安費諾 (APH) 2024 Q1 法說會逐字稿

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

您好，歡迎參加安費諾公司第一季財報電話會議。 （操作員說明）。應公司要求，對今天的會議進行錄製。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，請您開始。

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 first quarter 2024 conference call. Our first quarter 2024 results were released this morning and I will provide some financial commentary, and then Adam will give an overview of the business and current market 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 2024 年第一季電話會議。我們今天早上發布了 2024 年第一季業績，我將提供一些財務評論，然後 Adam 將概述業務和當前市場趨勢。然後我們將接受提問。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and make some 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一些前瞻性陳述。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 first quarter with sales of $3.256 billion and adjusted diluted EPS of $0.80. First quarter sales were up 9% in U.S. dollars, 10% in local currencies and 6% organically compared to the first quarter of 2023. Sequentially, sales were down 2% in U.S. dollars, 2% in local currencies and 4% organically.

該公司第一季銷售額為 32.56 億美元，調整後稀釋後每股收益為 0.80 美元。與2023 年第一季相比，第一季銷售額以美元計算成長9%，以當地貨幣計算成長10%，有機成長6%。成長2%，有機成長4%。

Adam will comment further on trends by market in a few minutes. Orders in the quarter were $3.348 billion, up 16% compared to the first quarter of 2023 and 66% sequentially, resulting in a book-to-bill ratio of 1.03:1. GAAP and adjusted operating income was $685 million, and operating margin was 21% in the first quarter of 2024.

Adam 將在幾分鐘內進一步評論市場趨勢。該季度訂單量為 33.48 億美元，較 2023 年第一季成長 16%，季增 66%，訂單出貨比為 1.03:1。 2024 年第一季 GAAP 和調整後營業收入為 6.85 億美元，營業利益率為 21%。

On a GAAP basis, operating margin increased by 110 basis points compared to the first quarter of '23 and 30 basis points compared to the fourth quarter of '23. On an adjusted basis, operating margin increased by 90 basis points from the prior year quarter and decreased by 20 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by strong operating leverage on higher sales volumes, which was partially offset by the dilutive impact of acquisitions completed in the prior 12 months.

以 GAAP 計算，營業利潤率較 23 年第一季增加了 110 個基點，較 23 年第四季增加了 30 個基點。經調整後，營業利潤率較上年同期成長 90 個基點，較上季下降 20 個基點。調整後營業利潤率的同比增長主要是由於銷售增加帶來的強勁營運槓桿推動的，但前 12 個月完成的收購的攤薄影響部分抵消了這一影響。

On a sequential basis, the modest decrease in adjusted operating margin reflected better-than-typical conversion on the lower sales levels, partially offset by the dilutive impact of acquisitions made in the fourth quarter. We are very proud of the company's operating margin performance, which reflects the continued strong execution of our teams.

環比來看，調整後營業利潤率小幅下降，反映出較低銷售水準的轉換效果優於典型水平，部分被第四季收購的攤薄影響所抵銷。我們對公司的營業利潤率表現感到非常自豪，這反映了我們團隊持續強勁的執行力。

Breaking down the first quarter results by segment relative to the first quarter of 2023, sales in Harsh Environment Solutions segment were $916 million and increased by 7% in U.S. dollars and 3% organically and segment operating margin was 26.7%. Sales in the Communications Solutions segment were $1.266 billion and increased by 12% in U.S. dollars and 11% organically. Segment operating margin was 22.6%. Sales in the Interconnect and Sensor Systems segment were $1.075 billion increased by 8% in U.S. dollars and 2% organically, and segment operating margin was 18.2%.

與2023 年第一季相比，按部門細分第一季業績，惡劣環境解決方案部門的銷售額為9.16 億美元，以美元計算成長7%，有機成長3%，部門營業利潤率為26.7% 。通訊解決方案部門的銷售額為 12.66 億美元，以美元計算成長 12%，有機成長 11%。分部營業利益率為 22.6%。互連和感測器系統部門的銷售額為 10.75 億美元，以美元計算成長 8%，有機成長 2%，部門營業利潤率為 18.2%。

The company's GAAP effective tax rate for the first quarter was 16.7%, and the adjusted effective tax rate was 24%, which compared to 20.9% and 24% in the first quarter of 2023, respectively. GAAP diluted EPS was $0.87 in the first quarter of '24, up 23% compared to the prior year period. And on an adjusted basis, diluted EPS increased 16% to $0.80 compared to $0.69 in the first quarter of '23. This was an excellent result. Operating cash flow in the first quarter was $599 million or 120% of adjusted net income. And net of capital spending, our free cash flow was $506 million or 101% of adjusted net income.

該公司第一季公認會計原則有效稅率為16.7%，調整後有效稅率為24%，而2023年第一季分別為20.9%和24%。 2024 年第一季 GAAP 攤薄後每股收益為 0.87 美元，比去年同期成長 23%。經調整後，稀釋後每股收益成長 16%，達到 0.80 美元，而 2023 年第一季為 0.69 美元。這是一個非常好的結果。第一季營運現金流為 5.99 億美元，佔調整後淨利的 120%。扣除資本支出後，我們的自由現金流為 5.06 億美元，佔調整後淨利的 101%。

We are pleased to have continued to deliver a strong free cash flow yield in the quarter. I would note here that we may see slightly elevated levels of CapEx in the coming couple of quarters as we invest to support some of the growth that we are seeing in certain markets. From a working capital standpoint, inventory days, days sales outstanding and payable days were 89, 70 and 53 days, respectively, all within the normal levels. During the quarter, the company repurchased 1.4 million shares of common stock at an average price of approximately $108. When combined with our normal quarterly dividend, total capital returned to shareholders in the first quarter of '24 was $286 million.

我們很高興本季繼續提供強勁的自由現金流收益率。我想在此指出，隨著我們進行投資以支持某些市場的成長，我們可能會在未來幾季看到資本支出水準略有上升。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89天、70天及53天，均處於正常水準。本季度，該公司以約 108 美元的平均價格回購了 140 萬股普通股。加上我們正常的季度股息，2024 年第一季股東返還的總資本為 2.86 億美元。

During the month of April, the company repurchased the remaining authorized amount of stock under its existing $2 billion stock repurchase plan, thus completing the plan. And as noted in today's earnings release, the company's Board of Directors has approved a new $2 billion 3-year open-market stock repurchase plan. Total debt on March 31 was $4.3 billion and net debt was $2.3 billion. Total liquidity at the end of the quarter was $5.7 billion, which included cash and short-term investments on hand of $2 billion plus availability under our existing credit facilities.

4月份，該公司回購了現有20億美元股票回購計畫中剩餘授權數量的股票，從而完成了該計畫。正如今天的財報中所指出的，該公司董事會已批准一項新的 20 億美元、為期 3 年的公開市場股票回購計畫。截至 3 月 31 日，債務總額為 43 億美元，淨債務為 23 億美元。本季末的流動性總額為 57 億美元，其中包括 20 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。

First quarter 2024 EBITDA was $810 million. And at the end of the first quarter of 2024, our net leverage was 0.7x. Following the close of the quarter in April, the company used $350 million in cash on hand to repay its maturing 3.2% U.S. senior notes and our $750 million undrawn term loan matured and was not renewed. In addition in early April, we completed a $1.5 billion U.S. bond offering, and the company intends to use the net proceeds from the bond offering, together with cash on hand and other debt financing to fund the company's pending acquisition of Carlisle Interconnect Technologies, which we continue to expect to close by the end of the second quarter of 2024.

2024 年第一季 EBITDA 為 8.1 億美元。截至 2024 年第一季末，我們的淨槓桿率為 0.7 倍。 4 月季度結束後，該公司使用手頭 3.5 億美元現金償還到期的 3.2% 美國優先票據，而我們的 7.5 億美元未提取定期貸款也已到期且未續簽。此外，4月初，我們完成了 15 億美元的美國債券發行，公司打算使用債券發行的淨收益，加上手頭現金和其他債務融資，為公司即將收購的 Carlisle Interconnect Technologies 提供資金。年第二季末前完成。

As a result of the U.S. bond offering, we do expect quarterly interest expense to increase to approximately $55 million, although until CIT is closed, we also expect interest income generated from the increased cash balance to offset the increase in interest expense. As such, the impact on earnings will be relatively usual until the CIT closing occurs. The company is in a very strong financial position, and we are well positioned to fund future opportunities as they arise.

由於美國債券發行，我們預計季度利息支出將增加至約 5,500 萬美元，儘管在 CIT 關閉之前，我們也預計現金餘額增加所產生的利息收入將抵消利息支出的增加。因此，在企業所得稅關閉之前，對獲利的影響將相對常見。該公司的財務狀況非常強勁，我們有能力為未來出現的機會提供資金。

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

我現在將把電話轉給 Adam，他將對市場趨勢提供一些評論。

Well, thank you very much, Craig, and I'd like to extend my warmest welcome to all of you here from beautiful Wallingford, Connecticut, where spring is certainly in the air. As you know as is typical, I'm going to highlight some of our achievements in the first quarter. I'll then discuss our trends and our progress across our diversified markets. Finally, I'll comment on the outlook for the second quarter. And of course, we'll have time for questions.

嗯，非常感謝你，克雷格，我謹向來自康涅狄格州美麗的沃靈福德的你們表示最熱烈的歡迎，那裡的空氣中確實瀰漫著春天的氣息。如您所知，按照慣例，我將重點介紹我們在第一季取得的一些成就。然後我將討論我們在多元化市場中的趨勢和進展。最後，我將評論第二季的前景。當然，我們還有時間提問。

Our results in the first quarter were stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share. We're very pleased that our sales grew from prior year by 9% in U.S. dollars and 10% in local currencies, reaching $3.256 billion. On an organic basis, our sales increased by 6% with growth in IT datacom, commercial air, automotive, defense and mobile devices markets, somewhat offset by declines in the mobile networks, broadband and industrial markets.

我們第一季的業績強於預期，超出了銷售和調整後稀釋每股盈餘指引的上限。我們非常高興地看到，以美元計算的銷售額比上年增長了 9%，以當地貨幣計算的銷售額增長了 10%，達到 32.56 億美元。從有機角度來看，隨著IT 數據通訊、商用航空、汽車、國防和行動裝置市場的成長，我們的銷售額成長了6%，但在一定程度上被行動網路、寬頻和工業市場的下滑所抵消。

And I'll talk about each of those markets here in a few moments. We're very pleased that the company booked $3.348 billion in orders in the first quarter and that, that represented a positive book-to-bill of 1.03:1. Our profitability was very strong in the quarter, and adjusted operating margins reached 21% even in the quarter, a robust 90 basis point increase from last year's levels. And from that profitability, we generated adjusted diluted EPS, which grew 16% from prior year to $0.80.

稍後我將討論每個市場。我們非常高興該公司在第一季預訂了 33.48 億美元的訂單，這代表著 1.03:1 的正訂單出貨比。本季我們的獲利能力非常強勁，調整後的營業利潤率甚至在本季也達到了 21%，比去年的水平強勁增長了 90 個基點。從這項獲利能力中，我們產生了調整後的稀釋每股收益，比上年增長 16%，達到 0.80 美元。

Finally, we generated strong operating and free cash flow of $599 million and $506 million, another clear demonstration of the high quality of the company's earnings. As Craig mentioned, we're very pleased that the Board of Directors has approved a new $2 billion 3-year stock repurchase program, and this represents another important component of the company's balanced capital deployment. I'm extremely proud of our global team of Amphenolians. The company's results this quarter once again reflect the discipline and agility of our entrepreneurial organization who continued to perform very well in the most dynamic of environment.

最後，我們產生了強勁的營運現金流和自由現金流，分別為 5.99 億美元和 5.06 億美元，這再次清楚證明了公司盈利的高品質。正如克雷格所提到的，我們非常高興董事會批准了一項新的 20 億美元、為期 3 年的股票回購計劃，這是該公司平衡資本部署的另一個重要組成部分。我為我們的全球 Amphenians 團隊感到非常自豪。公司本季的業績再次反映了我們新創組織的紀律性和敏捷性，他們在最具活力的環境中繼續表現出色。

Now as we announced on January 30, just after our Q4 earnings, we're very pleased to have signed an agreement to acquire Carlisle's Interconnect Technologies business for $2 billion in cash. CIT as it is known, is a leading global supplier of harsh environment interconnect solutions primarily to the commercial air, defense and industrial end markets, with approximately 6,000 employees worldwide. The company's wide range of products, including wire and cable, cable assemblies, contacts, connectors and sensors are highly complementary to Amphenol's existing interconnect and sensor solutions.

現在，正如我們在 1 月 30 日宣布的那樣，即第四季度財報發布後，我們非常高興簽署了一項協議，以 20 億美元現金收購卡萊爾的互連技術業務。 CIT 是一家全球領先的惡劣環境互連解決方案供應商，主要針對商用航空、國防和工業終端市場，在全球擁有約 6,000 名員工。該公司的產品範圍廣泛，包括電線和電纜、電纜組件、接點、連接器和感測器，與安費諾現有的互連和感測器解決方案高度互補。

As previously announced, CIT is expected to have annual sales of approximately $900 million in 2024 with an EBITDA margin of approximately 20%. We do continue to anticipate that the transaction will be completed by the end of this second quarter. Accordingly and based on CIT's current operating performance, we do expect this acquisition to add roughly $0.02 to earnings in the second half of 2024, excluding acquisition-related costs.

如同先前所宣布的，CIT 預計 2024 年的年銷售額約為 9 億美元，EBITDA 利潤率約為 20%。我們仍然預計該交易將在第二季末完成。因此，根據 CIT 目前的經營業績，我們預計此次收購將使 2024 年下半年的收益增加約 0.02 美元，不包括收購相關成本。

As we look forward to welcoming the outstanding CIT team to Amphenol, I remain confident that our acquisition program will continue to create great value for the company. Our ability to identify and execute upon acquisitions really of all sizes, and to successfully bring these new companies into Amphenol remains a core competitive advantage for the company. As our organization has evolved and scaled, so too has our ability to effectively manage a greater number of acquisitions of all sizes.

當我們期待優秀的 CIT 團隊加入安費諾時，我仍然相信我們的收購計畫將繼續為公司創造巨大價值。我們識別和執行各種規模收購的能力，以及成功將這些新公司引入安費諾的能力仍然是公司的核心競爭優勢。隨著我們組織的發展和規模的擴大，我們有效管理大量各種規模收購的能力也隨之增強。

Now turning to our progress across our served markets. I would just comment that we continue to be pleased that the company's end market exposure remains highly diversified, balanced and broad. This diversification continues to create great value for Amphenol, enabling us to participate across all areas of the global electronics industry while not being disproportionately exposed to the risks associated with any given market or application.

現在轉向我們在所服務的市場中取得的進展。我只想評論說，我們仍然很高興該公司的終端市場敞口仍然高度多元化、平衡和廣泛。這種多元化繼續為安費諾創造巨大價值，使我們能夠參與全球電子產業的所有領域，同時不會過度暴露於與任何特定市場或應用相關的風險。

So starting out with the defense market. This important market represents 11% of our sales in the quarter and sales grew from prior year by a strong 13% in U.S. dollars and 11% organically, and this was really driven by broad-based growth across most segments within the defense market. Sequentially, our sales were down by 2%, and this was modestly better than our expectations coming into the quarter. Looking into the second quarter. We expect sales to increase modestly from these first quarter levels. And we remain encouraged by the company's strengthened position in the defense market, where we continue to offer the industry's widest range of high-technology interconnect products.

所以從國防市場開始。這一重要市場占我們本季銷售額的11%，以美元計算的銷售額較上年強勁增長13%，有機增長11%，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，我們的銷售額下降了 2%，這略好於我們對本季的預期。展望第二季。我們預計銷售額將較第一季的水平小幅增長。我們仍然對公司在國防市場的地位不斷增強感到鼓舞，我們繼續在國防市場提供業界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 well positioned to accelerate our new product development while also increasing our capacity to support this demand long into the future. The commercial aerospace market represented 4% of our sales in the quarter. Sales increased by a strong 20%, both in U.S. dollars and organically and that was really driven by broad-based strength across virtually all aircraft applications.

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。我們處於有利地位，可以加速新產品開發，同時提高我們在未來長期支持這項需求的能力。商業航空航太市場占我們本季銷售額的 4%。以美元計算和有機銷售額均強勁增長 20%，這實際上是由幾乎所有飛機應用領域的廣泛實力推動的。

Sequentially, our sales grew much better than expected, 11% from the fourth quarter. As we look into the second quarter, we do expect a modest reduction in sales versus these very strong first quarter levels. I'm just really proud of our team working in the commercial air market. With the ongoing growth 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 for the company. We continue to see great, long-term opportunities for expansion of our technology offering to this important market, including with the CIT acquisition, and look forward to realizing the benefits of our growth initiatives for many years to come.

隨後，我們的銷售額成長遠好於預期，較第四季成長了 11%。當我們展望第二季度時，我們確實預計與第一季非常強勁的水平相比，銷售額將略有下降。我為我們在商業航空市場工作的團隊感到非常自豪。隨著旅行的持續增長以及對噴射客機的需求的不斷增長，我們努力加強高科技互連產品的廣度，同時將我們的市場地位多元化到下一代飛機，這正在為公司帶來真正的紅利。我們繼續看到向這個重要市場擴展我們的技術產品的巨大長期機會，包括透過 CIT 收購，並期待在未來許多年實現我們成長計劃的好處。

The industrial market represented 25% of our sales in the quarter and our sales in this market did decline by 1% in U.S. dollars and 10% organically. During the quarter, we did see some growth in marine, public safety, rail mass transit and oil and gas applications but that was more than offset by moderating performance, particularly in battery and electric heavy vehicles, instrumentation and factory automation. On a sequential basis, we were pleased that sales were up 6% from the fourth quarter, a bit better than our expectations, but that growth was really driven by our acquisitions completed in the fourth quarter.

工業市場占我們本季銷售額的 25%，以美元計算，我們在該市場的銷售額確實下降了 1%，有機銷售額下降了 10%。在本季度，我們確實看到了海洋、公共安全、軌道交通以及石油和天然氣應用領域的一些成長，但這被業績放緩所抵消，特別是在電池和電動重型車輛、儀器和工廠自動化領域。從環比來看，我們很高興銷售額比第四季度增長了 6%，略好於我們的預期，但這種增長實際上是由我們在第四季度完成的收購推動的。

Looking into the second quarter. We expect sales in the industrial market to remain at similar levels as here in the first quarter. And despite this near-term positive demand, I remain proud of our outstanding global team working in the industrial market. And I'm 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 electronic revolutions that will no doubt continue to occur across the industrial market.

展望第二季。我們預計工業市場的銷售額將保持與第一季相似的水平。儘管近期需求強勁，但我仍然為我們在工業市場工作的傑出全球團隊感到自豪。我相信，我們透過有機方式和互補性收購來擴大高科技互連天線和感測器產品的長期策略，使我們能夠利用毫無疑問將在整個工業領域繼續發生的許多電子革命。

The automotive market represented 24% of our sales in the first quarter. And sales in the first quarter grew 18% in U.S. dollars and 17% organically. That was really driven by broad-based strength across most automotive applications, including especially communications-related applications as well as electric and hybrid, electric vehicle drivetrains. Sequentially, our sales declined by 3% from the fourth quarter, which was better than our expectations, and that reflected strong execution by our team working in the automotive market.

汽車市場占我們第一季銷售額的 24%。第一季銷售額以美元計算成長 18%，有機成長 17%。這實際上是由大多數汽車應用的廣泛實力推動的，特別是與通訊相關的應用以及電動和混合動力、電動車傳動系統。隨後，我們的銷售額比第四季度下降了 3%，這比我們的預期要好，這反映出我們在汽車市場工作的團隊的強大執行力。

As we head into the second quarter, we do expect a modest sequential decline in sales. But I'm just so proud of our team working in the automotive market. Our continued and clear outperformance is yet another confirmation of the benefit of our team's focus on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles. And while that includes electrified drivetrains, it also includes a multitude of other exciting applications. And we look forward to benefiting from that strong position for many years to come.

當我們進入第二季時，我們確實預計銷售額將略有下降。但我為我們在汽車市場工作的團隊感到非常自豪。我們持續且明顯的優異表現再次證實了我們團隊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。雖然其中包括電氣化傳動系統，但它還包括許多其他令人興奮的應用。我們期待在未來的許多年中受益於此強勢地位。

The mobile devices market represented 8% of our sales in the quarter. Our sales were flat from prior year in U.S. dollars but grew 2% organically as growth in laptops and smartphones was offset by declines in tablets, wearables and other products. Sequentially, our sales declined by a better-than-expected 29% compared to the fourth quarter. As we head into the second quarter, we now expect a mid-single-digit sales decline from these first quarter levels as customers prepare for new model launches in the second half of 2024.

行動裝置市場占我們本季銷售額的 8%。以美元計算，我們的銷售額與去年持平，但有機增長了 2%，因為筆記型電腦和智慧型手機的成長被平板電腦、穿戴式裝置和其他產品的下降所抵消。隨後，與第四季相比，我們的銷售額下降了 29%，好於預期。進入第二季度，隨著客戶為 2024 年下半年推出新車型做準備，我們預計銷售量將較第一季水準出現中個位數下降。

While mobile devices will no doubt always remain one of our most volatile markets, our outstanding and agile team is poised as always to capture any opportunities for incremental sales that may arise in 2024 and beyond. Our leading array of antennas, interconnect products and mechanisms continues to enable a broad range of next-generation mobile devices, which positions us well for the long term. The mobile networks market represented 3% of our sales in the quarter, and sales did decline from prior year by 13% in U.S. dollars and 25% organically as we continue to manage through a broad-based reduction in spending by network operators and wireless equipment manufacturers.

儘管行動裝置無疑將始終是我們最不穩定的市場之一，但我們出色而敏捷的團隊將一如既往地做好準備，抓住 2024 年及以後可能出現的任何增量銷售機會。我們領先的天線陣列、互連產品和機制繼續支援廣泛的下一代行動設備，這使我們處於長期有利​​的地位。行動網路市場占我們本季銷售額的3%，隨著我們繼續透過網路營運商和無線設備支出的廣泛削減來進行管理，以美元計算的銷售額比去年同期下降了13%，有機銷售額下降了25%製造商。

Sequentially though, we were pleased to see that our sales did grow by 5% from the fourth quarter, as we had expected, coming into Q1. And as we look into the second quarter, we now expect a high single-digit increase in sales, which does reflect some increased demand that we are seeing from our mobile operator customers. While no doubt the short-term investment environment in the mobile networks market has been challenging, I can just tell you that 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.

不過，我們很高興地看到，進入第一季度，我們的銷售額確實比第四季度增長了 5%，正如我們預期的那樣。當我們展望第二季度時，我們現在預計銷售額將出現高個位數成長，這確實反映了我們從行動營運商客戶看到的需求增加。毫無疑問，行動網路市場的短期投資環境充滿挑戰，但我可以告訴您，我們的團隊將繼續積極工作，以實現我們努力擴大我們在下一代 5G 設備和網路領域的地位的好處。

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. We're poised to build on that position as wireless technology continues to accelerate long into the future.

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行動服務提供者的獨特地位所帶來的更大潛力中受益。隨著無線技術在未來的長期發展，我們將繼續鞏固這一地位。

The information technology and data communications market represented 21% of our sales in the quarter. Sales in the first quarter grew by a very strong 29% in U.S. dollars and 28% organically, and this was driven by accelerating demand for our products used in artificial intelligence data centers. On a sequential basis, sales increased by 1% from the fourth quarter, which was substantially better than our expectation for a mid-single-digit decline.

資訊科技和數據通訊市場占我們本季銷售額的 21%。第一季的銷售額以美元計算成長了 29%，有機成長了 28%，這是由於對我們用於人工智慧資料中心的產品的需求不斷增長所推動的。從環比來看，銷售額較第四季成長了 1%，大大優於我們對中個位數下降的預期。

We continue to experience strong orders for AI-related interconnect products. And accordingly, as we look into the second quarter, we expect sales to grow in the low double-digit range from these first quarter levels. I can tell you that we're more encouraged than ever by the company's position in the global IT datacom market.

我們持續經歷人工智慧相關互連產品的強勁訂單。因此，當我們展望第二季時，我們預計銷售額將比第一季的水平低兩位數成長。我可以告訴您，我們對公司在全球 IT 數據通訊市場中的地位感到前所未有的鼓舞。

Our team continues to do a really outstanding job securing future business on next-generation IT systems, particularly those enabling AI. Indeed, this revolution in AI that we're all living through right now has created a unique opportunity for Amphenol given our leading high-speed and power interconnect products.

我們的團隊繼續在確保下一代 IT 系統（尤其是支援人工智慧的系統）上的未來業務方面做得非常出色。事實上，鑑於我們領先的高速和電源互連產品，我們現在正在經歷的這場人工智慧革命為安費諾創造了獨特的機會。

With machine learning driving a more intensive usage of these highest technology interconnect products, we're very well positioned for the future. And whether it's high-speed power or fiber optic interconnect, our products are critical components in these next-generation networks, and that just creates a continued long-term growth opportunity for the company.

隨著機器學習推動這些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。無論是高速電源還是光纖互連，我們的產品都是這些新一代網路的關鍵組件，這恰好為公司創造了持續的長期成長機會。

The broadband market represented 4% of our sales in the quarter. Sales declined by 19% in U.S. dollars and organically from prior year as broadband operators continued to reduce their procurement levels. On a sequential basis, sales were flat, which was slightly worse than our expectations coming into the quarter. And as we look into the second quarter, we anticipate sales to remain roughly at these first quarter levels.

寬頻市場占我們本季銷售額的 4%。由於寬頻業者持續減少採購水平，以美元計算的銷售額較上年自然下降了 19%。環比來看，銷售額持平，略低於我們對本季的預期。當我們展望第二季時，我們預計銷售額將大致保持在第一季的水平。

Yes, regardless of the current demand dynamics in broadband, we do remain encouraged by the company's strengthened position. 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.

是的，無論當前寬頻的需求動態如何，我們仍然對該公司地位的增強感到鼓舞。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。

Now turning to our outlook and of course, assuming current market conditions as well as constant exchange rates. For the second quarter, we expect sales in the range of $3.240 billion to $3.300 billion and adjusted diluted EPS in the range of $0.79 to $0.81. This would represent sales growth of 6% to 8% and adjusted diluted EPS growth of 10% to 13% compared to the second quarter of last year.

現在轉向我們的展望，當然，假設當前的市場狀況以及恆定的匯率。我們預計第二季銷售額將在 32.40 億美元至 33.00 億美元之間，調整後攤薄後每股收益將在 0.79 美元至 0.81 美元之間。與去年第二季相比，這意味著銷售額成長 6% 至 8%，調整後稀釋後每股盈餘成長 10% 至 13%。

I just wanted to note that as is our usual practice, this guidance does not include acquisitions, which have not yet closed, including CIT. I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges in the current environment and to continue to grow our market position while driving sustainable and strong profitability over the long term. And finally, I'd just like to take, again, this opportunity to thank the entire global team of Amphenolians around the world, nearly 100,000 of them worldwide for their truly outstanding efforts here in the first quarter.

我只是想指出，按照我們的慣例，本指南不包括尚未完成的收購，包括企業所得稅。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會和挑戰，並繼續提高我們的市場地位，同時推動長期可持續和強勁的盈利能力。最後，我想再次藉此機會感謝世界各地的整個 Amphenians 全球團隊，其中全球近 10 萬名員工在第一季做出了真正出色的努力。

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) Our first question is from Amit Daryanani with Evercore.

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

I guess, Adam, AI, you talked a little bit about AI as well, but it's mainly a big focus for everyone, including investors. So I'm hoping you could maybe, perhaps, help us understand what solutions, what products does Amphenol really sell to the customer base right now when it comes to AI infrastructure? And how does that really differ from what you sell to processor companies versus the cloud providers that are running their own infrastructure? I'd love to just understand that. And if there's any way to put dimensions around how big this business can get for you folks over time would be really helpful.

我想，Adam，人工智慧，你也談到了一點人工智慧，但它主要是每個人（包括投資者）的焦點。因此，我希望您能幫助我們了解在人工智慧基礎設施方面，安費諾目前真正向客戶群銷售哪些解決方案、哪些產品？這與您出售給處理器公司的產品和運行自己基礎設施的雲端供應商的產品有何不同？我很想了解這一點。如果有什麼方法可以衡量隨著時間的推移這項業務能為你們帶來多大的規模，那將會非常有幫助。

Well, thanks very much, Amit, and really appreciate the question. Look, we're really excited about the renewed and really revolutionary investments that are being made in AI right now. I mean I have to confess that I am a consumer of these products. I've been using them. It's amazing. Last night, my wife made me tacos because, of course, it's Tuesday, and she went on ChatGPT. And she said, "Give me a great taco recipe." And it's just unbelievable what you can do for these things.

嗯，非常感謝，阿米特，並且非常感謝這個問題。看，我們對目前在人工智慧領域進行的更新且真正革命性的投資感到非常興奮。我的意思是我必須承認我是這些產品的消費者。我一直在使用它們。太奇妙了。昨晚，我妻子為我做了玉米餅，因為當然是星期二，她上了 ChatGPT。她說：“給我一個很棒的玉米餅食譜。”你能為這些事情做的事情真是令人難以置信。

And the underlying magic of these systems is just extraordinary computations, creating essentially probability models that are based on comparing everything to everything else. And to do that, you need the chips, whether they'd be GPUs or TPUs or sensor or whatever the chips that there are. They need to be connected to each other in essentially a fabric network. And these calculations and computations and comparisons have to happen virtually at light speed. And thus, that requires an enormous degree of high-speed, low latency interconnect products that are different in their architecture.

這些系統的潛在魔力在於非凡的計算，創建基於將所有事物與其他事物進行比較的本質上的機率模型。為此，您需要晶片，無論它們是 GPU、TPU、感測器還是其他任何晶片。它們本質上需要在結構網絡中相互連接。這些計算、計算和比較實際上必須以光速進行。因此，這需要大量架構不同的高速、低延遲互連產品。

You have much more use, for example, of cable assemblies than you did in the past using maybe printed circuit boards. You have really direct connecting as close as possible to the chip of those high-speed products. And these are extraordinarily challenging products to build. These are products that we've been working on for so many years. I mean, more than a decade of effort in developing these products. And they're just extremely challenging, extremely high technology and extremely critical to the good performance of those products.

例如，與過去使用印刷電路板相比，您對電纜組件的使用要多得多。您可以真正直接連接盡可能靠近那些高速產品的晶片。這些產品的建造極具挑戰性。這些是我們多年來一直致力於開發的產品。我的意思是，在開發這些產品方面花費了十多年的努力。它們極具挑戰性，技術含量極高，對於這些產品的良好性能至關重要。

But it doesn't just start and end with high speed. I think it's been broadly discussed lately, power and what does power mean for AI? And is there even enough power in the world to energize these AI data centers that people are talking about. And so you can imagine that there's an enormous focus as well on the efficiency of the power interconnect in these systems. And that's another area where Amphenol is participating with some of our leading-edge power interconnect whether that's connectors, cable assemblies, bus bars and all the like.

但它不僅僅以高速開始和結束。我認為最近人們廣泛討論了權力以及權力對人工智慧意味著什麼？世界上是否有足夠的電力來為人們談論的這些人工智慧資料中心提供動力。因此，您可以想像，這些系統中電源互連的效率也受到了極大的關注。這是安費諾參與的另一個領域，我們提供一些領先的電源互連技術，無論是連接器、電纜組件、母線等等。

And then there's, obviously, fiber optics and the fact of using optical interfaces, whether those are active or passive fiber optic products. Those are all things that we can offer to our customers. And we have the broadest deepest highest technology offering into the data center market. We've been working and preparing for kind of this moment for so many years as we've been developing the sort of type of interconnect architecture that needs to be used.

顯然，還有光纖和使用光學介面的事實，無論是有源光纖產品還是被動光纖產品。這些都是我們可以為客戶提供的。我們為資料中心市場提供最廣泛、最深入、最高的技術產品。多年來，我們一直在為這一刻而努力和準備，因為我們一直在開發需要使用的互連架構類型。

And fortunately, over the last kind of 5 quarters or so, that's really taken hold. And I think it's -- this AI seems to really have a lot of value for the end users, it seems to draw an enormous amount of investment in capital, maybe, by the way, even a little bit of cannibalizing of capital from more traditional data centers. And it's not just about having the right products. But it's also about being able to ramp up those products and being able to react quickly to our customers who are really having, in many ways, kind of an arms race.

幸運的是，在過去 5 個季度左右的時間裡，這種情況確實得到了落實。我認為，這種人工智慧似乎對最終用戶確實有很大的價值，它似乎吸引了大量的資本投資，順便說一句，甚至可能會從更傳統的資本中蠶食一點點數據中心。這不僅僅是擁有合適的產品。但這也關係到能夠增加這些產品，並且能夠對我們的客戶做出快速反應，這些客戶在許多方面確實正在進行軍備競賽。

And when I talked about the IT datacom market, I mentioned all of our growth. And in fact, a little bit more than all of our growth this quarter, which was very substantial growth. 28% organically came from products that are being integrated into AI data centers. And it's something that as we look into next quarter, where we still have a favorable view of that, I think our team is realizing the benefits of really a lot of labors for many years in the past.

當我談到 IT 數據通訊市場時，我提到了我們所有的成長。事實上，比我們本季的所有成長還要多一點，這是非常可觀的成長。 28% 有機地來自正在整合到人工智慧資料中心的產品。當我們展望下個季度時，我們仍然對此持樂觀態度，我認為我們的團隊正在意識到過去多年來大量勞動力的好處。

Our next question is from Luke Junk with Baird.

我們的下一個問題來自盧克·垃圾和貝爾德。

Just hoping you could help us unpack a little bit more the uptick in orders and book-to-bill being positive this quarter. Just particular areas of strength that are driving that and maybe areas that are still lagging at this point?

只是希望您能幫助我們更多地了解本季度訂單的增長和訂單到帳單的積極情況。只是推動這一趨勢的特定領域，以及目前仍落後的領域？

Well, thanks so much, Luke. First of all, we're really pleased to see the positive book-to-bill, 1.03. I mean, I know during COVID, there were some funny books to bill at a few points where it was like 1.15:1 and then there were some negative book-to-bill. I mean, traditionally, 1.03 is actually a very strong book-to-bill for us because our lead times are not that long. We're a very reactive company, and I think that's a really good sign.

嗯，非常感謝，盧克。首先，我們非常高興看到訂單出貨比為 1.03。我的意思是，我知道在新冠疫情期間，有一些有趣的書籍在某些時候需要開具賬單，比如 1.15:1，然後還有一些負的開具賬單。我的意思是，傳統上，1.03 對我們來說實際上是一個非常強大的訂單到帳單交付週期，因為我們的交貨時間並沒有那麼長。我們是一家反應非常活躍的公司，我認為這是一個非常好的跡象。

It shouldn't be surprising that maybe the 2 places where we saw slightly negative book-to-bill would have been in mobile networks and industrial. Otherwise, we saw either flat or positive book-to-bill and probably our strongest bookings on a book-to-bill came out of IT datacom as well as Commercial Air, which were really good books to bill.

毫不奇怪，我們看到訂單出貨比略有下降的兩個領域可能是行動網路和工業領域。除此之外，我們看到的訂單出貨量要么持平，要么呈正值，而訂單出貨量方面我們最強的預訂量可能來自IT datacom 和Commercial Air，它們都是非常好的訂單出貨量。

Our next question is from Saree Boroditsky with Jefferies.

我們的下一個問題來自 Jefferies 的 Saree Boroditsky。

I wanted to dig in more on the Carlisle, CIT, acquisition. It's relatively large. It was held by a commercial roofing company before. So what's the opportunity here being under your ownership? And where do you see potential to improve margins?

我想深入了解 Carlisle、CIT 的收購。是比較大的。之前是由一家商業屋頂公司舉辦的。那麼您擁有的機會是什麼？您認為提高利潤率的潛力在哪裡？

Well, thank you very much, Saree. I mean first, I just want to complement Carlisle, the corporation. I work closely with the CEO of Carlisle, who's a wonderful guy. It's a fabulous company actually. And it's true, their focus and their stated strategic focus is to be in the building materials industry. And they were a wonderful steward of Carlisle Interconnect for many years. But there's no doubt that interconnect was not where they were focused strategically. And I'm really pleased and happy for the team, the corporate team at Carlisle because I think they've really been able to realize their vision to be a focused building materials company.

嗯，非常感謝你，莎莉。我的意思是，首先，我只是想補充卡萊爾公司。我與卡萊爾的執行長密切合作，他是一個很棒的人。這實際上是一家很棒的公司。確實，他們的重點和他們聲明的戰略重點是在建材業。多年來，他們一直是 Carlisle Interconnect 的出色管家。但毫無疑問，互連並不是他們的戰略重點。我真的為卡萊爾的團隊感到高興和高興，因為我認為他們確實能夠實現成為專注於建築材料公司的願景。

At the same time, Carlisle Interconnect is a fabulous company. I've known this company for most of my quarter century in Amphenol. It's one of those companies that we actually don't compete with them very much. Very little, actually. It's such a complementary company, but I've always admired the company. And we've always admired the company for their great technology fabulous people.

同時，Carlisle Interconnect 是一家出色的公司。我在安費諾工作了四分之一個世紀以來，大部分時間都認識這家公司。它是我們實際上不與他們競爭的公司之一。實際上很少。這是一家互補性很強的公司，但我一直很欣賞這家公司。我們一直欽佩該公司擁有出色的技術人才。

And I've known some of the people at CIT also for many, many years. And I just can't tell you how happy I am that they're going to be on our side of the table, but they're going to join the Amphenol family. And that's really just -- it's such a fabulous organization inside of CIT. I mean what we really love about this company, they are a true leader in the technologies around wire and cable; in cable assemblies; in contact technologies, which is just so complementary to our leadership position on connectors and other value-add interconnect on things like back shells and the like.

我也認識 CIT 的一些人很多很多年了。我無法告訴你我有多高興他們將站在我們這一邊，但他們將加入安費諾家族。這確實是——CIT 內部是一個非常棒的組織。我的意思是，我們真正喜歡這家公司的是，他們是電線電纜技術的真正領導者；在電纜組件中；在接觸技術領域，這與我們在連接器和後殼等其他增值互連領域的領導地位形成了互補。

And when we bring that together, that offering to customers, whether that's in the commercial air market, whether that's in the defense market, whether that's in certain segments of the industrial market where they participate. We will be able to bring a total solution to those customers at a time when those customers really want to have reliable partners. I mean you think about some of the dynamics that are evident, for example, in Commercial Air, the reliability of your partners is an enormous premium in these things.

當我們將這些整合在一起時，無論是在商用航空市場，無論是在國防市場，還是在他們參與的工業市場的某些領域，我們都會為客戶提供服務。當這些客戶真正希望擁有可靠的合作夥伴時，我們將能夠為這些客戶帶來整體解決方案。我的意思是，您會考慮一些明顯的動態，例如，在商業航空領域，合作夥伴的可靠性在這些方面是非常重要的。

I mean you're making critical devices, airplanes that hundreds of passengers go on and being able to go to one company and say, can you bring us a total set of solutions for our interconnect needs, that has a really, really wonderful and comforting dynamic for the customers. In terms of the profitability. CIT is a great company. It is operated in a bit of a holding company structure. I can tell you that we, in Amphenol, have a lot of different sister companies, brother companies around the world who have figured out lots of tricks of the trade of accessing low-cost manufacturing, of helping to reduce the supply chain and all of that.

我的意思是，你正在製造關鍵設備，數百名乘客乘坐的飛機，並且能夠去一家公司說，你能為我們帶來一整套滿足我們互連需求的解決方案嗎？從盈利能力來看。 CIT是一家很棒的公司。它以控股公司的結構運作。我可以告訴你，我們安費諾在世界各地有很多不同的姐妹公司、兄弟公司，他們想出了很多獲得低成本製造、幫助減少供應鏈等的貿易技巧。

And while the CIT team, they're going to still run this company. It's not like we're going to parachute a bunch of folks into CIT and say, "Go run it on their behalf." It's the quite the contrary. I mean, the existing management team is going to stay running that company as part of Amphenol, but they will be able to avail themselves of experience of collaborative interactions with folks around Amphenol that in our experience, ultimately leads to better performance.

儘管 CIT 團隊仍將營運這家公司。我們不會把一群人空降到 CIT 並說：“代表他們來運行它。”事實恰恰相反。我的意思是，現有的管理團隊將繼續作為安費諾的一部分來運營該公司，但他們將能夠利用與安費諾周圍的人員進行協作互動的經驗，根據我們的經驗，這最終會帶來更好的績效。

We've had a good track record and some may call it a great track record of buying companies that were great companies with great technology, great people, that just were maybe part of the wrong parent company. All the way back to early 19 years ago when we acquired Teradyne Connection Systems from Teradyne Corporation. Again, Teradyne is an outstanding company, in the test and measurement industry, but they were not an interconnect company.

我們擁有良好的業績記錄，有些人可能會稱其為收購公司的良好記錄，這些公司是擁有出色技術和優秀人才的偉大公司，但這些公司可能屬於錯誤的母公司。追溯到 19 年前，當時我們從泰瑞達公司 (Teradyne Corporation) 收購了泰瑞達連接系統 (Teradyne Connection Systems)。同樣，泰瑞達是測試和測量行業中的一家傑出公司，但他們並不是一家互連公司。

When we acquired the Advanced Sensors business from GE, and again, GE is an outstanding company. And just as you know, they focus now, and it's now GE Aerospace. It's a wonderful company but they were not an interconnect company. And here again, with MTS, the company that we acquired in 2021. Another example of a great company that ultimately was not an interconnect or in that case, a sensor company. I think as part of now an interconnect company where they really belong. I have really high hopes long term for the progress that the CIT team will make. This will not come overnight. There's no doubt about it. That takes time. And we're patient in that respect, but we're very hopeful and we have really a strong vision for the future of this company as part of the Amphenol family.

當我們從GE收購先進感測器業務時，GE再次成為一家出色的公司。如您所知，他們現在專注於通用電氣航空航太公司。這是一家很棒的公司，但他們不是一家互連公司。再次，我們在 2021 年收購了 MTS。我認為現在作為一家互連公司的一部分，他們真正屬於這裡。從長遠來看，我對 CIT 團隊的進展抱有很高的期望。這不會在一夜之間實現。毫無疑問。這需要時間。我們在這方面很有耐心，但我們充滿希望，並且作為安費諾家族的一部分，我們對這家公司的未來有著強烈的願景。

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

我們的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Adam, maybe back to this AI topic a little bit. Thanks for all the color you shared. Clearly, Amphenol has been in this space for a long time, and you continue to push the envelope both in terms of data speeds and signal integrity issues. So can you just talk about how you're seeing pricing evolves, maybe generation to generation? What's been the history there? How are you anticipating that given the higher value and kind of much more sort of transmitting 800 gigs instead of 400 gig speeds. So clearly, there's value in there, but the density of applications is becoming more complicated and the unit volumes are also growing kind of order of magnitude, higher.

Adam，也許稍微回到這個人工智慧主題。感謝您分享的所有顏色。顯然，安費諾已經進入這個領域很長一段時間了，並且您在資料速度和訊號完整性問題方面不斷挑戰極限。那麼您能否談談您對定價如何演變（也許是一代又一代）的看法？那裡有什麼歷史？考慮到更高的價值和更多類型的傳輸 800 GB（而不是 400 GB）速度，您對此有何預期？顯然，其中存在價值，但應用程式的密度正變得越來越複雜，單位體積也增加了一個數量級，更高。

So putting all those together, how should we think about just the opportunity here? Is it right to think about maybe you're guiding to like a 30% growth in this end market right here in the next quarter. Is that something that's possible to continue into 2025?

那麼，把所有這些放在一起，我們應該如何考慮這裡的機會？考慮一下您可能會指導該終端市場在下個季度實現 30% 的成長，這是正確的嗎？這種情況有可能持續到 2025 年嗎？

Well, thanks, Wamsi. A lot wrapped up in that question. I mean, look, I guess to the very end of your question, I'm not going to get out ahead of myself and try to give a guidance about this revolutionary thing into 2025. As you know, we give guidance for the quarter ahead of us, and then we try to make sure we're maximizing our position of whatever the market will bring us long term. .

嗯，謝謝，瓦姆西。這個問題包含了很多內容。我的意思是，聽著，我想在你問題的最後，我不會超前地試圖就 2025 年這一革命性的事情提供指導。我們能夠最大限度地利用市場長期為我們帶來的優勢。 。

But I would say this, number one, you mentioned pricing. I mean we are always trying to deliver to our customers' value and so our goal is to deliver the maximum amount of value to our customers at the lowest price that they can get. And if we can deliver enough value to our customers, then there will be some of that value left over for us.

但我想說的是，第一，你提到了定價。我的意思是，我們一直在努力為客戶提供價值，因此我們的目標是以最低的價格為客戶提供最大的價值。如果我們能夠為客戶提供足夠的價值，那麼就會為我們留下一些價值。

And I think what you see in AI is the criticality of the interconnect in these systems. I mean there is a direct correlation between the power of these AI learning and inference models and the quality and performance and capability of the interconnect systems because, again, you're talking about speed and latency.

我認為你在人工智慧中看到的是這些系統中互連的重要性。我的意思是，這些人工智慧學習和推理模型的能力與互連繫統的品質、效能和功能之間存在直接關聯，因為您再次談論的是速度和延遲。

And so when you think about how long does it take to build a model, well, if you have even the tiniest proportion of higher latency between the chips, then all of a sudden, what may take a month, takes 3 months to build these complex models that are using trillions of learning factors across them. And if you take 3 months and your competitor takes 1 month, and your model is more up-to-date than your competitors, all of a sudden, you as a service provider, are not able to monetize these massive investments that you're making.

因此，當您考慮構建模型需要多長時間時，好吧，如果晶片之間的延遲較高，即使是最微小的比例，那麼突然之間，可能需要一個月的時間，需要3 個月來構建這些模型複雜的模型使用了數萬億個學習因素。如果您需要3 個月，而您的競爭對手需要1 個月，並且您的模型比您的競爭對手更新，那麼突然間，您作為服務提供商，將無法將您所投入的這些巨額投資貨幣化。

So if you think about that correlation between the speed and the latency and then, in fact, the economics of the models, you can understand that there is a lot of value embedded in our products as it relates to what it creates in terms of functionality for our customers. And whether that's at the chip processor level, whether that's inside the data centers, with the cloud operators, whatever that is. There's no doubt about it that we have to build also our capacity and that these are extremely high-precision products.

因此，如果您考慮速度和延遲之間的相關性，以及模型的經濟性，您就會明白我們的產品中蘊藏著許多價值，因為它與它在功能方面創造的價值有關為我們的客戶。無論是在晶片處理器層面，或是在資料中心內部、雲端運營商層面，無論是什麼。毫無疑問，我們也必須提高我們的能力，而且這些都是極其高精度的產品。

They require intensity of testing. They require intensity of automation. Craig, I think, alluded to in his prepared remarks a little bit that we might see a couple of quarters of a little bit more CapEx, not just for this market, but for other markets as well. But this is one of those areas where we're really building up phenomenal capabilities. And I just have to take one last moment here and answer your question. Like everything that I'm talking about, it's easy for me to say all these things.

它們需要高強度的測試。它們需要高度自動化。我認為，克雷格在他準備好的演講中提到，我們可能會看到幾季的資本支出增加，不僅針對這個市場，也針對其他市場。但這也是我們真正建立非凡能力的領域之一。我只需要花最後一刻來回答你的問題。就像我正在談論的所有事情一樣，我很容易說出所有這些事情。

I can't tell you how hard our team is working to execute on these words. I mean again, these are complex products with complex production processes, complex systems, extremely high reliability, a lot at stake because of those underlying economics. And boy, I have rarely been as grateful as I am to those folks who are working 24/7 across Amphenol around the world to really ramp up in support of our customers that are implementing these AI data centers.

我無法告訴你我們的團隊為了執行這些話付出了多大的努力。我的意思是，這些都是複雜的產品，具有複雜的生產流程、複雜的系統、極高的可靠性，並且由於這些潛在的經濟因素而面臨很大的風險。天哪，我很少像現在這樣感激那些在世界各地的安費諾 24/7 工作的人們，他們真正加強支持我們正在實施這些人工智慧資料中心的客戶。

Our next question is from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

I'm hoping to better understand how Amphenol is thinking about capital allocation for the rest of the year, especially with the pending Carlisle Interconnect transaction. Is the M&A funnel still active? And with the new repurchase authorization you announced this morning, but also the potential cash usage for M&A., so just Carlisle, how active might the company be on buybacks this year?

我希望更了解安費諾如何考慮今年剩餘時間的資本配置，特別是懸而未決的 Carlisle Interconnect 交易。併購漏斗還活躍嗎？考慮到您今天早上宣布的新回購授權，以及併購的潛在現金使用情況，卡萊爾請問該公司今年的回購活動有多活躍？

Yes. Thanks, Mark. Yes, I think in regards to our capital deployment, we've had a very consistent policy and practice over many years with regard to our capital deployment and over a whole host of years where we've done a significant amount of M&A and less M&A, and we continue to be kind of -- it continues to be a balanced and flexible deployment strategy.

是的。謝謝，馬克。是的，我認為就我們的資本部署而言，多年來我們在資本部署方面有著非常一致的政策和實踐，多年來我們進行了大量的併購，而併購卻較少，我們仍然是一種平衡和靈活的部署策略。

In the current year with the CIT, I talked about how strong our balance sheet is, the 0.7x net leverage, the strong free cash flow that we generate and continue to generate. And so I wouldn't think even with CIT, I wouldn't say that, that would have any impact ultimately on our capital deployment strategy. And we did just renew or have a new $2 billion 3-year share repurchase program. Certainly, that's one of the legs and a return of capital to shareholders. We, ultimately over time, we want to return about 50% or roughly half of our free cash flow to our shareholders.

今年，我在 CIT 上談到了我們的資產負債表有多強勁、0.7 倍的淨槓桿、我們產生並將繼續產生的強勁自由現金流。因此，我認為即使有了企業所得稅，我也不會說這最終會對我們的資本部署策略產生任何影響。我們剛剛更新或製定了一項新的 20 億美元、為期 3 年的股票回購計畫。當然，這是支柱之一，也是對股東的資本回報。隨著時間的推移，我們最終希望將大約 50% 或大約一半的自由現金流返還給股東。

And part of that is our dividend yield, which is roughly 1%, and we continue to target that over time as well as our share repurchase plan. So I would say this new plan is just consistent with that and our dividend -- certainly policy is consistent with that. And ultimately, that M&A continues to be the focus that ultimately over time, we believe that, that will continue to drive strong returns.

其中一部分是我們的股息收益率，約為 1%，隨著時間的推移，我們將繼續瞄準這一目標以及我們的股票回購計劃。所以我想說這個新計畫與我們的股利和政策是一致的——當然政策也與此一致。最終，併購仍然是焦點，我們相信，隨著時間的推移，這最終將繼續帶來強勁的回報。

So if there was a time where we generated a significant closing of deals in this particular year, what we think about maybe dialing back share repurchases. But at the end of the day, just considering the significant free cash flow that we generate, we really haven't had to do that and certainly wouldn't expect this year just with CIT to have any adjustment to that.

因此，如果我們在這一年完成了大量交易，我們可能會考慮減少股票回購。但歸根結底，僅考慮到我們產生的大量自由現金流，我們確實不必這樣做，當然也不會指望今年僅 CIT 對此做出任何調整。

And Mark, relative to the M&A pipeline. I would just tell you that our pipeline remains strong. Yes, we completed last year, 10 acquisitions. Yes, we announced in January, our largest ever acquisition was CIT. But I can tell you, we have the appetite, the capacity and the ability and agility to continue to make acquisitions, large and small. And I think we continue to demonstrate our ability to do more acquisitions, do bigger acquisitions. And the beauty of this industry and the beauty of this market is that there's just so many great opportunities to find companies with great people and great technology and a very complementary market position to Amphenol.

馬克，相對於併購管道。我只想告訴你，我們的管道仍然強大。是的，我們去年完成了10筆收購。是的，我們在一月宣布，我們有史以來最大的收購是 CIT。但我可以告訴你，我們有胃口、有能力、有能力和敏捷性繼續進行大大小小的收購。我認為我們將繼續展示我們進行更多收購、規模更大收購的能力。這個行業和這個市場的美妙之處在於，有很多很好的機會來尋找擁有優秀人才和技術以及與安費諾非常互補的市場地位的公司。

We remain extremely disciplined in our acquisition program, and we will walk away for -- if we get a bad feeling up until the last second, before we wire money. But there's no doubt about it that there's great, great opportunities for us for the future. And as Craig mentioned, like our financial condition is in really a fantastic position with 0.7x leverage here at the end of the quarter. Our leverage will just be a touch above 1, following the acquisition of CIT. And so we have really the capacity, the capability and the appetite to continue.

我們在收購計畫中保持嚴格的紀律，如果直到最後一秒、在我們匯錢之前我們有不好的預感，我們就會走開。但毫無疑問，我們的未來有著巨大的機會。正如克雷格所提到的，我們的財務狀況確實處於非常好的位置，截至本季末槓桿率為 0.7 倍。收購 CIT 後，我們的槓桿率將略高於 1。因此，我們確實有能力、有能力、有意願繼續下去。

Our next question is from Steven Fox with Fox Advisors.

我們的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

I was just wondering on the auto markets, the 17% growth you talked about. I know you highlighted communications. And I know you guys don't like to count cars per se, but can you just sort of provide some color on the backdrop you're settling into right now and into Q2? And what exactly would you call out as sort of leading products that you're especially doing well on right now?

我只是想知道汽車市場，你提到的 17% 的成長。我知道你強調了溝通。我知道你們本身不喜歡數汽車，但是你們能在你們現在和第二季的背景上提供一些顏色嗎？您現在特別擅長的領先產品到底是什麼？

Yes. Thanks very much, Steve. And you're right, I don't like counting cars necessarily. I mean, the market is what the market is. But look, we have taken advantage, I think, for a very long time, not of an overall growing auto market. I mean, if you look over, I don't know, 8 years or something, it's still sort of a similar level of total worldwide auto production. But there's no doubt that the content has expanded dramatically over these years.

是的。非常感謝，史蒂夫。你是對的，我不一定喜歡數汽車。我的意思是，市場就是市場。但是，我認為，我們在很長一段時間內都沒有利用整體成長的汽車市場的優勢。我的意思是，如果你回顧一下，我不知道，8 年左右的時間，全球汽車總產量仍然處於類似的水平。但毫無疑問，這些年來內容已經急劇擴展。

And I think we've taken a real advantage of that. So when we think about our opportunities, we talked a lot over the past years about electrified drivetrains, the high-voltage connectors, for example, sensors that go into that. But we've also talked about all the other applications. And so when you think about communications, as I highlighted earlier, there's just more and more communications technology being put into cars. And as a leader in RF technology for cars, as a leader in antennas for cars, as someone who participates really across that whole signal chain of communication, that creates a great opportunity. There's other areas like connectivity, passenger connectivity, engine control.

我認為我們已經充分利用了這一點。因此，當我們思考我們的機會時，我們在過去幾年中談論了很多關於電氣化傳動系統、高壓連接器以及其中的感測器的問題。但我們也討論了所有其他應用程式。因此，當你想到通訊時，正如我之前強調的那樣，越來越多的通訊技術被應用到汽車中。作為汽車射頻技術的領導者，作為汽車天線的領導者，作為真正參與整個訊號通訊鏈的人，這創造了一個巨大的機會。還有其他領域，如連接、乘客連接、引擎控制。

By the way, there's still the vast majority of cars that are built are using fuel-based engines or ICE vehicles and those require an enormous amount of different contents as well. Most of actually what we sell into cars is agnostic to the drivetrain. But it's not agnostic to the increase in content in cars. As there's more electronics, there's going to be more opportunities for Amphenol.

順便說一句，仍然有絕大多數製造的汽車使用燃油引擎或內燃機汽車，這些汽車也需要大量不同的內容。事實上，我們銷售的汽車產品大多與動力傳動系統無關。但這與汽車內容的增加並不是不可知的。隨著電子產品的增多，安費諾將會有更多的機會。

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。

This is Joe Cardoso on for Samik. Can you just give us an update on where we stand on the inventory destocking headwinds in the industrial market and how you're thinking about timing of when we see that normalizing? And then maybe as a quickie second, if I can. Can you just touch on the CapEx investments that you highlighted in your prepared remarks? How should we be thinking about magnitude and besides IT datacom that you mentioned, what are the other major buckets of investments there?

我是喬·卡多佐 (Joe Cardoso) 替補薩米克 (Samik)。您能否向我們介紹一下我們在工業市場去庫存逆風方面的最新情況，以及您如何考慮我們何時看到這種正常化的時機？如果可以的話，也許可以快速說一下。您能否談談您在準備好的發言中強調的資本支出投資？我們應該如何考慮規模，除了您提到的 IT 數據通訊之外，還有哪些其他主要投資領域？

Yes. I mean just very quickly on industrial. I mean, I think we continue to see the demand in industrial to be somewhat muted. There is no doubt an impact from destocking with distributors. But it's not just destocking. I think distributors' orders themselves are also down. And so it's not just that they have too much inventory, but the demand in certain pockets of industrial. I would say, in particular, in places like Europe, maybe to a lesser extent in some parts of Asia and then even to a lesser extent, in North America.

是的。我的意思是工業方面很快。我的意思是，我認為我們繼續看到工業需求減弱。毫無疑問，經銷商去庫存會產生影響。但這不僅僅是去庫存。我認為經銷商的訂單本身也在下降。因此，這不僅是因為他們的庫存過多，還因為某些工業領域的需求。我想說，尤其是在歐洲等地，也許在亞洲某些地區，甚至在較小程度上，在北美。

With regards to our comments on CapEx. I mean I talked about it in the context of AI. But you can imagine, we're growing strongly in a number of our markets, including, in particular, in Defense. We grew last year in Defense by 20%. We grew last quarter by 11% organically. We continue to see strong momentum. And the defense industry uses also extremely high-technology products. We have a very vertically integrated capability and offering to our customers.

關於我們對資本支出的評論。我的意思是我在人工智慧的背景下談論過它。但你可以想像，我們在許多市場上都在強勁成長，特別是在國防領域。去年我們的國防業務成長了 20%。上季我們有機成長了 11%。我們繼續看到強勁的勢頭。國防工業也使用極高技術的產品。我們擁有非常垂直整合的能力並為客戶提供服務。

And usually, you can't grow by 20% in Defense-related products. It's just impossible to flex. And I think our team has just done a fabulous job of flexing their capacity. But that may require a little bit more. But look, we're not talking about big numbers here. I mean we said we expect a slight elevation in CapEx. Our CapEx is still very, very reasonable. I think, Craig, it was less than 3% last quarter. And so this is not a big deal. We expect to still have very strong and robust free cash flow through the year.

通常，國防相關產品的成長不可能達到 20%。根本不可能彎曲。我認為我們的團隊在展示他們的能力方面做得非常出色。但這可能需要更多一點。但你看，我們這裡討論的不是大數字。我的意思是，我們說過我們預計資本支出會略有上升。我們的資本支出仍然非常非常合理。克雷格，我想上個季度這個比例還不到 3%。所以這沒什麼大不了的。我們預計今年仍將擁有非常強勁的自由現金流。

Our next question is from William Stein with Truist Securities.

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

I'm going to ask yet another on AI. We understand that the 3 main connector vendors in the space, Amphenol and 2 others have very solid positions, very good technical capabilities. I'm wondering if you can talk about the competitive dynamics among the 3 of you, and also the degree to which you can capture some of their share. Or whether it's possible, another entrant among the hundreds of connector companies globally could realistically attack this market.

我要問另一個關於人工智慧的問題。據我們了解，該領域的 3 家主要連接器供應商（安費諾和另外 2 家）擁有非常穩固的地位和非常出色的技術能力。我想知道你們是否可以談談您們三個之間的競爭動態，以及你們能在多大程度上獲得他們的份額。或者無論是否有可能，全球數百家連接器公司中的另一家進入者可能會真正進攻這個市場。

Thanks very much, Will. Look, I'm not going to comment on our peers. I have great respect for them. They're fabulous companies. What I will say is that we've been working in this area for a very, very long time. And as the leader in high-speed interconnect technology, you can imagine that we also have a very robust position here. This is not something that we have just recently developed. This is a very, very long, intensive and real leading position in development of those technologies. But I have great respect for all of our competitors.

非常感謝，威爾。聽著，我不會評論我們的同行。我非常尊重他們。他們是很棒的公司。我要說的是，我們在這個領域已經工作了非常非常長的時間。身為高速互連技術的領導者，您可以想像我們在這方面也擁有非常穩固的地位。這不是我們最近才開發的東西。這是這些技術發展中非常非常長期、密集且真正的領先地位。但我非常尊重我們所有的競爭對手。

This AI is a great thing for our industry because it is really a multiple of content because of the unique architecture of these products. And we're not going to win 100% of everything, but I can tell you that we certainly get more than our fair share. In terms of new entrants, I mean, look, there can always be new folks who come along, these are among the hardest products that are made in the interconnect industry.

這種人工智慧對我們的行業來說是一件很棒的事情，因為由於這些產品的獨特架構，它實際上是內容的倍數。我們不會 100% 贏得一切，但我可​​以告訴你，我們得到的肯定超出了我們應得的份額。就新進入者而言，我的意思是，看，總會有新人出現，這些是互連行業製造的最難的產品之一。

And I think I already spent some time talking about the economics of those products and how those economics mean that as a customer, you want to be very careful to not use a product that cannot meet the requirements that you need in these high-performance systems.

我想我已經花了一些時間討論這些產品的經濟性，以及這些經濟性如何意味著作為客戶，您要非常小心，不要使用無法滿足這些高性能係統所需要求的產品。

Our next question is from Asiya Merchant with Citigroup.

我們的下一個問題來自花旗集團的 Asiya Merchant。

Great results. Just incremental gross margins, if I did the calculation here, right, we're -- sorry, operating margins are very strong. Maybe you can talk about how you guys think about the trajectory of those gross -- incremental margins as the quarter progresses or as the year progresses. And especially when you think about rolling in a pretty sizable acquisition in the back half, how we should be modeling for that?

很好的結果。只是增量毛利率，如果我在這裡計算的話，對吧，我們——抱歉，營業利潤率非常高。也許你們可以談談你們如何看待這些毛利率的軌跡——隨著季度的進展或隨著年度的進展，增量利潤率。尤其是當你考慮在下半年進行相當大的收購時，我們該如何為此建模？

Yes. Thanks, Asiya. Yes. No, we are really proud of the 21% operating margins here in the first quarter. I mean, first quarter typically is the more challenging quarter in the years, given the sequential quarter typical decline we have. And certainly, we always do a good job. But this quarter really, I think, is an outstanding quarter from being able to achieve 21% -- 30% year-over-year and really sequentially about 30%. And that's -- we did 10 acquisitions last year, as you know, and those acquisitions were significantly under our company average.

是的。謝謝，阿西婭。是的。不，我們對第一季 21% 的營業利潤率感到非常自豪。我的意思是，考慮到連續季度的典型下滑，第一季通常是多年來最具挑戰性的季度。當然，我們總是做得很好。但我認為，本季度確實是一個出色的季度，同比增長 21% 至 30%，環比增長約 30%。如你所知，我們去年進行了 10 次收購，這些收購大大低於我們公司的平均值。

So when you really pull out and look at the organic conversion on our 6% growth on a year-over-year basis, it's significantly stronger than the 30% that kind of in the reported numbers. And sequentially, kind of the same dynamic with the acquisitions we did in the fourth quarter, being well under the average profitability of the company. Sequentially, that conversion really is well under that 30% kind of in the face. So really strong execution by the team.

因此，當你真正拿出來看看我們 6% 的同比增長的有機轉換率時，你會發現它明顯強於報告數字中的 30%。接下來，與我們在第四季度進行的收購類似，遠低於公司的平均獲利能力。因此，從表面上看，該轉換率實際上遠低於 30%。團隊的執行力非常強。

I mean the team has done an outstanding job of really -- not only the teams that are growing, but also the teams that are impacted on the negative side. As you know, our industrial market is more challenged and a few other markets as well. And they've just done an outstanding job of controlling costs on the downside as well. So the combination of those 2 really has just turned into a really strong profitability for the company. I mean as we look forward, taking out CIT, I'll talk about that in a second. I would expect that, again, more normal profitability levels on incremental kind of revenue.

我的意思是，該團隊確實做得非常出色——不僅是正在成長的團隊，而且是受到負面影響的團隊。如您所知，我們的工業市場面臨更大的挑戰，其他一些市場也是如此。他們在控制下行成本方面也做得非常出色。因此，這兩者的結合確實為公司帶來了非常強勁的獲利能力。我的意思是，當我們展望取消 CIT 時，我稍後會討論這個問題。我預計增量收入的獲利水準將再次達到正常水準。

If we talk about the 25% longer-term target, I would expect more in that normal range as we kind of get into more of the normal cadence from a pricing cost perspective that we're in right now. But no doubt our teams will continue to manage in a very strong level and do their best to maximize profitability as they have. But I think 25% or so is kind of what I would kind of expect as we kind of go throughout the year.

如果我們談論 25% 的長期目標，我預計會在這個正常範圍內實現更多目標，因為從目前的定價成本角度來看，我們已經進入了更多正常節奏。但毫無疑問，我們的團隊將繼續以非常強大的水平進行管理，並盡最大努力實現盈利最大化。但我認為 25% 左右是我所期望的，因為我們全年都會這樣做。

Now when we layer in CIT, when CIT does close, we expect here by the end of Q2, there's no doubt that business is well under our average company profitability levels currently and there would be some impact on the profitability, on the margins, slightly from an operating margin perspective. And over time, we would certainly work and the team would work as Adam kind of mentioned earlier, to get those back up to the company average. But certainly, in 2024, we would expect some impact on the second half from a profitability perspective from them. But it's a great team, and certainly, we would expect over time to improve upon that.

現在，當我們對企業所得稅進行分層時，當企業所得稅確實關閉時，我們預計到第二季度末，毫無疑問，業務遠低於我們目前公司的平均盈利水平，並且會對盈利能力、利潤率產生一些影響。隨著時間的推移，我們和團隊肯定會像亞當之前提到的那樣工作，讓這些回到公司的平均水平。但可以肯定的是，到 2024 年，我們預計從獲利角度來看，它們會對下半年產生一些影響。但這是一支偉大的團隊，當然，我們希望隨著時間的推移能夠在這一點上有所改進。

Our next question is from Andrew Buscaglia with BNP Paribas.

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

Following up on that question, CIT, I think at a great price. As part of a holding company, you guys alluded to maybe not run optimally. But is this integration, is this company a cost-saving story? Or if you look at CIT, their growth, historically, wasn't all that exciting. Is this more of an opportunity to reaccelerate their growth? Or is it both? And if you could comment like that potential margin dilution in the back half, what might that be at this point?

跟進這個問題，CIT，我認為價格很高。作為一家控股公司的一部分，你們提到可能沒有最佳營運。但這種整合，這家公司是個節省成本的故事嗎？或者如果你看看 CIT，從歷史上看，它們的成長並不是那麼令人興奮。這是否更是一個重新加速成長的機會？或兩者兼而有之？如果您可以評論後半部分潛在的利潤稀釋，那麼此時可能會是什麼？

Yes. I don't know that we have a specific number to give you for the margin dilution. I mean, we'll talk about it when we own the company. In terms of the priorities, I mean, every acquisition we make, we want them to accelerate their growth and make more money doing it. And so you can imagine that with the CIT team we're already talking about, to the extent that we can before closing, we're already talking about how do they both accelerate their growth, expand their market position, take advantage of being part of Amphenol, take advantage of the broader access that we have as a company, take advantage of the broader suite of technologies that we have to grow their business.

是的。我不知道我們是否有具體的利潤稀釋數字。我的意思是，當我們擁有這家公司時我們會討論這個問題。就優先事項而言，我的意思是，我們進行的每一次收購，我們都希望他們能夠加速成長並賺更多的錢。因此，您可以想像，對於我們已經在談論的 CIT 團隊，在交易結束之前，我們已經在談論他們如何加速成長、擴大市場地位、利用參與的優勢安費諾的公司，利用我們作為一家公司擁有的更廣泛的管道，利用我們擁有的更廣泛的技術套件來發展他們的業務。

And in turn, how do they take advantage of our low-cost manufacturing? How do they take advantage of the broader relationships we have in the supply chain? Whatever that may be. And also just how do they take advantage of now being part of a high-performance interconnect company like Amphenol? I will tell you, in years past, when we've seen companies improve their performance, some of that was just they came in and they saw, "Oh my goodness, I didn't realize I could make that much money." And they just figured it out and made it happen. And it's not that we parachute in with a bunch of folks from headquarters or otherwise, but there is inside of the company so many great role models of organizations run by entrepreneurs, run by Amphenol and general managers who have just figured it out.

反過來，他們如何利用我們的低成本製造優勢？他們如何利用我們在供應鏈中更廣泛的關係？不管那是什麼。他們又如何利用現在成為像安費諾這樣的高效能互連公司的一部分的優勢呢？我會告訴你，在過去的幾年裡，當我們看到公司提高業績時，其中一些只是他們進來後看到的，“天哪，我沒有意識到我能賺那麼多錢。”他們只是想通了並實現了它。這並不是說我們從總部或其他地方空降了一群人，而是公司內部有很多由企業家經營的組織的偉大榜樣，由安費諾和剛剛弄清楚這一點的總經理經營。

And that is -- we don't have an Amphenol business system. We don't have an Amphenol way. The Amphenol way is just to liberate people, to give them the authority and to hold them accountable as entrepreneurs. And that mindset is very different from most other companies. And again, Carlisle is a fabulous organization, the parent company, but they're not an interconnect company. And I think CIT, as part of Amphenol with our unique culture, with our uniquely broad suite of products and relationships, I can't tell you exactly how they're going to do it, but I have a lot of confidence that they will.

那就是——我們沒有安費諾業務系統。我們沒有安費諾的方法。安費諾的方式就是解放人們，賦予他們權力，讓他們承擔起企業家的責任。這種心態與大多數其他公司非常不同。再說一遍，卡萊爾是一家出色的組織，母公司，但他們不是一家互連公司。我認為 CIT 作為安費諾的一部分，擁有我們獨特的文化、獨特的廣泛產品和關係，我無法確切地告訴你他們將如何做到這一點，但我非常有信心他們會做到這一點。

And 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。

Just curious like with the AI stuff, is there any inherent margin differential between the products that you're selling on these next gen technologies versus more traditional data center or versus like more of the company average? And then if I could, I asked your competitor this morning. But when you think about the CapEx that you need to do and the scale of what these customers of yours are thinking over a multiyear period is massive. How do you like bring that down to your own spend and like rationalize? Is this doable? Like how fast do we want to spend ahead of something that might be a 5-year story, like how do you balance that?

只是好奇，就像人工智慧產品一樣，您銷售的基於這些下一代技術的產品與更傳統的資料中心或更多公司平均水平之間是否存在固有的利潤差異？如果可以的話，我今天早上問了你的競爭對手。但是，當你考慮到你需要做的資本支出以及你的這些客戶在多年時間內所考慮的規模是巨大的。您如何將其歸結為自己的支出並合理化？這可行嗎？例如，我們希望花多快的時間來完成可能需要 5 年的故事，例如你如何平衡這一點？

Yes. Look, I may let Craig comment on the margins, except I mean, it's an easy answer. It's just like look, we make margins based on selling value to customers. If we can create value for our customers, then usually there's value for us to be had there. And I think that's basically what I would say in this respect. Relative to scaling and working with our customers, I mean, you can imagine that we have very intensive discussions with our customers in every market. Here, because of the economics behind it, because of the pressure on our customers and the big vision, you can imagine that we're having even more intensive discussions.

是的。聽著，我可以讓克雷格在邊緣發表評論，但我的意思是，這是一個簡單的答案。就像看起來一樣，我們根據向客戶銷售價值來賺取利潤。如果我們能為客戶創造價值，那麼我們通常也能在客戶身上獲得價值。我認為這基本上就是我在這方面要說的。我的意思是，相對於擴展和與客戶合作，你可以想像我們與每個市場的客戶都進行了非常深入的討論。在這裡，由於背後的經濟因素，由於我們客戶的壓力和遠大的願景，你可以想像我們正在進行更深入的討論。

And so this is not just like you get an order and then you say, "All right, well, I'm going to go invest XYZ. I mean this is a very iterative, interactive discussion. But it's all done under the context of the Amphenol approach. These are -- it's not that we're making decisions here at headquarters and allocating capital. We have general managers making -- and having responsibility for specific products and they're going to figure out how do they satisfy the customer, but also knowing that it's their capital that they're spending.

所以這不僅僅是你收到訂單然後你說，「好吧，好吧，我要去投資XYZ。我的意思是這是一個非常反覆的、互動的討論。但這一切都是在以下背景下完成的：安費諾的方法不是在總部做出決策並分配資本，而是由總經理負責特定產品，他們將弄清楚如何滿足客戶的需求。

And if they spend more than they should, that's going to hit their P&L, not just going to hit Amphenol's P&L, it's going to hit their P&L. And that accountability of sort of from birth to death of a program is something that I think is very unique in our organization. And over time, when I think about why does Amphenol spend what we spend on capital expenditures, it is in large part because the ownership of that, the accountability, the authority for that is resident in individuals who also go to the customer every day, who also are in charge of the factory, who also are in charge of developing the products.

如果他們的支出超出應有的水平，就會影響他們的損益，而不僅僅是影響安費諾的損益，還會影響他們的損益。我認為專案從誕生到消亡的這種責任感在我們的組織中是非常獨特的。隨著時間的推移，當我思考為什麼安費諾要把我們花在資本支出上的錢花在資本支出上時，很大程度上是因為它的所有權、責任和權力都存在於每天接觸客戶的個人身上，他們還負責工廠，他們也負責開發產品。

And when you have that comprehensive authority, you tend to make wiser decisions about this. And it's not like, well, I'm going to overinvest now and let the next person clean it up on my behalf. These folks are there for the long term and they own it all. And I think they're going to make wise decisions accordingly.

當你擁有全面的權力時，你往往會做出更明智的決定。這並不是說，我現在要過度投資，然後讓下一個代表我清理它。這些人是長期存在的，他們擁有一切。我認為他們會相應地做出明智的決定。

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

謝謝。現在，我將把電話轉回給諾維特先生，讓他作結束語。

Well, thank you very much. And again, thanks to everybody for your time today. We appreciate everybody's attention. And I wish that everybody has a fabulous spring, and we'll talk to you again in 90 days or so. Take care.

好的，謝謝。再次感謝大家今天抽出寶貴的時間。我們感謝大家的關注。我希望每個人都有一個美好的春天，我們將在 90 天左右再次與您交談。小心。

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。