威世科技 (VSH) 2024 Q4 法說會逐字稿

Hello, and welcome to Vishay Intertechnology Q4 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 Vishay Intertechnology 2024 年第四季財報電話會議。（操作員指令）

I would now like to turn the call over to Mr. Peter Henrici, Investor Relations. You may begin.

現在我想將電話轉給投資者關係部 Peter Henrici 先生。你可以開始了。

Thank you, Towanda. Good morning, and welcome to Vishay Intertechnology's fourth quarter and year 2024 earnings conference call. Joel Smejkal, our President and Chief Executive Officer; and Dave McConnell, our Chief Financial Officer, will join me today.

謝謝你，托旺達。早安，歡迎參加 Vishay Intertechnology 第四季和 2024 年收益電話會議。我們的總裁兼執行長 Joel Smejkal；我們的財務長戴夫麥康奈爾 (Dave McConnell) 今天也將與我一起出席。

This morning, we reported results for our fourth quarter and year 2024. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com.

今天上午，我們報告了 2024 年第四季和全年的業績。我們的收益報告副本可在我們網站 ir.vishay.com 的「投資者關係」部分找到。

This call is 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. We will be referring to a slide presentation during the call, which we also posted at ir.vishay.com.

本次通話透過網路進行現場直播，可透過我們的網站存取。此外，今天的電話會議正在錄音，可透過我們的網站重播。我們將在通話期間參考幻燈片演示，我們也將其發佈在ir.vishay.com 上。

You should be aware that in today's conference call, we will make 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.

您應該知道，在今天的電話會議中，我們將就未來事件和表現發表前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與前瞻性聲明不同。

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. 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 and 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.

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包含了有關各種 GAAP 和非 GAAP 指標的資訊。我們在新聞稿和 ir.vishay.com 上發布的簡報中提供了完整的 GAAP 和非 GAAP 對帳表，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指標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，投資者應結合公認會計準則指標一起考慮它們。

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喬爾‧斯梅卡爾 (Joel Smejkal)。

Thank you, Peter. Good morning, everyone. Thank you for joining our fourth-quarter 2024 conference call. I'll start my remarks with a review of our revenue for the fourth quarter by end markets, channel, and region. Then Dave will take you through a review of the fourth-quarter financial results and our guidance for the first quarter of 2025. After that, I'll give you a summary of our actions during 2024 to implement Vishay 3.0, and the key initiatives we plan to focus on in 2025 as we continue to execute our five-year strategic plan. And then after, we'll be happy to answer any of your questions.

謝謝你，彼得。大家早安。感謝您參加我們的 2024 年第四季電話會議。我將首先回顧我們第四季度按終端市場、通路和地區劃分的收入。然後戴夫將帶您回顧第四季度的財務業績以及我們對 2025 年第一季的指導。之後，我將總結我們在 2024 年實施 Vishay 3.0 的行動，以及我們在繼續執行五年戰略計劃的過程中計劃在 2025 年重點關注的關鍵舉措。之後，我們將很樂意回答您的任何問題。

Revenue for the fourth quarter was down slightly versus Q3 at $714.7 million, for a full-year revenue of $2.9 billion that was below 2023. As we've talked about all year, the industry has endured a prolonged period of inventory digestion by customers worldwide, compounded by weak macroeconomic conditions in Europe. But after nine straight quarters of inventory consumption, the longest inventory correction cycle we've seen, the inventory levels at the end customers and in the distribution channel appear to be normalizing, particularly for semiconductors, serving automotive and industrial end markets in Asia and the Americas.

第四季營收較第三季略有下降，為 7.147 億美元，全年營收為 29 億美元，低於 2023 年的水準。正如我們全年所談論的那樣，該行業經歷了全球客戶長期的庫存消化，再加上歐洲疲軟的宏觀經濟條件。但經過連續九個季度的庫存消耗（這是我們見過的最長的庫存調整週期），終端客戶和分銷渠道的庫存水平似乎正在恢復正常，特別是對於服務於亞洲和美洲汽車和工業終端市場的半導體而言。

As a result, book-to-bill at quarter end was 1.01, compared to 0.88 in Q3, with most of the improvement coming from semiconductors which reported a book-to-bill of near 1, versus 0.79 in Q3, and a passive book-to-bill had moved into positive territory at 1.03 versus 0.97 last quarter. We're watching book-to-bill data closely in Q1, especially now coming out of the Chinese New Year holiday to see how this trend continues. Bookings continued to improve, particularly for products related to smart grid infrastructure project, AI server power and military defense.

結果，本季末的訂單出貨比為 1.01，而第三季為 0.88。我們正在密切關注第一季的訂單出貨比數據，尤其是現在農曆新年假期即將結束，以觀察這一趨勢如何延續。預訂量持續改善，特別是與智慧電網基礎設施項目、人工智慧伺服器電源和軍事防禦相關的產品。

Even though revenue was more or less in a holding pattern most of the year, at Vishay, we have not been standing still. We have been pressing ahead and building momentum. The organization has a shared sense of purpose and commitment to make Vishay 3.0 a success, preparing to take full advantage of the megatrends of e-mobility and sustainability. Setting the foundation to transform everyone's thinking to be business minded is positioning us to accelerate revenue, improving profitability, and enhancing returns. These are top priorities across Vishay.

儘管一年中的大部分時間裡收入或多或少處於停滯狀態，但在 Vishay，我們並沒有停滯不前。我們一直在努力前進並不斷累積力量。該組織具有共同的目標和承諾，使 Vishay 3.0 取得成功，並準備充分利用電子移動和永續發展的大趨勢。奠定基礎，將每個人的思維轉變為商業思維，使我們能夠加速收入、提高獲利能力和增強回報。這些是 Vishay 的首要任務。

As employees across the globe have adopted a customer-first and a business-minded approach in everything we do, a cultural shift has been taking hold within the company. There's a different vibe now as employees collaborate, exchange ideas, cooperate, and make decisions to improve profitability. And everyone is looking ahead to seeing the initiatives they are working on this year pay off in the next industry upturn. I want to express my gratitude to the Vishay employees for their willingness to embrace continued change this year and for working together to achieve our five-year strategic plan and financial goals. Let's now take a closer look at the fourth quarter revenue relative to the third quarter, starting with a review of revenue by end markets on slide 3.

由於全球員工在所做的每一件事中都採取了客戶至上和商業頭腦的方法，公司內部正在發生文化轉變。現在的氣氛不同了，員工們互相合作、交流想法、合作並做出決策以提高獲利能力。每個人都期待今年所採取的舉措能夠在下一次行業復甦時獲得回報。我要向 Vishay 員工表示感謝，感謝他們今年願意接受持續的變革，並共同努力實現我們的五年策略計畫和財務目標。現在讓我們仔細看看第四季相對於第三季的收入，首先回顧一下投影片 3 上的終端​​市場收入。

Automotive revenue decreased 6% versus the third quarter. Most customers pulled below their schedule agreements, which was also at lower rates than the third quarter. While in Europe, production volume decreased along with lower forecast later in the quarter. At year-end, due to the holidays, some automotive plant shutdowns pushed their scheduled demand out into the first half of 2025.

汽車收入較第三季下降6%。大多數客戶的付款金額均低於計劃協議金額，且費率也低於第三季。而在歐洲，產量下降且本季後期預測也隨之下調。年底，由於假期原因，一些汽車工廠停工，將原定的需求推遲到 2025 年上半年。

New programs, however, using AI chipsets for driver assist and autonomous driving programs, were started with customers during the quarter. In the Americas Automotive, customers pulled at normal rates through the first 11 weeks of the quarter on a strong demand. In the last two weeks of the quarter, pulls were very light.

然而，本季已開始與客戶合作使用人工智慧晶片組進行駕駛輔助和自動駕駛程式的新專案。在美洲汽車領域，由於需求強勁，客戶在本季前 11 週的採購價格保持正常。在本季的最後兩週，拉動非常輕微。

In China automotive, demand came from EV production and growing electronic content. Global and China automotive Tier 1 suppliers continue to buy and assemble using Vishay products for China automotive OEMs. Each product division works to design in and sell technology-differentiated products to China automotive. We completed the contract negotiations with large OEMs during the quarter, which resulted in a typical ASP decline in the low to mid-single digits, along with volume and share gains.

在中國汽車領域，需求源自於電動車的生產和不斷增長的電子內容。全球和中國汽車一級供應商繼續為中國汽車原始設備製造商購買和組裝 Vishay 產品。每個產品部門都致力於設計並向中國汽車市場銷售技術差異化的產品。我們在本季度完成了與大型 OEM 的合約談判，這導致 ASP 的典型下降幅度達到低到中等個位數，同時銷量和份額增加。

Renewed schedule agreements show improving demand for the first half of 2025 but still limited visibility in the second half of the year. Design activity around EVs continued during the fourth quarter, even though there is an acceleration to design towards hybrid powertrain. Design activity is focused on high-performance computing, safety, autonomous driving, infotainment, smart cockpit applications, and in-cabin monitoring.

續約的船期協議顯示，2025 年上半年的需求有所改善，但下半年的可見度仍然有限​​。儘管混合動力系統設計正在加速，但第四季度圍繞電動車的設計活動仍在繼續。設計活動集中在高效能運算、安全、自動駕駛、資訊娛樂、智慧駕駛艙應用和車艙監控。

Revenue from industrial end markets decreased $5 million, or 2% for the quarter. Order intake for smart grid infrastructure projects continues to be quite positive during the quarter. We won another China program during the quarter, and order intake was also strong for grid management products, power supplies, power tools, and industrial inverters.

本季工業終端市場收入減少 500 萬美元，即 2%。本季智慧電網基礎設施項目的訂單量持續保持相當積極的勢頭。我們在本季贏得了另一個中國項目，電網管理產品、電源、電動工具和工業逆變器的訂單量也強勁。

Customers in the Americas and Asia continue to consume semiconductor inventory throughout the quarter, improving the balance between inventories and lead times. Customers in Europe, on the other hand, continue to contend with weak business conditions impaired by seasonality and high component inventory, which is planned for Q1 '25 consumption.

美洲和亞洲的客戶在整個季度繼續消耗半導體庫存，從而改善了庫存和交貨時間之間的平衡。另一方面，歐洲客戶繼續應對受季節性和高零件庫存影響的疲軟商業環境，這些庫存計劃在2025年第一季消耗。

New design activity in industrial was focused on automation, including connectivity, robots, agriculture, remote monitoring, and HVDC for smart grid infrastructure as well as renewables and power supply. In aerospace defense, with order flow similar to prior quarters this year, revenue was slightly below the third quarter. Distributors continue to place orders at a booking rate above 1 to support US military demand as we increased our backlog of orders, also related to low earth orbit satellite program.

工業領域的新設計活動集中在自動化，包括連接、機器人、農業、遠端監控以及用於智慧電網基礎設施以及再生能源和電力供應的高壓直流輸電。在航空航太國防領域，由於今年訂單流與前幾季相似，收入略低於第三季。由於我們增加了積壓訂單，經銷商繼續以高於 1 的預訂率下訂單以支援美國軍事需求，這也與低地球軌道衛星計畫有關。

In Europe, revenue was flattish for this segment on normal year-end seasonality, while commercial aerospace demand faces some supply chain challenges with mechanical products. Our Vishay products are in the queue once the mechanical supply chain issue is improved.

在歐洲，由於正常的年底季節性因素，該部門的收入持平，而商業航空需求在機械產品方面面臨一些供應鏈挑戰。一旦機械供應鏈問題得到改善，我們的 Vishay 產品就會進入隊列。

We are a preferred supplier and continued designing work on new programs for all US Department of Defense OEMs. Some projects include munition replenishment, missile design programs, hypersonic ballistic tracking space sensors, next-generation interceptors, and commercial and military low earth orbit satellites. We have multiple products supporting this design activity in the defense and space programs. As a reminder, Vishay's passives have the broadest military established reliability certification.

我們是首選供應商，並持續為所有美國國防部 OEM 進行新專案的設計工作。一些項目包括彈藥補給、飛彈設計計畫、高超音速彈道追蹤空間感測器、下一代攔截器以及商業和軍用低地球軌道衛星。我們有多個產品支援國防和太空計劃中的此類設計活動。提醒一下，Vishay 的被動元件具有最廣泛的軍事可靠性認證。

We sell to medical end markets, mostly in the Americas. This quarter, medical revenue was flat with the third quarter with strong demand for some customers based on forecast in 2025. We did have softer orders from one large customer for inductors, however.

我們的產品銷往醫療終端市場，主要是美洲市場。本季醫療收入與第三季持平，根據2025年的預測，部分客戶的需求強勁。然而，我們確實從一位大客戶那裡得到了一些電感訂單。

Design activity for patient monitoring, surgical assist robots, and glucose monitoring continues to create new business opportunities for Vishay to sell our entire portfolio of products. Implantable devices continues to offer us high dollar content opportunity.

病人監護、手術輔助機器人和血糖監測的設計活動繼續為 Vishay 銷售我們的整個產品組合創造新的商機。植入式裝置持續為我們提供高價值內容的機會。

Revenue from the Other market segments, including computing, consumer and telecom end markets, was up 3% quarter over quarter, with strong order intake in Asia related to heightened demand for AI servers and server power projects. We are designing in and supplying a wide variety of products to AI, which supports the unique position of Vishay. These products are MOSFETs, polymer tantalum capacitors, resistors, voltage suppressors, diodes, and inductors. Also, for IC products, we're designing in eFuses, driver [MOS] and power stage. This list further demonstrates the breadth of our portfolio, which populates a high percentage of components on a board in power application.

其他細分市場（包括運算、消費和電信終端市場）的收入環比增長 3%，其中亞洲訂單量強勁，這與人工智慧伺服器和伺服器電源項目的需求增加有關。我們正在為 AI 設計並提供各種各樣的產品，這支持了 Vishay 的獨特地位。這些產品包括 MOSFET、聚合物鉭電容器、電阻器、電壓抑制器、二極體和電感器。此外，對於 IC 產品，我們正在設計電子保險絲、驅動器 [MOS] 和功率級。此清單進一步展示了我們產品組合的廣度，其中在電源應用的電路板上填充了高比例的元件。

AI at this point remains a quick turns business. We see unscheduled orders from CMs looking for quick delivery to support AI power management modules. Spot orders are running around 60% of total orders in Asia, still low visibility. Design activity stayed focused on AI server power, power conversion and power management of the AI chip sets, along with notebooks, and designs aimed at companies who integrate AI chip sets into their program.

目前，人工智慧仍然是一個快速轉變的行業。我們看到來自 CM 的計劃外訂單，他們希望快速交貨以支援 AI 電源管理模組。現貨訂單佔亞洲總訂單的60%左右，可見度仍較低。設計活動仍然集中在 AI 伺服器電源、AI 晶片組的電源轉換和電源管理、筆記型電腦以及針對將 AI 晶片組整合到其程式中的公司設計。

Turning to slide 4, which displays revenue mix by channel, you can see that the distribution revenue declined versus the third quarter, while OEM and EMS revenue increased slightly. This is an encouraging sign around consumption.

轉到投影片 4，顯示按通路劃分的收入組合，您可以看到分銷收入與第三季相比有所下降，而 OEM 和 EMS 收入略有增加。這對於消費來說是一個令人鼓舞的跡象。

Revenue from OEM and EMS customers grew for the first time since the fourth quarter of 2023. Automotive and industrial OEMs are normalizing inventory levels and demand related to smart grid infrastructure projects was strong. EMS customers are starting to buy to direct demand, although regional EMS in Europe are still holding high inventory, coupled with soft end customer demand. Most of the EMS in Europe did shut down in the last two weeks of the year.

來自OEM和EMS客戶的營收自2023年第四季以來首次成長。汽車和工業原始設備製造商正在使庫存水準正常化，與智慧電網基礎設施項目相關的需求強勁。儘管歐洲區域 EMS 仍持有高庫存，加上終端客戶需求疲軟，EMS 客戶開始根據直接需求進行購買。歐洲大部分 EMS 確實在今年最後兩週關閉了。

Sales to distribution declined 7% on fewer shipment days during the quarter versus Q3 and a prolonged weak demand in Europe's industrial end markets, particularly for renewables. Asia and the Americas distributors managed their year-end inventories and managed their financial P&L.

與第三季相比，本季的出貨天數減少，以及歐洲工業終端市場（尤其是再生能源）需求持續疲軟，導致分銷銷售額下降 7%。亞洲和美洲的經銷商管理他們的年終庫存並管理他們的財務損益。

Worldwide POS decreased 3%, once again pulled down by reducing POS in Europe. The holidays fell midweek in late December. Many distributors stopped accepting shipments after 11 weeks into the quarter. Our distribution inventory remained stable at 27 weeks.

全球 POS 下降了 3%，這再次受到歐洲 POS 減少的拖累。假期恰逢十二月下旬的周中。許多分銷商在本季的第 11 週後停止接受貨物。我們的分銷庫存維持穩定在27週。

Let's go to slide 5, in terms of the geographical mix. Europe is the lagging region, softening revenues for Vishay as a whole, and declining 8% as macroeconomic conditions continue to weaken. Distributors are still working through inventory and customers stopped accepting shipments after week 11 into the quarter. This weakness masked the growth in Europe related to smart grid infrastructure projects. Asia was a bright spot with revenue benefiting from shipments to smart grid infrastructure program and spot orders related to AI servers, and some early signals for industrial.

我們來看投影片 5，關於地理組合的部分。歐洲是落後的地區，導致 Vishay 整體收入下降，由於宏觀經濟條件持續疲軟，收入下降了 8%。分銷商仍在處理庫存，客戶在本季第 11 週後停止接受貨物。這項疲軟掩蓋了歐洲智慧電網基礎設施項目相關的成長。亞洲是一大亮點，其收入受益於智慧電網基礎設施計劃的出貨量和與人工智慧伺服器相關的現貨訂單，以及一些工業的早期訊號。

I'll now turn the call over to Dave, where he will review the financial results of Q4.

現在我將電話轉給戴夫，他將回顧第四季的財務結果。

Thank you, Joel, and good morning, everyone. Let's start a review of the fourth-quarter results with the highlights on slide 6. Fourth-quarter revenues were $715 million, including $3 million attributable to the legacy Newport products and within the range of our guidance. Revenues decreased 2.8% compared to the third quarter, reflecting a 1.6% reduction in volume, a 0.6% reduction in ASPs, and a 0.6% negative foreign currency impact related mostly to the euro.

謝謝你，喬爾，大家早安。讓我們從第 6 頁的重點開始回顧第四季的業績。第四季營收為 7.15 億美元，其中 300 萬美元歸因於傳統 Newport 產品，並且在我們的預期範圍內。與第三季相比，營收下降了 2.8%，其中銷量下降了 1.6%，平均銷售價格下降了 0.6%，主要與歐元有關的外匯負面影響為 0.6%。

By reportable business segment, the $21 million decrease in revenues was mainly attributable to a $16 million decrease in Opto, and a $7 million decrease in inductors. MOSFETs, diodes, and resistors had more modest decreases. These declines were partially offset by an $11 million increase in our capacitor segment.

按報告業務部門劃分，收入減少 2,100 萬美元，主要由於光電業務減少 1,600 萬美元，以及電感器業務減少 700 萬美元。MOSFET、二極體和電阻器的降幅較小。這些下降被我們電容器部門 1100 萬美元的成長部分抵消。

Compared to the fourth quarter last year, revenues were down 9%, reflecting a volume decrease net of Newport of 4.7%, and a 4.6% reduction in ASPs. Book-to-bill for the quarter was 1.01, comprised of 0.99 for semis and 1.03 for passives, the first book-to-bill over 1 in nine quarters. Backlog was stable at 4.4 months with semis and passives both flat versus Q3 -- semis at 3.9, passives [about] 4.9.

與去年第四季相比，營收下降了 9%，其中扣除紐波特在內的銷量下降了 4.7%，平均售價下降了 4.6%。本季的訂單出貨比為 1.01，其中半導體為 0.99，被動元件為 1.03，這是 9 個季度以來訂單出貨比首次超過 1。積壓訂單穩定在 4.4 個月，半成品和被動產品積壓訂單與第三季相比持平——半成品積壓訂單為 3.9 個月，被動產品積壓訂單約 4.9 個月。

Moving on to the next slide, presenting the income statement highlights. Gross profit was $142 million, resulting in a gross margin of 19.9% and included a negative impact from Newport of approximately 190 basis points. Compared to the third quarter, gross margin was 60 basis points lower, primarily due to lower average selling prices, a slight increase in depreciation and a higher negative impact from Newport.

進入下一張投影片，展示損益表重點。毛利為 1.42 億美元，毛利率為 19.9%，其中包括紐波特約 190 個基點的負面影響。與第三季相比，毛利率下降了 60 個基點，主要原因是平均銷售價格下降、折舊略有增加以及紐波特的負面影響較大。

Depreciation expense was $52 million, slightly under our guidance for the quarter, up from $51 million in quarter three, and reflects the additional equipment that's come online. SG&A expenses were $132 million, compared to $129 million for the third quarter. This was higher than our guidance for the quarter and reflects higher R&D expenses incurred in Newport and some unanticipated legal and professional fees.

折舊費用為 5,200 萬美元，略低於我們本季的預期，高於第三季的 5,100 萬美元，反映了新增設備的投入。銷售、一般及行政開支為 1.32 億美元，而第三季為 1.29 億美元。這高於我們對本季的預期，反映了紐波特產生的更高的研發費用和一些意外的法律和專業費用。

During the quarter, we recorded a $66 million noncash goodwill impairment charge to reflect the reduction in fair value of our MOSFETs reporting unit. The impairment charge does not affect our liquidity, cash flows from the operating activities or debt covenants. We remain committed to our MOSFET expansion plans.

在本季度，我們記錄了 6,600 萬美元的非現金商譽減損費用，以反映我們 MOSFET 報告單位公允價值的減少。減損費用不會影響我們的流動性、經營活動所產生的現金流量或債務契約。我們將繼續致力於我們的 MOSFET 擴張計劃。

Inclusive of the impairment charge, GAAP operating margin was minus 7.9%, compared to minus 2.5% in the third quarter and 9.9% in the fourth quarter of 2023. Adjusted operating margin decreased to 1.4%, in line with the decrease in margins in gross margin and reflecting the increase in G&A expenses.

包含減損費用後，GAAP 營業利益率為負 7.9%，而 2023 年第三季為負 2.5%，第四季為 9.9%。調整後營業利潤率下降至 1.4%，與毛利率的下降一致，並反映了一般行政費用的增加。

Adjusted EBITDA for the quarter was $66 million for an adjusted EBITDA margin of 9.3%, down from 9.7% in the third quarter. Our GAAP effective tax rate for the full year is not meaningful at the low levels of pretax loss. Due to the GAAP net loss for the quarter, the effective tax rate for the quarter was approximately minus 12.3%. Our normalized effective tax rate for the full year was approximately 36%, which yields a not meaningful quarterly effective tax rate.

本季調整後 EBITDA 為 6,600 萬美元，調整後 EBITDA 利潤率為 9.3%，低於第三季的 9.7%。在稅前虧損較低的情況下，我們全年的 GAAP 有效稅率並不有意義。由於本季 GAAP 淨虧損，本季有效稅率約為負 12.3%。我們全年的標準化有效稅率約為 36%，這導致季度有效稅率並不有意義。

GAAP loss per share was $0.49, compared to a loss of $0.14 per share in quarter three and $0.37 per share in quarter four of 2023. Adjusted EPS was breakeven per share, compared to $0.08 per share in the third quarter and $0.37 per share in the fourth quarter of 2013.

每股 GAAP 虧損為 0.49 美元，而 2023 年第三季每股虧損為 0.14 美元，第四季每股虧損為 0.37 美元。調整後每股盈餘達到損益平衡，而 2013 年第三季為每股 0.08 美元，第四季為每股 0.37 美元。

Proceeding to slide 8, [threes] 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 fourth quarter, the results of Newport continued to be reported substantially all in the MOSFET business segment, weighing on that segment's gross margin approximately 900 basis points.

繼續看投影片 8，參考[三]。該報告包括一個表格，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，第四季度，Newport 的業績報告仍然基本上全部來自 MOSFET 業務部門，對該部門的毛利率造成約 900 個基點的壓力。

Turning to slide 9 and our cash conversion cycle metrics. Our DSO was stable at 53 days. DPO was up to 34 days from 32. Inventory was up slightly due to the Birkelbach acquisition, up to $689 million, resulting in an inventory days outstanding of 109 days, up from 106 days in the third quarter. Total cash conversion cycle for the fourth quarter is 128 days.

轉到投影片 9 和我們的現金轉換週期指標。我們的DSO穩定在53天。DPO 從 32 天增加至 34 天。由於收購 Birkelbach，庫存略有增加，達到 6.89 億美元，導致庫存未清償天數為 109 天，高於第三季的 106 天。第四季總現金轉換週期為128天。

Continuing to slide 10, you can see we generated $68 million in operating cash for the fourth quarter. Total CapEx for the quarter was $145 million, including $103 million designated for capacity expansion projects, and $320 million for the year, which fell below our guidance of between $360 million and $390 million, as delivery of some equipment was delayed to quarter one.

繼續看第 10 張投影片，您可以看到我們在第四季產生了 6800 萬美元的營運現金。本季的總資本支出為 1.45 億美元，其中 1.03 億美元指定用於產能擴張項目，全年資本支出為 3.2 億美元，低於我們預期的 3.6 億至 3.9 億美元，因為部分設備的交付被推遲到第一季。

This brings the total CapEx for the period 2022 through 2024 to over $1 billion, as we invest in Vishay 3.0. On a trailing 12-month basis, capital intensity was 10.9%, compared to 9.7% for the same period last year.

由於我們對 Vishay 3.0 的投資，這使得 2022 年至 2024 年期間的總資本支出將超過 10 億美元。過去 12 個月，資本密集度為 10.9%，而去年同期為 9.7%。

Due to the investments in capacity expansion projects, free cash flow for the quarter was a negative $76 million, compared to negative $9 million in the third quarter. For the full year, free cash flow was a negative $143 million.

由於對產能擴張項目的投資，本季自由現金流為負7,600萬美元，第三季為負900萬美元。全年自由現金流為負1.43億美元。

Stockholder returns for the fourth quarter amounted to $26.2 million, consisting of $13.6 million for our quarterly dividend, and $12.6 million for share repurchases. We repurchased 0.7 million shares during the quarter at an average price of $18.02 per share. For 2024, we returned $105 million to stockholders. Cash and short-term investments decreased to $606 million at quarter end as we continue to deploy cash to fund our strategic plan.

第四季的股東回報為 2,620 萬美元，其中包括 1,360 萬美元的季度股息和 1,260 萬美元的股票回購。我們本季以每股 18.02 美元的平均價格回購了 70 萬股。2024 年，我們向股東返還了 1.05 億美元。由於我們繼續部署現金來資助我們的戰略計劃，現金和短期投資在季度末減少至 6.06 億美元。

At the end of the quarter, we are in a net borrowing position in the US with $136 million outstanding on our revolver. 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're using our US-based liquidity to fund the Newport expansion as well as other strategic investments. We have $467 million accessible on our revolver at the current EBITDA levels. We expect to continue to draw on our revolver to fund our US cash needs.

截至本季末，我們在美國處於淨借款狀況，循環信貸未償還金額為 1.36 億美元。如前所述，我們需要使用美國庫存的現金來支付現金股利、股票回購以及本金和利息。我們正在利用位於美國的流動資金來資助紐波特的擴建以及其他戰略投資。以目前的 EBITDA 水準計算，我們可動用循環信貸資金 4.67 億美元。我們預計將繼續動用循環信貸來滿足我們在美國的現金需求。

Turning to slide 11 for our guidance, for the first quarter of 2025, revenues are expected to be $710 million, plus or minus $20 million. Gross margin is expected to be in the range of 19.0%, plus or minus 50 basis points. Newport is expected to continue to have an approximate drag of 175 to 200 basis points on the gross margin in the first quarter.

翻到第 11 張投影片查看我們的指引，預計 2025 年第一季的營收為 7.1 億美元，上下浮動 2,000 萬美元。預計毛利率在19.0%左右，上下浮動50個基點。紐波特預計第一季的毛利率將繼續受到約 175 至 200 個基點的拖累。

Depreciation expense is expected to be approximately $53 million for the first quarter and $214 million for the full year 2025. SG&A expenses are expected to be $137 million, plus or minus $2 million for the quarter. The increase versus quarter four is primarily due to the accrual of assumed incentive compensation for 2025, versus a very low level of incentive comp in 2024. SG&A expenses for the full year are expected to be between $530 million and $560 million. In addition to the incentive compensation accruals, we are assuming continued investment in R&D, increasing spending, enhancing technology tools, and typical inflationary impacts.

預計 2025 年第一季折舊費用約為 5,300 萬美元，全年折舊費用預計約 2.14 億美元。銷售、一般及行政開支預計為 1.37 億美元，本季上下浮動 200 萬美元。與第四季相比的成長主要是由於 2025 年假定的激勵薪酬的計提，而 2024 年的激勵薪酬水準非常低。預計全年銷售、一般及行政開支在 5.3 億美元至 5.6 億美元之間。除了激勵性薪酬應計之外，我們還假設繼續投資於研發、增加支出、增強技術工具以及典型的通膨影響。

For 2025, we expect a normalized effective tax rate to be between 30% and 32%. And finally, our stockholder return policy calls for us to return at least 70% of our free cash to stockholders in the form of dividends and stock repurchases. For 2025, we once again expect negative free cash flow due to our capacity expansion plans. Despite negative cash -- free cash flow in 2024, we still returned over $100 million to stockholders. For 2025, we expect to maintain our dividend and opportunistically repurchase shares.

到 2025 年，我們預計標準化有效稅率將在 30% 至 32% 之間。最後，我們的股東回報政策要求我們以股利和股票回購的形式將至少 70% 的自由現金回饋給股東。到 2025 年，由於產能擴張計劃，我們預計自由現金流將再次出現負值。儘管 2024 年的現金（自由現金流）為負，我們仍然向股東返還了 1 億多美元。預計到 2025 年，我們將維持股利並適時回購股票。

I'll now turn the call back to Joel.

我現在將電話轉回喬爾。

All right. Thank you, Dave. Let's turn to slide 12. As a reminder, we are pulling eight growth levers to meet our commitment to scale capacity to our customers to accelerate revenue growth, to position Vishay to be a much more reliable supplier, to drive greater returns through expansion of our product portfolio, and to expand our participation in our addressable markets.

好的。謝謝你，戴夫。讓我們翻到第 12 張投影片。提醒一下，我們正在利用八個成長槓桿來履行我們的承諾，即擴大對客戶的產能，加速收入成長，將 Vishay 定位為更可靠的供應商，透過擴大我們的產品組合來獲得更大的回報，並擴大我們在潛在市場的參與。

During 2024, we continued our focus on expanding capacity, both internally and externally, and on innovation. I'll recap our activities from Q4, starting with semiconductor capacity expansion projects.

2024 年，我們將持續致力於擴大內部和外部產能以及創新。我將回顧我們第四季的活動，從半導體產能擴張計畫開始。

First, at Newport. We completed on schedule the transfers of three silicon MOSFET structures in Q4 and are on track to complete another six by the end of the first quarter of 2025. We started production of commercial and automotive technologies in late Q4, and are building inventory in anticipation of customer approvals later this year, after which we will start shipping. We expect to complete qualification of the automotive-grade components during Q1 and Q2, thereafter customers will schedule their site audits.

首先，在紐波特。我們按計劃在第四季度完成了三種矽 MOSFET 結構的轉移，並預計在 2025 年第一季末完成另外六種矽 MOSFET 結構的轉移。我們在第四季末開始生產商業和汽車技術產品，並正在建立庫存以期在今年稍後獲得客戶批准，之後我們將開始出貨。我們預計在第一季和第二季完成汽車級零件的認證，隨後客戶將安排他們的現場審核。

During the fourth quarter, we continued to receive delivery of silicon carbide equipment at Newport and remain on schedule to meet our plan of production in early 2026. At SK Key Foundry, our partner in Korea, we released on automotive MOSFET and have ramped up wafers to be delivered in Q1. We also plan to release another automotive MOSFET in the first quarter, and an additional five technologies in the second quarter -- one automotive, three commercial and one IC.

第四季度，我們繼續在紐波特接收碳化矽設備，並按計劃在 2026 年初實現生產計劃。在我們的韓國合作夥伴 SK Key Foundry，我們發布了汽車 MOSFET，並已加大晶圓產量，將於第一季度交付。我們還計劃在第一季發布另一款汽車 MOSFET，並在第二季發布另外五種技術——一種汽車技術、三種商用技術以及一種 IC 技術。

Through this partnership, we will be able to increase annualized capacity for MOSFETs by 12% in 2025, compared to 2024. But more importantly, we will be able to increase annualized capacity for our advanced split gate MOSFET by 25% to support new automotive and commercial opportunities.

透過此次合作，我們將能夠在 2025 年將 MOSFET 的年產能較 2024 年提高 12%。但更重要的是，我們將能夠將先進的分離式閘極 MOSFET 的年產能提高 25%，以支援新的汽車和商業機會。

In Taiwan, in Q4, we started to ramp volume of commercial diodes. Automotive qualifications are still pending. For 2024, as expected, we increased capacity of constrained lines of high runners between 25% to 40%, for an annualized increase overall diode capacity of 4.7%.

在台灣，我們在第四季開始增加商用二極體的產量。汽車資質仍有待核准。到 2024 年，如預期的那樣，我們將高運轉器受限生產線的產能提高 25% 至 40%，二極體整體產能年化成長率為 4.7%。

In turn, in Italy, we have received environmental approval from the government and now plan to ship commercially qualified diodes in Q2. We expect to complete qualification of the 1,200 volt technology in Q2, and the 650-volt technology in Q3, both to be released to production in the second half of the year.

反過來，在義大利，我們已經獲得了政府的環境批准，現在計劃在第二季出貨符合商業合格要求的二極體。我們預計將在第二季完成 1,200 伏特技術的認證，並在第三季完成 650 伏特技術的認證，並將在今年下半年投入生產。

Now for passives. At La Laguna, Mexico, during Q4, we work directly with automotive customers on part number qualifications and stayed on track to qualify the facility for automotive inductors. We also began shipping Ametherm sensor products during the quarter. As a reminder, the Ametherm line includes products that support inrush current limiting and temperature sensing applications.

現在討論被動語態。在墨西哥拉拉古納，第四季度，我們直接與汽車客戶合作，進行零件編號認證，並繼續推進汽車電感器工廠的認證工作。我們也開始在本季開始販售 Ametherm 感光元件產品。提醒一下，Ametherm 系列包括支援突波電流限制和溫度感應應用的產品。

For the year, we increased annual capacity for the large-sized low-volume inductors but decided to pull back on adding capacity on the small size high volume to align with end market demand in favor of using external capacity. At our facility in Juárez, Mexico, where we're shipping commercially qualified current sense resistors and other automotive products, we have increased annualized capacity by 18% in 2024 versus 2023.

今年，我們增加了大尺寸小批量電感器的年產能，但決定減少小尺寸大批量電感器的產能增加，以滿足終端市場的需求，轉而使用外部產能。在我們位於墨西哥華雷斯的工廠，我們負責運送商業合格的電流檢測電阻器和其他汽車產品，與 2023 年相比，2024 年的年產能將提高 18%。

In addition to increasing our capacity of lower-margin commodity products and to expand our product portfolio to widen our market participation, we continue to qualify subcontractors this year. During the fourth quarter, we completed qualifications for two new subcontractors for resistor technology. Across all subcontractors during the quarter, we added over 1,400 part numbers to Vishay, bringing the total for the year to greater than 10,400 part numbers.

除了增加低利潤商品的產能和擴大產品組合以擴大市場參與度之外，我們今年還將繼續對分包商進行資格審查。第四季度，我們完成了兩家新的電阻技術分包商的資格審核。在本季的所有分包商中，我們為 Vishay 增加了 1,400 多個零件編號，使全年零件編號總數超過 10,400 個。

We exceeded our external capacity goals we set for the year on our path to achieving our 2028 financial targets. Specifically, against our goal of more than 4% of revenue from outsourced passives, we generated 5%. We set a goal of utilizing outsourced wafer fabs for 33% of semiconductor production. For the year, the rate of production for outsourced fabs on wafers was 34%. Finally, against our goal of utilizing outside assembly for back end, the goal was 20% for semiconductor production and our outsourced assembly represented 21% of revenue for 2024.

在實現 2028 年財務目標的道路上，我們超額完成了今年設定的外部產能目標。具體來說，我們的目標是外包被動服務收入佔總收入的 4% 以上，但實際上只佔了 5%。我們設定的目標是，33% 的半導體生產利用外包晶圓廠。全年外包晶圓廠生產率為34%。最後，相對於我們利用外部組裝進行後端組裝的目標，我們的目標是半導體生產佔20%，而我們的外包組裝佔2024年收入的21%。

As for innovation in our silicon carbide strategy, starting with our plans to commercialize the 1,200-volt planner technology, we released two products during the fourth quarter for a total of three products in 2024, and released another three products in January and plan to release another three products yet in the first quarter. In addition, we are on schedule with our plan to commercialize the 1,700-volt plant or MOSFETs in the second quarter of 2025 and the 650-volt plant or MOSFETs in the third quarter of 2025. As a reminder, the silicon carbide MOSFET components support traction inverter projects and modules for onboard charging, which open more doors for us with automotive OEM.

至於我們碳化矽策略的創新，從我們計劃將 1,200 伏特規劃器技術商業化開始，我們在第四季度發布了兩款產品，到 2024 年總共會發布三款產品，並在一月份發布了另外三款產品，併計劃在第一季度發布另外三款產品。此外，我們計劃於 2025 年第二季將 1,700 伏特工廠或 MOSFET 商業化，並於 2025 年第三季將 650 伏特工廠或 MOSFET 商業化。提醒一下，碳化矽 MOSFET 組件支援牽引逆變器專案和車載充電模組，這為我們與汽車 OEM 打開了更多的大門。

During the quarter, we completed the reliability testing of the Gen 3 trench technology, and we are now working towards optimization. We currently have given samples to one automotive OEM, and midyear, we will expand sample availability selectively with full-market release of this product in the second half of the year.

本季度，我們完成了第三代溝槽技術的可靠性測試，目前正致力於優化。目前我們已經向一家汽車OEM廠商提供了樣品，年中我們將有選擇地擴大樣品供應，並於下半年全面推出該產品。

For silicon carbide diodes, we released an industry-first smallest package using our Gen 3 diode 650-volt and 1,200-volt products. We are also on track to release the automotive version in Q1. We completed the reliability testing of our Gen 4 650-volt automotive power pack to be released in Q1. We also will release the Gen 4 1200-volt automotive diode in Q2.

對於碳化矽二極體，我們發布了採用第三代二極體 650 伏特和 1,200 伏特產品的業界首個最小封裝。我們還計劃在第一季發布汽車版本。我們完成了將於第一季發布的第四代 650 伏特汽車電源組的可靠性測試。我們也將在第二季發布第四代 1200 伏特汽車二極體。

Finally, at Electronica, 2024, we showcased nine reference designs across automotive, industrial and telecom applications, some of which demonstrated our silicon carbide capabilities, plus Vishay's ability to populate 80% of the components on a circuit board in power applications. Sample boards were available for customers to take for quick evaluation. We plan to release some of these reference designs into catalog distribution throughout 2025. For OEMs utilizing AI, we also displayed a multiphase power board that incorporates smart stage -- smart power stage ICs, vertical non-inductors and polymer tantalum capacitors, which is another example of our solution selling strategy.

最後，在 2024 年的 Electronica 展會上，我們展示了汽車、工業和電信應用領域的 9 個參考設計，其中一些展示了我們的碳化矽能力，以及 Vishay 在電源應用中在電路板上填充 80% 組件的能力。我們提供樣板以供客戶快速評估。我們計劃在 2025 年將其中一些參考設計發佈到目錄分發中。對於利用人工智慧的OEM，我們還展示了一個包含智慧級的多相電源板——智慧功率級IC、垂直非電感器和聚合物鉭電容器，這是我們解決方案銷售策略的另一個例子。

To wrap up 2024, the extended inventory correction took longer than we expected. This did give us some breathing room to expand capacity and our product portfolio, so we're ready to scale with our customers as demand returns. We bolstered our engagements with OEMs, so we're ready to support their product road maps and with channel partners, so we're ready to gain share. Also, EV programs were pushed out during the quarter, which gives us more time to advance our silicon carbide strategy.

到 2024 年結束時，延長的庫存調整時間比我們預期的要長。這確實給了我們一些喘息空間來擴大產能和產品組合，因此我們準備好隨著需求的回升與客戶一起擴大規模。我們加強了與 OEM 的合作，因此我們準備好支援他們的產品路線圖，並與通路合作夥伴合作，以便我們準備好獲得市場份額。此外，電動車計劃在本季推出，這使我們有更多的時間來推進我們的碳化矽策略。

We also expanded our product portfolio through the subcontractor strategy and made two technology acquisitions: Ametherm and Birkelbach. And we also acquired Newport, which advances our silicon carbide strategy and our [campus] concept.

我們也透過分包商策略擴大了產品組合，並進行了兩項技術收購：Ametherm 和 Birkelbach。我們也收購了 Newport，這推進了我們的碳化矽策略和[校園]概念。

Now as we enter into 2025, we see many promising indicators, including a positive book-to-bill for the first time in nine quarters, strong order intake for the smart grid infrastructure projects, and initial shipments for AI. All of our strategic levers will be in play as we continue to execute our five-year plan to position Vishay to take advantage of the megatrends of e-mobility and sustainability.

現在，當我們進入 2025 年時，我們看到許多令人鼓舞的指標，包括 9 個季度以來首次出現的訂單出貨比、智慧電網基礎設施項目的強勁訂單量以及人工智慧的初始出貨量。我們將繼續執行五年計劃，充分利用我們所有的策略槓桿，使 Vishay 充分利用電子移動和永續發展的大趨勢。

We remain committed to our long-term plan of increasing Vishay's capacity between 2023 and 2028, to assure our customers have reliable volume as they scale. As a reminder, at our Investor Day in April '24, we presented a plan of investing $2.6 billion in CapEx between 2023 and 2028. While we plan to continue to advance our capacity expansions, we have and will continue to modulate the spending in response to order flow and the timing of customer demand and qualifications. Also, the lead time of equipment, and continued approval of subcontractor capacity are variables we include to throttle down our capacity spending. For 2025, we plan to spend between $300 million to $350 million, at least 70% of which will be invested in capacity expansion projects for our high-growth product lines, including our wafer fab expansions.

我們將繼續致力於我們的長期計劃，即在 2023 年至 2028 年期間提高 Vishay 的產能，以確保我們的客戶在擴大規模時擁有可靠的產量。提醒一下，在 2024 年 4 月的投資者日上，我們提出了一項在 2023 年至 2028 年期間投資 26 億美元資本支出的計畫。雖然我們計劃繼續推動產能擴張，但我們已經並將繼續根據訂單流和客戶需求和資格的時間來調整支出。此外，設備的交付週期以及分包商產能的持續批准都是我們用來限制產能支出的變數。到 2025 年，我們計劃投資 3 億至 3.5 億美元，其中至少 70% 將投資於高成長產品線的產能擴建項目，包括晶圓廠擴建。

Under Vishay 3.0, we are business-minded. We are connected to the customers, and we gather and utilize market intelligence. This allows us, among other things, to make informed business decisions to throttle CapEx up or down, if and when necessary.

在 Vishay 3.0 下，我們有商業頭腦。我們與客戶保持聯繫，收集並利用市場情報。這使我們能夠在必要時做出明智的業務決策，增加或減少資本支出。

At the same time, we are taking a closer look at our global footprint, keeping in mind our customers' regional supply needs and also to optimize our global footprint to a lower cost base and to enhance our returns. For example, in 2024, we started shifting towards campus structures that serve multiple product lines, La Laguna, Mexico, and the Newport facility in South Wales, UK, plus adding subcontractors to produce commodities.

同時，我們正在更仔細地審視我們的全球足跡，牢記客戶的區域供應需求，並優化我們的全球足跡以降低成本基礎並提高我們的回報。例如，2024 年，我們開始轉向服務多條產品線的園區結構，墨西哥拉古納和英國南威爾斯的紐波特工廠，並增加分包商來生產商品。

Because of our strong execution of our strategic levers in 2024, we're well positioned in 2025 to support a market upturn. We have the capacity and we have the print position. Since the beginning of 2023, we have landed an incremental 23% capacity to ensure we are a reliable supplier, ready to scale and meet our customers' needs over time.

由於我們在 2024 年強有力地執行了策略槓桿，我們將在 2025 年為支持市場好轉做好準備。我們有能力並且有印刷職位。自 2023 年初以來，我們的產能已增加 23%，以確保我們成為可靠的供應商，並隨時準備擴大規模並滿足客戶的需求。

We're ready to capture share gains as we continue to increase our SKU count on distributor shelves, and our inventory is well positioned to quickly grow POS. We're ready to support prior year design wins as they turn into future start of production.

隨著我們繼續增加經銷商貨架上的 SKU 數量，我們已準備好獲取市場份額的成長，並且我們的庫存已準備好快速增加 POS。我們已準備好支援前幾年的設計成果，因為它們將在未來開始生產。

By adding FAEs during 2024, we have engaged with more customers about their product and technology road maps. We also opened an e-mobility lab in Italy, which has strengthened our design position and reference design solution selling capabilities. We're creating design opportunities that increase our share of the customer bill of materials, and our capacity investments ensure we're ready to support their future demand. We are now better aligned with future growth segments like AI server power management, smart grid infrastructure project, aerospace defense, industrial robotics and hybrid for automotive and EV programs.

透過在 2024 年增加 FAE，我們與更多客戶就他們的產品和技術路線圖進行了交流。我們還在義大利開設了一個電動車實驗室，這增強了我們的設計地位和參考設計解決方案的銷售能力。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，而我們的產能投資確保我們已準備好支持他們未來的需求。我們現在更好地與未來的成長領域保持一致，例如人工智慧伺服器電源管理、智慧電網基礎設施專案、航空航天國防、工業機器人以及汽車和電動汽車專案的混合動力。

We are doing the work to implement Vishay 3.0 and the customers see a different Vishay, a business-minded organization. Feedback is that Vishay has engaged early in the design pipelines, partnering with customers and preparing to scale in line with their road maps. We are actively in conversations with customers for more visibility to be able to support their market upturn in a timely way.

我們正在致力於實施 Vishay 3.0，客戶將看到一個不同的 Vishay，一個具有商業意識的組織。回饋顯示，Vishay 很早就參與了設計流程，與客戶合作並準備按照他們的路線圖進行擴展。我們正在積極與客戶對話，以獲得更高的知名度，以便能夠及時支持他們的市場好轉。

I now turn the call back to the operator, Towanda. Let's open the call to questions.

我現在把電話轉回給接線生托旺達 (Towanda)。讓我們開始提問。

(Operator Instructions) Peter Peng, JPMorgan.

(操作員指示) 摩根大通 (JPMorgan) 的 Peter Peng。

I just want to zoom in on the AI server power side. And maybe if you can just level set us on how you're thinking about AI-related revenue this year and maybe how -- I think investors should think about your average content per system or per board, maybe we'll start there?

我只是想放大 AI 伺服器功率方面。也許您可以告訴我們您對今年人工智慧相關收入的看法，也許——我認為投資者應該考慮每個系統或每個主機板的平均內容，也許我們可以從那裡開始？

Thanks, Peter. AI, in the fourth quarter, we saw the initial volumes. It was very small in the fourth quarter. A number of CMs are lining up to participate with the NVIDIA chipset. The demand -- we're working hard to try and understand the demand, the schedule. And as we talk to CMS, they say they're going to have some volume. It's going to be better than Q4, but they're not able to tell us the timing of the delivery of the NVIDIA chipset.

謝謝，彼得。人工智慧，在第四季度，我們看到了初始數量。第四節的時候，這個數字非常小。眾多CM正在排隊參與NVIDIA晶片組的研發。需求—我們正在努力嘗試了解需求和時間表。當我們與 CMS 交談時，他們說他們將會有一些數量。它會比第四季度更好，但他們無法告訴我們 NVIDIA 晶片組的交付時間。

So we're preparing on our own. We're being proactive to make sure that the MOSFETs are in position to be able to support -- plus the other components that I talked about, polymer tantalum and others. So our design position is good.

因此我們正在自行準備。我們正在積極主動地確保 MOSFET 能夠提供支援——以及我提到的其他組件，聚合物鉭和其他組件。所以我們的設計立場是好的。

To put content on it, we've seen content in the $30 to $40 range per tray. We try and gather how many trays are in a rack. We've heard in the order of $600. But again, it's what is our share going to be?

為了在上面放置內容，我們看到每個托盤的價格在 30 至 40 美元之間。我們嘗試收集架子上有多少托盤。我們聽說的金額大約是 600 美元。但問題又來了，我們的份額到底是多少？

I'd like to provide you more, but we're working hard to get more visibility. I think as we get past Chinese New Year now, we'll be able to get more intelligence. But at this point, that's about the content we know.

我希望為您提供更多信息，但我們正在努力獲得更多的知名度。我認為，隨著農曆新年的到來，我們將能夠獲得更多的情報。但目前為止，我們所知道的內容就是這樣。

Perfect. And maybe on a -- to follow on that. I think outside of the GPU ecosystem, the custom [ASIC] is also ramping up pretty aggressively. And our forecast is that sometimes over the next few years that it could be a 50-50 split between custom ASIC deployments versus more GPU. Maybe talk about your position on the non-NVIDIA side.

完美的。或許可以——繼續關注這一點。我認為在 GPU 生態系統之外，客製化 [ASIC] 也在迅速發展。我們的預測是，在未來幾年內，客製化 ASIC 部署和更多 GPU 的比例可能會達到 50-50。也許可以談談您在非 NVIDIA 方面的立場。

Okay. We are designing with others. Other computer companies, EMS companies are getting into server power designs. So we've positioned our FAEs to reach out FAEs, whether they're Vishay FAEs or our reps. They're at the design locations of computer companies. They're at the design locations of EMS who are doing server power. So we are in a good position to design the technologies across Vishay again, introducing them to be able to support 80%-plus of the components on the board. So I would say at this point, our design activity, we're in a positive spot.

好的。我們正在與其他人一起設計。其他電腦公司、EMS 公司也正在進入伺服器電源設計領域。因此，我們已安排 FAE 去聯繫 FAE，無論他們是 Vishay FAE 還是我們的代表。他們位於電腦公司的設計地點。他們在 EMS 的設計地點，負責伺服器電源。因此，我們完全有能力再次跨 Vishay 設計這些技術，並引入這些技術來支援電路板上 80％ 以上的組件。因此我想說，就這一點而言，我們的設計活動處於積極狀態。

Okay. One more, if I may, before I go back into the queue. Typically, your second quarter is a seasonally stronger period. I didn't hear you guys call a bottom, but would it be in [first] based on some of the positive book-to-bill also pretty normalized inventory that we should be tracking -- is it more positive growth quarter, just given some of the positive seasonal trends in [recent] quarters?

好的。如果可以的話，在我回到隊列之前，我再說一句。通常，第二季度是季節性較強的時期。我沒聽到你們說底部，但是根據我們應該跟踪的一些積極的訂單出貨比以及相當正常化的庫存，它是否會在[第一個]季度？

Okay. The book-to-bill in Q4 was positive. The book-to-bill in Q1 is also attractive. We're now looking at the Chinese New Year. You always watch Chinese New Year before and after. How will the bookings look once the people are back to work? So the next couple of weeks will be a signal if it's sustainable.

好的。第四季的訂單出貨比為正值。第一季的訂單出貨比也很有吸引力。我們現在正在慶祝農曆新年。你總是在農曆新年前後觀看。一旦人們恢復工作，預訂情況會如何？因此，接下來的幾週將會顯示它是否可持續。

Automotive, the schedule agreements I mentioned, they're showing us better volumes in the first half of the year, quarter on quarter. So we're optimistic about that as well.

汽車，我提到的計劃協議，它們向我們展示了今年上半年環比增長的銷量。因此我們對此也持樂觀態度。

The guide of [710] that we put in the quarter, Dave mentioned there's the annual ASP reductions that have come from our contract negotiations. So that all lands in January. We do have volume growth. So we'll get past the first quarter, get those ASPs in place and then work to grow volume. We like how the book-to-bill is setting up at this point.

我們在本季提出的 [710] 指南中，Dave 提到，我們的合約談判帶來了年度 ASP 降低。所以一切都會在一月實現。我們的銷量確實有所成長。因此，我們將度過第一季度，讓這些 ASP 到位，然後努力增加銷售量。我們喜歡此時的訂單出貨比安排。

(Operator Instructions) I'm showing no further questions in the queue. I would now like to turn the call -- one moment. We do have a question that came up.

（操作員指示）隊列中沒有其他問題。現在我想轉個電話——請稍等。我們確實有一個問題被提出來。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Joel, to start, I want to ask you about your outreach to distributors. Does Vishay now have the proper amount of inventory in the channel? Or do you see any excess inventory at distribution? And with that, can you also comment on pricing in both passives and actives. Is there any scope for Vishay to raise prices in either segment?

喬爾，首先，我想問一下你與經銷商的聯繫。Vishay 現在在通路中是否有適當數量的庫存？或者您看到分銷處有剩餘庫存？另外，您能否對被動元件和主動元件的定價做出評論？Vishay 在這兩個領域都有漲價的空間嗎？

Okay. Hi, Ruplu. Thanks for the question. Our work with distribution began right away with Vishay 3.0, January of '23. And we've been adding SKUs quarter on quarter. We've added nearly 50,000 SKUs now after the period of two years. Those were part numbers that Vishay did not have on the shelf. Our inventory distribution, I said, is relatively stable. We're at 27 weeks. The inventory, I'll say, is fresh. Items that are nonmoving or idle would be very small, very small.

好的。你好，Ruplu。謝謝你的提問。我們的分銷工作從 23 年 1 月的 Vishay 3.0 開始了。我們每季都在增加 SKU。經過兩年的時間，我們現在增加了近50,000個SKU。這些是 Vishay 貨架上沒有的零件編號。我說過，我們的庫存分佈相對穩定。現在已經 27 週了。我想說的是，庫存是新鮮的。不移動或閒置的物品會非常小，非常小。

So you see the inventory at 27 weeks. If we look at Asia versus Europe versus the Americas, Asia inventory in Q1 of '24 was 20 weeks. Asia inventory of Q4 '24 is 18.5 weeks. Americas inventory in Q1 of '24 is 47 weeks. Americas inventory in Q4 '24 is 51.5 weeks, a lot of catalog plus other part number adds.

因此您看到的是 27 週的庫存。如果我們比較亞洲、歐洲和美洲，2024 年第一季亞洲的庫存為 20 週。24年第四季亞洲庫存為18.5週。24年第一季美洲的庫存為47週。24 年第四季美洲庫存為 51.5 週，大量目錄加上其他零件編號增加。

Europe inventory, we talked about it. We've got to get through this inventory in Q1. The Q1 '24 inventory was 18.7 weeks, and the inventory at the end of Q4 was 23.4. So when we talk about Europe, we got to get through that inventory in Q1. But as far as the inventory itself, it's the right inventory. We've added inventory because of the SKUs we've added.

歐洲庫存，我們談論了這一點。我們必須在第一季完成這些庫存。24年第一季的庫存為18.7週，第四季末的庫存為23.4週。因此，當我們談論歐洲時，我們必須在第一季完成該庫存。但就庫存本身而言，它是正確的庫存。由於我們添加了 SKU，因此也增加了庫存。

Regarding your question about pricing, pricing for distribution, we made adjustments to our VPA, our published pricing in 2024, so we did take price protection. We believe on the screen for many of our products were competitive. So decisions can be made using the screen price. There will always be opportunities where a distributor brings in large volumes, million piece opportunities plus, where they'll ask us to be a little more aggressive and we'll take those into consideration.

關於您關於定價、分銷定價的問題，我們對我們的 VPA（即 2024 年公佈的定價）進行了調整，因此我們確實採取了價格保護。我們相信，我們的許多產品在螢幕上都具有競爭力。因此可以根據螢幕價格來做出決策。總是會有機會，經銷商會帶來大批量，甚至數百萬件以上的機會，他們會要求我們更積極主動一些，我們也會考慮這些。

But Overall, Ruplu, I think what we've done in distribution is well positioning us. We'll continue to work with distributor by distributor to better position Vishay and gain POS.

但總的來說，Ruplu，我認為我們在分銷方面所做的努力為我們提供了良好的定位。我們將繼續與經銷商合作，幫助 Vishay 獲得更好的定位並獲得 POS。

Okay. Thank you for the details there. Can I ask you a question on CapEx? So you're guiding for $300 million to $350 million of CapEx spend in '25. You gave a lot of details, but I missed this, how much total new capacity is coming online in fiscal '25? I know you have Newport coming online and then maybe there are other sites.

好的。感謝您提供的詳細資訊。我可以問您一個有關 CapEx 的問題嗎？所以你預計25年的資本支出是3億到3.5億美元。你給了很多細節，但我忽略了這一點，25 財年總共有多少新產能上線？我知道紐波特 (Newport) 即將上線，也許還有其他網站。

And how has your total expectation for the three-year CapEx spend changed since the Analyst Day? So can you give us some details in terms of that $300 million to $350 million, where is that spend coming online? How much of it like total capacity coming online? And has your three-year expectation changed?

自分析師日以來，您對三年資本支出的整體預期有何變化？那麼，您能否向我們提供一些有關這 3 億到 3.5 億美元的詳細信息，這些支出都流向了哪裡？總容量中有多少已經上線？您對三年的預期有改變嗎？

Okay. The $300 million to $350 million, we first look at the fabs. We look at the Newport fab, getting the silicon products up and running. We talked about the dates that we have there, releasing these structures as well as landing the silicon carbide equipment that's there, putting the process in place. So continuing to get this fab turned on to Vishay products is where CapEx will be.

好的。3億到3.5億美元，我們先來看晶圓廠。我們考察了紐波特晶圓廠，讓它開始生產矽產品。我們討論了那裡的日期、發布這些結構以及將碳化矽設備安裝到那裡，並使流程到位。因此，繼續讓這個工廠生產 Vishay 產品是資本支出的來源。

The other fab is in Itzehoe, Germany. That's the 12-inch fab. We've got the building and now equipment is part of that next step in the fab. So CapEx continues as a majority of that $300 million, $350 million is for the fabs.

另一家工廠位於德國伊策霍 (Itzehoe)。那是12吋晶圓廠。我們已經建好了廠房，現在設備是工廠下一步建造的一部分。因此，資本支出繼續佔 3 億美元的大部分，其中 3.5 億美元用於晶圓廠。

After that, we look into the individual product lines. We've done well to add capacity in 2024. I mentioned we've increased capacity for the company, 23% since Vishay 3.0 began. That's good. We're in a good position.

之後，我們研究各個產品線。我們在 2024 年增加產能方面做得很好。我提到，自 Vishay 3.0 開始以來，我們已經提高了公司的產能，並提高了 23%。那挺好的。我們處於有利地位。

Now we look at line by line and modulate what is the delivery time of equipment? It's no longer two years. It's no longer 1.5 years; it's less. In our plan, we had spending based on what we knew about the delivery of equipment. We've also increased our subcontractor qualifications. This is great because we're able to take the Vishay recipe and have a subcontractor build the products without our own CapEx investment. So this is why we say modulate.

現在我們逐行看一下，調變設備的交付時間是怎麼樣的？已經不再是兩年了。不再是1.5年；它比較少。在我們的計劃中，我們的支出是基於我們對設備交付情況的了解。我們也提高了分包商的資格。這很棒，因為我們能夠採用 Vishay 配方並讓分包商生產產品，而無需我們自己的資本支出。這就是我們說調節的原因。

We're going to make adjustments throughout the year. We're going to watch the order flow by these products. We might throttle back on some product lines because we've got subcontractor capacity coming. We might throttle up on spending because we're seeing the market move to a particular product where we think we're not -- we might be at risk of underserving.

我們將全年做出調整。我們將觀察這些產品的訂單流。由於分包商產能即將增加，我們可能會減少某些產品線的生產。我們可能會減少支出，因為我們看到市場轉向了我們認為不適合的特定產品——我們可能面臨服務不足的風險。

So that's how we're managing it. We're excited about what we landed. In 2025, there will be CapEx coming. To put a percent on 2025 yet, I don't think we're ready to do that because of the modulation we're doing with subcontractors.

這就是我們的管理方式。我們對於所取得的成果感到非常興奮。2025年，將會有資本支出到來。如果要將 2025 年的百分比定為一個數字，我認為我們還沒有準備好這樣做，因為我們正在與分包商進行調整。

Okay. Okay. I appreciate the details there. Can I ask one question to David? Can you update us on your capital allocation priorities? And you mentioned free cash flow would be negative in fiscal '25. So is it reasonable for investors to expect the same level of $100 million of return on capital that you had to shareholders in fiscal '24? Should we expect the same amount in fiscal '25?

好的。好的。我很欣賞那裡的細節。我可以問大衛一個問題嗎？您能否向我們介紹一下您的資本配置重點？您提到 25 財年的自由現金流將為負值。那麼，投資者期望獲得與 24 財年股東相同的 1 億美元資本回報率是否合理？我們是否應該預期25財年會出現同樣的金額？

Hi, Ruplu, that's a good question. So first and foremost, I think to reset the bar, our policy is to return 70% of free cash to the shareholder, okay? And even though in 2024, we had negative free cash, we chose to shoot higher and we returned at the end of [105% ], okay -- in 2024. In 2025, we're committed to the dividend, as I noted in the remarks, and we're going to make opportunistic share repurchases during the year, but we're not going to commit to a specific number yet.

你好，Ruplu，這個問題問得很好。因此，首先，我認為要重新設定標準，我們的政策是將 70％ 的自由現金回饋給股東，好嗎？儘管在 2024 年，我們的自由現金為負，但我們還是選擇提高目標，並在 2024 年底回報了 [105%]。正如我在評論中提到的那樣，2025 年，我們致力於派發股息，並且我們將在年內擇機回購股票，但我們暫時不會承諾具體的數字。

Okay. Okay. Got it. If I can sneak one more in. Joel, Europe is weak and Asia is strong. How do you see the regional mix changing in fiscal 1Q? And will your playbook be any different across these regions? Meaning are you hiring more in Asia because it's stronger? So how do you plan to deal with the mix of macro across these different regions in 1Q? Thank you for taking my question.

好的。好的。知道了。如果我能再偷偷溜進去一個。喬爾，歐洲弱，亞洲強。您認為第一財季的區域結構如何改變？您的劇本在這些地區會有所不同嗎？意思是你們會在亞洲僱用更多員工因為那裡更強大嗎？那麼您計劃在第一季如何處理這些不同地區的宏觀組合？感謝您回答我的問題。

You bet. When we look at our FAE placement and our sales -- the commercial salespeople were always moving these in the proper place, too, to be engaged with customers. So Asia is high concentration for sure, of positioning the people in the right spot. We've got a great Asia team. They're well in tune with Vishay 3.0, and they get close to customers and they bring back a lot of good intelligence. So Asia is still a main focus and they're doing very well.

當然。當我們查看我們的 FAE 位置和銷售情況時，商業銷售人員也總是將它們移動到適當的位置，以便與客戶互動。因此，亞洲肯定高度集中，把人才安置在正確的位置。我們擁有一支出色的亞洲團隊。他們與 Vishay 3.0 非常契合，並且與客戶保持密切聯繫，帶回了許多有用的情報。因此，亞洲仍然是主要關注點，而且他們做得很好。

Europe, we adjust the European sales team in some ways to be closer to the customer. This is happening in Q4 and Q1. We're excited about the team of people we have. The customers are trying to get an understanding of what's going to happen with their governments. There's an election coming in Germany in February. This election is important because the colleagues that I speak with hope to see some direction by the government. First and foremost, people want to feel that the economies can move, the government has a direction, and they're sponsoring programs to make the business move.

歐洲，我們對歐洲銷售團隊進行了一些調整，以便更貼近客戶。這發生在第四季和第一季。我們對所擁有的團隊感到非常興奮。顧客們正在試圖了解他們的政府將會發生什麼事。德國二月將舉行選舉。這次選舉很重要，因為與我交談的同事們希望看到政府採取一些行動。首先，人們希望感受到經濟能夠運轉，政府有方向，並且他們正在贊助一些計畫來推動企業運作。

We're going to go through inventory digestion in Q1 in Europe. But I'll say the same thing about distributor position. We're going after better position. Our distributor team in Europe is working for that. We want to gain share. So even if the economy is soft or flat, we want to gain share of business we may have lost, regain it, or gain share of what's there.

我們將在第一季消化歐洲的庫存。但我對分銷商地位也持同樣的看法。我們正在追求更好的地位。我們在歐洲的經銷商團隊正在為此而努力。我們想要獲得份額。因此，即使經濟疲軟或持平，我們也希望獲得可能已經失​​去的業務份額、重新獲得它或增加現有的份額。

So we continue to concentrate. We're focused on each region. They are different dynamics, but our intention is to grow in each. Asia is -- seems to be out front at the moment.

因此我們繼續集中精力。我們專注於每個地區。它們是不同的動力，但我們的目的是在每一種動力中實現成長。亞洲目前似乎處於領先地位。

(Operator Instructions) Peter Peng, JPMorgan.

(操作員指示) 摩根大通 (JPMorgan) 的 Peter Peng。

I have a question on the gross margin front. And so there's a few puts and takes. So with the Newport, it should be -- I would imagine that it should be a tailwind as we kind of move through 2025. But then I think there's also additional depreciation expense that we should account for. So just taking to those factors, how should we think about your gross margins as we kind of move through the year?

我對毛利率方面有一個疑問。因此，存在一些得失。因此，有了紐波特，它應該是——我想，當我們進入 2025 年時，它應該會成為一股順風。但我認為我們還應該考慮額外的折舊費用。那麼，考慮到這些因素，我們應該如何看待您在全年的毛利率呢？

Peter, that's a great question. So -- and you hit on the -- some of the puts and takes upfront already. But obviously, what drives our margin is volume, right? And based on Joel's comments and input from customers, we're expecting volumes to improve through the year.

彼得，這個問題問得很好。所以 — — 您已經預先了解了一些投入和產出。但顯然，推動我們利潤成長的是銷量，對嗎？根據喬爾的評論和客戶的意見，我們預計全年銷量將會增加。

In terms of the Q1 guidance, we already have the ASP declines baked into that margin for the annual contract renewal at the OEMs. We're doing the usual cost downs, cost reductions, efficiency gains, automation.

就第一季的指引而言，我們已將平均售價的下降計入了 OEM 年度合約續約的利潤率。我們正在進行常規的成本削減、成本降低、效率提高、自動化。

You noted the higher depreciation. Newport, your comment is a good one. We hope to be margin neutral towards the end of the year. So when we enter '26, we're profitable, okay? Then that will step down, that drag as we go through the year. That's about, I think, all we -- but the focus this year on the Newport is obviously the technology transfer and the qualifications and the customer approval, not necessarily the profitability. So I think that's about all we can say on the margin. It's volume-driven, right? Volume is the swing.

您注意到折舊率更高。紐波特，你的評論很好。我們希望到年底時利潤率能夠維持中立。所以當我們進入26年的時候，我們就獲利了，好嗎？然後，隨著時間的流逝，這種拖累就會逐漸減弱。我想這就是我們所關心的全部內容——但今年紐波特的重點顯然是技術轉移、資質和客戶認可，而不一定是獲利能力。所以我認為這就是我們所能說的全部。這是由數量驅動的，對嗎？成交量就是波動。

Peter, as we release these structures quarter-by-quarter, if it's a commercial product, industrial, we sent out a PCN and to notify our distributor partners that this is a new location. There's a time frame that they get 30 to 90 days to sign off the PCN. Once we have that signed off, then we can start loading volume. So you're going to see a stair stepping of volume towards greater capacity utilization in Newport throughout the year. We qualify a structure, we get the PCNs approved commercially first. You'll see more utilization.

彼得，當我們按季度發布這些結構時，如果是商業產品、工業產品，我們就會發送 PCN 並通知我們的經銷商合作夥伴這是一個新的位置。他們有 30 到 90 天的時間來簽署 PCN。一旦我們簽署了該協議，我們就可以開始加載量。因此，您將會看到紐波特全年的產量逐步增加，產能利用率也隨之提高。我們對結構進行認證，並首先獲得 PCN 的商業批准。您會看到更多的利用率。

Automotive, we've got to get the automotive customer in for audits. We want to do this in parallel to component qualification. We've got good people at Newport. They understand the technology very well. They're doing a great job of turning this from one owner to another. And I think our pace is quite good. We're expecting the tailwind, as you said, in 2025 to help us out on that margin.

汽車，我們必須讓汽車客戶接受審計。我們希望與組件鑑定同時進行此操作。我們紐波特有優秀的人才。他們非常了解這項技術。他們出色地完成了這項任務，將其從一個所有者轉移給另一個所有者。我認為我們的步伐相當好。正如您所說，我們預計 2025 年的順風將幫助我們實現這一利潤。

Got it. So the Newport from being 150 to 200 basis points of impact to being margin neutral. So that would sound -- would be -- probably almost -- that would be like almost a 175-basis-point step-up through the year. Is that right?

知道了。因此，紐波特的影響將從 150 到 200 個基點變為利潤中性。所以這聽起來 — — 可能幾乎 — — 這幾乎相當於全年增加 175 個基點。是嗎？

We're going to see improvement quarter by quarter. Dave, the target is --

我們將會看到每季都有改善。戴夫，目標是--

But exit the year-end to be neutral. Certainly, in the first quarter '26, we're planning on profitability.

但年底時將保持中立。當然，我們計劃在26年第一季實現盈利。

Thank you. I'm showing no further questions in the queue. I would now like to turn the call back to Joel for closing remarks.

謝謝。顯示隊列中沒有其他問題。現在我想請喬爾作最後發言。

All right. Thank you, Towanda. Thank you again, everyone, for attending our year-end 2024 earnings call. As you've heard today, we are moving forward implementing Vishay 3.0 with speed and determination. We are ready to support our customers when the market turns up and we're quite positive on what we've achieved so far.

好的。謝謝你，托旺達。再次感謝大家參加我們的 2024 年年終財報電話會議。正如大家今天所聽到的，我們正在快速而堅定地推進 Vishay 3.0 的實施。當市場好轉時，我們已準備好為客戶提供支持，我們對目前所取得的成就感到非常滿意。

Thank you again. We'll see you at our next earnings call in May. Have a good day.

再次感謝您。我們將在五月的下次財報電話會議上見到您。祝你有美好的一天。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。