安費諾 (APH) 2024 Q2 法說會逐字稿

Hello, and welcome to the Second Quarter Earnings Conference Call for Amphenol Corporation. Following today's presentation, there will be a formal question and answer session. Until then all lines will remain in a listen only mode. At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

您好，歡迎參加安費諾公司第二季財報電話會議。今天的演講結束後，將舉行正式的問答環節。在此之前，所有線路都將保持僅監聽模式。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。先生，您可以開始了。

Thank you. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our second quarter 2024 conference call. Our second quarter 2024 results were released this morning. I will provide some financial commentary and then Adam will give an overview of the business and current market trends, and then we will take questions.

謝謝。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。歡迎您參加我們的 2024 年第二季電話會議。我們今天上午發布了 2024 年第二季業績。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，然後我們將回答問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. In addition, as a result of our recently announced a two-for-one stock split effective on June 11, 2024, all share, and per-share data discussed on this earnings call is on a split adjusted basis.

提醒一下，在電話會議期間，我們可能會參考某些非公認會計準則財務指標並做出某些前瞻性陳述。因此，請參閱我們新聞稿中的相關披露以獲取更多資訊。此外，由於我們最近宣佈於 2024 年 6 月 11 日生效的一拆二股票分割，本次財報電話會議上討論的所有股票和每股數據均經過分割調整。

The company closed the second quarter with record sales of $3.61 billion, and GAAP in record adjusted diluted EPS of $0.41 and $0.44, respectively. Second quarter sales were up 18% in USD, 19% in local currencies and 11% organically compared to the second quarter of 2023. Sequentially, sales were up 11% in USD and in local currencies and up 8% organically. Adam will comment further on trends by market in a few minutes.

該公司第二季銷售額達到創紀錄的 36.1 億美元，以 GAAP 計算，調整後稀釋每股收益分別為創紀錄的 0.41 美元和 0.44 美元。與2023 年第二季相比，第二季銷售額以美元計算成長18%，以當地貨幣計算成長19%，有機成長11%。增長8%。 Adam 將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were a record $4.61 billion, up 33% to the prior year and up 21% sequentially, resulting in a strong book-to-bill ratio of 1.12 to 1. GAAP operating income and operating margin were $699 million and 19.4%, respectively, which included $70 million of acquisition related costs primarily associated with the CIT acquisition. Excluding these costs, adjusted operating income was $769 million, resulting in record adjusted operating margin of 21.3% in the second quarter of '24.

本季訂單達到創紀錄的46.1 億美元，較上年同期成長33%，較上一季成長21%，訂單出貨比達到1.12 比1。 %分別包括 7,000 萬美元的收購相關成本，主要與 CIT 收購相關。排除這些成本，調整後營業收入為 7.69 億美元，導致 2024 年第二季調整後營業利潤率達到創紀錄的 21.3%。

On an adjusted basis, operating margin increased by 90 basis points from the prior year quarter and 30 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.

經調整後，營業利潤率較上年同期成長 90 個基點，較上一季成長 30 個基點。調整後營業利潤率的同比增長主要是由於銷量增加帶來的強勁營業槓桿推動的，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 increase in adjusted operating margin reflected strong conversion on the higher sales levels, partially offset by the dilutive impact of acquisitions made in the second quarter of particular CIT, which is currently operating well below the company's average profitability levels.

環比來看，調整後營業利潤率的小幅增長反映了較高銷售水平的強勁轉化，部分被特定 CIT 第二季度收購的稀釋影響所抵消，該 CIT 目前的運營遠低於公司的平均盈利水平。

We're very proud of the company's operating margin performance in the second quarter, which reflects continued strong execution by our teams. Bringing down second quarter results by segment compared to the second quarter of '23, sales in the Harsh Environment Solutions segment were $1.46 billion and increased by 18% in USD and 1% organically. And segment operating margin was 24.8%.

我們對公司第二季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。與2023 年第二季相比，第二季各細分市場的業績有所下降，惡劣環境解決方案細分市場的銷售額為14.6 億美元，按美元計算增長了18%，有機增長了1% 。分部營業利益率為 24.8%。

Sales in the Communication Solutions segment were $1.445 billion and increased by 24% in USD and 23% organically. Segment operating margin was 24.3%. Sales in the interconnect and sensor systems segment were $1.199 billion, and increased by 12% in USD, 7% organically, and segment operating margin was 18.2%.

通訊解決方案部門的銷售額為 14.45 億美元，以美元計算成長 24%，有機成長 23%。分部營業利益率為 24.3%。互連和感測器系統部門的銷售額為 11.99 億美元，以美元計算成長 12%，有機成長 7%，部門營業利潤率為 18.2%。

The company's GAAP effective tax rate for the second quarter was 20.4%, and the adjusted effective tax rate was 24%. It's compared to 21.9% and 24%, the second quarter of '23 respectively. We continue to expect our adjusted effective tax rate to be 24% of third quarter and for the full year of '24. GAAP adjusted EPS was $0.41 in the second quarter, up 11% compared to the prior year period. And on an adjusted basis, diluted EPS increased 22% to a record $0.44 compared to $0.36 in the second quarter of '23.

該公司第二季公認會計原則有效稅率為20.4%，調整後有效稅率為24%。相較之下，2023 年第二季的比例分別為 21.9% 和 24%。我們繼續預計第三季和 24 年全年調整後的有效稅率為 24%。第二季 GAAP 調整後每股收益為 0.41 美元，比去年同期成長 11%。經過調整後，稀釋後每股收益成長 22%，達到創紀錄的 0.44 美元，而 2023 年第二季為 0.36 美元。

Operating cash flow in the second quarter was $664 million or 120% of adjusted net income and net of capital spending, our free cash flow was $528 million or 95% of adjusted net income. We are pleased to have continued to deliver a strong cash flow yield in the quarter despite our slightly increased level of CapEx.

第二季的營運現金流為 6.64 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 5.28 億美元，佔調整後淨利的 95%。儘管我們的資本支出水準略有增加，但我們很高興在本季繼續提供強勁的現金流收益率。

I would note that while our second quarter capital spending was higher than the first quarter, it was still well within our normal range. We continue to expect somewhat elevated levels of capital spending in the coming couple of quarters as we invest to support the growth we are seeing in the defense and IT datacom markets.

我要指出的是，雖然我們第二季度的資本支出高於第一季度，但仍完全在我們的正常範圍內。我們繼續預計未來幾季的資本支出水準將有所上升，因為我們將進行投資以支援國防和 IT 數據通訊市場的成長。

From working capital standpoint, inventory days, days sales outstanding and payable days were 84, 69, 56 days, respectively, all within normal levels. During the quarter, the company repurchased 3.1 million shares of common stock at an average price of approximately $62, which when combined with our normal quarterly dividend, total capital return to shareholders in the second quarter of 2024, was more than $320 million.

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84天、69天及56天，均處於正常水準。本季度，該公司以約 62 美元的平均價格回購了 310 萬股普通股，加上我們正常的季度股息，2024 年第二季股東的總資本回報超過 3.2 億美元。

Full debt at June 30 was $5.4 billion and net debt was $4.1 billion and total liquidity at the end of the quarter was $4.3 billion, which included cash and short-term investments on hand of $1.3 billion, plus availability under our existing credit facilities.

截至6 月30 日，全部債務為54 億美元，淨債務為41 億美元，季度末總流動性為43 億美元，其中包括13 億美元的現金和短期投資，加上我們現有信貸安排下的可用資金。

Excluding acquisition related costs, second quarter 2024 EBITDA was $900 million, and at the end of the second quarter of 2024, our net leverage ratio was 1.2x. As a result of the $1.5 billion US bond offerings completed earlier in the second quarter and the subsequent closing of CIT in May, we expect quarterly interest expense, net of interest income earned on cash on hand to be approximately $45 million in the third quarter.

不包括收購相關成本，2024 年第二季 EBITDA 為 9 億美元，截至 2024 年第二季末，我們的淨槓桿率為 1.2 倍。由於第二季早些時候完成了 15 億美元的美國債券發行以及隨後於 5 月關閉的企業所得稅，我們預計第三季季度利息支出（扣除手頭現金賺取的利息收入）約為 4,500 萬美元。

The company is in a very strong financial position, and we continue to be well positioned to fund future opportunities as they arise. In particular, we are well-positioned to fund the pending acquisition of their own and dash businesses of CommScope for purchase price of $2.1 billion, which we expect to close by the end of the first half of 2025. We'll fund this acquisition to cash on hand and debt.

該公司的財務狀況非常強勁，我們將繼續處於有利地位，為未來出現的機會提供資金。特別是，我們有能力以 21 億美元的價格收購康普自己和儀表板業務，我們預計將在 2025 年上半年末完成。

Finally, as mentioned in today's earnings release, the company's Board of Directors has approved a 50% increase in the company's quarterly dividend to $0.165 per share, effective with refer payments beginning in October of 2024. I will now turn it over to Adam, who will provide some commentary on current market trends.

最後，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 50% 至每股 0.165 美元，從 2024 年 10 月開始推薦付款生效。市場趨勢提供一些評論。

Well, thank you very much, Craig, and I'd like to extend my welcome to all of you here on the phone today, and I hope that you and your family, friends and colleagues are enjoying a very nice summer so far. As Craig mentioned, I'm going to highlight a few of our achievements in the second quarter. I will spend a few moments to review our recently closed and announced acquisitions. I'll talk about our trends and progress across our served markets, and then we'll make some comments on our outlook for the third quarter. And of course, we'll have some time for questions at the end.

嗯，非常感謝你，克雷格，我想對今天透過電話來到這裡的大家表示歡迎，我希望你和你的家人、朋友和同事到目前為止都度過了一個非常愉快的夏天。正如克雷格所提到的，我將重點放在我們在第二季度所取得的一些成就。我將花一些時間回顧我們最近完成和宣布的收購。我將討論我們所服務的市場的趨勢和進展，然後我們將對第三季的前景發表一些評論。當然，最後我們會有一些時間提問。

Our results in the second quarter were stronger than expected, exceeding the high end of our guidance in sales and adjusted diluted earnings per share. Sales grew from prior year by 18% in USD, 19% in local currencies, reaching a new record $3.61 million.

我們第二季的業績強於預期，超過了銷售和調整後稀釋每股盈餘指引的上限。以美元計算的銷售額較上年增長 18%，以當地貨幣計算的銷售額增長 19%，達到 361 萬美元的新紀錄。

On an organic basis, sales increased by a strong 11% with growth in IT datacom, defense, commercial air, mobile networks, mobile devices and automotive only slightly offset by moderations in the broadband and industrial markets. Importantly, the company booked record orders of $4.61 billion, representing a robust book-to-bill of 1.12 to 1. I would just note here that our bookings were particularly strong from IT datacom customers focused on artificial intelligence or AI.

從有機角度來看，銷售額強勁增長了 11%，其中 IT 數據通訊、國防、商業航空、行動網路、行動裝置和汽車領域的成長僅被寬頻和工業市場的放緩所略微抵消。重要的是，該公司預訂了 46.1 億美元的創紀錄訂單，訂單比為 1.12 比 1。

Adjusted operating margins reached a record 21.3% in the second quarter, a strong 90 basis points increase from last year's second quarter. And adjusted diluted EPS grew 22% from prior year to a record $0.44. We also generated strong operating and free cash flow in the quarter of $664 million and $528 million, respectively, both clear demonstrations of the high quality of the company's earnings.

第二季調整後營業利益率達到創紀錄的21.3%，比去年第二季強勁成長90個基點。調整後攤薄每股收益較上年增長 22%，達到創紀錄的 0.44 美元。我們還在本季度產生了強勁的營運現金流和自由現金流，分別為 6.64 億美元和 5.28 億美元，這兩者都清楚地表明了公司盈利的高品質。

And finally, as Craig mentioned, we announced this morning a 50% increase in the company's quarterly dividend to $0.165 per share, effective with our October dividend payment. Just wanted to say how proud I am of our team here this quarter as the results that they drove once again reflect the strength of our entrepreneurial organization as we continued to perform well amidst a very dynamic environment.

最後，正如克雷格所提到的，我們今天早上宣布將公司的季度股息增加 50% 至每股 0.165 美元，自 10 月股息支付起生效。只是想說，我對本季我們的團隊感到多麼自豪，因為他們所取得的成果再次反映了我們創業組織的實力，因為我們在一個非常充滿活力的環境中繼續表現良好。

As you know, our M&A team has once again been very busy of late. I'm very pleased to announce that on May 21, we closed the previously announced acquisition of CIT previously called Parallel Interconnect Technology. I'm very excited to welcome the talented CIT team to the Amphenol family, and we really look forward to realizing the benefits of the combined breadth of our companies highly complementary product solution, which will enable us to offer our customers an expanded array of innovative technologies across the important commercial air, defense and industrial markets.

如您所知，我們的併購團隊最近再次變得非常忙碌。我非常高興地宣布，5 月 21 日，我們完成了先前宣布的 CIT 的收購（之前稱為平行互連技術）。我非常高興地歡迎才華橫溢的 CIT 團隊加入安費諾家族，我們非常期待實現我們公司高度互補的產品解決方案的綜合廣度的優勢，這將使我們能夠為客戶提供更多的創新產品涵蓋重要商業航空、國防和工業市場的技術。

In addition, we're pleased to have signed a definitive agreement to acquire Lutze. Lutze is a leading provider of harsh-environment cable and cable assembly solutions for high technology applications in industrial markets. This acquisition includes two businesses" Lutze US, based in North Carolina and Lutze Europe based in Germany.

此外，我們很高興簽署了收購 Lutze 的最終協議。 Lutze 是工業市場高科技應用的惡劣環境電纜和電纜組件解決方案的領先供應商。此次收購包括兩家企業：總部位於北卡羅來納州的 Lutze US 和總部位於德國的 Lutze Europe。

In May, we did close on the acquisition of Lutze US, which has annual sales of approximately $75 million. And we expect to close on Lutze Europe, which has annual sales of approximately $100 million by the end of the third quarter of 2024 that's this quarter here. Lutze's acquisitions is a great complement to our broad offering of high-technology interconnect products for the worldwide industrial market and in particular strengthens our range of value-add interconnect products.

5 月份，我們完成了 Lutze US 的收購，該公司年銷售額約為 7,500 萬美元。我們預計將關閉 Lutze Europe，到 2024 年第三季末（即本季），該公司的年銷售額約為 1 億美元。 Lutze 的收購是我們為全球工業市場提供的廣泛高科技互連產品的有力補充，特別是增強了我們的增值互連產品範圍。

Finally, just last week, we announced an agreement to acquire the mobile networks related businesses of CommScope for a purchase price of $2.1 billion. We're really excited to be acquiring CommScope's Outdoor Wireless Networks or OWN and distributed antenna systems or DAS businesses. These businesses provide exciting mobile network solutions with advanced technologies in the areas of base station antennas and related interconnect solutions as well as distributed antenna systems.

最後，就在上週，我們宣布達成協議，以 21 億美元的收購價格收購康普的行動網路相關業務。我們非常高興能夠收購康普的室外無線網路或自有和分散式天線系統或 DAS 業務。這些企業在基地台天線和相關互連解決方案以及分散式天線系統領域採用先進技術，提供令人興奮的行動網路解決方案。

I just want to mention that we were especially encouraged that the businesses that we're acquiring really make up the former Andrew Corporation portfolio of products, a company with a rich history of innovation and technology in the wireless industry. This business are -- businesses are expected to generate revenues of approximately $1.2 billion with EBITDA margins of approximately 25% in 2024. This represents operating margins in the high 10s, including our current estimate of post-acquisition related amortization.

我只想提一下，我們特別受到鼓舞的是，我們收購的業務確實構成了前安德魯公司的產品組合，該公司在無線行業擁有豐富的創新和技術歷史。該業務預計到 2024 年將產生約 12 億美元的收入，EBITDA 利潤率約為 25%。

We really look forward to supporting customers who are developing next-generation wireless networks around the world with these advanced solutions as well as with our own existing complementary interconnect products. Most importantly, we look forward to welcoming the approximately 4,000 employees of these businesses around the world. There's no doubt in my mind that these talented individuals will make great future Amphenolians.

我們真誠地期待透過這些先進的解決方案以及我們自己現有的互補互連產品為世界各地正在開發下一代無線網路的客戶提供支援。最重要的是，我們期待歡迎這些企業在世界各地的約 4,000 名員工。在我看來，毫無疑問，這些才華橫溢的人將成為偉大的未來安費諾人。

As we welcome these outstanding new teams to Amphenol, and we look forward to the future closings of Lutze Europe and CommScope and OWN, and DAS, we remain confident that Amphenol's acquisition program will continue to create great value for the company. Our ability to identify and execute upon acquisitions and successfully bringing these new companies into Amphenol remains a core competitive advantage for the company.

當我們歡迎這些優秀的新團隊加入安費諾，並且我們期待未來 Lutze Europe、康普、OWN 和 DAS 的關閉時，我們仍然相信安費諾的收購計劃將繼續為公司創造巨大價值。我們識別和執行收購以及成功地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。

Now turning to our trends across our served markets, I would just comment that we're very pleased that the company's end market exposure remains highly diversified, balanced and broad. This diversification continues to create great value for our 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.

現在轉向我們所服務市場的趨勢，我只想評論說，我們非常高興該公司的終端市場敞口保持高度多元化、平衡和廣泛。這種多元化繼續為我們的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 with that said, the defense market represented 11% of our sales in the quarter. Sales in this market grew from prior year by a strong 14% in USD and 10% organically, driven by broad-based growth across most segments within the defense market. Sequentially, our sales increased by 9%, which was a bit better than our expectations coming into the quarter, driven in part by the earlier than anticipated closing of CIT.

話雖如此，國防市場占我們本季銷售額的 11%。在國防市場大多數細分市場廣泛增長的推動下，該市場的銷售額較上年強勁增長 14%，有機增長 10%。隨後，我們的銷售額成長了 9%，這比我們對本季的預期要好一些，部分原因是 CIT 提前結束。

Looking to the third quarter, we expect sales to increase in the mid-single digit range from the second quarter levels, including the benefit of acquisitions, and we remain encouraged by the company has strengthened position defense market, where we continue to offer the industry's widest range of high technology interconnect products. Amidst today's highly dynamic geopolitical environment, countries around the world are expanding their investments both in current and next generation defense technologies, thereby increasing the long-term demand potential for Amphenol.

展望第三季度，我們預計銷售額將較第二季度水準實現中個位數成長，其中包括收購的好處，並且我們仍然受到該公司加強陣地防禦市場的鼓舞，我們將繼續在該市場提供業界領先的產品和服務。在當今高度動態的地緣政治環境中，世界各國正在擴大對當前和下一代國防技術的投資，從而增加了安費諾的長期需求潛力。

With the addition now of CIT, it's highly complementary products to our portfolio, we're better positioned than ever to support our customers with new products and the capacity to supply them wherever they may be needed.

隨著 CIT 的加入，它成為我們產品組合的高度補充產品，我們比以往任何時候都更有能力為客戶提供新產品支持，並有能力在任何需要的地方提供這些產品。

Commercial aerospace market represented 5% of our sales in the quarter. We had another strong quarter with sales increasing by a robust 60% in USD, a 9% organically from prior year as we benefited from the addition of CIT during the quarter, as well as continued progress in expanding our call content on next generation commercial aircraft.

商業航空航太市場占我們本季銷售額的 5%。我們迎來了一個強勁的季度，以美元計算的銷售額強勁增長了60%，比上一年有機增長了9%，這得益於本季度CIT 的增加，以及在擴展下一代商用飛機通話內容方面的持續進展。

Sequentially, our sales grew by 46% in USD from the first quarter as we benefited from the addition of CIT. On an organic basis, our sales were flat sequentially, which was a bit better than we had anticipated coming into the quarter. Looking into the third quarter, we expect sales to increase in the mid-40% range as we benefit, particularly from a full quarter of CIT sales. I'm truly proud of our team working in the commercial air market.

隨後，由於企業所得稅的增加，我們的美元銷售額較第一季成長了 46%。從有機角度來看，我們的銷售額環比持平，這比我們對本季的預期要好一些。展望第三季度，我們預計銷售額將成長 40% 左右，因為我們受益匪淺，尤其是整個季度的 CIT 銷售額。我為我們在商業航空市場工作的團隊感到非常自豪。

Now with addition of CIT, we offer the broadest range of high technology interconnect products to our customers in this important area. With the ongoing growth in travel and thus the demand for jet liners, our efforts to strengthen our product offering while diversifying our market position into next-generation aircraft are paying real dividends. We continue to see great long-term opportunities for expansion of our technology offering to this important market and look forward to realizing the benefits of our growth initiatives for many years to come.

現在，隨著 CIT 的加入，我們為這一重要領域的客戶提供最廣泛的高科技互連產品。隨著旅行的持續增長以及對噴射客機的需求，我們在加強產品供應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，並期待在未來許多年實現我們的成長計劃的好處。

The industrial market represented 24% of our sales in the quarter. And sales in the second quarter did grow 9% in USD from prior year as we benefited from acquisitions. On an organic basis, sales declined by 5% as we saw moderations in most segments on a year-over-year basis of the industrial market. Sequentially, sales grew by a better than expected 7% from the first quarter, driven primarily by acquisitions, but our organic sales were up slightly on a sequential basis.

工業市場占我們本季銷售額的 24%。由於我們受益於收購，第二季的美元銷售額確實比去年同期成長了 9%。從有機角度來看，銷售額下降了 5%，因為我們看到工業市場大多數細分市場的年成長率有所放緩。隨後，主要受收購推動，銷售額比第一季成長了 7%，好於預期，但我們的有機銷售額較上季略有成長。

Looking in the third quarter, we expect sales to grow in the mid-single digit range sequentially, driven by the benefit of our recent acquisitions. While the industrial market certainly has been experiencing a pause as customers and distributors have adjusted their demand levels, we are encouraged to see some early signs of momentum growing in certain areas of the industrial market.

展望第三季度，在我們最近收購的好處的推動下，我們預計銷售額將連續成長在中個位數範圍內。雖然隨著客戶和分銷商調整需求水平，工業市場確實經歷了暫停，但我們很高興看到工業市場某些領域出現了一些成長勢頭的早期跡象。

In addition, with the additions this quarter of CIT and Lutze US, we now have an ever broaden and even broader range of products and capabilities to offer customers across the diversified industrial market. I'm confident that our long-term strategy to expand our high-technology interconnect, antenna and censor offerings, both organically and through complementary acquisitions, has positioned us to see capitalize on the many electronic revolutions, there with no doubt continue to occur across the industrial market.

此外，隨著本季 CIT 和 Lutze US 的增加，我們現在擁有更廣泛的產品和能力，可以為多元化工業市場的客戶提供服務。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、天線和審查器產品的長期策略，使我們能夠利用許多電子革命，毫無疑問，這些革命將繼續發生在各個領域。 。

This creates opportunities long term for our outstanding team working in this market. The automotive market represented 21% of our sales in the quarter, and sales grew 6% in USD and 5% organically, driven by strength across newer automotive applications.

這為我們在這個市場上工作的優秀團隊創造了長期機會。汽車市場占我們本季銷售額的 21%，在新型汽車應用的強勁推動下，以美元計的銷售額成長了 6%，有機銷售額成長了 5%。

Sequentially, our sales moderated by 4% from the first quarter, which was in line with our expectations coming into the quarter. I would note that we did see some incremental softening of demand in Europe in the quarter as vehicle manufacturers there moderated their production volumes and that was offset by a more favored mobile performance in North America and Asia.

隨後，我們的銷售額較第一季下降了 4%，這符合我們對本季的預期。我要指出的是，由於歐洲的汽車製造商減少了產量，本季我們確實看到歐洲的需求有所疲軟，而北美和亞洲更受歡迎的移動性能抵消了影響。

For the third quarter, we do expect sales to be slightly down from these levels as certain automakers have slowed their summer production schedules. I'm truly proud of our team working in the automotive market.

對於第三季度，我們預計銷量將略有下降，因為某些汽車製造商已經放慢了夏季生產計劃。我為我們在汽車市場工作的團隊感到非常自豪。

Our continued 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 this includes electrified drive trains as well as a multitude of other exciting applications. We look forward to benefiting from our strong position in the automotive market for many years to come.

我們持續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。這包括電氣化傳動系統以及許多其他令人興奮的應用。我們期待在未來的許多年裡受益於我們在汽車市場的強大地位。

The mobile devices market represented 8% of our sales in the quarter, and sales grew by 6% in USD and 7% organically as strength in smartphones and wearables more than offset moderations in sales related to laptops. Sequentially, our sales increased by 9%, which was much better than our expectations for a mid-single digit decline. And we really did see sequential growth across all segments of the mobile devices market, which was encouraging.

行動裝置市場佔本季銷售額的 8%，以美元計算的銷售額成長了 6%，有機成長了 7%，因為智慧型手機和穿戴裝置的強勁勢頭足以抵消筆記型電腦相關銷售額的放緩。隨後，我們的銷售額成長了 9%，這比我們預期的中個位數下降要好得多。我們確實看到行動裝置市場所有領域的連續成長，這是令人鼓舞的。

Looking into the third quarter, we anticipate sales to increase by approximately 20% from this second quarter levels, as customers prepare for year-end new product launches. While mobile devices will always remain Amphenol's, most volatile of end markets, our outstanding and agile team remains well positioned to capture any opportunities for incremental sales that may arise in 2024 and beyond.

展望第三季度，隨著客戶為年底新產品發布做準備，我們預計銷售額將較第二季度成長約 20%。雖然行動裝置將始終是安費諾最不穩定的終端市場，但我們出色而敏捷的團隊仍然處於有利位置，可以抓住 2024 年及以後可能出現的任何增量銷售機會。

Our leading array of antennas, interconnect products and mechanisms continue to enable a broad range of next-generation mobile devices, thereby positioning us well for the long term. Our mobile networks market represented 4% of our sales in the quarter, and sales grew by 13% in USD and 7% organically, as we did see the beginning of a recovery in our sales to network operators and wireless equipment manufacturers after a number of quarters of demand moderation.

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，從而使我們處於長期有利​​地位。我們的行動網路市場佔本季銷售額的4%，以美元計算的銷售額成長了13%，有機成長了7%，因為在經過一系列的調整之後，我們確實看到了對網路營運商和無線設備製造商的銷售開始復甦。

Sequentially, sales in the quarter increased by a strong 22%, which was much better than our expectations coming into the quarter. Looking to the third quarter, we do expect some moderation from the strong second quarter levels on traditional summer seasonality. We're encouraged by the recent strengthening in the mobile networks market as operators ramp up their investments in next-generation systems, our team remains focused on realizing the benefits of our long-term efforts to expand our position in next generation equipment and networks around the world.

隨後，本季銷售額強勁成長 22%，遠勝於我們對本季的預期。展望第三季度，我們確實預計傳統夏季季節性的強勁第二季度水準將有所放緩。隨著營運商加大對下一代系統的投資，行動網路市場最近的走強令我們感到鼓舞，我們的團隊仍然專注於實現我們長期努力的好處，以擴大我們在下一代設備和網路領域的地位。 。

Now with the pending acquisition of the OWN and DAS businesses from CommScope, we look forward to participating even more strongly in these next generation networks for years to come. The IT datacom market represented 24% of our sales in the quarter.

現在，隨著康普即將收購 OWN 和 DAS 業務，我們期待在未來幾年能更加積極參與這些下一代網路。 IT 數據通訊市場占我們本季銷售額的 24%。

Sales in the second quarter grew by a very strong 57% in USD and 56% organically, driven by the continued acceleration in demand for our products used in next-generation AI data centers. While the vast majority of this growth did result from our expanding position in AI interconnect, we were encouraged to also see some improvements in base IT datacom demand.

由於下一代人工智慧資料中心使用的產品需求持續加速，第二季的美元銷售額成長了 57%，有機成長了 56%。雖然這一增長的大部分是由於我們在人工智慧互連領域不斷擴大的地位，但我們也很高興地看到基礎 IT 數據通訊需求的一些改善。

On a sequential basis, sales increased by a strong 29% from the first quarter, substantially better than our expectations coming into Q2. Looking into the third quarter, we expect sales to grow modestly from these elevated second quarter levels. For more encouraged than ever by the company's positioned in the global IT datacom market, our team continues to do an outstanding job securing future business on next-generation IT systems, particularly those enabling AI.

環比來看，銷售額較第一季強勁成長 29%，大大優於我們對第二季的預期。展望第三季度，我們預期銷售額將在第二季度的高水準基礎上小幅成長。公司在全球 IT 數據通訊市場中的地位比以往任何時候都更加令人鼓舞，我們的團隊將繼續出色地工作，確保下一代 IT 系統（尤其是支援人工智慧的系統）的未來業務。

Indeed, the revolution in AI has created a unique opportunity for Amphenol, given our leading high speed and power interconnect products. With machine learning driving a more intensive usage of these highest technology of interconnect products, we're very well positioned for the future. And whether high speed power or fiber optic interconnect, our products are critical components in these next generation networks, and this creates a continued long-term growth opportunity for Amphenol.

事實上，鑑於我們領先的高速和電源互連產品，人工智慧革命為安費諾創造了獨特的機會。隨著機器學習推動這些最高技術的互連產品的更廣泛使用，我們為未來做好了充分的準備。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，這為安費諾創造了持續的長期成長機會。

Finally, the broadband market represented 3% of our sales in the quarter and sales still declined by 17% in USD and organically from prior year as broadband operators continued to reduce their procurement levels. On a sequential basis, sales were flat as we had anticipated, and looking into the third quarter, we expect to further moderation of sales sequentially. Regardless of this current muted demand environment, we do remain encouraged by the company's continued strong position in the broadband market.

最後，寬頻市場占我們本季銷售額的 3%，但由於寬頻業者持續降低採購水平，以美元計算的銷售額與去年相比仍下降了 17%。從環比來看，銷售額與我們預期的持平，展望第三季度，我們預期銷售額將進一步放緩。儘管目前的需求環境低迷，但我們仍然對該公司在寬頻市場上持續的強勢地位感到鼓舞。

And we look forward to continuing to support our service provider customers around the world as they eventually increase their spending to increase network coverage and bandwidth in support of the proliferation of high-speed data applications to homes and businesses.

我們期待繼續為世界各地的服務供應商客戶提供支持，因為他們最終會增加支出以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 assuming the continuation of current market conditions as well as constant currency exchange rates, for the third quarter, we expect sales in the range of $3.7 billion to $3.8 billion and adjusted diluted EPS in the range of $0.43 to $0.45. This would represent sales growth of 16% to 19% and adjusted diluted EPS growth of 10% to 15% compared to the third quarter half of 2023.

現在轉向我們的展望，假設當前市場狀況持續且貨幣匯率保持不變，我們預計第三季銷售額將在37 億美元至38 億美元之間，調整後稀釋後每股收益將在0.43 美元至0.45美元之間。與 2023 年第三季相比，這意味著銷售額成長 16% 至 19%，調整後稀釋後每股盈餘成長 10% 至 15%。

As is our usual practice, this guidance does not include acquisitions which have not yet closed, but does include CIT and Lutze US, both of which are currently operating below the corporate average level of profitability.

依照我們的慣例，本指引不包括尚未完成的收購，但包括 CIT 和 Lutze US，這兩家公司目前的營運獲利能力均低於企業平均值。

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

我對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，同時繼續提高安費諾的市場地位並推動長期可持續和強勁的盈利能力仍然充滿信心。

And finally, I just wanted to take this opportunity here to thank our entire global team for what we are truly outstanding efforts here in the second quarter. And with that, operator, we'd be more than happy to take any questions.

最後，我想藉此機會感謝我們整個全球團隊在第二季所做的真正出色的努力。接線員，我們非常樂意回答任何問題。

(Operator Instructions) Wamsi Mohan, Bank of America.

（操作員指示）Wamsi Mohan，美國銀行。

Hi, yes, thank you so much. Adam, a really impressive order growth over here. Big, big numbers on. Can you just talk about how much of that was driven by AI? Are you seeing a lot of new programs kick in? And how do we square that with your expectation of a moderate increase here in IT datacom for the third quarter? Thank you.

你好，是的，非常感謝你。亞當，這裡的訂單增長確實令人印象深刻。很大很大的數字。您能談談其中有多少是由人工智慧驅動的嗎？您是否看到很多新計劃啟動？我們如何將這一點與您對第三季 IT 數據通訊溫和成長的預期結合起來？謝謝。

Yeah, well. Thank you very much, Wamsi. Look, we are very encouraged by the orders this quarter. And as I mentioned, 112 book-to-bill, by far and away, the biggest driver of that was a very significant book-to-bill that we saw in the IT datacom market and no doubt about it. I mean, there's a significant portion of that is being driven by AI, and this is existing programs that we've already won, new programs that we are winning, a really broad array of a momentum that we have across AI.

是的，好吧。非常感謝你，瓦姆西。看，我們對本季的訂單感到非常鼓舞。正如我所提到的，112 的訂單出貨量，到目前為止，最大的推動力是我們在 IT 數據通訊市場上看到的非常重要的訂單出貨量，這是毫無疑問的。我的意思是，其中很大一部分是由人工智慧驅動的，這是我們已經贏得的現有項目，我們正在贏得的新項目，我們在人工智慧方面擁有非常廣泛的動力。

And I think just so proud of our team who is leveraging our leading position in high speed and power to really continuing to win in these extraordinarily complex systems. And as it relates to your question on the third quarter and the guide related to our sales, we shouldn't forget, these are some of the most complex interconnect products ever built that we are making in many cases. And they have to be that because what our end customers are trying to achieve with AIs is really phenomenal.

我認為我們的團隊非常自豪，他們利用我們在高速和功率方面的領先地位，在這些極其複雜的系統中真正持續獲勝。由於它涉及您關於第三季度的問題以及與我們的銷售相關的指南，我們不應該忘記，這些是我們在許多情況下製造的一些最複雜的互連產品。它們必須如此，因為我們的最終客戶試圖透過人工智慧實現的目標確實是驚人的。

I mean, the phenomenal array of growth of these next-generation models that are being trained, the intensity of the interconnect, the requirements of both speed, highs, ultra-high-speed, ultra-low latency, the complexity of these systems because you're effectively having to connect every GPU or TPU or whatever it may be to every other one in order to create this sort of fabric like network. There is an enormous amount of technology involved in these things.

我的意思是，正在訓練的這些下一代模型的驚人增長、互連的強度、速度、高、超高速、超低延遲的要求，以及這些系統的複雜性，因為實際上，你必須將每個GPU 或TPU 或其他任何東西連接到其他每個GPU 或TPU 上，才能創建這種類似結構的網路。這些事情涉及大量的技術。

And we've talked about also in the past that for some of these systems that requires also some meaningful investments upfront. And well, our CapEx last quarter was kind of in line with our normal historical. I think Craig did mention that we continue to expect some elevated CapEx here in the second half.

我們過去也討論過，對於其中一些系統，還需要一些有意義的前期投資。好吧，我們上個季度的資本支出與我們正常的歷史記錄相符。我認為克雷格確實提到，我們仍然預計下半年資本支出會增加。

And so I would say that the orders that were getting from customers in many ways, they slightly opened in the order aperture to maybe give us more confidence in kind of extending ourselves in those investments and as well in order to make sure that these significant new products with all the challenges associated with them that we're building the right capacity in order to do that.

因此，我想說，從多方面從客戶那裡獲得的訂單，它們在訂單孔徑方面略有開放，這可能讓我們更有信心擴大這些投資，並確保這些重要的新產品產品面臨著與之相關的所有挑戰，我們正在建立適當的能力來做到這一點。

And I'm not talking about massive extensions in these order apertures, but these are not necessarily just orders for the next quarter alone. And so, you know, as we look at our order book, we look at our backlog related to AI, I mean, it gives us confidence not just for the quarter ahead, but for a long term to come.

我並不是說這些訂單範圍的大規模擴展，但這些不一定只是下個季度的訂單。所以，你知道，當我們查看我們的訂單簿時，我們會查看與人工智慧相關的積壓訂單，我的意思是，它不僅給我們帶來了未來季度的信心，而且讓我們對未來的長期充滿信心。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good afternoon, everyone. Thanks for taking my question. I guess I'll stick to the AI theme. Adam, I mean, there's obviously a lot of focus on what does the AI opportunity really mean for Amphenol? I'm wondering if you could spend some time just screaming on how do you see this opportunity playing out for you? Is it bigger with hyperscaler or with semiconductor companies for you? And is there a way to think about maybe how much of the incremental, let's say $300 million of revenues you had in June was AI driven versus not? Thank you.

大家下午好。感謝您提出我的問題。我想我會堅持人工智慧主題。 Adam，我的意思是，顯然，很多人都關注人工智慧機會對安費諾到底意味著什麼？我想知道您是否可以花一些時間尖叫一下您如何看待這個機會？對您來說，超大規模企業或半導體公司的規模更大嗎？有沒有辦法思考 6 月份增量收入（假設為 3 億美元）中有多少是由人工智慧驅動的，而不是非人工智慧驅動的？謝謝。

Thank you very much, Amit. I mean, look, the answer is all of the above. I mean, at the end of the day, there are folks who are spending money to build AI data centers. And those tend to (technical difficulty) play down to the chip companies. And I think what is unique about AI is, these systems are so much more complicated. There's so much more technology embedded in them that, in fact, we are working through the stack of that entire chain in making sure that our products are doing the right thing at each level.

非常感謝你，阿米特。我的意思是，看，答案就是以上全部。我的意思是，歸根究底，還是有人花錢興建人工智慧資料中心。而這些（技術難度）往往會被晶片公司淡化。我認為人工智慧的獨特之處在於，這些系統要複雜得多。它們嵌入了更多的技術，事實上，我們正​​在整個鏈條的堆疊中工作，以確保我們的產品在每個層面上都做正確的事情。

And so I think from that perspective, it's a little bit unique compared to traditional IT datacom where we worked with just OEMs or just service providers. I say here, we work with companies up and down the stack. And in significant ways, let me say that. In terms of the growth over prior year, I mean, you've characterized our growth, which is just over $300 million on year-over-year basis.

因此，我認為從這個角度來看，與我們僅與 OEM 或服務供應商合作的傳統 IT 資料通訊相比，它有點獨特。我在這裡說的是，我們與整個堆疊的公司合作。讓我以重要的方式這麼說。就去年的成長而言，我的意思是，您已經描述了我們的成長，年成長略高於 3 億美元。

And I think what I -- how I describe that was the vast majority of that growth really came out of AI. We've been careful not to just put specific numbers. In fact, it's not always easy to tell what is exactly AI and what is exactly not AI. And so we've tried to be a little bit more directional about those numbers. And I think we've been consistent about that from really the beginning of the sort of advent of this revolution.

我認為我所描述的絕大多數成長確實來自人工智慧。我們一直很小心，不只提供具體數字。事實上，要區分什麼是人工智慧、什麼不是人工智慧並不總是那麼容易。因此，我們試圖對這些數字更具指導性。我認為從這場革命的真正到來開始，我們就一直在這一點上保持一致。

But I think you can safely say the vast majority of our growth on a year-over-year basis, and then on a sequential basis, just to give another data point, I would say that the strong majority of our growth on a sequential basis, but not all of it, -- and we were encouraged on a sequential basis as well to see some growth in the base IT demand, which has been a long time coming.

但我認為你可以有把握地說，我們的絕大多數成長是同比成長，然後是連續成長，只是為了提供另一個數據點，我想說我們的成長絕大多數是連續成長的，但不是全部，我們也因連續看到基本IT 需求的一些增長而受到鼓舞，而這種增長已經持續了很長時間。

I think we all know. I mean that was not the easiest of markets over the last, you know, I don't know, six to eight quarters, and it's encouraging for us to finally see meaningful growth from that sort of base IT investments, which we always expected would when they come. But no doubt about it. The vast majority of year-over-year or the strong majority of our sequential growth has come out of AI.

我想我們都知道。我的意思是，這不是過去最容易的市場，你知道，我不知道，六到八個季度，令人鼓舞的是，我們最終看到了這種基礎IT 投資的有意義的增長，我們一直期望這種增長當他們來的時候。但毫無疑問。我們的同比增長或環比增長的絕大多數都來自人工智慧。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hey, thanks for taking my question. And I'm actually going to switch gears here and ask you about the acquisition of CommScope, particularly in terms of when you think about mobile networks and you mentioned you're starting to see somewhat of a cyclical sort of spending recovery from your customers. But I think investor perception generally for that mobile networks business has been that service providers don't really need to spend massively till we get to 6G.

嘿，謝謝你回答我的問題。實際上，我要在這裡轉換話題，詢問您有關收購康普的問題，特別是當您考慮行動網路時，您提到您開始看到客戶的支出出現某種週期性的復甦。但我認為，投資者對行動網路業務的普遍看法是，服務供應商在推出 6G 之前並不需要投入大量資金。

So maybe if you can sort of outline why now, why now the acquisition? How you're thinking about sort of the outlook for the next few years and what drove the decision here to double down on this mobile networks business? Thank you.

那也許你可以概述為什麼現在，為什麼現在收購？您如何看待未來幾年的前景？謝謝。

Yeah. Well, thank you very much, Samik. Look, -- and I'm just going to from a vernacular perspective, we'll call this, Andrew. So as not to confuse anybody because we're not buying all of CommScope. We are buying the mobile networks business from CommScope, which is essentially Andrew, that was acquired by them in 2007.

是的。嗯，非常感謝你，薩米克。聽著，我只是從白話的角度來說，我們稱之為安德魯。為了不讓任何人感到困惑，因為我們不會購買康普的全部股份。我們正在從康普公司購買行動網路業務，康普公司本質上就是安德魯公司，他們在 2007 年收購了康普公司。

And Andrew is just a fabulous, fabulous company. I mean, as I mentioned in my prepared remarks, a rich legacy of technology and outstanding enabler of all the generations. I mean, they go back all the way to 1G and 2G and 3G and 4G and now 5G as a core partner in enabling those next generation networks.

安德魯是一家非常棒的公司。正如我在準備好的演講中提到的，我的意思是，豐富的技術遺產和歷代傑出的推動者。我的意思是，他們一路追溯到 1G、2G、3G 和 4G，現在又以 5G 作為支援下一代網路的核心合作夥伴。

And I think, yes, for the last, you know, year or year-and-a-half, we've seen more muted demand in mobile networks were encouraged. See that now -- I'm not going to tell you that we're smart enough to have timed exactly this announcement to exactly when we started to see that market turns. I think that's more coincidental.

我認為，是的，在過去的一年或一年半里，我們看到行動網路的需求更加疲軟。現在看看——我不會告訴你，我們足夠聰明，能夠準確地在我們開始看到市場轉變的時候發布這一公告。我覺得更巧合。

This as a company that we have admired for a long, long, long time. It's a fabulous organization with fabulous people, fabulous technology. So that's not that we saw the market turning and then we decided to acquire it. But quite the contrary. These are lengthy discussions.

這是一家我們欽佩很久很久的公司。這是一個出色的組織，擁有出色的人才和出色的技術。所以這並不是我們看到市場轉變然後決定收購它。但恰恰相反。這些都是冗長的討論。

So, you know, the why now, I think is not necessarily -- I wouldn't tell you that there is a now. It just happened that this was the right time for them and the right time for us in how these discussions go.

所以，你知道，為什麼是現在，我認為不一定——我不會告訴你有一個現在。碰巧現在對他們來說是正確的時間，對我們來說也是正確的時間來進行這些討論。

But the long term, I will say this. The long term for mobile networks is something that we do believe then as a component of the broad diversified presence that we have across the entire range of the electronics industry. And the fact is all these things that we're talking about be they AI or next-generation communications or mobile devices or whatever, we are accessing these things by and large through mobile networks today. Not through fixed line. And by the way, we cover fixed line.

但從長遠來看，我會這麼說。我們確實相信行動網路的長期發展是我們在整個電子產業中廣泛多元化業務的組成部分。事實上，我們正​​在談論的所有這些東西，無論是人工智慧、下一代通訊、行動裝置還是其他什麼，我們今天基本上都透過行動網路存取這些東西。不通過固定線路。順便說一句，我們涵蓋固定線路。

We still have our broadband business as a way to make sure that we're present. Whenever people are getting Internet through a cable or otherwise. But we've always said, we want to be present in the high technology way as a partner to our customers in every way that people are accessing data. And over the long term, there's no doubt in my mind that the highest growth way that people are going to access data is through -- isn't a disconnected fashion through mobile networks.

我們仍然擁有寬頻業務，作為確保我們存在的一種方式。每當人們透過電纜或其他方式上網時。但我們一直說，我們希望以高科技方式作為客戶的合作夥伴，參與人們存取資料的各種方式。從長遠來看，毫無疑問，人們存取資料的最高成長方式是透過行動網絡，而不是一種離線的方式。

And yes, there is 5G today where there is still a lot of work to be done to build that out. There will be a 6G. There will be a 7G. There will be an 8G. I've been in the company long enough to have watched these generations unfold and we want to be a participant in that.

是的，今天已經有了 5G，但要實現它仍然有很多工作要做。會有6G。會有7G的。會有8G。我在公司工作了很長一段時間，見證了這幾代人的發展，我們希望成為其中的參與者。

Doubling down, I mean, sure, this is going to significantly expand our position in the mobile networks market, which I would argue today is somewhat underrepresented, 4% of our sales last quarter. But this is not doubling down for all of Amphenol in that respect. After we make this acquisition, mobile networks may represent somewhere in the high single digits, roughly of our sales.

我的意思是，加倍努力，這肯定會顯著擴大我們在行動網路市場的地位，我認為今天這個市場的代表性有些不足，占我們上季度銷售額的 4%。但這並沒有讓整個安費諾在這方面加倍努力。在我們進行這次收購之後，行動網路可能會在我們的銷售額中佔據較高的個位數。

And I would also put that in the context. That over the last 18 months, we've made -- now we've completed 12 acquisitions and we've signed two others, Lutze Europe and now Andrew, that we'll be closing in the future. And we've made these acquisitions across the range of Amphenol -- of the served markets that we have.

我也會把它放在上下文中。在過去 18 個月裡，我們已經完成了 12 項收購，並且還簽署了另外兩項收購，即 Lutze Europe 和現在的 Andrew，我們將在未來完成收購。我們已經在我們所服務的市場範圍內進行了這些收購。

But in particular with the acquisition of CIT and a number of our other industrial markets, those kind of slower cycle markets of commercial air, defense, industrial, automotive. Those have been a little bit more concentrated there. And we do believe that having balance across the faster cycle markets and the slower cycle markets, the communications markets being the faster ones, we think that balance is a very great thing for the company long term.

但特別是透過收購 CIT 和我們的一些其他工業市場，商業航空、國防、工業、汽車等周期較慢的市場。這些都集中在那裡。我們確實相信，在較快週期市場和較慢週期市場（通訊市場是較快的市場）之間取得平衡，我們認為這種平衡對公司的長期發展來說是一件非常好的事情。

And it allows us to continue to have great exposure to every corner of the electronics market while not having over exposure and thereby being overly susceptible to risk, should there be a problem in any given market.

它使我們能夠繼續在電子市場的每個角落擁有大量的風險敞口，同時又不會過度暴露，從而在任何特定市場出現問題時過於容易受到風險的影響。

So we think this is a great strategic acquisition from a product technology perspective. It's great from a global customer relationship perspective, and it's great for overall Amphenol and what it brings, not to mention that the 4,000 people that one day will join our organization, many of whom have worked for the company all the way back to the time when it was, in fact, Andrew, they're going to make fantastic Amphenol ends in the future.

因此，我們認為從產品技術角度來看，這是一次偉大的策略性收購。從全球客戶關係的角度來看，這非常好，對於整個安費諾及其帶來的影響也非常好，更不用說有一天將有4,000 名員工加入我們的組織，其中許多人一直在為公司工作事實上，當是安德魯時，他們將在未來取得出色的安費諾結局。

Luke Junk, Baird.

路克垃圾，貝爾德。

Thank you for taking the question. Adam, maybe a near-term question, but, you mentioned in your prepared remarks, of course, you've been seeing a pause in the industrial markets that we're encouraged by some early signs of momentum in the quarter. Can you just double click on what you're seeing in some of those areas being geographically or by end market? And maybe if you could frame it up before you see in terms of orders as a leading indicator. That would be helpful. So, thank you.

感謝您提出問題。亞當，也許是一個近期問題，但是，您在準備好的發言中提到，當然，您已經看到工業市場出現停頓，本季度的一些早期勢頭跡象令我們感到鼓舞。您能否雙擊您在某些地理區域或終端市場中看到的內容？也許您可以先將其框架化，然後再將訂單視為領先指標。那會有幫助的。所以謝謝。

Yeah, thanks. Thanks very much, Luke. Look, starting with orders, I mean, we were encouraged actually. I think I can't tell you how long it's been, but to have a positive book-to-bill in the industrial market and, you know, not just like 1.1 to one, it was like a decently positive book-to-bill that we had in industrial. So that I would say is encouraging sign, number one.

是的，謝謝。非常感謝，盧克。看，從訂單開始，我的意思是，我們實際上受到了鼓勵。我想我無法告訴你已經過去了多久，但在工業市場上有一個積極的訂單出貨比，你知道，不僅僅是 1.1 比 1，這就像一個相當積極的訂單出貨比我們在工業領域擁有的。所以我想說這是令人鼓舞的跡象，第一。

I would say an encouraging sign number two is that we saw with our distributors, in particular on a sequential basis, but even on a year-over-year basis, growth and demand from our distributors, the demand and they put upon us. And that's a great early indication that the kind of inventory corrections that were happening at the end customer and in distribution channel, those seem to be largely behind us. And you know, I never want to be the guy to call a bottom, let me say that.

我想說的第二個令人鼓舞的跡像是，我們看到我們的分銷商，特別是連續的基礎上，但即使是同比的基礎上，我們的分銷商的增長和需求，以及他們對我們的需求。這是一個很好的早期跡象，表明最終客戶和分銷管道中發生的庫存調整似乎已經在很大程度上成為過去。你知道，我從來不想成為那個被稱為底層的人，讓我這麼說。

But I'm encouraged that we actually had meaningful growth on a sequential basis in distribution from the first quarter. I mean, and when I say meaningful, I'm talking about high 10s kind of growth rate on a sequential basis from distribution. And that's broadly from distribution, but also from the distribution that is within industrial.

但令我感到鼓舞的是，從第一季開始，我們的分銷實際上實現了環比的有意義的成長。我的意思是，當我說有意義時，我指的是分佈中連續 10 倍的高成長率。這主要來自分銷，但也來自工業內部的分銷。

So I think those are good signs. If you look at our guide here for the third quarter, yes, we were kind of on a year-over-year basis in the second quarter organically down, but we were actually up slightly sequentially in industrial. And then, in our guide for the third quarter would have us be kind of flattish sequentially on an organic basis. I mean, we've -- I've talked about the fact that we will grow, but that growth is really driven by the new acquisitions.

所以我認為這些都是好跡象。如果你看一下我們第三季的指南，是的，我們第二季的同比有機下降，但實際上工業方面的環比略有上升。然後，在我們第三季的指南中，我們將在有機基礎上連續表現持平。我的意思是，我們已經談到了我們將會成長的事實，但這種成長實際上是由新收購推動的。

So look, this is not to say that all is perfect in industrial, but I think the combination of the orders and the behavior of distributors, those are two pretty good early signs. As we get into the third quarter, 90 days from now, we see how that goes. We'll certainly tried to be able to give everybody a little bit more visibility to whether that is in fact happening.

所以看，這並不是說工業界一切都很完美，但我認為訂單和經銷商行為的結合，這是兩個很好的早期跡象。當我們進入第三季（即 90 天後）時，我們會看到情況如何。我們當然會努力讓每個人都更清楚地了解這種情況是否真的發生了。

The last thing I would say is -- you mentioned geographical. There's no doubt that the industrial trends are diverting geographically. So we actually saw organic growth in the quarter on a sequential basis in North America and Asia, and we saw continued organic declines in Europe. And so I think Europe is certainly not out of the woods right now. But it's encouraging that we see this in distribution. North America has maybe a little bit more distribution than Europe does, and to see also the growth that we're seeing now in Asia.

我要說的最後一件事是──你提到了地理。毫無疑問，產業趨勢正在發生地理上的轉移。因此，我們實際上看到北美和亞洲本季連續有機成長，而歐洲則持續有機下降。所以我認為歐洲現在肯定還沒有走出困境。但令人鼓舞的是，我們在發行中看到了這一點。北美的分佈可能比歐洲多一點，也可以看到我們現在在亞洲看到的成長。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great. Thank you for taking my question. I could just double click on operating margin. Really strong here in the comm segment. Aa you continue to see AI momentum here, how should we think about both incremental operating margin going forward and [this quarterly] EBIT margin going forward. Thank you.

偉大的。感謝您回答我的問題。我只需雙擊營業利潤率。在通訊領域確實很強大。嗯，你繼續在這裡看到人工智慧的發展勢頭，我們應該如何考慮未來的增量營業利潤率和[本季]息稅前利潤率。謝謝。

Yeah, no. Thanks a lot for the question. Yeah, we're really proud of the operating margins here in the second quarter with 21.3% record operating margins. And that's obviously including a part of the quarter. We have CIT, which is well below the company average kind of in a lower double digit range. And so certainly proud of the operating margins.

是的，不。非常感謝您的提問。是的，我們對第二季的營業利潤率感到非常自豪，營業利潤率達到創紀錄的 21.3%。這顯然包括本季度的一部分。我們的企業所得稅遠低於公司平均水平，處於較低的兩位數範圍內。因此，我們當然對營業利潤率感到自豪。

And yes, certainly that's driven by a bunch of factors. And I wouldn't focus it on one particular area. There is a few things happening here. Certainly, some of the markets that are growing, including the IT data market and military and some others are certainly -- those businesses that continues to execute well on the higher growth rates.

是的，這當然是由一系列因素所驅動的。我不會將其集中在某一特定領域。這裡發生了一些事情。當然，一些正在成長的市場，包括 IT 數據市場和軍事市場以及其他一些市場，肯定是那些繼續以較高成長率良好執行的業務。

And the other side of that coin is we have certain markets in certain businesses that are not growing. And industrial when we talked about a little baton, and they're really doing a good job kind of on the other side of the coin to be able to kind of protect their margins.

另一方面，我們在某些​​業務中擁有某些沒有成長的市場。當我們談論一個小接力棒時，工業方面，他們在硬幣的另一面確實做得很好，能夠保護他們的利潤。

So overall, I wouldn't focus it on say one area, but I think as we continue to grow as we continue to be able to drive volume, we should be able to continue to drive our margins up and into that kind of 25% target of the conversion margins we talk about.

所以總的來說，我不會把重點放在某個領域，但我認為，隨著我們繼續成長，我們繼續能夠提高銷量，我們應該能夠繼續提高我們的利潤率，達到 25%我們談論的轉換利潤率的目標。

Clearly CIT here in the third quarter, sequentially is going to have a bit of an impact. And you see that in our kind of implied guidance from a sequential perspective. But if you look, you know, organically coming into the third quarter, we're still converting very well, excluding kind of the CIT impact into those margins. And we feel real good about the margins and the expansion potential as we move forward from here in the year.

顯然，第三季的企業所得稅將連續產生一些影響。您可以在我們從順序角度提供的隱含指導中看到這一點。但如果你看一下，你知道，進入第三季度，我們的轉換仍然非常好，排除了企業所得稅對這些利潤率的影響。隨著我們今年的發展，我們對利潤率和擴張潛力感到非常滿意。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thanks so much. I want to go back to Andrews. So I'm getting the nomenclature right now. Just a couple quick things. One, the 25% EBITDA margins you highlighted on that deal. I'm just looking at some of the historicals. Looks a little bit higher. Just wanted to understand if you're building in any sort of synergies or anything else into that or that's just to forecast.

非常感謝。我想回到安德魯斯。所以我現在正在了解術語。只是一些快速的事情。一是您在那筆交易中強調的 25% EBITDA 利潤率。我只是看一些歷史資料。看起來有點高了。只是想了解您是否正在建立任何類型的協同效應或其他任何內容，或者這只是為了預測。

And, two, I noticed in the release you said, you know, EPS-accretive, ex transaction costs and I'm sure you're still going through some of the deal amortization and other another issues. But you generally run that through. So is it also just straight EPS accretive? Should we expect that?

而且，第二，我注意到你在新聞稿中說，你知道，每股收益增值，扣除交易成本，我確信你仍在經歷一些交易攤銷和其他問題。但你通常會貫穿這一點。那麼它也只是直接增加每股盈餘嗎？我們應該期待這一點嗎？

Sure. Yeah, no. I think this is -- just to start with the EPS accretion part, we haven't called that out because I think it's a little bit far into the future to start calling out EPS accretion. It's certainly will be EPS accretive. It's a very -- it's strong profitability. Adam mentioned in his prepared remarks, this is high 10s operating margin, assuming kind of the amortization we would expect based on our current estimates, post acquisition. So certainly, we would expect good level of EPS accretion after the acquisition.

當然。是的，不。我認為，從 EPS 成長部分開始，我們還沒有指出這一點，因為我認為現在開始提出 EPS 成長還為時過早。這肯定會增加每股收益。這是非常強大的獲利能力。亞當在他準備好的演講中提到，這是 10 多倍的營業利潤率，假設我們根據當前的估計在收購後進行攤銷。因此，我們當然預期收購後每股盈餘將實現良好的水準成長。

In regards to the 25% EBITDA, there's certainly no synergies. We're not anticipating any synergies. We don't talk about synergies. Typically, as you know, our approach to when acquiring companies and bringing them into the Amphenol family, we don't try to make significant changes. We essentially enable the businesses to expand margins while and helping them do so as part of Amphenol, and that will be our continued playbook in addition to -- as we as we bring CommScope we ultimately close this, the Andrews business there.

就 25% 的 EBITDA 而言，肯定沒有綜效。我們預計不會產生任何協同效應。我們不談論協同效應。如您所知，通常情況下，我們在收購公司並將其納入安費諾家族時的做法不會嘗試做出重大改變。我們本質上使企業能夠擴大利潤，同時作為安費諾的一部分幫助他們這樣做，這將是我們持續的策略——當我們引入康普時，我們最終會關閉那裡的安德魯斯業務。

So I wouldn't say that this 25% is -- that's what we view it as right now. I'm not going to talk so much about, you know, -- it's still part of CommScope's business, and we're not going to necessarily talk so much about kind of what their expectations are. And they're going to continue to report on this business, and we'll let them do so.

所以我不會說這 25% 是——這就是我們現在所認為的。我不會談論太多，你知道，它仍然是康普業務的一部分，我們不一定會談論太多他們的期望。他們將繼續報道這項業務，我們會讓他們這樣做。

Guy Hardwick, Freedom Capital Markets.

蓋伊‧哈德威克，《自由資本市場》。

Hi, good afternoon.

嗨，下午好。

Hi, Guy.

嗨，蓋伊。

Good evening, Guy.

晚上好，蓋伊。

Hi. Thanks, Adam, for the background on Andrew core. Just a question. Why so long to close? Because I think it's -- by your timetable it's looking like a 10-, 11 months to close compared to, say, four months for CIT.

你好。謝謝亞當提供有關安德魯核心的背景知識。就一個問題。怎麼這麼久才關門？因為我認為，按照你們的時間表，看起來需要 10 到 11 個月才能完成，而 CIT 則需要四個月。

Yeah, no, look, I think in any company, there's a regulatory process. And they operate in a lot of countries because they sell to mobile network operators around the world. And so there's -- when you have lots and lots of different geographies that can sometimes cause a little bit longer time period. But there's nothing fancy about it than that.

是的，不，你看，我認為任何公司都有監管程序。他們在許多國家/地區開展業務，因為他們向世界各地的行動網路營運商銷售產品。因此，當你有很多很多不同的地理位置時，有時會導致時間更長。但沒有什麼比這更奇特的了。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究中心。

Hey, good afternoon. Thank you for taking my question. I wanted to just understand the nature of the restructuring charge and maybe the payback on that. And if I could squeeze in a second one, Adam, you commented that you received some of your automotive manufacturer slowed production. I'm hoping you could elaborate on that. Thanks.

嘿，下午好。感謝您回答我的問題。我只想了解重組費用的性質以及可能的回報。如果我可以再插話一下，亞當，你評論說你收到了一些汽車製造商減慢生產的消息。我希望你能詳細說明這一點。謝謝。

Yeah. I mean, I don't know what restructuring charge you're talking about. We did talk about a $70 million of acquisition related charges, acquisition expenses, which includes the money that we pay to various advisors who help us do the deal together with some amortization of backlog and things like that. This is not a restructuring charge. You usually will not Amphenol talking about restructuring.

是的。我的意思是，我不知道你所說的重組費用是什麼。我們確實談到了 7000 萬美元的收購相關費用，收購費用，其中包括我們支付給幫助我們完成交易的各種顧問的錢，以及一些積壓的攤銷等等。這不是重組費用。您通常不會談論安費諾重組。

Relative to auto, I think what I mentioned is that we do see -- in particular, I would say in Europe that some of the demand expectations for our customers going into the third quarter are a little bit more muted. But our guide is, this is not a severe change in the volumes. It's just a very modest change here in the third quarter.

相對於汽車，我認為我提到的是我們確實看到 - 特別是，我想說在歐洲，我們的客戶對進入第三季度的一些需求預期更加溫和。但我們的指導意見是，這並不是數量上的嚴重變化。這只是第三季的一個非常溫和的變化。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, guys. I wanted to check on mobile devices. Correct me if I'm wrong, you said you're guiding that up 5% sequentially. And presumably there's some renewed optimism around this being driven by an upgrade cycle of devices. Can you talk about, first, can you confirm that? And then secondly, how do you in past cycles tend to participate in upgrade cycles if this were to be one? Is it earlier on or later on or how does that play out in your mind?

大家好。我想檢查移動設備。如果我錯了，請糾正我，你說你將連續引導該價格上漲 5%。設備的升級週期可能會帶來一些新的樂觀。能談談嗎，首先您能確認一下嗎？其次，如果這是一個升級週期，您在過去的週期中傾向於如何參與升級週期？是較早還是較晚，或者這在您看來是如何發生的？

Yeah. Well, thanks very much, Andrew. I mean, look, I think we had a very strong second quarter in mobile devices, much stronger than we anticipated coming into the quarter. And now with the guide of 20% sequential growth on a higher than we had anticipated baseline here in the third quarter, I mean, I think that's a fairly positive view. Is that due to upgrade cycles? I mean, yes, I guess every year, mobile devices, there's new releases. It is a very short lifecycle products.

是的。嗯，非常感謝，安德魯。我的意思是，我認為我們在行動裝置領域的第二季表現非常強勁，比我們對本季的預期要強得多。現在，以 20% 的環比增長為指導，高於我們第三季度預期的基線，我的意思是，我認為這是一個相當積極的觀點。這是由於升級週期嗎？我的意思是，是的，我想每年行動裝置都會有新版本。它是一種生命週期非常短的產品。

And so there tend to be new products every year. Whether there's a more significant upgrade cycle, I wouldn't tell you that that's necessarily what we're sort of discounting for here. As always, we have a team of folks who work in mobile devices, who are extraordinarily agile, and we have demonstrated over many, many years of participating in this market.

因此每年都會有新產品。無論是否存在更重要的升級週期，我不會告訴您這一定是我們在這裡打折的內容。像往常一樣，我們擁有一支從事行動裝置工作的團隊，他們非常敏捷，我們在參與這個市場的多年中已經證明了這一點。

That when there are additional sales to be had, when there is kind of more of, I don't know, the term folks use now is super cycle of upgrades, we have always been able to capitalize and get more than our fair share of that. So we'll see what happens here this year. I think this is probably a more kind of a normal outlook that we would have, and it remains to be seen.

當有額外的銷售時，當有更多的，我不知道，人們現在使用的術語是升級的超級週期時，我們總是能夠利用並獲得超過我們公平份額的那。所以我們會看看今年會發生什麼。我認為這可能是我們應該擁有的更正常的前景，這還有待觀察。

And to your question of when would we or how would we participate? I mean, if people are making more devices, then we'll sell more components that go on those devices and when they build those will depend largely on the type of demand that they see from their customers and that. Our job is not to anticipate that, but rather to react in real time when there are changes in the demand.

至於你的問題，我們什麼時候或如何參與？我的意思是，如果人們製造更多的設備，那麼我們將銷售更多用於這些設備的組件，而他們何時構建這些組件將在很大程度上取決於他們從客戶那裡看到的需求類型。我們的工作不是預測這種情況，而是在需求改變時即時做出反應。

And if they're favorable changes, we'll manage through that. And I'm sure we'll do well. And if they're not favorable changes, our team will adjust in real-time to preserve the bottom line. And that's how we've always operated.

如果這些變化是有利的，我們會設法解決。我相信我們會做得很好。如果這些變化不是有利的，我們的團隊將即時調整以保持獲利。這就是我們一直以來的運作方式。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good afternoon, and thank you very much for taking my question. With the CIT transaction and the proposed Andrew deals, both over $2 billion, and I think the largest Amphenol has done in its history. I'm hoping you can help us to better understand the degree of diligence Amphenol does changes for deals of that size, including as you think about cultural fit, and how you think about the ability and your confidence in getting the margin performance and execution to more typical Amphenol levels over time when taking on these larger businesses? Thank you.

是的，下午好，非常感謝您提出我的問題。 CIT 交易和擬議的安德魯交易均超過 20 億美元，我認為這是安費諾歷史上規模最大的交易。我希望您能幫助我們更好地了解安費諾對這種規模的交易所做的改變的程度，包括您對文化契合度的思考，以及您如何看待使利潤表現和執行達到目標的能力和信心。謝謝。

Well, thanks. Thanks very much, Mark. I mean, look, you can imagine that we are very serious in both our diligence, but also in our interactions with the people. And the bigger the company, the more people you're going to want to interact with. I mean, it's pretty linear from that perspective.

非常感謝。非常感謝，馬克。我的意思是，你看，你可以想像我們在勤奮方面和與人們的互動方面都非常認真。公司越大，你想要接觸的人就越多。我的意思是，從這個角度來看，這是非常線性的。

And so we had a very, very significant review and diligence with both CIT and these businesses from CommScope, which we just refer to here is Andrew. And both from a diligence integrity of the numbers, but also from a cultural perspective, I mean, on one side in terms of integrity, Carlyle and CommScope are both great companies. They are public companies. They report great numbers.

因此，我們對 CIT 和康普的這些業務進行了非常非常重要的審查和盡職調查，我們在這裡指的是安德魯。而且無論是從勤勉誠信的數字來看，還是從文化的角度來看，我的意思是，一方面就誠信而言，凱雷和康普都是偉大的公司。他們是一家上市公司。他們報告了巨大的數字。

So I think, yes, we do enormous financial diligence around and them. But I think the starting point is also these are public companies with audited financials from extremely reputable, big four audit firms as opposed to sometimes you buy family companies, and you almost have to sort of do a ground-up audit of them, and you don't have to do that kind of work here.

所以我認為，是的，我們圍繞著他們進行了大量的財務調查。但我認為出發點也是這些上市公司的財務狀況是由聲譽卓著的四大審計公司進行審計的，而不是有時你購買家族公司，你幾乎必須對它們進行徹底的審計，而且你不必在這裡做那種工作。

But the cultural aspect, getting to know the people, understanding are they're passionate about becoming part of Amphenol, do they believe in the business, do they see the potential, do they feel even liberated by being part of an interconnect company in the case of CIT or are being able to be a stand-alone business in the case of Andrew?

但在文化方面，了解人們，了解他們是否熱衷於成為安費諾的一部分，他們是否相信這項業務，他們是否看到潛力，他們是否因為成為互聯公司的一部分而感到解放？還是能夠成為安德魯的獨立業務？

This is really important because we always preserve the management and we're not going to buy a company like this. If we hear from the management team that they're not committed to being part of our company going forward. And I can tell you that both inside CIT and Andrew, the folks are extremely passionate, extremely excited to be part of the Amphenol organization.

這非常重要，因為我們總是保留管理層，我們不會收購這樣的公司。如果我們從管理團隊那裡聽說他們不致力於成為我們公司未來的一部分。我可以告訴您，CIT 和 Andrew 內部的人們都非常熱情，並且非常高興能夠成為安費諾組織的一部分。

Now related to margins. I mean, we've been making acquisitions for many, many, many years. As you know, Mark, and at the end of the day, we don't have just one recipe for how do companies improve their operating margins to bring up to at or above our corporate average. We believe that there are no sacred cows. Margin is price minus cost, and we seek to expose them to their sister and brother companies around the world so that they can see some of the ways that other Amphenolians have gone about improving their companies in due course.

現在與邊距相關。我的意思是，我們多年來一直在進行收購。馬克，如您所知，歸根結底，對於公司如何提高營業利潤率以使其達到或高於公司平均水平，我們並沒有隻有一種方法。我們相信沒有聖牛。利潤是價格減去成本，我們試圖讓他們接觸世界各地的兄弟公司，以便他們可以看到其他安費諾人在適當的時候改進他們的公司的一些方法。

And I think both the folks at CIT and in Andrew, and they have different levels of profitability by the way. CIT is a lower profitability today. Andrew is actually operating at a really nice of the profitability. But we see with both of them long term growth opportunities, both on the top line and on the bottom line, and how that's going to happen, these are exciting businesses with lots of different inputs and outputs. And I'm very confident that the team will find a way and we'll certainly help them do that.

我認為 CIT 和安德魯的員工，順便說一句，他們的利潤水平不同。現今的 CIT 獲利能力較低。安德魯實際上的盈利能力非常好。但我們看到了這兩家公司的長期成長機會，無論是在營收或利潤上，以及如何實現這一點，這些都是令人興奮的業務，擁有許多不同的投入和產出。我非常有信心團隊會找到辦法，我們一定會幫助他們做到這一點。

Will Stein, Truist Securities.

威爾·斯坦，Truist 證券公司。

Hey, great. Thanks for taking my question. Adam, congrats on all the deals you've announced recently. Some really big ones, with storied companies with Andrew in particular. And it's sort of forces me to wonder about management bandwidth to deal with all deals and then potentially continuing to look at deals. I know that you've added, I think, a new layer of management that might have been several years ago to facility potentially adding in bigger acquisitions. We're starting to see something like that. But, I wonder whether you have the management bandwidth to continue to look at new deals and to do even more or if perhaps you're going to have to put a pause on deals for a while. Thank you.

嘿，太棒了。感謝您提出我的問題。亞當，恭喜您最近宣布的所有交易。一些非常大的公司，尤其是像安德魯這樣的傳奇公司。這有點迫使我想知道處理所有交易的管理頻寬，然後可能會繼續關注交易。我知道，我認為，你們已經增加了一個新的管理層，這可能是幾年前的事，以便有可能增加更大的收購。我們開始看到類似的事情。但是，我想知道您是否有足夠的管理頻寬來繼續關注新交易並做更多的事情，或者您是否必須暫停交易一段時間。謝謝。

Well, thank you. Will. I mean, look, you ask a question that is so close to my heart. And I think I have even used this with you before. I view my job as CEO of Amphenol, really twofold: to protect the culture of the company and to scale the company, given that culture. Call it, to protect and to scale, not quite like the NYPD to protect and preserve. And I think we can look back over these last, let's call it, 20 years, 25 years, even. I've been in the company in 26 years. I've been now CEO for 15.5 of those years.

嗯，謝謝。將要。我的意思是，聽著，你問了一個非常貼近我內心的問題。我想我以前也曾和你一起使用過這個。我認為我作為安費諾執行長的工作實際上是雙重的：保護公司文化並根據這種文化擴大公司規模。稱之為保護和擴大規模，不太像紐約警察局的保護和保存。我認為我們可以回顧過去，我們稱之為 20 年，25 年，甚至。我在這家公司已經工作了26年了。其中，我擔任執行長已有 15.5 年。

I think we've done actually an outstanding job of both of those things. I would tell you that the culture of the company today across our more than 135 and 137 or so general managers that Amphenolian culture of entrepreneurship is stronger today than it has ever been before.

我認為我們在這兩件事上實際上都做得非常出色。我想告訴你，今天我們超過 135 和 137 名左右的總經理的公司文化表明，今天的安費諾創業文化比以往任何時候都更加強大。

Is it somebody to cross those people, the vibrancy and the strength of that entrepreneurship is amazing. I see it all over the world as I travel around to meet with our people. It is so unique and so powerful. But at the same time, we have scaled the company, and you correctly point out.

如果有人超越這些人，這種創業精神的活力和力量是驚人的。當我四處旅行與我們的人民見面時，我在世界各地都看到了這種情況。它是如此獨特且如此強大。但同時，我們已經擴大了公司規模，你指出的沒錯。

2.5 years ago, we took a big step in the company's evolution with the creation of three divisions run by division presidents. Each of those are reportable segments. But that was a natural evolution that goes all the way back to even the beginning of the 2000, 2003 when we created our first operating group, where we had five of those, and that was the first time that general managers didn't just report to our then CEO, who still happens to be our Chairman. We have a lot of continuity in Amphenol as you know.

2.5 年前，我們在公司的發展中邁出了一大步，創造了三個由部門總裁管理的部門。其中每一個都是可報告的部分。但這是一個自然的演變，甚至可以追溯到 2000 年、2003 年初，當時我們創建了第一個營運團隊，當時我們有五個營運團隊，這是總經理第一次不只是報告致我們當時的首席執行官，他現在仍然是我們的董事長。如您所知，我們在安費諾有很多連續性。

And those groups expanded over time to the point where today, we have 15 of these operating groups. These are groups that are roughly $1 billion or so on average, in size. We have the three global divisions and that has created an enormous bandwidth for us both to pursue organic growth opportunities, which are still very, very critical, is really core to the company, but also to continue to expand the range of our acquisition program.

隨著時間的推移，這些小組不斷擴大，如今我們已經擁有 15 個這樣的營運小組。這些群體的平均規模約為 10 億美元左右。我們擁有三個全球部門，這為我們創造了巨大的頻寬來追求有機成長機會，這仍然非常非常關鍵，是公司的真正核心，而且還可以繼續擴大我們收購計劃的範圍。

And we've gotten the question over the years. You may have even asked it yourself. Well, you know, the company grows, and if you roughly contributed about a third of your growth over the long term from acquisitions, that must mean either you have to do more deals or you have to do bigger deals. And my answer has always been for the last 15.5 years. Yes, some combination of the two we will have to do, and I think we can look back and say, yes, we have continued to do that.

多年來我們一直被問到這個問題。您甚至可能自己也問過。嗯，你知道，公司正在成長，如果從長遠來看你的成長大約有三分之一來自收購，那一定意味著你必須做更多的交易，或者你必須做更大的交易。我的答案一直是過去15.5年。是的，我們必須將兩者結合起來，我想我們可以回顧過去並說，是的，我們一直在這樣做。

We have continued to open the aperture of both the number and the scale of the deals that we do, and that is exactly related to that scaling up of our organization. You know, it's interesting, though. When you think about most companies and how traditionally there with scale and organization, you would build layers, you would build mattresses, you would build really bureaucracies at the end of the day. But that's not what this has happened in Amphenol.

我們繼續擴大我們所做交易的數量和規模，這與我們組織的擴大完全相關。不過你知道，這很有趣。當你想到大多數公司以及傳統上的規模和組織時，你會建立層次，你會建造床墊，你會在一天結束時建立一個真正的官僚機構。但安費諾的情況卻並非如此。

In fact, whether it's the divisions or the group's, these are very lean organizations. But they're actually what our lean headquarters once was before. I mean, if you think about, when we had just 15 GM's reported into the CEO and we would make maybe one acquisition in a year or two, and then when we first started our five groups, maybe we'd make three or four.

事實上，無論是部門或集團，都是非常精簡的組織。但它們其實就是我們以前的精實總部。我的意思是，如果你想一想，當我們只有15 名總經理向執行長報告時，我們可能會在一兩年內進行一次收購，然後當我們第一次啟動我們的五個小組時，也許我們會進行三到四個。

And now here in the last 18 months, we've made -- we've closed on 12 acquisition. We've signed two more, and that's included the two largest in the company's 92-year history. And that is just a reflection of the successful scaling of the Amphenol culture. The fact is CIT and what we will call Andrew, are in different divisions. They report to different division presidents.

在過去 18 個月裡，我們已經完成了 12 項收購。我們又簽署了兩份合同，其中包括該公司 92 年歷史上最大的兩份合約。這只是安費諾文化成功擴展的反映。事實上，CIT 和我們稱為 Andrew 的部門屬於不同的部門。他們向不同部門的總裁報告。

And you can bet that those individuals are working extraordinarily hard on getting to know the companies, doing the diligence, like we discussed with Mark's question and ultimately bringing them successfully into the Amphenol family. No doubt about it. We would not have been able to do this if we hadn't have evolved the organization. But today we have really almost limitless capability to do that. And coupled with the balance sheet that is second to none, that Craig has been such an amazing steward of.

你可以打賭，這些人正在非常努力地了解這些公司，盡職盡責，就像我們在馬克的問題中討論的那樣，並最終成功地將他們帶入安費諾家族。毫無疑問。如果我們沒有發展組織，我們就無法做到這一點。但今天我們確實擁有幾乎無限的能力來做到這一點。再加上首屈一指的資產負債表，克雷格是一位了不起的管家。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hey. Good afternoon. Just one more on CommScope. Can you just talk, Adam, a little bit from a technology standpoint, how you plan on leveraging all the entire portfolio you will have combined, cable assemblies, connectors, et cetera, as part of one big organization? That would be helpful. Thanks.

嘿。午安.關於康普的又一則消息。 Adam，您能否從技術角度稍微談談一下，您計劃如何利用您將組合的所有整個產品組合（電纜組件、連接器等）作為一個大型組織的一部分？那會有幫助的。謝謝。

Yeah, look, Steve, I think it's early. We've just signed the deal. And we're obviously going to go through a regulatory process here. And then once we get through that, we'll certainly be very thoughtful about the company. But what I would say is this. I mean, Amphenol has been in RF connectors from the beginning. I mean, we invented the world's first RF connector back in 1941.

是的，史蒂夫，我想現在還早。我們剛剛簽署了協議。顯然我們將在這裡經歷一個監管流程。一旦我們解決了這個問題，我們肯定會對公司非常深思熟慮。但我要說的是這個。我的意思是，安費諾從一開始就涉足射頻連接器領域。我的意思是，我們早在 1941 年就發明了世界上第一個射頻連接器。

Andrew was really the innovator of Antenna technology, one of the innovators of antenna technology for mobile networks. And I think the combination of those two rich legacies ultimately is going to create enormous value for our customers. And I can tell you, you know, having talked to already to several of those customers, they feel very excited about Amphenol as a home for this important partner for them.

安德魯確實是天線技術的創新者，行動網路天線技術的創新者之一。我認為這兩個豐富遺產的結合最終將為我們的客戶創造巨大的價值。我可以告訴你，你知道，在與其中幾位客戶交談後，他們對安費諾作為他們重要合作夥伴的家感到非常興奮。

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Good afternoon. This is Michael on for Joe.

午安.這是邁克爾替喬代言。

Good afternoon, Michael.

下午好，麥可。

Thank you. Previously you guys suggested like AI revenues are probably annualizing around $800 million and this is probably a path to $1 billion or so for next year. And can you just provide any color on customers like CapEx ramp required to support this AI growth? And if you could provide any clarity on how margins compare versus the rest of the portfolio? I would greatly appreciate it. Thank you.

謝謝。先前你們曾表示，人工智慧的年收入可能約為 8 億美元，明年可能會達到 10 億美元左右。您能否為客戶提供任何顏色，例如支援人工智慧成長所需的資本支出成長？您能否清楚說明與投資組合其他產品相比的利潤率如何？我將不勝感激。謝謝。

Yeah, thanks very much. Again, we've given I think some good directional guidance on the scale of this. I talked about the fact that the vast majority of our growth on a year-over-year basis is really growth in AI. And by the way we had some AI already a year ago in the second quarter. I think we talked quite a bit already about the order patterns and the potential CapEx required to this. I don't really want to repeat myself on that.

是的，非常感謝。我認為我們再次就其規模提供了一些很好的方向性指導。我談到了這樣一個事實，即我們的同比增長絕大多數實際上是人工智慧的增長。順便說一句，我們在一年前的第二季就已經有了一些人工智慧。我認為我們已經就訂單模式和所需的潛在資本支出討論了很多。我真的不想重複這一點。

What I would just say is that the customers, they want to work with us because of our technology. And at the end of the day, these products, these systems have such demands put upon them. The performance levels that they're being run are so extraordinary that it is coming back all the time to, do you have the product, number one, and do you have the capacity and the competency to build that product.

我想說的是，客戶因為我們的技術而希望與我們合作。歸根究底，這些產品、這些系統都有這樣的要求。他們正在運行的性能水平是如此非凡，以至於人們總是會問，你是否有產品，第一，你是否有能力和能力來構建該產品。

And that capacity and competency to build is something that we have demonstrated over many, many years, many different revolutions in IT datacom, but it does require for sure us to continue to make investments so that we can support this real revolution in AI investments.

多年來，我們在 IT 數據通訊領域的許多不同革命中已經證明了這種能力和能力，但它確實需要我們繼續進行投資，以便我們能夠支持人工智慧投資中的這場真正的革命。

And just from a margin perspective, I wouldn't call out any significant difference. The AI product line is certainly margin accretive, but not meaningfully different from the rest of the portfolio of products that we have. It's a good business and we want all of our businesses to continue to grow and provide margin contribution, which we expect that will happen.

僅從利潤角度來看，我不會指出任何重大差異。人工智慧產品線肯定會增加利潤，但與我們擁有的其他產品組合沒有太大區別。這是一項很好的業務，我們希望我們所有的業務都能繼續成長並提供利潤貢獻，我們預計這將會發生。

Saree Boroditsky, Jefferies.

薩雷·博羅迪茨基，傑弗里斯。

Hi. Thanks for fitting us in. Just kind of going back to the industrial commentary. You talked about distribution growing meaningfully, sequentially. Give us a sense of underlying demand getting better or is this just the end of destocking? Thank you.

你好。感謝您讓我們參與其中。您談到了發行量連續有意義地成長。讓我們感覺到潛在需求正在好轉，還是說這只是去庫存的結束？謝謝。

Yeah. Thanks very much, Saree. I mean, look, I think that the end of destocking usually just means that end demand starts to match with the demand put on us by the distributors because it wouldn't be a restocking, if you will. So if you think about how that would normally go, customers start to reduce their demand and distributors are left with too much inventory, they reduced their demand by even more.

是的。非常感謝，莎莉。我的意思是，看，我認為去庫存的結束通常只是意味著最終需求開始與分銷商對我們的需求相匹配，因為如果你願意的話，這不會是補貨。因此，如果你考慮一下通常情況下會發生什麼，客戶開始減少他們的需求，而分銷商留下太多庫存，他們會減少更多的需求。

And then once they get to a level that they feel good about, then they try to sort of mere their end demand with the demand put on us. So I don't think that our distributors are necessarily restocking, but probably they're matching what they're seeing.

一旦他們達到了他們感覺良好的水平，他們就會嘗試將他們的最終需求與我們的需求結合起來。因此，我認為我們的經銷商不一定會重新進貨，但他們可能會與他們所看到的相符。

And that -- again that it's why I say, without saying that industrial is sort of booming here, I think the early signs of the positive book-to-bill that we saw together with the sequential and also somewhat year-over-year momentum from distributors is a good and positive early sign for industrial, but we'll see how it goes through the third quarter and through the end of the year.

這就是為什麼我說，雖然工業在這裡正在蓬勃發展，但我認為我們看到的積極的訂單出貨量的早期跡像以及連續的和同比的勢頭來自分銷商的銷售對於工業來說是一個良好且積極的早期跡象，但我們將看看第三季和年底的情況如何。

And I will now turn the call back over to Mr. Norwitt for any closing remarks.

現在，我將把電話轉回給諾維特先生，讓他發表結束語。

Well, thank you very much. And we truly appreciate everybody's time today. And I do hope that all of you get a little bit of a chance to take some time off this summer, and we look forward to being back with you here in the fall, just 90 days from now. Thank you very much.

好的，謝謝。我們非常感謝大家今天抽出時間。我確實希望今年夏天你們所有人都有機會休息一段時間，我們期待在秋天（即 90 天後）與你們一起回到這裡。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並祝您有愉快的一天。