安費諾 (APH) 2023 Q1 法說會逐字稿

Hello, and welcome to the first quarter earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. (Operator Instructions) I would now like to turn -- introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

您好，歡迎來到 Amphenol Corporation 第一季度收益電話會議。 （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）現在我想介紹一下今天的會議主持人 Craig Lampo 先生。先生，您可以開始了。

Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO; and I'm here together with Adam Norwitt, our CEO.

非常感謝。大家下午好。我是 Craig Lampo，Amphenol 的首席財務官；我和我們的首席執行官 Adam Norwitt 一起來到這裡。

We would like to welcome you to our first quarter 2023 conference call. Our first quarter 2023 results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business and current trends, and then we will take questions.

歡迎您參加我們 2023 年第一季度的電話會議。我們今天上午發布了 2023 年第一季度的業績。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.

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。

The company closed the first quarter with sales of $2.974 billion and GAAP and adjusted diluted EPS of $0.71 and $0.69, respectively. First quarter sales were up 1% in U.S. dollars [inorganically] and up 3% in local currencies compared to the first quarter of 2022.

該公司第一季度銷售額為 29.74 億美元，根據 GAAP 和調整後攤薄每股收益分別為 0.71 美元和 0.69 美元。與 2022 年第一季度相比，第一季度銷售額以美元計算 [無機] 增長 1%，以當地貨幣計算增長 3%。

Sequentially, sales were down by 8% in U.S. dollars, 9% in local currencies and 10% organically. Adam will comment further on trends by market in a few minutes.

隨後，銷售額以美元計算下降了 8%，以當地貨幣計算下降了 9%，有機下降了 10%。亞當將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were $2.896 billion, which was down 16% compared to the first quarter of 2022 and flat sequentially, resulting in a book-to-bill ratio of 0.97:1. The lower book-to-bill was driven by lower bookings in the communications related markets, which continue to experience a decline in demand.

本季度訂單為 28.96 億美元，與 2022 年第一季度相比下降 16%，環比持平，訂單出貨比為 0.97:1。較低的預訂出貨比是由於通信相關市場的預訂量下降，該市場的需求繼續下降。

GAAP and adjusted operating income were $592 million and $597 million, respectively, in the first quarter of 2023. GAAP and adjusted operating margins were 19.9% and 20.1%, respectively, in the first quarter.

2023 年第一季度 GAAP 和調整後營業收入分別為 5.92 億美元和 5.97 億美元。第一季度 GAAP 和調整後營業利潤率分別為 19.9% 和 20.1%。

On a GAAP basis, operating margin decreased by 10 basis points compared to the first quarter of '22 and decreased by 70 basis points sequentially, and GAAP operating margins for the first quarter included $5 billion of acquisition-related costs.

根據 GAAP，營業利潤率與 2022 年第一季度相比下降了 10 個基點，環比下降了 70 個基點，第一季度的 GAAP 營業利潤率包括 50 億美元的收購相關成本。

On an adjusted basis, operating margin increased 10 basis points compared to the first quarter of '22 and decreased by 80 basis points sequentially. The year-over-year increase in adjusted operating margin was driven by strong operating leverage on the modestly higher sales volumes. And on a sequential basis, the decrease in adjusted operating margin reflected normal downside conversion on the lower sales levels.

在調整後的基礎上，營業利潤率與 2022 年第一季度相比增加了 10 個基點，環比下降了 80 個基點。調整後營業利潤率的同比增長是由於銷量小幅上升帶來的強勁經營槓桿作用。按順序計算，調整後營業利潤率的下降反映了較低銷售水平的正常下行轉換。

Our team continues to execute strongly in the quarter, and we are proud to have sustained these strong levels of profitability despite the continued range of challenges around the world, including the moderating conditions in several of our communications-related markets. In particular, we truly appreciate the quick reactivity of our teams working in the communications markets, who took appropriate actions to preserve strong profitability in the face of downturns in customer demand.

我們的團隊在本季度繼續強勁執行，我們很自豪能夠保持這些強勁的盈利水平，儘管世界各地持續面臨各種挑戰，包括我們幾個通信相關市場的緩和條件。我們特別感謝我們在通信市場工作的團隊的快速反應，他們採取了適當的行動以在客戶需求低迷的情況下保持強勁的盈利能力。

Breaking down first quarter results by segment. In the Harsh Environment Solutions segment, sales were $854 million in the first quarter, which was an increase of 17% in U.S. dollars and 15% organically versus prior year. Segment operating margin was 26.5%.

按部門細分第一季度業績。在惡劣環境解決方案部門，第一季度銷售額為 8.54 億美元，按美元計算增長 17%，與去年同期相比增長 15%。分部營業利潤率為 26.5%。

In the Communications Solutions segment, sales were $1.127 billion in the quarter, which was a decrease of 15% in U.S. dollars and 13% organically versus the prior year. Segment operating margin was 20.5%.

在通信解決方案領域，本季度銷售額為 11.27 億美元，按美元計算下降 15%，與上年同期相比下降 13%。分部營業利潤率為 20.5%。

In the Interconnect and Sensor Systems segment, sales were $993 million in the first quarter, which was an increase of 10% in U.S. dollars inorganically versus the prior year. Segment operating margin was 18%. The company's GAAP effective tax rate for the first quarter was 20.9%, and the adjusted effective tax rate was 24.0%, which compared to 23.8% and 24.5% in the first quarter of 2022, respectively.

在互連和傳感器系統領域，第一季度銷售額為 9.93 億美元，按美元計算較上年同期增長 10%。分部營業利潤率為 18%。公司第一季度的 GAAP 實際稅率為 20.9%，調整後的實際稅率為 24.0%，而 2022 年第一季度分別為 23.8% 和 24.5%。

GAAP diluted EPS increased 4% to $0.71 compared to $0.68 in the prior year period, and adjusted diluted EPS increased 3% to $0.69 compared to $0.67 in the first quarter of 2022.

GAAP 稀釋每股收益從上年同期的 0.68 美元增長 4% 至 0.71 美元，調整後的稀釋每股收益從 2022 年第一季度的 0.67 美元增長 3% 至 0.69 美元。

Operating cash flow in the first quarter was $532 million or 125% of adjusted net income. And net of capital spending, our free cash flow was $436 million or 102% of adjusted net income. We are pleased to continue to deliver a strong cash flow yield.

第一季度的經營現金流為 5.32 億美元，佔調整後淨收入的 125%。扣除資本支出後，我們的自由現金流為 4.36 億美元，佔調整後淨收入的 102%。我們很高興繼續提供強勁的現金流收益。

From working capital standpoint, inventory days, days sales outstanding and payable days were 93, 72 and 52 days, respectively. The higher inventory days were primarily driven by the lower sales level in the first quarter, together with some continued impacts from the supply chain disruptions that our industry experienced over the past year. Our management team is focused on bringing the inventory days back down to a more normal range over the coming quarters.

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 93、72 和 52 天。較高的庫存天數主要是由於第一季度較低的銷售水平，以及我們行業在過去一年中經歷的供應鏈中斷的一些持續影響。我們的管理團隊專注於在未來幾個季度將庫存天數降低到更正常的範圍。

During the quarter, the company repurchased 2.1 million shares of common stock at an average price of approximately $79. And when combined with our normal quarterly dividend, total capital returned to shareholders in the first quarter of 2023 was more than $290 million.

本季度，公司以平均約 79 美元的價格回購了 210 萬股普通股。加上我們正常的季度股息，2023 年第一季度返還給股東的總資本超過 2.9 億美元。

Total debt at March 31 was $4.6 billion, and net debt was $3.1 billion. Total liquidity at the end of the quarter was $4.5 billion, which includes cash and short-term investments on hand of $1.5 billion, plus availability under our existing credit facilities.

3 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 45 億美元，其中包括手頭的現金和短期投資 15 億美元，加上我們現有信貸額度下的可用性。

First quarter EBITDA was $708 million. And at the end of the first quarter of 2023, our net leverage ratio was 1.0x. We are very pleased that the company's financial condition remains extremely strong by any measure.

第一季度 EBITDA 為 7.08 億美元。在 2023 年第一季度末，我們的淨槓桿率為 1.0 倍。我們很高興公司的財務狀況無論以何種標準衡量都仍然非常強勁。

I will now turn the call over to Adam, who will provide some commentary on current market trends.

我現在將把電話轉給亞當，他將對當前的市場趨勢發表一些評論。

Well, Craig, thank you very much, and allow me to extend my welcome to all of you on the phone here today. And I hope you all are all enjoying a lovely spring so far. As Craig mentioned, I'm going to highlight some of our achievements here in the first quarter. I'll then discuss our trends and progress across our served markets, and then make some comments on our outlook for the second quarter. And then, of course, we'll have time for some questions at the end.

好吧，克雷格，非常感謝你，請允許我今天通過電話向大家表示歡迎。我希望你們到目前為止都在享受一個美好的春天。正如 Craig 提到的，我將重點介紹我們在第一季度取得的一些成就。然後我將討論我們在服務市場的趨勢和進展，然後對我們第二季度的展望發表一些評論。然後，當然，最後我們會有時間回答一些問題。

With respect to the first quarter, our results were stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share. Our sales grew from prior year by 1% in U.S. dollars and 3% in local currency, reaching $2.974 billion. On an organic basis, our sales increased by 1%, with growth in commercial air, broadband, military, automotive and industrial markets, largely offset by declines in the IT datacom, mobile networks and mobile devices markets.

關於第一季度，我們的業績強於預期，超過了銷售指導的上限和調整後的攤薄每股收益。我們的銷售額以美元計算比上年增長 1%，以當地貨幣計算增長 3%，達到 29.74 億美元。在有機基礎上，我們的銷售額增長了 1%，商業航空、寬帶、軍事、汽車和工業市場的增長在很大程度上被 IT 數據通信、移動網絡和移動設備市場的下滑所抵消。

The company booked just under $2.9 billion in orders in the quarter, representing a book-to-bill of 0.97:1. Our operating margins, adjusted operating margins in the quarter reached 20.1%, and that was a 10-basis-point increase from last year's levels.

該公司本季度的訂單略低於 29 億美元，訂單出貨比為 0.97:1。我們的營業利潤率，本季度調整後的營業利潤率達到 20.1%，比去年的水平增加了 10 個基點。

As Craig just mentioned, we achieved a still very robust level of profitability despite the ongoing cost challenges around the world, as well as declining volumes in many of our communications markets, and this is just an excellent reflection of the strength of our company's execution in these very dynamic times.

正如克雷格剛才提到的，儘管全球範圍內持續存在成本挑戰，而且我們許多通信市場的銷量都在下降，但我們仍然實現了非常強勁的盈利水平，這恰好反映了我們公司在以下方面的執行力這些充滿活力的時代。

Adjusted diluted EPS grew 3% from prior year to $0.69, and we generated strong operating cash flow of $532 million and $436 million, respectively, in the quarter, all clear demonstrations of the high quality of Amphenol's earnings. I'm just extremely proud of our global team of Amphenolians around the world. The company's results this quarter once again reflects the discipline and agility of our uniquely entrepreneurial organization as we continue to perform well in a very dynamic and challenging environment.

調整後的攤薄每股收益較上年增長 3% 至 0.69 美元，本季度我們產生了強勁的運營現金流，分別為 5.32 億美元和 4.36 億美元，所有這些都清楚地證明了 Amphenol 的高質量收益。我為我們在世界各地的 Amphenolians 全球團隊感到非常自豪。公司本季度的業績再次反映了我們獨特的企業組織的紀律和敏捷性，因為我們在充滿活力和挑戰性的環境中繼續表現出色。

Now turning to our progress across our various served markets. I would just comment that we remain very pleased that our end market exposure is still highly diversified, balanced and broad. This diversification continues to create great value for Amphenol because it enables us to participate across all areas of the worldwide electronics industry, while not being disproportionately exposed to the risk associated with any given market or application.

現在轉向我們在各個服務市場的進展。我只想說，我們仍然非常高興我們的終端市場敞口仍然高度多元化、平衡和廣泛。這種多元化繼續為 Amphenol 創造巨大價值，因為它使我們能夠參與全球電子行業的所有領域，同時不會過度暴露於與任何特定市場或應用相關的風險。

So with that said, the military market represented 11% of our sales in the quarter. And sales in this market grew from prior year by a strong 15% in U.S. dollars and 16% organically. And this was really driven by broad-based growth across most segments within the defense market. Sequentially, our sales increased by 2%, which was in line with our expectations coming into the first quarter. And as we look into the second quarter, we expect sales to increase modestly from these first quarter levels.

話雖如此，軍事市場占我們本季度銷售額的 11%。該市場的銷售額較上年強勁增長 15%（以美元計算），有機增長 16%。這實際上是由國防市場中大多數細分市場的廣泛增長推動的。隨後，我們的銷售額增長了 2%，這符合我們對第一季度的預期。當我們展望第二季度時，我們預計銷售額將從第一季度的水平小幅增長。

We remain very encouraged by the strength of the company's position in the defense market, where we continue to offer the industry's broadest range of high-technology interconnect products. As the geopolitical environment has become certainly more dynamic, nations around the world are expanding their investments in next-generation defense technologies, thereby increasing the long-term demand potential. We look forward to supporting this increased demand with our wide array of interconnect and sensor products, together with our expanded capacity, resulting from the investments that we've made in recent years.

我們仍然對公司在國防市場的地位感到非常鼓舞，我們將繼續提供業界最廣泛的高科技互連產品。隨著地緣政治環境變得更加動態，世界各國都在擴大對下一代國防技術的投資，從而增加了長期需求潛力。我們期待通過我們廣泛的互連和傳感器產品，以及我們近年來進行的投資帶來的擴大產能，來支持這一不斷增長的需求。

The commercial aerospace market represented 4% of our sales in the quarter, and sales increased by a strong 42% from prior year and 44% organically as we benefited from the continued recovery in global aircraft production. And while aircraft production may not yet be back to the levels that it was before the pandemic, we are very pleased that after several very challenging years in this market, our team has driven our sales essentially back to precrisis levels, a really great achievement.

商業航空航天市場占我們本季度銷售額的 4%，由於我們受益於全球飛機生產的持續復甦，銷售額比去年同期強勁增長 42%，有機增長 44%。儘管飛機產量可能尚未恢復到大流行之前的水平，但我們非常高興，在這個市場經歷了幾年非常具有挑戰性的歲月之後，我們的團隊已將我們的銷售額基本恢復到危機前的水平，這是一個非常偉大的成就。

Sequentially, our sales grew by a much better-than-expected 15% from the fourth quarter. And as we look into the second quarter, we expect sales to remain at these first quarter levels.

因此，我們的銷售額比第四季度增長了 15%，遠好於預期。當我們展望第二季度時，我們預計銷售額將保持在第一季度的水平。

I'm just so grateful to our team who works in the commercial air market. With the ongoing recovery in travel and thus demand for jet liners, our efforts to strengthen our breadth of high-technology interconnect products, while diversifying our market position into next-generation aircraft, are paying real dividends. And we look forward to realizing the benefits of these initiatives here in 2023 and beyond.

我非常感謝我們在商業航空市場工作的團隊。隨著旅行的持續復甦以及對噴氣客機的需求，我們努力加強我們的高科技互連產品的範圍，同時將我們的市場地位多樣化到下一代飛機，正在帶來真正的回報。我們期待在 2023 年及以後在這裡實現這些舉措的好處。

The industrial market represented 28% of our quarter -- of our sales in the quarter. And our sales in this market grew from prior year by 11% in U.S. dollars, 14% in local currency and 5% organically. This growth was driven, in particular, by sales into traditional and alternative energy generation, heavy equipment, rail mass transit, factory automation and medical applications, together with contributions from our acquisition program. On a sequential basis, sales were up 2% from the fourth quarter, which was a bit better than our expectations. And as we look into the second quarter, we expect sales in the industrial market to remain at similar levels as we saw here in the first quarter.

工業市場佔本季度銷售額的 28%。我們在這個市場的銷售額以美元計算比上一年增長了 11%，以當地貨幣計算增長了 14%，有機增長了 5%。這一增長尤其受到傳統和替代能源發電、重型設備、軌道交通、工廠自動化和醫療應用的銷售以及我們收購計劃的貢獻的推動。從環比來看，銷售額比第四季度增長 2%，略好於我們的預期。展望第二季度，我們預計工業市場的銷售額將保持與第一季度相似的水平。

Our outstanding global team working across the industrial market continues to find new opportunities for growth across the many distinct segments of this exciting and truly diverse market. 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 that are happening around the industrial electronics market. We look forward to realizing the benefits of this strategy for many years to come.

我們傑出的全球團隊在工業市場工作，不斷在這個令人興奮且真正多元化的市場的許多不同領域尋找新的增長機會。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正在發生的許多革命。我們期待在未來的許多年裡實現這一戰略的好處。

The automotive market represented 22% of our sales in the quarter, and sales in the first quarter grew 9% in U.S. dollars and 14% organically, with our growth supported, once again, by strength of our sales into electrified vehicle applications, together with other products sold into a wide array of new electronic systems in cars. While sales in Asia were slightly down from prior year, we realized strong growth in North America and Europe in the automotive market.

汽車市場占我們本季度銷售額的 22%，第一季度銷售額以美元計算增長 9%，有機增長 14%，我們的增長再次受到電動汽車應用銷售的支持，以及其他產品銷售到汽車的各種新電子系統中。雖然亞洲的銷售額比上一年略有下降，但我們在北美和歐洲的汽車市場實現了強勁增長。

Sequentially, our sales declined by 5% from the fourth quarter, which was a bit better than our expectations coming into the quarter, and that just reflected strong execution by our team in reacting to opportunities with customer demand.

因此，我們的銷售額比第四季度下降了 5%，這比我們對本季度的預期要好一些，這恰恰反映了我們團隊在應對客戶需求機會方面的強大執行力。

For the second quarter, we expect a modest sequential increase in sales from these levels. And I just have to say that I remain truly impressed by our team working in the automotive market. They continue to grow our global position by remaining focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles.

對於第二季度，我們預計這些水平的銷售額將出現適度的環比增長。我不得不說，我們在汽車市場工作的團隊給我留下了深刻的印象。他們繼續專注於推動新設計贏得客戶的支持，從而繼續提升我們的全球地位，這些客戶正在將各種新技術應用到他們的車輛中。

In particular, our long-term efforts at expanding our now comprehensive range of next-generation interconnect products that are incorporated into electrified vehicles, has enabled us to expand our position with a wide range of customers, all of whom are pursuing carbon-neutral driving solutions, and that creates further potential for the business.

特別是，我們長期努力擴大我們現在全面的下一代互連產品系列，這些產品被納入電動汽車，這使我們能夠擴大我們在廣泛客戶中的地位，所有這些客戶都在追求碳中和駕駛解決方案，並為企業創造更多潛力。

The mobile devices market represented 9% of our sales in the quarter, and sales declined by 15% from prior year as growth in smartphones was more than offset by declining sales into laptop, tablets and wearables. Sequentially, our sales declined by a slightly better-than-expected 31% from the fourth quarter. And as we look into the second quarter, we do expect a further mid-teen sales decline from these first quarter levels. There's no question that the mobile devices market remains one of our most volatile, nevertheless, our outstanding and agile team has adjusted their resources in real time with the changing levels of demand and stands poised as always to capture any opportunities for incremental sales that may arise in 2023 and beyond.

移動設備市場佔本季度銷售額的 9%，銷售額較上年同期下降 15%，原因是智能手機的增長被筆記本電腦、平板電腦和可穿戴設備的銷售額下降所抵消。因此，我們的銷售額較第四季度下降了 31%，略好於預期。當我們展望第二季度時，我們確實預計中期銷售額將比第一季度水平進一步下降。毫無疑問，移動設備市場仍然是我們最不穩定的市場之一，然而，我們出色而敏捷的團隊已根據不斷變化的需求水平實時調整資源，並一如既往地準備抓住任何可能出現的增量銷售機會2023 年及以後。

Our leading array of antennas, interconnect products and precision mechanisms continues to enable a broad range of next-generation mobile devices, which positions us well for the long term.

我們領先的天線陣列、互連產品和精密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. Sales declined from prior year by 19% in U.S. dollars and 17% organically as operators and equipment manufacturers reduced their demand after several quarters of stronger consumption. Sequentially, our sales in the first quarter were down by 11% from the fourth quarter, which was a bit more than we had expected coming into the quarter. And now as we look into the second quarter, we do expect a further low double-digit sequential decline in sales as operators further moderate their spending.

移動網絡市場佔本季度銷售額的 4%。由於運營商和設備製造商在幾個季度的強勁消費後減少了需求，因此以美元計算的銷售額比上一年下降了 19%，有機下降了 17%。因此，我們第一季度的銷售額比第四季度下降了 11%，這比我們對本季度的預期要高一些。現在，當我們展望第二季度時，我們確實預計隨著運營商進一步減少支出，銷售額將進一步出現兩位數的低連續下滑。

Our team continues to work aggressively to realize the benefits of our efforts to expand our position in next-generation 5G equipment as well as the networks being constructed around the world. And while there is currently seemingly a pause in the investment cycle, when customers, once again, drive renewed construction of these advanced systems, we look forward to benefiting from the increased potential that comes from our unique position with both equipment manufacturers and mobile service providers.

我們的團隊繼續積極工作，以實現我們擴大我們在下一代 5G 設備以及全球正在建設的網絡中的地位的努力所帶來的好處。雖然目前投資週期似乎暫停，但當客戶再次推動這些先進系統的更新建設時，我們期待從我們與設備製造商和移動服務提供商的獨特地位帶來的更大潛力中受益.

The information technology and data communications market represented 17% of sales in the quarter, and sales did decline by 21% in U.S. dollars [inorganically] as both service providers and equipment manufacturers moderated their demand in light of still significant levels of inventory across the market. On a sequential basis, sales declined 17% from the fourth quarter, which was a touch better than our expectation of 20% down coming into the quarter. And as we look towards the second quarter, we expect sales to remain roughly at these first quarter levels.

信息技術和數據通信市場佔本季度銷售額的 17%，銷售額確實下降了 21%（以美元計）[無機]，因為服務提供商和設備製造商都在考慮到整個市場庫存水平仍然很高的情況下降低了需求.從環比來看，銷售額比第四季度下降了 17%，略好於我們對本季度下降 20% 的預期。展望第二季度，我們預計銷售額將大致保持在第一季度的水平。

Regardless of this current correction in demand largely due to inventory, we remain encouraged by the company's outstanding position in the global IT datacom market. Our team has just done an outstanding 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.

儘管目前的需求調整主要是由於庫存造成的，但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。我們的團隊剛剛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 Web 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。

With exciting new applications, including in particular alternative intelligence, or AI, together with the continued growth in overall data traffic, we're confident that we'll be able to realize the benefits of our leading position in this important market for many years to come.

憑藉令人興奮的新應用，特別是替代智能或 AI，以及整體數據流量的持續增長，我們相信我們將能夠實現我們多年來在這個重要市場中的領先地位所帶來的好處來。

And finally, the broadband communications market represented 5% of our sales in the quarter. Sales grew by a very strong 17% from prior year and 18% organically as we experienced a significant increase in demand from cable operators for a wide range of our products. This growth was driven by increased network build-outs as well as our customers preparing for new, government-supported spending on expanded broadband coverage, particularly here in North America.

最後，寬帶通信市場佔本季度銷售額的 5%。銷售額比上一年強勁增長 17%，有機增長 18%，因為有線電視運營商對我們各種產品的需求顯著增加。這一增長是由網絡建設的增加以及我們的客戶為擴大寬帶覆蓋範圍（尤其是在北美）準備新的、政府支持的支出所推動的。

On a sequential basis, sales declined by 15%, slightly worse than our expectations coming into the quarter. As we look into the second quarter, we anticipate a mid-single-digit sequential moderation of sales from these first quarter levels as broadband operators temper their procurement levels. Nevertheless, we remain encouraged by the company's strong and expanded 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 network coverage and bandwidth to support the proliferation of high-speed data applications to homes and businesses.

按順序計算，銷售額下降了 15%，略低於我們對本季度的預期。當我們展望第二季度時，我們預計隨著寬帶運營商降低採購水平，第一季度的銷售額將出現中等個位數的連續放緩。儘管如此，我們仍然對公司在寬帶市場的強大和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，他們都在努力增加他們的網絡覆蓋範圍和帶寬以支持網絡的擴散。家庭和企業的高速數據應用。

Now turning to our outlook. The current economic environment remains, for sure, dynamic and highly uncertain. In addition, we do expect reduced demand to continue in the second quarter across the communications related markets. Assuming market conditions do not meaningfully worsen, and also assuming constant exchange rates, for the second quarter, we expect sales in the range of $2.890 billion to $2.950 billion, and adjusted diluted earnings per share in the range of $0.66 to $0.68. This would represent a year-over-year sales decline of 6% to 8%, and adjusted diluted EPS decline of 9% to 12%, again, compared to the second quarter of prior year.

現在轉向我們的前景。可以肯定的是，當前的經濟環境仍然充滿活力且高度不確定。此外，我們確實預計第二季度整個通信相關市場的需求將繼續下降。假設市場狀況沒有明顯惡化，並且假設匯率不變，我們預計第二季度銷售額在 28.9 億美元至 29.5 億美元之間，調整後的攤薄每股收益在 0.66 美元至 0.68 美元之間。與去年第二季度相比，這意味著銷售額同比下降 6% 至 8%，調整後的攤薄每股收益下降 9% 至 12%。

Nevertheless, 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 strong profitability over the long term.

儘管如此，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。

Finally, I would be remiss if I didn't take this opportunity to offer my true gratitude to our entire global team around the world for their outstanding efforts here in the first quarter.

最後，如果我不藉此機會對我們在世界各地的整個全球團隊在第一季度所做的出色努力表示衷心的感謝，那我就是失職了。

And operator, with that, we'd be very happy to take any questions.

接線員，有了這個，我們很樂意回答任何問題。

(Operator Instructions) Our first question comes from Amit Daryanani with Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Amit Daryanani。

Adam, I was hoping you could expand a bit more on the Communications segment softness that you're seeing. I think we've talked about the IT datacom softness for a few quarters. Now it sounds like maybe it's incrementally there on the mobile network side as well. Would love to get your perspective, if you think this is more demand driven or inventory dividend issue, and then from your vantage point, what do you think is the duration of the softness of correction as you go forward?

亞當，我希望你能進一步擴展你所看到的通信領域的軟性。我認為我們已經討論了幾個季度的 IT 數據通信軟性。現在聽起來它可能也在移動網絡端逐漸出現。很想听聽您的看法，如果您認為這是更多的需求驅動或庫存紅利問題，那麼從您的角度來看，您認為未來修正的軟性持續時間是多長？

Well, thanks very much, Amit. And for sure, I mean, our team working in the communications market has been wrestling with quite some vacillations in demand. And if you just look back over the prior couple of years, we had just fabulous, fabulous growth in all the communications market. In particular, in IT datacom, but we also had strong growth in mobile networks and decent growth in the mobile devices.

好吧，非常感謝，阿米特。當然，我的意思是，我們在通信市場工作的團隊一直在努力應對需求的一些動搖。如果你回顧過去幾年，我們在所有通信市場都取得了驚人的增長。特別是在 IT 數據通信領域，我們在移動網絡和移動設備方面也有強勁增長。

And I think what we've seen as we came into the end of last year and certainly coming into this quarter, that in particular in the IT datacom market, there is a significant -- there was a significant degree of overbuying of components, not because we had disappointed our customers, quite the contrary. We were constantly coming to the rescue of our customers over the course of their boom in demand with the agility that they've come to expect from Amphenol. But regardless, they seem to have opened their aperture of procurement across virtually everything that they buy in light of the supply chain crisis. And that included building up inventory of our products, certainly, which we saw with hindsight.

而且我認為我們在去年年底和本季度肯定會看到的情況，特別是在 IT 數據通信市場，存在顯著的組件過度購買，而不是因為我們讓客戶失望了，恰恰相反。在客戶需求激增的過程中，我們不斷地以他們對 Amphenol 所期望的敏捷性來拯救他們。但無論如何，鑑於供應鏈危機，他們似乎已經打開了他們購買的幾乎所有東西的採購範圍。當然，這包括建立我們產品的庫存，這是我們事後看到的。

Relative to the mobile networks market, I'd say this is not as much an inventory issue as it is the dynamics of service provider spending. And I think it's kind of well reported, the ups and downs of the various service providers in their capital plans. And I think what we've seen in particular in mobile networks is we've seen the early stages of operators building out their 5G networks, and we benefited, no doubt about it, from that build-out with the long-term efforts that we put in to build our position across those next-generation systems.

相對於移動網絡市場，我認為這與其說是庫存問題，不如說是服務提供商支出的動態。而且我認為這是一種很好的報導，各種服務提供商在他們的資本計劃中的起起落落。而且我認為我們在移動網絡中特別看到的是，我們已經看到運營商建設其 5G 網絡的早期階段，毫無疑問，我們從這種長期努力中受益我們致力於在這些下一代系統中建立我們的地位。

And sometimes what you see is initial build-outs and then they digest it and they figure out the economics and then they come once again to build out the next phase. And I would tell you that in most of the places where we operate, places like North America, Europe and otherwise, these 5G networks are certainly not fully built out, quite the contrary. But they've built out the rough framework of them. It allows them to get a certain amount of coverage, start to realize a certain amount of economic return for their investments.

有時你看到的是最初的擴建，然後他們消化了它，他們弄清楚了經濟學，然後他們再次來構建下一階段。我會告訴你，在我們運營的大多數地方，比如北美、歐洲等地，這些 5G 網絡肯定沒有完全建成，恰恰相反。但是他們已經建立了它們的粗略框架。它使他們能夠獲得一定的覆蓋範圍，開始為他們的投資實現一定的經濟回報。

And then as typically happens, they would, at a certain point, start to do further investments to build up more capacity in those networks. And when that happens, we'll be well equipped to deal with that. I mean the other communications market, mobile devices, this is one that is very volatile. We saw in particular, last quarter, still really robust strength in smartphones, but that was offset or more than offset by fairly dramatic declines in the overall demand for computing devices like laptops and tablets. And I think that's also a well-reported dynamic with the kind of pull forward of demand of those kind of devices as everybody went to work from home.

然後就像通常發生的那樣，他們會在某個時候開始進行進一步的投資，以在這些網絡中建立更多的容量。當這種情況發生時，我們將做好應對的準備。我的意思是其他通信市場，移動設備，這是一個非常不穩定的市場。特別是上個季度，我們看到智能手機仍然非常強勁，但這被筆記本電腦和平板電腦等計算設備的整體需求大幅下降所抵消或超過了抵消。而且我認為這也是一個很好的報導動態，隨著每個人都在家工作，對這類設備的需求有所增加。

And if our office is any indication, work from home is a distant memory because, as Craig and I come into the office, the parking lot is full, the cubicles in the offices are quite full here. And so I think that mad rush to equip people for working from home with those various devices has a little bit changed the cycle of replacement of them and maybe bunched a bit more into the prior 2 years.

如果我們的辦公室有任何跡象，那麼在家工作已成為遙遠的記憶，因為當克雷格和我走進辦公室時，停車場已滿，辦公室的隔間已經滿了。因此，我認為瘋狂地讓人們在家工作時使用這些不同的設備已經稍微改變了更換它們的周期，並且可能在前 2 年中增加了一些。

And then last, I'll talk about is broadband, which is our kind of fourth of the communications market. We had just outstanding performance in broadband last year and that continued here into the first quarter. And that was really supporting our customers with a really broader array of products. We've dramatically expanded the range of products that we sell into the broadband market, and that resulted in us taking significant position with our customers.

最後，我要談談寬帶，這是我們通信市場的四分之一。去年我們在寬帶方面的表現非常出色，並且這種情況一直持續到第一季度。這確實為我們的客戶提供了更廣泛的產品系列。我們極大地擴展了我們在寬帶市場銷售的產品範圍，這使我們在客戶中佔據了重要地位。

I mean we grew, as you'll recall, very well last year, by 38% organically and 62% in U.S. dollars with the variety of acquisitions that we've made in recent times and still robust double-digit organic growth here in the first quarter.

我的意思是，正如你所記得的那樣，去年我們的增長非常好，有機增長了 38%，以美元計算增長了 62%，這得益於我們最近進行的各種收購，並且在美國仍然保持著強勁的兩位數有機增長。第一季度。

And I think now we see a little bit of digestion of those customers as we look into the second quarter. But no doubt about it, the position that we've built over the last couple of years in broadband is something that we think long term is going to create great value for the company.

而且我認為現在我們在展望第二季度時看到了這些客戶的一些消化。但毫無疑問，我們過去幾年在寬帶領域建立的地位是我們認為長期將為公司創造巨大價值的東西。

Our next question comes 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, curious as to why you think this weakness is contained within communications? I mean you were so diversified even within communications, [radio] consumer exposure and mobile, you have enterprise and cloud exposure and IT datacom carrier exposure in mobile networks. Given that, like why is this -- it sounds like it's a very broad macro kind of slowdown. Is this just more early cycle given some of the inventory things that you noted? And we should expect some moderation even in industrial and auto and other areas as we go through the course of the year. Is that the right way to think about it?

亞當，好奇為什麼你認為這種弱點包含在通信中？我的意思是，即使在通信、[無線電] 消費者曝光和移動領域，你也如此多元化，你在移動網絡中有企業和雲曝光以及 IT 數據通信運營商曝光。鑑於此，為什麼會這樣——這聽起來像是一種非常廣泛的宏觀經濟放緩。考慮到您注意到的一些庫存事項，這是否只是更早的周期？在我們度過這一年的過程中，我們應該期待甚至在工業、汽車和其他領域也會出現一些緩和。這是正確的思考方式嗎？

And if I could, would love to get your perspective on trends in China as well. I'm not sure if you had a chance to get over there, but you typically do and now that it's opened up, if you have, or even if you're not, it would be great to get some perspective on what you're seeing on the ground in China?

如果可以的話，我也很想听聽您對中國趨勢的看法。我不確定你是否有機會去那裡，但你通常會去那裡，現在它已經開放了，如果你有，或者即使你沒有，對你的事情有一些看法會很棒在中國實地看到了嗎？

Yes. Thanks very much, Wamsi. Look, I don't think that the communications markets and the dynamics that I just discussed, which are quite unique in each of them. We're talking about one dynamic in IT datacom, a different in mobile networks, different again in devices and yet again in broadband, I wouldn't say that, that is an indicative or leading indicator for a broad economic situation. Quite the contrary, we've given guidance for next quarter for all of our markets, and I don't think that, that guidance reflects a kind of a broad economic slowdown quite the contrary.

是的。非常感謝，Wamsi。看，我不認為我剛才討論的通信市場和動態在每個市場中都是非常獨特的。我們談論的是 IT 數據通信中的一種動態，移動網絡中的一種動態，設備中的另一種動態，以及寬帶中的另一種動態，我不會說，這是廣泛經濟形勢的指示性或領先指標。恰恰相反，我們已經為我們所有的市場提供了下一季度的指導，我不認為該指導反映了一種廣泛的經濟放緩，恰恰相反。

Relative to China, I mean, I'm glad you asked the question. It was just early last month when China changed its visa policies. And as soon as the news came out that visas were reenacted, literally, that day, we booked our flights, and Craig and I were in China at the very first day of April. And what a pleasure it was, I can't tell you. To be 3 years away from our team in China who just did such a phenomenal, phenomenal job over these 3 very challenging years, in particular, over the last year, which was particularly challenging in certain places, including in Shanghai. I tell you, I had the opportunity to meet some of our factory workers who went into a bubble in Shanghai for more than 6 weeks in one case.

相對於中國，我的意思是，我很高興你問了這個問題。就在上月初，中國改變了簽證政策。簽證重新制定的消息一出，確切地說，那天，我們就訂了機票，克雷格和我在四月的第一天就到了中國。那是多麼愉快，我無法告訴你。離開我們在中國的團隊 3 年，他們在這 3 年非常具有挑戰性的時間裡做瞭如此非凡、非凡的工作，特別是在去年，這在某些地方特別具有挑戰性，包括在上海。我告訴你，我曾經有機會遇到過我們工廠的一些工人，他們在上海泡了6個多星期。

And just to be able to see them, and to be honest, to like hug them and thank them for all what they did on behalf of the company during that time period was just a tremendous, tremendous satisfaction for me. Not to mention Craig and I somehow, we didn't gained weight with all the food that we ate over that week of visiting 21 of our operations in China.

能夠看到他們，說實話，喜歡擁抱他們，感謝他們在那段時間代表公司所做的一切，這對我來說是一種巨大的滿足感。更不用說 Craig 和我了，在參觀我們在中國的 21 家工廠的那一周，我們吃的所有食物都沒有增加體重。

But the trends in China, I'd tell you, being there on the ground, this does not seem like a place that is going into deep recessions. Infrastructure investments continue apace. You see new rails for high-speed trains next to virtually every highway you go on. And what I was most impressed by was our own operations, and what they have done during this time period when nobody was visiting them.

但是中國的趨勢，我會告訴你，在實地，這看起來不像是一個正在進入深度衰退的地方。基礎設施投資繼續快速增長。您幾乎在每條高速公路旁都會看到高速列車的新鐵軌。我印象最深的是我們自己的運營，以及他們在沒有人訪問他們的這段時間裡所做的事情。

And it's a credit to how we're organized as a company that we don't have just subsidiary factories that are relying on a whole infrastructure outside of China to function, but rather, we have stand-alone entrepreneurial organizations like we do around the world run by general managers and their teams. And what amazing work they did over this time, driving growth in technology, developing new products for the China market, not relying on Western countries or engineers who may be subject to government restrictions that can be applied from anywhere that you think of, but rather developing native capabilities inside of Amphenol.

我們作為一家公司的組織方式值得稱道，我們不僅有依賴中國以外的整個基礎設施運作的附屬工廠，而且我們有獨立的創業組織，就像我們在全球各地所做的那樣由總經理及其團隊管理的世界。他們這段時間做了多麼了不起的工作，推動技術發展，為中國市場開發新產品，不依賴西方國家或可能受到政府限制的工程師，這些限制可以在您想到的任何地方應用，而是在 Amphenol 內部開發本地功能。

Also, many of our Chinese operations had during that time, for a variety of reasons, the incentive to set up operations outside of China, and doing that while still not being able to travel, going to a place like Vietnam or to India or to Thailand or even Mexico and setting up satellite factories on behalf of their customers who wanted to have China plus 1 or something like that. It was just really exceptional to see that. And another reminder of what really makes this company special. Are there trends in China? Are there macro issues, long-term things like population growth or lack thereof? Sure. Are there geopolitics that are sitting kind of at the highest levels between Beijing and Washington? Sure they are. But I can tell you, when you go on the ground, you meet with the people there, you get really encouraged as I do everywhere that I go around Amphenol, from the U.S. to Mexico to India, to Western Europe, and now finally being able to go back to China, and I look forward to going back again soon.

此外，在那段時間裡，出於各種原因，我們的許多中國業務都有在中國境外開展業務的動機，並且在這樣做的同時仍然無法旅行，去越南或印度這樣的地方或泰國甚至墨西哥，並代表他們的客戶建立衛星工廠，這些客戶希望中國加 1 或類似的東西。看到這一點真的很特別。另一個提醒是什麼真正讓這家公司與眾不同。中國有趨勢嗎？是否存在宏觀問題、人口增長等長期問題？當然。北京和華盛頓之間是否存在某種處於最高層的地緣政治？當然是。但我可以告訴你，當你踏上實地，你會遇到那裡的人，你真的會受到鼓舞，就像我在安費諾周圍所做的那樣，從美國到墨西哥到印度，再到西歐，現在終於能夠回到中國，我期待著很快再次回去。

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。

Adam, just wanted to see if I can get some of your thoughts about how you're thinking sort of for the second half of the year with the guidance that you have for 2Q, the first half, you're going to be down a bit year-over-year. But the orders have now stabilized. Is that giving you a bit more visibility into the opportunities of growth or the opportunity for the aggregate company to grow in the second half or maybe even for the full year, any thoughts there?

亞當，我只是想看看我是否可以根據你對上半年第二季度的指導，了解你對下半年的想法，你將會下降比去年同期。但現在訂單已經穩定下來。這是否讓您更清楚地了解下半年甚至全年的增長機會或總體公司增長的機會，有什麼想法嗎？

Yes. Thank you very much, Samik. Look, I mean, we're not giving full year guidance because it does remain a very volatile environment. And so as much as I would love to sort of get out ahead of my skis and tell you that the second half is going to give growth or not give growth, I'm going to refrain from doing that here today. But I can tell you this that the company remains strong. The base of our strength with customers, the financial condition of the company, I mean just look at the margins that we were able to secure in the first quarter despite real volatility that we saw in our communications market. And Craig mentioned that very specifically. I mean it's just another testament to the underlying strength of the company. So to the extent that in the second half, customers want more product from us, for sure, we're going to support them with that.

是的。非常感謝，Samik。看，我的意思是，我們沒有給出全年指導，因為它確實仍然是一個非常不穩定的環境。因此，儘管我很想在我的滑雪板之前走出去，並告訴你下半年會帶來增長還是不會增長，但我今天不會在這裡這樣做。但我可以告訴你，這家公司仍然很強大。我們與客戶的實力基礎，公司的財務狀況，我的意思是看看我們在第一季度能夠獲得的利潤率，儘管我們在通信市場看到了真正的波動。克雷格非常具體地提到了這一點。我的意思是，這只是對公司潛在實力的又一次證明。因此，在下半年，客戶希望我們提供更多產品，我們肯定會為此提供支持。

But I think today, sitting here just on the 26th of April, it's premature given how dynamic it is for me to give a sense of what Q3 and Q4 and, ultimately, the full year is going to bring. You can bet our team has high aspirations, but relatively realistic to the environment that's in front of us, and we're going to manage through whatever comes our way.

但我認為今天，4 月 26 日坐在這裡，考慮到我對第三季度和第四季度以及最終全年將帶來的變化有多大的了解還為時過早。你可以打賭我們的團隊有遠大的抱負，但對我們面前的環境相對現實，我們將通過我們的方式進行管理。

And 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。

Adam, I was just looking back at your earnings track record for the long period of time. If I take out the COVID period, the early COVID period, you're experiencing a down year of earnings for the first time since 2009. And I was just curious what you think about this cycle relative to prior cycles where your earnings are down, and what steps you're going to take to maybe sort of mute that earnings decline in coming quarters?

亞當，我只是回顧了你很長一段時間的收入記錄。如果我去掉 COVID 時期，即 COVID 早期時期，你將經歷自 2009 年以來的首次收入下降。我只是想知道你對這個週期相對於之前收入下降的周期有何看法，您將採取哪些措施來抑制未來幾個季度的收益下降？

Yes. Well, thanks so much, Steve. I mean, look, we'll see how the year goes. As I just said to Samik, I have no idea, and certainly, I'm not going to talk about what the full year earnings will be. But what I did say just now, I think really resonates when you bring up 2009. Because -- whether it was 2009 or even 2001, and you're probably one of the few people on the call who's been closely associated and following us since that time, and I certainly have been in the company for that time or longer. The way that Amphenolians manage through dynamics is to just face it up. We don't kind of punt it. We don't say, "Well, the good times are going to come," or, "let's wait another quarter, let's wait a third quarter and then we have to play catch-up and get behind kind of the curve of the cost." Rather, we see what orders we have, we see what our customers want. And if we have too few or too many resources, we make adjustments rapidly. And that gets reflected then in the profitability of the company.

是的。好吧，非常感謝，史蒂夫。我的意思是，看，我們將看看這一年會怎樣。正如我剛剛對 Samik 所說，我不知道，當然，我不會談論全年收益是多少。但我剛才所說的話，我認為當你提到 2009 年時真的會引起共鳴。因為——無論是 2009 年還是 2001 年，你可能是電話會議上為數不多的幾個與我們密切相關並關注我們的人之一那個時候，我肯定已經在公司工作了那段時間或更長時間。安費諾人通過動態管理的方式就是直面它。我們不會下注。我們不會說，“好吧，好時光即將到來，”或者，“讓我們再等一個季度，讓我們等一個第三季度，然後我們必須追趕並落後於成本曲線”相反，我們看到我們有什麼訂單，我們看到我們的客戶想要什麼。如果我們的資源太少或太多，我們會迅速做出調整。這會反映在公司的盈利能力上。

And as you know very well, what distinguished our company, whether it was in '09, '01 or in that sort of COVID environment of early in 2020 was from peak to trough, our margins declined just 300 basis points during very, very significant downturns in demand. Now we are certainly not with our guidance in the second quarter, guiding to such kind of cataclysms as we all saw in 2009. But at the same time, it's a dynamic world. And so our playbook hasn't changed whatsoever. Even if the size of the company is significantly bigger than it was in 2009 and categorically bigger than it was in 2001, our sort of modus operandi is the same. That culture of entrepreneurship which is today, represented across 130 general managers, and maybe in 2009, it was like 50 and in 2001, it was like 20. It's still the same way to deal with it. These GMs are out with customers every day. They're listening to them. They're immediately coming back, reacting in real time to adjust resources accordingly.

眾所周知，無論是在 09 年、01 年還是在 2020 年初的那種 COVID 環境中，我們公司的與眾不同之處在於從高峰到低谷，我們的利潤率在非常非常重要的期間僅下降了 300 個基點需求低迷。現在我們肯定不會在第二季度指導我們在 2009 年看到的那種災難。但與此同時，這是一個充滿活力的世界。所以我們的劇本沒有任何改變。即使公司規模比 2009 年大得多，而且絕對比 2001 年大，但我們的運作方式是一樣的。今天的創業文化代表了 130 位總經理，也許在 2009 年是 50 位，2001 年是 20 位。處理它的方式仍然是一樣的。這些總經理每天都和客戶出去。他們在聽他們說話。他們會立即回來，實時做出反應以相應地調整資源。

And then once -- if you have less orders, less demand, you take out cost, but then you go out and you take market share. And that's the approach of Amphenol. It has been my entire 25 years in this company, and it will be for as long as I can secure that. So who knows what it's going to be this year. We certainly don't aspire to have a reduction in our EPS. But if demand is softer than it was last year, we'll manage through it.

然後一次——如果你的訂單少了，需求少了，你就去掉了成本，然後你就出去了，你就佔據了市場份額。這就是 Amphenol 的方法。我已經在這家公司工作了整整 25 年，只要我能確保這一點，我就會一直待下去。所以誰知道今年會怎樣。我們當然不希望減少每股收益。但如果需求比去年疲軟，我們將設法度過難關。

Yes, Steve, this is Craig. And I think I just would add just one thing to that. I think that if you look even in the first quarter results, and we've said this a couple of times. But if you look at the first quarter results and you take into account that we have 3 or 4 markets that are reducing sequentially by double digits, you really just see that resiliency from a margin perspective and the ability for the company to kind of react to those kind of reductions. I mean, the mobile devices market is certainly normally used to having kind of reductions like that, but places like IT data, mobile networks, broadband, these are not markets that typically have that type of volatility from a quarter-to-quarter basis. And I think that usually -- that's kind of show through just in the results for the first quarter. And as Adam said, I don't think that would be any different in the future. But the bottom line is, we're driving for continued growth, and we'll react to demand reductions, where that may be.

是的，史蒂夫，這是克雷格。我想我只想添加一件事。我認為，如果你看一下第一季度的結果，我們已經說過幾次了。但是，如果您查看第一季度的業績，並考慮到我們有 3 或 4 個市場連續下降兩位數，您實際上只是從利潤率的角度看到了這種彈性，以及公司做出反應的能力那種減少。我的意思是，移動設備市場當然通常習慣於出現這樣的降價，但在 IT 數據、移動網絡、寬帶等領域，這些市場通常不會出現季度與季度之間的這種波動。我認為通常 - 這只是在第一季度的結果中表現出來的。正如亞當所說，我認為未來不會有任何不同。但最重要的是，我們正在推動持續增長，我們將對可能出現的需求減少做出反應。

Our next question is from Luke Junk with Baird.

我們的下一個問題來自 Luke Junk 和 Baird。

Adam, hoping you could just comment on the focus areas, specifically for the IT datacom group right now as the market goes through this consolidation period. Is the fact that you're able to catch your breath after what you already referenced today is a very busy multiyear period. In some respects, is that actually positive relative to the longer-term positioning in the business? I guess if I look at the margin side, 27% decremental margins for Communication Solutions could have been worse. And then on the demand side, looks like there's some interesting AI-related opportunities that are emerging on the horizon, if you could speak to both those things.

亞當，希望你能就重點領域發表評論，特別是在市場經歷整合期時，現在針對 IT 數據通信組。事實上，在你今天已經提到的是一個非常忙碌的多年時期之後，你能夠喘口氣嗎？在某些方面，相對於業務的長期定位，這實際上是積極的嗎？我想如果我看一下利潤率，Communication Solutions 27% 的遞減利潤率可能會更糟。然後在需求方面，看起來有一些有趣的與人工智能相關的機會正在出現，如果你能談談這兩件事的話。

Luke, well, thank you very much. I'm glad you emphasized this. I mean this 27% downside conversion margin for an organization that is already making pretty robust margins is really phenomenal. And by any measure, it's a reflection of that quick reactivity that I was discussing earlier.

盧克，嗯，非常感謝你。我很高興你強調了這一點。我的意思是，對於一個已經賺取了相當可觀的利潤的組織來說，這 27% 的下行轉換利潤率確實是驚人的。從任何方面來看，這都反映了我之前討論過的那種快速反應。

Look, I would be lying if I told you our folks working in that market are happy to have a little bit of a downturn to kind of to use your phrase, catch their breath. Nobody likes dealing with this, but we do it. It is what it is. Like it's -- we don't sort of punt reality. It just is what it is.

看，如果我告訴你我們在那個市場工作的人很高興有一點低迷，用你的話來說，我會撒謊，屏住呼吸。沒有人喜歡處理這個，但我們這樣做了。就是這樣。就像它一樣 - 我們不喜歡現實。就是這樣。

At the same time, though, what's interesting is while we're making sure that the financial strength of the company is -- stays as robust as it did. And again, the 27% conversion margin that you mentioned is a great indicator of that, we are working on an extraordinary array of next-generation technologies. Just because customers have some extra inventory doesn't mean they don't have an enormous amount of next-generation things that they're trying to achieve. And you mentioned and I think I alluded to AI as one of those. I mean, these are the kind of revolutions that drive kind of quantum leaps in the demands of our customers for processor power, for speed as it relates to data transmission and networking, all of which creates demands on the equipment for next-generation high-speed interconnect, for the fiber optics and for the high-efficiency power interconnect that's so important to sustaining the operating expenses and let alone the carbon footprint of these massive processors that are going into these enormous data centers.

但與此同時，有趣的是，我們正在確保公司的財務實力——保持與過去一樣強勁。再一次，你提到的 27% 的轉換率是一個很好的指標，我們正在研究一系列非凡的下一代技術。僅僅因為客戶有一些額外的庫存並不意味著他們沒有他們想要實現的大量下一代產品。你提到過，我想我提到過人工智能就是其中之一。我的意思是，這些革命推動了我們客戶對處理器能力、與數據傳輸和網絡相關的速度的需求的巨大飛躍，所有這些都對下一代高性能設備提出了需求。高速互連，用於光纖和高效電源互連，這對於維持運營支出非常重要，更不用說進入這些龐大數據中心的這些大型處理器的碳足跡了。

And so we haven't slowed down at all as it relates to developing and designing next-generation products together with our customers. And you could actually argue that in certain cases, we've had to accelerate those efforts as customers have gotten into competitive situations with others on things like AI, machine learning and the like. And that's the kind of carrying water on both shoulders, that is an Amphenolian trait as well. It's not something necessarily I emphasize so much, but we talk a lot in the company about driving with one foot on the gas, one on the brake, carrying water on both shoulders. Sometimes you got to go out and cut costs at the very same time as you're ramping up engineering support for next-generation systems. And being able to do that, having the mindset and the agility to do that is I think, a very unique trait that is resident inside our organization, and that includes within all of those working across IT datacom.

因此，我們絲毫沒有放慢與客戶一起開發和設計下一代產品的速度。你實際上可以爭辯說，在某些情況下，我們不得不加快這些努力，因為客戶已經在人工智能、機器學習等方面與其他人競爭。這就是雙肩挑水的那種，這也是安費諾人的特點。這不一定是我要強調的事情，但我們在公司裡經常談論開車時一隻腳踩油門，一隻腳踩剎車，雙肩扛水。有時，您必須在加強對下一代系統的工程支持的同時削減成本。能夠做到這一點，擁有這樣做的心態和敏捷性是我認為的，這是我們組織內部的一個非常獨特的特徵，並且包括在跨 IT 數據通信工作的所有人員中。

And 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。

I wanted to ask on IT datacom. Obviously, that's been a segment that's been, I guess, the most impacted so far by inventory digestion. I think in Q1, you guys said it was down about 17% sequentially. And if I heard it right, it sounds like the subsegment is going -- it's actually going to be flat sequentially in Q2. And I know there's seasonality involved, but does that indicate that, that subsegment is moving past maybe the bulk of some of the inventory digestion headwinds that has impacted as the segment over the last 3, 4 quarters now?

我想問一下IT datacom。顯然，我猜這是迄今為止受庫存消化影響最大的部分。我想在第一季度，你們說它連續下降了大約 17%。如果我沒聽錯的話，聽起來這個細分市場正在發展——它實際上將在第二季度連續持平。而且我知道涉及季節性，但這是否表明，該子細分市場正在過去可能影響了過去 3、4 個季度的大部分庫存消化逆風？

Thanks, Chris. Look, I talked a lot about IT datacom. But to the specific of your question, I mean I don't know what the second half is going to bring. I certainly hope that Q2 and the fact that we see sales to be flat is an indication that we've kind of reached a kind of a little bit more of an equilibrium. 90 Days from now, I hope to be able to give you a better sense of that as it relates to the second half. But it's certainly a better indication than if we had seen another leg down on a sequential basis. So we'll see what the second half brings. Again, the fact that it's flat in the second quarter gives me some hope, but 90 days from now, we'll try to give you a little more certainty about that.

謝謝，克里斯。看，我談了很多關於 IT 數據通信的內容。但具體到你的問題，我的意思是我不知道下半場會發生什麼。我當然希望第二季度以及我們看到銷售額持平這一事實表明我們已經達到了某種程度的平衡。 90 天后，我希望能夠讓您更好地了解下半場。但這肯定比我們看到連續下跌的另一條腿更好。所以我們看看下半場會帶來什麼。同樣，第二季度持平的事實給了我一些希望，但從現在開始的 90 天，我們會盡力讓你對此有更多的把握。

And our next question is from William Stein with Truist Securities.

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

I'd like to just linger on these, the relatively weaker end markets for a moment, just to get slightly more clarity. And the weakness in comms, in general, are you seeing that more pronounced in any particular geography? And within IT datacom specifically, is that more hyperscalers where you're seeing the weakness? Or is it more broad-based across all sizes and shapes of customers?

我想暫時停留在這些相對較弱的終端市場上，只是為了稍微清楚一點。總的來說，通訊方面的弱點在任何特定地區是否更為明顯？特別是在 IT 數據通信中，您是否看到了更多的超大規模應用程序的弱點？還是更廣泛地涵蓋各種規模和形狀的客戶？

Thanks very much, Will. I wouldn't point out any significant geographical distinction across the communications markets. I mean remember that a lot of these communications products they do get that -- a lot of them still get made in Asia, especially on the device side and a good portion of the -- at least the OEM products of the IT datacom. So you can imagine that, in Asia, that's having a worse situation overall for the company. And sure enough, in Asia, our -- we did not have as robust performance in the quarter as we did in North America and Europe overall, and that's driven a lot by that.

非常感謝，威爾。我不會指出整個通信市場有任何重大的地理差異。我的意思是請記住，他們確實獲得了很多這些通信產品 - 其中很多仍然是在亞洲製造的，特別是在設備方面和很大一部分 - 至少是 IT 數據通信的 OEM 產品。所以你可以想像，在亞洲，這對公司來說整體情況更糟。可以肯定的是，在亞洲，我們的 - 我們在本季度的表現不如我們在北美和歐洲的整體表現那樣強勁，這在很大程度上受到了推動。

But otherwise, I wouldn't say that there's any sort of end customer geographic changes here. Relative to hyperscale versus the equipment manufacturers, again, I don't think there's a real distinction because, ultimately, the hyperscale people are also customers for the equipment manufacturers in many cases. And I think that, that overall inventory position is fairly broad across both areas of that market.

但除此之外，我不會說這裡有任何類型的最終客戶地理變化。相對於超大規模與設備製造商，我認為沒有真正的區別，因為最終，在許多情況下，超大規模人員也是設備製造商的客戶。而且我認為，該市場的兩個領域的總體庫存狀況都相當廣泛。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I was hoping to touch a little bit more on supply chain and what it might mean for your own free cash flow generation. Given demand softer, do you think supply chain stabilizing enough that perhaps you can take some inventory down and lead to better free cash flow here?

我希望多談一點供應鏈，以及它對您自己的自由現金流產生可能意味著什麼。鑑於需求疲軟，您認為供應鍊是否足夠穩定，也許您可以減少一些庫存並在這裡帶來更好的自由現金流？

Yes. Thanks, Mark. Yes, I mean, Q1, we actually had good cash flow, I mean 100% essentially of our yield on for the first quarter, which for the first quarter actually is probably better than average. But given that, I do recognize that our inventory was even a little bit higher than we would typically wanted to see it here in the first quarter from a day's perspective.

是的。謝謝，馬克。是的，我的意思是，第一季度，我們實際上有良好的現金流，我的意思是我們第一季度的收益率基本上是 100%，第一季度實際上可能好於平均水平。但鑑於此，我確實認識到，從一天的角度來看，我們的庫存甚至比我們通常希望在第一季度在這裡看到的庫存還要高一點。

And the team is -- there's many reasons for that. I mean we had certainly a very strong '22. We had supply chain issues throughout the majority of the year of '22. And I think that as we came into the first quarter, where days typically get higher normally, there certainly is kind of a lag effect or a hangover effect from a supply chain perspective as well. And I do believe that the team certainly will have some impact on that over the coming quarters, and we should see some improvement from a day's perspective on inventory, which just naturally will help from a cash flow.

團隊是 - 有很多原因。我的意思是我們肯定有一個非常強大的 22 年。在 22 年的大部分時間裡，我們都遇到了供應鏈問題。而且我認為，當我們進入第一季度時，天數通常會正常增加，從供應鏈的角度來看，肯定也會出現滯後效應或宿醉效應。而且我確實相信，該團隊在未來幾個季度肯定會對此產生一些影響，而且我們應該會從一天的庫存角度看到一些改善，這自然會有助於現金流。

But I think our target cash flow continues to be 100%, or 90% to 100% kind of from a free cash flow perspective. And I think that certainly, that should be achievable here and for the full year, and there may be a quarter or 2 where we're actually a little higher than that as we kind of bring inventory a bit down.

但我認為，從自由現金流的角度來看，我們的目標現金流仍然是 100% 或 90% 到 100%。而且我認為當然，這應該可以在這里和全年實現，並且可能有一個或兩個季度我們實際上比這高一點，因為我們有點降低庫存。

And our last question today comes from Guy Hardwick with Credit Suisse.

我們今天的最後一個問題來自瑞士信貸的 Guy Hardwick。

Could you expand a little bit on the industrial segment, which is now, by far one of your largest segment, I think you did 28% of sales. I know factory automation is probably the largest end market within that, but can you give us a little bit more color on trends within industrial, whether it's medical or energy?

你能否在工業領域擴大一點，這是迄今為止你最大的領域之一，我認為你做了 28% 的銷售額。我知道工廠自動化可能是其中最大的終端市場，但您能否給我們更多關於工業趨勢的顏色，無論是醫療還是能源？

Yes. Well, thanks -- thanks very much, Guy. I mean the fact is as industrial is at least this quarter, our largest segment, it was 28% of our sales. At the same time, industrial is far and away our most diversified market. I mean there's really not a correlation amongst the various segments within Industrial, except that they all represent harsh environments where we're -- where our customers are trying to push new electronics, deeper and deeper into some of the harshest of environments to an offshore wind mill, into a semiconductor factory, into an operating theater, onto a train going 400 kilometers an hour and everything in between.

是的。嗯，謝謝——非常感謝，Guy。我的意思是，至少在本季度，工業是我們最大的細分市場，它占我們銷售額的 28%。與此同時，工業無疑是我們最多元化的市場。我的意思是，工業領域的各個部分之間確實沒有關聯，除了它們都代表我們所處的惡劣環境——我們的客戶正試圖將新電子產品越來越深入到離岸的一些最惡劣的環境中風車、半導體工廠、手術室、時速 400 公里的火車以及介於兩者之間的一切。

In terms of the segments, I wouldn't say that necessarily factory automation is the largest. It's a significant segment, but we have strong sales in the areas like heavy equipment, and medical, instrumentation, which includes things like semiconductor manufacturing into electric vehicles, heavy electric vehicles and battery, all times of -- types of energy generation, and that includes both alternative energy, but also traditional energy extraction and generation, rail mass transit, things like marine and entertainment. I mean -- and you can tell, these are not markets that correlate with one another.

就細分而言，我不會說工廠自動化一定是最大的。這是一個重要的部分，但我們在重型設備、醫療、儀器儀表等領域的銷售強勁，其中包括將半導體製造到電動汽車、重型電動汽車和電池等各種能源生產領域，而且既包括替代能源，也包括傳統能源開采和發電、軌道交通、海洋和娛樂等。我的意思是——你可以看出，這些市場並不是相互關聯的。

So if we're going to have one of our markets be a little bit bigger than the others, and in this case, still just 28% of sales, this would be the one that you'd want to have that. And we're just really excited by the progress that we've made in our industrial market over a very long time period.

因此，如果我們要讓我們的一個市場比其他市場大一點，在這種情況下，仍然只佔銷售額的 28%，那麼這就是您想要的市場。我們對我們在很長一段時間內在工業市場取得的進步感到非常興奮。

If I go back to 20 years ago, I mean this was a relatively small business that we didn't really have a close touch with where it went. It all went through distribution. And we had just fabulous leadership in our industrial business over that time who really drove a very much an application and segment-based approach to developing new products, application-specific, technology-specific products. At the same time, as we made a number of great acquisitions over many years, and we continue to make great acquisitions across the industrial market that have ultimately positioned us for this just multitude of revolutions going on as electronics gets pushed deeper and deeper into harsher and harsher environments. And so it's not just one or another piece of that, and we're just really excited about the ongoing strength of our industrial market, which has just been a fabulous asset for the company for many years, and I believe will remain so for many years to come.

如果我回到 20 年前，我的意思是這是一家相對較小的企業，我們並沒有真正了解它的去向。這一切都經過了分配。在那段時間裡，我們在我們的工業業務中擁有出色的領導地位，他們真正推動了一種基於應用程序和細分市場的方法來開發新產品、特定應用程序、特定技術產品。與此同時，多年來我們進行了許多重大收購，並且我們繼續在整個工業市場進行重大收購，最終使我們能夠應對隨著電子產品越來越深入到更嚴酷的環境中而不斷發生的眾多革命。和更惡劣的環境。因此，這不僅僅是其中的一個或另一個，我們對我們工業市場的持續實力感到非常興奮，這多年來一直是公司的一項極好的資產，而且我相信對於許多人來說仍將如此未來幾年。

We do have one additional question from Michael Anastasiou with TD Cowen.

我們還有一個來自 TD Cowen 的 Michael Anastasiou 的問題。

Looking at the capital deployment side, you had a couple deals announced at the beginning of the year. Can you just describe how [CRM] and RFS into the overall strategy? And on the broader front, what end markets or adjacencies do you see the most opportunity inorganically for the year?

看看資本部署方面，你在今年年初宣布了幾筆交易。您能否描述一下 [CRM] 和 RFS 如何融入整體戰略？在更廣泛的方面，您認為今年哪些終端市場或鄰接機會最無機？

Thank you very much, Michael. Well, CMR, as we announced, we closed earlier in the year, and that's a fabulous company making harsh environment, value-add interconnect products that go into the industrial market, in particular, in heavy equipment. RFS, we announced that we signed the acquisition, but we have not yet closed it. We -- as we said last quarter, we expect to close by the end of the second quarter, and we don't change what we say about that. And RFS really expands our position in the mobile networks market with really high-technology antennas and fiber optic solutions that go into next-generation mobile networks. And we're, again, very excited about that company, and our team continues to work closely with the RFS team as we get closer to bring them into the Amphenol family.

非常感謝你，邁克爾。好吧，CMR，正如我們宣布的那樣，我們在今年早些時候關閉了，這是一家非常棒的公司，生產惡劣環境、增值互連產品，這些產品進入工業市場，特別是重型設備。 RFS，我們宣布簽署了收購協議，但尚未完成。我們 - 正如我們上個季度所說，我們預計將在第二季度末結束，我們不會改變我們的說法。 RFS 通過進入下一代移動網絡的真正高科技天線和光纖解決方案，真正擴大了我們在移動網絡市場的地位。我們再次對這家公司感到非常興奮，我們的團隊將繼續與 RFS 團隊密切合作，因為我們越來越接近將他們納入 Amphenol 家族。

In terms of our pipeline of acquisitions and where we see the future, we don't pick and choose our markets and say, well, that's the market where we want to make acquisitions, or that's the market where we don't want to make acquisitions. And the reason for that is when we make an acquisition, we're getting married forever. We're not a trader where we buy companies and sell them and buy and sell and kind of do this portfolio management. We look for companies with great people, with outstanding enabling technologies and robust and complementary market positions across all of our end markets.

就我們的收購渠道和我們對未來的展望而言，我們不會挑選我們的市場，然後說，好吧，那是我們想要收購的市場，或者那是我們不想收購的市場收購。原因是當我們進行收購時，我們就永遠結婚了。我們不是交易員，我們在其中購買公司並出售它們，然后買賣並進行這種投資組合管理。我們尋找的公司擁有優秀的人才、出色的支持技術以及在我們所有終端市場中穩健且互補的市場地位。

And in our experience, which stretches over, in my career, more than 75 acquisitions, and I think more than 50 since I've been CEO in these 15 years nearly, that -- having that very simple approach leads to really outstanding long-term success and a great return on our capital that we deploy towards the M&A program. Our acquisition pipeline remains very robust today.

根據我們的經驗，在我的職業生涯中，超過 75 次收購，我認為自從我擔任 CEO 近 15 年以來已經超過 50 次，這種非常簡單的方法會帶來非常出色的長期 -長期的成功和我們為併購計劃部署的資本的巨大回報。今天，我們的收購管道仍然非常強大。

I remain wholly incapable of predicting when we will close and if we will close certain deals. But I know that long term, the program is going to continue to support really great growth for the company and a great use of the capital and the cash that we generate thus so much of. And so we look very much forward to continuing our M&A program, and it really complements the culture of the company as well because every time we bring in one of these new entrepreneurs, it actually strengthens the entrepreneurial culture of Amphenol. And that's something that I look very much forward to as well.

我仍然完全無法預測我們何時關閉以及我們是否會完成某些交易。但我知道，從長遠來看，該計劃將繼續支持公司實現真正的巨大增長，並充分利用我們由此產生的大量資金和現金。因此，我們非常期待繼續我們的併購計劃，它也真正補充了公司的文化，因為每次我們引進這些新企業家中的一個，它實際上加強了 Amphenol 的創業文化。這也是我非常期待的事情。

And Michael, just to clarify, just to avoid any confusion, RFS, since we have not closed on it yet, is not included in our guidance and it wouldn't be included in guidance until we close.

邁克爾，我想澄清一下，為了避免任何混淆，RFS，因為我們還沒有關閉它，所以不包含在我們的指南中，並且在我們關閉之前不會包含在指南中。

Well, very good. I think we have no further questions, operator. And so if that's the case, I would like to take this opportunity to wish all of you a wonderful continuation of your spring. And we look forward to talking to you all just 90 days from now. Thank you so much, and best wishes to you all.

嗯，非常好。我想我們沒有其他問題了，接線員。因此，如果是這樣的話，我想藉此機會祝愿你們所有人都能繼續享受美好的春天。我們期待在 90 天后與大家交談。非常感謝，並向大家致以最良好的祝愿。

Thanks, everybody.

謝謝大家。

And thank you for attending today's conference, and have a great day.

感謝您參加今天的會議，祝您度過愉快的一天。