Littelfuse, Inc. (LFUS) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the Littelfuse third-quarter 2026 earnings conference call. Today's call is being recorded.

各位好，歡迎參加 Littelfuse 2026 年第三季財報電話會議。今天的電話會議將被錄音。

At this time, I will turn the call over to the Vice President of Investor Relations, David Kelley. Please proceed.

現在我將把電話會議交給投資人關係副總裁 David Kelley。請開始。

Good morning, and welcome to the Littelfuse third-quarter 2026 earnings conference call. With me today are Greg Henderson, President and CEO; and Abhi Khandelwal, Executive Vice President and CFO.

各位早安，歡迎參加 Littelfuse 2026 年第三季財報電話會議。今天與我一同出席的有總裁暨執行長 Greg Henderson，以及執行副總裁暨財務長 Abhi Khandelwal。

This morning, we reported results for our third 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.

今天早上，我們已公布第三季業績，財報新聞稿與簡報投影片可於本公司網站的投資人關係專區取得。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.

請翻到投影片第 2 頁查看免責聲明。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與不確定性。請查閱今天的新聞稿以及我們的 10-K 與 10-Q 表格，以了解可能導致實際結果與我們預期有重大差異的重要風險之更多細節。我們不承擔更新任何此等前瞻性資訊的義務。

Also, our remarks today revert to non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided on our earnings release available in the investor relations section of our website.

此外，我們今天的發言將採用非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最可比 GAAP 指標之調節表，已載於我們在網站投資人關係專區提供的財報新聞稿中。

I will now turn the call over to Greg.

現在我將把電話會議交給 Greg。

Thank you, David, and thank you to everyone for joining us today. This morning, I'll provide details on our third-quarter results, including performance highlights across our end markets. I'll then share progress against our strategic priorities before turning the call over to Abhi to review our segment financials and fourth-quarter outlook.

謝謝你，David，也感謝各位今天加入我們。今天早上，我將提供第三季業績的細節，包括我們各終端市場的表現重點。接著我會分享我們在策略優先事項上的進展，然後把電話會議交給 Abhi，請他回顧各事業部門的財務表現以及第四季展望。

Turning to the quarter, we delivered record net sales of $767 million. Our Q3 results were impacted by a one-time Dortmund contract amendment fee that reduced semiconductor sales by $28.5 million, which we will discuss in more detail shortly. Organic revenue growth accelerated to 22% year over year, driven by execution on our strategic priorities and demand strength across our markets.

回到本季，我們創下 7.67 億美元的淨銷售額新高。我們第三季的結果受到一次性多特蒙德（Dortmund）合約修訂費用影響，使半導體銷售減少 2,850 萬美元；我們稍後將更詳細說明。在我們策略優先事項的執行以及各市場需求強勁的帶動下，有機營收年增率加速至 22%。

We also delivered significant margin expansion and 96% year-on-year earnings growth in the third quarter. This culminated in an adjusted earnings of $5.79, a record for the company. Finally, I wanted to highlight our free cash flow performance, which is up 66% year-to-date, reinforcing our strong execution.

我們在第三季也實現顯著的毛利率擴張，並帶來年增 96% 的獲利成長。最終，調整後每股盈餘達 5.79 美元，創公司新高。最後，我想強調我們的自由現金流表現，年初至今成長 66%，再次印證我們強勁的執行力。

Turning to performance across our end-market exposures, Computing, Communications, and Diversified Industrials, or CCDI, delivered another quarter of strong growth. Data Center was again a leading contributor as we continue to capitalize on our unique grid-to-chip capability and customer-focused go-to-market model. Our Data Center backlog is expanding, and we see traction in our opportunity pipeline and design wins.

就我們終端市場曝險的表現而言，運算、通訊與多元工業（Computing, Communications, and Diversified Industrials，簡稱 CCDI）再度交出強勁成長的一季。資料中心再次成為主要貢獻者，因我們持續運用獨特的「從電網到晶片」（grid-to-chip）能力，以及以客戶為中心的市場推進模式。我們的資料中心在手訂單持續擴大，並且在商機管線與設計導入（design wins）方面看到進展。

Across diversified industrials, we delivered broad-based growth, led by demand for medical and aerospace and defense applications. We also continued to execute on strong orders from our broad market channel partners, and the end customer POS remains very healthy across geographies and applications.

在多元工業領域，我們實現廣泛的成長，主要由醫療以及航太與國防應用需求帶動。我們也持續執行來自廣泛市場通路夥伴的強勁訂單，而終端客戶的 POS（銷售點）在各地區與各應用領域仍維持非常健康的水準。

Turning to Energy and Industrial Infrastructure, or EII, we saw broad-based demand momentum, and Basler Electric continues to perform well. Within industrial infrastructure, growth was led by industrial automation, heavy construction, and HVAC demand recovery. Within energy infrastructure, grid modernization and utility investment drove increased demand for our market-leading protection solutions. Battery energy storage served as another key growth engine where we are developing market-leading protection architectures to support rapid power scaling.

在能源與工業基礎建設（Energy and Industrial Infrastructure，簡稱 EII）方面，我們看到廣泛的需求動能，Basler Electric 也持續表現良好。在工業基礎建設中，成長主要由工業自動化、重型建築，以及 HVAC 需求復甦所帶動。在能源基礎建設中，電網現代化與公用事業投資推動對我們市場領先的保護解決方案之需求增加。電池儲能亦成為另一個關鍵成長引擎；我們正在開發市場領先的保護架構，以支援快速的電力擴充。

In Transportation and Logistics, or T&L, commercial vehicle demand strengthened in the quarter. This was driven by our proactive go-to-market engagement and a market recovery across heavy truck, agriculture and material handling equipment. In passenger vehicles, revenue increased, driven by strong execution as our teams are delivering content and market share gains despite lower global vehicle production. Overall, our third-quarter performance reinforces the strength of our end market diversity and technology positioning.

在運輸與物流（Transportation and Logistics，簡稱 T&L）方面，本季商用車需求轉強。這主要受惠於我們主動的市場推進互動，以及重型卡車、農業與物料搬運設備市場的復甦。在乘用車方面，儘管全球汽車產量較低，我們團隊仍透過強勁執行帶來內容（content）與市占率提升，推動營收增加。整體而言，我們第三季的表現再次印證我們終端市場多元化與技術定位的優勢。

Our growth also reflects our sharpened focus on high growth opportunities and our go-to-market shift as we continue to outperform our end markets. Heading into the fourth quarter, we are well positioned to maintain our operational momentum. Bookings were again a record in Q3 driven by growth across our businesses, and our book-to-bill remained well north of 1.0.

我們的成長也反映出我們更聚焦於高成長機會，以及市場推進策略的轉變，使我們持續優於終端市場表現。展望第四季，我們已具備良好條件以維持營運動能。第三季接單再創新高，成長動能來自各項業務，而我們的出貨比（book-to-bill）仍遠高於 1.0。

Now let me update you on the progress we're making across our strategic priorities. Starting with go-to-market, we continue to see strong customer engagement translate into a larger, higher-value new business funnel. By engaging customers earlier in the design cycle with more of our multi-technology solutions, we are increasing both the breadth and value of our opportunity pipeline.

接下來我更新我們在策略優先事項上的進展。首先在市場推進方面，我們持續看到強勁的客戶互動，轉化為更大、價值更高的新業務漏斗。透過在設計週期更早期與客戶互動，並提供更多多技術解決方案，我們正在提升商機管線的廣度與價值。

As evidence of our traction year-to-date, the average dollar value per new business opportunity has increased by more than 20%, while third-quarter design wins again grew double digits year over year. Together, these results reinforce our confidence in our long-term organic growth targets.

作為我們年初至今進展的證據，單一新業務機會的平均金額已提升超過 20%，而第三季的設計導入也再次呈現年增雙位數成長。綜合而言，這些成果強化了我們對長期有機成長目標的信心。

Now let's turn to our high-growth opportunities, or HGOs. While early, we also believe our sharpened focus on our three HGOs, data center, grid and utility infrastructure, and aerospace and defense, is beginning to deliver tangible returns. Today, I want to specifically highlight our expanding aerospace and defense, or A&D, opportunity. While this high-growth market represents a small portion of revenue today, sales growth outpaced company average in Q3.

接著談我們的高成長機會（high-growth opportunities，簡稱 HGO）。雖然仍在早期階段，但我們也相信，將焦點更集中於三大 HGO——資料中心、電網與公用事業基礎建設，以及航太與國防——已開始帶來具體回報。今天我想特別強調我們持續擴大的航太與國防（aerospace and defense，簡稱 A&D）商機。雖然這個高成長市場目前在營收中占比仍小，但第三季的銷售成長已超越公司平均水準。

A&D is an ideal market for our technology, given its mission-critical requirements and rapid transition towards high-voltage DC architectures. During the quarter, we secured several key A&D design wins, including high-reliability power semiconductor modules for a defense flight control system, and specialized switching solutions for a commercial space customer. Long-term, we believe a focused A&D growth strategy will diversify our market exposure while providing strong and resilient profit contribution.

鑑於 A&D 具備任務關鍵（mission-critical）需求，且正快速轉向高電壓直流（high-voltage DC）架構，這對我們的技術而言是理想市場。本季我們取得數項關鍵 A&D 設計導入，包括用於國防飛控系統的高可靠度功率半導體模組，以及提供給商業太空客戶的專用切換解決方案。長期而言，我們相信聚焦的 A&D 成長策略將在提供強勁且具韌性的獲利貢獻之同時，分散我們的市場曝險。

Finally, turning to operational excellence, at our May Investor Day, we highlighted semiconductor products and transportation, where we see opportunities to enhance our long-term growth while optimizing our portfolio and driving long-term profitability enhancements. While early, we're seeing evidence of our progress towards our 2030 goals.

最後，談到營運卓越，在我們 5 月的投資人日上，我們強調了半導體產品與運輸領域；我們在這些領域看到可在優化產品組合並推動長期獲利能力提升的同時，增強長期成長的機會。雖然仍在早期階段，但我們已看到朝向 2030 年目標邁進的進展跡象。

Starting with semiconductors, we delivered significant revenue growth and improved profitability in the quarter. This was led by our protection franchise, which delivered record revenue and profitability while we see continued strong bookings momentum into year end. Long-term protection remains well-positioned as a market leader and key enabler of the long-term electrification megatrend across our markets.

先從半導體開始，本季我們實現顯著的營收成長並改善獲利能力。這主要由我們的保護（protection）產品線帶動，其營收與獲利能力皆創新高，且我們看到接單動能在年底前仍持續強勁。長期而言，保護產品仍具備良好定位，作為市場領導者並成為我們各市場長期電氣化（electrification）巨趨勢的關鍵推動者。

In power semiconductors, organic growth accelerated alongside improved margins. While early, we are executing our more focused power semiconductor strategy around higher power and higher value opportunities. We are delivering for our customers as our orders have accelerated. We remain disciplined in balancing power semi-growth opportunities with active portfolio rationalization and footprint optimization.

在功率半導體方面，有機成長加速，同時毛利率改善。雖然仍在早期階段，我們正以更聚焦的功率半導體策略，鎖定更高功率與更高價值的機會。隨著訂單加速，我們正為客戶交付成果。我們仍維持紀律，在把握功率半導體成長機會的同時，積極進行產品組合精簡與據點（footprint）最佳化。

During the third quarter, we executed an amendment to a commercial supply agreement for our Dortmund facility. In exchange for a one-time payment, this amendment accelerates the delivery of contracted volumes while eliminating restrictive covenants.

在第三季期間，我們針對多特蒙德（Dortmund）廠的商業供應協議完成一項修訂。作為一次性付款的交換條件，此修訂加速交付合約約定的供貨量，同時取消具限制性的契約條款。

This step materially improves the underlying economics of the Dortmund asset and grants us significant strategic flexibility and optionality as we evaluate our broader power semiconductor footprint. Over time, we remain committed to better positioning our power semiconductor franchise for sustainable growth, structural margin expansion, and enhanced long-term returns.

此舉將實質改善多特蒙德資產的基礎經濟效益，並在我們評估更廣泛的功率半導體佈局時，賦予我們顯著的策略彈性與選擇權。長期而言，我們仍致力於更好地定位我們的功率半導體事業，以實現可持續成長、結構性毛利率擴張，以及提升長期回報。

Turning to transportation, our sharpened focus on our market-leading customers, efficiencies, and scale is driving solid growth while we're seeing continued margin expansion as we scale our operations and simplify our cost structure. We believe our enhancements position us well to drive structural margin expansion in a muted underlying market environment.

談到運輸領域，我們更聚焦於市場領先的客戶、效率與規模，正推動穩健成長；同時，隨著我們擴大營運規模並簡化成本結構，我們也持續看到毛利率擴張。我們相信，這些強化措施使我們即便在基礎市場環境較為低迷的情況下，仍能推動結構性毛利率擴張。

Taking a step back, we are encouraged by our third-quarter results. Our teams are executing against attractive market demand, converting and expanding customer opportunity pipeline, and driving profitability enhancements across the portfolio. I want to thank our teams for their dedication to serving our customers and delivering value.

退一步來看，我們對第三季的結果感到鼓舞。我們的團隊正針對具吸引力的市場需求落實執行，轉化並擴大客戶機會管線，並在整體產品組合中推動獲利能力提升。我要感謝我們的團隊致力於服務客戶並創造價值。

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

接下來，我把電話交給 Abhi。

Thank you, Greg, and good morning, everyone. Today, I will walk you through our third-quarter financial performance before reviewing our fourth-quarter outlook. Please turn to slide 6 for details on our third-quarter performance. All comparisons are versus the prior year, unless noted otherwise.

謝謝你，Greg，各位早安。今天我將先帶各位回顧第三季的財務表現，接著說明第四季展望。請翻到投影片第 6 頁，查看第三季表現的細節。除非另有說明，所有比較皆以去年同期為基準。

Reported net sales in the third quarter were a record $767 million, reflecting the $28.5 million one-time Dortmund custom amendment fee, which was not contemplated in our previous guidance. Organic growth contributed 22%, the bachelor acquisition contributed approximately 6%, and foreign exchange was neutral.

第三季公告淨銷售額創下 7.67 億美元的歷史新高，其中包含 2,850 萬美元的一次性多特蒙德客戶修訂費用，該費用未納入我們先前的財測指引。有機成長貢獻 22%，bachelor 併購約貢獻 6%，匯率影響為中性。

Adjusted EBITDA was $226 million, while adjusted EBITDA margin finished at 28.4%, up 690 basis points. Adjusted diluted earnings per share were $5.79, up 96% versus the prior year, and a record for the company. The improvement reflects strong volume leverage, favorable mix, pricing, and operational execution.

調整後 EBITDA 為 2.26 億美元，調整後 EBITDA 利潤率為 28.4%，提升 690 個基點。調整後稀釋每股盈餘為 5.79 美元，較去年同期成長 96%，並創公司紀錄。此改善反映了強勁的量增槓桿效應、有利的產品組合、定價，以及營運執行。

As a result of our Operational Excellence Initiative, we expect to realize approximately $5 million in 2026 run rate savings. We continue to deliver progress towards our 2030 optimization goal of $50 million and see further opportunities into 2027.

受惠於我們的營運卓越計畫（Operational Excellence Initiative），我們預期在 2026 年可實現約 500 萬美元的年度化節省（run rate savings）。我們持續朝 2030 年 5,000 萬美元的優化目標推進，並看到延伸至 2027 年的更多機會。

Operating cash flow was $230 million, and free cash flow was $216 million, up 64%. Year-to-date, free cash flow was $409 million, up 66%, as we continue to drive strong conversion. We ended the quarter with $825 million of cash on hand and a consolidated net leverage ratio of 0.7 times. We also returned $20 million to shareholders through our third-quarter dividend.

營運現金流為 2.30 億美元，自由現金流為 2.16 億美元，成長 64%。年初至今，自由現金流為 4.09 億美元，成長 66%，我們持續推動強勁的現金轉換。本季末我們持有現金 8.25 億美元，合併淨槓桿比率為 0.7 倍。我們也透過第三季股利向股東回饋 2,000 萬美元。

Please turn to slide 8 for our segment highlights, starting with the Electronics product segment. Reported electronic sales were $426 million, reflecting the $28.5 million one-time Dortmund customer amendment fee. Organic sales increased 27%, with passive products up 30% and semiconductor products up 24%. Growth was broad-based across data center, diversified industrial, and transportation applications. Within semiconductor products, we observed continued strong production demand and improved power demand.

請翻到投影片第 8 頁，查看各事業部門重點，先從電子產品事業部開始。公告電子產品銷售額為 4.26 億美元，其中包含 2,850 萬美元的一次性多特蒙德客戶修訂費用。有機銷售成長 27%，其中被動元件成長 30%，半導體產品成長 24%。成長動能廣泛分布於資料中心、多元工業與運輸等應用。在半導體產品方面，我們觀察到生產端需求持續強勁，且功率需求有所改善。

Excluding the one-time amendment fee, adjusted EBITDA margin for the Electronics segment was 33.1%, up 910 basis points versus the prior year, reflecting volume leverage, favorable price, product mix, and operational execution. While early, we are seeing the benefits of our more focused power semiconductor strategy. Looking ahead, we will continue to pair healthy end market demand with disciplined portfolio and footprint actions in a power semiconductor franchise with the goal of driving improved long-term profitability and returns.

若排除一次性修訂費用，電子事業部的調整後 EBITDA 利潤率為 33.1%，較去年同期提升 910 個基點，主要反映量增槓桿效應、有利的價格、產品組合，以及營運執行。雖然仍在初期階段，我們已看到更聚焦的功率半導體策略所帶來的效益。展望未來，我們將持續在功率半導體事業中，結合健康的終端市場需求與嚴謹的產品組合及產能/據點（footprint）行動，目標是推動長期獲利能力與回報的改善。

Moving to our Transportation product segment on slide 9, sales were $183 million, up 7%, both on a reported basis and organically. Commercial vehicle organic sales expanded 20% fueled by strong demand in heavy truck, data center, and agricultural equipment. Passenger vehicle organic sales declined 5%, reflecting lower global auto production and planned exits of legacy lower margin sensor lines. Adjusted EBITDA margin was 19.6%, up 280 basis points. Strong commercial vehicle volume leverage and operational execution more than offset the impact of softer passenger vehicle demand.

接著看投影片第 9 頁的運輸產品事業部，銷售額為 1.83 億美元，無論以公告口徑或有機口徑計算皆成長 7%。商用車有機銷售成長 20%，受重型卡車、資料中心與農業設備的強勁需求帶動。乘用車有機銷售下滑 5%，反映全球汽車產量下降，以及我們按計畫退出部分傳統低毛利感測器產品線。調整後 EBITDA 利潤率為 19.6%，提升 280 個基點。商用車強勁的量增槓桿效應與營運執行，足以抵銷乘用車需求較疲弱的影響。

Turning to slide 10, Industrial segment sales were $158 million, up 65%. Organic growth was 27%, supported by strong data center and grid infrastructure, HVAC, and industrial automation demand. The bachelor acquisition contributed approximately 38% to growth. Adjusted EBITDA margin was 25.2%, up 450 basis points, reflecting favorable walling leverage, operational efficiencies, price, and mix.

再看投影片第 10 頁，工業事業部銷售額為 1.58 億美元，成長 65%。有機成長為 27%，主要受資料中心與電網基礎建設、HVAC（暖通空調）以及工業自動化需求強勁所支撐。bachelor 併購約貢獻 38% 的成長。調整後 EBITDA 利潤率為 25.2%，提升 450 個基點，反映有利的量增槓桿效應、營運效率、價格與產品組合。

Turning to our outlook for the fourth quarter on slide 11, we expect continued healthy demand across several of our key markets supported by strong backlog and customer engagement. Based on current market conditions, we expect fourth-quarter net sales in the range of $750 million to $770 million. At the midpoint, this represents approximately 28% growth versus the prior year, and better than typical seasonal sales. We expect fourth-quarter adjusted diluted EPS to be in the range of $5.05 to $5.25 per share. Our guidance assumes an adjusted effective tax rate of approximately 24%.

接著看投影片第 11 頁的第四季展望，我們預期在強勁的訂單積壓（backlog）與客戶互動支持下，幾個關鍵市場將持續維持健康需求。基於目前市場狀況，我們預期第四季淨銷售額將落在 7.50 億至 7.70 億美元區間。以區間中值計算，較去年同期約成長 28%，且優於典型季節性銷售表現。我們預期第四季調整後稀釋每股盈餘將落在每股 5.05 至 5.25 美元。我們的指引假設調整後有效稅率約為 24%。

We remain focused on executing the value equation playbook we outlined at Investor Day, driving 7% to 9% organic growth over time, expanding adjusted EBITDA margin toward 24% to 26%, generating strong free cash flow, and deploying capital with discipline. Our third-quarter performance reinforces our confidence in the strategic path toward our 2030 targets of $4.5 billion in revenue, $1.1 billion in adjusted EBITDA, and more than $600 million of annual free cash flow.

我們仍專注於執行在投資人日所提出的價值方程式作戰手冊（value equation playbook）：長期推動 7% 至 9% 的有機成長、將調整後 EBITDA 利潤率擴張至 24% 至 26%、創造強勁自由現金流，並以紀律方式配置資本。我們第三季的表現進一步強化了我們對策略路徑的信心，朝 2030 年目標邁進：營收 45 億美元、調整後 EBITDA 11 億美元，以及年度自由現金流超過 6 億美元。

Thank you to the Littelfuse teams for their continued execution and commitment to our customers. With that, operator, please open the call for Q&A.

感謝 Littelfuse 團隊持續落實執行並致力於服務客戶。接下來，請接線生開放問答。

(Operator Instructions) David Williams, Needham.

(接線生指示) David Williams，Needham。

Hey, good morning, and congratulations on the really stellar results here.

嗨，早安，也恭喜你們交出非常亮眼的成果。

Thank you, David.

謝謝你，David。

So maybe first, just kind of thinking about the mechanics of the semi-growth, and you kind of walked through some of that, but can you help us understand how much of this is maybe cyclical versus demand, and perhaps maybe the repositioning of what you've done within those power semis? I'm just trying to understand, how much of this is really demand versus the operational changes that you've made within that business?

那也許先從半導體成長的運作機制談起，你剛才也說明了一些，但你能否協助我們理解，這當中有多少可能是景氣循環因素、多少是需求因素，以及也許你們在功率半導體內部所做的重新定位所帶來的影響？我想釐清的是：這裡面到底有多少是真正的需求拉動，多少是你們在該業務內所做的營運變革所帶來的？

Yes, thank you, David. Yes, so look, semiconductors, as part of our Electronics segment, had strong performance in the quarter. You start with our protection semiconductor franchise. We had a record revenue and profitability from this segment, and this is a very model profitability segment for us in general.

是的，謝謝你，David。是的，你看，半導體作為我們電子事業部的一部分，本季表現強勁。先從我們的保護型半導體事業（protection semiconductor franchise）談起。我們在這個事業部創下營收與獲利的紀錄，而整體而言，這也是我們非常具示範性的高獲利事業部。

And I would say two things. One, we do have good market momentum. We actually have broad-based growth in our protection semiconductor business across our markets. And second, I would say we also are taking share. So we have some opportunities to take share. For example, in Transportation, we outperformed market in the passenger car, and a lot of that was driven by some of that -- a significant part of it was driven by our protection semiconductor business that other franchises like our passives as well that were doing well in that business.

我會說有兩點。第一，我們確實有良好的市場動能。我們的保護型半導體業務在各個市場都呈現廣泛的成長。第二，我會說我們也正在取得市占。因此我們有一些取得市占的機會。例如在運輸領域，我們在乘用車市場的表現優於大盤，其中很大一部分是由我們的保護型半導體業務所帶動，另外像被動元件等其他產品線在該業務中也表現良好。

So I would say that's the thing about protection semiconductor. And then in power semiconductors, we had also good performance. We do have volume growth, so we do see volume growth and momentum. And that is driving, obviously, volume in this business with a high fixed cost is driving good profitability improvement. But we're also starting to see benefits from our manufacturing optimization and our portfolio optimization. So it's early, but we have more focus.

所以我會說，這就是保護型半導體的情況。接著在功率半導體方面，我們也有不錯的表現。我們確實有出貨量成長，因此我們看到出貨量成長與動能。而這也在推動——很明顯地——在這個固定成本很高的業務中，出貨量的提升正在帶來良好的獲利能力改善。但我們也開始看到製造優化與產品組合優化帶來的效益。所以現在還算早期，但我們更聚焦了。

Like we've said, we're focused much more now on high voltage, high power, high value applications, and we're deemphasizing parts of the portfolio where we have less value and differentiation. And it's early in the progress, but we are seeing some of that momentum. So power semiconductor revenue and profitability growth did deliver also materially to the electronic segment profitability growth in the quarter.

就像我們說過的，我們現在更專注於高電壓、高功率、高價值的應用，同時淡化產品組合中那些價值與差異化較低的部分。目前進展仍在早期，但我們確實看到一些動能。因此，功率半導體的營收與獲利成長，也在本季對電子事業部的獲利成長做出了實質貢獻。

Yes, and just to add to a couple of things, so if you think about it at the highest level, kind of think about the year and the way the year played out, for Q1, we saw an organic growth of 9%, and Q2 was 14%. And then Q3, we just posted 22% organic, okay? So that's point one.

是的，另外補充幾點：如果你從最高層級來看，回顧今年以及今年的走勢，第一季我們看到有機成長9%，第二季是14%。然後第三季，我們剛公布有機成長22%，好嗎？這是第一點。

Point two, I'd say, is if I just think about our semiconductor business or semiconductor products, right? If I think about the organic progression throughout the year, in Q1, we posted 8%. Q2 was 15%, and then Q3 is 24%. So you're seeing sequential improvement based on kind of what Greg was saying, which is the demand has improved and has improved sequentially throughout the year.

第二點，我會說，如果我只看我們的半導體業務或半導體產品，對吧？如果我看今年以來有機成長的推進，第一季我們是8%。第二季是15%，然後第三季是24%。所以你看到逐季改善，正如Greg所說，需求已改善，並且在今年內逐季改善。

And one other thing, because you asked a little bit about the cycle, just to add that we see broad-based demand across our markets. We talked about diversified industrials, industrials. We're seeing broad-based demand across our markets. And also, we're very focused on making sure that channel inventory is normal. We have strong POS growth in our channel as well. So we feel that there is still just broad-based strength across the markets.

另外還有一點，因為你也問到一些景氣循環的問題，我再補充：我們看到各個市場都有廣泛的需求。我們談到多元化工業、工業領域。我們在各個市場都看到廣泛的需求。同時，我們也非常專注於確保通路庫存維持正常水位。我們在通路端也有強勁的POS（銷售點）成長。所以我們認為市場整體仍呈現廣泛性的強勁。

Okay, fantastic. Thanks for all the color there. And then maybe just secondly on that, the kind of the pricing and the lead times, any color there on what you're seeing in terms of being able to raise pricing? And how are your lead times as we kind of seem to be getting into a more constrained environment here? Thanks again for the help.

好的，太棒了。謝謝你提供這麼多細節。接著第二個問題，關於定價與交期，你能否分享一下你們在提價能力方面看到的情況？以及在我們似乎進入更吃緊的環境之際，你們的交期狀況如何？再次感謝協助。

Yes, sure. Thank you. So look, we continue to be in an inflationary environment. I think we all know that word. Commodities, freight, fuel costs, et cetera. So we continue to be in an inflationary environment. And we we're working to manage that as best as we can.

好的，當然。謝謝。你看，我們仍然處在通膨環境中。我想大家都知道這個詞。大宗商品、運費、燃料成本等等。所以我們仍然處在通膨環境中。而我們正盡可能地努力去管理這些影響。

It is an environment where we are passing price increases along to our customers as we need to based on that so that we can maintain our business conditions. We also have a lot of productivity activities to improve our cost structure as well. So I would say that that's the environment that we continue to be in from that perspective.

在這樣的環境下，我們會在需要時把價格上調轉嫁給客戶，以便維持我們的營運條件。同時我們也有很多生產力提升的活動，來改善我們的成本結構。所以我會說，從這個角度來看，我們仍然處在這樣的環境之中。

I'll just say this. We said this in '25. We made a commitment. We delivered on our commitment. Same thing in '26, which is our intent is to be price-cost neutral. At the end of the day, to Greg's point, we're an inflationary environment. What do you think about pricing? Whether you do it through surcharges, driving productivity in the factory, but our intent for 2026 is to be price-cost neutral in an effort to manage inflation.

我再補充一句。我們在'25年就說過這件事。我們做出了承諾。我們也兌現了承諾。在'26年也是一樣：我們的目標是做到價格與成本中性（price-cost neutral）。歸根結底，如同Greg所說，我們處在通膨環境。那你怎麼看定價？不論是透過附加費（surcharges）、或在工廠端推動生產力提升，我們對2026年的意圖就是做到價格與成本中性，以管理通膨。

Then to the second part of your question on lead times, I would say our lead times are pretty normal across our business, but one thing we are seeing is customers booking farther out. So they're now booking outside of lead time, and so we have more bookings into next year, for example, at this time than we would normally. So we see customers booking farther out, but as of now, lead times are materially normal, I would say, in our business.

至於你問題的第二部分、關於交期，我會說我們整體業務的交期都相當正常，但我們看到的一件事是客戶下單的時間拉得更長。也就是說，他們現在會在交期之外更早下單，因此例如此刻我們看到的、預訂到明年的訂單比平常更多。所以我們看到客戶傾向更早、拉長時間地下單，但截至目前，我會說我們業務的交期在實質上仍屬正常。

Thanks again, and good luck into the fourth quarter, gentlemen. Appreciate it.

再次感謝，也祝各位先生第四季順利。感謝。

Thank you.

謝謝。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Yes, thanks. Appreciate all the color today and good times there. Congrats on the success that's ongoing. Wanted to ask, build off the comment on sort of kind of customer-dictated lead times there, booking a little further out, just in terms of to them being more proactive about securing supply? Is there any view they need to, on their part, you think they need to get in line before others?

是的，謝謝。很感謝今天提供的所有細節，情況看起來也很不錯。恭喜你們持續取得成功。我想延伸你們剛才提到的、某種程度上由客戶主導的交期——他們把下單時間拉得更長——想問這是否代表他們更積極主動地確保供應？你們是否認為他們那邊覺得需要先排隊、比其他人更早卡位？

Yes, thank you, Chris. Look, I think from our perspective, our lead times are broadly normal. So we don't have a challenge, right, that they're needing to get in line, and we have this backlog. But I will say, we're just seeing a customer behavior where they're tending to book farther out. I think the whole ecosystem is planning a little more now because there's been a lot of growth and they continue to see a lot of growth.

是的，謝謝你，Chris。你看，就我們的角度而言，我們的交期整體上是正常的。所以我們沒有那種挑戰——也就是他們需要先排隊、而我們有大量積壓訂單。但我會說，我們確實看到一種客戶行為：他們傾向把下單時間拉得更長。我想整個生態系現在都更提前做規劃，因為成長很多，而且他們也持續看到很多成長。

I think we do all hear about in the supply chain some constraints here and there. We're not largely having constraints in our supply chain, but I think there are some constraints in the supply chain that's making people book out.

我想我們也都聽到供應鏈在某些環節有一些零星的限制。我們的供應鏈大致上沒有受到限制，但我認為供應鏈確實存在一些限制，讓大家更傾向提早下單。

So from our perspective, it's not for our business. We don't have people needing to get in line. but they are tending to book farther out. And I think that's just maybe a little bit of a different customer behavior. The other thing I'll say is, is that where bookings are good across our markets. So we are seeing broad strength across our markets and all of our markets have kind of a strong kind of bookings. That's the other thing I would add.

所以從我們的角度來看，這不是因為我們這邊的業務狀況。我們沒有出現大家需要排隊的情況。但他們確實傾向把下單時間拉得更長。我想這可能只是客戶行為的一些改變。另外我還要說的是，我們各個市場的接單（bookings）都很不錯。所以我們看到各市場普遍強勁，而且所有市場的接單都相當強。這是我想補充的另一點。

Yes, that makes sense. And I realize you have very crisp book-to-bill visibility at the distributor level. Maybe it's a little more opaque as you kind of think about the end customer's inventories and what they're pulling through distribution. I think that's a little more of an art than as you try to evaluate that dynamic. Just curious how you think about that, just given the fact that we're just stacking quarter after quarter of really robust and expanding book-to-bill.

是的，這很合理。我也理解你們在經銷商層級對訂單出貨比（book-to-bill）的能見度非常清楚。但當你們思考終端客戶的庫存，以及他們透過通路拉貨的情況時，可能就比較不透明一些。我想在評估這種動態時，更多是一門藝術，而不是那麼精準。只是好奇你們如何看待這件事，尤其考量到我們已經連續一季又一季看到非常強勁、且持續擴張的訂單出貨比。

So one thing I'll just -- Chris, on the question, to be clear, in our new go-to-market model, one of the value propositions we have of our new go-to-market model is that we call on two-thirds of our revenue customer direct. We talked about this. About 1,000 customers is about two-thirds of our revenue, and we call on those customers direct. Now some of those customers choose to buy through distribution, but we call on them direct, which means we're talking to the end customer about their end demand, and so we understand their platforms and what's going on.

所以我先補充一點——Chris，針對你的問題，為了說清楚，在我們新的市場推進（go-to-market）模式中，其中一項價值主張是：我們直接服務約三分之二的營收客戶。我們之前談過這點。大約1,000家客戶約占我們營收的三分之二，而我們是直接拜訪並服務這些客戶。當然，其中有些客戶選擇透過經銷通路採購，但我們仍直接對接他們，這代表我們會與終端客戶討論其終端需求，因此我們能理解他們的平台以及正在發生的狀況。

This puts us in a better position that actually two-thirds of our revenue we talk directly to the customer about the platforms we're in. And then there's the one-third that's kind of the broad market through the channel where, yes, it's more you have less visibility to the individual customers. So talking to that first top two-thirds, I would say we don't see broadly a customer's hoarding inventory or building inventory either. There is a planning further out, but we don't see kind of an inventory building phase broadly in the ecosystem.

這讓我們處於更有利的位置，因為我們有三分之二的營收是直接與客戶就我們所切入的平台進行溝通。然後剩下的三分之一則比較像是透過通路覆蓋的廣泛市場；是的，在那部分你對單一客戶的能見度會比較低。所以就前面那個占比最高的三分之二來看，我會說我們並沒有普遍看到客戶在囤積庫存或建立庫存。確實有把規劃拉得更長遠一些，但我們並沒有在整個生態系中普遍看到所謂的庫存建立階段。

In the bottom third, we talked to our channel partners, and they also see breadth to the market. I mean, one important thing we look in the bottom third is number of new customers, breadth of customers, number of design wins, and that also seems to be very healthy. So that's what I would say. So we don't see that as much. And one of the changes in our go-to-market model is we're closer to more of our customers directly to understand what's going on. We think that's going to help us as we all navigate through this upcycle.

在最後那三分之一的部分，我們也會與通路夥伴溝通，而他們同樣看到市場的廣度。我的意思是，在那三分之一裡，我們會關注的一個重要指標是：新客戶數量、客戶覆蓋廣度、design win（設計導入/設計案勝出）的數量，而這些看起來也都非常健康。所以我會這麼說。因此我們並沒有看到那麼多（囤貨/建庫）的情況。而我們市場推進模式的一項改變，就是我們更貼近更多客戶、直接了解正在發生什麼。我們認為，當大家一起穿越這一波上行循環（upcycle）時，這會對我們有所幫助。

Great. Thanks for that color. Just going a little department move to, how should we think about the fixed cost savings with that? Was there any impact to adjusted EPS from this action in the (technical difficulty) and should kind of an adjustment to the range of this structural move has -- is it one and done?

很好。謝謝你提供這些背景說明。我稍微換個方向問一下，關於固定成本節省，我們應該怎麼看？這項行動在（技術問題）之下，對調整後EPS有任何影響嗎？以及這種結構性調整對區間的影響——它是一次性完成（one and done）嗎？

No, Chris, it does not. So if you're going to think about the Investor Day and what we laid out, we had said, hey, we're going to walk away from 1 to 2 points of revenue as we look over the next five years in terms of product rationalization, and then that should generate about $50 million of incremental EBITDA over the next five years. So far, what we've identified in 2026 is a $5 million savings in connection to that $50 million. We expect more to come through in 2027, and as we get more clarity in 2027, will be transparent and laid out for you.

沒有，Chris，沒有影響。所以如果你回想一下投資人日（Investor Day）以及我們當時提出的內容，我們曾說過：在未來五年，隨著我們進行產品精簡/合理化（product rationalization），我們會退出約1到2個百分點的營收；而這應該在未來五年帶來約5,000萬美元的增量EBITDA。到目前為止，我們在2026年已辨識出與這5,000萬美元相關的500萬美元節省。我們預期2027年還會有更多釋出；當我們對2027年有更清楚的掌握時，會透明地向你們說明並把細節攤開。

Okay, thanks.

好的，謝謝。

Luke Junk, Baird.

Luke Junk，Baird。

Yes, good morning. Thanks for taking the questions. I apologize if any of these are replayed, juggling a lot of calls today. Greg, maybe to start with, just we'd be great if you can help us understand some of the factors animating your data center growth right now in terms of maybe seeing some initial high-voltage uptake.

是的，早安。謝謝讓我提問。如果其中有些問題重複了我先致歉，今天要同時處理很多通話。Greg，也許先從這裡開始：如果你能幫我們理解一下，近期推動你們資料中心成長的一些因素會很有幫助，例如是否看到一些初期的高電壓（high-voltage）採用/拉貨。

Or maybe more interestingly, if you could talk through some of the impacts that you're seeing relative to all the work that you've done to align with customers from a co-engineering standpoint. Are you seeing some benefits in the low-voltage portfolio today of all the work that you're doing to position into those high-voltage sockets into the future?

或者更有意思的是，如果你能談談你們看到的影響：相較於你們為了在共同工程（co-engineering）層面與客戶對齊所做的所有工作。你們是否已經在低電壓（low-voltage）產品組合上看到一些效益，來自於你們為未來切入那些高電壓插槽（high-voltage sockets）所做的定位工作？

Yes. Thanks, Luke, and thank you for the question. Yes, so first, starting -- I think just starting with data center, we are continuing to see large significant growth in data center. Data center was the leading growth driver for our performance in the quarter, and so that continues to be good. The vast majority of the revenue we ship today is still in the low-voltage shipments. We're starting to see, I would call it, small volume of the higher-voltage platforms, but that's really yet to ramp meaningfully from our perspective. So I would say the growth we've had so far is all in the low-voltage systems.

是的。謝謝你，Luke，也謝謝你的問題。是的，首先從資料中心開始——我們持續看到資料中心出現大幅且顯著的成長。資料中心是本季我們表現的主要成長驅動因素，因此這部分仍然很不錯。我們目前出貨的營收絕大多數仍來自低電壓出貨。我們開始看到我稱之為小量的較高電壓平台，但就我們的角度來看，距離有意義的放量（ramp）還早。所以我會說，到目前為止我們的成長全部都來自低電壓系統。

Now if you go and look at our bookings and our backlog, we have strong backlog going into the next quarter. And like I talked about previously, we have backlog into next year. And bookings and backlog and design wins have more contribution from the higher-voltage systems. So we continue to have momentum actually in both. I would say we have an increasing number of design wins around high voltage systems. We talked about the content expansion we have. So we expect that to continue to accelerate, but we continue to have design wins in both and we continue to have revenue in both.

如果你去看我們的接單（bookings）與在手訂單（backlog），我們在進入下一季時有強勁的在手訂單。而且如我先前提到的，我們的在手訂單也延伸到明年。接單、在手訂單以及design wins在較高電壓系統上的貢獻更高。所以我們其實在兩者上都持續有動能。我會說，我們在高電壓系統周邊的design win數量正在增加。我們也談過我們的內容量（content）擴張。因此我們預期這會持續加速，但我們在兩邊都持續拿到design win，也在兩邊都持續有營收。

And so for us, it's really, I know there's a lot of questions in the market about how fast that's going to really go and what percent will actually evolve. For us, we consider that we're going to continue to have strong growth either way. And for example, design wins again in the third quarter were 2x last year. And so we continue to see good momentum across that. I'll also just emphasize as well that our growth data center is a strong growth driver, but our growth in this electrification megatrend is broad. So we are seeing breadth across the other markets, which also gives us a strong view into next year.

對我們而言，我知道市場上有很多問題在問：那會到底走多快、以及最終會演變到多少占比。對我們來說，我們認為不論哪種情境，我們都會持續有強勁成長。例如，第三季的design wins是去年的2倍。因此我們持續看到整體都有不錯的動能。我也要強調，我們在資料中心的成長確實是強勁的成長驅動因素，但我們在這個電氣化（electrification）大趨勢中的成長是更廣泛的。所以我們也看到其他市場的廣度，這也讓我們對明年有很強的能見度。

Thank you. And then for my follow-up, maybe Greg or Abhi, you could both comment on this. Thinking out loud here, comparing and contrasting now with electronic adjusted operating margins reaching the high 20s in the third quarter today, just thinking through some of the underlying dynamics versus what prior peak margin dynamics were like in this business, just maybe some of the key drivers behind incremental margins in Electronics, and importantly, how sustainable you think those drivers are going forward. Thank you.

謝謝。那我的追問是，也許Greg或Abhi，你們兩位都可以評論一下。我在想，把現在電子業務（Electronics）的調整後營業利益率在第三季達到接近30%（high 20s）這件事，拿來和過去這個事業在景氣高峰時的利潤率動態做對照；想請你們談談電子業務增量利潤率（incremental margins）背後的一些關鍵驅動因素，更重要的是，你們認為這些驅動因素未來的可持續性如何。謝謝。

Absolutely. Thanks, Luke. To answer the question, so first of all, if you kind of think about the performance in the quarter, tied to our electronic segment, right? We saw 27% organic growth in Electronics. Then if you kind of peel the onion a little bit, passive was up 30%. And as you would imagine, passive products, when they have organic growth of 30%, you will see -- you'll flow through an operating leverage and that business is super strong. Greg mentioned that protection had the highest quarter in terms of revenue and profitability. That also played a big role in the Electronics margin expansion of 9 and 10 basis points, right?

當然可以。謝謝你，Luke。回答這個問題：首先，如果你回頭看本季與我們電子事業部相關的表現，對吧？我們看到電子業務有27%的有機成長。再把它拆開來看，被動元件（passive）成長了30%。如你所想像的，當被動產品有30%的有機成長時，你會看到——營運槓桿會反映出來，而那個業務非常強勁。Greg提到，保護元件（protection）在營收與獲利方面都創下最高季度表現。這也在電子業務利潤率擴張9到10個基點（basis points）上扮演了很重要的角色，對吧？

And then lastly, if I think about Power Semi, I just highlighted the $5 million -- or the $50 million that played out in the year so far between Transportation and Power Semi. So as we start to streamline that, drive more operational execution there, start to look at more product line rationalization, footprint optimization, you're going to see margin expansion in Electronics over the longer haul. So that's how I would think about it. But at the highest level, if you think about Q3, it's volume leverage, it's operational execution. And when protection and passives grow, the operating leverage in that business is really, really strong.

最後，如果我看功率半導體（Power Semi），我剛才也提到今年迄今在運輸（Transportation）與功率半導體之間已實現的5,000萬美元——或我應該說，已經在今年內逐步體現的那5,000萬美元。因此當我們開始精簡那部分、推動更好的營運執行、並開始進一步做產品線精簡（product line rationalization）與產能/據點配置最佳化（footprint optimization）時，你會在更長期看到電子業務的利潤率擴張。所以我會這樣看待。但從最高層次來看，如果你看第三季，主要是量的槓桿（volume leverage）與營運執行。而當保護元件與被動元件成長時，那個業務的營運槓桿真的非常、非常強。

Greg, I'd be curious to get you to chime in here as well because I think maybe there's a little bit of concern relative to where margins have been in this business in the past. High 20s to 30 margins Electronics were kind of a little bit of a cyclical high previously. It feels like this has more undergirding towards it. Can you maybe just talk about qualitatively your margin expectations in this business, especially as you bring on the incremental high-voltage content and think through some of these mixed factors, especially? Thank you.

Greg，我也想請你在這裡補充一下，因為我認為大家可能對於這項業務過去的毛利水準有些疑慮。電子業務過去曾出現過高 20% 到 30% 的毛利，某種程度上屬於景氣循環的高點。但現在感覺這次的支撐因素更扎實。你能否從定性角度談談你對這項業務毛利的預期，特別是在你們導入新增的高電壓內容、並考量這些組合因素影響的情況下？謝謝。

Yes, look, I think -- what's important, I think, is that we're increasingly focused on strategically capturing more value at our customers and more share at our customers. And also, our new go-to-market model is also very focused about making sure that we're optimizing across all the markets that we're in.

是的，你看，我認為——我覺得重要的是，我們正越來越聚焦於在客戶端以策略性方式攫取更多價值、並在客戶端取得更高的份額。同時，我們新的市場推進（go-to-market）模式也非常著重於確保我們能在所參與的所有市場中進行最佳化配置。

Obviously, there's a lot of momentum right now in data center, but there's a lot of other good markets too. And we mentioned, for example, earlier that the content, the dollar content per opportunity in our design wins is up 20% versus the year before. And our design wins are also broadly across all of our markets up double digits. So I do think that we're making progress on our relative market and share position, which is going to improve our relative performance as we go through the cycle.

很明顯，資料中心目前動能很強，但也還有許多其他表現不錯的市場。例如我們先前提到，我們設計導入（design wins）中每個機會的內容價值（以美元計）較前一年提升了 20%。而且我們的設計導入在所有市場也普遍呈現雙位數成長。因此我確實認為，我們在相對市場地位與市占率方面正在取得進展，這將在景氣循環推進過程中改善我們的相對表現。

So there's always going to be cycles in the business, right? But our view is that our goal is to be much more market focused and to outperform the markets and also make sure we're investing in the markets that are growing. So that's why I haven't focused on the high growth markets. That's why we focus on markets that also have a lot of resilience, like aerospace and defense, for example, that have a little bit of different resilience than the normal cycle.

所以，業務中總是會有循環，對吧？但我們的看法是，我們的目標是更聚焦於市場、在市場中跑贏大盤，並確保我們投資於正在成長的市場。所以這也是為什麼我一直強調高成長市場。同時我們也聚焦於具備高度韌性的市場，例如航太與國防，這些市場的韌性與一般景氣循環有所不同。

So I think we feel strong about our 2030 model we put out there. We feel like we're making a lot of progress on the 2030 model, both from a top-line and a bottom-line performance. And to me, the most significant thing is we will be able to get more share at a top line and also have higher value solutions and higher voltage. We call them tailwinds in those directions. But in addition, like Abhi mentioned, we have a lot of focus on the bottom line as well. So I think our goal is to have improved performance as we go through whatever cycles the business is in.

因此我認為，我們對外發布的 2030 年模型，我們感覺很有信心。我們覺得在 2030 年模型上正取得很大進展，無論是營收端或獲利端的表現。對我而言，最重要的是，我們將能在營收端取得更多市占，同時提供更高價值的解決方案與更高電壓的產品內容。我們把這些稱為朝那些方向的順風（tailwinds）。但此外，如同 Abhi 提到的，我們也非常重視獲利端。所以我認為，我們的目標是在公司所處的任何景氣循環中，都能展現更好的表現。

Understood. I'll leave it there. Thank you.

了解。我就先到這裡。謝謝。

David Williams, Needham.

David Williams，Needham。

Hey, thanks for letting me jump back in. Just wanted to ask quickly on Basler, and that seems to be performing very well, but just curious if you're seeing the benefits of the synergies that you thought you might have in that business, or is this mainly just the recovery and demand dynamics within that business? and maybe what are the opportunities for growth there, maybe to outpace what your original expectations were when you made the acquisition?

嗨，謝謝讓我再插問一下。我想快速問一下 Basler。看起來表現非常好，但我想了解你們是否已經看到當初預期的協同效益帶來的好處，還是主要只是該業務本身的復甦與需求動態？另外，那邊有哪些成長機會，是否可能超越你們收購時的原始預期？

Yes, thank you. So I'll kind of start with kind of the strategic point of view and where we are, and then Abhi can fill in some of the kind of details. But I would say we're seeing significant benefit from Basler in our market position, especially in the grid infrastructure and data center, and those are two of our strong growth markets. Those two are our strong growth organic markets. but also Basler significantly contributed to growth.

是的，謝謝。我先從策略角度以及我們目前的進展談起，之後 Abhi 可以補充一些細節。我會說，我們正從 Basler 在市場地位上獲得顯著效益，特別是在電網基礎設施與資料中心，這兩個都是我們強勁的成長市場。這兩個也是我們強勁的有機成長市場。同時 Basler 也對成長做出了顯著貢獻。

So our new go-to-market model is actually benefiting us and there's actually in two ways, right? So one, I would say that we are seeing more opportunity for Basler products in data center due to the relationships that Littelfuse has at the hyperscalers, leveraging some of Basler's technology like their protective relay technology for next-generation architecture. So we're talking to data center customers now about, call it, N+2 architecture leveraging the Basler technology. Our go-to-market is benefiting us there.

所以我們新的市場推進模式其實正在讓我們受益，而且主要有兩個面向，對吧？第一，我會說，因為 Littelfuse 在超大規模雲端業者（hyperscalers）那邊有既有關係，我們在資料中心看到 Basler 產品有更多機會，並且能運用 Basler 的一些技術，例如其保護繼電器技術，用於下一代架構。所以我們現在正與資料中心客戶討論所謂的 N+2 架構，並運用 Basler 的技術。我們的市場推進策略在這方面正在帶來助益。

On the flip side, kind of the other way around, Basler had a good go-to-market in utility and grid space where Littelfuse did not have any direct sales coverage. And we are actually seeing good traction now for some legacy Littelfuse product opportunities like arc fault protection solutions through to utility customers or some of our grid-scale protection solutions into the grid where we didn't have the customer relationship.

反過來，從另一個方向來看，Basler 在公用事業與電網領域原本就有不錯的市場推進能力，而 Littelfuse 先前在那裡並沒有直接的銷售覆蓋。現在我們也看到一些既有的 Littelfuse 產品機會取得良好進展，例如將電弧故障保護解決方案提供給公用事業客戶，或把我們的一些電網級保護解決方案導入電網——這些都是過去我們沒有客戶關係的地方。

So it's early, but we're seeing traction already from, I would call it a customer opportunity pipeline perspective that hasn't followed through directly yet but will. And Abhi can maybe give little bit more on the details of the synergy.

所以目前還算早期，但從我所稱的「客戶機會管線」角度來看，我們已經看到一些進展；雖然尚未完全轉化落地，但未來會。Abhi 也許可以再補充一些協同效益的細節。

Yes, and David, as you kind of then think about what that all means in terms of what Greg just described, so when we came out with the Basler guide the first time around, we said, hey, look, our top line is going to be in the $130 million to $135 million range. clearly ahead of our synergy realization. And so our latest view for the year is $135 million to $140 million in top line.

是的，David，當你進一步思考 Greg 剛才描述的內容所代表的意義時——我們第一次提出 Basler 指引時，我們說，嘿，你看，我們的營收端將落在 1.30 億到 1.35 億美元區間。顯然這已經領先於我們協同效益的實現進度。而我們目前對今年最新的看法是，營收端將在 1.35 億到 1.40 億美元。

Then if you kind of think about the bottom line, when we announced the asset, we said, hey, we expect $0.10 to $0.15 of accretion. And our current view for the year is about $0.25 to $0.30. So just kind of building off of what Greg's saying, our synergy realization is ahead of schedule. And we feel really good about the asset and the acquisition that we did, both in the top line and the bottom line.

再來如果你從獲利端來看，當我們宣布這項資產時，我們說，嘿，我們預期每股盈餘增益（accretion）約 0.10 到 0.15 美元。而我們目前對今年的看法大約是 0.25 到 0.30 美元。所以延續 Greg 的說法，我們的協同效益實現進度超前於原先時程。我們對這項資產以及這次收購在營收端與獲利端的表現都感到非常滿意。

Great. I certainly appreciate the color.

很好。我非常感謝這些補充說明。

(Operator Instructions) There are no further questions at this time. I will now turn the call back to CEO Greg Henderson for closing remarks.

（接線員指示）目前沒有其他問題。我現在把電話交回給執行長 Greg Henderson 作結語。

Okay, thank you, and thank you all for joining us today. I'd just like to, in closing, thank our global teams for a strong third quarter. We have good market momentum, but also strong execution across the business. And we feel confident on the progress we're making to our 2030 targets. So thank you very much.

好的，謝謝，也謝謝各位今天加入我們。最後我想感謝我們全球團隊在第三季的強勁表現。我們有良好的市場動能，同時在整個業務上也展現出強勁的執行力。我們對朝 2030 年目標所取得的進展充滿信心。非常感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。