威世科技 (VSH) 2026 Q3 法說會逐字稿

Good day and thank you for standing by.

大家好，感謝您稍候。

Welcome to the Vishay Intertechnology Q3 2026 earnings call.

歡迎參加 Vishay Intertechnology 2026 會計年度第三季（Q3）財報電話會議。

(Operator Instructions)

（接線員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Peter Henrici, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係主管 Peter Henrici。請開始。

Good morning and welcome to Vishay Intertechnology's Third Quarter 2026 Earnings Conference Call.

各位早安，歡迎參加 Vishay Intertechnology 2026 會計年度第三季財報電話會議。

I am joined today by Joel Smejkal, our President and Chief Executive Officer and by Dave McConnell, our Chief Financial Officer.

今天與我一同出席的有我們的總裁兼執行長 Joel Smejkal，以及我們的財務長 Dave McConnell。

This morning, we reported results for our third quarter 2026.

今天早上，我們已公布 2026 會計年度第三季的業績。

A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com.

我們的財報新聞稿可在公司網站 ir.vishay.com 的投資人關係專區取得。

This call is being broadcast live over the web and can be accessed through our website.

本次電話會議將透過網路進行即時直播，可透過我們的網站收看。

In addition, today's call is being recorded and will be available via replay on our website.

此外，今天的電話會議也會錄音，並將於我們的網站提供重播。

During the call, we will refer to a slide presentation, which we also posted on ir.vishay.com.

在會議進行期間，我們將參考一份簡報投影片，該簡報也已張貼於 ir.vishay.com。

You should be aware that during today's conference call, we will be making certain forward-looking statements that discuss future events and performance.

請注意，在今天的電話會議中，我們將作出若干前瞻性陳述，討論未來事件與表現。

These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements.

這些陳述受到各項風險與不確定性影響，可能導致實際結果與前瞻性陳述有所差異。

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 filing with the Securities and Exchange Commission.

關於可能導致結果不同的因素之討論，請參閱今天的新聞稿，以及 Vishay 向美國證券交易委員會（SEC）提交的 Form 10-K 與 Form 10-Q 文件。

We are including information in our press release and on this conference call on various GAAP and non-GAAP measures.

我們在新聞稿與本次電話會議中，提供了若干 GAAP 與非 GAAP 指標的資訊。

We have included a full GAAP to non-GAAP reconciliation in our press release and in the presentation posted on ir.vishay.com, which we believe will be useful when comparing our GAAP and non-GAAP results.

我們已在新聞稿以及張貼於 ir.vishay.com 的簡報中，提供完整的 GAAP 與非 GAAP 調節表（reconciliation），我們相信這將有助於比較 GAAP 與非 GAAP 的結果。

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.

我們使用非 GAAP 指標，因為我們相信其能提供關於各業務營運表現的有用資訊，投資人應將其與 GAAP 指標一併考量。

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

現在我把電話會議交給總裁兼執行長 Joel Smejkal。

Thank you, Peter.

謝謝你，Peter。

Thank you, everyone, for joining the Q3 2026 earnings call this morning.

謝謝各位今天早上參加 2026 年第三季（Q3）財報電話會議。

I'll start the call with a review of our third quarter performance, and Dave will take you through a detailed review of our financial results for the quarter and our guidance for the fourth quarter of 2026.

我將先回顧第三季的表現，接著 Dave 會帶各位詳細檢視本季財務結果，以及我們對 2026 年第四季的財測指引。

After that, I'll update you on the strategic levers we are pulling to drive growth and profitability, and then we'd be happy to answer any of your questions.

之後，我會向各位更新我們為推動成長與獲利所採取的策略槓桿，然後我們很樂意回答各位的問題。

For the third quarter, we are reporting revenue of $979 million, exceeding the top end of our guidance range $945 million to $975 million.

第三季我們的營收為 9.79 億美元，超出我們指引區間 9.45 億至 9.75 億美元的上緣。

Revenue grew 7% compared to the adjusted revenue reported for the second quarter and 24% year-over-year.

與第二季所公布的調整後營收相比，營收成長 7%，年增 24%。

Demand remained robust among industrial, automotive, aerospace defense and AI customers.

工業、車用、航太國防以及 AI 客戶的需求仍然強勁。

At $979 million, we have set a record with the highest quarterly revenue in Bouchet's history.

以 9.79 億美元計，我們創下公司歷史上最高的單季營收紀錄。

All product technologies contributed to this new revenue high during a seasonal Q3.

在具有季節性的第三季中，所有產品技術皆對這次營收新高有所貢獻。

Our passive product lines gave an extra boost. Passives were 52% of quarterly sales.

我們的被動元件產品線帶來額外助力。被動元件占本季銷售的 52%。

As a hybrid supplier of discrete semis and passive components, Vishay is uniquely positioned to sell more technologies across all market segments.

作為同時供應分離式半導體與被動元件的混合型供應商，Vishay 具備獨特優勢，能在所有市場區隔銷售更多技術產品。

Bookings remained robust, increased 15% to reach a quarter-end backlog of $2.2 billion or 6.6 months.

接單仍然強勁，成長 15%，期末在手訂單達 22 億美元，約相當於 6.6 個月。

Book-to-bill for Q3 was 1.29 with semiconductors and 1.28 excuse me, book-to-bill was 1.29 overall with semis at 1.28 and passives at 1.31.

第三季的接單出貨比（book-to-bill）為 1.29；其中半導體為 1.28，而被動元件為 1.31。

Q3 bookings for resistors were at record highs while the other technologies continued with strong bookings.

第三季電阻器的接單創下歷史新高，其他技術也持續維持強勁接單。

Customers are driven to place larger quantity orders with longer visibility.

客戶傾向下更大數量、且可見度更長的訂單。

With the overall market supply tight for high-demand semis and passives, more customers in all regions placed longer-term orders with extended forecasts, in some cases up to 18 months to ensure supply through 2027.

由於整體市場對高需求的半導體與被動元件供給吃緊，各地區更多客戶下達較長期訂單並提供延伸預測，在某些情況下最長可達 18 個月，以確保 2027 年前的供應。

End market consumption continues to grow while the channels of OEM, distribution and EMS want to replenish inventories, this is challenging for them.

終端市場的實際消耗量持續成長，而 OEM、通路與 EMS 等渠道也希望補充庫存，這對他們而言具有挑戰。

In response to these industry dynamics, we continue our focus on execution, serving our customers well and delivering on our promise that Vishay 3.0 is a different company.

面對這些產業動態，我們持續專注於執行力，妥善服務客戶，並兌現我們的承諾：Vishay 3.0 是一家不同的公司。

We're a reliable supplier, positioning with incremental capacity to scale with their growth requirements while maintaining competitive lead times.

我們是可靠的供應商，並以可逐步增加的產能配置，隨客戶成長需求擴充規模，同時維持具競爭力的交期。

Customers recognize the capacity readiness business approach.

客戶認同我們「產能就緒」的經營方式。

Which the Vishay 3.0 transformation has put into place.

這是 Vishay 3.0 轉型所建立的。

Customers in all regions give us feedback that we are not on their list as a risk supplier in this cycle.

各地區客戶回饋，我們在本輪景氣循環中並未被列為風險供應商。

They say in past upcycles, Voucher was first to be on the risk supplier list.

他們表示，在過去的景氣上行周期中，我們往往最先被列入風險供應商名單。

Everyone at Voucher today works very hard to support the customers with timely product delivery.

如今公司每一位同仁都非常努力，以準時交付產品來支援客戶。

They are creative and flexible when customer escalations arise.

當客戶提出升級（escalation）需求時，我們也能以創意且彈性的方式因應。

As an example, Q3 compared to last year's Q3, customers have increased consumption of Vache units through our distribution channel by 57%. Under Vishay 2.0, without the incremental capacity and the distributor inventory strategy, customer consumption would have been generally flat.

例如，與去年第三季相比，本季客戶透過我們的經銷通路對 Vishay 產品的消耗量增加了 57%。在 Vishay 2.0 時期，若沒有額外產能與經銷商庫存策略，客戶消耗量大致會持平。

Our strategy to expand part number account and to place deeper inventory on the distributor's shelves, staging inventory ahead of the upcycle under Vishay 3.0 was paramount.

我們的策略是擴大可供應的料號覆蓋，並在經銷商貨架上配置更深的庫存；在 Vishay 3.0 下於景氣上行前提前備貨至關重要。

With inventory on the shelves of distributors, Vishay POS has grown significantly as parts are available to more customers and that had Bouchet on their bill of materials.

由於經銷商貨架上有庫存，Vishay 的 POS（銷售點）顯著成長，因為零件可供更多客戶取得，且這些客戶的物料清單（BOM）中包含 Vishay。

Previously underserved customers are now not only consuming available inventory, but expanding their product demand with us.

過去服務不足的客戶，如今不僅消耗現有庫存，還擴大了對我們產品的需求。

High growth applications in industrial and AI power management are attracting new customers to our portfolio for passives and semiconductors.

工業與 AI 電源管理等高成長應用，正吸引新客戶採用我們的被動元件與半導體產品組合。

In short, we're doing a great job of increasing our customer count and our partner count, shifting more volume to more customers.

總之，我們在增加客戶數與合作夥伴數方面做得非常好，將更多出貨量分散到更多客戶。

And leveraging more of our product portfolio. We have gained market share and keep expanding capacity to hold these gains and grow further.

並進一步運用我們更完整的產品組合。我們已取得市占率，並持續擴充產能以鞏固這些成果並進一步成長。

Let's turn to slide 3 to review the Q3 revenue, starting with revenue by end market.

接下來請看投影片第 3 頁，我們將從各終端市場的營收開始回顧第三季營收。

While each of our high-growth end markets grew in the third quarter, industrial maintained its dominance.

雖然我們各個高成長終端市場在第三季皆有所成長，工業市場仍維持其主導地位。

Industrial revenue increased 12% versus Q2 and 43% versus prior year.

工業營收較第二季成長12%，較去年同期成長43%。

You may remember that we saw the beginning of the industrial market upturn toward the end of 2024 due to our growing customer applications for high-voltage capacitors.

各位或許記得，由於我們在高壓電容的客戶應用持續增加，我們在2024年底左右已看到工業市場回升的開端。

The Americas posted strong growth with new projects supporting power management, smart grid, industrial automation ramping to mass production.

美洲地區呈現強勁成長，新專案支援電源管理、智慧電網，以及工業自動化加速導入量產。

We continue to see record demand levels for polymer capacitors associated with AI server applications.

我們持續看到與AI伺服器應用相關的聚合物電容需求水準創新高。

In Asia, demand remains strong for power supplies, AI power customers and high-voltage DC with a modest contribution from smart grid projects.

在亞洲，電源供應器、AI電源客戶與高壓直流（DC）需求仍然強勁，智慧電網專案則帶來小幅貢獻。

The number of our technologies being designed into power management continues to expand, customers increasingly design in multiple passive components.

我們被導入電源管理設計的技術數量持續擴大，客戶也愈來愈常在設計中同時採用多種被動元件。

Within their same power architectures, including current sense resistors, power resistors, high voltage capacitors, inductors and magnetics, and protection devices.

在相同的電源架構中，包括電流感測電阻、功率電阻、高壓電容、電感與磁性元件，以及保護元件。

This is contributing to increased part count on our customer bill of materials for industrial and AI server power.

這正促使我們客戶在工業與AI伺服器電源的物料清單（BOM）中，單機用料數（part count）增加。

Customers continue to place orders for smart grid projects as we want another smart grid infrastructure program in the Americas. This one is related to Canadian data center builds and EV adoption.

客戶持續為智慧電網專案下單，因為我們在美洲又贏得另一項智慧電網基礎建設計畫。此計畫與加拿大資料中心建置及電動車（EV）普及相關。

In automotive, revenue grew 4% quarter over quarter and 7% versus prior year as customers began ramping new model year programs and China exports grew.

在車用領域，隨著客戶開始拉升新年度車型專案，以及中國出口成長，營收季增4%、年增7%。

Customers placed orders to secure delivery against forecast, including several EMS and OEM customers, which increased order coverage for 2027 programs.

客戶為確保交付以符合預測而下單，包括多家EMS與OEM客戶，進而提高了2027年專案的訂單覆蓋率。

Aerospace defense revenue increased 4% versus the quarter and 23% versus last year, reflecting higher consumption levels by defense contractors in the US and Europe as they continue to replenish components supporting funded weapons programs.

航太國防營收較上季成長4%、較去年成長23%，反映美國與歐洲的國防承包商在持續補充支援已獲資金武器計畫的零組件下，消耗水準提高。

Bookings growth in the Americas was robust, resulting in a book-to-bill of 1.64 at quarter end.

美洲地區的接單成長強勁，使得季末的接單出貨比（book-to-bill）達到1.64。

Customers quickly moved their position and their backlogs as Department of Defense finalized contracts with the primes.

隨著國防部（Department of Defense）與主承包商（primes）敲定合約，客戶迅速調整其排程與在手訂單（backlog）。

Healthcare revenue increased 1% versus Q2 and 13% versus prior year.

醫療保健營收較第二季成長1%，較去年同期成長13%。

In the Americas, customer seasonality dampened demand in bookings. While in Europe and Asia demand for new portable devices drove volume gains.

在美洲，客戶季節性因素抑制了接單需求。而在歐洲與亞洲，對新型可攜式裝置的需求帶動出貨量成長。

Our ongoing initiative to expand relationships with long-standing medical customers by leveraging the breadth of our portfolio continues to work.

我們持續推動的計畫，透過運用我們產品組合的廣度來擴大與長期醫療客戶的合作關係，仍在發揮成效。

Bookings in Europe reached a new record as a customer added inductors to the bill of materials. In Asia.

歐洲的接單創下新紀錄，因為某位客戶將電感納入物料清單。在亞洲。

We expanded business with EMS customers concerned about tightening supply for inductors and resistors.

我們擴大了與EMS客戶的業務合作，這些客戶擔心電感與電阻供應趨緊。

In the other category, revenue was flat quarter-over-quarter, reflecting increases in power supply and telecom offset by declines in consumer and PCs.

在其他類別中，營收較上季持平，反映電源供應與電信的成長被消費性與PC的下滑所抵銷。

Year-over-year, revenue grew 23%. With respect to demand for AI servers and server power volume grew on higher consumption and market share gains.

年對年而言，營收成長23%。就AI伺服器與伺服器電源的需求而言，出貨量因消耗增加與市占提升而成長。

Customers continue to add Batch passive technologies to AI power management solutions, with the percent of passive components increasing as industrial and AI topologies move to higher voltages and as AI requirements for higher power density, efficiency, heat dissipation, higher switching frequencies, and precision sensing drive more Batch passive usage.

客戶持續將Batch被動元件技術加入AI電源管理解決方案；隨著工業與AI拓撲走向更高電壓，以及AI對更高功率密度、效率、散熱、更高切換頻率與精準感測的需求推動更多Batch被動元件使用，被動元件所占比例也在提高。

In telecom, customers supporting optical communication network switches, both 800 gigabits and 1.6 terabits, drove significant volume increase.

在電信方面，支援光通訊網路交換器（800Gb與1.6Tb）的客戶帶動出貨量大幅增加。

Let's turn to slide 4 for review of revenue by channel.

接著請看投影片4，我們將回顧依通路別的營收表現。

Revenue increased in the quarter and in each channel led by distribution, which increased 9% quarter-over-quarter and 30% year-over-year and accounted for 76% of the total revenue growth.

本季以及各通路的營收皆增加，其中以經銷通路領先；經銷通路營收季增9%、年增30%，並占總營收成長的76%。

Distribution volume drew on strong demand for industrial, aerospace and AI customers.

經銷通路的出貨量受惠於工業、航太與AI客戶的強勁需求。

Distribution inventory was flat at 18 weeks and POS increased 5% quarter-over-quarter and 26% year-over-year with growth in each region.

經銷庫存維持在18週持平，而POS（銷售至終端）季增5%、年增26%，各區域皆呈成長。

Bookings increased as distribution partners tried to take proactive steps to replenish inventory and pull in backlogs.

隨著經銷夥伴嘗試採取更積極的措施補充庫存並提前拉貨以消化在手訂單，接單量增加。

Driven by lead time extensions and component price increases along with demand momentum.

主要受交期延長與元件價格上漲，以及需求動能所帶動。

OEM revenue was up 3% quarter-over-quarter and 14% year-over-year, reflecting solid demand from industrial automotive and healthcare customers.

OEM營收季增3%、年增14%，反映工業、車用與醫療保健客戶的穩健需求。

EMS revenue increased 6% quarter-over-quarter and 27% year-over-year, reflecting ongoing industrial aerospace defense and automotive program ramps. While programs using more Vishay part numbers continued to fall at EMS.

EMS營收季增6%、年增27%，反映工業、航太國防與車用專案持續拉升。同時，在EMS端使用更多Vishay料號的專案仍持續下滑。

Orders from EMS customers reached an all-time high in the quarter.

本季來自EMS客戶的訂單創下歷史新高。

We see this as a vote of confidence in our Vishay 3.0 approach by offering competitive lead times as EMS customers support increasing demand and try to have some inventory of critical components.

我們將此視為EMS客戶對我們Vishay 3.0策略的信任投票：透過提供具競爭力的交期，協助EMS客戶在支援需求增加的同時，保有部分關鍵元件庫存。

Slide 5 is regions.

投影片5是各地區表現。

Turn to our geographical mix on this slide. Asia continued to dominate revenue growth as strong demand for industrial power and AI servers, networks and related infrastructure drove sales growth.

請看本頁的地理區域組合。亞洲仍是營收成長的主要動能，工業電源與AI伺服器、網路及相關基礎建設的強勁需求帶動銷售成長。

Revenue in the Americas grew 6% and 31% year-over-year on record level consumption from industrial and aerospace customers, especially for passive.

美洲地區營收成長6%，年增31%，主要受工業與航太客戶創紀錄的消耗水準帶動，尤其是在被動元件方面。

Before turning the call over to Dave, I want to thank the Vishay employees and our reps for their hard work as we continue to execute the Vishay 3.0 growth strategy.

在把電話會議交給Dave之前，我要感謝Vishay的員工以及我們的業務代表，感謝大家的辛勤付出，讓我們能持續推進Vishay 3.0成長策略的執行。

From all their hard work, we set an all-time high in revenue for Q3.

在大家的努力之下，我們第三季營收創下歷史新高。

Through their dedication to intensify customer engagements, we are supporting more customers, increasing our part count, end product technologies, and proving to our customers that we are a reliable supplier.

透過他們致力於強化客戶互動，我們正在支援更多客戶、提高單機用料數、擴展終端產品技術，並向客戶證明我們是可靠的供應商。

The Vishay 3.0 team is focused on execution.

Vishay 3.0團隊專注於落實執行。

Driving revenue growth and gross margin expansion.

推動營收成長與毛利率擴張。

Dave, I'll hand the call to you.

Dave，接下來交給你。

Thanks, Joel, and good morning, everyone.

謝謝你，Joel，各位早安。

Let's start the review of the third quarter results with the highlights on slide 7.

我們先從投影片7的重點摘要開始回顧第三季業績。

Sorry, slide 6.

抱歉，是投影片6。

Third quarter revenue was $979 million, exceeding our guidance range and increasing sequentially 10.2% on a GAAP basis and 6.6% on an adjusted basis.

第三季營收為9.79億美元，超出我們的指引區間；以GAAP基礎計算，營收較前一季成長10.2%，以調整後基礎計算則成長6.6%。

Driven by strong volume growth of 5% and an increase in average selling prices of 2%. Compared to the third quarter of 2025, revenue increased 24%, driven primarily by a 20% increase in volume and a 4% increase in average selling prices.

主要由5%的強勁出貨量成長，以及平均銷售價格（ASP）上升2%所帶動。與2025年第三季相比，營收成長24%，主要由出貨量增加20%與平均銷售價格上升4%所驅動。

Moving on to the next slide, presenting the income statement highlights.

接著看下一張投影片，呈現損益表重點。

Gross profit was $249 million, delivering a gross margin of 25.5%. Exceeding our guidance and representing an over 200 basis points increase versus the prior quarter.

毛利為2.49億美元，毛利率為25.5%，高於我們的指引，且較前一季提升超過200個基點。

Higher volumes and improved pricing conditions drove margin expansion, helping to offset ongoing inflationary cost pressures.

更高的出貨量與改善的定價環境帶動毛利率擴張，有助於抵消持續的通膨性成本壓力。

Depreciation expense was $56 million, slightly higher than our guidance due to accelerated depreciation on a transition of manufactured commodity products to buy retail.

折舊費用為5,600萬美元，因將部分自製大宗商品產品轉為採購零售（buy retail）而加速折舊，略高於我們的指引。

SG&A expenses were $157 million, an increase versus the second quarter, but in line with our guidance.

SG&A費用為1.57億美元，較第二季增加，但符合我們的指引。

Operating margin was 9.4% compared to 5.8% on an adjusted basis in the second quarter and 2.4% in the third quarter of 2025.

營業利益率為9.4%，相較第二季經調整基礎的5.8%，以及2025年第三季的2.4%。

EBITDA for the quarter was $146 million for an EBITDA margin of 14.9%, up from 11.4% in the second quarter.

本季EBITDA為1.46億美元，EBITDA利潤率為14.9%，高於第二季的11.4%。

Our GAAP effective tax rate is improving as profitability increases, but remains elevated as items such as US taxation of foreign earnings and repatriation taxes continue to have a disproportionate impact on the effective tax rate.

隨著獲利能力提升，我們的GAAP有效稅率正在改善，但仍偏高，因美國對海外盈餘課稅及匯回稅等項目仍對有效稅率造成不成比例的影響。

The Q3 effective tax rate of 32.4% came in below our guidance range as pre-tax earnings exceeded expectations.

第三季有效稅率為32.4%，由於稅前盈餘超出預期，低於我們的指引區間。

Earnings per share was $0.37 with no non-cap adjustments compared to $0.19 per share in quarter two and adjusted earnings per share of $0.04 in the third quarter of 2025.

每股盈餘為0.37美元，未做任何非資本調整（non-cap adjustments），相較第二季每股0.19美元，以及2025年第三季經調整後每股盈餘0.04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. All reportable segments delivered revenue growth quarter over quarter and versus prior year.

接著看第8頁，提供一張摘要表，彙整我們各可報導部門的營收、毛利率與接單出貨比（book-to-bill）以便快速參考。所有可報導部門的營收皆較前一季及去年同期成長。

Turning to slide 9, in the third quarter, our cash conversion cycle improved to 106 days from 110 days in quarter two, in part due to increased sales volume and our continued disciplined working capital management.

看第9頁，第三季我們的現金轉換週期由第二季的110天改善至106天，部分原因是銷售量增加，以及我們持續嚴謹的營運資金管理。

DSO improved from 38 days in quarter two to 35 days, primarily due to higher revenues and the application of credits for tariff refunds.

DSO由第二季的38天改善至35天，主要因營收較高，以及運用關稅退稅的抵減額（credits）。

Inventory days outstanding improved to 101 days due to increased sales volume. Overall inventory remained relatively flat.

存貨週轉天數改善至101天，受惠於銷售量增加。整體存貨水位仍大致持平。

Continuing to slide 10, you can see we generated $146 million in operating cash for the third quarter.

接著看第10頁，可以看到我們第三季產生1.46億美元的營運現金流入。

Free cash flow for the quarter was $98 million, reflecting the increased operating income compared to $10 million in the second quarter.

本季自由現金流為9,800萬美元，反映營業利益增加；相較第二季為1,000萬美元。

We continue to deploy cash for capacity expansion projects.

我們持續將現金投入產能擴充專案。

Total CapEx for the quarter was roughly $48 million, slightly lower than expectations due to extended lead times on equipment deliveries and installation, particularly at our new 12-inch fab, wafer fab in Germany.

本季資本支出（CapEx）約4,800萬美元，因設備交付與安裝交期延長而略低於預期，尤其是在我們位於德國的新12吋晶圓廠。

On a trailing 12-month basis, capital intensity was 9.8%, which is a decrease from the 10.8% in the prior year.

以過去12個月計算，資本強度為9.8%，較前一年的10.8%下降。

Stockholder returns for the third quarter consist of our $15.3 million quarterly dividend. We did not repurchase any shares during the quarter.

第三季股東回饋包括1,530萬美元的季度股利。本季我們未回購任何股份。

At the end of the quarter, our global cash and short-term investment balance was $1.1 billion.

截至季末，我們全球現金與短期投資餘額為11億美元。

We used approximately $300 million of the proceeds from our June public stock offering to repay the outstanding balance on the revolver.

我們使用約3億美元、來自6月公開發行股票的募集資金，用以償還循環信貸（revolver）的未償餘額。

Our cash and revolver capacity will be used to support an acceleration of our gross initiatives.

我們的現金與循環信貸額度將用於支持加速推進我們的毛利提升計畫。

At the end of the quarter, the full amount of the revolving credit facilities are assessable at the current EBITDA levels.

截至季末，在目前的EBITDA水準下，循環信貸融資額度可動用的金額為全額。

Okay, turning to slide 11 and the guidance. For the fourth quarter of 2026, revenues are expected to be $990 million plus or minus $15 million.

好的，接著看第11頁與財測指引。2026年第四季營收預期為9.90億美元，上下浮動1,500萬美元。

Our guidance includes the impact of year-end holiday closures.

我們的指引已納入年終假期停工的影響。

Gross margin is expected to be in the range of 26.0% plus or minus 50 basis points, exceeding our goal of exiting the year at 24% quarterly gross margin by 200 basis points.

毛利率預期為26.0%上下50個基點，較我們設定的「年底退出時季度毛利率達24%」目標高出200個基點。

Depreciation expense is expected to be approximately $54 million for the fourth quarter.

第四季折舊費用預期約為5,400萬美元。

SG&A expenses are expected to be approximately $157 million plus or minus $3 million.

SG&A費用預期約為1.57億美元，上下浮動300萬美元。

Interest expense is expected to be approximately $6 million for the fourth quarter.

第四季利息費用預期約為600萬美元。

Our GAAP effective tax rate remains elevated at these levels of pre-tax income or loss.

在目前這樣的稅前盈餘或虧損水準下，我們的GAAP有效稅率仍偏高。

We expect the effective tax rate to become more predictable and in the range of our historical average as earnings grow. For the fourth quarter '26, we expect the effective tax rate to be between 30% and 35%. CapEx for the full year is now expected to be in the range of $350 million to $400 million due to extended lead times on equipment deliveries and installation.

隨著獲利成長，我們預期有效稅率將更可預測，並回到接近歷史平均的區間。對於2026年第四季，我們預期有效稅率介於30%至35%。由於設備交付與安裝交期延長，全年CapEx目前預期落在3.5億至4.0億美元區間。

During the fourth quarter, we plan to significantly reduce our accounts receivable securitization program.

在第四季期間，我們計畫大幅縮減應收帳款證券化計畫。

Due to this and our ongoing capacity expansion plan, we expect free cash for the full year '26 to be close to breakeven.

基於上述因素以及我們持續的產能擴充計畫，我們預期2026年全年自由現金流將接近損益兩平。

I'll turn the call back to Joel.

我把電話會議交回給Joel。

All right.

好的。

Thank you, Dave.

謝謝你，Dave。

Let's turn to Slide 12 for a review of the strategic levers.

我們來看第12頁，回顧策略槓桿。

Vishay 3.0 is pulling to drive revenue growth, expand gross margins and enhance returns.

Vishay 3.0正透過多項槓桿推動營收成長、擴大毛利率並提升報酬。

Starting with capacity expansion, we have invested $253 million through Q3 in our facilities, nearly all of which was spent on incremental capacity.

先從產能擴充談起，截至第三季我們已在各項設施投資2.53億美元，其中幾乎全部用於新增產能。

We had planned to spend between $400 million and $440 million in 2026, with about half of that amount earmarked for our 12-inch fab in Germany.

我們原先規劃在2026年投入4.0億至4.4億美元，其中約一半將用於德國的12吋晶圓廠。

Some spending has been pushed into 2027.

部分支出已延後至2027年。

Nevertheless, at our 12-inch fab in Germany, we continued equipment installation in the third quarter and did start up 90% of the equipment.

儘管如此，在德國的12吋晶圓廠，我們第三季仍持續進行設備安裝，並已啟動90%的設備。

Some equipment is next for system hookup in Q4 '26.

部分設備將於2026年第四季進行系統接線與連接（system hookup）。

We are preparing to start running engineering wafers in early '27.

我們正準備在2027年初開始跑工程晶圓（engineering wafers）。

We are planning to start non-automotive part number production in the second-half of 2027.

我們規劃於2027年下半年開始生產非車用料號。

At Newport, we successfully completed three additional automotive customer audits with high grades of A. Wafer output is increasing around 10% per quarter as we receive more customer program approval, which allow us to transfer wafer loading from Itzehoe 8 to Newport.

在Newport，我們成功完成另外三項車用客戶稽核，並獲得A等高分。隨著取得更多客戶專案核准，晶圓產出每季約增加10%，使我們得以將晶圓投片由Itzehoe 8轉移至Newport。

To support our AI customer demand, we have increased the fab loading at Korean foundries. With wafer shipments at the end of Q3 to support Q4 '26 customer deliveries.

為支援AI客戶需求，我們已提高韓國晶圓代工廠的投片量。並在第三季末出貨晶圓，以支援2026年第四季的客戶交付。

We plan to further increase fab loading during Q4 and in the first half of 2027.

我們計畫在第四季以及2027年上半年進一步提高投片量。

On the passive side, automotive customer qualifications at our La Laguna and Warres facilities are progressing well.

在被動元件方面，我們位於La Laguna與Warres廠的車用客戶認證進展順利。

In Japan, we have increased capacity of our polymer tantalum capacitor production.

在日本，我們已提升聚合物鉭電容的產能。

With much further expansion of capacity underway in La Laguna.

同時在拉古納（La Laguna）也正進行更大幅度的產能擴充。

We continued to qualify subcontractors during the quarter, adding outsourced commercial-grade diodes and resistors to our portfolio.

本季我們持續認證分包商，將外包的商規二極體與電阻納入我們的產品組合。

In Q3 '26, we added over 17,000 SKUs with our distributors as available-to-sell products.

在26年第三季，我們透過經銷商新增超過17,000個SKU，作為可供銷售的產品。

In terms of innovation and new product development, we continue to execute on our silicon carbide strategy, releasing MOSFETs and diodes, which range from 650 volts to 1,700 volts.

在創新與新產品開發方面，我們持續推進碳化矽策略，推出MOSFET與二極體，電壓範圍涵蓋650伏至1,700伏。

In Newport, we successfully completed the conversion of the silicon carbide manufacturing line to 8-inch engineering wafers.

在紐波特（Newport），我們已成功完成將碳化矽製造產線轉換為8吋工程晶圓。

Across the business units, there are many new projects.

在各事業單位之間，有許多新專案正在進行。

With all technologies in R&D to support industrial AI power and automotive roadmaps.

所有研發中的技術都在支援工業AI電源與車用路線圖。

The Electronica component show is in Germany, Munich, Germany next week.

Electronica元件展將於下週在德國慕尼黑舉行。

We will continue to showcase and promote the Batch solutions and reference designs, which support at least 80% of the products on the board in power applications.

我們將持續展示並推廣Batch解決方案與參考設計，這些方案在電源應用中可支援板上至少80%的產品。

In closing, Vishay reached a record revenue level for the third quarter, propelled by our hybrid footprint of discrete semiconductors and passives, which enabled 30% growth in distribution year-over-year.

最後，Vishay第三季營收創下歷史新高，受惠於我們兼具分立半導體與被動元件的混合布局，帶動通路年增30%。

Vichet 3.0 is delivering results, which provide clear evidence that our growth and margin expansion strategy, our customer engagement focus and our business-minded approach works.

Vichet 3.0正在交出成果，清楚證明我們的成長與毛利擴張策略、以客戶互動為核心的聚焦，以及以商業思維驅動的方法是有效的。

We are positioning well to take full advantage of this market upcycle and the long-term demand trends, particularly as increasing power requirements and high voltage drive demand for all technologies.

我們已做好布局，將充分把握這波市場上行循環與長期需求趨勢，尤其在電力需求提升與高電壓帶動下，各項技術的需求都在增加。

We are pushing hard to supply our customers while maintaining competitive lead times and to drive sequential revenue growth.

我們正全力供應客戶，同時維持具競爭力的交期，並推動營收逐季成長。

For this 12-week quarter in Q4.

針對第四季這個12週的季度。

Ari, we'll now open up the call for questions.

Ari，我們現在開放提問。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Christopher Glynn, Oppenheimer

Christopher Glynn，Oppenheimer

Thanks. Good morning, everyone, and congrats on the results. Nice showcase for 3.0.

謝謝。各位早安，也恭喜你們的成果。3.0的成果展示得很漂亮。

Curious about what you're seeing in terms of the current pace of design wins, kind of at the leading end of your go-to-market upgrades.

我想了解你們目前看到的設計導入（design wins）節奏如何，算是在你們市場推進升級的前端。

Just kind of win rates, what's rolling in pipeline and such ahead of actual win rates?

也就是勝率大概如何、管線裡有哪些案子在進來，以及在實際拿下案子之前的領先指標是什麼？

Okay, power, industrial power is one of the leading design in activities. We see a lot of high voltage requests, capacitors, resistors, circuit protection, MOSFET diodes, all of the technologies with high power industrial. The design activity continues to be very strong.

好的，電源、工業電源是設計導入活動中領先的領域之一。我們看到很多高電壓需求，包括電容、電阻、電路保護、MOSFET二極體等，所有技術在高功率工業應用上都有需求。設計活動持續非常強勁。

We have a CRM, a new CRM in the company, which is the opportunity management, engineers, FAEs, sales reps are ending their design, so the design activity is good in industrial AI, we continue to meet with the AI chipset companies to get more passives. MOSFETs and diodes on their bill of materials, so we're gaining there, not to put any specific numbers on it at this point, but we are gaining. We see it in the orders that we're receiving in Asia for AI through EMS customers. Automotive continues to be a strong part of our business with strong design and as well, and then military defense and medical.

我們公司導入了新的CRM，也就是商機管理系統，工程師、FAE與業務代表都在其中推進設計案，因此在工業AI方面的設計活動表現良好；我們也持續與AI晶片組公司會面，爭取更多被動元件、MOSFET與二極體進入他們的物料清單（BOM），所以我們正在取得進展，目前不便提供具體數字，但確實在成長。

So I would say design activity is strong, we haven't seen any slowdown in new programs.

所以我會說設計活動很強，我們尚未看到新專案有任何放緩。

Because of the trending to higher voltages and greater efficiencies and precision.

因為趨勢正朝向更高電壓、更高效率與更高精度。

Great. Thanks for that. Appreciate the global comment.

很好。謝謝你的說明。也感謝你對全球狀況的評論。

Auto is a little different, I think, just in terms of vehicle production, not really a growth sector. I know there's content and share aspects, but all your other verticals really have distinctive long-term growth drivers.

車用有點不同，我認為就整車產量而言並不是成長型領域。我知道還有單車用量與市占的因素，但你們其他垂直領域都有明確的長期成長驅動力。

In auto, you talked about new model years, suggests maybe some stocking going on. You have had a great year in auto. Would you think that auto would be one area that probably levels off for you within the next quarter?

在車用方面，你提到新車款年度，聽起來可能有一些備貨在進行。你們今年車用表現非常好。你是否認為車用可能會是你們在接下來一季內最可能趨於持平的領域？

Or two? Well, you mentioned it right. The car count seems to be generally flat, but the new program launches for EV, traction inverters, ADAS.

或兩季？嗯，你說得沒錯。整體車輛數量看起來大致持平，但電動車（EV）、牽引逆變器、ADAS等新專案的導入正在增加。

Power management in the vehicle DC to DC, we continue to see more and more demand for our products.

車內DC對DC等電源管理方面，我們持續看到對我們產品的需求愈來愈多。

Quite happy with the growth in resistors in automotive, capacitor opportunities with polymer tantalum coming, film capacitors as well with DC link.

我們對車用電阻的成長相當滿意；隨著聚合物鉭電容導入，電容也有機會；另外DC link相關的薄膜電容也有機會。

So across capacitors, always inductors, IHLP products is there. So automotive, because of the increasing electronic content, we see it flat next quarter, it's a 12-week quarter.

因此在電容方面，還有電感器一直都有，IHLP產品也在其中。所以車用因為電子含量提升，我們預期下季持平，因為那是一個12週的季度。

They are trying to build inventory versus just having products be delivered for consumption.

他們正嘗試建立庫存，而不只是按實際消耗來交付產品。

Not a lot of success in building inventory, most of what we ship is in programs.

但建立庫存並不太成功，我們出貨的大多數都已在專案中被消化。

But we continue to see automotive flat for the next quarter, but continuing to move up with more content. We like the release of these new EV programs because Bouchet has strong positions there.

不過我們仍預期車用下季持平，但隨著單車含量增加仍會持續上升。我們喜歡這些新的EV專案釋出，因為Bouchet在那裡有很強的布局。

Okay, great. Thanks. I'll jump back in queue.

好的，很好。謝謝。我回到隊列後面。

Thanks, Chris.

謝謝，Chris。

David Williams, Needham.

David Williams，Needham。

Good morning, everyone, and let me also add my congratulations on the really solid results here.

各位早安，我也要補充恭喜，你們這次的結果真的很扎實。

Thank you.

謝謝。

Maybe first, Joel, are you seeing any scenario maybe develop where.

也許先問第一個，Joel，你是否看到任何情境正在形成，例如……

The critical components are in shortage and you've got some inventory building maybe around some of the adjacent components. Just trying to understand how you're seeing that demand environment and could we get into another scenario where it's the golden screw effect that could potentially be an issue down the road?

關鍵元件出現短缺，而你們在一些相鄰元件上可能在建立庫存。我想了解你們如何看待這個需求環境；未來是否可能再出現另一種情境，也就是所謂「金螺絲效應」（golden screw effect），可能在之後成為問題？

We hear about the shortages of PCBs, in some cases more in AI, but here it's somewhat in automotive, hasn't been a showstopper. When we talk to our distributors, EMS customers and OEM across all regions, they say, we'd like to build stock, we'd like to have inventory, but it's a challenge because parts are being consumed. We look at the POS that goes through distribution with the number of components 57% up year-on-year.

我們有聽到PCB短缺的情況，在某些案例中AI領域較多，但在這裡車用也有一些，不過尚未成為阻礙。當我們與各區域的經銷商、EMS客戶與OEM交流時，他們表示希望建立庫存、希望有存貨，但因為零件正在被消耗，所以很有挑戰。我們觀察通路的POS數據，Vishay產品的元件數量年增57%。

That's a POS number, that's the consumption of Vishay products. Distributors would like to put more on the shelf, they haven't been able to restock, you've seen our weeks of inventory be 18 weeks now, two quarters in a row, we shipped much more POA to the distributors in the quarter versus Q2, but it went out the door.

那是POS數字，也就是Vishay產品的實際消耗量。經銷商希望在貨架上放更多貨，但一直無法補庫；你也看到我們的庫存週數目前是18週，已連續兩季如此；本季我們出給經銷商的POA比第二季多很多，但貨一出就被消化掉了。

So we watch for double ordering, can't say we can say it has any significance at this point.

所以我們會留意是否有重複下單，但目前還不能說這在此時有任何重大意義。

Looking for shortages that might impact and the golden screw, we continue to have customers say ship.

我們在尋找可能造成影響的短缺情況以及所謂的「金螺絲」，我們仍持續聽到客戶說：出貨就好。

We'll take the product, just ship it.

我們會收貨，直接出貨就行。

So we're watching the inventory, David, haven't really seen that anybody can build significant inventory yet.

所以我們在觀察庫存，David，目前其實還沒看到有人能建立起顯著的庫存水位。

Great. That's good to hear.

很好。很高興聽到這點。

And maybe just from the pricing environment, I know you're holding the pricing really to just inflation here, but just curious if you're seeing anything maybe irrational from your competitors that may be helping lift your share opportunities and just kind of given where EMS is reaching an all-time high in bookings, it feels like you certainly are seeing the share gains there. But just kind of curious how the pricing environment is developing and how that's helping you gain share?

另外從定價環境來看，我知道你們基本上只是把價格維持在反映通膨的程度，但我想了解你們是否看到競爭對手有任何可能不太理性的行為，反而有助於提升你們的市占機會；以及考量到 EMS 的接單量創下歷史新高，感覺你們確實在那裡看到市占提升。但我想請教的是，定價環境目前如何發展？又是如何幫助你們取得市占？

Okay, we started with price increases in the first quarter this year and with all of the technologies of Bache, 17 business units.

好的，我們今年第一季開始調漲價格，涵蓋 Bache 的所有技術、17 個事業單位。

It hasn't been all at once. So we've seen price increases each quarter and there's still some new price increases coming in the fourth quarter.

這不是一次性全部調整。所以我們每一季都看到價格上調，而且第四季還會有一些新的漲價陸續生效。

Competition is doing the same thing. Everybody has the metal impact. So we pass it along. Our competitors seem to be passing it along.

競爭對手也在做同樣的事。大家都受到金屬成本影響。所以我們把成本轉嫁出去。我們的競爭對手看起來也在轉嫁。

The customers understand it, they don't like it, but they understand that the costs are there.

客戶理解這件事，他們不喜歡，但他們理解成本確實存在。

They also understand that the demand for the components is high and they see Bechet's new strategy as channel management.

他們也理解元件需求很高，而且他們把 Bechet 的新策略視為通路管理。

We look at the customers that are providing us better margins and we're loading the factories to be able to support the higher margin customers. I think you see that in how our gross margin moved.

我們會看哪些客戶能帶來較好的毛利，並讓工廠的產能配置能支援這些高毛利客戶。我想你可以從我們毛利率的變化看出來。

In Q3 versus the guide and how the margin turned out in Q3 versus Q2.

例如第三季相較於指引，以及第三季相較於第二季的毛利率表現。

So we're actively managing our business. We're passing on price increases.

所以我們正在積極管理我們的業務。我們也在轉嫁漲價。

EMS and others are looking at supply assurance as the number one priority.

EMS 以及其他客戶把供應保障視為第一優先。

I think we're positioning well here. The EMS highlights all-time high in orders.

我認為我們在這方面的定位很好。EMS 強調訂單創歷史新高。

EMS is really focused on lead time.

EMS 其實非常聚焦在交期。

You got to have competitive lead time first. We have that.

你必須先具備具競爭力的交期。我們有。

So then the pricing, if it's reasonable, you gain the order, you gain the share, and I think that's what we're seeing.

因此接下來只要定價合理，你就能拿到訂單、拿到市占，我想這正是我們看到的情況。

Thanks so much. It's great to see that the strategy really working here, Joel, so congratulations on that and looking forward to seeing your continued success.

非常感謝。很高興看到這個策略在這裡確實奏效，Joel，恭喜，也期待看到你們持續成功。

Thank you.

謝謝。

Will Stein, Truist.

Will Stein，Truist。

Great.

很好。

Thank you for taking my questions. Congrats on the great results and outlook.

謝謝讓我提問。恭喜你們出色的業績與展望。

Joel, for investors trying to distinguish between the cyclical strength that we know is present today and the structural improvements from Vishay 3.0, what can you tell us to help us quantify the contribution from each of those?

Joel，對投資人而言，想要區分我們知道目前存在的景氣循環性強勁動能，以及 Vishay 3.0 帶來的結構性改善，你能提供哪些資訊，幫助我們量化兩者各自的貢獻？

Structural improvements is a big step here.

結構性改善在這裡是一大步。

When we look at gaining customer count, gaining share, putting more products on the customer bill of materials, those are three big things.

當我們看增加客戶數、提升市占、讓更多產品進入客戶的物料清單（BOM），這三件事非常關鍵。

The comments that we're receiving from customers, very openly, one of our sales leaders went to a customer in Asia and they said, what are you doing here?

我們從客戶那裡收到的回饋非常直接。有位銷售主管去亞洲拜訪一位客戶，對方說：你來這裡做什麼？

And he said, What do you mean? He goes, You're not on my risk supplier list. Why are you here?

他說：你是什麼意思？對方說：你不在我的高風險供應商名單上。你為什麼來？

Well, we're here to support you further, Mr. Customer. We're here to show that Vishay's got competitive lead times. I think that's a great story of how the structural change of Vishay is resonating across all regions. Customers love Vishay's product.

我們說：我們是來進一步支援您，客戶先生。我們是來展示 Vishay 具備具競爭力的交期。我認為這是一個很好的例子，說明 Vishay 的結構性改變如何在各個地區產生共鳴。客戶喜歡 Vishay 的產品。

When you can deliver the product and you can continue to bring new technologies, the customer wants to bring you into deeper discussions into their technology roadmap. So I think a lot of this growth is structural change. We're enjoying the cyclicality of the market and the many market segments that are up.

當你能交付產品，並且持續帶來新技術時，客戶就會希望把你納入更深入的討論，進入他們的技術路線圖規劃。所以我認為這波成長有很大一部分來自結構性改變。我們也受惠於市場的循環性，以及許多上行的終端市場。

But a majority of this is the change of Vishay's operating approach in 3.0.

但其中多數來自 Vishay 在 3.0 下營運方式的改變。

That's helpful.

這很有幫助。

Thank you. The other question I had was also related to the Vishay 3.0 progress.

謝謝。我另一個問題也與 Vishay 3.0 的進展有關。

There's a project that we've been waiting to hear about that I think relates to back-end assembly of semiconductors and was hoping we could get some update on those plans.

有一個專案我們一直在等消息，我認為與半導體後段封裝組裝（back-end assembly）有關，希望能請你更新一下相關計畫。

Great.

很好。

Backend is an important strategy in our margin improvement.

後段（backend）是我們提升毛利的重要策略。

We've mentioned in the past, we have our own fabs that finish, our own backend to finish product for us after the wafers come from the fab, but we also use a high number of subcontractors.

我們過去提過，我們有自有晶圓廠完成晶圓製造，也有自有後段產線在晶圓從晶圓廠出來後替我們完成產品，但我們也使用相當多的分包商。

So the back-end strategy is moving quickly.

因此後段策略正在快速推進。

Don't have anything to announce at this moment.

目前沒有任何事項可以對外宣布。

It's moving at an excellent pace.

但進度非常好。

We have it as a primary margin improvement initiative.

我們把它列為主要的毛利改善計畫。

So we hope in the next -- by the end of the year, we hope to be announcing something.

所以我們希望在接下來——在今年年底之前，希望能宣布一些消息。

It's moving quickly.

進展很快。

Yeah, that helps. Thanks, and congrats again.

好的，這很有幫助。謝謝，再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Ruplu Bhattacharya, Bank of America, Merrill Lynch.

Ruplu Bhattacharya，美國銀行美林。

Hi, thanks for taking my question. Joel, can you give us an update on the qualification process you had with external foundries, how much of the production is now outsourced to foundries and you said AI related to the Korean foundries, how much is the total AI revenue this year that you're expecting and I have a follow-up.

嗨，謝謝讓我提問。Joel，你能否更新一下你們與外部晶圓代工廠的認證（qualification）流程？目前有多少產量已外包給代工廠？另外你提到與韓國代工廠相關的 AI，今年你們預期的 AI 總營收是多少？我還有一個追問。

Outsourcing, if we just speak about the wafer foundries, it's 35% of our wafer build, 35%. We, as I mentioned, Newport, we're loading another 10% every quarter to the wafer build there.

外包方面，如果只談晶圓代工廠，目前約占我們晶圓產出（wafer build）的 35%，35%。如我提到的 Newport，我們每一季在那裡的晶圓產出會再增加約 10%。

We're shifting as we get programs from automotive qual, we're shifting the load from Itzehoe 8 to Newport, and then we're able to use Itzehoe , which is a more flexible fab, it's kind of the umbrella fab to deliver products to all market segments.

隨著我們取得車用認證（automotive qual）的專案，我們正把負載從 Itzehoe 8 轉移到 Newport；接著我們就能使用 Itzehoe——這是一座更具彈性的晶圓廠，有點像是「主力／樞紐」晶圓廠——來供應所有終端市場的產品。

Ruplo, the second part of your question was?

Ruplo，你問題的第二部分是什麼？

It was on AI

是關於 AI。

AI revenue.

AI 營收。

Last year, we were around $100 million. This year, we keep pushing to be near $200 million is what our push is.

去年我們大約是 1 億美元。今年我們持續推進，目標是接近 2 億美元。

Just to follow-up on the moves in terms of the footprint, beyond the back-end packaging, when you look at the FAS that Vishay has.

再追問一下關於版圖調整的動作，除了後段封裝之外，當你看 Vishay 擁有的 FAS（晶圓廠）時。

Do you see any scope or is there a plan to move some of the fabs from high-cost geographies to low-cost geographies? And can you give us an update on your CapEx cadence over the next couple of years?

你們是否看到任何空間，或是否有計畫把部分晶圓廠從高成本地區移到低成本地區？另外，能否更新一下未來幾年的資本支出（CapEx）節奏？

Always looking at efficiencies in manufacturing and cost.

我們一直在尋找製造與成本效率。

So when you think about backend in particular, the outsource fabs, many.

所以特別是談到後段（backend），外包的晶圓廠很多。

Which may only be building one package type, we need to bring this into a campus, into a Vishay campus, so we can maximize the capacity we're going to put in that campus across a lot of different products and reduce cost, reduce the margin we pay for the subcon and have this in-house.

其中一些可能只做一種封裝型態，我們需要把這些整合到一個園區、整合到 Vishay 的園區裡，這樣我們就能在該園區把我們要投入的產能最大化，涵蓋許多不同產品並降低成本、降低我們付給代工/分包（subcon）的毛利，並把這些能力內製化。

We'll take similar looks at our own locations internally, there will always be a move for expansion of product because we need more capacity, we've got a 12-inch fab coming which is going to bring us a lot of wafer volume and we need large-scale back-end.

我們也會以類似方式檢視我們內部自有據點；因為我們需要更多產能，產品擴產的移轉永遠都會發生。我們有一座 12 吋晶圓廠即將到來，會帶來大量晶圓產出，因此我們需要大規模的後段產能。

So the back end will be supporting the 12-inch, we'll be Subcon moving into Vachet's back end, we'll be also looking at our own locations and maximizing our margins on those products.

所以後段會支援 12 吋；我們會把分包（subcon）移到 Vachet 的後段產線，我們也會檢視自有據點，並在這些產品上把毛利最大化。

So Ruplu on the CapEx, good questions. So what more for you on the next call obviously related to '27.

所以 Ruplu，關於資本支出（CapEx），這是個好問題。至於更多細節，我們會在下一次電話會議上再談，顯然會與 2027 年相關。

As we've been discussing, the capital intensity should certainly drop in terms because our revenues are going up, we don't have two fabs at the same time we're building.

如同我們一直在討論的，資本密集度應該會下降，因為我們的營收在上升，而且我們不會同時建兩座晶圓廠。

That being said, back-end location may require some CapEx, finishing the 12-inch fab completely, filling it will require CapEx. But what's going to be different is we're going to have government subsidies most likely on both those projects. So we may have a net CapEx that's much lower than our current run rate.

話雖如此，後段據點可能需要一些資本支出；把 12 吋晶圓廠完全收尾、並把它填滿產能也需要資本支出。但不同之處在於，這兩個專案我們很可能都會拿到政府補助。因此，我們的淨資本支出可能會遠低於目前的支出水準。

If I can just squeeze one more in.

我再塞一個問題。

Joel, you've been working with distribution to add a lot of your SKUs into distribution. How do you see the total inventory of Vishay products and distribution. Is there more scope for selling into distribution? Do you see distributors pulling more inventory as end market demand improves? Any thoughts on just overall inventory of Vishay products and distribution? thank you so much

Joel，你一直與通路合作，把很多 SKU 加入通路。你怎麼看 Vishay 產品在通路端的總庫存？是否還有更多賣進通路的空間？隨著終端市場需求改善，你是否看到經銷商會拉更多庫存？對於 Vishay 產品在通路端的整體庫存，你有什麼想法？非常感謝。

Yes, we continue to drive the distributor strategy with great intensity. We're at 18 weeks of inventory, it was pretty flat.

是的，我們持續以很高的強度推動通路策略。我們目前是 18 週的庫存，基本上相當持平。

That's a global number.

這是全球的數字。

The Asia number, Dave, what do you have?

亞洲的數字呢，Dave，你那邊是多少？

12 weeks of inventory in Asia.

亞洲是 12 週庫存。

It's low. We want to put more product on the shelf in Asia. They want to stock, but they haven't pulled through and they're not able to put much of inventory. Some of these part numbers are not at 12 weeks. Some of them might be at three, four weeks. So we need to enhance that further. Dave, what do you have there for the Americas.

這很低。我們希望在亞洲把更多產品放到貨架上。他們想備貨，但他們還沒有拉貨，而且也無法放進太多庫存。有些料號並不是 12 週。有些可能只有三、四週。所以我們需要進一步提升。Dave，美洲那邊的數字是多少？

The Americas is in 35 and Europe's in 15

美洲是 35 週，歐洲是 15 週。

So both the Americas and Europe, more inventory. We're having great success by having parts on the shelf. When we were putting inventory in place in '24, '23, '24 and '25, I know many folks are saying, why are you doing that? Well, it was to get ready for this upturn. And it's been fantastic market share gain for Bechet because the distributors absorbed the first wave of demand. So yes, we want to put more on the shelf. The distributors want to pull in more of the backlog and they'll take it.

所以美洲和歐洲兩邊的庫存都比較多。我們在把零件放到貨架上這件事上非常成功。當我們在 2023、2024、2025 年把庫存配置到位時，我知道很多人會說，你們為什麼要這樣做？嗯，那是為了替這波上行做準備。而且這對 Bechet 來說帶來了非常棒的市占率提升，因為經銷商吸收了第一波需求。所以是的，我們希望在貨架上放更多。經銷商也想多拉一些積壓訂單（backlog），他們會接。

Because they're not comfortable with their inventory position. They can satisfy more customers if you have the product on the shelf. So we continue to push. You see the part number add of 17,000 SKUs in the quarter, it's great. We've added a tremendous amount of part numbers to the distributors, which puts us into much more of the spend at the customer.

因為他們對自己的庫存水位不放心。如果貨架上有產品，他們就能滿足更多客戶。所以我們會持續推進。你看到本季新增了 17,000 個 SKU 的料號，這很棒。我們已經把大量料號加入經銷商體系，讓我們能在客戶端取得更多採購份額。

Melissa Fairbanks, Raymond James.

Melissa Fairbanks，Raymond James。

Hi, guys. Thanks very much. Maybe to follow-up along the same thread, with the extended lead times for the equipment and tooling, is there a potential risk that those delivery times slip further next year, or do you actually have firm supplier commitments to deliver as needed next year?

嗨，各位。非常感謝。也許沿著同一條脈絡追問：設備與治具的交期拉長，在明年是否有可能進一步延後的風險？還是你們其實已經有供應商的確定承諾，能在明年按需求交付？

The equipment that's in Itzehoe 12 is landed and we're doing the final connection. So the Itzehoe 12 is going to help us in the middle of next year with the commercial non-automotive MOSFET, that's a good help, a good start. The AI business that we're running through Korean foundries, we've got upside capacity available there.

Itzehoe 12 的設備已經到廠，我們正在做最後的連接。所以 Itzehoe 12 將在明年年中開始幫助我們，針對商用（非車用）的 MOSFET，這會是很好的支援、很好的開始。我們透過韓國晶圓代工廠運作的 AI 業務，那邊還有可用的上行產能。

Backend is always challenging because there's a tremendous amount of even our competitors using outsourced backend.

後段（backend）一直都很具挑戰，因為即使是我們的競爭對手，也有大量使用外包後段。

So we need to continue to accelerate our initiative. Nothing that's going to derail at this point.

所以我們需要持續加速我們的計畫。目前沒有任何會造成偏離的因素。

We're able to support the customers.

我們有能力支援客戶。

Passives, we continue to de-bottleneck processes, might be adding lasers or packaging equipment.

被動元件方面，我們持續為製程去瓶頸，可能會增加雷射或封裝設備。

Plus an expansion in polymer tantalum, which will be equipment landing throughout 2027. It's definitely an exciting and robust environment. There's challenges always, but our teams have worked very hard to keep our lead times competitive or better than competition so the customers keep coming to us. We've got a company-wide push of lead times of 26 weeks or less, that's our target.

另外還有聚合物鉭電容的擴產，相關設備會在 2027 年期間陸續到位。這絕對是一個令人振奮且強勁的環境。挑戰永遠都會有，但我們的團隊非常努力，讓我們的交期保持具競爭力、甚至優於競爭對手，讓客戶持續找上我們。我們在全公司推動交期 26 週或更短，這是我們的目標。

Much of our product line is there. There's some parts that are longer, but we've got capacities that are coming quarterly to reduce those lead times.

我們大部分的產品線都已達到。有些零件交期較長，但我們每一季都有新增產能進來，以縮短那些交期。

Okay, great. Maybe just as a quick follow-up to that one, and then I'm probably going to try to squeeze in another question after that.

好的，很棒。也許就針對那一點做個簡短追問，然後之後我大概還想再擠出一個問題。

I know the equipment and tooling lead times have been an issue for quite some time, and we've kind of seen this going on in the industry for two or three years at least. Is this changing the way that you think about adding capacity? Do you want to be advantageous if you're able to get tooling and capacity to bring that, at least bring it, land the equipment, and then have it in place for when the demand, requires it?

我知道設備與工裝的交期一直是個問題，而且我們在產業裡至少已經看到這種情況持續了兩三年。這是否正在改變你們對於新增產能的思考方式？如果你們能夠取得工裝與產能、把設備至少先導入、讓設備到廠並就位，以便在需求需要時能派上用場，你們是否希望在這方面取得優勢？

Definitely, if you look back, when we announced in 2023 that we're going to spend $2.6 billion, that was the beginning of that approach.

當然，如果你回頭看，我們在2023年宣布將投入26億美元，那就是這種做法的開始。

We had to prepare for this upcycle that was coming.

我們必須為即將到來的上行循環做好準備。

I think what's has Vishay in a little different position than others is we spent significant CapEx in 2023, 2024, 2025. So we had orders in at these houses for tooling or for the equipment and the equipment's landed.

我認為讓Vishay處於與其他公司略有不同位置的是，我們在2023、2024、2025年投入了大量資本支出（CapEx）。因此我們已經在這些供應商那邊下了工裝或設備的訂單，而且設備也已到廠。

So now it's small pieces of equipment. It's some tool or packaging material.

所以現在剩下的是一些小型設備。可能是某些工具或包材。

For packaging, it's not a complete process that you're looking for in semiconductors. We've got Newport equipment for silicon. We've got our silicon carbide equipment in Newport that we're setting up as 8-inch wafer fab, so that equipment is there. We've got the Itzehoe 12 equipment being put in place and being hooked up, so that's there. I think we're ahead by the spending that we did in '23, '24 and '25.

就封裝而言，你在半導體裡尋找的並不是一整套完整製程。我們在Newport有用於矽的設備。我們在Newport也有碳化矽設備，正在建置為8吋晶圓廠，所以設備已經在那裡。我們也在安裝並接通Itzehoe的12吋設備，所以那也已就位。我認為我們因為在'23、'24與'25年的投入而走在前面。

We're not seeing -- I mean, when we buy some tooling, we see long lead times, but it's not where we have a product line that's stalled out waiting for two-year equipment delivery. We're not seeing that. It's bits in pieces.

我們沒有看到——我是說，當我們採購某些工裝時，確實會看到很長的交期，但並不是那種某條產品線因為等兩年才交付的設備而停擺的情況。我們沒有看到那樣。只是零零碎碎的部分。

Great. That's great to hear. And yeah, great strategy over the past few years.

很好。很高興聽到這個。而且，是的，過去幾年的策略很棒。

Maybe if I can squeeze in one follow-up, not a follow-up, just a different question. So it's great to see operating cash flow and free cash flow improve pretty dramatically at the same time, obviously, cash cycle days have been declining pretty significantly. Is there a rough estimate that we can use to understand what each reduction in cash cycle days means for free cash flow? Or does that vary depending on what's going on in the market?

也許我可以再擠一個問題，不是追問，只是另一個問題。很高興看到營運現金流與自由現金流同時大幅改善，顯然現金週期天數也顯著下降。是否有一個粗略估算可以用來理解：現金週期天數每減少一天，對自由現金流意味著什麼？還是這會依市場狀況而有所不同？

Yeah, I would say it varies. I mean, we're generating, as you can see, we're generating some good operating cash now.

是的，我會說這會有所不同。我的意思是，我們現在正在產生——如你所見——一些不錯的營運現金。

And this is a complete turnaround, obviously, from three quarters ago or four quarters ago.

而這顯然是相較於三季前或四季前的徹底翻轉。

That's it for me. Oh, sorry. Go on.

我這邊就到這裡。喔，抱歉。你繼續。

No, I was going to say, but we did guide approximately zero for the year on free cash because we're going to repay our securitization, which helped us get through some of the leaner quarters on the free cash flow.

不，我是想說，我們確實指引今年自由現金大約為零，因為我們將償還資產證券化融資（securitization），那幫助我們度過一些自由現金流較吃緊的季度。

Okay, great.

好的，很棒。

Thank you so much, guys.

非常感謝，各位。

Thank you, Melissa.

謝謝你，Melissa。

Ari, are there any other questions?

Ari，還有其他問題嗎？

Sorry about that.

抱歉剛剛那樣。

Christopher Glynn, Oppenheimer

Christopher Glynn，Oppenheimer

Hey, thanks for the follow-up.

嗨，謝謝讓我追問。

Just a quick one on capital allocation, kind of pipeline. Looking and also curious just your operational capacity and interest for Indian organic growth right now, given just the really extensive range of various capacities that you're working on currently?

關於資本配置的管線，我有個簡短問題。同時也想了解，在你們目前正在推進的各種產能專案範圍非常廣的情況下，你們對印度的有機成長在營運產能與投入意願方面，目前是怎麼看？

Capital allocation, expanding capacities.

資本配置、擴充產能。

The semiconductor backend, the Itzehoe 12-inch continuing that fab has got multiple stages, the passive expansion with the capital that we have now, we're able to accelerate tantalum polymer expansion and other passive.

半導體後段（backend），Itzehoe的12吋廠持續推進，該晶圓廠有多個階段；被動元件的擴產方面，憑藉我們目前的資本，我們能加速鉭聚合物（tantalum polymer）擴產以及其他被動元件。

Yes, sorry, Joel. I didn't mean to i might have cut out. I didn't mean to make you repeat yourself.

是的，抱歉，Joel。我不是要——我可能剛剛斷線了。我不是要讓你重複一次。

I think I might have cut out a little bit. I was wondering about the inorganic side, if that's even a priority now given all that you do have going on in the internal network?

我想我剛剛可能有點斷線。我想問的是非有機那一塊（inorganic），在你們內部網路已經有這麼多事情在進行的情況下，這現在是否仍是優先事項？

Yes, we're looking at M&A activities.

是的，我們正在評估併購（M&A）活動。

A number of meetings have happened and more meetings to happen in the fourth quarter with potential targets. So we are actively on the M&A path as well.

我們已經進行了多場會議，第四季也還會與潛在標的進行更多會議。所以我們也正積極走在併購路徑上。

Nothing to announce yet, but that is a priority.

目前還沒有可宣布的事項，但這確實是優先事項。

Thank you.

謝謝。

Thank you.

謝謝。

I'm showing no further questions at this time, so I would like to turn it back to Joel Smakal for closing remarks.

我這邊顯示目前沒有其他問題，因此我想把時間交回Joel Smakal做結語。

All right, Ari, thank you.

好的，Ari，謝謝。

Thank you, everyone, for joining us today.

謝謝各位今天加入我們。

Before we hold our fourth quarter call, which is in February 27, we will be at Raymond James on December 8.

在我們於2月27日舉行第四季電話會議之前，我們將於12月8日出席Raymond James。

We'll be presenting at Raymond James in person and also we'll be at the Needham Growth Conference in January.

我們將親自於Raymond James進行簡報，另外也會在1月參加Needham Growth Conference。

So hopefully to see many of you there.

希望能在那裡見到各位中的許多人。

Thank you very much.

非常感謝。

Have a good day.

祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本節目到此結束。您現在可以斷線。