威世科技 (VSH) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Vishay Intertechnology fourth quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Vishay Intertechnology 2025 年第四季財報電話會議。（操作說明）

Please be advised today's conference is being recorded. I would now like to turn the call over to your speaker today, Peter Henrici. Please go ahead.

請注意，今天的會議正在錄影。現在我謹將電話交給今天的發言人彼得‧亨里奇。請繼續。

Thank you, Kevin. Good morning and welcome to Vishay Intertechnology's fourth quarter and year 2025 earnings call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Dave McConnell, our Chief Financial Officer.

謝謝你，凱文。早安，歡迎參加 Vishay Intertechnology 2025 年第四季及全年業績電話會議。今天與我一同出席的有我們的總裁兼執行長喬爾·斯梅杰卡爾，以及我們的財務長戴夫·麥康奈爾。

This morning, we reported results for our fourth quarter and year 2025. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

今天上午，我們公佈了第四季和 2025 年的業績。您可以在我們網站 ir.vishay.com 的「投資者關係」欄位中查看我們的獲利報告。本次電話會議正在網路直播，您可以透過我們的網站收聽。此外，今天的電話會議將被錄音，並將在我們的網站上提供回放。

During the call, 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 performance. These statements are subject to risks and uncertainty that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and we shares Form 10-K and Form 10-Q filing with the Securities and Exchange Commission.

在本次電話會議中，我們將參考一份幻燈片演示文稿，該演示文稿也已發佈在ir.vishay.com網站上。請注意，在今天的電話會議中，我們將做出一些關於未來事件和績效的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與前瞻性聲明不同。有關可能導致結果出現差異的因素的討論，請參閱今天的新聞稿，以及我們向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件。

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

我們將在新聞稿和電話會議中提供有關各種 GAAP 和非 GAAP 指標的資訊。我們在新聞稿以及發佈在 ir.fichet.com 上的簡報中都包含了完整的 GAAP 與非 GAAP 財務報表調整表，我們相信您在比較我們的 GAAP 和非 GAAP 財務報表時會發現它很有用。我們使用非GAAP指標，因為我們認為這些指標能夠提供有關我們業務經營績效的有用信息，投資者應該將其與GAAP指標結合起來考慮。

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

現在，我將電話交給總裁兼執行長喬爾·斯梅杰卡爾。

Thank you, Peter. Good morning, everyone. I'll start my remarks with the review of the fourth quarter revenue and business performance, and then turn the call over to Dave, who will take you through a review of the fourth quarter financial results and our guidance for the first quarter of 2026. Then I'll update you on the strategic levers we're pulling under our five-year strategic plan. After that, we'll be happy to answer any of your questions.

謝謝你，彼得。各位早安。我將首先回顧第四季度的收入和業務表現，然後將電話交給戴夫，他將帶領大家回顧第四季度的財務業績以及我們對 2026 年第一季的展望。接下來，我將向你們報告我們在五年戰略計劃下正在採取的戰略舉措。之後，我們將很樂意回答您的任何問題。

For the fourth quarter, we generated revenue of $801 million, slightly above the midpoint of our guidance of $790 million and 1.3% higher than the third quarter. A growing broad-based business in industrial power and AI-related power applications drove this sequential increase.

第四季度，我們實現了 8.01 億美元的收入，略高於我們先前 7.9 億美元的預期中位數，比第三季度增長了 1.3%。工業電力和人工智慧相關電力應用領域日益增長的廣泛業務推動了這一環比增長。

Revenue in all channels grew, led by distribution. Once again, Asia dominated the revenue growth. We executed well, still in an environment of shortages and escalations by putting our expanded capacity to work to get backlog out the door, while generally maintaining competitive lead times.

所有通路的收入均實現成長，其中分銷通路的成長最為顯著。亞洲再次主導了營收成長。儘管面臨短缺和局勢升級的局面，我們仍然透過利用擴大的產能來處理積壓訂單，同時保持了具有競爭力的交貨時間，從而取得了良好的執行效果。

We met urgent supply needs of automotive OEMs and Tier 1s toward the end of last year, exercising our capacity readiness. Our work under Vishay 3.0 is becoming visible in our revenue generation.

去年年底，我們滿足了汽車OEM廠商和一級供應商的緊急供應需求，檢驗了我們的產能準備。我們在 Vishay 3.0 框架下所做的工作正在我們的收入成長中得到體現。

Orders for the fourth quarter are at a three-year high across all main product technologies, except capacitors which reached their three-year high already in Q2 of 25. Orders from the channels of OEM, distribution, and EMS are also at three-year highs. Prior to Vishay 3.0, EMS customers ordered much less from Vishay because of our long lead times. Now, we have an EMS business as a consistent and growing customer to support our accelerated growth.

除電容器外，所有主要產品技術的第四季度訂單量均達到三年來的最高水平，而電容器的訂單量在 2025 年第二季度就已經達到三年來的最高水平。來自 OEM、分銷和 EMS 通路的訂單也達到了三年來的最高水準。在 Vishay 3.0 之前，由於交貨週期長，EMS 客戶從 Vishay 訂購的產品數量要少得多。現在，EMS業務已成為我們穩定且不斷成長的客戶，為我們的加速成長提供了支援。

Overall, our order growth was broad-based in each region, each channel, each of our technologies, and each of our growth and markets, automotive, industrial power, aerospace defense, AI computing, and healthcare. These markets represent about 95% of our core business.

總體而言，我們的訂單成長在每個地區、每個管道、每項技術以及每個成長和市場（汽車、工業電力、航空航天國防、人工智慧運算和醫療保健）都是廣泛的。這些市場約占我們核心業務的 95%。

After gradually building backlog each quarter over the first nine months of 2025, fourth quarter backlog grew nearly 14%, with both semis and passives contributing to the increase. In the Americas, industrial and automotive customers drove semi-orders, and aerospace defense customers drove passive orders. In Europe, we're seeing broad recovery of industrial and market segments. In Asia, strong AI-related demand, once again drove order growth.

在 2025 年前九個月的每個季度逐步增加訂單後，第四季度訂單增長了近 14%，其中半自動和被動式引擎的訂單均有所增長。在美洲，工業和汽車客戶推動了半拖車訂單，而航空航天國防客戶推動了被動式訂單。在歐洲，我們看到工業和市場領域正在全面復甦。在亞洲，強勁的人工智慧相關需求再次推動了訂單成長。

As a result, we ended the quarter with a book-to-bill of 1.2, up from the previously shared book to bill run rate at the end of October of 1.15. For semis, booked to bill at quarter end was 1.27; and for passives, it was 1.13. Backlog at quarter end is $1.3 billion or 4.9 months. Improving market demand conditions, inventory replenishments, and our market share gains are putting us in a good position to grow.

因此，本季末訂單出貨比為1.2，高於先前公佈的10月底的1.15。半成品車訂單出貨比在季度末為1.27；被動式車輛訂單出貨比為1.13。季度末積壓訂單為13億美元，相當於4.9個月的訂單量。市場需求狀況的改善、庫存的補充以及市場份額的成長，使我們處於良好的發展地位。

Positioning Vishay for greater growth and then achieving greater growth is our strategic plan. With many supporting initiatives from the beginning of Vishay 3.0, we are making it possible through our heavy investment over the past three years to expand capacity for our high growth, high product, high profit products.

我們的策略計畫是讓 Vishay 處於更有利的發展地位，並最終實現更大的成長。自 Vishay 3.0 啟動以來，我們採取了許多支持性舉措，並透過過去三年的大量投資，擴大了高成長、高產量、高利潤產品的產能。

Our initiatives to expand and more fully in leverage the breadth of our portfolio of semiconductors and passives. And all of our work we put into strengthening customer engagement, re-engaging with previously underserved and inactive customers, and developing new customer relationships. Customers are responding to the positive impacts of Vishay 3.0 with deeper technical engagements, greater collaboration, and their willingness to scale long-term with us.

我們致力於擴大和更充分地利用我們半導體和被動元件產品組合的廣度。我們投入的所有工作都是為了加強客戶互動，重新吸引以前服務不足和不活躍的客戶，並發展新的客戶關係。客戶對 Vishay 3.0 的正面影響做出了積極回應，他們與我們進行了更深入的技術合作，加強了協作，並且願意與我們進行長期的規模化合作。

Let's turn to revenue -- review of revenue for the quarter, starting with the revenue by end of market on slide 3. Automotive revenue decreased 3.4% versus the third quarter, mostly related to lower pull rates during the end of December holiday weeks in the Americas and Europe. Asia automotive revenue grew in a seasonably strong quarter.

讓我們來看看收入——回顧一下本季的收入，首先是第 3 頁幻燈片中按市場終端劃分的收入。汽車產業收入較第三季下降 3.4%，主要原因是 12 月底美洲和歐洲假期期間的銷量下降。亞洲汽車產業營收在常規旺季實現成長。

Orders for the quarter grew in each region. One of the key drivers of this increase is that we have the capacity to interest customers to use Vishay as a new supplier to mitigate the shutdown risk they were facing. It also opened the door to several new opportunities with OEMs and Tier 1s to supply more vehicle platforms and to become a more meaningful supplier mid to long-term.

本季各地區的訂單量均有所成長。推動這一成長的關鍵因素之一是，我們有能力吸引客戶選擇 Vishay 作為新的供應商，以降低他們面臨的停產風險。這也為與 OEM 和一級供應商合作，提供更多車輛平台，並在中長期內成為更有意義的供應商打開了幾個新的機會之門。

New model year production ramp ups in customer forecast was another driver of strong bookings during the quarter. Design activity in automotive continues on projects related to electronic content increasing, including traction inverters, onboard chargers, (inaudible), power steering, and infotainment. Industrial power revenue increased 3.2%, driven in part by increasing shipments of our high voltage DC power capacitors to many smart grid infrastructure projects, but also multi-product inventory replenishment in the channel and strengthening market demand for building security power requirements and new industrial programs ramping up.

客戶對新車型年產量提升的預期是本季強勁預訂量的另一個驅動因素。汽車領域的設計活動仍在繼續，相關項目旨在提高電子含量，包括牽引逆變器、車載充電器、（聽不清楚）、動力轉向和資訊娛樂系統。工業電力收入成長了 3.2%，部分原因是高壓直流電源電容器的出貨量增加，用於許多智慧電網基礎設施項目，但也得益於渠道中多產品庫存的補充，以及市場對建築安全電源需求和新工業項目啟動的強勁需求。

During the quarter, we won another smart grid infrastructure project in the Americas, which will go into production in the first half of 2026. We're continuing discussions with many customers about industrial smart grid projects that extend through the year 2032.

本季度，我們在美洲贏得了另一個智慧電網基礎設施項目，該項目將於 2026 年上半年投入生產。我們正在與許多客戶繼續討論將持續到 2032 年的工業智慧電網專案。

In other industrial power segments, bookings were strong in each region. Demand for industrial power management. Demand for industrial automation is beginning to recover. Also, customers are beginning to place orders with longer visibility due to market stretching lead times with diodes and (inaudible).

在其他工業電力領域，各地區的訂單量都很強勁。工業電力管理需求。工業自動化需求開始復甦。此外，由於二極體等產品的市場交貨週期延長，客戶開始下單時會考慮更長的交貨期。（聽不清楚）

In the Americas, Vishay 3.0 is gaining previously lost and underserved customers who designed us into the bill of materials years ago. And now, we are gaining orders to drive their further volumes. Design supporting AI infrastructure are moving to mass production. These are all positive indications that for Vishay, industrial is back.

在美洲，Vishay 3.0 正在重新贏得那些多年前就將我們納入物料清單的、以前失去的和未充分服務的客戶。現在，我們正在獲得訂單，以推動他們的銷售進一步成長。支援人工智慧基礎設施的設計正在走向大規模生產。這些都是積極的跡象，表明 Vishay 的工業業務正在復甦。

Our design activity remains focused on power supplies for industrial servers, power monitoring and control systems, next generation AI power structures, smart meters, and humanoid robots. In addition, many customers are launching new versions of their core product lines.

我們的設計活動仍然專注於工業伺服器電源、電力監控系統、下一代人工智慧電力結構、智慧電錶和人形機器人。此外，許多客戶正在推出其核心產品線的新版本。

The aerospace defense and markets revenue was slightly down, 1.2%, reflecting the impact of the US government shutdown on billings and some projects with delayed timing in Europe. Orders increased with strong demand, particularly for capacitors, as funding is approved for military programs and in anticipation of production ramps forecasted in 2026. Design activity in the Americas and Europe remains focused on low Earth orbit satellites, drones, missile defense systems, as well as munitions.

航空航太國防和市場收入略微下降 1.2%，反映出美國政府停擺對帳單的影響以及歐洲一些專案進度延遲。由於軍事項目資金獲得批准，以及預計 2026 年產量將逐步提高，訂單量隨著強勁的需求而增加，尤其是電容器的需求。美洲和歐洲的設計活動仍然集中在低地球軌道衛星、無人機、飛彈防禦系統以及彈藥上。

Revenue and healthcare was flat compared to the third quarter, with shipments tied to program -- customer program milestones, sales will fluctuate. And for this quarter, revenue declined in the Americas and Asia. Europe, on the other hand, had its strongest quarter in three years on demand for hearing aids, implantables, and diagnostic equipment, bookings increased.

與第三季相比，營收和醫療保健業務持平，出貨量與專案掛鉤—客戶專案里程碑，銷售額會波動。本季度，美洲和亞洲的營收均有所下降。另一方面，歐洲迎來了三年來最強勁的一個季度，助聽器、植入式醫療器材和診斷設備的需求增加，預訂量也隨之成長。

In the Americas, we are supplying new programs which are ramping up in Q1 and winning new business for capacitors to complement our custom magnetics business as we continue to fully leverage the breadth of Vishay's portfolio. In addition to continuing design activity on drug delivery systems, defibrillation, and advanced patient monitoring, we are now seeing opportunities emerge in the wearable space and are working with customers on heart rate and oxygen monitoring applications.

在美洲，我們正在為新項目提供產品，這些項目在第一季正在加速推進，並且我們正在贏得電容器的新業務，以補充我們的客製化磁性材料業務，同時我們將繼續充分利用 Vishay 的產品組合的廣度。除了繼續進行藥物輸送系統、除顫和高級患者監護方面的設計活動外，我們現在看到穿戴式裝置領域出現了機遇，並正在與客戶合作開發心率和氧氣監測應用。

Lastly, in the other category, revenue grew 10.6% versus the third quarter, primarily as customers ramp up production for new products to support AI power management applications. Order intake grew because of the increased production of AI servers and extended component lead times across the industry.

最後，在其他類別中，營收較第三季成長了 10.6%，這主要是因為客戶加大了新產品的生產力度，以支援 AI 電源管理應用。由於人工智慧伺服器產量增加以及整個行業零件交付週期延長，訂單量有所增長。

A number of customers are actively adding Vishay to the bill of materials in AI related applications for both semiconductors and passives. In addition to the continued design activity and power conversion and power management, including multi-phase DC-to-DC converter modules and chipset multi-phase power. AI optical modules, we are also working with customers on 800-volt power management applications. Let's start to slide 4 for channel revenue.

許多客戶正在積極地將 Vishay 的產品添加到人工智慧相關應用的半導體和被動元件的物料清單中。除了持續的設計活動、電源轉換和電源管理之外，還包括多相直流到直流轉換器模組和晶片組多相電源。除了人工智慧光學模組之外，我們還在與客戶合作開發 800 伏特電源管理應用。讓我們開始看第四張投影片，了解通路收入。

We'll review the channel revenue here. This quarter, each of our channels, OEM, EMS, and distribution grew quarter over quarter, led by distribution. OEM revenue increased 1.1% on a seasonally strong period for automotive customers in Asia and some volume gains in Europe from aerospace defense and industrial customers, which was partially offset by a year-end slowdown in bullet in billings.

我們將在此回顧頻道收入。本季度，我們的所有管道，包括 OEM、EMS 和分銷管道，均實現了環比增長，其中分銷渠道的增長最為顯著。由於亞洲汽車客戶的季節性強勁需求以及歐洲航空航天國防和工業客戶的銷售增長，OEM 收入增長了 1.1%，但部分被年底賬單結算放緩所抵消。

EMS revenue increased 1.4%, reflecting gains in Asia related to AI power and inventory replenishment. While in the Americas and Europe, year-end holiday shutdowns closed receiving docks and reduced inventory at the end of December. Distribution revenue increased 1.4%, primarily in Asia due to strong automotive and AI demand, in addition to some inventory replenishment.

EMS 營收成長 1.4%，反映了亞洲地區與 AI 能力提升和庫存補充相關的成長。而在美洲和歐洲，年底假期停工導致收貨碼頭關閉，12 月底庫存減少。分銷收入成長了 1.4%，主要得益於亞洲地區汽車和人工智慧領域的強勁需求，以及部分庫存補充。

Order intake was strong in each region. In the Americas and Europe, industrial and aerospace defense customers continue to drive most of the ordering as they prepare for new production starts in Q1. In Asia, bookings are accelerating as distributors replenish backlogs in anticipation of stronger AI demand forecast for 2026, ordering for pre-lunar New Year in February, and in response to extended lead times for diodes and (inaudible) in both Asia and the Americas.

各地區的訂單量都很強勁。在美洲和歐洲，工業和航空航太國防客戶仍然是訂單的主要驅動力，因為他們正在為第一季的新生產做準備。在亞洲，由於經銷商預計 2026 年人工智慧需求將更加強勁，正在補充積壓訂單，因此預訂量正在加速成長。此外，為了因應 2 月農曆新年之前的訂單，以及應對亞洲和美洲二極管和（聽不清楚）交貨時間的延長，預訂量也在增加。

Distribution inventory dropped to 22 weeks from 23 weeks last quarter. POS increased 3%, mainly to year-end demand in Asia. In the Americas, industrial and aerospace defense demand drove an increase in POS following the strongest POS quarter in three years and continued booking records in January. POS in Europe is steady. Based on customer input, our strategy to cross sell technologies throughout the channel is delivering results. Turning to our geographical mix on slide 5.

分銷庫存從上季的 23 週降至 22 週。POS銷售額成長3%，主要受亞洲年底需求的影響。在美洲，工業和航空航太國防需求推動了 POS 的成長，此前 POS 經歷了三年來最強勁的一個季度，1 月份的預訂量也繼續創下紀錄。歐洲的POS市場保持穩定。根據客戶回饋，我們透過通路交叉銷售技術的策略正在取得成效。接下來請看第 5 張投影片，了解我們的地域組成。

Revenue growth for the quarter came entirely from Asia, which grew 3.6%. While the Americas and Europe was essentially flat compared to Q3 due to the year-end holiday slowdown while somewhat offset by improved industrial demand.

本季營收成長全部來自亞洲，成長了3.6%。由於年底假期導致經濟放緩，美洲和歐洲的經濟與第三季相比基本持平，但工業需求的改善在一定程度上抵消了這一影響。

Before turning the call over to Dave, I would like to take a moment to thank the Vishay employees and our reps for their contributions to Vishay's success and accomplish accomplishments in 2025. Their commitment to putting the customer first, re-engaging customers, embracing a business-minded approach, and increasing our production output and expanding our operations is helping to raise Vishay's level of performance and making Vishay 3.0 a reality.

在將電話轉交給戴夫之前，我想藉此機會感謝 Vishay 的員工和我們的代表們為 Vishay 的成功和在 2025 年取得的成就所做的貢獻。他們致力於將客戶放在首位，重新吸引客戶，採取以商業為導向的方法，提高我們的生產產量並擴大我們的運營，這有助於提高 Vishay 的業績水平，並使 Vishay 3.0 成為現實。

Now, we'll turn the call over to Dave for a review of our fourth quarter financial results.

現在，我們將把電話交給戴夫，讓他回顧我們第四季的財務表現。

Thanks, Joel, and good morning, everyone. Let's start a review of the fourth quarter results with the highlights on slide 6.

謝謝喬爾，大家早安。讓我們從第 6 頁幻燈片上的亮點開始回顧第四季度業績。

Fourth quarter revenue was $801 million, exceeding the midpoint of our guidance and increasing 1% sequentially. The improvement was driven by a 2% increase in volume, partially offset by a modest decline in average selling prices. Compared to the fourth quarter of 2024, revenue increased 12%, driven by an 11% increase in volume, favorable foreign currency mainly from the euro provided an additional 3% benefit partially offset by a 1% decline in average selling prices which includes higher faders.

第四季營收為 8.01 億美元，超過了我們預期的中位數，季增 1%。銷量成長 2% 推動了業績改善，但平均售價略有下降，部分抵消了這一改善。與 2024 年第四季相比，營收成長了 12%，這主要得益於銷量成長了 11%，歐元帶來的有利外匯匯率額外帶來了 3% 的收益，但平均售價下降了 1%（其中包括更高的價格），部分抵消了這一收益。

Moving on to the next slide, presenting the income statement highlights. Gross profit was $157 million, resulting in a gross margin of 19.6%, modestly above both the midpoint of our guidance and the third quarter. Margin performance was driven primarily by higher volumes, which helped offset continued pressure from elevated metals and material costs. The negative impact from our Newport fab was approximately 130 basis points.

接下來是下一張投影片，介紹損益表要點。毛利為 1.57 億美元，毛利率為 19.6%，略高於我們預期的中位數和第三季的水準。利潤率的提升主要得益於銷售量的成長，有助於抵銷金屬和原料成本持續上漲所帶來的壓力。我們位於紐波特的工廠的負面影響約為 130 個基點。

Depreciation expense was $54 million in flat versus quarter three. SG&A expenses were $142 million compared to $135 million for the third quarter and to $138 million the midpoint of our guidance. SG&A was higher primarily reflecting higher compensation costs, higher R&D spending, and legal costs and fees related to accounts receivable securitization transactions, which I will discuss as part of our cash flow review in a moment.

折舊費用與第三季持平，為 5,400 萬美元。銷售、一般及行政費用為 1.42 億美元，而第三季為 1.35 億美元，與我們先前預期的中位數 1.38 億美元基本持平。銷售、一般及行政費用較高，主要反映了更高的薪酬成本、更高的研發支出以及與應收帳款證券化交易相關的法律成本和費用，我稍後將在現金流審查中對此進行討論。

GAAP operating margin was 1.8% compared to 2.4% in the third quarter and a negative 7.9% in the fourth quarter of 2024, which included a goodwill impairment charge. EBITDA for the quarter was $70 million for an EBITDA margin of 8.8%, down from 9.6% in the third quarter.

GAAP 營業利潤率為 1.8%，而第三季為 2.4%，2024 年第四季為 -7.9%，其中包括商譽減損支出。本季 EBITDA 為 7,000 萬美元，EBITDA 利潤率為 8.8%，低於第三季的 9.6%。

Our GAAP effective tax rate remains unmeaningful at these low levels of pre-tax income or loss as relatively small items such as foreign currency and repatriation taxes have a disproportionate impact on the effective tax rate. We had guided that our Q4 tax expense was going to be between $4 million and $8 million somewhat independent of the earnings level and our Q4 tax expense was in that range. GAAP earnings per share was $0.01 compared to a loss of $0.06 per share in the third quarter, and a loss per share of $0.49 in the fourth quarter of 24.

在稅前收入或虧損如此低的水平下，我們的 GAAP 實際稅率仍然沒有意義，因為像外匯稅和匯回稅這樣的相對較小的項目對實際稅率的影響不成比例。我們曾預期第四季度的稅項支出將在 400 萬美元至 800 萬美元之間，這與獲利水準基本上無關，而我們第四季的稅項支出也確實在這個範圍內。GAAP每股收益為0.01美元，而第三季每股虧損0.06美元，第四季每股虧損0.49美元。

Moving on to slide 8, provides a summary table detailing revenue, gross margin, and book-to-bill ratios across our reportable segments for quick reference. In the fourth quarter, Newport's results continued to be reported under MOSFET's business segment, reducing that segment's gross margin by approximately 600 basis points, an improvement from the 720 basis points impact seen in Q3. All reporting segments delivered revenue growth quarter over quarter except resistors, which was impacted by continued delays in US aerospace and defense spending.

接下來是第 8 張投影片，其中提供了一個匯總表，詳細列出了我們各個報告部門的收入、毛利率和訂單出貨比，以便快速參考。第四季度，紐波特的業績繼續在 MOSFET 的業務部門下報告，導致該部門的毛利率下降了約 600 個基點，比第三季度下降的 720 個基點有所改善。除電阻器業務外，所有報告部門的收入均實現了季度環比增長，電阻器業務受到美國航空航天和國防支出持續延遲的影響。

Turning to slide 9. In the fourth quarter, our cash conversion cycle improved to 125 days, down from 130 days in Q3, in part due to our continued discipline working capital management. But in addition, during the quarter, we securitized certain non-US accounts receivable as a means of providing efficient funding to support our immediate 12-inch wafer fab equipment purchase needs, which contributed to our DSO improvement from 53 days in Q3 to 48 days in Q4. Inventory decreased to $759 million and inventory days outstanding improved to 107 days.

翻到第9張投影片。第四季度，我們的現金週轉週期從第三季的 130 天改善至 125 天，部分原因是因為我們持續嚴格的營運資本管理。此外，本季我們將某些非美國應收帳款證券化，以此作為提供有效資金來支持我們目前 12 吋晶圓製造設備採購需求的一種手段，這有助於將我們的應收帳款週轉天數從第三季的 53 天改善到第四季的 48 天。庫存減少至 7.59 億美元，庫存週轉天數改善至 107 天。

Continuing to slide 10, you can see we generated $149 million in operating cash for the fourth quarter which included $62 million from the securitization of the accounts receivable. We continue to deploy cash for capacity expansion projects.

繼續看第 10 張投影片，您可以看到我們在第四季產生了 1.49 億美元的經營現金，其中包括應收帳款證券化帶來的 6,200 萬美元。我們將繼續投入資金用於產能擴張項目。

Total CapEx for the quarter was $95 million, including $75 million designated for capacity expansion projects. For the full year CapEx was $273 million compared to our guidance of between $300 million and $350 million as delivery of some equipment related to our new 12-inch fab in Germany was delayed to Q1. For the year, capital intensity was 8.9%, which is a decrease from the 10.9% in the prior year.

本季資本支出總額為 9,500 萬美元，其中 7,500 萬美元指定用於產能擴張項目。全年資本支出為 2.73 億美元，而我們先前的預期為 3 億美元至 3.5 億美元，因為與我們在德國新建的 12 吋晶圓廠相關的一些設備的交付被推遲到了第一季度。本年度資本密集度為 8.9%，低於上年度的 10.9%。

Free cash flow for the quarter was $55 million, reflecting the high capital expenditures partially offset by the securitization of the accounts receivable compared to a negative $24 million in the third quarter. Stockholder returns for the fourth quarter consisted of our $13.6 million dollar quarterly dividend. We did not repurchase any shares in the quarter.

本季自由現金流為 5,500 萬美元，反映了較高的資本支出，但部分被應收帳款證券化所抵消，而第三季則為負 2,400 萬美元。第四季股東回報包括我們發放的 1,360 萬美元季度股息。本季我們沒有回購任何股票。

At the end of the quarter, our global cash and short-term investment balance was $515 million, and we remain in a net borrowing position in the US with $219 million outstanding on our revolver. As discussed in the past, dividends, any share repurchases required debt service, and our Newport investments are funded through available US liquidity sources. We have $254 million accessible on our revolving credit facilities at the current EBITDA levels. We expect to continue to draw on our revolver to fund our US cash needs.

截至季末，我們的全球現金和短期投資餘額為 5.15 億美元，我們在美國仍處於淨借款狀態，循環信貸未償還金額為 2.19 億美元。正如之前討論過的，股息、任何股票回購所需的債務償還以及我們在紐波特的投資都是透過可用的美國流動性來源進行融資的。以目前的 EBITDA 水準計算，我們可從循環信貸額度中獲得 2.54 億美元的可用資金。我們預計將繼續動用循環信貸額度來滿足我們在美國的現金需求。

Okay, moving over to slide 11 in our guidance. For the first quarter of 2026, revenues are expected to be between $800 million and $830 million. We expect Asia revenue to be lower than Q4 due to the impact of the Lunar New Year, with the Americas and Europe regions making up the difference. We also expect to see sequential revenue increases in each of our five key growth segments: automotive electronic content, industrial power, health care, aerospace and defense, and AI computing.

好的，接下來請看指導手冊的第11頁。預計 2026 年第一季營收將在 8 億美元至 8.3 億美元之間。受農曆新年影響，我們預計亞洲地區的收入將低於第四季度，美洲和歐洲地區的收入將彌補這一差距。我們也預計，我們五大關鍵成長領域的收入將逐週成長：汽車電子內容、工業電力、醫療保健、航空航太和國防以及人工智慧運算。

Gross margin is expected to be in the range of 19.9% plus or minus 50 basis points, including tariff impacts and expected continuing higher input costs. The Newport Dragon is expected to be between 50 to 75 basis points, and we still expect to exit quarter one with Newport gross profit neutral and accretive thereafter.

預計毛利率將在 19.9% 上下浮動 50 個基點，其中包括關稅影響和預計持續上漲的投入成本。預計紐波特龍股價將上漲 50 至 75 個基點，我們仍預計第一季紐波特的毛利將保持中性，此後將實現成長。

Appreciation expense is expected to be approximately $55 million for the first quarter and $218 million for the full year '26. SG&A expenses are expected to be $153 million plus or minus $2 million. The increase versus Q4 is primarily due to the accrual of assumed incentive and stock compensation for 2026, versus the lower level of incentive and stock comp in 2025, and a full quarter of fees on the receivable securitization.

預計第一季增值費用約為 5,500 萬美元，2026 年全年增值費用約為 2.18 億美元。銷售、一般及行政費用預估為 1.53 億美元，上下浮動 200 萬美元。與第四季相比，成長的主要原因是 2026 年預期激勵和股票補償的計提，而 2025 年的激勵和股票補償水準較低，以及應收帳款證券化費用的全季結算。

We're also continuing to invest in R&D and customer facing activities. We expect to hold at the Q1 level of SG&A expenses for each quarter of 2026.

我們也持續加大對研發和客戶服務活動的投入。我們預計 2026 年每季的銷售、一般及行政費用將維持在與第一季相同的水平。

Our GAAP effective tax rate is not meaningful at the low levels of pre-tax income or loss. We expect tax expense to be between $2.04 million dollars in quarter one, assuming a similar mix amongst tax jurisdictions.

在稅前收入或虧損水準較低的情況下，我們的 GAAP 有效稅率沒有意義。我們預計第一季的稅收支出將在 204 萬美元左右，假設各稅收管轄區的情況類似。

Finally, our stockholder return policy calls for us to return at least 70% of our free cash flow to stockholders in the form of dividends and stock repurchases. For 2026, we once again expect negative free cash flow due to our capacity expansion plans.

最後，我們的股東回報政策要求我們將至少 70% 的自由現金流以股利和股票回購的形式返還給股東。由於產能擴張計劃，我們預計 2026 年自由現金流將再次為負。

Now I'll turn the call back to Joel.

現在我把電話轉回喬爾。

All right. Thank you, Dave. Let's turn to slide 12 for an update on the strategic levers we're pulling as we execute our five-year strategic plan to drive faster revenue growth, raise our profitability, and enhance capital returns.

好的。謝謝你，戴夫。讓我們翻到第 12 張投影片，了解我們在執行五年策略計畫時正在採取的策略槓桿，以推動更快的營收成長、提高獲利能力和增強資本回報。

For CapEx, we expect to spend between $400 million and $440 million during 2026. A bit more than half of the 2026 plan is allocated for investments at our 12-inch fab, including a carryover from 2025 related to equipment delays. Nearly all of the CapEx at our 12-inch fab will be spent during the first half of the year and will represent the peak of our five-year capacity expansion plan.

預計 2026 年資本支出將在 4 億美元至 4.4 億美元之間。2026 年計畫的一半多一點將用於我們 12 吋晶圓廠的投資，其中包括因設備延誤而從 2025 年結轉的資金。我們 12 吋晶圓廠的幾乎所有資本支出都將在今年上半年支出，這將代表我們五年產能擴張計畫的頂峰。

In the second half of the year, CapEx is expected to be coming down from the first half. To put the 2026 CapEx into perspective, the average of our 2025 spend at the midpoint of our 2026 plan comes to about $350 million, in line with our annual CapEx spend since we began to invest in capacity expansions in 2023.

預計下半年資本支出將比上半年下降。為了更好地理解 2026 年的資本支出，我們 2025 年在 2026 年計畫中期的平均支出約為 3.5 億美元，這與我們自 2023 年開始投資產能擴張以來的年度資本支出基本一致。

At our Newport facility, we continue to ramp up wafer production in the fourth quarter and automotive customers continue to audit the site. We have 4 audits planned for Q1, including 2 new customers.

在我們的紐波特工廠，我們第四季持續提高晶圓產量，汽車客戶也繼續對工廠進行審查。我們計劃在第一季進行 4 次審計，其中包括 2 位新客戶。

We're also continuing to ramp up production at our Taiwan and (inaudible) in Italy facilities and getting more products qualified there. We have released well over 100 automotive part numbers for production, completed site audits with automotive customers and scheduled others for the first half of 2026.

我們也持續提高台灣和義大利工廠的產量，並讓更多產品在那裡獲得認證。我們已經發布了 100 多個汽車零件編號用於生產，完成了與汽車客戶的現場審核，並計劃在 2026 年上半年進行其他審核。

We continue to execute our subcontractor initiative, which is freeing up capacity for our high growth products and also broadening our product portfolio to increase our share of the customers' bill of materials. During the quarter, we qualified additional diodes, inductors, and capacitor products. Since we began this initiative two years ago, we have qualified over 10,000 part numbers, adding many diodes, resistors, capacitors, and inductors to our portfolio.

我們繼續執行分包商計劃，這釋放了產能，用於生產高成長產品，同時也擴大了我們的產品組合，以增加我們在客戶物料清單中的份額。本季度，我們又完成了二極體、電感器和電容器產品的認證。自兩年前啟動這項計畫以來，我們已經認證了超過 10,000 個零件編號，為我們的產品組合增加了許多二極體、電阻器、電容器和電感器。

Turning to innovation in our silicon carbide strategy, as planned, we released 8 Gen 2 1,200-volt planner MOSFETs for industrial use. More importantly, we now have released our first Trench MOSFET, the silicon carbide Gen 3, 1,200-volt for industrial and for automotive applications. This is a great technology advancement for Vishay, positioning us to design in 800-volt automotive and AI applications.

根據計劃，我們在碳化矽戰略方面轉向創新，發布了 8 款用於工業用途的第二代 1200 伏特規劃 MOSFET。更重要的是，我們現在已經發布了首款溝槽式 MOSFET，即第三代碳化矽 1200 伏特 MOSFET，適用於工業和汽車應用。這對 Vishay 來說是一項巨大的技術進步，使我們能夠設計 800 伏特汽車和人工智慧應用。

In terms of solution selling, we released three new reference designs in Q4, 2 eFuse designs. One is a 40-amp bidirectional, and the second is a 20-amp unidirectional, and also an isolated current sensor for high voltage applications. These reference designs continue our promotion of Vishay products, populating 80% or more of the components on a circuit board in a power application.

在解決方案銷售方面，我們在第四季度發布了三個新的參考設計，其中兩個是 eFuse 設計。其中一款是 40 安培雙向電流感測器，另一款是 20 安培單向電流感測器，同時也是一款用於高壓應用的隔離式電流感測器。這些參考設計延續了我們對 Vishay 產品的推廣，在電源應用中，電路板上 80% 或以上的元件都採用了 Vishay 產品。

Let's turn to slide 13. Looking ahead at 2026, we are laser focused on maintaining capacity readiness to fulfill rising demands, growing shared existing customers, re-engaging lost customers and attracting new customers, driving innovation and delivering new products and solutions, and expanding production in low-cost countries to support our regional competitiveness.

讓我們翻到第13張投影片。展望 2026 年，我們將專注於保持產能充足以滿足不斷增長的需求，發展現有客戶，重新吸引流失客戶並吸引新客戶，推動創新並提供新產品和解決方案，以及擴大低成本國家的生產以支持我們的區域競爭力。

Demand for the power requirements in the five growth segments is expected to remain directionally positive. Customer program visibility is improving as shippable backlog is developing at later quarters for each of our key markets. Customers are also ramping up production of new projects.

預計五大成長領域的電力需求將維持正面態勢。隨著我們各個主要市場在後續季度中可交付訂單的增加，客戶專案的可見度也隨之提高。客戶也在加緊推動新項目的生產。

With these developments in business momentum, our factories are being loaded at a greater rate than the last quarter, and much more so than in recent years. A solid book-to-bill of 1.2 and a faster rate of backlog development supports our view that revenue will increase each quarter this year.

隨著業務發展勢頭增強，我們工廠的產能利用率比上個季度更高，比近年來更高。1.2 的穩健訂單出貨比以及更快的積壓訂單開發速度，支持了我們對今年每季營收都會成長的看法。

Customers are looking to secure supply while dealing with some extended lead times. We have made tremendous efforts over the past three years to position Vishay to be ready with capacity to assure our customers of reliable supply as they scale production and also to supply more part numbers to them.

客戶希望在應對較長交貨週期的同時，確保供貨安全。過去三年，我們付出了巨大的努力，使 Vishay 具備了足夠的產能，能夠確保客戶在擴大生產規模的同時，獲得可靠的供應，並向他們提供更多零件種類。

In summary, 2026 is our year to take off. We are pushing our factories to maintain competitive lead times and to win our customers' trust, positioning us to outperform the market and keeping us on our path to accelerate revenue growth, elevate profitability and enhance our return on capital.

總之，2026年是我們起飛之年。我們正在督促工廠保持具有競爭力的交貨週期，贏得客戶的信任，使我們能夠在市場中脫穎而出，並使我們走上加速收入成長、提高獲利能力和增強資本回報率的道路。

Kevin, we are now ready to open up for questions.

凱文，我們現在可以開始回答問題了。

(Operator Instructions) Peter Peng, JPMorgan.

（操作說明）彼得·彭，摩根大通。

Hey, guys. Thanks for taking my question. I think last quarter, you -- when you were engaging with your customers, you guys were hearing expectations of mid to high single-digits for the industry. Just given that, looks like your book to bill has been doing pretty well, bookings are increasing. I guess, what's that you know versus 90 days ago?

嘿，夥計們。謝謝您回答我的問題。我認為上個季度，你們在與客戶交流時，聽到的都是產業預期成長率在個位數中高段的水平。就目前來看，你們的訂單到付款情況似乎相當不錯，預訂量正在增加。我想問的是，你現在的情況和90天前相比如何？

Hi, Peter. Thanks for the question. The view is still mid- to high- single digits. If we would, divide it up by market segment. We've got the five market drivers we speak about industrial power we see as mid- to high- single-digit growth.

你好，彼得。謝謝你的提問。目前氣溫仍維持在個位數中高點。如果可以的話，我們會依照市場區隔進行劃分。我們有五個市場驅動因素，我們談到工業實力，我們認為工業實力將實現中高個位數成長。

Automotive, a lot of electronic content. Car count seems to be flattish, but we'll say automotive is flat to mid-single digit for Vishay because of semis as well as passives. Aerospace defense, we're saying mid- to high- single-digit because we think they'll be much more consistent purchasing, and program runs in '26. AI, mid- to high-single digit. And healthcare, we're saying mid-single digits. So we're still in that market of mid- to high-single digit and we are pushing to outperform the rate of growth of the market.

汽車產業，以及大量電子產品。汽車數量似乎保持平穩，但由於半拖車和被動式車輛的銷量，我們認為 Vishay 的汽車銷量將保持平穩至個位數中段。航空航太國防方面，我們說是中高個位數，因為我們認為他們的採購會更加穩定，而且專案將在 2026 年繼續進行。人工智慧，個位數中高段位。至於醫療保健領域，我們估計會是中等個位數。所以，我們仍然處於個位數中高段位的市場成長階段，並且我們正在努力超越市場成長速度。

Got it. And then I'll follow (inaudible) Just on the gross margins. I know you guys are kind of facing some higher material costs and FX pressures, and have you tried to rework that into your annual negotiations? And then what's the right way to think about your gross margins kind of going forward as we progress through the year?

知道了。然後我將接著說（聽不清楚）就只看毛利率。我知道你們目前面臨材料成本上漲和外匯壓力，你們有沒有嘗試將這些因素納入年度談判中？那麼，隨著時間的推移，我們該如何正確地看待未來的毛利率呢？

I'll take the first one and Dave will take the second one. Yeah, we had a lot of annual contractual negotiations that happen October through December. The resulting price decrease is much less than what was historical. We still have a price decrease because we were able to gain volume b positioning Vishay for greater shares. So in the contractual agreements, less than historical ASP decline.

我拿第一個，戴夫拿第二個。是的，我們每年10月到12月期間都會進行許多合約談判。由此導致的價格下降幅度遠小於歷史平均值。我們仍然實現了價格下降，因為我們透過提升 Vishay 的市場份額，提高了銷量。因此，在合約協議中，平均售價下降幅度小於歷史平均。

We also went out in October and started increasing prices due to metals. We were one of the first to do it. Initially got some pushback, but then it was realized across the industry that it's inevitable for everyone. So we raised prices on quite a few products in the fourth quarter. That starts to become effective in early Q1, depending on some contractual terms.

10月我們也開始調漲價格，原因是金屬價格上漲。我們是最早這樣做的公司之一。起初遭到了一些反對，但後來整個產業都意識到，這對每個人來說都是不可避免的。因此，我們在第四季提高了不少產品的價格。根據一些合約條款，該措施將於第一季初開始生效。

And now, we look at the metals today and we continue to polish this. And in some product lines, we will come back with a second price increase. So metals is important item that we evaluate every day. We've made the adjustments and we see our ASP decline lower than historical for 2026.

現在，我們來看看今天的金屬，我們將繼續打磨它。部分產品線將會迎來第二次漲價。所以金屬是我們每天都要評估的重要物品。我們已經做出調整，預計 2026 年平均售價下降幅度將低於歷史平均。

Dave, you want to take the second part?

戴夫，你想參加第二部分嗎？

Yeah, sure. So Peter, just to give you some -- our thought process on the on the guidance of the (inaudible) on the margin.

當然可以。所以彼得，我只是想跟你說說——我們對（聽不清楚）在邊緣的指導的思考過程。

So as Joel mentioned, obviously the annual contracts all hit in the first quarter, right? So we have a ASP push against our volume increase; basically, cancel each other out. As you pull my commentary, you'll see the Newport drag is lessened and what's going to lessen in the first quarter. So we get some benny from that and then the metals is fighting is the fourth component that's fighting against that. So when you add those four, we'll get to the (inaudible)

正如喬爾所提到的，顯然所有年度合約都在第一季生效，對吧？因此，平均售價上漲與銷量成長相互抵消；基本上，兩者相互抵消了。當你觀看我的解說時，你會發現紐波特的阻力有所減輕，而且在第一節比賽中阻力還會減輕。所以我們從中得到了一些好處，然後金屬是對抗的第四個因素。所以，把這四個加起來，我們就得到了…（聽不清楚）

How that progresses through the rest of the year. Obviously, the ASP declines are mostly front loaded with the annual contracts. Wage increases and such are already built into the first quarter. The book, as Joe said, we booked a bill 1.2. So with volume efficiencies, we should be generating -- we would see improvement in the margin as we move through the year and the Newport -- and as well as the Newport fab continues to ramp up.

今年剩餘時間裡，事態將如何發展？顯然，平均售價的下降主要集中在年度合約的前期。薪資成長等因素已計入第一季預算。正如喬所說，我們記帳的金額是 1.2。因此，隨著產量效率的提高，我們應該能夠產生利潤——隨著時間的推移和紐波特工廠的持續擴產，利潤率將會提高。

Got it. Thank you.

知道了。謝謝。

Neil Young, Needham & Company.

尼爾楊，Needham & Company。

Hey, guys. This is (inaudible) on for Neil Young. Thanks for letting us ask a question. To start off, I know you guys mentioned auto orders have increased as your guys' capacity has increased, but I was wondering what the company is seeing in the overall, automotive demand environment.

嘿，夥計們。這是（聽不清楚）獻給尼爾楊的。謝謝允許我們提問。首先，我知道你們提到隨著產能的提高，汽車訂單也隨之增加，但我很想知道公司對整體汽車需求環境的看法。

We've seen a gain of share for Vishay through the negotiations in the quarter, in particular gaining MOSFET share and diode share because of the geopolitical issue that happened in the fourth quarter. We've seen increasing volumes going into 2026 with the large contractual customers.

我們看到 Vishay 透過本季的談判獲得了市場份額的成長，特別是由於第四季度發生的地緣政治問題，獲得了 MOSFET 和二極體市場份額的成長。我們看到，到 2026 年，大合約客戶的業務量將持續成長。

If we look at automotive overall, automotive, we see technology development in four areas: battery management continues to be one, infotainment in the car is two, electrification is three, and ADOS is four. So we're seeing these four technology applications really driving a lot of design activity.

如果我們縱觀整個汽車產業，就會發現汽車技術的發展主要體現在四個方面：電池管理是第一方面，車載資訊娛樂系統是第二方面，電氣化是第三方面，ADOS是第四方面。因此，我們看到這四項技術應用程式正在真正推動大量的設計活動。

Car count, people say car count generally flat. But we're excited about platform changes with customers as well as those four applications continuing to need the Vishay semis as well as passives. So we see automotive is mid flat to mid-single digit depending on program starts.

人們說汽車數量大致保持平穩。但我們很高興看到平台發生變化，客戶也需要 Vishay 的半導體元件和被動元件，因為這四個應用仍然需要 Vishay 的半導體元件和被動元件。因此，我們看到汽車產業的成長率大致持平或略高於兩位數，具體取決於專案啟動情況。

Got it. Thank you. And then my follow-up is more of a broad-based question. But have customer conversations changed given the recent increases in pricing for memory?

知道了。謝謝。接下來，我的後續問題則更廣泛一些。但鑑於近期記憶體價格上漲，客戶的討論是否發生了變化？

For memory, yes, it's always a discussion of where will the memory supply land? When you look at the segments that we serve, AI -- memory and AI for sure, memory in consumer products. Consumer is quite small for us. Automotive has some memory. not as much of a consumer as AI and computes. So people are watching it closely.

對於內存而言，是的，內存供應最終會落在哪裡，始終是一個值得討論的問題？當你審視我們服務的領域時，你會發現人工智慧——當然還有記憶體和人工智慧，以及消費性產品中的記憶體。對我們來說，消費者群體規模很小。汽車產業有一定的記憶能力，但與人工智慧和電腦相比，它對記憶體的需求並不高。所以大家都在密切關注。

When I was at CES, memory, where's the memory going to be delivered to was a concern. We look at the applications we're in industrial power, the automotive, aerospace defense. The memory of those is lower in consumption than computer. It is going to be dependent on where the memory lands for sure, but we, at this point, are not forecasting a negative impact to revenue. Because of the segments we're serving, we believe they will get the small amount of memory that they need.

當我在CES展會上的時候，內存，以及內存將被運送到哪裡，是一個令人擔憂的問題。我們著眼於工業電力、汽車、航空航太國防等領域的應用。這些設備的記憶體消耗量比電腦低。這肯定取決於記憶體最終會落在哪裡，但就目前而言，我們預計不會對收入產生負面影響。鑑於我們所服務的用戶群體，我們相信他們會獲得他們所需的少量記憶體。

Great, thank you.

太好了，謝謝。

Ruplu Bhattacharya, Bank of America.

Ruplu Bhattacharya，美國銀行。

Hi. Thanks for taking my questions. Can you talk a little bit more about the automotive segment? Are you seeing any share gains against the Nexperia?

你好。謝謝您回答我的問題。能再詳細談談汽車產業嗎？您認為相對於Nexperia的股票有任何上漲空間嗎？

And Joel, can you talk about your content in different types of vehicles and gas cars versus EVs. and how do you see that content trending over the next couple of years?

喬爾，你能談談你製作的關於不同類型車輛以及燃油車和電動車的內容嗎？你認為未來幾年這方面的內容會如何發展？

Automotive, those four drivers that I mentioned, electrification, infotainment, battery management, and ADOS, those are really nice development applications for us. Gaining share, we have done quite well to support the shortages that were in the marketplace in December. We were able to engage the OEMs as well as Tier 1s. We were given opportunities to cross part numbers. We crossed as many as we could with the equal equivalent match up, and then we went through our wafer stock and any inventory that we might have found or expedited production to keep the automotive customer satisfied.

汽車領域，我提到的這四個驅動因素，電氣化、資訊娛樂、電池管理和 ADOS，對我們來說都是非常好的開發應用。我們獲得了市場份額，很好地彌補了12月份市場上的短缺。我們成功地與原始設備製造商 (OEM) 以及一級供應商 (Tier 1) 進行了接洽。我們有機會交叉使用零件編號。我們盡可能多地進行匹配，然後檢查我們的晶圓庫存以及我們可能找到的任何庫存，並加快生產，以使汽車客戶滿意。

But what also developed with that is the customer really became closer to Vishay. They learned a lot more about us. Because we were there to support a crisis, but then they wanted to learn more about future engagement. So we are gaining share. We continue to be to be looked at differently from the automotive OEMs than in the past, positively, differently.

但隨之而來的，是客戶與 Vishay 之間的連結更加緊密了。他們對我們有了更多了解。因為我們當時是去支援應對危機的，但後來他們想了解更多關於未來合作的資訊。所以我們正在擴大市場佔有率。希望汽車原始設備製造商能像過去一樣，以積極、不同的眼光看待我們。

And the Tier 1s gave us opportunities on part numbers and programs that we previously had no share. So we see it as positive, definitely positive for the development and how Vishay responded. The feedback from customers was, Vishay, we road tested you, you were able to give us product, and we see that Vishay 3.0 is real. So let's talk about future engagement.

一級供應商為我們提供了以前從未涉足的零件編號和項目方面的機會。所以我們認為這對發展以及 Vishay 的應對方式來說絕對是正面的。客戶的回饋是：Vishay，我們對你們進行了路測，你們能夠提供我們產品，我們看到 Vishay 3.0 是真實存在的。那我們來談談未來的合作計畫吧。

Real clue regarding the different power trains, whether it's ice or if it is a hybrid or EV, our content is pretty similar across all three. EV has the greatest content for sure because of redundant systems required, so there's more content there.

關於不同動力系統的真正線索，無論是燃油車、混合動力車或電動車，我們的內容在這三者之間都非常相似。由於電動車需要冗餘系統，所以電動車領域的內容肯定最多，內容也更多。

Silicon carbide, as we weren't a player in silicon carbide on EV yet. But now, the release of our Trench product this month, brings those samples to customer engineers to be able to now qualify Vishay into these next generation automotive programs. So we're pretty excited about that, and I think we'll see our automotive content grow because we now are participating in the in the 400-volt, 800-volt systems of EV that will be in the future.

碳化矽，因為我們當時還沒有涉足電動車領域的碳化矽產業。但現在，隨著我們本月推出 Trench 產品，這些樣品將提供給客戶工程師，使他們能夠將 Vishay 產品納入這些下一代汽車專案。所以我們對此感到非常興奮，我認為我們的汽車內容將會成長，因為我們現在正在參與未來400伏特、800伏特電動車系統的開發。

Okay. Thanks for the details there. Can I just ask, so you talked about share gains, how much is that benefiting revenues in the March quarter?

好的。謝謝你提供的詳細資訊。請問一下，您剛才提到了市場份額的成長，那麼這在三月的季度中對收入產生了多大影響？

It is starting small and we will see the ramping up beyond the March quarter. Some automotive have to qualify the site. They -- we did the part number cross on paper and then they need to qualify the site. So I mentioned there's audits coming in Q1. Once those audits get done, the PCNs get approved, then we'll see the continued ramp up in later quarters.

目前規模還比較小，我們將在三月後看到規模逐步擴大。一些汽車行業人士需要對網站進行資格認證。他們——我們在紙上核對了零件編號，然後他們需要對網站進行資格認證。我之前提到過，第一季會有審計。一旦這些審計完成，違規停車通知單獲得批准，那麼我們將在接下來的幾個季度看到違規停車罰單數量繼續增加。

Okay. Can I ask for some more details on CapEx spend and on OpEx? What are the areas of spend that you're going to have this year?

好的。請問能否提供更多關於資本支出和營運支出的詳細資訊？今年你們的支出計畫涵蓋哪些領域？

And in the past, you've kind of put off or delayed the CapEx spending. With the spend that you're going to have this year, would you be caught up in terms of how you see demand and with CapEx and your manufacturing capacity be sufficient for future demand? So can you talk about like areas of investment and how you see your overall CapEx plan for the next couple of years?

過去，你們一直都在延後或延緩資本支出。鑑於您今年的支出計劃，您認為您的資本支出和生產能力是否足以滿足未來的需求？那麼，您能否談談投資領域，以及您對未來幾年整體資本支出計畫的看法？

Okay, the carryover that we talked about, we had intended to spend some of the money in 2025 on the equipment for the 12-inch fab that's carried over into 2026, so that puts us in the range of [400 to 440], around $230 million or so is for that.

好的，我們之前談到的結轉資金，我們原本打算在 2025 年將一部分資金用於 12 英寸晶圓廠的設備，這筆資金結轉到了 2026 年，所以這筆資金大約在 4 億到 4.4 億美元之間，也就是大約 2.3 億美元左右。

Aside from that, there are capacitor projects, the large DC power capacitor that we talked about for the smart grid, we're expanding production there because of the projects that we're speaking about out to the year 2032.

除此之外，還有電容器項目，例如我們之前提到的用於智慧電網的大型直流電力電容器，由於我們所說的到 2032 年的項目，我們正在擴大該領域的生產。

Tantalum polymer is another high order rate product. And the tantalum polymer is used in AI, automotive, industrial, used in multi-market segments, so there will be expansion there.

鉭聚合物是另一種高訂購率產品。鉭聚合物應用於人工智慧、汽車、工業等多個市場領域，因此該領域將會有擴張的空間。

Our inductor product, the power inductors, we have the La Laguna facility. The inductors was the cornerstone of that site, and they'll be expanding further in Mexico because customers are looking for regional supply as well as non-tariff supply.

我們的電感器產品，即功率電感器，我們在拉古納設有工廠。電感器是該網站的基石，他們將在墨西哥進一步擴張，因為客戶既需要區域供應，也需要非關稅供應。

So in the passive side, it's very targeted and selective. There is all -- there's also small spending on semiconductor projects where there may be a tooling requirement for a few million dollars here and there. But I think we come over the peak of our CapEx spending in the middle of '26, and we start to return to a more normal type of spending where we don't have a project that is $100 million, $200 million. Those projects would be behind us.

所以被動攻擊方面，它非常有針對性和選擇性。所有這些都包括在半導體項目上的小額支出，這些項目可能偶爾需要數百萬美元的工具購買費用。但我認為，我們的資本支出高峰將在 2026 年中過去，之後我們將開始回歸更正常的支出模式，不再有 1 億美元、2 億美元的項目。那些項目都將成為過去。

Yeah, we're the days of the 9% and 10% capital intensity will be done. Yes, we'll be back down to more normal levels. Obviously, we'll have a higher revenue base, so the absolute dollar of CapEx may be higher, but we'll be back to the 5 and 6s.

是的，9%和10%的資本密集度時代將一去不復返了。是的，我們會恢復到更正常的水平。顯然，我們的收入基礎會更高，因此資本支出的絕對金額可能會更高，但我們會回到 5 到 6 美元的水平。

Great. Can I ask you one last question, Dave? Just in terms of capital allocation and buybacks, how are you guys thinking about that? And Joel, is this time for any M&A, either on the passive side or on the active side? Thank you for taking my questions.

偉大的。戴夫，我可以問你最後一個問題嗎？就資本配置和股票回購而言，你們是怎麼考慮的？喬爾，現在是進行任何併購活動的時機嗎？無論是被動併購還是主動併購？謝謝您回答我的問題。

So in the capital allocation, we have our return policy -- shareholder return policy, which is 70% free cash flow. And we're predicting because of the 12-inch fab expenditures, our free cash will be negative for the year or down to zero then you can ballpark it. So we're -- but we're going to maintain the dividend. So I think that's the answer from the capital allocation side.

因此，在資本配置方面，我們有我們的回報政策──股東回報政策，也就是70%的自由現金流。我們預測，由於 12 吋晶圓廠的支出，我們今年的自由現金流將為負值或降至零，你可以大致估算一下。所以，我們——但我們會維持分紅。所以，我認為這就是從資本配置角度來看的答案。

I'll let Joe answer from the M&A side.

我會讓喬從併購的角度來回答。

(inaudible) M&A is always on the table where you look across passives. And we look across semis with select technology. So it's on the table. We continue to look at it. Nothing to share at this point about a specific technology but getting over the peak of this capital spending allows Vishay to then get into M&A at a deeper rate, as well as continued restructuring of our footprint. We've got manufacturing locations that we still have as the next step to do an optimization and restructuring so M&A for lighter spending plus optimization of our footprint.

（聽不清楚）在考慮被動型資產時，併購始終是需要考慮的因素。我們著眼於採用特定技術的半拖車。所以這個問題已經提上行程了。我們會繼續關注此事。目前還沒有任何具體的技術可以分享，但在度過資本支出高峰期後，Vishay 就可以更深入地進行併購，並繼續重組我們的業務佈局。我們還有一些生產基地，下一步我們將進行優化和重組，透過併購來減少支出並優化我們的佈局。

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

好的。好的。謝謝您提供的所有細節。謝謝。

Thanks for the questions.

謝謝大家的提問。

And I'm not showing any further questions at this time. I'll turn the call back to Joel for any further remarks.

我目前不會再提出其他問題。我把電話轉回喬爾，請他再發表意見。

Thank you, Kevin. Thank you, everyone, for joining our call in the fourth quarter. We have made tremendous efforts over the last three years to have the capacity ready to assure our customers of reliable supply, and I think it's really coming together now with the amount of interaction we have with customers, plus the book-to-bill.

謝謝你，凱文。感謝各位參加我們第四季的電話會議。過去三年，我們付出了巨大的努力，確保產能足以向客戶提供可靠的供應。我認為，隨著我們與客戶的互動增多，以及訂單到帳單的順利進行，這一切現在都真正開始奏效了。

The book-to-bill in Q4 of 1.2. This is really building our momentum and setting this for a really successful year of the Vishay 3.0 takeoff. We look forward to talking to you again in May, where we will report the first quarter results. Thank you very much. Have a great day.

第四季訂單出貨比為 1.2。這確實增強了我們的發展勢頭，並為 Vishay 3.0 的騰飛之年奠定了堅實的基礎。我們期待在五月再次與您交流，屆時我們將報告第一季業績。非常感謝。祝你有美好的一天。

Ladies and gentlemen, that concludes today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接，祝您度過美好的一天。