Littelfuse Inc (LFUS) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Littelfuse fourth quarter 2025 earnings conference call. Today's call is being recorded. At this time, I will turn the call over to Head of Investor Relations, David Kelley. Please proceed.

大家好，歡迎參加 Littelfuse 2025 年第四季財報電話會議。今天的通話將會被錄音。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 fourth 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 fourth quarter, and a copy of our earnings release and slide presentation is available on the Investor Relations section of our website. The webcast of today's conference call will also be available on our website. Please advance to slide 2 for our disclaimers.

早安，歡迎參加Littelfuse 2025年第四季財報電話會議。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，我們公佈了第四季度業績，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。請翻到第二張投影片查看免責聲明。

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.

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 in our earnings release available in 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 for joining us today. This morning, I will provide highlights on our fourth quarter and then an update on the progress we're making on our strategic priorities. But I wanted to start by highlighting two recent exciting developments.

謝謝你，大衛，也謝謝今天所有到場的各位。今天上午，我將重點介紹我們第四季的工作情況，然後報告我們在策略重點方面的進展。但我首先想重點介紹最近兩項令人興奮的進展。

First, we closed the acquisition of Basler Electric in December. Basler strengthens our high-power capabilities and expands our position in key growth markets, including grid and utility infrastructure and data center. I got the opportunity to meet their leadership and technical teams last month, and this left me even more excited about Basler's market and technology positioning, scalability and long-term growth opportunities with Littelfuse.

首先，我們在 12 月完成了對 Basler Electric 的收購。Basler 增強了我們的高功率能力，並擴大了我們在關鍵成長市場（包括電網和公用事業基礎設施以及資料中心）的地位。上個月我有機會與他們的領導層和技術團隊會面，這讓我對 Basler 的市場和技術定位、可擴展性以及與 Littelfuse 的長期成長機會更加興奮。

Second, we are excited to announce that we'll host an Investor Day on May 14 in New York, where we'll provide a detailed review of our strategy and long-term financial goals. I look forward to sharing more about Littelfuse and our opportunities at this event. Now turning to our fourth quarter.

其次，我們很高興地宣布，我們將於 5 月 14 日在紐約舉辦投資者日活動，屆時我們將詳細介紹我們的策略和長期財務目標。我期待在本次活動中與大家分享更多關於Littelfuse以及我們所提供的機會。現在進入第四季。

We delivered strong performance with year-over-year revenue growth of 12%. Across our businesses, we continue to drive momentum in our high-growth markets. We delivered double-digit revenue growth in data center, grid and utility infrastructure and renewables markets. Automotive grew mid-single digits despite decline in global vehicle production in the quarter. Finally, we're seeing emerging signs of broad-based industrial recovery into 2026.

我們取得了強勁的業績，營收年增12%。在各個業務領域，我們持續在高成長市場保持發展勢頭。我們在資料中心、電網和公用事業基礎設施以及再生能源市場實現了兩位數的收入成長。儘管本季全球汽車產量下降，但汽車產業仍實現了中等個位數的成長。最後，我們看到一些跡象表明，到 2026 年，工業將出現全面復甦。

In the fourth quarter, our teams also delivered on our operational excellence priority, which culminated in our earnings results exceeding the high end of our guidance range. Throughout 2025, we remain focused on executing our strategic priorities and we exited the year with a robust backlog and considerable momentum.

第四季度，我們的團隊也實現了卓越營運的優先事項，最終使我們的獲利結果超過了預期範圍的上限。2025年全年，我們將繼續專注於執行我們的戰略重點，並在年底取得了強勁的訂單儲備和相當大的發展勢頭。

Entering 2026, we are well positioned to drive strong performance. We expect to deliver double-digit first quarter revenue growth and significant earnings expansion supported by our fourth quarter bookings up more than 20% versus the prior year. Abhi will discuss specific results and our outlook in more detail shortly, but I wanted to thank our global teams for their persistent hard work and efforts.

進入2026年，我們已做好充分準備，力爭取得強勁的業績。我們預計第一季營收將實現兩位數成長，獲利也將大幅成長，這得益於第四季訂單量比上年同期成長超過 20%。Abhi稍後會更詳細地討論具體結果和我們的展望，但我想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 as we enhance our focus on future growth opportunities. Our end markets require increasingly higher power and higher energy density solutions from Littelfuse. We are seeing broad-based momentum reflected in our 2025 design wins, which were up double digit relative to the prior year.

現在我想和大家分享我們在更加關注未來成長機會方面所取得的進展。我們的終端市場對Littelfuse提供的功率更高、能量密度更高的解決方案提出了越來越高的要求。我們看到，2025 年的設計訂單數量較上一年實現了兩位數的成長，這反映了廣泛的成長動能。

Today, I wanted to specifically highlight our grid and utility infrastructure opportunity. If you turn to slide 6, our position in this high-growth market was significantly bolstered by the closing of our Basler Electric acquisition this past December with approximately $3 trillion expected to be invested in grid modernization through 2030. The market is demanding more advanced and higher power protection and expectation systems.

今天，我想重點介紹一下我們在電網和公用設施基礎設施方面的機會。如果您翻到第 6 張投影片，您會發現，由於去年 12 月完成了對 Basler Electric 的收購，我們在這一高成長市場的地位得到了顯著提升，預計到 2030 年，將有大約 3 兆美元投資於電網現代化。市場對更先進、更高功率的保護和預期係統提出了更高的要求。

With the strategic timing of the acquisition, we are well positioned to help our expanding grid and utility customer base to navigate the challenges of higher voltages and increasingly complex system requirements. Basler enhances our core high-power protection capabilities and equips us to sell more complete solutions. We believe our complementary portfolio, coupled with our deeply embedded relationships positions us for double-digit growth and strong profitability within this market.

此次收購的策略時機恰到好處，使我們能夠更好地幫助不斷擴大的電網和公用事業客戶群應對更高電壓和日益複雜的系統要求帶來的挑戰。Basler 增強了我們核心的高功率保護能力，使我們能夠銷售更完整的解決方案。我們相信，我們互補的產品組合，加上我們深厚的市場關係，使我們能夠在這個市場中實現兩位數的成長和強勁的獲利能力。

An example of our expanding reach this quarter, Basler was selected as a design partner for a next-generation control system solution for a leading player in the high-power industrial and data center backup generator market. Now turning to our second strategic priority, which is to work more closely with our customers to help better understand and solve their technology challenges.

本季度，Basler 的業務範圍不斷擴大，我們為其選定了一家在大功率工業和資料中心備用發電機市場領先的廠商的下一代控制系統解決方案的設計合作夥伴。現在轉向我們的第二個策略重點，即與客戶更緊密地合作，以便更好地了解和解決他們的技術難題。

Our new go-to-market evolution is live, and we're seeing the early signs of success following our sales force realignment, which is now market-facing, customer-centric and focused on solving our customers' most complex challenges with our complete technology portfolio. As an example, we continue to drive significant progress in the data set market, where we were early to adapt our new sales model.

我們全新的行銷策略已經啟動，在銷售團隊重組後，我們已經看到了成功的早期跡象。現在，我們的銷售團隊面向市場，以客戶為中心，專注於利用我們完整的技術組合來解決客戶最複雜的挑戰。例如，我們在資料集市場持續取得重大進展，因為我們很早就採用了新的銷售模式。

Our 2025 data center design wins more than doubled relative to the prior year. As you can see on slide 7, we have a comprehensive data center technology portfolio, and we are capturing meaningful wins with leading hyperscaler, cloud and infrastructure customers. The data center market is undergoing a significant architectural shift to high power systems.

與前一年相比，我們2025年的資料中心設計方案中標數量增加了一倍以上。正如您在幻燈片 7 中看到的，我們擁有全面的資料中心技術組合，並且我們正在與領先的超大規模、雲端和基礎設施客戶取得有意義的成功。資料中心市場正經歷向高功率系統的重大架構轉變。

As shown on slide 8, we believe our content opportunity on these next-generation architectures will be significantly more than double current levels. Importantly, we also have meaningful growth opportunities across the data center infrastructure ecosystem, and the acquisition of Basler further expands our high-power data center infrastructure capabilities.

如投影片 8 所示，我們相信，我們在這些下一代架構方面的內容機會將比目前的水平高出一倍以上。重要的是，我們在資料中心基礎設施生態系統中也擁有重要的成長機會，收購 Basler 將進一步擴展我們的高功率資料中心基礎設施能力。

To illustrate our momentum, we secured a significant design win for a static transfer switch with a leading data center infrastructure provider. This solution leverages our high-power semiconductor and packaging technology, which enables increased power density of approximately 20%, improved efficiency and simplified integration into the customers' equipment. This win is for a 2-megawatt UPS bypass and power distribution unit application that enables uninterrupted power to data center racks. Shipments are slated to begin in the first half of 20 representing continued momentum and growth in high-power data center solutions.

為了說明我們的發展勢頭，我們與一家領先的資料中心基礎設施供應商合作，成功獲得了一個重要的靜態轉換開關設計專案。該解決方案利用了我們的高功率半導體和封裝技術，可實現約 20% 的功率密度提升、效率提高以及簡化與客戶設備的整合。此次得標的是一個 2 兆瓦 UPS 旁路和配電單元應用，可為資料中心機架提供不間斷電源。預計將於 20 年上半年開始出貨，這代表著高功率資料中心解決方案的持續發展勢頭和成長。

Turning to our third strategic priority, enhancing operational excellence. Today, I want to highlight our semiconductor business opportunities. This business is core to our technology differentiation.

接下來談談我們的第三個策略重點，即提升卓越營運能力。今天，我想重點介紹一下我們在半導體領域的業務機會。這項業務是我們技術差異化的核心。

Our market-leading protection and complementary power semiconductor products are critical to our mission of enabling a safe and efficient transfer of electrical energy. Last quarter, we shared that we made a change in semiconductor leadership. I would like to provide an update on the strategic progress we're making in optimizing our power semiconductor products, which accounts for roughly half of our semiconductor business.

我們市場領先的保護和配套功率半導體產品對於我們實現安全高效的電能傳輸這項使命至關重要。上個季度，我們宣布了半導體領導層的變動。我想向大家報告我們在優化功率半導體產品方面的策略進展，這些產品約占我們半導體業務的一半。

First, we have made a decision to sharpen our focus on high-value and high-growth applications. We have differentiated technology and strong customer relationships in high-power markets such as data center, battery energy storage, grid and utility infrastructure.

首先，我們決定將重點放在高價值和高成長的應用上。我們在資料中心、電池儲能、電網和公用事業基礎設施等高功率市場擁有差異化的技術和強大的客戶關係。

We have started the process of rationalizing our portfolio to reduce exposure to lower-value product families and are aligning our manufacturing strategy accordingly. As part of this initiative, we are reviewing our power semiconductor manufacturing footprint to ensure it is optimized and residual.

我們已開始對產品組合進行合理化調整，以減少對低價值產品系列的投入，並相應地調整我們的生產策略。作為這項計劃的一部分，我們正在審查我們的功率半導體製造佈局，以確保其最佳化且具有可持續性。

We believe these actions will significantly improve the strategic focus and profitability of the business and position us to deliver next-generation technologies that will drive growth in our targeted markets. We look forward to providing further updates on these initiatives and sharing our formal strategic and financial road map at our May Investor Day.

我們相信這些舉措將顯著提升公司的策略重點和獲利能力，並使我們能夠提供下一代技術，從而推動目標市場的成長。我們期待在五月的投資者日上提供這些舉措的更多最新進展，並分享我們正式的策略和財務路線圖。

Taking a step back, we closed 2025 with considerable momentum reflected in our fourth quarter performance. We closed the Basler acquisition and drove robust backlog through customer and market traction throughout year-end. Into 2026, we are focused on executing our three strategic priorities and believe we are positioning Littelfuse today for meaningful long-term scale and leading shareholder performance.

回顧過去，我們在2025年末取得了相當大的發展勢頭，這體現在我們第四季的業績上。我們完成了對 Basler 的收購，並在年底透過客戶和市場需求推動了強勁的訂單積壓。展望 2026 年，我們將專注於執行我們的三大策略重點，並相信我們正在為 Littelfuse 實現有意義的長期規模和領先的股東業績做好準備。

With that, I'll hand the call over to Abhi.

這樣，我就把電話交給阿比了。

Thank you, Greg, and to everyone joining us. Today, I will start with an update on the Basler acquisition. Then, I will walk you through our fourth quarter results, followed by our first quarter outlook. We'll then be happy to take your questions.

謝謝格雷格，也謝謝所有到場的各位。今天，我將首先報告 Basler 收購案的最新進展。接下來，我將帶大家了解我們第四季的業績，以及我們第一季的展望。屆時我們將樂意回答您的問題。

As Greg mentioned previously, we're excited to close the acquisition and look forward to executing on the meaningful revenue synergies and opportunities that the combination of Basler and Littlefuse deliver. We anticipate the acquisition will contribute between $130 million and $135 million in revenue and $0.10 to $0.15 of adjusted earnings in 2026. We also expect Basler to deliver a high teens adjusted EBITDA margin for the year. With that, please turn to slide 10 for details on our fourth quarter. Going forward, comparisons I will discuss will be relative to the prior year, unless stated otherwise.

正如 Greg 之前提到的，我們很高興完成此次收購，並期待 Basler 和 Littlefuse 合併後帶來的顯著收入協同效應和機會。我們預計此次收購將在 2026 年帶來 1.3 億美元至 1.35 億美元的營收和 0.10 美元至 0.15 美元的調整後收益。我們也預計 Basler 今年的調整後 EBITDA 利潤率將達到 10% 以上。接下來，請翻到第 10 頁查看我們第四季的詳細情況。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。

We delivered strong results as revenue in the quarter was $594 million, up 12% and up 7% organic. The Dortmund and Bass acquisition contributed 3% to sales growth, while FX was a 2% tailwind. Adjusted EBITDA margin finished at 20.5%, up 480 basis points, reflecting meaningful operational leverage, while fourth quarter adjusted diluted earnings were $2.69.

本季業績強勁，營收達 5.94 億美元，年增 12%，有機成長 7%。收購多特蒙德和巴斯為銷售成長貢獻了 3%，而匯率波動帶來了 2% 的利好。經調整的 EBITDA 利潤率為 20.5%，成長 480 個基點，反映了顯著的營運槓桿作用，而第四季經調整的稀釋收益為 2.69 美元。

We also delivered meaningful cash generation in the fourth quarter. Operating cash flow was $139 million, and we generated $120 million in free cash flow. We ended the quarter with $563 million of cash on hand and net debt-to-EBITDA leverage of 1.2 times. In the quarter, we returned $19 million to shareholders via our dividend. Now before we go into further details on our results and outlook, I wanted to discuss the noncash goodwill impairment charge that we recorded in the fourth quarter.

我們在第四季也實現了可觀的現金流。經營現金流為 1.39 億美元，自由現金流為 1.2 億美元。本季末，我們手頭現金為 5.63 億美元，淨負債與 EBITDA 比率為 1.2 倍。本季度，我們透過派息向股東返還了 1,900 萬美元。在進一步詳細介紹我們的業績和展望之前，我想先討論一下我們在第四季度提列的非現金商譽減損費用。

The impairment charge of $301 million as per the IXYS and Dortmund acquisitions and is the result of our annual impairment testing of our reporting units. It reflects weaker sales and profitability, then original expectations amid persistent soft market conditions. As Greg mentioned, we have an opportunity to enhance our power semiconductors focus on applications in markets where we have strong market share, brand power and technology expertise. With a sharpened strategy, power semis will better complement our market-leading protection capabilities and ultimately drive improved performance over the long term. Please turn to slide 12 for brief highlights on our full year 2025 performance.

根據 IXYS 和多特蒙德的收購，減損費用為 3.01 億美元，這是我們對報告單元進行年度減損測試的結果。這反映出在持續疲軟的市場環境下，銷售額和獲利能力低於最初的預期。正如 Greg 所提到的，我們有機會加強我們在功率半導體領域的專注，尤其是在我們擁有強大市場份額、品牌實力和技術專長的市場應用領域。透過更精準的策略，功率半導體將更能補充我們市場領先的保護能力，並最終在長期內推動性能的提升。請翻到第 12 頁，了解我們 2025 年全年業績的簡要亮點。

We delivered strong revenue growth of 9%, while adjusted EBITDA margin expanded 260 basis points to 20.9%, reflecting the focused execution of our strategic priorities. We also delivered robust cash flow for the year, with free cash flow expanding 26%, showcasing the strength of our operating model. We continue to target free cash flow conversion of more than 100% in 2026. Please turn to slide 13 for our segment highlights starting with the Electronics Products segment.

我們實現了9%的強勁營收成長，調整後EBITDA利潤率成長260個基點至20.9%，這反映了我們策略重點的集中執行。今年我們的現金流也十分強勁，自由現金流成長了 26%，充分展現了我們營運模式的優勢。我們繼續以2026年自由現金流轉換率超過100%為目標。請翻到第 13 頁，了解我們各部分的亮點，首先是電子產品部分。

Sales for the quarter were up 21%, led by strong passive products organic sales as well as growth contributions from protection semiconductor products. Adjusted EBITDA margin of 23.7% was up 370 basis points, reflecting favorable year-over-year passive and protection volume leverage. For the full year, sales increased 13%, while adjusted EBITDA margin expanded 190 basis points driven by solid volume leverage. Moving to our Transportation Products segment on slide 14.

本季銷售額成長 21%，主要得益於被動式產品強勁的內生性銷售以及保護半導體產品的成長貢獻。經調整的 EBITDA 利潤率為 23.7%，成長了 370 個基點，反映了年比被動收入和保護型保險業務量的成長。全年銷售額成長13%，而調整後的EBITDA利潤率在強勁的銷售成長推動下擴大了190個基點。接下來，請看第 14 頁的運輸產品部分。

Fourth quarter sales increased 1% year-over-year but declined 1% organically. Passenger vehicle organic sales growth was more than offset by softer commercial vehicle volumes. Adjusted EBITDA was 16% reflecting our team's focus on driving margin expansion in a continued soft transportation market environment. For the full year, our focus on operational execution led to solid margin expansion and we remain confident in our ability to drive long-term transportation profitability and assets despite continued soft market conditions into 2026.

第四季銷售額年增 1%，但有機成長率下降 1%。乘用車有機銷售成長被商用車銷售疲軟所抵消。經過調整後的 EBITDA 為 16%，這反映了我們團隊在持續疲軟的運輸市場環境下，專注於推動利潤率擴張的努力。全年來看，我們對營運執行的重視帶來了穩健的利潤率成長，儘管市場環境持續疲軟直至 2026 年，我們仍然有信心推動運輸業務的長期盈利能力和資產增長。

Turning to slide 15, Industrial Products segment sales increased plus 4% but declined 1% organically for the quarter as improved energy storage, utility and grid infrastructure, renewables and data center demand was more than offset by lower HVAC demand. Fourth quarter adjusted EBITDA margin was 16.2%. For the full year, our Industrial segment delivered revenue growth of plus 10%, reflecting our secular growth positioning. Solid full year 2025 adjusted EBITDA margin expansion reflects favorable volume leverage, while we continue to invest in long-term growth. Please move to slide 16 for our first quarter outlook.

翻到第 15 張投影片，工業產品部門的銷售額成長了 4%，但由於儲能、公用事業和電網基礎設施、再生能源和資料中心需求的改善被 HVAC 需求的下降所抵消，本季有機銷售額下降了 1%。第四季調整後 EBITDA 利潤率為 16.2%。全年來看，我們的工業部門實現了 10% 以上的收入成長，反映了我們長期成長的策略定位。2025 年全年調整後 EBITDA 利潤率穩定成長，反映了銷售成長帶來的有利影響，同時我們將繼續投資於長期成長。請翻到第16頁查看我們第一季的展望。

We entered 2026 with a strong backlog and significant momentum. With that in mind, our first quarter 2026 guidance incorporates current market conditions, trade policies, commodity prices, and FX rates as of today. We expect first quarter sales in the range of $625 million to $645 million, which assumes 7% organic growth at the midpoint and 5 points of growth from our Basler acquisition. We are projecting first quarter EPS to be in the range of $2.70 to $2.90, which assumes 25% flow-through at the midpoint as well as a $0.03 contribution from the Basler acquisition. Turning to slide 18.

進入 2026 年，我們擁有強勁的訂單儲備和顯著的發展勢頭。考慮到這一點，我們對 2026 年第一季的預測包含了截至目前為止的市場狀況、貿易政策、商品價格和外匯匯率。我們預計第一季銷售額將在 6.25 億美元至 6.45 億美元之間，其中 7% 為有機成長率，5% 為收購 Basler 帶來的成長。我們預計第一季每股收益將在 2.70 美元至 2.90 美元之間，其中假設中間值為 25% 的利潤傳遞率，以及 Basler 收購帶來的 0.03 美元貢獻。翻到第18張幻燈片。

We want to provide you with a view on our key market exposures and underlying growth assumptions for 2026. We look forward to sharing our full strategy with you at our May 14 Investor Day in New York.

我們希望向您介紹我們對 2026 年主要市場風險敞口和潛在成長假設的看法。我們期待在5月14日於紐約舉行的投資者日上與您分享我們的完整策略。

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。

Good morning. Thank you for taking my questions. Greg, maybe if we could start with data center. Obviously, it's emerged as a big part of the story over the past year. Just hoping you can help us think through some of the key incremental drivers has been moved through not only in the first quarter, but through '26 in terms of share gain opportunity flowing through that 2x backlog growth that you cited for the full year and maybe even initial tailwinds from those higher voltage socket starting to launch. You mentioned the award in the script that first half '26 shipments are starting there. Just how should we kind of scale in the opportunity as we go through this year? Thank you.

早安.謝謝您回答我的問題。格雷格，或許我們可以從資料中心開始。顯然，在過去一年裡，它已經成為故事的重要組成部分。希望您能幫助我們思考一下，一些關鍵的增量驅動因素不僅在第一季度，而且在 2026 年都已顯現，這帶來了市場份額增長的機會，這得益於您提到的全年 2 倍的積壓訂單增長，甚至可能還得益於那些開始推出的高壓插座帶來的初期利好。你在劇本中提到了該獎項，2026 年上半年的貨物將從那裡開始交付。今年我們該如何把握住這些機會並逐步擴大規模？謝謝。

Thank you, Luke, for the question. Good morning. We continue to see good progress in the data center market. I think I emphasized that data center is one of the early markets where we focused on our sales realignment, putting a dedicated team focused on our customers, selling our complete technology portfolio, we're already seeing traction. As I mentioned, our design wins were up significantly, more than doubled in 2025, and we continue to see momentum.

謝謝你的提問，盧克。早安.我們看到資料中心市場持續取得良好進展。我認為我強調過，資料中心是我們早期重點進行銷售調整的市場之一，我們組建了一支專門的團隊，專注於服務客戶，銷售我們完整的技術產品組合，我們已經看到了成效。正如我之前提到的，我們的設計訂單數量大幅增長，到 2025 年增長了一倍多，而且我們繼續保持這種增長勢頭。

And I think the good news, as is shown on the chart, as the customers are moving to higher voltage systems, there are architectures on higher voltage in D.C. high-voltage systems. There's a lot more opportunity for us, and we're part of those conversations with our customers now on architecting that. So we can't give a quantitative number exactly because the architectures are evolving, but it's at least twice the opportunity for us as we go to the high voltage systems and in some cases, significantly more than that.

我認為好消息是，如圖表所示，隨著客戶轉向更高電壓的系統，直流高壓系統中也出現了更高電壓的架構。我們還有很多機會，現在我們正在與客戶探討如何建立這些機會。因此，由於架構不斷演變，我們無法給出確切的量化數字，但隨著我們進入高壓系統，我們的機會至少是原來的兩倍，在某些情況下，機會還會更多。

So we have momentum. I mentioned the design win on the static transfers, which we have momentum across the business. Also, Basler has good position in data center for backup power generation solutions. And so as we mentioned, it's not just in the rack and the white space, but actually more and more solutions that we offer in the gray space as well.

所以我們現在勢頭正盛。我提到了我們在靜態轉印設計方面的成功，這為我們整個業務帶來了發展勢頭。此外，Basler 在資料中心備用電源解決方案領域也佔據有利地位。正如我們所提到的，這不僅限於貨架和空白區域，實際上，我們在灰色區域也提供了越來越多的解決方案。

So we have good momentum. We continue to see growth in design wins. We will continue to see growth in revenue. And I'd just say that the thing I'm most excited about is we're having deeper conversations with our customers, talking about more of our technology portfolio, talking about next-generation architectures around the head linkage solutions.

所以我們目前勢頭良好。我們持續看到設計項目數量成長。我們將持續看到營收成長。我最興奮的是，我們正在與客戶進行更深入的對話，討論我們更多的技術組合，討論圍繞頭部連接解決方案的下一代架構。

And Luke, just to build up on what Greg said. So again, to reemphasize our design wins were 2 times 2024 and '25. Data center really grew strong double digits in the quarter and was a material contributor to our growth story in Q4. We expect it to be a leading market contributor growth in '26. And then more importantly, as I think about our data center exposure, it's double digits as a percentage of revenue, inclusive of Basler as I think about our data center exposure.

盧克，我只是想補充一下格雷格剛才說的話。所以再次強調，我們的設計得標項目是 2024 年和 2025 年各一個。資料中心在本季度實現了強勁的兩位數成長，並為我們第四季的成長做出了重大貢獻。我們預計它將成為 2026 年市場成長的主要貢獻者。更重要的是，當我考慮我們的資料中心風險敞口時，它佔收入的百分比是兩位數，包括 Basler 在內的資料中心風險敞口也是如此。

Very helpful. And then, Greg, switching gears to Industrial. You mentioned in the script that you're seeing signs of a more broad-based recovery in industrial into '26. Just hoping you could double-click on that in terms of some of the maybe more specific things that you're seeing? Or obviously, such as a few parts of the business maybe flow through to some specific business impact. Thank you.

很有幫助。然後，格雷格轉而談論工業領域。你在劇本中提到，你看到了工業領域在 2026 年出現更廣泛復甦的跡象。只是希望您能雙擊查看您看到的一些更具體的內容？或者很顯然，例如，業務的某些部分可能會對某些特定的業務產生影響。謝謝。

Thank you, Luke. Yeah, I would say that if you look at the bookings we had in 4Q and the momentum we feel we're seeing a broader based a broader-based momentum, I would call it, in our broader industrial markets, especially like our diversified industrial segments and Industrial Automation segments. The one market where I would say we still continue to see softness is in the residential HVAC, where we have a reasonable exposure on our industrial business. So that one continues soft.

謝謝你，盧克。是的，我認為，如果你看看我們第四季度的預訂情況以及我們感受到的發展勢頭，你會發現我們正在經歷更廣泛的發展勢頭，尤其是在我們多元化的工業領域和工業自動化領域。我認為目前唯一一個仍然疲軟的市場是住宅暖通空調，而我們在工業業務中對這部分市場的投資比例相當高。所以那個繼續保持柔軟。

But broadly, the market is improving. And I would say the good news is that we see that broad momentum across the business. It's strong in our industrial products and our passive electronics and also our semiconductor protection. The book-to-bill in the quarter was above 1. And we're seeing growth in not just book-to-bill but also in POS through to our end customers.

但總體而言，市場正在好轉。好消息是，我們看到了這種貫穿整個業務的廣泛發展勢頭。它在我們的工業產品、被動電子裝置以及半導體保護領域都發揮著重要作用。本季訂單出貨比高於 1。我們不僅在訂單結算環節看到了成長，而且在POS機到終端客戶的環節也看到了成長。

Yes. And just look, last one I'll make is if we think about the bookings in Q4 were up 20%. We saw similar numbers in Q3. So it points to, again, strong momentum exiting '25 and coming into 2026 to Greg's point.

是的。最後，我想說的是，如果我們考慮第四季度的預訂量增加了 20%。第三季我們也看到了類似的數字。所以，正如格雷格所說，這再次表明，2025 年末到 2026 年，市場勢頭強勁。

And then maybe for my last question, obviously, there's a lot of metals inflation out there right now. Can you just remind us how you buy things like copper and silver in terms of buying at spot rates versus indexing mechanisms to pass through those higher costs to different customer types, some distribution little more straightforward versus some other customers and maybe put a finer point on what you're assuming in the first quarter guidance specifically.

最後一個問題，很顯然，目前金屬價格通膨非常嚴重。您能否簡要說明一下，在購買銅和白銀等商品時，您是以現貨價格購買，還是採用指數機制將更高的成本轉嫁給不同類型的客戶？某些分銷方式可能比其他方式更直接，並且能否更具體地說明您在第一季業績指引中的具體假設？

Absolutely, Luke. So we're seeing pressure on the metal side, right? Our exposure is primarily to copper and ruthenium. But given the volatility in the silver and gold prices, we're also seeing an impact from that, right? So they kind of think about what our teams are focused on. Firstly, they're focused on supply chain opportunities and really looking at ultimate ways to procure that same material for cheaper pricing. Two, it's around how do we go price that and take that inflation and price it along to our customers, either through pricing or surcharges.

當然，盧克。所以我們看到金屬側承受著壓力，對吧？我們主要接觸的是銅和釕。但鑑於白銀和黃金價格的波動性，我們也看到了由此產生的影響，對吧？所以他們會思考我們團隊的關注重點是什麼。首先，他們專注於供應鏈機會，並真正專注於以更低的價格採購相同材料的終極方法。第二，問題在於我們如何定價，如何將通貨膨脹因素考慮在內，並透過定價或附加費的方式將成本轉嫁給我們的客戶。

What I will tell you is while we're getting impacted, just like 2025, right? If you think about the price cost tied to tariff, our teams did a great job managing that. That's what we're focused on. That's what we plan to go do this year. Now there might be some timing between quarters just given the timing of inflation versus when you get your price. But that said, our goal is to be price cost neutral. We have factored the impact of current commodity prices in our Q1 guidance. I feel reasonably comfortable about where we are in the Q1 guide.

我要告訴你們的是，雖然我們正在受到影響，就像 2025 年一樣，對吧？如果考慮到與關稅相關的價格成本，我們的團隊在這方面做得非常出色。這就是我們關注的重點。這就是我們今年的計畫。現在，由於通貨膨脹的時間與你獲得價格的時間有差異，因此季度之間可能會有一些時間差。但即便如此，我們的目標是維持物價成本中立。我們已將目前大宗商品價格的影響納入第一季業績預期。我對我們在第一季指南中所處的位置感到比較滿意。

Just maybe in terms of the first quarter guidance, the assumption that you're price cost neutral in the first quarter guide? Or should we think of that as a full year comment?

或許在第一季業績指引中，你們假設價格成本中立？或者我們應該把它看作是一整年的評論？

I think it's a full year comment. But like I said, there will be timing, Luke, throughout the year as we go through it, depending on how the commodity pricing moves versus when we recognize the pricing on it. So that's a full year comment, not a Q1 comment.

我認為這是一整年的評論。但就像我說的，盧克，在這一年中，我們會根據大宗商品價格的走勢以及我們何時確認其價格來決定時機。所以這是對全年情況的評價，而不是對第一季情況的評價。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

And congrats on the deal and the data center momentum there. Yeah, it's a lot of questions upfront about migration to the higher voltage architectures. Obviously, you get some constructive comments there, net of some product categories that will diminish. So that's great. Still a question remaining. So curious about what you're seeing in terms of opportunities like partnerships or consortiums into that space versus standard application design. And I'm just wondering if there's anything to talk about in that respect.

恭喜達成交易，也祝賀當地資料中心發展勢頭強勁。是的，關於向更高電壓架構遷移，一開始有很多問題需要解答。顯然，你會收到一些建設性的意見，但某些產品類別將會減少。那太好了。還有一個問題懸而未決。我很想知道，與標準應用程式設計相比，您在合作或聯盟等機會方面看到了什麼。我只是想知道這方面有沒有什麼好談的。

I think -- yeah, thank you, Chris. I think the thing to understand is that we have increased focus on the data center market, and we're wanting to play across the ecosystem. So we're partnering and talking to the hyperscalers. We're partnering and talking to the chip providers that build the architectures. We're very active in the ODM and design ecosystem in Asia and Taiwan that supports the design ecosystem.

我想——是的，謝謝你，克里斯。我認為需要理解的是，我們越來越關注資料中心市場，我們希望在整個生態系統中發揮作用。所以我們正在與超大規模資料中心營運商合作洽談。我們正在與建構這些架構的晶片供應商建立合作關係並進行洽談。我們在亞洲和台灣的ODM和設計生態系統中非常活躍，為設計生態系統提供支援。

And so what's important about our strategy now is that we have a dedicated sales focus on the data center customers and increased focus. And I think what's important is that we participate in all parts of that. From the chip designers that are building architectures to the hyperscalers that are designing architectures and power to the ODM in Asia, and we're covering all of that, and we're participating in all of that.

因此，我們現在策略的重點是，我們要專注於資料中心客戶的銷售，並加強。我認為重要的是我們要參與所有環節。從建構架構的晶片設計師到設計架構和電源的超大規模資料中心營運商，再到亞洲的原始設計製造商 (ODM)，我們涵蓋了所有這些領域，並參與了所有這些領域。

And our view is that we get our products architected and designed in throughout the cycle, and we're touching all those phases. So we're very active. We're also very active in platforms like Open Compute, for example, to make sure we understand where the architectures are going, where the standards are going.

我們的觀點是，我們在整個產品週期中對產品進行架構設計和開發，並且我們涉及所有這些階段。所以我們非常活躍。例如，我們也積極參與 Open Compute 等平台，以確保我們了解架構的發展方向和標準的發展方向。

One other thing I will emphasize that when you go to high-voltage architectures, many of these high-voltage architectures, once you go to 400 or 800 volts, products that didn't use to need to be UL certified, for example, now need to be UL certified. We need new standards. We're active in the standard body and the UL certification process for some of the standard setting processes for these high-power applications that ultimately are going to go into data center. So we're participating across the ecosystem. That's actually how we think we're going to win, and we're increasingly investing in that.

還有一點我要強調，當採用高壓架構時，很多高壓架構一旦達到 400 或 800 伏，以前不需要 UL 認證的產品，現在就需要 UL 認證了。我們需要新的標準。我們積極參與標準制定機構和 UL 認證流程，這些標準制定流程針對的是最終將應用於資料中心的高功率應用。因此，我們正在參與整個生態系統。實際上，我們認為這就是我們取勝之道，而且我們正在加大這方面的投入。

Great. And then on the power semis, you kind of blew through some of the target markets focused there. So I'd like to just revisit that. And also, what kind of attrition might we anticipate in kind of related earnings power? How should we contemplate that element ahead of the kind of breakout in May?

偉大的。然後，在動力半拖車領域，你們似乎忽略了一些重點目標市場。所以我想再談談這個問題。此外，我們預期在相關獲利能力方面會出現什麼樣的人員流失？在五月可能出現爆發性成長之前，我們應該如何看待這個因素？

Thank you, Chris. I'll try to give a little bit more color. So again, just to anchor on our semiconductor business, which is in our electronics segment, about half the business is our protection semiconductor business. This is actually a model franchise for us. We have very good market position, strong share, good customer value. So that's about half the revenue. And then the other half is our complementary power semi business, which is core to our strategy.

謝謝你，克里斯。我盡量讓它更有色彩一些。所以，再以我們的半導體業務為例，它屬於我們的電子部門，其中大約一半的業務是我們的保護半導體業務。這其實是我們理想的加盟模式。我們擁有非常好的市場地位、強大的市場佔有率和良好的客戶價值。所以這大約是收入的一半。另一半是我們的配套電力半導體業務，這是我們策略的核心。

And I think where we're focused here though is that there's elements of the power semi business where we have high value -- we see high growth markets. We have meaningful share. We're important to our customers. And actually, those tend to be the higher energy density, high power segments like data center, battery energy storage, grid and utility customers. And so those are the areas where we're going to continue to focus where we have high value, where we have market position that's giving us differentiated solutions.

但我認為我們目前關注的重點是，電力半導體業務中存在一些高價值的領域——我們看到了高成長的市場。我們擁有重要的份額。我們對客戶來說很重要。實際上，這些往往是能量密度更高、功率更大的領域，例如資料中心、電池儲能、電網和公用事業客戶。因此，我們將繼續專注於這些領域，因為我們在這些領域擁有高價值，擁有市場地位，能夠提供差異化的解決方案。

There are, however, parts of our power semi portfolio whereas lower value or a little bit more commoditized, I would say, where we don't have as much value. And so we're undergoing an effort to rationalize the portfolio and double down on the areas where we believe we can win. And as part of that, we will also be optimizing our manufacturing footprint. So what I think we're telling you is that this is a work in progress.

然而，我們的電力半導體投資組合中也有一些價值較低或商品化程度較高的部分，我認為，這些部分的價值並不高。因此，我們正在努力優化投資組合，並加倍投入我們認為能夠取得成功的領域。作為其中的一部分，我們還將優化我們的生產佈局。所以，我想我們想告訴大家的是，這項工作仍在進行中。

We're telling you where we are. We look forward to giving you continued updates as we progress this between now and Investor Day in May. So we will continue to give updates as we make progress. But I think the strategic focus is to continue to -- just like we're doing broadly for the company, sharpen our focus on where we play and why we win.

我們會告訴你我們在哪裡。從現在到五月的投資者日，我們將持續向您報告專案進度。因此，我們將隨著進展繼續發布最新消息。但我認為策略重點是繼續——就像我們為公司所做的那樣——更加專注於我們的市場定位和我們獲勝的原因。

Yeah, Chris, just to build on Greg's commentary, I think the way to think about it from a financial standpoint is as we go through the year, as we make progress, we'll incorporate any changes to our guide. That's point number one.

是的，克里斯，我只是想補充格雷格的評論，我認為從財務角度來看，隨著我們在這一年中不斷取得進展，我們會將任何變化納入我們的指導方針中。這是第一點。

Point number two, again, to Greg's point, our semiconductor business unit is made of two things really, right? It's protection and its power. Protection is a model franchise. So what this also does give us an ability to go do is as we rationalize our portfolio, optimize our footprint, get our semi business at that model level profitability, right? That's what we're focused on.

第二點，再次重申 Greg 的觀點，我們的半導體業務部門實際上由兩部分組成，對吧？它既是保護，也是力量。安保業是一個成功的特許經營模式。所以，這也讓我們有能力去做的事情是，當我們合理化我們的投資組合、優化我們的佈局、使我們的半導體業務達到該型號的盈利水平時，對吧？這就是我們關注的重點。

Again, more to come on this. But to Greg's point, our efforts are underway. And as we make progress through the year, we'll keep you up to date. And then more importantly, have a vision and a road map by Investor Day so the team understands what is it that we're going after.

關於這一點，後續還有更多消息。但正如格雷格所說，我們的努力正在進行中。隨著我們在這一年中取得進展，我們會及時向您報告最新情況。更重要的是，在投資者日之前要有一個願景和路線圖，讓團隊了解我們的目標是什麼。

Perfect. And then if I could sneak one in on Basler. Just curious about how you're seeing the cultural fit, anything kind of edgy on the integration, probably some differences in go-to-market and specification process with a little bit more of a systems and solution orientation to their portfolio.

完美的。然後，如果我能偷偷地在巴斯勒身上加一分就好了。我只是好奇您如何看待文化契合度，整合方面是否存在任何棘手的問題，以及在市場推廣和規格製定流程方面可能存在一些差異，他們的產品組合更側重於系統和解決方案。

Thank you, Chris. Look, we are very excited to have Basler as part of Littelfuse. As I mentioned, I got the -- we did the due diligence, but that was kind of a limited process. So I got the opportunity to meet with the team shortly after close in December.

謝謝你，克里斯。我們非常高興 Basler 加入 Littelfuse。正如我之前提到的，我們進行了盡職調查，但這只是一個有限的過程。因此，在12月交易結束後不久，我獲得了與團隊會面的機會。

What we really like and actually I left even more excited about is that couple of things. One, Basler is a highly technical organization. They have a great engineering capability. They're market leaders in protection solution expectation systems and probably punch above their weight based on the size of the company, for the capabilities that they have.

我們真正喜歡的，也是讓我更興奮的，是以下兩件事。第一，Basler是一家技術性很強的公司。他們擁有強大的工程能力。他們是防護解決方案期望系統的市場領導者，就其公司規模而言，他們的能力可能超出了自身實力。

Two, though, you mentioned go-to-market, we really like about Basler is that they have market position and establish go-to-market in the utility industry. If you look at Littelfuse's legacy portfolio, we have technology that really plays in grid utility in some subsegments of that like battery storage and solar, we've done really well. But other subsegments that may be more core utility grid space, we have underparticipated mainly because of focus, but one of the key areas is that we didn't have the channel.

第二點，你提到了市場進入策略，我們非常欣賞 Basler 的一點是，他們在公用事業行業擁有市場地位並建立了市場進入策略。如果你看看Littelfuse的傳統產品組合，你會發現我們的技術在電網公用事業的某些細分領域，例如電池儲能和太陽能，確實發揮了重要作用，而且我們做得非常好。但在其他一些可能更核心的公用事業電網領域，我們參與度較低，主要是因為我們的關注點不同，但其中一個關鍵領域是我們沒有管道。

So we're actually really excited about Basler and the capabilities they bring. They have complementary products. They're a system-level provider. They provide complete solutions. So many of the places we're going Basler is. And our goal is to leverage their go-to-market and customer understanding to help us bring more of the Littelfuse portfolio into that space.

所以，我們對 Basler 及其帶來的功能感到非常興奮。他們的產品互補。他們是系統級供應商。他們提供完整的解決方案。我們要去的很多地方，巴斯勒都在其中。我們的目標是利用他們的市場推廣和客戶理解能力，幫助我們將更多 Littelfuse 產品組合引入該領域。

So just like we're doing other places, we're leveraging that. We're very pleased to have the Basler engineering and go-to-market team as part of Littelfuse, and we see that as a growth synergy out of this acquisition.

所以就像我們在其他地方所做的那樣，我們正在利用這一點。我們非常高興 Basler 的工程和市場推廣團隊能夠加入 Littelfuse，我們認為這是此次收購帶來的成長綜效。

(Operator Instructions) David Williams, Benchmark.

（操作說明）David Williams，Benchmark。

Congratulations on the progress here. It's really great to see. And obviously, the tone has changed and much more enthusiastic. So congratulations there. Maybe the first question is, Greg, as you kind of think about over the last 90 days, what has changed or shifted? What do you think has become maybe more positive -- and is it simply because of the self-help, the strategy you've implemented? Or do you feel like the markets are also helping in that regard?

恭喜你們的進展。看到這個真是太好了。很明顯，語氣已經發生了變化，變得更加熱情。所以，恭喜你。格雷格，或許第一個問題是，在你思考過去 90 天的過程中，發生了哪些改變或轉變？你認為哪些方面變得更積極了——這只是因為你採取了自助策略嗎？或者您認為市場在這方面也扮演了角色？

So two things. First, I think we're on a multiyear journey. And I think that from the Littelfuse perspective, we are continually making progress. So we've been making progress throughout '25. We anticipate we're going to continue to make progress through '26. And so for us, I would say it's a multiyear journey. And we are seeing results of our progress; we expect to continue that.

所以有兩件事。首先，我認為我們正處於一個多年期的旅程中。我認為從利特爾福斯的角度來看，我們一直在不斷取得進展。因此，我們在2025年取得了進展。我們預計到 2026 年我們將繼續取得進展。所以對我們來說，我認為這是一段多年的旅程。我們已經看到了進展的成果；我們希望繼續保持這種勢頭。

In addition to that, I would say we continue to see market momentum. So if you go back to 2025, I think the market momentum was maybe more narrow in data center and grid utility solar, battery storage, energy around data center, the market momentum was a little more narrow. We actually are seeing a little bit broader market momentum. We talked about the broader industrial market momentum.

除此之外，我認為我們仍然可以看到市場動能。所以，如果回到 2025 年，我認為資料中心和電網公用事業太陽能、電池儲能、資料中心週邊能源的市場動能可能更集中一些。實際上，我們看到的是整體市場動能增強。我們討論了更廣泛的工業市場發展動能。

So I would say it's both, right? We are making progress on our strategy. It's a journey, it's step by step, we're making progress. But also, we're seeing some market momentum that is adding to that.

所以我覺得兩者都是，對吧？我們的戰略正在取得進展。這是一個過程，一步一步來，我們正在取得進展。但同時，我們也看到一些市場動能也加劇了這種情況。

David, just to build on what Greg said, I think a couple of things I'll add to it. First of all, as you see our results for '25, right? We talked a lot about operational execution. While we have more to go do there. You see that itself out in our margin expansion across all three segments, whether it's transportation, industrial or electronics.

戴維，我想在格雷格剛才說的基礎上補充幾點。首先，正如你所看到的，我們2025年的結果，對吧？我們討論了很多關於營運執行方面的問題。雖然我們在那裡還有更多事情要做。這一點在我們所有三個業務板塊（無論是交通運輸、工業或電子產品）的利潤率擴張中都有所體現。

I think the whole conversation we just had around power semi and that focus really gives us an opportunity to optimize our profitability and continue to move that profitability to optimal levels. So I think to Greg's point, I think there's a little bit of focus that we're driving that helps us optimize our portfolio further and then Greg talked to market momentum.

我認為我們剛才圍繞電力半導體進行的討論以及對這一領域的關注，確實為我們提供了一個優化盈利能力並繼續將盈利能力提升到最佳水平的機會。所以我覺得格雷格的觀點是正確的，我們正在努力集中精力，以幫助我們進一步優化投資組合，然後格雷格談到了市場動能。

Okay. Great. Thank you so much for the color. And maybe secondly, just as we think about for the full year and margins and maybe even on the top line, what do you think is a reasonable place to kind of think about where growth could be this year, just given all the positive dynamics that we see here reasonable to assume double-digit growth for the full year, you think?

好的。偉大的。非常感謝您提供的顏色。其次，當我們考慮全年的利潤率，甚至營收時，考慮到我們看到的所有積極因素，您認為今年的成長應該在什麼範圍內？假設全年實現兩位數成長是合理的嗎？

So look, we don't definitely guide full year, but I'll tell you, I think I come back to -- if you look at our Q1 guide, right, I mean, at the midpoint, it's a 7% organic, 15% growth year-over-year where -- going to contribute about 5% in the quarter and an EPS guide that the midpoint is a 28% growth on a 7% top line growth. So again, points to the strong momentum exiting '25 coming into '26.

所以你看，我們目前還沒有給出全年業績指引，但我可以告訴你，如果你看看我們第一季度的業績指引，對吧，我的意思是，中值是7%的有機增長，同比增長15%，其中——預計本季度將貢獻約5%的增長，每股收益指引的中值是28%的增長，營收增長7%。所以，這再次表明，2025 年的強勁勢頭將延續到 2026 年。

As I think about the markets, as Greg mentioned, we're seeing broad-based industrial strength, right, with the exception of their TSC market. It's not just data center anymore. It's a little more broad-based. So in general, we feel really good about where we are for 2026 and the momentum that we're seeing as we go along the year. Of course, we'll keep the team up to date on our progress. But sitting here today, we feel really good about our momentum in '26.

正如格雷格所提到的那樣，我認為市場整體實力強勁，對吧，除了他們的 TSC 市場之外。它不再只是資料中心了。它的覆蓋範圍更廣一些。總的來說，我們對 2026 年的發展前景以及今年的進展勢頭都感到非常樂觀。當然，我們會及時向團隊報告進度。但今天坐在這裡，我們對2026年的發展動能感到非常樂觀。

I have no further questions in queue. I will now hand the call back over to CEO, Greg Henderson, for closing remarks.

我沒有其他問題需要提問了。現在我將把電話交還給執行長格雷格·亨德森，請他作總結發言。

All right. Well, thank you all for joining us today. I just want to close by first thanking our global teams. As we mentioned, we had a strong Q4 and good progress to our goals in '25. And we're confident in our momentum into '26 as Abhi just said.

好的。謝謝各位今天蒞臨。最後，我首先要感謝我們的全球團隊。正如我們之前提到的，我們在第四季度表現強勁，並且在實現 2025 年目標方面取得了良好進展。正如阿比剛才所說，我們對2026年的發展動能充滿信心。

So thank you for joining us. We look forward to seeing many of you in person as you join us at our Investor Day on May 14 in New York. So thank you very much.

感謝各位的參與。我們期待在5月14日於紐約舉行的投資者日活動上與各位見面。非常感謝。