安費諾 (APH) 2025 Q1 法說會逐字稿

Hello and welcome to the first quarter 2025 earnings conference call for Amphenol Corporation. Following today's presentation, there will be a formal question-and-answer session. (Operator Instructions) At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

您好，歡迎參加安費諾公司 2025 年第一季財報電話會議。今天的演講結束後，將有一個正式的問答環節。（操作員指示）應公司要求，今天的會議正在錄音。如果有人有異議，此時可以斷開連接。現在我想介紹今天的會議主持人克雷格·蘭波先生。先生，您可以開始了。

Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our first quarter 2025 conference call.

非常感謝。大家下午好。我是安費諾公司的財務長克雷格‧蘭波 (Craig Lampo)，和我一起在場的還有我們的執行長亞當‧諾維特 (Adam Norwitt)。歡迎您參加我們的 2025 年第一季電話會議。

Our first quarter '25 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. 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.

我們 25 年第一季的業績已於今天上午公佈。我將提供一些財務評論，然後亞當將概述業務和當前的市場趨勢，然後我們將回答問題。提醒一下，在通話期間，我們可能會參考某些非 GAAP 財務指標並做出某些前瞻性陳述。因此，請參閱我們新聞稿中的相關披露以獲取更多資訊。

The company closed the first quarter of 2025 with record sales of $4.811 billion and GAAP and record adjusted diluted EPS of $0.58 and $0.63, respectively. First quarter sales were up 40% in US dollars, 49% in local currencies, and 33% organically compared to the first quarter of 2024. Sequentially, sales were up 11% in US dollar, 12% in local currencies and 6% organically. Adam will comment further on trends by market and a few minutes.

該公司 2025 年第一季的銷售額達到創紀錄的 48.11 億美元，GAAP 和調整後稀釋每股收益分別為創紀錄的 0.58 美元和 0.63 美元。與 2024 年第一季相比，第一季銷售額以美元計算成長 40%，以當地貨幣計算成長 49%，有機成長 33%。以美元計算，銷售額較上季成長 11%，以當地貨幣計算，銷售額較上季成長 12%，有機成長 6%。亞當將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were a record $5.292 billion, up a strong 58% compared to the first quarter of 2024 and up 6% sequentially, resulting in a book-to-bill ratio of 1.1 to 1. GAAP operating income was $1.25 billion and in the quarter, and GAAP operating margin was 21.3%. GAAP operating and included $105 million of acquisition related costs, primarily related to the acquisition of the Andrew business from CommScope, which closed at the beginning of February.

本季訂單金額達到創紀錄的 52.92 億美元，較 2024 年第一季強勁成長 58%，季增 6%，訂單出貨比達到 1.1 比 1。本季 GAAP 營業收入為 12.5 億美元，GAAP 營業利益率為 21.3%。以美國通用會計準則 (GAAP) 計算的營業利潤中包含了 1.05 億美元的收購相關成本，主要與 2 月初從康普收購安德魯業務有關。

Excluding these [administration] related costs, adjusted operated income in order of 2025 was $1.13 billion, resulting in a record adjusted operating margin of 23.5%. On an adjusted basis, operating margin increased by 250 basis points from the prior year quarter 110 basis points sequentially.

不包括這些[管理]相關成本，2025 年的調整後營業收入為 11.3 億美元，調整後營業利潤率達到創紀錄的 23.5%。經調整後，營業利潤率較去年同期增加 250 個基點，較上一季增加 110 個基點。

The year-over-year Increase in adjusted operating margin was primarily driven by strong operating leverage on the higher sales volumes, which is modestly offset by the dilutive impacts of acquisitions. On a sequential basis, the increase in adjusted operating margin reflected strong conversion on the higher sales levels as well as meaningful progress on profitability improvement initiatives on certain acquisitions.

調整後營業利潤率的年增率主要得益於銷售量增加帶來的強勁營業槓桿，但被收購的稀釋影響略微抵銷。與上一季相比，調整後營業利潤率的成長反映了更高銷售水準的強勁轉化，以及某些收購的獲利能力提升舉措取得了有意義的進展。

I am very proud of the company's record operating margin performance in the first quarter, which reflects continued strong execution by our teams. Breaking down first quarter results by segment compared to the first quarter of 2024, sales in the harsh environment solutions segment were $1.260 billion in increased by 38% in US dollars at 8% organically, segment operating margin was 24.5%.

我對公司第一季創紀錄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。按部門細分第一季業績，與 2024 年第一季相比，惡劣環境解決方案部門的銷售額為 12.60 億美元，以美元計算成長 38%，有機成長率為 8%，部門營業利潤率為 24.5%。

Sales in the communication solutions segment were $2.414 billion increased by 91% in US dollars, 73% organically, and segment operating margin was 27.4%. Sales in the interconnect and sensor system segment were 1.129 billion increased by 5% in US dollars, 6% organically, and segment operating margin was 18.1%. The company's GAAP effective tax rate for the first quarter was 22.7%, and the adjusted effective tax rate was 24.5%, which compared to 16.7% and 24% in the first quarter of 2024, respectively. We continue to expect our adjusted effective tax rate to be approximately 24.5% for the full year 2025.

通訊解決方案部門的銷售額為 24.14 億美元，以美元計算成長 91%，有機成長 73%，部門營業利潤率為 27.4%。互連和感測器系統部門銷售額為 11.29 億美元，成長 5%，有機成長 6%，部門營業利潤率為 18.1%。該公司第一季的 GAAP 有效稅率為 22.7%，調整後有效稅率為 24.5%，而 2024 年第一季分別為 16.7% 和 24%。我們繼續預期 2025 年全年調整後有效稅率約為 24.5%。

GAAP diluted EPS was $0.58 in the first quarter, up 32% compared to the prior year period. And on an adjusted basis, diluted EPS increased [58%] to a record $0.63 compared to $0.40 in the first quarter of 2024. This was an excellent result. Operating cash flow in the first quarter was $765 million or 104% of net income, and free cash flow was $580 million or 79% of net income, an excellent result considering the growth we have experienced.

第一季 GAAP 稀釋每股收益為 0.58 美元，較去年同期成長 32%。經過調整後，稀釋每股收益從 2024 年第一季的 0.40 美元增長 [58%] 至創紀錄的 0.63 美元。這是一個極好的結果。第一季的營運現金流為 7.65 億美元，佔淨收入的 104%，自由現金流為 5.8 億美元，佔淨收入的 79%，考慮到我們所經歷的成長，這是一個出色的結果。

We expect to again have somewhat elevated levels of capital spending in the second quarter as we continue to invest to support the significant growth we are seeing in the IT datacom market. And as we have discussed previously, we have worked with certain customers to support these investments in a variety of ways.

我們預計第二季的資本支出水準將再次略有提高，因為我們將繼續投資以支援 IT 數據通訊市場的顯著成長。正如我們之前討論過的，我們已經與某些客戶合作，以各種方式支持這些投資。

From a working capital standpoint, inventory days sales outstanding and payable days were 80, 69, and 59 days respectively, all within normal levels. During the quarter, the company repurchased 2.7 million shares of common stock at an average price of approximately $68. When combined with our normal quarterly dividends, total capital return to shareholders in the first quarter of 2025 was approximately $380 million.

從營運資本角度來看，存貨應收帳款週轉天數及應付帳款週轉天數分別為80天、69天及59天，均在正常水準內。本季度，該公司以平均約 68 美元的價格回購了 270 萬股普通股。與我們正常的季度股息相結合，2025 年第一季股東總資本回報約為 3.8 億美元。

Total debt on March 31 was $7.2 billion and net debt was $5.5 billion. Total liquidity at the end of the quarter was $4 billion which included cash and short-term investments on hand of $1.7 billion plus availability under our existing credit facilities. Excluding acquisition-related costs, first quarter 2025 EBITDA was $1.319 billion. At the end of the first quarter of 2025, our net leverage ratio is 1.2 times.

3 月 31 日的總債務為 72 億美元，淨債務為 55 億美元。本季末的總流動資金為 40 億美元，其中包括 17 億美元的現金和短期投資，以及我們現有信貸安排下的可用資金。不包括收購相關成本，2025 年第一季 EBITDA 為 13.19 億美元。2025年第一季末，我們的淨槓桿率為1.2倍。

As a result of the closing of the acquisition of Andrew, we now expect quarterly interest expense, net of interest income earned on cash on hand to be approximately $70 million which is reflected in our second quarter guidance. We are very pleased that the company's financial conditions remain strong by any measure.

由於完成了對安德魯的收購，我們現在預計季度利息支出（扣除現金利息收入）約為 7000 萬美元，這反映在我們的第二季度指引中。我們非常高興，無論以何種標準衡量，公司的財務狀況依然強勁。

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

現在我將把電話轉給亞當，他將對當前的市場趨勢發表一些評論。

Well, thank you very much, Craig, and it's a pleasure to welcome you all here on a beautiful spring day in Wellingford, Connecticut. The daffodils are popping, the tulips are up, and we're very excited to report to you at the time of Amphenol's earnings here in the first quarter.

好吧，非常感謝你，克雷格，我很高興在康乃狄克州威靈福德美麗的春日歡迎大家來到這裡。水仙花盛開，鬱金香盛開，我們非常高興地向大家報告安費諾第一季的收益。

I'm going to highlight our first quarter achievements, discuss some trends and progress across our serve markets. And then make some comments on our outlook for the second quarter and of course we'll have time for some questions.

我將重點介紹我們在第一季的成就，討論我們服務市場的一些趨勢和進展。然後對第二季的展望發表一些評論，當然我們會有時間回答一些問題。

So turning to the first quarter, Craig just reviewed, we really drove excellent performance in in Q1. Our results were much stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share.

回到第一季度，克雷格剛才回顧道，我們在第一季確實取得了出色的業績。我們的業績遠超預期，銷售額和調整後每股攤薄收益都超過了預期上限。

Sales grew from prior year by 48% in US dollars, 49% in local currencies, reaching a new record of $4.811 billion. And an organic basis, we're very pleased that our sales increased by a very strong 33% with growth across most of our serve markets.

銷售額以美元計算較前一年成長48%，以當地貨幣計算成長49%，達到48.11億美元的新紀錄。從有機成長來看，我們很高興看到我們的銷售額強勁成長了 33%，並且我們服務的大多數市場都實現了成長。

Craig alluded to it, we booked a record $5.292 billion in orders in the first quarter, which was a very healthy book to build of 1.1 to 1. Orders grew by a very strong 58% from prior year and we're up 6% sequentially. I would just comment that our orders were really strong across the board with all of our end markets reaching book to bills of at least 1 to 1.

克雷格提到，我們在第一季獲得了創紀錄的 52.92 億美元的訂單，這是一個非常健康的訂單比例，為 1.1 比 1。訂單量較上年同期強勁成長 58%，較上季成長 6%。我只想說，我們的訂單確實非常強勁，我們所有的終端市場的訂單與出貨比都至少達到 1 比 1。

We're particularly pleased to have delivered record adjusted operating margins of 23.5% in the quarter. This was up 250 basis points from prior year and 110 basis points sequentially. There's no doubt that the superior profitability is a direct result of the outstanding execution of the Amphenol teams around the world.

我們特別高興本季的調整後營業利益率達到了創紀錄的 23.5%。這比去年同期上漲了 250 個基點，比上一季上漲了 110 個基點。毫無疑問，卓越的獲利能力是安費諾全球團隊出色執行力的直接結果。

Adjusted diluted EPS grew 58% from prior year to reach a new record of $0.63. And then finally, we converted our earnings into cash generating strong operating cash flow of $765 million and free cash flow of $580 million in the quarter, both clear reflections of the quality of the company's earnings.

調整後稀釋每股收益較上年增長 58%，達到 0.63 美元的新紀錄。最後，我們將收益轉化為現金，本季產生了 7.65 億美元的強勁營運現金流和 5.8 億美元的自由現金流，這兩項都清楚地反映了公司的收益品質。

I just cannot express enough my pride in our team for this quarter's results. These results once again reaffirm the value of the drive, discipline, and agility of our entrepreneurial organization as we continue to perform well amidst a very dynamic environment.

我無法充分錶達我對我們團隊本季業績的自豪感。這些結果再次證明了我們創業型組織的動力、紀律和敏捷性的價值，因為我們在高度動態的環境中繼續表現良好。

Now as we announced on February 3, we're also excited that we completed the acquisition of CommScope's OWN and DAS businesses, which we are now calling by the company's original name of Andrew. We're actually very proud to bring back this storied brand, which stretches back to the company's original founding by Victor Andrew in 1937.

正如我們在 2 月 3 日宣布的那樣，我們也很高興完成了對康普 OWN 和 DAS 業務的收購，我們現在使用該公司的原名 Andrew 來稱呼這些業務。事實上，我們非常自豪能夠重新推出這個歷史悠久的品牌，其歷史可以追溯到 1937 年維克多·安德魯 (Victor Andrew) 最初創立該公司的時候。

The acquisition of Andrew brings Amphenol an industry leading portfolio of innovative and advanced RF and antenna interconnect technologies for the communications networks market. I'm especially excited that we get to welcome the nearly 4,000 talented employees of Andrew to the Amphenol family, and I look forward to further supporting our customers who are developing next generation wireless networks around the world.

收購安德魯將為安費諾帶來業界領先的創新和先進的射頻和天線互連技術組合，服務於通訊網路市場。我特別高興地歡迎安德魯近 4,000 名優秀員工加入安費諾大家庭，並期待進一步支持在全球開發下一代無線網路的客戶。

As we announced at the time of the closing in February, the ANDREW business was expected to generate full year sales of $1.3 billion and approximately $0.06 of accretion to Amphanol in 2025. We're very pleased with the performance of the ANDREW team in their first few months as Amphenolians, and accordingly, we now anticipate that the acquisition will add approximately $0.09 to our earnings this full year.

正如我們在二月交易完成時宣布的那樣，ANDREW 業務預計在 2025 年全年創造 13 億美元的銷售額，並為 Amphanol 帶來約 0.06 美元的增值。我們對 ANDREW 團隊在加入安費諾後的頭幾個月的表現感到非常滿意，因此，我們預計此次收購將為我們今年全年的收益增加約 0.09 美元。

During the quarter, we also closed on the acquisition of LifeSync, a leading provider of interconnect products for medical applications with annual sales of approximately $100 million. As we welcome the outstanding ANDREW and Lifesync teams to Amphenol, we remain confident that our acquisition program will continue to create great value for the company. Our ability to identify and execute upon acquisitions and then successfully bring these new companies into Amphenol remains a core competitive advantage for the company.

本季度，我們也完成了對 LifeSync 的收購，LifeSync 是一家領先的醫療應用互連產品提供商，年銷售額約為 1 億美元。我們歡迎優秀的 ANDREW 和 Lifesync 團隊加入安費諾，我們堅信我們的收購計劃將繼續為公司創造巨大價值。我們識別和執行收購並成功將這些新公司納入安費諾的能力仍然是公司的核心競爭優勢。

As our organization has evolved and scaled, so too has our ability to effectively manage a greater number of acquisitions of all sizes.

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不斷增強。

Now turning to the trends across all of our serve markets, I would just note as usual that we're very pleased with the companies and market exposure because it remains highly diversified, balanced, and broad. I would just note that this diversification continues to create great value for the company. Because it enables us to participate across all areas of the global electronics industry, while not being overly or disproportionately exposed to the volatility of any given market or application.

現在談談我們所有服務市場的趨勢，我像往常一樣指出，我們對公司和市場曝光度非常滿意，因為它仍然高度多樣化、平衡和廣泛。我只想指出，這種多樣化繼續為公司創造巨大的價值。因為它使我們能夠參與全球電子產業的所有領域，同時不會過度或不成比例地受到任何特定市場或應用的波動的影響。

So turning first to the defense market, our sale -- defense sales represented 9% of our sales in the quarter and grew from prior year by a strong 21% in US dollars and 14% organically. This was essentially driven by broad-based growth across virtually all segments within the defense market and importantly across all geographies. Sequentially, sales grew by 2%, which was a bit better than our expectations coming into the quarter.

首先談到國防市場，我們的銷售額－國防銷售額佔本季銷售額的 9%，與前一年相比，美元銷售額成長了 21%，有機成長了 14%。這主要是由國防市場幾乎所有領域以及所有地區的廣泛成長所推動的。與上一季相比，銷售額成長了 2%，這比我們本季的預期要好一些。

As we look into the second quarter, we expect sales to increase in the high single digit range sequentially. And we remain encouraged by the company's leading position in the defense market, where we continue to offer the industry's widest range of high-tech technology products. Amidst the current and very dynamic geopolitical environment, countries around the world are expanding their spending on both current and next generation defense technologies.

展望第二季度，我們預期銷售額將環比成長高個位數。我們仍然對公司在國防市場的領先地位感到鼓舞，我們將繼續提供業界最廣泛的高科技產品。在當前高度動態的地緣政治環境中，世界各國都在擴大對現有和下一代國防技術的投入。

With our investments in the development of a broad array of new interconnect products as well as the capacity to build them, we're well positioned to capitalize on this long-term demand potential.

透過各種新型互連產品的開發以及生產能力的投資，我們完全有能力利用這一長期需求潛力。

The commercial aerospace market represented 5% of our sales in the quarter, and sales increased by a strong 106% in US dollars as we benefited from the addition of CIT. On an organic basis, sales declined modestly by 3% from prior year as procurement volumes from jetliner customers moderated.

商用航空市場占我們本季銷售額的 5%，由於 CIT 的增加，銷售額以美元計算強勁增長了 106%。從有機角度來看，由於噴射客機客戶的採購量放緩，銷售額較上年小幅下降 3%。

Sequentially, our sales moderated by 4% from the fourth quarter, which actually was a bit better than we had expected coming into the quarter. And as we look into the second quarter, we expect our sales to remain roughly at similar levels as in the first quarter.

與去年第四季相比，我們的銷售額下降了 4%，但實際上比我們預期的要好一些。展望第二季度，我們預計銷售額將與第一季大致維持在同一水平。

I'm truly proud of our team working in the commercial air market. With the ongoing growth and demand for airliners, our efforts to expand our product offering both organically and through our acquisition program have paid real dividends. In particular, I would just tell you we're very encouraged by the progress of the CIT team as part of Amphenol. And we look forward to further capitalizing on our expanded range of product solutions long into the future.

我為我們在商業航空市場工作的團隊感到非常自豪。隨著航空公司的持續成長和需求，我們透過有機方式和收購計劃擴大產品供應的努力已獲得真正的回報。特別是，我想告訴你，我們對安費諾旗下 CIT 團隊的進步感到非常鼓舞。我們期待在未來進一步利用我們不斷擴展的產品解決方案。

The industrial market represented 20% of our sales in the quarter, and our sales increased by 20% in US dollars and 6% organically as we continue to see improvements across the diversified industrial market. In particular, organic growth in the medical instrumentation, alternative energy, and rail mass transit markets more than offset moderations in heavy equipment and factory automation. In addition, our organic growth was driven by expansions in Asia and North America, and Europe was down just slightly, a bit better than it had been in the prior quarters.

工業市場佔本季我們銷售額的 20%，隨著我們繼續看到多元化工業市場的改善，我們的銷售額以美元計算增長了 20%，有機增長了 6%。尤其是醫療器材、替代能源和軌道運輸市場的有機成長，大大抵消了重型設備和工廠自動化市場的放緩。此外，我們的有機成長得益於亞洲和北美的擴張，歐洲的成長略有下降，但比前幾季略有改善。

On a sequential basis, sales were up 1% from the fourth quarter, which is better than we had expected coming into the quarter. Looking into the second quarter, we expect sales in the industrial market to remain at roughly these levels. I would tell you that we remain encouraged by the company's strength across the many diversified segments of this important market.

與上一季相比，銷售額成長了 1%，比我們預期的要好。展望第二季度，我們預期工業市場的銷售額將大致維持在這些水準。我想告訴你們，我們仍然對公司在這個重要市場的眾多多元化領域的實力感到鼓舞。

While demand in Europe has been challenging, I am confident that our long-term strategy to expand our high-tech technology interconnect antenna and sensor offering, both organically and through complementary acquisitions, has positioned us better than ever to capitalize on the many electronic revolutions that will no doubt continue to occur across the industrial market. This creates exciting opportunities for outstanding team working in this important area.

雖然歐洲的需求一直充滿挑戰，但我相信，我們的長期策略是擴大我們的高科技技術互連天線和感測器產品，無論是透過有機成長還是透過互補收購，都將使我們比以往任何時候都更有能力利用無疑將繼續在工業市場上發生的眾多電子革命。這為在這一重要領域工作的優秀團隊創造了令人興奮的機會。

The automotive market represented 16% of our sales in the quarter, and sales were slightly down by 2% in US dollars and just barely down 1% organically as growth in North America and Asia was more than offset by a moderation of sales in Europe. Sequentially, our sales were down by 3% from the fourth quarter, but this was better than our expectations, and it reflected really strong execution by our team working in the automotive market.

汽車市場佔本季我們銷售額的 16%，以美元計算銷售額略有下降 2%，有機銷售額僅下降 1%，因為北美和亞洲的成長被歐洲銷售額的放緩所抵消。與第四季度相比，我們的銷售額下降了 3%，但這好於我們的預期，這反映了我們汽車市場團隊的強大執行力。

For the second quarter, we expect a slight sequential moderation in sales. Despite some near term challenges, I remain proud of our team working in the automotive market. While the market is no doubt uncertain, our team continues to be focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles. We look forward to benefiting from our strong position in the automotive market for many years to come.

對於第二季度，我們預計銷售額將略有下降。儘管面臨一些近期挑戰，我仍然為我們在汽車市場工作的團隊感到自豪。儘管市場無疑充滿不確定性，但我們的團隊將繼續致力於幫助客戶在其車輛中實施各種新技術，從而推動新的設計勝利。我們期待在未來許多年裡受益於我們在汽車市場的強勢地位。

Now as I noted last quarter, we have combined now our broadband and mobile networks markets into a new market that we will call communications networks. Our sales in this market primarily go to telco operator and OEM customers across the global communications industry.

正如我上個季度所指出的，我們現在已將寬頻和行動網路市場合併為一個新市場，我們稱之為通訊網路。我們在這個市場的銷售主要面向全球通訊產業的電信業者和 OEM 客戶。

So the communications network market represented 10% of our sales in the first quarter, and sales grew from prior year by 107% driven primarily by the addition of ANDREW to the Amphenol family. On an organic basis, though, sales did increase by 11% from prior year as we benefited from increased spending by communication network operators as well as wireless equipment manufacturers.

因此，通訊網路市場占我們第一季銷售額的 10%，銷售額較上年同期成長 107%，主要原因是 ANDREW 加入安費諾家族。不過，從有機基礎來看，銷售額確實比去年增加了 11%，這得益於通訊網路營運商和無線設備製造商增加的支出。

Sequentially, our sales in the first quarter grew by 81%, that was driven by the ANDREW acquisition. And on an organic basis, our sales moderated by 4%, which was better than we had expected we'd come into the quarter expecting a mid-teen sequential decline. Looking into the second quarter, we expect sales to increase in the high 10s range sequentially as we benefit from the full quarter edition of ANDREW.

受 ANDREW 收購的推動，我們第一季的銷售額成長了 81%。從有機成長來看，我們的銷售額下降了 4%，這比我們預期的要好，我們預計本季銷售額將出現十五到十一個百分點的環比下降。展望第二季度，我們預計銷售額將連續成長 10% 以上，因為我們受益於 ANDREW 的完整季度版。

With our expanded range of technology offerings following the acquisition of ANDREW, we're well positioned with both service provider and OEM customers across the global communication networks market.

收購 ANDREW 後，我們的技術產品範圍擴大，在全球通訊網路市場中，無論是服務提供者還是 OEM 客戶，我們都佔有有利地位。

Our deep and broad range of products coupled with an expansive manufacturing footprint have positioned us to support customers wherever they are around the world. And as those customers continue to drive their systems to ever higher levels of performance, we look forward to supporting them for many years to come.

我們擁有豐富且廣泛的產品系列，加上廣泛的製造足跡，使我們能夠為世界各地的客戶提供支援。隨著這些客戶繼續將其係統推向更高的性能水平，我們期待在未來的許多年裡為他們提供支援。

The mobile devices market represented 7% of our sales in the quarter, and our sales grew by 20% in US dollars and organically from prior year as strong growth in smartphones, laptops, and wearables was only partially offset by a moderation in sales related to tablets.

行動裝置市場佔本季我們銷售額的 7%，我們的銷售額以美元計算比去年同期成長了 20%，因為智慧型手機、筆記型電腦和穿戴式裝置的強勁成長僅被平板電腦相關銷售額的放緩部分抵消。

Sequentially, our sales declined by a better than expected 26% compared to the typically seasonally stronger fourth quarter. We do believe that some of this outperformance in the first quarter was driven by a slight pulling of demand from certain customers.

與通常季節性較強的第四季相比，我們的銷售額下降了 26%，好於預期。我們確實認為，第一季的優異表現部分是由於某些客戶的需求略有下降。

Looking into the second quarter, we expect sales to moderate in the high teens, as customers adjust production in preparation for product launches in the second half of 2025. I'm very proud of our team working in the always dynamic mobile devices market as their agility and reactivity has once again enabled us to capture incremental sales in the quarter. I'm confident that with our leading array of antennas, interconnect products, and mechanisms designed in across a broad range of next generation devices, we're well positioned for the long term.

展望第二季度，我們預計銷售額將保持在高位，因為客戶正在調整生產，為 2025 年下半年的產品發布做準備。我為我們在充滿活力的行動裝置市場中工作的團隊感到非常自豪，因為他們的敏捷性和反應能力再次使我們能夠在本季度獲得增量銷售。我相信，憑藉我們領先的天線、互連產品以及為廣泛的下一代設備設計的機制，我們將為長期發展做好準備。

And now turning to the IT datacom market, it represented 33% of our sales in the quarter. And sales in the first quarter grew by a very strong 133% in US dollars and 134% organically, and that was really driven by continued acceleration in demand for our products used in artificial intelligence applications, together with continued robust growth in our base IT datacom business.

現在轉向 IT 數據通訊市場，它占我們本季銷售額的 33%。第一季的銷售額以美元計算成長了 133%，有機成長了 134%，這主要是由於我們用於人工智慧應用的產品的需求持續成長，以及我們基礎 IT 數據通訊業務的持續強勁成長。

On a sequential basis, sales increased by 34% from the fourth quarter, substantially better than our expectation for a mid single digit increase. This growth was driven by sales of AI related products as well as growth in our IT datacom business.

與上一季相比，銷售額成長了 34%，大大高於我們預期的中等個位數成長。這一增長得益於人工智慧相關產品的銷售以及 IT 數據通訊業務的成長。

Looking ahead, we expect sales to increase further from the first quarter levels in the high single digit range, as investments in AI related data centers as well as the underlying IT investments continue to accelerate. Look, we're more encouraged than ever before by the company's position in the global IT data com market. Our team has simply done an outstanding job securing future business on next generation IT systems, particularly those enabling AI.

展望未來，隨著對人工智慧相關資料中心以及基礎 IT 投資的持續加速，我們預計銷售額將在第一季的基礎上進一步成長高個位數。瞧，我們對該公司在全球 IT 數據通訊市場中的地位比以往任何時候都更加鼓舞。我們的團隊在確保下一代 IT 系統（尤其是支援 AI 的系統）的未來業務方面做得非常出色。

The revolution in artificial intelligence continues to create a unique opportunity for Amphenol, given our leading high speed and power interconnect products. 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.

鑑於我們領先的高速和功率互連產品，人工智慧革命繼續為安費諾創造獨特的機會。無論是高速、電力或光纖互連，我們的產品都是下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。

Now turning to our guidance and of course assuming current market conditions as well as constant exchange rates, for the second quarter, we expect sales in the range of $4.9 billion to $5 billion and adjusted diluted EPS in the range of $0.64 to $0.66. This would represent sales growth of 36% to 39% and adjusted diluted EPS growth of 45% to 50% compared to the second quarter of 2024.

現在談到我們的指導，當然假設當前的市場條件以及恆定的匯率，對於第二季度，我們預計銷售額在 49 億美元至 50 億美元之間，調整後的稀釋每股收益在 0.64 美元至 0.66 美元之間。與 2024 年第二季相比，這意味著銷售額成長 36% 至 39%，調整後稀釋每股盈餘成長 45% 至 50%。

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 like to take this opportunity to thank our entire global team of Amphenolians for their truly outstanding efforts here in the first quarter.

我仍然相信我們優秀的管理團隊有能力適應當前環境中的許多機會和挑戰，並繼續提升我們的市場地位，同時實現長期可持續的強勁盈利能力。最後，我想藉此機會感謝我們整個安費諾全球團隊在第一季所做的傑出努力。

And with that operator, we'd be very happy to to take whatever questions there may be.

有了這位接線員，我們非常樂意回答您的任何問題。

Thank you, Mr. Norwitt.

謝謝您，諾維特先生。

(Operator Instructions)

（操作員指示）

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning, guys.

嘿，大家早安。

Good morning, Andrew.

早安，安德魯。

The question is around, you can imagine around tariffs. You guys are a very global company, and I know a lot of your business is somewhat strategically set up, I think for a situation like this. But I'm wondering what -- you have to have some incremental cost you're factoring in. And I would expect, and can you identify what markets those would be in and what is embedded in your Q2 guide and anything we should model in thereafter?

問題在於，你可以想像一下關稅。你們是一家非常全球化的公司，我知道你們的許多業務都是經過策略性設定的，我想就是為了應對這種情況。但我想知道的是——你必須考慮一些增量成本。我希望您能確定這些市場在哪些地方，您的第二季指南中包含了哪些內容，以及我們之後應該建模的內容嗎？

Yeah, well, thank you very much, Andrew, and I'm not surprised to get a question on tariffs. Look, our organization and you alluded to it, in many ways it's purpose-built for a time like this. It's purpose-built in the sense that we push down through the organization, through our entrepreneurial organization, the authority, that all the levers of running these businesses, and then we can hold those folks accountable. And that's the sort of Amphenolian entrepreneurship.

是的，非常感謝，安德魯，我對有關關稅的問題並不感到驚訝。你看，我們的組織和你提到的一樣，在很多方面它都是為這樣的時代而專門建立的。它的目的是，我們透過組織、透過我們的創業組織、權威、經營這些企業的所有槓桿來推動，然後我們可以讓這些人承擔責任。這就是安費諾式的創業精神。

And at a time when you have such a dynamic new policy environment, like tariffs -- and everybody talks about tariffs here, but there's various measures being taken by a variety of governments around the world. And without expressing any opinions about those measures, they are what they are. And so it's really up to our organization, wherever they may be, to number one, work in every possible way to mitigate the impact of those tariffs. And then, to the extent that we can't fully mitigate it, to work with our customers to pass on to them the pricing impacts of these tariffs.

在面臨如此動態的新政策環境（如關稅）的時候——每個人都在談論關稅，但世界各國政府正在採取各種措施。我不會對這些措施發表任何意見，它們就是它們本身。因此，無論他們身在何處，我們組織的首要任務是盡一切可能減輕這些關稅的影響。然後，如果我們無法完全緩解這種影響，我們就與客戶合作，將這些關稅對價格的影響轉嫁給他們。

And we are very local company around the world. We have more than 300 facilities in more than 40 countries. And our general principle is that we support our customers close to where they are in whatever region. But look, to the extent that there are some impacts of these tariffs, is there some pressure to some of our general managers that they have to work with customers to find a way to pass that on. Of course, that's happening.

我們是一家全球性非常在地化的公司。我們在 40 多個國家擁有 300 多家工廠。我們的整體原則是，無論客戶身處哪個地區，我們都為他們提供支援。但是，如果這些關稅造成一定影響，我們的一些總經理是否會面臨壓力，他們必須與客戶合作，找到一種方法來轉嫁這種影響。當然，這是正在發生的。

And I wouldn't say that it's specific to one or another of our end markets. And I'd say that, there's a slight -- let's say, that there's a slight impact on pricing as we go into the second quarter and our team's going to work really well to moderate whatever impact could be on the bottom line. And I think implicit in our guidance is that our margins are still very strong in the second quarter, so that must not be a tremendous impact.

我不會說它只針對我們的某個終端市場。我想說的是，進入第二季度，定價會受到輕微影響，我們的團隊將努力緩和可能對底線造成的影響。我認為我們的指導中隱含著這樣的訊息：我們的利潤率在第二季度仍然非常強勁，因此這不會造成巨大的影響。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Good afternoon, everyone. Thanks for taking my question. I guess Adam, you folks had really sizable upside in the March quarter revenue numbers and some of it maybe a couple $100 million is from ANDREW, but the rest of it seems organic.

大家下午好。感謝您回答我的問題。我想亞當，你們三月季度的收入數字確實有相當大的增長，其中一部分可能幾億美元來自安德魯，但其餘部分似乎是有機增長。

Can you spend some time on what is enabling this size of organic beat? And given the discussion you had on tariffs, how do you get comfort that there wasn't a high degree of revenue getting pulled in into the March quarter because of customers potentially trying to avoid the tariff scenario?

您能否花點時間解釋一下是什麼促成如此規模的有機節拍？考慮到您就關稅問題所進行的討論，您如何確信由於客戶可能試圖避免關稅，三月份季度的收入沒有大幅下降？

Thank you.

謝謝。

Well, thank you very much, Amit. I mean, look, the first thing I want to say is you kind of alluded to it in your question. And this is a very strong organic performance in the quarter, and it's a testament to the ability of our team to execute on this level of demand from customers. It's not easy. I mean, if you think about some of these markets, I mean, the most acute one IT Datacom growing 134% on a year-to-year basis, 34% sequentially. I mean, that's an enormous amount of effort by our teams to ramp up in the face of that level of customer demand. And I just can't stop thanking them for all of their efforts.

好吧，非常感謝，阿米特。我的意思是，你看，我想說的第一件事是你在問題中提到了這一點。這是本季非常強勁的有機表現，證明了我們團隊有能力滿足客戶的這種需求。這並不容易。我的意思是，如果你考慮一下這些市場，其中最敏銳的是 IT 數據通訊市場，其同比增長 134%，環比增長 34%。我的意思是，面對如此高水準的客戶需求，我們的團隊需要付出巨大的努力。我對他們所做的一切努力深表感謝。

Now, to your question on a pull-in, I mentioned in my prepared remarks that we saw a slight pulling in mobile devices. But that was really the only place where we saw any signs of anything that was very specific to a pull in. And is that related to tariffs? I mean, I know folks have written nice reports about that present company included. And so maybe in that market, there was a little -- again, I would classify that as a slight pull-in of demand, and we've reflected that as well in our outlook in the second quarter for mobile devices.

現在，回答您關於拉動的問題，我在準備好的發言中提到，我們看到行動裝置的輕微拉動。但那確實是我們唯一看到任何與拉入有關的跡象的地方。這與關稅有關嗎？我的意思是，我知道人們已經對這家公司寫了很好的報告。因此，也許在那個市場中，存在一點——再次，我會將其歸類為需求的輕微拉動，我們也在第二季度對行動裝置的展望中反映了這一點。

But if you look at our outlook in some of the other markets, in particular IT Datacom, where we still have a very strong outlook as we head into the second quarter, I would tell you that our customers are not pulling in. They're working very hard to equip as much as they can. These advanced computing data centers related to AI, and also responding to demand on the base IT datacom business that is there.

但如果你看看我們在其他一些市場的前景，特別是 IT 數據通訊市場，在進入第二季時我們仍然有非常強勁的前景，我會告訴你，我們的客戶並沒有受到吸引。他們正在盡最大努力提供盡可能多的裝備。這些先進的運算資料中心與人工智慧相關，同時也回應了現有的基礎 IT 資料通訊業務的需求。

The only other area that one could think about is the potential was there a little bit of pull-in would be in distribution. But honestly, I can't tell you that we saw anything meaningful there. In fact, our overall distribution business from Q4 to Q1, it was up a little bit. But it didn't show any sort of anomaly that would lead one to think that that was a a pull-in demand.

人們唯一能想到的其他領域是分銷領域是否存在一點吸引力的潛力。但老實說，我無法告訴你我們在那裡看到任何有意義的東西。事實上，我們的整體分銷業務從第四季到第一季略有上升。但它並沒有表現出任何異常，讓人認為這是一個吸引需求。

Now look, I mean, at the end of the day, this was a quarter of tremendous execution by our team. We've done a fabulous job to position ourselves to capitalize and take more than our fair share of a lot of exciting revolutions going on around the electronics industry, and then our team just delivered by executing, which was not hard work, but was very impressive or which was very hard work and it was very impressive.

現在看看，我的意思是，歸根結底，這是我們團隊在四分之一的時間裡出色地執行的任務。我們做了出色的工作，使自己能夠利用電子行業中正在發生的許多激動人心的革命，並獲得超出我們應得份額的份額，然後我們的團隊通過執行完成了任務，這並不是一項艱苦的工作，但卻非常令人印象深刻，或者說這是一項非常艱苦的工作，但卻非常令人印象深刻。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks so much. Adam, I was wondering, in prior quarters within the industrial business, I think some of the commentary was Europe was a little bit of a laggard. I'm wondering if anything has sort of changed there, if you're seeing any sort of further green shoots in Europe within that segment. And then, while you're on that business as well, if you're seeing any sort of change in order patterns in North America or in Asia, given some of the new tariff policies.

非常感謝。亞當，我想知道，在前幾個季度的工業業務中，我認為一些評論認為歐洲有點落後。我想知道那裡是否發生了某種變化，您是否看到歐洲在該領域出現了任何進一步的復甦跡象。然後，當您從事這項業務時，如果您發現北美或亞洲的訂單模式因一些新的關稅政策而發生任何變化。

Yeah, well, thanks very much, Joe. Look, I think I alluded to the fact that industrial -- we're encouraged, we've had two straight quarters of 6% organic growth overall, but that has been really driven by North America and Asia, and that was clearly the case last quarter. That was the case in this quarter.

是的，非常感謝，喬。聽著，我想我提到了工業——我們感到鼓舞，我們已經連續兩個季度實現了 6% 的整體有機增長，但這實際上是受到北美和亞洲的推動，上個季度的情況顯然如此。本季就是這種情況。

If we want to say is there a little bit of a green shoot from Europe, I would say that the European rate of decline is much lower this quarter. It's just slightly down actually on an organic basis year over year in Europe in industrial. And on a sequential basis, actually, we did start to see growth in Europe. So yeah, I mean, green shoot here in spring with all the beautiful flowers outside of our windows. Sure, I guess, there's a daffodil or two in Europe as well.

如果我們想說歐洲是否出現了一些復甦跡象，我想說本季歐洲的下降率要低得多。實際上，歐洲工業的有機成長率與去年同期相比略有下降。實際上，從連續性來看，我們確實開始看到歐洲的成長。是的，我的意思是，春天這裡綠樹成蔭，窗外鮮花盛開，十分美麗。當然，我想，歐洲也有一、兩株水仙花。

In terms of order patterns, look, we had a positive book to build in industrial, not our strongest book to build, by the way, I, I'd say our strongest book to build was in defense. That's clearly not related to tariffs, I should tell you. That's just -- it's a robust demand across the defense market globally. But we had a strong book to build an industrial, and I think it's a sign more of maybe a few of these greener shoots and maybe an occasional flower popping up here in the spring. But it's a little early to tell. I mean, still, Europe is down year over year slightly. And as we go through the course of this year, we'll see whether we see that improving further.

就訂單模式而言，你看，我們在工業領域有一本積極的書要建立，而不是我們最強的書要建立，順便說一句，我想說我們最強的書是在國防領域。我應該告訴你，這顯然與關稅無關。這只是——全球國防市場需求強勁。但是，我們有一本強而有力的書來打造工業，我認為這更像是一個跡象，也許這裡會出現一些更綠的嫩芽，也許還會在春天偶爾出現一朵花。但現在說還太早。我的意思是，歐洲的同比數據仍然略有下降。隨著今年的進程，我們將會看到這種情況是否還會進一步改善。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Yeah, good afternoon. Thanks for taking the question. Adam, maybe more of a philosophical question for you today, just, reflecting on the fact that IT datacom has had just such incredible growth rising to 33% of sales this quarter, maybe even up another couple of points into next quarter. Just how you think about that relative to an exposure being that big as a percentage of the company if I think historically.

是的，下午好。感謝您回答這個問題。亞當，今天也許你更想問一個哲學問題，只是考慮到 IT 數據通信已經實現瞭如此驚人的增長，本季度銷售額上升至 33%，甚至可能在下個季度再上升幾個點。如果從歷史上看，您如何看待相對於公司如此大比例的風險敞口？

Maybe individual markets have gotten up to kind of at most 25% or so both. Maybe from a capital allocation standpoint going forward, if it has any implications, and maybe also from a just a risk management standpoint and thinking about the diversity that you like to drive in the model? Thank you.

也許個別市場漲幅最多達到 25% 左右。也許從未來資本配置的角度來看，如果它有任何影響，也許也可以從風險管理的角度來看，並考慮您希望在模型中推動的多樣性？謝謝。

Well, Luke, that's a philosophical question that's very close to my heart, because what I love about our company and I still love especially in this quarter is the breadth and balance of our exposure across the electronics industry, and that's been a great asset for Amphenol for the long term. And while it hasn't driven capital allocation specifically, I would say and I've said this many times, that we would never make an acquisition if that acquisition ended up driving a dramatic over exposure to an upsetting that breadth and balance of the market.

嗯，盧克，這是一個我非常關心的哲學問題，因為我喜歡我們公司，並且在本季度仍然喜歡的是我們在電子行業的曝光度和平衡性，這對安費諾的長期發展來說是一筆巨大的財富。雖然它並沒有特別推動資本配置，但我想說，而且我已經說過很多次了，如果收購最終導致過度曝光，擾亂市場的廣度和平衡，我們永遠不會進行收購。

What I've never said is the following. We would capitalize on every growth opportunity that is available to us in the electronics industry. And no matter what revolution is happening across my whole now more than 26 years in the company, we have always with the full drive of the Amphenol organization sought to take advantage of that.

我從未說過的是以下內容。我們將充分利用電子產業給我們的每一個成長機會。在我效力公司 26 多年的時間裡，無論發生什麼變革，我們始終在安費諾組織的全力推動下，努力利用這些變革。

And it just so happens that today, in this revolution that is called AI and all what is going on around that, that our team's done a fabulous job of capturing a disproportionate share of what is a truly unique revolution in the electronics industry. I would put it on the scale of kind of electrification, on the scale of the internet when it was first being built out, on the scale of when the personal computer and the the sort of democratization of computing that happened, many years ago.

而今天，在這場被稱為人工智慧的革命以及圍繞人工智慧發生的一切中，我們的團隊做出了巨大的貢獻，在電子產業真正獨特的革命中佔據了不成比例的份額。我會把它放在電氣化的規模上，放在網路剛建立時的規模上，放在個人電腦和多年前計算民主化的規模上。

And I think the acceleration of computing and its manifestation in these extraordinary investments being made in AI machine learning, generative AI, and the like is another one of those sort of moments in the development of the electronics industry, which is a unique opportunity. And in this case, moreover, it is a revolution that creates for our industry a disproportionate opportunity because of the unique nature of the architecture and the intensity of the interconnect solutions that are associated with that architecture.

我認為計算的加速及其在人工智慧機器學習、生成人工智慧等領域的大量投資體現是電子產業發展的另一個時刻，這是一個獨特的機會。而且在這種情況下，這是一場革命，由於架構的獨特性以及與該架構相關的互連解決方案的強度，它為我們的行業創造了不成比例的機會。

And so when you stack that all together, it's a great revolution. It's a more interconnected, intensive revolution, and we've taken more than our fair share of that. The result has been that our IT datacom business has grown very robustly. So I think that that upsets the breadth and balance of Amphenol, not at all. This hasn't happened because of a capital allocation decision and acquisition. It's happening because our team's done a phenomenal job. And we're never going to shy away from organic growth opportunities, even if it means that a market, for at least right now, is at this size.

所以當你把所有這些放在一起時，這就是一場偉大的革命。這是一場更相互關聯、更深入的革命，我們已經承擔了超越我們所應承擔的份額。結果是我們的 IT 數據通訊業務得到了非常強勁的成長。所以我認為這絲毫不會破壞安費諾的廣度和平衡。這並不是由於資本配置決策和收購而發生的。這是因為我們的團隊做了非凡的工作。我們永遠不會迴避有機成長機會，即使這意味著市場至少目前處於這種規模。

Now also, I would think back and think about the fact that in the last nine quarters, we've made, I think, close to 15 acquisitions. And those acquisitions have also been across all of our markets, including our two largest acquisitions, CIT, and ANDREW, one of which has a big exposure to the defense and commercial air and industrial market, and the other one to our, as we now call it communications networks market. So we're constantly trying to make sure that the company has that breadth and balance.

現在，我也會回想一下，在過去的九個季度中，我們已經進行了近 15 次收購。這些收購也涉及我們所有的市場，包括我們最大的兩次收購，CIT 和 ANDREW，其中一個收購在國防和商業航空和工業市場佔有很大的份額，另一個收購在我們現在所說的通訊網路市場佔有份額。因此，我們不斷努力確保公司擁有這種廣度和平衡性。

I think where we've exercised our balance sheet to make these acquisitions, those have always been in further and have a really wonderful balance in the company. So we feel great about this. I think philosophically or otherwise -- and we're not going to shy away, we're certainly not going to turn down orders from customers and we're not going to try not to win everything possible.

我認為，當我們運用資產負債表進行這些收購時，這些收購總是會進一步進行，而且公司內部的平衡性非常好。所以我們對此感到非常高興。我認為無論從哲學角度還是其他角度來說——我們都不會迴避，我們當然不會拒絕客戶的訂單，我們也不會試圖不贏得一切可能的東西。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my question. Hi, Adam. Hi, Craig. Maybe Adam, you -- in the IT datacom business just to follow up on the last question. You now have a significant step up in the revenue from 4Q to 1Q, and you're guiding to another increase into 2Q. And clearly a part of that's a part of the strong organic growth that the total business has as well.

你好，謝謝你回答我的問題。你好，亞當。你好，克雷格。也許亞當，你——從事 IT 數據通訊業務，只是想跟進最後一個問題。現在，您的收入從第四季度到第一季有了顯著的成長，並且預計第二季還會繼續成長。顯然，這也是整個業務強勁有機成長的一部分。

How much visibility should we think you have in terms of that sort of growth continuing sequentially from these high levels versus vis-a-vis being very dependent on customer product cycles or benefiting for the time being from certain product cycles for the customers that may be moderate over time.

我們認為您應該對這種從高水平持續增長有多大的可見性，而不是非常依賴客戶產品週期，或者暫時受益於客戶的某些產品週期，而這種週期可能會隨著時間的推移而變得溫和。

And then just a longer term question associated with that. I mean one of your big customers has talked about adopting something that's more co-packaged optic solution in the future that moves away from connections. On the back plane to a certain extent, how do we -- how should we think about the longer term implications of that in terms of connected or connectivity content on that platform? Thank you.

然後這只是與此相關的長期問題。我的意思是，你們的一個大客戶曾經談到未來將採用一種更加一體化封裝的光學解決方案，不再依賴連接。從某種程度上來說，我們應該如何看待該平台上的連結或連通內容的長期影響？謝謝。

Yeah, thanks very much. Look, relative to organic growth, and we've tried to give guidance here for the second quarter, it's a very dynamic world. So we are not giving guidance beyond the second quarter. But I think what we know in IT datacom in general and as well what we know in the specific portion of IT datacom, which is AI is a very strong position with our customers.

是的，非常感謝。你看，相對於有機成長，我們試圖為第二季度提供指導，這是一個非常動態的世界。因此，我們不會給出第二季度之後的指導。但我認為，我們在 IT 數據通訊領域的整體了解以及我們在 IT 數據通訊特定部分（即 AI）的了解對我們的客戶來說非常有利。

I just mentioned in that last -- to the last question. Not only is this a generational transformation of how compute works, but it's a more interconnect intensive, and we've taken more than our fair share of that. And the breadth of our products which include high speeded products, power products, and fiber optic products. It is such coupled with our ability to execute on behalf of those customers. It is such that we're in a great position for them for the long term.

我剛才提到了最後一個問題。這不僅是計算工作方式的世代轉變，而且是更密集的互連，我們已經承擔了超出我們應承擔的份額。我們的產品範圍廣泛，包括高速產品、電力產品和光纖產品。這與我們代表這些客戶執行的能力相結合。從長遠來看，我們對他們來說處於非常有利的地位。

Now, could there ever be an air pocket in the overall spending patterns of any of our markets including IT? Of course, there can be. And that's the agility of Amphenol to manage, to maximize our position on the upside and to protect the company if there ever is a kind of an air pocket.

那麼，包括 IT 在內的任何市場的整體支出模式中是否會出現空洞呢？當然可以。這就是安費諾的靈活管理能力，可以最大程度地提高我們的上行優勢，並在任何意外時保護公司。

The other thing I'll say about this AI in particular, and we've said this before, is we have a very broad exposure across up and down the stack of the folks who are involved in creating this exciting new techno technology, starting with those who are spending the money, the web service providers. To the OEMs who are making, extraordinary products that we're so privileged to be able to play a role in and all the way down to the chip manufacturers who are either specifying or in certain cases building parts of the systems themselves.

關於人工智慧，我要特別說的另一件事是，我們之前就說過，我們對參與創造這項令人興奮的新技術的所有人員都有非常廣泛的了解，首先是那些花錢的人，即網路服務提供者。對於製造非凡產品的原始設備製造商（OEM），我們非常榮幸能夠參與其中，一直到指定或在某些情況下自行建造系統部件的晶片製造商。

And so that breadth of our exposure without a disproportionate reliance on one or another customer is also another important aspect of that. Now look, you asked this final piece about a very specific technology on a very specific customer, I'm not going to answer specific questions about specific customers and specific technologies. But I will say this, which is that interconnect products in these new systems play a very significant role.

因此，擴大我們的曝光範圍而不過度依賴某個客戶也是另一個重要面向。現在看，你問的最後一個問題是關於特定客戶的特定技術，我不會回答有關特定客戶和特定技術的具體問題。但我要說的是，互連產品在這些新系統中扮演著非常重要的角色。

And whether it's copper, whether it's power, copper high-speed power, fiber optics, what we care about is that there's more of everything. And that more of everything and our ability to capitalize and take more than our fair share of that more than everything. In other words, the higher content. That's really what makes me most excited about this opportunity over the long term.

無論是銅線、電力、銅高速電力或光纖，我們關心的是一切都變得更好。而且，我們擁有的一切都比一切都多，我們有能力利用這一切，並獲得比我們應得的份額更多的利益。換句話說，含量更高。從長遠來看，這確實是讓我對這個機會感到最興奮的事情。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great, thank you. Congratulations on a great quarter. Adam, if you can just double click a little bit on the non-AI portions of the business, I think you call that out that there was strength there. So if you can just kind of elaborate on that a little bit, where the strength is coming from? Is it specific regions, customers, how to think about that, and visibility, just looking ahead? Thank you.

太好了，謝謝。恭喜本季取得優異成績。亞當，如果你能稍微雙擊一下業務的非人工智慧部分，我想你會發現那裡有優勢。那麼，如果您可以稍微詳細說明一下，力量來自哪裡？是特定的區域、客戶、如何思考這些以及可見性，只是展望未來嗎？謝謝。

Well, thank you very much, Asiya. and When you talk about non-AI I assume you're talking about also within IT Datacom, but I'll answer it in kind of both ways. We're very encouraged to see strength not just in those customers focused on AI but across all of our IT data com customers. I mean really strong -- I mean, I would tell you that of our IT datacom growth on a year to year basis, we would say roughly two-thirds of that has been from AI on a year-over-year basis, and maybe a little more than half of the sequential growth. So that's really outstanding growth of our non-AI related IT datacom business.

好吧，非常感謝，Asiya。當您談論非人工智慧時，我假設您也在談論 IT 數據通信，但我會以兩種方式回答。我們非常高興地看到，不僅專注於人工智慧的客戶實力雄厚，而且我們所有的 IT 數據通訊客戶都實力雄厚。我的意思是真的很強勁——我的意思是，我想告訴你，我們的 IT 數據通信逐年增長，其中大約三分之二來自人工智慧，而且可能略高於連續增長的一半。因此，我們的非人工智慧相關 IT 數據通訊業務確實實現了出色的成長。

And I wouldn't specify that that's one region or another or one set of customers, it's been a pretty broad piece. and I can a little bit understand that. I mean, customers around the world, enterprise operator, and otherwise are realizing the importance of an IT backbone and what that can create for you, and the value of that, and the payback on those investments. And so I think that that makes a lot of sense.

我不會具體說明這是某個地區、另一個地區或一組客戶，這是一個相當廣泛的範圍。我有點理解這一點。我的意思是，世界各地的客戶、企業營運商和其他人員都意識到了 IT 主幹網路的重要性以及它能為您創造什麼，它的價值以及這些投資的回報。所以我認為這非常有意義。

Now, if the question is really outside of even IT Datacom, look, even if you take away this extraordinary performance that we had in IT Datacom and specifically that extraordinary performance that we had with AI, the company still delivered outstanding organic growth on a year-over-year basis or on a sequential basis.

現在，如果問題真的超出了 IT 數據通信的範圍，那麼即使你去掉我們在 IT 數據通信領域的非凡表現，特別是我們在 AI 領域的非凡表現，公司仍然在同比或環比基礎上實現了出色的有機增長。

And I think that that, and if I wanted to put some sort of scale around that. I mean, you're talking about, high, growth in mid-teens kind of organic growth in an environment like we're facing today. And I think that's just a testament to the fact that it's not just that the company is winning in AI, but we're winning really across all of our diversified end markets.

我認為，如果我想對此進行某種衡量的話。我的意思是，在我們今天所面臨的環境下，你談論的是十幾歲左右的有機成長。我認為這證明我們公司不僅在人工智慧領域取得了勝利，而且我們在所有多元化的終端市場都取得了勝利。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Hey, guys, good afternoon. I'm not sure even how to answer this question. But I think it's worth asking anyway. Like, for the commentary you made about Poland, and you're not seeing it really much outside of the mobile device, like how would you know?

嘿，大家下午好。我甚至不知道該如何回答這個問題。但我認為無論如何都值得一問。例如，對於您對波蘭的評論，您在行動裝置之外並沒有看到太多內容，您怎麼知道的？

Like what is the possibility because I feel like a lot of channel checks that people have done suggest there is Poland, and then a lot of the public companies who have reported say there's none. Is it possible that what looks like -- the numbers look normal to you, like to anyone, so maybe it doesn't feel like pulling because the numbers aren't out of whack, but what if like Poland is looking is appearing like normal demand, is there a risk of that?

比如說，這種可能性有多大？因為我覺得人們所做的許多通路檢查都顯示有波蘭，但許多報告過的上市公司卻說沒有波蘭。有沒有可能，這些數字對你來說看起來很正常，對任何人來說都是如此，所以也許感覺不像是拉動，因為這些數字並沒有失控，但如果像波蘭那樣看起來需求正常，是否存在這種風險？

Yeah, look, I think, Joe, your question is really, do we -- are we confident in what we don't have visibility over? And I would say, look, there are -- all we can judge by is what we see. And we know in mobile devices and we saw in mobile devices, there was a slight pull-in. What we know in IT datacom is that our customers are not only buying our product, but they want more.

是的，喬，我認為你的問題實際上是，我們——我們對我們無法預見的事情有信心嗎？我想說，瞧，我們只能根據所見來判斷。我們知道，在行動裝置中，我們看到了輕微的拉動。在 IT 數據通訊領域，我們知道我們的客戶不僅購買我們的產品，他們還想要更多。

I mean, if we could have shipped more and by the way, we shipped a lot more than anybody expected us to ship in the quarter, but they probably would have taken even more if we could have done it. When I look at the other markets, the one place that I would look very carefully at and I mentioned that earlier is distribution. And our sales to distribution from Q4 to Q1, which is when you would have expected, maybe this pull in to be happening in anticipation of the policies that were that were broadly reported, it was a very modest kind of low single digit sequential growth that we saw in distribution.

我的意思是，如果我們能夠出貨更多的話，順便說一句，我們本季度的出貨量遠遠超出了任何人的預期，但如果我們能夠做到這一點，他們可能會接受更多。當我觀察其他市場時，我會非常仔細觀察的一個地方，我之前提到過，就是分銷。從第四季度到第一季度，我們的分銷銷售額呈現非常溫和的低個位數連續成長，這也是您所預期的，也許這種成長是預期廣泛報道的政策而發生的。

Are there things that we don't see through the supply chain that that could end up whatever, in hindsight, yeah, maybe there was a little bit of a pulling here and there. Yeah, I'm not going to say that that's impossible, Joe. So I think that it's hard for me to kind of say anything categorically. But just on the basis of what we've seen across those areas where it would be most likely for us to have seen it, we've tried to be specific that we saw it in mobile devices, and we don't think we've seen it. At least we haven't seen the evidence of it in the other spaces, but that wouldn't mean that there could be some pull-in, but we just haven't seen the clear evidence of it.

是否存在一些我們在供應鏈中沒有看到的事情，這些事情最終可能會導致什麼結果？事後看來，是的，也許這裡或那裡存在一些拉動。是的，我不會說那是不可能的，喬。所以我認為我很難明確地說出任何事情。但僅根據我們在最有可能看到它的領域所看到的情況，我們試圖明確地說我們在行動裝置上看到了它，但我們認為我們沒有看到它。至少我們還沒有在其他空間看到它的證據，但這並不意味著可能會有一些拉力，但我們只是沒有看到它的明確證據。

William Stein, Truist.

威廉·斯坦，Truist。

Great, thanks for taking my question. Incremental margins were quite a bit stronger than the typical 25%. I'm wondering if maybe it's time to revisit that target and perhaps think about a higher contribution margin level going forward, something on the order of 30%? I think you even beat that this quarter, but any comment on go forward profitability and a metric for us to model, it would be very helpful? Thanks.

太好了，感謝您回答我的問題。增量利潤率比典型的 25% 高得多。我想知道是否是時候重新審視這個目標，並考慮提高未來的貢獻利潤率水平，例如 30% 左右？我認為本季度您甚至超過了這個數字，但是對於未來盈利能力以及我們可以建模的指標，您有何評論，這會很有幫助嗎？謝謝。

Yeah, thanks Will. Yeah, there's no doubt. I mean, the team really just has done an excellent job driving margin expansion, over time, but especially over the last year here, especially over the last couple quarters. As you mentioned, our kind of long-term target for conversion has historically been the 25% level. More recently, we definitely have outperformed that benchmark.

是的，謝謝威爾。是的，毫無疑問。我的意思是，隨著時間的推移，該團隊確實在推動利潤率擴張方面做得非常出色，尤其是在過去的一年裡，尤其是在過去的幾個季度。正如您所提到的，我們轉換的長期目標一直是 25% 的水平。最近，我們的表現確實超越了該基準。

And given our continued momentum and strong, I believe we really well positioned to maybe modestly even exceed that historical 25% target again this year. And that's reflecting our guidance. If you look at our implied guidance here in the second quarter or we're guiding to a little bit better than than that 25%. With all that being said, the current environment's challenging.

鑑於我們持續的強勁勢頭，我相信我們今年確實處於有利地位，甚至可能再次略微超過 25% 的歷史目標。這反映了我們的指導。如果您看一下我們第二季的隱含指引，或者我們的指引會比 25% 稍微好一點。綜上所述，當前的環境充滿挑戰。

There's a lot of cross currents, a lot of things happening, obviously tariffs and the like. So we're certainly want to be prudent around kind of what our expectations are. But there's -- but we do feel real good about these margins. We're growing, pretty significantly. I mean the year-over-year growth is quite significant. We're at levels of revenue, we're able to really execute well and leverage that.

存在著很多矛盾，發生很多事情，顯然是關稅之類的。因此，我們當然希望謹慎對待我們的期望。但是——我們確實對這些利潤率感到很滿意。我們的成長速度相當快。我的意思是同比增長相當顯著。我們的收入水準已經達到了，我們能夠很好地執行並利用這一點。

So I think that that's right. I think that 25% is something we should continue to be able to exceed with these levels of growth, at least here in the near term. And we'll at some point maybe talk about a higher goal of 25% more formally. But at this point in time, I wouldn't necessarily put a measure on that. But there's no doubt we're executing better than that, and I would expect in here in the short to midterm us to continue to do that as we continue to execute and grow at the levels that we are right now.

所以我認為這是正確的。我認為，在這樣的成長水準下，我們應該能夠繼續超越 25% 的目標，至少在短期內是如此。我們也許在某個時候會更正式地討論 25% 的更高目標。但目前，我還不一定會對此採取任何措施。但毫無疑問，我們的執行情況比這更好，我希望在短期到中期內我們能夠繼續這樣做，因為我們將繼續在目前的水平上執行和成長。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Good afternoon. Thank you very much for taking my question and congratulations on the strong results, including the record margins. Amphenol's sales and orders were extraordinarily robust in the data center market. That said, there's been several media reports that at least one hyperscale or if not a few could be slowing the pace of their investments going forward. So I'm hoping to better understand the breadth of the strength that Amphenol has been seen. And has been broad based or a little bit more mixed amongst the key hyper scales. And what's your expectation for the breadth of customer demand in the data center market going forward? Thanks.

午安.非常感謝您回答我的問題，並祝賀您的強勁業績，包括創紀錄的利潤。安費諾在資料中心市場的銷售和訂單異常強勁。儘管如此，已有多家媒體報導，至少有一家或幾家超大規模企業可能會放慢未來的投資步伐。因此，我希望能夠更了解安費諾的實力。並且在關鍵的超級規模中具有廣泛的基礎或稍微混合性。您對未來資料中心市場的客戶需求廣度有何預期？謝謝。

Yeah, thanks, Mark. I mean, look, simply put, we've seen really strong performance across the breadth of companies involved in building out AI. So whether that's the hyper scales, whether that's the OEMs, the sort of sub tiers of those OEMs or the chip companies who are involved in that. So I wouldn't say that that is so concentrated in that sense.

是的，謝謝，馬克。我的意思是，簡單地說，我們看到參與建構人工智慧的眾多公司都表現得非常強大。因此，無論是超大規模，還是 OEM，還是這些 OEM 的子層，還是參與其中的晶片公司。所以我不會說從這個意義上來說它是如此集中。

Look, I know there have been a variety of different reports out there, but all what we can tell you is what we hear from our customers, which is they need as much as we can get them. And when you look at our guide for Q2, it reflects an incremental performance in that market. And when we -- 90 days from now, we'll try to tell you what it looks like in the third quarter. But it is very broad, our position.

你看，我知道外面有各種各樣的報道，但我們能告訴你的都是我們從客戶那裡聽到的，那就是他們需要我們能提供的盡可能多的東西。當您查看我們第二季的指南時，它反映了該市場的增量表現。從現在起 90 天后，我們會試著告訴您第三季的情況。但我們的立場非常廣泛。

Saree Boroditsky, Jefferies.

薩裡‧博羅迪茨基 (Saree Boroditsky)，傑弗里斯 (Jefferies)。

Hi, good afternoon, thanks for taking the question. I appreciate all the end market color that you've given so far. I wanted to just drill down into what you're seeing with an industrial and the factory automation side. Just given that this is one area where maybe there's been some concerns on a positive investment or maybe some reassurance. So just any color there would be really helpful. Thank you.

大家好，下午好，感謝您回答這個問題。我非常欣賞您迄今為止提供的所有終端市場色彩。我只是想深入了解您在工業和工廠自動化方面看到的情況。只是考慮到這是一個可能對積極投資有一些擔憂或一些保證的領域。所以任何顏色都會很有幫助。謝謝。

Yeah, thank you very much. I mean, look, factory automation has been a tricky market for a few quarters. And last quarter, I think as we closed the year, we talked about the fact that we did see -- while it was still down on a year-over-year basis, we saw a little bit of sequential growth and we're like, well, we don't know if that's a real sign of.

是的，非常感謝。我的意思是，工廠自動化幾個季度以來一直是一個棘手的市場。上個季度，我想在我們結束這一年的時候，我們談到了我們確實看到的事實——雖然同比仍然下降，但我們看到了一點連續增長，我們不知道這是否是一個真正的跡象。

I would tell you, it's still -- on a year-over-year basis, maybe it's down by a little bit less than it was in prior year. It's a more European dominated part of the business, the major OEMs and machine builders that make up our factory automation business tend to be from Europe. And Again, while we've seen a little bit of green shoots out of Europe, I think it's still too early to call a total spring bloom here.

我想告訴你，與去年同期相比，下降幅度可能比前一年小。這是歐洲主導的業務部分，構成我們工廠自動化業務的主要原始設備製造商和機器製造商往往來自歐洲。再次強調，雖然我們已經看到歐洲出現了一些復甦的跡象，但我認為現在就說這裡已經完全迎來了春天還為時過早。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon, Adam. I was just wondering within the context of all that's going on in IT Datacom, if you could talk about your transceiver portfolio and how that's contributing in some of the strategies behind that? Thanks.

嗨，下午好，亞當。我只是想知道，在 IT 數據通訊領域發生的所有事情的背景下，您是否可以談談您的收發器產品組合以及它對其背後的一些策略有何貢獻？謝謝。

Yeah, thanks very much, Steve. I don't think I would talk so specifically about a very individual product like you mentioned. But I would say that we have a very broad business in IT Datacom. High speed, copper, amazing power products. And of course the optics, both the passive and the active optics, and that's something we've been very thoughtful about over many years. And we've been involved in passive fiber optics for a very long time.

是的，非常感謝，史蒂夫。我認為我不會如此具體地談論您提到的非常個性化的產品。但我想說的是，我們在 IT 數據通訊領域的業務非常廣泛。高速、銅、令人驚嘆的電力產品。當然還有光學器件，包括被動光學器件和主動光學器件，這是我們多年來一直在深思熟慮的事情。我們涉足無源光纖領域已經很久了。

And it's really over the last, I don't know, five or so six years that we also through the acquisitions of Xgiga and Halo and other initiatives inside the company have been involved in active optics. And we're very happy with our participation and our progress that we've made in active optics. And I think it gets to sort of the breadth of the interconnect solutions that we offer across all of our markets.

在過去大約五、六年的時間裡，我們也透過收購 Xgiga 和 Halo 以及公司內部的其他舉措涉足了有源光學領域。我們對我們的參與以及我們在有源光學領域的進展感到非常高興。我認為這涉及我們在所有市場提供的互連解決方案的廣度。

And more and more of those interconnect solutions have something going on inside of them, in particular, as you get to like really high speeds and copper, you get to these really complex active optics products. There's a lot of engineering, a lot of know-how, and a lot of challenges in building them. And I think our team's done a really great job of embracing that and doing a fabulous job of making progress in that space. But to get really deep into the overall market, one thing like that, I probably would prefer that, but we're very happy with the company's position across active and passive optics.

越來越多的互連解決方案在其內部都有一些事情發生，特別是當你喜歡真正高速和銅時，你就會得到這些真正複雜的主動光學產品。建造它們需要大量的工程、大量的專業知識和大量的挑戰。我認為我們的團隊在接受這一點方面做得非常出色，並且在這一領域取得了驚人的進展。但要真正深入了解整個市場，像這樣的事情，我可能更喜歡這樣，但我們對公司在主動和被動光學領域的地位非常滿意。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Thank you. Adam, can you talk a little bit about the order linearity in ID datacom? Sounds like you weren't able to maybe meet as much of the demand as you would have liked to, although it was a very strong order. Do you think there was any increased level of disconnect between your shipments relative to end product shipments that could potentially lead to any kind of slowdown on the back half? And you spoke about diversification across multiple records, but if you could share maybe any thoughts around split of GPU versus A6, where your products are going or maybe signal versus power, that'd be helpful. Thank you so much.

謝謝。亞當，您能稍微談談 ID 資料通訊中的順序線性嗎？聽起來你可能無法滿足你所希望的那麼多的需求，儘管這是一個非常大的訂單。您是否認為您的出貨量與最終產品出貨量之間的脫節程度有所增加，這可能會導致下半年出現任何形式的放緩？您談到了跨多個記錄的多樣化，但如果您可以分享關於 GPU 與 A6 的劃分、您的產品走向或訊號與功率的任何想法，那將會很有幫助。太感謝了。

Thanks very much, Wamsi. I mean, look, in terms of order linearity, you made one comment which is we weren't able to meet our expectations. We far exceeded in the quarter and our customers' expectations of what we could execute, but they still would have taken more if we could deliver it. So I guess coming into the quarter, one of the reasons we outperformed by such a significant margin is our team outperformed. They executed far beyond what we thought they could do and far beyond what our customers thought they could do. And that was really a great thing. It's not that we were disappointing customers. In fact, we were pleasing customers here in the quarter.

非常感謝，Wamsi。我的意思是，就訂單線性而言，您提出了一則評論，那就是我們無法滿足我們的期望。我們在本季的表現遠遠超出了客戶對我們的期望，但如果我們能夠實現目標，他們仍會要求更多。因此我想，進入本季度，我們表現優異的原因之一是我們的團隊表現出色。他們的表現遠遠超出了我們的預期，也遠遠超出了我們的客戶的預期。這確實是一件很棒的事。這並不是說我們讓顧客失望了。事實上，本季我們讓客戶感到滿意。

Now, would they have taken more? The point is, yes, they would. And I think that's a sign of the fact that there is a robust build out that that is happening right now in particular across AI. I mean, does -- did that create -- do our shipments create a disconnect in the supply chains of the customers? I don't think nothing that we have seen would lead me to think that there is that kind of disconnect.

現在，他們會拿更多嗎？重點是，是的，他們會的。我認為這表明目前人工智慧領域正在發生強勁發展。我的意思是，這是否會導致我們的貨物運輸造成客戶供應鏈中斷？我認為我們所看到的一切都不會讓我想到有這種脫節。

Again, if folks stop spending money on next generation generative AI based data centers, we won't be immune to that. That's when, if there is ever an air pocket around that spending, I'm sure our teams will manage through that in a highly effective fashion as we always have in the past. But I don't think anything about how we've been supplying is creating that kind of disconnect.

再說了，如果人們停止在下一代基於生成式人工智慧的資料中心上花錢，我們也無法倖免。到那時，如果這筆支出出現任何差池，我相信我們的團隊會像過去一樣，以高效的方式解決這個問題。但我並不認為我們的供應方式會造成這種脫節。

And as it relates to kind of the systems and our products going into GPUs versus AI-based applications, it's a hard to tell. I mean, obviously, all of the AI related business, the the core of that it is for sure GPUs both for learning or for training and for inference. And so I think one could say that let's say two thirds of our growth on a year-over-year basis that that ultimately was driven by AI and the significant position that we have in AI, I guess you would say that that's predominantly related to GPU or GPU equivalent kind of architectures.

至於它與系統類型以及我們的產品進入 GPU 還是基於 AI 的應用程式有關，這很難說。我的意思是，顯然，所有與人工智慧相關的業務，其核心肯定是用於學習、訓練和推理的 GPU。因此，我認為可以說，我們同比成長的三分之二最終是由人工智慧推動的，而我們在人工智慧領域的重要地位，我想你會說這主要與 GPU 或 GPU 等效架構有關。

Would you then say that our non-AI business is related more to non-GPU architectures? I don't know, I haven't thought about it necessarily in that way. But I guess one could sort of say that. Remember that our IT business is a combination of servers, networking, and storage systems. And so to define it just by GPU versus A6, I think is only, maybe that's only within servers, which is a meaningful portion. But we have a very significant networking business as well. And so there I don't think that distinction is as relevant to to thinking about the makeup of the business.

那麼您是否會說我們的非 AI 業務與非 GPU 架構更相關？我不知道，我還沒有這樣想過。但我想人們可以這麼說。請記住，我們的 IT 業務是伺服器、網路和儲存系統的組合。因此，僅透過 GPU 與 A6 來定義它，我認為可能只是在伺服器中，這是一個有意義的部分。但我們的網路業務也十分重要。因此，我認為這種差異與思考業務組成並不相關。

Guy Hardwick, Freedom Capital Markets.

哈德威克（Guy Hardwick），自由資本市場（Freedom Capital Markets）。

Hi, good afternoon. Adam, you alluded to earlier, but perhaps you can maybe expand on how your general managers and 130-plus businesses now, how they respond in these environments to whether it's tariffs or supply chain issues? Because obviously, as you said, you pushed down the responsibility for managing these issues down to them, because it does seem to be a real competitive advantage.

嗨，下午好。亞當，您之前提到過，但也許您可以詳細說明您的總經理和現在的 130 多家企業，他們在這些環境下如何應對關稅或供應鏈問題？因為顯然，正如你所說，你將管理這些問題的責任推給了他們，因為這似乎確實是一個真正的競爭優勢。

And on that point, I mean, in terms of tariffs, I believe that some of your US subsidiaries do have offshore manufacturing in China, for example, just wondering how you -- how the company or the individual businesses cope with these sort of challenges?

關於這一點，我的意思是，就關稅而言，我相信你們的一些美國子公司確實在中國有離岸製造業務，我只是想知道你們——公司或個別企業如何應對這類挑戰？

Yeah, thanks very much, Guy. Look, this is a topic really close to my heart, because at the end of the day, when we think about why Amphenol is successful, why do we win more than our fair share of these revolutionary opportunities? Why are we so effective at successfully acquiring so many companies over the year and bring them so successfully into the family? And how is it -- how have we been able to navigate dynamics, uncertainty, and even very severe disruptions over a very long time period?

是的，非常感謝，蓋伊。瞧，這是一個我非常關心的話題，因為歸根結底，當我們思考安費諾為何成功時，為什麼我們在這些革命性機會中獲得的份額超過了我們應得的份額？為什麼我們能夠在一年內成功收購如此多的公司並將它們成功納入我們的家族？那麼，我們如何能夠在很長的一段時間內應對各種動態、不確定性，甚至是非常嚴重的混亂？

It all comes back actually to the same basic underlying value of the company, which is that entrepreneurial structure, that culture of what we call Amphenolian entrepreneurship, whereby our general managers who now are 140 strong around the world, they have full authority to run their respective businesses. And then we can hold them, these men and women around the world, clearly accountable for their individual performance.

這一切實際上都歸結於公司相同的基本價值，即企業家結構，即我們所說的安費諾企業家精神的文化，透過這種文化，我們目前在世界各地有 140 名總經理，他們擁有經營各自業務的全部權力。然後，我們就可以讓他們，這些遍布世界各地的男男女女，對他們的個人表現明確負責。

And when we say that they have total authority, we really mean it. And we enable them, we liberate them to make all the decisions that you need to make on a day-to-day in running a business. And the fact is, even if there were not such a thing called a tariff. There are everyday hundreds of decisions that that have to get made, and the number of those decisions that actually come up to my desk, I can count them on less than one hand. Let me say it that way.

當我們說他們擁有絕對權威時，我們是認真的。我們為他們提供支持，讓他們能夠自由地做出日常經營企業所需的所有決策。事實是，即使沒有關稅這種東西。每天都有數百個決定需要做出，而真正擺到我面前的決定，一隻手都數不清。讓我這樣說吧。

Every day these folks are making the fundamental decisions about how to run the business. And now along comes a thing called tariffs or along came a thing called COVID, along came a thing called the supply chain crisis, along came a thing called the global financial crisis. I go way back in time, and I say along came a thing called the internet bubble. And each of these big dislocations, these disruptions to the business, our folks just go out and make it happen.

這些人每天都在做如何經營企業的基本決策。現在又出現了一種叫做關稅的東西，或是一種叫做 COVID 的東西，又出現了一種叫做供應鏈危機的東西，又出現了一種叫做全球金融危機的東西。我回顧過去，說當時出現了一個叫做網路泡沫的現象。每當出現這些重大混亂、業務中斷時，我們的員工就會出去解決。

And what does that mean specifically with tariffs? It it's quite interesting. Because we talk so generally about tariffs, but these are very technical specific situations. Every product you sell, you have to have a deep understanding of who is the customer, what is your position with that customer, who are the competitors for that product, what is their position, what are their strengths, what is their footprint, and where do you make your product and where can you make your product, and what's the supply chain underlying that, what are the logistics flows of that? It's a lot of very specific knowledge that you want to have about every product that could be subject to tariffs in order to make the wisest decision.

那麼這對於關稅來說具體意味著什麼呢？這很有趣。因為我們一般會談論關稅，但這些都是非常技術性的具體情況。您銷售的每種產品，都必須深入了解誰是客戶、您與該客戶的關係如何、該產品的競爭對手是誰、他們的定位如何、他們的優勢是什麼、他們的足跡是什麼、您在哪裡生產您的產品、您可以在哪裡生產您的產品、其背後的供應鏈是什麼、其物流流程是什麼？為了做出最明智的決定，您需要掌握大量有關每種可能被徵收關稅的產品的非常具體的知識。

And when I say the wisest decision, I mean, you can easily -- when tariffs come, just say, hey, we're going to raise every price by 10% across the company. Take just a blanket approach, send a letter around the world, we're just going to raise prices. Well, if you do that, there's many cases where you're going to lose the business because your -- maybe your competitors have a different footprint than you have. There's other cases where maybe you should have passed on more of the price to your customer because of the specifics of that individual circumstance.

當我說最明智的決定時，我的意思是，當關稅來臨時，你可以輕鬆地說，嘿，我們將把全公司所有產品的價格提高 10%。採取一刀切的做法，向全世界發一封信，我們就會提高價格。好吧，如果你這樣做，很多情況下你都會失去生意，因為你的競爭對手可能與你有不同的足跡。在其他情況下，由於具體情況的特殊性，您可能應該將更多的價格轉嫁給您的客戶。

It is that ability to tailor make the actions of the company in such a highly fine-tuned fashion at the general management level that it allows us to manage through a time like this. Yeah, do we have some, to your point, some of our products sold in the US that come from overseas? Sure, we do. Do we have 300 facilities around the world? Do we have general managers whose hands are not tied to take whatever actions are necessary to manage through those situations? Absolutely we do.

正是這種在整體管理層面以高度精細的方式客製化公司行動的能力，使我們能夠度過這樣的時期。是的，正如您所說，我們在美國銷售的一些產品是否來自海外？當然可以。我們在世界各地有 300 個設施嗎？我們是否有總經理可以不受束縛地採取一切必要行動來應對這些情況？我們當然會這麼做。

And so we're not immune to tariffs. The policies can get worse, the policies can get better. They will be unpredictable. That seems to be for sure the case. But there's no doubt in my mind that our organization is the best equipped to manage through that dynamic. And what I'm very proud of is one thing is that no matter how big we have gotten, here we are in delivering in one quarter $4.8 billion of sales.

因此，我們也無法免受關稅的影響。政策可能會變得更糟，政策也可能變得更好。它們將會變得難以預測。看來確實如此。但我毫不懷疑，我們的組織最有能力應付這種動態。令我感到非常自豪的是，無論我們的規模有多大，我們在一個季度內都實現了 48 億美元的銷售額。

I mean, this is a very significant. It's nearly twice the size of when I became CEO 16 years ago in a full year, and we're delivering twice that in a quarter. And yet the strength of that entrepreneurial culture today, I can tell you is better than it's ever been in the history of the company. We have not only preserved that culture, but we've scaled the company amidst that culture.

我的意思是，這非常重要。與我 16 年前擔任執行長時相比，這一年內的業績幾乎翻了一番，而且我們在一個季度內實現的業績也是當時的兩倍。然而，我可以告訴你，今天的創業文化的力量比公司歷史上任何時候都要強大。我們不僅保留了這種文化，而且還在這種文化中擴大了公司規模。

And so now here you are facing these tariffs. And like I said, I think the company is purpose built for a situation like this. We're not immune to it. They can -- there can still be negative impacts. They can be unpredictable. Some of them can be very hard to manage. It's hard work for people, a lot of time, wasted time, some could argue, but it is what it is. And our team faces that in a very unemotional fashion and just makes it happen Amphenol can.

所以現在你們面臨這些關稅。正如我所說的，我認為這家公司就是為這種情況而專門成立的。我們也無法倖免。它們可能——仍然會產生負面影響。它們可能是不可預測的。其中一些可能非常難以管理。有些人可能會爭辯說，這對人們來說是艱苦的工作，浪費了大量的時間，但事實就是如此。我們的團隊以一種非常冷靜的方式面對這個問題，並讓安費諾能夠實現這一目標。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究。

Hey, good afternoon. Thanks for taking my questions, squeezing me in, and they'll be short. I was just wondering with the uncertainty that's out there, the IMF lowering its economic forecasts to recession in the year pretty much every day, louder, softer depending on the day. Has your acquisition funnel increased with that uncertainty? Or in other words, are you seeing more, whether it's from private equity, books, relationships that you have opportunities across your businesses now in a time of uncertainty?

嘿，下午好。感謝您回答我的問題，並抽出時間，我的回答會很簡短。我只是想知道，鑑於存在的不確定性，國際貨幣基金組織幾乎每天都會將其對今年經濟衰退的預測下調，而且幅度有時大，有時小。您的收購管道是否因這種不確定性而擴大了？或者換句話說，您是否看到了更多機會，無論是來自私募股權、書籍還是關係，在不確定的時期，您在業務中都擁有更多機會？

Yeah, well, thanks very much, Scott. And it's a very nice question. Look, we've had a very successful acquisition program for many years, and we've had that in good times and bad. And the one thing that we have never done is try to time acquisitions for macro cycles. I mean, look, we've made 15 acquisitions in the last nine quarters and, some of those were pretty robust times.

是的，非常感謝，斯科特。這是一個非常好的問題。你看，多年來，我們的收購計畫一直非常成功，無論在順境或逆境中，我們都做到了這一點。我們從未做過的一件事就是嘗試根據宏觀週期安排收購時間。我的意思是，你看，我們在過去九個季度中進行了 15 次收購，其中一些收購非常強勁。

And so are more people selling amidst uncertainty today than maybe they were a year or two ago? I don't know if that's the case. Are we a more compelling buyer than we've ever been before because of the strength of our financial position, our reputation as really an acquirer of choice in this industry, and our ability to execute quickly in acquisitions like we've demonstrated here in these last couple of years? I think we are. I think, we have a very robust pipeline. We've had a robust pipeline. And I wouldn't necessarily say that it's a pipeline that's changing because of the headlines or whatever the IMF forecast.

那麼，如今在不確定的情況下出售股票的人是否比一兩年前更多呢？我不知道是不是這樣。由於我們財務狀況的強勁、我們作為行業首選收購者的聲譽、以及我們在收購中快速執行的能力（就像我們在過去幾年中所展示的那樣），我們是否比以前更引人注目？我認為是的。我認為，我們擁有非常強大的管道。我們擁有強大的管道。我不會說這是一個因為頭條新聞或國際貨幣基金組織的預測而改變的管道。

Thank you. We currently have no further questions, so I will hand back to Mr. Norwitt for closing remarks.

謝謝。目前我們沒有其他問題，因此我將把發言交還給諾維特先生作最後發言。

Well, thank you all very much. Look, in these uncertain times, nothing is predictable. I can tell you that. I mean, who would have thought the top movie of the year is Minecraft. But it is a world of dynamic uncertainty, but in that I'm certain of one thing, that this is an organization that can make it happen in any environment.

好吧，非常感謝大家。看，在這些不確定的時期，沒有什麼是可以預測的。我可以告訴你。我的意思是，誰會想到今年最熱門的電影是《我的世界》。但這是一個充滿動態不確定性的世界，但我確信一件事，那就是這個組織可以在任何環境下實現目標。

And I really thank you all for your time today, and we look forward to talking to you again in 90 days. Thank you.

我非常感謝大家今天抽出時間，我們期待 90 天後再次與你們交談。謝謝。

Thank you, everybody.

謝謝大家。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。