關係主管大衛凱利。請繼續。

Good morning, and welcome to the Littelfuse third quarter 2025 earnings conference call. With me today are Greg Henderson, President and CEO; and Abhi Khandelwal, Executive Vice President and CFO. This morning, we reported results for our third quarter, and a copy of our earnings release and slide presentation is available on the Investor Relations section of our website. A webcast of today's conference call will also be available on our website.

早安，歡迎參加Littelfuse 2025年第三季財報電話會議。今天陪同我的是總裁兼執行長 Greg Henderson；以及執行副總裁兼財務長 Abhi Khandelwal。今天上午，我們公佈了第三季業績，您可以在我們網站的投資者關係版塊查看我們的收益報告和簡報。今天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. Our discussions today will include forward-looking statements. These forward-looking statements may involve significant risks and uncertainties. Please review today'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.

請翻到第二張投影片查看免責聲明。我們今天的討論將包含前瞻性陳述。這些前瞻性陳述可能涉及重大風險和不確定性。請查閱今天的新聞稿以及我們的 10-K 表格和 10-Q 表格，以了解可能導致實際結果與預期結果有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此類前瞻性資訊的義務。

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 on our earnings release available on the Investor Relations section of our website.

此外，我們今天的演講涉及非GAAP財務指標。這些非GAAP財務指標與最可比較的GAAP指標的調節表，請參閱我們網站投資者關係部分提供的獲利報告。

I will now turn the call over to Greg.

現在我將把通話轉給格雷格。

Thank you, David, and thank you to everyone joining us today. I wanted to start this morning with highlights on our third quarter and then provide an update on the progress we're making on our strategic priorities. As part of that progress, we're excited to announce the acquisition of Basler Electric. I will speak more about the acquisition and how it fits into our long-term strategy in a few moments, but we look forward to welcoming the Basler team in Littelfuse.

謝謝你，大衛，也謝謝今天所有到場的各位。今天早上我想先重點介紹一下我們第三季的工作情況，然後再報告我們在策略重點方面取得的進展。作為這一進程的一部分，我們很高興地宣布收購 Basler Electric。稍後我將詳細介紹此次收購及其如何融入我們的長期策略，但我們期待 Basler 團隊加入 Littelfuse。

Turning to our third quarter. We delivered revenue growth of 10% relative to the prior year, driven by strong Electronics segment growth. We delivered Industrial segment growth despite mixed underlying market demand. Finally, our Transportation segment navigated well through a softer commercial vehicle market in the third quarter. Overall, our third quarter earnings results exceeded the high end of our guidance range, reflecting our team's commitment to operational execution.

接下來進入第三季。受電子產品業務強勁成長的推動，我們實現了比上年增長 10% 的收入。儘管市場基本需求喜憂參半，我們仍然實現了工業領域的成長。最後，在第三季商用車市場疲軟的情況下，我們的交通運輸業務部門表現良好。總體而言，我們第三季的獲利結果超過了預期範圍的上限，這反映了我們團隊對營運執行的承諾。

Looking forward, we expect solid fourth quarter revenue and earnings growth versus the prior year, supported by our third quarter bookings, which were up more than 20% versus the third quarter of 2024. Abhi will discuss specific results and our outlook in more detail shortly, but I want to thank our global teams for their persistent hard work and efforts.

展望未來，我們預計第四季營收和利潤將比上年同期穩健成長，這得益於我們第三季的訂單量，該訂單量比 2024 年第三季成長了 20% 以上。Abhi稍後將更詳細地討論具體結果和我們的展望，但我首先要感謝我們全球團隊的持續努力和辛勤工作。

Now, I want to share the progress we're making on our first strategic priority, which is to enhance our focus on future growth opportunities around the safe and efficient transfer of electrical energy. I wanted to start with the acquisition of Basler Electric. Basler provides essential and innovative electrical control and protection solutions for high-growth power generation and distribution markets. They are market leaders in grid and utility infrastructure and add significant new capabilities to Littelfuse in the areas of high-voltage expectation and very high energy protection.

現在，我想和大家分享我們在第一個策略重點方面的進展，那就是更加關注未來圍繞安全高效地傳輸電力能源而產生的成長機會。我想先從收購 Basler Electric 開始。Basler 為高速成長的發電和配電市場提供至關重要的創新電氣控制和保護解決方案。他們是電網和公用設施基礎設施的市場領導者，為 Littelfuse 在高壓預期和超高能量保護領域增添了重要的全新能力。

In addition, as data centers have such significant power generation demand, Basler has key exposure to local data center power solutions. Basler has a long history of selling complete solutions to a deeply embedded industrial customer base. They complement our industrial segment portfolio and their addition will broaden our OEM exposure, particularly in grid and utility infrastructure, where Basler is a key partner to industry-leading innovators.

此外，由於資料中心對電力的需求量龐大，Basler 在本地資料中心電力解決方案方面擁有重要的市場地位。Basler 長期以來一直向根深蒂固的工業客戶群銷售完整的解決方案。它們完善了我們的工業領域產品組合，它們的加入將擴大我們在 OEM 領域的業務範圍，尤其是在電網和公用事業基礎設施領域，Basler 是業界領先創新者的關鍵合作夥伴。

We are confident the addition of Basler will deliver long-term value for Littelfuse. Looking forward, strategic acquisitions will continue to be a key priority for us, supported by our strong balance sheet and cash generation.

我們相信，巴斯勒的加入將為利特爾福斯帶來長期價值。展望未來，策略收購仍將是我們的首要任務，而我們強勁的資產負債表和現金流量將為此提供支援。

In addition to the acquisition and across Littelfuse, we continue to see meaningful traction in our new business pipeline. Our teams are executing well, converting our growing funnel to future revenue opportunities. Supporting this, our design wins are tracking up double digits year-to-date. As an example of our momentum, in the quarter, we delivered a multi-technology design win for a market leader in a 400-volt battery charging application.

除了此次收購之外，在 Littelfuse 集團內部，我們的新業務管道也持續取得顯著進展。我們的團隊執行力很強，正在將不斷成長的客戶管道轉化為未來的收入機會。由此可見，我們今年的設計項目中標數量已達到兩位數成長。例如，在本季度，我們為一家市場領導者贏得了 400 伏特電池充電應用的多技術設計項目，這體現了我們的發展勢頭。

This charging solution brings best-in-class safety and protection while delivering an optimized form factor and efficiency. Our solution utilizes our market-leading capabilities of passive and semiconductor overvoltage protection, electromechanical overcurrent protection, and our power semiconductor technologies. Combined, our solution enables a more precise and efficient current flow while protecting against potential surges from the power grid. Importantly, this multiyear partnership will start production with revenue contribution in 2026.

此充電解決方案在提供一流安全性和保護的同時，也實現了最佳化的外形尺寸和效率。我們的解決方案利用了我們在被動式和半導體過壓保護、機電過流保護以及功率半導體技術方面的市場領先能力。我們的解決方案綜合起來，能夠實現更精確、更有效率的電流傳輸，同時也能防止電網可能產生的突波衝擊。重要的是，這項多年合作將於 2026 年開始產生收益。

Our second strategic priority is to provide more complete solutions for a broader set of our customers and to increase our engagement with our key customers and market leaders. To accomplish this, in the third quarter, we formally realigned our sales structure to better serve our broad customer base with our market-leading technologies.

我們的第二個策略重點是為更廣泛的客戶群提供更完善的解決方案，並加強與主要客戶和市場領導者的互動。為了實現這一目標，我們在第三季正式調整了銷售結構，以便更好地利用我們市場領先的技術服務我們廣泛的客戶群。

As part of this realignment, we established three market-facing sales organizations with leaders who bring extensive experience and leadership across our evolving end markets. Our sales leaders will be supported by a realigned sales force that is now market-facing customer-centric and reinvigorated to engage our customers more frequently and with our complete technology portfolio.

作為重組的一部分，我們成立了三個面向市場的銷售組織，其領導者在不斷發展的終端市場中擁有豐富的經驗和領導能力。我們的銷售領導將得到一支重組後的銷售團隊的支持，這支隊伍現在以市場為導向，以客戶為中心，並重新煥發活力，以便更頻繁地與客戶互動，並利用我們完整的技術產品組合。

We see two key advantages to this realignment, which is a shift from our historical approach where Littelfuse sales teams were siloed in product-centric roles. One, we can now work more closely with our customers to help better understand and solve their technology challenges with our full product portfolio. Two, we can collaborate more meaningful with our customers on their future technology roadmaps, which will better inform and ultimately shape our R&D efforts. We believe our sales evolution will enhance our visibility to our end market technology advancements and strengthen our long-term market leadership.

我們認為這項調整有兩個主要優勢，這與我們過去的做法有所不同，過去 Littelfuse 的銷售團隊各自為政，專注於產品。第一，我們現在可以與客戶更緊密地合作，利用我們全面的產品組合，幫助他們更了解和解決技術難題。第二，我們可以與客戶就其未來的技術路線圖進行更有意義的合作，這將更好地指導並最終塑造我們的研發工作。我們相信，銷售模式的變革將提升我們對終端市場技術進步的可見度，並鞏固我們的長期市場領導地位。

While we're in the early innings of our go-to-market evolution, we are beginning to see signs of increased traction with customers. This is best exemplified by our data center go-to-market strategy, where we're early to apply our new sales model. Our data center revenue continues to grow significantly, while year-to-date, our data center design wins are up more than 50% versus the prior year. We are capturing multi-technology wins with leading hyperscaler, cloud, and infrastructure customers.

雖然我們仍處於市場推廣的早期階段，但我們已經開始看到客戶對我們產品越來越感興趣的跡象。我們的資料中心市場推廣策略最能體現這一點，我們率先應用了新的銷售模式。我們的資料中心收入持續大幅成長，而今年迄今為止，我們的資料中心設計專案數量比去年增加了 50% 以上。我們正在與領先的超大規模資料中心、雲端服務和基礎設施客戶在多項技術領域的成功合作。

We are also deeply engaged with market leaders that are building gigawatt scale AI factories, and we are leveraging strong global collaboration and customer relationships through the data center ecosystem. Further, as we are more strategically focused on the leading customers in the data center market, we are sharpening our R&D efforts and building a strong pipeline around new products.

我們也與正在建造千兆瓦級人工智慧工廠的市場領導者保持著密切的聯繫，並透過資料中心生態系統利用強大的全球合作和客戶關係。此外，由於我們更加重視資料中心市場的領先客戶，我們正在加強研發工作，並圍繞新產品建立強大的產品線。

Turning to our third strategic priority. We are focused on driving operational excellence as we grow. Today, I wanted to highlight our power semiconductor opportunity. Enhancing our long-term growth and profitability positioning in this area is a leading priority for our team. Our power semiconductor capabilities are critical to the safe and efficient transfer of electrical energy.

接下來談談我們的第三個策略重點。隨著公司的發展，我們將專注於提升營運效率。今天，我想重點介紹一下我們在功率半導體領域的機會。提升我們在該領域的長期成長和獲利能力是我們團隊的首要任務。我們的功率半導體能力對於安全且有效率地傳輸電能至關重要。

Importantly, when combined with our market-leading protection offering, our semiconductor technologies can provide us a unique value proposition. Our long-term goal is to deepen our engagement with power semiconductor customers better utilize our footprint and ultimately drive improved long-term execution.

重要的是，結合我們市場領先的保護方案，我們的半導體技術可以為我們帶來獨特的價值主張。我們的長期目標是加深與功率半導體客戶的合作，更好地利用我們的業務佈局，並最終推動長期執行力的提升。

As part of this initiative in the third quarter, we announced the hiring of Dr. Karim Hamed as the new leader of our semiconductor business. Karim most recently served at Analog Devices and brings a wealth of semiconductor industry, technology and operational experience, and we're excited to have him as part of our leadership team.

作為這項舉措的一部分，我們在第三季宣布聘請 Karim Hamed 博士擔任我們半導體業務的新負責人。Karim 最近曾在 Analog Devices 任職，擁有豐富的半導體產業、技術和營運經驗，我們很高興他能加入我們的領導團隊。

Taking a step back, we delivered a strong third quarter and are well positioned to drive further momentum through year-end. We will continue to execute on our three strategic priorities as we aim to scale our company with the goal of delivering long-term best-in-class performance and returns.

回顧過去，我們第三季業績強勁，並已做好充分準備，在年底前保持進一步的成長動能。我們將繼續執行三大策略重點，力求擴大公司規模，以達到長期一流的績效與回報。

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

接下來，我將把電話交給阿比。

Thank you, Greg, and to everyone joining. I want to start by echoing Greg's sentiment as we're excited to announce the Basler acquisition. Today, I will provide some details on the acquisition including financial metrics and the transaction timeline. Then, I will walk you through our third quarter results, followed by our fourth quarter outlook and we will end the call with Q&A.

謝謝格雷格，也謝謝所有參與的人。首先，我想表達與 Greg 相同的感受，我們很高興地宣布收購 Basler。今天，我將提供有關此次收購的一些細節，包括財務指標和交易時間表。接下來，我將向大家介紹我們第三季的業績，然後展望第四季度，最後我們將進行問答環節。

If you turn to slide 7, Basler has demonstrated the leadership in controlling, regulating, and protecting mission-critical equipment for evolving power applications over the last 83 years. Their technologies and market position provide a distinct competitive advantage, while their footprint is highly complementary to Littelfuse. The all-cash transaction is valued at approximately $350 million. When adjusted for the present value of expected tax benefits of approximately $30 million, the net transaction value is roughly $320 million. This represents a 13.5 times multiple for forecasted full year 2025 EBITDA.

如果您翻到第 7 張投影片，您會發現 Basler 在過去 83 年中，在控制、調節和保護不斷發展的電力應用的關鍵任務設備方面展現了領導地位。他們的技術和市場地位提供了明顯的競爭優勢，同時他們的業務佈局與 Littelfuse 高度互補。這筆全現金交易價值約 3.5 億美元。扣除約 3,000 萬美元的預期稅收優惠的現值後，淨交易價值約為 3.2 億美元。這相當於 2025 年全年預測 EBITDA 的 13.5 倍。

At closing, we anticipate our net leverage will be 1.4 times versus our current level of 0.9 times. We expect Basler will be accretive to adjusted earnings per share in 2026, while we target double-digit returns in year five post close. We expect to close the transaction by end of the fourth quarter 2025 and look forward to welcoming the Basler team to Littelfuse.

交易完成後，我們預計淨槓桿率將達到 1.4 倍，而目前的淨槓桿率為 0.9 倍。我們預計 Basler 將在 2026 年增加調整後的每股收益，同時我們的目標是在交易完成後的第五年實現兩位數的回報。我們預計將於 2025 年第四季末完成交易，並期待 Basler 團隊加入 Littelfuse。

With that, please turn to slide 8 for details on our third quarter. As Greg mentioned, we delivered strong results with revenue at the high end of the guidance range, while adjusted EPS exceeded the guidance range. Going forward, comparisons I will discuss will be relative to the prior year, unless stated otherwise. Revenue in the quarter was $625 million, up 10% in total and up 7% organically. The Dortmund acquisition contributed 2% to sales growth, while FX was a 1% tailwind.

接下來，請翻到第 8 頁查看我們第三季的詳細情況。正如 Greg 所提到的，我們取得了強勁的業績，營收達到預期範圍的高端，調整後的每股盈餘也超過了預期範圍。今後，除非另有說明，我將討論的比較都將與前一年進行比較。本季營收為 6.25 億美元，總營收成長 10%，有機成長 7%。收購多特蒙德為銷售成長貢獻了 2%，而匯率波動帶來了 1% 的利多。

Adjusted EBITDA margin finished at 21.5%, down 20 basis points as solid volume expansion and operational leverage were offset by the impact of higher stock and variable compensation. Third quarter adjusted diluted earnings was $2.95, up 9%. We also delivered strong cash generation in the third quarter. Operating cash flow was $147 million, and we generated $131 million in free cash flow.

經調整後的 EBITDA 利潤率為 21.5%，下降 20 個基點，因為銷售量穩定成長和營運槓桿作用被更高的股票和可變薪酬的影響所抵消。第三季調整後攤薄收益為2.95美元，成長9%。第三季我們也實現了強勁的現金流。經營活動產生的現金流為 1.47 億美元，自由現金流為 1.31 億美元。

Year-to-date, we have generated $246 million of free cash flow, and our conversion rate is tracking at 145%, well above our long-term target of 100%. We ended the quarter with $815 million of cash on hand and net debt-to-EBITDA leverage of 0.9 times. In the quarter, we returned $19 million to shareholders via our cash dividend.

今年迄今為止，我們已產生 2.46 億美元的自由現金流，轉換率達到 145%，遠高於我們 100% 的長期目標。本季末，我們手頭現金為 8.15 億美元，淨負債與 EBITDA 比率為 0.9 倍。本季度，我們透過現金分紅向股東返還了 1,900 萬美元。

Please turn to slide 10 for our segment highlights. Starting with the Electronics Products segment. Sales for the segment were up 18% versus last year and up 12% organically. The Dortmund acquisition contributed 4%, while FX contributed 2 points to growth. Sales across passive products were up 19% organically, while semiconductor products increased 5% in the quarter.

請翻到第 10 頁查看本節重點內容。首先來看電子產品領域。該細分市場的銷售額比去年增長了 18%，其中有機增長了 12%。多特蒙德的收購貢獻了 4% 的成長，而外匯交易貢獻了 2% 的成長。本季被動元件產品銷售額有機成長 19%，半導體產品銷售額成長 5%。

Within our semiconductor products exposure, protection product sales were strong, while we observed soft power semiconductor demand. Sequentially, we delivered modest power semiconductor growth. Adjusted EBITDA margin of 24% was up 140 basis points, reflecting favorable year over year passive and protection volume leverage, partially offset by lower power semiconductor volumes and higher stock and variable compensation.

在我們涉足的半導體產品領域中，保護型產品的銷售表現強勁，而我們對功率半導體的需求則較為疲軟。功率半導體業務按順序實現了溫和成長。調整後的 EBITDA 利潤率為 24%，增長了 140 個基點，反映了被動收入和保護性收入同比增長的有利因素，但部分被功率半導體銷售下降以及股票和可變薪酬增加所抵消。

Moving to our Transportation Products segment on slide 11. Segment sales were flat year over year as organic sales decreased 2% for the quarter, but were offset by favorable FX contribution of 2% to growth. In the passenger car business, sales were flat organically, reflecting stable passenger car product demand, offset by sensor declines.

接下來，請看第 11 頁的運輸產品部分。由於本季有機銷售額下降了 2%，因此該業務類股的銷售額與去年同期持平，但有利的匯率因素對成長的貢獻（2%）抵銷了這一影響。在乘用車業務方面，銷售額自然持平，反映出乘用車產品需求穩定，但感測器銷售下降抵消了影響。

Commercial vehicle sales for the quarter decreased 3% organically, as we observed softer end market demand across on-highway, off-road and agriculture markets. For the segment, adjusted EBITDA margin of 16.8% was down 220 basis points. Our Transportation segment margins were negatively impacted by lower volume, higher stock and variable comp and unfavorable tariff timing. We remain pleased with our Transportation segment margin trajectory through a dynamic end market backdrop. Year-to-date, our adjusted EBITDA margin of 18.2% is up 220 basis points.

本季商用車銷售量自然下降 3%，原因是公路、非公路和農業市場的終端市場需求疲軟。此業務板塊調整後 EBITDA 利潤率為 16.8%，下降了 220 個基點。我們的運輸業務利潤率受到銷量下降、庫存和可變成本增加以及不利的關稅時機的負面影響。在瞬息萬變的終端市場環境下，我們對運輸業務板塊的利潤率走勢依然感到滿意。今年迄今為止，我們調整後的 EBITDA 利潤率為 18.2%，上升了 220 個基點。

On slide 12, Industrial Products segment sales grew 4% organically for the quarter. Third quarter sales benefited from solid energy storage, renewables, and data center growth. However, we observed softer HVAC demand and continued soft construction volume in the quarter. Third quarter adjusted EBITDA margin was 20.7%, down 310 basis points, driven by unfavorable mix and higher stock and variable compensation.

第 12 頁顯示，工業產品部門的銷售額在本季實現了 4% 的有機成長。第三季銷售額受惠於儲能、再生能源和資料中心業務的穩健成長。然而，我們觀察到本季暖通空調需求疲軟，建築量也持續低迷。第三季調整後 EBITDA 利潤率為 20.7%，下降 310 個基點，主要原因是產品組合不利以及股票和可變薪酬增加。

While margins tracked lower in the quarter, we're pleased with the solid year-to-date margin performance, which is up 290 basis points. We will continue to balance profitability with long-term growth investments and remain confident in our long-term Industrial segment growth trajectory.

雖然本季利潤率有所下降，但我們對年初至今的穩健利潤率表現感到滿意，利潤率上升了 290 個基點。我們將繼續在獲利能力和長期成長投資之間取得平衡，並對工業領域的長期成長軌跡充滿信心。

Please move to slide 13 for the forecast. We entered the fourth quarter with a strong backlog and expect solid growth versus the prior year. We expect typical seasonality given mixed conditions across transportation and industrial end markets. With that in mind, our fourth quarter guidance incorporates current market conditions, trade policies, and FX rates as of today.

請翻到第13張投影片查看預測結果。我們帶著強勁的訂單儲備進入第四季度，預計與前一年相比將穩健成長。鑑於交通運輸和工業終端市場各方面情況不一，我們預期會出現典型的季節性波動。考慮到這一點，我們第四季的業績指引包含了截至目前為止的市場狀況、貿易政策和外匯匯率。

We expect fourth quarter sales in the range of $570 million to $590 million, which assumes 5% organic growth at the midpoint and 2 points of growth stemming from our Dortmund acquisition. We are projecting fourth quarter EPS to be in the range of $2.40 to $2.60, which assumes a 60% flow-through at the midpoint. Fourth quarter guidance also assumes an unfavorable impact from stock and variable compensation of $0.40 and a $0.15 headwind from a higher adjusted effective tax rate.

我們預計第四季度銷售額將在 5.7 億美元至 5.9 億美元之間，其中假設有機成長率為 5%（取中間值），加上收購多特蒙德帶來的 2 個百分點的成長。我們預計第四季度每股收益將在 2.40 美元至 2.60 美元之間，假設中點的轉換率為 60%。第四季業績指引也假設股票和可變薪酬將帶來每股 0.40 美元的不利影響，以及調整後實際稅率上升將帶來每股 0.15 美元的不利影響。

Moving to slide 15. For the full year 2025, we're assuming $59 million in amortization expense and $34 million in interest expense, two-thirds of which we expect to offset through interest income from our cash investment strategies. We're estimating a full year tax rate of 23% to 25% and expect to spend $80 million to $85 million in capital expenditures.

切換到第15張投影片。對於 2025 年全年，我們假設攤銷費用為 5,900 萬美元，利息費用為 3,400 萬美元，其中三分之二我們預計可透過現金投資策略的利息收入來抵銷。我們預計全年稅率為 23% 至 25%，預計將在資本支出方面花費 8,000 萬至 8,500 萬美元。

With that, operator, please open the call for Q&A.

操作員，請開啟問答環節。

(Operator Instructions) Luke Junk, Baird.

（操作說明）盧克瓊克，貝爾德。

Maybe an apologies, I missed part of the prepared remarks. Maybe if we could start with power semi. I think, Abhi, you mentioned that it did see some growth sequentially despite still being soft year over year. Can maybe you just speak to book-to-bill there, kind of the outlook into the fourth quarter in power semi and some of the puts and takes from a demand standpoint and then how you'd expect any improvement to flow to margins as well?

或許應該道歉，我錯過了部分準備好的發言稿。或許我們可以從半自動電力系統著手。阿比，我想你提到過，儘管同比仍然疲軟，但環比增長還是有所回升。您能否談談訂單出貨比，展望一下電力半導體產業第四季的發展前景，以及從需求角度來看的一些利弊，並說明您認為任何改善將如何轉化為利潤率？

This is Greg. Maybe I'll start and then hand it to Abhi to give a little bit more color. But just kind of zooming out on power semi, and we talked about this before, I think our view on the power semi business is that it is strategically important from a strategic perspective as part of our overall portfolio and part of our safe and efficient transfer of energy. Actually, in the example I gave on the battery charging solution in the script, that is a protection solution, and it uses our semiconductor protection, our passive protection, but actually also uses power semiconductors as part of the overall customer solution.

這是格雷格。也許我會先開始畫，然後交給阿比，讓他再添加一些色彩。但從更宏觀的角度來看電力半導體業務，我們之前也討論過這個問題，我認為我們對電力半導體業務的看法是，從戰略角度來看，它具有重要的戰略意義，是我們整體業務組合的一部分，也是我們安全高效地傳輸能源的一部分。實際上，在我腳本中給出的電池充電解決方案的例子中，那是一個保護解決方案，它使用了我們的半導體保護、被動保護，但實際上也使用了功率半導體作為整體客戶解決方案的一部分。

And actually, Basler also is a customer of Littelfuse today and actually has a lot of semiconductor content in their solutions for protection relays and in their expectation system. So semiconductors is an important part of our business. But I think as we've said before, we have had some issues internally from kind of an execution perspective.

事實上，Basler 目前也是 Littelfuse 的客戶，並且在其保護繼電器解決方案和預期系統中大量使用了半導體材料。因此，半導體是我們業務的重要組成部分。但我認為正如我們之前所說，從執行角度來看，我們內部確實存在一些問題。

So we talk about our strategic priorities as a company on sharpening our focus and improving our go-to-market and improving our operational performance and actually all three of those apply to our semiconductor business as well. So we're working on sharpening the strategy, improving our execution. And so this is going to take some time, but we are on the journey.

因此，我們談到公司策略重點是加強專注、改善市場推廣和提高營運績效，實際上這三點也適用於我們的半導體業務。所以我們正在努力完善戰略，提高執行力。所以這需要一些時間，但我們正在朝著這個方向努力。

And maybe I'll give it -- hand it to Abhi to give a little bit more specific color.

或許我會把它交給阿比，讓他賦予它更具體的色彩。

Yeah. No, I think Greg covered it, but I think if you kind of think about my prepared remarks, Luke and what I mentioned, if I think about our Q3 performance in our power semi business, Q2 to Q3, we saw sequential improvement, right? Year over year, we're still down. But as you kind of think about our performance in Q3 versus Q2, we did see improvement in the quarter.

是的。不，我覺得 Greg 已經涵蓋了這一點，但是我覺得如果你仔細想想我準備好的發言稿，Luke，以及我提到的內容，如果我回顧一下我們電力半導體業務第三季度的業績，從第二季度到第三季度，我們看到了環比改善，對吧？與去年相比，我們仍然處於下降狀態。但如果你仔細比較我們第三季和第二季的業績，你會發現我們第三季的業績確實有所改善。

Very helpful. Just a quick one on the $0.40 stock comp. Is that an outsized impact in the fourth quarter? I know typically, stock comp from a seasonal standpoint tends to be weighted. I think you said 2Q and 3Q this year? Just want to make sure I understand the impact.

很有幫助。關於0.40美元股票的比較，簡單說幾句。這是否會對第四季產生過大的影響？我知道，從季節性角度來看，股票比較通常會進行加權。我想你指的是今年的第二季和第三季吧？我只是想確保我理解其影響。

Yeah, absolutely. I can walk you through it, Luke. So there's three things here. It's not just stock comp, it's also the impact of variable comp. So if you kind of think about our last year performance and where we ended the year, our teams didn't get paid. So this is a reset back to paying a target. That's majority of the $0.40 headwind. And then a small portion of that is just the year-over-year impact of stock comp.

是的，絕對的。盧克，我可以一步一步教你。所以這裡有三件事。不只是固定薪酬，還有浮動薪酬的影響。所以，如果你回顧我們去年的表現以及我們最終的成績，你會發現我們的團隊並沒有拿到薪水。所以，這相當於重新回到設定目標的支付模式。這佔了0.40美元逆風的大部分。其中一小部分僅僅是股票補償的年比影響。

Got it. So just to put it in different words as we think into then into 2026 that especially the variable comp piece should kind of normalize. Is that the right way to think about it?

知道了。換句話說，當我們展望 2026 年時，尤其是可變成分部分應該趨於正常化。這種思考方式正確嗎？

That is absolutely correct. If you think about 2026 on a year over year basis, '26 versus '25 will be normalized. But given our performance in '24, like I said, we didn't pay the variable comp piece of it. And so you saw a good guide in the P&L. And this year, you're just seeing it being reset back to target. So just to kind of build on that story then as you kind of think about our Q4 guide, at the midpoint, what you're really seeing is an EBITDA conversion of 60% on our top-line growth on a year over year basis.

完全正確。如果以同比的方式考慮 2026 年，那麼 2026 年與 2025 年之間的差異將會趨於正常。但正如我所說，鑑於我們在 2024 年的表現，我們沒有支付其中的浮動薪酬部分。所以，損益表就是一個很好的參考指標。而今年，你會看到它被重新調整回目標位置。所以，為了進一步闡述這個故事，當你思考我們第四季度的業績指引時，你會發現，在季度中期，我們營收年增的 60% 轉化為 EBITDA。

Very helpful. And then lastly, and apologies if I missed any comments on this. But Greg, just be curious to get your kind of incremental update on your efforts in data center, both near-term opportunities hitting maybe things that can move quicker over the next quarter or two and then your progress getting designed into sockets on future architectures as well.

很有幫助。最後，如果我遺漏了任何評論，請見諒。但是 Greg，我很想了解你在資料中心方面的進展情況，包括近期可能在未來一兩個季度內快速推進的項目，以及你的進度如何融入未來架構的設計中。

Yeah. Thanks, Luke. I think we continue to be excited about our momentum in data center. We continue to make progress. And actually, we talked about in the call this sales realignment that we did across the business. We actually did this a little bit earlier in data center. And we are making progress. Design wins are up more than twice year-to-date. And I would say that data center is -- our growth in the quarter, data center was a meaningful driver of overall growth in the quarter.

是的。謝謝你，盧克。我認為我們對在資料中心領域的成長勢頭依然感到非常興奮。我們持續取得進展。事實上，我們在電話會議中也談到了我們在整個公司範圍內進行的銷售調整。實際上，我們之前在資料中心就做過類似的事情了。我們正在取得進展。今年迄今為止，設計得標數已超過往年的兩倍。我認為資料中心—我們本季的成長，資料中心是本季整體成長的重要驅動力。

So we are continuing -- we have meaningful revenue now from data center based on activities that we've had in the past. We have improvement on our go-to-market strategy. Our design wins are up. And with our improved focus from a go-to-market perspective, we're getting closer to our customers. We're working more closely with hyperscalers, with cloud computing companies and starting to work more on our long-term R&D road map around that as well. So I think this is something that is -- the message I would say is it's delivering growth now. And we do believe that with our enhanced focus, it's going to continue over time.

所以我們正在繼續——我們現在從資料中心獲得了可觀的收入，這得益於我們過去開展的活動。我們的市場推廣策略有所改進。我們的設計作品獲獎數量增加了。從市場推廣的角度來看，我們更重視細節，也因此與客戶的距離更近了。我們正在與超大規模資料中心營運商、雲端運算公司進行更緊密的合作，並開始圍繞這方面製定我們的長期研發路線圖。所以我認為這傳遞的訊息是——我想說的是，它現在正在帶來成長。我們相信，隨著我們更加專注，這種情況會持續下去。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Just want to build on the last question on the data center comment. I think I heard up over 50% and up maybe double just on the last question, about the design wins. So I just want to clarify that. And is that like an account of the design win instances or a dollar value? Just trying to think of what that might imply for growth, what the design in to revenue kind of lead time is like? And maybe if we could clarify what the current scope of the data center business is for Littelfuse?

我想就資料中心評論中的最後一個問題補充一些內容。我聽說，關於設計獲獎的最後一個問題，支持率可能超過了 50%，甚至可能翻了一番。所以我想澄清一下。這是統計設計方案的中標案例數量，還是用美元來表示價值？我只是在思考這可能對成長意味著什麼，從設計到獲利的周期是怎麼樣的？我們能否澄清一下Littelfuse目前的資料中心業務範圍？

Yeah. Maybe I'll start with a little clarification and then I'll hand to Abhi for a little bit more. But just to clarify, right, I think that what we are saying now in the quarter, data center was a meaningful driver of our overall growth. I think that's the first thing I want to say. So that's kind of revenue in the quarter. Design wins being up, it's design wins that are up more 2x on a year on year basis. So basically, design wins this year -- design wins year to date year on year versus a year ago.

是的。或許我可以先做一些簡單的解釋，然後再把麥克風交給阿比，讓他再補充一些內容。但為了澄清一下，沒錯，我認為我們現在所說的，在本季度，資料中心是我們整體成長的重要驅動力。我想說的第一件事就是這個。這就是本季的營收情況。設計類項目獲獎數量有所增加，與去年同期相比，設計類項目的獲獎數量增加了一倍以上。所以基本上，今年的設計勝出——設計比去年同期更勝一籌。

And we track design wins as when things -- the timing of that varies a little bit, right? So the timing of that varies, so it's a little bit hard to predict just based on that one number. But I would say that data center is one of the faster markets. If you compare to some of our markets like automotive, or industrial, which take longer to go from design win to revenue, data center is probably not surprising, is a relatively faster market. That's what I'll say. And maybe I'll hand to Abhi to give a little bit more color on the relative impact of data center.

我們會追蹤設計方案的成功案例——但具體時間可能會略有不同，對吧？所以具體時間會有所不同，因此僅憑這一個數字很難預測。但我認為資料中心是發展最快的市場之一。與我們的一些市場（例如汽車或工業）相比，這些市場從設計中標到獲得收入需要更長時間，因此資料中心是一個相對快速發展的市場，這並不令人意外。我就這麼說。也許我會把麥克風交給 Abhi，讓他更詳細地談談資料中心的相對影響。

Yeah. I think the best way to think about the data center growth is if you kind of look at Electronics segment performance. It's a good reflection of our data center exposure, and that's where you see the real growth in terms of the segment being up 18%, 12% organic, passive products being up 19% organically, right? Now, we haven't quantified the exact impact of data centers for us as a total company, but I would say it's high single digits.

是的。我認為理解資料中心成長的最佳方式是觀察電子產品產業的表現。這很好地反映了我們在資料中心領域的業務成長，而資料中心業務的真正成長也體現在該領域，該領域成長了 18%，其中 12% 為自然成長，被動型產品自然成長了 19%，對吧？目前，我們還沒有量化資料中心對我們整個公司的具體影響，但我認為影響幅度應該在個位數以上。

Okay. Great. Appreciate that. I'm sure we'll get a further deep dive in February. And then, it sounds like the overall company is seeing some good momentum in new business opportunities. How is that funnel looking besides data center? I'm curious, at least especially for industrial, where first half, you had really outsized outgrowth and that moderated a bit. I don't know if there's some noise in any channels or just a real noisy quarter for resi HVAC, which is well known. But curious about the kind of scalability for industrial and NBO funnel there as it pertains to maybe extending the outgrowth that you saw year-to-date.

好的。偉大的。謝謝。我相信二月我們會進行更深入的研究。而且，聽起來整個公司在新業務機會方面也取得了一些良好的發展勢頭。資料中心旁邊的漏斗看起來怎麼樣？我很好奇，尤其是工業領域，上半年成長非常迅猛，之後成長放緩。我不知道是不是某些頻道裡有噪音，還是只是住宅空調系統噪音比較大，這是眾所皆知的。但我很好奇工業和 NBO 通路的可擴展性如何，因為它可能有助於延續今年迄今為止的成長勢頭。

Yeah, I think let me just start by, if we zoom out to the Industrial segment, I mean, we had solid growth in the quarter, and actually have had many quarters of solid industrial growth. In the quarter, growth was driven by markets that continue to see strong demand and do well, energy storage, renewables, data center infrastructure and actually some of our industrial business plays into data center infrastructure that continues to see strong demand. That said, as you note, we do have softer residential HVAC demand and the construction MRO continues to be soft.

是的，我想先從工業板塊說起，我的意思是，我們本季實現了穩健成長，實際上，工業板塊已經連續多個季度保持了穩健成長。本季度，成長主要得益於市場需求持續強勁且表現良好，例如儲能、再生能源、資料中心基礎設施，實際上我們的一些工業業務也與資料中心基礎設施相關，而這些領域的需求持續強勁。話雖如此，正如您所指出的，住宅暖通空調需求確實有所疲軟，建築維護、維修和營運需求也持續低迷。

So that's kind of where there's a mixed performance, and that's -- we do have exposure there, which has made maybe a little bit more muted performance on the industrial in the quarter. But if you zoom out from eight quarters of growth, and this continues to be a significant investment area and growth driver. You mentioned the Basler Electric is an acquisition as well that brings significant kind of industrial exposure and it will be part of our industrial business.

所以，這方面的表現好壞參半，而且——我們確實在那方面有所投資，這可能導致本季度工業板塊的表現略顯平淡。但從過去八個季度的成長來看，這仍然是一個重要的投資領域和成長動力。您提到 Basler Electric 也是一項收購，它將帶來重要的工業領域佈局，並將成為我們工業業務的一部分。

And then just to add to Greg's commentary, just one last point I'd point out is if you kind of look at the year-to-date performance for the segment, we're up 12% year-to-date. So that's another positive sign of growth in that segment.

最後，我想補充格雷格的評論，最後一點是，如果你看一下該板塊今年迄今為止的表現，我們今年迄今為止增長了 12%。這是該領域成長的另一個正面訊號。

(Operator Instructions) David Williams, Benchmark.

（操作說明）David Williams，Benchmark。

Congratulations on the continued progress here. You talked about realigning your sales force and breaking down some of the silos. And just kind of curious if you could provide a little more color there. I mean you talked about be able to engage more deeply with your customers and what that means. But is there a way to kind of quantify what your expectations are and how we can kind of gauge that success?

恭喜你們在此方面取得的持續進展。你談到要重新調整銷售團隊，打破一些部門障礙。我只是有點好奇，您能否再補充一些細節。我的意思是，你談到了能夠與客戶進行更深入的互動以及這意味著什麼。但是，有沒有辦法量化您的期望，以及我們如何衡量這種成功？

Yeah. I mean I think it's hard at this point to quantify, but maybe I'll help explain, right? I think historically, our sales organization was basically aligned with our products. And we had kind of these individual product organizations that had individual sales teams and the sales teams were representing our products. Even though as we've talked about, largely, our products are largely about the safe and efficient transfer electrical energy, we often are selling to the same person at the customer, give lots of examples actually in the script, right?

是的。我的意思是，我覺得現在很難量化，但我或許可以解釋一下，對吧？我認為從歷史上看，我們的銷售組織基本上與我們的產品是一致的。我們當時有各種各樣的獨立產品部門，每個部門都有自己的銷售團隊，這些銷售團隊負責推廣我們的產品。儘管我們之前討論過，我們的產品主要都是安全高效地傳輸電能，但我們經常把產品賣給同一個客戶，我們在腳本中也舉了很多例子，對吧？

The example I gave on the battery charging application had passive overvoltage protection, semiconductor overvoltage protection, power semiconductor solution, and passive circuit protection that comes from at least probably three of our business units. And so in the past, we would have had three different sales teams trying to call on that customer for that solution if they actually even all call on that customer.

我舉的電池充電應用的例子包含了被動過壓保護、半導體過壓保護、功率半導體解決方案和被動電路保護，這些技術至少來自我們三個業務部門。因此，在過去，我們可能會有三個不同的銷售團隊試圖向該客戶推銷該解決方案，如果他們真的會去拜訪該客戶的話。

So two things happened. One, we would miss opportunity because we would be selling a part of our solution as opposed to being able to sell the complete portfolio. So in some cases, we're more cases than not, we were missing opportunity because we weren't bringing the full portfolio. But other cases, we're also stepping on ourselves in front of the customer because we have multiple people.

所以發生了兩件事。第一，我們會錯失良機，因為我們只能出售解決方案的一部分，而無法出售整個產品組合。所以在某些情況下，我們錯失了良機，因為我們沒有帶來完整的投資組合。但在其他情況下，由於我們人手不足，我們也會當著客戶的面自食其果。

So we've realigned to have the -- this is kind of the fundamental change. The sales team is representing our customer, not our products. And we do believe that this is going to bring progress to us. We did this early on some of our e-mobility business and actually also in our data center business. We already see progress from where we had done that early. We've now done this across the sales force.

所以我們已經進行了調整，以實現——這算得上是根本性的變化。銷售團隊代表的是我們的客戶，而不是我們的產品。我們相信這將為我們帶來進步。我們在早期的一些電動旅遊業務中就採用了這種方法，實際上在我們的資料中心業務中也是如此。我們已經看到了早期工作的進展。我們現在已經在整個銷售團隊中推行了這項措施。

So this is a change. It does -- you have to -- we're in the process of that reorganization. It is a change that's going to take some time, but we believe it's going to bring significant benefits because it puts us, as I said, first and foremost, we get to sell the portfolio we have more effectively. But secondly, it drives our R&D strategy to be more about where the markets are going and making sure that we're developing the right products for where our lead customers are going. And this is really about focusing on aligning with those market leaders to make sure we're in the right position.

所以這是一種改變。確實如此——你必須這樣做——我們正在重組。這是一個需要時間才能完成的改變，但我們相信這將帶來顯著的好處，因為正如我所說，首先，這將使我們能夠更有效地出售我們現有的投資組合。其次，它促使我們的研發策略更加關注市場的發展方向，並確保我們為主要客戶開發出合適的產品。而這其實是為了專注於與這些市場領導者保持一致，以確保我們處於正確的位置。

Fantastic color. And then maybe secondly, just on the tariff side, I know you mentioned it in the script. It seemed like it was a modest headwind, but are you seeing anything developing there in terms of do you think that the growth is being tempered by tariffs or any delays? Just any color maybe around the impact of that tariff.

顏色真棒。其次，關於關稅方面，我知道你在劇本中提到過。看起來似乎只是輕微的阻力，但您認為這方面是否有任何發展趨勢？您認為關稅或任何延誤是否會抑製成長？任何顏色都可能與該關稅的影響有關。

Yeah, absolutely. I can take that, David. So when I talk about the impact of tariff, what I'm really talking about is if you kind of go back and think about our 2Q call, we had some tariff timing in the quarter where we saw the benefit of -- where we saw the pricing, but the cost hadn't quite flushed through the P&L. That was about a $6 million tailwind in Q2 that was going to be a headwind in Q3. So when I talked about timing of tariffs, that's what I'm referring to. And about $3 million of that hit our Transportation segment, okay? So that's that. Now, if you kind of think about where we are today and the guidance for Q4, what we have baked in is a neutral price tariff impact for the quarter.

是的，絕對的。我可以接受，大衛。所以，當我談到關稅的影響時，我真正想說的是，如果你回顧一下我們第二季的電話會議，我們會發現，當時關稅的影響已經顯現——我們看到了價格上漲的好處，但成本還沒有完全反映在損益表中。第二季約 600 萬美元的順風原本會在第三季變成逆風。所以，當我談到關稅的時機時，我指的就是這個。其中約有 300 萬美元流入了我們的交通部門，好嗎？事情就是這樣。現在，如果你仔細想想我們目前的處境以及對第四季度的預期，你會發現我們已經考慮到了本季價格關稅的影響是中性的。

Yeah. And I'd also say, I think, look, there's still noise that can happen, but I think the market dynamics of this have largely stabilized. We've talked before that we have a diversified manufacturing footprint. We are trying more and more manufacturing close to our customers. So there is some impact, as Abhi mentioned. But broadly speaking, we feel like this is somewhat stabilized in our customer base, and we don't see a major impact from it.

是的。而且我認為，雖然仍然可能出現一些波動，但我認為這方面的市場動態基本上已經穩定下來了。我們之前說過，我們的生產佈局多元化。我們正在嘗試在離客戶越來越近的地方進行生產。正如阿比所說，這確實會產生一些影響。但總的來說，我們感覺這種情況在我們的客戶群中已經趨於穩定，我們預計不會受到重大影響。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Just on Transportation, I wanted to just ask about the difference between the passenger vehicle fuses up 4% and the sensors down 18% organic. Is the sensors side still engaged in attrition exits product pruning there?

關於交通運輸方面，我想問一下乘用車保險絲上漲 4% 和感測器下降 18% 之間的差異。感測器方面是否仍在進行產品淘汰和裁員？

Yeah. Maybe I'll start, and then Abhi can give a little bit more color on the transportation business. But actually, if you zoom out actually in our core passenger products, we have actually had a reasonable quarter given the kind of passenger car builds and so forth. We had a reasonable quarter. But we do continue to have, I would say, lower revenue and profitability of the sensor products.

是的。或許我可以先開始，然後阿比可以再詳細介紹一下運輸業的狀況。但實際上，如果你把目光放遠，只看我們的核心乘用車產品，考慮到乘用車的生產方式等等，我們這個季度的業績其實還算不錯。我們本季業績尚可。但我認為，感測器產品的收入和獲利能力仍然較低。

So we talked before in the past about the fact that, that was a business that we were kind of realigning. We continue on that journey. So I would say that if you put aside that sensor which is not really a strategic focus of ours, the core passenger business actually did do pretty well, considering kind of the stable car build and some of the kind of EV slowness that we all see in the market.

所以，我們之前就討論過，我們正在對這項業務進行調整。我們將繼續這段旅程。所以我想說，如果把那個感測器（它並不是我們真正的戰略重點）放在一邊，考慮到汽車製造的穩定性以及我們在市場上看到的電動車發展緩慢的情況，核心乘用車業務實際上做得相當不錯。

Okay. Great. And then just back to the power semis and Dr. Hamed joining. So it sounds like you think you can get a lot more juice out of the power semiconductor strategy there, I guess, relative to benchmarking some of the other areas of the business perhaps. But could you comment on that as well as go into what the focus markets are? Is it a middle market strategy and the scope of the -- what you visualize there to kind of bring that up to the standards you envision?

好的。偉大的。然後鏡頭又回到了電力半拖車比賽，哈米德博士也加入了比賽。聽起來你認為相對於公司其他一些業務領域，從功率半導體策略中可以獲得更大的收益。您能否就此發表一下看法，並詳細介紹重點市場是什麼？這是中階市場策略嗎？其範圍－你設想如何將其提升到你所設想的標準？

Yeah. Look, I mean, if you look in 3Q, for example, right, if you look at the performance of our Electronics segment as reported, right, the passive products were 19% semiconductor products were 5%, right? And that semiconductor products is really because the power semis is not performing as well. Our protection semi is actually doing pretty well. So we -- I mean, we have some areas there where we're underperformed. It's really -- like I said before, I think for us, power semis is a microcosm of some of the bigger strategy that we have at Littelfuse, right?

是的。比如說，如果你看一下第三季度，對吧，如果你看一下我們電子部門的業績報告，對吧，被動產品佔19%，半導體產品佔5%，對吧？半導體產品出現這種情況，其實是因為功率半導體的性能不夠理想。我們的防護半自動設備運作狀況相當不錯。所以——我的意思是，我們在某些​​方面表現不佳。就像我之前說的，我認為對我們來說，功率半導體是我們Littelfuse更大策略的縮影，對吧？

The three strategic priorities: one, sharpen focus. So where we play and why we win. And again, we want to focus on the high-growth markets. We want to focus on high energy density and growth markets, things like data center grid, utility, et cetera. So that's, I would say, the first thing that we focus on or other areas where we have strong performance, for example, like the medical market in our power semiconductor business.

三大戰略重點：一、明確重點。那麼，我們在哪裡比賽，以及為什麼我們能贏。我們再次強調，我們希望專注於高成長市場。我們希望專注於高能量密度和成長型市場，例如資料中心電網、公用事業等等。所以，我認為這是我們首先關注的領域，或是其他我們表現強勁的領域，例如我們功率半導體業務中的醫療市場。

So first, it's about increasing that focus. Secondly, it's about making sure we're focused on the customers. One of the sales realignment benefits we get actually is that we actually have a big pipeline for power semiconductors, but again, some of our sales teams that were representing the other businesses at those customers weren't selling the semiconductor products. So we have opportunity with the sales realignment to improve our semiconductor position to customers. But then it also comes to about execution.

所以首先，要提升這種專注度。其次，要確保我們以客戶為中心。銷售調整的好處之一是，我們實際上擁有大量的功率半導體產品線，但是，我們一些代表其他業務部門的銷售團隊並沒有向這些客戶銷售半導體產品。因此，透過銷售調整，我們有機會提升我們在半導體領域對客戶的地位。但接下來還要看執行情況。

We mentioned in the remarks actually about, in Abhi's remarks about using our footprint more effectively. And so this is something that we're going to be focused on as well is optimizing our operational performance in power semiconductors. We believe that ultimately is going to drive both growth and profitability. So it's kind of a microcosm of the bigger picture. But where we want to focus is where we have differentiated value and also where it fits into this broader strategy around safe and efficient transfer optical energy.

我們在演講中提到過，實際上，在 Abhi 的發言中，他談到了要更有效地利用我們的足跡。因此，我們將重點放在優化功率半導體的運行性能。我們相信，這最終將推動成長和獲利能力的提升。所以這算是更大圖景的縮影。但我們想要關注的是，我們擁有差異化價值的地方，以及它如何融入圍繞安全高效傳輸光能的更廣泛戰略中。

There's no further question at this time. I will now turn the call back over to Greg Henderson for closing remarks. Greg?

目前沒有其他問題了。現在我將把電話轉回給格雷格·亨德森，請他作總結發言。格雷格？

Okay. Great. Thank you. In closing, I have two things really. First, I want to just thank our global teams. We did have good performance. And secondly, I'm really excited about Basler. And so I'm really excited to welcome the Basler team and the Basler business and taking significant growth opportunities for us in data center and grid and utilities. And finally, thank you all for joining our call, and we look forward to talking to you more and seeing many of you at the Baird Industrial Conference in Chicago in a couple of weeks.

好的。偉大的。謝謝。最後，我其實有兩件事要說。首先，我要感謝我們的全球團隊。我們表現不錯。其次，我對巴斯勒感到非常興奮。因此，我非常高興地歡迎 Basler 團隊和 Basler 業務的加入，並期待在資料中心、電網和公用事業領域抓住重要的成長機會。最後，感謝各位參加我們的電話會議，我們期待與大家進一步交流，並期待在幾週後於芝加哥舉行的貝爾德工業會議上見到你們中的許多人。

This concludes today's conference 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了。