威世科技 (VSH) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vishay Intertechnology Q2 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Peter Henrici, Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Vishay Intertechnology 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人、投資者關係部門的 Peter Henrici。請繼續。

Thank you, Jill. Good morning, and welcome to Vishay Intertechnology's second-quarter 2024 earnings conference call. Joel Smejkal, our President and Chief Executive Officer; and Dave McConnell, our Chief Financial Officer, will join me today. This morning, we reported results for our second quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web and can be accessed through our website.

謝謝你，吉爾。早安，歡迎參加 Vishay Intertechnology 的 2024 年第二季財報電話會議。Joel Smejkal，我們的總裁兼執行長；我們的財務長戴夫麥康奈爾 (Dave McConnell) 今天也將加入我的行列。今天早上，我們報告了第二季的業績。我們的收益發布副本可在我們網站 ir.vishay.com 的投資者關係部分取得。此次電話會議正在網路上進行現場直播，您可以透過我們的網站進行存取。

In addition, today's call is being recorded and will be available via replay on our website. We will be referring to a slide presentation during the call, which we also posted at ir.vishay.com. You should be aware that in today's conference call, we will be making forward-looking statements discussing future events and performance. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and Vishay's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

此外，今天的通話正在進行錄音，並將在我們的網站上重播。我們將在電話會議期間參考幻燈片演示，該演示也已發佈在 ir.vishay.com 上。您應該知道，在今天的電話會議中，我們將做出前瞻性聲明，討論未來的事件和績效。這些陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述有所不同。有關可能導致結果不同的因素的討論，請參閱今天的新聞稿以及 Vishay 向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件。

We are including information on various GAAP and non-GAAP measures in our press release and on this conference call. We have included a full GAAP to non-GAAP reconciliation in our press release and in the presentation posted on ir.vishay.com, which we believe you will find useful when comparing our GAAP and non-GAAP results. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures.

我們在新聞稿和本次電話會議中提供了有關各種公認會計原則和非公認會計原則措施的資訊。我們在新聞稿和 ir.vishay.com 上發布的簡報中包含了完整的 GAAP 與非 GAAP 調節，我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現它很有用。我們使用非公認會計準則衡量標準是因為我們相信它們提供了有關我們業務經營業績的有用信息，投資者應將其與公認會計準則衡量標準結合起來考慮。

Now I turn the call over to President and Chief Executive Officer, Joel Smejkal.

現在我將電話轉給總裁兼執行長 Joel Smejkal。

Thank you, Peter. Good morning, everyone. Thank you for joining our second quarter 2024 conference call. I'll start my remarks with a review of our revenue for the second quarter by end market, channel, and region. Then Dave will take you through a review of the second quarter financial results and our guidance for the third quarter. After that, I'll give you a progress report on our 2024 initiatives under our five-year strategic plan to answer any of your questions. For the second quarter, we are reporting results in line with our revenue, gross profit margin, and SG&A guidance.

謝謝你，彼得。大家早安。感謝您參加我們的 2024 年第二季電話會議。我將首先按終端市場、通路和地區回顧我們第二季的收入。然後戴夫將帶您回顧第二季的財務業績和我們對第三季的指導。之後，我將向大家提交一份關於我們五年策略計畫下的 2024 年舉措的進度報告，以回答大家的任何問題。對於第二季度，我們報告的業績符合我們的收入、毛利率和銷售、一般行政管理 (SG&A) 指引。

Revenue of $741.2 million was essentially flat versus the first quarter, impacted negatively by lower volume pulls from automotive customers and from industrial customer destocking. The revenue was impacted positively by an additional revenue of $13.1 million from our Newport acquisition and also sparks from China and Taiwan related to AI server demand, notebooks, and consumer devices. Distribution revenue was up quarter-on-quarter, a testament to our intensified customer reengagement initiative, supported by the capacity that has come online over the last 12 months.

營收 7.412 億美元與第一季基本持平，受到汽車客戶銷售下降和工業客戶去庫存的負面影響。我們收購 Newport 帶來的 1,310 萬美元額外收入對收入產生了積極影響，此外，中國大陸和台灣地區與人工智慧伺服器需求、筆記型電腦和消費設備相關的需求也對收入產生了積極影響。分銷收入環比增長，證明了我們在過去 12 個月上線容量的支持下加強了客戶重新參與計劃。

We are making good progress in executing Vishay 3.0. As we expected, the inventory digestion continued into the second quarter. Some of the customers are still carrying a high level of semiconductor inventory from some of their suppliers. Nevertheless, we are starting to see indications of inventory rebalancing and bookings are steadily improving, particularly from automotive and industrial customers. We've also started to see replenishment activities from the distributor channel and on certain passive product lines, higher consumption rates for semiconductors as demand ramps up for AI servers, and vehicle computing.

我們在執行 Vishay 3.0 方面取得了良好進展。正如我們預期，庫存消化持續到第二季​​。一些客戶仍然持有一些供應商的大量半導體庫存。儘管如此，我們開始看到庫存重新平衡和預訂穩定改善的跡象，特別是來自汽車和工業客戶的預訂。我們也開始看到經銷商通路和某些被動產品線的補貨活動，隨著人工智慧伺服器和車輛運算需求的增加，半導體的消耗率上升。

Let's take a closer look now at the second quarter revenue, starting with a review of revenue by end market on slide 3. Automotive revenue declined 6.7% from the first quarter and 13.6% compared to last year's second quarter as Tier 1 automotive customers pulled below their schedule agreement plans primarily in Europe. OEMs in North America and Europe pulled back on EV production and postponed some of their new EV platforms. Based on input from our customers in Europe and the Americas, we're seeing flat automotive demand tied to persistent high interest rates, driving consumers to look towards purchasing less expensive compact cars, containing less electronic content.

現在讓我們仔細看看第二季的收入，首先回顧幻燈片 3 中終端市場的收入。汽車收入較第一季下降 6.7%，較去年第二季下降 13.6%，原因是主要在歐洲的一級汽車客戶未能按期完成協議計畫。北美和歐洲的原始設備製造商縮減了電動車生產，並推遲了一些新電動車平台的推出。根據歐洲和美洲客戶的回饋，我們發現汽車需求持平與持續高利率有關，促使消費者傾向於購買價格較便宜、電子內容較少的小型車。

Even though sales were lower, design activity continued on all automotive electronics, including battery management systems, ADAS, and with the increasing discussion around AI chipsets. We also stepped up our engagement with automotive OEMs and Tier 1s. Because we are investing in capacity expansion, an automotive OEM signed an important first-time silicon MOSFET supply agreement with us. For our silicon carbide push, we held more technical meetings with existing and potential new customers around silicon carbide MOSFETs tied to traction inverter projects and assemblies and modules for onboard charging.

儘管銷售額下降，但所有汽車電子產品的設計活動仍在繼續，包括電池管理系統、ADAS，以及圍繞人工智慧晶片組的討論不斷增加。我們也加強了與汽車原始設備製造商和一級供應商的合作。由於我們正在投資擴大產能，一家汽車 OEM 與我們簽署了重要的首次矽 MOSFET 供應協議。為了推動碳化矽的發展，我們與現有和潛在的新客戶舉行了更多技術會議，圍繞著與牽引逆變器專案以及車載充電組件和模組相關的碳化矽 MOSFET。

These customer programs are planned for 2026 and 2027 launches. Our action item is to provide customer engineers with samples of both the Planar and the Trench silicon carbide technologies as we now move towards commercializing these products. Turning to industrial end markets, with customers continuing to destock inventory during the second quarter, overall demand remains sluggish. Excluding Newport, industrial revenue was essentially flat quarter over quarter.

這些客戶計畫計劃於 2026 年和 2027 年啟動。我們的行動項目是為客戶工程師提供平面和溝槽碳化矽技術的樣品，因為我們現在正在努力將這些產品商業化。轉向工業終端市場，第二季客戶持續去庫存，整體需求依然低迷。不包括紐波特，工業收入環比基本持平。

Late in the quarter, we started to see improved bookings in Asia for power meters, high-voltage DC applications, and factory automation, including a first signal of improving orders in China. We also received sizable follow-on orders for high-voltage capacitors under a smart grid supply agreement with a European customer for a total of now approximately $113 million since the beginning of the year. Design activity remains focused on smart grid infrastructure, industrial automation, renewable energy, and energy storage.

本季末，我們開始看到亞洲功率表、高壓直流應用和工廠自動化的訂單有所改善，其中包括中國訂單改善的第一個訊號。自今年年初以來，根據與歐洲客戶簽訂的智慧電網供應協議，我們也收到了大量高壓電容器後續訂單，目前總計約 1.13 億美元。設計活動仍集中在智慧電網基礎設施、工業自動化、再生能源和能源儲存。

Near-term, we expect industrial automation will continue to be a key driver of design activity while the government funding for EV charging networks and grid projects keeps getting pushed out. Revenue to aerospace and defense end markets declined 3.3% from the quarter and was 17.2% higher than last year's second quarter. Sales were down due to a temporary lull in orders pulls from key OEMs, both in the Americas and Europe related to their supplies change shortages and a directive also from the Turkish Government to not receive products made in Israel.

短期內，我們預計工業自動化將繼續成為設計活動的關鍵驅動力，而政府對電動車充電網路和電網計畫的資助不斷被推遲。航空航太和國防終端市場的營收季減 3.3%，但比去年第二季成長 17.2%。銷售額下降的原因是美洲和歐洲主要原始設備製造商的訂單暫時停滯，原因是供應短缺，以及土耳其政府禁止接收以色列製造的產品的指令。

Orders for applications around missile guidance systems and combat aircraft remains strong; demand from OEMs in the Americas remains solid with some of them pushing for master supply agreements to facilitate awarding contracts to Vishay as a preferred supplier. This is a direct result of our customer reengagement initiative. We are also supplying military materials to EMS to satisfy their contracts with aerospace and defense OEMs. As we look forward into the year, we expect to complete these supply agreements in the third quarter, setting us up for increased share of new contracts in Q4 and in 2025.

飛彈導引系統和戰鬥機相關應用的訂單依然強勁；美洲原始設備製造商的需求依然強勁，其中一些原始設備製造商正在推動主供應協議，以促進將合約授予 Vishay 作為首選供應商。這是我們的客戶重新參與計劃的直接結果。我們還向 EMS 供應軍用材料，以滿足他們與航空航天和國防原始設備製造商的合約。展望今年，我們預計將在第三季完成這些供應協議，為我們在第四季和 2025 年增加新合約份額做好準備。

Medical revenue increased 14.7% from the first quarter and was slightly below last year's second quarter. We delivered an all-time high of custom magnetics to our largest medical customer who has now resolved their supply chain issues. Because we see great growth potential in the medical end markets, we have hired a medical segment leader, a newly created role at Vishay, who is focused on deepening our engagement with existing customers and developing relationships with new customers, more fully leveraging the breadth of our product portfolio, similar to the steps we're taking with the distributor reengagement initiative.

醫療收入較第一季成長14.7%，略低於去年第二季。我們向最大的醫療客戶提供了歷史最高水準的客製化磁性材料，現在已解決了供應鏈問題。因為我們看到醫療終端市場巨大的成長潛力，所以我們聘請了一位醫療領域的領導者，這是Vishay 新設立的職位，他專注於加深我們與現有客戶的接觸並發展與新客戶的關係，更充分地利用我們的產品組合，類似於我們在經銷商重新參與計劃中採取的步驟。

This medical leader will bring the appropriate technologies of Vishay into the discussions with these medical customers. While design activity remain focused on implantable devices and remote monitoring equipment, we also see activity in home patient monitoring and diagnostics as these applications have taken hold, along with the adoption of telemedicine that started during the pandemic. Revenue from the other categories included telecom, computing, and consumer end markets was down 2.3% quarter-over-quarter and 37.3% versus the second quarter last year.

這位醫療領導者將把 Vishay 的適當技術帶入與這些醫療客戶的討論中。雖然設計活動仍然集中在植入式設備和遠端監控設備上，但我們也看到了家庭患者監控和診斷方面的活動，因為這些應用已經佔據主導地位，以及在疫情期間開始採用的遠距醫療。其他類別包括電信、計算和消費終端市場的收入環比下降 2.3%，與去年第二季相比下降 37.3%。

We continue to see pockets of growth like orders for AI servers and server power projects as key manufacturers in China and Taiwan now launched initial production. Orders related to notebook computers continue to grow in Asia as well. Design activity continued to increase in the areas of AI server power, AI chipsets, laptops and tablets and storage networks. While we have a good initial position on AI reference designs, mainly with MOSFETs and diodes, we are designing in more of the Vishay portfolio to gain a greater percentage of Vishay components (technical difficulty) at key chipset makers in the emerging AI market. This is another example of the benefits of our Vishay 3.0 initiatives as we've increased our field application engineering resources and extended capacity, we're now positioning Vishay to fully participate in the AI market growth.

我們繼續看到一些成長，例如人工智慧伺服器和伺服器電源項目的訂單，因為中國和台灣的主要製造商現在已啟動初步生產。亞洲與筆記型電腦相關的訂單也持續成長。人工智慧伺服器電源、人工智慧晶片組、筆記型電腦和平板電腦以及儲存網路領域的設計活動持續增加。雖然我們在AI 參考設計（主要是MOSFET 和二極體）方面擁有良好的初始地位，但我們正在設計更多Vishay 產品組合，以便在新興AI 市場的主要晶片組製造商中獲得更大比例的Vishay 組件（技術難度）。這是 Vishay 3.0 計畫優勢的另一個例子，因為我們增加了現場應用工程資源並擴大了產能，我們現在將 Vishay 定位為全面參與人工智慧市場的成長。

Turning to channel sales on slide 4. OEM revenue decreased 11.1% quarter-over-quarter and 19.1% year-over-year on lower volumes from industrial and automotive customers, primarily in the Americas and Europe. EMS revenue increased 1% versus Q1, 15.9% below prior year, with increasing order flow tied to improving customer demand and higher demand related to AI servers, particularly in China and Taiwan.

轉向投影片 4 上的通路銷售。由於工業和汽車客戶（主要是美洲和歐洲）的銷售下降，OEM 收入較上季下降 11.1%，年減 19.1%。EMS 營收較第一季成長 1%，比去年同期成長 15.9%，訂單流的增加與客戶需求的改善以及與 AI 伺服器相關的需求增加有關，尤其是在中國和台灣。

In the Americas, EMS revenue, excluding military, was lower as end customers reduced forecast and lead times remain short, allowing customers to wait and be less visible about their future demand needs. Our EMS customers, which are focused on military end markets are performing well and have positive outlooks. Distribution revenue increased 7.6% versus the first quarter and was down 15.5% versus last year.

在美洲，EMS 收入（不包括軍事）較低，因為最終客戶降低了預測，並且交貨時間仍然很短，使客戶可以等待並且不太了解他們的未來需求。我們專注於軍事終端市場的 EMS 客戶表現良好，前景樂觀。分銷收入較第一季成長 7.6%，較去年同期下降 15.5%。

Our initiative to deepen engagement with our distribution customers is beginning to pay off. Part number and pricing reviews have resulted in increased SKU count on the distributor shelves. In Q2 '24, we've increased our SKU count at distribution by over 10,000 part numbers quarter over quarter. These positions help to position Vishay and win increased share of turns business. At the same time, we continue to meet with the distributors to expand our local coverage, particularly in Asia. Distribution inventory worldwide declined by $22.8 million, while we added approximately $14 million of inventory on the new SKUs.

我們深化與分銷客戶互動的措施已開始取得成效。零件編號和定價審核導致經銷商貨架上的 SKU 數量增加。在 2024 年第 2 季度，我們的分銷 SKU 數量逐季增加了 10,000 多個零件號碼。這些職位有助於 Vishay 定位並贏得更多的轉彎業務份額。同時，我們繼續與經銷商會面，以擴大我們的本地覆蓋範圍，特別是在亞洲。全球分銷庫存減少了 2,280 萬美元，而新 SKU 的庫存增加了約 1,400 萬美元。

Inventory held steady quarter-over-quarter at 26 weeks. POS worldwide was 2.3% lower with weakness in Europe and some softness in the Americas, while POS improved in Asia due to strong demand from the China EV customers, especially those who are increasing their focus on overseas markets for growth.

庫存環比穩定在 26 週。全球 POS 下降 2.3%，其中歐洲疲軟，美洲也有所疲軟，而亞洲 POS 則有所改善，原因是中國電動車客戶的強勁需求，尤其是那些更加註重海外市場成長的客戶。

Finally, let's turn to slide 5 for a look at the revenue by region. Revenue in the Americas was slightly higher, up 1% on distribution and medical, while Asia revenue was -- with some bright spots developing on industrial and AI.

最後，讓我們轉向投影片 5，看看按地區劃分的收入。美洲的收入略高，分銷和醫療方面的收入增長了 1%，而亞洲的收入則有所增長——工業和人工智慧方面出現了一些亮點。

Europe revenues were lower as its macroeconomic challenges continued to weaken demand. Before turning the call over to Dave, I'd like to express my appreciation to all Vishay employees for their continued dedication and commitment to implementing Vishay 3.0. Their focus to deepen our customer engagement, to drive internal cost controls and to become business minded in everything we do aligns all of us to faster decision-making as well as driving towards greater financial outcomes.

由於宏觀經濟挑戰持續削弱需求，歐洲收入下降。在將電話轉給 Dave 之前，我要向所有 Vishay 員工表示感謝，感謝他們對實施 Vishay 3.0 的持續奉獻和承諾。他們專注於加深我們的客戶參與、推動內部成本控制以及在我們所做的每件事中都具有商業頭腦，這使我們所有人能夠更快地做出決策並推動實現更好的財務成果。

I'll now hand the call over to Dave with the financial review of Q2.

我現在將把第二季的財務審查轉交給戴夫。

Thank you, Joel. Good morning, everyone. Let's start our review of the second quarter results with the highlights on slide 6. Second quarter revenues were $741.2 million, including $16 million attributed to our Newport acquisition and within the range of our guidance. Revenues decreased 0.7% compared to the first quarter, reflecting a 0.7% reduction in ASPs and a 1.1% decrease in volume, partially offset by an increase in Newport revenues.

謝謝你，喬爾。大家早安。讓我們從投影片 6 中的重點內容開始回顧第二季的業績。第二季營收為 7.412 億美元，其中 1,600 萬美元歸因於我們對 Newport 的收購，並且在我們的指導範圍內。與第一季相比，營收下降 0.7%，反映出平均售價下降 0.7%，銷量下降 1.1%，但部分被紐波特營收的成長所抵銷。

The slight decrease in volume reflects primarily rebalancing of inventory by automotive Tier 1s and the slight reduction in ASPs reflects price alignments in distribution channels, primarily for passives. By reportable business segment, the $5 million decrease in revenues was mainly attributable to an $8.7 million decrease in resistors and a $4.6 million decrease in capacitors. These declines were partially offset by a $5.4 million increase in inductors and a $3.8 million increase in Opto. MOSFETs revenue was flat when including the $13 million increase of the Newport revenue.

銷售量的小幅下降主要反映了汽車一級供應商庫存的重新平衡，平均售價的小幅下降反映了分銷管道的價格調整，主要針對無源產品。以可報告業務部門劃分，收入減少 500 萬美元，主要是由於電阻器減少 870 萬美元，電容器減少 460 萬美元。這些下降被電感增加 540 萬美元和光電增加 380 萬美元部分抵消。考慮到 Newport 收入增加了 1300 萬美元，MOSFET 的收入持平。

Compared to the second quarter last year, revenues were down 16.9%, reflecting a volume decrease, net of Newport of 13.6% and a 3.9% reduction in ASPs. Book-to-bill for the quarter was 0.86 comprised of 0.82 for semis and 0.90 for passives. Backlog decreased to 4.6 months compared to 5.0 months at the end of quarter one. By product category, backlog for semis decreased to 4.4 months from 5.0 and backlog for passives decreased to 4.9 months from 5.1.

與去年第二季相比，營收下降了 16.9%，反映出銷量下降（扣除紐波特 13.6% 的影響和平均售價下降 3.9%）。本季的訂單出貨比為 0.86，其中半成品訂單出貨比為 0.82，無源訂單出貨比為 0.90。積壓訂單從第一季末的 5.0 個月減少至 4.6 個月。依產品類別劃分，半成品的積壓時間從 5.0 個月減少到 4.4 個月，被動元件的積壓時間從 5.1 個月減少到 4.9 個月。

Moving on to the next slide, presenting the income statement highlights. Gross profit, which includes the addition of Newport for a full quarter, was $162.9 million. Gross margin was 22.0% and included a negative impact from Newport of approximately 170 basis points. Compared to the first quarter, gross margin was 80 basis points lower, primarily due to the inclusion of Newport for the entire quarter. SG&A expenses were $125 million compared to $127.7 million for the first quarter, reflecting cost containment measures and lower than our guidance due primarily to lower bonus accruals. Depreciation expense was $49 million for the quarter, up from $47 million in quarter one and reflects the addition of the Newport fab.

前往下一張投影片，展示損益表亮點。包括 Newport 在內的整個季度的毛利為 1.629 億美元。毛利率為 22.0%，其中包括紐波特約 170 個基點的負面影響。與第一季相比，毛利率下降了 80 個基點，主要是由於整個季度將紐波特納入其中。SG&A 費用為 1.25 億美元，而第一季為 1.277 億美元，反映了成本控制措施，並且低於我們的指導，主要是由於應計獎金減少。本季折舊費用為 4,900 萬美元，高於第一季的 4,700 萬美元，反映了紐波特工廠的增加。

Operating margin decreased to 5.1% from 5.7% in the first quarter and 15.1% in the second quarter of 2023. EBITDA for the quarter was $88.4 million for an EBITDA margin of 11.9%, down slightly from the 12.2% in the first quarter. Our normalized effective tax rate for the year-to-date period was approximately 31%, which yields an effective tax rate of approximately 34% for the quarter. EPS was $0.17 per share compared to $0.22 per share in the first quarter and $0.68 per share for the second quarter of 2023.

營業利潤率從第一季的 5.7% 和 2023 年第二季的 15.1% 下降至 5.1%。本季 EBITDA 為 8,840 萬美元，EBITDA 利潤率為 11.9%，略低於第一季的 12.2%。我們年初至今的標準化有效稅率約為 31%，這使得本季的有效稅率約為 34%。每股收益為 0.17 美元，而 2023 年第一季每股收益為 0.22 美元，第二季每股收益為 0.68 美元。

Proceeding to slide 8. For ease of reference, the presentation includes a table illustrating the revenue, gross margin and book-to-bill ratios for each of our reportable business segments. Of note, for the second quarter, the results for Newport are reported entirely in the MOSFETs business segment, weighing on that segment's gross margin approximately 780 basis points.

繼續幻燈片 8。為了方便參考，該簡報包括一個表格，說明了我們每個可報告業務部門的收入、毛利率和訂單出貨比。值得注意的是，Newport 第二季的業績完全在 MOSFET 業務部門報告，導致該部門的毛利率下降約 780 個基點。

Turning to slide 9 and our cash conversion cycle metrics; our DSO and DPO were flat at 51 and 31 days, respectively. Inventory was up slightly to $671 million, resulting in an inventory day sales outstanding of 105 days, up from 104 days in the first quarter. Total cash conversion cycle for the second quarter was 125 days.

轉向投影片 9 和我們的現金轉換週期指標；我們的 DSO 和 DPO 分別持平於 51 天和 31 天。庫存小幅增加至 6.71 億美元，庫存日銷售餘額從第一季的 104 天增加到 105 天。第二季的總現金週轉週期為 125 天。

Continuing on to slide 10. You can see we used $25 million in operating cash for the second quarter. The quarter included $53 million of tax payments related to cash repatriation and the latest installment of the US transition tax. Total CapEx for the quarter was $63 million, including $43 million designated for capacity expansion projects. On a trailing 12-month basis, capital intensity was 10.5% compared to 9.8% for the same period last year. Due to the investments in capacity expansion projects and the aforementioned taxes paid, free cash flow for the quarter was a negative $87 million compared to a positive $28 million in the first quarter.

繼續幻燈片 10。您可以看到我們第二季使用了 2500 萬美元的營運現金。該季度包括與現金匯回相關的 5,300 萬美元稅款以及最新一期的美國過渡稅。本季資本支出總額為 6,300 萬美元，其中 4,300 萬美元指定用於產能擴張項目。過去 12 個月的資本密集度為 10.5%，而去年同期為 9.8%。由於產能擴張項目的投資以及上述繳納的稅款，本季自由現金流為負 8,700 萬美元，而第一季為正 2,800 萬美元。

Stockholder returns for the second quarter amounted to $26.3 million, consisting of $13.7 million for our quarterly dividend and $12.6 million for share repurchases. We repurchased 0.6 million shares during the quarter at an average price of $22.76 per share. For 2024, we still expect to return at least $100 million to stockholders. Cash and short-term investments decreased to $688 million at quarter end as we continue to deploy cash to fund our strategic plan. At the end of the quarter, we have approximately $72 million of cash on hand in the US.

第二季股東回報為 2,630 萬美元，其中包括 1,370 萬美元的季度股息和 1,260 萬美元的股票回購。本季我們以每股 22.76 美元的平均價格回購了 60 萬股股票。2024 年，我們仍預期向股東返還至少 1 億美元。隨著我們繼續部署現金為戰略計劃提供資金，季度末現金和短期投資減少至 6.88 億美元。截至本季末，我們在美國手頭上有大約 7,200 萬美元的現金。

As a reminder, we are required to fund cash dividends, share repurchases and principal and interest payments using our cash on hand in the US, and we are using our US-based cash to fund our Newport expansion and other strategic investments. To that end, during the quarter, we repatriated $105 million of accumulated earnings net of taxes from Israel to the US, primarily to fund the Ametherm acquisition and the Newport expansion. As a reminder, based on our planned investments at Newport and expected payments under our stockholder return policy, we expect to be free cash negative for the year and to draw on our revolver to fill the gap. The revolver also provides us with adequate liquidity to fund operations in the US.

提醒一下，我們需要使用我們在美國的手頭現金為現金股息、股票回購以及本金和利息支付提供資金，並且我們正在使用我們在美國的現金為我們的紐波特擴張和其他戰略投資提供資金。為此，我們在本季將 1.05 億美元的累計稅後淨收益從以色列匯回美國，主要用於資助 Ametherm 收購和 Newport 擴張。提醒一下，根據我們在紐波特的計劃投資和股東回報政策下的預期付款，我們預計今年的自由現金為負數，並動用我們的左輪手槍來填補缺口。左輪手槍也為我們提供了充足的流動性，為美國的業務提供資金。

The remaining cash and short-term investments are held in our subsidiaries around the world outside the US. To repatriate accumulated earnings from these subsidiaries, we must pay foreign withholding taxes, and we have accrued for an estimated tax liability based on our expected timing of future repatriations from certain countries, most significantly, Israel and Germany. At the end of the second quarter, we have approximately $72 million of cash in Israel and $73 million of cash in Germany.

剩餘的現金和短期投資由我們在美國以外的世界各地的子公司持有。為了從這些子公司匯回累積收入，我們必須繳納外國預扣稅，並且我們根據未來從某些國家（最重要的是以色列和德國）匯回的預期時間，計算了估計的納稅義務。截至第二季末，我們在以色列擁有約 7,200 萬美元現金，在德國擁有約 7,300 萬美元現金。

Our strategic plan requires a significant local liquidity for our expansion projects in Germany. The remaining $471 million of cash and short-term investments are held in subsidiaries that are located in countries with restrictive regulations and high tax rates for repatriating cash. We have not accrued taxes to repatriate those earnings because we have deemed them indefinitely reinvested.

我們的策略計劃需要大量的當地流動資金來支持我們在德國的擴張項目。其餘 4.71 億美元的現金和短期投資由位於現金匯回監管嚴格且稅率較高的國家的子公司持有。我們沒有透過課稅來匯回這些收入，因為我們認為它們可以無限期地再投資。

Turning to slide 11 for our guidance. For the third quarter of 2024, revenues are expected to be between $725 million and $765 million. Gross margin is expected to be in the range of 21% -- 21.0%, plus or minus 50 basis points. Newport has an approximate 175 basis point to 200 basis point drag on that gross margin. Depreciation expense is expected to be approximately $52 million for the third quarter and $200 million for the full year. SG&A expenses are expected to be $127 million, plus or minus $2 million for the quarter and $507 million, plus or minus $5 million for the full year. Included in the SG&A guidance is the addition of approximately $13 million related to Newport, which is offset by adjustments to our planned 2024 spending, which includes lower headcount and freezes on hiring and discretionary travel. For 2024, we still expect a normalized effective tax rate of approximately 31%.

請參閱投影片 11 以取得指引。2024 年第三季的營收預計在 7.25 億美元至 7.65 億美元之間。毛利率預計在21%-21.0%之間，上下浮動50個基點。Newport 對此毛利率的拖累約為 175 個基點至 200 個基點。預計第三季折舊費用約 5,200 萬美元，全年折舊費用約 2 億美元。本季的 SG&A 費用預計為 1.27 億美元，加減 200 萬美元；全年的 SG&A 費用預計為 5.07 億美元，加減 500 萬美元。SG&A 指導中包括與 Newport 相關的約 1300 萬美元的額外支出，該支出被我們對 2024 年計劃支出的調整所抵消，其中包括減少員工人數以及凍結招聘和酌情旅行。2024 年，我們仍預期正常化有效稅率約為 31%。

I'll now turn the call back to Joel.

我現在將電話轉回喬爾。

Thank you, Dave. Please turn to slide 11, which displays the eight growth levers we are pulling to execute our five-year strategic plan. This plan is designed to meet our commitments to scale capacity for our customers, best positioned Vishay for the megatrends of e-mobility and sustainability, accelerate revenue growth and drive greater returns through expansion of our addressable markets and our product portfolio. In 2024, we are focusing primarily on expanding capacity both internally and externally and on innovation.

謝謝你，戴夫。請參閱投影片 11，其中顯示了我們為執行五年策略計畫而採用的八個成長槓桿。該計劃旨在履行我們為客戶擴大產能的承諾，使Vishay 在電動車和永續發展的大趨勢中處於最佳位置，透過擴大我們的目標市場和產品組合來加速收入成長並帶來更大的回報。2024年，我們的重點是擴大內部和外部能力以及創新。

We had originally planned to spend $435 million in CapEx in 2024. However, at the midyear point of this year, the industry recovery is slower than we expected. We have, therefore, decided to adjust our timetable of investments for Itzehoe beyond 2024 and now plan to spend a total CapEx between $360 million and $390 million in 2024. This adjustment does not alter our commitment to spending a total of $2.6 billion between 2023 and 2028.

我們原先計劃 2024 年的資本支出為 4.35 億美元。然而，今年年中，產業復甦速度慢於我們的預期。因此，我們決定調整 2024 年以後對 Itzehoe 的投資時間表，現在計劃在 2024 年花費 3.6 億至 3.9 億美元的資本支出總額。這項調整不會改變我們在 2023 年至 2028 年間支出總計 26 億美元的承諾。

We can do this and still meet our customer commitments because we now have intermediate capacity from the qualification of SK keyfoundry in Korea and the recent acquisition of the Newport wafer fab in South Wales UK. Let's turn to slide 12 for a progress report on these levers. First with Newport, we are currently on target to complete qualification of four of the technology transfers by the end of the year and with the fifth technology transfer on schedule to complete qualification in the first quarter of 2025.

我們能夠做到這一點，並且仍然履行我們對客戶的承諾，因為我們現在擁有韓國 SK keyfoundry 的資格以及最近收購的英國南威爾士紐波特晶圓廠的中間產能。讓我們轉向投影片 12，了解這些槓桿的進度報告。首先是 Newport，我們目前的目標是在今年年底前完成四項技術轉移的資格認證，並按計劃在 2025 年第一季完成第五項技術轉移的資格認證。

We're also on schedule to ramp up production of the industrial technologies in the first quarter of 2025 and the qualification of automotive-grade technologies in the second quarter of 2025. The Newport colleagues are doing a great job with process optimization to qualify the new technologies with high yield. I thank them for the transition they are aggressively managing. With SK keyfoundry, our partner in Korea, we are planning to transfer seven product families by the end of the first quarter of '25, three of which are automotive MOSFETs, four are commercial MOSFETs.

我們也計劃在 2025 年第一季提高工業技術的產量，並在 2025 年第二季提高汽車級技術的資格認證。紐波特的同事在流程優化方面做得非常出色，以確保新技術的高產量。我感謝他們積極管理的過渡。我們計劃與我們在韓國的合作夥伴 SK keyfoundry 一起，在 25 年第一季末之前轉讓七個產品系列，其中三個是汽車 MOSFET，四個是商用 MOSFET。

We are planning to have engineering samples available in the fourth quarter and to complete qualification in the first quarter of 2025. A schedule of automotive customer audits is being developed. We expect to increase annualized capacity for MOSFETs by 12% in 2025 compared to 2024. In Itzehoe, our building of a 12-inch wafer fab is progressing well. In Q2, we had the roof closing ceremony. The Itzehoe colleagues have done very well to manage the output of more automotive MOSFETs in our current eight-inch fab and have collaborated very positively with the Newport colleagues in joint MOSFET process developments. Thank you also to our colleagues in Itzehoe and to our entire MOSFET team for executing this extremely large and aggressive number of technology transfers.

我們計劃在第四季度提供工程樣品，並在 2025 年第一季完成資格認證。正在製定汽車客戶審核時間表。我們預計 2025 年 MOSFET 的年化產能將比 2024 年增加 12%。在Itzehoe，我們的12吋晶圓廠建設進展順利。在第二季度，我們舉行了屋頂關閉儀式。Itzehoe 的同事在管理我們目前 8 吋晶圓廠中更多汽車 MOSFET 的產量方面表現出色，並與 Newport 的同事在聯合 MOSFET 製程開發方面進行了非常積極的合作。也要感謝我們在 Itzehoe 的同事以及我們整個 MOSFET 團隊執行瞭如此大規模和積極的技術轉移。

Continuing with semiconductor products in Taipei, Taiwan, we are internally qualified commercial and automotive diodes and expect to ship some volume of these products in the fourth quarter. We expect to increase annualized capacity by 5.5% in 2024 and to expand capacity of the constrained lines by 25% to 40%. The status of our expansion project in Turin, Italy has not changed. We still expect to ship commercially qualified diodes and to be completing automotive product qualification in early 2025.

繼續在台灣台北生產半導體產品，我們擁有內部合格的商用和汽車二極體，並預計在第四季度出貨部分產品。我們預計 2024 年年化運力將增加 5.5%，並將受限線路的運能擴大 25% 至 40%。我們在義大利都靈的擴建工程的狀況沒有改變。我們仍預計將交付商業合格的二極體，並在 2025 年初完成汽車產品認證。

Now for passive components. At La Laguna, Mexico, we shipped commercially qualified inductors in Q2. This location provides customers with a nontariff supply location when looking at the competitive environment of this product technology. We are also on track to complete the automotive qualification in the second half of 2024. Automotive customers thereafter will visit the facility to qualify the site.

現在介紹被動元件。在墨西哥拉古納，我們在第二季度發貨了商業合格的電感器。在考慮該產品技術的競爭環境時，該地點為客戶提供了非關稅供應地點。我們也預計在 2024 年下半年完成汽車資格認證。此後，汽車客戶將參觀該工廠以確定該地點的資格。

We continue to expect annualized capacity to increase by approximately 15%. At our facility in Juarez, Mexico, we're shipping commercially qualified resistors and some automotive products. Volume for the first half were small. We continue to expand annualized capacity to increase -- capacity here by also 15% in 2024. We also continue to add subcontractors to outsource manufacturing on some of our commodity products. During the quarter, we added two subcontractors for diodes and two subcontractors for inductors.

我們繼續預計年化產能將成長約 15%。在我們位於墨西哥華雷斯的工廠，我們正在運送商業合格的電阻器和一些汽車產品。上半年成交量較小。我們持續擴大年產能，到 2024 年產能也增加 15%。我們也繼續增加分包商來外包我們一些商品的製造。在本季度，我們增加了兩家二極體分包商和兩家電感器分包商。

We have added just under 2,000 part numbers for diodes and over 1,100 part numbers for inductors for a Vishay total of over 5,400 part number additions in Q2. As a result, we have broadened our portfolio, positioning us to participate in markets we previously did not serve. In 2024, we set goals for use of external capacity on our path to achieving our 2028 targets. We expect to generate more than 4% revenue from outsourced passives in 2024 as we continue to qualify suppliers. We expect greater than 33% semiconductor production from outsourced wafer fabs in 2024.

我們新增了近 2,000 個二極體零件號碼和超過 1,100 個電感器零件號，Vishay 在第二季總共增加了超過 5,400 個零件號碼。因此，我們擴大了我們的產品組合，使我們能夠參與我們以前沒有服務的市場。2024 年，我們設定了利用外部產能的目標，以實現 2028 年的目標。隨著我們繼續對供應商進行資格審查，我們預計 2024 年將有超過 4% 的收入來自外包被動元件。我們預計 2024 年將超過 33% 的半導體產量來自外包晶圓廠。

We expect greater than 20% semiconductor production from outside assembly in 2024. To further expand our portfolio during the quarter, we acquired inrush current protection and thermister company named Ametherm. Ametherm is a small company, which has products that can support the current market need for 800 volt DC in electric vehicles and in the future where the applications are even higher voltages, 1,500-volt DC for EVs in the precharged circuits. Also, Ametherm has products which support the current and future battery management system needs for temperature monitoring.

我們預計 2024 年將超過 20% 的半導體產量來自外部組裝。為了在本季進一步擴大我們的產品組合，我們收購了名為 Ametherm 的突波電流保護和熱敏電阻公司。Ametherm 是一家小公司，其產品可滿足當前市場對電動車 800 伏特直流電的需求，以及未來應用的更高電壓，即電動車預充電電路中的 1,500 伏特直流電。此外，Atherm 的產品可支援目前和未來電池管理系統的溫度監控需求。

Ametherm has the smallest inrush current limiter for the inverters needed to convert solar energy into electricity. Ametherm has the ability to produce various high-voltage solutions for precharged circuit needs in charging stations as well as for home use and EV chargers. Ametherm operates a facility located in Carson City, Nevada. Throughout the second half of this year, we are scaling Ametherm's volume by expanding manufacturing capacity into the La Laguna facility, an example of our campus strategy. We are glad to have the Ametherm team as part of the Vishay family.

Ametherm 擁有最小的突波電流限制器，適用於將太陽能轉換為電能所需的逆變器。Ametherm 有能力生產各種高壓解決方案，以滿足充電站以及家用和電動車充電器的預充電電路需求。Ametherm 在內華達州卡森市設有一家工廠。今年下半年，我們透過將製造能力擴大到拉拉古納工廠（我們園區策略的一個例子）來擴大 Ametherm 的產量。我們很高興 Ametherm 團隊成為 Vishay 大家庭的一部分。

In terms of innovation and our silicon carbide strategy, we are on track with our plans to commercialize the 1,200-volt planar technology. We're planning to release nine part numbers throughout Q3 and Q4 to commercialize this product; three silicon carbide package types for each of the three different resistance and current capabilities. The development cycle time of the 1,200-volt trench technology, the 1,700-volt planar, and the 650-volt planar continues to be challenged by the capacity constraints of our foundry partners.

在創新和我們的碳化矽策略方面，我們正在按計劃實現 1,200 伏特平面技術的商業化。我們計劃在第三季和第四季發布九個部件號，以使該產品商業化；三種碳化矽封裝類型分別適用於三種不同的電阻和電流能力。1,200 伏特溝槽技術、1,700 伏特平面技術和 650 伏特平面技術的開發週期持續受到我們代工合作夥伴產能限制的挑戰。

The foundry partner is loaded -- is fully loaded and new product development cycle time has become extremely long. We are collaborating closely with them to expedite our product. Our current plan is to have the first 1,200-volt trench samples available for customers to test by the end of Q3 '24, with products released in Q1 of '25. In the meantime, we're moving forward with our plans to develop these technologies at our Newport facility in 2025 and 2026.

代工廠合作夥伴已經滿載運轉，新產品開發週期變得非常長。我們正在與他們密切合作，以加快我們的產品的速度。我們目前的計劃是在 24 年第三季末提供第一批 1,200 伏特溝槽樣品供客戶測試，產品於 25 年第一季發布。同時，我們正在推動 2025 年和 2026 年在紐波特工廠開發這些技術的計畫。

We still expect delivery of the silicon carbide equipment between the third quarter and into the first quarter of 2025 in order to meet our plans for production in late 2025. To wrap up now, although the industry recovery is taking longer than we'd like and is blunting revenue this year, it is providing us with a unique opportunity to aggressively push forward with Vishay 3.0. We're executing a long list of initiatives assigned to gain market share and to position Vishay to take full advantage of the upturn in demand, boosted by the megatrends in e-mobility and sustainability.

我們仍預期碳化矽設備將在 2025 年第三季至第一季之間交付，以滿足我們 2025 年末的生產計畫。現在總而言之，儘管行業復甦所需的時間比我們預期的要長，而且今年的收入也有所減少，但它為我們提供了一個獨特的機會來積極推進 Vishay 3.0。我們正在執行一系列旨在獲得市場份額的舉措，並使 Vishay 能夠充分利用電動交通和永續發展大趨勢推動下的需求上升。

We're reshaping Vishay's corporate culture and how we run the company and becoming laser-focused on the customer and operational excellence, all in order to drive faster revenue growth, improve profitability and expand returns. With the investments we've made in expanding capacity over the past two years, we are demonstrating to our customers that Vishay 3.0 is the supplier they can rely on, not only for technology differentiation, but also now to support their volumes when they scale.

我們正在重塑 Vishay 的企業文化和公司營運方式，並更加關注客戶和卓越運營，所有這些都是為了推動收入更快成長、提高獲利能力並擴大回報。透過過去兩年我們在擴大產能方面所做的投資，我們向客戶證明，Vishay 3.0 是他們可以信賴的供應商，不僅可以實現技術差異化，而且現在還可以在擴大規模時支持他們的產量。

Our initiatives to deepen customer engagement are clearly working. In the second quarter alone, we've added 10,000 part numbers to our distributor SKUs, positioning Vishay to capture share of previously underserved markets. In automotive, we have signed a multiyear silicon MOSFET supply agreement with an established automotive OEM for the first time. In aerospace-defense, some of our OEM customers are discussing master supply agreements with us to facilitate awarding contracts to Vishay as a preferred supplier. And in medical, we have hired a segment leader who is tasked with expanding Vishay from being a narrow technology supplier to one that delivers the full portfolio of Vishay's technologies.

我們深化客戶參與的措施顯然正在發揮作用。僅在第二季度，我們就為分銷商 SKU 添加了 10,000 個零件號，使 Vishay 能夠佔領先前服務不足的市場份額。在汽車領域，我們首次與成熟的汽車 OEM 簽署了多年矽 MOSFET 供應協議。在航空航太領域，我們的一些 OEM 客戶正在與我們討論主供應協議，以便將合約授予 Vishay 作為首選供應商。在醫療領域，我們聘請了一位細分市場領導者，他的任務是將 Vishay 從一個狹隘的技術供應商擴展為提供 Vishay 技術的完整產品組合的供應商。

We're adding engineers to step up our design activity and adding products to our portfolio to increase the percent of Vishay on the bill of materials. I'm very pleased with the progress Vishay has made since I became CEO. We're delivering on the promise we made to our stockholders on our very first call with you, gaining traction and stepping up our game. In the second half of 2024, we will continue to work the list of initiatives, expanding capacity, driving greater customer engagement and advancing our silicon carbide strategy while adapting to market conditions.

我們正在增加工程師來加強我們的設計活動，並將產品添加到我們的產品組合中，以增加 Vishay 在物料清單中的百分比。我對自我擔任執行長以來 Vishay 所取得的進步感到非常滿意。我們正在兌現我們在第一次與您通話時向股東做出的承諾，贏得關注並加快我們的步伐。2024年下半年，我們將繼續實施一系列舉措，擴大產能，推動更大的客戶參與度，並在適應市場條件的同時推進我們的碳化矽策略。

Jill, let's start with the question-and-answer session.

吉爾，讓我們從問答環節開始。

(Operator Instructions) Matt Sheerin, Stifel.

（操作員說明）Matt Sheerin，Stifel。

Yes, thank you. Good morning, everyone. First question, Joel, just regarding the capacity expansion. It sounds like you're still on track, except for the Germany expansion, still sticking to your plans to expand across the different product sets that you talked about. And one area was MOSFET you said 12% capacity expansion.

是的，謝謝。大家早安。第一個問題，喬爾，關於產能擴張。聽起來你仍然走在正軌上，除了德國的擴張之外，仍然堅持你談到的不同產品集的擴張計劃。其中一個領域是MOSFET，你說產能擴張12%。

Yet if you look at that business, if you take out Newport, it looks like you were down like 30%-plus year on year. So it sounds like that correction is still going on. So I guess the question is what's the capacity utilization? And do you have confidence that you can fill that capacity as you bring it on next year?

然而，如果你看看該業務，如果你把 Newport 剔除，你會發現你的業績年減了 30% 以上。所以聽起來修正仍在繼續。所以我想問題是產能利用率是多少？您是否有信心在明年啟動時能夠填補這一空缺？

Yes. Hi Matt, thanks for the question. The capacity utilization for the semiconductors is [63 per asset] for MOSFETs specifically, it's 79% today, 79% capacity utilization. We are confident that we are seeing the computer business beginning to increase for the low-voltage MOSFETs. The automotive, we saw a rebalancing of the polls in Q2 by the automotive customer. They give us schedule agreements. And in Q2, they rebalanced some things and pulled less than what they had intended originally on the schedule agreement.

是的。嗨馬特，謝謝你的提問。半導體的產能利用率為[每項資產 63]，特別是 MOSFET，目前為 79%，產能利用率為 79%。我們相信，我們看到低壓 MOSFET 的電腦業務開始成長。在汽車方面，我們看到汽車客戶在第二季度對民意調查進行了重新平衡。他們給了我們時間表協議。在第二季度，他們重新平衡了一些事情，並沒有達到他們最初在時間表協議中預期的目標。

So yeah, the capacity investment, we're confident in what we're doing. Adding key foundries is going to help us out with intermediate capacity. Itzehoe is still a very important project for our capacity expansion to a 12-volt -- excuse me, to a 12-inch fab. Very important. But as we have seen the continued softness sideways market for another quarter or two longer than we expected, we decided to make just a slight delay with the Itzehoe capital, just a slight delay.

所以，是的，對於產能投資，我們對我們正在做的事情充滿信心。增加主要代工廠將幫助我們提高中間產能。Itzehoe 仍然是我們產能擴展到 12 伏特（對不起，擴展到 12 英寸晶圓廠）的一個非常重要的項目。非常重要。但由於我們看到市場持續疲軟的橫盤狀態比我們預期的還要長一兩個季度，因此我們決定稍微推遲與伊策霍資本的合作，只是稍微推遲一下。

Got it. Okay. Thanks for that. And your commentary on auto weakness, obviously, you're not the only supplier that's been seeing that. But it sounds like you're starting to see at least some green shoots in terms of orders. You're guiding the overall company flat revenue sequentially. Do you expect auto to be flat or will that be down again?

知道了。好的。謝謝你。顯然，您對汽車疲軟的評論並不是唯一看到這種情況的供應商。但聽起來您在訂單方面至少開始看到一些萌芽。您正在按順序指導整個公司的固定收入。您預計汽車銷售會持平還是會再次下降？

We have decided to guide it flat even though we see scheduling agreements with increasing demand in Q3. We saw what happened in Q2. We had Q2 with a positive move from auto in their schedule agreements and they readjusted. So the week-by-week demand pulls that are forecasted would show a positive Q3 over Q2 for auto. But at this point, we've decided to guide it flat, fewer workdays in Q3, seasonal holidays in Europe, seeing automotive car count declining a bit. We decided to go flat even though the signals from the auto customers are a bit up.

儘管我們看到第三季的需求不斷增加，但我們仍決定保持穩定。我們看到了第二季發生的事情。我們在第二季度在他們的時間表協議中從汽車方面採取了積極的舉措，並且他們進行了調整。因此，預計的逐週需求拉動將顯示汽車第三季度比第二季度積極增長。但目前，我們決定保持平穩，第三季工作日減少，歐洲季節性假期，汽車數量略有下降。儘管汽車客戶的訊號上升，但我們還是決定持平。

Okay. Thanks. And just lastly, you had some positive commentary about the data center and AI opportunity. I know that's a relatively small percentage of your revenue, but it sounds like it's growing. So could you give us maybe some metrics around the content opportunity in AI servers versus traditional servers and your share opportunity and where you're going there?

好的。謝謝。最後，您對資料中心和人工智慧機會做出了一些正面的評論。我知道這佔您收入的比例相對較小，但聽起來它正在成長。那麼您能否給我們一些關於人工智慧伺服器與傳統伺服器的內容機會以及您的分享機會以及您的發展方向的指標？

Yeah. We have positioned on some initial reference designs, the NVIDIA Blackwell. We have MOSFETs on those designs. Also, we see current sense resistor opportunities, the inductor, the IHLP-style power inductor is there, diodes as well. So the content increase is higher. The teardowns that we've seen, Vishay content on the bill of materials is around $50 per AI server. So we're excited about what we've seen as a first look.

是的。我們已經定位了一些初始參考設計，即 NVIDIA Blackwell。我們在這些設計中配備了 MOSFET。此外，我們還看到了電流檢測電阻器、電感器、IHLP 型功率電感器以及二極體的機會。所以含量增幅更高。根據我們所看到的拆解，材料清單上的 Vishay 內容約為每台 AI 伺服器 50 美元。所以我們對第一眼看到的東西感到很興奮。

We're designing closely with many companies in Taiwan and China to make sure more of the Vishay product is on the bill of materials. You're right. The overall quantities of servers is small and the PCs is small, but we're positioning hard. Our Asia team is working very hard to make sure we're attached to the right chipset reference designs, both in the Asia and the Americas region, working with the chipset companies as well as following through with the design company. So we're optimistic in what we can do. We're putting the capacity in place. As you said, the overall quantity of AI devices is still yet quite small.

我們正在與台灣和中國大陸的許多公司密切合作，以確保更多的 Vishay 產品出現在物料清單上。你說得對。伺服器總量很小，PC也很小，但是我們正在努力定位。我們的亞洲團隊正在非常努力地與晶片組公司合作並與設計公司跟進，以確保我們在亞洲和美洲地區採用正確的晶片組參考設計。因此，我們對我們能做的事情感到樂觀。我們正在將產能到位。正如你所說，人工智慧設備的總量還很小。

Okay. Thanks a lot.

好的。多謝。

Thanks, Matt.

謝謝，馬特。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

Hey guys. Thank you for taking my questions. Maybe to follow up on Matt. I wanted to ask about the auto market. I mean directionally, a lot of the things you mentioned are in line with what we've heard throughout this earnings season. But looking into the third quarter, and I understand the conservatism on the guide, do you feel like inventory levels at Tier 1s and your customers, is that the point where there's still work that needs to be done or do you think you're shipping to end demand at this point and taking more of an agnostic view on what that demand looks like? Thank you.

嘿夥計們。感謝您回答我的問題。也許是為了跟進馬特。我想問一下汽車市場的情況。我的意思是，從方向上來說，你提到的很多事情都與我們在整個財報季聽到的情況一致。但展望第三季度，我理解指南上的保守態度，您是否認為一級供應商和您的客戶的庫存水平是仍然需要完成的工作，或者您認為您正在發貨在此時結束需求並對需求採取更多不可知的觀點？謝謝。

Okay. Hi Josh. Thanks for the question. When we look at our automotive annual agreements with customers, a portion of that is in consignment. So we have consignment inventory that we're placing, and they pull as they need it. So we would say there the inventory is at a more of a normal position. Sometimes we have four weeks of inventory consignment, sometimes it's up to seven or eight, but it's not excessive and requiring severe months of digestion. The others, which are not in consignment, there still is some inventory out there. It's not excessive.

好的。嗨喬希。謝謝你的提問。當我們查看與客戶簽訂的汽車年度協議時，其中一部分是寄售的。因此，我們有寄售庫存，他們會根據需要提取。因此，我們可以說庫存處於較正常的位置。有時我們有四個星期的庫存寄售，有時長達七八週，但並不過分，需要幾個月的消化時間。其他的，不是寄賣的，還有一些庫存。這並不過分。

We see passives, book-to-bills moving more positively first. Semis, there's still some inventory to digest. I won't necessarily say its Vishay inventory. We didn't have the ability to stuff. Last year, we didn't have short lead times and excess capacity. We were on allocation with our auto MOSFET. So this is where I've said in past calls, we've got to work around our competitors' inventory and gain more share for Vishay. This is a top initiative for our sales team to get us positioned and not have to wait for the digestion of our peers.

我們首先看到被動因素、訂單到帳單的變化更加積極。半成品，仍有一些庫存需要消化。我不一定會說它是 Vishay 庫存。我們沒有能力去塞東西。去年，我們並沒有出現交貨時間短和產能過剩的情況。我們正在配置我們的汽車 MOSFET。因此，這就是我在過去的電話會議中所說的，我們必須解決競爭對手的庫存問題，為 Vishay 贏得更多份額。這是我們銷售團隊的首要舉措，讓我們能夠定位，而不必等待同行的消化。

Alright. Thank you for the color there, Joel. The follow-up, distribution grew meaningfully more than -- the total company. I know that's been an area of focus with the SKU count expansion and representing Vishay more broadly at distributors. Can you -- I apologize if I missed it, but can you share where your distribution inventory levels are right now? And then comfort with them given, in particular, it's been an area of volatility across the semiconductors and, to a lesser extent, passive space, in particular this quarter? Thank you.

好吧。謝謝你的顏色，喬爾。隨後，分銷的成長顯著超過了整個公司的成長。我知道這是 SKU 數量擴張以及在分銷商中更廣泛地代表 Vishay 的一個重點領域。如果我錯過了，我很抱歉，但你能分享一下你現在的分銷庫存水準嗎？然後對它們感到滿意，特別是考慮到這是半導體領域的波動性領域，在較小程度上是被動空間，特別是在本季度？謝謝。

Yeah. The inventory by weeks, and this is based on current POS in Q2 POS, we are at 26 weeks of inventory worldwide. We were at 26 weeks in Q1. In Asia, we had 20 weeks of inventory in Q1. We're down to 18.6. The Asia POS is starting to pick up. So we're glad we have the product in the channel so we can react to the customer. In the Americas, in Q2, the inventory was at 47 weeks. Catalog distributor is a big part of that, if you remember, in Q1 was 47 weeks. Q2 is 48.

是的。庫存按週計算，這是基於第二季度 POS 中的當前 POS，我們的全球庫存為 26 週。第一季我們已經 26 週了。在亞洲，我們第一季有 20 週的庫存。我們已經降到 18.6 了。亞洲 POS 業務開始復甦。因此，我們很高興我們在通路中擁有該產品，這樣我們就可以對客戶做出反應。在美洲，第二季庫存為 47 週。如果你還記得的話，目錄分銷商是其中的重要組成部分，第一季為 47 週。Q2 是 48。

And in Europe, with softer POS there. In Q1, the inventory was 18.7 weeks and Q2 20.7, softer POS but also adding SKUs in the Americas and in Europe. So you see the number of weeks of inventory going up a little bit. In the Americas and Europe, that's the SKU count adds we talked about -- in part because we're really positioning to participate in part numbers that we previously didn't even have in the distributor's computer system. It wasn't a recognized part number by Vishay. So we're really widening our ability to compete and participate and gain market share.

而在歐洲，POS 則較為寬鬆。第一季的庫存為 18.7 週，第二季為 20.7 週，POS 較軟，但美洲和歐洲的 SKU 也有所增加。所以你會看到庫存週數略有增加。在美洲和歐洲，這就是我們談到的 SKU 計數 - 部分原因是我們確實定位於參與我們以前甚至在分銷商的計算機系統中沒有的零件編號。這不是 Vishay 認可的零件號碼。因此，我們確實正在擴大我們的競爭、參與和獲得市場份額的能力。

Okay. And in those levels, in particular, in Americas and Europe, I mean, are those levels that you're comfortable with and you're trying to grow them further or are you trying to bring them down right now? Thank you.

好的。在這些水平上，特別是在美洲和歐洲，我的意思是，這些水平是您感到滿意的並且您正在努力進一步提高它們，還是您現在正試圖將它們降低？謝謝。

We're trying to bring them down. POS is going to help us. But as we continue to add more part numbers, the POS is going to consume the inventory we have, but then division-by-division, business units that go to the distributors, they do their pricing reviews for alignment, they do their part number comparisons. We will continue to add part numbers quarter-on-quarter. So we'll have a consumption level of inventory and then we'll have the Vishay positioning additional inventory that's added. So I think you're going to see in the next two quarters, inventory is going to be about where it's at from a top-level view as we participate in more POS and add further part numbers.

我們正在努力打倒他們。POS 將會幫助我們。但隨著我們繼續添加更多零件編號，POS 將消耗我們擁有的庫存，但隨後逐個部門、業務部門向分銷商進行定價審查以保持一致，他們會執行零件編號比較。我們將繼續按季度增加零件編號。因此，我們將有一個庫存消耗水平，然後我們將讓 Vishay 定位添加的額外庫存。因此，我認為您將在接下來的兩個季度看到，隨著我們參與更多 POS 並添加更多零件編號，從頂層角度來看，庫存將處於大致水平。

Got it. Thank you, Joel.

知道了。謝謝你，喬爾。

Thanks, Josh.

謝謝，喬許。

Ruplu Bhattacharya, my apologies if I mispronounced that, Bank of America.

Ruplu Bhattacharya，如果我發音錯誤，我很抱歉，美國銀行。

Hi. Thanks for taking my questions. My first question is on the guidance for fiscal 3Q. It looks like on relatively flat revenue sequentially; the guide is for 100 bps lower gross margin. And then looking into that, I thought the Newport fab headwind was expected to be 170 bps in 3Q, but now it's more 175 bps to 200 bps. So can you just double click on that, what's driving the higher impact? And Joel, if you can also weave in any expectation for the pricing environment? How is that trending? And any other impacts that are -- any other factors that are impacting gross margin sequentially between 2Q and 3Q?

你好。感謝您回答我的問題。我的第一個問題是關於第三季財報的指導。看起來收入連續相對持平；該指南是毛利率降低 100 個基點。然後考慮到這一點，我認為第三季紐波特晶圓廠的逆風預計為 170 基點，但現在更多的是 175 基點到 200 基點。那麼，您可以雙擊它嗎？喬爾（Joel），您是否也可以對定價環境提出任何期望？趨勢如何？還有其他影響 - 第二季和第三季之間連續影響毛利率的任何其他因素嗎？

Okay. Hi Ruplu. So a significant portion of the [22 to 21]. This may have a couple of components. There's a couple of puts and takes. But the significant part is pricing on the semi side, we have 2% ASPs built into that forecast, okay? The Newport impact is a little higher in Q3, an additional another 20 basis points from the 20 to the 21, okay? So the sales of Newport was approximately $15 million, $16 million this quarter and next quarter going down to the $5 million to $8 million range. So when you asked about the increase in Newport impact, that's part of the reason because of the volumes decrease of the sales of the legacy product. Go ahead. Yeah, go ahead.

好的。嗨魯普魯。所以很大一部分[22至21]。這可能有幾個組成部分。有一些投入和採取。但重要的部分是半成品的定價，我們在該預測中加入了 2% 的平均售價，好嗎？第三季紐波特的影響稍高一些，從 20 到 21 又增加了 20 個基點，好嗎？因此，Newport 的銷售額約為 1500 萬美元，本季為 1,600 萬美元，下季將降至 500 萬至 800 萬美元。因此，當您詢問紐波特影響力的增加時，部分原因是舊產品銷售下降。前進。是的，繼續吧。

No, I was just going to ask on the overall pricing environment in terms of like-for-like pricing, if you can comment on that.

不，我只是想詢問同類定價方面的整體定價環境，如果您能對此發表評論。

Yeah. Pricing, there was some ASP decline in the quarter. When we look at the contractual agreements, those prices are fixed for the calendar year, so it wasn't there. It wasn't with the big automotive guys. Where we see the pricing down is we're doing these alignments at the distributor. If our book pricing was high and the actual POS net price was lower, on paper, we're reducing that, and there is some price protection that we have to give to the distributors, which is an ASP impact. So these are pricing alignment moves in part with the price pressure that we're seeing.

是的。定價方面，本季平均售價有所下降。當我們查看合約協議時，這些價格是日曆年固定的，因此不存在。這不是與大型汽車公司合作的。我們看到價格下降的地方是我們在經銷商進行了這些調整。如果我們的書籍定價較高，而實際 POS 淨價較低，從紙面上看，我們就會降低定價，並且我們必須向分銷商提供一些價格保護，這會對 ASP 產生影響。因此，這些定價調整措施在一定程度上與我們所看到的價格壓力有關。

And as always, there -- when there's large opportunities, people do request a quotation. So on large spot opportunities, we have to be aggressive. I would say for passives, the pricing environment is generally stable. MOSFETs because suppliers have lower capacity utilization, we said, ours is 79%. Other suppliers are lower, 50%, 60% utilization. They become more aggressive here and there. So we've had to make some adjustments in price, not significant, but we've had to continue to maintain our position with the capacity coming on board, we got to make sure we're present at these customers that give us growth opportunities. So there is some spot price pressure here and there.

一如既往，當有很大的機會時，人們確實會要求報價。因此，面對大量現貨機會，我們必須積極進取。我想說，對於被動元件，定價環境整體穩定。MOSFET因為供應商產能利用率較低，我們說，我們的是79%。其他供應商的利用率較低，50%、60%。他們到處變得更具攻擊性。因此，我們必須對價格進行一些調整，雖然幅度不大，但我們必須繼續保持我們的地位，並增加產能，我們必須確保我們能夠面對這些為我們提供成長機會的客戶。因此，現貨價格存在一些壓力。

Got it. For my next question, maybe I'll ask you, Dave. Can you remind us of your capital allocation priorities? And if CapEx spend is less this fiscal year, does that afford more opportunity for potential M&A or more buybacks? And how should we think about the possibility of a dividend? And also if you can even -- your expectation for free cash flow in fiscal '24. Vishay's always had pretty good free cash flow even in down years. But how should we think about that in fiscal '24?

知道了。對於我的下一個問題，也許我會問你，戴夫。您能提醒我們您的資本配置優先事項嗎？若本財年資本支出減少，是否為潛在併購或更多回購提供更多機會？我們應該如何考慮股利的可能性？另外，如果可以的話，您對 24 財年自由現金流的預期也是如此。即使在經濟低迷的年份，Vishay 也始終擁有相當不錯的自由現金流。但我們在 24 財年該如何考慮這一點呢？

So I think for the free cash flow -- let's start the free cash flow, Ruplu. I think on our Investor Day, we showed a fairly substantial minus number for 2024 on the graph. So we'll be negative, okay? Maybe not so much more than we are today.

所以我認為對於自由現金流——讓我們開始自由現金流，Ruplu。我認為在投資者日，我們在圖表上顯示了 2024 年相當大的負數。所以我們會持消極態度，好嗎？也許不會比我們今天多很多。

In terms of the dividend -- the capital allocation -- I'm sorry, the capital allocation strategy. So I think we're going to go back to Joel's comments about the one of the reasons we're pushing out. We're not pushing out, sorry, but push out is the right word -- a couple of quarters, our spending for Itzehoe it is because of the recovery hasn't happened as quick and our free cash is impacted by the recovery, okay?

就股息而言——資本配置——我很抱歉，是資本配置策略。因此，我認為我們將回到喬爾關於我們推出的原因之一的評論。抱歉，我們不會推出，但推出是正確的詞 - 幾個季度以來，我們在 Itzehoe 的支出是因為復甦沒有那麼快，我們的自由現金受到復甦的影響，好吧？

So I think those go hand in hand. We already have had two acquisitions this year. We've already had Newport, and we've already had Ametherm. So we're continuing to pursue the M&A strategy. We're continuing to spend CapEx, $360 million, and we're continuing to return up to $100 million to the shareholder. But given the existing free cash, I think that's the plan.

所以我認為這些是齊頭並進的。今年我們已經進行了兩次收購。我們已經有了 Newport，我們也已經有了 Ametherm。因此，我們將繼續推行併購策略。我們將繼續支出 3.6 億美元的資本支出，並繼續向股東返還最多 1 億美元。但考慮到現有的自由現金，我認為這就是計劃。

Okay. Thanks for the details there. Maybe for the last question. Joel, again, I'll ask you a higher-level question. So overall, when you look at the operating environment, with respect to inventory correction or destocking that's happening in the channel, how many more quarters of that do you think it will take to flesh out any excess inventory, there is? And then just piggy backing on a prior question, you've been working with the distributors, and you've been increasing SKU count. What innings are we in with respect to that effort? And can your share gains be a meaningful driver for growth and -- or continue to be a meaningful driver for revenue growth at distribution. Thanks, Joel. Thanks for all the details.

好的。感謝那裡的詳細資訊。也許是為了最後一個問題。喬爾，我再問你一個更高層次的問題。因此，總體而言，當您考慮營運環境時，就通路中正在發生的庫存調整或去庫存而言，您認為還需要多少季度才能充實多餘的庫存？然後，就先前的問題來說，您一直在與經銷商合作，並且一直在增加 SKU 數量。我們在這方面的努力處於第幾局？您的份額收益能否成為成長的有意義的驅動力，或繼續成為分銷收入成長的有意義的驅動力。謝謝，喬爾。感謝您提供所有詳細資訊。

Okay. Thanks, Ruplu. How many quarters on inventory? It's in part passive discussion and semiconductor -- so let's start with passives first. The passive inventory was really never stuffed. It wasn't overextended. So the passives are becoming more normalized quickly. Already seeing it in Q2, the orders that we're seeing in late Q2 are near parity. And customers are saying, here's my demand, getting a little better visibility on passives. So into Q3, I think one more quarter of passives and will be at a normalized level.

好的。謝謝，魯普魯。庫存有多少個季度？它部分是被動討論和半導體——所以讓我們先從被動開始。被動庫存確實從來沒有被填滿過。它並沒有過度延伸。因此，被動語態正在迅速變得更加正常化。我們在第二季就已經看到了這一點，我們在第二季末看到的訂單接近平價。客戶說，這就是我的需求，獲得更好的被動元件可見性。因此，進入第三季度，我認為被動因素再增加四分之一，並將處於正常化水平。

Semiconductors is a little different, and it also depends on the market segments, but semis overall, as I talk to our distributors, as I talk to EMS, they're still looking at to the end of the year. It's going to take two quarters and maybe a touch into Q1 of next year for digestion of inventory that's out there. And again, I'll say the Vishay inventory days are not to the level of others. So we have to get ahead of this and can't sit and wait. So inventory end of this year is what we see on semis, the next quarter on passives.

半導體有點不同，它也取決於細分市場，但總體而言，當我與我們的經銷商、EMS 交談時，他們仍在考慮到今年年底。消化現有庫存需要兩個季度的時間，也許要到明年第一季。我再說一遍，Vishay 的庫存天數沒有達到其他公司的水準。所以我們必須提前行動，不能坐以待斃。因此，今年年底的庫存是我們在半成品上看到的，下一季是無源的。

What inning are we in with distribution? I'll say we're in the early middle innings. We've had our divisions, our business units traveling to the distributors. They had initial meetings last year. Many of the divisions have had second meetings and the intelligence about our business, where we were underperforming is moving forward really well. Sometimes we walk away from that distributor meeting, learning that we need to develop a product.

我們的分配處於第哪一局？我會說我們正處於前中局。我們的部門、業務部門都前往經銷商。他們去年舉行了初步會議。許多部門都舉行了第二次會議，有關我們表現不佳的業務的情報正在進展得很好。有時我們會離開經銷商會議，得知我們需要開發產品。

We don't have a product that's fitting a large size of the market. So those things will take a little time. But as far as product that we have technology and creating part numbers, that's shorter time. So I will say we're in the middle innings. POS is expected to increase in 2025. We think we're going to enjoy a greater percent of POS going forward because we're adding these part numbers. These part numbers just aren't at the large distributors. It's also a catalog where we're populating more print position.

我們沒有適合大市場的產品。所以這些事情需要一點時間。但就我們擁有技術和創建零件編號的產品而言，時間更短。所以我會說我們正處於中局。POS 預計將在 2025 年增加。我們認為，由於我們增加了這些零件編號，因此我們將在未來獲得更大比例的 POS。這些零件號碼在大型經銷商處是找不到的。這也是我們填入更多列印位置的目錄。

So we're looking forward to 2025 when the market finally makes its move, we feel Vishay's going to be better positioned at the distributors with the part numbers upfront to participate in more, the capacity that we're adding to support the distributor's POS and be seen as a reliable supplier, where in the past, we didn't have the capacity to support the upturn.

因此，我們期待 2025 年市場最終採取行動，我們認為 Vishay 將在分銷商中處於更好的位置，預先提供零件編號以參與更多活動，我們增加了支持分銷商 POS 的能力，被視為可靠的供應商，而在過去，我們沒有能力支持經濟復甦。

Okay. Thank you for all the details. Appreciate it.

好的。感謝您提供所有詳細資訊。欣賞它。

Thanks, Ruplu.

謝謝，魯普魯。

And we are showing no further questions at this time. So I would like to turn it back to Joel Smejkal for closing remarks.

目前我們沒有提出任何進一步的問題。因此，我想請喬爾·斯梅卡爾 (Joel Smejkal) 發表結束語。

Great. Jill, thank you. Thank you for everyone in joining our Q2 earnings call. We'll see you again in November. Thank you again for your questions and your interest in Vishay. Have a good day.

偉大的。吉爾，謝謝你。感謝大家參加我們的第二季財報電話會議。我們將在 11 月再次見到您。再次感謝您的提問以及您對 Vishay 的興趣。祝你有美好的一天。

This does conclude our program. You may now disconnect.

我們的計劃到此結束。您現在可以斷開連線。