Rogers Corp (ROG) 2025 Q1 法說會逐字稿

Good afternoon. My name is Kevin, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rogers Corporation first-quarter 2025 earnings conference call.

午安.我叫凱文，今天我將擔任您的會議主持人。現在，我歡迎大家參加羅傑斯公司2025年第一季財報電話會議。

I'll now turn the call over to your host, Mr. Steve Haymore, Senior Director of Investor Relations. Mr. Haymore, you may begin.

現在我將把電話轉給主持人、投資者關係高級總監史蒂夫·海莫爾先生。海莫爾先生，你可以開始了。

Good afternoon, and welcome to the Rogers Corporation first-quarter 2025 earnings conference call. The slides for today's call can be found on the Investors section of our website, along with the news release that was issued earlier today.

下午好，歡迎參加羅傑斯公司 2025 年第一季財報電話會議。今天的電話會議的幻燈片可以在我們網站的「投資者」部分找到，同時還可以找到今天早些時候發布的新聞稿。

Please turn to slide 2. Before we begin, I would like to note that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and should be considered as subject to the many uncertainties that exist in Rogers' operations and environment. These uncertainties include economic conditions, market demands, and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statement made today.

請翻到投影片 2。在我們開始之前，我想指出的是，本次電話會議中非嚴格歷史性的陳述屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，並且應被視為受羅傑斯運營和環境中存在的許多不確定因素的影響。這些不確定性包括經濟狀況、市場需求和競爭因素。這些因素可能導致實際結果與今天所做的任何前瞻性聲明中的結果有重大差異。

Please turn to slide 3. The discussion during this conference call will also reference certain financial measures that were not prepared in accordance with US generally accepted accounting principles. A reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the slide deck for today's call, which are available on our Investor Relations website.

請翻到幻燈片 3。本次電話會議的討論也將參考某些未依照美國公認會計原則編製的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳可以在今天的電話會議幻燈片中找到，這些幻燈片可以在我們的投資者關係網站上找到。

With me today is Colin Gouveia, President and CEO; and Laura Russell, Senior Vice President and CFO.

今天和我一起的是總裁兼執行長 Colin Gouveia；以及資深副總裁兼財務長 Laura Russell。

I will now turn the call over to Colin.

現在我將電話轉給科林。

Thanks, Steve. Good afternoon, everyone, and thank you for joining us today. I'll begin on slide 4.

謝謝，史蒂夫。大家下午好，感謝大家今天的參與。我將從第 4 張投影片開始。

Before I discuss the results for the quarter, let me first address how recent changes in global trade policies may affect Rogers in the near term. As I've discussed in the past, our global manufacturing footprint and local-for-local supply capabilities are important strengths of our business. This strategy helps limit our exposure to the impact of US tariffs on Chinese goods.

在討論本季的業績之前，我首先想談談近期全球貿易政策的變化可能對羅傑斯造成怎樣的影響。正如我過去所討論的，我們的全球製造足跡和本地供應能力是我們業務的重要優勢。這項策略有助於限制我們受到美國關稅對中國商品的影響。

Where we see greater potential exposure is with shipment of work-in-process materials from our US factories into China. We have implemented mitigation plans to minimize the impact of these tariffs in Q2. I'll discuss this topic in more detail shortly, but with the flexibility inherent in our global operations and our strong balance sheet, we are in a good position to navigate current market challenges.

我們認為更大的潛在風險在於從美國工廠向中國運送在製品材料。我們已經實施了緩解計劃，以盡量減少這些關稅對第二季的影響。我很快就會更詳細地討論這個主題，但憑藉我們全球營運固有的靈活性和強勁的資產負債表，我們完全有能力應對當前的市場挑戰。

Turning to our results. The first quarter unfolded much as we expected with sales, gross margin, and adjusted earnings all slightly ahead of the midpoint of our guidance. Q1 sales of $191 million were slightly lower sequentially, primarily due to the impact of foreign exchange rate changes and normal seasonality in our portable electronics end market. The announcement of new tariffs in recent weeks had minimal impact on Q1.

談談我們的結果。第一季的業績與我們預期大致相同，銷售額、毛利率和調整後收益均略高於我們預期的中位數。第一季的銷售額為 1.91 億美元，環比略有下降，主要原因是外匯匯率變化和便攜式電子終端市場的正常季節性影響。最近幾週宣布的新關稅對第一季的影響微乎其微。

We continue to work closely with our customers on new design-in opportunities. And during the first quarter, we secured new wins in several key areas.

我們將繼續與客戶密切合作，尋找新的設計機會。第一季度，我們在幾個關鍵領域取得了新的勝利。

Our silicone technology was selected by a leading European OEM to be utilized in inverters for the industrial, renewable energy and EV/HEV markets. Rogers' reputation for quality and strong technical support capabilities were key factors in this design win.

我們的矽膠技術被一家領先的歐洲 OEM 廠商選中，用於工業、再生能源和 EV/HEV 市場的逆變器。羅傑斯的品質聲譽和強大的技術支援能力是此次設計獲勝的關鍵因素。

In the EV/HEV space, our polyurethane and silicone materials were designed into several different battery-related applications with major OEMs in the US, Europe, and Asia. Our curamik Power substrates were selected by a power module customer for their onboard charging solution targeted to multiple Chinese OEMs.

在 EV/HEV 領域，我們的聚氨酯和矽膠材料被設計用於美國、歐洲和亞洲主要 OEM 的幾種不同的電池相關應用中。一個電源模組客戶選擇我們的 curamik Power 基板作為其針對多家中國 OEM 的車用充電解決方案。

We've also seen a meaningful increase with Chinese OEMs in our curamik opportunity pipeline. We are encouraged by the growth in these new opportunities. Our new facility in China, scheduled to ramp production in mid-2025, will support these local curamik volumes.

我們也看到，在我們的 curamik 機會管道中，中國 OEM 的數量顯著增加。這些新機會的成長令我們感到鼓舞。我們在中國的新工廠計劃於 2025 年中期實現產量提升，為當地的 curamik 產量提供支援。

Although it's difficult to predict market conditions in which our customers participate, which ultimately dictates the contribution these wins will have on our sales, these design wins underscore our technology's competitiveness and our ability to solve the most critical challenges of our customers.

雖然很難預測客戶所處的市場條件，而這最終決定了這些勝利對我們銷售的貢獻，但這些設計的勝利凸顯了我們技術的競爭力以及我們解決客戶最關鍵挑戰的能力。

We also continue to adjust our cost structure in response to recent demand levels and to further increase our competitiveness. I'll review the actions we have taken later in my remarks.

我們也將持續調整成本結構以適應近期的需求水準並進一步提高競爭力。我將在稍後的發言中回顧我們所採取的行動。

Turning to slide 5 in our Q1 results by end market compared to Q4. I'll begin with the ADAS and industrial markets, which both increased versus the prior quarter. ADAS sales improved at a low-teens rate versus Q4 due to stronger demand from both European and Asian customers. As referenced on our Q4 earnings call, a leading Asian automotive radar supplier selected our materials for a new 77 gigahertz application, which led to increased shipments to this customer in Q1. The growth in industrial sales was led by the Elastomeric Material Solutions or EMS business.

與第四季相比，我們第一季的終端市場業績顯示，投影片 5 如下。我將從 ADAS 和工業市場開始，這兩個市場都比上一季成長。由於歐洲和亞洲客戶的需求強勁，ADAS 銷售額較第四季以低十位數成長。正如我們在第四季度收益電話會議上提到的，一家領先的亞洲汽車雷達供應商選擇了我們的材料，用於新的 77 千兆赫應用，這導致第一季對該客戶的出貨量增加。工業銷售額的成長主要由彈性材料解決方案（EMS）業務推動。

In our Advanced Electronic Solutions, or AES business, we continue to see softness in the industrial market, consistent with what our power module customers are experiencing.

在我們的先進電子解決方案（AES）業務中，我們繼續看到工業市場的疲軟，這與我們的電源模組客戶所經歷的情況一致。

EV/HEV sales declined in both the AES and EMS business units. Curamik power substrate sales remain soft as power module and other downstream customers continue to manage through modest end market demand.

AES 和 EMS 業務部門的 EV/HEV 銷售量均出現下滑。由於電源模組和其他下游客戶繼續透過適度的終端市場需求進行管理，Curamik 電源基板的銷售仍然疲軟。

In the EMS business, demand for our battery solutions was weaker in the US and Europe as some customers adjusted inventories in response to lower sales and tariff uncertainty.

在 EMS 業務中，由於一些客戶為應對銷售額下降和關稅不確定性而調整庫存，美國和歐洲對我們電池解決方案的需求較弱。

Aerospace and Defense declined slightly. Defense sales in the Radio Frequency Solutions business, or RFS business, continued to grow with both US and European customers. Commercial aerospace sales in the EMS business were lower, primarily a result of order timing.

航空航天和國防略有下降。射頻解決方案業務（RFS業務）的國防銷售額在美國和歐洲客戶中持續成長。EMS 業務中的商用航空航太銷售額較低，主要原因是訂單時間安排不當。

Lastly, as mentioned, portable electronics sales declined sequentially due to normal seasonality.

最後，如上所述，由於正常的季節性因素，便攜式電子產品的銷售額較上季下降。

Turning to slide 6 and our assessment of the tariff exposure on our business. As referenced earlier, our global manufacturing footprint has helped Rogers mitigate most of the impact from current tariffs on goods coming from China into the US.

前往投影片 6 以及我們對關稅對我們業務影響的評估。如前所述，我們的全球製造足跡幫助羅傑斯減輕了目前對中國輸美商品徵收關稅的大部分影響。

With our local-for-local strategy, a large percentage of our products produced in China are sold to customers in region. For this reason, we only have a small exposure to the current 145% tariff on goods from China. The flow of US goods imported into China is where we currently see the most direct exposure to tariff policies. In some instances, our supply chain today ships certain raw materials and work in process inventory from the United States to our facilities in China. In addition, we sell some finished goods in China that are only manufactured in the US.

透過我們的在地化策略，我們在中國生產的大部分產品都銷往了該地區的客戶。因此，我們目前對中國商品徵收的 145% 關稅影響很小。目前，我們看到美國商品進口到中國最直接受到關稅政策影響的領域。在某些情況下，我們的供應鏈今天將某些原材料和在製品庫存從美國運送到我們在中國的工廠。此外，我們也在中國銷售一些僅在美國生產的成品。

In response to this tariff exposure, we have implemented mitigation plans, which include managing inventories, sourcing materials from other countries where possible, satisfying customer demand from our non-US manufacturing locations, and recovering some of the impact through certain pricing actions. We expect these actions will largely offset the impacts of tariffs in the second quarter. For the flow of goods between Europe and the US, we expect minimal second-quarter direct impact from the current 10% tariff rate.

為了應對這項關稅風險，我們實施了緩解計劃，包括管理庫存、盡可能從其他國家採購材料、滿足美國以外製造地點的客戶需求，以及透過某些定價行動恢復部分影響。我們預計這些舉措將在很大程度上抵消第二季度關稅的影響。對於歐美之間的貨物流動，我們預計目前 10% 的關稅稅率將對第二季產生極小的直接影響。

In addition to the direct impacts on tariffs, there are secondary effects that are clouding the outlook for all companies, including Rogers. This includes the uncertain impact that the current trade and tariff environment will have on global economic growth. It is unclear what impact these emerging risks will have on our sales in the second half of this year, but we'll continue to pursue appropriate mitigation strategies as conditions warrant.

除了對關稅的直接影響外，還有一些次要影響也為包括羅傑斯在內的所有公司的前景蒙上陰影。其中包括當前貿易和關稅環境對全球經濟成長的不確定影響。目前尚不清楚這些新出現的風險將對我們今年下半年的銷售產生什麼影響，但我們將繼續根據情況採取適當的緩解策略。

Turning to slide 7. I'll highlight the key actions we are taking to further improve our cost structure and which are helping us better navigate this current environment. We implemented significant cost improvements over the past two years, but I'll focus my remarks on the most recent actions that are reducing 2025 costs compared to the prior year.

翻到幻燈片 7。我將重點介紹我們為進一步改善成本結構所採取的關鍵行動，這些行動將幫助我們更好地應對當前環境。我們在過去兩年中實施了重大的成本改進，但我將重點介紹與前一年相比降低 2025 年成本的最新舉措。

First, our footprint optimization work is continuing. Plans to consolidate our RFS facilities, which includes the wind down of production in Belgium, remain on track for mid-2025. We're successfully qualifying customers at other locations, and with this closure, we expect a $3 million improvement to operating income this year with annualized savings of $6 million.

首先，我們的足跡優化工作仍在繼續。整合我們的 RFS 設施的計畫（包括逐步減少在比利時的生產）仍將在 2025 年中期順利進行。我們正在其他地點成功獲得客戶資格，隨著此次關閉，我們預計今年的營業收入將增加 300 萬美元，年化節省將達到 600 萬美元。

Also, in our RFS business, we completed the sale of a manufacturing facility in Arizona in late Q1 for $13 million.

此外，在我們的 RFS 業務中，我們在第一季末以 1300 萬美元的價格完成了位於亞利桑那州的一家製造工廠的出售。

Finally, with the closure of our R&D center in Boston last year, we have not only achieved better alignment of R&D resources with our business units, but we also expect cost savings of approximately $2 million this year.

最後，隨著去年我們波士頓研發中心的關閉，我們不僅實現了研發資源與業務部門的更好協調，而且預計今年還將節省約 200 萬美元的成本。

We continue to reduce our operating expenses and manufacturing costs. We took the difficult but necessary actions to eliminate certain positions in the first quarter following similar actions in Q4 2024. These head count adjustments will result in savings of $10 million in 2025, with full-year run rate savings of $12 million.

我們繼續降低營運費用和製造成本。繼 2024 年第四季採取類似行動後，我們在第一季採取了艱難但必要的行動來取消某些職位。這些員工人數調整將導致 2025 年節省 1,000 萬美元，全年節省 1,200 萬美元。

Additionally, we continue to drive reductions in discretionary spend such as professional services, travel, and other areas. In total, these actions are expected to result in net savings of $25 million in 2025 with run rate savings of $32 million. Around 70% of these savings will be in operating expenses and the remainder in manufacturing costs.

此外，我們將繼續削減專業服務、旅行和其他領域的可自由支配的開支。總體而言，這些措施預計將在 2025 年帶來 2,500 萬美元的淨節省，運行率節省 3,200 萬美元。其中約 70% 的節省將用於營運費用，其餘部分將用於製造成本。

We're focused on driving top-line growth. As I discussed at the start of this call, despite the challenging macroeconomic and evolving tariff climate, we continue to aggressively pursue new design wins that underscore our customers' desire for Rogers's latest technologies while also delivering the products and services they need to succeed today. However, given the current market realities, we're prepared to further flex our cost structure if necessary.

我們專注於推動營收成長。正如我在本次電話會議開始時所討論的那樣，儘管宏觀經濟面臨挑戰，關稅環境不斷變化，我們仍繼續積極追求新的設計勝利，以強調客戶對羅傑斯最新技術的渴望，同時也提供他們今天取得成功所需的產品和服務。然而，考慮到當前的市場現實，我們準備在必要時進一步調整我們的成本結構。

I'll now turn it over to Laura to discuss our Q1 financial performance and Q2 2025 outlook.

現在我將把時間交給勞拉來討論我們第一季的財務表現和 2025 年第二季的展望。

Thank you, Colin. I'll begin on slide 8 with the highlights of our results for Q1. The overall results for the first quarter were in line with our expectations. Sales of $190.5 million, gross margin of 29.9%, and adjusted EPS of $0.27, all slightly exceeded the midpoint of our previously announced guidance.

謝謝你，科林。我將從第 8 張投影片開始介紹我們第一季的業績亮點。第一季的整體業績符合我們的預期。銷售額為 1.905 億美元，毛利率為 29.9%，調整後每股收益為 0.27 美元，均略高於我們先前公佈的預期中位數。

Q1 sales decreased approximately 1% from the prior quarter, primarily due to a $3 million impact from changes in foreign currency exchange rates and seasonally lower portable electronics sales. Adjusted earnings per share decreased to $0.27 from $0.46 in Q4 due to the effect of lower gross margin, which was in part offset by lower adjusted operating expenses.

第一季銷售額較上一季下降約 1%，主要原因是外匯匯率變動造成 300 萬美元的影響以及季節性便攜式電子產品銷售額下降。調整後每股收益從第四季的 0.46 美元下降至 0.27 美元，原因是毛利率下降，但調整後營業費用下降部分抵消了這一影響。

On slide 9, I'll discuss our first-quarter sales by operating segment. AES revenue increased 2% versus the prior quarter to $104 million from higher ADAS and aerospace and defense sales. These increases were partially offset by lower EV/HEV revenue. EMS revenue decreased by approximately 4% to $83 million from lower portable electronics, EV/HEV and Aerospace and Defense sales. In contrast, industrial sales increased sequentially.

在第 9 張投影片上，我將討論我們第一季按營運部門劃分的銷售額。AES 營收較上一季成長 2%，達到 1.04 億美元，得益於 ADAS 和航空航太及國防銷售額的成長。這些成長被 EV/HEV 收入的下降部分抵消。由於便攜式電子產品、EV/HEV 以及航空航太和國防銷售額下降，EMS 收入下降約 4% 至 8,300 萬美元。相比之下，工業銷售額則是環比成長。

Turning to slide 10. Q1 gross margin was 29.9%, a decrease of 220 basis points from the fourth quarter. The expected reduction in gross margin was equally attributed to utilization headwinds and unfavorable product mix, which impacted both margin contribution and our manufacturing effectiveness.

翻到第 10 張投影片。第一季毛利率為29.9%，較第四季下降220個基點。毛利率的預期下降同樣歸因於利用率的不利因素和不利的產品組合，這影響了利潤貢獻和我們的製造效率。

As shared last quarter, we intentionally carried excess costs in Q1. This decision was to ensure the ability to respond to an expected improvement in customer demand in the second half of the year. The extent of that improvement is now less certain given the current tariff situation.

正如上個季度所分享的，我們在第一季故意承擔了超額成本。這項決定是為了確保能夠應對下半年客戶需求的預期改善。鑑於目前的關稅狀況​​，這種改善的程度目前尚不確定。

Resultantly, we are carefully evaluating these costs and will further adjust as needed. Adjusted EBITDA of $19.5 million or 10.2% of sales decreased by $3.8 million sequentially. This was primarily due to the lower gross margin and unfavorable currency translation, which was partially offset by lower adjusted operating expenses. Adjusted operating expenses decreased by almost $4 million from the prior quarter, reflecting the ongoing cost reduction efforts that Colin highlighted.

因此，我們正在仔細評估這些成本，並將根據需要進一步調整。調整後的 EBITDA 為 1,950 萬美元，佔銷售額的 10.2%，比上一季減少 380 萬美元。這主要是由於毛利率較低和不利的貨幣換算，但調整後的營業費用較低部分抵消了這一影響。調整後的營運費用較上一季減少了近 400 萬美元，反映了 Colin 強調的持續的成本削減努力。

Continuing to slide 11, I'll next discuss Q1 cash utilization. Cash at the end of the first quarter was $176 million, an increase of $16 million from the end of the fourth quarter. In addition to cash generated from operations, we also received net proceeds of $13 million related to the sale of our price road manufacturing facility in Arizona. The payment uses of cash in Q1 included capital expenditures of $10 million and cash taxes paid of $8 million.

繼續第 11 張投影片，我接下來將討論第一季的現金利用率。第一季末現金為1.76億美元，較第四季末增加1,600萬美元。除了營運產生的現金外，我們還獲得了與出售位於亞利桑那州的公路製造工廠相關的 1300 萬美元的淨收益。第一季的現金支付用途包括 1000 萬美元的資本支出和 800 萬美元的現金稅。

Turning to slide 12. I'll provide an update of our capital allocation priorities in the current operating environment. Our overall goal is to maintain a strong balance sheet during this period of increased uncertainty, while allocating excess cash to its best use.

翻到第 12 張投影片。我將提供當前營運環境下我們資本配置優先事項的最新資訊。我們的總體目標是在不確定性增加的時期保持強勁的資產負債表，同時將多餘的現金分配到最佳用途。

Over the past two to three years, the focus was in allocating capital to fund organic growth initiatives. With those investments now largely complete, we are focused on decreasing the CapEx intensity of the business.

過去兩三年來，重點是分配資本以資助有機成長計劃。隨著這些投資現已基本完成，我們正致力於降低業務的資本支出強度。

As it pertains to our 2025 CapEx plans, we have identified further reduction opportunities and now expect to spend between $30 million to $40 million for the full year, a decrease of $10 million.

就我們的 2025 年資本支出計劃而言，我們已經確定了進一步削減的機會，現在預計全年支出在 3000 萬至 4000 萬美元之間，減少 1000 萬美元。

Next, return on capital to shareholders has increased in priority given our growing cash position and a lower share price. Consistent with our opportunistic share buyback strategy, we will continue to monitor market dynamics and our share price, and we'll leverage our existing repurchase program approvals. For reference, we have $104 million remaining on our existing share repurchase program.

其次，鑑於我們現金狀況的不斷成長和股價的下降，股東資本報酬率的優先順序也隨之提高。與我們的機會主義股票回購策略一致，我們將繼續監控市場動態和股價，並利用現有的回購計畫批准。作為參考，我們現有的股票回購計畫還剩餘 1.04 億美元。

Third, synergistic bolt-on M&A remains a key part of our strategy. We continue to target opportunities with the right product and regional fit that are EPS accretive and with ROIs that exceeds our return threshold. Through a valuation, we are continuing to make progress with multiple opportunities that fit these criteria.

第三，協同補強型併購仍是我們策略的關鍵部分。我們將繼續瞄準具有正確產品和區域契合度的機會，這些機會可以增加每股收益，並且投資回報率將超過我們的回報門檻。透過評估，我們將繼續在符合這些標準的多個機會上取得進展。

Lastly, we intend to prudently manage leverage for any potential M&A transaction. In light of the current environment, we would not expect any use of debt to exceed 1.5 times EBITDA and only for a clearly synergistic opportunity.

最後，我們打算謹慎管理任何潛在併購交易的槓桿。鑑於當前環境，我們預計任何債務的使用都不會超過 EBITDA 的 1.5 倍，並且僅用於明顯的協同機會。

Next, on slide 13, I will discuss our guidance for the second quarter. Beginning with the top line, we expect Q2 sales to be between $190 million and $205 million. The midpoint of this range represents a 4% increase in sales versus the first quarter. The EV/HEV, ADAS, industrial, and portable electronics end markets are all expected to increase.

接下來，在第 13 張投影片上，我將討論我們對第二季的指導。從營收來看，我們預計第二季的銷售額將在 1.9 億至 2.05 億美元之間。該範圍的中點代表銷售額較第一季成長 4%。預計 EV/HEV、ADAS、工業和便攜式電子終端市場都將成長。

In recent weeks, we have seen a small amount of customers delaying orders because of the tariff uncertainty. These order delays have been largely isolated, but the low end of our range contemplates the potential for similar trends from other customers.

最近幾週，我們看到少量客戶因關稅不確定性而推遲訂單。這些訂單延遲基本上是個別現象，但我們範圍的低端考慮了其他客戶可能出現的類似趨勢。

We are guiding gross margin to be in the range of 31% to 33% for Q2, with the increase a result of both improved volume and favorable product mix. As indicated, we are working to mitigate the direct impact of higher tariff costs.

我們預計第二季的毛利率將在 31% 至 33% 之間，這一增長是由於銷量增加和產品結構有利所致。正如所指出的，我們正在努力減輕關稅成本上升的直接影響。

In recognition of the uncertainty this causes, we have widened the GM range by 100 basis points. We expect adjusted operating expenses to increase slightly in Q2 from the first quarter. Similar to prior years, this is related to the timing of when some share-based compensation expenses are incurred.

考慮到由此造成的不確定性，我們將 GM 範圍擴大了 100 個基點。我們預計第二季調整後的營運費用將較第一季略有增加。與前幾年類似，這與一些股權激勵費用發生的時間有關。

EPS is expected to range from breakeven to $0.40 of earnings. The adjusted EPS range is $0.30 to $0.70 of earnings. Lastly, based on current visibility, we project our full-year tax rate to be approximately 27%.

預計每股收益將在損益平衡點至 0.40 美元之間。調整後的每股收益範圍為 0.30 美元至 0.70 美元。最後，根據目前的情況，我們預計全年稅率約為 27%。

I will now turn the call back over to Colin.

我現在將電話轉回給科林。

Thanks, Laura. Let me conclude on slide 14 with important priorities for Rogers, not just in Q1, but for the remainder of the year. We are sharply focused on executing our commercial and operational objectives, securing important new design wins with major OEMs, and strengthening our sales funnel across both our AES and EMS businesses and continuing to aggressively pursue our operational efficiency and business transformation initiatives, which includes more efficient internal processes an improved customer experience and overall a more flexible and scalable enterprise. We are implementing robust action plans to address and wherever possible, mitigate the impact of tariffs.

謝謝，勞拉。讓我在第 14 張幻燈片中總結一下羅傑斯的重要優先事項，不僅是在第一季度，而且是在今年剩餘時間內。我們高度重視實現我們的商業和營運目標，確保贏得主要 OEM 廠商的重要新設計，加強 AES 和 EMS 業務的銷售管道，並繼續積極推行我們的營運效率和業務轉型計劃，其中包括更高效的內部流程、更好的客戶體驗以及整體上更靈活、更具可擴展性的企業。我們正在實施強有力的行動計劃，以解決並盡可能減輕關稅的影響。

Our local-for-local strategy is an important element of our mitigation plans and will pursue other steps, as necessary. We have taken prudent actions over the last year, which we continue to implement in Q1 to improve our cost structure and operating efficiency. These actions have delivered material savings across the company. If conditions warrant, we will pursue additional cost saving measures.

我們的「本地服務本地」策略是我們緩解計畫的重要組成部分，並將根據需要採取其他措施。我們在過去一年中採取了審慎的行動，並在第一季繼續實施這些行動，以改善我們的成本結構和營運效率。這些舉措為整個公司帶來了材料節約。如果條件允許，我們將採取額外的成本節約措施。

And lastly, we are highly focused on maintaining a strong balance sheet that provides Rogers with flexibility and capital deployment optionality.

最後，我們高度重視維持強勁的資產負債表，為羅傑斯提供彈性和資本部署選擇性。

Thank you for your time today. I will now turn the call back to the operator for questions.

感謝您今天抽出時間。我現在將把電話轉回給接線員以回答問題。

(Operator Instructions) Dan Moore, CJS Securities.

（操作員指示） Dan Moore，CJS Securities。

Thank you. Good afternoon, Colin. Good afternoon, Laura. Thanks for taking the questions. I can start with the cost savings. Just how much of the $25 million cost savings that you expect to achieve in 2025 is in the Q2 guidance kind of on a run rate basis?

謝謝。下午好，科林。下午好，勞拉。感謝您回答這些問題。我可以從節省成本開始。您預計 2025 年將實現 2500 萬美元的成本節約，其中有多少是基於運行率計算的？

And then regarding the $32 million annualized, is that all earmarked for margin improvement and bottom-line improvement, or might some portion of that being reinvested in the business?

那麼關於每年 3,200 萬美元，是否全部指定用於提高利潤率和改善底線，還是其中一部分可能會重新投資於業務？

Hey, Dan, it's Laura. I'll start there, and Colin can augment with anything I have to miss. So in terms of the second quarter, largely most of the savings that we're going to see there are associated to the reduction in force that we mentioned with regards to rebalancing our OpEx investment associated to the current top-line environment.

嘿，丹，我是蘿拉。我將從那裡開始，而科林可以補充我所遺漏的任何內容。因此，就第二季而言，我們將看到的大部分節省都與我們提到的與重新平衡與當前頂線環境相關的營運支出投資有關的裁員有關。

A lot of the manufacturing savings that we've reported there are really predicated on our -- rundown of our RFS manufacturing from our Belgian facility and consistent with what we communicated previously. We're still on track to exit that manufacturing late Q2, early Q3. So we will see benefits of that in the second half of around $3 million. But most of the second quarter is more so on the RIF impact. In terms of the quarterly amount there, I think it's about $2 million.

我們報告的許多製造成本節省實際上是基於我們比利時工廠的 RFS 製造概要，並且與我們之前傳達的訊息一致。我們仍有望在第二季末、第三季初退出該製造業務。因此，我們將在下半年看到約 300 萬美元的收益。但第二季大部分受RIF的影響更大。就季度金額而言，我認為約為 200 萬美元。

For Q2?

對於第二季？

Yes.

是的。

Okay. And then just looking at, obviously, given all of moving parts to visibility is extremely challenged. Just seasonally. Last year, Q3 was your strongest quarter seasonally aided by portable electronics. Do you still expect that to be the case once again this year, at least for the bottom line, given -- particularly given the benefit from incremental cost reduction actions? Any thoughts there would be helpful.

好的。然後，顯然，考慮到所有移動部件的可見性，這極具挑戰性。只是季節性的。去年，第三季是你們在便攜式電子產品的推動下表現最強勁的一個季度。您是否仍預計今年的情況會再次如此，至少從底線來看是這樣，特別是考慮到增量成本削減行動的好處？任何想法都會有幫助。

Just thoughts on the second half of the year, probably center around some of the key assumptions around what happens for us in terms of portable electronics ramping.

只是對今年下半年的想法，可能集中在一些關於便攜式電子產品成長方面我們將會發生什麼的關鍵假設。

We also have still the assumption that we see some of the inventory issues related to the power module market finally abating, and that will all contribute to what we think is improvement going forward. But that's -- I guess, there's a caveat in there Dan around, it's still too difficult to predict might happen with the geopolitical situation regarding tariffs or other areas.

我們仍然假設，與電源模組市場相關的一些庫存問題最終會消退，而這一切都將有助於我們認為的未來改善。但那是——我想，丹，這裡有一個警告，仍然很難預測關稅或其他領域的地緣政治局勢會發生什麼。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yeah. Thanks for taking the questions, and appreciate all the transparency in the presentation, especially on cost reduction. I wanted to start just by following up on one of the points that Laura mentioned, and it's a question both for Laura and you, Colin. So she talked about some customers making very modest adjustments on orders.

是的。感謝您回答這些問題，並欣賞演示中的透明度，特別是在降低成本方面。首先，我想跟進勞拉提到的其中一點，這是勞拉和你，科林都要問的問題。因此她談到了一些客戶對訂單做出非常適度的調整。

But the question is more about just the tone of customer conversations that you've had since tariffs -- or the tariff issue really started to ramp up in late March and early April. What are you hearing from customers? Are you hearing that while they haven't done anything yet they could do things that might have a more impact on business? Just help us understand what's going on out there as you interact with your key customer constituents? Thank you.

但問題更多的是關於自關稅以來您與客戶交談的基調——或者關稅問題在 3 月底和 4 月初真正開始加劇。您從客戶那裡聽到了什麼？您是否聽說，儘管他們尚未採取任何行動，但他們可以採取一些可能對業務產生更大影響的行動？只是幫助我們了解當您與主要客戶群互動時正在發生的事情嗎？謝謝。

I can start with that as I've spent a lot of time with customers and talking to customers as have our commercial teams and technical teams for that matter. So I would say our customers are feeling very resilient as we are. They understand it's unpredictable, but they've been great to work with. And when we talk about how can we potentially mitigate potential more tariffs, it's working with them in terms of -- if we source from other areas, could they move qualification in a faster pace, they're willing to do that.

我可以從那開始，因為我花了很多時間與客戶交流，我們的商業團隊和技術團隊也是。所以我想說我們的客戶和我們一樣感覺非常有韌性。他們知道這是不可預測的，但與他們合作非常愉快。當我們談論如何才能潛在地減輕更多的關稅時，我們就會與他們合作——如果我們從其他地區採購，他們能否以更快的速度提高資質，他們願意這樣做。

I would say the dialogues have been constructive, open, we feel like we're in this together, and I see a lot of cooperation coming from our customers, and we're cooperating with them.

我想說的是，對話是建設性的、開放的，我們感覺我們是在一起的，我看到很多來自客戶的合作，我們也在與他們合作。

So it's unclear. It's uncertain. We have been through a lot together, going back to even before COVID, and so we feel like this is one more hurdle that will work together to overcome. But there's not a lot of despair. It's mostly around, hey, this is in front of us, let's figure out how to mitigate this and move forward. and we'll be fine. We're just really trying to take one step forward every day with our customer base.

所以還不清楚。這還不確定。我們一起經歷了很多事情，甚至可以追溯到新冠疫情之前，所以我們覺得這是需要我們共同努力克服的另一個障礙。但並沒有太多的絕望。主要的情況是，嘿，這就在我們面前，讓我們想辦法緩解這種情況並繼續前進。我們會沒事的。我們只是想每天與我們的客戶群一起向前邁進一步。

Yeah, that's reassuring. Thank you, Colin. And then the second question I'll direct to you, it relates to one of the points that you made on the curamik opportunity pipeline in China. Great to hear there's good expansion going on. Can you just help reconcile what you're seeing with that opportunity pipeline? Maybe provide a little bit more color on how it's developed and could further develop through the year?

是的，這讓人放心。謝謝你，科林。然後我要問您的第二個問題，它與您在中國的 curamik 機會管道中提到的一個觀點有關。很高興聽到有良好的擴張進展。您能否幫助您將所看到的情況與機會管道進行協調？也許可以提供更多關於它如何發展以及如何在今年進一步發展的資訊？

And then more broadly, the global market is pretty soft. And what do you see happening regionally versus globally? And how does that all play out in the strength of the business this year? Thank you.

更廣泛地說，全球市場相當疲軟。您認為區域和全球範圍內會出現哪些變化？那麼這一切對今年的業務實力有何影響？謝謝。

Okay. Well, I'll start by saying that we continue to make good progress on standing up our curamik facility. The prototyping continues, and we still anticipate being able to supply customer orders by sometime in the middle of this year. And I would also say that our customer base in China remains excited related to the fact that we'll be able to produce in China for China.

好的。好吧，首先我想說的是，我們在建立 curamik 設施方面繼續取得良好進展。原型製作仍在繼續，我們仍然預計能夠在今年年中某個時候供應客戶訂單。我還要說的是，我們在中國的客戶群對我們能夠在中國為中國生產產品感到興奮。

We have a team that's been, I think, aggressively pursuing design-in wins, both with Western OEMs based in China and Chinese OEMs. We have several in the pipeline, both won and some we think will be closing soon. So we actually feel good about that.

我認為，我們有一個團隊一直在積極爭取設計勝利，無論是與位於中國的西方原始設備製造商還是中國原始設備製造商合作。我們有幾項正在籌備中，有些已經成功，有些我們認為很快就會完成。所以我們實際上對此感覺很好。

I would say that from the macro perspective, it's still quite sluggish in the power module space, and we're anticipating improvement in the second half of the year that will relate to how tariffs unfold, most probably and what happens to inventory levels and, of course, consumer demand for EV/HEV.

我想說，從宏觀角度來看，電源模組領域仍然相當低迷，我們預計下半年情況會有所改善，這很可能與關稅如何發展以及庫存水平如何變化有關，當然還有消費者對 EV/HEV 的需求。

We also still see from a curamik and power module perspective, the industrial segment, still quite sluggish, again, probably related to interest rates and other things related to tariffs as well. But from a longer-term perspective, we still feel very comfortable that we're in the right space.

從 curamik 和電源模組的角度來看，我們仍然看到工業領域仍然相當低迷，這可能與利率以及與關稅相關的其他因素有關。但從長遠來看，我們仍然感到非常自信，我們處於正確的空間。

We do believe EV/HEV will sort out and settle out into that 15% CAGR at some point. And from a curamik perspective, we feel really good about our technology differentiation and especially our tech service and applications expertise. That's helping drive our design wins.

我們確實相信 EV/HEV 最終會解決並穩定在 15% 的複合年增長率。從 curamik 的角度來看，我們對我們的技術差異化，特別是我們的技術服務和應用專業知識感到非常滿意。這有助於推動我們的設計成功。

And then as we ramp China will be very prudent and figure out how to balance supply and demand, and we handle that on a monthly basis as we adjust in that area. So I would say we still feel optimistic, but still unclear on when the macro will finally get back to where we want it to be.

然後，隨著我們擴大產量，中國將非常謹慎，並找出如何平衡供需的方法，我們將按月處理這個問題，並對該領域進行調整。所以我想說我們仍然感到樂觀，但仍然不清楚宏觀何時才能最終回到我們想要的水平。

That's really helpful. And if I could sneak one in for Laura. Laura, impressive gross margin expansion in the second quarter. And I think you indicated that mix was a significant contributor there. Can you provide more color on the mix dynamics at play? And then because there is so much cost reduction going on, is there some cost reduction that's also helping, albeit a minority rather than a majority of the increase? Thank you.

這真的很有幫助。如果我可以偷偷帶一份給勞拉的話。勞拉，第二季的毛利率成長令人印象深刻。我認為您指出混合是其中的一個重要因素。您能否提供更多關於混合動態的詳細資訊？那麼，由於成本削減如此之多，是否也有一些成本削減也有幫助，儘管只是少數而不是大部分成本增加？謝謝。

Yeah, sure. So what I would say is with regards to cost reduction, Craig, that's consistently part of our DNA. We focus on cost management in our manufacturing locations and through our procurement and supply chain on a day-to-day, week-to-week basis. So there will be elements of cost reduction that will favorably impact the margin on a quarter-to-quarter transition. But in addition to that, mix has a significant impact to us as a business with the diversity that we have in the segments, the products and the regions that we're serving.

是的，當然。所以我想說的是，克雷格，關於降低成本，這始終是我們 DNA 的一部分。我們專注於製造基地以及採購和供應鏈的日常、每週成本管理。因此，降低成本的因素將對季度間的利潤率產生有利影響。但除此之外，由於我們所服務的領域、產品和地區的多樣性，混合對我們企業有著重大的影響。

And the mix that we had in the first quarter was a little challenged on a quarter-to-quarter basis. with what we expect to be selling into the second quarter, that will favorably assist us. And in addition to that, that mix isn't just a product. It's all the way down to the base level and how we manufacture that through the manufacturing facilities. So we do see improved optimization on that mix into the second quarter, which helps on some of that margin expansion that we have in the guide there.

我們第一季的銷售組合與上一季相比面臨一些挑戰。考慮到我們預計第二季的銷售情況，這將對我們有利。除此之外，這種混合物不僅僅是一種產品。它一直深入到基礎層面，以及我們如何透過製造設施進行製造。因此，我們確實看到第二季該組合的最佳化有所改善，這有助於我們指南中提到的部分利潤率擴張。

And then finally, you hear me probably repeatedly talk about the benefit utilization has for us. So with that, expansion and $7 million in the top line into second quarter, we'll see the favorable benefit on the utilization as well.

最後，您可能會聽到我反覆談論利用率為我們帶來的好處。因此，隨著擴張和第二季 700 萬美元的營業收入，我們也將看到利用率的有利效益。

David Silver, C.L. King & Associates.

大衛·西爾弗，C.L.金與合夥人。

Yeah, hi. Thank you very much. Firstly, I'd just like to mention, I did appreciate the slide deck, in particular, slide 6 and the walk-through of your different tariff exposures and impacts by different exposure. Very helpful.

是的，你好。非常感謝。首先，我想說的是，我確實很欣賞這份投影片，特別是第 6 張投影片，它介紹了不同的關稅風險以及不同風險的影響。非常有幫助。

I did have a question, I guess, a little different angle, I guess, on the tariffs. But more so than maybe the immediate tactical moves that you've highlighted.

我想我確實有一個關於關稅的稍微不同的角度的問題。但也許比您所強調的直接戰術舉措更為重要。

I was thinking about maybe a longer-term perspective, but with your R&D and your technical work with your customers, in particular, where the collaboration is highest. Have you noticed or would you note any change in the behavior or attitude to the customers towards working with Rogers or working with a US-based company. I mean, in other words, have projects that maybe have a commercialization date maybe next year -- over the next year or two, has the current environment led to any significant pauses or rethinking on the parts of your key customers? Thank you.

我考慮的也許是一個更長遠的觀點，但特別是在你們的研發和與客戶的技術合作方面，合作最為密切。您是否注意到或會注意到客戶在與羅傑斯或與美國公司合作時的行為或態度有任何變化。我的意思是，換句話說，有些專案可能在明年商業化——在接下來的一兩年裡，當前的環境是否會導致您的主要客戶出現任何重大的停頓或重新考慮？謝謝。

Hi, David. Colin here. I'll take that. I would say that it certainly has been a very dramatic last several months, and there's been a lot of discussion with our customers about what the future looks like. And there have been opinions all over the map from customers all over the world for those I've spoken to in Europe and in Asia and in the US.

你好，大衛。這裡是科林。我會接受的。我想說的是，過去幾個月確實非常戲劇化，我們與客戶就未來前景進行了大量討論。我與來自歐洲、亞洲和美國的顧客交流過，他們提出了各種各樣的意見。

What I feel though is that at the end of the day, we feel like -- and our customers feel like that if we continue to work together as we have for years, and Rogers has been a longtime supplier to a lot of our customers, we'll be able to navigate these waters together, and we'll be able to go forward.

但我認為，最終，我們和我們的客戶都認為，如果我們繼續像多年來一樣合作，羅傑斯一直是我們許多客戶的長期供應商，我們將能夠共同渡過難關，並能夠繼續前進。

I can't say I've seen any -- to specifically answer your question anti-American company rhetoric. I mean, there are some people who have opinions on what's going on with the tariffs. But nothing specific against Rogers. And most people, if not all the folks I talked to feel like the global economy has proven to be a successful engine for growth for the entire world, and things will work through whatever we're in at the moment and normalize, and we'll be back to where we want to be to a more stable macro.

我不能說我見過任何——具體回答你的問題反美公司的言論。我的意思是，有些人對於關稅的實施有自己的看法。但沒有針對羅傑斯的具體指控。大多數人（如果不是所有與我交談過的人）都認為，全球經濟已被證明是推動全世界成長的成功引擎，無論我們現在處於什麼情況，事情都會順利進行並恢復正常，我們將回到我們想要的更穩定的宏觀狀態。

And so paying attention every day to these changes keeping close contact with the customers as is the Rogers team, and we don't feel what you've brought up is going to be a big impediment to our growth going forward. But thank you for asking that one.

因此，羅傑斯團隊每天都會關注這些變化，與客戶保持密切聯繫，我們不認為您提出的問題會對我們未來的發展造成重大阻礙。但謝謝你問這個問題。

Yeah, I probably worded it not as diplomatically as I intended, but it was more just from customers considering elevated uncertainty as opposed to anti-American sentiment per se. But thank you for walking through that. I appreciate it.

是的，我的措詞可能沒有我想像的那麼圓滑，但這更多的是出於客戶對不確定性增加的考慮，而不是反美情緒本身。但謝謝你陪我走過這一切。我很感激。

I would like to maybe just touch base on your commercial update. And in particular, the China opportunity funnel that you talked about. I've noted you've made new investments in products for both AES and EMS. From the increased opportunities that you would cite in China, is -- or I'll just say that the region, but is there a balance of increase on both the AES side and EMS side? Or is it tilted more towards PORON than curamik type products? Or would it be more solutions oriented, where there's elements of both of your segments. Just a comment on the development of your opportunity funnel in China. Thank you.

我可能只是想了解您的商業更新。特別是您談到的中國機會漏斗。我注意到您對 AES 和 EMS 產品都進行了新的投資。從您所提到的中國增加的機會來看，或者我只是說該地區，但 AES 方面和 EMS 方面的增長是否平衡？或者它更傾向於 PORON 而不是 curamik 類型的產品？或者它會更加重視解決方案，其中包含兩個部分的元素。只是對您在中國的機會漏斗的發展做一些評論。謝謝。

Yeah. Thanks, David. I'll take that one as well. I would say that our opportunity funnel in terms of how it's balanced. It's fairly well balanced between EMS and AES.

是的。謝謝，大衛。我也會選擇這個。我想說的是，我們的機會漏斗是如何平衡的。EMS 和 AES 之間的平衡相當好。

So from the EMS perspective, PORON is lead technology for us, but we also have our BISCO foam. We have two polyurethane manufacturing lines in South Korea, UTIS that makes a different type of polyurethane foam that goes quite well in a lot of end market segments. And from an EMS perspective, we're seeing growth and targeted program wins in the portable electronic areas, industrial, EV/HEV. Those might be the three largest ones, although not completely the final end applications we sell to.

因此從 EMS 角度來看，PORON 對我們來說是領先的技術，但我們也有 BISCO 泡棉。我們在韓國有兩條聚氨酯生產線，UTIS 生產不同類型的聚氨酯泡沫，在許多終端市場領域表現相當不錯。從 EMS 角度來看，我們看到便攜式電子領域、工業、EV/HEV 等領域的成長和有針對性的專案勝利。儘管這不完全是我們銷售的最終終端應用程序，但這可能是最大的三個。

And then from the AES perspective, it's mostly, I would say, EV/HEV. So it's ADAS radar, it's power modules that go into EV/HEV or industrial and a good portion of renewable energy, and that's also a key end market segment for our ROLINX laminated bus bars. So I would say that a good proxy would be, yeah, we see a general I would say, balanced funnel between the businesses. And it's also quite diverse in terms of products we sell going into multiple different end applications. So we're not just focusing, I would say, with one product into one end market in China. I think it's quite the opposite.

然後從 AES 的角度來看，我認為主要是 EV/HEV。因此，它是 ADAS 雷達，它是用於 EV/HEV 或工業的電源模組以及很大一部分可再生能源，這也是我們的 ROLINX 層壓母線的一個關鍵終端市場部分。所以我想說一個好的代理商是，是的，我們看到一個總體上我認為是企業之間平衡的漏斗。而且，我們銷售的產品種類繁多，適用於多種不同的最終應用。所以我想說，我們不僅專注於將一種產品打入中國的一個終端市場。我認為事實恰恰相反。

(Operator Instructions) Dan Moore, CJS Securities.

（操作員指示） Dan Moore，CJS Securities。

Thank you again. And I appreciate the color on both capital allocation priorities as well as the CapEx update. Given that, what are your expectations for free cash flow this year? And if not a range, maybe just kind of discuss some of the other components, what are your expectations for working capital, et cetera?

再次感謝您。我很欣賞資本配置優先順序以及資本支出更新的細節。有鑑於此，您對今年的自由現金流有何預期？如果沒有一個範圍，也許只是討論一些其他組成部分，您對營運資金的期望是什麼，等等？

Hey, Dan. So I'll start here. So as you saw, we expanded our cash balance in Q1. So we're up at $176 million, so a growth of $16 million quarter on quarter. If you consider that in relation to our top line and our profitability in the first quarter, even with that lower level of activity, we expanded absent the sale of Price Road $3 million, inclusive of a capital investment of $10 million.

嘿，丹。所以我將從這裡開始。正如您所看到的，我們在第一季增加了現金餘額。因此我們的營收達到了 1.76 億美元，比上一季成長了 1,600 萬美元。如果考慮到我們第一季的營業收入和獲利能力，即使活動水準較低，我們仍擴大了 300 萬美元的 Price Road 銷售規模，其中包括 1,000 萬美元的資本投資。

So we don't guide for the full year, but what I think that tells you is something about the resiliency and our liquidity and the position that we're on from a balance sheet perspective. And that is what framed the capital allocation considerations and the update that we shared in today's review.

因此，我們不會為全年做出預測，但我認為這可以告訴你一些有關我們的彈性和流動性以及從資產負債表角度來看我們所處的地位的信息。這就是我們在今天的審查中分享的資本配置考慮和最新情況。

That's helpful, Laura. And just thinking longer term beyond this year, are you pointing to lower CapEx or is that more of a temporary pullback and still thinking something along the maybe 7% of revenue range. Thanks again.

這很有幫助，勞拉。而從今年以後的長期來看，您指的是資本支出降低嗎？還是這只是暫時的回調，並且仍然認為其可能佔收入的 7% 左右。再次感謝。

Yeah. Of course. No, I would suggest, historically, we've been investing as we expanded our global footprint in satisfying the local-for-local strategy. And we're largely complete with those capacity investments, which means our organic investment should decelerate. If you look at this year as a proxy will be sub-5%, is what our latest indication is, so I would expect the intensity to decrease.

是的。當然。不，我認為，從歷史上看，我們在擴大全球影響力的過程中一直在進行投資，以滿足在地化策略。我們的產能投資已基本完成，這意味著我們的有機投資應該會減速。如果你看今年的代理數據，其成長率將低於 5%，這是我們最新的跡象，因此我預計強度將會下降。

The one thing that I would mention, though, is consistent with what we should do on seeking optimization opportunities. We'll review investment opportunities that our businesses and the R&D teams identify on an ongoing basis and make decisions based on opportunity to deliver significant return that complies with our investment thesis. So we'd anticipate a reduced intensity going forward, but I just would like to caveat that what we have to evaluate opportunities as they present themselves.

不過，我想提到的一件事與我們尋求優化機會時應該做的事情是一致的。我們將持續檢視我們的業務和研發團隊發現的投資機會，並根據機會做出決策，以實現符合我們投資理念的重大回報。因此，我們預期未來的強度會降低，但我只是想提醒大家，我們必須在機會出現時進行評估。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yeah. Thanks for taking the follow-up. Dan really just hit on it with the inquiry on the level of CapEx intensity going forward, but I'll use it as an opportunity to dig a little bit deeper.

是的。感謝您的跟進。丹確實只是透過詢問未來的資本支出強度水準來解決這個問題，但我會利用這個機會進行更深入的挖掘。

Laura, as we look at the business and its capital intensity as we switch more from just building out our local-for-local capability and really optimizing the footprint that's in place, can you characterize the relative capital intensity of the two main segments? Are there parts of those businesses that would have relatively higher CapEx requirements to sustain them, or are there other factors that we could be aware of that would help us understand in a 4% to 6% range where we might be allocating that capital? Thank you.

勞拉，當我們審視業務及其資本強度時，我們更多地從僅僅建立本地化能力轉向真正優化現有的足跡，您能否描述一下兩個主要部分的相對資本強度？這些業務中是否有部分需要相對較高的資本支出來維持，或者是否有其他我們可以了解的因素可以幫助我們了解在 4% 到 6% 的範圍內我們可能分配這些資本？謝謝。

So what I would tell you is with the structure of our factories, I would suggest that if I look at the investments we've made over the last few years, there've been somewhat balanced between both of our segments associated to capacity expansion.

因此，我想告訴您的是，就我們工廠的結構而言，如果我看一下我們過去幾年所做的投資，我會建議，與產能擴張相關的兩個部門之間已經達到了某種平衡。

But also within that CapEx investment, Craig, is what we need to invest in to maintain our existing fleet. And when I think about that as it relates to our global manufacturing footprint, I would view it quite equivalent in terms of visibility that we have.

但是，克雷格，在資本支出投資中，我們也需要投資來維護我們現有的車隊。當我考慮到這與我們的全球製造足跡有關時，我認為就我們的可見性而言，它相當等同。

Now naturally, there may be some individual one-off things that we need to undertake to maintain a facility or upgrade something that's unforeseen that might be a little more intense -- but I think if you look at that over a period of time, it's going to balance itself and I would kind of hazard a suggestion that is probably somewhat balanced. And even if you consider the investments that we have been making in recent years, we always are inclusive of investments, not just in our capital expansion but also our facility maintenance.

當然，我們可能需要進行一些一次性的個別工作來維護設施或升級一些不可預見的東西，這些工作可能會更加激烈——但我認為，如果你在一段時間內觀察這個問題，它會自行平衡，我冒昧地提出一個可能比較平衡的建議。即使考慮到我們近年來所做的投資，我們也始終是包容性的投資，不僅包括資本擴張，還包括設施維護。

And in addition to that, investments in R&D for optimization and our technology capabilities. And then finally, on systems and ERP so that we can make our organization more effective to seek optimization in the future.

除此之外，我們也對研發進行了投資，以優化我們的技術能力。最後，在系統和 ERP 方面，我們可以使我們的組織更有效地尋求未來的最佳化。

(Operator Instructions) We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

（操作員指示）我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

I would just like to say that thank you for joining our conference call, and we look forward to following up with many of you over the next several weeks. Thank you very much.

我只想說，感謝您參加我們的電話會議，我們期待在接下來的幾週內與您中的許多人進行跟進。非常感謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。