Methode Electronics Inc (MEI) 2025 Q3 法說會逐字稿

Good day, everyone. Welcome to the Methode Electronics third-quarter fiscal 2025 results conference call. At this time, participants are on a listen-only mode. After management's prepared remarks, there will be a question-and-answer session.

大家好。歡迎參加 Methode Electronics 2025 財年第三季業績電話會議。此時，參與者處於僅聆聽模式。管理層準備好的發言之後，將有一個問答環節。

I would now like to turn the call over to the Vice President of Investor Relations, Robert Cherry. The floor is yours.

現在我想將電話轉給投資者關係副總裁羅伯特·切裡 (Robert Cherry)。現在輪到你了。

Thank you, operator. Good morning, and welcome to Methode Electronics fiscal 2025 third-quarter earnings conference call. For this call, we have prepared a presentation entitled fiscal 2025 third-quarter financial results which can be viewed on the webcast of this call or found at methode.com on the Investors page.

謝謝您，接線生。早安，歡迎參加 Methode Electronics 2025 財年第三季財報電話會議。對於本次電話會議，我們準備了一份題為《2025 財年第三季度財務業績》的演示文稿，您可以在本次電話會議的網絡直播中觀看，也可以在 methode.com 的投資者頁面上找到。

This conference call contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are subject to the Safe Harbor protection provided under the securities laws. Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward-looking statements in this conference call involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the Securities and Exchange Commission, such as our 10-Q and 10-K reports.

本次電話會議包含某些前瞻性陳述，這些陳述反映了管理階層對未來事件和營運績效的預期，並且僅代表截至本電話會議當日的觀點。這些前瞻性陳述受到證券法提供的安全港保護。Methode 不承擔更新任何前瞻性聲明以使該聲明符合實際結果或 Methode 按季度或其他方式的預期變化的義務。本次電話會議中的前瞻性陳述涉及許多風險和不確定性。Methode 向美國證券交易委員會提交的文件（如我們的 10-Q 和 10-K 報告）詳細說明了可能導致實際結果與我們的預期產生重大差異的因素。

On slide 4, please see an agenda for our call today. We will begin with the business update, then a financial update, followed by a Q&A session.

請在投影片 4 上查看我們今天電話會議的議程。我們會先介紹業務更新，然後再介紹財務更新，最後是問答環節。

At this time, I'd like to turn the call over to Mr. Jon DeGaynor, President and Chief Executive Officer.

現在，我想將電話轉給總裁兼執行長喬恩·德蓋納先生。

Thanks, Rob, and good morning, everyone. Thank you for joining us for our third quarter earnings conference call. I’m also joined today by Laura Kowalchik, our Chief Financial Officer. Before we discuss the quarter, please turn to slide 5, as I take a minute to reflect upon and provide an update on the key messages that I shared with you on my first Methode’s earnings call six months ago. As I said then, all companies eventually go through periods where the business must evolve to move forward, changing the solutions it develops for customers, the way in which it produces those solutions, and the way in which the organization works as a whole. Methode was at such a point.

謝謝，羅布，大家早安。感謝您參加我們的第三季財報電話會議。今天，我們的財務長 Laura Kowalchik 也與我一同出席了會議。在我們討論本季之前，請翻到投影片 5，我將花一點時間來回顧並更新我在六個月前第一次參加 Methode 收益電話會議時與大家分享的關鍵資訊。正如我當時所說，所有公司最終都會經歷業務必須發展才能向前發展的時期，改變為客戶開發的解決方案、提供這些解決方案的方式以及整個組織的運作方式。Methode 就處於這樣的境地。

Today, only two quarters later, I can report that Methode’s journey to transform the business for long-term value creation is well underway. In that first quarter call, I said that our first priority was to execute on the large pipeline of new programs to be launched over a two-year period. Today, I can report that we have successfully launched 20 of those programs year to date, and we are working on launching another 33 programs over the next five quarters. Simultaneous with the launches, we committed to focus on immediate actions to address operational execution, costs, and efficiency.

今天，僅僅兩個季度之後，我可以報告，Methode 的業務轉型之旅正在順利進行中。在第一季的電話會議上，我說過，我們的首要任務是執行將在兩年內推出的大量新專案。今天，我可以報告，今年迄今為止我們已經成功啟動了 20 個項目，我們正在努力在未來五個季度啟動另外 33 個項目。在啟動的同時，我們承諾集中精力立即採取行動解決營運執行、成本和效率問題。

Since then, numerous actions have been taken. I will share some of the initial results of those actions later in the presentation, but keep in mind that these are long-term initiatives that will continue to bear fruit over the coming quarters and years. Back in the first quarter call, we committed to building an executive team that was up to both tackling the challenges we faced and moving the company forward. I’m proud to share that we have extensively rebuilt the executive management team, including five new leaders from outside the organization. Again, I’ll share more details on this in a few minutes.

自那時以來，已採取了許多行動。我將在稍後的演講中分享這些行動的一些初步成果，但請記住，這些都是長期舉措，將在未來幾季和幾年繼續取得成果。在第一季電話會議上，我們承諾建立一支能夠應對我們面臨的挑戰並推動公司向前發展的執行團隊。我很自豪地告訴大家，我們已經全面重建了執行管理團隊，其中包括五位來自組織外部的新領導者。再次，我將在幾分鐘內分享更多有關此問題的細節。

Lastly, two quarters ago, we committed to profitable organic sales growth in fiscal '26. Today, based on all the information available to us, we’re able to reaffirm that guidance. Simply put, Methode is firmly on track to reinvigorate and transform the business for long-term value creation.

最後，兩個季度前，我們承諾在 26 財年實現獲利性有機銷售成長。今天，根據我們掌握的所有信息，我們可以重申這一指導。簡而言之，Methode 正堅定地重振和轉型業務，以實現長期價值創造。

Turning to slide 6 and our results for the quarter. Our sales were $240 million, and our adjusted pre-tax loss was $7 million. Sales were lower than the prior year as we experienced the first quarter where the impact of two large auto program roll-offs was fully felt. That impact, of course, was anticipated. Our sales were then driven even lower than our expectations by the softening in EV demand as well as the overall weakness in the auto market.

翻到投影片 6，看看我們本季的業績。我們的銷售額為 2.4 億美元，調整後的稅前虧損為 700 萬美元。由於第一季我們充分感受到了兩個大型汽車項目取消的影響，因此銷售額低於上年。當然，這種影響是可以預料到的。由於電動車需求疲軟以及汽車市場整體疲軟，我們的銷售額甚至低於預期。

Despite the lower sales volume, we were able to deliver $4 million in higher gross profit than last year due to product mix and improved operational execution, including lower scrap and freight costs. Furthermore, at the operating line, despite the notable drop in sales, our loss improved from the prior year. Taking a step back, these results clearly demonstrate that the actions we have taken to improve operational execution have lower the breakeven sales point for the company. This is a key achievement that will enable Methode to drive margin leverage on future sales growth.

儘管銷售量較低，但由於產品組合和營運執行的改善（包括廢料和運費成本的降低），我們仍能實現比去年高出 400 萬美元的毛利。此外，在營業線上，儘管銷售額顯著下降，但我們的虧損較上年有所改善。退一步來說，這些結果清楚地表明，我們為改善營運執行而採取的行動降低了公司的損益平衡銷售點。這是一項重要的成就，將使 Methode 能夠利用未來的銷售成長來提高利潤率。

Improved execution also helped us return to positive free cash flow which was $20 million in the quarter. The fact that we generated the same amount of cash from operating activities as the prior year despite $20 million less in sales is a clear indication of an organization whose operating efficiency has improved.

執行力的提升也幫助我們恢復了正自由現金流，本季達到 2,000 萬美元。儘管銷售額減少了 2000 萬美元，但我們從經營活動中產生的現金量與前一年相同，這清楚地表明組織的經營效率有所提高。

Turning to EV activity, sales in the quarter were 24% of our consolidated total, a sequential increase from 20% in the second quarter. While this percentage increased, our EV sales on a dollar basis actually decreased slightly. We remain at the beginning of a wave of new EV program launches, but it has been a softer start than expected due to customer demand that impacted the quarter. There's clearly volatility in several of our key end markets.

談到電動車活動，本季的銷售額占我們合併總銷售額的 24%，較第二季的 20% 成長。雖然這一比例有所增加，但我們的電動車銷售額（以美元計算）實際上略有下降。我們仍處於新電動車專案發布浪潮的開始階段，但由於客戶需求影響了本季度，因此開局比預期要疲軟。我們的幾個主要終端市場明顯存在波動。

The weakness in automotive markets, especially in North America and Europe, was a headwind. Conversely, a tailwind was the growth in data centers. We enjoyed very strong sales in the data center applications in the quarter. Our success in that market is expected to result in record sales for those products this year.

汽車市場的疲軟，尤其是北美和歐洲市場的疲軟，是一個不利因素。相反，資料中心的成長是一個順風。本季度，我們的資料中心應用銷售業績非常強勁。我們在該市場的成功預計將使這些產品今年的銷售量創下紀錄。

If you're watching the industry closely, you'll know that the technology in the space is rapidly evolving and will undoubtedly lead to some unevenness in near-term sales. However, that very technology disruption is also expected to lead to even more growth opportunities for Methode's products. This will be a specific focus area for our new Chief Strategy Officer, Brad Corrodi, who will bring both leadership and technical expertise to our mission to expand our power solutions enterprise. As that strategy develops, we will share more in coming quarters.

如果您密切關注這個行業，您就會知道該領域的技術正在快速發展，無疑會導致近期銷售出現一些不平衡。然而，這種技術變革也有望為 Methode 的產品帶來更多的成長機會。這將是我們新任首席策略長布拉德·科羅迪 (Brad Corrodi) 關注的一個特定領域，他將為我們擴大電力解決方案企業的使命帶來領導力和技術專長。隨著該策略的發展，我們將在未來幾季分享更多資訊。

Turning to the balance sheet, we have maintained an acute focus on managing it, particularly accounts receivable and inventory. At the end of the quarter, we were comfortably in full compliance with the leverage and interest coverage ratios per our covenants. Both improved from the second quarter and were more than a full-term better than requirements.

談到資產負債表，我們一直高度重視管理，特別是應收帳款和庫存。在本季末，我們完全遵守了契約中規定的槓桿率和利息覆蓋率。兩項數據都比第二季度有所改善，並且比全年的要求高出一個多月。

Lastly, our primary focus continues to be on improving operational execution and successfully launching the large pipeline of new programs. In the quarter, we made clear progress on our operational metrics, various cost reductions, and improved organizational structure. As I alluded to earlier, we are in the heart of our record two-year new program launch window. Year to date, we have successfully launched 20 new programs. We have 6 more in the fourth-quarter launch, and then we expect to launch another 27 new programs in fiscal '26. Our customers continue to count on us, and we plan to continue to deliver.

最後，我們的主要重點仍然是提高營運執行力並成功啟動大量新專案。本季度，我們在營運指標、各種成本削減和組織結構改善方面取得了明顯進展。正如我之前提到的，我們正處於創紀錄的兩年新專案啟動窗口期的中期。今年迄今為止，我們已經成功推出了 20 個新項目。我們將在第四季推出另外 6 個項目，然後我們預計在 26 財年再推出 27 個新項目。我們的客戶繼續信賴我們，我們也計劃繼續提供服務。

On slide 7, I want to spend some more time giving you an update on our transformation. At a high level, this slide maps out where we are at and where we are going. You will recognize the top of this slide from what we communicated back in the first quarter that the building blocks of our transformation are to reset performance, build and grow capabilities, and shift our culture. To reset our performance, we have improved the organization's focus on fundamental metrics and levers. Some balance sheet examples include our improved focus on accounts receivable, which dropped $36 million from the second quarter in inventory, which was down $9 million from the second quarter.

在第 7 張投影片上，我想花更多時間向您介紹我們的轉型最新情況。從高層次來看，這張投影片描繪出了我們現在所處的位置以及我們要去的地方。您將從這張投影片的頂部看到我們在第一季傳達的訊息，即我們轉型的基礎是重置績效、建立和發展能力以及轉變我們的文化。為了重塑我們的績效，我們提高了組織對基本指標和槓桿的關注。一些資產負債表的例子包括我們更關注應收帳款，其庫存較第二季下降了 3,600 萬美元，較第二季下降了 900 萬美元。

Turning to the income statement, we reduced scrap and freight costs a total of $5 million from the prior year. On a longer-term basis, we have executed a number of actions that will bear fruit over time such as price increases, supply of price reductions, and raw material sourcing consolidations. To build and grow our capabilities, we have also extensively refreshed our executive team, and I'll share more on this in a minute.

從損益表來看，我們比前一年減少了廢料和運費總計 500 萬美元。從長遠來看，我們已經採取了一系列措施，這些措施將隨著時間的推移產生成效，例如提高價格、降低供應價格以及整合原材料採購。為了建立和發展我們的能力，我們還對我們的執行團隊進行了廣泛的更新，稍後我將分享更多相關資訊。

To accelerate our improvements, such as in our efforts to reduce inventory, we've also selectively utilized outside expert resources to help drive initiatives. Lastly, we have systematically improved rigor and discipline in our day-to-day business in the areas of program launches, procurement, engineering, and finance.

為了加速我們的改進，例如努力減少庫存，我們還選擇性地利用外部專家資源來幫助推動計劃。最後，我們系統性地提高了專案啟動、採購、工程和財務等領域日常業務的嚴謹性和紀律性。

One of my key learnings since taking the CEO role is that the company's path to success relies on refreshing history and returning to a one Methode mindset where all our global teams are moving in the same direction. This mindset existed within Methode and needed to be reinvigorated. In doing so, we can now leverage global best practices, drive better numeracy and cost consciousness, and instill a sense of urgency at all levels across the business.

自從擔任執行長以來，我的一個重要體會是，公司的成功之路依賴於刷新歷史，回歸單一 Methode 思維模式，即我們所有的全球團隊都朝著同一個方向前進。Methode 內部就存在這種思考模式，需要重新激發。透過這樣做，我們現在可以利用全球最佳實踐，提高運算能力和成本意識，並在整個企業的各個層面灌輸緊迫感。

While we have focused primarily on execution in the last quarters, we have not ignored strategy. We are, in fact, in the early stages of its development. We've been actively planning and formulating the basic building blocks, and of course, strong execution is fundamental to good strategy. We intend to deploy a proactive product portfolio management customer approach. We will not sit back and wait for business to come to us.

雖然我們在上個季度主要專注於執行，但我們並沒有忽視戰略。事實上，我們正​​處於發展的早期階段。我們一直在積極規劃和製定基本構成要素，當然，強而有力的執行力是良好策略的基礎。我們打算部署積極主動的產品組合管理客戶方法。我們不會坐等生意上門。

As we build our strategy, we'll focus on megatrends, applying our core competencies in unique ways to develop high-value solutions for both current and adjacent markets. We don't plan to solely be shaped by market forces and swings of our current product portfolio. Our initial focus will be to explore opportunities in non-transportation power solutions, industrial lighting, and industrial user interface areas. These are all areas where we can use our capabilities and drive organic growth in the near term. As I said, we are transforming the business to earn the right with customers, employees, and shareholders in order to write the next chapter of Methode's history.

在製定策略時，我們將關注大趨勢，以獨特的方式運用我們的核心競爭力，為當前和鄰近市場開發高價值的解決方案。我們不打算僅受市場力量和現有產品組合波動的影響。我們最初的重點是探索非運輸電力解決方案、工業照明和工業用戶介面領域的機會。這些都是我們可以發揮自身能力並在短期內推動有機成長的領域。正如我所說，我們正在轉變業務，以贏得客戶、員工和股東的青睞，從而譜寫 Methode 歷史的新篇章。

Turning to slide 8, I want to give a clear illustration of the refreshed executive management team that I referred to previously. Each of these positions and individuals have been publicly announced but seen here collectively clearly illustrate that method is now being run by a seasoned, highly experienced leadership team with both long and short tenures that has the capability to face and overcome challenges. This team has been assembled over just the last seven months but is already driving the Methode transformation and delivering results. Talent management will be a core competency of Methode going forward.

翻到第 8 張投影片，我想清楚說明我之前提到的煥然一新的執行管理團隊。這些職位和個人都已公開宣布，但在這裡看到的集體情況清楚地表明，這種方法現在是由一個經驗豐富、任期長短不一的領導團隊來管理的，他們有能力面對和克服挑戰。該團隊在過去七個月內才組成完成，但已在推動 Methode 轉型並取得成果。人才管理將成為 Methode 未來的核心競爭力。

On slide 9, I want to provide an update on the transition that we are navigating from a few large legacy programs to a stream of launches of new ones. The GMT1 integrated center console program has now gone end of life. The result is a significant sales headwind in fiscal '25 and another lesser one in fiscal '26.

在第 9 張投影片上，我想提供有關我們正在從幾個大型遺留專案向一系列新專案推出的過渡的最新情況。GMT1 整合中央控制台程式現已終止。結果是，25財年銷售遭遇巨大阻力，而26財年阻力則減弱。

The other major legacy program roll-off we previously communicated was for EV lighting. That program went end of life in fiscal '24 and is thus a headwind for us in fiscal '25. Conversely, we are launching several EV programs for Stellantis in fiscal '25. The ramp up of those programs as well as other launches has been slower than expected and impacted the quarter and our outlook, although pricing actions did provide some offset. Consequently, we now expect sales for our fiscal '25 to be lower than fiscal '24 rather than flat.

我們先前溝通的另一個主要遺留項目是電動汽車照明。該計劃於 24 財年結束，因此對我們 25 財年來說是一個阻力。相反，我們將在 25 財年為 Stellantis 啟動幾個電動車計畫。儘管定價行動確實起到了一定的抵消作用，但這些項目以及其他項目的推出速度比預期要慢，並對本季和我們的前景產生了影響。因此，我們現在預計 25 財年的銷售額將低於 24 財年，而不是持平。

Looking further out to fiscal '26, we still expect more launches of EV programs for Stellantis, albeit at lower volumes. In addition, we will be launching a sizable bus bar program for GM. This GM program was a takeover award that we disclosed in the first quarter, but we did not identify the customer. This fast-track program demonstrates the trust that GM has in Methode. It also further adds to the diversity of the OEMs that we are supplying for EV programs.

展望 26 財年，我們仍預期 Stellantis 將推出更多電動車項目，儘管數量會較少。此外，我們也將為通用汽車推出一個規模可觀的母線專案。這項通用汽車計劃是我們在第一季披露的收購獎勵，但我們沒有透露客戶的具體資訊。這項快速通道計畫體現了通用汽車對 Methode 的信任。這也進一步增加了我們為電動車專案供應的原始設備製造商的多樣性。

That activity is expected to more than offset the final headwind from the GMT1 roll-off as well as a major appliance program that's going end of life in fiscal '25. The overall net result is the continued expectation of organic sales growth in fiscal '26. On a more granular basis, excluding the appliance business which is noncore to us, we could potentially see high single-digit organic growth in fiscal '26 within an environment of flat and markets. As we navigate this product transition, we remain subject to market conditions, EV adoption trends, and the success of our customers program launches. However, as of today, this is the line of sight we have based on our projections, the forecasts of our customer base, and third-party data sources.

預計這項活動將足以抵消 GMT1 下線以及 25 財年即將結束的主要家電項目帶來的最終阻力。整體淨結果是預計 26 財年有機銷售額將持續成長。從更詳細的角度來看，除去非核心的家電業務，在市場平穩的環境下，我們有可能在 26 財年看到高個位數的有機成長。在我們進行產品轉型的過程中，我們仍然受到市場條件、電動車採用趨勢以及客戶計畫發布成功的影響。然而，截至今天，這是我們根據我們的預測、客戶群的預測和第三方資料來源所得出的視線。

Turning to slide 10. In summary for the quarter, sales were lower but gross profit higher than the prior year, while we return to positive free cash flow. EV activity was steady and was 24% of sales. The data center market drove strong power product sales and is expected to lead to a record year for those products. We were comfortably in full compliance with all debt covenants, and our focus is on driving fundamental operational metric improvement, which helped to lower both AR and inventory levels.

翻到第 10 張投影片。總的來說，本季的銷售額低於去年同期，但毛利高於去年同期，同時我們的自由現金流恢復為正值。電動車活動穩定，佔銷售額的 24%。資料中心市場推動了電力產品銷售強勁，預計今年電力產品銷售將創歷史新高。我們完全遵守了所有債務契約，我們的重點是推動基本營運指標的改善，這有助於降低應收帳款和庫存水準。

Lastly, since the first quarter, we have extensively rebuilt the executive management team, including five new leaders hired from the outside. Going forward, our focus this fiscal year continues to be on transforming the business while positioning it to return to profitable growth next fiscal year. Meanwhile, we are focusing intensely on executing six more program launches this year while preparing to launch another 27 next year. Our decisive actions to reset performance are expected to continue to improve our operational metrics and reduce costs.

最後，自第一季以來，我們對高階主管團隊進行了大規模重組，包括從外部聘請了五位新領導者。展望未來，本財年我們的重點仍是業務轉型，同時為下個財年恢復獲利成長做好準備。同時，我們正專注於今年啟動另外 6 個項目，並準備在明年啟動另外 27 個項目。我們採取果斷行動重塑績效，預計將繼續改善我們的營運指標並降低成本。

As I laid out in our transformation roadmap, we are continuing to build and grow our capabilities, shift our culture, and we are planning the next steps of developing our strategy. Lastly, for fiscal '26, we are reaffirming guidance for profitable organic sales growth. I firmly believe that our business is headed in the right direction.

正如我在轉型路線圖中所述，我們正在繼續建立和發展我們的能力，轉變我們的文化，並且我們正在規劃制定策略的下一步。最後，對於 26 財年，我們重申獲利有機銷售成長的指引。我堅信我們的業務正朝著正確的方向發展。

At this point, I'll turn the call over to Laura who will provide more detail on our third-quarter financial results.

現在，我將把電話轉給勞拉，她將提供有關我們第三季財務業績的更多詳細資訊。

Thank you, John, and good morning, everyone. Please turn to slide 12. The third-quarter net sales were $239.9 million compared to $259.5 million in fiscal '24, a decrease of 8%. On a sequential basis, sales decreased 18% from the fiscal '25 second quarter. For all the sequential comparisons to the second quarter of this fiscal year, please note that the second quarter had one extra week, as we explained last quarter. In addition to the third quarter having one less week in comparison to the second, the third quarter is historically our weakest quarter for sales as it covers the year-end holidays and customer plant shutdowns. As a result, these two factors tend to be a primary driver for most of our sequential financial comparisons.

謝謝你，約翰，大家早安。請翻到第 12 張投影片。第三季淨銷售額為 2.399 億美元，而 24 財年的淨銷售額為 2.595 億美元，下降了 8%。與上一季相比，銷售額下降了 18% (與 2025 財年第二季相比)。對於與本財年第二季的所有連續比較，請注意第二季多出一周，正如我們上個季度所解釋的那樣。除了第三季比第二季少一周之外，由於第三季涵蓋了年終假期和客戶工廠停工，因此從歷史上看，第三季也是我們銷售最弱的季度。因此，這兩個因素往往是我們進行大多數連續財務比較的主要驅動因素。

This quarter was the first quarter where the full impact of the GM center console and major EV lighting program roll-offs were felt with negligible total sales in the quarter from both. That headwind outpaced the sales contribution that we received from new program launches. We also experienced sales weakness in the commercial vehicle and off-road lighting applications. A bright spot in the corner was strong sales of power products into data center applications. As John mentioned, we are on pace for a record year in sales for those data center products.

本季是通用汽車中控台和主要電動車照明專案全面停產帶來的影響首次顯現，本季這兩項計畫的總銷量都微不足道。這種不利因素超過了我們從新項目發布中獲得的銷售貢獻。我們在商用車和越野照明應用方面的銷售也遭遇了疲軟。其中一個亮點是電源產品在資料中心應用中的強勁銷售。正如約翰所提到的，我們資料中心產品的銷售今年有望創下紀錄。

Third-quarter adjusted loss from operations was $1.3 million, an improvement of $1.6 million from fiscal '24. On a sequential basis, adjusted income from operations declined $15.6 million from the fiscal '25 second quarter. Please see the appendix for reconciliation of all adjusted measures to GAAP.

第三季調整後的營業虧損為 130 萬美元，較 24 財年改善 160 萬美元。以環比計算，調整後的營業收入較 2025 財年第二季下降 1,560 萬美元。請參閱附錄，了解所有調整後指標與 GAAP 的對帳情況。

The improvement and adjusted operating loss year over year was driven by higher gross profit. That improvement in gross profit was driven by lower scrap and premium freight as well as other operational execution improvements. On a sequential basis from the second quarter, the lower sales drove more than 100% of the decline as a $4.9 million improvement in SG&A was a partial offset. That improvement in SG&A was mainly driven by lower professional fees and by a reduction of variable management compensation related to financial performance objectives.

營業虧損年改善和調整後是由於毛利增加所致。毛利的成長得益於廢料和溢價運費的降低以及其他營運執行的改善。與第二季相比，銷售額下降導致銷售額下降超過 100%，但 490 萬美元的銷售、一般及行政費用改善部分抵銷了這一影響。銷售、一般及行政費用的改善主要得益於專業費用的降低以及與財務績效目標相關的可變管理薪酬的減少。

Overall, the third quarter was transitional in nature as new program sales are starting to replace the legacy program roll-offs. Please turn to slide 13.

總體而言，第三季具有過渡性質，因為新計劃的銷售開始取代傳統計劃的銷售。請翻到第 13 張投影片。

Shifting to EBITDA, a non-GAAP financial measure third-quarter adjusted EBITDA was $12.3 million, up $2.8 million from the same period last year. On a sequential basis, adjusted EBITDA declined $14.4 million from the fiscal '25 second quarter. The adjusted EBITDA benefited year over year from higher gross profit. The sequential decline was driven by the lower net sales.

轉向 EBITDA，非 GAAP 財務指標第三季調整後的 EBITDA 為 1,230 萬美元，比去年同期成長 280 萬美元。以環比計算，調整後的 EBITDA 較 25 財年第二季下降 1,440 萬美元。調整後的 EBITDA 受益於毛利的提高而比去年同期有所增長。連續下滑是由於淨銷售額下降所致。

Please turn to slide 14. Third-quarter adjusted pre-tax loss was $7.3 million, an improvement of $3.1 million from fiscal '24. On a sequential basis, adjusted pre-tax income declined $13.5 million from the fiscal '25 second quarter. The higher gross profit drove the improvement from the prior year, while the sequential decline was driven by the lower net sales. Third-quarter adjusted diluted loss per share improved $0.12 from a loss of $0.33 in the same period last fiscal year. This $0.12 improvement was achieved despite the $19.6 million decrease in sales. On a sequential basis, the adjusted earnings per share decreased $0.35 from the fiscal '25 second quarter.

請翻到第 14 張投影片。第三季調整後稅前虧損為 730 萬美元，較 24 財年改善 310 萬美元。以環比計算，調整後的稅前收入較 25 財年第二季下降 1,350 萬美元。毛利潤的增加推動了業績較上年同期的改善，而環比下降則是由於淨銷售額的下降。第三季調整後每股攤薄虧損較上年同期的每股虧損0.33美元改善0.12美元。儘管銷售額減少了 1,960 萬美元，但仍實現了 0.12 美元的改善。以環比計算，調整後的每股盈餘較 25 財年第二季下降 0.35 美元。

The third-quarter adjusted EPS excluded a valuation allowance of $6.5 million for US deferred tax assets. The adjusted tax for the quarter was a benefit of $0.3 million. Overall, while operational improvements helped minimize the impact, our third-quarter profitability was primarily driven by the lower sales.

第三季調整後的每股盈餘不包括 650 萬美元的美國遞延稅務資產的估值準備金。本季調整後的稅收收益為 30 萬美元。總體而言，雖然營運改善有助於最大限度地減少影響，但我們第三季的獲利能力主要受到銷售額下降的影響。

Please turn to slide 15. Debt was down $12.7 million from the second quarter, mainly driven by FX. We ended the quarter with $103.8 million in cash, up $6.8 million, driven by improved cash from operations. This improvement was achieved despite a $52.7 million sequential decline in sales. Net debt, a non-GAAP financial measure, decreased by $19.5 million to $224.1 million. As Jon mentioned, we are comfortably in compliance with all of our debt covenants at the end of the third quarter.

請翻到第 15 張投影片。債務較第二季減少了 1,270 萬美元，主要受外匯影響。本季末，我們的現金餘額為 1.038 億美元，增加了 680 萬美元，這得益於經營活動現金流的增加。儘管銷售額連續下降 5,270 萬美元，但仍取得了這一增長。淨債務（非 GAAP 財務指標）減少了 1,950 萬美元，至 2.241 億美元。正如喬恩所提到的，截至第三季末，我們已經順利履行了所有債務契約。

Please turn to slide 16. The third quarter's net cash from operating activities was $28.1 million as compared to $28.8 million in fiscal '24. Third-quarter capital expenditure was $8.5 million as compared to $16.6 million in fiscal '24, a decrease of $8.1 million. The decrease was driven by proactive delays in the purchases of property, plant, and equipment to better match program launch schedules. Third-quarter free cash flow, a non-GAAP financial measure, was $19.6 million as compared to $12.2 million in fiscal '24, an increase of $7.4 million. This increase was mainly due to the lower CapEx spending that I just described.

請翻到第 16 張投影片。第三季的營業活動淨現金為 2,810 萬美元，而 24 財年為 2,880 萬美元。第三季資本支出為 850 萬美元，而 24 財年的 1,660 萬美元減少了 810 萬美元。下降的原因是，為了更好地配合專案啟動計劃，主動推遲了購買財產、廠房和設備。第三季自由現金流（非 GAAP 財務指標）為 1,960 萬美元，而 24 財年的自由現金流量為 1,220 萬美元，增加了 740 萬美元。這一增長主要是由於我剛才描述的資本支出較低。

Please turn to slide 17. Regarding forward-looking guidance, it is based on management's best estimates and is subject to change due to a variety of factors as noted at the bottom of this slide. For the fourth quarter, we expect sales to be in a range of $240 million to $255 million. We expect pretax income to be in a range of negative $1 million to positive $3 million. While our transformation efforts have clearly delivered operational improvements, we continue to work through the residual effects from past operating inefficiencies that still have the potential to negatively impact our near-term results. Implied in this first-quarter guidance is a reduction to our prior guidance for full-year sales and pretax income as shown on the slide.

請翻到第 17 張投影片。關於前瞻性指引，它是基於管理層的最佳估計，並且可能會因本投影片底部所述的各種因素而發生變化。我們預計第四季的銷售額將在 2.4 億美元至 2.55 億美元之間。我們預計稅前收入將在負 100 萬美元至正 300 萬美元之間。雖然我們的轉型努力已明顯改善了營運狀況，但我們仍在努力消除過去營運效率低下的殘留影響，這些影響仍有可能對我們的近期業績產生負面影響。如幻燈片所示，第一季的預期暗示我們對全年銷售額和稅前收入的預期有所下調。

While our full-year sales guidance has come down $77 million at the midpoint, the adjusted pretax income has come down only $9 million, a deleveraging of only 12%. This is yet another indication of our operational improvements. The fourth-quarter guidance assumes depreciation and amortization of $14 million to $16 million, CapEx of $8 million to $10 million, and a tax benefit of $1.5 million to tax expense of $0.5 million.

雖然我們的全年銷售預期中位數下降了 7,700 萬美元，但調整後的稅前收入僅下降了 900 萬美元，去槓桿率僅為 12%。這再次表明我們的營運有所改善。第四季指引假設折舊和攤提為 1,400 萬美元至 1,600 萬美元，資本支出為 800 萬美元至 1,000 萬美元，稅收優惠為 150 萬美元，稅費為 50 萬美元。

Looking further ahead to fiscal year '26, we are reaffirming expected net sales to be greater than fiscal '25 and pretax income to be positive and notably greater than fiscal '25. Lastly, we have not included any of the very recent changes to US tariff policy in our guidance.

展望26財年，我們重申預期淨銷售額將高於25財年，稅前收入將為正值，且明顯高於25財年。最後，我們的指導中沒有包括美國關稅政策的任何最新變化。

That concludes my comments, and we can then open it up to questions.

我的評論到此結束，然後我們可以開始提問了。

(Operator Instructions) John Franzreb, Sidoti.

（操作員指示） John Franzreb，Sidoti。

I guess, I'd like to start with the quarter in and of itself. When you look at the drop in the revenue profile, especially in light of what maybe some of the anticipation in the lower volume in the EV and Hybrid sector, what surprised you really the most about the drop in volumes?

我想，我想從本季本身開始。當您看到收入狀況的下降時，特別是考慮到電動車和混合動力汽車領域銷量下降的預期，銷量下降最讓您感到驚訝的是什麼？

So John, probably we're most disappointed with the -- some of the delays in ramp-ups from our new program launches with our customers. We've been working on this with our customers as we talked about all the launches, and we expected those ramp-ups to occur much more aggressively, and that's what we had talked about during our last earnings call. So that would be the biggest surprise.

所以約翰，也許我們最失望的是──我們向客戶推出的新專案在推進過程中出現了一些延遲。在討論所有產品發佈時，我們一直在與客戶合作解決這個問題，我們預計這些成長將更加積極，這也是我們在上次收益電話會議上討論的內容。所以這將是最大的驚喜。

And how does that program rollout will -- look today in light of those changes and the confidence level you have that they will continue to roll out at the pace you anticipate over the coming, say, six months?

考慮到這些變化，該計劃的推出情況如何？您是否有信心該計劃將在未來六個月內以您預期的速度繼續推出？

Yes. As you look at the sales bridge that we laid out, particularly both for fiscal '25 and fiscal '26, you can see that we have lowered -- go back to previous ones, we have lowered our expectations for a couple of those programs, particularly the Stellantis programs. We are actively working with the customer to deal with that from a commercial perspective. We'll keep you and all of our investors up to date as that comes to fruition. But we're still optimistic with regard to the programs.

是的。當您查看我們制定的銷售計劃時，特別是針對 25 財年和 26 財年的計劃，您會發現我們已經降低了 - 回到之前的計劃，我們降低了對其中幾個計劃的期望，特別是 Stellantis 計劃。我們正在積極與客戶合作，從商業角度解決這個問題。一旦取得成果，我們將及時向您和所有投資者通報最新進展。但我們對這些計劃仍然持樂觀態度。

We've seen no cancellations. It's just delays in ramp-ups or change in overall volume expectations, and we're dealing with our customers that way. The other thing that I think is important to note is the GM program is something that we hadn't talked about before and is a signal that -- of how our customers view us and our opportunity to be a recipient of takeover programs. That is a statement on our customer view of our health.

我們沒有看到任何取消的情況。這只是產量提升的延遲或整體產量預期的變化，我們就是這樣對待客戶的。我認為另一件值得注意的事情是，通用汽車計劃是我們之前沒有談論過的，它表明了我們的客戶如何看待我們，以及我們成為收購計劃接受者的機會。這是我們的客戶對我們的健康狀況的看法的聲明。

Understood. And I guess you talked about you've executed some pricing actions. I'm curious how that stands. Are there still other repricing opportunities? Or is that program completed?

明白了。我想您說過您已經執行了一些定價行動。我很好奇這是怎麼回事。還有其他重新定價機會嗎？或者說該程序已經完成了嗎？

No. I mean, we -- as I said, with regard to Stellantis, there are conversations we have ongoing as we look at these volumes. But with all of our customers, we're in regular conversations with them with regard to economics, with regard to whether there's design changes or whether there's other things. So it's not just one customer. It is a continual activity.

不。我的意思是，正如我所說，關於 Stellantis，我們在查看這些卷冊時一直在進行對話。但對於我們所有的客戶，我們都會定期與他們討論經濟問題，討論是否有設計變更或其他事項。所以這不僅僅是一個客戶。這是一項持續的活動。

We look at the program profitability and we look at what our performance should be. We take our responsibility for our things, but we're talking with customers around the globe on an ongoing basis.

我們關注專案的獲利能力，也關注我們的表現應該如何。我們對自己的產品負責，但我們會持續與全球各地的客戶溝通。

Okay. And you mentioned data centers is a bright spot. What -- how much is data center as a percentage of revenue at this point?

好的。您提到資料中心是一個亮點。目前資料中心佔收入的百分比是多少？

So in the quarter, it was 7%. And for the fiscal year, it should be closer to 9%. And historically, we've talked about it being 3% to 5% of our sales. There has been many questions in the first two of our earnings calls with regard to data centers. And the more I get into the organization, the more I get a chance to study it, the more optimistic I am about our ability to bring core competencies to bear to grow this space.

因此本季的成長率為 7%。而就財政年度而言，這一比例應該接近 9%。從歷史上看，我們曾說過它占我們銷售額的 3% 到 5%。在我們前兩次財報電話會議上，人們提出了很多關於資料中心的問題。我對這個組織了解得越多，我研究它的機會就越多，我對於我們利用核心競爭力來發展這個領域的能力就越樂觀。

So it's part of the reason why we announced what we did with regard to Brad Corrodi. And while this 7% and 9%, respectively, aren't representative of new strategic direction, it is representative of where the opportunity is and how we think we can grow upon that.

這也是我們宣布對布拉德·科羅迪採取的行動的原因之一。雖然這 7% 和 9% 並不代表新的策略方向，但它代表了機會在哪裡以及我們認為如何在此基礎上實現成長。

Okay. And one last question, I'll get back into queue. Can you give us some updated thoughts on what you're seeing in the Class 8 truck market and how that's impacted your thoughts on guidance?

好的。最後一個問題，我將回到隊列中。您能否向我們提供一些關於 8 級卡車市場的最新看法，以及這對您的指導想法有何影響？

So the Class 8 truck market, as we see it, and I'll just talk about North America for right now. We still see fiscal '25 -- calendar '25 as down 5%. And that's in our -- that's in the numbers that we talked to you about our fiscal '26, it's -- and when I mentioned to you, both from a pass car and a commercial vehicle standpoint, we're talking about flat-to-down markets being high single digits up in sales and flat-to-down markets. That includes what we see with regard to commercial vehicles. We -- I guess, one other thing, John, I'll take the opportunity since you asked the question.

因此，就我們所見的 8 級卡車市場而言，我現在只談論北美。我們仍認為 25 財年－25 日曆年將下降 5%。這就是我們與您討論的有關 26 財年的數據——當我向您提到時，無論是從乘用車還是商用車的角度來看，我們談論的是平穩下降的市場，銷售額和平穩下降的市場都呈現高個位數增長。其中包括我們所看到的商用車的情況。我們──我想，還有一件事，約翰，既然你問了這個問題，我就藉此機會說。

The team has really done a lot to reinvigorate our relationships with our CV customers. And we're seeing higher RFQ opportunities and really the opportunity to grow that portion of the business more aggressively going forward. I'm optimistic about where we stand with our customers there.

團隊確實做了很多工作來重振我們與 CV 客戶的關係。我們看到了更高的 RFQ 機會，以及未來更積極發展該部分業務的真正機會。我對我們與客戶的關係感到樂觀。

Jon, just on that topic, most people think that's a first half calendar year weighted event as far as the drop in the Class 8 market. Is that how you view it? Or do you think it's going to be flatter, down? Again, I don't want to put words in your mouth. Yes.

喬恩，就這個話題而言，大多數人認為，就 8 級市場下滑而言，這是上半年的一個加權事件。您是這麼認為的嗎？或者您認為它會變得更平坦、更低？再說一次，我不想把話強加在你身上。是的。

We don't try to be a forecasting house. We use whether it's ACT or S&P Global for our forecasting. And in talking to customers as well as looking at the forecasting houses, I think that's a fairly common theme, but that's what's in our guidance.

我們不想成為一家預測機構。我們使用 ACT 或 S&P Global 進行預測。在與客戶交談以及觀察預測機構時，我認為這是一個相當普遍的主題，但這也是我們的指導內容。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Jon, maybe to start with, can you just help us unpack the sequential margin momentum in automotive segment margins this quarter? Looking -- we saw some improvement in the first half of the year, and now they're kind of back where they were in the back half of '24, roughly speaking. And I understand there's a lot of moving pieces and that there's not direct comparability there. But can you just help bucket some of the factors there in terms of overall industry volumes, take rates on EV and now with those programs fully sunsetted, any kind of overhead considerations related to that as well?

喬恩，首先，您能否幫我們分析一下本季汽車部門利潤率的環比成長動能？看起來，我們看到今年上半年有所改善，現在他們大致回到了 24 年下半年的水平。我知道這其中有很多變動，而且沒有直接的可比性。但是，您能否從整體行業規模、電動車利率以及現在這些計劃全面終止等方面，幫助分析其中的一些因素，以及與此相關的任何間接費用考慮？

Yes. So Luke, by the way, good morning and thanks for your question. I would look at it, I would maybe characterize it a little differently than you characterized it. On a -- for a revenue -- we knew that this quarter, and we've talked about the fact that this quarter was going to be challenging from a performance standpoint, but also from a revenue standpoint, just from the way our quarters lay out with the holidays, plus then you have weather issues and the EV delays that we talked about. So on a revenue of $239 million for the quarter, and I won't break out the specific regions.

是的。順便說一下，盧克，早安，謝謝你的提問。我會觀察它，我可能會以與你略有不同的方式描述它。就收入而言，我們知道這個季度，我們已經討論過，從業績的角度來看，這個季度將充滿挑戰，但從收入的角度來看，從假期的安排來看，再加上天氣問題和我們討論過的電動車延遲。因此，本季的營收為 2.39 億美元，我不會列出具體地區。

If you think about the performance from an adjusted op income basis versus a comparable quarter last year, so on $20 million less -- $19.6 million less in sales, we're actually up from an adjusted operating income basis by $1.6 million. If you would just look at sort of typical downside conversion with regard to revenue, that performance is actually double-digit millions better than between one-timers and conversion. So I'm actually pretty pleased with the operational performance from a scrap perspective, from a premium freight perspective, from an overtime perspective, both in North America and in our EMEA facilities. The progress that's been made in Egypt, the progress -- the performance that we see in our Malta facility and our continued performance in China as well as what's happening in Mexico. Our plants are doing a very good job dealing with a lot of turbulence.

如果您考慮調整後的營業收入與去年同期相比的表現，那麼在銷售額減少 2000 萬美元（減少 1960 萬美元）的情況下，我們實際上比調整後的營業收入增加了 160 萬美元。如果您只看與收入相關的典型下行轉換，那麼這種表現實際上比一次性轉換之間的表現要好幾百萬。因此，從廢料角度、優質貨運角度、加班角度來看，我對北美和歐洲、中東和非洲地區工廠的營運表現感到非常滿意。我們在埃及的進展、我們在馬耳他工廠看到的表現、我們在中國的持續表現以及在墨西哥發生的情況。我們的工廠在應對大量動盪方面做得很好。

The EV volumes have really caused our plants to be choppy in how they run. So this year-over-year performance, I think, is the best way to evaluate where we are from an operating side, and I'm actually quite optimistic about where we are. I view it as a true drop in our breakeven.

電動車的數量確實導致我們的工廠運作不穩定。因此，我認為，這一同比表現是評估我們營運狀況的最佳方式，而且我對我們的現狀非常樂觀。我認為這是我們盈虧平衡點的真正下降。

Appreciate the color there. Second, typically include some color on awards and the slides -- weren't in the slides this quarter. Any color on current quarter awards and maybe just the industry backdrop as well relative to auto headwinds, EV moderation, et cetera?

欣賞那裡的色彩。其次，通常會在獎項和幻燈片中加入一些顏色——但本季的幻燈片中沒有這些顏色。您能對本季的獎項以及與汽車產業逆風、電動車放緩等相關的產業背景有什麼了解嗎？

Yes. Thanks, Luke. So in the quarter, we had $20 million worth of wins. For the year-to-date, we're at $130 million. Would we like it to be higher than that?

是的。謝謝，盧克。因此，本季我們獲得了價值 2000 萬美元的收益。今年迄今為止，我們的收入已達 1.3 億美元。我們希望它比這更高嗎？

Yes, we have a large number of big programs in the pipeline and whether they'll get awarded in the fourth quarter or whether they'll be in early fiscal '26 awards, I don't know. And as we've said multiple times, awards are lumpy. So we kind of have to average it out over time. The fact that we're talking about high single-digit growth year-over-year tells you that our awards in flat underlying markets tells you that our awards are turning into revenue growth for the company. And you combine that with a lower breakeven, and it really portends much better performance for the business going into fiscal '26, which is what we have been talking about for the last couple of quarters.

是的，我們有大量大型專案正在籌備中，我不知道它們是否會在第四季度獲得獎勵，或者是否會在 26 財年初期獲得獎勵。正如我們多次說過的，獎項是不固定的。所以我們必須隨著時間的推移將其平均化。事實上，我們所談論的同比增長率高達個位數，這說明我們在平穩的基礎市場中獲得的獎項正在轉化為公司的收入成長。再加上較低的損益平衡點，這確實預示著公司在 26 財年將有更好的業績，這也是我們在過去幾季一直在談論的。

Yes. And just on the high single-digit growth expectation, did you say, Jon, that you're excluding the appliance sunset? Did you say that you think that non core essentially reach fruition?

是的。喬恩，僅就高個位數成長預期而言，您是否說過您排除了家電日落的影響？您是否說您認為非核心本質上已經實現？

Yes. To get a true like-for-like comparison. If you look at the bridge that we provided on slide 9, if you take out that appliance program roll off, the $25 million that we showed there. And so you would subtract that out of the fiscal '25 guidance and you compare it to the fiscal '26. That's all organic growth then in our base business so that we're talking about base to base.

是的。獲得真實的同類比較。如果您看我們在第 9 張投影片上提供的橋樑，如果您取出那個家電計劃，我們在那裡展示的金額是 2500 萬美元。因此，您需要從 25 財年指引中減去該金額，然後將其與 26 財年進行比較。這些都是我們基礎業務的有機成長，所以我們談論的是基礎到基礎的成長。

Got it. And then lastly, I know that you're not including tariffs in the guidance, but just given your manufacturing presence in Mexico, anything you can share around preliminary customer discussions and maybe what your approach might be prospectively should those actually come into effect in April?

知道了。最後，我知道你們沒有在指導中包括關稅，但考慮到你們在墨西哥的製造業務，您可以分享一些關於初步客戶討論的信息，以及如果這些措施在 4 月份真正生效，你們的預期方法是什麼？

So we've been pretty clear with our customers. And we believe that the way in which we're approaching it is relatively similar to our peers. And that's that we've been proactive, but we basically said we can't bear the extra cost. And so therefore, our actions have been to communicate with our customers that we will not bear that extra -- that we will not bear that extra cost. To answer your question, about 1/3 of our sales are impacted.

所以我們對客戶的解釋已經非常清楚了。我們相信，我們處理這個問題的方式與我們的同行相對相似。那就是我們一直積極主動，但我們基本上說我們無法負擔額外的費用。因此，我們的行動一直是向客戶傳達我們不會承擔額外費用的訊息。回答您的問題，我們的銷售額約有三分之一受到影響。

1/3 of Methode's overall sales are impacted by the tariff discussions between Mexico, Canada and China. A much larger portion of that into the US is coming out of Mexico, obviously. But we are in regular conversations with our customers. We have a war room set up here, and the team is talking about it multiple times today, multiple times a day to make sure that our -- we've got the latest information and our strategies are well defined.

Methode 整體銷售額的 1/3 受到墨西哥、加拿大和中國之間關稅談判的影響。顯然，流入美國的這部分貨物中有很大一部分來自墨西哥。但我們與客戶保持定期對話。我們在這裡設立了一個作戰室，團隊今天、每天都會多次討論這個問題，以確保我們獲得最新資訊並且我們的戰略明確。

It's also giving us an opportunity to make sure that all of our systems are really well refined, and we're using this crisis as an opportunity to make the business better.

這也為我們提供了一個機會，確保我們所有的系統都得到了很好的完善，我們正在利用這次危機作為改善業務的機會。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)

Jon, I was -- I'm looking at this bridge here. And I was looking at some historical charts that -- from prior bridges. And way back when at the beginning of the year or whatever, were you anticipating about $84 million of Stellantis program launch sales for this year? And then something like $125 million in fiscal '26. Is that correct?

喬恩，我──我正在看這座橋。我正在看一些來自以前橋樑的歷史圖表。那麼早在年初的時候，您是否預計今年 Stellantis 計畫的啟動銷售額將達到 8,400 萬美元左右？然後在 26 財年達到約 1.25 億美元。對嗎？

Yes. Yes, that's correct, Gary. And thanks for raising that. It's -- when we talk about -- the question was asked about some of our disappointments is we've made the investments and we planned these, but we're doing our best to follow our customers and support them. Obviously, we've looked at what -- based on third party as well as their feedback, where we see this going both in fiscal '25, '26, and into '27 as these programs ramp up.

是的。是的，沒錯，加里。感謝您提出這個問題。當我們談論時，有人問到我們的一些失望之處，那就是我們已經進行了投資併計劃了這些，但我們正在盡最大努力跟進我們的客戶並支持他們。顯然，我們已經根據第三方及其回饋進行了研究，隨著這些項目的推進，我們認為 2025 財年、2026 財年和 2027 財年的情況將會如何。

And so what you're seeing in the new bridge is our current expectations, both based on third party as well as customer feedback. And as I said earlier, that does lead us to having to have commercial negotiations and other things.

因此，您在新橋上看到的是我們當前的期望，這既基於第三方的回饋，也基於客戶的回饋。正如我之前所說，這確實導致我們必須進行商業談判和其他事情。

So these programs have been delayed. I know Stellantis has canceled some model rollouts. Has anything been canceled on you?

因此這些項目被推遲了。我知道 Stellantis 已經取消了一些車型的發布。您的任何行程被取消了嗎？

No, no, these are not cancels. These are take rates and these are delays, not cancelations. So when we talk about launches, and we have launches going on with EV -- with customers around the world, and many of them are EV based. And when we talk about these launches, it's -- unfortunately, the Stellantis program is so big that it overwhelms -- it overwhelmed some of our growth. But if you look at it from an EV standpoint, EV penetration, as you think about it in -- for the market in the US is 10%; in Europe it's 25%; and in China it's 40%.

不，不，這些不是取消。這些是接受率，這些是延遲，而不是取消。因此，當我們談論發佈時，我們正在為世界各地的客戶推出電動車，其中許多都是基於電動車的。當我們談論這些發佈時，不幸的是，Stellantis 計劃太大了，它壓倒了我們的部分增長。但如果從電動車的角度來看，電動車的普及率在美國市場為 10%；在歐洲為 25%；中國為 40%。

We have launches happening in all three regions with new customers for EV programs. So I think this will balance out over time, but it's a pretty turbulent time. And obviously, with the big Stellantis launches, it puts a spotlight on it.

我們在三個地區都推出了電動車項目，並吸引了新客戶。所以我認為隨著時間的推移，這種情況會逐漸平衡，但這是一個非常動盪的時期。顯然，隨著 Stellantis 的大規模推出，它成為了人們關注的焦點。

Were all your launches with Stellantis EVs? Or were they spread out on ICE vehicles, too?

你們所有的發表會都是用 Stellantis 電動車進行的嗎？還是它們也分佈在 ICE 車輛上？

It's EVs and Hybrid, I believe.

我相信它是電動車和混合動力車。

Hybrid. Okay. Okay. All right. So you've channeled those down pretty significantly.

雜交種。好的。好的。好的。所以你已經顯著地減少了這些影響。

Do you think a lot -- I mean, the market, obviously, for EVs has been challenging versus where it was a year ago or two years ago. But does some of this impact come from the change of leadership at Stellantis since Tavares is no longer there, and you've got some new players in there running the company?

您是否想了很多——我的意思是，與一年前或兩年前相比，電動車市場顯然面臨著挑戰​​。但是，由於塔瓦雷斯不再擔任 Stellantis 的職務，公司由一些新人管理，這種影響是否源自於公司領導層的變動？

Yes. I don't want to make comments about how our customers run. I just think with the election and with some of the market dynamics, it's -- there's a lot of turbulence in the space. Ultimately, do we believe that EVs will be a productive part of the end market in all of our end markets. And again, I'm just going to remind you and our investors that we're selling into multiple end markets, not just into North America.

是的。我不想對我們的客戶如何經營發表評論。我只是認為，隨著選舉和一些市場動態的出現，這個領域會出現很多動盪。最終，我們是否相信電動車將成為我們所有終端市場中富有成效的一部分。再次，我只是想提醒您和我們的投資者，我們的產品銷往多個終端市場，而不僅僅是北美。

So yes, the 10% market penetration in North America matters, but in Europe, it's 25%; and in China, it's 40%. So we have to be a player in this space. And I think this will stabilize out for our customers and for Stellantis in particular, but you see new program launches and new announcements from General Motors and others, they're -- our customers are still moving forward with their EV strategies, and we're going to support them.

所以，是的，北美 10% 的市場滲透率很重要，但在歐洲，這一比例是 25%；在中​​國，這一比例是 40%。所以我們必須成為這個領域的參與者。我認為對於我們的客戶，尤其是 Stellantis 來說，情況會逐漸穩定下來，但您會看到通用汽車和其他公司推出的新計劃和新公告，我們的客戶仍在推進他們的電動車策略，我們將為他們提供支援。

Okay. Then just two other quick questions. Looking at the slide with transformation update and then talking about initial exploration of non-transportation power, industrial lighting, industrial unit user interface. Do you rely on your segment heads to be the impetus or the initial, like for lack of a better word, spotter of these opportunities? Or do you have your own in-house corp fin that's out there actively looking for acquisitions?

好的。接下來是另外兩個簡短的問題。查看轉型更新的幻燈片，然後談論非運輸電力、工業照明、工業單元使用者介面的初步探索。您是否依賴您的部門主管來推動這些機會，或者像缺乏更好的詞彙一樣，成為這些機會的最初發現者？或者您有自己的內部公司財務部門正在積極尋求收購？

Well, so right now -- sorry, I want to make sure we've always had a central M&A team. But as I've said to you -- and as I've said before, our focus from a capital allocation is on organic growth and on using our core competencies to drive that. The announcement that we made with regard to our new Chief Strategy Officer really is in alignment with that change in strategic direction from growth via acquisition to growth via organic growth. And Brad's bringing a focus will help the central team as well as the business heads to focus on where are those opportunities. And as we said in the script, the near-term focus right now is on industrial data centers, obviously, with all of the AI news in the space as well as what are we doing in some of our other industrial end markets.

好吧，那麼現在——抱歉，我想確保我們一直有一個中央併購團隊。但正如我對你們所說的——正如我之前所說的，我們的資本配置重點是有機成長，並利用我們的核心競爭力來推動這一成長。我們宣布任命新任首席策略長的消息確實與策略方向的轉變一致，即從透過收購實現成長到透過有機成長實現成長。布拉德的關注將幫助核心團隊和業務主管專注於這些機會在哪裡。正如我們在腳本中所說，目前的近期重點是工業資料中心，顯然，還有該領域的所有人工智慧新聞以及我們在其他一些工業終端市場所做的事情。

We -- I believe that between Brad and Lars and some of the other leaders that we've added, it's going to give us -- we're going to have opportunities to grow on the Automotive and the Commercial Vehicle side. But because of the timing of those programs, it takes longer to see that growth hit. So the near-term organic growth focus is on the nonautomotive side, particularly with data centers and what do we do there. And the fact that we went from a usually like 3% to 5% of our sales to 7% and forecasting 9% tells you we've got opportunity that both we're seeing the opportunities now, and I believe there's a lot more opportunity in the future.

我相信，在布拉德、拉爾斯和其他一些領導人的帶領下，我們將有機會在汽車和商用車領域實現成長。但由於這些計劃實施的時間安排，需要更長時間才能看到成長成果。因此，近期的有機成長重點是非汽車方面，特別是資料中心以及我們在那裡所做的工作。事實上，我們從通常的銷售額的 3% 到 5% 上升到 7%，並且預測會達到 9%，這表明我們有機會，我們現在就看到了機會，而且我相信未來還會有更多的機會。

Okay. Just one last quick one, real easy answer. Laura, are there any issues on the covenants of your debt with buying back stock since your stock is down pretty precipitously here?

好的。最後再問一個簡單、易懂的答案。勞拉，由於你們的股票價格急劇下跌，你們的債務契約與回購股票之間是否有問題？

So I'm going to answer that one. The -- we obviously talk at a Board level on a regular basis on our -- the priorities for utilization of our capital and the utilization of our cash. We have a Board meeting upcoming in a couple of weeks, and certainly, those conversations will happen again. Do we like what we see right now with the stock today? No.

所以我要回答這個問題。我們顯然會定期在董事會層級討論我們的資本利用和現金利用的優先事項。我們將在幾週後召開董事會會議，當然，這些對話將再次進行。我們喜歡目前看到的股票表現嗎？不。

Do we think there's opportunities given what -- given the growth of this business? Yes. Can we answer the question with regard to buybacks right now? No, it wouldn't be appropriate for us to answer that.

考慮到這個業務的成長，我們是否認為存在機會？是的。我們現在能回答有關回購的問題嗎？不，我們不適合回答這個問題。

Your next question is a follow-up from John Franzreb with Sidoti.

您的下一個問題是 John Franzreb 和 Sidoti 提出的後續問題。

Yes. I'm actually just curious, we haven't talked about Nordic Lights in quite some time. And if you could kind of give an update on how that acquisition is performing relative to the expectations when it was acquired over a year ago?

是的。我實際上只是好奇，我們已經很久沒有談論過 Nordic Lights 了。您能否介紹一下此次收購相對於一年前收購時的預期表現如何？

John, I'm really pleased with the team at Nordic Lights. Obviously, we have some challenges in the industrial in their end markets. But we're seeing some green shoots in the beginning of fiscal 2020 -- not fiscal, but calendar 2025 with regard to that end market, and that impacts both our Nordic Lights business and our Hetronic business. What I mentioned to you or I mentioned in the call with regard to opportunities for continued growth on the industrial lighting side, that is where do we go next with regard to the product portfolio from a Nordic Lights perspective, and Brad has been working with the leadership team in Nordic Lights as well as the leadership team in Hetronics to try to drive additional growth there. So the team from Nordic Lights is doing a very good job around the world, and we see more opportunities for growth in fiscal '26 and going forward.

約翰，我對 Nordic Lights 的團隊非常滿意。顯然，我們在工業終端市場面臨一些挑戰。但我們在 2020 財年年初看到了一些復甦跡象——不是財政年度，而是 2025 年日曆，就終端市場而言，這將對我們的 Nordic Lights 業務和 Hetronic 業務產生影響。我向您提到過，或者我在電話會議中提到過關於工業照明方面持續增長的機會，那就是從 Nordic Lights 的角度來看，我們下一步的產品組合走向何方，Brad 一直在與 Nordic Lights 的領導團隊以及 Hetronics 的領導團隊合作，試圖推動那裡的進一步增長。因此，Nordic Lights 的團隊在全球範圍內做得非常出色，我們看到 26 財年及以後的更多成長機會。

Okay. And it's not being weighed down by what we're seeing in Europe more so than you anticipated or just context maybe?

好的。而且它並沒有受到我們在歐洲看到的情況的影響，比您預期的要大，或者只是背景影響？

Yes. I mean, the end markets in calendar '24 were certainly down from an industrial perspective. But that team did a very good job of driving performance in spite of lower end markets. And now we see some of the markets coming back, and there's a cyclicality where I'm learning more about that cyclicality versus an Automotive or Commercial Vehicle cyclicality. And the team at Nordic Lights is quite confident as they see the beginning of the year rolling out.

是的。我的意思是，從工業角度來看，24 年的終端市場肯定處於下滑狀態。但儘管處於低階市場，該團隊仍在推動業績方面做得非常出色。現在我們看到一些市場正在復蘇，並且存在周期性，我正在更多地了解這種週期性與汽車或商用車週期性的差異。Nordic Lights 團隊對今年年初的進展充滿信心。

That's good news.

這是個好消息。

(Operator Instructions) There are no additional questions in queue at this time. I would now like to turn the floor back over to Jon DeGaynor for any closing remarks.

（操作員指示）此時隊列中沒有其他問題。現在我想把發言權交還給喬恩‧德蓋納 (Jon DeGaynor)，請他做最後發言。

I want to thank all of you for attending our call and for your questions. We look forward to discussing our continued progress in future calls, and we wish you all a great day. Thanks very much.

我要感謝大家參加我們的電話會議並提出問題。我們期待在未來的電話會議中討論我們的持續進展，並祝大家度過美好的一天。非常感謝。

Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。現在您可以斷開電話線，並享受美好的一天。感謝您的參與。