Rogers Corp (ROG) 2025 Q3 法說會逐字稿

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

午安.我叫艾莉西亞，今天我將擔任你們的會議接線生。此時此刻，我謹代表羅傑斯公司歡迎各位參加2025年第三季財報電話會議。

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

現在我將把電話交給主持人，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 third 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年第三季財報電話會議。本次電話會議的幻燈片以及今天稍早發布的新聞稿都可以在我們網站的「投資者」版塊找到。

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.

請翻到第二張幻燈片。在會議開始之前，我想指出，本次電話會議中非嚴格意義上的歷史性陳述屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述，應被視為受到羅傑斯公司運營和環境中諸多不確定因素的影響。這些不確定因素包括經濟狀況、市場需求和競爭因素。這些因素可能導致實際結果與今天作出的任何前瞻性聲明中的結果有重大差異。

Please turn to slide 3. The discussions during this conference call will 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. With me today are Ali El-Haj, Interim President and CEO; and Laura Russell, Senior Vice President and CFO.

請翻到第3張投影片。本次電話會議的討論將涉及某些不符合美國公認會計原則所編製的財務指標。您可以在今天電話會議的幻燈片中找到這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表，該幻燈片可在我們的投資者關係網站上找到。今天陪同我出席的有臨時總裁兼執行長阿里·埃爾-哈吉，以及高級副總裁兼財務長勞拉·羅素。

I'll now turn the call over to Ali.

現在我將把電話交給阿里。

Thanks, Steve. Good afternoon, everyone, and thank you for joining us today. I'll begin on slide 4 with the key messages for the quarter. First, since taking on this role in mid-July, I have engaged extensively meeting with Rogers' employees and customers in Asia, Europe and the United States. These meetings and discussions have reinforced Rogers' core strengths and the key growth opportunities ahead. They have also shown the areas where we must improve to achieve renewed growth and sustainable operating performance. To capitalize on these opportunities and to deliver greater returns to shareholders, we are executing on a plan with several critical focus areas. I will cover these in detail and share the progress we have made thus far.

謝謝你，史蒂夫。各位下午好，感謝各位今天參加我們的節目。我將從第 4 張投影片開始，介紹本季的關鍵資訊。首先，自從七月中旬擔任這個職位以來，我已廣泛地與羅傑斯公司在亞洲、歐洲和美國的員工和客戶進行了會面。這些會議和討論鞏固了羅傑斯的核心優勢和未來的關鍵成長機會。他們還指出了我們必須改進的領域，以實現新的成長和可持續的營運績效。為了抓住這些機遇，為股東帶來更大的回報，我們正在執行一項計劃，該計劃重點關注幾個關鍵領域。我將詳細介紹這些內容，並分享我們迄今為止的進展。

Turning to our Q3 results. Our sales, gross margins and adjusted EPS results were all at the upper end of the guidance and exceeded Street consensus. Sales increased by 6.5% from prior quarter, led by improvements in portable electronics, industrial, aerospace and defense end markets. Compared to the prior year, sales increased by 2.7%. Q3 results benefited from delivering on cost and expense reduction actions.

接下來來看看我們第三季的業績。我們的銷售額、毛利率和調整後每股盈餘均達到預期上限，並且超越了市場普遍預期。受便攜式電子產品、工業、航空航太和國防終端市場改善的推動，銷售額較上一季成長了 6.5%。與上年相比，銷售額成長了2.7%。第三季業績受惠於成本和費用削減措施的落實。

For the fourth quarter, we expect sales and earnings to improve versus the prior year, while typical seasonal factors will lead to a sequential decline. With expense reduction actions completed, adjusted EBITDA margin should improve around 300 basis points versus the prior year. Laura will cover both the Q3 financials and fourth quarter outlook in more detail.

我們預計第四季度銷售額和收益將比去年同期有所改善，但典型的季節性因素將導致季減。隨著削減開支措施的完成，調整後的 EBITDA 利潤率應該會比前一年提高約 300 個基點。勞拉將更詳細地介紹第三季財務數據和第四季展望。

On slide 5, I will discuss the critical initiatives we are advancing in the near and midterm. First, we are committed to improving Roger's top line growth potential. To achieve this, we are intensifying our customer focus with actions underway to better anticipate their needs and improve service levels. As we work to delight our customers, we will leverage our global manufacturing capabilities to increase our competitiveness and market share in each region.

在第 5 張投影片中，我將討論我們在近期和中期內正在推進的關鍵舉措。首先，我們致力於提升羅傑的營收成長潛力。為了實現這一目標，我們正在加強對客戶的關注，並採取措施更好地預測他們的需求，提高服務水準。為了更好地服務客戶，我們將利用我們的全球製造能力，提高我們在各個地區的競爭力和市場份額。

We have recently expanded this capability as we have started production in the new curamik facility in China. With a localized supply chain and a regionally competitive cost structure, we are positioned to compete effectively. Delivering innovative new products is also key to achieving our growth objectives. There are compelling opportunities in the technology pipeline and significant future potential applications. In the coming quarters, Rogers will be introducing new products in all business units, targeting new and adjacent market segments.

最近，隨著我們在中國新的 Curamik 工廠開始生產，我們的這項能力得到了擴展。憑藉在地化的供應鏈和區域內具有競爭力的成本結構，我們有能力有效參與競爭。推出創新產品也是實現我們成長目標的關鍵。科技研發領域蘊藏著令人矚目的機遇，並具有巨大的未來應用潛力。在接下來的幾個季度裡，羅傑斯將在所有業務部門推出新產品，瞄準新的和相鄰的市場領域。

The next critical priority is to maintain a lean and efficient cost structure. Expense reduction actions and footprint optimization efforts that were started in recent quarters are taking hold, improving EBITDA margins and cash flow. We are making significant progress on the previously announced restructuring of curamik operations in Germany. Cost savings from this initiative will begin in the fourth quarter with $13 million of annualized savings targeted by late 2026.

下一個關鍵優先事項是保持精簡高效的成本結構。最近幾季開始實施的費用削減措施和佈局優化工作正在取得成效，提高了 EBITDA 利潤率和現金流。我們先前宣布的 Curamik 德國業務重整計畫正在取得重大進展。這項措施帶來的成本節約將從第四季開始，目標是到 2026 年底實現每年 1,300 萬美元的節省。

We will continue to evaluate our global footprint and make refinements as needed. This may include selective investments to support growth opportunities that meet certain return criteria. These investments will be carefully balanced with vigilant cost control.

我們將繼續評估我們的全球佈局，並根據需要進行改進。這可能包括選擇性地進行投資，以支持符合特定回報標準的成長機會。這些投資將與嚴格的成本控制進行謹慎平衡。

Operational excellence will remain a top priority, focused on creating a more flexible and dynamic organization. Actions already completed include changes made to the commercial, R&D and operations organizational structure in both business units. These changes were implemented to increase the speed of execution, improve accountability and simplify how we operate. We already are seeing results with significant reduced lead times, some by as much as 60% while reducing inventories and improving working capital.

卓越營運仍將是重中之重，我們將致力於打造一個更靈活、充滿活力的組織。已完成的行動包括對兩個業務部門的商業、研發和營運組織結構進行調整。實施這些變革是為了提高執行速度、加強問責制並簡化我們的操作方式。我們已經看到成效，交貨週期顯著縮短，有的甚至縮短了 60%，同時庫存減少，營運資金也得到改善。

Our revised operating model will continue to drive these types of improvements. As we reshape our structure into a customer-centric organization, we expect to see more consistent performance and improved returns to shareholders. Lastly, we are also intensely focused on critical initiatives to grow and strengthen Rogers over the long term. While these objectives are not part of today's discussion, we will share our plans at the appropriate time.

我們修訂後的營運模式將持續推動這類改善。隨著我們將組織結構重塑為以客戶為中心的組織，我們期望看到更穩定的績效和更高的股東回報。最後，我們也高度重視各項關鍵舉措，以期在長期內發展壯大羅傑斯公司。雖然這些目標不屬於今天討論的範疇，但我們會在適當的時候分享我們的計劃。

On slide 6, we'll discuss our sales for the third quarter by end market. Beginning with industrial markets, sales were higher versus the prior quarter in both AES and EMS business units. In Q3, the improvement was broad-based with sales increasing across all regions. This marks the third consecutive quarter of higher industrial sales and on a year-to-date basis, we have continued to show growth. Aerospace and Defense sales also improved sequentially.

在第 6 張投影片中，我們將以終端市場討論第三季的銷售情況。先從工業市場來看，AES 和 EMS 業務部門的銷售額均比上一季成長。第三季度，各地區的銷售額均成長，整體業績全面改善。這標誌著工業銷售額連續第三個季度成長，從今年迄今的數據來看，我們也持續保持成長。航空航太和國防銷售額也較上季成長。

EMS sales increased driven by stronger commercial aerospace demand in the North American market. AES defense sales remained strong and were in line with the prior quarter. On a year-to-date basis, total A&D sales have increased at low double-digit rate. EV and HEV sales were relatively unchanged versus the prior quarter. AES sales increased from improved power substrate demand.

受北美市場商業航空航太需求強勁成長的推動，EMS銷售額有所增加。AES國防銷售依然強勁，與上一季持平。今年迄今為止，航空航太與國防總銷售額以較低的兩位數速度成長。與上一季相比，電動車和混合動力車的銷量基本保持不變。由於電源基板需求改善，AES 的銷售額有所成長。

Year-to-date, sales remained well below the prior year. We anticipate further growth in this market, supported by the recent curamik expansion in China and the recovery in demand from the Western power module manufacturers.

今年迄今為止，銷售額仍遠低於去年同期水準。我們預計，在 Curamik 近期在中國擴張以及西方功率模組製造商需求復甦的支持下，該市場將進一步成長。

As anticipated, ADAS sales decreased sequentially. The sales decline tracked lower light vehicle production in Q3. Year-to-date sales remained solidly ahead of 2024. Lastly, portable electronics was the largest driver of the sequential improvement in revenue. The double-digit increase versus the prior quarter was in line with expected seasonal patterns.

正如預期的那樣，ADAS銷售額環比下降。第三季輕型汽車產量下降，導致銷售下滑。今年迄今的銷售額仍遠超過 2024 年的水準。最後，便攜式電子產品是推動營收季成長的最大因素。與上一季相比，兩位數的成長符合預期的季節性規律。

I will now turn it over to Laura to discuss our Q3 financial performance and Q4 outlook.

現在我將把發言權交給勞拉，讓她來討論我們第三季的財務表現和第四季的展望。

Thank you, Ali. Starting on slide 7, I'll begin with a summary of our third quarter financials. Q3 results improved meaningfully from the prior quarter with all financial metrics at the top end of guidance. Sales increased across most end markets with the largest increase in portable electronics and industrial.

謝謝你，阿里。從第 7 張投影片開始，我將首先概述我們第三季的財務狀況。第三季業績較上一季有顯著改善，所有財務指標均達到預期上限。大多數終端市場的銷售額均有所成長，其中便攜式電子產品和工業領域的增幅最大。

AES revenues increased by 5.2% and EMS revenues were 8.7% higher on a quarter on quarter basis. GAAP EPS of $0.48 improved significantly from the prior quarter, mainly due to lower restructuring-related expenses. Adjusted earnings per share in Q3 increased to $0.90 from $0.34 in Q2, a result of the improvement in sales and gross margin and reductions in G&A expenses.

AES 營收季增 5.2%，EMS 營收季增 8.7%。GAAP每股收益為0.48美元，較上一季顯著改善，主因是重組相關費用降低。第三季調整後每股盈餘從第二季的 0.34 美元增至 0.90 美元，這得益於銷售額和毛利率的提高以及一般及行政費用的減少。

Turning to slide 8. Q3 adjusted EBITDA was $37.2 million or 17.2% of sales. The 540 basis points improvement from the prior quarter was driven by multiple factors. First, gross margin increased 190 basis points to 33.5% due to higher volumes, favorable product mix and reductions in manufacturing costs.

翻到第8張幻燈片。第三季調整後 EBITDA 為 3,720 萬美元，佔銷售額的 17.2%。較上一季改善 540 個基點是由多種因素推動的。首先，由於銷售量增加、產品組合有利以及製造成本降低，毛利率提高了 190 個基點，達到 33.5%。

Late in the third quarter, we started production in our curamik facility in China. Cost for the initial factory ramp had only a slight impact on Q3 margin. The impact of tariffs on gross margin was minor in Q3. This was a result of continued mitigation efforts and the agreement between the US and China to delay tariff rate increases.

第三季末，我們在中國的 Curamik 工廠開始投產。工廠初期產能爬坡的成本對第三季利潤率的影響很小。第三季關稅對毛利率的影響很小。這是持續的緩解措施以及中美兩國達成的推遲提高關稅稅率協議的結果。

Next, adjusted operating expense, excluding stock-based compensation, decreased by $2.5 million quarter on quarter. The lower OpEx resulted from reductions in professional services and global workforce restructuring. Lastly, other income improved $2.6 million due to favorable quarter over quarter changes in foreign currency transaction.

其次，經調整後的營運費用（不包括股票選擇權費用）季減了 250 萬美元。營運成本降低是由於專業服務減少和全球員工隊伍重組所致。最後，由於外匯交易環比有利變化，其他收入增加了 260 萬美元。

Continuing to slide 9, I'll discuss cash utilization for the quarter. Cash at the end of Q3 was $168 million, an increase of $10.6 million from the end of the second quarter. Cash provided by operations was $20.9 million and improved due to higher sales and operating income. In addition, we improved working capital, particularly inventory through continued focus. Uses of cash in the quarter included share repurchases of $10 million and capital expenditures of $7.7 million. For the full year, we forecast capital expenditures in the range of $30 million to $40 million.

接下來，我將在第 9 張投影片中討論本季的現金使用情況。第三季末現金餘額為 1.68 億美元，比第二季末增加了 1,060 萬美元。經營活動產生的現金流量為 2,090 萬美元，由於銷售額和營業收入增加而有所改善。此外，我們透過持續關注改善了營運資金，特別是庫存。本季現金用途包括1000萬美元的股票回購和770萬美元的資本支出。我們預計全年資本支出將在 3,000 萬美元至 4,000 萬美元之間。

Returning capital to shareholders will remain a priority. Our current view is that share repurchases in Q4 will exceed Q3 levels. Following our purchases in Q3, we have approximately $66 million remaining on our existing share repurchase program.

向股東返還資本仍將是首要任務。我們目前的看法是，第四季的股票回購量將超過第三季的水平。在第三季完成回購後，我們現有的股票回購計畫還剩下約 6,600 萬美元。

Next, on slide 10, I'll review our guidance for the fourth quarter. Beginning with sales, we expect Q4 revenues to be between $190 million and $205 million. The midpoint of the range is a 3% increase in sales year over year and a 9% decline quarter over quarter. The guidance reflects the normal sequential decline in portable electronics sales from Q3 to Q4 and slower order patterns across most end markets as customers manage year-end inventory.

接下來，在第 10 張投影片上，我將回顧我們對第四季的業績預期。先來看銷售額，我們預期第四季營收將在 1.9 億至 2.05 億美元之間。該範圍的中點是銷售額年增 3%，季減 9%。該指引反映了便攜式電子產品銷售額從第三季到第四季的正常環比下降，以及由於客戶管理年末庫存，大多數終端市場的訂單模式放緩。

We are guiding gross margin in the range of 30% to 32%. The midpoint of this range is 110 basis points lower than the prior year with an 80 basis points headwind from the ramp of our curamik factory in China. Compared to the prior quarter, gross margin is 250 basis points lower due to volume and mix.

我們預計毛利率將在 30% 至 32% 之間。該區間的中點比上年低 110 個基點，其中來自中國 curamik 工廠產能爬坡的 80 個基點的不利影響。與上一季相比，由於銷量和產品組合的變化，毛利率下降了250個基點。

We expect adjusted operating expenses to decrease from third quarter levels, primarily from lower start-up costs, which have moved into gross margin following the start of production at the curamik facility. EPS is projected to range from breakeven to earnings of $0.40. The adjusted EPS range is $0.40 to $0.80 of earnings. We expect adjusted EBITDA margin between 13.5% and 16.5%, a roughly 300 basis points improvement versus the prior year at the midpoint of the range.

我們預計調整後的營運費用將比第三季水準下降，主要原因是啟動成本降低，隨著 curamik 工廠開始生產，這些成本已轉入毛利。預計每股盈餘 (EPS) 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 0.40 美元至 0.80 美元。我們預計調整後 EBITDA 利潤率將在 13.5% 至 16.5% 之間，以區間中位數計算，較上年同期增加約 300 個基點。

The margin and EPS guidance assumes that tariff policies in place today remain unchanged for the quarter. Adjustments to arrive at our non-GAAP EPS and adjusted EBITDA are mainly comprised of restructuring costs related to the curamik actions in Germany. As communicated last quarter, the restructuring costs associated with this action will be incurred from Q4 of 2025 to Q3 of 2026. We anticipate savings, albeit small to start in late Q4 of '25. The program is still anticipated to deliver $13 million of annual run rate savings.

利潤率和每股盈餘預期假設當前關稅政策在本季保持不變。為得出我們的非GAAP每股盈餘和調整後EBITDA，主要包括與德國curamik行動相關的重組成本。正如上個季度所溝通的那樣，與此行動相關的重組成本將從 2025 年第四季到 2026 年第三季產生。我們預計從 2025 年第四季末開始會有少量節省。預計該計劃每年仍可節省 1,300 萬美元。

Lastly, we project our non-GAAP full year tax rate to be approximately 35%. The higher expected tax rate is mainly due to certain loss jurisdictions where no tax benefits can be realized.

最後，我們預計全年非GAAP稅率約為35%。預期稅率較高主要是因為某些虧損地區無法享有稅收優惠。

I will now turn the call back over to Ali.

現在我將把通話轉回給阿里。

Thanks, Laura. In summary, there is a clear focus on the key initiatives to grow the top line, improve the cost structure and further operational excellence. Combined with a renewed customer focus and new product introductions, we see significant opportunity to improve Rogers' performance over the near and long term. That concludes our prepared remarks.

謝謝你，勞拉。總而言之，重點明確放在提高營收、改善成本結構和進一步提升營運效率的關鍵措施。結合重新聚焦客戶和推出新產品，我們看到羅傑斯公司在近期和長期內有很大的機會提升業績。我們的發言稿到此結束。

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

現在我將把電話轉回給接線員，以便他們回答問題。

(Operator Instructions)

（操作說明）

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

I'll start with the top line and just kind of general revenue trends. Guidance for Q4 implies 2% to 3% growth at the midpoint year on year. Just talk about the confidence in demand continuing to build in those key end markets that you called out like industrial, aerospace and defense and some of your larger end markets. And as we look out to the first half of '26, would you expect similar, if not improved year on year growth, particularly given some of the easier comps that we have in the first half of the year?

我先從總收入和整體收入趨勢說起。第四季業績預期為年增2%至3%（取中間值）。請談談您提到的那些關鍵終端市場（如工業、航空航太和國防以及一些較大的終端市場）的需求信心持續增強的情況。展望 2026 年上半年，考慮到上半年一些比較基數較小，您是否預期會取得與去年同期類似的增長，甚至更好？

Dan, it's Ali. Look, we're confident in the range that we've given you based on what we see today. Absent macroeconomics change, we're very confident with the range that we've given you for Q4. So we expect the market to continue strong for us in all activities -- the only one that we -- all market segments.

丹，我是阿里。你看，根據我們今天所看到的情況，我們對給予的範圍很有信心。如果沒有宏觀經濟變化，我們對第四季給予的預期範圍非常有信心。因此，我們預期市場在我們所有業務領域（我們唯一的業務領域）都將繼續保持強勁成長—所有市場細分領域。

The only one we're probably still hesitant is the EV market and how far can it recover for us. That's the only concern. But that's baked into the forecast that we -- or the guidance that we provided. As for the first six months of 2026, we actually have high confidence in better performance and continued growth in all business segments.

我們可能唯一還會猶豫不決的是電動車市場，以及它能為我們帶來多大的復甦。這是唯一的顧慮。但這已經體現在我們所做的預測或提供的指導意見中了。至於 2026 年上半年，我們對所有業務部門的業績提升和持續成長充滿信心。

Very helpful. And maybe for Laura, the gross margin recovered to 33.5% this quarter. Obviously, mix helps. It's a seasonally stronger quarter. But as we look out, two questions.

很有幫助。或許對勞拉來說，本季的毛利率已經回升至 33.5%。顯然，混合搭配會有幫助。這是一個季節性強季度。但當我們展望未來時，有兩個問題。

One, the 80 basis points headwind in Q4, how should we think about that kind of dissipating as we move into the first half of next year?

第一，第四季 80 個基點的不利因素，我們該如何看待這種不利因素在明年上半年逐漸消散的情況？

And two, what in your mind is sort of a baseline for gross margins on an annualized basis? And what could an upside scenario look like? And I'll jump back in queue with any follow-ups.

第二，您認為年度毛利率的基準線是多少？那麼，理想的情況會是什麼樣的呢？如有後續問題，我會重新排隊處理。

Okay. Sounds good. So let me address the first half of your question, Dan. So the 80 basis points headwind that we're going to face in the fourth quarter associated to the ramp of the curamik facility in China is pretty typical of what we would anticipate as we begin production in that facility. I think as Ali mentioned in the prepared remarks, we have activities ongoing with many customers, and we're looking to qualify and ramp those customers into full manufacturing production volumes, which will facilitate us getting ahead of that headwind and turn into return from that facility, which correlates with the investment we undertook to build out our regional capability and capacity and allow us to be far better positioned to compete locally in that market.

好的。聽起來不錯。丹，那麼讓我來回答你問題的第一部分。因此，我們在第四季度將面臨的與中國 Curamik 工廠產能爬坡相關的 80 個基點的不利因素，與我們在該工廠開始生產時所預期的情況非常典型。我認為正如阿里在準備好的演講稿中提到的那樣，我們正在與許多客戶開展合作，並希望能夠幫助這些客戶達到合格標準，並逐步擴大生產規模，這將有助於我們克服不利因素，並從該工廠獲得回報。這與我們為建立區域能力和產能而進行的投資一致，使我們能夠更好地在該市場進行本地競爭。

So what I would anticipate is it will take time to fully ramp the capacity through 2026, not necessarily because of our readiness, but because of the time it takes to qualify the customers' product and their solution directly from our factory. So those activities are ongoing. And we would anticipate as we reach the back end of next year to not be facing the same extent of headwind to the margin from that operation.

因此，我預計到 2026 年全面提升產能還需要一段時間，這不一定是因為我們準備不足，而是因為我們需要時間直接從我們的工廠對客戶的產品和解決方案進行認證。所以這些活動仍在進行中。我們預計，到明年年底，這項業務對利潤率的影響不會像現在這麼大。

In terms of thinking about the potential for the business and the margin optimized, Ali spoke about the initiatives and the objectives that we have. A lot of them will crystallize and improve financial results as we embed the new operator model and deliver improved operational effectiveness and grow the top line. I spoke previously about our current investments and the capacity being in place. So now we're turning our attention to optimizing that capacity and utilizing it to serve the demand and the potential that we see.

在思考業務潛力和利潤最大化方面，阿里談到了我們已有的舉措和目標。隨著我們逐步推行新的營運模式，提高營運效率，增加收入，許多問題將會得到解決，財務表現也會改善。我之前談到過我們目前的投資和現有產能。所以現在我們將注意力轉向優化產能，並利用產能來滿足我們看到的需求和潛力。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Laura, I'll just start on the theme that Daniel is on and just take the cost and margin dynamics a step further perhaps. So my sense from your characterization as you walk through some of the slides and the cost savings, which I think are targeted at $25 million this year with a $32 million run rate, and then we've got $13 million coming from the German facility next year.

蘿拉，我就從丹尼爾正在討論的主題入手，或許可以更進一步探討成本和利潤動態。所以，從你展示幻燈片和成本節約情況來看，我的理解是，今年的目標是節省 2500 萬美元，年化率為 3200 萬美元，然後明年我們還有來自德國工廠的 1300 萬美元。

Is that there may be other cost benefits that could be executed against beyond things that are in progress and the German facility benefit, one. Is that correct? And two, how material could those things be? And when could they start to be things that would be actionable as we look at where profitability and cash conversion can ultimately go for the business?

或許除了正在進行的項目和德國工廠的效益之外，還有其他成本效益可以實現。是這樣嗎？第二，這些東西究竟有多重要？那麼，當我們審視企業的獲利能力和現金轉換率最終能夠達到什麼目標時，這些因素何時才能轉化為可操作的行動呢？

Okay. So let me start, and Ali can add additional comment as he sees fit. So in terms of the plans that we've already outlined, Craig, and where we're at in executing those. The $25 million savings in $25 million that I've spoken to, you can see that crystallizing in the P&L at the moment based on the guide that we've given.

好的。那麼就讓我先開始吧，阿里可以根據需要補充評論。所以，就我們已經制定的計劃而言，克雷格，以及我們目前在執行這些計劃方面所取得的進展。我之前提到的節省 2500 萬美元的方案，根據我們提供的指導，目前已經在損益表中體現出來了。

If you look on a year on year basis, if you look at the OpEx in totality, we were roughly $210 million last year. And with our guidance, we're probably about $18 million to $20 million below that in our update for 2025. So you can see that coming to fruition. From a full year basis -- and sorry, just to give clarity, that's because of the 70% of the $25 million is in OpEx and the residual is in gross margin.

如果以年計算，如果把營運支出總額看成去年的 2.1 億美元左右。根據我們的指導，我們 2025 年的最新預測可能會比這個數字低 1800 萬至 2000 萬美元。所以你可以看到這一切正在實現。從全年來看——抱歉，為了說清楚，這是因為 2500 萬美元中有 70% 是營運支出，剩餘部分是毛利。

If you look on an annualized basis, as you stated, that should be more like $32 million benefit across both P&L geographies in '26. And in addition to that, as we announced last quarter and as you correctly commented, the restructuring in Germany has commenced. The program is largely on track, and that's set to deliver $13 million on an annualized run rate basis.

如您所說，按年計算，2026 年兩個損益表區域的收益應該約為 3,200 萬美元。此外，正如我們上個季度所宣布的，也正如您正確評論的那樣，德國的重組已經開始。該計劃目前進展順利，預計每年將帶來 1,300 萬美元的收入。

Just to remind you, that $13 million, though is a COGS saving, not an OpEx saving. We won't see that fully materialize until later into 2026, just as we go through the ramp down of the capacity and the ramp-up in servicing some of those customers in the new geography in China. So that's what we have there.

需要提醒您的是，這 1300 萬美元是銷售成本節省，而不是營運支出節省。直到 2026 年下半年，我們才能看到這種情況完全實現，屆時我們將逐步減少產能，並逐步增加為中國新地區的部分客戶提供服務。這就是我們目前的情況。

In terms of incremental opportunity beyond that, what I would tell you is you hear us talk about efficiency in the operating model, and we will look to optimize the financial performance of the business month-to-month, and that's exactly the discipline that we have, but with an increased intensity of that discipline with the processes and the approach that is now being deployed.

至於除此之外的增量機會，我想告訴你們的是，你們經常聽到我們談論營運模式的效率，我們將努力逐月優化業務的財務業績，這正是我們所秉持的原則，但隨著流程和方法的改進，這種原則的執行力度也越來越強。

So with that, we will evaluate the business and the market opportunities as they present themselves and make appropriate investments or savings as is needed. In terms of defined plans at the moment, it's the ones that we've already shared, and I've just walked through just now.

因此，我們將根據實際情況評估業務和市場機會，並根據需要進行適當的投資或儲蓄。就目前已確定的計劃而言，就是我們已經分享過的那些，也是我剛才簡單介紹過的那些。

That's very helpful. And I think the execution on cost and other things have been quite notable over the last three to four quarters, Laura. So it will be nice to see those continue.

那很有幫助。勞拉，我認為過去三到四個季度以來，公司在成本控制和其他方面的執行情況都相當出色。所以，如果這些活動能夠持續下去，那就太好了。

Ali, I'll turn my second question to you. You noted in your prepared remarks that the industrial end market, which is our biggest, was an area of strength. My question is, as you look at the dynamics in that end market, what is it that drove that strength? And as you think about growth in that large end market, what are the opportunities specifically to drive growth? And do you think that we're at a point where supply chain inventories are no longer a headwind to that business?

阿里，我的第二個問題想問你。您在事先準備好的演講稿中提到，工業終端市場（我們最大的市場）是我們的優勢領域。我的問題是，當你觀察終端市場的動態時，是什麼因素推動了這種強勁勢頭？當您考慮如何促進這個龐大的終端市場成長時，具體有哪些機會可以推動成長？你認為我們現在已經到了供應鏈庫存不再對該業務構成阻礙的地步了嗎？

Yeah, thanks. I'll answer the question kind of backwards from inventory and supply chain issues, I think that's way behind us now. So that's all kind of cleared up. I think we're looking forward and the potential for growth. So we have three elements that we're targeting or we're working on.

嗯，謝謝。我會反過來回答這個問題，先不談庫存和供應鏈問題，我認為這些問題現在已經過去了。所以這件事基本上都弄清楚了。我認為我們著眼於未來和發展潛力。所以，我們有三個重點關注或正在努力的方向。

One is we're capturing more market share from products and customers that we already have and customers that we didn't have in the past. So increasing market share, this is key for us. And again, this is for assets that we have. So we can utilize these assets. We have the capacity to supply these type of products.

一方面，我們正在從現有產品和客戶以及過去沒有的客戶群中獲得更多市場份額。因此，提高市場佔有率對我們至關重要。再次強調，這指的是我們擁有的資產。因此我們可以利用這些資源。我們有能力供應這類產品。

In addition to that, and this is significantly important, I think our customers started to see our improvement in response and service and for their demand and need. So we're seeing a lot more demand and a lot more of these volumes shifted back to us.

除此之外，還有一點非常重要，我認為我們的客戶開始看到我們在回應和服務方面有所改進，並滿足了他們的需求。因此，我們看到需求大幅增加，而且越來越多的訂單量又回到了我們這裡。

The third element is introduction of new products. So as I indicated, we would be launching. We actually started this in Q4 of this year going forward, several new products that will allow us to even penetrate markets that we have not participated in the past. So I think all those three elements were really given us a lot more confidence that we will continue to grow the top line.

第三個要素是推出新產品。正如我之前所說，我們將啟動專案。實際上，我們從今年第四季就開始著手研發幾款新產品，這將使我們能夠打入過去從未涉足的市場。所以我認為這三個因素確實讓我們更有信心繼續實現營收成長。

That's very helpful. And if I could just ask a clarification on the heels of those three drivers, Ali. As you've interacted with the internal team, as you've interacted with partners and customers, do you feel like pricing is at the right level for the high value that Rogers products bring to market? Or is there opportunity to do things tactically with pricing so that more of the functional value that Rogers provides come home to the top line and down to the bottom line?

那很有幫助。阿里，我能否就這三位車手的狀況問你一個澄清問題？在您與內部團隊、合作夥伴和客戶互動的過程中，您是否覺得羅傑斯產品的定價與其為市場帶來的高價值相符？或者，我們能否透過策略性地調整定價，使羅傑斯提供的更多功能性價值最終轉化為收入和利潤？

I think the simple answer is a combination of both. So I think Rogers brand name and quality and commands obviously a premium pricing. In certain markets, certain applications, that's been a key for us. However, there's other markets and areas where really the market commands the pricing. And in this case, what we're doing internally is we need to make sure we're focused on the cost structure that we have today to be able to compete effectively in these markets and be able to realize the margins and the returns that we expect to get.

我認為簡單的答案是兩者的結合。所以我認為羅傑斯品牌的聲譽和品質顯然值得溢價。在某些市場、某些應用領域，這對我們來說至關重要。然而，在其他一些市場和領域，市場確實決定價格。在這種情況下，我們內部正在做的是，我們需要確保我們專注於目前的成本結構，以便能夠在這些市場中有效競爭，並實現我們期望獲得的利潤和回報。

Just one point of clarification just before we jump off, Craig. Naturally, what I was discussing in the OpEx bridges was adjusted OpEx.

克雷格，在我們出發之前，還有一點需要澄清。當然，我在營運支出橋接會議中討論的是調整後的營運支出。

David Silver, Freedom Capital Markets.

David Silver，自由資本市場。

First question would be for Ali. And I took note in your opening remarks that your first task, I guess, upon becoming interim CEO was to visit with a number of your key customers, I guess, you mentioned globally. So I guess your company has gone through an extended -- or the industry has gone through an extended period of kind of softer demand. There's been inventory issues. There's been more recently tariff issues.

第一個問題要問阿里。我注意到您在開場白中提到，您就任臨時執行長後的首要任務是拜訪您的一些重要客戶，我想您也提到了這些客戶遍布全球。所以我想貴公司——或者說整個產業——經歷了一段較長的需求疲軟期。庫存出現了問題。最近又出現了關稅問題。

Would you say that the relationships with your key customers remain as strong as they were, let's say, 18 months ago? Or due to some of those changes, does Rogers need to take maybe some further steps to even more closely align with your key customers and collaboration partners in order to meet your goals?

您認為您與主要客戶的關係是否仍然像 18 個月前那樣牢固？或者，由於上述某些變化，羅傑斯是否需要採取一些進一步措施，與您的主要客戶和合作夥伴更加緊密地合作，以實現您的目標？

So what is the status of the relationships over an extended period of reduced demand? And then the significant steps you've taken thus far to reduce costs and tighten your alignment, are there further steps tactically or strategically that you need to undertake?

那麼，在需求長期下降的情況下，這些關係的狀態會是如何呢？那麼，到目前為止，您已經採取了重大措施來降低成本並加強協調，在戰術或策略方面是否還需要採取進一步措施？

Yeah. Thank you for the question. I think, again, I think the relationship with our customers is very strong. I think it's solid. There's a lot of history here behind some of those customers, especially the key customers. I think my objective was really to develop some deeper understanding of the needs, listen to their voice and understand their needs, expectations from Rogers and making sure we're really paying attention to that and addressing those issues. So this communication really improved our understanding of their expectations.

是的。謝謝你的提問。我認為，我們與客戶的關係非常牢固。我覺得它很結實。這些客戶背後有許多故事，尤其是那些重要客戶。我認為我的目標是真正深入了解他們的需求，傾聽他們的心聲，了解他們對羅傑斯公司的需求和期望，確保我們真正專注於這些問題並加以解決。因此，這次溝通確實增進了我們對他們期望的了解。

That could have been, in some cases, maybe because of outside factors, whether it's supply chain interruptions, raw materials that we went through in the past three, four years. And obviously, that caused some hiccups and that or some -- I would say, minor disruption and caused some pain to some of those customers. So I think we -- this understanding really now is very clear.

在某些情況下，這可能是由於外部因素造成的，例如供應鏈中斷、過去三、四年我們遇到的原材料短缺等問題。顯然，這造成了一些小問題，或者說，造成了一些輕微的干擾，給一些客戶帶來了一些不便。所以我覺得我們——現在這種理解確實非常清楚了。

Our understanding of their needs is very clear. And we aligned the organization itself internally to make sure we address those issues day in and day out across the whole spectrum throughout the whole organization, not just the sales of the R&D, but when it comes to service, and we've mentioned some of the improvements we've made internally, cutting lead time to 60 in some plants even higher than that. So we're responsive. We're being more responsive.

我們非常清楚他們的需求。我們對組織內部進行了調整，以確保我們能夠日復一日地在整個組織的各個方面解決這些問題，不僅是研發的銷售，還包括服務。我們已經提到了一些我們在內部做出的改進，將交貨週期縮短到 60 天，有些工廠甚至更長。所以我們反應迅速。我們正在提高響應速度。

We think now -- we expect by the end of 2026, hopefully to be the benchmark in the industry when it comes to the service level and quality and these type of activities. With regard to the second half of your question, continuous improvements never stop. So this is going to be an ongoing effort to continue to work on our operations and continue to improve our processes, whether it's in the manufacturing processes or, again, the customer service area, the sales area, the development processes.

我們現在認為——我們預計到 2026 年底，希望能夠成為服務水準、品質以及此類活動的產業標竿。關於您問題的後半部分，持續改善永無止境。因此，我們將持續努力改善我們的營運和流程，無論是在製造流程，還是在客戶服務、銷售、開發流程等領域。

We're looking to reduce our development time in engineering significantly to be able to introduce products faster and because we need to be, again, expecting the demand and need of the customers and be up there and upfront and be there when they need us. Not react and supply them stuff beyond or delaying their expectations and delaying their introductions. So these are things we continue to focus on. A lot of it is in our -- within our control, and therefore, we -- I'm very confident we're going to get these things accomplished.

我們希望大幅縮短工程開發時間，以便更快地推出產品，因為我們需要再次預見客戶的需求，走在前面，並在他們需要我們的時候出現。不要做出反應，不要提供超出他們預期或延遲他們期望的東西，也不要延遲他們的介紹。所以這些都是我們將繼續關注的重點。很多事情都在我們掌控之中，因此，我非常有信心我們能夠完成這些事情。

Okay. I did want to maybe ask a question about your philosophy about share buybacks and returning cash to shareholders in general. But the funds, I guess, over the past few quarters, including the current one, I mean, the funds allocated to buybacks have increased significantly over, let's say, the trend over the past several years.

好的。我想問一個關於您對股票回購和向股東返還現金的看法的問題。但我想，在過去的幾個季度裡，包括本季在內，用於股票回購的資金，與過去幾年的趨勢相比，已經顯著增加。

And I think Laura indicated there'll be further repurchase activity in the fourth quarter. Just philosophically, is this a decision by management to act opportunistically because of maybe where the share price was earlier this year? Or would you say it's more programmatic and share repurchases are likely to continue at a higher level than has been the typical levels over the past several years?

我認為勞拉暗示第四季還會有進一步的回購活動。從哲學角度來看，這是否是管理階層出於機會主義而做出的決定，或許是因為今年稍早的股價處於低點？或者您會說，這更像是程序化操作，股票回購可能會繼續保持高於過去幾年平均水平的水平？

David, so let me start with that. So yeah, it would be fair to say that it's been somewhat opportunistic. It's an indication of our belief in our potential with the share repurchases that we had undertaken this year when our stock price was where it was.

大衛，那我就先從這個問題開始吧。所以，沒錯，可以說它在某種程度上是投機取巧的。這表明我們對自身潛力充滿信心，我們今年在股價處於低點時進行了股票回購。

We did do a further $10 million in Q3, and I had indicated in our call that we would likely do a little more than that in the fourth quarter. What I think is critical, though, is you asked about the philosophy around share buyback. And really for us, it's about looking for optimizing returns to our shareholders as part of our capital allocation structure.

我們在第三季又增加了 1000 萬美元，我在電話會議中也表示，第四季我們可能會做得更多。但我認為最關鍵的是，你問到了股票回購的概念。對我們而言，真正的目標是在資本配置結構中尋求優化股東回報。

And what we had seen through '25 is whilst we were still active in evaluating M&A and potential opportunities, there hasn't been presented opportunity or target that met our investment and return criteria. And we had already explained we were largely through the organic investments that we saw for expanding the company in its existing structure with its existing technologies.

而我們在 2025 年看到的是，儘管我們仍在積極評估併購和潛在機會，但還沒有出現符合我們投資和回報標準的機會或目標。我們之前已經解釋過，我們已經基本完成了我們認為能夠利用現有結構和現有技術擴大公司的有機投資。

So that's what resulted in the pivot to the share repurchase activity. Now as with every quarter, we'll continue to evaluate the investment potential and seeking to optimize those returns, and we'll balance what we do on a go-forward basis between all three legs of those the capital allocation structure.

所以，這就是公司轉向股票回購活動的原因。現在，就像每季一樣，我們將繼續評估投資潛力，力求優化這些回報，並且我們將在未來的工作中，在這三個資本配置結構的各個方面之間保持平衡。

(Operator Instructions)

（操作說明）

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

First couple of questions, more high level looking out to next year. But just in terms of Q4, you came in at the top end of the range this quarter. Guidance for Q4 again implies a pretty wide range. Just talk about the puts and takes that could cause you to come in toward the lower or higher of that range this quarter.

先問幾個問題，主要著重在明年的高層次問題。但就第四季而言，你們的業績處於該季度業績範圍的頂端。第四季業績指引再次顯示其範圍相當廣泛。只要談談可能導致你本季價格走勢偏向該區間下限或上限的買賣操作即可。

Do you want to take that?

你想拿走嗎？

So Dan, it's Laura. Let me start. So we guided based on our current visibility. And we stated in the prepared remarks, really, what we typically experience and what we've incorporated is the slowdown in portable electronics into the fourth quarter versus the third and the customer management of inventories. Now we may see some change in that inventory management. We may see some -- we've got a substantial exposure in the industrial space.

丹，我是勞拉。我先開始。因此，我們根據當前的能見度進行指導。我們在準備好的演講稿中確實提到，我們通常經歷並已經考慮到的是，第四季度便攜式電子產品的成長速度比第三季度有所放緩，以及客戶對庫存的管理。現在我們可能會看到庫存管理方面發生一些變化。我們可能會看到一些——我們在工業領域有大量的投資。

If we see those indices shift and increased investments, then we have capability to respond to demand as it comes in. And if we go the other way and there's any weakness, which is not anticipated based on the guide, then we would manage the way we do week-to-week, month-to-month on our activity. So at the moment, with the visibility we have, the guidance is as it stands.

如果我們看到這些指數發生變化，投資增加，那麼我們就有能力對出現的需求做出反應。如果我們反其道而行之，出現任何指南未預料到的弱點，那麼我們將按照我們每週、每月的活動方式進行管理。所以就目前我們所掌握的情況來看，指導意見就是這樣。

(Operator Instructions)

（操作說明）

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

I was hoping to go back and just get a real long-term perspective on what the view is with the China curamik facility, both with respect to the diversity of customers that you think you can have in that facility? How you're thinking about being able to ramp up that facility beyond the very near-term gating factors like the specific customer and program costs that would start product?

我希望能夠回去，真正從長遠的角度了解中國 Curamik 工廠的情況，包括您認為工廠可以服務的客戶群的多樣性？您打算如何克服近期的一些限制因素，例如特定客戶和專案的成本（這將影響產品的啟動），從而擴大該工廠的產能？

But what are the strategies the company has to engage with customers and grow both domestics and internationals that might need manufacturing autos there? And then anything else that would help us form an insightful view on what you think is possible over the next two to three years with that facility?

但是，該公司有哪些策略來吸引客戶，並發展國內和國際市場（這些市場可能需要在當地生產汽車）？此外，還有什麼其他資訊可以幫助我們對您認為該設施在未來兩到三年內可能實現的目標形成一個更深刻的看法嗎？

Yeah. Okay, Craig. I think, obviously, we did not build this plant. So we were engaging with customers before we started the facility and started building the facility and restructuring. So from a customer activities and potential, it's all available to us is there. So I can assure you that we already have several programs that were being sourced and committed by some of our customers.

是的。好的，克雷格。顯然，我認為我們並沒有建造這座工廠。因此，在開始建造工廠、開始工廠建設和重組之前，我們就一直在與客戶溝通。因此，從客戶活動和潛力來看，所有資訊都對我們適用。因此我可以向您保證，我們已經有一些客戶正在洽談並承諾實施多個專案。

So what we're going through is what we indicated earlier. We have some qualification that product qualification, process qualification that we're going through with our customers. And that's probably the gating item here. As some of these things get approved, they will launch because the demand is there. We -- and it's multiple customers, some existing customers and a few additional newer customers and newer applications for us.

所以，我們現在經歷的正是我們之前提到的情況。我們正在與客戶一起進行產品認證和製程認證。這大概就是問題的關鍵。一旦這些項目獲得批准，它們就會推出，因為市場有需求。我們－它涉及多個客戶，包括一些現有客戶和一些新客戶，以及我們新的應用。

So the future for the curamik facility in China is very bright as we see it today. We expect significant growth in the facility and in the overall curamik business. So we still believe that the growth there is very solid, and we can forecast it.

因此，就我們今天所看到的，Curamik在中國的工廠前景非常光明。我們預計該工廠和整個 Curamik 業務將顯著成長。所以我們仍然相信那裡的成長非常穩健，而且我們可以預測它的發展趨勢。

And to follow up on one of the points that you made and understand it more deeply, if the gating factor near term is just the quals that we're doing, whether it be product or process, what are the levers that the company has to maximize the speed at which that can happen, whether it be how you're staffing the facility, the shifts that may be running or just technical things that need to be done? Just any further color there would be helpful.

為了進一步理解您剛才提出的一個觀點，如果近期的限制因素只是我們正在進行的品質檢驗，無論是產品還是流程，那麼公司有哪些手段可以最大限度地加快這一進程？例如，如何安排工廠人員、輪班制度，或需要完成的技術工作？如果能再添加一些顏色就更好了。

Yeah. I mean the facility is already staffed for the current volume and for the expected forecasted volume for the next quarter. With regard to the expertise and experts and all the staffing that we need the support function, the functions, they're already available and it's already staffed.

是的。我的意思是，該工廠目前的人員配備足以應對當前的業務量以及下一季的預期業務量。至於我們需要的所有支援職能所需的專業知識、專家和人員，這些都已經具備，人員也已經配備齊全。

I think some of the issues that I've mentioned is these type of qualification is really at the customer's end. We've done all the work internally for most customers. And now the next phase is their own qualification of the product itself. And we're trying to assist some of those customers actually doing some testing for them to speed up that process. So I think overall, we believe we're on track to hit the numbers that we are forecasting for 2026.

我認為我提到的一些問題是，這類資質認證其實是客戶方面的問題。對於大多數客戶，我們已經在內部完成了所有工作。現在，下一階段是他們對產品本身進行認證。我們正在努力幫助一些客戶進行測試，以加快這一過程。所以我認為總體而言，我們相信我們能夠實現 2026 年的預測目標。

Thank you. There are no further questions at this time. And with that, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。目前沒有其他問題了。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。