威世科技 (VSH) 2024 Q3 法說會逐字稿

In May. Good day and thank you for standing by. Welcome to the Vishay Intertechnology Q3 2024 earnings conference call. (Operator Instructions) I would now like to hand the conference over to your first speaker today, Peter Henry C. Please go ahead.

在五月。美好的一天，感謝您的支持。歡迎參加 Vishay Intertechnology 2024 年第三季財報電話會議。（操作員指示）我現在想將會議交給今天的第一位發言人 Peter Henry C。

Thank you, Alicia, and good morning, and welcome to Vishay Intertechnology Third Quarter 2020 Earnings Conference Call. I'm joined today by Joel Smejkal our President and Chief Executive Officer, and Dave McConnell, our Chief Financial Officer. This morning, we reported results for our third quarter. A copy of our earnings release is available in the Investor Relations section of our website vishay.com. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website during the call will be making that we will be referring to a slide presentation, which we also posted at IR.Vishay.com. You should be aware that in today's conference call, we will be making certain forward-looking statements that discuss future events and perform. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements.

謝謝艾莉西亞，早安，歡迎參加 Vishay Intertechnology 2020 年第三季財報電話會議。今天，我們的總裁兼執行長 Joel Smejkal 和我們的財務長 Dave McConnell 也加入了我的行列。今天早上，我們報告了第三季的業績。我們的收益發布副本可在我們網站 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。此外，今天的電話會議正在錄音，並將在電話會議期間透過我們的網站重播，我們將參考幻燈片簡報，該簡報也發佈在 IR.Vishay.com 上。您應該知道，在今天的電話會議中，我們將做出某些討論未來事件和執行的前瞻性聲明。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。

For 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 filing with the Securities and Exchange Commission. We are including information in our press release and on the conference call on various GAAP and non-GAAP measures. We have included a full GAAP to non-GAAP reconciliation in our press release as well as 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. Now I turn the call over to President and Chief Executive Officer. Joel may come.

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 表和 10 Q 表。我們在新聞稿和電話會議中納入了有關各種公認會計原則和非公認會計原則措施的資訊。我們在新聞稿以及 IR.Vishay.com 上發布的簡報中包含了完整的 GAAP 與非 GAAP 調整。我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現有用，我們使用非 GAAP 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資訊。投資者應結合公認會計準則措施來考慮。現在我將電話轉給總裁兼執行長。喬爾可能會來。

Thank you, Peter, and good morning, everyone. Thank you for joining our third quarter 2024 conference call. I'll start my remarks with a review of our revenue for the third quarter by end market channel and region. Then Dave will take you through a review of the third quarter financial results and our guidance for the fourth quarter. After that, I'll give you a progress report on the 2024 initiatives supporting our five-year strategic plan, and then we'll be happy to answer the answer any of your questions. For the third quarter this year, revenue is held fairly constant, reflecting a prolonged period of inventory destocking as the pace of consumption by industrial customers remains slow.

謝謝你，彼得，大家早安。感謝您參加我們的 2024 年第三季電話會議。我將首先按終端市場管道和地區回顧我們第三季度的收入。然後戴夫將帶您回顧第三季度的財務業績和我們對第四季度的指導。之後，我將向您提供有關支持我們五年策略計畫的 2024 年舉措的進度報告，然後我們將很樂意回答您的任何問題。今年第三季度，營收保持相當穩定，反映出由於工業客戶消費步伐仍然緩慢，庫存去庫存的時間較長。

Backlogs are pushed out and macro economic conditions in Europe worsen automotive customers continue to adjust their forecast sluggish demand in Europe, while order rates appear to be under control in the Americas, despite reported revenue of $735.4 million for the third quarter that was flat with the second quarter. Bookings for smart grid infrastructure, military and high-voltage DC applications has continued to improve, and we saw increasing demand related to a I servers. While the electronics industry remains at a down cycle, we are making the necessary adjustments to manage cost underappreciate 3.0. We are preparing to participate more fully in the next industry upcycle, and we are putting the foundation in place to capitalize on the long term demand of e-mobility and SaaS stain ability. In previous down cycles, the company became unable to support customer demand and just scale because the focus was on conserving cash flow with shelves plans to prepare for the next ups, the customers want more from Vishay. So we are taking a fresh new approach, underappreciate 3.0.

積壓訂單被推遲，歐洲宏觀經濟狀況惡化，汽車客戶繼續調整歐洲需求疲軟的預測，而美洲的訂單率似乎受到控制，儘管第三季營收為 7.354 億美元，與去年同期持平。智慧電網基礎設施、軍事和高壓直流應用的預訂持續增加，我們看到與 I 伺服器相關的需求不斷增加。雖然電子產業仍處於下行週期，但我們正在做出必要的調整來管理成本低估3.0。我們正準備更充分地參與下一個產業升級週期，並為利用電動車和 SaaS 能力的長期需求奠定基礎。在先前的下行週期中，該公司無法滿足客戶需求，也無法擴大規模，因為重點是保存現金流，並擱置計劃為下一次上漲做好準備，客戶希望從 Vishay 獲得更多。所以我們正在採取一種全新的方法，低估3.0。

We are intelligently pressing forward with a sense of urgency putting the customer first, working on our list of growth initiatives under our five year strategic plan to restore confidence and win back customers to develop new customer relationships, expand capacity and our product portfolio to ensure we are ready to scale with our customers as demand returns, implementing our silicon carbide strategy and becoming a more business minded organization focused on driving profitability and enhancing returns on capital. Let's take a closer look at third quarter revenue related to the second quarter, starting with a review of revenue by end market on Slide 3.

我們正以客戶至上的緊迫感明智地推進，根據我們的五年戰略計劃制定一系列增長舉措，以恢復信心並贏回客戶，發展新的客戶關係，擴大產能和我們的產品組合，以確保我們隨著需求的回報，我們已準備好與客戶一起擴展，實施我們的碳化矽策略，並成為一個更具商業頭腦的組織，專注於提高盈利能力和提高資本回報率。讓我們仔細看看與第二季度相關的第三季收入，首先回顧幻燈片 3 上按終端市場劃分的收入。

Automotive revenue increased 4.3% versus the second quarter, although OEM and Tier one customers in Europe and in the Americas continued to pull below their schedule agreements. And EV demand weaken in the Americas and Europe. Government policy in China, however, is boosting demand for EVs and hybrids, which drove strong demand for our Opto products, particularly our rainbow sensors. Design activity remains focused on battery management, traction, inverters and onboard chargers. Discussions around eight U.S. for all vehicles and leveraging a I chipsets for driver assist and autonomous applications are advancing and resulting in many new design starts. As for industrial end markets, revenue decreased $18.5 million from the second quarter, of which the Newport legacy products accounted for $8.5 million of that distributors continue to adjust inventory in response to ongoing more see Europe.

儘管歐洲和美洲的 OEM 和一級客戶繼續低於其計劃協議，但汽車收入較第二季成長 4.3%。美洲和歐洲的電動車需求減弱。然而，中國政府的政策正在推動對電動車和混合動力車的需求，這推動了對我們的光電產品，特別是我們的彩虹感測器的強勁需求。設計活動仍然集中在電池管理、牽引、逆變器和車載充電器。美國圍繞著所有車輛以及利用 I 晶片組進行駕駛員輔助和自動駕駛應用的討論正在推進，並導致許多新的設計開始。至於工業終端市場，營收比第二季減少了1,850萬美元，其中Newport遺留產品佔850萬美元，經銷商繼續調整庫存以應對持續的更多見歐洲。

In addition, in Europe, we saw the normal seasonal holidays within the quarter. Also in your US government funding for EVs and consumer incentives for solar and heat pumps is uncertain for the on first for the foreseeable future. As a result, design activity has shifted to industrial automation, along with smart grid infrastructure, renewable energy generation and energy storage. As evident from the large orders we are receiving. We see smart grid infrastructure is a key growth driver for Vishay . For this reason we announced this morning that we are acquiring and vertical Bach, a manufacturer of metallized technical films and a very important supplier to Vishay. We're acquiring this business to ensure supply of metallized fill materials that is used in the high voltage high power film capacitors.

此外，在歐洲，我們在本季看到了正常的季節性假期。此外，在可預見的未來，美國政府對電動車的資助以及對太陽能和熱泵的消費者激勵措施首先是不確定的。因此，設計活動已轉向工業自動化，以及智慧電網基礎設施、再生能源發電和能源儲存。從我們收到的大訂單可以看出。我們認為智慧電網基礎設施是 Vishay 的關鍵成長動力。為此，我們今天早上宣布，我們正在收購 Bach，一家金屬化技術薄膜製造商，也是 Vishay 非常重要的供應商。我們收購這項業務是為了確保高壓高功率薄膜電容器中使用的金屬化填充材料的供應。

First smart grid infrastructure projects in aerospace and defense revenue was flat versus the second quarter and 20.2% higher than last year's third quarter. Demand from OEMs in the Americas remained strong with the book to bill running over one for most products supporting radar systems munition and replenish payment smart soldier electronic year and unmanned system. Demand for space programs is driving new opportunities for high reliability and specially products such as custom magnetics. In Europe, commercial aerospace, ongoing supply chain issues are there cost, which caused orders to be pushed out. Medical medical revenue declined 6.2%, but was 7.4% higher than the third quarter of 2023, primarily due to delay in orders from one of our larger industrial customers in the Americas. The medical design activity for remote patient monitoring equipment presents a significant upside for Vishay in the Americas to sell our entire product portfolio. We also continue to work on designs for implantable devices. Revenue from other segments, including telecom, computing and consumer was up 3.2% quarter over quarter, but down 32% versus the third quarter last year. There were a lot of puts and takes this quarter. But what stands out is increasing demand for AI servers and server power. In Asia, we're seeing a surge in spot orders related to AI servers from CMS who are coming directly to suppliers for quick delivery.

航空航太和國防領域的首個智慧電網基礎設施項目收入與第二季持平，比去年第三季成長20.2%。美洲原始設備製造商的需求仍然強勁，大多數支援雷達系統、彈藥和補充支付的智慧士兵電子年和無人系統產品的帳單數量都超過了一張。對太空專案的需求正在推動高可靠性和特殊產品（例如客製化磁性產品）的新機會。在歐洲的商業航太領域，持續存在的供應鏈問題是存在成本問題，導致訂單被推遲。醫療收入下降 6.2%，但比 2023 年第三季成長 7.4%，這主要是由於我們美洲較大的工業客戶之一的訂單延遲。遠距患者監護設備的醫療設計活動為 Vishay 在美洲銷售我們的整個產品組合帶來了巨大的優勢。我們也持續致力於植入式裝置的設計。電信、計算和消費等其他領域的收入環比增長 3.2%，但與去年第三季相比下降 32%。本季有很多看跌期權。但最突出的是對人工智慧伺服器和伺服器功率的需求不斷增加。在亞洲，我們看到與 CMS 的人工智慧伺服器相關的現貨訂單激增，這些訂單直接向供應商快速交貨。

They're not find a part numbers in stock in the distributor inventory underappreciate 3.0. Our ambition is to quickly fulfill these orders and support the quarters AI. server power power conversion, power management of the AI. chipset for laptops and notebooks, storage networks continue to dominate design activity. In the other segment category. We continue to design more of the V-shape portfolio to put it in place. A greater percentage of your components on the board and to gain with bill of materials as key chip makers are designing in the emerging a market .

他們在經銷商庫存中找不到低估 3.0 的庫存零件號。我們的目標是快速完成這些訂單並支援季度人工智慧。伺服器電源電源轉換，AI電源管理。筆記型電腦晶片組、儲存網路繼續主導設計活動。在其他細分類別中。我們繼續設計更多的 V 形產品組合以將其落實到位。隨著主要晶片製造商在新興市場進行設計，您的電路板上的元件比例會提高，並能節省物料成本。

Let's go to Slide 4. In terms of channel sales, as shown on slide 4, you see that OEM and EMS revenue was essentially flat with the second quarter. Distribution revenue decreased 1.2% quarter over quarter and 7.2% year over year, reflecting the drag in Europe. While customers in the Americas and Asia are returning to normal order patterns. Customers in Europe are tapping the brakes. I met with many new of these customers in September, and they told me that uncertainties about future demand trends related to geopolitical developments is clouding end market demand. This becomes evident from our POS numbers for the quarter. Worldwide POS decreased 4.7%, weighed down by lower POS. in Europe, again, somewhat seasonally impacted distribution. Inventory of worldwide was essentially flat. Inventory inched up by one week to 27 weeks.

我們來看投影片 4。在通路銷售方面，如投影片 4 所示，您可以看到 OEM 和 EMS 收入與第二季基本持平。分銷收入環比下降 1.2%，年減 7.2%，反映出歐洲的拖累。而美洲和亞洲的客戶正在恢復正常的訂單模式。歐洲的客戶正在踩煞車。我在九月會見了許多新客戶，他們告訴我，與地緣政治發展相關的未來需求趨勢的不確定性正在為終端市場需求蒙上陰影。從我們本季的 POS 數據中可以明顯看出這一點。受 POS 下降的拖累，全球 POS 下降 4.7%。在歐洲，分銷同樣受到季節性影響。全球庫存基本持平。庫存增加一週至 27 週。

Let's go to Slide 5. Turning to slide 5, you can see that revenue in Europe declined 3.3%, reflecting the weakening macro economic environment and seasonality, which I've mentioned revenue in the Americas, down slightly on lower medical volume, while revenue in Asia increased 2.1% on a pickup in automotive volume, along with the lift from AI. Before turning the call over to Dave, I'd like to acknowledge the contributions made by Vishay employees and their commitment to our business minded approach to increasing customer focus in everything we do, it's great to see new ideas bubbling up from the empowered employees to improve profitability and operational efficiencies.

讓我們看投影片 5。轉向幻燈片5，您可以看到歐洲的收入下降了3.3%，反映出宏觀經濟環境和季節性的疲軟，我已經提到美洲的收入因醫療量下降而略有下降，而亞洲的收入則成長了2.1%。在將電話轉給Dave 之前，我要感謝Vishay 員工所做的貢獻，以及他們對我們以商業為導向的方法的承諾，以提高我們所做的一切工作中對客戶的關注，很高興看到新的想法從被授權的員工中湧現出來提高盈利能力和營運效率。

As decision making is being pushed out into the organization. It's also great to see greater collaboration forward thinking and a willingness to take calculated risks more so than in the past, it very much appreciate the organization and how it's embracing the changes which are taking place as BJ. 3.0. These efforts keep us together on our path to achieving our 2020 financial targets. I'll now pass the call over to Dave for a review of our financial results for Q3.

隨著決策被推入組織。很高興看到比過去更多的協作前瞻性思維和願意承擔經過計算的風險，它非常欣賞這個組織以及它如何擁抱 BJ 正在發生的變化。3.0。這些努力使我們團結一致，共同實現 2020 年財務目標。我現在將把電話轉給戴夫，讓他審查我們第三季的財務表現。

Thank you, Joe. Good morning, everyone. Let's start our review of the third quarter results with the highlights on Slide 6. Third quarter revenues were $735.4 billion, including $8 million attributed to our Newport acquisition and within the range of our guidance, revenues decreased 0.8% compared to the second quarter, reflecting a 1.0% reduction in ASP.s and a 0.8% reduction in volume by reportable business segment. The $6 million decrease in revenues was mainly attributable to an $8 million decrease in mindsets refract, reflecting primarily legacy Newport volume, $4 million decrease in inductors and a $5 million decrease in capacitors. These declines were partially offset by a $10 million increase in our Opto business segments.

謝謝你，喬。大家早安。讓我們從投影片 6 的重點內容開始回顧第三季的業績。第三季營收為 7,354 億美元，其中 800 萬美元歸因於我們對 Newport 的收購，在我們的指導範圍內，營收較第二季下降 0.8%，反映出 ASP 下降 1.0%，銷量下降 0.8%。須報告的業務分部。收入減少 600 萬美元主要是由於心態折射減少 800 萬美元，主要反映了傳統 Newport 銷售、電感減少 400 萬美元和電容器減少 500 萬美元。這些下降被我們的光電業務部門 1000 萬美元的成長所部分抵消。

Compared to the third quarter last year, revenues were down 13.9%, reflecting a volume decrease net of Newport of 10% and a 4.7% reduction in ASPs. Furlough book to bill for the quarter was 0.88, comprised of 0.79 for semis and 0.97 for passes. Backlog decreased to 4.4 months compared to $4.6 million at the end of Q2. By product category. Backlog for semis decreased to 3.8 months from 4.4 and for passes with had five months versus 4.9.

與去年第三季相比，營收下降了 13.9%，反映出紐波特淨銷量下降 10%，平均售價下降 4.7%。本季的休假帳本比為 0.88，其中準決賽為 0.79，及格率為 0.97。積壓訂單從第二季末的 460 萬美元減少到 4.4 個月。按產品類別。準決賽的積壓時間從 4.4 個月減少到 3.8 個月，而通過賽的積壓時間則從 4.9 個月減少到 5 個月。

Moving to the next slide, presenting the income statement highlights 3.9, resulting in gross margin of 20.5% and included a negative impact from Newport of approximately 150 basis points compared to the second quarter. Gross margin was 150 basis points lower, primarily due to lower volume, lower average selling prices and increased depreciation expense. Sg&a expenses were 128,500,000.0, in line with our guidance for the quarter compared to $125 million for the second quarter, reflecting higher R&D expenses and higher stock compensation expense, which was partially offset by lower bonus accruals. Depreciation expense was 51 point was $51 million, slightly under our guidance for the quarter, up from $49 million in Q2 and reflects the additional equipment that has come online.

轉到下一張投影片，顯示損益表亮點 3.9，毛利率為 20.5%，其中包括與第二季相比約 150 個基點的 Newport 負面影響。毛利率下降 150 個基點，主要是因為銷售下降、平均售價下降以及折舊費用增加。SG&A 費用為 128,500,000.0，與我們對本季度的指導一致，而第二季度為 1.25 億美元，反映出研發費用和股票薪酬費用的增加，但應計獎金的減少部分抵消了這一費用。折舊費用為 5,100 萬美元，較第二季的 4,900 萬美元略低，較第二季的 4,900 萬美元高出 51 個百分點，反映了已上線的額外設備。

During the quarter, we recorded restructuring charges of $ 40.6 million designed to optimize the Company's manufacturing footprint and streamline business decision making as we execute over say, 3.0 growth strategy. Inclusive of the restructuring charge, GAAP operating margin was a minus 2.5% compared to 5.1% in the second quarter and 13.5% in the third quarter of 2023. Adjusted operating margin decreased to 3%, in line with the decrease in gross margin and reflecting increase in SG&A expenses that was included in our guidance. EBITDA for the quarter was $30.9 million for an EBITDA margin of 4.2%. Adjusted EBITDA for the quarter was $71.5 million for an EBITDA margin of 9.7%, down from 11.9% in the second quarter. Our GAAP effective tax rate for the year to date period was approximately 36% due to the GAAP net loss for the quarter.

本季度，我們記錄了 4,060 萬美元的重組費用，旨在優化公司的製造足跡並簡化業務決策，同時執行 3.0 成長策略。包含重組費用後，2023 年第二季和第三季的 GAAP 營業利潤率為-2.5%，而第二季為 5.1%，第三季為 13.5%。調整後的營業利潤率下降至 3%，與毛利率的下降一致，並反映了我們指導中包含的 SG&A 費用的增加。本季 EBITDA 為 3,090 萬美元，EBITDA 利潤率為 4.2%。本季調整後 EBITDA 為 7,150 萬美元，EBITDA 利潤率為 9.7%，低於第二季的 11.9%。由於本季的 GAAP 淨虧損，我們今年迄今的 GAAP 有效稅率約為 36%。

The effective tax rate for the quarter was approximately 21% . Our normalized effective tax rate for the year-to-date period was approximately 31%, which yields an effective tax rate of approximately 32% for the quarter, GAAP loss per share was $0.14 compared to earnings of $0.17 per share in the second quarter and $0.47 per share for the third quarter of 23. Adjusted EPS was $0.08 per share compared to $0.17 per share for the second quarter and $0.6 per share for the third quarter of 2013. 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 third quarter results for Newport ever reported substantially all in the Monster business segment weighing on that segment's gross margin approximately 700 basis points.

本季的有效稅率約為 21%。我們年初至今的標準化有效稅率約為 31%，這意味著本季的有效稅率約為 32%，GAAP 每股虧損為 0.14 美元，而第二季每股收益為 0.17 美元， 23年第三季每股收益為0.47美元。調整後每股收益為 0.08 美元，而 2013 年第二季為 0.17 美元，第三季為 0.6 美元。為了方便參考，請繼續看投影片 8，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 公佈的第三季業績基本上全部來自 Monster 業務部門，該部門的毛利率下降了約 700 個基點。

Turning to Slide 9 and our cash conversion cycle metrics. Our DSO was 53 days, up from 51 days and our DPO was 32 days, up from 31 days. Inventory was slightly, was up slightly to $687 million, resulting in an inventory days as CEO ending of 100 to 6 days, up from 105 days in Q2. Total cash conversion cycle to the third quarter was 127 days. Continuing to slide 10, you can see we generated 51 million and operating cash for the third quarter. Total CapEx for the quarter was $60 million, including 40 million designated for capacity expansion projects. On a trailing 12-month basis, capital intensity was 10.7% compared to 9.7% for the same period last year. Due to the investments in capacity expansion projects. Free cash flow for the quarter was a negative $9 million compared to a negative $87 million in the second quarter, which included sizable tax payments. On a year-to-date basis, free cash flow was negative $68 million.

轉向投影片 9 和我們的現金轉換週期指標。我們的 DSO 時間從 51 天增加到 53 天，DPO 時間從 31 天增加到 32 天。庫存小幅上升至 6.87 億美元，導致 CEO 任期結束時的庫存天數從第二季的 105 天增加到 100 至 6 天。截至第三季的總現金轉換週期為 127 天。繼續滑動 10，您可以看到我們第三季產生了 5,100 萬美元的營運現金。本季資本支出總額為 6,000 萬美元，其中 4,000 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 10.7%，而去年同期為 9.7%。由於產能擴張項目的投資。本季自由現金流為負 900 萬美元，而第二季為負 8,700 萬美元，其中包括大量稅款。年初至今，自由現金流為負 6,800 萬美元。

Stockholder returns for the third quarter amounted to $26.3 million, consisting of 13.6 million for our quarterly dividend and $12.6 million for our share repurchases. We repurchased 0.6 million shares during the quarter at an average price of $21.87 per share. For for 2024, we still expect to return at least $100 million to stockholders. Cash and short-term investments decreased to $657 million at quarter end as we continue to deploy cash to fund our strategic plans at the end of the quarter, we have approximately $25 million of cash on hand in the US. As previously noted, 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 liquidity to fund our new port expansion in U.S. other strategic investments.

第三季股東回報為 2,630 萬美元，其中 1,360 萬美元用於季度股息，1,260 萬美元用於股票回購。本季我們以每股 21.87 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。季度末現金和短期投資減少至 6.57 億美元，因為我們在季度末繼續部署現金為我們的戰略計劃提供資金，我們在美國手頭上有大約 2500 萬美元的現金。如前所述，我們需要使用我們在美國的手頭現金來支付現金股利、股票回購以及本金和利息支付。我們正在利用我們在美國的流動性為我們在美國其他戰略投資的新港口擴建提供資金。

As a reminder, based on our planned investments 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. The remaining cash and short-term investments are held in our subsidiaries around the world. Outside 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.

提醒一下，根據我們的計畫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，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。剩餘的現金和短期投資由我們位於世界各地的子公司持有。為了將這些子公司的累積收益匯回國外，我們必須繳納外國預扣稅，並且我們根據未來從某些國家匯回的預期時間計算了估計的稅務義務。最重要的是以色列和德國。

At the end of quarter three, we have approximately $83 million of cash in Israel and $110 million of cash in Germany. Our strategic plan requires significant local liquidity for our expansion projects in Germany. The remaining $439 million of cash and short-term investments are held at and subsidiaries that are locating countries with restrictive regulations and high tax rates for repatriating cash. We're evaluating opportunities to deploy some of this cash for our expansion projects. In Germany, we have not accrued taxes to repatriate earnings because we have deem them indefinitely reinvested. Okay. Moving on to Slide 11. The restructuring programs we announced in the third quarter will result in a 6% reduction in our SEA workforce, the closure of three manufacturing facilities, which will reduce our manufacturing workforce by 2% and various other changes in manufacturing operations and production transfers. We recorded restructuring expenses of $40.6 million during the quarter related to expected cash severance costs.

截至第三季末，我們在以色列擁有約 8,300 萬美元現金，在德國擁有約 1.1 億美元現金。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 4.39 億美元的現金和短期投資由位於對現金匯回監管嚴格且稅率較高的國家的子公司持有。我們正在評估將部分現金用於我們的擴張項目的機會。在德國，我們沒有透過應計稅收來匯回收入，因為我們認為它們可以無限期地再投資。好的。繼續看投影片 11。我們在第三季宣布的重組計劃將導致我們的東南亞勞動力減少 6%，關閉三個製造工廠，這將使我們的製造勞動力減少 2%，以及製造營運和生產轉移的各種其他變化。本季我們記錄了與預期現金遣散費相關的重組費用為 4,060 萬美元。

When the programs are fully implemented by the end of 2026, we expect to realize annual cost savings of $23 million, including $12 million of SG&A expense weeks to realize immediate annualized cost savings of approximately $9 million, including $2 million in the fourth quarter. Cash payments related to restructuring program are estimated to be $24 million by the end of 2025 for the balance due in 2026. Turning to Slide 12. For our guidance for the fourth quarter 2024 for revenues are expected to be $720 million, plus or minus $20 million. Gross margin is expected to be generated.

當這些計劃在2026 年底全面實施時，我們預計將實現年度成本節省2300 萬美元，其中包括1200 萬美元的SG&A 支出週，從而立即實現約900 萬美元的年度成本節省，其中包括第四季度的200萬美元。到 2025 年底，與重組計畫相關的現金支付預計為 2,400 萬美元，餘額將於 2026 年到期。轉到投影片 12。我們對 2024 年第四季營收的指引預計為 7.2 億美元，上下浮動 2,000 萬美元。預計將產生毛利率。

Newport is expected to have approximately 175 to 200 basis points drag on the gross margin in Q4. Depreciation expense is expected to be approximately $53 million for the fourth quarter and $200 million for the full year. SG&A expenses are expected to be $126 million, plus or minus $2 million for the quarter were $507 million for the full year. Included in full year SG&A guidance is the addition of approximately $15 million related to Newport, which is offset by the favorable benefit of our restructuring programs and our continued cost containment folks. For 2024, we expect a normalized effective tax rate of approximately 31%. And I'll now turn the call back to Joel.

預計紐波特第四季的毛利率將受到約 175 至 200 個基點的拖累。預計第四季折舊費用約為 5,300 萬美元，全年折舊費用約為 2 億美元。SG&A 費用預計為 1.26 億美元，加上或減去本季 200 萬美元，全年費用為 5.07 億美元。全年 SG&A 指導中包括與 Newport 相關的約 1500 萬美元的增加，這被我們的重組計劃和我們持續的成本控制人員的有利效益所抵消。2024 年，我們預計正常化有效稅率約為 31%。現在我將把電話轉回給喬爾。

Thank you, Dave. Please turn to Slide 13. I mentioned earlier that even though the industry is contending with an extended down cycle at Vishay, we are pressing forward with our ambitious 5-year strategic plan and remain committed to our 2020 financial goals, including spending$ 2.6 billion in CapEx between 2023 in 2028. For the year 2024, we still plan to invest between $360 million, $390 million in CapEx. As a reminder and displayed on this slide, we are pulling eight growth levers to meet our commitments to scale capacity for our customers, accelerate revenue growth and drive greater returns through the expansion of our markets and our product portfolio.

謝謝你，戴夫。請翻到投影片 13。我之前提到，儘管 Vishay 行業正在應對較長的下行週期，但我們仍在推進雄心勃勃的 5 年戰略計劃，並繼續致力於實現 2020 年財務目標，包括 2023 年至 2028 年資本支出 26 億美元。2024 年，我們仍計劃投資 3.6 億至 3.9 億美元的資本支出。作為提醒並顯示在這張投影片上，我們正​​在拉動八個成長槓桿來履行我們的承諾，即透過擴展我們的市場和產品組合，為客戶擴大產能，加速收入成長並帶來更大的回報。

We are ready for the next upcycle, the mega trends and what's available to sustainability. So let's turn to Slide 15 for our products are not responding to these levers. As a reminder, in 2024, we are focusing primarily on expanding capacity, both internally and externally and on innovation. Starting with semiconductor capacity expansion projects at Newport, we are on target to complete the transfers of three silicon must best structure to now in Q4 and another one in the first quarter of 2025. We remain on schedule to begin production of the industrial technologies in the first quarter of 2025 and to complete the component qualifications of automotive grade components in the second quarter of 2025.

我們已經為下一個升級週期、大趨勢以及永續發展做好了準備。因此，讓我們轉向幻燈片 15，因為我們的產品對這些槓桿沒有反應。提醒一下，2024 年，我們的主要重點是擴大內部和外部能力以及創新。從紐波特的半導體產能擴張計畫開始，我們的目標是在第四季完成三個矽片的轉移，並在 2025 年第一季完成另一個矽片的轉移。我們仍按計畫於 2025 年第一季開始生產工業技術，並於 2025 年第二季完成汽車級零件的零件認證。

At SK. key foundry, our partner in Korea. We are on track to qualify seven product families by the end of the first quarter of 25, three of which are automotive must face and for our commercial expense. We currently have engineering samples available of four product families and plan to have the other three a vailable in early 2025. Through the partnership, we will be able to increase annualized capacity from US fed by 12% in 2025 compared to 2024. In Taipei, Taiwan, we have internally qualified commercial and automotive diodes and are now shipping some volumes of commercial deals.

在SK。 key Foundry，我們在韓國的合作夥伴。我們預計在 25 年第一季末獲得七個產品系列的資格，其中三個是汽車必須面對的並用於我們的商業費用。我們目前擁有四個產品系列的工程樣品，並計劃在 2025 年初提供其他三個產品。透過此次合作，我們將能夠在 2025 年將美國聯準會的年化產能比 2024 年增加 12%。在台灣台北，我們擁有內部合格的商用和汽車二極體，目前正在出貨一些商業訂單。

We expect to increase annualized capacity by 4.7% in 2024 and to expand capacity of constrained lines by 25% to 40%, depending on the product type. Now for passive components, I'd love to go to Mexico. We remain on track to complete the automotive qualifications for inductors before the end of the year. And continue to expect annualized capacity to increase by approximately 15% in 2024. During the quarter, we received government approval to start production of our amphitheater product line and expect first shipments of sensor products in this quarter.

我們預計到 2024 年年化產能將增加 4.7%，並將受限線路的產能擴大 25% 至 40%，具體取決於產品類型。現在對於被動元件，我很想去墨西哥。我們仍有望在年底前完成電感器的汽車資格認證。並繼續預計2024年年化產能將成長約15%。在本季度，我們獲得了政府批准，開始生產我們的圓形劇場產品線，並預計在本季度首批出貨感測器產品。

The Amazon line includes products that support in Russia, current limiting and temperature sensing applications at our Mexico facility and more as we're shipping commercially qualified, current sense, resistors and some automotive products. Our subcontractor initiative is going extremely well as business leaders within the organization embraced the Vishay 3.0 business minded approach to drive profitability. We're using subcontractors to increase our capacity of lower margin commodity products and to add products to our portfolio to best serve customer demand. We added three cost subcontractors during the third quarter, one for diodes, one for resistors and one for inductors. And we added another 617 part numbers to our portfolio, bringing the year-to-date total to nearly 9,000 part number of additions in 2024.

亞馬遜產品線包括支援俄羅斯、墨西哥工廠的電流限制和溫度感測應用的產品，以及更多我們正在運輸的商業合格的電流感測、電阻器和一些汽車產品。我們的分包商計畫進展得非常順利，組織內的業務領導者採用了 Vishay 3.0 商業思維方法來提高獲利能力。我們利用分包商來提高低利潤商品的產能，並將產品添加到我們的產品組合中，以最好地滿足客戶的需求。我們在第三季增加了三個成本分包商，一個是二極體，一個是電阻器，一個是電感器。我們在產品組合中又增加了 617 個零件號，到 2024 年，年初至今新增的零件號總數達到近 9,000 個。

We are meeting the year to date goals to set for the use of external capacity on our path to achieving our 2020 financial targets. For our goal of generating more than 4% revenue from outsource passive, we are at 4.2%. We have met our goal of utilizing outsource wafer fabs at 33% of semiconductor production. Finally, we set a goal of utilizing outside assembly for more than 20% of our semiconductor production. And on a year-to-date basis, we have also met that goal. As for innovation and our silicon carbide strategy, our plans to commercialize the 1,200 volt planner technology in 2024 is advancing well.

我們正在實現今年迄今為利用外部產能設定的目標，以實現 2020 年財務目標。我們的目標是透過被動外包產生超過 4% 的收入，我們的目標是 4.2%。我們已經實現了利用外包晶圓廠生產 33% 半導體產量的目標。最後，我們設定了 20% 以上的半導體生產採用外部組裝的目標。今年迄今為止，我們也實現了這個目標。至於創新和我們的碳化矽策略，我們計劃在 2024 年將 1,200 伏特規劃器技術商業化，進展順利。

We released two products in the third quarter and plan to release seven more products in the fourth quarter, we made substantial progress with our plans to commercialize our 1,200 volt trench technology, the 1,700 volt planner and the 650 volt planner during the quarter. We now have first engineering samples at customers for test. Our plan is to release the 1,200 volt trench milestone in the first quarter of 2025. The 1,700 volt planner must set in and they're 50 volt planner must fit in the third quarter of 2025. These silicon carbide must set components support traction, inverter projects and onboard charging opened doors for us with the automotive OEMs.

我們在第三季發布了兩款產品，並計劃在第四季度再發布七款產品，我們在本季度將1,200 伏溝槽技術、1,700 伏規劃器和650 伏規劃器商業化的計劃取得了實質性進展。我們現在已經向客戶提供了第一批工程樣品進行測試。我們的計劃是在 2025 年第一季發布 1,200 伏特溝槽里程碑。1,700 伏特規劃器必須安裝，50 伏特規劃器必須在 2025 年第三季安裝。這些碳化矽必須設置支援牽引、逆變器項目和車載充電的組件，為我們與汽車原始設備製造商打開了大門。

We continue to hold technical meetings with automotive OEM customers about their silicon carbide roadmaps. We have also started to receive silicon carbide equipment at our Newport facility and are on schedule to meet our production plan in early 2026. Finally, at Electronica this year, we will release nine that reference designs, which showcased shape content on greater than 80% of the components of the Board for automotive. There is a high voltage Intelligent Battery shut sensor, an 800 volt 22 kilowatt bidirectional onboard charger, an 800 volt 48 volt DC to DC converter, a power distribution units with the share silicon carbide on it in other technologies and other market segments like industrial and telecom customers will have a reference design for auxiliary power. Slide converter for solar, which uses our 1,200 volt and 1,700 volt silicon carbide and appreciate transformer, a 3.2 kilowatt DC to AC inverter featuring our Gen five silicon must bets a 1.2 kilobyte DC-to-DC converter for telecom.

我們繼續與汽車 OEM 客戶舉行技術會議，討論他們的碳化矽路線圖。我們也開始在紐波特工廠接收碳化矽設備，並按計畫在 2026 年初實現生產計畫。最後，在今年的電子展上，我們將發布九個參考設計，其中展示了超過 80% 的汽車電路板組件的形狀內容。有一個高壓智慧電池關閉感測器、一個800伏22千瓦雙向車載充電器、一個800伏48伏DC-DC轉換器、一個配電單元，其上共享碳化矽在其他技術和其他細分市場，如工業和電信客戶將獲得輔助電源的參考設計。用於太陽能的幻燈片轉換器，它使用我們的1,200 伏特和1,700 伏碳化矽，並欣賞變壓器、採用我們的第五代矽的3.2 千瓦直流到交流逆變器，必須押注用於電信的1.2千字節直流到直流轉換器。

This is a 72 volt, 48 volt, 12 volt DC to DC converter, also an energy Harvester, which is using our super capacitors and our photodiodes. And finally, a design for AI, a multi-phase power board that incorporates smart, safe stage power ICs, vertical mount inductors and polymer tantalum capacitors. These designs are examples of how Vishay can support our customers' total application using reference designs as solution selling are making progress on these 2020 for specific initiatives. But we're also executing dozens of other initiatives behind the scenes to shape the organization towards supporting Vishay 3.0, enabling the organization to outperform outperform historical results in the industry upcycle and putting us on firm footing to execute our strategic plan and achieve our 2020 financial targets.

這是一個 72 伏特、48 伏特、12 伏特 DC-DC 轉換器，也是一個能量採集器，它使用我們的超級電容器和光電二極體。最後是 AI 設計，這是一款多相電源板，整合了智慧、安全級電源 IC、垂直安裝電感器和聚合物鉭電容器。這些設計是 Vishay 如何使用參考設計支援客戶整體應用的範例，因為解決方案銷售正在 2020 年的具體計劃中取得進展。但我們也在幕後執行了數十項其他舉措，以塑造組織支持 Vishay 3.0，使組織能夠在行業升級週期中超越歷史業績，並為我們執行戰略計劃和實現 2020 年財務目標奠定堅實的基礎。 。

We are broadening our portfolio to participate in markets we previously did not serve and to increase our share of our customer bill of materials, supported by the incremental capacity that has landed over the past two years. With our distributors, we have their need and positioned Vishay to win an increased share of their turns business . Since this program began, we have added nearly 28,000 additional SKUs to our distributors. We've added products to our portfolio through acquisitions like Amazon, creating new business opportunities for in Russia, current and temperature sensing in automotive and industrial markets. We continue to add products through our partnerships with subcontractors and resellers. We are positioning Vishay to be a supplier with even a broader product port folio.

我們正在擴大我們的產品組合，以參與我們以前沒有服務的市場，並在過去兩年增加的產能的支持下，增加我們在客戶物料清單中的份額。透過我們的分銷商，我們了解了他們的需求，並讓 Vishay 贏得了他們的轉彎業務的更大份額。自該計劃開始以來，我們已向經銷商添加了近 28,000 個 SKU。我們透過亞馬遜等收購將產品添加到我們的產品組合中，為俄羅斯、汽車和工業市場的電流和溫度感測創造了新的商機。我們透過與分包商和經銷商的合作不斷增加產品。我們將 Vishay 定位為擁有更廣泛產品組合的供應商。

We're leveraging our broadening portfolio through our intense focus on customer engagements in medical markets. For example, many customers are using Vishay for only one product. Our medical leader now is increasing our alignment with customers and may not which may not have viewed Vishay as a strategic supplier discovering opportunities for us to supply even more products of our portfolio. We're increasing our field engineering resources that engage customers about their technology and product roadmap. We're creating design opportunities that increase our share of the customer bill of materials, and we're ensuring that we're ready to meet their future demand. As a result, we're positioning appreciate to participate even greater in the emerging a market along with other next generation demand drivers. While we are intensifying customer engagement, we are also restaffing about one-third of our customer facing positions, adding experienced talent to ensure the organization is driving in the same direction toward our strategic and financial goals. In terms of enhancing operational efficiency, we're optimizing our manufacturing footprint with our decision to close three manufacturing facilities, which Dave mentioned. one is in the United States.

我們透過高度關注醫療市場的客戶參與來利用我們不斷擴大的產品組合。例如，許多客戶僅將 Vishay 用於一種產品。我們的醫療領導者現在正在加強與客戶的合作，但可能不會將 Vishay 視為策略供應商，為我們發現提供更多產品組合的機會。我們正在增加現場工程資源，讓客戶了解他們的技術和產品路線圖。我們正在創造設計機會，以增加我們在客戶物料清單中的份額，並確保我們已準備好滿足他們未來的需求。因此，我們希望更多地參與新興市場以及其他下一代需求驅動因素。在加強客戶參與的同時，我們也對大約三分之一的面向客戶的職位進行了人員重組，增加經驗豐富的人才，以確保組織朝著同一方向朝著我們的策略和財務目標前進。在提高營運效率方面，戴夫提到，我們決定關閉三個製造工廠，以優化我們的製造足跡。一個在美國。

one is in Germany, and one is in China, cementing Vishay 3.0 through the execution of these initiatives is progressing according to the time line we outlined last April at the Investor Day. Although we're still in the early innings of implementing our strategic plan, customers, partners and employees already recognized 3.0 is becoming a vastly different organization. The feedback we hear from our stakeholders aligns with our conviction that we are on the right path to assure customers for reliable supplier, working with them to meet their needs over time and to enhance our financial profile.

一個在德國，一個在中國，透過執行這些措施來鞏固 Vishay 3.0，這些措施正在按照我們去年 4 月投資者日概述的時間表取得進展。儘管我們仍處於實施策略計畫的早期階段，但客戶、合作夥伴和員工已經意識到 3.0 正在成為一個截然不同的組織。我們從利害關係人那裡聽到的回饋與我們的信念一致，即我們正走在正確的道路上，向客戶保證可靠的供應商，與他們合作以滿足他們的長期需求並提高我們的財務狀況。

We are moving forward with determination, and we are confident in our ability to drive faster revenue growth, improved profitability and expand the return on invested capital. Look forward to reviewing our 2020 for progress on our Q4 call next February and sharing with you our goals for 2025 as we continue to execute our strategic plan fallacious. Let's take the first question.

我們正堅定前行，對推動收入更快成長、提高獲利能力和擴大投資資本回報率的能力充滿信心。期待在明年 2 月的第四季度電話會議上回顧我們 2020 年的進展，並與您分享我們的 2025 年目標，因為我們繼續執行我們錯誤的戰略計劃。我們先來說第一個問題。

Thank you. At this time we will conduct the question and answer session. (Operator Instructions)

謝謝。這時候我們就進行問答環節。（操作員說明）

First question comes from the line of Ruplu Bhattacharya from Bank of America. Ruplu, please go ahead.

第一個問題來自美國銀行的 Ruplu Bhattacharya。魯普魯，請繼續。

Hi, and thank you for taking my questions. John, I wanted to start by asking you how do you see the inventory of Vishay products at distribution arm? What innings are we in terms of your outreach to distribution and expanding the line card, V-shaped products, add distribution? And when do you think when do you expect distribution to start pulling product and growing inventory again?

您好，感謝您回答我的問題。約翰，我首先想問您如何看待分銷部門的 Vishay 產品庫存？就你們的外展分銷和擴大線路卡、V型產品、增加分銷而言，我們處於第幾局？您認為分銷何時會再次開始拉動產品並增加庫存？

Hi, Ruplu Thanks for the question.

你好，魯普魯，謝謝你的提問。

The inventory at distribution is nearing a normalized position for passives. I think we're very close on passives. The semiconductors in the channel overall is going to take a little more time. It's not necessarily the over inventory of Vishay. It's the over-inventoried of our competitors who have stuff some of the distributors' shelves, the Asia inventory, we're running at about 18 weeks. Europe inventory were at 22 weeks. The Americas is longer. It's good in the low 50, 50 week range, but part of that is catalog distribution. So we see that we're positioning this inventory.

被動元件的經銷庫存已接近正常水準。我認為我們在被動方面非常接近。整個通道中的半導體將需要更多的時間。不一定是Vishay庫存過剩。這是因為我們的競爭對手的庫存過多，他們在一些分銷商的貨架上塞滿了亞洲庫存，我們的庫存週期約為 18 週。歐洲庫存為 22 週。美洲更長。它在 50 到 50 週的低範圍內很好，但其中一部分是目錄分發。所以我們看到我們正在定位這個庫存。

I mentioned we're at 27 weeks because of those additional skews that I talked about. We're broadening our portfolio. So the inventory dollar looks larger, but it's covering more part numbers. An interesting comment that's happening in the environment now, Ruplu is customer visibility is quite low, and we're seeing orders in Asia where 50% to 60% of the orders are for quick delivery. And the CM is not finding the product in stock at the distributor. So we're seeing different partners come into play. So I think overall, to kind of sum it up, normalization of passives is in the moment we're in now in this quarter. And semiconductors will be into Q1.

我提到我們已經到了 27 週，因為我談到了那些額外的偏差。我們正在擴大我們的產品組合。因此，庫存看起來更大，但它涵蓋了更多的零件數量。現在環境中出現的一個有趣的評論是，Ruplu 的客​​戶可見度相當低，我們看到亞洲的訂單中有 50% 到 60% 的訂單需要快速交付。並且 CM 在經銷商處沒有找到該產品的庫存。所以我們看到不同的合作夥伴開始發揮作用。因此，我認為總的來說，總而言之，被動元件的正常化正處於本季我們所處的時刻。半導體將進入第一季。

Okay. Thanks for all the details there. The knee, actually another question. As we look into 2025, what areas of growth do you see for Vishay? Meaning which product lines do you think grow the fastest, which product lines growth slower? And how should we think about the region mix of revenues over the next few quarters?

好的。感謝您提供的所有詳細資訊。膝蓋，實際上是另一個問題。展望 2025 年，您認為 Vishay 將在哪些領域成長？這意味著您認為哪些產品線成長最快，哪些產品線成長較慢？我們應該如何考慮未來幾季的區域收入組合？

I've shared on the past two quarterly calls that we're now seeing the smart grid infrastructure programs accelerating. We received additional large orders to support programs in Saudi Arabia. We mentioned in the last call about smart grid for Europe, and we've talked previously about China. So the smart grid infrastructure is now moving at a faster pace and we're expanding. This is the large as the capacitor to mention that product line. There's also other resistors that are involved in these applications. So the industrial grid is good. That's positive. AI.

我在過去兩個季度的電話會議上分享說，我們現在看到智慧電網基礎設施專案正在加速發展。我們收到了額外的大訂單來支持沙烏地阿拉伯的項目。我們在上次電話會議中提到了歐洲的智慧電網，之前我們也談過中國。因此，智慧電網基礎設施現在正在以更快的速度發展，並且我們正在擴展。這是大如電容器提到的產品線。這些應用中還涉及其他電阻器。所以說工業電網是好的。這是積極的。人工智慧.

We're seeing there opportunities in a I we have reference design position on chipsets that are coming from the large, a microprocessor design companies were following that into Asia. It can be a I for servers, it can also be a I for automotive, we're seeing that pickup and that covers Moss fits that covers power inductors, current sense, resistors, polymer, tantalum. So there's quite a few Vishay products that are designed and also one of our ICs. So we are following that.

我們在晶片組上看到了機會，我們在晶片組上擁有參考設計地位，這些晶片組來自大型微處理器設計公司，他們正在追隨這一趨勢進入亞洲。它可以是伺服器的 I，也可以是汽車的 I，我們看到拾音器涵蓋莫斯配件，涵蓋功率電感器、電流檢測、電阻器、聚合物、鉭。因此，設計了相當多的 Vishay 產品，也是我們的 IC 之一。所以我們正在遵循這一點。

Naturally, there's multiple competitors are share military for sure, aerospace military defense book-to-bill stays positive. We continue to see orders for replenishment. We also see orders for new military programs that will be positive in 2025. Space space exploration space programs with low earth orbit satellites continues to show positive signs for us. We like high technology products in those environments. Automotive, when we look at automotive were now with the negotiation season for 2025, negotiating the contract, the LOI. quantities we see for 2025 or increasing over 2024. So that's a positive. And that covers many of the shade division. Most of the positives, Ruplu going into 2025.

當然，肯定有多個競爭對手在分享軍事業務，航空航太軍事防禦訂單出貨比保持樂觀。我們繼續看到補貨訂單。我們也看到 2025 年新軍事項目的訂單將是正面的。利用近地軌道衛星進行的太空探索太空計畫繼續向我們顯示出積極的跡象。我們喜歡這些環境中的高科技產品。汽車產業，當我們關注汽車產業時，現在正處於 2025 年談判季節，談判合約、意向書。我們預計 2025 年的數量或超過 2024 年的數量。所以這是積極的。這涵蓋了許多陰影部分。大多數積極因素是 Ruplu 進入 2025 年。

Okay, great. Thanks for all the details. Let me ask you one quick question and then I'll have one for Dave as well. Can you talk about the pricing environment and looking at Slide 17, where you have the mix of commodity products versus custom products. Do you think that mix shift as we go into next year in the year being kind of do you think that the mix of commodity products can decline over time based on your strategic focus on on changing the mix and adding different product categories? So if you could just talk about the current pricing environment, do you see any opportunity to raise prices are lower prices? And how do you see the mix of products trending ?

好的，太好了。感謝您提供所有詳細資訊。讓我問你一個簡單的問題，然後我也會問戴夫一個問題。您能否談談定價環境並看看幻燈片 17，其中混合了商品產品和客製化產品。您是否認為，隨著我們進入明年，您認為商品組合會隨著時間的推移而下降，因為您的策略重點是改變組合和添加不同的產品類別？那麼，如果您能談談當前的定價環境，您是否認為有任何提高價格或降低價格的機會？您如何看待產品組合的趨勢？

The current pricing environment is consistent with what we spoke about in the last call or two. There's spot opportunities out there where there's higher volume, where it requires us to be a little more aggressive on pricing. So we take those opportunities to win that share. We're in the quarterly negotiated were in the quarter to negotiation season now for our large strategic accounts. Pricing in that is consistent with what we've seen in past negotiation, significantly different from prior years. As far as ASP. down for productivity in exchange for higher volume. So nothing dramatic.

目前的定價環境與我們在上一兩次電話會議中談到的一致。成交量較大的地方就有現貨機會，這需要我們在定價上更加積極。因此，我們抓住這些機會來贏得這一份額。對於我們的大型策略客戶來說，我們現在正處於季度談判季節。其中的定價與我們在過去的談判中看到的一致，與前幾年有很大不同。就ASP而言。降低生產率以換取更高的產量。所以沒什麼戲劇性的。

There regarding the product mix by adding these subcontractors, we're expanding our commodity portfolio. So I am going to be clear that we're going to see growth in commodities as well as in the specialty products. It's important that we are viewed as a full-service supplier with all of the products. So I wouldn't say you're going to see commodities go down. I think you're going to see both of these increase as the overall revenue increases in good shape.

在產品組合方面，透過增加這些分包商，我們正在擴大我們的商品組合。因此，我要明確表示，我們將看到大宗商品和特色產品的成長。重要的是，我們被視為提供所有產品的全方位服務供應商。所以我不會說你會看到大宗商品價格下跌。我認為，隨著整體收入的良好增長，您將看到這兩者的增長。

Okay. Okay. Thanks for the depot. Fair, Dave, can I ask you one question on on priorities for use of cash? As you think over the next 12 months, how would you prioritize acquisitions forces, maybe a dividend increase versus more buybacks versus you doing anything with the capital structure? So so if you can give us your thoughts on the best use of cash are you so much.

好的。好的。謝謝你的倉庫。公平，戴夫，我可以問你一個關於現金使用優先順序的問題嗎？在您對未來 12 個月的思考中，您將如何優先考慮收購力量，也許是增加股息、更多回購，還是對資本結構採取任何措施？因此，如果您能向我們提供您對現金最佳使用方式的想法，您會很高興。

I was expecting that question from the room. So you know it out if there's a so we've done several small acquisitions in the last year and Newport, right? We continue to return$ 100 million to our shareholders, and we're committed to it already this year will reset target easily this year. So I think that the most important focus for us at the moment is the strategic plan and making sure we meet the objectives we set for the strategic plan and to do that without any capital.

我期待房間裡會問這個問題。所以你知道我們去年在紐波特進行了幾筆小型收購，對嗎？我們繼續向股東返還 1 億美元，我們今年已經承諾這一點，今年將輕鬆重置目標。因此，我認為目前我們最重要的焦點是策略計劃，並確保我們實現為策略計劃設定的目標，並在沒有任何資本的情況下實現這一目標。

The Newport, as I said in my speech, as I said, Newport's funded mostly from the U.S. So we'll be borrowing. So I don't think we want to jeopardize that five year plan the strategic plan. So we're going to stick that being the main focus.

紐波特，正如我在演講中所說，正如我所說，紐波特的資金主要來自美國，所以我們將藉錢。因此，我認為我們不想危及五年計劃和戰略計劃。所以我們將把它作為主要焦點。

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。

Thank you.

謝謝。

As a reminder, in order to ask a question, please press star, one mine and mill shutdown.

提醒一下，要提問，請按星號，一礦和工廠關閉。

Okay. It looks like I am showing no further questions at this time. I would now like to turn it back over to management for closing remarks.

好的。看來我現在沒有再提出任何問題了。我現在想將其轉回管理層以供結束語。

All right. Thank you very much.

好的。非常感謝。

Thank you again for attending our Q3 earnings call. We are very excited about what we are doing in Vishay to set Vishay on a new course for growth. And as you've seen in the statements today, who we are accomplishing initiatives that we put forward. So thank you again, and we'll see you on the next earnings call in three months.

再次感謝您參加我們的第三季財報電話會議。我們對 Vishay 所做的一切感到非常興奮，這些工作將讓 Vishay 走上新的發展之路。正如您在今天的聲明中所看到的，我們正在完成我們提出的舉措。再次感謝您，我們將在三個月後的下一次財報電話會議上見到您。