Methode Electronics, Inc. (MEI) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Methode Electronics Third Quarter Fiscal 2026 Results Conference Call. (Operator Instructions) And please note, this conference is being recorded. I will now turn the conference over to your host, Joni Konstantelos, Managing Director of Riveron. Ma'am, the floor is yours.

各位好，歡迎參加Methode Electronics 2026會計年度第三季財報電話會議。(接線員指示) 並請注意，本次會議將被錄音。現在我將把會議交給本次主持人、Riveron董事總經理Joni Konstantelos。女士，請開始。

Good morning, and welcome to Methode Electronics Fiscal 2026 Third Quarter Earnings Conference Call. Our fiscal 2026 third quarter financial results, including a press release and presentation can be found on the Methode Investor Relations website. I'm joined today by John DeGaynor, President and Chief Executive Officer; and Laura Kawaltick, Chief Financial Officer. Please turn to Slide 2 for our safe harbor statements.

早安，歡迎參加Methode Electronics 2026會計年度第三季財報電話會議。我們2026會計年度第三季的財務結果（包含新聞稿與簡報）可於Methode投資人關係網站查閱。今天與我一同出席的有總裁暨執行長John DeGaynor，以及財務長Laura Kawaltick。請翻到投影片2，查看我們的安全港聲明。

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.

本次電話會議包含若干前瞻性陳述，反映管理階層對未來事件與營運表現的預期，且僅截至本日為準。這些前瞻性陳述受證券法所提供之安全港條款保護。

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. We will also be discussing non-GAAP information and performance measures, which we believe are useful in evaluating the company's operating performance.

Methode不承擔更新任何前瞻性陳述之義務，以使該陳述符合實際結果或Methode預期之變化（無論按季或其他方式）。本次電話會議中的前瞻性陳述涉及多項風險與不確定性。我們也將討論非GAAP資訊與績效衡量指標，我們認為這些指標有助於評估公司的營運表現。

Reconciliations for these non-GAAP measures can be found in the conference call materials. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the SEC, such as the 10-K and 10-Q. Please turn to Slide 3.

上述非GAAP衡量指標之調節表可於本次電話會議資料中查閱。可能導致實際結果與我們預期出現重大差異的因素，已在Methode向美國證券交易委員會（SEC）提交的文件（如10-K與10-Q）中詳述。請翻到投影片3。

And I will now turn the call over to John DeGayner.

現在我將把電話會議交給John DeGayner。

Thanks, Jonny, and good morning. Welcome to Methode's Third Quarter 2026 Earnings Call. I want to begin by recognizing our global team for their continued focus on serving our customers in the face of a challenging and rapidly evolving environment while driving forward our multiyear transformation journey.

謝謝你，Jonny，早安。歡迎參加Methode 2026年第三季財報電話會議。我想先肯定我們全球團隊：在充滿挑戰且快速變動的環境中，仍持續專注服務客戶，同時推動我們多年期的轉型旅程。

Across our manufacturing sites and corporate functions, our teams have demonstrated resilience as we work through industry headwinds and advance our transformation initiatives. Your discipline, collaboration and commitment to continuous improvement are strengthening our foundation and positioning us for better long-term performance. Thank you.

在各製造據點與公司職能部門，我們的團隊在面對產業逆風並推進轉型計畫的過程中展現了韌性。各位的紀律、協作與持續改善的承諾，正在強化我們的基礎，並使我們在長期表現上更具優勢。謝謝。

Moving to our third quarter results. We generated $234 million in sales and $7.3 million in adjusted EBITDA. While profitability was pressured year-over-year, we delivered positive free cash flow of $10 million in the quarter and approximately $17 million in year-to-date cash flow as we remain on track to achieve our fiscal '26 free cash flow targets.

接著談第三季業績。我們創造了2.34億美元的營收，以及730萬美元的調整後EBITDA。雖然獲利能力較去年同期承壓，但本季我們仍實現1,000萬美元的正自由現金流，年初至今累計約1,700萬美元的現金流；我們仍按計畫達成2026會計年度的自由現金流目標。

Importantly, our Industrial segment sales increased 9.5% year-over-year, reflecting continued strength in off-road lighting and power distribution solutions supporting data center applications. That performance demonstrates the benefit of our growing exposure to higher-growth industrial power markets and helps offset some of the headwinds we are seeing in North American automotive and in commercial vehicle lighting.

值得注意的是，我們工業事業部營收年增9.5%，反映越野照明與支援資料中心應用的配電解決方案持續強勁。此一表現顯示我們在高成長工業電力市場的曝險提升所帶來的效益，並有助於抵銷我們在北美汽車以及商用車照明所面臨的部分逆風。

Generating cash while navigating a volatile revenue environment is a clear reflection of the operational discipline we are building into this organization. Please turn to Slide 4. Our transformation journey continues. As I've said before, progress will not be linear and is not something that could be measured in a single quarter or even a few quarters.

在營收環境波動之際仍能創造現金，清楚反映我們正在為組織建立的營運紀律。請翻到投影片4。我們的轉型旅程仍在持續。如我先前所說，進展不會是線性的，也不是單一季度甚至幾個季度就能衡量的。

Our transformation is a multiyear effort focused on strengthening the foundation of the company, utilizing our resources as efficiently as possible and finding new sources of value. Along the way, we must refine our portfolio, align our business structure, optimize our footprint and embed operational discipline into everything we do.

我們的轉型是一項多年期的努力，重點在於強化公司的基礎、盡可能有效率地運用資源，並尋找新的價值來源。在此過程中，我們必須精煉投資組合、調整業務架構、優化據點布局，並將營運紀律融入我們所做的一切。

At the same time, there are factors outside of our near-term control, commercial vehicle market softness, EV program delays and macro volatility, particularly in North American automotive that will impact our improvement trajectory. We are addressing those realities directly with our teams and with our customers, but we are not allowing them to distract us from executing our priorities.

同時，也有一些短期內非我們所能控制的因素——商用車市場疲弱、電動車（EV）專案延遲，以及總體環境波動，尤其是在北美汽車領域——將影響我們的改善軌跡。我們正與團隊及客戶直接面對並處理這些現實，但不會讓它們分散我們執行優先事項的注意力。

Let me briefly recap these priorities. First, stabilize and improve our operational execution. When we started this journey, we had two facilities that were extremely challenged, Egypt and Mexico. We continue to see positive trends in Egypt as a result of the changes we have made there. The transformation of our Mexico facility is not as far along.

我簡要回顧這些優先事項。第一，穩定並改善我們的營運執行。當我們開始這段旅程時，有兩個廠區面臨極大挑戰：埃及與墨西哥。由於我們在埃及所做的改變，我們持續看到正向趨勢。墨西哥廠區的轉型進度則尚未達到同樣程度。

We're making progress in upgrading the team and improving execution on both existing programs and new programs. However, we have not seen the productivity improvements as quickly as we initially expected, which has been exacerbated by commercial vehicle volume reductions and program delays from multiple North American customers.

我們在升級團隊與改善既有專案及新專案的執行方面正取得進展。然而，我們尚未如最初預期般快速看到生產力改善；而多家北美客戶的商用車出貨量下滑與專案延遲，進一步加劇了這一情況。

These external factors were the primary driver of our EBITDA guidance revision that Laura will talk about later in the call. We've built an entirely new leadership team in Mexico, and we are supplementing that team with both corporate and specialist external resources.

這些外部因素是我們調整EBITDA指引的主要原因，Laura稍後會在電話會議中說明。我們已在墨西哥建立一支全新的領導團隊，並以公司內部資源及外部專家資源補強該團隊。

Our new leadership team is getting fully up to speed and working hard to tackle the challenges in our two Mexico facilities, understanding root causes, driving accountability and resetting expectations. Naturally, when you're transforming an operation, there's a cleanup involved.

我們的新領導團隊正全面上手，並努力解決墨西哥兩座工廠的挑戰，釐清根本原因、推動問責，並重新設定期望。當然，當你在轉型一個營運據點時，必然會有一段「清理整頓」的過程。

You have to surface issues before you can permanently fix them. This is part of the process. It is not comfortable, but it is necessary. We are taking focused actions to improve execution, efficiency and cost control, and we expect performance to strengthen as those actions take hold.

你必須先把問題攤在陽光下，才能永久修復。這是流程的一部分。這並不舒服，但卻是必要的。我們正採取聚焦行動，以改善執行、效率與成本控管；隨著這些行動發揮效果，我們預期表現將會增強。

Second, we are refining and simplifying the portfolio. A clear example is the completed sale of the Dataamate business, which I'll talk about more in a minute. Third, align our cost structure and footprint. We completed the move of our headquarters from Chicago and sublease that facility.

第二，我們正在精煉並簡化投資組合。一個明確例子是Dataamate業務的出售已完成，我稍後會再多談一些。第三，使我們的成本結構與據點布局一致。我們已完成將總部自芝加哥遷出，並將該設施轉租。

We've signed a purchase agreement on our Howard Heights facility in Illinois, a facility that formally housed our Dataamate business. So we are making good progress in reducing our overall footprint. And fourth, position the company to capitalize on secular growth opportunities, particularly in Power Solutions.

我們已就伊利諾州Howard Heights廠區簽署購買協議；該廠區先前正式為我們的Dataamate業務所在地。因此，我們在縮減整體據點方面正取得良好進展。第四，使公司具備把握結構性成長機會的能力，特別是在電力解決方案（Power Solutions）領域。

We are actively capitalizing on the data center and vehicle electrification megatrends, reallocating resources toward the areas where the strongest long-term return potential. These are deliberate, measurable actions, and we are doing what we said we would do. These are not concepts, they are actions.

我們正積極把握資料中心與車輛電動化兩大趨勢，將資源重新配置到具備最強長期報酬潛力的領域。這些都是有意為之、可衡量的行動，我們正在做我們說過要做的事。這些不是概念，而是行動。

Turning to Slide 5. For background, Datamate is a supplier of copper transceivers for enterprise and telecom networks. While it was a solid business, it was not aligned with our long-term power solutions strategy. Divesting it allows us to redeploy capital and management toward higher growth, higher return opportunities, particularly in our Industrial Power Solutions business.

接著看第 5 頁投影片。作為背景，Datamate 是企業與電信網路用銅製收發器的供應商。雖然這是一項穩健的業務，但與我們長期的電力解決方案策略並不一致。出售該業務使我們得以將資本與管理資源重新部署至更高成長、更高報酬的機會，特別是在我們的工業電力解決方案業務。

We are concentrating our capital management -- capital and management attention and engineering resources on the areas that can generate the greatest long-term returns.

我們正集中資本管理——將資本與管理關注以及工程資源投入到能夠帶來最大長期回報的領域。

The proceeds from this sale and the Harvard Heights facility sale will be used primarily to repay debt and further strengthen our balance sheet, consistent with our disciplined capital allocation approach.

本次出售以及 Harvard Heights 設施出售的所得款項，將主要用於償還債務並進一步強化我們的資產負債表，這與我們嚴謹的資本配置方法一致。

Turning to Slide 6. Power Solutions has been part of the Methode DNA for more than 60 years. We are now leveraging that deep expertise to serve today's most demanding applications across EV, industrial and data center markets. We're expanding our customer base.

接著看第 6 頁投影片。電力解決方案已成為 Methode DNA 的一部分超過 60 年。我們現在正運用這項深厚專業，服務當今在電動車、工業與資料中心市場中最具挑戰性的應用。我們正在擴大客戶基礎。

We are adding experienced industry veterans into the industrial power business, and we are rotating engineering and commercial resources toward higher growth opportunities. This is not a short-term pivot. It is a structural reallocation of talent and capital, and we expect this to pay dividends over time, but we are still early in this journey.

我們正為工業電力業務引進具豐富經驗的產業資深人士，並將工程與商務資源輪調至更高成長的機會。這不是短期轉向。這是人才與資本的結構性重新配置；我們預期隨時間推移將帶來回報，但我們仍處於這段旅程的早期階段。

Let me spend a minute on data centers. Based on Q4 order patterns, we now have line of sight toward $120 million annualized run rate. This represents a significant increase in run rate year-over-year. Importantly, this run rate reflects current end customers through various contract manufacturers. It does not assume incremental wins from new accounts.

我花一分鐘談談資料中心。根據第四季的訂單型態，我們現在已能看見年化約 1.2 億美元的運行率（run rate）。這代表運行率較去年同期顯著提升。重要的是，這個運行率反映的是透過各類合約製造商所服務的現有終端客戶。其中並未假設來自新客戶的額外得標。

Our actions regarding additional commercial and engineering resources and our investment in items like vendor-managed inventory are enabling us to react much more quickly to customers. We are seeing increasing momentum as a result of these actions. We are expanding our customer base, but our current run rate is supported solely by existing relationships.

我們在增補商務與工程資源，以及投資如供應商管理庫存（VMI）等項目上的作為，使我們能更快速回應客戶需求。我們正因這些行動而看到動能提升。我們正在擴大客戶基礎，但目前的運行率完全由既有合作關係所支撐。

As momentum builds, the trajectory suggests a 50% increase in run rate year-over-year in the near term. This is a meaningful growth driver for Methode both for today and the future. Turning to Slide 7. Transformation is not linear. There will be turbulence, particularly in North American automotive, and we are seeing that today.

隨著動能累積，趨勢顯示短期內運行率可望年增 50%。這對 Methode 而言，無論現在或未來，都是重要的成長驅動因素。接著看第 7 頁投影片。轉型並非線性進行。將會出現波動，尤其是在北美汽車領域，而我們今天就正在看到。

But we are building a stronger operational foundation underneath the business. At the same time, we are executing every day. We're shipping product. We're supporting launches, and we are managing working capital. This dual focus of transformation while operating is critical. -- transformation does not happen in isolation.

但我們正在為業務建立更強健的營運基礎。同時，我們每天都在執行。我們在出貨。我們在支援產品導入（launch），並且管理營運資金。這種一邊轉型、一邊營運的雙重聚焦至關重要。——轉型不會在真空中發生。

We remain encouraged by opportunities in our Industrial segment, especially in power distribution solutions supporting data center infrastructure. Those align directly with our core competencies while there is more work ahead, we are making measurable progress, strengthening execution, simplifying the organization, improving the balance sheet and positioning method for performance over time.

我們仍對工業事業部的機會感到鼓舞，尤其是支援資料中心基礎設施的配電解決方案。這些機會與我們的核心能力直接契合；雖然前方仍有更多工作要做，我們正取得可衡量的進展，強化執行力、簡化組織、改善資產負債表，並讓 Methode 得以隨時間推移展現績效。

I'll now turn it over to Laura to go through the financials.

接下來我把時間交給 Laura 來說明財務狀況。

Thanks, John. And turning to Slide 8. Third quarter net sales were $233.7 million compared to $239.9 million in fiscal 2025, a decrease of 3%. The year-over-year decrease in sales reflected lower sales volumes in the automotive segment related to a reduction in North American electric vehicle volumes and the interface segment related to a previously announced appliance program roll off.

謝謝，John。接著看第 8 頁投影片。第三季淨銷售額為 2.337 億美元，相較於 2025 會計年度的 2.399 億美元，下降 3%。銷售額年減主要反映汽車事業部銷售量下降（與北美電動車銷量下滑相關），以及介面事業部因先前已公告的家電專案逐步結束（roll off）而導致的下滑。

Results were partially offset by a higher sales volumes in the Industrial segment, particularly for off-road lighting and power products as well as positive foreign currency translation which had a favorable impact of approximately $12 million in the quarter.

部分影響被工業事業部較高的銷售量所抵銷，特別是越野照明與電力產品；此外，外幣換算亦帶來正面影響，本季約有 1,200 萬美元的有利貢獻。

As a reminder, the third quarter is also historically our weakest quarter for sales as it covers the year-end holidays. Gross profit was $38.8 million, down from $41.3 million in the prior fiscal year quarter, primarily a result of lower sales volume and product mix in the Automotive segment and interface cement. Selling and administrative expenses increased by $1.4 million to $39.1 million in the quarter.

提醒一下，第三季歷來也是我們銷售最弱的一季，因為涵蓋年終假期。毛利為 3,880 萬美元，低於上一會計年度同季的 4,130 萬美元，主要是汽車事業部與介面事業部的銷售量下降及產品組合變化所致。本季銷售與管理費用增加 140 萬美元至 3,910 萬美元。

Restructuring and asset impairment charges included within selling and administrative expenses were $400,000. Income tax expense for the quarter was $2.8 million, down from $6.2 million in the prior fiscal year quarter. In the quarter, we realized a lower valuation allowance for U.S. deferred tax assets of $2.4 million compared to $6.5 million in the prior fiscal year quarter.

包含在銷售與管理費用中的重組與資產減損費用為 40 萬美元。本季所得稅費用為 280 萬美元，低於上一會計年度同季的 620 萬美元。本季我們對美國遞延所得稅資產的估值備抵（valuation allowance）認列較低，為 240 萬美元；相較之下，上一會計年度同季為 650 萬美元。

Third quarter adjusted EBITDA was $7.3 million, down $5 million from the same period last fiscal year. Third quarter adjusted net loss was $13.1 million a $5.9 million change from the third quarter of fiscal 2025 attributable to the decrease in gross profit and increase in selling and administrative expenses, partially offset by a lower income tax expense.

第三季調整後 EBITDA 為 730 萬美元，較上一會計年度同期減少 500 萬美元。第三季調整後淨損為 1,310 萬美元，較 2025 會計年度第三季變動 590 萬美元，主因毛利下降與銷售及管理費用增加，但部分被較低的所得稅費用所抵銷。

Third quarter adjusted loss per diluted share was $0.37 compared to a loss of $0.21 in the prior fiscal year third quarter. Please turn to Slide 9, where I will discuss the progress made with our disciplined capital allocation strategy. We ended the quarter with $133.7 million in cash, which was up $30.1 million compared to the end of fiscal 2025.

第三季調整後稀釋每股虧損為 0.37 美元，上一會計年度第三季為每股虧損 0.21 美元。請看第 9 頁投影片，我將說明我們在嚴謹資本配置策略方面所取得的進展。本季期末現金為 1.337 億美元，較 2025 會計年度期末增加 3,010 萬美元。

Operating cash generation in the third quarter was $15.4 million. Third quarter free cash flow was $10.1 million compared to $19.6 million in the fiscal third quarter 2025. Although down year-over-year, we continue to generate robust free cash flow amidst a challenging operating environment with a free cash flow of $16.5 million year-to-date as we continue to operate with strong capital discipline.

第三季營運活動產生的現金為 1,540 萬美元。第三季自由現金流為 1,010 萬美元，相較於 2025 會計年度第三季的 1,960 萬美元。雖然年減，我們在充滿挑戰的營運環境下仍持續產生強勁的自由現金流；年初至今自由現金流為 1,650 萬美元，顯示我們持續維持嚴格的資本紀律。

Net debt was down $16.9 million compared to the same period last year. Moving forward, we remain committed to driving strong cash flow generation to further pursue our capital allocation priorities of net debt reduction, selective high-growth investments, business improvements, portfolio alignment as well as returning value to our shareholders through dividends.

淨負債較去年同期減少 1,690 萬美元。展望未來，我們仍致力於推動強勁的現金流產生，以進一步落實我們的資本配置優先事項：降低淨負債、選擇性投入高成長投資、推動業務改善、投資組合調整，以及透過股利向股東回饋價值。

Turning to Slide 10. Again, please note that fiscal 2025 was a 53-week fiscal year in fiscal 2026 is a 52-week fiscal year. Our guidance also does not reflect the sale of Data Mate or our Howard Hites, Illinois facility. For fiscal 2026, we have narrowed our net sales guidance, raising the low end of the range by $50 million to now be $950 million to $1 billion.

接著看第 10 頁投影片。再次提醒，2025 會計年度為 53 週會計年度，而 2026 會計年度為 52 週會計年度。我們的財測亦未反映 Data Mate 或我們位於伊利諾州 Howard Hites 的設施出售。就 2026 會計年度而言，我們已縮窄淨銷售額指引區間，並將區間下緣上調 5,000 萬美元，至目前的 9.5 億美元至 10 億美元。

The increase primarily reflects the benefit of foreign currency translation, which totaled approximately $25 million through the first nine months of fiscal 2026. For the full year, we anticipate foreign exchange to provide an approximate $30 million benefit relative to our prior assumptions, which is largely driving the increase in our midpoint.

該增幅主要反映外幣換算帶來的利益，於2026會計年度前九個月合計約2,500萬美元。就全年而言，我們預期相較於先前假設，外匯將帶來約3,000萬美元的利益，這在很大程度上推動了我們中位數指引的上調。

In addition, we have lowered our adjusted EBITDA outlook to be in the range of $58 million to $62 million compared to our prior range of $70 million to $80 million. The reduction is primarily concentrated in North American auto and reflects updated cost assumptions related to multiple customer program delays and higher expenses associated with the transformation of our Mexico facility, including wages and professional fees.

此外，我們已將調整後EBITDA展望下調至5,800萬至6,200萬美元區間，低於先前的7,000萬至8,000萬美元區間。下調主要集中在北美汽車業務，反映多個客戶專案延遲所帶來的最新成本假設，以及與墨西哥廠轉型相關的較高費用，包括薪資與專業服務費。

For fiscal year 2026, we continue to expect positive free cash flow in the fourth quarter and for the full year compared to an outflow of $15 million in the previous fiscal year.

就2026會計年度而言，我們仍預期第四季及全年自由現金流為正，相較於上一會計年度淨流出1,500萬美元。

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

接下來，我把時間交還給Jon作結語。

Thanks, Laura. To close, while the near-term environment remains dynamic and our improvement trajectory is not linear, we are taking deliberate actions to strengthen the company. We are stabilizing operations, refining the portfolio, aligning our footprint and cost structure and reallocating resources towards higher-growth power solutions opportunities.

謝謝，Laura。最後總結，儘管短期環境仍然多變、我們的改善軌跡並非線性，我們正採取審慎且有計畫的行動來強化公司。我們正在穩定營運、精煉產品組合、調整據點布局與成本結構，並將資源重新配置至成長性更高的電力解決方案機會。

There is more work ahead, particularly in Mexico and within North American automotive but the foundation we are building is real. At the same time, we are maintaining a sharp focus on cash generation and balance sheet discipline. We believe the actions we are taking today position method for improved performance and more consistent value creation over the long term.

未來仍有更多工作要做，特別是在墨西哥以及北美汽車業務，但我們正在建立的基礎是扎實的。同時，我們也持續高度聚焦於現金創造與資產負債表紀律。我們相信，今天所採取的行動將使Method在長期具備更佳表現與更一致的價值創造能力。

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

接下來，請接線員開放提問。

(Operator Instructions)

（接線員指示）

John Franzreb, Sidoti & Company LLC.

John Franzreb，Sidoti & Company LLC。

Good morning, everyone, and thanks for taking the questions. John, I would like to start with Mexico. Can you just kind of review what's going on there? And how far along are you on the process and maybe timeline when you think it will be completed. .

各位早安，謝謝讓我提問。John，我想先從墨西哥談起。你能否簡單回顧一下那邊目前的狀況？以及你們在流程上進展到哪個階段，並且你認為大概何時會完成的時間表。。

Yeah. So John, a couple of things. Thanks for your question, and Laura will chime in here as well. As we said on previous calls, the transformation in Mexico is probably about six months behind where we are with Egypt. And we are making progress there.

好的。John，有幾點說明。謝謝你的問題，Laura也會補充。如同我們在先前的電話會議中提到，墨西哥的轉型進度大概比埃及落後約六個月。而我們在那邊確實正在取得進展。

But one of the challenges that we have is in Egypt, we have year-over-year revenue growth on top of performance improvement whereas in Mexico, we have continued -- we have year-over-year revenue shrinkage. Most of the roll off of our past programs is in Mexico and the primary impact of program delays is also in Mexico.

但我們面臨的一個挑戰是：在埃及，我們在績效改善的同時，還有年對年營收成長；然而在墨西哥，我們則持續——年對年營收在萎縮。我們過去專案的多數退場（roll off）都發生在墨西哥，而專案延遲的主要影響也同樣在墨西哥。

So the -- what we're spending to prepare and launch new programs as well as the transformation there isn't getting any benefit from tailwinds of increased revenue. We're seeing -- we're spending the money to get the launches ready and we're seeing the delays.

因此——我們為了準備並啟動新專案以及推動當地轉型所投入的支出，並沒有受惠於營收增加的順風。我們看到的是——我們花錢把量產導入準備好，卻同時遇到延遲。

The team has been completely rebuilt over the last six months, and I'm really pleased with the progress that we're making on our day-to-day execution. But we're six months behind where we were with regard to Egypt.

過去六個月團隊已全面重建，我對我們在日常執行上的進展非常滿意。但就進度而言，我們仍比埃及落後六個月。

Yeah. And as Jon mentioned, the decrease year-over-year in revenue, which results in the bottom line decreases as well as under absorption. We have some additional S&A expenses related to changing out the management team and wages as well as additional resources that we brought in to help with the operational performance. But despite this, we are seeing improvements in scrap and direct material costs as a percent of sales through our supply chain initiatives.

是的。如Jon所提到，年對年營收下滑，導致獲利端也下滑，並出現產能吸收不足（under absorption）。我們也有一些額外的銷售與管理費用（S&A），與更換管理團隊、薪資，以及我們為協助營運績效而引進的額外資源相關。儘管如此，透過供應鏈措施，我們仍看到報廢（scrap）與直接材料成本占銷售比重有所改善。

Got it. Thank you for that. Now we had three great months of commercial truck orders. I'm curious, have you seen that flow through your P&L yet or any purchasing orders or anything? And also, does that impact the Mexico facility at all? Can you just maybe talk to that?

了解。謝謝你的說明。接著，我們看到商用卡車訂單有連續三個很強勁的月份。我想了解，這是否已反映在你們的損益表上，或是有任何採購訂單等跡象？另外，這對墨西哥廠是否也有影響？你能否談談這部分？

So John, it does impact the Mexico facility and it's the impact of -- we're actually still seeing it as a headwind with regard to orders. Both what we've seen from DTA and PACCAR in is more of second half of calendar '26 as to where the volumes start to come back.

所以，John，這確實會影響墨西哥廠，但就訂單而言，我們目前其實仍把它視為逆風。我們從DTA與PACCAR看到的情況是，量開始回升大概會落在2026曆年下半年。

And what we're seeing the impact, and we talk a little bit about it, is the trade-off between commercial vehicle volumes in our in lighting and some of the North American automotive programs. So we have a mix impact as well as volume impact. We do see some future growth later in this quarter and probably more into early of our fiscal 2027, but we aren't yet seeing it.

而我們看到的影響——我們也稍微提到過——是我們照明業務中的商用車量，與部分北美汽車專案之間的取捨。因此同時存在產品組合（mix）影響與量的影響。我們確實看到一些未來成長，可能在本季稍晚以及更可能在2027會計年度初期，但目前尚未真正反映出來。

Okay. Good. Okay. Got it. And one last question on Data made. How much in revenue or annualized revenue did that business contribute? And was it profitable? Or maybe you can give us maybe the scale profitability? .

好的。很好。好的。了解。最後一個問題關於Data made。那個業務貢獻了多少營收或年化營收？它有獲利嗎？或者你可以提供一下大概的獲利規模？。

So it's roughly $18 million worth of revenue. It was profitable. But what I can say is in roughly $3 million worth of profitability. But what we can say, John, is the ability to pay down debt, the ability to exit an underutilized facility and to continue just our overall rationalization of structural cost, we believe we can largely offset that profitability. So we think overall, it's an accretive decision.

大約是1,800萬美元的營收。它是有獲利的。大概約300萬美元的獲利。但我們想說的是，John，透過償還債務、退出一座產能利用不足的廠房，以及持續推動整體結構性成本的合理化，我們相信可以在很大程度上抵銷這部分獲利的流失。因此我們認為整體而言，這是一個具增益（accretive）的決策。

All right. I got it, John. I'm going to get back into you on that. Thank you.

好。了解了，John。我會再就這點跟你聯繫。謝謝。

Great. Thanks, John.

很好。謝謝你，John。

Luke Junk, Robert W. Baird & Co Inc.

Luke Junk，Robert W. Baird & Co Inc。

Good morning. Thanks for take the question and I'll jump off there. Jon, can you just remind us of some of the key products and applications for that data made business? And I guess one of the obvious questions strategically is just why it wasn't too complementary with the core power business in data center? .

早安。謝謝讓我提問，我問完就先下線。Jon，你能否提醒我們一下那個Data made業務的一些關鍵產品與應用？我想其中一個很明顯的策略性問題是：為什麼它與資料中心核心電力業務的互補性不高？。

So this is more of a data over copper. -- system. It's a small electronic data over copper product. It's not complementary with our data center activity whatsoever. And really, the judgment for this look was it's a good business.

所以這比較像是「資料走銅線」的產品。——系統。這是一個小型的電子「資料走銅線」產品。它與我們的資料中心業務完全沒有互補性。而且，對此的判斷其實是：這是一門不錯的生意。

But as you think about the opportunities that we have, and you and I have talked many times about return on effort, what it would take to make that grow materially because it's been relatively flat in the $15 million to $18 million for revenue for a long period of time.

但當你思考我們所擁有的機會，而且你我也多次談過投入產出比（return on effort），要讓它出現實質性成長需要付出什麼，因為它在很長一段時間內營收都相對持平，約在1,500萬到1,800萬美元之間。

As we looked at it, it was a good business -- it is a good business. But in order for us to make it grow versus putting more effort into our base data center business or some of the other areas where we can drive growth and really return for the shareholders, our decision was that probably is a better open for the business than method.

我們檢視後，它是一門好生意——而且確實是一門好生意。但若要讓它成長，相較於把更多精力投入我們的核心資料中心業務，或其他我們能推動成長、真正為股東帶來回報的領域，我們的決定是：對這門業務而言，可能有比我們更合適的歸宿，而不是由我們來經營。

Got it. Sticking with data center, if I look at the chart that you guys provided, which is helpful. Just trying to extrapolate the data center piece in fiscal '26 specifically. It seems like it's trending fairly flat this year. Now I understand some of the reasons for that. I know you were implementing the VMI.

了解。延續資料中心的話題，如果我看你們提供的圖表（很有幫助），我只是想特別推算一下2026財年的資料中心部分。看起來今年的趨勢相當持平。我理解其中一些原因。我知道你們正在導入VMI。

There's some other things going on in the hood there. But just trying to understand, certainly, there's been a lot of CapEx growth this year. Should we perceive that there's been effectively like a little bit of a growth bubble because I'm just trying to get comfortable then stepping into, I think you said in the $120 million run rate on a go-forward basis given the clarification.

那裡還有一些其他因素在發生。但我想理解的是，當然，今年資本支出（CapEx）成長很多。我們是否應該認為這等於出現了一點「成長泡泡」？因為我想在你剛澄清之後，對接下來你說的約1.2億美元的前瞻性run rate感到更踏實。

So Luke, -- what we've said to you is -- and said to the investors is that as we move to an EDI-based sales forecast versus just a, if you will, a contract-by-contract sales forecast that we would give you transparency as soon as we knew it. This run rate that we're talking about is that transparency. This is backed with EDI. So you're right that on a total year basis, it looks like it's relatively flat.

所以Luke，——我們對你說過、也對投資人說過的是：當我們改用以EDI為基礎的銷售預測，而不是僅僅以單一合約逐案的銷售預測時，我們會在一旦掌握資訊就提供透明度。我們現在談的這個run rate，就是那個透明度。這是有EDI支撐的。所以你說得對，從全年角度看，確實相對持平。

Part of that was due to some of the sales gap that we had moving from where we recognize the sale when the parts leave the boat in Shanghai to moving to vendor-managed inventory, which created a six to eight week revenue gap.

其中一部分是因為我們在銷售認列方式轉換時出現了一些銷售落差：從原本零件離開上海船運時就認列銷售，改為供應商管理庫存（VMI），這造成了6到8週的營收空窗期。

So -- the most important thing here is a flat -- relatively flat year-over-year, but Q4 run rate of $120 million with EDI that gives us great confidence in what we see on year-over-year growth and what we see into the future. The other aspect is I think you made a comment about CapEx growth. We have not had significant CapEx growth. It's actually down year-over-year.

所以——最重要的是：年對年持平或相對持平，但第四季在EDI支撐下的run rate達到1.2億美元，這讓我們對年對年成長、以及對未來的展望非常有信心。另外一點，我想你提到資本支出成長。我們並沒有顯著的資本支出成長。實際上年對年是下降的。

And there's been no material CapEx that's been invested for the data center business whatsoever. As a matter of fact, we're using some core competencies and some capabilities from other investments as we rotate into Mexico. So we have really use our capabilities. We rotated with this VMI, and it is creating the momentum that we said it would and the $120 million run rate reinforces that.

而且資料中心業務完全沒有投入任何重大的資本支出。事實上，當我們把產能輪轉到墨西哥時，我們是在運用其他投資所建立的一些核心能力與既有產能。所以我們確實是在運用自身能力。我們透過這次VMI的輪轉，而它正在創造我們所說的動能，而1.2億美元的run rate也再次印證了這點。

Yeah, Luke. Our CapEx, just to jump in here. Our CapEx was $42 million for FY '25, and we're at 16.5% right under 17% approximately this year.

是的，Luke。我補充一下資本支出。我們2025財年的CapEx是4,200萬美元，而今年約為16.5%，大約略低於17%。

Yeah. That $120 million, you also mentioned, Jon, that you have a line of sight to 50% kind of growth in the medium term. I think if I try to extrapolate what you're implying in the targets maybe about $85 million of data center this year. Is that -- what kind of base numbers should we use for that 50% opportunity? .

好的。Jon，你也提到那個1.2億美元，同時你說你們在中期有望看到大約50%的成長。如果我試著推算你在目標中暗示的數字，今年資料中心可能大約是8,500萬美元。那麼——我們應該用什麼樣的基期數字來看這個50%的機會？.

And that's what we have said pretty consistently is $80 million to $85 million as a basis in our guidance. And as we talked about on the last earnings calls, that considered the impact of VMI. But what we're seeing here is a run rate that's actually higher, much of which will be setting us up into 2027 -- fiscal 2027.

而我們一直相當一致地說，作為我們指引的基礎是8,000萬到8,500萬美元。正如我們在上一季的財報電話會議中談到的，那已經考慮了VMI的影響。但我們現在看到的是更高的run rate，其中很大一部分將為我們進入2027年——2027財年——做好鋪墊。

And then last question for me, a Mexico, understand some of the challenges there. I think you had some initial improvements, but obviously, things that are cutting against you as well. It feels like maybe there's been some things that have cropped up that you weren't anticipating?

那我最後一個問題，關於墨西哥，我理解那裡的一些挑戰。我想你們一開始有一些改善，但顯然也有一些因素在拖累你們。感覺好像出現了一些你們原本沒有預期到的狀況？

I guess, is this some more contagion across launchings and the fact that just -- I know you had whatever is something in the range of 20 launches this year. Just that as you're spending to those that Silensys was pretty visible, but are there more launches that are becoming problematic at the margin?

我想問的是，這是否是新案導入之間更廣泛的「傳染效應」？以及——我知道你們今年大概有約20個導入案。除了你們在Silensys上的投入相當明顯之外，是否還有更多導入案在邊際上變得更棘手？

Yeah. So I think the way to think about this is as you bring new people in with fresh eyes, we do see some things from a performance perspective. But as Laura said, our scrap rates and our premium freight and other items that are really controllable performance-based items are better year-over-year.

是的。我認為可以這樣看：當你引進新的人、用新的視角來看，我們確實會從績效角度看到一些問題。但如Laura所說，我們的報廢率、加急空運費（premium freight）以及其他真正可控、以績效為導向的項目，年對年是更好的。

We -- what we have seen with regard to the new launches is we've spent the money both from a capital standpoint and from an engineering standpoint to prepare for the launches and we've had further delays even from what we said in the last quarter. So because those launches were primarily EV-based power application launches for North America, and many of our customers have further delayed their programs.

至於新案導入，我們在資本面與工程面都已投入資金來為導入做準備，但延遲情況甚至比我們上季所說的還要更嚴重。因為那些導入主要是北美的、以電動車（EV）為主的電力應用導入，而我們許多客戶又進一步延後了他們的專案。

That's where the challenge is. So we just don't have the revenue that we would expect as these launches -- as these programs start and ramp up, we're not seeing those. So as we've talked about, we're dealing with it from a class standpoint. We're also dealing with it with going back to customers for recoveries on where we have those delays.

挑戰就在這裡。因此，我們沒有看到原本預期的營收；當這些導入——當這些專案開始並爬坡時，我們並沒有看到那樣的進展。所以如我們所談到的，我們正從成本結構（cost）角度來處理。同時，我們也在就這些延遲，回頭向客戶爭取補償（recoveries），在我們有權利的部分。

I will -- I'll leave it there for now. Thank you.

我先說到這裡。謝謝。

Great. Thanks.

很好。謝謝。

Gary Prestopino, CFA , Barrington Research.

Gary Prestopino，CFA，Barrington Research。

Hi. Good morning, John, Laura.

嗨。早安，John、Laura。

Jon, Laura. I just want to follow up on this EV issue. These are delayed programs. Is there any programs that have been outright canceled? .

Jon、Laura。我只是想跟進一下這個電動車（EV）議題。這些都是延後的專案。是否有任何專案已被直接取消？.

Yes, you okay. So as we -- Gary, just to answer that, as we've talked about there, we have talked about some Stellantis program cancellations as well as other programs that are delayed. And we've mentioned what we've done with regard to previously about going back to customers and particularly Stellantis with regard to dealing with cancellation claims.

是的，你說得對。所以就像我們——Gary，為了回答這個問題，正如我們先前談到的，我們也談過一些 Stellantis 專案的取消，以及其他延後的專案。而且我們也提到過，我們先前就取消索賠這件事，已回頭與客戶、特別是 Stellantis 進行處理。

So those are ongoing. None of the customer negotiations are in our -- in this guide. I think it's important to note that neither the data make transaction nor the Hardwood Height transaction nor any customer recoveries are in this guide.

所以這些都仍在進行中。所有客戶協商都不在我們——不在這份指引中。我認為重要的是要注意，無論是 Data make 交易、Hardwood Height 交易，或任何向客戶追償的回收款，都不包含在這份指引中。

Okay. Let me ask the question another way just so I can get an idea. In the programs that you have right now that you're actually producing for and you're actually having take rates, was -- were the take rates less than you had anticipated and that has been causing you to channel down your expectations for the EV market this year? I'm just trying to get a handle on it, how this is all shaping out.

好的。我換個方式問，這樣我才能有個概念。就你們目前手上正在實際生產、而且確實有採用率（take rates）的專案而言，採用率是否低於你們原先預期，因而導致你們下修今年對電動車市場的預期？我只是想掌握一下整體情況是如何發展的。

Yeah. . So here's -- the answer is yes. And it's primarily in North America. So if you think about it, auto is 45% of method. EVs are 41% of auto. So as a total, EVs as a percentage of method through this year, through this fiscal year is 18%, where now take it to the next level, which is exposure to EVs -- of that 41% of auto that is EVs, only 14% of that is North America.

是的。.所以——答案是是。而且主要發生在北美。如果你這樣想，汽車業務占 method 的 45%。電動車占汽車業務的 41%。因此整體而言，本年度、到本會計年度為止，電動車占 method 的比例是 18%；再往下一層看，也就是電動車曝險——在汽車業務中那 41% 的電動車裡，只有其中 14% 來自北美。

If we were going back, and I don't have the number at my fingertips, if we've gone back when we originally set guidance, that number should have been much, much higher based on the assumption of launches from multiple programs.

如果回到我們最初設定財測指引的時候——我手邊沒有確切數字——基於多個專案將陸續上市的假設，那個數字本來應該高得多、非常多。

So the -- what we're seeing is expenses launch expenses, CapEx, building inventory, all those sort of things in Mexico, in a place where you have big programs rolling off that we've talked about across multiple quarters and none of the revenue coming from the EV programs.

所以——我們看到的是上市相關費用、上市費用、資本支出（CapEx）、建立庫存，以及所有這類事情都發生在墨西哥；那裡有我們在多個季度談過、會從大型專案退場（rolling off）的情況，但電動車專案卻沒有帶來任何營收。

What about what you're doing outside of North America, how would the take rate spend there?

那你們在北美以外的作為呢？那邊的採用率表現如何？

Those take rates are relatively on track. The growth on a year-over-year basis in Egypt, the top line growth we have bottom line that's driven by performance. We have top line growth that's basically driven by ramp-up of programs, particularly the EV programs that we launched there, and China is stable.

那些採用率大致上符合進度。埃及在年對年基礎上的成長——我們的營收成長帶動了獲利表現，這是由營運績效所驅動。我們的營收成長基本上是由專案爬坡所驅動，特別是我們在那裡推出的電動車專案，而中國則維持穩定。

So this is -- it's why we refer to it specifically as a North American automotive challenge and as an EV program cancellation or delay challenge.

所以這就是——為什麼我們會特別把它稱為北美汽車業務的挑戰，以及電動車專案取消或延後的挑戰。

Are the products that you guys produce the EVs, are they applicable to plug-in hybrids and hybrids. I mean can you bid on those new models that are coming out because it seems that that's the way the market's really rolling now.

你們所生產的電動車產品，是否也適用於插電式混合動力車（PHEV）和混合動力車（Hybrid）？我的意思是，你們能否去競標那些即將推出的新車型？因為看起來市場現在真的就是往那個方向走。

Yes. And our pipeline of bids has our quoting and cost estimating team is very busy.

可以。而且我們的投標管線中，我們的報價與成本估算團隊非常忙碌。

Okay. All right. Thank you so much.

好的。好。非常感謝。

John Franzreb, Siddoti.

John Franzreb，Siddoti。

Thanks for taking the follow-up. I stick to the launch topic here. How many programs have you launched on so far in fiscal '26 and how many remain for this year -- and how does that compare to your expectations at the beginning of the year? I'm just trying to contextualize what kind of magnitude we're talking here.

謝謝讓我追問。我想繼續聚焦在上市（launch）這個主題。在 2026 會計年度到目前為止，你們已經啟動上市了多少個專案？今年還剩多少個——這與年初的預期相比如何？我只是想把我們在談的規模大小放到脈絡中。

John, I don't I don't have the exact split between what we plan to launch and what we have launched versus cancellations. Our number was programs in this fiscal year. It was 56% over fiscal 2025 and fiscal '26. And because of the timing -- because of the timing of some of these delays, we spent the money on the launches before we ended up with either a delay or cancellation.

John，我沒有我們原本計畫要上市、實際已上市，以及取消之間的精確拆分。我們的數字是本會計年度的專案數。相較於 2025 與 2026 會計年度，增加了 56%。而且因為時點——因為其中一些延後的時點，我們在最後發生延後或取消之前，就已經先把上市的錢花下去了。

So the number is still the same. It's just a question of whether we got the revenue from it.

所以數量仍然一樣。只是問題在於我們是否從中取得了營收。

Okay. I -- we -- and when looking at the product portfolio, where does that stand? I mean, is Data made the first of many? Or are you still like looking at everything you're trying to decide? I'm pretty sure at one point, you said there was some unprofitable businesses that you may want to exit. But can you just kind of give us an update on what -- how that process looks at this point?

了解。我——我們——再看產品組合，你們目前進展到哪一步？我是說，Data made 是眾多行動中的第一步嗎？還是你們仍在檢視所有項目、試著做出決定？我很確定你們之前曾提到，有一些不獲利的業務可能會退出。但你能否更新一下目前這個流程看起來如何？

So, What we would say is that data mate was an important first step. It reinforces what we have said to the shareholders that we will continue to refine our portfolio as well as refine our overhead structure. The portfolio review is ongoing, and you can expect more to come in the future.

所以，我們會說 data mate 是重要的第一步。這也強化了我們對股東所說的：我們將持續精煉我們的產品組合，同時也會精簡我們的間接費用結構。產品組合檢視仍在進行中，未來你可以期待會有更多進展。

Alright, John. Thanks for taking the follow-ups. I appreciate it.

好的，John。謝謝讓我追問。感謝。

Great. Thanks, John. Thank you, everybody.

好的。謝謝你，John。謝謝各位。

Thank you, ladies and gentlemen. As we have reached the end of our Q&A session. This will conclude today's call.

謝謝各位女士、先生。由於我們已到達問答環節的尾聲。今天的電話會議到此結束。

You may disconnect your lines at this time, and we thank you for your participation.

您現在可以掛斷電話線，並感謝您的參與。