Rogers Corp (ROG) 2025 Q2 法說會逐字稿

Good afternoon. My name is Sean Mali, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rogers Corporation second-quarter 2025 earnings conference call. I will now turn the call over to your host, Mr. Steve Haymore, Senior Director, Investor Relations.

午安.我叫 Sean Mali，今天我將擔任您的會議接線生。現在，我歡迎大家參加羅傑斯公司2025年第二季財報電話會議。現在我將電話轉給主持人、投資者關係高級總監史蒂夫·海莫爾先生。

Mr. Haymore, you may begin.

海莫爾先生，你可以開始了。

Good afternoon, and welcome to the Rogers Corporation second-quarter 2025 earnings conference call. The slides for today's call can be found in 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 年第二季財報電話會議。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 are Ali El-Haj, Interim President and CEO; Laura Russell, Senior Vice President and CFO; and Jeff Tsao, President of the Advanced Electronic Solutions business unit.

今天與我一起出席的有臨時總裁兼執行長 Ali El-Haj、高級副總裁兼財務長 Laura Russell 以及先進電子解決方案業務部總裁 Jeff Tsao。

I will now turn the call over to Ali.

現在我將把電話轉給阿里。

Thank you, Steve. Good afternoon, everyone, and thank you for joining us today. First, let me say that I appreciate the opportunity to step in as the Interim CEO role at Rogers. Over the past several months, I have directly observed the talent and capability of the global Rogers team as well as the many compelling opportunities that are ahead. There are challenges that need to be addressed.

謝謝你，史蒂夫。大家下午好，感謝大家今天的參與。首先，我要說，我很感激有機會擔任羅傑斯公司的臨時執行長。在過去的幾個月裡，我直接觀察到了羅傑斯全球團隊的才華和能力以及未來的許多引人注目的機會。有一些挑戰需要解決。

However, I'm excited to lead the organization and leverage my prior experience to help improve the company's performance. Over the past 30-plus years, I have gained significant experience leading both private equity-owned businesses and divisions of public companies. Like Rogers, these companies have been global manufacturers of highly engineered materials and products that have competed in similar end markets such as automotive and industrial.

然而，我很高興能夠領導該組織並利用我以前的經驗來幫助提高公司的表現。在過去的 30 多年裡，我在領導私募股權企業和上市公司部門方面累積了豐富的經驗。與羅傑斯一樣，這些公司都是高科技材料和產品的全球製造商，並在汽車和工業等類似的終端市場中競爭。

At each of these companies, I have demonstrated the ability to deliver growth in both sales and profitability. I look forward to working with the executive leadership team and employees globally to do the same at Rogers.

在這些公司中，我都展現了實現銷售額和獲利能力成長的能力。我期待與羅傑斯公司的執行領導團隊和全球員工一起努力，並取得同樣的成果。

Now turning to slide 4. First, I want to emphasize to our shareholders that Rogers' core capability and strength are intact. The recent leadership transition does not signal a major change in strategy or a deterioration of our competitive advantages. Rather, the changes are needed to increase the speed of execution, improve accountability and create a more dynamic organization to accelerate growth and improve margins.

現在翻到幻燈片 4。首先，我想向我們的股東強調，羅傑斯的核心能力和實力是完美的。最近的領導層變動並不意味著策略發生重大變化或競爭優勢減弱。相反，需要進行變革來提高執行速度、改善問責制並創造一個更具活力的組織，以加速成長並提高利潤率。

Next, the performance at the AES curamik business has been affected in recent quarters by a rapidly evolving EV market. I will cover how we are responding to the market-driven changes facing this business and the actions we are taking to address them.

其次，AES curamik 業務的業績在最近幾季受到了快速發展的電動車市場的影響。我將介紹我們如何應對該業務面臨的市場驅動變化以及我們為應對這些變化而採取的行動。

Turning to our Q2 results. Our sales, gross margins and adjusted EPS were all within guidance ranges. Sales increased by 6.5% from the prior quarter, led by a stronger industrial, portable electronics, A&D and ADAS end markets. We look ahead to Q3, and we expect a more modest increase in revenue.

談到我們的第二季業績。我們的銷售額、毛利率和調整後的每股盈餘均在指導範圍內。銷售額較上一季成長 6.5%，主要得益於工業、便攜式電子、A&D 和 ADAS 終端市場的強勁成長。展望第三季度，我們預期營收將出現更溫和的成長。

However, gross margin and adjusted EPS should see stronger increases due to our ongoing cost and expense containment initiatives. Laura will cover both the Q2 financials and third quarter outlook in more details.

然而，由於我們正在實施的成本和費用控制措施，毛利率和調整後的每股盈餘應該會出現更強勁的成長。勞拉將更詳細地介紹第二季財務狀況和第三季展望。

Next, on slide 5. Here are the key elements that provide a strong foundation for Rogers' future success. For many years, Rogers has been a trusted partner by leading OEMs globally. They value Rogers' design capabilities, proven reliability and broad portfolio of products. As a customer focused company, we will continue to build on these values in all areas of our business.

接下來，請看投影片 5。以下是為羅傑斯未來的成功奠定堅實基礎的關鍵因素。多年來，羅傑斯一直是全球領先原始設備製造商值得信賴的合作夥伴。他們重視羅傑斯的設計能力、可靠性和廣泛的產品組合。作為一家以客戶為中心的公司，我們將繼續在所有業務領域秉持這些價值。

Rogers' technical capabilities also remain a strength for the company. Our sales engineers and technical service organizations are critical to our success. They leverage their deep expertise to assist our customers in finding the right materials and solutions for their specific applications.

羅傑斯的技術能力仍然是公司的一大優勢。我們的銷售工程師和技術服務組織對我們的成功至關重要。他們利用其深厚的專業知識來幫助我們的客戶找到適合其特定應用的材料和解決方案。

Rogers' greatest strength is its employees. As I have had the opportunity to meet many of the Rogers' team around the world, I have been impressed at the talent and commitment they bring to work each and every day. We will continue to invest in the development of our employees and their success.

羅傑斯最大的優勢是員工。我有機會與羅傑斯團隊在世界各地的許多成員見面，他們每天在工作中展現出的才華和奉獻精神給我留下了深刻的印象。我們將繼續投資於員工的發展和他們的成功。

Finally, Rogers' global reach and footprint continues to be a strength and social differentiation. We have manufacturing and technical expertise in every major region of the world to provide high levels of support to our customers.

最後，羅傑斯的全球影響力和足跡繼續成為其優勢和社會差異化。我們在世界各主要地區都擁有製造和技術專長，可以為我們的客戶提供高水準的支援。

We are building a global company with local experts. Next, on slide 6, I'll highlight some of the changes happening in the global electric vehicle market. Over the past 18 months, we have seen a sharp divergence in the regional growth rates for EV production and sales. In North America and Europe, projections for EV growth have been downgraded over time by millions of units. This resulted in both a significant inventory correction and a stagnation of production levels in these regions.

我們正在與本地專家一起打造一家全球性公司。接下來，在第 6 張投影片上，我將重點放在全球電動車市場正在發生的一些變化。在過去的 18 個月中，我們看到各地區電動車產量和銷量的成長率出現了巨大差異。在北美和歐洲，電動車的成長預測已經隨著時間的推移而下調了數百萬輛。這導致這些地區的庫存大幅調整和生產水準停滯。

In contrast, EV production in China has remained on track to projections and unit volumes have grown rapidly. This change in regional growth rates has altered the competitive landscape for curamik's direct customers. Power module manufacturers in Asia and specifically China have capitalized on the fast growth in their home market and have been able to capture large share from Rogers' traditional customers.

相比之下，中國電動車產量仍維持預期水平，且銷售量快速成長。區域成長率的變化改變了 curamik 直接客戶的競爭格局。亞洲（特別是中國）的電源模組製造商利用本土市場的快速成長，從羅傑斯的傳統客戶手中奪取了很大一部分市場份額。

Also, with intense global EV competition and consistent with typical trends in the auto industry, power substrates are facing pricing pressure. As a result of these market changes, we experienced lower demand than originally forecasted, and we are adjusting the curamik business accordingly.

此外，由於全球電動車競爭激烈，並且與汽車行業的典型趨勢一致，電源基板面臨價格壓力。由於這些市場變化，我們的需求低於最初的預測，我們正在相應地調整 curamik 業務。

Turning to slide 7. In support of our local for local manufacturing strategy, we are rebalancing our capacity between Europe and China. As recently announced, we are taking meaningful actions to right-size the curamik business. With lower growth in the EV market outside of China, it is necessary that we have a cost competitive footprint in each region. Our plans include ramping up manufacturing capabilities in China and reducing capacity in our European operations.

翻到幻燈片 7。為了支持我們的本地製造策略，我們正在重新平衡歐洲和中國之間的產能。正如最近宣布的那樣，我們正在採取有意義的行動來調整 curamik 業務的規模。由於中國以外地區的電動車市場成長較低，我們有必要在每個地區都有具有成本競爭力的足跡。我們的計劃包括提高在中國的生產能力並減少歐洲業務的產能。

The full year run rate savings from these actions are projected to be in excess of $13 million. Our Suzhou factory combined with a localized supply chain will afford us a global competitive advantage. Customer qualification work at this facility is continuing and we expect to ramp up production in the coming months. We continue to see good traction with additional design wins in the local market. Indeed, in the second quarter, our AMB substrates were designed into a key EV platform by one of the leading Chinese power module manufacturers.

預計這些措施將為全年節省 1,300 萬美元以上。我們的蘇州工廠與本地化的供應鏈相結合將為我們帶來全球競爭優勢。該工廠的客戶資格認證工作仍在繼續，我們預計未來幾個月將提高產量。我們繼續看到本地市場設計勝利的良好勢頭。事實上，在第二季度，我們的 AMB 基板被中國領先的功率模組製造商設計到關鍵的電動車平台。

The new facility also expands opportunities in industrial and renewable energy end markets. We continue to believe that electrification will provide compelling market opportunities ahead. Executing on this strategy will be key to competing effectively in all regions and enabling our growth in the EV market. We are also focused on growing across our other key end markets. Laura will highlight the growth we saw in Q2, especially in industrial, aerospace and defense and ADAS.

新工廠也擴大了工業和再生能源終端市場的機會。我們始終相信，電氣化將在未來提供極具吸引力的市場機會。執行此策略對於我們在所有地區有效競爭和實現電動車市場成長至關重要。我們也致力於其他主要終端市場的成長。勞拉將重點介紹我們在第二季度看到的成長，尤其是在工業、航空航太和國防以及 ADAS 領域的成長。

In industrial, our primary markets are showing signs of recovery and remain a major focus area. We have identified several growth opportunities such as battery energy storage systems and data centers. In data center, sales today are small, but we are actively engaging with customers to help them address thermal, vibration management and signal integrity challenges. In A&D, we expect the demand from both US and European primes will continue to be strong, and we are working to secure additional wins.

在工業領域，我們的主要市場正在出現復甦跡象，並且仍然是主要關注的領域。我們已經發現了一些成長機會，例如電池儲能係統和資料中心。在資料中心，目前的銷售額很小，但我們正在積極與客戶合作，幫助他們解決熱、振動管理和訊號完整性挑戰。在 A&D 領域，我們預計來自美國和歐洲主要市場的需求將持續強勁，我們正在努力爭取更多勝利。

In the ADAS market, there are compelling growth opportunities as vehicles move to higher levels of autonomy. We are making progress with design wins in new regions and on new introduced laminate materials, which build on our proven performance while reducing manufacturing costs for our customers.

在 ADAS 市場，隨著車輛朝著更高水準的自主性邁進，出現了引人注目的成長機會。我們在新地區的設計和新推出的層壓材料方面取得了進展，這在我們久經考驗的性能的基礎上，同時為我們的客戶降低了製造成本。

I'll turn it over to Laura to discuss our Q2 financial performance and Q3 outlook.

我將把話題交給勞拉來討論我們第二季的財務表現和第三季的展望。

Thank you, Ali. Along with Rogers, Board of Directors and employees, I have a great deal of confidence in Ali's leadership abilities. I look forward to partnering together to drive improved results for our shareholders. I'll begin on slide 8 with a summary of our Q2 results. Our key financial metrics for the quarter were within our previously announced guidance expectations.

謝謝你，阿里。我和羅傑斯、董事會和員工一樣，對阿里的領導能力充滿信心。我期待與大家攜手合作，為股東創造更好的績效。我將從第 8 張投影片開始總結我們的第二季業績。我們本季的關鍵財務指標符合我們先前宣布的指導預期。

Sales were above our expected midpoint as we saw increased demand across most end markets. AES revenues increased by 4.6% and EMS revenues were 8.2% higher on a quarter-on-quarter basis. On a GAAP basis, we recorded a net loss of $73.6 million or $4 per share. This was inclusive of $4.3 million of restructuring costs and a noncash impairment charge of $71.8 million related to goodwill and other intangible assets for our curamik business. As Ali referenced, market and competitive dynamics in the EV space have rapidly shifted in recent quarters.

由於我們看到大多數終端市場的需求增加，銷售額高於我們的預期中點。AES 營收季增 4.6%，EMS 營收季增 8.2%。根據 GAAP 計算，我們的淨虧損為 7,360 萬美元，即每股 4 美元。其中包括 430 萬美元的重組成本和與我們的 curamik 業務的商譽和其他無形資產相關的 7,180 萬美元的非現金減損費用。正如阿里所提到的，電動車領域的市場和競爭動態在最近幾季發生了迅速變化。

These changes resulted in a lower outlook for curamik, which triggered the impairment. With the expansion of our local manufacturing capabilities and the cost reduction initiatives we announced, we believe that we can meaningfully improve the performance of curamik relative to current levels.

這些變化導致 curamik 的前景下降，從而引發了損害。隨著我們本地製造能力的擴大和我們宣布的成本削減舉措，我們相信我們可以顯著提高 curamik 相對於現有水平的性能。

Adjusted earnings per share in Q2 increased to $0.34 from the $0.27 in Q1 as a result of the improvement in sales and gross margin. On slide 9, I'll discuss our sales for the second quarter by end market. Industrial markets had the strongest performance in Q2, increasing at a double-digit rate versus the prior quarter.

由於銷售額和毛利率的提高，第二季調整後每股收益從第一季的 0.27 美元增至 0.34 美元。在第 9 張投影片上，我將討論第二季按終端市場劃分的銷售情況。工業市場在第二季表現最為強勁，較上一季實現了兩位數的成長。

General industrial sales in EMS increased across multiple product lines and regions. AES industrial sales were also higher with strong industrial robotic and automation demand. Aerospace and Defense sales were also higher in both AES and EMS operating segments. AES defense sales improved slightly and EMS commercial aerospace sales rebounded after a decline in Q1 related to customer order timing.

EMS 的一般工業銷售額在多個產品線和地區都有所成長。由於工業機器人和自動化需求強勁，AES 工業銷售也有所成長。AES 和 EMS 營運部門的航空航太和國防銷售額也有所成長。AES 國防銷售額略有改善，EMS 商用航空航太銷售額在第一季因客戶訂單時間原因下滑後出現反彈。

ADAS sales increased for the third consecutive quarter as we continue to see traction with existing customers and grow business in Asia. Portable electronics also increased at double-digit rate versus the prior quarter, consistent with expected seasonal growth.

隨著我們繼續看到現有客戶的吸引力和亞洲業務的成長，ADAS 銷售額連續第三個季度成長。與上一季相比，便攜式電子產品也實現了兩位數的成長，與預期的季節性成長一致。

Turning to slide 10. Q2 gross margin was 31.6%, an increase of 170 basis points from the first quarter. The improvement in gross margin was driven by higher sales and favorable product mix. The impact of tariffs on gross margin was relatively small in Q2, given the de-escalation of rates between the US and China in the quarter, and also as a result of our mitigation efforts.

翻到第 10 張投影片。第二季毛利率為31.6%，較第一季增加170個基點。毛利率的提高得益於銷售額的增加和良好的產品組合。鑑於本季美國和中國之間的利率降級以及我們採取的緩解措施，關稅對第二季毛利率的影響相對較小。

Gross margin was below the midpoint of our guidance range for two primary reasons. First, we had a material write-off related to our Belgium facility, which ceased production in Q2. Second, there was an impact from underutilization at our curamik, Germany factory, which we are addressing with our planned cost reduction actions. Adjusted EBITDA improved to $23.9 million or 11.8% of sales.

毛利率低於我們預期範圍的中點，主要有兩個原因。首先，我們對比利時工廠進行了重大減記，該工廠於第二季停止生產。其次，我們位於德國庫拉米克的工廠利用率不足造成了影響，我們正在採取計劃中的成本削減措施來解決這個問題。調整後的 EBITDA 增至 2,390 萬美元，佔銷售額的 11.8%。

This resulted from the higher gross margin, partially offset by an expected increase in adjusted operating expenses. Continuing to slide 11, I'll next discuss cash utilization for the quarter. Cash at the end of the second quarter was $157 million, a decrease of $18.4 million from the end of the first quarter.

這是由於毛利率較高，但被調整後營運費用的預期增加部分抵銷。繼續第 11 張投影片，我接下來將討論本季的現金利用情況。第二季末現金為1.57億美元，較第一季末減少1,840萬美元。

Our cash balance decreased in Q2 due to $28.1 million of share repurchases. Capital expenditures were $8.1 million in Q2 and included ERP implementation, maintenance CapEx, and residual investments in new capacity.

由於 2810 萬美元的股票回購，我們第二季的現金餘額減少。第二季的資本支出為 810 萬美元，包括 ERP 實施、維護資本支出以及新產能的剩餘投資。

Consistent with my comments last quarter, our investments in previously announced new capacity are largely complete. Naturally, we will continue to evaluate targeted investments to optimize our organic business performance. Returning capital to shareholders will remain a high priority. We will continue to balance this objective against evolving trade dynamics and cash costs for European restructuring activities.

與我上個季度的評論一致，我們先前宣布的新產能投資已基本完成。當然，我們將繼續評估有針對性的投資，以優化我們的有機業務績效。向股東返還資本仍將是我們的首要任務。我們將繼續平衡這一目標與不斷變化的貿易動態和歐洲重組活動的現金成本。

Based on our current view, we anticipate share repurchases in Q3 to be in a similar range to the second quarter. Following our purchases in Q2, we have approximately $76 million remaining on our existing share repurchase program. Synergistic bolt-on M&A continues to be part of our long-term strategy.

根據我們目前的觀點，我們預期第三季的股票回購幅度將與第二季相似。繼第二季的購買之後，我們現有的股票回購計畫還剩餘約 7,600 萬美元。協同附加併購持續成為我們長期策略的一部分。

However, during this transition, the focus will be on organic growth. With that said, evaluation of target opportunities with the right product and regional fit will continue to ensure we can capture any target meeting our investment criteria.

然而，在這轉變過程中，重點將放在有機成長上。話雖如此，對具有正確產品和區域契合度的目標機會的評估將繼續確保我們能夠抓住任何符合我們投資標準的目標。

Next on slide 12, I'll review our guidance for the third quarter. Beginning with sales, we expect Q3 revenues to be between $200 million and $215 million, with the midpoint of the range a 2% increase in sales versus the previous quarter. The guidance assumes seasonally stronger portable electronics and a modest recovery in curamik for EV.

接下來在第 12 張投影片上，我將回顧我們對第三季的指導。從銷售額開始，我們預計第三季營收將在 2 億美元至 2.15 億美元之間，中間值較上一季成長 2%。該指導假設便攜式電子產品將隨著季節變化而更加強勁，電動車的 curamik 將溫和復甦。

ADAS sales are anticipated to be down from a seasonally lower auto production. We are guiding gross margin to be in the range of 31.5% to 33.5% or a 90-basis point improvement at the midpoint of our range. The guidance assumes that tariff policies in place today will remain unchanged for the quarter.

由於季節性汽車產量下降，預計 ADAS 銷量將下降。我們預計毛利率將在 31.5% 至 33.5% 之間，或在該範圍的中間值上提高 90 個基點。該指南假設現行的關稅政策在本季將保持不變。

The improvement in our forecasted gross margin for Q3 is due to volume and product mix benefit. We expect adjusted operating expenses to decrease from the second quarter as a result of lower compensation expense and our continuing focus on discretionary spending.

我們預測第三季毛利率的提高是由於銷售量和產品組合效益。我們預計，由於薪資支出降低以及我們繼續專注於可自由支配的支出，調整後的營運支出將從第二季開始下降。

EPS is projected to range from breakeven to $0.40 of earnings. The adjusted EPS range is $0.50 to $0.90 of earnings. Adjustments to arrive at our non-GAAP EPS are mainly comprised of severance related to the recent executive management departures and restructuring costs related to operations in Europe.

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 0.50 美元至 0.90 美元。為得出我們的非公認會計準則每股收益而進行的調整主要包括與最近高階主管離職相關的遣散費以及與歐洲業務相關的重組成本。

This includes some initial estimated charges for the curamik restructuring actions announced today. We expect the total restructuring costs associated with the curamik European operations to be in the $12 million to $20 million range and incurred over the period from Q3 of '25 to Q3 of '26. The cost savings associated with these actions are projected to be greater than $13 million on an annual run rate basis and are mainly cost of sales.

其中包括今天宣布的 curamik 重組行動的一些初步估計費用。我們預計，與 curamik 歐洲業務相關的重組總成本將在 1,200 萬至 2,000 萬美元之間，並將發生在 2025 年第三季至 2026 年第三季期間。預計這些行動帶來的成本節省將按年運行率計算將超過 1300 萬美元，主要是銷售成本。

The savings from these actions will be incremental with the full run rate savings potential beginning in Q4 of '26. These are in addition to the $32 million of annual run rate savings communicated last earnings call.

這些措施帶來的節省將是漸進的，從 2026 年第四季開始，節省的潛力將達到最大。這些都是上次收益電話會議上宣布的每年 3200 萬美元運行率節省的補充。

Lastly, based on current visibility, we project our full-year tax rate to be approximately 30%. I will now turn the call back over to Ali.

最後，根據目前的情況，我們預計全年稅率約為 30%。現在我將把電話轉回給阿里。

Thank you, Laura. Let me conclude on slide 13 with key priorities. Management is focused on simplifying how we operate by empowering our employees, leading to faster decision-making and improved speed of execution. With this enhanced agility, combined with a strong customer focus and new product introductions, we are confident in our ability to accelerate growth. That concludes our prepared remarks.

謝謝你，勞拉。讓我在第 13 張投影片中以主要優先事項作為結束。管理層致力於透過授權員工來簡化我們的營運方式，從而加快決策速度並提高執行速度。憑藉這種增強的靈活性，加上強大的客戶關注度和新產品的推出，我們有信心加速成長。我們的準備好的演講到此結束。

I will now turn the call back to the operator for questions.

我現在將把電話轉回給接線員以回答問題。

(Operator Instructions) Daniel Moore, CJS Securities.

（操作員指示） Daniel Moore，CJS 證券。

Perhaps we just -- I'll pick up where you just left off. But beyond the $13 million restructuring targeted cost savings, maybe, Ali, just talk about your top two or three priorities, either strategic or financial, as we think about the next 6 to 12 months.

也許我們只是——我會從你剛才停止的地方繼續。但除了 1300 萬美元的重組目標成本節約之外，阿里，也許我們可以談談未來 6 到 12 個月內您的兩三個首要任務，無論是戰略上的還是財務上的。

Okay. Dan, as I mentioned earlier, I think strategically, first of all, we have a lot of cost initiatives internally that we're working on, operational improvements internally that we need to continue to focus on and improve.

好的。丹，正如我之前提到的，我認為從戰略上講，首先，我們內部正在進行許多成本計劃，內部營運改進需要我們繼續關注和改進。

And that's why we made the changes that we've made in the organization to speed up the execution and be able to realize a much more dynamic organization that's going to be responsive to the customer and be able to respond faster, be able to deliver in lower lead time or shorter lead times and stuff like this. This is critical for our current business and as well as growth opportunities. So that's one.

這就是為什麼我們在組織中做出改變，以加快執行速度，並能夠實現一個更具活力的組織，該組織將對客戶做出回應，並能夠更快地做出回應，能夠在更短的交貨時間內或更短的交貨時間內交付等等。這對我們目前的業務和成長機會至關重要。這就是其中之一。

The second one is, again, on the top line, we really identified a lot of opportunities short term, midterm and long term. So the focus will be, again, priorities will be on the short and midterm, and we continue to pursue those opportunities to be able to impact that third and hopefully beyond that quarter's top-line revenues.

第二點是，從最重要的方面來看，我們確實發現了許多短期、中期和長期的機會。因此，我們的重點將再次放在短期和中期，我們將繼續尋求這些機會，以便能夠影響第三季甚至更遠的營收。

Helpful. And maybe I'll ask a 2 and a 2A and keep it to two questions. But you mentioned sequential growth several times. You also mentioned the focus will be on organic growth near term. What are the keys to getting back? And when do you expect to get back to consolidated organic revenue growth on a year-over-year basis?

很有幫助。也許我會問一個 2 和一個 2A，並將其保持在兩個問題。但您多次提到連續增長。您也提到近期重點將放在有機成長上。回歸的關鍵是什麼？您預計何時能夠恢復合併有機收入年增？

And how do you think about kind of reasonable midterm, say, one- to two-year gross margin targets given the updated outlook for curamik? Thank you

鑑於 Curamik 的最新前景，您如何看待合理的中期（例如一到兩年）毛利率目標？謝謝

Yeah. With regard to top line growth, again we're really being aggressive and our efforts will be -- the whole organization is going to be focused on doing so. And we anticipate to have meaningful growth quarter after quarter. As you know, we have guidance for the next quarter. We cannot go beyond that company policy.

是的。關於營業額成長，我們再次展現積極進取的態度，整個組織都將致力於實現這一目標。我們預計每季都會實現有意義的成長。如您所知，我們對下一季有指導。我們不能超越公司政策。

But we -- our expectation, we will see strong results going forward. And I'll turn it to Laura for the balance of the question.

但我們——我們期望，我們將看到未來強勁的成果。我將把這個問題交給勞拉來回答。

Yeah. Hi, Dan. Let me comment on the margin expansion target. So as Ali said, the organization is heavily focused on top line expansion and execution of the opportunities that we see in front of ourselves. If we can execute that expansion, that utilization and benefit to the capacity that we already have invested in and have ready and available globally will assist us in expanding our margins versus how we're performing today with a challenged top line and performance level.

是的。你好，丹。讓我對利潤率擴張目標進行評論。正如阿里所說，該組織非常注重營收擴張和我們面前所看到的機會的執行。如果我們能夠實施這一擴張，那麼我們已經投資並在全球範圍內準備就緒並可用的產能的利用率和收益將幫助我們擴大利潤率，而目前我們的利潤率與營收和業績水平面臨挑戰。

In addition to that, this year we've announced significant cost savings that we've undertaken and to manage during this environment. And as Ali said, we've already announced in today's comments, additional restructuring. So that will also assist us in leveraging and optimizing our margins on a go-forward basis.

除此之外，今年我們也宣布了在這種環境下我們已經採取和管理的重大成本節約措施。正如阿里所說，我們已經在今天的評論中宣布了額外的重組。這也將有助於我們在未來充分利用和優化我們的利潤率。

We can go to the next question, please.

我們可以進入下一個問題了。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Ali, welcome. I wanted to start just going back to something that you emphasized both in the beginning of your prepared remarks and then at the end when you summarized key priorities, and it was speed of execution.

阿里，歡迎光臨。我想回顧一下您在準備好的發言開始時以及最後總結關鍵優先事項時強調的一點，那就是執行速度。

And what I was hoping you could do is give us some specific examples of where you think accelerating speed of execution can make a big difference for Rogers, whether it be in product development and changes to the way you -- the company manages fulfillment, other aspects of how you're bringing value to the customer.

我希望您能給我們舉一些具體的例子，說明您認為加快執行速度可以為羅傑斯帶來哪些重大變化，無論是在產品開發方面，還是在公司管理履行方式的改變方面，還是在為客戶帶來價值的其他方面。

What is it specifically that you're looking for? And how much improvement do you need for this business to really hum in your eyes?

您具體在尋找什麼？在您看來，這項業務需要多大的改進才能真正蓬勃發展？

Yeah. Thank you, Craig. I think one example that I can give you with regard to speedy change the company performance to be able to deliver faster, if you look at our lead time in some of our product lines, it just -- it is not acceptable in today's market conditions. We just need to be faster.

是的。謝謝你，克雷格。我想我可以給你一個例子，關於快速改變公司業績以便能夠更快地交付，如果你看看我們某些產品線的交貨時間，你會發現——這在今天的市場條件下是不可接受的。我們只是需要更快。

So we're trying to take our current lead times in some product lines and some plants from whatever today that number is and try to bring it down by 50% to 60%. So be able to deliver faster. If the customer needs it tomorrow, they need to have it tomorrow, not three or four days from now. This is something we need to work on. We have not been doing a great job with it in the past. I think going forward, you will see a significant change in that. Customers will see that and realize that.

因此，我們正嘗試將某些產品線和工廠的當前交貨時間從目前的數字中縮短 50% 到 60%。因此能夠更快地交付。如果客戶明天需要，他們需要在明天拿到，而不是三、四天後。這是我們需要努力的事情。我們過去在這方面做得併不好。我認為，展望未來，你會看到這方面有重大變化。客戶會看到並意識到這一點。

The second part that we've talked about, we have a significant number of new products and next-generation type products that we intend to launch and deliver over the next quarters, not one quarter, but over the next -- in the coming quarters. And I think we need to accelerate that development process. So by focusing the R&D organization and making sure that the whole company is focused on this becomes part of the normal operating process of the company, not in a silo by itself and working by themselves.

我們討論的第二部分是，我們有大量的新產品和下一代產品計劃在未來幾季推出和交付，不是一個季度，而是下個季度——未來幾季。我認為我們需要加快這一發展進程。因此，透過集中研發組織並確保整個公司都專注於這一點，這成為公司正常營運流程的一部分，而不是孤立地、獨自工作。

So I think doing these two things, we'll be able to deliver faster prototypes to the customers so that they can put those in their new product development. We'll be able to win programs faster and deliver faster.

因此我認為透過做這兩件事，我們將能夠更快地向客戶交付原型，以便他們能夠將其納入新產品開發中。我們將能夠更快地贏得專案並更快地交付。

That's really helpful. The second question will be for Laura. Laura, we had -- previously had in place a $25 million cost reduction effort that I think by the end of this year was going to be on a $32 million run rate. And today, I believe we have talked about an incremental $13 million. So am I right in saying that if we're talking about $13 million and if we were to look out to next year, the $13 million and the $32 million run rate exiting this year would mean that we're talking about around $45 million in cost savings as we look at 2026?

這真的很有幫助。第二個問題是問勞拉的。勞拉，我們之前已經實施了一項 2500 萬美元的成本削減計劃，我認為到今年年底，這項計劃的運行成本將達到 3200 萬美元。今天，我相信我們已經談論了 1300 萬美元增量。那麼，我說得對嗎？如果我們談論的是 1300 萬美元，如果我們展望明年，那麼這 1300 萬美元加上今年 3200 萬美元的運行率意味著到 2026 年我們將節省約 4500 萬美元的成本？

And if that's so, any color on the slope of the line. And if that's not right, please correct me with those numbers.

如果是這樣，那麼線的斜率可以是任何顏色。如果不正確，請用這些數字糾正我。

Sure, Craig. So you're right, what we discussed in our last call was a '26 savings benefit of $32 million relative to how we exited '24. What we've announced today with the restructuring in our curamik operations in Europe is an incremental $13 million to that amount. So cumulatively, you're correct in your observation of $45 million.

當然，克雷格。所以你是對的，我們在上次電話會議上討論的是，相對於 24 年結束時的情況，26 年的節省收益為 3200 萬美元。我們今天宣布對歐洲 curamik 業務進行重組，並將在該金額上增加 1,300 萬美元。因此，從累計來看，您關於 4500 萬美元的觀察是正確的。

What I would say though is the timing won't fully manifest in full year '26. At the moment and based on our planning assumption, we would anticipate to start seeing the $13 million, which is an annual amount and crystallizing savings through the P&L likely in the fourth quarter of '26. And as we go through the process and evaluate that further, if there's any material change, naturally, we'll provide update.

但我想說的是，時機不會在 26 年全年完全顯現。目前，根據我們的計劃假設，我們預計將在 2026 年第四季開始看到 1300 萬美元，這是年度金額，並透過損益表實現節省。隨著我們進一步評估這個過程，如果有任何重大變化，我們自然會提供更新。

Thank you. And we have reached the end of the question-and-answer session. And this also concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。問答環節現已結束。今天的發表會到此結束，大家可以斷開連線了。我們感謝您的參與。