Methode Electronics Inc (MEI) 2026 Q1 法說會逐字稿

Good day everyone, and welcome to the Methode Electronics first quarter fiscal 2026 results. (Operator Instructions) It is now my pleasure to turn the floor over to your host Rob Cherry, Vice President and Investor Relations. Sir, the floor is yours.

大家好，歡迎追蹤 Methode Electronics 2026 財年第一季業績。（操作員指示）現在我很高興將發言權交給主持人兼投資者關係副總裁 Rob Cherry。先生，請您發言。

Thank you, operator. Good morning and welcome to Methode Electronics fiscal 2026 first quarter earnings conference call. For this call, we have prepared a presentation entitled Fiscal 20,261 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 2026 財年第一季財報電話會議。對於本次電話會議，我們準備了一份題為《2026 財年季度財務業績》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.

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。這些前瞻性陳述受證券法提供的安全港保護。

Method 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-K and 10-Q reports.

Method 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-K 和 10-Q 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 a business update, then a financial update, followed by a Q&A session. At this time I'd like to turn the call over to Mr. Jon DeGaynor, President and Chief Executive Officer.

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。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 first quarter earnings conference call. I'm also joined today by Laura Kolwalchik, our Chief Financial Officer. Let's start with the key messages. Please turn to slide 5.

謝謝，羅布，大家早安。感謝您參加我們的第一季財報電話會議。今天，我們的財務長 Laura Kolwalchik 也加入了我的行列。讓我們從關鍵訊息開始。請翻到投影片 5。

I'm happy to report that the method transformation is firmly on track. There's still much more to do, but the trajectory is according to plan. We had another good quarter for data center power product sales with growth over the prior year.

我很高興地報告，方法轉型正在穩步推進。還有很多事情要做，但進展是按照計劃進行的。我們的資料中心電源產品銷售又迎來了一個良好的季度，比上年同期有所成長。

Our income from operations was up $9 million from the prior year. This was the result of a reduction in SGNA costs and operational improvements that we have been sharing with you. This is clear evidence of methods starting to earn the right, as we like to say.

我們的營業收入比前一年增加了 900 萬美元。這是我們一直與您分享的 SGNA 成本降低和營運改善的結果。正如我們所說，這是方法開始獲得正確性的明顯證據。

Another example of execution improvement is the third straight quarter of strong free cash flow and net debt reduction. Our management team is maintaining a key focus on both the income statement and the balance sheet. As we look to the remainder of fiscal '26, we are confidently affirming our guidance. Despite all the various headwinds that we are facing, the company still expects to double its event down for the full year, even with a $100 million decline in sales driven by lower EV demand.

執行力改善的另一個例子是連續第三個季度強勁的自由現金流和淨債務減少。我們的管理團隊專注於損益表和資產負債表。展望 26 財年剩餘時間，我們滿懷信心地確認我們的指導。儘管我們面臨各種不利因素，但該公司仍預計全年活動數量將翻一番，儘管由於電動車需求下降導致銷售額下降 1 億美元。

The ability to affirm this profit growth is a direct result of the significant and tireless efforts of the method team. They've put a lot of work into our transformation, and the progress is tangible. Turning to slide 6 in our results for the quarter. Our sales were $241 million down $18 million year over year as we continue to navigate the transition and programs that we have previously communicated.

能夠確認這項利潤成長是方法團隊不懈努力的直接結果。他們為我們的轉型付出了很多努力，而且取得了實質的進展。翻到本季業績的第 6 張投影片。由於我們繼續推進先前溝通過的轉型和計劃，我們的銷售額為 2.41 億美元，年減 1800 萬美元。

We remain on track to launch over 30 new programs this year, with most of the launches scheduled for the remainder of the year. In addition, the ongoing strength of our power products activity was able to partially offset the program transition headwind.

我們今年仍將按計劃推出 30 多個新項目，其中大部分將在今年剩餘時間內推出。此外，我們電力產品活動的持續強勁能夠部分抵銷專案轉型帶來的逆風。

We recorded a $9 million increase in operating income driven by the SGNA reductions and operational improvements that I previously mentioned. At the adjusted EBITDA level, we delivered $16 million up $6 million year over year.

我們的營業收入增加了 900 萬美元，這得益於我之前提到的 SGNA 減少和營運改善。調整後的 EBITDA 水準為 1,600 萬美元，較上年同期增加 600 萬美元。

All of this is further evidence of the actions that we have taken to improve our operations, supply chain, and product launch capabilities. In these three key areas, our performance in EBITDA , particularly in Egypt, has notably improved while we continue to see solid ongoing performance in Asia.

所有這些都進一步證明了我們為改善營運、供應鏈和產品發布能力所採取的行動。在這三個關鍵領域，我們的 EBITDA 表現（尤其是在埃及）顯著改善，同時我們在亞洲繼續看到穩健的表現。

Both free cash flow and debt reduction continued to be good stories for us.

自由現金流和債務減少對我們來說都是好消息。

The business delivered free cash flow of $18 million in the quarter, which was the third quarter in a row of strong free cash flow.

該業務本季實現了 1800 萬美元的自由現金流，這是連續第三個季度實現強勁的自由現金流。

In turn, we reduced our net debt level also for the third quarter in a row, and we have now reduced it by $41 million over the three quarters. These results provide more evidence of an organization whose operating efficiency is improving. Turning to EV activity, sales were down slightly year over year, but we were up on a percentage basis.

反過來，我們也連續第三季降低了淨債務水平，目前三個季度內已減少了 4,100 萬美元。這些結果為組織的營運效率正在提高提供了更多證據。談到電動車活動，銷售額較去年同期略有下降，但百分比有所上升。

For the quarter they were 19% of our consolidated total, an increase from 18% last year. On a sequential basis they were down from 20%. We do remain bullish on the long term mega trend in EVs. However, the near term outlook remains soft, mostly in North America, which is partially being offset by the strength in Europe and Asia.

本季度，它們占我們合併總額的 19%，高於去年的 18%。與上一季相比，這一數字下降了 20%。我們確實仍然看好電動車的長期大趨勢。然而，短期前景依然疲軟，主要在北美，但歐洲和亞洲的強勁表現部分抵消了這一疲軟趨勢。

Based on customer EDI forecasts and third party industry projections, we still expect a significant overall rebound in EV sales and fiscal '27. Turning to data centers, sales growth was a solid 12% year over year. As a reminder, we did have record sales in the fourth quarter of '25, so not surprisingly, our sales were lower sequentially.

根據客戶 EDI 預測和第三方產業預測，我們仍然預期電動車銷售和 27 財年將大幅整體反彈。談到資料中心，銷售額較去年同期成長了 12%。提醒一下，我們在 25 年第四季的銷售額確實創下了紀錄，因此我們的銷售額環比下降也就不足為奇了。

However, we still expect fiscal '26 sales to be similar to fiscal '25 with some upside potential. As I mentioned last quarter, we are achieving this performance based on our existing product technologies. We also have an opportunity to leverage our power expertise developed over decades and [honored] by our EV activity to capture even more growth.

不過，我們仍預期 26 財年的銷售額將與 25 財年相似，並具有一定的上漲潛力。正如我在上個季度所提到的，我們是基於現有的產品技術來實現這一業績的。我們還有機會利用我們數十年來積累的電力專業知識以及我們在電動車領域的經驗來實現更大的成長。

The opportunity is being driven by vast increases in power density sought by data center operators for future installations. Again, it's too early to share any more details on this, but it is very promising for future growth in our power solutions enterprise.

資料中心營運商尋求在未來的安裝中大幅提高功率密度，這為這一機會提供了動力。再次強調，現在分享更多細節還為時過早，但這對我們的電源解決方案企業的未來成長來說非常有前景。

Turning to slide 7, I want to spend a little more time on our power solutions enterprise. Power products are in Methode's DNA. Our experience goes back many years to the time when we supplied bus bars and connectors on the Apollo lunar landers and on the original IBM mainframe computers.

翻到第 7 張投影片，我想花更多時間談談我們的電源解決方案企業。強效產品已融入 Methode 的 DNA 之中。我們的經驗可以追溯到很多年前，當時我們為阿波羅登月艙和最初的 IBM 大型電腦提供匯流條和連接器。

Now those years of experience and expertise are being leveraged on today's power distribution needs in electric vehicle, data center, and military and aerospace applications. As you can see from the chart on this slide, those applications have helped drive our power solution sales to a healthy 30% compound annual growth rate over the last three years. Going forward, we see even more opportunities for sales growth.

現在，多年的經驗和專業知識正被用於滿足當今電動車、資料中心以及軍事和航空航天應用的配電需求。從這張投影片的圖表中您可以看到，這些應用程式幫助我們的電源解決方案銷售額在過去三年中實現了 30% 的健康複合年增長率。展望未來，我們看到更多的銷售成長機會。

For data centers, the need for higher voltage bus bars is driving further product innovation. In Es we are starting to supply interconnect boards for a more efficient power architecture. Lastly, for military and aerospace applications, we are supplying advanced products to meet the growing needs of defense equipment manufacturers.

對於資料中心來說，對更高電壓母線的需求正在推動進一步的產品創新。在 Es 我們開始提供互連板以實現更有效率的電源架構。最後，對於軍事和航空航天應用，我們提供先進的產品以滿足國防設備製造商日益增長的需求。

In all these cases, we are bringing our one method mindset to bear and drawing on our global creativity to drive innovation by listening to customers' needs and bringing them solutions like cutting edge high voltage power products. Our power history and DNA are providing method with a competitive differentiation in the marketplace.

在所有這些情況下，我們都運用我們的單一方法思維，利用我們的全球創造力，透過傾聽客戶需求並為他們提供尖端高壓電力產品等解決方案來推動創新。我們強大的歷史和 DNA 為我們在市場上提供競爭差異化的方法。

In regard to our forecasts for fiscal '26 power sales, given our guidance for flat data centers and decline in EV, our sales will moderate this year before re-accelerating next year. Power solutions are clearly a long-term growth engine for me, and we are actively investing in this area.

關於我們對 26 財年電力銷售的預測，考慮到我們對資料中心持平和電動車下降的指導，我們的銷售今年將會放緩，然後在明年再次加速。電力解決方案顯然是我的長期成長引擎，我們正在積極投資這一領域。

Turning to slide 8. I'll give a brief update on where Me is on the transformation journey. As I have said before, transformations are never easy, and I make a distinction between transformations and turnarounds. Quite simply, a transformation is about fixing a business in a way that enables it to evolve and positions it for future growth.

翻到幻燈片 8。我將簡要介紹我在轉型過程中的進展。正如我之前所說，轉型從來都不是一件容易的事，我對轉型和轉變進行了區分。簡而言之，轉型就是以一種讓企業能夠發展並為未來成長做好準備的方式來修復企業。

The Methode journey is undoubtedly a transformation. Like any journey, the path is not linear. The first order of business was stabilizing the base, which included the significant organizational changes that we made in previous quarters. It meant focusing on executing program launches while simultaneously revamping plants and installing a new team all in the face of numerous external distractions.

Methode 之旅無疑是一次轉變。就像任何旅程一樣，路徑並不是直線的。第一項任務是穩定基礎，其中包括我們在前幾季所做的重大組織變革。這意味著要集中精力執行專案啟動，同時改造工廠並組建新團隊，同時也要面對眾多外部幹擾。

We worked hard to remediate practices that had atrophied or institute practices where they didn't exist. We now have better visibility into the business and are driving more global collaboration and efficiency, especially around engineering, product management, and supply chain.

我們努力糾正已經萎縮的做法，或在不存在這些做法的地方建立做法。我們現在對業務有了更好的了解，並正在推動更多的全球協作和效率，特別是在工程、產品管理和供應鏈方面。

The work is showing in many areas but is exemplified in our improved working capital. We are now better positioned to leverage synergies and utilize core competencies to align with market megatrends like data centers and EVs.

這項工作在許多領域都有所體現，但最突出的是我們改善的營運資金。我們現在能夠更好地利用協同效應和核心競爭力來適應資料中心和電動車等市場大趨勢。

Our improvements are creating opportunities in other areas as well. We have seen a notable uptick in RFQs and RFPs, which is being driven by our ability to leverage our global footprint and respond to market changes. As a result, we are seeing potential future sales growth from takeover business.

我們的改進也在其他領域創造了機會。我們看到 RFQ 和 RFP 數量顯著上升，這是由於我們利用全球影響力和響應市場變化的能力。因此，我們看到收購業務未來可能帶來的銷售成長。

This takeover business is in both auto and non-auto markets, and it will likely result in even more customer diversity for me. While the financial results are not yet where we want them, our team has accomplished much since the beginning of our transformation journey, and a foundation has been laid for us to drive consistent and improved execution. At this point, I'll turn the call over to Laura, who will provide more detail on our first quarter financial results and guidance.

這項收購業務涉及汽車和非汽車市場，可能會為我帶來更多的客戶多樣性。雖然財務表現尚未達到我們的預期，但我們的團隊自轉型之旅開始以來已經取得了巨大成就，並為我們推動持續和改進的執行奠定了基礎。現在，我將把電話轉給勞拉，她將提供有關我們第一季財務業績和指導的更多詳細資訊。

Thank you, John, and good morning everyone. Before I begin, I would like to address the cause of our delay in reporting first quarter earnings. Shortly before our original reporting date, we discovered an inadvertent miscalculation of dividend equivalents. This caused us to exceed our restricted payments basket for the first quarter as per our credit agreement.

謝謝你，約翰，大家早安。在開始之前，我想先談談我們延遲報告第一季收益的原因。在我們最初的報告日期之前不久，我們發現了對股息等值的無意錯誤計算。這導致我們超出了信用協議規定的第一季限制支付籃子。

The amount was not material but was in excess of what the agreement allowed. We subsequently needed time to obtain a waiver from our banks, which we could not disclose until the matter was resolved. The waiver was successfully obtained.

雖然金額不大，但超出了協議允許的金額。隨後，我們需要時間從銀行獲得豁免，但在問題解決之前我們不能透露這一點。成功取得豁免。

Please turn to slide 10. The first quarter net sales were $240.5 million compared to $258.5 million in fiscal '25, a decrease of 7%. On a sequential basis, sales decreased 6%. The quarter saw continued growth in the sale of power products, including data center applications.

請翻到第 10 張投影片。第一季淨銷售額為 2.405 億美元，而 25 財年的淨銷售額為 2.585 億美元，下降了 7%。與上一季相比，銷售額下降了 6%。本季度，包括資料中心應用在內的電源產品銷售持續成長。

In the automotive segment, sales were weaker in North America as we continued to experience a net negative impact from the transition from legacy programs to new ones. We also experience continued sales weakness in commercial vehicle lighting applications.

在汽車領域，北美地區的銷售較弱，因為我們繼續受到從傳統項目向新項目過渡帶來的淨負面影響。我們也經歷商用車照明應用銷售持續疲軟的局面。

First quarter adjusted income from operations was $2 million an increase of $6.7 million from fiscal '25. On a sequential basis, adjusted income from operations increased $23.6 million from the fiscal '25 fourth quarter. Please see the appendix for reconciliation of all adjusted measures to GAAP.

第一季調整後的營業收入為 200 萬美元，比 25 財年增加 670 萬美元。以環比計算，調整後的營業收入較 2025 財年第四季增加了 2,360 萬美元。請參閱附錄，了解所有調整後指標與 GAAP 的對帳情況。

On a year over year basis, gross profit was relatively flat despite the $18 million in lower sales. The main driver of the improved operating income was a $9.6 million reduction in SG&A related to lower professional fees and compensation expenses. In the sequential comparison, the fourth quarter of fiscal '25 included an excess and obsolete inventory expense and discrete inventory adjustments of $15.2 million.

與去年同期相比，儘管銷售額下降了 1,800 萬美元，但毛利相對持平。營業收入成長的主要動力是由於專業費用和薪酬費用降低而導致的銷售、一般和行政費用減少 960 萬美元。與上一季相比，2025 財年第四季的庫存費用和單獨庫存調整總額為 1,520 萬美元。

Overall, despite the $18 million sales headwind, Me delivered operating income growth both over the prior year and sequentially. Please turn to slide 11. Shifting to EBITDA, a non-GAAP financial measure, first quarter adjusted EBITDA was $15.7 million up $5.9 million from the same period last year. On a sequential basis, adjusted EBITDA increased $22.8 million from the fiscal '25 fourth quarter.

總體而言，儘管面臨 1,800 萬美元的銷售逆風，Me 的營業收入仍比去年和上一季成長。請翻到第 11 張投影片。轉向非 GAAP 財務指標 EBITDA，第一季調整後的 EBITDA 為 1,570 萬美元，比去年同期成長 590 萬美元。以環比計算，調整後的 EBITDA 較 25 財年第四季增加了 2,280 萬美元。

As with operating income, EEO increased despite the sales headwinds, driven mainly by a reduction in SG&A and other operational improvements. Please turn to slide 12. First quarter, adjusted pre-tax loss was $5.1 million an improvement of $4 million from fiscal '25. On a sequential basis, adjusted pre-tax loss improved $23.5 million from the fiscal '25 fourth quarter.

與營業收入一樣，儘管銷售面臨阻力，但平等就業機會仍有所增加，這主要得益於銷售、一般及行政費用的減少和其他營運方面的改善。請翻到第 12 張投影片。第一季度，調整後的稅前虧損為 510 萬美元，較 25 財年減少 400 萬美元。以環比計算，調整後的稅前虧損較 25 財年第四季改善了 2,350 萬美元。

Again, the pre-tax loss improved despite a 7% sales headwind year over year and was driven mainly by a reduction in SG&A and other operational improvements. First quarter adjusted diluted loss per share was $0.22, a $0.09 improvement from the prior year and a $0.55 improvement from the fiscal 25% fourth quarter.

儘管銷售額年減 7%，但稅前虧損仍有所改善，這主要得益於銷售、一般及行政費用的減少和其他營運方面的改善。第一季調整後每股攤薄虧損為 0.22 美元，較上年同期改善 0.09 美元，比第四財季改善 0.55 美元。

Overall, our cost reduction efforts clearly bore fruit this quarter and set method up for improved margins when we return to sales growth. Please turn the slide13. The first quarter's net cash from operating activities was $25.1 million up from $10.9 million in fiscal '25.

總體而言，本季我們的成本削減努力顯然取得了成效，並為我們恢復銷售成長時提高利潤率奠定了基礎。請轉動幻燈片13。第一季的營運活動淨現金為 2,510 萬美元，高於 25 財年的 1,090 萬美元。

First quarter capital expenditures were $7.1 million down from $13.6 million in fiscal '25. The lower CapEx was according to plan as much of the program launch investments are behind us, and we are becoming more efficient in our spending on the new launches.

第一季的資本支出為 710 萬美元，低於 25 財年的 1,360 萬美元。較低的資本支出符合計劃，因為大部分項目啟動投資已經完成，而且我們在新項目啟動上的支出效率也越來越高。

First quarter of free cash flow, a non-gap financial measure, was $18 million as compared to negative $2.7 million in fiscal '25, an increase of $20.7 million. This increase was mainly due to the lower working capital and lower capital expenditures. This was our third quarter in a row of strong free cash flow. Please turn to slide 14.

第一季的自由現金流（非缺口財務指標）為 1,800 萬美元，而 25 財年為負 270 萬美元，增加了 2,070 萬美元。這一增長主要是由於營運資本減少和資本支出減少。這是我們連續第三個季度實現強勁的自由現金流。請翻到第 14 張投影片。

Just like free cash flow, we had our third quarter in a row of reduced net debt, a key focus of the method management team. Total debt was up $5.8 million from the fourth quarter. The increase was mostly driven by foreign exchange, as the majority of our debt is based in Euros.

就像自由現金流一樣，我們連續第三個季度減少淨債務，這是方法管理團隊的重點。總債務較第四季增加了 580 萬美元。這一增長主要是由於外匯因素推動的，因為我們的大部分債務都是以歐元計價的。

We ended the quarter with $121121.1 million in cash, up $17.5 million from the fourth quarter. Net debt, a non-GAAP financial measure, decreased by $11.7 million from the fourth quarter to $202.3 million. We have now reduced net debt by $41 million over the last three quarters.

本季末，我們的現金餘額為 1,211.211 億美元，比第四季增加了 1,750 萬美元。淨債務（非 GAAP 財務指標）較第四季減少 1,170 萬美元至 2.023 億美元。過去三個季度，我們已將淨債務減少了 4,100 萬美元。

Please turn to slide 15. Regarding forward-looking guidance, it is based on management's best estimate and is subject to change due to a variety of factors as noted at the bottom of this slide. For fiscal '26, we are affirming our expectation for sales to be in a range of $900 million to $1 billion.

請翻到第 15 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。對於 26 財年，我們預計銷售額將在 9 億美元至 10 億美元之間。

Please note that fiscal '25 was a 53 week fiscal year, and fiscal '26 will be a typical 52 week fiscal year. So we will have one less week and fiscal '26 compared to the prior year. We are also affirming our expectation for EBITDA to be in the range of $70 to $80 million and we expect the second half of the year to be higher than the first half.

請注意，25 財年為 53 週的財政年度，而 26 財年將是典型的 52 週的財政年度。因此，與前一年相比，我們的 26 財年將減少一週。我們也確認 EBITDA 預期在 7,000 萬至 8,000 萬美元之間，且我們預計下半年的 EBITDA 將高於上半年。

As you can see from the charts on the right of the slide, we expect fiscal '26 EBITDA to be higher than both fiscal '24 and 25, despite a significant reduction in sales over that same time period. As a percentage of net sales, we expect almost a doubling of EBITDA margin from 4.1% to 7.9%. In regard to free cash flow, as previously noted, we had a strong start to the year.

從投影片右側的圖表可以看出，儘管同一時期銷售額大幅下降，但我們預計 26 財年的 EBITDA 將高於 24 財年和 25 財年。作為淨銷售額的百分比，我們預計 EBITDA 利潤率將幾乎翻一番，從 4.1% 增加到 7.9%。關於自由現金流，如前所述，我們今年開局強勁。

For the full fiscal year '26, we expect free cash flow to be positive versus the negative $15 million in the previous fiscal year. The fiscal '26 guidance assumes the current market outlook based on third party forecasts and customer projections, the current US tariff policy.

對於整個 26 財年，我們預計自由現金流將為正，而上一財年為負 1,500 萬美元。26財年的指引假設當前的市場前景是基於第三方預測和客戶預測以及當前的美國關稅政策。

Depreciation and amortization of $58 to $63 million. CapEx of $24 to $29 million. Interest expense of $21 to $23 million and a tax expense of $17 to $21 million of which $10 to $15 million is for valuation allowance on deferred tax assets. Our practice has been to non-GAAP the valuation allowance for our adjusted earnings calculation.

折舊和攤提為 5,800 萬至 6,300 萬美元。資本支出為 2,400 萬至 2,900 萬美元。利息費用為 2,100 萬至 2,300 萬美元，稅金為 1,700 萬至 2,100 萬美元，其中 1,000 萬至 1,500 萬美元用於遞延稅項資產的估價準備。我們的做法是採用非公認會計準則 (non-GAAP) 來計算調整後的收益。

So, to echo Jon, this guidance represents a solid foundation for the Methode team to further build on. That concludes my comments, and we can open it up to questions.

因此，正如 Jon 所說，該指導為 Methode 團隊的進一步發展奠定了堅實的基礎。我的評論到此結束，我們可以開始提問了。

Certainly, everyone at this time will be conducting a question and answer session. (Operator Instructions) Luke Junk, Baird.

當然，此時每個人都會進行問答環節。（操作員指示）盧克瓊克，貝爾德。

Good morning. Thanks for taking the questions. John, maybe starting with, automotive, clearly most challenging results relative to method overall still. I know there's a lot of countervailing factors there. Just hoping to better understand relative to the overall look for EBITDA to double. This year, how you see the automotive segment contributing to that incrementally, especially beyond some of the non-repeing operating items that were in the P&L last year and then, even beyond this year if we zoom out maybe a couple of years just kind of what you envision for that business at a high level on the operating side of the house. Thank you.

早安.感謝您回答這些問題。約翰，也許從汽車開始，顯然相對於整體方法而言最具挑戰性的結果。我知道那裡有很多抵消因素。只是希望能更好地理解相對於 EBITDA 翻倍的整體預期。今年，您如何看待汽車部門對此做出的逐步貢獻，特別是超出去年損益表中的一些非重複運營項目，然後，如果我們將時間拉遠到幾年，那麼甚至在今年之後，您對該業務在運營方面的高層預期是什麼。謝謝。

And loop, thanks for your question. I think it's important that we separate out by region. That's why we specifically talked about the performance in EMEA, and the transformation in Egypt. We have automotive business around the world in our in our business in EBITDA has significantly improved on a year over year basis. Part of the challenge that we have in North America, as you well know, is the transition of some of the historic programs rolling off that specifically hit us in Mexico.

並且循環，感謝您的提問。我認為按地區劃分很重要。這就是為什麼我們特別談論歐洲、中東和非洲地區的表現以及埃及的轉型。我們的汽車業務遍佈全球，我們的 EBITDA 業務較去年同期顯著提高。眾所周知，我們在北美面臨的挑戰之一是一些歷史性項目的過渡，這些項目對我們墨西哥造成了特別大的衝擊。

So the automotive business globally, I would say that the performance activities are impacted disproportionately in North America due to just the roll off of that program and the subsequent delay in the EV programs, particularly with regard [tolanti] as we as we've mentioned to you. So we have a bit of a tremendous amount of progress in EBITDA, we have stability and good performance in Asia, and we have challenges both from an execution standpoint as we talked about our Q4 call, but also from a revenue headwind perspective in North America.

因此，就全球汽車業務而言，我想說，由於該計劃的結束以及隨後電動車計劃的推遲，北美地區的業績活動受到了不成比例的影響，特別是對於[tolanti]，正如我們向您提到的那樣。因此，我們在 EBITDA 方面取得了巨大的進步，我們在亞洲保持了穩定和良好的表現，而且我們在執行方面面臨著挑戰​​，正如我們在第四季度電話會議上談到的那樣，而且從北美的收入逆風角度來看，我們也面臨著挑戰​​。

As in the second part of your question, where do I see it going forward? As we talked about, we expect to see the volumes start to stabilize and grow in fiscal '27 from an EV standpoint, that'll create tailwinds for. Our Mexican facilities and basically for our North American business and then you also see some of the data center activity that we're putting into Mexico that'll help it. So I see leverage from all of our segments in our facilities and that will help the business going forward.

正如您問題的第二部分，我認為它的未來發展如何？正如我們所討論的，從電動車的角度來看，我們預計 27 財年的銷量將開始穩定並成長，這將為其創造順風。我們的墨西哥設施基本上是為了我們的北美業務，然後你也會看到我們在墨西哥進行的一些資料中心活動將對此有所幫助。因此，我看到我們設施中所有部門的槓桿作用，這將有助於業務向前發展。

Thanks so much John and maybe a related question just in terms of Asia so I know there's been. Program roll off impacting that business and automotive as well. If we look at the sales base following that roll off fairly limited on a quarterly basis right now, just maybe at a high level strategically how you're thinking about Asia and clearly relative to EV is one of the trends that you're most focused on, probably the most opportunity rich region in China, especially. Thank You.

非常感謝約翰，也許有一個與亞洲相關的問題，所以我知道有一個。專案的推出也會對該業務和汽車產業產生影響。如果我們看一下目前按季度計算的銷售基礎，那麼也許從戰略的高層來看，您如何看待亞洲，顯然與電動車相關的趨勢是您最關注的趨勢之一，尤其是中國，這可能是機會最豐富的地區。謝謝。

So the, our Asia team really in many ways is leading our activity from, development of new product for EV applications. The battery inter interconnects, some of the other advanced activities are being led out of, from a manufacturing perspective out of Asia. So they become our, in many situations, our launch facility. And our first and our first product development and product validation location.

因此，我們的亞洲團隊確實在許多方面引領著我們的活動，包括開發用於電動車應用的新產品。從製造角度來看，電池互連等一些其他先進活動正在從亞洲轉移出去。因此，在很多情況下，它們成為我們的發射設施。這是我們的第一個產品開發和產品驗證地點。

So yes, true, we had headwinds for the roll off of a one customer's programs, but I see a lot of progress there. It's a very well run organization from an operational from an engineering perspective, as well as from a working capital side. And they give us credibility with customers both on the power side and on the both on the data center and on the EV power side. And give us a chance to grow around the world.

是的，我們在推出客戶的計劃時確實遇到了阻力，但我看到我們取得了很大的進展。從營運、工程角度以及營運資金來看，這是一個運作良好的組織。它們使我們在電力、資料中心和電動車電源方面贏得了客戶的信任。並給予我們一個在世界各地成長的機會。

Got it. And then maybe just a quick one on the interface business I know that in the bridge you've given us for the current fiscal year there was an appliance program roll off reflected in that bridge are we seeing that in the first quarter results yet and to what extent there might be any offsets from the transce business that we're seeing the P&L right now? Thank you.

知道了。然後也許只是快速地問一下介面業務，我知道在您為我們提供本財政年度的橋樑中，有一個設備計劃的推出反映在該橋樑中，我們是否在第一季度的結果中看到了這一點，以及在多大程度上可能與我們現在看到的損益表中的收發業務產生抵消？謝謝。

The reason we didn't put that bridge in there is the situation is consistent with what we have said in previous quarters. So the roll off as we talked about in the fiscal year and how they're going to move year over year is consistent from one quarter to the other.

我們沒有在那裡建造那座橋的原因是情況與我們前幾季所說的一致。因此，正如我們在財政年度中討論的那樣，他們的年度變化趨勢在各個季度之間是一致的。

So yes, you're seeing the impact of the of the roll offs both from the user interface as well as from the whirlpool business and then we see the ramp up of some of the new programs as well as the backfill with some of the data center activity.

所以是的，您看到了用戶介面和惠而浦業務的滾滾影響，然後我們看到一些新程式的增加以及一些資料中心活動的補充。

Understood, I'll I'll leave it there for now thank you.

明白了，我現在就把它留在那裡，謝謝。

Thanks. Thanks for the questions.

謝謝。感謝您的提問。

Thank you. John Franzreb, Siddati.

謝謝。約翰·弗朗茨雷布，Siddati。

Good morning, everyone. Thanks for taking the questions. I'm curious [Les Coy] provided a slide that kind of really took a deep dive into the tariff outlook. Has there been any change in your tariff expectations, be it positive or negative?

大家早安。感謝您回答這些問題。我很好奇，[Les Coy] 提供了一張幻燈片，深入探討了關稅前景。您對關稅的預期有什麼改變嗎？無論是正面的還是負面的？

There has been no change, John. We had $1 million worth of impact. That's more of a timing thing than it is anything else in the quarter, but, we have been pretty consistent in. Our approach with regard to tariffs, we're not going to bear the extra cost. We've worked with the customers on this, and so there has been no change, different than what we said in the previous quarters, and we feel pretty confident.

沒有任何變化，約翰。我們產生了價值 100 萬美元的影響。這更多的是一個時間問題，而不是本季的其他問題，但我們一直保持相當一致。我們對關稅的態度是，我們不會承擔額外的費用。我們已經與客戶就此進行了合作，因此與我們前幾季所說的不同，沒有任何變化，我們感到非常有信心。

To the greatest extent we can be confident with the changes in Washington, we feel pretty confident based on what we see right now as to where we're at and the relationships that we have with customers through this. The other thing that I would say is, and I mentioned it a little bit in the additional RFQs, the current tariff.

在最大程度上，我們對華盛頓的變化充滿信心，根據我們目前所看到的情況以及我們與客戶建立的關係，我們感到非常有信心。我想說的另一件事是，我在額外的 RFQ 中稍微提到了當前的關稅。

The regime is actually creating opportunities for us because our facilities, our ability to the USMCA compliant and our ability to deliver in North America with 97% USMCA compliance. So it's creating opportunities in RFQs that we didn't see six or nine months ago. We have customers that are new to us.

該制度實際上正在為我們創造機會，因為我們的設施、我們遵守 USMCA 的能力以及我們在北美 97% 遵守 USMCA 的能力。因此，它在 RFQ 中創造了我們六個月或九個月前沒有看到的機會。我們有一些新客戶。

That's good to hear. And in terms of restructuring actions, can you talk a little bit about how far along are you in this process, John? You just got the low-hanging fruit at this point and, maybe some more colorful kind of, we should expect maybe in fiscal, 2026.

聽到這個消息真好。就重組行動而言，約翰，您能否談談這個過程進展到什麼程度了？此時，您只是獲得了唾手可得的成果，也許還有一些更豐富多彩的成果，我們或許應該期待在 2026 財年。

Well, I mean we've talked about the transformation of the leadership team and in the last quarter we talked about the move of the consolidation of the headquarters facility. We're on track with regards to that and believe we'll have everything completed by the middle of this fiscal year.

嗯，我的意思是我們已經討論了領導團隊的轉型，並且在上個季度我們討論了總部設施合併的舉措。我們在這方面的進展順利，並相信我們將在本財年中期完成所有工作。

From the headquarters consolidation and facility consolidation, we continue to look at what we can do around the world with regard to reduction of whether it's engineering activities or whether it's warehouse activities or other facilities to take structural cost out, but there isn't anything at this point of a level of materiality.

從總部整合和設施整合開始，我們將繼續研究在全球範圍內可以採取哪些措施來減少工程活動、倉庫活動或其他設施的成本，以降低結構性成本，但目前還沒有任何實質性的舉措。

So the reduced headcount probably by 500 people, and we continue to refine that and part of the transformation that, excuse me, part of the improvement that underlies the EBIT growth and the performance growth is just head count reductions in our different facilities being in Mexico or in Egypt in particular.

因此，員工人數可能減少了 500 人，我們將繼續改進這一點，轉型的一部分，對不起，息稅前利潤增長和業績增長背後的部分改進只是我們位於墨西哥或埃及的不同工廠的員工人數減少。

Got it. And just, I guess, when you look at the end markets, the Class A truck, the A and construction haven't been particularly favorable. I'm just curious about about your thoughts on how those end markets play out in the year ahead, based on what your customers are telling you.

知道了。我想，當你看一下終端市場時，A 級卡車、A 級建築的表現並不是特別好。我只是好奇，根據您的客戶回饋，您對未來一年這些終端市場的發展有何看法。

So we continue to get Indications from our customers as well as from forecasting services like ACT that the commercial vehicle space is still bound by 5%. We do expect it to rebound in '26, and we're starting to see we haven't seen that come through an EDI yet. What we are seeing is as we Our lighting business has worked very hard to improve our relationships with customers. We're seeing additional RFQs.

因此，我們不斷從客戶以及 ACT 等預測服務機構獲得指示，表明商用車領域仍受 5% 的限制。我們確實預計它會在 26 年反彈，但我們開始發現我們還沒有看到它透過 EDI 實現。我們看到的是，我們的照明業務已經非常努力地改善與客戶的關係。我們看到了更多 RFQ。

We're also seeing interest on the power side from a commercial vehicle standpoint that doesn't have near term revenue impact, but it does have future impact, and it goes to John what we've talked about with earning the right with customers from the standpoint of us being viewed as a trusted partner beyond just lighting. So, both on the commercial vehicle side and on the ag and construction side, we still see softness in the end markets, but we are gaining business based on the execution, the improved execution of the organization.

從商用車的角度來看，我們也看到了對電源方面的興趣，這不會對短期收入產生影響，但確實會對未來產生影響，而這正是我們所談論的，從我們被視為照明之外值得信賴的合作夥伴的角度來看，我們要贏得客戶的支持。因此，無論是在商用車方面還是在農業和建築方面，我們仍然看到終端市場的疲軟，但我們正在透過執行、組織執行力的提高來獲得業務。

Got it. With that, I'll get back to you. Thank you for taking questions.

知道了。有了這個，我會回覆你。謝謝您的提問。

Thanks, John.

謝謝，約翰。

Thank you. Gary Prestopino, Barrington.

謝謝。加里·普雷斯托皮諾，巴林頓。

Thank you, John, Laura, Rob, how are you?

謝謝你，約翰、蘿拉、羅布，你們好嗎？

Good morning. We're well. Hope you're well also.

早安.我們很好。希望你也一切安好。

Yes, I am. Okay, a couple of questions here. First of all, When you reported Q4, you gave us a sales bridge, for, sales guidance for this year. Has anything changed dramatically in that bridge? I mean, we're still looking at a 40 million reduction in Stellais programs, and then about 48 million of other program launches positive on the sales side.

我是。好的，這裡有幾個問題。首先，當您報告第四季度時，您為我們提供了今年的銷售橋樑和銷售指導。那座橋有什麼顯著變化嗎？我的意思是，我們仍然看到 Stellais 項目減少了 4000 萬個，而其他項目在銷售方面則減少了約 4800 萬個。

And that's the reason why we didn't put the bridge back in again, Gary, is there's nothing changed. So as you think about how you model it, just go back and get that as the basis.

這就是我們沒有重新建造這座橋的原因，加里，因為什麼都沒有改變。因此，當您思考如何對其進行建模時，只需回過頭來並以此為基礎即可。

Okay. And just want to make sure there couple of questions here surrounding bus bars for data centers, okay. Is this mostly a new construction market what you guys are supplying or is there a, repair and replace component of this market, for these bus bars for data centers?

好的。我只是想確保這裡有幾個關於資料中心母線的問題，好的。你們供應的主要是新建築市場嗎？還是說這個市場中存在針對資料中心母線的維修和更換組件？

This is, it's primarily new construction and everything that we've talked about, everything that we talked about with regard to our guidance is what we would refer to as sort of, current technology. We're working with them on future advanced activities. None of that is in our guidance. We're excited about those opportunities, but it's a little bit too soon to talk about from a revenue perspective. But everything that we're talking about here is sort of current product technology and is new construction with multiple and customers.

這主要是新建築，我們所談論的一切，我們所討論的有關指導的一切都是我們所說的當前技術。我們正在與他們合作未來的高級活動。這些都不在我們的指導範圍內。我們對這些機會感到非常興奮，但從收入角度來看現在談論還為時過早。但我們在這裡談論的都是當前的產品技術，並且是具有多個客戶的新結構。

Right, because the gist of my question is that yeah, it's new construction. I mean, who knows how long this is going to go on with growth of data centers, but I guess I'm getting, what I'm leading to is, are the plans can this business get to be fairly substantial relative to the whole pie? It looks like from the chart on page 7. Looks like EB is maybe about 60% of the sales, data centers maybe about 35% of the fiscal '25 sales. I mean, is there a way you can make it bigger or are you just range bound by the fact that it's a new construction market?

好的，因為我的問題的要點是，是的，這是新建築。我的意思是，誰知道資料中心的成長會持續多久，但我想我得到的是，我要說的是，這些計劃能否使這項業務相對於整個市場而言變得相當可觀？它看起來像第 7 頁的圖表。看起來 EB 可能佔銷售額的 60% 左右，資料中心可能佔 25 財年銷售額的 35% 左右。我的意思是，有沒有辦法讓它變得更大，或者你只是受到它是一個新建築市場這一事實的限制？

No, we're not range bound, because remember, we have a relatively de minimis share of the total. So what we've done, and we've talked about it in previous calls to be more responsive to our customers and offer them utilizing our global footprint in a more efficient and effective way than what we've done in the past has allowed us to grow, share on the current data center product. That's where you see the growth between fiscal '24 and fiscal '25.

不，我們不受範圍限制，因為請記住，我們在總量中所佔份額相對較小。因此，我們所做的以及我們在之前的電話會議中討論過的，是為了更好地響應我們的客戶，並以比過去更有效的方式利用我們的全球影響力為他們提供服務，這使我們能夠在當前的數據中心產品上成長和分享。這就是你看到的 24 財年和 25 財年之間的成長。

The, that also is giving us opportunities with expansion because we weren't on every one of their designs for the current data centers, but in addition to that, And so that's what we talked about is in our current guidance. In addition to that, then as they look at putting higher voltages into their data centers and bringing high voltage closer to the rack, we are working to try to help them with that.

這也為我們提供了擴展的機會，因為我們並不了解他們對目前資料中心的每一個設計，但除此之外，這就是我們所討論的，在我們目前的指導中。除此之外，當他們考慮將更高的電壓輸入資料中心並將高壓電壓拉近機架時，我們正在努力幫助他們實現這一點。

And that, that's growth on top of what you see here. So the chart on slide 7 is historical and yes, it is power activities, not just for data centers. For Milo as well as E, but what you heard me say earlier is now we're starting to talk about commercial vehicles. We're starting to talk about utilizing those core competencies in other pieces of our end markets and with with our existing customers as well as what's the next product families with our existing customers like the data center customers. So we expect this as an opportunity for growth. That's what I mentioned in my script.

這就是您在這裡所看到的最顯著的增長。因此，第 7 張投影片上的圖表是歷史性的，是的，它是電力活動，而不僅僅是資料中心的電力活動。對於 Milo 和 E 來說，但您之前聽到我說的是，現在我們開始談論商用車。我們開始討論如何在我們的其他終端市場以及與我們的現有客戶（如資料中心客戶）合作中利用這些核心競爭力，以及與我們的現有客戶（如資料中心客戶）合作推出下一個產品系列。因此，我們期待這是一個成長的機會。這就是我在劇本中提到的。

Okay, and then I want to also ask about the E side of the business here. Can you give us an idea of The percentage of your EB sales that are, or products for EVs I should say, that are outside the US, which would be mainly China and Europe, I suppose.

好的，然後我還想問這裡的 E 業務。您能否告訴我們，您的 EB 銷售額或電動車產品在美國以外的佔比是多少？我想，主要是在中國和歐洲。

So the We look at fiscal 2025, and that's probably the best way to look at it so so you don't get into 11 quarter versus another quarter, and remember that we sell things beyond just bus bars into EVs and fiscal 2025 for our total, if you will, EV sales split.

因此，我們著眼於 2025 財年，這可能是最好的看待它的方式，這樣你就不會陷入第 11 個季度與另一個季度的競爭，並且請記住，我們銷售的產品不僅僅是公交車，還包括電動汽車，而 2025 財年的總體情況，如果你願意的話，就是電動汽車的銷售分成。

Roughly $220 million of fiscal 2025 revenue went to EV products, as we said, the 20%, the 20%. 55% of that was in EBITDA. 16% of that was in Asia and 30% in North America.

正如我們所說，2025 財年約有 2.2 億美元的收入用於電動車產品，即 20%，20%。其中 55% 為 EBITDA。 16% 在亞洲，30% 在北美。

So when we say to you that our exposure isn't just a North American exposure to EVs, it's that that's the basis for the data. Certainly, we had expected and go back to the sales bridge that.

因此，當我們告訴您我們的曝光度不僅僅是北美對電動車的曝光度時，這是數據的基礎。當然，我們已經預料到了這一點，並回到了銷售橋樑。

That was the start of your question. We had expected significant growth in North America EV, particularly with Stellantis and a few other customers. That's where we see some of the headwinds in North America, but the overall split is balanced between the regions.

這就是你問題的開頭。我們曾預計北美電動車市場將顯著成長，尤其是 Stellantis 和其他一些客戶。我們看到北美存在一些阻力，但各地區之間的整體差距是平衡的。

Okay. So in terms of what you're looking for this year, just particularly with the bus bars to the EV market, I it's safe to assume the majority of any growth is going to be coming from outside the US just because of, the [Sellais] program reductions and then just okay. All right thank you.

好的。因此，就您今年所期待的而言，特別是對於電動車市場的母線而言，我可以肯定地說，大部分增長都將來自美國以外，這僅僅是因為[Sellais]計劃的削減，然後就好了。好的，謝謝。

Yes, thanks, Gary.

是的，謝謝，加里。

Thank you. That concludes our Q&A session. I'll now hand the conference back to CEO John Gaynor for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將會議交還給執行長約翰蓋納 (John Gaynor) 並請他致閉幕詞。請繼續。

Yeah, I want to thank all of you for joining us and for your interest in method and for your questions. We look forward to updating you on our progress in future calls and have a great day.

是的，我要感謝大家的加入我們，感謝你們對方法的興趣以及你們提出的問題。我們期待在未來的電話會議中向您通報我們的進展情況，並祝您有美好的一天。

Thank you, everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝大家，今天的活動就到此結束。現在您可以斷開連接並享受美好的一天。感謝您的參與。