安費諾 (APH) 2023 Q3 法說會逐字稿

Hello, and welcome to the third 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三季財報電話會議。 （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 third quarter 2023 conference call. Our third 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 then we will take questions.

非常感謝。大家下午好。我是安費諾財務長克雷格‧蘭波 (Craig Lampo)，我和我們的執行長亞當‧諾威特 (Adam Norwitt) 一起來到這裡。我們歡迎您參加我們的 2023 年第三季電話會議。我們今天上午發布了 2023 年第三季業績。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原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資訊。

The company closed the third quarter with sales of $3.199 billion and GAAP and adjusted diluted EPS of $0.83 and $0.78, respectively. Third quarter sales were down 3% in U.S. dollars and local currencies and 5% organically compared to the third quarter of 2022.

該公司第三季銷售額為 31.99 億美元，GAAP 和調整後稀釋後每股收益分別為 0.83 美元和 0.78 美元。與 2022 年第三季相比，以美元和當地貨幣計算的第三季銷售額下降了 3%，有機銷售額下降了 5%。

Sequentially, sales were up 5% in U.S. dollars, local currencies and organically. Adam will comment further on trends by market in a few minutes.

隨後，以美元、當地貨幣計算的銷售額自然成長了 5%。 Adam 將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were $3.164 billion, which was flat compared to the third quarter of '22 and up 4% sequentially, resulting in a book-to-bill ratio of 0.99:1. GAAP operating income was $658 million in the third quarter of 2023, which included $9 million of acquisition-related transaction costs. Excluding these costs, adjusted operating income was $667 million.

該季度訂單量為 31.64 億美元，與 22 年第三季持平，但季增 4%，訂單出貨比為 0.99:1。 2023 年第三季 GAAP 營業收入為 6.58 億美元，其中包括 900 萬美元的收購相關交易成本。排除這些成本，調整後營業收入為 6.67 億美元。

GAAP and adjusted operating margins were 20.6% and 20.8%, respectively, in the third quarter. On a GAAP basis, operating margin was down 10 basis points compared to the third quarter of '22 and increased by 30 basis points sequentially.

第三季公認會計原則和調整後營業利潤率分別為 20.6% 和 20.8%。以 GAAP 計算，營業利潤率較 2022 年第三季下降 10 個基點，較上季成長 30 個基點。

On an adjusted basis, operating margin decreased by just 20 basis points compared to the third quarter of '22 but increased by 40 basis sequentially. This modest year-over-year decrease in adjusted operating margin was primarily due to the dilutive impact of recent acquisitions, which are currently operating well below the corporate average.

調整後的營業利潤率與 2022 年第三季相比僅下降了 20 個基點，但環比增加了 40 個基點。調整後營業利益率較去年小幅下降主要是由於近期收購的稀釋影響，目前這些收購的經營狀況遠低於企業平均。

On an organic basis, we were very pleased with our operating margin performance, which represented a smaller-than-typical downside conversion on the lower organic sales levels. This strong organic performance reflected the agility of our team in adjusting costs as well as the continued benefit of pricing actions taken in the prior year.

從有機角度來看，我們對營業利潤率表現非常滿意，這表明較低的有機銷售水平帶來的下行轉換小於典型情況。這種強勁的有機績效反映了我們團隊在調整成本方面的敏捷性以及前一年採取的定價行動的持續效益。

On a sequential basis, the increase in adjusted operating margin reflected strong conversion on the higher sales levels. Our team continued 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.

從環比來看，調整後營業利潤率的成長反映了較高銷售水準的強勁轉換。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。

Breaking down third quarter results by segment relative to the third quarter of '22, sales in the Harsh Environment Solutions segment were $887 million and increased by 12% in U.S. dollars and 7% organically. Segment operating margin was 26.9%.

與 2022 年第三季相比，按部門細分第三季業績，惡劣環境解決方案部門的銷售額為 8.87 億美元，以美元計算成長 12%，有機成長 7%。分部營業利益率為 26.9%。

Sales in the Communications Solutions segment were $1.279 billion and declined by 16% in the U.S. dollars inorganically. Segment operating margin was 22.1%.

通訊解決方案部門的銷售額為 12.79 億美元，以美元計算自然下降了 16%。分部營業利益率為 22.1%。

Sales in the Interconnect and Sensor Systems segment were $1.033 billion, an increase by 5% U.S. dollars and 1% organically. Segment operating margin was 18.3%.

互連和感測器系統部門的銷售額為 10.33 億美元，年增 5%，有機成長 1%。分部營業利益率為 18.3%。

The company's GAAP effective tax rate for the third quarter was 18.2%, and the adjusted effective tax rate was 24.0%, which compared to 23.1% and 24.5% in the third quarter of '22, respectively. GAAP diluted EPS was up 4% at $0.83 compared to $0.80 in the prior year period. And on an adjusted basis, diluted EPS decreased 3% to $0.78 compared to $0.80 in the third quarter of '22. This was an excellent result, especially considering the variety of challenges that the company continued to face during the quarter.

該公司第三季公認會計原則有效稅率為18.2%，調整後有效稅率為24.0%，而2022年第三季分別為23.1%及24.5%。 GAAP 攤薄後每股收益成長 4%，達到 0.83 美元，去年同期為 0.80 美元。經調整後，稀釋後每股收益下降 3%，至 0.78 美元，而 2022 年第三季為 0.80 美元。這是一個非常好的結果，特別是考慮到該公司在本季繼續面臨的各種挑戰。

Operating cash flow in the third quarter was $618 million or 128% of adjusted net income. And net of capital spending or free cash flow was $544 million or 112% of adjusted net income. We are pleased to continue to deliver such a strong cash flow yield.

第三季營運現金流為 6.18 億美元，佔調整後淨利的 128%。扣除資本支出或自由現金流後，淨額為 5.44 億美元，佔調整後淨利的 112%。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, 70 and 52 days, respectively, all within the normal levels. As mentioned in today's earnings release, the company's Board of Directors has approved a 5% increase in the company's quarterly dividend to $0.22 effective for payments beginning in January of 2024.

從營運資金角度來看，存貨天數、應收帳款天數及應付帳款天數分別為87天、70天及52天，均處於正常水準。正如今天的財報中所提到的，公司董事會已批准將公司季度股息增加 5% 至 0.22 美元，從 2024 年 1 月開始支付。

During the quarter, the company repurchased 1.7 million shares of common stock at an average price of approximately $86. And when combined with our normal quarterly dividend, total capital returned to shareholders during the third quarter of '23 was approximately $275 million.

本季度，該公司以約 86 美元的平均價格回購了 170 萬股普通股。加上我們正常的季度股息，2023 年第三季股東返還的總資本約為 2.75 億美元。

Total debt on September 30 was $4.3 billion, and net debt was $2.6 billion. Total liquidity at the end of the quarter was $5 billion, which included cash and short-term investments on hand of $1.7 billion plus availability under our existing credit facilities.

截至 9 月 30 日，債務總額為 43 億美元，淨債務為 26 億美元。本季末的流動性總額為 50 億美元，其中包括 17 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。

Third quarter 2023 EBITDA was $784 million. And at the end of the third quarter of 2023, our net leverage ratio was 0.8x. We are very pleased that the company's financial condition remains extremely strong by any measure.

2023 年第三季 EBITDA 為 7.84 億美元。截至 2023 年第三季末，我們的淨槓桿率為 0.8 倍。我們非常高興地看到，無論以何種標準衡量，該公司的財務狀況仍然極為強勁。

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, Craig, thank you very much, and I'd like to extend my welcome to everybody on the phone here today. And I hope that you're all having an enjoyable fall so far. It's a pleasure here in Wallingford to see the beautiful orange and red hues out of our windows.

嗯，克雷格，非常感謝你，我想向今天打電話的大家表示歡迎。我希望到目前為止你們都度過了一個愉快的秋天。在沃靈福德，很高興能看到窗外美麗的橙色和紅色。

As Craig mentioned, I'm going to highlight our third quarter achievements. I'll then discuss our trends and progress across our diversified end markets, and then I'll comment on our outlook for the fourth quarter and for the full year of 2023.

正如克雷格所提到的，我將重點放在我們第三季的成就。然後我將討論我們在多元化終端市場的趨勢和進展，然後我將評論我們對第四季度和 2023 年全年的展望。

Turning to the third quarter. Our results in the third quarter were better than expected as we exceeded the high end of our guidance in sales and adjusted diluted earnings per share. Sales declined by 3% in U.S. dollars and local currencies, reaching just under $3.2 billion with growth in the commercial air, military and automotive end markets as well as contributions from our acquisitions, which were more than offset by moderations in the mobile networks, mobile devices, IT datacom, broadband and industrial end markets.

轉向第三季。我們第三季的業績好於預期，因為我們超出了銷售和調整後稀釋每股盈餘指引的上限。以美元和當地貨幣計算的銷售額下降了3%，達到略低於32 億美元，這得益於商用航空、軍事和汽車終端市場的成長以及我們收購的貢獻，但行動網路、行動網路的放緩緩足以​​抵銷此影響。設備、IT 數據通訊、寬頻和工業終端市場。

On an organic basis, sales declined by 5%, but sales did increase sequentially by 5% from second quarter levels. We're pleased that the company booked orders of $3.164 billion, and that represented a book-to-bill of 0.99:1. I'm especially encouraged that our orders in the third quarter did exceed prior year levels, and that's an encouraging sign going forward.

從有機角度來看，銷售額下降了 5%，但銷售額確實較第二季水準成長了 5%。我們很高興該公司預訂了 31.64 億美元的訂單，訂單出貨比為 0.99:1。我特別感到鼓舞的是，我們第三季的訂單確實超過了去年的水平，這是一個令人鼓舞的跡象。

Profitability was very strong in the quarter. We generated adjusted operating margins of 20.8%, and that was down just 20 basis points from prior year. Sequentially, our margins improved by 40 basis points. And as Craig already mentioned, these operating margins in the third quarter reflected just outstanding execution by our global management team, who continue to manage dynamically and effectively even in the face of moderating sales.

本季的獲利能力非常強勁。調整後營業利益率為 20.8%，僅比前一年下降 20 個基點。隨後，我們的利潤率提高了 40 個基點。正如克雷格已經提到的，第三季的營業利潤率反映了我們的全球管理團隊的出色執行力，即使在銷售放緩的情況下，他們仍繼續進行動態和有效的管理。

Adjusted diluted EPS in the quarter was $0.78, and that declined just 3% from prior year and increased by a strong 8% on a sequential basis. And then finally, we're very pleased with the company's cash flow generation in the quarter with operating and free cash flow of $618 million and $544 million, respectively, in the third quarter, clear demonstrations of the high quality of Amphenol's earnings.

本季調整後攤薄每股收益為 0.78 美元，較去年同期僅下降 3%，但季增 8%。最後，我們對該公司本季的現金流產生非常滿意，第三季的營運現金流和自由現金流分別為 6.18 億美元和 5.44 億美元，這清楚地證明了安費諾獲利的高品質。

I come out of this quarter extremely proud of the Amphenol team. And I'll just say that our results this quarter once again reflect the discipline and agility of our entrepreneurial organization as we continue to perform well amidst the dynamic and challenging environment.

本季結束後，我對安費諾團隊感到非常自豪。我只想說，我們本季的業績再次反映了我們創業組織的紀律和敏捷性，因為我們在動態和充滿挑戰的環境中繼續表現良好。

Our acquisition team has been extremely busy this year so far. And I'm really pleased that since our last earnings call, we've closed on 3 acquisitions: Connor Manufacturing, Q Microwave and XMA Corporation. In addition, we signed an agreement to acquire PCTEL.

今年到目前為止，我們的收購團隊非常忙碌。我非常高興的是，自從上次財報電話會議以來，我們已經完成了 3 項收購：Connor Manufacturing、Q Microwave 和 XMA Corporation。此外，我們也簽署了收購PCTEL的協議。

With its headquarters in Illinois, Connor is a global manufacturer of power interconnect products, including especially high-voltage busbars for the automotive and industrial markets with annual sales of approximately $100 million. Based in California, Q Microwave is a designer and manufacturer of mission-critical radio frequency components utilized in military platforms with annual sales of approximately $20 million.

Connor 總部位於伊利諾州，是一家全球電力互連產品製造商，其中特別包括用於汽車和工業市場的高壓母線，年銷售額約為 1 億美元。 Q Microwave 總部位於加州，是軍用平台中使用的關鍵任務射頻組件的設計商和製造商，年銷售額約為 2000 萬美元。

And based in New Hampshire, XMA is also a provider of RF components for the military as well as the IT datacom market with annual sales of approximately $15 million. We're very pleased that we signed a definitive agreement to acquire PCTEL. PCTEL is a leading global provider of antennas for a broad array of markets as well as purpose-built industrial IoT products and test and measurement solutions. We expect the PCTEL transaction to close by early 2024.

XMA 總部位於新罕布夏州，也是一家為軍事和 IT 數據通訊市場提供 RF 組件的供應商，年銷售額約為 1500 萬美元。我們非常高興簽署了收購 PCTEL 的最終協議。 PCTEL 是全球領先的天線供應商，為廣泛的市場提供天線以及專用工業物聯網產品和測試與測量解決方案。我們預計 PCTEL 交易將於 2024 年初完成。

I'm very excited to welcome the Connor, Q Microwave and XMA teams to Amphenol. And I certainly look forward to welcoming the PCTEL team once that deal closes.

我非常高興地歡迎 Connor、Q Microwave 和 XMA 團隊來到安費諾。我當然期待在交易完成後歡迎 PCTEL 團隊。

Most importantly, I remain confident that our acquisition program will continue to create great value for the company. In fact, our ability to identify and execute upon acquisitions and then to successfully bring these companies into our entrepreneurial organization, this remains a core competitive advantage for Amphenol.

最重要的是，我仍然相信我們的收購計劃將繼續為公司創造巨大價值。事實上，我們識別和執行收購的能力，然後成功地將這些公司納入我們的創業組織，這仍然是安費諾的核心競爭優勢。

Now turning to our served markets. We're very pleased that the company's end market exposure remains highly diversified, balanced and broad. And that creates great value for the company, particularly amidst these dynamic times.

現在轉向我們服務的市場。我們非常高興該公司的終端市場敞口仍然高度多元化、平衡和廣泛。這為公司創造了巨大的價值，尤其是在這個充滿活力的時代。

So turning to each of our served markets. The military market represented 11% of our sales in the quarter. Sales grew from prior year by a very strong 26% in U.S. dollars and 22% organically. And this is really driven by broad-based strength across virtually every segment of the military market.

因此，轉向我們服務的每個市場。軍用市場占我們本季銷售額的 11%。以美元計算的銷售額較上年增長了 26%，有機銷售額增長了 22%。這實際上是由軍事市場幾乎每個領域的廣泛實力所推動的。

Sequentially, our sales grew by 3%, which was better than our expectations coming into the quarter. And as we look into the fourth quarter, we expect sales to remain roughly at these robust third quarter levels. And for the full year of 2023, we expect a high teens increase in sales from prior year.

隨後，我們的銷售額成長了 3%，這好於我們對本季的預期。當我們展望第四季時，我們預計銷售額將大致保持在第三季的強勁水平。對於 2023 年全年，我們預計銷售額將比上一年出現高點成長。

With the acquisitions last quarter of both Q Microwave and XMA, we further broadened our industry-leading RF product offering into this important defense market. And in general, we remain encouraged by the company's strengthened position across the defense industry, where we continue to offer the market's widest range of high-technology interconnect products.

透過上季收購 Q Microwave 和 XMA，我們進一步將業界領先的射頻產品擴展到這個重要的國防市場。總的來說，我們仍然對該公司在國防工業領域的地位不斷增強感到鼓舞，我們繼續向市場提供最廣泛的高科技互連產品。

Amidst today's 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're going to continue to accelerate our new product development while also increasing our capacity and thus are well positioned to support this increased demand long into the future.

在當今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。我們將繼續加快新產品開發，同時提高產能，從而在未來很長一段時間內能夠滿足不斷增長的需求。

The commercial aerospace market represented 4% of our sales in the quarter, had another really strong quarter with sales increasing by a very robust 40% from prior year and 37% organically. And this was driven by broad-based strength across all aircraft applications.

商用航空航太市場占我們本季銷售額的 4%，又是一個非常強勁的季度，銷售額比上年增長了 40%，有機增長了 37%。這是由所有飛機應用領域廣泛的實力所推動的。

On a sequential basis, sales did decline by just 1%, and that was a bit better than our expectations coming into the quarter. As we look into the fourth quarter, we now expect a modest seasonal sequential decline in sales. And for the full year 2023, we expect sales to increase in the mid-30% range compared to 2022.

從環比來看，銷售額確實僅下降了 1%，這比我們對本季的預期要好一些。當我們展望第四季時，我們現在預期銷售額將出現季節性的小幅連續下降。對於 2023 年全年，我們預計銷售額將比 2022 年成長 30% 左右。

I'm truly proud of 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. We look forward to realizing the benefits of these initiatives for many years to come.

我為我們在商業航空市場工作的團隊感到非常自豪。隨著旅遊業的持續復甦以及對噴射客機的需求，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。我們期待在未來的許多年裡實現這些舉措的好處。

The industrial market represented 24% of our sales in the quarter. Sales in the quarter did decline by 6% in U.S. dollars and 13% organically as growth in medical, oil and gas and rail mass transit applications was more than offset by declines in other segments of the industrial market.

工業市場占我們本季銷售額的 24%。由於醫療、石油和天然氣以及軌道公共交通應用的成長被工業市場其他領域的下滑所抵消，該季度的銷售額以美元計算確實下降了 6%，有機銷售額下降了 13%。

I did want to highlight that our sales into the distribution channel were particularly soft in the third quarter as many distributors have taken steps to reduce their inventory positions in the industrial market. Sequentially, sales declined by 4% from the second quarter, which was somewhat worse than our expectations coming into the quarter.

我確實想強調，第三季我們對分銷管道的銷售特別疲軟，因為許多分銷商已採取措施減少工業市場的庫存狀況。隨後，銷售額較第二季下降了 4%，比我們對本季的預期要差一些。

Looking into the fourth quarter, we expect sales to moderate slightly from these third quarter levels. And for the full year 2023, we expect sales to be roughly flat versus prior year as some organic moderations are offset by the benefit of our acquisitions.

展望第四季度，我們預計銷售額將較第三季的水平略有放緩。對於 2023 年全年，我們預計銷售額將與去年大致持平，因為我們的收購收益抵消了一些有機的放緩。

Despite this near-term demand pause in the industrial market, I continue to remain so proud of our outstanding global team working in this important area. They continue to pursue growth opportunities across the many exciting segments of this truly diverse market, and 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 will no doubt continue to occur across the industrial electronics market.

儘管工業市場近期需求暫停，但我仍然為我們在這一重要領域工作的傑出全球團隊感到自豪。他們繼續在這個真正多元化的市場的許多令人興奮的領域尋求成長機會，我仍然相信，我們透過有機方式和互補收購來擴展高科技互連、天線和感測器產品的長期策略使我們處於有利地位充分利用工業電子市場無疑將繼續發生的許多革命。

The automotive market represented 23% of our sales in the quarter. And sales grew by a very robust 13% in U.S. dollars and 12% organically. This was driven by broad-based strength across most automotive applications, including electric and hybrid electric vehicle platforms.

汽車市場占我們本季銷售額的 23%。以美元計算的銷售額成長了 13%，有機銷售額成長了 12%。這是由大多數汽車應用（包括電動和混合動力電動車平台）的廣泛實力所推動的。

Sequentially, our sales increased by 7% from the second quarter, and this was much better than our expectations that we had coming into 3Q. For the fourth quarter, we expect sales to remain roughly at these levels. And for the full year of 2023, we expect sales to increase by approximately 10% compared to prior year.

接下來，我們的銷售額比第二季成長了 7%，這比我們對第三季的預期要好得多。對於第四季度，我們預計銷售額將大致保持在這些水準。對於 2023 年全年，我們預計銷售額將比上年增長約 10%。

I'm really proud of our team working in the automotive market. 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, including electrified drivetrains as well as a multitude of other exciting new applications.

我為我們在汽車市場工作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，這些客戶正在其車輛中實施各種新技術，包括電氣化傳動系統以及許多其他令人興奮的新應用程式。

With the addition of Connor to the Amphenol family, we now have an even broader array of products for global electric vehicle manufacturers. And we look forward to benefiting from this position for many years to come.

隨著 Connor 加入 Amphenanol 系列，我們現在為全球電動車製造商提供了更廣泛的產品系列。我們期待在未來的許多年裡都能從這個職位中受益。

The mobile device market represented 10% of our sales in the quarter. And our sales moderated by 20% in U.S. dollars and 18% organically as strong growth in smartphones was more than offset by declining sales of products that are incorporated into laptops, tablets and wearables.

行動裝置市場占我們本季銷售額的 10%。我們的銷售額以美元計算下降了 20%，有機銷售額下降了 18%，因為智慧型手機的強勁增長被筆記型電腦、平板電腦和穿戴式裝置中的產品銷售額下降所抵消。

On a sequential basis, our sales increased by a much stronger-than-expected 25%. And that was really driven by higher-than-expected sales in smartphones and wearables. Looking to the fourth quarter, we expect sales to moderate in the high single digits sequentially as strong growth in smartphones we expect to be more than offset by continued declines in laptops and wearables. For the full year, we anticipate sales to decline in the mid-teens compared to 2022.

從環比來看，我們的銷售額成長了 25%，遠遠超出預期。這實際上是由智慧型手機和穿戴式裝置銷量高於預期推動的。展望第四季度，我們預計銷售額將連續放緩至高個位數，因為我們預計智慧型手機的強勁成長將被筆記型電腦和穿戴式裝置的持續下滑所抵消。與 2022 年相比，我們預計全年銷售額將下降百分之十左右。

While there's no question that mobile devices remains our most volatile end market, our team once again in the third 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.

毫無疑問，行動裝置仍然是我們最不穩定的終端市場，但我們的團隊在第三季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準即時調整資源的敏捷性和能力繼續為安費諾創造價值。

As we head into the end of 2023, our team stands poised as always to leverage their leading array of antennas, interconnect products and mechanisms to capture any opportunities for incremental sales that may arise this year and beyond.

隨著 2023 年底的到來，我們的團隊一如既往地準備好利用其領先的天線陣列、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 3% of our sales in the quarter. Sales declined by 35% in U.S. dollars and 43% organically as we continue to manage through a broad-based reduction in spending by network operators and wireless equipment manufacturers.

行動網路市場占我們本季銷售額的 3%。由於我們繼續透過網路營運商和無線設備製造商廣泛削減支出來進行管理，以美元計算的銷售額下降了 35%，有機銷售額下降了 43%。

On a sequential basis, our sales declined by 6%, which was a bit worse than our expectations coming into the quarter. For the fourth quarter, we expect sales to decline in the mid- to high single digits sequentially. And for the full year, we anticipate a moderation in sales in the sort of mid-20% range versus 2022.

環比來看，我們的銷售額下降了 6%，這比我們對本季的預期要差一些。對於第四季度，我們預期銷售額將連續出現中高個位數下降。對於全年而言，我們預計銷售額將比 2022 年下降 20% 左右。

Despite this more challenging short-term wireless investment environment, 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. When customers once again drive renewed investments in these next-generation systems, we look forward to benefiting from the increased potential that comes from Amphenol's unique position with both equipment manufacturers and mobile service providers.

儘管短期無線投資環境更具挑戰性，我們的團隊仍繼續積極工作，以實現我們努力擴大我們在全球下一代 5G 設備和網路中的地位的好處。當客戶再次推動對這些下一代系統的新投資時，我們期待從安費諾在設備製造商和行動服務提供者中的獨特地位所帶來的更大潛力中受益。

The IT datacom market represented 20% of our sales in the quarter. And while sales did decline by 12% in U.S. dollars inorganically from prior year, our performance in the quarter was actually much better than we had expected 90 days ago.

IT 數據通訊市場占我們本季銷售額的 20%。儘管以美元計算的銷售額比去年同期確實下降了 12%，但我們本季的業績實際上比我們 90 天前的預期要好得多。

In fact, on a sequential basis, our sales increased by a strong 13% in the third quarter, much better than previous expectations. The growth in our sales from the second quarter was driven by an accelerating surge in demand from customers who are making significant investments in AI data centers.

事實上，從環比來看，我們第三季的銷售額強勁成長了 13%，遠勝於先前的預期。第二季銷售額的成長是由於對人工智慧資料中心進行大量投資的客戶的需求加速激增所推動的。

We also continued to see robust orders for AI-related applications, a confirmation of our team's success in positioning Amphenol as a leader in the complex interconnect systems that support alternative intelligence or artificial intelligence. As we look towards the fourth quarter, we expect sales to remain at these third quarter levels. And for the full year of 2023, we expect the mid-teens decline in sales compared to prior year.

我們也持續看到人工智慧相關應用的強勁訂單，證實了我們的團隊成功地將安費諾定位為支援替代智慧或人工智慧的複雜互連繫統的領導者。展望第四季度，我們預期銷售額將維持在第三季的水平。對於 2023 年全年，我們預計銷售額將較上年下降 15% 左右。

While we've certainly had to manage through the inventory adjustments in the broader IT market, I am more encouraged than ever by the company's position in the global IT datacom industry. This revolution in AI is creating a true and unique opportunity for Amphenol, given our leading high-speed and power interconnect products. With machine learning applications driving a more intensive usage of our highest technology interconnect products, we're very well positioned for the future.

雖然我們當然必須在更廣泛的 IT 市場中進行庫存調整，但我對公司在全球 IT 數據通訊行業中的地位比以往任何時候都更加感到鼓舞。鑑於我們領先的高速和電源互連產品，人工智慧的這場革命正在為安費諾創造一個真正而獨特的機會。隨著機器學習應用推動我們最高技術互連產品的更廣泛使用，我們為未來做好了充分準備。

In addition, our team just continues to do 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 the company.

此外，我們的團隊繼續出色地開發領先的高速電源和光纖互連產品，使我們的 OEM 和網路服務供應商客戶能夠繼續推動其設備和網路達到更高的效能水準。這為公司創造了持續的長期機會。

Finally, the broadband market represented 5% of our sales in the quarter. And sales were down 8% in U.S. dollars inorganically as broadband operators continued to moderate their procurement levels.

最後，寬頻市場占我們本季銷售額的 5%。由於寬頻業者持續降低採購水平，以美元計算的銷售額自然下降了 8%。

On a sequential basis, sales were down by 6%, in line with our expectations coming into the quarter. For the fourth quarter, we expect a modest sequential increase in sales. And for the full year 2023, we expect sales to decline in the mid-single digits from prior year.

銷售額季減 6%，符合我們對本季的預期。對於第四季度，我們預計銷售額將略有環比成長。對於 2023 年全年，我們預計銷售額將較上年下降中個位數。

Regardless of the current demand dynamics, we remain encouraged by the company's position in the broadband market. 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.

無論當前的需求動態如何，我們仍然對該公司在寬頻市場的地位感到鼓舞。我們期待繼續為世界各地的服務供應商客戶提供支持，他們都在努力增加網路覆蓋範圍和頻寬，以支援高速數據應用程式向家庭和企業的擴散。

In addition, we're very well positioned to benefit from the broad array of government-funded initiatives, particularly in North America, thereby giving us confidence for the future.

此外，我們處於有利地位，可以從廣泛的政府資助計劃中受益，特別是在北美，從而使我們對未來充滿信心。

Now turning to our outlook. There's no question that the current economic environment remains uncertain. And assuming market conditions do not meaningfully worsen and also assuming constant exchange rates, for the fourth quarter, we expect sales in the range of $3.09 billion to $3.15 billion and adjusted diluted EPS in the range of $0.75 to $0.77. This would represent a sales decline of 3% to 5% and an adjusted diluted EPS decline of 1% to 4% compared to prior year.

現在轉向我們的展望。毫無疑問，當前的經濟環境仍存在不確定性。假設市場狀況不會明顯惡化，且匯率保持不變，我們預期第四季的銷售額將在30.9 億美元至31.5 億美元之間，調整後攤薄後每股收益將在0.75 美元至0.77 美元之間。與前一年相比，這意味著銷售額下降 3% 至 5%，調整後稀釋後每股收益下降 1% 至 4%。

Our fourth quarter guidance also represents an expectation for full year sales of $12.317 billion to $12.377 billion and full year adjusted diluted EPS of $2.94 and to $2.96. This outlook represents full year sales and adjusted EPS declines of 2% and 1% to 2%, respectively.

我們第四季的指引也預計全年銷售額為 123.17 億美元至 123.77 億美元，全年調整後稀釋後每股收益為 2.94 美元至 2.96 美元。這項展望意味著全年銷售額和調整後每股盈餘分別下降 2% 和 1% 至 2%。

I'm very confident in the ability of our outstanding management team to adapt to the many opportunities and challenges in the current dynamic environment and to continue to grow Amphenol's market position while also driving strong profitability. In addition, I just want to reiterate that our entire Amphenol team around the world remains committed to delivering long-term sustainable value. And I would like to finally take this opportunity to thank each and every one of our 90,000 employees around the world for their truly outstanding efforts here in the third quarter.

我對我們傑出的管理團隊有能力適應當前動態環境中的眾多機會和挑戰，並繼續提高安費諾的市場地位，同時推動強勁的獲利能力充滿信心。此外，我想重申，我們遍佈全球的整個安費諾團隊仍然致力於提供長期可持續的價值。最後，我想藉此機會感謝我們全球 90,000 名員工在第三季所做的真正出色的努力。

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

接線員，我們很樂意回答任何問題。

(Operator Instructions) Amit Daryanani with Evercore.

（操作說明）Amit Daryanani 與 Evercore。

I guess, Adam, maybe for you. I'm hoping you can just talk a little bit about, what are you hearing from your customers broadly really on the industrial side, given the ongoing macro volatility? I heard you talk about the distributor side is somewhat weaker. But what are you hearing from the OEMs? Are the trends at OEMs much different than what you're seeing in the channel? And how do you see that kind of pan out maybe in the December quarter and beyond that, especially if you think about the inventory normalization?

我想，亞當，也許適合你。我希望您能簡單談談，考慮到持續的宏觀波動，您從工業廣泛的客戶那裡聽到了什麼？我聽說你說經銷商方面比較弱。但您從原始設備製造商那裡聽到了什麼？ OEM 的趨勢與您在通路中看到的趨勢有很大不同嗎？您如何看待 12 月季度及之後的這種情況，特別是考慮到庫存正常化？

Amit, thank you very much. Yes, I think when we look at the industrial market, the beauty of our industrial business is we have a very broad presence across really every segment of the industrial market. And we did see some of those segments actually performing very strongly.

阿米特，非常感謝你。是的，我認為當我們審視工業市場時，我們工業業務的美妙之處在於我們在工業市場的每個細分領域都擁有非常廣泛的業務。我們確實看到其中一些細分市場實際上表現非常強勁。

I highlighted that we saw a very robust growth in oil and gas and rail mass transit, saw a strong growth in medical applications, heavy equipment, another one. But then there's other segments of the market where -- which were down. And I think some of those have been pretty widely reported, areas like factory automation, alternative energy, which seems to be having a little bit of a pause in the investment cycle for a variety of reasons.

我強調，我們看到石油和天然氣以及鐵路公共交通的強勁成長，醫療應用、重型設備等領域的強勁成長。但市場的其他部分也出現了下滑。我認為其中一些已經被廣泛報導，例如工廠自動化、替代能源等領域，由於各種原因，這些領域的投資週期似乎有點暫停。

But by and large, our OEM business was only modestly down. And it was really -- the bigger impact here was the impact from the distribution channel who, it turns out feels that they have a little bit too much inventory right now. And we started to see some signs of that maybe coming into the quarter. And I think it may be accelerated a little bit through the quarter.

但總體而言，我們的 OEM 業務僅略有下降。事實上，這裡更大的影響是來自分銷管道的影響，事實證明，他們現在的庫存有點太多了。我們開始看到一些跡象可能會在本季出現。我認為這個季度可能會稍微加速。

And our guidance as we look out into the fourth quarter certainly incorporates a continued adjustment by our distributors in particular as well as some on the OEM side as well. And that's what's envisioned in our modest sequential moderation that is implied in our guidance.

當我們展望第四季度時，我們的指導肯定會包括我們的經銷商，特別是 OEM 的一些持續調整。這就是我們在指導中隱含的適度順序調整的想像。

How long will that last? We -- certainly 90 days from now, we'll try to give a good sense of what it looks like at least in the first quarter of next year. I would expect that -- it's hard to predict. But the underlying electronification and electrification of the industrial market broadly, that has not slowed down.

這會持續多久？當然，從現在起 90 天后，我們將盡力在明年第一季至少對情況有一個很好的了解。我預計——這很難預測。但整個工業市場的基本電子化和電氣化並沒有放緩。

I think, yes, there are certain things like semi cap and others where there's a bit of a digestion period right now. But we continue to see an enormous array of new innovations, new programs, new applications across the breadth of our industrial market.

我認為，是的，有些事情，例如半帽子和其他事情，現在有一些消化期。但我們繼續在整個工業市場中看到大量的新創新、新計劃、新應用。

And I think we've built such a broad offering of interconnect products, sensors, antennas, that wherever those next revolutions are going to be in industrial, there's no doubt that Amphenol is going to be well represented there. So I view this as a bit of a pause.

我認為我們已經提供瞭如此廣泛的互連產品、感測器、天線，無論下一次工業革命將發生在哪裡，毫無疑問，安費諾都將在那裡得到很好的體現。所以我認為這是一個暫停。

I don't take an overly macro view of what's happening right now. I understand that some may look at industrial as sort of a macro proxy. And maybe there are certain areas like the German industrial market, which is really where more of that factory automation is that could have a little bit more linkage between that.

我不會對現在正在發生的事情採取過於宏觀的看法。我知道有些人可能會將工業視為宏觀代理。也許在某些領域，例如德國工業市場，這確實是更多工廠自動化的地方，它們之間可能有更多的連結。

But the general trend of more electronics, more content being driven across all these areas of the industrial market is something that we don't see slowing down. And so as we get into next year, we'll certainly try to give a good read on where that looks like 90 days from now. But we feel really good about our overall position in the industrial market despite this pause today.

但我們認為，工業市場所有這些領域都在推動更多電子產品、更多內容的發展，而這一趨勢並沒有放緩。因此，當我們進入明年時，我們肯定會盡力仔細研究 90 天後的情況。但儘管今天出現了暫停，但我們對我們在工業市場的整體地位感到非常滿意。

Our next question is from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的克里斯·史奈德。

I wanted to ask on the IT datacom market. It came in much better than what you guys were expecting 3 months ago. It sounds like a big part of that is the AI demand search that you referenced, Adam.

我想問一下IT數據通訊市場。它比你們三個月前的預期要好得多。 Adam，聽起來很大一部分是你提到的人工智慧需求搜尋。

So can you maybe just talk about how the AI business is ramping? If there's anything you could provide to us around size of the business today and any sort of outlook that we could think about into next year because it does sound like the orders remain quite robust.

那麼您能談談人工智慧業務是如何發展的嗎？如果您可以向我們提供有關當前業務規模的任何信息，以及我們可以考慮的明年的任何前景，因為聽起來訂單確實仍然相當強勁。

And then just kind of staying on IT datacom, any update on the broader, even non-AI part of the business? Do you feel like that piece has kind of gotten through the inventory correction that's been going on since really, I guess, the back half of last year?

然後就停留在 IT 數據通訊上，是否有更廣泛的、甚至是非人工智慧業務部分的更新？你是否覺得這件作品已經經歷了自去年下半年以來一直在進行的庫存調整？

Yes. No. Thanks very much, Chris. Appreciate it. Look, I think we're really excited about where we are with our customers in AI. And I'll just put some historical perspective on this. I mean, we've been working on the innovation of products that ultimately support AI for many, many years.

是的。不，非常感謝，克里斯。欣賞它。看，我認為我們對我們與客戶在人工智慧領域的進展感到非常興奮。我將對此提出一些歷史觀點。我的意思是，多年來我們一直致力於最終支援人工智慧的產品創新。

This is not like all of a sudden, something like ChatGPT shows up in the newspaper, and we start frantically developing products. We've been working with customers for a long time on the type of products that uniquely are required for an AI processing system.

這並不是突然之間，像ChatGPT這樣的東西出現在報紙上，我們就開始瘋狂地開發產品。我們長期以來一直與客戶合作開發人工智慧處理系統獨特所需的產品類型。

And we talked a little bit about this 90 days ago, but the nature of an AI system, the fact that it is a neural network-based system where you have these very high-power chips that all have to talk to each other across a fabric-like architecture just means that there's a uniquely larger component of interconnect to allow those chips to ultimately talk to each other.

我們在 90 天前對此進行了一些討論，但人工智慧系統的本質是，它是一個基於神經網路的系統，其中擁有這些非常高功率的晶片，它們都必須透過網路相互通信。類似織物的架構僅意味著有一個獨特的更大的互連組件，以允許這些晶片最終相互通信。

And the requirements of that -- those interconnect products both from a speed, a latency perspective, not even to mention the significant power requirements that go into these AI data centers consume dramatically higher levels of power and thereby require higher technology, higher efficiency types of power interconnect to ensure that these AI data centers aren't just chewing up all the electricity in America, for example.

而這些要求——這些互連產品無論是從速度還是延遲角度來看，更不用說進入這些人工智慧資料中心的巨大電力要求，消耗的電力水平要高得多，因此需要更高的技術、更高的效率類型例如，電力互連可確保這些人工智慧資料中心不只是耗盡美國的所有電力。

These are really challenging and exciting opportunities where we've been investing in new product development for many, many years. It's clearly ramping. I mean, I talked about the fact that really, I would say all of our sequential growth from Q2 to Q3 came from AI.

這些確實是具有挑戰性和令人興奮的機會，我們多年來一直在新產品開發上進行投資。很明顯是在加速。我的意思是，我談到了這樣一個事實：實際上，我想說我們從第二季到第三季的所有連續成長都來自人工智慧。

And as you recall, we had already a decent amount of AI business in the second quarter. And we don't split that out. We already talked about 8 end markets, and we don't necessarily talk about every little subcomponent of that. But I would just tell you that it's a very significant opportunity for the company long term, medium term and short term as it's really driving that sequential growth that we've seen both in the second quarter and then the follow-on sequential growth that we got here in the third quarter.

正如你所記得的，我們在第二季度已經有了相當數量的人工智慧業務。我們不會把它分開。我們已經討論了 8 個終端市場，但我們不一定會討論其中的每一個小組成部分。但我只想告訴你，這對公司的長期、中期和短期來說都是一個非常重要的機會，因為它確實推動了我們在第二季度看到的連續成長，以及我們看到的後續連續成長。第三季到達這裡。

What is the long term of AI going to be? I don't think anybody knows the answer to that. But I think we all know that it's going to change a lot of things. And there's no doubt that the investments that are being put into these AI data centers, which are not -- these are not amounts that are for the faint of heart, they're going to really have dramatic impact on a lot of the ways that we interface and interact with and use data networks and data systems. And we're just really excited to be able to play our portion of that to enable these next-generation systems.

人工智慧的長期前景是什麼？我認為沒有人知道這個問題的答案。但我想我們都知道這會改變很多事情。毫無疑問，對這些人工智慧資料中心的投資，這些投資並不適合膽小的人，它們確實會對人工智慧資料中心的許多方式產生巨大的影響。我們與資料網路和資料系統進行互動、互動和使用。我們非常高興能夠發揮我們的作用來支持這些下一代系統。

As it relates to the kind of non-AI and the inventory correction that we certainly have talked about for nearly 4 quarters, I would tell you that as we look into the fourth quarter, I think we're -- we feel that it's largely behind us, that inventory correction. Now you could also say that some of the AI investments are "cannibalizing" some of the non-AI investments. I think there's plenty of people discussing from that vein.

由於它與我們已經討論了近四個季度的非人工智慧和庫存調整有關，我想告訴你，當我們展望第四季度時，我認為我們認為這在很大程度上是在我們身後，是庫存調整。現在你也可以說，一些人工智慧投資正在「蠶食」一些非人工智慧投資。我認為有很多人從這個角度來討論。

But I think the inventory positions have become much healthier today. And now it's all about investing in this exciting new revolution of AI and figuring out how to do that in an effective fashion. And from an interconnect perspective, we're really standing right there in the front of the line, making sure that our customers have what they need.

但我認為今天的庫存狀況變得更健康。現在，一切都是為了投資這場令人興奮的人工智慧新革命，並找出如何以有效的方式實現這一目標。從互連的角度來看，我們確實站在隊伍的前面，確保我們的客戶擁有他們所需要的東西。

The next question is from Luke Junk with Baird.

下一個問題是 Luke Junk 和 Baird 提出的。

Adam, you've done what I would consider to be a few higher degree of difficulty deals in the past couple of years, namely a public company in MTS, some heavier cost work with RFS and now another public company in your agreement to acquire PCTEL. Just wondering how much new muscle, if you will, the organization has grown in terms of integrating deals like this, especially public companies and just what it might mean for the acquisition funnel going forward in terms of the prospects that you're looking at?

Adam，在過去的幾年裡，您完成了一些我認為難度較高的交易，即 MTS 的一家上市公司、與 RFS 的一些成本較高的工作以及現在您同意收購 PCTEL 的另一家上市公司。只是想知道，如果您願意的話，該組織在整合此類交易方面（尤其是上市公司）增長了多少新力量，以及就您所關注的前景而言，這對未來的收購渠道可能意味著什麼？

Yes. Luke, thanks. It's actually a really great question. I mean, if I go back, everybody on the phone will recall that it was the beginning of 2022 when we evolved our organization and created now 3 global divisions, which are our reportable segments. And then under those global divisions, initially 12 and now 13 operating groups.

是的。盧克，謝謝。這實際上是一個很好的問題。我的意思是，如果我回去，電話裡的每個人都會記得，那是 2022 年初，當時我們發展了我們的組織，現在創建了 3 個全球部門，這是我們的可報告部門。然後在這些全球部門下，最初有 12 個營運集團，現在有 13 個營運集團。

And each of those operating groups is run by just an outstanding group general manager. I think in my career, I was a general manager, then I was a group general manager myself before I came here to headquarters nearly 17 years ago.

每個營運集團都由一位傑出的集團總經理負責管理。我認為在我的職業生涯中，我是一名總經理，然後我自己擔任集團總經理，直到我大約 17 年前來到總部。

And those group general managers run very significant businesses. They're deeply involved in the operations of the company. And they're deeply involved in the identification, the assessment and ultimately, the welcoming of these new companies to Amphenol. And we now have just a broader platform of extraordinarily capable individuals.

這些集團總經理經營著非常重要的業務。他們深入參與公司的營運。他們深入參與了這些新公司的識別、評估以及最終歡迎這些新公司加入安費諾。我們現在擁有一個更廣闊的平台，匯集了才華橫溢的個人。

I've talked many times about how I view kind of my priorities as the CEO of this company, and I view them really twofold. One is to be the protector of our culture, that unique entrepreneurial culture that I believe is really second to none in its value and its impact on our results. And the second is to ensure the scalability of that culture so that we can grow as a company really in perpetuity.

我已經多次談論過作為這家公司的首席執行官我如何看待我的優先事項，而且我對它們的看法實際上是雙重的。一是成為我們文化的保護者，我認為這種獨特的創業文化在其價值及其對我們業績的影響方面確實是首屈一指的。第二是確保這種文化的可擴展性，以便我們作為一家公司能夠真正永久發展。

And I joined a quarter of century ago, we were less than $1 billion in sales, but the culture was identical. It was general managers around the world who have full authorities to run their businesses and ultimately can be held accountable.

我在 25 年前加入，當時我們的銷售額還不到 10 億美元，但文化是相同的。世界各地的總經理擁有全權經營自己的企業，最終承擔責任。

Therefore, today, we've gone from, when I joined the company less than 20 to today, around 130 of those general managers. And we've scaled the organization in support of that. And that's why today, we have 3 global divisions and the 13 groups.

因此，今天，我們的總經理人數已經從我剛加入時的不到20人發展到現在的130人左右。我們已經擴大了組織規模來支持這一點。這就是為什麼今天我們有 3 個全球部門和 13 個小組。

And that has included as well our acquisition program because if you go back in time and look back, we always used to talk about M&A representing roughly 1/3 of our growth over the long term. And we would always get questions, well, as you grow, that means you either have to do more acquisitions or bigger acquisitions. And I think I've consistently said, well, that's right arithmetically. And we will do, and we have done both of those things, both more deals and bigger ones.

這也包括我們的收購計劃，因為如果你回顧過去，我們總是談論併購約占我們長期成長的 1/3。我們總是會遇到問題，隨著你的成長，這意味著你必須要進行更多收購，要嘛進行更大的收購。我想我一直在說，嗯，從算術上來說這是正確的。我們會這麼做，而且我們已經做了這兩件事，包括更多的交易和更大的交易。

And we've acquired 26 companies so far since the beginning of 2019. That has included our first ever public company that has now -- we have now announced the signing of our second public company. RFS is one that maybe requires a little more.

自 2019 年初以來，我們已經收購了 26 家公司。其中包括我們有史以來第一家上市公司，現在我們宣布與第二家上市公司簽約。 RFS 可能需要多一點。

But you go back even 10 years when we acquired the sensor company from GE, which has been a fabulously successful acquisition. And we'll celebrate just in a couple of months here the 10th anniversary of that acquisition.

但甚至可以追溯到 10 年前，當時我們從 GE 收購了這家感測器公司，這是一次非常成功的收購。幾個月後，我們將在這裡慶祝這項收購的十週年。

We acquired a deal we call FCI, which requires a little bit more work to align FCI into the Amphenol approach of entrepreneurial general managers. So I'd tell you that our muscle has grown commensurate with the scale of the company.

我們獲得了一項稱為 FCI 的交易，這需要做更多的工作才能使 FCI 與創業型總經理的安費諾方法保持一致。所以我可以告訴你，我們的力量已經與公司的規模相稱。

And our ability to do acquisitions, large, small, private, public, whatever you may say, all of that ability has remained very strong. And then the last thing I'll say is if you look at our balance sheet, I mean, we came out of this quarter with leverage of only 0.8x.

我們進行收購的能力，無論是大型的、小型的、私人的還是公共的，無論你怎麼說，所有這些能力仍然非常強大。我要說的最後一件事是，如果你看看我們的資產負債表，我的意思是，我們本季的槓桿率只有 0.8 倍。

We have enormous availability of capital. We have cash flow that is really close to historical levels. I mean, free cash flow that is 17% of our sales in the quarter. And all of the financial means of doing the acquisitions together with the organizational means are all there.

我們擁有大量可用資金。我們的現金流非常接近歷史水準。我的意思是，自由現金流占我們本季銷售額的 17%。所有進行收購的財務手段以及組織手段都已具備。

But I'll say one thing. We will always stay disciplined. We are a company that is always true to our principles. We're not just going to become a little private equity company. We're not going to be a holding company. We're not going to go out and buy bad companies run by bad people.

但我要說一件事。我們將始終保持紀律。我們是一家始終恪守原則的公司。我們不會僅僅成為一家小型私募股權公司。我們不會成為一家控股公司。我們不會出去收購由壞人經營的壞公司。

We're always going to look for the same criteria for acquisitions that I've talked about for many years. Number one, we want great people, number two, we want great product technology; and number three, an outstanding market position.

我們總是會尋找與我多年來談論的相同的收購標準。第一，我們需要優秀的人才；第二，我們需要優秀的產品技術；第三，突出的市場地位。

We got all 3 of those with the acquisitions of Connor, Q Microwave and XMA. And I'm sure we'll do the same with PCTEL, and we'll continue to be very disciplined as we go forward at the same time as we have a real larger aperture of capabilities to continue to do M&A at the level that we'd like to.

我們透過收購 Connor、Q Microwave 和 XMA 獲得了全部 3 個目標。我確信我們也會對 PCTEL 採取同樣的做法，並且我們將繼續非常自律地前進，同時我們擁有更大的能力範圍，可以繼續按照我們的水平進行併購。願意。

The next question is from Andrew Buscaglia with BNP Paribas.

下一個問題來自法國巴黎銀行的安德魯‧巴斯卡利亞 (Andrew Buscaglia)。

So yes, so I wanted to start off with the automotive market, just given the size of it. Definitely some skittishness with investors heading into the quarter into year-end.

是的，考慮到汽車市場的規模，我想從汽車市場開始。進入本季和年底，投資人肯定會感到有些不安。

On 2 areas, within North America, you've got the workers' strike. What's the ripple effect on that? And then just weakness in China, China auto, too. But you guys continue to outperform. So I'm just -- my question is, when peeking around the corner, do you have concerns that you guys can maintain your outperformance relative to the overall market? And can you kind of dig into some of the details around what you're hearing from customers in each of the markets?

在北美的兩個地區，發生了工人罷工。對此有何連鎖反應？然後就是中國的疲軟，中國汽車也是。但你們繼續表現出色。所以我只是 - 我的問題是，當你窺視角落時，你是否擔心你們能否保持相對於整體市場的優異表現？您能否深入了解您從每個市場的客戶那裡聽到的一些細節？

Yes. Well, Andrew, thanks again, and welcome to the call here. Not so often we get a new analyst, so it's a pleasure to have you here.

是的。好吧，安德魯，再次感謝，歡迎致電。我們很少有新的分析師，所以很高興您能來到這裡。

Look, the automotive market is a really exciting one for the company. I'm just so proud of our team working in the automotive market, results that they've driven in what has not been an easy environment, quite the contrary, growing last quarter by 12% organically.

看，汽車市場對公司來說確實是一個令人興奮的市場。我為我們在汽車市場工作的團隊感到非常自豪，他們在一個並不輕鬆的環境中取得了成果，恰恰相反，上個季度有機成長了 12%。

I mean, you will recall that last year, we grew by 29% organically in a market that was essentially flat to down in units. And if you look at the long-term performance of our automotive company, over the nearly 15 years that I've been CEO, I still remember very well my first quarter as CEO. And by the way, this is my 60th of these earnings calls as CEO.

我的意思是，您會記得去年，我們在單位數量基本持平甚至下降的市場中實現了 29% 的有機增長。如果你看看我們汽車公司的長期業績，在我擔任執行長的近 15 年裡，我仍然清楚記得我擔任執行長的第一個季度。順便說一句，這是我作為執行長第 60 次召開財報電話會議。

In my first one of those, we had an automotive business that was 5%, and our overall sales were $660 million that quarter. So that's $33 million, $35 million. And here we are this quarter at close to $3.2 billion, and our automotive market is 23% of sales.

在我的第一個例子中，我們的汽車業務佔 5%，該季度我們的總銷售額為 6.6 億美元。也就是 3300 萬美元、3500 萬美元。本季我們的銷售額接近 32 億美元，其中汽車市場佔銷售額的 23%。

And I think we've just done a fabulous job over those years, not of taking market share out of the hands of incumbents but of enabling new electronic systems as they were adopted in cars over that 1.5 decades. And I think you've just seen a collection of revolutions in the automotive industry, the most prominent and most recent of which being the electrification of vehicles, but that's not the only thing.

我認為這些年來我們做得非常出色，不是從現有企業手中奪取市場份額，而是在過去 1.5 年來在汽車中採用了新的電子系統。我認為您剛剛看到了汽車行業的一系列革命，其中最突出和最新的是車輛電氣化，但這並不是唯一的事情。

I mean, there's so many new systems being put into these cars. And each time there's an opportunity for us to intersect those with high-technology interconnect sensors and antennas. And I think our team has done a great job of that.

我的意思是，這些汽車中安裝了許多新系統。每次我們都有機會與高科技互連感測器和天線進行交叉。我認為我們的團隊在這方面做得很好。

How is that going to go into 2024? Again, I think I said this already on the call. 90 days from now, we'll try to give everybody a decent sense of where we think at least the beginning of '24 is headed. But I saw no reason to say that we will not continue to maintain our outperformance that we have been so consistently delivering really over 1.5 decades during this time period.

2024 年情況會如何？再說一遍，我想我已經在電話中說過了。從現在起 90 天后，我們將盡力讓每個人都清楚地了解我們認為至少 24 年初的發展方向。但我認為沒有理由說我們不會繼續保持我們在這段時間裡 1.5 年來持續交付的優異表現。

I'm just really proud of our team working in automotive. And I'm really pleased with the broad array of technologies for all these exciting new applications in the car.

我為我們在汽車領域的團隊感到非常自豪。我對汽車中所有這些令人興奮的新應用的廣泛技術感到非常滿意。

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 or Craig, I was wondering if you could talk about some of the puts and takes on operating margins as we look out over the next quarter. At the midpoint of the revenue guide, you'd be absorbing almost $24 million of decremental margins of operating profit, and you're also absorbing impact of M&A from 3 new deals and 3 prior deals.

亞當或克雷格，我想知道您是否可以談談我們展望下個季度時營運利潤率的一些看跌期權和承兌期權。在收入指南的中點，您將吸收近 2,400 萬美元的營業利潤遞減，並且您還將吸收 3 筆新交易和 3 筆先前交易的併購影響。

So when we look at your guide, it's clearly reflecting a much better outlook than that. So, A, is the assumption around decremental margins still the same as historical? Or have you made changes in the business that's creating lower decremental margins? And B, as we think about sort of that operating guide, which is so resilient, what are some of the other drivers that are enabling you to do that?

因此，當我們查看您的指南時，它顯然反映了比這更好的前景。那麼，A，關於遞減利潤的假設是否仍然與歷史相同？或者您對業務進行了一些改變，導致利潤率下降？ B，當我們考慮那種彈性很大的操作指南時，有哪些其他驅動因素可以幫助您做到這一點？

Yes. Thanks, Wamsi. Appreciate the question. Yes. I think if you look at our profitability in 2023 and certainly here in the third quarter, and I'll talk about the fourth quarter in a minute, too, I wouldn't say there's certainly no changes in regards to how we think about decremental margins in the long term. But '23 were -- a few things have happened and that certainly we've done a great job of.

是的。謝謝，瓦姆西。感謝這個問題。是的。我認為，如果你看看我們 2023 年的盈利能力，當然還有第三季度的盈利能力，我很快也會談論第四季度，我不會說我們對遞減的看法肯定沒有變化。從長遠來看，利潤率。但 23 年發生了一些事情，我們當然做得很好。

Number one, we're benefiting a bit from pricing -- and no particular order here. But we're certainly benefiting a bit from pricing that we did last year in '22. And we did, as you recall, we talked a bit about the work we did last year to catch up with the inflationary environment that kind of by the third quarter into the fourth quarter of last year, we pretty much did the majority of the work.

第一，我們從定價中受益匪淺——這裡沒有特定的順序。但我們確實從去年 22 年的定價中受益匪淺。正如您所記得的，我們談到了去年為趕上通膨環境所做的工作，從去年第三季度到第四季度，我們幾乎完成了大部分工作。

We were pretty much back to kind of where we wanted to be and expected to be from a balance between price and cost perspective. So we're certainly still benefiting on a year-over-year basis from that.

從價格和成本的角度來看，我們幾乎回到了我們想要和期望的狀態。因此，我們肯定仍逐年從中受益。

In addition, I think we just executed very well, certainly, some of the markets that we've seen reduction from and certainly communications markets, IT datacom being the biggest of them. We certainly have done a really great job of kind of offsetting some of those declines just from just great execution.

此外，我認為我們執行得非常好，當然，我們已經看到一些市場的減少，當然還有通訊市場，IT 數據通訊是其中最大的市場。我們確實做得非常出色，僅僅透過出色的執行就抵消了其中的一些下降。

And if you actually look at the year-over-year margins and you take out some of the acquisitions impacts, we actually are -- it's well under those decremental margins that we typically would target. But I'd say those are the -- 1 of the 2 kind of bigger things that really are impacting it.

如果你真的看看同比利潤率，並剔除一些收購影響，我們實際上——它遠低於我們通常目標的利潤率下降幅度。但我想說的是，這些是真正影響它的兩類更大的事情之一。

I mean, 20.8% here in the third quarter is not quite a record, but certainly given the market mix in terms of the challenges that we've had from the ups and downs of a growth perspective, not mix of margin on from a market because we don't have a significant margin range from a market, but just the mix of the growth that we've had, the ups and downs, it really has really been, I think, great execution on the team's part to be able to manage that.

我的意思是，第三季 20.8% 並不是一個記錄，但考慮到我們從成長角度的起伏來看所面臨的挑戰，而不是市場利潤率的組合，這肯定是考慮到市場的組合。因為我們的市場利潤範圍並不大，但我們的成長、起伏的組合，我認為，團隊的執行力確實非常出色，能夠來管理它。

So as we look forward to the fourth quarter, I think our implied guidance would be that we continue to have these strong margins into the fourth quarter. And that are offsetting some of the acquisitions that do clearly have lower-than-average margin levels and that we're working to get up to the company average over time.

因此，當我們展望第四季度時，我認為我們的隱含指導是我們在第四季度繼續保持強勁的利潤率。這抵消了一些利潤率明顯低於平均水平的收購，我們正在努力隨著時間的推移達到公司的平均水平。

But no doubt, we're really proud of it. I think the longer-term kind of decremental margins haven't changed from this 30%. But I think this year, given a few other factors I mentioned, I think, has really benefited us. And certainly, we're proud of it. And these are the margins we should be at, at these revenue levels, and we're going to continue to strive to do better.

但毫無疑問，我們真的為此感到自豪。我認為長期利潤率下降幅度從 30% 開始並沒有改變。但我認為，考慮到我提到的其他一些因素，今年確實讓我們受益匪淺。當然，我們為此感到自豪。這些是我們在這些收入水平上應該達到的利潤率，我們將繼續努力做得更好。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess on a more broader level, Adam, you have a fairly diversified business, and there are many puts and takes in terms of where the different end markets are. Some are recovering, some are still at a lower level. But you managed to grow autos year-over-year, as you pointed out, despite that dynamic here.

我想在更廣泛的層面上，亞當，你的業務相當多元化，並且在不同的終端市場方面有很多看跌期權和期權。有些正在恢復，有些仍處於較低水平。但正如您所指出的，儘管這裡充滿活力，但您還是成功地實現了汽車銷量的逐年增長。

I'm just wondering like how should we translate that into thinking about the order growth translating into revenue growth in the near term? More curious because your revenue numbers for the last couple of quarters have been above the order number, but the guide seems to be more in line with what you reported for order. So where is the -- how should we think about the opportunity to return to revenue growth since orders are already higher year-over-year?

我只是想知道我們應該如何將其轉化為考慮將訂單成長轉化為近期收入成長？更好奇的是，您過去幾季的收入數據一直高於訂單數量，但該指南似乎更符合您報告的訂單數據。那麼，既然訂單已經逐年增加，我們該如何考慮恢復收入成長的機會呢？

Yes. Thank you very much, Samik. I mean, look, our -- I think we just talked about the auto market, and we've been consistently outperforming the overall auto -- whatever you want to call it, unit volume or whatever markets that you want to talk about.

是的。非常感謝你，薩米克。我的意思是，看，我們的——我想我們剛剛討論了汽車市場，我們一直表現優於整體汽車——無論你想怎麼稱呼它，單位銷量或你想談論的任何市場。

I guess when we talk about orders from a year-over-year perspective more broadly in the company, yes, we were this quarter on a year-over-year basis higher in our orders than last year, and that was the first time in 4 quarters. And I think that, that should translate eventually to year-over-year growth. I think we've guided for next quarter in a certain way. And we're going to keep fighting for that, and we'll guide for the first quarter at the same time for -- when we come to that 90 days from now.

我想，當我們從公司更廣泛的同比角度談論訂單時，是的，我們本季的訂單年比高於去年，這是有史以​​來第一次4 個季度。我認為，這最終應該轉化為同比增長。我認為我們已經以某種方式為下個季度提供了指導。我們將繼續為此奮鬥，同時我們將在 90 天後實現第一季的目標。

And you can imagine that our team is very focused on returning to growth, and we don't love having it be down this quarter. We don't like having it be down next quarter, and we don't like having it be down last quarter either.

您可以想像，我們的團隊非常專注於恢復成長，我們不喜歡本季下滑。我們不希望它在下個季度下降，我們也不希望它在上個季度下降。

And there's a whole Amphenol team around us that's fighting for that. When you look across our end markets, one of the beauties of the diversification of the company is that we have end markets which are growing substantially already. And we have others, though, which are down because of the various reasons that we've talked about.

我們周圍有整個安費諾團隊正在為此而奮鬥。當你縱觀我們的終端市場時，你會發現公司多元化的好處之一是我們的終端市場已經在大幅成長。不過，我們還有其他一些項目，由於我們討論過的各種原因而出現了下滑。

And so when you think about, for example, IT datacom, which was down quite significantly last quarter, I think it was something like 20%, 24% or so and then this quarter down 12%, I think in our current guidance, that would be pretty close to the prior year, plus or minus. And so that's a sign, I think, of that returning to the growth trajectory that we would, for sure, look forward to staying across the company.

因此，當你想到 IT 數據通訊時，上個季度下降幅度相當大，我認為下降了 20%、24% 左右，然後本季度下降了 12%，我認為在我們目前的指導中，與前一年非常接近，有增減。因此，我認為，這是一個跡象，表明我們將回歸成長軌道，我們肯定會期待在整個公司保持這種成長勢頭。

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。

I have one on mobile networks. Do you think 6G is needed for that business to reaccelerate or can other opportunities like Open RAN, industrial, 5G and wireless broadband to be enough of the catalyst and perhaps some combination of those along with the end of inventory reductions?

我有一個行動網路。您認為該業務是否需要 6G 才能重新加速發展，或者 Open RAN、工業、5G 和無線寬頻等其他機會足以成為催化劑，也許這些機會的某種組合以及庫存削減的結束？

Yes. Look, I think 6G will come one day, but we still haven't even invested totally in 5G. So when I think about how the mobile networks market tends to go, and I've been around long enough -- working in the wireless market long enough that I've kind of seen 1G, 2G, 3G, 4G and now 5G, and I have a decent sense of how that works.

是的。看，我認為 6G 有一天會到來，但我們還沒有完全投資 5G。因此，當我思考行動網路市場的走向時，我已經在無線市場工作了足夠長的時間，我已經看到了 1G、2G、3G、4G 和現在的 5G，並且我對它的運作方式有一個很好的認識。

Generally, what happens is there's an initial kind of investment of that new generation. And then the operators digest and figure out the economics of it because these are significant investments that they make. And if they can't figure out how to monetize that incremental investment, that's the challenge and I think the 5G, there's a lot of work going on to figure out how to monetize that.

一般來說，會發生新一代的初始投資。然後運營商消化並弄清楚它的經濟效益，因為這些是他們所做的重大投資。如果他們無法弄清楚如何將增量投資貨幣化，這就是挑戰，我認為 5G 需要做很多工作來弄清楚如何將其貨幣化。

But I think there's a separate question. And that is -- yes, this is a tough period for the wireless market. You've seen all the releases over the last several days and the capital spending of the big operators here in the U.S., which is all down in the kind of 20% to 30% range, the equipment manufacturers in some cases down even more in this region at least. And certainly, our business down on an organic basis as it was by 43%.

但我認為還有一個單獨的問題。那就是——是的，這對無線市場來說是一個艱難的時期。你已經看到了過去幾天的所有發布以及美國大型運營商的資本支出，全部下降了 20% 到 30% 的範圍，設備製造商在某些情況下下降甚至更多。至少這個地區。當然，我們的業務有機地下降了 43%。

And I think we're in that digestion period of this new -- of that new technology, but it's -- there's still a very modest proportion of the build-out that has become truly 5G. And I don't know what the number is. Is it 15%? Is it 20%? But it's certainly not 50%. It's certainly not 60%, 70%, 80%.

我認為我們正處於這項新技術的消化期，但真正成為 5G 的建設仍然只有一小部分。而且我不知道這個數字是多少。是15%嗎？是20%嗎？但肯定不是50%。當然不是60%、70%、80%。

I mean, we're still, I believe, in the early innings of the 5G. And I think people are just taking kind of a third inning stretch on this right now to figure out how to make more money from the system.

我的意思是，我相信我們仍處於 5G 的早期階段。我認為人們現在只是在第三局比賽中思考如何從系統中賺更多的錢。

But if you think about what's going on in data more broadly, think about AI, think about video, think about all the extraordinarily bandwidth-hungry applications to continue to proliferate, accelerate and be used everywhere you go, it's actually unbelievable when you see how data is being consumed and where it's being consumed.

但如果你更廣泛地思考數據中發生的事情，想想人工智能，想想視頻，想想所有非常需要頻寬的應用程式繼續激增、加速並在任何地方使用，當你看到如何數據正在被消耗以及被消耗的地方。

I watch my kids who used to -- my son is a gamer, and he used to only game on his computer at home. Well, now he can be moving around, and he can be in the car, and he can be gaming and playing with all these strange creatures that they play with. I mean, really strange name things like (inaudible) and things like this and weird things like that. And like all these crazy, crazy things that you can do that are not connected to a cable, not connected to a desktop.

我觀察我的孩子們——我的兒子是一名遊戲玩家，他過去只在家裡用電腦玩遊戲。好吧，現在他可以四處走動，他可以在車裡，他可以和他們玩的所有這些奇怪的生物一起玩遊戲。我的意思是，非常奇怪的名字，例如（聽不清楚），這樣的東西，這樣的奇怪的東西。就像所有這些瘋狂的事情一樣，你可以做的事情不需要連接到電纜，也不需要連接到桌面。

And so when you think about the mobile Internet, the mobility of data long term, I see no doubt that there's going to be a continued acceleration and drive for next-generation ways for people to do this. And when we look at our company's position here, we have a very unique position.

因此，當你考慮到行動互聯網、數據的長期移動性時，我毫無疑問地認為，人們將繼續加速並推動下一代方式來實現這一目標。當我們看看我們公司在這裡的地位時，我們有一個非常獨特的地位。

We're one of the only companies who operate directly with the operators as well as directly with the OEMs. And that puts us in a very unique position as they go about driving their systems to next-generation capabilities. And I think the acquisition that we made of RFS earlier this year, other acquisitions that we've made put us in a really strong position.

我們是唯一一家直接與營運商以及原始設備製造商直接合作的公司之一。當他們致力於將他們的系統推向下一代功能時，這使我們處於非常獨特的地位。我認為我們今年稍早對 RFS 的收購以及我們進行的其他收購使我們處於非常有利的地位。

And yes, it's a tough quarter or two and a pause of a year. But no doubt in my mind that long term, the mobile networks market is going to be great.

是的，這是艱難的一兩個季度和一年的停頓。但毫無疑問，從長遠來看，行動網路市場將會非常巨大。

The next question is from Will Stein with Truist Securities.

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

Congrats on the strong results and good outlook. Adam, I'm wondering if you can comment on the test and measurement part of PCTEL. You had this situation with the prior acquisition, where there was a test and measurement equipment business bundled into it, which at the time, you said did not fit in the portfolio. I wonder if it fits in, in this case?

祝賀您取得的強勁成果和良好的前景。 Adam，我想知道您是否可以對 PCTEL 的測試和測量部分發表評論。您在先前的收購中遇到了這種情況，其中捆綁了測試和測量設備業務，您當時說該業務不適合投資組合。我想知道在這種情況下它是否適合？

Yes. Will, thanks very much. And look, we're really excited about the PCTEL acquisition. And we -- PCTEL, we've known them for many, many years as a really broad and very successful antenna company, probably a little too small to be a public company. And that's certainly one thing I would say.

是的。威爾，非常感謝。看，我們對 PCTEL 的收購感到非常興奮。我們——PCTEL，我們認識他們很多很多年了，他們是一家非常廣泛且非常成功的天線公司，但對於上市公司來說可能有點太小了。這當然是我要說的一件事。

And yes, they have a small test and measurement business. But we're really excited about this company, and we look forward to working to bring it to its closure. And I probably wouldn't say more about it, given that we've just signed the deal.

是的，他們有一個小型的測試和測量業務。但我們對這家公司感到非常興奮，我們期待著努力關閉它。鑑於我們剛剛簽署了協議，我可能不會透露更多。

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。

I was wondering if I can get a little bit more color on the smaller M&A deals that you did during the quarter (inaudible) on RF, it seems, Adam, you already have like such a great position in RF. I can't imagine what else you need to acquire.

我想知道我是否可以對您在本季度（聽不清楚）在 RF 上進行的小型併購交易進行更多了解，看來 Adam，您已經在 RF 中佔據瞭如此重要的地位。我無法想像你還需要獲得什麼。

And then secondly, on busbars, which it seems like busbar is a sleepy technology that's getting more attention lately. Can you talk about why you did those deals?

其次，關於母線，母線似乎是一項沉睡的技術，最近受到了更多關注。您能談談為什麼要做這些交易嗎？

Yes. Thanks, Steve. I really appreciate the question. Yes. I mean, look, XMA and Q Microwave are fabulous companies. They're certainly at a smaller scale for now. You can imagine that we have high expectations for them over the long term.

是的。謝謝，史蒂夫。我真的很感激這個問題。是的。我的意思是，看，XMA 和 Q Microwave 都是很棒的公司。目前它們的規模肯定較小。你可以想像我們對他們的長期期望很高。

And you correctly stated, we have really the broadest position in RF interconnect technology. And these companies bring us -- just as we've gone a little bit into active optics, these companies bring us a little bit extra in RF that we can offer to our customers, a little bit more sort of conditioning capabilities in the RF interconnect products.

您正確地指出，我們在射頻互連技術方面確實擁有最廣泛的地位。這些公司為我們帶來了——正如我們在有源光學領域做了一些工作一樣，這些公司為我們帶來了一些額外的射頻技術，我們可以為客戶提供更多的射頻互連調節功能產品。

And that's something, especially in the mil aero market that we see as being a really important part of our interconnect offering to our customers in mil aero, and I think that's really exciting. Busbar is an area that we've been in for, gosh, I mean, almost the whole of my career. I remember 23 years ago or so when I was a general manager, and we were making one of our first busbar at the time.

這就是我們為軍用航空客戶提供互連服務的一個非常重要的部分，特別是在軍用航空市場，我認為這真的很令人興奮。 Busbar 是我們一直致力於的領域，天哪，我的意思是，幾乎整個職業生涯。我記得大約 23 年前，當我擔任總經理時，我們當時正在製造我們的第一條母線。

And we've been involved in busbars -- in the telecom industry but have been involved in busbars in IT. We've made great acquisitions. You'll recall the acquisition of AUXEL several years ago, which brought us more into the industrial market.

我們已經涉足電信業的母線，但也涉足了 IT 領域的母線。我們進行了偉大的收購。您可能還記得幾年前收購 AUXEL，這讓我們更進入了工業市場。

And what we really like about Connor is Connor brings us really solidly into the busbar market, in the automotive market, in particular, around EVs. And while we have today an outstanding offering of high-voltage interconnect products that are used in EVs, there's no doubt that a complement to that is the busbar systems that are used also to move the energy around the car.

我們真正喜歡 Connor 的一點是，Connor 讓我們真正紮實地進入了母線板市場，特別是汽車市場，特別是電動車市場。雖然我們今天擁有用於電動車的出色高壓互連產品，但毫無疑問，對其的補充是也用於在汽車周圍傳輸能量的母線系統。

And Connor does a fabulous job there. We're just really excited to have them. And it's a continued expansion of the reach of the interconnect system, making sure that our core technologies that we have, we have them in every one of the end markets where those find favor. And I think Connor is a wonderful piece of that puzzle.

康納在那裡做得非常出色。我們真的很高興擁有它們。這是互連繫統覆蓋範圍的持續擴展，確保我們擁有的核心技術在每個受到青睞的終端市場中擁有它們。我認為康納是這個拼圖中的一個精彩部分。

Our next question is from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Yes. Adam, I'm hoping you can comment a little further on mobile device business. You called out relative strength in smartphones and wearables, but continued weakness on PCs and notebooks. And we're hearing from some other suppliers and part of the supply chain that things are bottoming there and that some of the players in Taiwan are starting to see some signs of recovery there. Do you have any visibility in terms of your customers as you get into next year in terms of their refresh cycle and other things?

是的。 Adam，我希望您能進一步評論一下行動裝置業務。您指出智慧型手機和穿戴式裝置的相對強勢，但個人電腦和筆記型電腦的持續疲軟。我們從其他一些供應商和部分供應鏈得知，情況正在觸底，台灣的一些參與者開始看到一些復甦的跡象。當您進入明年時，您對客戶的更新週期和其他方面是否有任何了解？

Yes. Thanks very much, Matt. I think you correctly stated the case here, which is we actually had a pretty good year in smartphones, and our team has done a fabulous job there. But no doubt there's been a digestion period in the other devices, in particular, the devices like tablets and laptops and the like.

是的。非常感謝，馬特。我認為你在這裡正確地闡述了這一點，我們實際上在智慧型手機領域度過了相當不錯的一年，我們的團隊在那裡做得非常出色。但毫無疑問，其他設備，特別是平板電腦和筆記型電腦等設備，已經經歷了一個消化期。

And I think what we've seen over this pandemic impacted kind of last 4 years is, there was an unusual surge and a kind of disruption of the normal buying patterns of these devices because when everybody got sent home either to work or to study or however they want to interact, they had to get new devices to do that. And there was just a massive surge in the consumption of those devices at the end of the day. And I think there's still a digestion from that.

我認為我們在過去四年中看到的這種流行病的影響是，這些設備的正常購買模式出現了不尋常的激增和某種程度的破壞，因為當每個人都被送回家工作或學習或無論他們想要進行交互，他們都必須獲得新的設備才能做到這一點。最終，這些設備的消耗量大幅增加。我認為這仍然是一個消化過程。

What is it going to be next year? I mean, look, I have a hard time guiding this market 90 days out. I'm generally wrong when I do that, and I certainly wouldn't get ahead of my skis and try to guide it for next year.

明年會怎樣？我的意思是，看，我很難在 90 天後引導這個市場。當我這樣做時，我通常都是錯的，而且我當然不會超越我的滑雪板並嘗試在明年指導它。

But of course, at some point, that digestion, that surge of demand for those kind of devices you would hope would normalize, and I would expect that it would normalize. I mean, I know for sure, my own devices, I'm probably getting them -- I run them a little longer than maybe most because we're pretty cost conscious here at Amphenol, but even a couple of my devices, I'm starting to think about whether I need to get a new one soon.

但當然，在某些時候，你希望這種消化、對這類設備的需求激增能夠正常化，我也希望它能正常化。我的意思是，我確信，我自己的設備，我可能會得到它們- 我運行它們的時間可能比大多數設備要長一些，因為我們在安費諾非常注重成本，但即使是我的一些設備，我'我開始考慮是否需要盡快買一個新的。

Our last question comes from Joe Giordano with TD Cowen.

我們的最後一個問題來自 Joe Giordano 和 TD Cowen。

This is Michael on for Joe. So recently, there's been a few like noteworthy EV like semi-plant construction or equipment delays. So just curious on how like the cadence of these projects influence internal decision-making or guidance, whatnot?

這是邁克爾替喬代言。最近，出現了一些值得注意的電動車事件，例如半工廠建設或設備延誤。所以只是好奇這些項目的節奏如何影響內在決策或指導，等等？

Yes. I mean, look, we read all the same papers, and I think individual plant may be accelerated or delayed at a given time. And I wouldn't think that -- an individual announcement doesn't really have a dramatic impact on our overall business.

是的。我的意思是，看，我們讀了所有相同的論文，我認為個別工廠可能會在給定時間加速或延遲。我不認為—單獨的公告不會對我們的整體業務產生巨大的影響。

But look, I did talk about, in particular, one area, which is the semiconductor capital equipment market, which I think if you asked everybody a year ago, and I'd say everybody except for maybe the 2 of us sitting here, they would have said, oh, this will never ever have a cycle ever again.

但是看，我確實特別談到了一個領域，那就是半導體資本設備市場，我想如果你一年前問每個人，我會說除了我們兩個坐在這裡的每個人，他們會說，哦，這再也不會有循環了。

And sure enough here we are this year, and there is a bit of a cycle in semi cap equipment. We have a really strong position there. We've done a great job to position ourselves long term as really an interconnect supplier of choice to that market.

果然，今年我們就到了這裡，半帽設備出現了一些週期。我們在那裡擁有非常強大的地位。我們在長期將自己定位為該市場真正首選的互連供應商方面做得非常出色。

And clearly, I mentioned earlier that we did see a moderation of our sales in the semi cap equipment as part of our industrial market. I don't think that's because of any individual plant, but I'd say that is more related to, I think, a bit of a pause in the capital spending of some of the larger semiconductor manufacturers.

顯然，我之前提到過，作為工業市場的一部分，我們確實看到半封蓋設備的銷售有所放緩。我不認為這是因為任何個別工廠，但我認為這更多是與一些較大的半導體製造商的資本支出暫停有關。

EV related, I think we still see that market as pretty strong. We had a really strong performance in our automotive market last quarter. And again, 90 days from now, we'll see what that looks like next year. But I wouldn't necessarily point to any specific things related to EV factories being built or not being built.

與電動車相關，我認為我們仍然認為該市場相當強勁。上季我們在汽車市場的表現非常強勁。 90 天后，我們會再看看明年的情況。但我不一定會指出與正在建造或未建造的電動車工廠相關的任何具體事情。

Well, operator, I think that's our last question. And once again, on behalf of Craig and I and our whole 90,000 team around the world, we'd like to just thank everybody for your time today. We wish you all the best, and wish that you and your families all stay safe. Thanks so much.

好吧，接線員，我想這是我們的最後一個問題。再次，我謹代表克雷格和我以及我們遍布全球的 90,000 名團隊，感謝大家今天抽出寶貴的時間。我們祝您一切順利，並祝福您和您的家人安全。非常感謝。

Thank you.

謝謝。

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。