安費諾 (APH) 2023 Q2 法說會逐字稿

Hello, and welcome to the second quarter earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

您好，歡迎參加安費諾公司第二季度財報電話會議。 （操作員指示）應公司要求，今天的會議正在錄製。如果有人有任何異議，您可以此時斷開連接。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 very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our second quarter 2023 conference call. Our second 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.

非常感謝。大家下午好。我是安費諾首席財務官克雷格·蘭波 (Craig Lampo)，我和我們的首席執行官亞當·諾威特 (Adam Norwitt) 一起來到這裡。我們歡迎您參加我們的 2023 年第二季度電話會議。我們今天上午發布了 2023 年第二季度業績。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公認會計準則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 second quarter with sales of $3,054 million and GAAP and adjusted diluted EPS of $0.74 and $0.72, respectively. Second quarter sales were down 3% in U.S. dollars, 2% in local currencies and organically -- and 4% organically compared to the second quarter of 2022. Sequentially, sales were up 3% in U.S. dollars in local currencies and 2% organically. Adam will comment further on trends by market in a few minutes.

該公司第二季度銷售額為 30.54 億美元，GAAP 和調整後攤薄後每股收益分別為 0.74 美元和 0.72 美元。與 2022 年第二季度相比，第二季度銷售額以美元計算下降了 3%，以當地貨幣計算下降了 2%，有機下降了 4%。隨後，以美元計算的銷售額增長了 3%，以當地貨幣計算增長了 2%。 Adam 將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were $3,044 million, which was down 12% compared to the second quarter of 2022, but up 5% sequentially, resulting in a book-to-bill ratio of 1:1. GAAP operating income was $620 million in the second quarter of 2023, which included $4 million of acquisition-related costs. Excluding these costs, adjusted operating income was $624 million. GAAP and adjusted operating margins were 20.3% and 20.4%, respectively, in the second quarter of 2023. On a GAAP basis, operating margin decreased by 40 basis points compared to the second quarter of '22, but increased by 40 basis points sequentially. And on an adjusted basis, operating margin decreased 30 basis points compared to the second quarter of 2022, but increased by 30 basis points sequentially.

該季度訂單量為 30.44 億美元，較 2022 年第二季度下降 12%，但環比增長 5%，訂單出貨比為 1:1。 2023 年第二季度 GAAP 營業收入為 6.2 億美元，其中包括 400 萬美元的收購相關成本。排除這些成本，調整後營業收入為 6.24 億美元。 2023 年第二季度的 GAAP 和調整後營業利潤率分別為 20.3% 和 20.4%。按照 GAAP 計算，營業利潤率比 2022 年第二季度下降了 40 個基點，但環比增加了 40 個基點。調整後的營業利潤率較 2022 年第二季度下降 30 個基點，但環比增長 30 個基點。

This modest year-over-year decrease in adjusted operating margin reflected a strong downside conversion on the sales -- lower sales volumes as well as the dilutive impact of acquisitions, which are currently operating below the corporate average. On a sequential basis, the increase in adjusted operating margin reflected strong conversion on the higher sales levels.

調整後營業利潤率同比小幅下降反映了銷售的強勁下行轉換——銷量下降以及收購的攤薄影響，目前收購的運營低於公司平均水平。從環比來看，調整後營業利潤率的增長反映了較高銷售水平的強勁轉化。

Our team continues to execute well in the quarter, and we are proud to have sustained these healthy levels of profitability despite the continued range of challenges around the world. During the second quarter, we were excited to have closed on the previously announced acquisition of RFS. The value of the net assets we acquired were in excess of the RFS purchase price. And as a result, we recorded a noncash gain of $5 million in the second quarter, which has been excluded from our adjusted EPS results. In the third quarter of 2023, we expect to incur restructuring costs associated with RFS, which we estimate will be in the range of $5 million to $10 million. These costs will be excluded from our third quarter adjusted EPS results and are excluded from our Q3 2023 guidance.

我們的團隊在本季度繼續表現良好，儘管世界各地仍面臨一系列挑戰，但我們仍能保持健康的盈利水平，對此我們感到很自豪。在第二季度，我們很高興完成了之前宣布的對 RFS 的收購。我們收購的淨資產價值超過了 RFS 的收購價格。因此，我們在第二季度錄得 500 萬美元的非現金收益，該收益已不包括在我們調整後的每股收益結果中。 2023 年第三季度，我們預計將產生與 RFS 相關的重組成本，預計將在 500 萬至 1000 萬美元之間。這些成本將不包括在我們第三季度調整後每股收益結果中，也不包括在我們的 2023 年第三季度指導中。

Breaking down second quarter results by segment, relative to the second quarter of 2022, sales in the Harsh Environment Solutions segment were $889 million and increased by 12% in U.S. dollars and 9% organically, and segment operating margin was 27%. Sales in the Communications Solutions segment were $1,162 million and declined by 16% in U.S. dollars and organically and segment operating margin was 20.5%.

按部門細分第二季度業績，相對於 2022 年第二季度，惡劣環境解決方案部門的銷售額為 8.89 億美元，按美元計算增長 12%，有機增長 9%，部門營業利潤率為 27%。通信解決方案部門的銷售額為 11.62 億美元，按美元計算下降了 16%，部門有機運營利潤率為 20.5%。

Sales in Interconnect and Sensor Systems segment were $1,003 million and increased by 4% in U.S. dollars and 1% organically, and segment operating margin was 18.5%. The company's GAAP effective tax rate for the second quarter was 21.9% and the adjusted effective tax rate was 24%, which compared to 23.3% and 24.5% in the second quarter of 2022, respectively.

互連和傳感器系統部門的銷售額為 10.03 億美元，按美元計算增長 4%，有機增長 1%，部門營業利潤率為 18.5%。該公司第二季度公認會計原則有效稅率為21.9%，調整後有效稅率為24%，而2022年第二季度分別為23.3%和24.5%。

GAAP diluted EPS decreased 3% to $0.74 compared to $0.76 in the prior year period. And on an adjusted basis, diluted EPS increased -- decreased 4% to $0.72 compared to $0.75 in the second quarter of 2022.

GAAP 攤薄後每股收益下降 3%，至 0.74 美元，而上年同期為 0.76 美元。調整後的稀釋後每股收益有所增加，與 2022 年第二季度的 0.75 美元相比，下降了 4%，至 0.72 美元。

Operating cash flow in the second quarter was $536 million or 120% of adjusted net income. And net of capital spending, our free cash flow was $442 million or nearly 100% of adjusted net income. We are very pleased to continue to deliver such a strong cash flow yield.

第二季度運營現金流為 5.36 億美元，佔調整後淨利潤的 120%。扣除資本支出後，我們的自由現金流為 4.42 億美元，幾乎是調整後淨利潤的 100%。我們很高興能夠繼續提供如此強勁的現金流收益率。

From a working capital standpoint, inventory days, days sales outstanding and payable days were 87, 71 and 48 days, respectively. Through the focused attention of our management team during the quarter, we were able to bring inventory days back in line with our normal range.

從營運資金角度來看，存貨天數、應收賬款天數和應付賬款天數分別為 87 天、71 天和 48 天。通過我們管理團隊在本季度的集中關注，我們能夠將庫存天數恢復到正常範圍。

During the quarter, the company repurchased 2 million shares of common stock at an average price of approximately $77. When combined with our normal quarterly dividend, total capital return to shareholders in the second quarter of 2023 was $280 million. Total debt on June 30 was $4.3 billion, and net debt was $2.8 billion. Total liquidity at the end of the quarter was $4.8 billion, which included cash and short-term investments on hand of $1.5 billion plus availability under our existing credit facilities.

本季度，公司以約 77 美元的平均價格回購了 200 萬股普通股。加上我們正常的季度股息，2023 年第二季度股東的總資本回報為 2.8 億美元。截至 6 月 30 日，債務總額為 43 億美元，淨債務為 28 億美元。本季度末的流動性總額為 48 億美元，其中包括 15 億美元的現金和短期投資以及我們現有信貸安排下的可用資金。

Second quarter 2023 EBITDA was $736 million, and at the end of the second quarter of '23, our net leverage ratio was 0.9x. We are very pleased that the company's financial position remains extremely strong by any measure.

2023 年第二季度 EBITDA 為 7.36 億美元，截至 2023 年第二季度末，我們的淨槓桿率為 0.9 倍。我們很高興該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 Adam，他將對當前市場趨勢提供一些評論。

Well, thank you very much, Craig, and I'd like to extend my welcome to all of you here on the phone today on this beautiful summer day here in Wallingford, Connecticut. And I do hope that all of you on the call, together with your family, friends and colleagues are enjoying a little bit of your summer thus far. As Craig mentioned, I'm going to highlight some of our achievements in the second quarter. I'll then spend a few moment to discuss our trends and the progress across our served markets and make some comments on our outlook for the third quarter. And then obviously, we'll have time for questions at the end.

嗯，非常感謝你，克雷格，今天在康涅狄格州沃靈福德這個美麗的夏日，我想通過電話向大家表示歡迎。我確實希望所有參加電話會議的人以及您的家人、朋友和同事都能夠享受迄今為止的夏季時光。正如克雷格提到的，我將重點介紹我們在第二季度取得的一些成就。然後，我將花一些時間討論我們的趨勢和我們所服務的市場的進展，並對我們第三季度的前景發表一些評論。顯然，最後我們會有時間提問。

With respect to the second quarter, our results were better than expected as we exceeded the high end of our guidance in sales and adjusted diluted earnings per share. Sales declined 3% in U.S. dollars and 2% in local currency reaching $3,054 million, with growth in commercial air, military and automotive end markets as well as contributions from our acquisitions, slightly more than offset by moderations in the mobile networks, IT datacom and mobile devices segments. On an organic basis, sales did decline by 4%. We're very pleased that the company booked orders in the quarter of $3.044 billion, which represented a book-to-bill of 1:1.

就第二季度而言，我們的業績好於預期，因為我們超出了銷售和調整後稀釋每股收益指導的上限。以美元計算的銷售額下降了 3%，以當地貨幣計算的銷售額下降了 2%，達到 30.54 億美元，商用航空、軍事和汽車終端市場的增長以及我們收購的貢獻，略高於移動網絡、IT 數據通信和移動設備細分市場。從有機角度來看，銷售額確實下降了 4%。我們非常高興該公司在本季度預訂了 30.44 億美元的訂單，訂單比為 1:1。

As Craig described, our margins in the quarter, adjusted operating margins were 20.4%, which was down 30 basis points from prior year, but which improved by 30 basis points from the first quarter sequentially. I'm very pleased that our margins in the second quarter once again reflected outstanding execution by our global management team, who continue to quickly adjust to changing demand and costs amidst these very dynamic times.

正如克雷格所描述的，我們本季度的利潤率，調整後的營業利潤率為 20.4%，比去年同期下降了 30 個基點，但比第一季度連續提高了 30 個基點。我很高興第二季度的利潤率再次反映出我們的全球管理團隊的出色執行力，他們在這個充滿活力的時代繼續快速調整以適應不斷變化的需求和成本。

Adjusted diluted EPS in the quarter of $0.72 declined 4% from prior year but increased 4% from the sequential prior quarter. We also generated strong operating and free cash flow of $536 million and $442 million in the second quarter, yet another demonstration of the high quality of the company's earnings.

本季度調整後攤薄每股收益為 0.72 美元，較上年同期下降 4%，但較上一季度環比增長 4%。第二季度我們還產生了強勁的運營現金流和自由現金流，分別為 5.36 億美元和 4.42 億美元，這再次證明了公司盈利的高質量。

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

我為世界各地的安費諾團隊感到非常自豪。我們本季度的業績再次反映了我們 Amphenian 創業組織的實力，因為我們在充滿活力和充滿挑戰的環境中繼續表現良好。

We're pleased to announce today that we closed the previously announced acquisition of the North American cable and global base station antenna business of RFS. Despite some current moderation in the mobile networks market, we remain excited about the long-term prospects of RFS as part of the Amphenol family. We now expect this acquisition to generate roughly $30 million of sales in the second half of 2023. In addition, we're pleased that just in the last few days, we closed on the acquisition of EBY Electro. EBY is based in the state of New York in the U.S. with annual sales of approximately $15 million. And EBY is a designer and distributor of terminal block interconnect products to the North American industrial market. The addition of EBY further expands our offering of high-technology interconnect products into the diversified industrial market.

我們今天很高興地宣布，我們完成了之前宣布的對 RFS 北美電纜和全球基站天線業務的收購。儘管當前移動網絡市場有所放緩，但我們仍然對 RFS 作為 Ampheno 系列一部分的長期前景感到興奮。我們現在預計此次收購將在 2023 年下半年產生約 3000 萬美元的銷售額。此外，我們很高興在過去幾天完成了對 EBY Electro 的收購。 EBY 總部位於美國紐約州，年銷售額約為 1500 萬美元。 EBY 是北美工業市場接線端子互連產品的設計者和分銷商。 EBY 的加入進一步將我們的高科技互連產品供應範圍擴展到多元化的工業市場。

As we welcome these outstanding new teams to Amphenol, 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 organizations into the Amphenol organization remains a core competitive advantage for us.

當我們歡迎這些優秀的新團隊加入安費諾時，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以及成功將這些新組織納入 Ampheno 組織的能力仍然是我們的核心競爭優勢。

Now turning to the trends and progress across our served markets. We're very pleased that the company's end market exposure remains highly diversified, balanced and broad, in particular, in this very dynamic times, Amphenol's end market diversification continues to create great value for the company. The military market represented 12% of our sales in the quarter and sales in this market grew by a very strong 21% in U.S. dollars and 19% organically, and this is really driven by broad-based growth across most segments within the defense market. Sequentially, our sales increased by a better-than-expected 8%. Looking into the third quarter, we expect sales to remain at these robust second quarter levels.

現在轉向我們所服務的市場的趨勢和進展。我們非常高興公司的終端市場敞口仍然高度多元化、平衡和廣泛，特別是在這個充滿活力的時代，安費諾的終端市場多元化繼續為公司創造巨大價值。軍事市場占我們本季度銷售額的 12%，該市場的銷售額以美元計算增長了 21%，有機增長了 19%，這實際上是由國防市場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 8%，好於預期。展望第三季度，我們預計銷售額將保持在第二季度的強勁水平。

I just have to say that we remain very encouraged by the strength of the company's position in the defense market, where we continue to offer the industry's widest range of high-technology interconnect products. Amidst today's highly dynamic geopolitical environment, countries around the world are expanding their investments in both current and next-generation defense technologies, thereby increasing the long-term demand potential for Amphenol. We continue to make targeted investments to expand our capacity and look forward to supporting this increased demand with our broad product offering.

我不得不說，我們仍然對公司在國防市場的強大地位感到非常鼓舞，我們繼續提供業界最廣泛的高科技互連產品。在當今高度動態的地緣政治環境中，世界各國正在擴大對當前和下一代國防技術的投資，從而增加了安費諾的長期需求潛力。我們繼續進行有針對性的投資以擴大我們的產能，並期待通過我們廣泛的產品供應來支持這一不斷增長的需求。

Turning to the Commercial Aerospace market. This market represented 4% of our sales in the quarter, and we had another very strong quarter with sales increasing by a robust 40% in U.S. dollar and organically from prior year, as we benefited from both the continued recovery in global aircraft production as well as our ongoing efforts to expand our position within this market. Sequentially, our sales grew 9% from the first quarter, which was much better than expectations coming into the Q2.

轉向商業航空航天市場。該市場占我們本季度銷售額的 4%，我們又經歷了一個非常強勁的季度，以美元計算的銷售額比上一年有機增長了 40%，這得益於全球飛機產量的持續復甦我們不斷努力擴大我們在這個市場的地位。隨後，我們的銷售額比第一季度增長了 9%，這比第二季度的預期要好得多。

We're also very pleased that in the second quarter, our Commercial Air business was able to reach its highest ever level of quarterly sales. Looking to the third quarter, we expect sales to moderate slightly from these strong second quarter levels. And I'm just truly grateful to our team working in the commercial air market. With the ongoing recovery in travel and thus demand for jetliners, 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 in 2023 and beyond.

我們還非常高興的是，在第二季度，我們的商業航空業務能夠達到歷史最高的季度銷售額水平。展望第三季度，我們預計銷售額將較第二季度的強勁水平略有放緩。我非常感謝我們在商業航空市場工作的團隊。隨著旅遊業的持續復甦以及對噴氣式客機的需求，我們在加強高科技互連產品範圍的同時將我們的市場地位多元化到下一代飛機的努力正在帶來真正的紅利。我們期待在 2023 年及以後實現這些舉措的好處。

The industrial market represented 26% of our sales in the quarter. And sales in this market were flat in U.S. dollars and local currencies, but did decline by 7% organically, as growth in medical, transportation, oil and gas, alternative energy and rail mass transit segments was more than offset by moderations across the other segments of the industrial market together with lower sales to the distribution channel.

工業市場占我們本季度銷售額的 26%。該市場的銷售額以美元和當地貨幣計算持平，但有機下降了 7%，因為醫療、運輸、石油和天然氣、替代能源和鐵路公共交通領域的增長被其他領域的放緩所抵消。工業市場的萎縮以及分銷渠道銷售額的下降。

On a sequential basis, sales declined 3% from the first quarter, which was somewhat worse than our expectations. This reflected some incremental slowing of demand from certain customers, in particular, in factory automation and heavy equipment. Looking into the third quarter, we expect sales to moderate slightly from these second quarter levels. Nevertheless, and despite this positive demand, I'm very proud of our outstanding global team working in the industrial market. They continue to pursue growth opportunities 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 continue to occur across the industrial electronics market. We look forward to realizing the benefits of this strategy for many years to come.

環比來看，銷售額較第一季度下降 3%，略差於我們的預期。這反映出某些客戶的需求逐漸放緩，特別是在工廠自動化和重型設備方面。展望第三季度，我們預計銷售額將較第二季度的水平略有放緩。儘管如此，儘管需求如此積極，我還是為我們在工業市場工作的傑出全球團隊感到非常自豪。他們繼續在這個令人興奮且真正多元化的市場的許多不同細分市場中尋求增長機會。我仍然相信，我們通過有機方式和互補性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中持續發生的許多革命。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 23% of our sales in the quarter and sales in this market grew 9% in U.S. dollars and 11% organically. This was really driven by broad-based strength across most automotive applications, including electric and hybrid electric vehicle applications. Sequentially, our sales increased by 7% from the first quarter, and this was slightly better than our expectations coming into Q2. For the third quarter, we expect sales to be roughly at the same level as we achieved here in the second quarter. And I'm just really proud of our team working in automotive. And their performance so far this year is yet another confirmation of the benefits of their focus on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles. And this includes electrified drivetrains as well as a multitude of other exciting applications.

汽車市場占我們本季度銷售額的 23%，該市場的銷售額以美元計算增長了 9%，有機增長了 11%。這實際上是由大多數汽車應用（包括電動和混合動力電動汽車應用）的廣泛實力推動的。隨後，我們的銷售額較第一季度增長了 7%，這略好於我們對第二季度的預期。對於第三季度，我們預計銷售額將與第二季度的銷售額大致相同。我為我們在汽車領域的團隊感到非常自豪。他們今年迄今為止的表現再次證實了他們專注於推動新設計贏得客戶的好處，這些客戶正在將各種新技術應用到他們的車輛中。這包括電氣化傳動系統以及許多其他令人興奮的應用。

The mobile device market represented [8%] of our sales in the quarter, and our sales did moderate by 8% in U.S. dollars and 6% organically in the second quarter, as strength in smartphones and related products was more than offset by declines in tablets and wearables. Sequentially, our sales decreased by 3%, which was substantially better than our expectation for a mid-teens decline that we had coming into the quarter. As we now look into the third quarter, we anticipate sales to increase sequentially in the mid-teens from these second quarter levels on seasonal strength.

移動設備市場占我們本季度銷售額的 8%，我們的銷售額以美元計算下降了 8%，第二季度有機銷售額下降了 6%，因為智能手機和相關產品的強勁勢頭被智能手機和相關產品的下降所抵消。平板電腦和可穿戴設備。隨後，我們的銷售額下降了 3%，這大大好於我們對本季度中十幾歲下降的預期。當我們現在展望第三季度時，我們預計銷售額將在季節性強勁的情況下從第二季度的水平開始連續增長。

While there's no question that mobile devices remains our most volatile of end markets, our team once again in the second quarter did an outstanding job of capitalizing on opportunities to realize incremental sales. Their agility and ability to adjust resources in real time with the changing levels of demand continues to create value for Amphenol. As we head into the second half of 2023, our team stands poised as always to leverage our leading array of antennas, interconnect products and mechanisms to capture any opportunities for incremental sales that may arise this year and beyond.

毫無疑問，移動設備仍然是我們最不穩定的終端市場，但我們的團隊在第二季度再次出色地利用機會實現增量銷售。他們根據不斷變化的需求水平實時調整資源的敏捷性和能力繼續為安費諾創造價值。進入 2023 年下半年，我們的團隊將一如既往地做好準備，利用我們領先的天線陣列、互連產品和機制來抓住今年及以後可能出現的任何增量銷售機會。

The mobile networks market represented 4% of our sales in the quarter. Sales declined by 24% in U.S. dollars and 32% organically as we manage through the expected and broad-based weakness in spending by network operators and wireless equipment manufacturers. Sequentially, our sales in the second quarter declined by 6%, which was a touch better than our expectations coming into the quarter. Looking to the third quarter, we now expect sales to remain at roughly similar levels as we achieved here in the second quarter.

移動網絡市場占我們本季度銷售額的 4%。由於我們應對網絡運營商和無線設備製造商支出的預期普遍疲軟，以美元計算的銷售額下降了 24%，有機銷售額下降了 32%。隨後，我們第二季度的銷售額下降了 6%，這比我們對本季度的預期要好一些。展望第三季度，我們現在預計銷售額將保持與第二季度大致相似的水平。

Look, there's no doubt that it's a challenging short-term wireless investment environment. But nevertheless, our team continues to work aggressively to realize the benefits of our efforts to expand our position in next-generation 5G equipment and networks around the world. With now the addition of RFS together with our already broad array of products, when customers once again drive renewed wireless investments, we look forward to benefiting from the increased potential that comes from our unique position with both equipment manufacturers and mobile service providers.

毫無疑問，這是一個充滿挑戰的短期無線投資環境。但儘管如此，我們的團隊仍在繼續積極工作，以實現我們努力擴大我們在全球下一代 5G 設備和網絡中的地位的好處。現在，隨著 RFS 的加入以及我們已經廣泛的產品系列，當客戶再次推動新的無線投資時，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所帶來的更大潛力中受益。

The IT datacom market represented 18% of our sales in the quarter. And while sales did decline by 24% in U.S. dollars and organically from prior year, our performance in the quarter was actually better than we had expected 90 days ago. In fact, on a sequential basis, sales increased by 6%, which was in excess of our expectations for sales to be flat. This sequential uptick in sales was driven by a surge in demand from customers accelerating their investments in AI-focused systems or alternative intelligence -- artificial intelligence, which offset somewhat weaker demand in more traditional markets. We also saw robust orders for AI-related applications, which is a strong affirmation of our team's success in positioning Amphenol as a true leader in the interconnect systems that support AI. Looking to the third quarter, we expect sales to increase modestly from these second quarter levels.

IT 數據通信市場占我們本季度銷售額的 18%。雖然以美元計算的銷售額確實比去年同期下降了 24%，但我們本季度的業績實際上比 90 天前的預期要好。事實上，銷售額環比增長了 6%，超出了我們對銷售額持平的預期。銷售額的環比增長是由客戶需求激增推動的，客戶加速了對以人工智能為中心的系統或替代智能——人工智能的投資，這抵消了更傳統市場需求的疲軟。我們還看到了人工智能相關應用的強勁訂單，這是對我們團隊成功將安費諾定位為支持人工智能的互連繫統的真正領導者的有力肯定。展望第三季度，我們預計銷售額將較第二季度的水平小幅增長。

While we are continuing to manage through the inventory adjustment in the broader IT market, we are more encouraged than ever by the company's position in this important space. Whether enabling the current surge in AI-related installations, or the broader range of Internet-enabling networks, our team has 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. This creates a continued long-term opportunity for Amphenol.

雖然我們繼續在更廣泛的 IT 市場進行庫存調整，但我們比以往任何時候都對公司在這一重要領域的地位感到更加鼓舞。無論是支持當前激增的人工智能相關安裝，還是更廣泛的互聯網支持網絡，我們的團隊在開發領先的高速、電力和光纖互連產品方面都表現出色，這些產品為我們的 OEM 和網絡服務提供商客戶提供支持繼續推動他們的設備和網絡達到更高的性能水平。這為安費諾創造了持續的長期機會。

The broadband market represented 5% of our sales in the quarter, and sales were flat from prior year and up just 1% organically as broadband operators tempered their procurement levels. On a sequential basis, sales declined by 2%, which was modestly better than our expectations. Now looking into the third quarter, we do expect a mid-single digit sequential decline in sales as operators moderate their spending following several quarters of strong demand and investments. Regardless of this momentary pause in demand, we do remain encouraged by the company's strengthened 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. In addition, there remains a significant amount of government-funded initiatives, particularly in North America, which gives us confidence for the future of the broadband market.

寬帶市場占我們本季度銷售額的 5%，銷售額與上年持平，隨著寬帶運營商調整採購水平，銷售額僅有機增長 1%。銷售額環比下降 2%，略好於我們的預期。現在展望第三季度，我們確實預計銷售額將出現中個位數環比下降，因為運營商在經歷了幾個季度的強勁需求和投資後將減少支出。儘管需求暫時暫停，但我們仍然對該公司在寬帶市場上的地位的增強感到鼓舞，我們期待繼續為我們世界各地的服務提供商客戶提供支持，他們都在努力增加他們的網絡覆蓋範圍和帶寬支持高速數據應用程序向家庭和企業的擴散。此外，仍然有大量政府資助的舉措，特別是在北美，這讓我們對寬帶市場的未來充滿信心。

Now turning to our outlook and assuming the current market environment does not meaningfully worsen and also assuming constant exchange rates. For the third quarter, we now expect sales in the range of $3.040 billion to $3.1 billion and adjusted diluted EPS in the range of $0.72 to $0.74. This would represent a sales decline of 6% to 8% and an adjusted diluted EPS decline of 8% to 10% compared to the third quarter of 2022.

現在轉向我們的前景，假設當前的市場環境不會明顯惡化，並且假設匯率恆定。目前，我們預計第三季度銷售額將在 30.4 億美元至 31 億美元之間，調整後攤薄後每股收益將在 0.72 美元至 0.74 美元之間。與 2022 年第三季度相比，這意味著銷售額下降 6% 至 8%，調整後稀釋後每股收益下降 8% 至 10%。

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 composition while driving sustainable and strong profitability over the long term.

我仍然相信我們傑出的管理團隊有能力適應當前環境中的眾多機遇和挑戰，並繼續擴大我們的構成，同時推動長期可持續和強勁的盈利能力。

Finally, and really most importantly, I'd like to take this opportunity to thank the entire Amphenol team around the world for their truly outstanding efforts here in the second quarter.

最後，也是最重要的，我想藉此機會感謝世界各地的整個安費諾團隊在第二季度所做的真正出色的努力。

And operator, at this time, we'd be very happy to take any questions that there may be.

接線員，目前我們很樂意回答可能存在的任何問題。

(Operator Instructions) Our first question is from Luke Junk with Baird.

（操作員說明）我們的第一個問題來自 Luke Junk 和 Baird。

Adam, given all of the attention on AI recently. Just was hoping you can help us better understand the materiality to Amphenol based on what you've booked so far amid what you're calling the surge, I guess. Quantitatively, I'm thinking in terms of percentage of sales, either relative to IT datacom or maybe even relative to the company, overall? And then qualitatively, just any perspective on sizing the longer -- longer-term opportunity from your point of view given what's clearly very early innings right now? And just understanding how it's scaling in the business near term would be very helpful?

Adam，最近人工智能受到了所有人的關注。我想，只是希望您能根據您迄今為止在您所說的激增期間預訂的內容，幫助我們更好地了解安費諾的重要性。從數量上來說，我考慮的是銷售百分比，無論是相對於 IT 數據通信，還是相對於整個公司？然後，從定性的角度來看，考慮到現在顯然還處於早期階段，從您的角度來看，您是否有任何角度來衡量更長期的機會？僅僅了解它在短期內如何擴展業務就會非常有幫助嗎？

Well, Luke, thank you very much. Look, without putting specific numbers on to subsegments of our 8 end markets, I will just tell you that as we came into the second quarter, we had a certain expectation to be flat. And I would tell you that kind of the underlying IT business was maybe even a touch weaker as customers continue to manage through inventory that they had built up over the last couple of years. Yet we ended up growing sequentially by 6%. And really, all of that upside -- more than just that upside came really from the near-term demand that we're seeing from a variety of customers who are building out their AI-related systems. In addition, we had a book-to-bill overall for the company of 1:1, but we had a very strong book-to-bill in our IT datacom market. I would tell you, it was about 1.1:1 in IT datacom, where we saw just really strong bookings which gives us confidence as we guided in the third quarter to be sequentially up.

嗯，盧克，非常感謝你。看，我沒有給出 8 個終端市場的具體數字，我只是告訴你，當我們進入第二季度時，我們有一定的預期會持平。我想告訴你，隨著客戶繼續通過他們在過去幾年建立的庫存進行管理，這種基礎 IT 業務甚至可能會變得更弱。然而我們最終環比增長了 6%。事實上，所有這些好處——不僅僅是這些好處實際上來自於我們從正在構建人工智能相關係統的各種客戶那裡看到的近期需求。此外，我們公司的總體訂單出貨比為 1:1，但我們在 IT 數據通信市場上的訂單出貨比非常強勁。我想告訴你，IT 數據通信領域的比例約為 1.1:1，我們看到非常強勁的預訂量，這給了我們信心，因為我們在第三季度的指引中實現了環比增長。

And so I'd say that it's -- while it's not the dominant thing in our IT datacom market far from it because it's really -- as you say, the early innings. We see the investments in AI as being a real significant dynamic for our company in the future -- in the near term and in the future. And to think about why that is you really have to get to the architecture of these AI systems. In particular, as customers build out these very intensive systems with these GPUs and otherwise, they built them out in a structure that requires just an enormous amount of interconnect. They call it kind of a fabric, if you will, of interconnect, where you have -- you're creating effectively a neural network. And in the neural network, everything has to connect to everything else, and it has to do that with high speed and low latency, while using as little power as possible. And that just puts an enormous premium on the highest of technology, high-speed products, on the most efficient interconnect -- power interconnect, and these are all things where Amphenol has a strong leadership position in the industry.

所以我想說，雖然它不是我們 IT 數據通信市場的主導事物，但遠非如此，因為它確實是——正如你所說的，是早期階段。我們認為對人工智能的投資對我們公司的未來來說是一個真正重要的動力——無論是在短期內還是在未來。要思考為什麼會這樣，你真的必須了解這些人工智能係統的架構。特別是，當客戶使用這些 GPU 或其他方式構建這些非常密集的系統時，他們將它們構建在只需要大量互連的結構中。如果你願意的話，他們稱之為一種互連結構，你可以有效地創建一個神經網絡。在神經網絡中，一切都必須與其他一切連接，並且必須以高速和低延遲實現這一點，同時使用盡可能少的功耗。這使得最先進的技術、高速產品、最高效的互連（電源互連）獲得了巨大的溢價，而這些都是安費諾在行業中擁有強大領導地位的地方。

Look, long term, I think we're in the early euphoria of AI right now. And I don't want to say kind of try to prognosticate what AI will mean, let alone what it will mean sort of ethically and morally, metaphysically and all of those things. But what we know for sure is it requires a lot of interconnect today. And as our customers are building on these networks, we stand ready to react to them in real time to make sure that they can stay competitive in a world that has become a real -- a significant dynamic for our customers. Many of them see this kind of existentially. And when they need us the most is when we step up to the plate always as Amphenol and are there for our customers. And I think that means that as they continue those investments long term, they'll continue to turn to us as really their first phone call.

從長遠來看，我認為我們現在正處於人工智能的早期興奮期。我不想說試圖預測人工智能將意味著什麼，更不用說它在倫理上、道德上、形而上學以及所有這些方面意味著什麼。但我們可以肯定的是，今天它需要大量的互連。當我們的客戶在這些網絡上進行建設時，我們隨時準備對他們做出實時反應，以確保他們能夠在一個真正的世界中保持競爭力——這對我們的客戶來說是一個重要的動態。他們中的許多人都看到了這種存在主義。當他們最需要我們的時候，我們總是以安費諾的身份挺身而出，為我們的客戶服務。我認為這意味著，隨著他們繼續長期投資，他們將繼續向我們求助，這實際上是他們的第一個電話。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess I'm just curious about the Industrial segment and this segment you were not very long ago doing double-digit organic growth. It's obviously moderated since then. This quarter, I think you had a decline is what you said. I mean how much of this is attributable to inventory digestion of the distributors versus essentially some of the demand -- direct demand from the end markets -- some of the end markets starting to turn negative? And any thoughts in terms of when you start to sort of cycle past those individual drivers in terms of timing?

我想我只是對工業領域感到好奇，而這個領域不久前才實現了兩位數的有機增長。從那時起，它顯然得到了緩和。這個季度，我認為正如你所說，你的業績有所下降。我的意思是，這在多大程度上歸因於分銷商的庫存消化，而不是本質上的一些需求——來自終端市場的直接需求——一些終端市場開始轉為負值？對於您何時開始在時間方面超越那些個別車手有什麼想法嗎？

Yes. Thank you very much, Samik. I think we talked at least last quarter about the fact that we started to see some signs of a little bit of -- some early signs of a little bit of inventory in the industrial market, including with our distributors. And no doubt about it, when we look at our results here in the second quarter, where we were in U.S. dollars flat, but organically, we were down by 7%. There is some element of that which comes from distributors managing a bit more of their inventory across the industrial market.

是的。非常感謝你，薩米克。我認為我們至少在上個季度談到了這樣一個事實：我們開始看到一些跡象——工業市場上有一點庫存的一些早期跡象，包括我們的經銷商。毫無疑問，當我們查看第二季度的業績時，以美元計算的業績持平，但從有機角度來看，我們下降了 7%。其中一些因素來自於分銷商在整個工業市場上管理更多的庫存。

And then there are a few segments of the industrial market where I think it's been well reported that there's a bit of softness in area like factory automation, on a year-over-year basis, something like instrumentation, where even if there's been this euphoria around semiconductor capital equipment, for example, there have also been pockets of that market where you have seen real pullbacks in CapEx. I think it's a market where long term, there's a great degree of optimism about the long term in semiconductor equipment, but there are some short-term vacillations that have been going on in the last quarter or 2.

然後，在工業市場的一些領域，我認為有充分的報導稱，工廠自動化等領域的同比表現有些疲軟，比如儀器儀表，即使存在這種欣喜若狂的情況例如，圍繞半導體資本設備，在該市場的某些部分，您可以看到資本支出的真正回調。我認為，從長遠來看，這個市場對半導體設備的長期前景抱有很大程度的樂觀態度，但上一兩個季度出現了一些短期波動。

Those are areas that maybe I would highlight. I think that our position in industrial remains very broad. We continue to have parts of the industrial market that are performing extremely well. In fact, we saw great growth in areas like rail mass transit, alternative energy, even oil and gas, believe it or not. Medical continues to be a very strong area for us. And a credit to our team for never going kind of all in on any one segment of the industrial market, but rather continuing that long-term drive to be as present as possible with the broadest range of products as possible. And to the extent that -- to your question about how long that cycle, may be? Hard for me to guess. I mean I think we've had similar questions about IT datacom in the past. Here, I think you have certainly some correction that is happening with distributors, whether that is a 1, 2, 3 quarter, hard for me to guess and we'll certainly let you know as soon as we have a better view of that.

這些是我可能會強調的領域。我認為我們在工業領域的地位仍然非常廣泛。我們的部分工業市場仍然表現非常出色。事實上，不管你信不信，我們在軌道交通、替代能源、甚至石油和天然氣等領域都看到了巨大的增長。醫療仍然是我們非常強大的領域。我們的團隊永遠不會全力投入工業市場的任何一個細分市場，而是繼續長期努力，盡可能提供最廣泛的產品，這值得讚揚。在某種程度上，對於你關於這個週期可能有多長的問題？我很難猜測。我的意思是，我認為我們過去對 IT 數據通信也有過類似的問題。在這裡，我認為分銷商肯定會發生一些調整，無論是第一季度、第二季度還是第三季度，我很難猜測，一旦我們對此有更好的了解，我們肯定會立即通知您。

The next question is from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

Is there anything in particular that has been helping gross margins such as price/cost mix or the integration of acquisitions or the gross margin in 2Q was at the highest in about 5 years, even as a handful of end markets are still soft. So I'm hoping to better understand what may be positively impacting margins? And then any color you can share on how to expect either gross or EBIT margins to trend going forward?

有什麼特別的因素可以幫助毛利率提高，例如價格/成本組合或收購整合，或者第二季度的毛利率達到約 5 年來的最高水平，儘管少數終端市場仍然疲軟。所以我希望更好地了解什麼可能對利潤率產生積極影響？您可以分享一下您對未來毛利率或息稅前利潤趨勢的預期嗎？

Yes. Thanks, Mark. Yes. No, we're -- I mean, we're really just proud of kind of this overall profitability here in the second quarter. I mean we converted on a sequential basis, just under 35%, which is certainly far exceeding kind of our 25% kind of goal on higher sales. And year-over-year, the negative version is 30%, which was certainly roughly kind of what we kind of expect on the downside. But if you actually peel acquisitions away from that, it's really even much better than this 30% that we certainly reported in U.S. dollars here. So I think overall, the profitability just of the company just continues to be very robust and really just -- is really because of this great work of the management team to be able to continue to protect the bottom line when we have some markets like communications market, specifically IT datacom that has, on a year-over-year basis, really seen some significant declines in mobile networks and mobile devices and all sort. So this is really just a great representation of the agility of the entire team to be able to have these robust margins in this environment.

是的。謝謝，馬克。是的。不，我的意思是，我們真的對第二季度的整體盈利能力感到自豪。我的意思是，我們按順序進行的轉化率略低於 35%，這肯定遠遠超過了我們提高銷售額的 25% 目標。與去年同期相比，負值是 30%，這肯定大致符合我們對下行的預期。但如果你真的將收購剝離出來，它實際上比我們在這里以美元報告的這 30% 要好得多。因此，我認為總體而言，公司的盈利能力仍然非常強勁，而且確實是因為管理團隊的出色工作，當我們擁有通信等市場時，他們能夠繼續保護底線市場，特別是 IT 數據通信市場，與去年同期相比，移動網絡和移動設備等確實出現了一些顯著下降。因此，這實際上很好地體現了整個團隊的敏捷性，能夠在這種環境下獲得如此強勁的利潤。

I mean specific to gross margins, we typically don't necessarily measure ourselves on gross margins or SG&A. We really do look at operating margin, which is kind of looking at all aspects of cost. But certainly, to your point, gross margins have -- were higher this quarter than they have been over certainly the recent past. And I think that if you look at kind of the mix of our markets, our markets certainly do have -- our businesses that serve that certain markets do have sometimes higher gross margins or in high SG&A or lower gross margin and lower SG&A to kind of get to those operating margins that we expect. And so sometimes the mix of the sales in those markets could have an impact on the overall mix that you're talking about from a gross margin or SG&A perspective. I think we're seeing some of that in our business in the second quarter, where places like military and commercial air certainly very strong.

我的意思是具體到毛利率，我們通常不一定用毛利率或銷售管理費用來衡量自己。我們確實關注營業利潤率，也就是關注成本的各個方面。但當然，就您的觀點而言，本季度的毛利率肯定高於最近一段時間。我認為，如果你看看我們市場的組合，我們的市場確實有——我們為某些市場提供服務的業務有時確實有較高的毛利率或較高的銷售管理費用或較低的毛利率和較低的銷售管理費用達到我們預期的營業利潤率。因此，有時這些市場的銷售組合可能會對您從毛利率或銷售管理費用 (SG&A) 角度討論的整體組合產生影響。我認為我們在第二季度的業務中看到了一些這樣的情況，軍事和商業航空等領域肯定非常強勁。

But I think overall, regardless of how they fluctuate kind of what we're focused on here is operating margin. So I think that -- whether or not gross margin SG&A fluctuates a bit on a quarterly basis, I wouldn't necessarily be concerned or be super focused on that. But at the end of the day, I think, really, what we're focused on is making sure that our operating margins continue to drive good robust leverage on the higher sales. And I think that's exactly what we're seeing. And as we move forward, even our guidance implies really as strong. I think conversion and leverage going into here the third quarter.

但我認為總體而言，無論它們如何波動，我們在這里關注的是營業利潤率。因此，我認為，無論毛利率 SG&A 是否按季度略有波動，我都不一定會擔心或過度關注這一點。但歸根結底，我認為，我們真正關注的是確保我們的營業利潤率繼續推動較高銷售額的良好穩健槓桿作用。我認為這正是我們所看到的。當我們前進時，甚至我們的指導也意味著同樣強大。我認為轉換率和槓桿率將在第三季度進入。

And certainly, I think pricing over the last year has helped a bit with that. But I think that's kind of necessarily a new story. I think we talked about us kind of catching up on pricing kind of later last year. So I wouldn't call that a 2023 story in terms of pricing. I think pricing cost at this point is relatively neutral and certainly, we'll react to anything that happens in the cost environment if that changes. But certainly, very happy with the overall margins, and we're going to continue to march forward on that front.

當然，我認為去年的定價對此有所幫助。但我認為這必然是一個新故事。我想我們去年晚些時候就談到了我們在定價方面的趕上。因此，就定價而言，我不會將其稱為 2023 年的故事。我認為目前的定價成本相對中性，當然，如果成本環境發生變化，我們會對成本環境中發生的任何事情做出反應。但當然，我們對整體利潤率非常滿意，我們將繼續在這方面前進。

The next question is from Abdullah Khan with Evercore.

下一個問題來自 Evercore 的 Abdullah Khan。

I wanted to ask about autos and specifically, we've seen some auto OEMs take down inventories that were built up during the worst crisis of the supply chain. And so I wanted to get your perspective on that, if you have an estimate of how much inventory is overbuilt, if there is any, and as well as the various percentages around the end market?

我想問有關汽車的問題，具體來說，我們看到一些汽車原始設備製造商削減了供應鏈最嚴重危機期間積累的庫存。因此，我想了解您對此的看法，您是否估計有多少庫存過剩（如果有），以及終端市場的各種百分比？

Thank you very much, Abdullah. Honestly, we don't have a good read on the auto OEM inventory, whether that's overbuilt or whether they're taking it down. I think what we know is that what our customers are taking from us and what we're able to support them with. And in the quarter, we were able to have a very strong -- yet another very strong quarter in automotive, growing by 9% in U.S. dollars and 11% organically. And I think that's just a testament to our team's continued success in developing new products that go on new applications in the car. And so -- to the extent that there is some vacillation that should come, if automakers decide to take more inventory or less inventory if they sell more cars or less cars, I mean these are kind of things that are what they are. But what we can control is our position on these new applications on things like electrified drivetrains, on things like advanced safety, on things like advanced communication and so many other new applications that are going into cars.

非常感謝你，阿卜杜拉。老實說，我們對汽車原始設備製造商的庫存沒有很好的了解，無論是過度建造還是正在拆除。我認為我們所知道的是，我們的客戶從我們這裡得到了什麼，以及我們能夠為他們提供什麼支持。在本季度，我們在汽車領域取得了非常強勁的季度，又一個非常強勁的季度，以美元計算增長了 9%，有機增長了 11%。我認為這證明了我們的團隊在開髮用於汽車新應用的新產品方面不斷取得成功。因此，如果汽車製造商決定增加庫存或減少庫存（如果他們銷售更多汽車或更少汽車），那麼在某種程度上應該會出現一些動搖，我的意思是這些事情就是這樣的。但我們可以控制的是我們對這些新應用的立場，例如電動傳動系統、高級安全性、高級通信以及許多其他正在進入汽車的新應用。

I mean I just got a new car recently, and I still, after a couple of weeks, haven't figured out half of what the darn thing can do. And it just reminds me how many new systems are put into these cars, how many new applications and how much content for new products that weren't previously in a car. And we're seeing products being sold into cars that in the past, we were selling things that went into computers or to other advanced systems, and all of a sudden, they're being repackaged and repurposed to go into these cars where the continued growth in content is really explosive. And so I don't know, was inventory going down a little bit this quarter when we were going up 11% organically, maybe others have a better read on that than we do. But for sure, we continue to see strong momentum in automotive. And I think next quarter, we have once again a strong outlook in this market, and that's after several years of real outperformance to any comparable measure.

我的意思是我最近剛買了一輛新車，幾週後我仍然沒有弄清楚這該死的東西能做什麼。它只是提醒我這些汽車中安裝了多少新系統，有多少新應用程序以及有多少以前汽車中沒有的新產品內容。我們看到產品被銷售到汽車中，而在過去，我們銷售的是進入計算機或其他先進系統的東西，突然之間，它們被重新包裝並重新用於這些汽車，而這些汽車繼續內容的增長確實是爆炸性的。所以我不知道，當我們有機增長 11% 時，本季度庫存是否略有下降，也許其他人比我們更了解這一點。但可以肯定的是，我們繼續看到汽車行業的強勁勢頭。我認為下個季度，我們將再次對這個市場抱有強勁的前景，而這是在幾年來實際表現優於任何可比指標之後。

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

下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Adam, I know you mentioned it's a hard market to nail down seasonality. But if you think about seasonality in mobile devices and where you're guiding to in the mid-teens, that's the lowest level since 2016. It's at least 15 points below what you typically guide or well, typically achieve anyway. And when I sort of look at even 2016, that was a year where 2Q grew in the mid-teens, and you were coming off a much stronger base. So can you help us think through maybe what you're seeing today in terms of what seasonality it feels as though, at least from what we hear, at least on the PC side, there is a sequential improvement. So just wondering what the puts and takes are that you're seeing that's causing you to guide to good mid-teens over here.

亞當，我知道你提到這是一個很難確定季節性的市場。但如果你考慮一下移動設備的季節性以及你在十幾歲左右的指導，那麼這是自 2016 年以來的最低水平。它比你通常指導的水平至少低 15 個點，或者通常會達到的水平。當我回顧 2016 年時，那一年第二季度的增長達到了十幾歲左右，而且基礎更加強勁。那麼您能否幫助我們思考一下您今天所看到的季節性情況，至少從我們聽到的情況來看，至少在 PC 方面，有一個連續的改進。所以只是想知道你所看到的看跌期權和採取的是什麼，這導致你在這裡指導優秀的青少年。

Yes. Wamsi, thanks so much. I mean, look, I'll put this maybe in a couple of contexts. One is that we came into the second quarter with an expectation for the market to be actually down in the mid-teens. And we ultimately achieved on a sequential basis, close to 20 points better than that, growing by 3% sequentially. Yes, still down on a year-over-year basis, but very strong compared to our expectations. And that strength really did come out of smartphones, in particular. And as we look at our guidance here for the third quarter, I think you're arithmetically correct, that 17% sequential in the third quarter is maybe a touch lower than what we've seen in years past, maybe 2016 to the contrary notwithstanding.

是的。萬西，非常感謝。我的意思是，聽著，我可能會把這個放在幾個上下文中。一是我們進入第二季度時預計市場實際上會下跌至十幾歲左右。我們最終實現了環比增長近 20 個百分點，環比增長 3%。是的，同比仍然下降，但與我們的預期相比非常強勁。這種力量確實來自智能手機，尤其是。當我們查看第三季度的指導時，我認為您在算術上是正確的，第三季度 17% 的環比可能略低於我們過去幾年看到的水平，也許 2016 年情況恰恰相反。

But if we break that down a little bit, I can just tell you this, that our expectation for our sales into smartphones is actually very robust, actually, I would say, even a little bit above our normal seasonality. And that's offset by a more modest expectation in areas like tablets and laptops and other computing devices. And look, I don't know what the PC forecasts are, how those relate to, to the various devices that we're selling into. But one dynamic is, for sure, is that with COVID happening over the recent 3 years, there was a surge in demand for those products that were really used for home -- by people who are studying and working and otherwise communicating from home. And that kind of put a little bit of a hitch in the typical replacement cycle of a lot of these devices.

但如果我們稍微細分一下，我可以告訴你，我們對智能手機銷售的預期實際上非常強勁，實際上，我想說，甚至略高於我們的正常季節性。這被平板電腦、筆記本電腦和其他計算設備等領域更為溫和的預期所抵消。聽著，我不知道個人電腦的預測是什麼，這些預測與我們銷售的各種設備有何關係。但可以肯定的是，隨著近三年新冠疫情的發生，在家學習、工作或以其他方式進行交流的人們對真正用於家庭的產品的需求激增。這給許多此類設備的典型更換週期帶來了一些麻煩。

And I think we're still seeing a bit of a hangover from that right now in terms of the overall demand for those devices. Meanwhile, the smartphone products, our position on smartphones remains very robust, and we see strong growth potential in smartphones going forward into the third quarter. And that ultimately comes all together with this mid-teens expectation that we have on a sequential basis for the third quarter.

我認為，就這些設備的總體需求而言，我們現在仍然看到了一些後遺症。與此同時，在智能手機產品方面，我們在智能手機上的地位仍然非常強勁，我們看到智能手機進入第三季度的強勁增長潛力。這最終與我們對第三季度連續增長的預期相結合。

Look, I mean, you can get pretty gray hair pretty quickly by trying to guess all the ins and outs of where the mobile device market is headed. And we do our best job as we can in giving an outlook for that. But then once we give that outlook, as you know, our team is not resting on their laurels. They're ready at any time to capitalize on any upside that may come along or to manage through a downside that make it along as well, and it remains our hardest market to forecast and guide to. And it remains our team that is the most agile of any that I've ever seen in the industry. So I'm confident going forward, that our team will continue to create great success and that our robust position in this market will continue to create great value for Amphenol.

聽著，我的意思是，通過嘗試猜測移動設備市場的所有細節，你很快就會變得白髮。我們盡我們最大的努力來展望這一點。但一旦我們給出了這樣的前景，正如你所知，我們的團隊就不會滿足於現狀。他們隨時準備利用任何可能出現的上行趨勢，或克服可能出現的下行趨勢，而這仍然是我們最難預測和指導的市場。我們的團隊仍然是我所見過的業內最敏捷的團隊。因此，我對未來充滿信心，我們的團隊將繼續創造巨大的成功，我們在這個市場的穩固地位將繼續為安費諾創造巨大的價值。

The next question is from Matt Sheerin with Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

Adam, I wanted to asked about the military market. You've had some very strong double-digit growth here for a few quarters and your outlook continues to be strong. Could you talk about some of the drivers and maybe some of the programs and the diversification within those end markets?

Adam，我想問一下軍事市場的情況。幾個季度以來，你們已經實現了非常強勁的兩位數增長，並且你們的前景仍然強勁。您能否談談一些驅動因素，也許還有一些計劃以及這些終端市場的多元化？

Yes. Thanks very much, Matt. No doubt about it, our team working in the military aerospace market or defense market, as I actually call it a little bit often these days, is doing a great job. And it's interesting. We track, I don't know, kind of 10 or a dozen different subsegments of that market. And about 3/4 or even closer to like 8 out of 10 of those markets grew in very strong double digits on a year-over-year basis, last quarter, with just a couple of them, a little bit lower performance. And it just reflects the real breadth of our position and the breadth of investments that countries around the world are making in new defense technologies.

是的。非常感謝，馬特。毫無疑問，我們在軍事航空航天市場或國防市場（我現在經常這樣稱呼它）的團隊做得非常出色。這很有趣。我不知道，我們跟踪了該市場的 10 個或十幾個不同的細分市場。上個季度，其中 10 個市場中約有 3/4 甚至接近 8 個市場的同比增長率非常強勁，其中只有幾個市場的表現略有下降。它只是反映了我們立場的真正廣度以及世界各國在新國防技術方面投資的廣度。

I mean, look, I look every day at what's happening with the tragedy in Ukraine. I looked with some anxiety at some of the other geopolitical tensions that are around the world. At the same time, I think we at Amphenol look in the mirror, and we feel very positive about the role that our team is directly playing in ensuring that the free people of the world get to remain free. And that reactivity of our team to grow by 19% organically on a year-over-year basis in a market with a product set that is not an easy product set to scale. I mean, these are products that are very complex to manufacture. They require an immense amount of qualifications and adherence to standards. They're very vertically integrated.

我的意思是，我每天都在關注烏克蘭發生的悲劇。我有些焦慮地審視世界各地其他一些地緣政治緊張局勢。與此同時，我認為我們安費諾看看鏡子，我們對我們的團隊在確保世界上的自由人民保持自由方面直接發揮的作用感到非常積極。在一個產品組合不易擴展的市場中，我們團隊的反應能力同比有機增長 19%。我的意思是，這些產品的製造非常複雜。他們需要大量的資格並遵守標準。它們是非常垂直整合的。

And so to flex one's capacity, in this market, as we have done, is really an extraordinary [feel] and one that is not lost on our customers in terms of our ability to really do what it takes and our willingness to invest when need be and to flex whenever possible to satisfy this really kind of existential demand that we're seeing in many cases.

因此，在這個市場上，正如我們所做的那樣，發揮自己的能力確實是一種非凡的[感覺]，並且我們的客戶不會失去這種感覺，因為我們有能力真正做到所需的事情，並且我們願意在需要時進行投資盡可能地彎曲，以滿足我們在許多情況下看到的這種真正的存在需求。

As I look forward in the defense market, I think for better or for worse, I think we are in an era today of more anxiety, more dynamics where more and more, the nations that are allied with our country, with the Europeans and others are having to invest more significantly than ever before in next-generation defense technologies. And it's the broadest manufacturer of those products -- both having the broadest product line in the deepest technologies, we're ready and able to support that as much as possible. We'll see. I mean we're guiding here in the third quarter to a kind of similar levels in what is traditionally a softer third quarter from a seasonality perspective. And our team stands ready to react whenever needed. And every day we watch the pictures coming from Ukraine. And while we have a tear in one eye, we also have a pride in our belly of the part that we're doing to help those people stay free.

當我展望國防市場時，我認為無論好壞，我認為我們今天正處於一個更加焦慮、更加充滿活力的時代，越來越多的國家與我們的國家、歐洲人和其他國家結盟必須比以往任何時候都更大規模地投資下一代國防技術。它是這些產品最廣泛的製造商——兩者都擁有最廣泛的產品線和最深入的技術，我們已準備好並能夠盡可能地提供支持。我們拭目以待。我的意思是，從季節性角度來看，我們在第三季度的指導水平與傳統上較為疲軟的第三季度類似。我們的團隊隨時準備在需要時做出反應。我們每天都會觀看來自烏克蘭的圖片。雖然我們熱淚盈眶，但我們也為我們為幫助那些人獲得自由所做的努力感到自豪。

The next question is from Steven Fox with Fox Advisors.

下一個問題來自福克斯顧問公司的史蒂文·福克斯。

Adam, I was just hoping to circle back a little bit more on the industrial markets. I mean the macro data is looking worrisome, but I'm trying to understand how much of your sales on to like(inaudible) plant floors is under pressure, maybe where there's some good signs and how long of a pipeline you're thinking at just industrial factory.

亞當，我只是希望能多回顧一下工業市場。我的意思是宏觀數據看起來令人擔憂，但我試圖了解您在類似（聽不清）工廠車間的銷售額有多少面臨壓力，也許哪裡有一些好的跡像以及您正在考慮的管道有多長只是工業工廠。

Thanks very much, Steven. Look, I think we talked a little bit about factory automation as one area that I highlighted that we did see on a year-over-year basis, some downturn. And also on the sequential system, I think it's been broadly reported that there's some moderation in demand around that area. How long that's going to last? It's really hard, Steven, for me to give a prognosis on. I think that we have a very strong position here. I think that the adoption of electronics in factories. The underlying trend of that, I think, is a very positive trend in the short, medium and in particular, the long term.

非常感謝，史蒂文。聽著，我想我們討論了一些關於工廠自動化的問題，我強調了這一領域，我們確實看到了逐年下滑的情況。對於順序系統，我認為廣泛報導稱該領域的需求有所放緩。這會持續多久？史蒂文，我真的很難做出預測。我認為我們在這裡擁有非常強大的地位。我認為工廠採用電子產品。我認為，其基本趨勢在短期、中期，特別是長期來看是一個非常積極的趨勢。

As countries and companies around the world deal with labor shortages, and I mean, gosh, you can't pick up a newspaper these days without seeing something about some either labor shortage or labor strike that is happening in the world over, there's no doubt that the adoption of electronic -- automation, robotics, next-generation factory management systems, I mean, these are really accelerating broadly. And the fact that we go through right now, let's call it, a kind of temporary pause in that for a variety of reasons. It does not take away from the very long-term prognosis for factory automation, which I think is quite a positive over the long term.

隨著世界各地的國家和公司應對勞動力短缺問題，我的意思是，天哪，現在你拿起報紙就會看到世界各地正在發生的勞動力短缺或罷工的消息，毫無疑問我的意思是，電子自動化、機器人技術、下一代工廠管理系統的採用確實在廣泛加速。我們現在所經歷的事實，讓我們稱之為，由於各種原因而暫時暫停。它並沒有影響工廠自動化的長期預測，我認為從長遠來看這是相當積極的。

The next question is from Chris Snyder with UBS.

下一個問題來自瑞銀集團的克里斯·斯奈德。

I wanted to follow up on some of the AI commentary from earlier. It certainly seems to be an opportunity right in the company to real house and obviously, great to see meaningful revenue impact already. I was just wondering if you could talk a bit about the competitive landscape for these high-power, low latency data center applications and Amphenol's competitive positioning within that. I would assume there's not too many companies that can deliver this technology.

我想跟進之前的一些人工智能評論。這對公司來說無疑是一個真正的機會，很明顯，很高興看到已經產生了有意義的收入影響。我只是想知道您是否可以談談這些高功率、低延遲數據中心應用程序的競爭格局以及安費諾在其中的競爭地位。我認為能夠提供這項技術的公司並不多。

Yes. Thanks so much, Chris. I mean, look, these are really hard products to make, let's start from that. To have a high-speed interconnect product, be it a cable assembly, an IO connector, a backplane connector, a cable backplane system, whatever it may be, these are extraordinarily complicated products to make where the underlying technology to make them take years to develop. The manufacturing processes are extremely challenging to make these things. And so you're correct. There is a very small universe of companies, and we have strong competitors. There's no doubt about it, who we respect, no question. But it is a relatively confined universe of companies who ultimately have put in the decades, and I call it really decades of investments in the engineering competency, the test and the validation of those products and all of those things, which ultimately allow one to make a reliable product that can support these next-generation complicated AI learning systems.

是的。非常感謝，克里斯。我的意思是，看，這些產品確實很難製造，讓我們從這裡開始。要擁有高速互連產品，無論是電纜組件、IO 連接器、背板連接器、電纜背板系統，無論是什麼，這些產品的製造都非常複雜，而製造它們的底層技術需要數年時間才能實現。發展。製造這些東西的製造過程極具挑戰性。所以你是對的。公司規模很小，但我們有強大的競爭對手。毫無疑問，我們尊重誰，毫無疑問。但這是一個相對有限的公司領域，這些公司最終投入了數十年，我稱其為真正的數十年投資於工程能力、這些產品的測試和驗證以及所有這些事情，這最終使人們能夠做出一款可以支持這些下一代複雜人工智能學習系統的可靠產品。

Our position, look, we are the world leader in high-speed interconnect technology. That's something that we're very proud of and that we continue to be very carefully building upon over the years and that position, I think, is a robust one for as AI investments continue.

我們的定位，看，我們是高速互連技術的世界領導者。這是我們非常自豪的事情，多年來我們繼續非常謹慎地建立這一點，我認為，隨著人工智能投資的繼續，這一立場是一個強有力的立場。

The next question is from Joe Giordano with TD Cowen.

下一個問題是 Joe Giordano 和 TD Cowen 提出的。

Just curious if you can give some color or kind of update on how your mix in auto regionally has shifted over time. Just given the growth that you've had over the last several years, just commentary like you expect 3Q to be kind of similar to 2Q, but production is supposed to be down sequentially like 5%. So I'm just curious if some of that is just content you're winning or some of that is regional shifts and you're participating more in faster growth markets than you used to. Just any color there would be helpful.

只是好奇您是否可以提供一些顏色或更新信息，說明您在汽車領域的組合如何隨著時間的推移而發生變化。考慮到過去幾年的增長，就像您預計第三季度與第二季度類似的評論，但產量應該會連續下降 5% 左右。所以我只是好奇其中一些只是你贏得的內容，還是一些是區域性的轉變，以及你比以前更多地參與增長更快的市場。任何顏色都會有幫助。

Yes. Thanks very much, Joe. Look, I think if you look over a very long time period, the mix of our auto business has changed quite dramatically. I remember, gosh, when I first became CEO, and that's 15 years ago, not to mention when I first join the company which was 25 years ago yesterday, our auto business was a predominantly European business. And even in my first quarter as CEO, I think it was roughly 2/3 was European and the rest was sort of split evenly between Asia and North America. And today, I would tell you that the 3 regions are relatively balanced with maybe a touch more in Asia, followed by Europe and North America. So that has changed a lot.

是的。非常感謝，喬。看，我認為如果你看很長一段時間，我們的汽車業務的組合已經發生了巨大的變化。我記得，天哪，當我第一次成為首席執行官時，那是 15 年前，更不用說當我第一次加入公司時，也就是 25 年前的昨天，我們的汽車業務主要是歐洲業務。即使在我擔任首席執行官的第一季度，我也認為大約有 2/3 是歐洲人，其餘的則在亞洲和北美各佔一半。今天，我想告訴大家，這三個地區相對平衡，亞洲可能更平衡，其次是歐洲和北美。所以情況發生了很大變化。

And I think part of that change has been really this revolution electrification where our team has done a fabulous job in taking advantage of that revolution electrification, and where the largest markets for that, at least so far, have been in Asia, and we've done an excellent job of positioning ourselves on a broad basis with companies who are really driving electrified and hybrid electrified vehicles.

我認為這種變化的一部分實際上是這場電氣化革命，我們的團隊在利用這場電氣化革命方面做得非常出色，至少到目前為止，最大的市場在亞洲，而我們’我們在與真正駕駛電動和混合動力電動汽車的公司的廣泛合作方面做得非常出色。

And so if I look at last quarter, we grew organically really in all 3 regions. I would say Europe actually grew the strongest last quarter, but we did realize growth in all 3 regions. And I think we have a very robust position across all regions for the automotive market. And to the extent that those dynamics change, there's new companies, accelerating their performance in other regions. I'm confident that our team is going to do a good job of positioning ourselves there to benefit from that.

因此，如果我看看上個季度，我們在所有三個地區都實現了有機增長。我想說歐洲實際上上個季度的增長最為強勁，但我們確實在所有三個地區都實現了增長。我認為我們在汽車市場的所有地區都擁有非常穩固的地位。只要這些動態發生變化，就會出現新公司，加速它們在其他地區的業績。我相信我們的團隊將做好定位並從中受益。

And our last question comes from Will Stein with Truist Securities.

我們的最後一個問題來自 Truist Securities 的 Will Stein。

I'd like to ask about the broadband end market. it's been fairly well discussed among companies and in the media that there are several big projects in the U.S. like RDOF and other countries as well, to deliver broadband to more rural areas. And I wonder if you can describe how that's been influencing demand in that end market and your anticipated performance over the next few quarters?

我想問一下寬帶終端市場。公司和媒體之間已經充分討論了美國和其他國家有幾個大型項目，例如 RDOF，旨在向更多農村地區提供寬帶服務。我想知道您是否能描述一下這對終端市場的需求有何影響以及您對未來幾個季度的預期業績？

Yes. Thanks very much, Will. Look, I think I mentioned in my prepared remarks that while we do see a temporary pause, I mean, we've had really strong growth in broadband over the last year. I mean, last year alone, we grew by 62% in U.S. dollars and 38% organically. And yes, I mean, in the second quarter, we were flat and we guided it to be a little bit down sequentially in the third quarter. But no doubt about it, we are benefiting not just from the demand for customers around the world for higher speed connectivity to their homes and businesses, but also from the government funding that is going into this. And in particular, you mentioned RDOF, there's also BEAD, both of these initiatives in North America are very significant. And by the way, long overdue from my perspective.

是的。非常感謝，威爾。看，我想我在準備好的發言中提到，雖然我們確實看到了暫時的停頓，但我的意思是，去年我們的寬帶增長非常強勁。我的意思是，僅去年一年，我們的美元增長就達到了 62%，有機增長了 38%。是的，我的意思是，在第二季度，我們的業績持平，並且我們指導第三季度的業績環比略有下降。但毫無疑問，我們不僅受益於世界各地客戶對家庭和企業更高速連接的需求，還受益於政府為此提供的資金。特別是你提到的RDOF，還有BEAD，這兩個舉措在北美都非常重要。順便說一句，從我的角度來看，這早該發生了。

I mean we live in a world where connectivity to the Internet becomes not just a nice thing to have, but it is really -- it is a kind of thing that you must have. It's like electricity and access to water and indoor plumbing, having the plumbing to the Internet is so critical. You try to look for a job if you don't have the Internet. Try to apply for a government benefit if you don't have access to the Internet. It's essentially impossible these days. And so I think it's a really noble cause that is there to build access some of the remotest areas of our country, so that all people can have equal access to high-speed, low-latency Internet and all what comes along with that. And we're very happy to play our part in that, and to benefit from that over the long term.

我的意思是，在我們生活的世界中，互聯網連接不僅是一件好事，而且確實是一種必須擁有的東西。就像電力、水和室內管道一樣，擁有互聯網管道非常重要。如果您沒有互聯網，您會嘗試尋找工作。如果您無法訪問互聯網，請嘗試申請政府福利。如今這基本上是不可能的。因此，我認為在我國一些最偏遠的地區建立接入網絡是一項非常崇高的事業，以便所有人都能平等地獲得高速、低延遲的互聯網以及隨之而來的一切。我們很高興能在其中發揮自己的作用，並從中長期受益。

And this temporary pause that is going on right now, I think, is just that. And we look forward over -- in the coming years as that money does necessarily get spent by governments as well as by the private sector that will be a strong participant and enabler of the broadband revolution.

我認為，現在正在發生的暫時停頓就是這樣。我們展望未來幾年，政府和私營部門確實會花這些錢，而私營部門將成為寬帶革命的有力參與者和推動者。

And I'll now turn the call back to Mr. Norwitt for closing remarks.

現在我將把電話轉回給諾維特先生做總結髮言。

Well, thank you all so much for your time today. We appreciate everybody's time on this hot summer day. And I hope it's not too late to wish all of you a nice summer. And I hope that you'll have a little bit of chance to get some downtime as we get into the end of July and August. And we look forward to speaking to all of you in the fall in just 90 days. Thanks so much.

非常感謝大家今天抽出寶貴的時間。我們感謝大家在這個炎熱的夏日度過的時光。我希望現在祝大家度過一個愉快的夏天還為時不晚。我希望當我們進入七月底和八月時，你會有一點機會休息一下。我們期待在短短 90 天的秋季與你們所有人交談。非常感謝。

Thanks, everybody.

謝謝大家。

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

感謝您參加今天的會議，祝您有美好的一天。