安費諾 (APH) 2022 Q4 法說會逐字稿

Hello, and welcome to the Fourth Quarter Earnings Conference Call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. (Operator Instructions)

您好，歡迎來到 Amphenol Corporation 第四季度收益電話會議。 （操作員說明）應公司要求，今天的會議正在錄製中。 （操作員說明）

I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

現在我想介紹一下今天的會議主持人克雷格·蘭波先生。先生，您可以開始了。

Thank you. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to wish everyone a happy new year, and welcome you to our fourth quarter 2022 conference call.

謝謝你。大家下午好。我是 Craig Lampo，Amphenol 的首席財務官，我和我們的 CEO Adam Norwitt 一起來的。我們祝大家新年快樂，歡迎您參加我們 2022 年第四季度的電話會議。

Our fourth quarter and full year 2022 results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business and current trends, then we will take questions.

我們今天上午發布了 2022 年第四季度和全年業績。我將提供一些財務評論，然後 Adam 將概述業務和當前趨勢，然後我們將回答問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. In addition, all prior year comparative data discussed during this call is on a continuing operations basis.

提醒一下，在電話會議期間，我們可能會參考某些非 GAAP 財務指標並做出某些前瞻性陳述。因此，請參閱我們新聞稿中的相關披露以獲取更多信息。此外，本次電話會議期間討論的所有前一年比較數據均基於持續運營。

The company closed the fourth quarter with sales of $3,239 billion and GAAP and adjusted diluted EPS of $0.82 and $0.78, respectively. Fourth quarter sales were up 7% in U.S. dollars, 11% in local currencies and 8% organically compared to the fourth quarter of 2021. Sequentially, sales were down by 2% in U.S. dollars, 1% in local currencies and 2% organically.

公司第四季度末銷售額為 32,390 億美元，GAAP 和調整後攤薄每股收益分別為 0.82 美元和 0.78 美元。與 2021 年第四季度相比，第四季度銷售額以美元計算增長 7%，以當地貨幣計算增長 11%，有機增長 8%。環比以美元計算，銷售額下降 2%，以當地貨幣計算下降 1%，有機增長 2%。

Adam will comment further on trends by market in a few minutes. For the full year 2022, sales were a record $12.623 billion, which were up 16% in U.S. dollars, 19% in local currencies and 15% organically compared to 2021.

亞當將在幾分鐘內進一步評論市場趨勢。 2022 年全年銷售額達到創紀錄的 126.23 億美元，與 2021 年相比，以美元計算增長 16%，以當地貨幣計算增長 19%，有機增長 15%。

Orders in the quarter were $2.884 billion, which was down 12% compared to the fourth quarter of 2021 and 8% sequentially, resulting in a book-to-bill ratio of 0.89:1. This was driven by lower bookings in the communications-related markets. For the full year, orders were $12.925 billion, resulting in a book-to-bill ratio of 1.02:1.

本季度訂單為 28.84 億美元，與 2021 年第四季度相比下降 12%，環比下降 8%，訂單出貨比為 0.89:1。這是由於通信相關市場的預訂量下降所致。全年訂單為 129.25 億美元，訂單出貨比為 1.02:1。

GAAP and adjusted operating income were $666 million and $676 million, respectively, in the fourth quarter of 2022. GAAP and adjusted operating margin were 20.6% and 20.9%, respectively, in the fourth quarter. On a GAAP basis, operating margin increased by 100 basis points compared to the fourth quarter of '21 and decreased by 10 basis points sequentially.

2022 年第四季度 GAAP 和調整後營業收入分別為 6.66 億美元和 6.76 億美元。第四季度 GAAP 和調整後營業利潤率分別為 20.6% 和 20.9%。根據 GAAP，營業利潤率比 2021 年第四季度增加了 100 個基點，環比下降了 10 個基點。

GAAP operating margin for the fourth quarter included approximately $10 million of acquisition-related costs. On an adjusted basis, operating margin increased by 80 basis points compared to the fourth quarter of '21 and decreased by 10 basis points sequentially. The year-over-year increase in adjusted operating margin was driven by strong operating leverage on the higher sales volumes as well as the benefit of ongoing pricing actions.

第四季度的 GAAP 營業利潤率包括約 1000 萬美元的收購相關成本。在調整後的基礎上，營業利潤率與 2021 年第四季度相比增長了 80 個基點，環比下降了 10 個基點。調整後營業利潤率的同比增長是由於銷量增加帶來的強大經營槓桿以及持續定價行動的好處。

On a sequential basis, the slight decrease in adjusted operating margin reflected normal downside conversion on the lower sales levels. For the full year 2022, GAAP operating margin was 20.5% and adjusted operating margin was 20.7%. When compared to 2021, adjusted operating margin increased by 70 basis points, which was primarily driven by normal operating leverage on the higher sales volumes as well as the benefit of the pricing actions.

按順序計算，調整後營業利潤率的小幅下降反映了較低銷售水平的正常下行轉換。 2022 年全年，GAAP 營業利潤率為 20.5%，調整後營業利潤率為 20.7%。與 2021 年相比，調整後的營業利潤率增加了 70 個基點，這主要是由於銷量增加帶來的正常經營槓桿以及定價行動帶來的好處。

Given the overall cost and supply chain headwinds we experienced in 2022, we are very proud that our adjusted operating margin equals our previous full year record operating margin set in 2018.

鑑於我們在 2022 年經歷的總體成本和供應鏈逆風，我們感到非常自豪的是，我們調整後的營業利潤率等於我們之前在 2018 年創下的全年創紀錄營業利潤率。

Breaking down fourth quarter and full year results by segment. In the Harsh Environment Solutions segment, sales were $795 million and $3.107 billion in the fourth quarter and full year of 2022, respectively. Compared to the prior year fourth quarter, segment sales increased 10% in U.S. dollars and 12% organically. Compared to the full year 2021, segment sales increased by 13% in U.S. dollars and 15% organically. Segment operating margin was 25.7% and 25.8% in the fourth quarter and full year of 2022, respectively.

按部門細分第四季度和全年業績。在惡劣環境解決方案部門，2022 年第四季度和全年的銷售額分別為 7.95 億美元和 31.07 億美元。與去年第四季度相比，分部銷售額以美元計算增長 10%，有機增長 12%。與 2021 年全年相比，分部銷售額以美元計算增長 13%，有機增長 15%。 2022 年第四季度和全年的部門營業利潤率分別為 25.7% 和 25.8%。

In the Communications Solutions segment, sales were $1.436 billion and $5.652 billion in the fourth quarter and full year of 2022. Compared to the prior year fourth quarter, segment sales increased 1% in U.S. dollars and organically. Compared to the full year 2021, segment sales increased by 17% in U.S. dollars and 13% organically. Segment operating margin was 22.2% and 22% in the fourth quarter and full year of 2022.

在通信解決方案部門，第四季度和 2022 年全年的銷售額分別為 14.36 億美元和 56.52 億美元。與去年第四季度相比，該部門的銷售額以美元計算有機增長 1%。與 2021 年全年相比，分部銷售額以美元計算增長 17%，有機增長 13%。 2022 年第四季度和全年的部門營業利潤率分別為 22.2% 和 22%。

In the Interconnect and Sensor Systems segment, sales were $1.008 billion and $3.863 billion in the fourth quarter and full year of 2022. Compared to the prior year fourth quarter, segment sales increased 14% in U.S. dollars and 17% organically. Compared to the full year 2021, segment sales increased by 17% in U.S. dollars and 18% organically. Segment operating margin was 19.2% and 18.5% in the fourth quarter and full year 2022.

在互連和傳感器系統部門，第四季度和 2022 年全年的銷售額分別為 10.08 億美元和 38.63 億美元。與去年第四季度相比，該部門銷售額以美元計算增長 14%，有機增長 17%。與 2021 年全年相比，分部銷售額以美元計算增長 17%，有機增長 18%。第四季度和 2022 年全年的部門營業利潤率分別為 19.2% 和 18.5%。

The company's GAAP effective tax rate for the fourth quarter was 19.2% and the adjusted effective tax rate was 24.5%, which compared to 18.8% and 23.8% and in the fourth quarter of 2021, respectively. For the full year 2022, GAAP effective tax rate was 22.3% and adjusted effective tax rate was 24.5%, which compared to 20.6% and 24.3% in 2021. In 2023, we expect our adjusted effective tax rate to be approximately 24%.

公司第四季度的 GAAP 實際稅率為 19.2%，調整後的實際稅率為 24.5%，而 2021 年第四季度分別為 18.8% 和 23.8%。 2022 年全年，GAAP 有效稅率為 22.3%，調整後有效稅率為 24.5%，而 2021 年為 20.6% 和 24.3%。到 2023 年，我們預計調整後的有效稅率約為 24%。

GAAP diluted EPS from continuing operations was $0.82 in the fourth quarter, an increase of 14% compared to $0.72 in the prior year period. Adjusted diluted EPS was $0.78, an increase of 11% compared to the $0.70 in the fourth quarter of '21. This was an excellent result. For the full year, GAAP diluted EPS from continuing operations was $3.06, a 22% increase from $2.51 in 2021. Adjusted diluted EPS was $3 in 2022, a 21% increase from $2.48 in 2021.

第四季度來自持續經營業務的 GAAP 攤薄後每股收益為 0.82 美元，與去年同期的 0.72 美元相比增長了 14%。調整後的攤薄每股收益為 0.78 美元，與 21 年第四季度的 0.70 美元相比增長了 11%。這是一個很好的結果。全年，持續經營業務的 GAAP 攤薄每股收益為 3.06 美元，比 2021 年的 2.51 美元增長 22%。2022 年調整後的攤薄每股收益為 3 美元，比 2021 年的 2.48 美元增長 21%。

Operating cash flow in the fourth quarter was a record $705 million or 147% of adjusted net income. And net of capital spending, our free cash flow was a record $613 million or 127% of adjusted net income. We are pleased to have delivered a cash flow yield at these strong levels.

第四季度的經營現金流達到創紀錄的 7.05 億美元，佔調整後淨收入的 147%。扣除資本支出後，我們的自由現金流達到創紀錄的 6.13 億美元，佔調整後淨收入的 127%。我們很高興能夠實現如此強勁的現金流收益率。

For the full year 2022, operating cash flow was a record $2.175 billion or 117% of adjusted net income. And net of capital spending, our free cash flow for 2022 was a record $1.796 billion or 96% of adjusted net income, a very strong result. From a working capital standpoint, inventory days, days sales outstanding and payable days were 86, 73 and 54 days, respectively.

2022 年全年，經營現金流達到創紀錄的 21.75 億美元，佔調整後淨收入的 117%。扣除資本支出後，我們 2022 年的自由現金流達到創紀錄的 17.96 億美元，佔調整後淨收入的 96%，這是一個非常強勁的結果。從營運資金的角度來看，存貨天數、銷售未清天數和應付天數分別為 86 天、73 天和 54 天。

During the quarter, the company repurchased 2.3 million shares of common stock at an average price of approximately $75, bringing total repurchases during 2022 to 9.9 million shares or $731 million. When combined with our normal quarterly dividend, total capital returned to shareholders in 2022 was more than $1.2 billion.

本季度，公司以平均約 75 美元的價格回購了 230 萬股普通股，使 2022 年的回購總額達到 990 萬股或 7.31 億美元。加上我們正常的季度股息，2022 年返還給股東的總資本超過 12 億美元。

Total debt on December 31 was $4.6 billion and net debt was $3.1 billion. Total liquidity at the end of the quarter was a very strong $4.1 billion, which included cash and short-term investments on hand of $1.4 billion, plus availability under our existing credit facilities.

12 月 31 日的總債務為 46 億美元，淨債務為 31 億美元。本季度末的總流動資金為 41 億美元，非常強勁，其中包括手頭的現金和短期投資 14 億美元，以及我們現有信貸額度下的可用性。

Fourth quarter and full year 2022 EBITDA was $798 million and $3.1 billion, respectively. And at the end of the fourth quarter of 2022, our net leverage ratio was 1.0x. I also wanted to make a few comments on interest expense.

2022 年第四季度和全年的 EBITDA 分別為 7.98 億美元和 31 億美元。 2022 年第四季度末，我們的淨槓桿率為 1.0 倍。我還想就利息支出發表一些評論。

As I had mentioned last quarter, due to the rising interest rate environment, our interest expense has increased primarily as a result of our floating rate commercial paper, which represents approximately 14% of our total debt outstanding at the end of the year. And based on current and near-term expected interest rates and debt levels, we expect 2023 quarterly interest expense to be approximately $40 million, which is reflected in our first quarter guidance.

正如我在上個季度提到的那樣，由於利率環境上升，我們的利息支出增加主要是由於我們的浮動利率商業票據，占我們年底未償債務總額的約 14%。根據當前和近期的預期利率和債務水平，我們預計 2023 年季度利息支出約為 4000 萬美元，這反映在我們的第一季度指引中。

I will now turn it over to Adam, who will provide some commentary on current market trends as well as the recently completed acquisition this month.

現在我將把它交給亞當，他將對當前的市場趨勢以及本月最近完成的收購發表一些評論。

Well, thank you very much, Craig, and welcome to all of you to our first earnings call of 2023. And I hope it's not too late to wish as well all of you a happy new year. And to those of you who celebrate the Lunar New Year, I wish you all a happy year of the rabbit.

好吧，非常感謝你，克雷格，歡迎大家參加我們 2023 年的第一次財報電話會議。我希望現在祝大家新年快樂還為時不晚。對於那些慶祝農曆新年的人，祝大家兔年快樂。

As Craig mentioned, I'm going to highlight our fourth quarter and full year 2022 achievements, including some discussion about the acquisitions that we mentioned in our press release. I'll then discuss our trends and progress in our served markets and then make some comments on our outlook for the first quarter. And then, of course, we'll have time for questions at the end.

正如 Craig 提到的，我將強調我們第四季度和 2022 年全年的成就，包括對我們在新聞稿中提到的收購的一些討論。然後我將討論我們在服務市場的趨勢和進展，然後對我們對第一季度的展望發表一些評論。當然，最後我們會有時間提問。

So turning to the fourth quarter. Our results in the fourth quarter were stronger than expected, exceeding the high end of our guidance in sales and adjusted diluted earnings per share. Sales grew by 7% in U.S. dollars and 11% in local currencies, reaching $3.239 billion. On an organic basis, our sales increased by 8%, and that was driven by robust growth in the broadband, commercial air, automotive and military end markets. And I'll give some more details about those markets in a few moments.

所以轉向第四季度。我們在第四季度的業績強於預期，超過了我們在銷售額和調整後的稀釋後每股收益指導下的上限。銷售額以美元計算增長 7%，以當地貨幣計算增長 11%，達到 32.39 億美元。在有機基礎上，我們的銷售額增長了 8%，這是由寬帶、商業航空、汽車和軍事終端市場的強勁增長推動的。稍後我將提供有關這些市場的更多詳細信息。

The company booked $2.884 billion in orders in the fourth quarter, representing a book-to-bill of 0.89:1. And this negative book-to-bill was driven by order reductions in several of the communications related markets as certain customers adjusted demand in light of excess inventory that they had built up throughout 2022.

該公司第四季度的訂單金額為 28.84 億美元，訂單出貨比為 0.89:1。這種負面的訂單出貨比是由幾個通信相關市場的訂單減少推動的，因為某些客戶根據他們在整個 2022 年積累的過剩庫存調整了需求。

We're especially pleased to have delivered another quarter of resilient and strong profitability, with adjusted operating margins reaching 20.9%, an 80 basis point increase from prior year. We achieved these results despite the continued wide range of challenges around the world.

我們特別高興的是，又一個季度實現了具有彈性和強勁的盈利能力，調整後的營業利潤率達到 20.9%，比上年增長 80 個基點。儘管世界各地繼續面臨廣泛的挑戰，我們還是取得了這些成果。

Adjusted diluted EPS, as Craig mentioned, was $0.78, representing robust growth of 11% from prior year, and that's just another excellent reflection of our organization's continued strong execution. Finally, the company generated record operating and free cash flow in the quarter of $705 million and $613 million, respectively, clear reflections of the quality of the company's earnings.

正如 Craig 提到的那樣，調整後的攤薄每股收益為 0.78 美元，比上一年強勁增長 11%，這只是我們組織持續強勁執行力的又一極好反映。最後，公司本季度的運營現金流和自由現金流分別達到創紀錄的 7.05 億美元和 6.13 億美元，清楚地反映了公司盈利的質量。

I'm extremely proud of our team around the world and our results this quarter once again reflect the discipline and agility of our entrepreneurial organization as we continue to perform well amidst a challenging and dynamic environment.

我為我們在世界各地的團隊感到非常自豪，我們本季度的業績再次反映了我們企業組織的紀律和敏捷性，因為我們在充滿挑戰和充滿活力的環境中繼續表現出色。

We're also pleased to announce that we closed the acquisition of Control Measure Regulation Group, or CMR, just here in January. CMR is based in France and has annual sales of approximately $75 million. And they're a manufacturer of a broad array of cable assemblies and complex interconnect assemblies for the industrial market with a particular focus on heavy equipment engine applications. This acquisition further expands our offering of high-technology, value-added interconnect products in the diversified industrial market.

我們還很高興地宣布，我們於 1 月在這裡完成了對 Control Measure Regulation Group (CMR) 的收購。 CMR 總部位於法國，年銷售額約為 7500 萬美元。他們是一家為工業市場生產各種電纜組件和復雜互連組件的製造商，尤其專注於重型設備發動機應用。此次收購進一步擴大了我們在多元化工業市場中提供的高科技增值互連產品。

In addition, we're pleased to have signed an agreement for the acquisition of the North American hybrid and fiber optic cable and cable assembly as well as the global infrastructure antenna business of RFS at the end of the fourth quarter. Based just down the street from us here in Meriden, Connecticut, RFS is a provider of interconnect and antenna products for the mobile networks market with expected sales of approximately $100 million in 2023.

此外，我們很高興在第四季度末簽署了收購 RFS 的北美混合和光纖電纜和電纜組件以及全球基礎設施天線業務的協議。 RFS 位於康涅狄格州梅里登，與我們隔街相望，是一家為移動網絡市場提供互連和天線產品的供應商，預計 2023 年的銷售額約為 1 億美元。

This acquisition, which we anticipate will close by the end of the second quarter and thus is not included in our guidance, expands Amphenol's product offering and presence with mobile network service providers who are continuing to invest in their next-generation 5G networks.

我們預計此次收購將在第二季度末完成，因此不包括在我們的指導中，它擴大了 Amphenol 的產品供應範圍，並擴大了與繼續投資下一代 5G 網絡的移動網絡服務提供商的關係。

As we welcome the outstanding CMR team to Amphenol and look ahead to welcome the RFS team, once that transaction closes, we remain confident that our acquisition program will continue to create great value for the company. Our ability to identify and execute upon acquisitions and successfully bring these new companies into Amphenol remains a core competitive advantage for the company.

我們歡迎杰出的 CMR 團隊加入 Amphenol 並期待歡迎 RFS 團隊，一旦交易完成，我們仍然相信我們的收購計劃將繼續為公司創造巨大價值。我們識別和執行收購併成功將這些新公司納入 Amphenol 的能力仍然是公司的核心競爭優勢。

I just want to make a few comments about 2022. And I would just say that 2022 was another very successful year for Amphenol. We expanded our position in the overall market, growing sales by 16% in U.S. dollars, 19% in local currencies and 15% organically, reaching a new sales record of $12.623 billion.

我只想對 2022 年發表一些評論。我只想說 2022 年對 Amphenol 來說又是非常成功的一年。我們擴大了在整體市場的地位，銷售額以美元計算增長 16%，以當地貨幣計算增長 19%，有機增長 15%，達到 126.23 億美元的新銷售記錄。

In fact, over the past 3 very dynamic years, we're proud to have grown our sales by more than 50% from our 2019 levels, actually 53% to be exact, a great reflection of the company's diversification and agility in these truly dynamic times. Our full year 2022 adjusted operating margins reached 20.7%, and that was an increase of 70 basis points from 2021. This strong level of profitability enabled us to achieve record adjusted diluted EPS of $3.

事實上，在過去充滿活力的 3 年裡，我們很自豪我們的銷售額比 2019 年增長了 50% 以上，準確地說是 53%，這很好地反映了公司在這些真正充滿活力的領域的多元化和敏捷性次。我們 2022 年全年調整後的營業利潤率達到 20.7%，比 2021 年增加了 70 個基點。這種強勁的盈利水平使我們能夠實現創紀錄的調整後攤薄每股收益 3 美元。

Finally, we generated record operating and free cash flow of $2.175 billion and $1.796 billion, respectively, clear confirmations of the company's superior execution and disciplined working capital management. Our acquisition program again created value this year with 2 new companies added to the Amphenol family in 2022 and 1 added here already in 2023.

最後，我們分別產生了創紀錄的 21.75 億美元和 17.96 億美元的運營現金流和自由現金流，清楚地證實了公司卓越的執行力和嚴格的營運資金管理。我們的收購計劃今年再次創造了價值，2022 年有 2 家新公司加入 Amphenol 大家庭，2023 年已有 1 家新公司加入這裡。

CMR, NPI and ICA Holdings have expanded our position across a broad array of technologies, particularly in the industrial market, while bringing outstanding and talented individuals into the Amphenol family. We're excited that these acquisitions as well as the RFS acquisition, which we expect to close at the end of the second quarter, represent expanded platforms for the company's future performance.

CMR、NPI 和 ICA Holdings 擴大了我們在廣泛技術領域的地位，尤其是在工業市場，同時將傑出人才帶入 Amphenol 大家庭。我們很高興這些收購以及我們預計將在第二季度末完成的 RFS 收購代表了公司未來業績的擴展平台。

We also bought back in 2022 almost 10 million shares under our share buyback program and increased our quarterly dividend by 5%, representing, as Craig detailed, a total return of capital to shareholders of just over $1.2 billion for the year.

我們還在 2022 年根據我們的股票回購計劃回購了近 1000 萬股股票，並將季度股息提高了 5%，正如 Craig 詳述的那樣，這意味著今年向股東的資本回報總額略高於 12 億美元。

Finally, and really importantly, especially in this -- today's dynamic environment, we come out of 2022 in a uniquely robust financial position with the lowest leverage and highest liquidity and availability we have seen really in modern times.

最後，也是非常重要的，尤其是在今天這個充滿活力的環境中，我們在 2022 年以獨特穩健的財務狀況出現，槓桿率最低，流動性和可用性最高，這是我們在現代真正看到的。

And while there continues to be a high level of volatility in the overall market environment in 2022, as we enter 2023, our agile entrepreneurial management team is confident that we have built further strength from which we can drive superior long-term performance.

雖然 2022 年整體市場環境繼續存在高度波動，但隨著我們進入 2023 年，我們靈活的創業管理團隊相信我們已經建立了進一步的實力，可以從中推動卓越的長期業績。

I'd like to spend a little bit of time to talk about our trends and progress across our served markets. And I would just comment that we remain very pleased that our balanced and broad end market diversification continues to create real value for the company, with no single end market representing more than 25% of our sales in the year of 2022. We believe this diversification mitigates the impact of the volatility of individual end markets while continuing to expose us to leading technologies wherever they may arise across the electronics industry.

我想花一點時間談談我們在服務市場中的趨勢和進展。我只想說，我們仍然非常高興我們平衡和廣泛的終端市場多元化繼續為公司創造真正的價值，到 2022 年，沒有一個終端市場占我們銷售額的 25% 以上。我們相信這種多元化減輕個別終端市場波動的影響，同時繼續讓我們接觸到電子行業可能出現的領先技術。

Turning first to the military market. This market represented 10% of our sales in the fourth quarter and 9% of our sales for the full year. Sales in the quarter grew strongly from prior year, increasing by 11% in U.S. dollars and 13% in local currencies. And on an organic basis, sales increased by 12%, with broad-based growth across virtually all applications, but particularly military vehicles, space and airframes.

首先轉向軍工市場。這個市場占我們第四季度銷售額的 10%，占我們全年銷售額的 9%。本季度的銷售額與去年同期相比增長強勁，以美元計算增長 11%，以當地貨幣計算增長 13%。在有機的基礎上，銷售額增長了 12%，幾乎所有應用都有廣泛的增長，尤其是軍用車輛、太空和機身。

Sequentially, our sales increased by a better-than-expected 11%. For the full year 2022, sales grew by 4% in U.S. dollars, 6% in local currencies and 4% organically, reflecting our operational execution as well as strength in space-related, unmanned aerial vehicles, ground vehicles and avionics applications.

隨後，我們的銷售額增長了 11%，好於預期。 2022 年全年，銷售額以美元計算增長 4%，以當地貨幣計算增長 6%，有機增長 4%，反映了我們的運營執行力以及在太空相關、無人機、地面車輛和航空電子應用方面的實力。

Looking ahead, we expect sales in the first quarter to grow slightly from these fourth quarter levels, and we continue to be excited by the strength of the company's position in the defense market, where we offer the industry's broadest array of high-technology interconnect products.

展望未來，我們預計第一季度的銷售額將比第四季度的水平略有增長，我們繼續對公司在國防市場的地位感到興奮，我們在該市場提供業界最廣泛的高科技互連產品.

As the geopolitical environment has become more dynamic, militaries around the world are expanding their investments in next-generation technologies, thereby increasing the demand potential. We look forward to supporting this increased demand with our expanded range of interconnect and sensor products as well as our significant investments in new capacity that we have made in recent years.

隨著地緣政治環境變得更加動態，世界各地的軍隊都在擴大對下一代技術的投資，從而增加了需求潛力。我們期待通過我們擴大的互連和傳感器產品範圍以及我們近年來對新產能的重大投資來支持這一增長的需求。

The commercial aerospace market represented 3% of our sales in the fourth quarter as well as for the full year of 2022. And in the quarter, our sales grew by very strong 33% in U.S. dollars and 38% in local currency and organic as we benefited from the continued recovery in the commercial air market.

商業航空航天市場在第四季度和 2022 年全年占我們銷售額的 3%。在本季度，我們的銷售額以美元計算增長了 33%，以當地貨幣和有機增長了 38%，因為我們受益於商用航空市場的持續復甦。

Sequentially, our sales grew by 13% from the third quarter, which was well ahead of our expectations coming into the quarter. For the full year 2022, sales increased by 36% in U.S. dollars, 40% in local currency and 36% organically, reflecting our strong design-in positions on a broad range of platforms as well as the ongoing recovery in demand for aircraft. Looking into the first quarter of '23, we expect now a modest sequential moderation in sales.

因此，我們的銷售額比第三季度增長了 13%，這遠遠超出了我們對本季度的預期。 2022 年全年，銷售額以美元計算增長 36%，以當地貨幣計算增長 40%，有機增長 36%，反映出我們在廣泛平台上的強大設計地位以及飛機需求的持續復甦。展望 23 年第一季度，我們現在預計銷售將出現適度的環比放緩。

I just want to say how grateful I am to our team that's working in the commercial air market. Over the last 3 years, they've performed really well amidst the truly volatile demand environment. And with the ongoing recovery in travel and thus in demand for jet liners, our team's efforts to strengthen our breadth of high-technology interconnect and sensor products while diversifying our market position, including into next-generation aircraft, are now paying real dividends. We look forward to realizing the benefits of this in 2023 and beyond.

我只想說我非常感謝我們在商業航空市場工作的團隊。在過去 3 年中，他們在真正動蕩的需求環境中表現非常出色。隨著旅行的持續復甦以及對噴氣客機的需求，我們的團隊努力加強我們的高科技互連和傳感器產品的廣度，同時使我們的市場地位多樣化，包括進入下一代飛機，現在正在支付真正的紅利。我們期待在 2023 年及以後實現這一點的好處。

The industrial market represented 25% of our sales, both in the fourth quarter and for the full year, and sales in the quarter grew by 7% in U.S. dollars, 12% in local currency and 7% organically from the prior year fourth quarter. This growth was driven, in particular, by sales into alternative energy, battery and electric heavy vehicle, factory automation, oil and gas and medical applications. On a sequential basis, sales were down by just 1%, which was a bit better than our expectations.

工業市場占我們第四季度和全年銷售額的 25%，本季度銷售額以美元計算增長 7%，以當地貨幣計算增長 12%，與去年第四季度相比有機增長 7%。這一增長尤其受到替代能源、電池和電動重型車輛、工廠自動化、石油和天然氣以及醫療應用領域銷售的推動。按順序計算，銷售額僅下降了 1%，略好於我們的預期。

For the full year 2022, sales grew by a strong 14% in U.S. dollars, 19% in local currency and 13% organically. And we really had broad-based growth across virtually all segments of the global industrial market. And looking into the first quarter, we expect sales in the industrial market to be roughly at the same level as we achieved here in the fourth quarter. Our outstanding global team working in the industrial market continues to find new opportunities for growth across the many segments of this exciting market.

2022 年全年，銷售額以美元計算強勁增長 14%，以當地貨幣計算增長 19%，有機增長 13%。我們確實在全球工業市場的幾乎所有領域都實現了廣泛的增長。展望第一季度，我們預計工業市場的銷售額將與第四季度的銷售額大致持平。我們在工業市場工作的傑出全球團隊繼續在這個令人興奮的市場的許多領域尋找新的增長機會。

I remain confident that our long-term strategy to expand our high-technology interconnect antenna and sensor offering, both organically and through complementary acquisitions, has positioned us to capitalize on the many revolutions happening across the industrial electronics market. To that end, the addition of CMR further strengthens our position, particularly in the important heavy equipment segment, and we look forward to realizing the benefits of this strategy for many years to come.

我仍然相信，我們通過有機和互補收購來擴展高科技互連天線和傳感器產品的長期戰略，使我們能夠利用工業電子市場發生的許多革命。為此，CMR 的加入進一步鞏固了我們的地位，特別是在重要的重型設備領域，我們期待在未來許多年實現這一戰略的好處。

The automotive market represented 21% of our sales, both in the fourth quarter and for the full year. And we had another great quarter in automotive, with sales growing by a strong 21% in U.S. dollars and 31% in local currency and organic. Our growth was broad-based but was once again particularly robust in hybrid and electric vehicle applications.

在第四季度和全年，汽車市場占我們銷售額的 21%。我們在汽車領域又迎來了一個偉大的季度，銷售額以美元計算強勁增長 21%，以當地貨幣計算和有機銷售額增長 31%。我們的增長基礎廣泛，但在混合動力和電動汽車應用方面再次特別強勁。

On a sequential basis, our automotive sales increased by 5%, which was above our prior expectations. For the full year 2022, I'm very pleased that our sales increased by a strong 22% in U.S. dollars and 29% in local currency and organic, reflecting broad strength across our automotive markets, including, in particular, in next-generation electronics, including electric and hybrid drivetrains.

從環比來看，我們的汽車銷量增長了 5%，超出了我們之前的預期。對於 2022 年全年，我很高興我們的銷售額以美元計算強勁增長 22%，以當地貨幣和有機貨幣計算增長 29%，這反映了我們汽車市場的廣泛實力，尤其是在下一代電子產品領域，包括電動和混合動力傳動系統。

Looking into 2023, we expect a high single-digit sequential moderation of sales in the first quarter from these high levels, driven especially by a seasonal moderation of sales in Asia. I remain extremely proud of our team working in the automotive market. They continue to manage through a dynamic overall environment, all while remaining focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles.

展望 2023 年，我們預計第一季度的銷售額將從這些高水平連續出現高個位數的放緩，尤其是在亞洲銷售季節性放緩的推動下。我仍然為我們在汽車市場工作的團隊感到非常自豪。他們繼續在動態的整體環境中進行管理，同時始終專注於推動新設計贏得正在將各種新技術應用到其車輛中的客戶。

In particular, our long-term efforts at expanding our range of next-generation interconnects incorporated into electric and hybrid electric vehicles has enabled Amphenol to expand our position with a broad range of customers and thereby created further potential for the future.

特別是，我們長期努力擴大我們的下一代互連產品範圍，並將其納入電動和混合動力電動汽車，這使 Amphenol 能夠擴大我們在廣泛客戶中的地位，從而為未來創造更多潛力。

The mobile devices market represented 12% of our sales in the quarter and 11% of our sales for the full year 2022. Our sales in the quarter declined from prior year by 11% in U.S. dollars and 7% in local currency and organically. And this was driven by reduced sales of products incorporated into smartphones, laptops, tablets and wearables.

移動設備市場占我們本季度銷售額的 12%，占我們 2022 年全年銷售額的 11%。我們本季度的銷售額與去年同期相比下降了 11%（以美元計算）和 7%（以當地貨幣計算）。這是由集成到智能手機、筆記本電腦、平板電腦和可穿戴設備中的產品銷量下降所推動的。

Sequentially, our sales declined as we had expected by 10% as demand was impacted by a pull-forward of demand into the third quarter as we previously discussed 90 days ago. For the full year 2022, sales in this market increased by 3% in U.S. dollars and 5% organically as growth in smartphones and wearables was somewhat offset by a moderation in tablets coming off the high levels of the pandemic.

隨後，我們的銷售額如我們預期的那樣下降了 10%，因為需求受到我們 90 天前討論的需求提前到第三季度的影響。到 2022 年全年，該市場的銷售額以美元計算增長 3%，有機增長 5%，原因是智能手機和可穿戴設備的增長在一定程度上被大流行病高水平後平板電腦的放緩所抵消。

We are pleased with this performance amidst the market with generally muted demand in 2022. As we look into the first quarter of '23, we anticipate a seasonal sequential decline of approximately 35%. And while mobile devices will always remain one of our most volatile of markets, our outstanding and agile team is poised as always to capture any opportunities for incremental sales that may arise in 2023 and beyond. Our leading array of antennas, interconnect products and mechanisms continues to enable a broad range of next-generation mobile devices, which positions us well for the long term.

在 2022 年需求普遍疲軟的市場中，我們對這一表現感到滿意。展望 23 年第一季度，我們預計季節性環比下降約 35%。雖然移動設備將始終是我們最不穩定的市場之一，但我們出色而敏捷的團隊一如既往地準備抓住 2023 年及以後可能出現的任何增量銷售機會。我們領先的天線陣列、互連產品和機制繼續支持範圍廣泛的下一代移動設備，這使我們的長期發展處於有利地位。

The mobile networks market represented 4% of our sales in the quarter and 5% for the full year 2022. Sales in the quarter declined from prior year by 8% in U.S. dollars, 6% in local currency and 12% organically as we experienced a pause in demand from operators after a number of quarters of strong growth. Sequentially, our sales declined by a higher-than-expected 17%. For the full year '22, sales grew by 8% from prior year and 3% organically as we saw increased demand for products used in next-generation 5G equipment.

移動網絡市場占我們本季度銷售額的 4%，佔 2022 年全年銷售額的 5%。本季度銷售額較上年同期下降 8%（以美元計算），以當地貨幣計算下降 6%，有機下降 12%，因為我們經歷了在幾個季度的強勁增長之後，運營商的需求暫停。隨後，我們的銷售額下降了 17%，高於預期。對於 22 年全年，銷售額比上年增長 8%，有機增長 3%，因為我們看到對下一代 5G 設備中使用的產品的需求增加。

Looking ahead, we expect a high single-digit sequential reduction in sales in the first quarter as operators continued to moderate their investments. Our team continues to work aggressively to realize the benefits of their efforts to expand our position in next-generation 5G equipment and networks around the world.

展望未來，我們預計隨著運營商繼續減少投資，第一季度銷售額將出現高個位數的環比下降。我們的團隊繼續積極工作，以實現他們努力擴大我們在全球下一代 5G 設備和網絡中的地位所帶來的好處。

And as customers continue their investments in these systems, we look forward to benefiting from the increased potential that comes from our unique position with both equipment manufacturers and mobile service providers. We're also excited by the pending acquisition of the hybrid and fiber optic cable and antenna assets of RFS, which will further broaden our product offering for this important market.

隨著客戶繼續對這些系統進行投資，我們期待從我們在設備製造商和移動服務提供商中的獨特地位帶來的更大潛力中受益。我們也對即將收購 RFS 的混合和光纖電纜及天線資產感到興奮，這將進一步擴大我們為這個重要市場提供的產品。

The information technology and data communications market represented 19% of our sales in the quarter and 21% of sales for the full year. Sales in the fourth quarter declined by 6% in U.S. dollars, 5% in local currency and 8% organically from prior year as many customers reduced their demand after 5 consecutive quarters of robust double-digit growth.

信息技術和數據通信市場占我們本季度銷售額的 19%，佔全年銷售額的 21%。第四季度銷售額按美元計算下降 6%，按當地貨幣計算下降 5%，有機下降 8%，原因是許多客戶在連續 5 個季度實現兩位數的強勁增長後減少了需求。

Sequentially, our sales declined by 11% as we had expected coming into the quarter. For the full year 2022, our sales in the IT datacom market grew by a strong 18% in U.S. dollars, 19% in local currency and 14% organically as we continued to benefit from our leading technology solutions and design-in positions across a wide array of applications.

隨後，我們的銷售額下降了 11%，正如我們預期進入本季度一樣。 2022 年全年，我們在 IT 數據通信市場的銷售額以美元計算強勁增長 18%，以當地貨幣計算增長 19%，有機增長 14%，因為我們繼續受益於我們領先的技術解決方案和廣泛的設計地位一系列的應用程序。

Looking ahead, we expect a roughly 20% sequential decline in sales in the first quarter as our OEM and web service customers continue to moderate their demand levels. Regardless of this current demand pause, we remain encouraged by the company's outstanding position in the global IT datacom market.

展望未來，由於我們的 OEM 和網絡服務客戶繼續降低需求水平，我們預計第一季度銷售額將環比下降約 20%。儘管當前需求暫停，我們仍然對該公司在全球 IT 數據通信市場的傑出地位感到鼓舞。

Our team has done an excellent job developing leading high-speed power and fiber optic interconnect products that are enabling our OEM and web service provider customers to continue to drive their equipment and networks to higher levels of performance. We look forward to realizing the benefits of that leading position in this important market for many years to come.

我們的團隊在開發領先的高速電源和光纖互連產品方面做得非常出色，這些產品使我們的 OEM 和網絡服務提供商客戶能夠繼續將他們的設備和網絡提升到更高的性能水平。我們期待在未來的許多年裡實現在這個重要市場的領先地位所帶來的好處。

Finally, the broadband market represented 6% of our sales in the quarter and 5% of our sales for the full year 2022. Sales increased by a very strong 79% in U.S. dollars, 82% in local currencies and 64% organically, as we experienced a significant increase in demand from cable operators for a wide range of our products.

最後，寬帶市場占我們本季度銷售額的 6%，占我們 2022 年全年銷售額的 5%。銷售額以美元計算增長了 79%，以當地貨幣計算增長了 82%，有機增長了 64%，因為我們有線電視運營商對我們各種產品的需求顯著增加。

On a sequential basis, sales grew by a much better-than-expected 19%. For the full year 2022, sales grew by 62% in U.S. dollars and 38% organically, as we benefited from strong demand from broadband service operators who are both upgrading and expanding their data networks as well as from the Halo acquisition completed last year.

按順序計算，銷售額增長了 19%，遠好於預期。 2022 年全年，銷售額以美元計算增長 62%，有機增長 38%，這得益於寬帶服務運營商的強勁需求，這些運營商正在升級和擴展其數據網絡，以及去年完成的 Halo 收購。

Looking ahead, we expect sales to decline in the low double-digits from these levels due to seasonal adjustments from customers. We remain encouraged by the company's expanding position in the broadband market, and we look forward to continuing to support our service provider customers around the world, all of whom are working to increase their bandwidth to support the proliferation of high-speed data applications to homes and businesses, and in certain cases, in further into government programs to expand broadband.

展望未來，由於客戶的季節性調整，我們預計銷售額將從這些水平下降兩位數。我們對公司在寬帶市場不斷擴大的地位感到鼓舞，我們期待繼續支持我們在世界各地的服務提供商客戶，他們都在努力增加帶寬，以支持家庭高速數據應用的普及和企業，在某些情況下，進一步參與政府計劃以擴大寬帶。

Now just in summary, I want to comment on our outlook. The current economic environment remains highly uncertain. And in addition, as we did discuss earlier, we have seen certain customers in the communications markets reduced their demand as they normalize inventory levels. Assuming market conditions do not meaningfully worsen and also assuming constant exchange rates, for the first quarter, we expect sales in the range of $2.840 billion to $2.900 billion and adjusted diluted EPS in the range of $0.65 to $0.67. This would represent a sales decline of 2% to 4% and adjusted diluted EPS of flat to down 3% compared to the first quarter of '22.

現在總結一下，我想評論一下我們的前景。當前的經濟環境仍然高度不確定。此外，正如我們之前討論的那樣，我們已經看到通信市場的某些客戶在將庫存水平正常化時減少了他們的需求。假設市場狀況沒有明顯惡化，並且假設匯率不變，我們預計第一季度銷售額在 28.40 億美元至 29.00 億美元之間，調整後的攤薄每股收益在 0.65 美元至 0.67 美元之間。與 22 年第一季度相比，這意味著銷售額下降 2% 至 4%，調整後的攤薄每股收益持平至下降 3%。

I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges in the current environment and to continue to grow our market position while driving sustainable and robust profitability over the long term.

我仍然相信我們優秀的管理團隊有能力適應當前環境中的許多機遇和挑戰，並繼續提升我們的市場地位，同時推動長期可持續和強勁的盈利能力。

And finally, I'd like to take this opportunity to thank our entire team around the world for their truly outstanding efforts here in the fourth quarter and for the full year of 2022. And with that, operator, we'd be very happy to take any questions.

最後，我想藉此機會感謝我們在世界各地的整個團隊在第四季度和 2022 年全年所做的真正出色的努力。運營商，我們很高興回答任何問題。

(Operator Instructions) Our first question is from Guy Hardwick with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Guy Hardwick。

I think I'll leave the questions on guidance to callers after me. But Adam, just when I speak to investors about Amphenol, they push back initially if they don't know the company that well, that's why isn't this company exposed to commodity price deflation if it's selling components to the electronics industry. What was your -- what would be your pushback on that? And maybe if you could talk about some of the content drivers in connectors and other products?

我想我會將有關指導的問題留給之後的來電者。但是亞當，就在我與投資者談論安費諾時，如果他們不太了解這家公司，他們最初會拒絕，這就是為什麼這家公司如果向電子行業銷售零部件，就不會面臨商品價格通縮的風險。你的意見是什麼 - 你對此有什麼反對意見？也許你能談談連接器和其他產品中的一些內容驅動程序嗎？

Yes. Well, thanks so much, Guy. And I think what you're referring to is kind of Moore's Law, which says that over time, whether it's every 18 months or some approximation thereof, that electronics tend to get a doubling of the performance for the given price. And I think that, that is true in electronics that if you look at what we -- the devices that we use today, the networks that we use today, we get so much more out of those things given the increase or even in certain cases, not increase of what we pay for those things today.

是的。好吧，非常感謝，蓋伊。我想你指的是某種摩爾定律，它說隨著時間的推移，無論是每 18 個月還是大約每 18 個月，電子產品的性能往往會以給定的價格翻倍。我認為，這在電子產品中是正確的，如果你看看我們今天使用的設備，我們今天使用的網絡，我們會從這些東西中得到更多，甚至在某些情況下，而不是增加我們今天為這些東西支付的費用。

And so it comes down then to innovation. And are we, as a company, innovating, developing products that are enabling our customers' applications and allowing our customers to sell value. And so you mentioned commodity. And we don't view our products as a commodity. Actually, we view them as a very precious piece of jewelry almost that the interconnect products that we make from connectors to value-add interconnect, sensors, antennas, these are highly critical components that go into very complex systems, everything from mobile devices all the way up to fighter jets and everything in between.

所以它歸結為創新。作為一家公司，我們是否正在創新、開發能夠支持我們客戶的應用程序並讓我們的客戶銷售價值的產品。所以你提到了商品。我們不將我們的產品視為商品。實際上，我們將它們視為一件非常珍貴的珠寶，幾乎與我們製造的從連接器到增值互連、傳感器、天線的互連產品一樣，這些都是非常關鍵的組件，它們進入非常複雜的系統，從移動設備到所有東西一直到戰鬥機和介於兩者之間的一切。

And they represent also a very high risk and relatively low value as a percentage of the total bill of materials. And thus, if you can embed technology, if you can embed value, if you can be there for your customers, well, then your customers will be willing to share with you some of the value that they're able to realize on the sale of the end product.

它們也代表著非常高的風險和相對較低的價值，佔總材料清單的百分比。因此，如果您可以嵌入技術，如果您可以嵌入價值，如果您可以為您的客戶服務，那麼您的客戶將願意與您分享他們能夠在銷售中實現的一些價值的最終產品。

And so the difference between kind of a standard commodity is something that you see the price trading on an exchange somewhere, and ours is just a chasm of distance between them because our products are enabling technology. They're very much application specific. We're selling hundreds of thousands if not millions of different products to tens of thousands of customers and millions of different applications around the world.

因此，標準商品之間的區別在於您在某個交易所看到的價格交易，而我們的只是它們之間的鴻溝，因為我們的產品支持技術。它們非常特定於應用程序。我們向全球數以萬計的客戶和數以百萬計的不同應用程序銷售數十萬甚至數百萬種不同的產品。

And if our product doesn't work, that small little thing in the system, then ultimately, the system itself doesn't perform for its customers. And so it's up to us to develop innovative new technologies on a consistent basis to be able to execute on behalf of our customers to do that with high quality, high reliability with a breadth of products so customers can come to us all at once. And if we can do that consistently, then we're able to realize good margins while also controlling the cost on our side.

如果我們的產品不起作用，系統中的那個小東西，那麼最終，系統本身就無法為客戶提供服務。因此，我們有責任在一致的基礎上開發創新的新技術，以便能夠代表我們的客戶以高質量、高可靠性和廣泛的產品來實現這一目標，這樣客戶就可以一次來找我們。如果我們能夠始終如一地做到這一點，那麼我們就能夠實現良好的利潤率，同時還能控制我們這邊的成本。

And that's another piece of this, which is that at the end of the day, margin is price minus cost. And so we have to control the price by selling value to our customers. We have to control the cost by ensuring that every element of cost is controlled and treated as it was coming out of our own pockets.

這是另一部分，即在一天結束時，保證金是價格減去成本。因此，我們必須通過向客戶出售價值來控制價格。我們必須通過確保控制和處理成本的每一個要素來控製成本，因為它是從我們自己的口袋裡出來的。

And that comes really from the entrepreneurial organization. The 130 general managers around the world who all treat the company's money as if it were their own. And the fact that we don't have cost centers in the company, we have a tiny little headquarters. And so that control on cost together with selling value through technology ultimately allows us to realize robust margins on a consistent basis.

這真的來自創業組織。全球130位總經理，他們都把公司的錢當成了自己的錢。事實上，我們公司沒有成本中心，我們有一個很小的總部。因此，通過技術控製成本和銷售價值最終使我們能夠在一致的基礎上實現可觀的利潤率。

Our next question is from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess, Adam, I'm hoping you can just maybe talk a little bit more about the March quarter guide. You folks are talking about revenue being down double digits sequentially. And I don't want you to repeat all your segments discussion, but you were talking about 2x normal seasonality. Perhaps you can just talk about what are the 1 or 2 segments you think that are performing worse than what you would expect them to do in a normal seasonal environment? And then to the extent this weakness that you see in March, do you think it's more demand weakness? Or is it more inventory adjustment by your customers?

我想，亞當，我希望你能多談談三月份的季度指南。你們在談論收入連續下降兩位數。我不想讓你重複所有的細分討論，但你說的是正常季節性的 2 倍。或許您可以談談您認為哪些 1 或 2 個細分市場的表現比您在正常季節性環境中預期的要差？然後就您在 3 月份看到的這種疲軟程度而言，您認為這是更多的需求疲軟嗎？還是您的客戶進行了更多的庫存調整？

Thanks so much, Amit. There's a little bit of static on the line, but I think I heard the question well. Look, our guidance that we've given here, and I think I talked a lot about by each segment, but let me just put a finer point on this. If you just take 2 of our end markets and the guidance that I discussed and that's mobile devices and IT datacom, which are 2 of our largest communications markets, those represent about 2/3 collectively of the implied sequential reduction in sales from the fourth quarter to the first quarter.

非常感謝，阿米特。線路上有一點靜電，但我想我聽清楚了問題。看，我們在這裡給出的指導，我想我在每個部分都談了很多，但讓我就此提出一個更好的觀點。如果你只考慮我們的兩個終端市場和我討論的指導，那就是移動設備和 IT 數據通信，這是我們最大的兩個通信市場，它們佔第四季度銷售額連續減少的約 2/3到第一季度。

And I think we talked about in IT datacom that we clearly see a sort of reduction in orders from customers because of elevated inventory levels. And there may be some demand layered into that as well as our customer -- as the end customers kind of pause their build-outs. But we shouldn't forget one thing about IT datacom, we shouldn't forget that this is a market -- first of all, that since 2019, we've grown that market by more than 70% during that time period that our customers have had to increase their output and their construction of their networks in order to satisfy a true explosion of demand for the Internet.

我認為我們在 IT 數據通信中談到，由於庫存水平升高，我們清楚地看到客戶訂單有所減少。並且可能會有一些需求分層到我們的客戶 - 因為最終客戶有點暫停他們的擴建。但是我們不應該忘記關於 IT 數據通信的一件事，我們不應該忘記這是一個市場——首先，自 2019 年以來，我們的客戶在這段時間裡將該市場增長了 70% 以上不得不增加他們的產出和他們的網絡建設，以滿足對互聯網的真正爆炸式增長的需求。

And I think the underlying drivers of that, whether that be a video over the Internet or the use of certain tools that we didn't ever use before, the data traffic on the Internet is not dropping. I think what we are seeing is maybe a pause and a kind of realignment because these companies went real gangbusters for a number of years. But the structural increase of data traffic over the Internet in the broadest sense, that's something that we believe, and I think we're in good company believing that, will continue for a long time to come.

我認為這背後的驅動因素，無論是互聯網上的視頻還是我們以前從未使用過的某些工具的使用，互聯網上的數據流量都沒有下降。我認為我們所看到的可能是一種停頓和一種重新調整，因為這些公司多年來一直是真正的大熱門。但是，從最廣泛的意義上講，互聯網上數據流量的結構性增長是我們所相信的，而且我認為我們相信這一點將在未來很長一段時間內持續下去。

On mobile devices, I think we talked about the fact that during the course of the pandemic, there was a real surge in mobile device demand as people had to detach from their offices and go home, things like tablets, things like computers, upgrades of phones and the like. Let alone the fact that everybody had a lot of disposable income to buy new things in their ears and on their wrist and otherwise. And I think there's been some relaxation of demand that's well reported, and you yourself have talked a lot about that in a variety of reports here in 2022.

在移動設備上，我想我們談到了這樣一個事實，即在大流行期間，移動設備需求真正激增，因為人們不得不離開辦公室回家，平板電腦之類的東西，電腦之類的東西，升級電話之類的。更不用說每個人都有大量可支配收入來購買耳朵、手腕和其他地方的新東西了。而且我認為需求有所放鬆，這一點得到了很好的報導，你自己在 2022 年的各種報告中也談到了很多。

And regardless of that, our team did a fabulous job this year, driving 5% organic growth in 2022. But we're reacting to the demand that we hear from our customers. We're not losing share, quite the contrary. but the demand expectations of our customers here in the first quarter really result in the guidance that we've given. So I would maybe point to those 2 markets, most particularly, which represent just roughly 2/3 of the sequential decline in our outlook.

儘管如此，我們的團隊今年的表現非常出色，在 2022 年實現了 5% 的有機增長。但我們正在響應客戶提出的需求。我們並沒有失去份額，恰恰相反。但是我們客戶在第一季度的需求預期確實導致了我們給出的指導。因此，我可能會指出這兩個市場，尤其是它們僅占我們前景連續下降的大約 2/3。

Our next question is from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Adam, it's just a question regarding the industrial markets. In addition to your acquisitions, you've been growing really well organically. And there is some concern that those industrial markets typically lag some of the other markets like consumer and datacom. There's also concerns about inventory build, but it sounds like you're relatively optimistic in terms of the drivers across those diversified markets. So any color you can give on your outlook there would be great?

亞當，這只是一個關於工業市場的問題。除了您的收購之外，您的有機增長也非常好。並且有人擔心這些工業市場通常落後於其他一些市場，如消費者和數據通信。也有人擔心庫存增加，但聽起來您對這些多元化市場的驅動因素相對樂觀。那麼，您可以為您的前景賦予任何顏色嗎？

Yes. Thanks so much, Matt, and happy new year back to you. No, look, our industrial market has a real bright spot for us over these 3 years. And I just mentioned how IT datacom since 2019 has grown by 70%. Our industrial business has actually grown by more than 90% during that time period. And we've added some amazing acquisitions across interconnect and sensors, but we've also driven really strong organic growth. And I think, last year, we grew by 13% organically. In '21, we grew by 27% organically.

是的。非常感謝，馬特，祝你新年快樂。不，看，我們的工業市場在這 3 年裡對我們來說是一個真正的亮點。我剛剛提到 IT 數據通信自 2019 年以來增長了 70%。在此期間，我們的工業業務實際上增長了 90% 以上。我們在互連和傳感器領域增加了一些驚人的收購，但我們也推動了非常強勁的有機增長。我認為，去年我們有機增長了 13%。在 21 年，我們有機增長了 27%。

And really on a wide swatch of the industrial market, which is very, very diversified inside it. Does industrial lag consumer and datacom? I don't have a really good opinion about that. I think they're quite different markets. You have a lot of very different demand drivers. And if you think about what are the underlying drivers of demand in industrial, well, think about the things that are in the headlines today.

確實在工業市場的廣泛樣本上，它內部非常非常多樣化。工業落後於消費者和數據通信嗎？我對此沒有很好的意見。我認為它們是完全不同的市場。你有很多非常不同的需求驅動因素。如果你想一想工業需求的潛在驅動因素是什麼，那麼想想今天的頭條新聞。

Things like investments in infrastructure, things like electrification, things like decarbonization, which includes everything from infrastructure to support electrification, which includes things like alternative energy generation, which includes things like natural gas conversion and pipelines. And we've actually seen, funny enough, like strong performance in both our alternative energy business, but also our oil and gas business. Both of those are really showing really strong momentum right now.

諸如基礎設施投資、電氣化、脫碳之類的事情，包括從基礎設施到支持電氣化的一切，包括替代能源發電，其中包括天然氣轉換和管道。有趣的是，我們實際上已經看到，我們的替代能源業務以及石油和天然氣業務都表現強勁。這兩者現在都顯示出非常強勁的勢頭。

And I wouldn't think that any of those correlate necessarily to a consumer or a datacom world. Is there inventory in the supply chain of industrial? I don't have good evidence to say yes or no to that. I'm sure if you looked at a variety of publicly traded balance sheets, you may see some evidence of and some evidence of not. We do look in our distribution channel. In there, I think, inventories are healthy. They're not crazy. I mean they may be up a touch or 2, but not out of whack to the overall demand environment.

而且我認為這些都不一定與消費者或數據通信世界相關。工業品供應鍊是否存在庫存？我沒有很好的證據來對此說是或否。我敢肯定，如果您查看了各種公開交易的資產負債表，您可能會看到一些證據和一些不存在的證據。我們確實會查看我們的分銷渠道。我認為，在那裡，庫存是健康的。他們沒有瘋。我的意思是它們可能會上升一兩點，但不會超出整體需求環境。

Look, industrial is going through a true revolution. And when you think about everything from electrification, electronification, all the underlying drivers that I talked about, I think we've done a fabulous job and our team in that area has done a fabulous job, both organically as well as identifying and bringing to the Amphenol family great companies like CMR this quarter and many others over the last 3, 4 years that put the company in a strong position going forward.

看，工業正在經歷一場真正的革命。當你考慮電氣化、電子化以及我談到的所有潛在驅動因素時，我認為我們做得非常出色，我們在該領域的團隊也做得非常出色，無論是有機地還是識別和帶來安費諾家族偉大的公司，如本季度的 CMR，以及過去 3、4 年的許多其他公司，使公司在未來發展中處於有利地位。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess the question I had was more on the margins. You had pretty robust margins in the fourth quarter. But as you're sort of looking in terms of the end market outlook and some of this sub seasonal sort of trajectory starting off the year, how should we think about the puts and takes on the margin? And also in relation to some of the acquisitions that you've done recently, what sort of impact on the margin will that have? How resilient are these sort of margin levels at this point?

我想我的問題更多的是邊緣問題。你在第四季度的利潤率相當可觀。但是，當你從終端市場前景和今年開始的一些次季節性軌跡來看時，我們應該如何考慮看跌期權和保證金？還有關於您最近進行的一些收購，這會對利潤率產生什麼樣的影響？在這一點上，這些保證金水平的彈性如何？

Great. Thanks, Samik, and happy new year to you. Yes, I think that if you think about our margin, I mean, I think I'd start off by just saying how proud we are of the margins, performance that we've had in 2022. We really have, ultimately -- I mean, throughout 2022, we've really done, I think, a great job of just expanding our margins, even sequentially converting kind of higher than our normal conversion with the cost actions, with the pricing actions we've had to take. And thus -- and really hitting our 21% in Q3, which is kind of a tying a record and really 20.9% in Q4 and then 20.7%, which matches the record for 2018.

偉大的。謝謝，Samik，祝你新年快樂。是的，我想如果你考慮我們的利潤率，我的意思是，我想我首先要說的是我們對我們在 2022 年的利潤率和表現感到多麼自豪。我們真的有，最終——我意思是，在整個 2022 年，我認為，我們確實做得很好，只是擴大了我們的利潤率，甚至通過我們必須採取的成本行動和我們必須採取的定價行動，實現了比正常轉化率更高的轉化率。因此——在第三季度真的達到了 21%，這是一個創紀錄的記錄，在第四季度真的達到了 20.9%，然後是 20.7%，這與 2018 年的記錄相符。

So I'm really happy with certainly achieving those. And as we guide here into the first quarter, we're guiding down, I'd say, above seasonal and then we talked about -- Adam just talked about that in response to a previous question. And I think if you kind of look at the markets, we've always said that our markets don't really drive kind of our margins.

所以我真的很高興能實現這些目標。當我們在這裡進入第一季度時，我們正在引導，我會說，高於季節性，然後我們談到了——亞當剛剛談到了這一點，以回答之前的一個問題。而且我認為，如果你看一下市場，我們總是說我們的市場並沒有真正推動我們的利潤率。

So we don't have significant margin differences of a significant range within our markets, except for broadband, we've talked about before, which was our old cable business. But other than that, I think the markets are similar operating margins and drive similar conversion level.

因此，我們在市場上沒有明顯的利潤差異，除了寬帶，我們之前談到過，這是我們以前的有線電視業務。但除此之外，我認為市場具有相似的營業利潤率並推動相似的轉換水平。

So I wouldn't really talk about that as being a place where it's driving a change in the way our overall conversions would look. We talk about decrementals in kind of that close to 30% range. We're kind of seeing a little -- even slightly less than that as we're guiding here into the first quarter.

所以我不會真正談論它是一個推動我們整體轉換方式發生變化的地方。我們談論接近 30% 範圍內的遞減。我們有點看到 - 甚至比我們在這裡指導進入第一季度時略少。

And I think that just goes to the management team and how well they have done in regards to responding to some of these areas where we have seen some headwinds from a demand perspective in IT data, which is declining at above normal rate typically.

而且我認為這只是管理團隊以及他們在響應其中一些領域方面做得如何，我們從 IT 數據的需求角度看到了一些逆風，通常以高於正常速度的速度下降。

And then in the first quarter, they're taking great actions that obviously are reflected in our guide and not necessarily impacting our normal conversion. And mobile devices, they're used to these types of decrementals and headwinds in terms of their first quarter and certainly, they're taking them.

然後在第一季度，他們採取了明顯反映在我們指南中的重大行動，不一定會影響我們的正常轉換。而移動設備，他們在第一季度已經習慣了這些類型的遞減和逆風，當然，他們正在接受它們。

So I think that -- and this is really not a different story than we've had over many years where we're able to manage -- regardless of the demand environment, we're able to manage the operating margins and really do a great job of expanding our margins when we see demand increases, which we've done here in 2022.

所以我認為 - 這與我們多年來能夠管理的故事並沒有什麼不同 - 無論需求環境如何，我們都能夠管理營業利潤率並真正做到當我們看到需求增加時，我們在擴大利潤方面做得很好，我們在 2022 年已經做到了這一點。

And then here in Q1, where we see a little bit of headwind in certain of our markets, taking the actions that really need to be taken in regards to protecting our bottom line. And I think that agility of the organization is really going to -- shining through again. And I think that's just no different from what we've seen historically. And I wouldn't expect any difference in terms of whatever comes here in 2023. And regardless, I think I feel really comfortable with how the team will perform.

然後在第一季度，我們在某些市場看到了一些逆風，採取了真正需要採取的行動來保護我們的底線。而且我認為組織的敏捷性真的會再次閃耀。我認為這與我們在歷史上看到的沒什麼不同。而且我不希望 2023 年發生的任何事情有任何不同。而且無論如何，我認為我對團隊的表現感到非常滿意。

Our next question is from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

Could you speak please to what Amphenol has seen in the China market, both how it's been tracking recently, given the COVID dynamics and also whether you're expecting demand in China to pick up materially over the course of this year given reopening?

您能否談談 Amphenol 在中國市場上看到的情況，考慮到 COVID 動態以及您是否預計中國的需求在今年重新開放後會大幅回升？

Yes. Thanks very much, Mark. And look, I'm glad you bring up China because I want to just give a real shout out to our team in China. Q4 in China was a funky quarter. You came in with Zero COVID and you left with 100% COVID. And that created a lot of challenges operationally.

是的。非常感謝，馬克。聽著，我很高興你提到中國，因為我想對我們在中國的團隊大聲疾呼。中國的第四季度是一個時髦的季度。你帶著零 COVID 進來，帶著 100% COVID 離開。這在運營上帶來了很多挑戰。

And the fact that we were able not only to deliver on our commitments in the quarter but to actually exceed our guidance in the quarter was just a real testament to our entire global organization, but in particular, to our team in China, who just manage through this well while protecting our people as best you can in a country where basically everybody got COVID, it was really phenomenal. And I'm just so proud of what they were able to do during that time period.

事實上，我們不僅能夠在本季度兌現我們的承諾，而且實際上超出了我們在本季度的指導，這確實證明了我們整個全球組織，尤其是我們在中國的團隊，他們剛剛管理在一個基本上每個人都感染了 COVID 的國家，通過這口井，同時盡最大努力保護我們的人民，這真的很了不起。我為他們在那段時間能夠做的事情感到非常自豪。

Look, our business in China, we have a great business in China. Our China business is very much a business for the local region, for the customers who want to buy in those regions. And we've done such a great job over the years despite geopolitics and all of that of being a truly local company, and this gets to kind of our organization, which I think I've used the term before that we have an organization that's really purpose-built for whatever the world order is going to be.

看，我們在中國的業務，我們在中國的業務很棒。我們的中國業務在很大程度上是針對當地的業務，針對那些想在這些地區購買的客戶。多年來，儘管存在地緣政治和作為一家真正的本地公司的所有因素，我們還是做得非常出色，這涉及到我們的組織，我想我之前用過這個詞，我們有一個組織是真正為未來的世界秩序而打造。

And that's an organization of people who are made up of local nationals all over the world, people from India in India, people from China in China, people from France in France. And that allows us to really tailor our operations to the requirements of that region and of that country. And we've certainly done that in China over these last several very dynamic years.

這是一個由世界各地的當地人組成的組織，印度人在印度，中國人在中國，法國人在法國。這使我們能夠真正根據該地區和該國家的要求調整我們的業務。在過去幾年非常活躍的幾年裡，我們確實在中國做到了這一點。

In terms of whether we expect a kind of a demand rebound in China, I don't know. I think it's a little early to say that. But whatever comes will come. And I think we're poised and positioned that if there is some rebound, if there is an increase in consumer spending or whatever on whatever kind of products, there's no doubt in my mind that our team will be there to capture more than our fair share if that should so occur.

至於我們是否預期中國會出現某種需求反彈，我不知道。我認為現在說這個有點早。但該來的總會來。而且我認為我們已經做好準備，如果有一些反彈，如果消費者支出增加或任何類型的產品增加，我認為毫無疑問我們的團隊將在那裡獲得比我們的展會更多的東西如果發生這種情況，請分享。

I mean they demonstrated here in the fourth quarter that nothing can stop them. And I'm very confident that whatever comes along, we'll take full advantage. And if risks materialize, if some impediments should come along, I mean, this is a team that's pretty battle hardened. So I'm pretty confident they'll do a great job.

我的意思是他們在第四節在這裡展示了沒有什麼可以阻止他們。而且我非常有信心，無論發生什麼，我們都會充分利用。如果風險成為現實，如果出現一些障礙，我的意思是，這是一支非常頑強的團隊。所以我非常有信心他們會做得很好。

Our next question is from Steven Fox with Fox Advisors.

我們的下一個問題來自 Fox Advisors 的 Steven Fox。

I was just wondering, Adam, if you could talk a little bit more about the business you're acquiring from RFS. It seems like it's a bit of a game changer for you guys in terms of product and how you might be able to compete against some larger players in antennas, et cetera.

我只是想知道，亞當，你是否可以多談談你從 RFS 收購的業務。就產品以及您如何能夠與天線等方面的一些較大玩家競爭而言，這對你們來說似乎有點改變遊戲規則。

Well, thanks so much, Steve and happy new year to you as well. Look, we're really excited about this business. I mean we have a business in fiber optics, we have a business in hybrid cable, we have a business in antennas. But no doubt about it, RFS brings us a much, much stronger position from a technology perspective, from a capacity perspective and from a channel into certain markets.

好吧，非常感謝，史蒂夫，也祝你新年快樂。看，我們對這項業務真的很興奮。我的意思是我們有光纖業務，我們有混合電纜業務，我們有天線業務。但毫無疑問，從技術角度、容量角度和進入某些市場的渠道來看，RFS 為我們帶來了非常非常強大的地位。

And we've always been really excited about the mobile networks market. And one of the unique things about Amphenol is, I think I've said this many times is that we sell to the OEMs. We're one of the leading interconnect suppliers to the world's leading OEMs who make mobile networks equipment, but we also sell to the service providers and to the operators. And that actually is an evolution of our long-term position with the broadband service providers where we know how to work with service providers.

我們一直對移動網絡市場感到非常興奮。 Amphenol 的獨特之處之一是，我想我已經說過很多次了，我們向 OEM 銷售產品。我們是世界領先的移動網絡設備原始設備製造商的領先互連供應商之一，但我們也向服務提供商和運營商銷售產品。這實際上是我們與寬帶服務提供商的長期立場的演變，我們知道如何與服務提供商合作。

And today, we work with service providers in broadband, we work with them in the IT datacom market, we work with them in broadband -- I mean, in mobile networks, and anywhere where now providers are our customers and not just OEMs making equipment. And I think RFS really allows us to take a step function growth in the strength of our position there with service providers. And doing that at a time where we're still, I believe, in the early innings of the 5G investments in the network, let alone what happens when 5G exists for all of our other markets.

今天，我們在寬帶領域與服務提供商合作，我們在 IT 數據通信市場與他們合作，我們在寬帶領域與他們合作——我的意思是，在移動網絡以及現在提供商是我們客戶的任何地方，而不僅僅是製造設備的原始設備製造商.而且我認為 RFS 確實使我們能夠在我們與服務提供商的地位上邁出一步。我相信，在我們仍處於 5G 網絡投資的早期階段，更不用說當我們所有其他市場都存在 5G 時會發生什麼了。

And we're big believers on the kind of structural potential of both the build-out of the 5G networks that are happening around the world as well as what it means to have low latency, ultrahigh bandwidth, ubiquitous data traffic for all of our end markets. And after 5G will come 6G and then there will come 7G, and you and I will probably still be floating around when we're talking about 10G one day, Steve.

我們堅信世界各地正在建設的 5G 網絡的結構性潛力，以及低延遲、超高帶寬、無處不在的數據流量對我們所有人的意義市場。在 5G 之後將是 6G，然後是 7G，當我們有一天談論 10G 時，你和我可能仍然會四處飄蕩，史蒂夫。

But no, we're really excited about RFS and look forward to them, look forward to getting through the regulatory process. And again, we expect to close it at the end of the second quarter. And thus, it's not in our guide here in the first quarter, but it is certainly in our long-term strategy.

但是不，我們對 RFS 真的很興奮並期待他們，期待通過監管流程。同樣，我們預計將在第二季度末關閉它。因此，它不在我們第一季度的指南中，但肯定在我們的長期戰略中。

Our next question is from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Adam, you and your team have been through many similar cycles. And I wanted to focus just a little bit on the communications commentary you gave about a little bit of inventory digestion or some pauses or things like that. Just curious, in the past cycles, have you seen these last kind of 1 to 2 quarters or multiple, multiple quarters from when you sitting there, it seems like this is one segment that is taking a little bit of a downshift, not that structurally you're losing share, structurally due to the problems with it, but more of a cyclical nature if I understand your comments correctly?

亞當，你和你的團隊經歷過許多類似的周期。我想稍微關註一下你給出的關於一些庫存消化或一些暫停或類似事情的通信評論。只是好奇，在過去的周期中，你是否看到過這些最後的 1 到 2 個季度或多個季度，從你坐在那裡開始，這似乎是一個正在降檔的細分市場，而不是結構上的降檔你正在失去份額，結構上是由於它的問題，但如果我理解你的評論正確的話，更多的是周期性的？

Well, thanks so much, Jim. I would love to be able to extrapolate from sort of past experience to today. But I would tell you that I don't know that at least in my history, which is, by the way, 25 years this year in the company, to live through a time period like we've just gone through in the last 3 years and what that has done to the dynamics of the market. From a pandemic to a supply chain crisis, to an explosion of data traffic that came out of the pandemic and shutdowns and work from home and all those various things, the transformation of how people consume, entertainment and media and information.

好吧，非常感謝，吉姆。我希望能夠從某種過去的經驗中推斷出今天的情況。但我會告訴你，我不知道至少在我的歷史中，順便說一句，今年在公司工作了 25 年，經歷了過去 3 年我們剛剛經歷的一段時期年以及這對市場動態的影響。從大流行病到供應鏈危機，再到因大流行病、停工和在家工作而導致的數據流量激增，以及所有這些各種各樣的事情，人們消費、娛樂、媒體和信息的方式發生了轉變。

So I don't know that there is a good template for kind of the -- what has happened in the IT datacom market over the last 3 years. And thus, it would be hard for me to say, do I expect this to be a 1 quarter, 2 quarter or whatever kind of an adjustment. And thus, we don't run our business that way.

所以我不知道有什麼好的模板可以說明過去 3 年 IT 數據通信市場發生的事情。因此，我很難說，我預計這將是 1 個季度、2 個季度或任何類型的調整。因此，我們不會以這種方式經營我們的業務。

The fact is it is what it is right now, and we adjust in real time our resources to accommodate the level of demand that we see from each of our operations. We have 131 operations around the world right now, roughly. And each of them have their own set of customers. Some of whom have demand that is growing and others of whom and that includes those who work in this market, where maybe demand is moderating somewhat.

事實上，現在就是這樣，我們實時調整我們的資源，以適應我們從每項業務中看到的需求水平。目前，我們在全球大約有 131 個業務。他們每個人都有自己的一組客戶。其中一些人的需求正在增長，而另一些人則包括在這個市場工作的人，而這個市場的需求可能有所放緩。

They don't make a guess and say, well, is that going to be a 1-, 2-, 3-quarter thing, and thus, what should I do? They just say, my customer needs this much, and I'm going to go out and adjust my resources in real time. And that real-time reactivity and agility that Craig mentioned earlier, which by the way was reflected in our margins in the fourth quarter and is also reflected in our margins in the first quarter, that's how we run the business.

他們不會猜測然後說，好吧，這將是 1、2、3 季度的事情，因此，我應該怎麼做？他們只是說，我的客戶需要這麼多，我要出去實時調整我的資源。克雷格之前提到的實時反應性和敏捷性，順便說一下，這反映在我們第四季度的利潤率中，也反映在我們第一季度的利潤率中，這就是我們經營業務的方式。

We'll react to whatever the demand environment is, and we're not going to try to trip over ourselves trying to guess how long it is. But what I know is this, long term, the demand for data, the demand for our products, leading edge, high-speed fiber optic power products, that's going to be a very robust demand long term. And so we will come through this adjustment that our customers are going through, and we will come out of it a stronger company than ever, and we will continue to have a very robust technology position in the future.

無論需求環境如何，我們都會做出反應，我們不會試圖自己去猜測它有多長。但我所知道的是，從長遠來看，對數據的需求，對我們產品的需求，領先的高速光纖功率產品，從長遠來看將是一個非常強勁的需求。因此，我們將通過我們的客戶正在經歷的這種調整，我們將成為一家比以往任何時候都更強大的公司，我們將在未來繼續擁有非常強大的技術地位。

Our next question is from Luke Junk with Baird.

我們的下一個問題來自 Luke Junk 和 Baird。

Adam, your auto business is outgrowing underlying production now by an extremely strong level each of the past 2 years. And I know it's always hard to parse out, but do you get the sense that channel inventory of your products has influenced that outgrowth at all? And maybe just more importantly, as you look forward, what do you see as the key factors plus or minus versus history that could influence your ability to grow strongly above market again in 2023?

Adam，您的汽車業務在過去 2 年中每年都以非常強勁的水平增長，超過了基礎生產。而且我知道它總是很難解析，但你是否感覺到你的產品渠道庫存完全影響了這種結果？也許更重要的是，正如您所期待的那樣，您認為與歷史相比可能影響您在 2023 年再次強勁增長並高於市場的能力的關鍵因素是什麼？

Well, thanks Luke to you and happy new year as well. Look, you said it, I mean, we have definitely outperformed in the automotive market for a pretty long time period here, quite a number of quarters, and I'm just really proud of our team. There weren't always easy years. I mean, clearly, 2020 was a tough year. Even 2019 was a challenging year. But we never kind of threw in the towel during that time period. We never said let's go cut back on new product investment or let's retrench, let's reorganize, quite the contrary.

好吧，謝謝盧克，祝你新年快樂。看，你說了，我的意思是，我們在相當長的一段時間內，相當多的季度裡，在汽車市場上的表現肯定優於大盤，我真的為我們的團隊感到自豪。並不總是輕鬆的歲月。我的意思是，很明顯，2020 年是艱難的一年。即使是 2019 年也是充滿挑戰的一年。但在那段時間裡，我們從來沒有認輸過。我們從來沒有說過讓我們削減新產品投資，或者讓我們裁員，讓我們重組，恰恰相反。

In fact, we continue to work with customers around the world on next-generation applications. And those next-generation applications, everything from passenger connectivity and power applications to high-voltage applications in the car to communications around antennas and the like, we are now really realizing the benefits of that over the last couple of years.

事實上，我們繼續與世界各地的客戶合作開發下一代應用程序。而那些下一代應用，從乘客連接和電源應用到汽車中的高壓應用，再到天線周圍的通信等等，我們現在真正意識到過去幾年的好處。

And in terms of the channel, we don't really see the channel and the inventory in the channel as being a big driver of the demand. I think the driver of the demand has been the rapid adoption of new electronic systems, in particular, electrification of cars, but not exclusively electrification. And so when I think about the key factors that can be plus or minus in the future, well, sure, at some level, the number of cars being sold matters.

在渠道方面，我們並沒有真正看到渠道和渠道中的庫存是需求的重要驅動力。我認為需求的驅動力是新電子系統的快速採用，特別是汽車電氣化，但不僅僅是電氣化。因此，當我考慮未來可能增加或減少的關鍵因素時，當然，在某種程度上，汽車銷量很重要。

But more importantly is the content of electronics and the content of new systems in those cars in the future. And if that content continues to move up and to the right and if we continue to do a pretty decent job of getting some or more than our fair share of that, then I think there's good potential for our automotive business in the long term.

但更重要的是未來那些汽車中電子的內容和新系統的內容。如果這些內容繼續向上和向右移動，如果我們繼續做得相當不錯，獲得一些或超過我們應得的份額，那麼我認為從長遠來看，我們的汽車業務具有良好的潛力。

I would not get out in front of my skis here and tell you that 29% organic growth is going to be our perpetuity or 41% that we achieved in 2021. But we're very confident in our -- in the strength of our position.

我不會站在我的滑雪板前告訴你 29% 的有機增長將是我們的永久性增長，或者說我們在 2021 年實現了 41% 的有機增長。但我們對我們的實力非常有信心.

Our next question is from Will Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Will Stein。

I'd love to hear about how the backlog changed during the quarter, and in particular, the duration of the backlog and perhaps it relates to lead times somewhat, whether you're seeing customers still place orders in excess of lead times to the degree that has been a pattern?

我很想知道本季度積壓情況如何變化，特別是積壓的持續時間，也許它與交貨時間有一定關係，您是否看到客戶仍然下訂單超過交貨時間那是一種模式嗎？

Thanks so much, Will. I mean, look, we obviously had in the fourth quarter a lower book-to-bill of 0.89. But I would just point out that over the course of this year, we still have a positive book-to-bill of 1.02. And if you look over the last 2 years, we've actually booked in the last 2 years $25 billion in orders and we've shipped $23.5 billion in sales. So we've added $1.5 billion to our backlog during that time. And we have, today, still a very robust backlog.

非常感謝，威爾。我的意思是，看，我們在第四季度的訂單出貨比顯然較低，為 0.89。但我只想指出，在今年的過程中，我們仍然有 1.02 的正訂單出貨比。如果你回顧一下過去兩年，我們實際上在過去兩年中預訂了 250 億美元的訂單，我們已經交付了 235 億美元的銷售額。因此，在那段時間裡，我們的積壓訂單增加了 15 億美元。今天，我們仍然有大量的積壓工作。

I think we talked about last quarter that we probably saw about a 3-week expansion of our backlog. And I think we're probably still roughly in that ballpark right now, somewhere around a 3-week or so beyond what maybe it was in the past. And when I say the past, like 2020 and maybe year-end. And that's a really strong position.

我想我們在上個季度談到我們可能看到我們的積壓工作增加了 3 週。而且我認為我們現在可能仍大致處於那個範圍內，比過去可能大約 3 週左右。當我說過去時，比如 2020 年，也許是年底。這是一個非常強大的立場。

At the same time, there's no doubt about it that the kind of acute phase of the supply chain crisis and the kind of multiplicity of pressures that was put on our customers across really all of our markets, I think we're beyond the acute phase of that supply chain crisis. I'm not going to tell you like it's totally in the rearview mirror, like there's still little things that people have to deal with. But I would not be surprised if our customers kind of normalize a little bit more their lead times across the board.

與此同時，毫無疑問，供應鏈危機的嚴重階段以及我們所有市場的客戶所承受的多重壓力，我認為我們已經過了嚴重階段那場供應鏈危機。我不會告訴你就像它完全在後視鏡中一樣，就像人們仍然需要處理一些小事情一樣。但是，如果我們的客戶在某種程度上全面規範他們的交貨時間，我不會感到驚訝。

And one of the things that happened during the course of the pandemic and the supply chain crisis that came thereafter, is we were doing a great job. I mean, we supported our customers through the time. We did not meaningfully have to extend our lead times, but customers were sort of taking a one-size-fits-all approach in several of the markets. And that led, I think, them to certainly in the communications market, to maybe end up ordering a little bit more than they were going to do.

在大流行病和隨後發生的供應鏈危機期間發生的一件事是，我們做得很好。我的意思是，我們一直在支持我們的客戶。我們並沒有有意義地延長交貨時間，但客戶在幾個市場上採取了一種放之四海而皆準的方法。我認為，這導致他們肯定會進入通信市場，最終可能會比他們打算做的多一點。

I would also point out one other thing out here just in the fourth quarter, with our relatively low book-to-bill compared to historical levels, actually, that was really concentrated in our communications markets. And we saw a book-to-bill outside of the communications market, which was basically 1:1 in the fourth quarter, which also gives us some confidence that there's still a robust demand for our products.

我還要指出第四季度的另一件事，與歷史水平相比，我們的訂單出貨比相對較低，實際上，這實際上集中在我們的通信市場。我們看到通信市場之外的訂單出貨比在第四季度基本上是 1:1，這也讓我們有信心相信我們的產品仍然有強勁的需求。

But I don't think in terms of the normalization, I would expect some normalization. That whole cliche of just in time versus just in case. Maybe customers long term will have a little bit more order windows. But I think we sit in a really good position here.

但我不認為就正常化而言，我會期待一些正常化。及時與以防萬一的陳詞濫調。也許長期客戶會有更多的訂單窗口。但我認為我們在這裡的位置非常好。

Our next question is from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的 Chris Snyder。

So the company has taken a lot of share coming out of the pandemic. And there has been a heightened focus on resiliency and connectivity from the customer base, again, coming out of the pandemic. I'd just be interested to hear how you think about those 2 drivers as the macro seemingly will normalize here at some point?

因此，該公司從大流行中獲得了很多份額。大流行之後，客戶群再次更加關注彈性和連接性。我只是想听聽您如何看待這兩個驅動程序，因為宏似乎會在某個時候在這裡正常化？

Yes. Thanks very much, Chris. I mean, look, resiliency and connectivity, I think there's been a lot of things that have shifted. We've just been through a once in a several-generation pandemic. Hopefully, we are sort of at the tail end of it. I know our team in China certainly hopes that in the fourth quarter. But I think it has changed everything. It's touched everything. Let me say that, whether it's dramatically changed everything.

是的。非常感謝，克里斯。我的意思是，看，彈性和連接性，我認為已經發生了很多變化。我們剛剛經歷了幾代人中只有一次的大流行病。希望我們已經走到了盡頭。我知道我們中國隊當然希望在第四節。但我認為它改變了一切。它觸動了一切。讓我這麼說吧，它是否極大地改變了一切。

But no doubt, resiliency and ability of a company to be there for its customers regardless of what comes along, that is definitely more in the consideration of our customers than ever before, and that plays very well into our approach. Our approach has never been to put all our eggs in 1 basket to build these massive campuses. We have 250 facilities around the world. Some people think we're crazy to have that many factories.

但毫無疑問，無論發生什麼情況，一家公司為客戶服務的彈性和能力，這絕對是我們客戶比以往任何時候都更多的考慮因素，這在我們的方法中發揮了很好的作用。我們的方法從來不是將所有雞蛋放在一個籃子裡來建造這些龐大的校園。我們在全球擁有 250 個設施。有些人認為我們擁有那麼多工廠是瘋了。

But part of it is risk. Part of it is making sure that we're close to our customers, and we're not putting all of our eggs in 1 basket. And we have a pretty fragmented manufacturing footprint all over the world with low-cost operations in all 3 of the major regions and continents.

但其中一部分是風險。其中一部分是確保我們貼近客戶，並且我們不會將所有雞蛋放在一個籃子裡。我們在世界各地的製造足跡相當分散，在所有 3 個主要地區和大洲都有低成本運營。

And I'll tell you that, that enabled us during this time period to take share from maybe some of our competitors who are either smaller or more concentrated and thus, we're stricken by these kind of unpredictable impediments that came along during the pandemic and the supply chain crisis.

而且我會告訴你，這使我們能夠在這段時間從我們的一些競爭對手那裡獲得份額，這些競爭對手要么更小，要么更集中，因此，我們對大流行期間出現的這些不可預測的障礙感到震驚和供應鏈危機。

And relative to connectivity, and I'm going to sort of put a little stab on what your implication is there, I mean, communications, the Internet, the ability to stay in touch with people, that has clearly been a dramatic shift in this pandemic.

相對於連通性，我要稍微談談你的意思，我的意思是，通信、互聯網、與人保持聯繫的能力，這顯然是一個巨大的轉變大流行。

And we look at our position in our communications markets and the phenomenal growth that we've had, and I mentioned the IT datacom market for us growing 70% during that time period. But also, mobile devices grew by nearly 25% over those same 3 years. And that's just a reflection of this kind of now insatiable demand for people to have a multitude of ways of communicating and connecting with each other.

我們審視了我們在通信市場的地位以及我們取得的顯著增長，我提到了我們的 IT 數據通信市場在此期間增長了 70%。而且，移動設備在同樣的 3 年中增長了近 25%。而這恰恰反映了這種現在對人們擁有多種溝通和聯繫方式的永無止境的需求。

And that's something as we seek to sort of enable the electronics revolution, that's the phrase I always use, there's no doubt about it that we're living in revolutionary times. And that creates a real structural and long-term opportunity for Amphenol.

這就是我們試圖推動電子革命的東西，這是我一直使用的短語，毫無疑問，我們生活在革命時代。這為 Amphenol 創造了一個真正的結構性和長期機會。

Our next question is from Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Adam, notwithstanding the comments you made on IT datacom earlier that might also apply to mobile devices. You specifically called out mobile device kind of mean reverting from abnormal COVID-driven level. So does that imply we should expect some seasonal growth for 2023? And more broadly, is visibility, maybe ex mobile devices, beginning to improve at all in your markets?

Adam，儘管您之前對 IT datacom 發表的評論可能也適用於移動設備。您特別提到了移動設備從異常的 COVID 驅動級別恢復的意思。那麼這是否意味著我們應該期待 2023 年出現一些季節性增長？更廣泛地說，在您的市場中，知名度，也許是移動設備，是否開始有所改善？

Thanks very much, Wamsi. I am not going to get out in front of my skis on trying to give an estimate of what mobile device demand is going to look like this year. You know well I'm bad at guiding it even for the 70 or so days that we try to give guidance in a quarter, let alone to make some estimate of what it's going to look like in the course of the year. It's hard for me to do that.

非常感謝，Wamsi。我不會在我的滑雪板前試圖估計今年的移動設備需求。你很清楚，即使在我們試圖在一個季度中提供指導的 70 天左右的時間裡，我也很難指導它，更不用說對一年中的情況做出一些估計了。我很難做到這一點。

What I do know is there's a lot of new devices, they're wonderful. I'm addicted to mine, and we have a strong position. And so I don't take a position otherwise on whether mobile devices is going to have a worse or better performance seasonally going through the rest of this year. I mean, we tried to give some guidance here in the first quarter. We'll see what happens there, and then we'll try to give some guidance on the second quarter 90 days from now.

我所知道的是有很多新設備，它們很棒。我沉迷於我的，我們有很強的地位。因此，對於今年餘下時間移動設備的季節性表現是更差還是更好，我不持其他立場。我的意思是，我們試圖在第一季度在這裡提供一些指導。我們將看看那裡會發生什麼，然後我們將嘗試在 90 天后的第二季度給出一些指導。

Relative to visibility in general, look, it's still a fairly uncertain world. And so I don't know that there's a dramatic improvement in visibility. I mean we're not giving full year guidance. We don't think it's prudent at this time because there is still a lot of dynamism, a lot of uncertainty in the world today. And so we'll see. I mean I certainly hope that as we pass the 3-year mark on the anniversary, I think -- it's actually 3 years from day after tomorrow that Wuhan was shut down. We remembered it very, very well.

相對於一般的可見性，看，這仍然是一個相當不確定的世界。所以我不知道能見度有沒有顯著提高。我的意思是我們沒有給出全年的指導。我們認為此時不謹慎，因為當今世界仍然充滿活力，充滿不確定性。所以我們拭目以待。我的意思是，我當然希望，當我們在周年紀念日跨過 3 年大關時，我認為——從後天起武漢被關閉實際上是 3 年。我們記得非常非常好。

And you hope that after 3 years, it renormalizes. There's a saying in Chinese that a pandemic doesn't last more than 3 years. It's a famous old saying that, I think, a very old saying in Chinese. And hopefully, that is really the case, and there can be a little bit more normalization. But I think there's still a lot of uncertainty in the world today.

你希望 3 年後，它重新正常化。中國有句俗話，大流行不過3年。這是一句有名的古話，我認為，這是一句非常古老的漢語諺語。希望情況確實如此，並且可以有更多的規範化。但我認為當今世界仍然存在很多不確定性。

Our next question is from David Kelley with Jefferies.

我們的下一個問題來自 Jefferies 的 David Kelley。

Maybe a question on the input cost environment. We've seen certain commodities pull back in certain areas. Energy and labor costs remain elevated and then maybe pricing pass-throughs might get tougher in 2023. But if we take a step back, can you just talk about the Amphenol cost opportunities in 2023?

也許是關於投入成本環境的問題。我們已經看到某些商品在某些領域回落。能源和勞動力成本仍然居高不下，然後定價傳遞可能會在 2023 年變得更加艱難。但如果我們退後一步，你能談談 2023 年安費諾的成本機會嗎？

Yes. Thank you, David. I think that, certainly, the cost environment is, in some ways, a little bit different than it probably was as we kind of entered the year here. I think there are certain places where it has improved. There's other places, honestly, where it probably hasn't improved. But I mean, certainly, on certain commodities, we've seen some level of relief in certain parts of the business without a doubt. But places like energy, places like the labor, certainly, logistics has gotten a little better, but I would say energy and labor is certainly very -- sill continues to be a headwind in many places.

是的。謝謝你，大衛。我認為，當然，在某些方面，成本環境與我們在這裡進入這一年時可能有所不同。我認為它有一些改進的地方。老實說，還有其他地方可能沒有改善。但我的意思是，當然，在某些商品上，我們毫無疑問地看到業務的某些部分出現了一定程度的緩解。但是像能源這樣的地方，像勞動力這樣的地方，當然，物流已經好一些了，但我想說能源和勞動力肯定非常——在許多地方仍然是一個逆風。

So I'd say, on balance, it probably has made some improvements from a commodity perspective. I think that -- what does that mean from a cost perspective in 2023? It's tough to tell our margin perspective. I mean, there's no doubt that in a normal environment, you would expect some pricing headwinds from your customers. And whether or not they will start in certain places to try to come back to pricing, we'll certainly do our best to -- as we always do to -- as we add value to our customers to ensure that we're keeping that fair margin.

所以我想說，總的來說，從商品的角度來看，它可能已經做出了一些改進。我認為 - 從 2023 年的成本角度來看，這意味著什麼？很難說出我們的利潤率觀點。我的意思是，毫無疑問，在正常環境中，您會期望客戶在定價方面遇到一些阻力。無論他們是否會在某些地方開始嘗試重新定價，我們肯定會盡最大努力——一如既往地——為我們的客戶增加價值，以確保我們保持這一點公平保證金。

But as costs come down, I would expect in some places for pricing to have some headwind. But I would expect that ultimately a balance to happen where we are able to protect our margins and continue to have strong margins. It really wouldn't -- I wouldn't think change from a profitability perspective. In a normal environment, prior to the pandemic when inflation was kind of at a normal pace and the demand environment was normal, that's -- you did have that kind of normal balance.

但隨著成本下降，我預計在某些地方定價會遇到一些阻力。但我希望最終能夠在我們能夠保護我們的利潤率並繼續保持強勁利潤率的情況下實現平衡。它真的不會——我認為從盈利能力的角度來看不會發生變化。在正常環境中，在大流行之前，當通貨膨脹處於正常速度並且需求環境正常時，那就是 - 你確實有那種正常的平衡。

And I expect that, ultimately, over time, we'll see that again. And whether or not that happens in '23, that's a little bit too early to predict. But I think we are in a better place, both on the price and a cost perspective than we certainly were a year ago.

我希望，最終，隨著時間的推移，我們會再次看到它。不管這是否發生在 23 年，現在預測都為時過早。但我認為我們在價格和成本方面都比一年前處於更好的位置。

Our last question is from Michael Anastasiou with Cowen.

我們的最後一個問題來自 Michael Anastasiou 和 Cowen。

Could you just quantify the impact of price in 2022 overall? And if there's any areas that were strong in particular? And what are your expectations for the upcoming year?

您能否量化一下價格在 2022 年的總體影響？如果有任何特別強大的領域？您對來年有何期望？

Yes. I was kind of I was saying before, I mean, certainly, we did have some pricing kind of momentum in 2022. Honestly, I couldn't even tell you what exactly the impact the price was on our top line. We don't -- unfortunately, our systems aren't capable of even providing that information. I would even say it's somewhere kind of in maybe low single-digits, but it's a very difficult thing to even have to provide.

是的。我之前說過，我的意思是，當然，我們在 2022 年確實有某種定價勢頭。老實說，我什至無法告訴你價格對我們的收入到底有什麼影響。我們沒有——不幸的是，我們的系統甚至無法提供該信息。我什至會說它可能是低個位數的某個地方，但甚至必須提供它是一件非常困難的事情。

So -- and honestly, it really wouldn't provide us with any help in regards to how we run our business. So it's not something we're necessarily focused on. But certainly, there was some pricing in 2022. We've talked about that and without a doubt there was. I mean, again, as I mentioned before, in a normal environment, pricing would be, I would say, more of a headwind than a tailwind and '22 was a slight tailwind, I would say. And I know it's tough to say whether will be in 2023 as the cost environment maybe levels off a bit.

所以 - 老實說，它真的不會為我們如何經營我們的業務提供任何幫助。所以這不是我們必須關注的事情。但可以肯定的是，2022 年會有一些定價。我們已經討論過了，毫無疑問。我的意思是，正如我之前提到的，在正常環境中，我會說，定價更多的是逆風而不是順風，而 22 年是輕微的順風，我會說。而且我知道很難說是否會在 2023 年，因為成本環境可能會趨於平穩。

But ultimately, whatever it is, I know I'm really not so concerned. I think that the team has continued to do a great job of the managing cost, managing price and ultimately ensuring at the end of the day, we're getting paid for the value we provide to our customers.

但最終，不管是什麼，我知道我真的不那麼擔心。我認為該團隊在管理成本、管理價格以及最終確保最終為我們為客戶提供的價值方面得到報酬方面做得很好。

And there are no further questions. I'll turn the call back to Mr. Norwitt for closing remarks.

沒有其他問題了。我會把電話轉回給 Norwitt 先生，請他作結束語。

Well, thank you so much. And again, we'd like -- Craig and I would like to, on behalf of our entire team around the world, express our gratitude to each of you for the confidence you put in us. And we wish you all the best and look forward to speaking with you just a short 90 days from now. Thank you, everybody. Happy new year again, and stay safe.

好吧，非常感謝你。再一次，我們想——克雷格和我想代表我們在世界各地的整個團隊，感謝你們每個人對我們的信任。我們祝您一切順利，並期待在短短 90 天后與您交談。謝謝大家。再次祝你新年快樂，注意安全。

Thank you. Bye-bye.

謝謝你。再見。

Thank you for attending today's conference, and have a nice day.

感謝您參加今天的會議，祝您度過愉快的一天。