Vishay Precision Group Inc (VPG) 2025 Q1 法說會逐字稿

Hello everyone, and welcome to the VPG's 2025 first-quarter earnings conference call. My name is Ezra, and I will be your coordinator today. (Operator Instructions) I will now hand you over to your host Steve Cantor, Senior Director of Investor Relations, to begin. Steve, please go ahead.

大家好，歡迎參加VPG 2025年第一季財報電話會議。我叫伊茲拉，今天我將擔任您的協調員。（操作員指示）現在我將把主持人、投資者關係高級總監史蒂夫·坎托 (Steve Cantor) 交給您開始。史蒂夫，請繼續。

Thank you, Ezra. Good morning, everyone. Welcome to VPG's 2025 first-quarter earnings conference call. Our Q1 press release and slides have been posted on our website, vpgsensors.com. An audio recording of today's call will be available on the Internet for a limited time, and can also be accessed on the VPG website.

謝謝你，埃茲拉。大家早安。歡迎參加 VPG 2025 年第一季財報電話會議。我們的第一季新聞稿和幻燈片已發佈在我們的網站 vpgsensors.com 上。今天電話會議的錄音將在互聯網上限時提供，您也可以在 VPG 網站上訪問。

Today's remarks are governed by the Safe Harbor Provisions of the 1995 Private Securities Litigation Reform Act. Our actual results may vary from forward-looking statements. For a discussion of the risks associated with VPG's operations, we encourage you to refer to our SEC filings, especially the Form 10-K for the year ended December 31, 2024, and our other recent SEC filings. On the call today are Ziv Shoshani, CEO and President; and Bill Clancy, CFO. I'll now turn the call to Ziv for some prepared remarks.

今天的言論受 1995 年《私人證券訴訟改革法案》安全港條款的約束。我們的實際結果可能與前瞻性陳述有所不同。有關 VPG 營運相關風險的討論，我們建議您參考我們向 SEC 提交的文件，尤其是截至 2024 年 12 月 31 日的 10-K 表格以及我們最近向 SEC 提交的其他文件。參加今天電話會議的有執行長兼總裁 Ziv Shoshani 和財務長 Bill Clancy。現在我將把電話轉給 Ziv，請他發表一些準備好的發言。

Please refer to slide 3 of the quarterly presentation. Ziv?

請參閱季度簡報的第 3 張投影片。齊夫？

Thank you, Steve. I will begin with some commentary on our results and trends for the first quarter. Bill will provide financial details about the quarter and our outlook for the second quarter of 2025. Moving to slide 3. Beginning with revenue.

謝謝你，史蒂夫。我將首先對第一季的業績和趨勢進行一些評論。比爾將提供本季的財務細節以及我們對 2025 年第二季的展望。移至幻燈片 3。從收入開始。

First quarter revenue of $71.7 million declined modestly from the fourth quarter and was impacted by approximately $2 million of delayed shipments of our KELK products. Our consolidated orders grew 2.7% sequentially and resulted in a book-to-bill of 1.04.

第一季營收為 7,170 萬美元，較第四季略有下降，受到我們 KELK 產品延遲出貨約 200 萬美元的影響。我們的合併訂單季增 2.7%，訂單出貨比達到 1.04。

This marked our second quarter of sequential order growth with bookings increased in both the Sensors and Measurement Systems segments. Despite muted revenue level, we generated a solid cash flow in the quarter. Cash from operation was $5.3 million and adjusted free cash flow was $3.7 million.

這是我們第二季連續訂單成長，感測器和測量系統部門的訂單均有所增加。儘管收入水平不高，但我們在本季度產生了穩健的現金流。經營現金流為 530 萬美元，調整後自由現金流為 370 萬美元。

Before discussing our performance by segment, I want to comment on tariff development as they relate to VPG. Given our manufacturing footprint and supply chains, we believe VPG is positioned to navigate the changing tariffs.

在討論我們各部門的表現之前，我想先評論一下與 VPG 相關的關稅發展。鑑於我們的製造足跡和供應鏈，我們相信 VPG 有能力應對不斷變化的關稅。

Based on current tariffs and expected volume, we anticipate the impact to our input costs to be minor based on our supply chains. With regard to the US 10% tariffs, we expect to pass the majority of the tariffs impact on to our customers.

根據目前的關稅和預期數量，我們預計對我們的供應鏈投入成本的影響很小。對於美國 10% 的關稅，我們預計大部分關稅影響將轉嫁給我們的客戶。

I'll now review our business segment performance. Moving to slide 4. Beginning with our sensor segment, first-quarter revenue increased 5.1% sequentially, driven primarily higher sales of strain gages and precision resistors in the test and measurement market.

我現在來回顧一下我們業務部門的表現。移至幻燈片 4。從我們的感測器部門開始，第一季營收季增 5.1%，主要推動了測試和測量市場中應變計和精密電阻器的銷售成長。

Sensors bookings rose 6.7% sequentially, reaching the highest level in five quarters and resulting in a book-to-bill of 1.06. This growth reflected higher demand in the test and measurement applications, particularly from semiconductor equipment makers.

感測器訂單量較上季成長6.7%，達到五個季度以來的最高水平，訂單出貨比達到1.06。這一成長反映了測試和測量應用領域需求的成長，尤其是來自半導體設備製造商的需求。

In addition, our initiatives in humanoid robot applications continue to progress well. We received an additional order of more than $1 million from our initial humanoid robotics customers as they continue to ramp up the development of their robots.

此外，我們在人形機器人應用方面的措施也持續取得良好進展。隨著我們最初的人形機器人客戶繼續加大機器人的開發力度，他們又收到了超過 100 萬美元的額外訂單。

We also received an initial prototype order from the second potential robotic customer. Orders for consumer applications in our other markets grew sequentially, although demand related to Avionics, Military and Space for sensors was soft due to the timing of defense and space projects in the US and Europe.

我們也收到了第二個潛在機器人客戶的初始原型訂單。儘管由於美國和歐洲的國防和太空項目時間表，與航空電子、軍事和太空相關的傳感器需求疲軟，但我們其他市場的消費應用訂單仍環比增長。

Moving to slide 5. Turning to our Weighing Solutions segment. First quarter sales increased 2.7% from the fourth quarter. The increase was driven primarily by higher revenue in the transportation market for specialized load cells for heavy use trucks. Following strong bookings in Q4, weighing solutions order declined 9.3% sequentially to $26.2 million, resulting in a book-to-bill of 0.99.

移至投影片 5。轉向我們的稱重解決方案部分。第一季銷售額較第四季成長2.7%。成長的主要原因是重型卡車專用稱重感測器在運輸市場上的收入增加。繼第四季訂單強勁之後，稱重解決方案訂單環比下降 9.3% 至 2,620 萬美元，訂單出貨比為 0.99。

Higher orders in the transportation market for trucks applications were offset by weaker orders for Force Sensors OEM business segments related to precision agriculture, construction and medical applications. Moving to slide 6. Turning to our Measurement Systems segment.

卡車應用運輸市場的訂單增加被精準農業、建築和醫療應用相關的力傳感器 OEM 業務部門訂單減少所抵消。移至幻燈片 6。轉向我們的測量系統部分。

Revenue in the first quarter of $18.2 million declined 13.8% sequentially. The decline reflected continued slow trends in the global steel market in part due to softness in the automotive sector as well as a $2 million shipment delays of KELK products.

第一季營收為 1,820 萬美元，季減 13.8%。下滑反映出全球鋼鐵市場持續低迷的趨勢，部分原因是汽車產業疲軟，以及價值 200 萬美元的 KELK 產品出貨延遲。

We expect to ship these products in the second half of this year. In contrast, first quarter measurement systems orders of $19.5 million increased 17.3% sequentially and resulted in a book-to-bill of 1.07. Bookings reflected higher demand, primarily in the transportation for auto safety testing.

我們預計今年下半年將發售這些產品。相較之下，第一季測量系統訂單金額為1,950萬美元，季增17.3%，訂單出貨比為1.07。訂單量成長反映了更高的需求，主要體現在汽車安全測試運輸領域。

Of note, we received an order from the University of Alabama for a prototype of DSI's UHTC system to test nonconductive materials such as ceramics. This system will be used as part of a better test at the University of Alabama we announced in February.

值得注意的是，我們收到了阿拉巴馬大學的訂單，要求提供 DSI 的 UHTC 系統原型來測試陶瓷等非導電材料。我們在二月宣布，該系統將作為阿拉巴馬大學一項更好測試的一部分。

Moving to slide 7. As I indicated, the positive order patterns for VPG in the fourth quarter of 2024 continue into the first quarter of 2025. While the short-term global economic outlook for 2025 has become more uncertain, we continue to be focused on driving the long-term potential for VPG, and we are optimistic about the potential.

移至幻燈片 7。正如我所指出的，VPG 在 2024 年第四季的積極訂單模式將延續到 2025 年第一季。儘管 2025 年的短期全球經濟前景變得更加不確定，但我們仍將繼續專注於推動 VPG 的長期潛力，並且對其潛力持樂觀態度。

In February, I outlined three top strategic priorities for 2025. First, driving business development with new customers and applications. Second, continuing to reduce costs and increase operational efficiencies; and third, pursuing high-quality acquisitions to build scale and expand our cash flow.

今年二月，我概述了2025年的三大策略重點。一是推動新客戶、新應用業務發展。第二，繼續降低成本，提高營運效率；第三，進行高品質的收購，以擴大規模，增加現金流。

We are encouraged by the progress of our business development initiatives in the first quarter as orders of approximately 8 million were broad-based and were on plan. To drive further growth, we plan to refine our internal processes and capabilities related to sales systems, marketing expertise and digital marketing.

我們對第一季業務發展計劃的進展感到鼓舞，因為大約 800 萬份訂單是廣泛的並且符合計劃。為了推動進一步成長，我們計劃完善與銷售系統、行銷專業知識和數位行銷相關的內部流程和能力。

In parallel, we have initiated steps to optimize our sales teams and processes. On the cost side, we continue to focus on long-term strategic plans, which include product relocations and efficiency improvements to reduce our cost. We are on track to achieve our targeted annual operational cost reductions of $5 million by year-end.

同時，我們已經採取措施優化我們的銷售團隊和流程。在成本方面，我們繼續專注於長期策略計劃，包括產品遷移和效率改進以降低成本。我們預計將實現到年底將年度營運成本削減 500 萬美元的目標。

Finally, regarding M&A, our strong balance sheet provide us with a means to acquire businesses with recognized brands and growth paths. We remain disciplined and patient in our search for the right opportunity.

最後，關於併購，我們強大的資產負債表為我們提供了收購具有知名品牌和成長路徑的企業的手段。我們在尋找合適機會的過程中始終保持紀律和耐心。

I will now turn it over to Bill Clancy. Bill?

現在我將把發言權交給比爾·克蘭西。帳單？

Thank you, Ziv. Referring to slide 8 and the reconciliation tables of the slide deck, our first-quarter 2025 revenues were $71.7 million. Adjusted gross margin of 38.3% in the first quarter was the same with 38.3% in the fourth quarter. Sequentially by segment, adjusted gross margin for Sensors of 30.8% decreased due to higher fixed cost and unfavorable foreign exchange rates, which was partially offset by higher volume.

謝謝你，Ziv。參考投影片 8 和投影片組的對帳表，我們 2025 年第一季的營收為 7,170 萬美元。第一季調整後毛利率為38.3%，與第四季的38.3%持平。按部門劃分，感測器業務調整後毛利率為 30.8%，由於固定成本上升和不利的外匯匯率而下降，但銷量增加部分抵消了這一影響。

Weighing Solutions adjusted gross margin of 37.8%, which was adjusted for $278,000 of manufacturing start-up costs increased from the fourth quarter, primarily due to higher revenue and the effect of our cost reduction programs.

稱重解決方案調整後的毛利率為 37.8%，這是由於第四季度製造啟動成本增加 278,000 美元而調整的，這主要歸因於收入增加和成本削減計劃的效果。

Gross margin for Measurement Systems of 50.3% declined from the fourth quarter due to lower revenue. Moving to slide 9. Our adjusted operating margin of 1.1%, which excluded start-up and restructuring costs amounting to $858,000 improved from 0.8% in the fourth quarter of 2024. Selling, general and administrative expense for the first quarter was $26.7 million, or 37.2% of revenues declined from $27.3 million or 37.5% of revenue for the fourth quarter of 2024.

測量系統的毛利率為 50.3%，由於收入下降，較第四季下降。移至幻燈片 9。我們的調整後營業利潤率為 1.1%，其中不包括 858,000 美元的啟動和重組成本，高於 2024 年第四季的 0.8%。第一季的銷售、一般和行政費用為 2,670 萬美元，佔收入的 37.2%，低於 2024 年第四季的 2,730 萬美元或 37.5%。

The decrease in SG&A is mainly due to lower commissions and travel. The GAAP tax rate for the first quarter was not a meaningful number given the geographic mix and level of income. We are assuming an operational tax rate of approximately 27% for the full year of 2025.

銷售、一般及行政費用的減少主要是由於佣金和差旅費用的減少。考慮到地理分佈和收入水平，第一季的 GAAP 稅率並不是一個有意義的數字。我們假設 2025 年全年的營業稅率約為 27%。

We reported a net loss of $942,000 or $0.07 per diluted share. Adjusting for the manufacturing startup costs, restructuring foreign currency exchange losses, adjusted net earnings for the first quarter was $468,000 or $0.04 per diluted share compared to $400,000 or $0.03 per diluted share in the fourth quarter of 2024.

我們報告淨虧損 942,000 美元，即每股虧損 0.07 美元。經調整製造啟動成本、重組外匯匯兌損失後，第一季調整後淨收益為 468,000 美元或每股攤薄收益 0.04 美元，而 2024 年第四季調整後淨收益為 400,000 美元或每股攤薄收益 0.03 美元。

Moving to slide 10. Adjusted EBITDA was $5.1 million or 7.2% of revenue compared to $5.1 million or 7% of revenue in the fourth quarter. CapEx in the first quarter was $1.5 million. For 2025, we are forecasting $10 million to $12 million for capital expenditures. We generated adjusted free cash flow of $3.7 million for the first quarter, which compared to $4.6 million in the fourth quarter.

移至投影片 10。調整後 EBITDA 為 510 萬美元，佔營收的 7.2%，而第四季為 510 萬美元，佔營收的 7%。第一季的資本支出為 150 萬美元。到 2025 年，我們預測資本支出將達到 1,000 萬至 1,200 萬美元。我們第一季的調整後自由現金流為 370 萬美元，而第四季為 460 萬美元。

We increased our cash position from December 31, 2024, by [$4.6 million to $83.9 million] in the first quarter. Total outstanding long-term debt was $31.5 million. We believe that we have a strong balance sheet and ample liquidity to support our business requirements and to fund the M&A.

我們第一季的現金狀況從 2024 年 12 月 31 日起增加了 [460 萬美元至 8,390 萬美元]。未償還長期債務總額為 3,150 萬美元。我們相信，我們擁有強大的資產負債表和充足的流動性來支持我們的業務需求並為併購提供資金。

Regarding the outlook. For the second fiscal quarter of 2025 at constant first fiscal-quarter 2025 exchange rates, we expect net revenue to be in the range of $70 million to $76 million. In summary, bookings of $74.4 million grew sequentially to the second straight quarter, resulting in a book-to-bill ratio of 1.04.

關於前景。對於 2025 財年第二季度，以 2025 財年第一季的固定匯率計算，我們預計淨收入將在 7,000 萬美元至 7,600 萬美元之間。總體而言，7,440 萬美元的訂單金額連續第二季成長，訂單出貨比達到 1.04。

Our business development initiatives continue to advance, and we continue to generate solid cash flow in a challenging business environment. With that, let's open the lines for questions. Thank you.

我們的業務發展計劃不斷推進，我們在充滿挑戰的商業環境中繼續產生穩健的現金流。現在，讓我們開始回答問題。謝謝。

Thank you very much. (Operator Instructions)

非常感謝。（操作員指示）

John Franzreb, Sidoti.

約翰‧弗朗茨雷布、西多蒂。

Good morning everyone, and thanks for taking the questions. Ziv, I'd like to take your opinion on the incoming order book. How does May compare to March? What are your customers saying about inventory trends and what they're thinking on a go-ahead basis?

大家早安，感謝你們回答問題。Ziv，我想聽聽你對即將到來的訂單的看法。五月與三月相比如何？您的客戶對於庫存趨勢有何看法？他們對此有何看法？

Good morning, John. In regards to the order intake, I would say that we do see a modest recovery already in Q1, mainly in test and measurement from semiconductor customers and also related to our humanoid robots and to an extent on the transportation markets.

早安，約翰。關於訂單量，我想說我們確實在第一季看到了適度的復甦，主要是來自半導體客戶的測試和測量，也與我們的人形機器人有關，並且在一定程度上涉及運輸市場。

Those -- we do expect the demand to continue. Initially, we don't see, I would say, a significant upside from real demand, which is coming from new orders given our customers' new demand in respect to the market recovery. Much of the demand today is coming from replenishing of the current supply chain while generating new demand from our business development initiatives.

我們確實預計需求將會持續下去。首先，我想說，我們並沒有看到實際需求有顯著的成長，實際需求來自於客戶在市場復甦背景下的新需求所帶來的新訂單。當今的大部分需求來自於補充現有供應鏈，同時從我們的業務發展計畫中產生新的需求。

So, is it fair to assume that the revenue profile has somewhat troughed and we're at a -- will be a gradual upslope? I believe you're there.

那麼，是否可以公平地假設收入狀況已經有所下降並且我們正處於逐步上升的過程中？我相信你就在那裡。

(technical difficulty)

（技術難度）

Yeah, John, your assumption is absolutely correct that I believe we have hit this (multiple speakers) and there's a continuation of -- like Ziv talked about a modest recovery going forward.

是的，約翰，你的假設完全正確，我相信我們已經達到了這個目標（多位發言者），並且還會繼續下去——就像齊夫談到的未來溫和復甦一樣。

Got it. And just a question on the delay in the KELK order into the second half. That's a pretty sizable delay. Can you give any color to that? And is there any cancellation risk in that $2 million order?

知道了。我只想問一下關於 KELK 訂單延遲到下半年的原因。這是一個相當大的延遲。你能解釋一下嗎？那筆200萬美元的訂單是否有取消風險？

Yes, absolutely. As you said, this is a significant amount. But given the fact that KELK is selling high-ticket items at around $400,000 to $500,000 per order, we had some operational issues, which we have been resolved given the cycle time, those orders are expected to be shipped in the second half of the year.

是的，絕對是。正如你所說，這是一個很大的數字。但考慮到 KELK 銷售的高價商品每筆訂單價值約為 40 萬至 50 萬美元，我們遇到了一些營運問題，這些問題已在周期內得到解決，這些訂單預計將在今年下半年發貨。

Regarding your comment regarding cancellation, all in all, we -- since we are supplying all across the company a custom product, we have not seen in the past, and we do not see any cancellations from customers.

關於您關於取消的評論，總而言之，由於我們為整個公司提供客製化產品，我們過去從未見過，也沒有看到任何客戶取消的情況。

Got it. I guess one last question, I'll get back into the queue. And the $5 million cost savings, what's the timing of realizing that? And is it all in cost of goods sold or SG&A? Or is there a mix that we should kind of be thinking about?

知道了。我想還有最後一個問題，我會回到隊列。那麼節省 500 萬美元的成本，什麼時候可以實現呢？這些費用都計入銷售成本還是銷售、一般及行政費用 (SG&A) 中？或者是否存在我們應該考慮的混合？

The $5 million savings we are looking at year-over-year 2025 in respect to 2024. Most, I would say by far most of the savings are in the cost of goods sold, resulting from material cost reduction, product relocation, and process improvements.

我們預計 2025 年將比 2024 年節省 500 萬美元。我想說，迄今為止，大部分的節省都來自於銷售成本的降低、產品遷移和流程改善。

Got it. Thank you, Ziv. I'll get back in the queue.

知道了。謝謝你，Ziv。我會回到隊列中。

Thank you very much. Griffin Boss, B. Riley Securities.

非常感謝。Griffin Boss，B. Riley 證券。

Just to start off as a follow-up to the KELK question. Is this $2 million delayed shipment? Is that incremental to the $5 million that you mentioned on the fourth-quarter earnings call -- you mentioned the $5 million shipments were delayed and you expected $2 million to be recognized in the first quarter. Is that related to that same push?

首先來跟進一下 KELK 的問題。這批價值 200 萬美元的貨物是否延遲出貨？這是您在第四季度財報電話會議上提到的 500 萬美元的增量嗎？您提到 500 萬美元的發貨被延遲了，您預計第一季將確認 200 萬美元。這與同樣的推動有關嗎？

So this is a very good question. So the $2 million are related to KELK products, which, as I indicated, has been -- will be -- the deliveries will be pushed out to the second half of the year. The $5 million that I've indicated in Q4 was related to DTS and DSI products given the fact that customers were expecting to get those orders and those orders has been placed in Q1. But those are different product lines. The $5 million DTS, DSI, while the $2 million is KELK steel products.

這是一個非常好的問題。因此，這 200 萬美元與 KELK 產品有關，正如我所指出的，這些產品的交付將推遲到今年下半年。我提到的第四季度的 500 萬美元與 DTS 和 DSI 產品有關，因為客戶期待收到這些訂單，而且這些訂單是在第一季下達的。但那些是不同的產品線。500 萬美元的是 DTS、DSI，而 200 萬美元的是 KELK 鋼鐵產品。

Okay. Okay. Understood. And then I wanted to touch on the humanoid robots opportunity. Obviously, it looks like you guys are continuing to make good progress there. Is there any more color you can give now that you're starting to see more order flow from those two initial customers on how many sensors we should expect are being used in a single robot and to the extent maybe you could discuss certain ASPs for those sensors as well?

好的。好的。明白了。然後我想談談人形機器人的機會。顯然，看起來你們在那裡繼續取得良好進展。現在您開始看到來自這兩個初始客戶的更多訂單流，您能否提供更多信息，說明我們應該在單個機器人中使用多少個感測器，以及您是否可以討論這些感測器的某些 ASP？

I'm not sure how much color I can provide, but I could say that we are in this -- that we are working with our customers in the second development phase. There was a very large order over $1 million that has been placed in Q1.

我不確定我能提供多少細節，但我可以說我們正處於這個階段——我們正在與客戶合作進行第二階段的開發。第一季有一筆超過 100 萬美元的大額訂單。

We are working on a larger order for the -- for, I would say, second half of the year. We are looking at complete or I would say, our value would be between [$500 to $1,200] per robot. This is what I can provide at this point. And we are speaking about tens of sensors within each robot. But unfortunately, I don't think I would be able to share more information at this point in time.

我們正在為今年下半年制定更大的訂單。我們正在考慮完整的，或者我想說，我們的價值在每個機器人上介於 [500 美元到 1,200 美元] 之間。這是我目前可以提供的。我們談論的是每個機器人內部的數十個感測器。但不幸的是，我認為目前我無法分享更多。

No, Ziv, that was helpful. I fully understood. And then just last one for me. Curious about the CapEx ramp. I know you said in the past, you should think about that as 4%, 4.5% of sales going forward. It was pretty light in the first quarter. So curious, Bill, if you can just touch on kind of how you're looking at the cadence throughout the year. Should we expect kind of a gradual ramp up or maybe a little bit more CapEx investment in the back half of the year?

不，Ziv，這很有幫助。我完全理解。對我來說這是最後一個了。對資本支出的成長感到好奇。我知道您過去說過，您應該將其視為未來銷售額的 4% 或 4.5%。第一節比賽相當輕鬆。比爾，我很好奇，你能不能簡單談談你是如何看待全年節奏的？我們是否應該預期下半年資本支出投資會逐漸增加或可能會稍微增加一些？

Since most of the CapEx are related to sensors equipment and some of the equipment are semiconductor type of equipment with a longer lead time, we always see a much larger CapEx in the second half of the year in respect to the first half of the year. So we still believe that we are going to spend between 10% to 12%, but we will see most of the spending coming in the second half of the year.

由於大部分資本支出與感測器設備有關，部分設備是交貨時間較長的半導體設備，因此我們總是看到下半年的資本支出比上半年大得多。因此，我們仍然相信我們將支出 10% 到 12%，但大部分支出將出現在下半年。

Okay. Great, thanks for taking my questions. I appreciate it.

好的。太好了，感謝您回答我的問題。我很感激。

Thank you very much. (Operator Instructions) We currently have no further questions. I will now turn back to Steve for any closing remarks.

非常感謝。（操作員指示）我們目前沒有其他問題。現在我請史蒂夫做最後發言。

I think we may have another question. Could you recheck?

我想我們可能還有另一個問題。能再檢查一下嗎？

Apologies for that. John, Sidoti.

對此我深表歉意。約翰，西多蒂。

Yeah, thanks for squeezing me back in. I'm actually curious about share repurchases. You were somewhat aggressive in early 2024 at higher thresholds in trading today and certainly you're open up today. It doesn't seem that I don't know where cash is domiciled, but it doesn't seem that cash is an issue. What are your thoughts about repurchasing the stock at these levels?

是的，謝謝你讓我回來。我實際上對股票回購很好奇。2024 年初，在今天的交易中，您在較高的門檻上表現得有些激進，當然，今天您已經開放了。看來我不是不知道現金存放在哪裡，但現金似乎不是一個問題。您對以這樣的物價水準回購股票有何看法？

So John, at this point in time, our cash is to the effect where just approximately 4% of our cash is in the US or conversely 96% outside. And to bring a lot of that cash back into the US, we would have to pay significant cash tax on that -- on those repatriation. So at this point in time, we have not purchased any shares during the first quarter.

約翰，目前，我們的現金只有大約 4% 在美國，或者相反，96% 在美國以外。為了將大量現金帶回美國，我們必須為這些匯回的現金繳納大量現金稅。因此，目前為止，我們在第一季還沒有買任何股票。

Okay. Thanks. And I got you, Bill. Did you say that the tax rate we should be using for the full year is 25%?

好的。謝謝。我明白你的意思了，比爾。您說我們全年應該使用的稅率是 25% 嗎？

27%.

27%。

27%. Thanks for the clarification. Thank you guys.

27%。感謝您的澄清。謝謝你們。

You're welcome.

不客氣。

Thank you very much, John. That concludes our question-and-answer session. I will now hand back over to Steve for any closing remarks.

非常感謝，約翰。我們的問答環節到此結束。現在我將把發言權交還給史蒂夫，請他做最後發言。

Before closing our call, I do want to remind investors and those listening that we will be presenting at the upcoming B. Riley Conference on May 22 and the three-part Advisor Conference in June. We look forward to updating you on VPG next quarter, and thank you, and have a great day.

在結束電話會議之前，我想提醒投資者和聽眾，我們將在 5 月 22 日即將舉行的 B. Riley 會議和 6 月舉行的三部分顧問會議上發表演講。我們期待下個季度向您更新 VPG 的最新動態，謝謝您，祝您有美好的一天。

Thank you very much, Steve, and thank you to Bill and Ziv for being our speakers on today's call. That concludes the conference call for today. We appreciate everyone for joining. You may now disconnect your lines.

非常感謝史蒂夫，也感謝比爾和齊夫作為我們今天電話會議的發言人。今天的電話會議到此結束。我們感謝大家的加入。現在您可以斷開線路了。