Methode Electronics Inc (MEI) 2026 Q2 法說會逐字稿

Good day. Welcome to the Methode Electronics second-quarter fiscal 2026 financial results conference call.

再會。歡迎參加 Methode Electronics 2026 財政年度第二季財務業績電話會議。

(Operator Instructions)

（操作說明）

I will now turn the call over to your host, Mr. Randy Wilson, Vice President of Investor Relations & Treasury. Randy, the floor is yours.

現在我將把電話交給主持人，投資者關係與財務副總裁蘭迪威爾遜先生。蘭迪，現在輪到你發言了。

Thank you. Good morning. Welcome to Methode Electronics fiscal 2026 second-quarter earnings conference call.

謝謝。早安.歡迎參加 Methode Electronics 2026 財政年度第二季財報電話會議。

Our fiscal 2026 second-quarter financial results, including a press release and presentation, can be found on the Methode Investor Relations website.

我們 2026 財年第二季的財務業績，包括新聞稿和簡報，可在 Methode 投資者關係網站上找到。

I'm joined today by Jon DeGaynor, President and Chief Executive Officer; and Laura Kowalchik, Chief Financial Officer.

今天與我一同出席的有總裁兼執行長 Jon DeGaynor 和財務長 Laura Kowalchik。

Please turn to slide 2 for our Safe Harbor statements. 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.

請翻到第二張投影片查看我們的安全港聲明。本次電話會議包含某些前瞻性陳述，反映了管理階層對未來事件和營運績效的預期，並且僅代表截至本次會議發布之日的觀點。這些前瞻性陳述受證券法規定的安全港條款保護。

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.

Methode 不承擔任何義務按季度或其他方式更新任何前瞻性聲明，以使該聲明與實際結果或 Methode 的預期變化相符。本次電話會議中的前瞻性陳述涉及許多風險和不確定性。

We will be discussing non-GAAP information and performance measures, which we believe are useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials.

我們將討論非GAAP資訊和績效指標，我們認為這些指標有助於評估公司的營運績效。這些非GAAP指標的調節表可在電話會議資料中找到。

The factors that 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.

導致實際結果與預期結果有重大差異的因素已在 Methode 向美國證券交易委員會提交的文件（例如我們的 10-K 和 10-Q 表格）中詳細說明。

Please turn to slide 3. I'll turn the call over to Jon DeGaynor.

請翻到第3張投影片。我將把電話轉給喬恩·德蓋諾。

Thanks, Randy. Good morning. I'd like to welcome everyone to our earnings call. I appreciate your interest in Methode.

謝謝你，蘭迪。早安.歡迎各位參加我們的財報電話會議。感謝您對Methode的關注。

I want to start by thanking our global team for their continued focus on our customers and on our operational performance, while navigating through a very difficult and dynamic operating environment. Your efforts are paying dividends.

首先，我要感謝我們的全球團隊，感謝他們在應對非常困難和瞬息萬變的經營環境的同時，始終專注於我們的客戶和營運績效。你的努力正在獲得回報。

The Methode transformation is firmly on track, with much more work to do. But the trajectory is positive and is progressing largely according to plan.

Methode 的轉型工作進展順利，但仍有許多工作要做。但總體趨勢是積極的，並且基本上按計劃進行。

We are pleased to report that our improvement efforts and disciplined execution against those initiatives have delivered sequential improvement in our financial results.

我們很高興地報告，我們為改善各項舉措所做的努力以及對這些舉措的嚴格執行，已使我們的財務業績持續改善。

Our net sales for the quarter were $247 million, up 3% sequentially, with adjusted EBITDA rising 12% sequentially to $18 million. There was a usage of cash in the quarter, driven by a one-time customer initiative.

本季淨銷售額為 2.47 億美元，季增 3%；調整後 EBITDA 季增 12% 至 1,800 萬美元。本季有現金支出，主要由一次性客戶激勵措施驅動。

We were able to improve quarterly free cash flow by $47 million year over year. Our first-half cash flow results were in line with management estimates.

我們實現了季度自由現金流年增 4,700 萬美元。我們上半年的現金流量結果與管理階層的預期相符。

Finally, we expect the second half of fiscal 2026 to be stronger so we are reaffirming our full-year sales guidance of $900 million to $1 billion and our adjusted EBITDA of $70 million to $80 million.

最後，我們預計 2026 財年下半年業績將更加強勁，因此我們重申全年銷售額預期為 9 億美元至 10 億美元，調整後 EBITDA 預期為 7,000 萬美元至 8,000 萬美元。

Please turn to slide 4. I will discuss our operational and strategic accomplishments for the quarter, as we have significantly increased the intensity of our improvement actions to drive financial performance.

請翻到第4張投影片。我將討論本季度我們在營運和策略方面的成就，因為我們已大幅加大改進措施的力度，以推動財務業績成長。

I've said previously, our Egypt and Mexico facilities needed significant management attention and leadership upgrades. We've had members of (inaudible) staff dedicating a large portion of their time on the ground in both of these facilities to drive improvement.

我之前說過，我們在埃及和墨西哥的工廠需要大量的管理關注和領導升級。我們有（聽不清楚）工作人員投入大量時間在這兩個設施現場，以推動改善。

I'm pleased to say that our actions have resulted in quality, delivery, and cost improvements in both sites. The Egypt facility is ahead of Mexico on its transformation journey. But both facilities are making significant progress.

我很高興地告訴大家，我們的措施已經使兩個站點的品質、交付和成本都得到了改善。埃及工廠在轉型過程中領先墨西哥。但這兩個設施都取得了顯著進展。

We continue to refine our organization and align our portfolio and business structure, working as One Methode by strengthening leadership and the company culture. Very simply, we are moving from a regional, siloed organization to one where teams are global and teams work cross-functionally to rapidly drive improvement.

我們不斷完善組織架構，調整產品組合和業務結構，透過加強領導力和企業文化，以「一個方法」的理念開展工作。簡而言之，我們正在從一個區域性的、各自為政的組織轉變為一個團隊遍布全球、跨職能協作以快速推動改進的組織。

The top grading of leadership is now substantially completed across the organization, ensuring that we have the right people in place to execute our strategy. Our product portfolio is well aligned with key megatrends, including data centers and vehicle electrification. We are driving a disciplined approach to long-term growth investments.

目前，公司高層領導的層級劃分工作已基本完成，確保我們擁有合適的人才來執行我們的策略。我們的產品組合與資料中心和汽車電氣化等關鍵大趨勢高度契合。我們採取嚴謹的方式進行長期成長投資。

A major strategic footprint action is also underway, with the relocation of our corporate headquarters to Southfield, Michigan, which positions us for future growth and operational efficiency. We look forward to being closer to our automotive customers and to having almost all of our functions under one roof.

我們目前正在進行一項重要的策略佈局行動，將公司總部遷至密西根州紹斯菲爾德，這將使我們為未來的成長和營運效率做好準備。我們期待與汽車客戶建立更緊密的聯繫，並將幾乎所有職能部門集中在一個屋簷下。

Please turn to slide 5. Methode's Power Solutions offerings actually go back more than 60 years. We are using this history and our expertise to bring solutions to our customers.

請翻到第5張投影片。Methode 的電源解決方案產品實際上可以追溯到 60 多年前。我們將利用這段歷史和我們的專業知識，為客戶帶來解決方案。

Our data center activity was just over $40 million in fiscal 2024 and last year, generated over $80 million in annual sales. We continue to expect to see long-term growth in this area.

2024 財年，我們的資料中心業務收入略高於 4,000 萬美元，而去年，年銷售額超過 8,000 萬美元。我們仍然預期該領域將持續長期成長。

One of the most exciting aspects for me in this business is the ability to apply core competencies that have been built over decades to current and future products in different end markets. These capabilities can be brought to bear to better address the megatrend fueled opportunities in the EV and data center spaces.

對我來說，這個行業最令人興奮的方面之一，就是能夠將幾十年來累積的核心競爭力應用於不同終端市場的現有和未來產品。這些能力可以用來更好地應對電動車和資料中心領域由大趨勢帶來的機會。

Looking ahead, as we implement more customer-focused solutions like vendor-managed inventory, utilize our global footprint more aggressively, and develop solutions for problems like high voltage in data centers, it provides us with opportunities to differentiate Methode in ways that we have not in the past.

展望未來，隨著我們實施更多以客戶為中心的解決方案（如供應商管理庫存），更積極地利用我們的全球佈局，並開發解決資料中心高壓等問題的解決方案，這將為我們帶來過去從未有過的機會，使 Methode 脫穎而出。

We continue to expect our fiscal 2026 Power sales to be in line with fiscal 2025. We also expect a sales acceleration in the future, as our data center growth strategy positions us to take a larger share of customer demand.

我們仍預期 2026 財年的電力銷售額將與 2025 財年持平。我們也預計未來銷售額將加速成長，因為我們的資料中心成長策略使我們能夠佔據更大的客戶需求份額。

Our Power Solutions offerings are clearly a long-term growth engine for Methode.

我們的電源解決方案產品顯然是 Methode 的長期成長引擎。

Please turn to slide 6. As you think about the transformation of Methode, it has been a journey. The starting point for that 18-month journey was to stabilize the base. It started by fixing launch execution. We had 50-plus launches between fiscal 2025 and fiscal 2026 to deliver, while improving customer satisfaction and product quality in multiple regions so we needed to address these fundamental challenges first.

請翻到第6張投影片。當你回顧 Methode 的轉型歷程時，你會發現這真是一段漫長的旅程。那段為期 18 個月的旅程的起點是穩定基地。首先要做的就是修復啟動執行問題。在 2025 財年至 2026 財年期間，我們需要完成 50 多項產品發布，同時還要在多個地區提高客戶滿意度和產品質量，因此我們需要先解決這些根本性的挑戰。

A revamp of our most important plants in Mexico and Egypt, both from a leadership and from an execution standpoint, was next. We have changed all but two of the senior leaders and many of the team members below those leaders in the company. Standing up a new team who are driving a more global approach, diagnosing situations and pinpointing weaknesses has dramatically helped move things forward.

接下來，我們要從領導階層和執行層面對我們在墨西哥和埃及最重要的工廠進行全面改革。我們更換了公司除兩名高階領導外的所有領導，以及這些領導之下的許多團隊成員。組建一支新團隊，採取更全球化的方法，診斷情況並找出弱點，大大推動了事情向前發展。

We are nearing the end of this foundation-building phase of our transformation journey; and now starting to discuss what the next chapter is, as the foundation is corrected. In this next phase, we can start talking about leveraging synergies with credibility. Because without execution as a foundation, we would not have the credibility with customers and shareholders to talk about what's next.

我們轉型之旅的基礎建設階段即將結束；現在，隨著基礎的完善，我們開始討論下一個篇章是什麼。在下一階段，我們可以開始討論如何利用綜效來提升信譽度。因為如果沒有執行力作為基礎，我們就無法在客戶和股東面前建立信譽，也無法談論下一步該做什麼。

Overall, we've been laser-focused on improving execution and making Methode a more reliable and resilient company; and it's showing up in our results.

總的來說，我們一直專注於提升執行力，讓 Methode 成為更可靠、更有韌性的公司；而這已經體現在我們的業績上了。

I'll now turn it over to Laura for a discussion of our financial results.

現在我將把發言權交給勞拉，讓她來討論我們的財務表現。

Thanks, Jon.

謝謝你，喬恩。

Turning to slide 7, first, let me note that fiscal 2026 is a 52-week year and fiscal 2025 was a 53-week fiscal year. The three months ended November 1, 2025, and November 2, 2024, were 13- and 14-week periods, respectively.

翻到第 7 張投影片，首先，我想指出 2026 財年是 52 週，而 2025 財年是 53 週。截至 2025 年 11 月 1 日和 2024 年 11 月 2 日的三個月分別為 13 週和 14 週。

Second-quarter net sales were $246.9 million compared to $292.6 million in fiscal 2025, as a decrease of 16%; while on a sequential basis, sales increased 3%. The year-over-year decrease in sales reflected lower volume across all segments.

第二季淨銷售額為 2.469 億美元，而 2025 財年為 2.926 億美元，下降了 16%；但以環比計算，銷售額增加了 3%。銷售額較去年同期下降反映出所有細分市場的銷量均有所下降。

Second-quarter adjusted net loss was $6.7 million, an $11.9 million change from fiscal 2025; and on a sequential quarter basis, a reduction of adjusted net loss by $1.1 million.

第二季調整後淨虧損為 670 萬美元，比 2025 財年減少了 1,190 萬美元；與上一季相比，調整後淨虧損減少了 110 萬美元。

Second-quarter adjusted EBITDA was $17.6 million, down $9.1 million from the same period last year. On a sequential quarter basis, adjusted EBITDA increased $1.9 million.

第二季調整後 EBITDA 為 1,760 萬美元，比去年同期減少了 910 萬美元。與上一季相比，調整後的 EBITDA 增加了 190 萬美元。

Second-quarter adjusted diluted loss per share was $0.19, a $0.33 decrease from the prior year second quarter and a $0.03 improvement from Q1 fiscal 2026.

第二季調整後稀釋每股虧損為 0.19 美元，較上年同期減少 0.33 美元，較 2026 財年第一季改善 0.03 美元。

Overall, our improvement efforts to drive expanded margins when we return to sales growth are still underway.

總體而言，我們為在銷售恢復成長時擴大利潤率所做的改進工作仍在進行中。

Please turn to slide 8, where I will discuss the progress made with our disciplined capital allocation strategy.

請翻到第 8 頁投影片，我將在那裡討論我們嚴格的資本配置策略所取得的進展。

Net debt was down $29.6 million compared to the same period last year, as we continue to drive cash flow and debt reduction.

與去年同期相比，淨債務減少了 2,960 萬美元，因為我們繼續推動現金流和減少債務。

We ended the quarter with $118.5 million in cash, which was up $21.5 million year over year. Operating cash usage in the second quarter was $7.4 million but we generated $17.7 million in the first half of fiscal 2026.

本季末，我們持有現金1.185億美元，比上年同期增加了2,150萬美元。第二季經營現金使用額為 740 萬美元，但我們在 2026 財年上半年創造了 1,770 萬美元的現金收入。

An item to note in the quarter was a $10 million inventory build to support the transition to vendor-managed inventory for our data center customers. With that said, our operating cash flow performance in the quarter would have been positive without the vendor-managed inventory impact.

本季值得注意的一件事是，我們投入 1000 萬美元用於庫存建設，以支持我們的資料中心客戶向供應商管理庫存的過渡。也就是說，如果沒有供應商管理庫存的影響，我們本季的經營現金流表現本來就為正。

Second-quarter free cash flow was a usage of $11.6 million compared to a usage of $58.4 million in the fiscal second-quarter 2025, reflecting a $46.8 million improvement on a year-over-year basis.

第二季自由現金流消耗為 1,160 萬美元，而 2025 財年第二季自由現金流消耗為 5,840 萬美元，較去年同期改善 4,680 萬美元。

Turning to slide 9 -- again, please note that fiscal 2025 was a 53-week fiscal year and fiscal 2026 is a 52-week fiscal year -- for fiscal 2026, we are reaffirming our expectation for sales to be in a range of $900 million to $1 billion and for adjusted EBITDA to be in a range of $70 million to $80 million.

翻到第 9 張投影片——再次提醒，2025 財年為 53 週，2026 財年為 52 週——對於 2026 財年，我們重申對銷售額在 9 億美元至 10 億美元之間，調整後 EBITDA 在 7000 萬美元至 8000 萬美元之間的預期。

We expect our second -half results to be higher than the first half, as we have previously communicated. Q3 results will reflect traditional seasonality, with improvement expected in Q4.

正如我們之前所宣布的，我們預計下半年的業績將高於上半年。第三季業績將反映傳統的季節性波動，預計第四季將有所改善。

For fiscal year 2026, we expect free cash flow to be positive compared to an outflow of $15 million in the previous fiscal year.

我們預計 2026 財年的自由現金流將為正，而上一財年則為 1,500 萬美元的現金流出。

Our fiscal 2026 guidance represents a solid foundation for the Methode team to further build on. We are pleased with the results, year to date. Our team is focused on finishing the second half of fiscal 2026 strongly.

我們 2026 財年的業績預期為 Methode 團隊進一步發展奠定了堅實的基礎。我們對今年迄今的成績感到滿意。我們的團隊正全力以赴，爭取在 2026 財年下半年取得佳績。

With that, I will hand it back to Jon for closing remarks.

接下來，我將把發言權交還給喬恩，請他作總結發言。

Thanks, Laura.

謝謝你，勞拉。

Please turn to slide 10. The Methode team is not standing still and is working with a high sense of urgency and purpose to drive improved execution.

請翻到第10張投影片。Methode 團隊並沒有停滯不前，而是以高度的緊迫感和目標感來推動執行力的提升。

This quarter's results demonstrate that our business is moving decisively in the right direction yet there is still important work ahead, as we rebuild the future of Methode.

本季的業績表明，我們的業務正朝著正確的方向穩步前進，但隨著我們重建 Methode 的未來，前方仍有重要的工作要做。

We are aggressively driving financial improvement to strengthen our balance sheet and deliver our fiscal 2026 guidance.

我們正在積極推動財務改善，以增強資產負債表並實現 2026 財年的業績目標。

At the same time, we are selectively investing in initiatives, such as data centers, that will position Methode for long-term growth.

同時，我們正在選擇性地投資於資料中心等項目，這將使 Methode 能夠實現長期成長。

We are transforming Methode into a more reliable and resilient company, one that is poised to generate long-term value for our shareholders.

我們正在將 Methode 打造成更可靠、更有韌性的公司，一家能夠為股東創造長期價值的公司。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Luke Junk, Baird.

盧克瓊克，貝爾德。

Jon, maybe if we could start with the Power business this quarter, just hoping to square current trends that you're seeing right now between the big drivers there, in terms of EV and data center.

Jon，或許我們可以從本季的電力業務開始，希望能將你目前看到的電動車和資料中心這兩大驅動因素之間的趨勢進行梳理。

And then, in terms of that full-year expectation, maybe if you could break that out similarly, are you expecting some growth in data center to be offset by EV? Or are those trending more similarly, would you say?

那麼，就全年預期而言，如果您能以類似的方式將其細分，您是否預計資料中心的一些成長將被電動車的成長所抵消？或者說，您認為它們的趨勢更相似嗎？

Thanks, Luke.

謝謝你，盧克。

I think it's important to note, as we've talked before, the year-over-year headwind, from an EV standpoint. We've already really taken that hit with some of the launches and the things that we've talked about, whether it's delays in certain Stellantis programs or other programs.

我認為有必要指出，正如我們之前討論過的，從電動車的角度來看，存在著同比逆風。我們已經因為一些發射項目和我們討論過的事情而遭受了真正的打擊，無論是某些 Stellantis 項目還是其他項目的延誤。

When you understand overall EV volumes or when you understand our volumes, on a year-to-date basis, automotive within Methode is 44% of total sales. EVs represent 41% of that and North American EVs is 12% of that. So total revenue year to date in North America for EVs is less than $12 million.

當你了解電動車的整體銷量，或者當你了解我們今年迄今為止的銷量時，Methode 的汽車銷量佔總銷量的 44%。電動車佔其中的 41%，北美電動車佔其中的 12%。因此，今年迄今為止，電動車在北美的總收入不足 1,200 萬美元。

When we talk about EVs and we talk about the headwinds of EVs, I think it's important for everybody to understand, as we've said multiple times, that our EV exposure is not just in North America, it's in Europe and it's in Asia. It's a much greater percentage of our total than in North America.

當我們談論電動車以及電動車面臨的逆風時，我認為每個人都應該明白，正如我們多次說過的那樣，我們的電動車業務不僅在北美，還在歐洲和亞洲。這在我們總數中所佔的比例遠高於北美。

We expected it to be much higher, as we've talked about in previous quarters. But those launches did not come to fruition. So we've already taken that hit.

正如我們在前幾個季度討論過的那樣，我們原本預期它會更高。但這些計劃最終都沒有實現。所以我們已經遭受了這種打擊。

With regard to data centers, as we mentioned to you on the last call and as we talked about at the Baird conference a few weeks ago, we're very optimistic about the opportunity to grow. The move to vendor-managed inventory gives us an opportunity to take share and to get a lot more clarity, with regard to the sales forecast.

關於資料中心，正如我們在上次電話會議上提到的，以及幾週前在貝爾德會議上討論的那樣，我們對發展機會非常樂觀。轉向供應商管理庫存為我們提供了一個獲取市場份額的機會，並讓我們對銷售預測有了更清晰的了解。

But, as we have said, we will not adjust our guidance from a data center standpoint until that EDI is locked in. So I believe there is tailwind to come in that. It is not something that we can talk about here in Q2. But I'm very confident in the team that Brad Corrodi is leading and the work that we're doing to deepen our relationships with the customers.

但是，正如我們所說，在 EDI 最終確定之前，我們不會從資料中心的角度調整我們的指導方針。所以我相信這方面會有利好因素。這不是我們第二季能討論的話題。但我對布拉德·科羅迪領導的團隊以及我們為加深與客戶的關係所做的工作非常有信心。

We would not have made this investment in the $10 million of vendor-managed inventory if were we to not feel confident that this is a source of growth for us.

如果我們沒有信心認為供應商管理的庫存能為我們帶來成長，我們就不會進行這筆價值 1,000 萬美元的投資。

Yeah. I appreciate the investment, Jon.

是的。我很感激你的投資，喬恩。

I was just wondering if we could put a finer point on the 2Q trends. Just, was the Power business similar to what you're expecting for the full year, in terms of just being relatively flat? Within that, did data center show any growth overall in the second quarter versus 2Q last year?

我只是想問一下，我們能否更精確地分析第二季的趨勢。電力業務全年表現是否與您預期的相對平穩相似？其中，資料中心業務在第二季與去年同期相比是否整體有所成長？

Yeah. Data centers are exactly on the guidance that we expected and, actually, maybe a little bit ahead. But when we've said what we expected for the full year, the data center revenue for Q2 is exactly in line with that.

是的。資料中心的情況完全符合我們的預期，實際上，可能還有一點超前。但當我們預測全年業績時，第二季的資料中心收入與預測完全一致。

The EV business. As I said to you, EV headwinds are primarily in North America. They're primarily due to delayed or canceled launches, which we've already taken the hit for that. That's why we had $100 million less in revenue guidance in the first place.

電動汽車產業。正如我之前所說，電動車面臨的阻力主要來自北美。這主要是由於產品發布延遲或取消造成的，而我們已經為此付出了代價。這就是為什麼我們最初將營收預期下調了1億美元的原因。

We're only 44% exposed to automotive. We're only 36% of that 44% in North America. So [SAR-base]d revenue headwinds for us are relatively limited from an automotive standpoint; and EV-based headwinds in North America are relatively limited, as well.

我們只有 44% 的資金投入汽車產業。我們在北美只佔那 44% 中的 36%。因此，從汽車產業的角度來看，[基於 SAR 的]收入逆風對我們來說相對有限；在北美，基於電動車的逆風也相對有限。

We're on track with what we expected. We're not getting tailwinds from CVs. We're not getting yet tailwinds from ag and industrial. The data center stuff continues to move forward. We continue to be optimistic about where that will go but not to the point where I can increase the guidance on that number.

我們目前進展順利，符合預期。我們沒有從新冠疫情中獲得任何利多。我們尚未從農業和工業領域獲得順風。數據中心領域持續向前發展。我們仍然對未來的發展方向持樂觀態度，但還沒到可以提高預期數字的地步。

Got it. Just in terms of the guidance, reiterating overall sales and EBITDA and the comment that the second half should be stronger, I certainly appreciate the seasonality in the third quarter, from a top-line standpoint.

知道了。就業績指引而言，重申了整體銷售額和 EBITDA 目標，並表示下半年業績應該會更強勁。從營收角度來看，我當然理解第三季的季節性因素。

Should we think that second-half versus first-half strength primarily through the lens of EBITDA? Just want to clarify that.

我們是否應該主要透過 EBITDA 指標來判斷下半年與上半年的業績對比？我只是想澄清一下。

Well, I think what you should think about -- and Laura can give you a little more detail on the year-over-year improvements -- is the sequential improvements in our two biggest facilities and the progress that we've made in both Egypt and Mexico.

我認為你應該考慮的是——勞拉可以更詳細地向你介紹一下逐年改進的情況——我們兩個最大的工廠的連續改進，以及我們在埃及和墨西哥取得的進展。

As I said in my prepared remarks, Mexico is behind Egypt, with regard to that performance. But Laura will talk a little bit on just where we are today.

正如我在事先準備好的演講稿中所說，就這項表現而言，墨西哥落後於埃及。但勞拉會簡單談談我們目前的處境。

Yeah. For Egypt, when looking at Egypt, our gross margins have nearly doubled. We've made reductions in scrap, freight costs. We have upgraded talent there, too, both at our leadership team level and a level below.

是的。就埃及市場而言，我們的毛利率幾乎翻了一番。我們降低了廢料和運輸成本。我們也提升了那裡的人才水平，包括領導團隊層面和下一級團隊。

In Mexico, obviously, with the reduction in volume, margins are down. However, we focus on the cost side there in Mexico, with reductions in direct labor, indirect labor, and salary. Material and freight and scrap are also down in Mexico.

很顯然，在墨西哥，隨著銷量下降，利潤率也隨之下降。然而，我們在墨西哥主要關注成本方面，包括降低直接人工、間接人工和工資。墨西哥的原料、貨運和廢棄物價格也下降了。

To answer -- to put a fine point on it, Luke, yeah, you should expect to see it as a conversion on sales. It will be a lot higher because of some of the cost of poor quality, the premium freight, some of the other things, as we make improvements in the plants and we get through these launches.

回答這個問題——更確切地說，盧克，是的，你應該期待它能轉化為銷售額的成長。由於劣質產品的成本、高額運費以及其他一些因素，隨著我們在工廠進行改進並完成這些產品發布，成本將會高得多。

You start seeing run rate impact of launches and you see the improvements that we're making in the plants. That's why we feel very confident about the second half of the year.

你會開始看到產品上市對生產效率的影響，也會看到我們在工廠所做的改進。這就是為什麼我們對下半年充滿信心的原因。

John Franzreb, Sidoti & Company.

約翰‧弗蘭茲雷布 (John Franzreb)，西多蒂公司 (Sidoti & Company)。

I'm just curious about the guidance. We're more than halfway through with the year. We have a seasonally weak third period coming up.

我只是對指導意見感到好奇。今年已經過半了。我們即將迎來賽季中相對疲軟的第三節比賽。

Are you comfortable at the lower end of the guidance or at the upper end, based on your current visibility today?

根據您目前的能見度，您覺得指導值的下限還是上限比較適合？

John, because there's so much exogenous volatility -- Nexperia is not behind us -- we still have commercial vehicle sales that are turbulent. We still have a whole series of ranges of economic turbulence.

約翰，因為外部波動因素太多——Nexperia 事件還沒結束——商用車銷售仍然動盪不安。我們仍然面臨一系列程度的經濟動盪。

It's why we haven't narrowed either the top or the bottom half of our guidance and why we continue to bracket both the revenue guidance and the adjusted EBITDA guidance the way we do.

這就是為什麼我們沒有縮小績效指引的上半部分或下半部分，也是為什麼我們繼續以目前的方式對收入指引和調整後 EBITDA 指引進行區間劃分的原因。

The predictability and the performance of the business is much better than where it was 12, 18 months ago. But we spend every day still talking about tariffs and every day still talking about the impact of the next period and what it can mean from a revenue perspective.

業務的可預測性和業績比 12、18 個月前好得多。但我們每天仍然在討論關稅問題，每天仍然在討論下一階段的影響以及從收入角度來看可能意味著什麼。

It would be, we believe, a disservice to our shareholders to narrow down those numbers, right now, until we have a little more clarity on just what's happening from the turbulence in the external market.

我們認為，在我們對外部市場動盪究竟造成了什麼影響有更​​清晰的了解之前，現在縮小這些數字的範圍對我們的股東是不負責任的。

Okay. Fair enough, Jon.

好的。說得對，喬恩。

In the quarter, I noticed there was a nice improvement in the industrial operating profit on a sequential basis and a nominal increase in revenue. Is that totally due to data centers? Or can you provide some color on what drove that sequentially?

本季度，我注意到工業營業利潤較上季改善，收入也略有成長。這完全是由資料中心造成的嗎？或者您能否詳細說明一下是什麼原因導致了這種順序變化？

No. Basically, it goes back to our plants are getting better. We've said before that these plants aren't (inaudible). Other than in a very specific situation, they are shared between our industrial activities and our automotive activities. So the plants getting better flows through the P&Ls of the different segments.

不。歸根結底，是我們的植物正在變得越來越好。我們之前說過，這些植物不是（聽不清楚）除特殊情況外，這些資金在我們的工業活動和汽車活動中共享。因此，工廠營運狀況的改善會反映在各業務部門的損益表中。

Our plants are getting better. That's why we can feel confident about our guidance, without it having to be revenue tailwind that drives it.

我們的植物正在好轉。這就是為什麼我們可以對我們的業績指引充滿信心，而並非一定是由營收成長帶來的利多因素所驅動。

It is Egypt, first; but Mexico, as well. Both of them are getting better. Our plant in Malta is much, much better. The plants in China continue to perform. I want to thank that team.

首先是埃及；其次是墨西哥。他們倆的情況都在好轉。我們在馬耳他的工廠要好得多。中國的工廠繼續正常運作。我要感謝那個團隊。

But the two places that we're most on fire 18 months ago when I walked in the door are much, much better. That gives us the predictability, when we talk about earning the right with shareholders; and the predictability that goes along with it.

但 18 個月前我剛來的時候，我們最棘手的兩個問題現在已經好多了。這讓我們在與股東談論贏得他們支持的權利時，能夠獲得可預測性；以及隨之而來的可預測性。

It starts with our plants are much, much better.

首先，我們的植物要好得多。

Jon, there's a point where you voiced concerns about new program roll-outs and you want to get beyond that. You just mentioned [50], so far, in '25 versus '26.

喬恩，你曾經對新項目的推出表示擔憂，你想擺脫這種擔憂。你剛才提到了[50]，到目前為止，25 年與 26 年相比。

Are we beyond the point, given the new personnel that you've hired in multiple levels, where that's no longer a significant worry for you at this point?

鑑於您已在多個層級聘請了新員工，我們是否已經過了需要認真考慮的階段，以至於您現在不再對此感到擔憂了？

What I can say is the trend lines from our launches are also going in the right direction. In many situations, those launches -- both were happening in Egypt and in Mexico so where the plant is getting better -- some of it was premium freight; and other issues, with regard to program launches.

我可以肯定地說，我們產品發布後的發展趨勢也朝著正確的方向發展。在許多情況下，這些發射——兩次發射分別在埃及和墨西哥進行，這兩個地方的工廠正在不斷改進——其中一些是高級貨運；以及其他一些與項目發射有關的問題。

The ones that were most problematic, where we had customers in the building, have largely gotten behind us. It doesn't mean that they're all behind us. We still have a couple of challenged launches, a little bit of it. The difference between, where I said, in Mexico and it's phasing versus Egypt.

那些最棘手的、當時有顧客在場的場所，大部分都已恢復正常。但這並不意味著他們都落後於我們了。我們還有幾款產品發表遇到了一些問題，雖然不多。正如我之前所說，墨西哥的情況與埃及的情況有所不同，而且是在分階段實施。

But we've got new people, plus some outside help, that are working with us to continue to stabilize and drive those launches. And so the answer is, largely, the launch challenges are behind us but not completely.

但是我們有了新成員，還有一些外部幫助，他們正在與我們一起努力，以繼續穩定和推動這些產品發布。因此，答案是，發射挑戰基本上已經過去，但還沒有完全過去。

Okay. Fair assessment. One more question.

好的。公正的評價。最後一個問題。

It appears that you're past the part of stabilizing the business and moving on to the part in the transition process of addressing revenue and cost-cutting drivers.

看來您已經度過了穩定業務的階段，現在正進入過渡過程中解決收入和成本削減問題的階段。

Can you, like, walk us through the roadmap to returning to profitability? What's going to be the biggest drivers here? Is it going to be on the cost cutting, be it part rationalization? Or is it going to be really a top line-driven story here to get you back in [block]?

能否為我們詳細介紹一下恢復獲利的路線圖？哪些因素將成為最大的驅動力？是會透過削減成本，還是透過零件精簡來實現？或者，這真的會是一個以頭條新聞吸引你重新關注的故事嗎？[堵塞]？

Well, if you think about our year-over-year improvement from an EBITDA perspective, you just took midpoint of our current EBITDA guidance versus last year. What that means, basically adding from $43 million to midpoint at $75 million, adding $32 million worth of EBITDA on $100 million less in sales. That is getting cost for quality and waste out of the plants.

嗯，如果你從 EBITDA 的角度來看我們同比的改善情況，你只需要取我們目前 EBITDA 預期值與去年同期值的中點。這意味著，基本上將 4,300 萬美元增加到 7,500 萬美元的中點，在銷售額減少 1 億美元的情況下，增加 3,200 萬美元的 EBITDA。這樣就能降低工廠生產的成本，提高產品質量，減少浪費。

We have taken more than 1,000 people out of those two big facilities between Mexico and Egypt. We will continue to refine those. The headquarter move is a cost refinement, plus a capability increase. We will continue to make cost-adjustment activities.

我們已經從墨西哥和埃及之間的兩個大型設施中救出了 1000 多人。我們將繼續完善這些措施。總部搬遷既能優化成本，也能提升能力。我們將繼續進行成本調整活動。

But now, it's really okay, let's ramp up these new programs; let's ramp up the data center activity. Now, let's really start to drive revenue. Let's get ourselves positioned.

但現在真的沒問題了，讓我們加快這些新專案的腳步；讓我們加快資料中心的運作速度。現在，讓我們真正開始提高收入吧。讓我們做好準備。

As we see commercial vehicle volumes come back in calendar 2027, what would be the latter part of our fiscal 2026 and into our fiscal 2027?

隨著商用車銷售在 2027 年回升，2026 財年下半年以及 2027 財年將會如何發展？

As we start seeing some revenue tailwinds, just with stuff that we have because there's headwinds in each of our end markets, we believe that the business is very well positioned for profitability at all levels down the income statement.

隨著我們開始看到一些收入成長的利多因素，儘管我們各個終端市場都面臨不利因素，但我們相信，公司在損益表各個層面都處於非常有利的獲利地位。

Gary Prestopino, Barrington Research.

Gary Prestopino，巴林頓研究公司。

A couple of housekeeping questions here.

這裡有幾個需要注意的地方。

Laura, this was the quarter where it was 12 versus 13 weeks last year. Is that correct?

勞拉，這個季度是 12 週，而去年是 13 週。是這樣嗎？

That's correct.

沒錯。

Okay. On a like-for-like basis, can you give us some idea of what the sales were down?

好的。如果以同等條件計算，您能否大致估算一下銷售額下降了多少？

Yeah. The sales were about roughly $20 million for one week

是的。一周的銷售額約為2000萬美元。

$20 million. That was incrementally added by that one week?

2000萬美元。那是一個星期內逐步增加的嗎？

For last year, yes.

去年是的。

Okay. And then, I noticed you didn't report the percentage of your sales to EV and hybrid applications, which you had done in the past. Are you not reporting that anymore? Can you share that with us?

好的。然後，我注意到你們沒有像以前那樣報告電動車和混合動力車的銷售額佔比。你們不再報道這件事了嗎？能和我們分享一下嗎？

Well, I don't know that we gave that specific detail but let me give it to you.

嗯，我不知道我們是否提到過這個細節，但我可以告訴你。

In the first half -- I don't have it by the quarter but I have it by the half -- automotive is 44% of our total sales or $217 million in the first half. EVs are 41% of that. Now, for full transparency, that's just not [buzz], that's not just Power, that's anything that goes into an EV.

上半年——我沒有季度數據，但我有半年數據——汽車業務占我們總銷售額的 44%，即上半年 2.17 億美元。電動車佔其中的 41%。為了完全透明起見，這不僅僅是[噱頭]，不僅僅是動力，而是電動車的方方面面。

Then, you take that 41% of the 44% and split it. 71% of that 41% is in Europe, 18% of the 41% is in Asia, and 12% of the 41% is in North America.

然後，將這 44% 中的 41% 再進行分配。這 41% 中的 71% 在歐洲，18% 在亞洲，12% 在北美。

So in the first half of fiscal 2026 for Methode, our sales on the EV side in North America were $11.5 million. When we talk about EV penetration in North America and what it means for a headwind, it's already been baked into our guidance that the stack charts that we talk about with regard to Stellantis and some of the other programs that we already took the hit.

因此，在 Methode 2026 財年上半年，我們在北美電動車領域的銷售額為 1,150 萬美元。當我們談到北美電動車滲透率及其帶來的不利影響時，我們已經將這一點納入了我們的指導意見中，即我們談到的與 Stellantis 和其他一些項目相關的堆疊圖表已經受到了衝擊。

Right. I understand that. I'm just trying to square with what you guys had reported in the past. I'll work through that.

正確的。我明白了。我只是想核實一下你們之前報道的內容。我會想辦法解決的。

That includes EV and hybrid, right?

這包括電動車和混合動力車，對吧？

No. This is just based on platform-specific. It's EV stuff.

不。這只是基於平台特定情況。這是與電動車相關的內容。

As we talk about business wins and where there are opportunities for Power going forward, those would be both in EVs and hybrid vehicles. We talk about that separately.

當我們談到業務上的成功以及未來 Power 的發展機會時，這些機會將同時體現在電動車和混合動力車領域。我們另行討論這個問題。

But these are for EV-based platforms.

但這些都是針對電動車平台的。

Okay. And then, in your guidance, the tax expense of $17 million to $21 million, is that all cash taxes, Laura? Could you give us some idea of what the cash taxes will be?

好的。那麼，根據你的指導，1700萬美元至2100萬美元的稅收支出，都是現金稅嗎，勞拉？您能大概告訴我們現金稅額是多少嗎？

No. Some of that, as is noted on the slide, does include a $10 million to $15 million valuation allowance on deferred tax assets. So that's --

不。如幻燈片所示，其中一部分包括對遞延所得稅資產提列的 1,000 萬至 1,500 萬美元估值準備。就是這樣。--

I'll back that out of your range then to get an idea of what cash taxes could be?

那我先把這個數字從你的估價範圍減去，看看現金稅大概是多少？

Yeah. Yeah.

是的。是的。

Okay. All right. And then, Jon, I wanted to talk about your program launches. Like, I went through my reports over the last quarter: 30 program launches you're anticipating this year. You say you've taken all the hits from the reduction in the EV programs.

好的。好的。然後，喬恩，我想談談你的專案啟動情況。例如，我查看了上個季度的報告：你們預計今年將推出 30 個項目。你說電動車專案削減給你帶來了所有損失。

So in the back half of the year, number 1 is, how many programs are expected to be launched? Are these programs all dealing with ICE applications? Give us some idea of where those programs are? Is it all auto? Is it across all of the different segments, like industrial or whatever?

因此，下半年面臨的首要問題是，預計會推出多少個項目？這些程式都與ICE應用有關嗎？請大概介紹一下這些項目在哪裡？都是自動的嗎？是涵蓋所有不同的領域，例如工業領域或其他領域嗎？

I don't have the split by region but the majority of the programs that are launching are Power-based. And so there, Gary, it would be either EV or hybrid. We have a couple of examples where it's both.

我沒有按地區劃分的數據，但大多數新推出的項目都是基於 Power 的。所以，加里，要嘛是電動車，要嘛是混合動力車。我們有幾個例子可以說明這兩種情況都存在。

The new launches are primarily in Mexico, right now, versus in EMEA. Those launches, we went through some of that pain earlier. It's part of the reason why Egypt is ahead of Mexico on the transformation.

目前，新產品主要在墨西哥上市，而不是在歐洲、中東和非洲地區。我們之前在產品發佈時也經歷過類似的痛苦。這也是埃及在轉型方面領先墨西哥的部分原因。

The big hit that we took, with regard to programs that were delayed or canceled, was primarily in North America. That's part of the reason why North American auto was so challenged because we had, particularly Stellantis, programs that we expected $100-plus million in annualized revenue that were canceled.

就節目延期或取消而言，我們遭受的最大打擊主要發生在北美。這也是北美汽車產業面臨如此巨大挑戰的部分原因，因為我們有一些項目，特別是 Stellantis 項目，我們預計這些項目每年可帶來超過 1 億美元的收入，但這些項目都被取消了。

So as we have discussed previously, we're in negotiations with Stellantis on this topic. But we are launching multiple programs in Mexico and ramping up programs in Egypt and Malta, right now; plus programs in Asia-Pacific.

正如我們之前討論過的，我們正在就此議題與Stellantis進行談判。但目前我們正在墨西哥啟動多個項目，並加大在埃及和馬耳他的項目力度；此外，我們還在亞太地區開展項目。

John Franzreb, Sidoti & Company.

約翰‧弗蘭茲雷布 (John Franzreb)，西多蒂公司 (Sidoti & Company)。

Yeah. Just regarding the cash outflow in the quarter, click back of the envelope suggests that there was a cash outflow in the receivables in the quarter. Is that, like, seasonal timing? If I did the numbers right, it seems like it was $12 million in the quarter. Or is there something else to that? I'm sorry, $14 million in the quarter.

是的。僅就本季現金流出而言，粗略估計顯示本季應收帳款出現了現金流出。這是季節性因素導致的嗎？如果我沒算錯的話，這個季度應該是1200萬美元。或者，這其中還有其他原因嗎？抱歉，本季營收為 1400 萬美元。

Yeah. That's correct. There was $14 million. It was up from last year. That's due in last quarter due to the sales increase in the quarter compared to last quarter.

是的。沒錯。共有1400萬美元。比去年有所成長。由於本季銷售額較上季有所成長，因此這筆款項應計入最後一季。

Okay. Okay. There's nothing else unusual about that?

好的。好的。除此之外，還有什麼不尋常的地方嗎？

No. There are some receivables that were collected in November, after the end of our quarter. So it came down in November.

不。有一些應收帳款是在 11 月收回的，那時我們的季度已經結束了。所以它在11月被拆除了。

Excellent, Laura. In regards to -- since, Jon, you brought this up about tariffs. You talk about it every day. But you don't have a new change in the slide presentation from the fourth quarter.

太好了，勞拉。關於－－既然喬恩，你提到了關稅問題。你每天都在談論這件事。但是，你的投影片簡報與第四季相比並沒有什麼新的變化。

So is it fair to assume that not only the bridge that we talked about last quarter but the tariff slides, everything is status quo since the last presentation we had included? Or is there anything we should be aware of?

那麼，是否可以合理地假設，不僅是我們上個季度討論過的橋樑，還有關稅幻燈片，一切都與我們上次演示時的情況相同？或者還有什麼我們該注意的嗎？

There's no new news, from an investor standpoint, with regard to tariffs. As we've said, we are working with our customers closely to first try to alleviate any tariffs where possible.

從投資者的角度來看，關稅方面沒有新的消息。正如我們所說，我們正在與客戶緊密合作，首先盡可能減輕任何關稅。

Our USMCA facility helps us do that. We're rebalancing manufacturing to try to help that. But where there is a tariff that we can't avoid, we are passing that on to customers and are working with customers that way.

我們的美墨加協定機制有助於我們做到這一點。我們正在重新調整製造業結構，以期對此有所幫助。但是，對於我們無法避免的關稅，我們會將其轉嫁給客戶，並以這種方式與客戶協商。

So there's nothing different, John, with regard to the financial impact for us. What more was I was saying is the tariff regime -- and particularly, most recently, the next period chip issue -- still creates turbulence. It still creates challenges, with regard to our customer plans; stuff that's, in many ways, outside of our control.

約翰，所以對我們來說，財務影響方面沒有任何不同。我更想說的是，關稅制度——特別是最近的下一週期晶片問題——仍然造成了動盪。這仍然為我們的客戶計劃帶來挑戰；在很多方面，這些挑戰是我們無法控制的。

That's why the revenue range for our guidance is difficult to narrow down at this point, yeah.

所以，目前我們很難縮小營收預期範圍。

Okay. That's fair. One last question, as we close out the calendar 2025 calendar. I'm curious about how you envision calendar 2026 in some of the, let's call it, problematic end markets.

好的。這很合理。在 2025 年曆即將結束之際，還有一個問題。我很好奇您如何看待 2026 年某些（我們姑且稱之為）問題終端市場的日曆。

Do you view the overall automotive sector as up or down, same with the ag and the Class 8 truck market? What are your thoughts, in aggregate, about how calendar 2026 plays out?

您認為整個汽車產業是上漲還是下跌？農業和8級卡車市場的情況又如何呢？大家對2026年曆的總體規劃有何看法？

From current, we try to use third-party forecasters to help us with this because -- I'd love it if we had a great economic staff that was better than S&P but we don't. I don't think it's the best place to use our smart people.

目前，我們嘗試利用第三方預測機構來幫助我們進行預測，因為——我希望我們能擁有一支比標普更優秀的經濟團隊，但我們沒有。我認為這裡不是發揮我們聰明人才的最佳地點。

[IHS] is saying that fiscal -- this is fiscal year, not calendar year, right? IHS is saying that calendar year would be just a little bit better, from an overall volumes perspective; also, that IHS is talking about 2027 or 2026 being better from a CV standpoint, particularly in the second half of the year, which would be our first part of our fiscal 2027.

[IHS] 的意思是財政年度－這裡指的是財政年度，而不是日曆年，對嗎？IHS 表示，從整體銷售來看，日曆年的情況會略好一些；此外，IHS 也表示，從 CV 的角度來看，2027 年或 2026 年的情況會更好，尤其是在下半年，也就是我們 2027 財年的第一年。

In the industrial market, as we talk to customers and we see where things are going for our electronics business, our Nordic Lights business, as well as some of the activities from Grakon, we see some future tailwinds, as opposed to headwinds.

在工業市場，當我們與客戶交談，了解我們的電子業務、Nordic Lights 業務以及 Grakon 的一些業務的發展方向時，我們看到了一些未來的順風，而不是逆風。

So one of the things that gives me the most confidence here is this has been performance improvement in the face of very little good end market news. Our performance improvement is -- yes, we talked about data centers being a tailwind and good end market news. But the rest of our end markets have all been headwinds for us.

因此，讓我最有信心的一點是，在幾乎沒有任何利好終端市場消息的情況下，我們的業績卻有所提升。我們的績效提升－是的，我們討論過資料中心帶來的利多因素以及終端市場的利多消息。但我們其他的終端市場都對我們構成了阻礙。

Commercial vehicle, as those who know that space, is a highly cyclical; more cyclical than [PACCAR]. We still move freight. There will be trucks that will be sold. And so what we're seeing for calendar year '26 is an improvement, particularly in North America; and a small improvement in Europe that will hit us the latter half of our fiscal year and early into fiscal 2027.

商用車市場，正如那些了解這個領域的人所知，是一個高度週期性的市場；其週期性比其他市場更為顯著。[PACCAR]我們仍在運輸貨物。將會有一些卡車出售。因此，我們看到 2026 年的情況有所改善，尤其是在北美；歐洲的情況略有改善，但這種改善將影響到我們財政年度的下半年和 2027 財年的初期。

Thanks. I appreciate your insight.

謝謝。感謝您的見解。

Thanks, John.

謝謝你，約翰。

Thank you. That concludes our Q&A session.

謝謝。我們的問答環節到此結束。

I will now hand the conference back over to Mr. Randy Wilson for closing remarks. Please go ahead.

現在我將把會議交還給蘭迪·威爾遜先生，請他作閉幕致詞。請繼續。

Thank you for joining us today and for your interest in Methode.

感謝您今天蒞臨本店，也感謝您對 Methode 的關注。

Take care, everyone. Have a great rest of the day.

大家保重。祝您今天餘下的時間過得愉快。

With that, operator, please disconnect the call.

好了，接線生，請掛斷電話。

Thank you. Ladies and gentlemen, this concludes today's call. You may disconnect your lines at this time.

謝謝。女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。

Have a wonderful day. We thank you for your participation.

祝您有美好的一天。感謝您的參與。