安費諾 (APH) 2025 Q2 法說會逐字稿

Hello, and welcome to the second-quarter 2025 earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time.

您好，歡迎參加安費諾公司 2025 年第二季財報電話會議。（操作員指示）應公司要求，今天的會議正在錄音。如果有人有異議，此時可以斷開連接。

I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

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. 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 of 2025 conference call. Our second quarter '25 results were released this morning.

謝謝。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 2025 年第二季的電話會議。我們的 25 年第二季業績已於今天上午公佈。

I will provide some financial commentary, and then Adam will give an overview of the business and current market trends, and then we will, of course, take questions. 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. The company closed the second quarter of 2025 with record sales of $5.650 billion and record GAAP and adjusted diluted EPS of $0.86 and $0.81, respectively.

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，然後我們當然會回答問題。提醒一下，在電話會議中，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。該公司 2025 年第二季的銷售額達到創紀錄的 56.5 億美元，GAAP 和調整後稀釋每股收益分別達到創紀錄的 0.86 美元和 0.81 美元。

Second quarter sales were up 57% in US dollars, 56% in local currencies and 41% organically compared to the second quarter of 2024. Sequentially, sales were up 17% in US dollars, 16% local currencies and 14% organically. Adam will comment further on trends by market in a few minutes.

與 2024 年第二季相比，第二季銷售額以美元計算成長 57%，以當地貨幣計算成長 56%，有機成長 41%。以美元計算，銷售額較上季成長 17%，以當地貨幣計算，銷售額較上季成長 16%，有機銷售額較上季成長 14%。幾分鐘後，亞當將進一步評論市場趨勢。

Orders in the quarter were a record $5.523 billion, up a strong 36% compared to the second quarter of 2024 and up 4% sequentially, resulting in a book-to-bill ratio of 0.98:1. GAAP operating income was $1.419 billion in the quarter and GAAP operating margin was a record 25.1%. GAAP operating margin included $29 million of acquisition-related costs.

本季訂單金額達創紀錄的55.23億美元，較2024年第二季強勁成長36%，季增4%，訂單出貨比達0.98:1。本季GAAP營運收入為14.19億美元，GAAP營運利潤率創紀錄地達到25.1%。GAAP 營業利潤率包括 2,900 萬美元的收購相關成本。

Excluding these acquisition-related costs, adjusted operating income in the second quarter of 2025 was $1.448 billion, resulting in a record adjusted operating margin of 25.6%. On an adjusted basis, operating margin increased by a strong 430 basis points from the prior year -- sorry, from the prior quarter and 210 basis points sequentially.

不包括這些收購相關成本，2025 年第二季的調整後營業收入為 14.48 億美元，調整後營業利益率達到創紀錄的 25.6%。經調整後，營業利潤率較上年同期大幅增長 430 個基點——抱歉，是較上一季度增長，較上一季增長 210 個基點。

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

調整後營業利潤率的年增率主要得益於銷售量大幅增加帶來的強勁營業槓桿，而收購的稀釋影響僅略微抵消了這一增長。與上一季相比，調整後營業利潤率的成長反映了銷售額成長的強勁轉化，以及收購獲利能力提升舉措的進一步進展。

I'm extremely proud of the company's record operating margin performance in the second quarter, which reflects continued strong execution by our team. Breaking down second quarter results by segment compared to the second quarter of 2024, Sales in the Communications Solutions segment were $2.910 billion and increased by 101% in US dollars and 78% organically. Segment operating margin was 30.6%.

我對公司第二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。按部門細分第二季業績，與 2024 年第二季相比，通訊解決方案部門的銷售額為 29.10 億美元，以美元計算成長 101%，有機成長 78%。分部營業利益率為30.6%。

Sales in the Harsh Environment Solutions segment were $1.445 billion and increased by 38% in US dollars and 18% organically. Segment operating margin was 25.2%. Sales in Interconnect Sensors & Systems segment were $1.295 billion increased by 16% in US dollars and 14% organically, and segment operating margin was 19.5%.

惡劣環境解決方案部門的銷售額為 14.45 億美元，以美元計算成長 38%，有機成長 18%。分部營業利益率為25.2%。互連感測器與系統部門的銷售額為 12.95 億美元，以美元計算成長 16%，有機成長 14%，部門營業利潤率為 19.5%。

The company's GAAP effective tax rate for the second quarter was 18.3% and adjusted effective tax rate was 24.5%, which compared to 20.4% and 24% in the second quarter of 2024, respectively. GAAP diluted EPS was a record $0.86 in the second quarter, up 110% compared to the prior year period and on an adjusted basis, diluted EPS increased 84% to a record $0.81 compared to $0.44 in the second quarter of 2024. This was an outstanding result.

該公司第二季的 GAAP 有效稅率為 18.3%，調整後有效稅率為 24.5%，而 2024 年第二季分別為 20.4% 和 24%。第二季度，GAAP 稀釋每股盈餘達到創紀錄的 0.86 美元，較去年同期成長 110%；經調整後，稀釋每股盈餘較 2024 年第二季的 0.44 美元成長 84%，達到創紀錄的 0.81 美元。這是一個出色的結果。

Operating cash flow in the second quarter was a record $1.417 billion or 130% of net income and free cash flow was a record $1.122 billion or 103% of net income. And excellent results, especially considering the growth we have experienced.

第二季的經營現金流達到創紀錄的 14.17 億美元，佔淨收入的 130%，自由現金流達到創紀錄的 11.22 億美元，佔淨收入的 103%。並且取得了優異的成績，特別是考慮到我們所經歷的成長。

In the third quarter, we expect capital spending to again be somewhat elevated versus our typical 3% to 4% of sales levels as we continue to invest to support the significant growth we are seeing in the IT datacom market. From a working capital standpoint, inventory days, days sales outstanding and payable days were all within our normal range.

在第三季度，我們預計資本支出將再次略有上升，而我們通常的銷售額為 3% 至 4%，因為我們將繼續投資以支援 IT 數據通訊市場的顯著成長。從營運資本的角度來看，庫存天數、應收帳款天數和應付帳款天數均在正常範圍內。

During the quarter, the company repurchased 2 million shares of common stock at an average price of approximately $78 and when combined with our normal quarterly dividend, total capital return to shareholders in the second quarter of 2025 was approximately $360 million. Total debt on June 30 was $8.1 billion, and net debt was $4.8 billion. Total liquidity at the end of the quarter was $6.2 billion, which included cash and short-term investments on hand of $3.2 billion plus availability under our existing credit facilities.

本季度，該公司以平均約 78 美元的價格回購了 200 萬股普通股，加上我們正常的季度股息，2025 年第二季股東總資本回報約為 3.6 億美元。6 月 30 日的總債務為 81 億美元，淨債務為 48 億美元。本季末的總流動資金為 62 億美元，其中包括 32 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。

Excluding acquisition-related costs, second quarter 2025 EBITDA was $1.7 billion and at the end of the second quarter of 2025, our net leverage ratio was 0.9 times. During the quarter, the company completed a successful $750 million US bond offering and a EUR600 million bond offering. As of June 30, the company had no outstanding borrowings under its revolving credit facility or its commercial paper programs, and we expect quarterly interest expense net of interest income earned on cash on hand to be approximately $70 million which is reflected in our third quarter guidance.

不包括收購相關成本，2025 年第二季的 EBITDA 為 17 億美元，截至 2025 年第二季末，我們的淨槓桿率為 0.9 倍。本季度，該公司成功完成了 7.5 億美元美國債券發行和 6 億歐元債券發行。截至 6 月 30 日，該公司在循環信貸安排或商業票據計劃下沒有未償還借款，我們預計季度利息支出扣除現金利息收入後約為 7000 萬美元，這反映在我們的第三季度指引中。

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 I'd like to extend my welcome to all of you from sunny Wallingford, Connecticut, and I hope that all of you on the call here today, together with your family and friends and colleagues are enjoying a wonderful summer so far.

好吧，非常感謝你，克雷格，我想向你們所有人表示歡迎，歡迎你們來自陽光明媚的康涅狄格州沃靈福德，我希望今天在這裡參加電話會議的所有人，以及你們的家人、朋友和同事，都度過了一個美好的夏天。

As Craig alluded to, I'm going to highlight our achievements in the second quarter. I'll talk about our trends and progress across our served markets. We'll make some comments on our outlook for the third quarter and then, of course, we'll have time for questions at the end.

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成就。我將談論我們所服務市場的趨勢和進展。我們將對第三季的展望發表一些評論，然後，當然，最後我們會有時間回答問題。

Let me just say that we drove outstanding performance in the second quarter of 2025. In fact, our results were much stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share. Our sales grew from prior year by a very strong 57% in US dollars and 56% in local currencies, reaching a new record $5.650 billion. And on an organic basis, our sales increased by 41%, with all of our end markets experiencing robust organic growth, and I'll talk about those markets, specifically here in a few moments.

我只想說，我們在 2025 年第二季取得了出色的業績。事實上，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。我們的銷售額較上年同期大幅成長 57%（以美元計算），成長 56%（以當地貨幣計算），達到創紀錄的 56.5 億美元。從有機成長來看，我們的銷售額成長了 41%，我們所有的終端市場都經歷了強勁的有機成長，稍後我將專門討論這些市場。

The company booked a record $5.523 billion in orders in the second quarter and that represented a book-to-bill of 0.98: 1. And these orders grew by 36%, very strong compared to prior year and were also up sequentially from our previous record orders in the first quarter.

該公司第二季的訂單量達到創紀錄的 55.23 億美元，訂單出貨比為 0.98：1。這些訂單成長了 36%，與去年同期相比非常強勁，並且比我們第一季創紀錄的訂單也有所增長。

I want to say that we're particularly pleased to deliver record adjusted operating margins of 25.6% in the quarter. This is an increase of 430 basis points from prior year and 210 basis points sequentially. This strong profitability is a direct result of the outstanding execution of the Amphenol team around the world, who continue to manage well in what continues to be a challenging cost environment. Adjusted diluted EPS grew 84% from prior year and reached a new record of $0.81.

我想說的是，我們特別高興本季調整後的營業利潤率達到了創紀錄的 25.6%。這比前一年增加了 430 個基點，比上一季增加了 210 個基點。強勁的獲利能力直接歸功於安費諾全球團隊的出色執行力，他們在持續充滿挑戰的成本環境中繼續保持良好的管理。調整後稀釋每股收益較上年增長 84%，達到 0.81 美元的新紀錄。

And finally, the company generated record operating and free cash flow in the second quarter of $1.4 billion and $1.1 billion, respectively, both clear reflection of the quality of the company's earnings. I cannot express enough my pride in our team. Amphenol's results this quarter once again reaffirmed the value of the drive, discipline and agility of our entrepreneurial organization as we continue to perform well amidst the very dynamic environment.

最後，該公司第二季的營運現金流和自由現金流分別創下 14 億美元和 11 億美元的新高，這清楚反映了公司的獲利品質。我無法充分錶達我對我們團隊的自豪感。安費諾本季的業績再次證明了我們創業型組織的動力、紀律性和敏捷性的價值，我們在充滿活力的環境中繼續表現良好。

We are very pleased in May to have closed on the acquisition of Narda-MITEQ. And based in Hapag, New York, with annual sales of approximately $120 million, Narda-MITEQ is a leading provider of active RF and microwave components primarily for the defense market. Together with our previously announced acquisitions of XMA and Q Microwave and now with Narda, we're building a strengthened presence in RF interconnect and active RF components which is a great complement to our leading position across RF connector, cable, cable assembly and antenna products for this important market.

我們非常高興在五月完成了對 Narda-MITEQ 的收購。Narda-MITEQ 總部位於紐約州赫伯羅彼得羅夫斯克，年銷售額約 1.2 億美元，是一家領先的主動射頻和微波元件供應商，主要面向國防市場。加上我們先前宣布的 XMA 和 Q Microwave 的收購以及現在對 Narda 的收購，我們正在射頻互連和主動射頻元件領域建立更強大的影響力，這對於我們在這個重要市場的射頻連接器、電纜、電纜組件和天線產品領域的領先地位起到了很大的補充作用。

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 to successfully bring these companies into the Amphenol family remains a core competitive advantage for the company.

我們仍然相信我們的收購計劃將繼續為公司創造巨大的價值。我們識別和執行收購，然後成功將這些公司納入安費諾家族的能力仍然是公司的核心競爭優勢。

Now turning to our served markets. We're very pleased that the company's end market exposure remains highly diversified, balanced and broad. This diversification continues to create great value for the company enabling us to participate across all areas of the global electronics industry while not being overly exposed to the volatility of any given market or application. The defense market represented 9% of our sales in the quarter. Sales grew from prior year by a very strong 25% in US dollars and 18% organically, and this was driven by broad-based growth across most segments within the defense market.

現在轉向我們服務的市場。我們非常高興地看到，公司的終端市場覆蓋範圍仍然高度多樣化、均衡且廣泛。這種多樣化繼續為公司創造巨大的價值，使我們能夠參與全球電子產業的所有領域，同時又不會過度暴露於任何特定市場或應用的波動。本季國防市場占我們銷售額的 9%。銷售額較上年同期大幅成長 25%（以美元計算），有機成長 18%，這得益於國防市場大部分領域的廣泛成長。

Sequentially, our sales increased by 13%, which was better than our expectations coming into the quarter for a high single-digit increase. Looking into the third quarter, we expect sales to increase modestly from these second quarter levels, including the benefit of our acquisition. We remain encouraged by the company's leading position in the defense interconnect market, where we continue to offer the industry's widest range of high-technology products.

與上一季相比，我們的銷售額成長了 13%，這比我們預期的本季高個位數成長要好。展望第三季度，我們預計銷售額將比第二季度略有成長，其中包括收購帶來的收益。我們仍然對公司在國防互連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。

With the addition of Narda-MITEQ, we continue to diversify our already broad product offering to capitalize on the increasing adoption of electronics and defense equipment. Amidst the current dynamic geopolitical environment, countries around the world are expanding their spending on both current and next-generation defense technologies and we're positioned better than ever to capitalize on this long-term demand trends.

隨著 Narda-MITEQ 的加入，我們將繼續豐富我們已經廣泛的產品系列，以利用電子和國防設備日益普及的優勢。在當前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支出，我們比以往任何時候都更有能力利用這種長期需求趨勢。

The commercial aerospace market represented 5% of our sales in the quarter and sales increased by 50% in US dollars and 8% organically from prior year as we benefited from the addition of CIT last year, as well as our continued progress in expanding content on next-generation commercial aircraft.

商用航空市場佔本季度我們銷售額的 5%，銷售額以美元計算增長了 50%，有機增長了 8%，這得益於我們去年增加了 CIT，以及我們在擴展下一代商用飛機內容方面取得了持續進展。

Sequentially, our sales grew by 6% in US dollars from the first quarter, which was better than our expectations coming into the quarter. Looking to the third quarter, we expect our sales to be up in the low single digits from the second quarter levels. I'm truly proud of our team working in the commercial air market. With the ongoing growth in demand for jetliners, our efforts to expand our product offering, both organically and through our acquisition program are paying real dividends.

與第一季相比，我們的銷售額以美元計算成長了 6%，這比我們本季的預期好。展望第三季度，我們預期銷售額將比第二季度成長個位數。我為我們在商業航空市場工作的團隊感到非常自豪。隨著對噴射客機的需求不斷增長，我們透過內部發展和收購計畫擴大產品供應的努力正在獲得真正的回報。

In particular, we continue to be 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 for the commercial air market long into the future.

特別是，我們對安費諾旗下 CIT 團隊所取得的進步感到非常鼓舞，並且我們期待在未來很長一段時間內進一步利用我們擴大的商業航空市場產品解決方案。

The industrial market represented 19% of our sales in the quarter, and our sales in this market grew 25% in US dollars and 12% organically. As we continue to see improvements across our diversified industrial markets. In particular, our organic growth was driven by expansions in alternative energy, instrumentation, medical, industrial EV and factory automation, and I'm especially pleased that we grew organically in all of our served geographic regions during the quarter, including in Europe.

工業市場佔本季我們銷售額的 19%，我們在該市場的銷售額以美元計算成長了 25%，有機成長了 12%。我們不斷看到多元化工業市場的改善。具體來說，我們的有機成長是由替代能源、儀器儀表、醫療、工業電動車和工廠自動化領域的擴張所推動的，我尤其高興的是，本季我們服務的所有地理區域（包括歐洲）都實現了有機成長。

On a sequential basis, our sales grew by a much better than expected 11% from the first quarter. Looking into the third quarter, we do expect sales to moderate slightly from these second quarter levels on typical seasonality. But we remain encouraged by the company's strength across the many diversified segments of this important market as demand has continued to recover, I'm confident that our long-term strategy to expand our high-technology interconnect antenna and sensor offering, both organically and through complementary acquisitions has positioned us to capitalize on the many electronic revolutions that continue to occur across the industrial market. This creates exciting opportunities for our outstanding team working in this important area.

與上一季相比，我們的銷售額成長了 11%，遠超預期。展望第三季度，我們確實預計銷售額將因典型的季節性因素而較第二季度的水平略有放緩。但隨著需求持續復甦，我們仍然對公司在這個重要市場的許多多元化領域的實力感到鼓舞，我相信，我們的長期策略是擴大我們的高科技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，都使我們能夠利用工業市場不斷發生的許多電子革命。這為我們在這個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 14% of our sales in the second quarter, and sales in this market grew 10% in US dollars and 8% organically as we experienced growth really in all regions. Sequentially, our sales in automotive grew by 7% from the first quarter, which was also much better than our expectations coming into the quarter and really reflected strong execution by our team. For the third quarter, we expect sales to be slightly lower than the second quarter levels as customers plan for their traditional summer shutdowns.

汽車市場占我們第二季銷售額的 14%，由於我們在所有地區都實現了成長，該市場的銷售額以美元計算成長了 10%，有機成長了 8%。與第一季相比，我們的汽車銷售額成長了 7%，這也遠遠好於我們本季的預期，並且真正反映了我們團隊的強大執行力。由於客戶正在計劃傳統的夏季停工，我們預計第三季的銷售額將略低於第二季的水平。

I remain proud of our team working in the automotive market. While there are still areas of uncertainty in this market, 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. The communications networks represented 11% of our sales in the second quarter Sales grew from prior year by 143% in US dollars, which was driven primarily by the addition of Andrew.

我仍然為我們在汽車市場工作的團隊感到自豪。儘管這個市場仍然存在一些不確定的領域，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，從而贏得新的設計勝利。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。通訊網路占我們第二季度銷售額的 11%，以美元計算，銷售額較上年增長 143%，這主要得益於安德魯的加入。

On an organic basis, our sales increased by a robust 16% from prior year as we benefited from increased spending by communications networks operators as well as wireless equipment manufacturers. Sequentially, sales in the second quarter grew by 30% from the first quarter driven in part by the Andrew acquisition, which was completed in the first quarter.

從有機成長來看，由於通訊網路營運商和無線設備製造商增加支出，我們的銷售額較上年同期強勁成長了 16%。與第一季相比，第二季的銷售額成長了 30%，部分原因是第一季完成的對安德魯的收購。

Organically, our sales grew by a better-than-expected 7%. Looking into the third quarter, we expect sales to remain at these very strong Q2 levels. With our expanded range of technology offering, especially following the acquisition of Andrew, we are well positioned with both service provider and OEM customers across the global communications networks market.

我們的有機銷售額成長了 7%，好於預期。展望第三季度，我們預計銷售額將維持在第二季度非常強勁的水平。隨著我們技術產品範圍的擴大，特別是在收購安德魯之後，我們在全球通訊網路市場中與服務供應商和 OEM 客戶都佔據了有利地位。

Our deep and broad range of products, coupled with an expansive manufacturing footprint have positioned us to support customers around the world. As those customers continue to drive their systems to higher levels of performance, we look forward to supporting them for many years to come. The mobile devices market represented 6% of our sales in the quarter, and our sales grew by 14% in US dollars and organically in the second quarter as strength in smartphones and laptops was only partially offset by declines in products sold into tablets.

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。行動裝置市場佔本季我們銷售額的 6%，第二季我們的銷售額以美元計算成長了 14%，有機成長了 14%，因為智慧型手機和筆記型電腦的強勁表現僅被平板電腦產品銷量的下滑部分抵消。

Sequentially, our sales increased by 4%, which was actually much better than our expectations coming into the quarter for a high teens decline. As we look into the third quarter, we anticipate sales to increase in the high single digits compared to the strong second quarter levels. I'm very proud of our team working in the always dynamic mobile devices market as their agility and reactivity have once enabled us to capture -- 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 mobile devices, we're well positioned for the long term.

與上一季相比，我們的銷售額成長了 4%，這實際上比我們本季預期的下降幅度要好得多。展望第三季度，我們預計與第二季度的強勁水平相比，銷售額將實現高個位數成長。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曾經使我們能夠捕捉到 - 再一次使我們能夠在本季度捕捉到增量銷售。我相信，憑藉我們領先的天線陣列、互連產品和為廣泛的下一代行動裝置設計的機制，我們將為長期發展做好準備。

And finally, the IT datacom market represented 36% of our sales in the quarter. Sales in the second quarter grew by a very strong 133% in US dollars and organic. And this was 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. I'm very proud of our team's outstanding execution in the second quarter as we were actually able to outperform even our customers' very high expectations for deliveries of AI-related products. As a result, we shipped substantially more than expected, including some modest portion of third quarter demand.

最後，IT數據通訊市場佔本季我們銷售額的36%。第二季銷售額以美元和有機計算成長了 133%，增幅非常強勁。這是由於我們用於人工智慧應用的產品的需求持續成長，以及我們的基礎 IT 數據通訊業務持續強勁成長。我對我們團隊在第二季的出色表現感到非常自豪，因為我們實際上甚至能夠超越客戶對人工智慧相關產品交付的極高期望。因此，我們的出貨量大大超出預期，其中包括第三季的部分需求。

In fact, without this additional output, our IT datacom sales would have represented roughly a similar percentage of overall company sales as we saw in the first quarter or approximately 33%. On a sequential basis, our sales increased by a very strong 29% from the first quarter substantially better than our expectation for a high single-digit increase, again, reflecting the outperformance of our team executing beyond what anybody expected. And this growth was driven by sales of AI-related products as well as growth in our base IT datacom -- in our base IT datacom business.

事實上，如果沒有這些額外的產出，我們的 IT 數據通訊銷售額占公司整體銷售額的比例大致與第一季相同，約 33%。與上一季相比，我們的銷售額強勁增長了 29%，大大高於我們預期的高個位數增長，這再次反映了我們團隊的出色表現超出了所有人的預期。這一成長是由人工智慧相關產品的銷售以及我們的基礎 IT 數據通訊業務的成長所推動的。

As we look into the third quarter and due to the stronger-than-expected execution of our team in the second quarter, we expect our sales to moderate in the high -- in the mid- to high single digits from these very strong second quarter levels. So I got to tell you, we're more encouraged than ever by the company's position in the global IT datacom market.

展望第三季度，由於我們團隊在第二季度的執行力強於預期，我們預計銷售額將在第二季度非常強勁的水平上放緩至中高個位數。所以我必須告訴你，我們對公司在全球 IT 數據通訊市場中的地位比以往任何時候都更加鼓舞。

Our team has done an outstanding job securing future business on next-generation IT systems with a broad array of customers. And the revolution in AI continues to create unique opportunity for Amphenol, giving our leading high-speed and power interconnect products.

我們的團隊在確保廣大客戶在下一代 IT 系統上的未來業務方面做得非常出色。人工智慧革命持續為安費諾創造獨特的機會，為我們帶來領先的高速和電源互連產品。

In fact, 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，無論是高速電源還是光纖互連，我們的產品都是下一代網路中的關鍵組件，這為安費諾創造了持續的長期成長機會。

Turning to our outlook and assuming current market conditions as well as constant currency exchange rates, for the third quarter, we expect sales in the range of $5.4 billion to $5.5 billion and adjusted diluted EPS in the range of $0.77 to $0.79. This would represent sales growth from prior year of 34% to 36% and adjusted diluted EPS growth of 54% to 58% compared to the third quarter of last year.

展望未來，假設當前市場狀況和固定匯率，我們預期第三季銷售額將在54億美元至55億美元之間，調整後稀釋每股收益將在0.77美元至0.79美元之間。這意味著銷售額較上年同期成長34%至36%，調整後稀釋每股盈餘較上年同期成長54%至58%。

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.

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。

Finally, I'd like to take this opportunity to thank our entire global team for their truly outstanding performance here in the second quarter. And with that, operator, we'd be very 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的出色表現。接線員，我們非常樂意回答您的任何問題。

Thank you. The question and answer period will now begin. (Operator Instructions)

謝謝。現在開始問答環節。（操作員指示）

William Stein, Truist.

威廉·斯坦，Truist。

Great, thank you for taking my question. Congrats on the fantastic quarter. And what really sticks out to me is the operating margin, which is now -- I believe it's above even your drop-through target. And so I wonder if this might be a time to revisit that bogey. I think historically, you've talked about 25% fall-through. You're now above that on an aggregate basis. What should we think about going forward?

太好了，謝謝你回答我的問題。恭喜本季取得如此出色的成績。真正讓我印象深刻的是營業利潤率，我相信現在它甚至高於你的下降目標。所以我想知道現在是否是重新審視這一隱患的時候了。我認為從歷史上看，您曾談到 25% 的失敗率。從總體上看，您現在已經超過了這個水平。我們該如何思考未來？

Yeah. Thanks, Well. Really appreciate the question. Yes, listen, I would agree. I mean the team really has just done an exceptional job really driving operating margin. I mean 25.6% in the quarter has really an amazing achievement that the team is should be really proud of, and we certainly are. I mean Q3 also reflects our guidance really reflects another strong quarter of profitability, kind of essentially at the same levels on slightly lower revenue guidance. So we certainly expect this operating margin to continue.

是的。謝謝，好吧。非常感謝您的提問。是的，聽著，我同意。我的意思是，該團隊確實在提高營業利潤率方面做得非常出色。我的意思是，本季 25.6% 的成長率確實是一個了不起的成就，團隊應該為此感到自豪，我們確實如此。我的意思是，第三季度也反映了我們的預期，確實反映了另一個強勁的盈利季度，在收入預期略低的情況下，基本上處於同一水平。因此，我們當然預計這一營業利潤率將持續下去。

As you know, and as you just mentioned, we've long targeted the 25% conversion margin in the last couple of years. We've really meaningfully exceeded that benchmark. So it's partially due to just the exceptional organic growth, but also the bottom line is we're really just selling higher technology products, and we continue to do a really good job of controlling our costs. And our traditional kind of Amphenolian fashion.

如您所知，正如您剛才提到的，過去幾年我們一直以 25% 的轉換率作為目標。我們確實已經顯著超越了這一基準。因此，這部分是由於卓越的有機增長，但歸根結底是我們實際上只是在銷售高科技產品，並且我們繼續在控製成本方面做得很好。還有我們傳統的安費諾時尚。

Now listen, we do expect some normalization of conversion margins as we continue to kind of scale our cost structure in line with these higher sales volumes as we move into kind of maybe 2026, but we really believe that the overall impact of that will be modest, and our conversion margin will continue to remain higher, meaningfully higher than kind of that 25% conversion target that we've historically had.

現在聽著，隨著我們進入 2026 年左右，隨著銷售量增加，我們繼續調整成本結構，我們確實預計轉換率會有所正常化，但我們確實相信，整體影響將是適度的，我們的轉換率將繼續保持較高水平，顯著高於我們歷史上 25% 的轉換率目標。

So as you say, it's not lost on us that we just did close a quarter here, well above 25%. And going forward, as we continue to grow, we do believe there's still room for really further margin expansion. This reflects the increased level of technology we've had that's embedded in our products. differentiated value that we consistently deliver and certainly, the innovation and execution that we've had. So I think looking ahead, we do expect to convert incremental sales on operating income.

所以正如你所說，我們並沒有忘記我們剛剛結束了一個季度，遠高於 25% 的業績。展望未來，隨著我們的持續成長，我們確實相信利潤率仍有進一步擴大的空間。這反映了我們產品中嵌入的技術水平的提高、我們始終如一地提供的差異化價值，當然還有我們的創新和執行力。因此我認為展望未來，我們確實希望將增量銷售額轉化為營業收入。

Maybe I would say, approaching 30%. I think close to 30% would be our target kind of moving forward. And I think it's appropriate given where we're at and kind of where we're heading. Of course, there are going to be periods due to M&A and other factors, we will be above or below that. But I think 30% is kind of, I think, the targeted conversion that you should think about kind of as we continue to move forward and we continue to grow. And I think we should certainly be able to continue to increase those margins as the company continues to increase our revenue in the future.

也許我會說接近 30%。我認為接近 30% 將是我們未來的目標。我認為，考慮到我們目前的狀況和未來發展方向，這是適當的。當然，由於併購和其他因素，我們的收入水準會在某些時期高於或低於這個數字。但我認為 30% 是一種目標轉換率，隨著我們繼續前進並繼續發展，您應該考慮這種目標轉換率。我認為，隨著公司未來收入的不斷增加，我們肯定能夠繼續提高利潤率。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. Just a follow-up on that margin question. Adam, can you talk a little bit about how that sales mix is sort of becoming richer. I would imagine a good portion is due to the mix of sales from GenAI data centers. But can you sort of describe to us what's changing in sort of the tech road map for Amphenol that's driving the margins. Thanks.

嗨，下午好。這只是關於保證金問題的後續問題。亞當，您能否稍微談談銷售組合是如何變得更加豐富的。我認為其中很大一部分是由於 GenAI 資料中心的銷售組合。但是，您能否向我們描述一下安費諾的技術路線圖發生了哪些變化，從而推動了利潤率的成長？謝謝。

Thanks very much, Steve. I mean, look, we -- I think Craig just alluded to the fact that -- for sure, when you grow really fast, and we did grow by 133% in IT datacom, you really would expect conversion margins to be a little bit higher in that high-growth area. And that's true in whichever market where we would grow at that speed. But relative to Craig's comment about technology, I would tell you this is really across the company.

非常感謝，史蒂夫。我的意思是，你看，我們——我認為克雷格剛才提到了這樣一個事實——當然，當你發展得非常快時，我們在 IT 數據通信領域確實增長了 133%，你真的會期望轉化利潤率在這個高增長領域會更高一些。無論我們在哪個市場以這樣的速度成長，情況都是如此。但相對於克雷格對科技的評論，我想告訴你，這確實是整個公司的事情。

When we think about the importance of our products to our customers and ultimately, the value that we create for our customers with these next-generation high-technology products, whether that is in the defense market, the industrial market, the automotive market, the communications networks and of course, in IT datacom, by creating more value for our customers, and by continuing to instill that Amphenolian cost mindset into everything we do. We are not because we're selling higher technology products, all of a sudden, moving out of our kind of our kind of (inaudible) headquarters here in Wallingford, Quite the contrary.

當我們考慮我們的產品對客戶的重要性，以及最終我們透過這些下一代高科技產品為客戶創造的價值時，無論是在國防市場、工業市場、汽車市場、通訊網絡，當然還有 IT 數據通訊領域，我們都在為客戶創造更多價值，並繼續將安費諾的成本思維灌輸到我們所做的每一件事中。我們並不是因為我們銷售高科技產品而突然搬離位於沃靈福德的總部，恰恰相反。

We continue to watch every penny of the company's money as if it were coming out of our own pockets. And by selling that high-technology product across the board, that allows us to have the confidence that Craig just talked about to where we can think about a conversion margin target of closer to 30% instead of our traditional 25%. So yes, for sure, we are enabling more in IT Datacom and growing very significantly, and that's contributive. But that's not, by definition, the only area where we're selling high-technology products.

我們繼續關注公司的每一分錢，就像它是從我們自己的口袋裡掏出來的一樣。透過全面銷售這種高科技產品，我們就有了 Craig 剛才提到的信心，可以考慮將轉換率目標定在接近 30% 的水平，而不是傳統的 25%。所以是的，當然，我們在 IT 數據通訊領域正在發揮更大的作用，而且成長非常顯著，這是有貢獻的。但從定義上來說，這並不是我們唯一銷售高科技產品的地區。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Thanks a lot. Good afternoon, everyone. Adam, I guess there's always this worry around peak revenues, peak margins when we have strong prints like this one. And so perhaps you can touch on it, I realize there was about $150 million of shipment in June versus September that you talked about. But really away from that, can you spend some time talking about how do you think about the durability of growth on the AI infrastructure side as you go out over the next few quarters? And then any way to size of favor, how much of the growth in IT datacom that you folks had came from AI versus the traditional kind of IT datacom markets. Thank you.

多謝。大家下午好。亞當，我想當我們擁有像這樣的強勁業績時，我們總會擔心高峰收入、高峰利潤。所以也許您可以談談這一點，我知道您談到的 6 月份與 9 月份相比，出貨量約為 1.5 億美元。但除此之外，您能否花點時間談談您如何看待未來幾季人工智慧基礎設施的成長持久性？然後，無論從支援程度來看，你們的 IT 數據通訊成長有多少來自人工智慧，而不是傳統的 IT 數據通訊市場。謝謝。

Yeah. Thanks very much. And certainly, I can understand the question. I mean, look, we talked about the fact that we overperformed. I mean this is a very, very strong outperformance. If you think about our second quarter, we originally guided the quarter to be at the high end $5 billion in sales, and we ultimately achieved $650 million more than that.

是的。非常感謝。當然，我能理解這個問題。我的意思是，你看，我們談論了我們表現優異的事實。我的意思是，這是一個非常非常強烈的表現。如果你想想我們的第二季度，我們最初預計該季度的銷售額將達到 50 億美元的高端，但最終我們的銷售額卻比這個數字高出 6.5 億美元。

And on the IT datacom side, we outperformed very, very significantly. And you gave a side to that, and that's, I think, a good rough estimate of how much we kind of shift of what would be Q3 demand. And if you factor that in, you certainly don't see a peakiness to the performance.

在 IT 數據通訊方面，我們的表現非常出色。您對此給出了一個側面，我認為這是對第三季需求變化幅度的一個很好的粗略估計。如果你將這一點考慮進去，你肯定不會看到效能出現峰值。

I mean there is continued momentum in that space. And when we think about the durability, are we always going to grow IT datacom by 133%. No, of course, we're not going to. I think that's wouldn't be reasonable to expect it. But do we see future growth opportunities in this revolution of AI?

我的意思是該領域的發展勢頭持續強勁。當我們考慮耐用性時，我們是否總是將 IT 數據通訊成長 133%。不，當然，我們不會這麼做。我認為這樣的期望是不合理的。但我們是否在這場人工智慧革命中看到了未來的成長機會？

No doubt about it. No doubt about it. I mean, when I look at what we have already secured what we are already shipping to support across up and down the stack of the folks who are investing from the web scale providers all the way down to the chip makers and everything in between, including the OEMs, including the data center configures, all of that, there's no doubt that there remains great opportunities for us.

毫無疑問。毫無疑問。我的意思是，當我看到我們已經獲得的產品，以及我們已經發貨給各個投資者（從網絡規模提供商一直到晶片製造商以及介於兩者之間的所有方，包括原始設備製造商、數據中心配置等）的支持時，毫無疑問，我們仍然面臨著巨大的機遇。

And I can tell you that our team continues to win. I mean when you have not only the best product portfolio, the broadest, the deepest set of technologies that help to enable these next-generation systems, but also the proven capability to ramp up and to build those around the world in multiple locations as our customers navigate the same geopolitics that everybody else is with tariffs and trade and the like. And to satisfy their demand and actually in the second quarter to more than satisfy their demand, I can tell you that our reputation precedes us.

我可以告訴你們，我們的團隊將繼續獲勝。我的意思是，當你不僅擁有最好的產品組合、最廣泛、最深入的技術來幫助實現這些下一代系統時，而且還擁有經過驗證的能力，可以在世界各地的多個地點擴大和構建這些系統，因為我們的客戶與其他人一樣，在關稅、貿易等方面應對同樣的地緣政治。為了滿足他們的需求，實際上在第二季度，我們不僅滿足了他們的需求，而且超過了他們的需求，我可以告訴你，我們的聲譽領先於我們。

And as we look at new customers, looking at new configurations, new architectures, we are really the first phone call on all of these, and our team continues to do an excellent job of prosecuting these next-generation opportunities. So I think that, that is a very durable continuation. And I would consider that we're kind of in the early innings of the adoption of AI on a broad basis across the economy. And so we're very excited about that.

當我們專注於新客戶、新配置、新架構時，我們確實是所有這些方面的第一個電話，我們的團隊將繼續出色地完成這些下一代機會的執行工作。所以我認為這是一個非常持久的延續。我認為我們正處於人工智慧在經濟領域廣泛應用的早期階段。因此我們對此感到非常興奮。

In terms of AI and its contribution to our growth, I would say roughly two-third of our growth on a year-over-year basis and actually roughly two-third of our growth sequentially in the quarter, we're coming from AI. It's a significant contributor to the overall performance of our IT Datacom business, and we look forward to it continuing to be so going forward many years in the future.

就人工智慧及其對我們成長的貢獻而言，我想說，我們年成長的約三分之二，以及本季環比成長的約三分之二，都來自人工智慧。它對我們的 IT 數據通訊業務的整體業績做出了重大貢獻，我們期待它在未來的許多年裡繼續保持這種成長勢頭。

Joe Giordano, TD Cowen.

喬·喬達諾（Joe Giordano），TD Cowen。

Hey, guys. Thanks for taking my questions. Sticking with AI, just curious if you're -- if your business there is getting moee concentrated or less concentrated from a customer standpoint as you've moved along here? And if you were to just like average out your 2Q and your 3Q there, smooth for the pull forward here. I know you're not going to give guidance further than next quarter. But like is what you've secured sets you up to have further kind of sequential increases into the future off of that like [food] base?

嘿，大家好。感謝您回答我的問題。堅持使用人工智慧，我只是好奇您是否——隨著您在這裡的發展，從客戶的角度來看，您的業務是否變得更加集中還是更加集中？如果您只是對 2Q 和 3Q 進行平均，那麼這裡的向前拉動就會變得平穩。我知道您不會給出下個季度之後的指導。但是，您所獲得的保障是否能讓您在未來以類似食品的基礎獲得進一步的連續成長？

Yes. So first, thanks very much, Joe. I mean number one, I'll tell you, we have a very broad business here. So there are some big folks who are spending on this, and we have a broad representation across all of those big folks. And again, I've mentioned that includes at the ultimate consumer, the people who are spending the money putting in place these massive capabilities down through the builders of those data centers, the OEMs and then all the way to the chip companies, and I wouldn't say that, that is overly concentrated quite contrary.

是的。首先，非常感謝，喬。首先，我得說，我們這裡的業務範圍很廣。因此，有一些大公司正在為此投入資金，我們在所有這些大公司中都有廣泛的代表性。我再次提到，這包括最終消費者，那些花錢部署這些大規模功能的人，透過資料中心的建造者、原始設備製造商，一直到晶片公司，我不會說這是過度集中，恰恰相反。

And as you ask about, for sure, if you look at Q2 and Q3 and if you sort of factor out the kind of ship ahead that we had because of our execution, that's a relatively stable performance. Do we see future growth opportunities? We do. Is every quarter going to be sequentially more than the quarter before it in a space like this, I wouldn't necessarily say that. We'll see. I'm sure there will be quarters that will be up, and there will be quarters that will be down. But over the long term and over the medium term, we see continued progress and ability to continue to grow this business.

正如您所問，如果您看一下第二季度和第三季度，並且如果您考慮到我們由於執行而擁有的未來船舶類型，那將是一個相對穩定的表現。我們是否看到了未來的成長機會？是的。在這樣的空間裡，每季的業績是否會比前一個季度有所成長，我不一定會這麼說。我們將拭目以待。我確信有些季度會上升，有些季度會下降。但從長期和中期來看，我們看到該業務將持續進步，並具有繼續成長的能力。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yeah, good afternoon. Thanks for taking my question, Let me add my congratulations for the strong results. I also had a question on AI and some of the dynamics there. You spoke to seen some degree of pull-in from 3Q and 2Q. Maybe you can elaborate on what you think contributed to that and why you shipped early. And as you think about your expectation for sales to be down somewhat next quarter, granted off of a high base.

是的，下午好。感謝您回答我的問題，我對取得的優異成績表示祝賀。我也對人工智慧及其一些動態有疑問。您說看到第三季和第二季有一定程度的拉力。也許您可以詳細說明您認為造成這種情況的原因以及您提前發貨的原因。並且，您認為下個季度的銷售額預計會下降，這是基於較高的基數。

What's giving you the confidence to still invest to higher levels of CapEx, I think maybe perhaps speaks to your longer-term view tied to AI that you spoke to, but are there commitments or visibility you're getting from customers that supports the higher levels of CapEx that you spoke to? Thanks.

是什麼讓您有信心繼續投資於更高水準的資本支出，我想這也許說明了您對人工智慧的長期看法，但您是否從客戶那裡獲得了支持更高水準資本支出的承諾或透明度？謝謝。

Yeah, thanks very much, Mark. And again, I mean, this I wouldn't necessarily call it a pull-in, but rather that we were able to out-execute our customers' original demand plans and they'll take whatever we can ship them. And so it was just us outperforming what really anybody expected, either us internally or with our customers with their already lofty expectations.

是的，非常感謝，馬克。再說一次，我的意思是，我不一定會稱之為拉動，而是我們能夠超越客戶最初的需求計劃，他們會接受我們運送給他們的任何東西。因此，我們的表現超越了所有人的預期，無論是我們內部還是我們的客戶，他們都抱持著很高的期望。

As it relates to CapEx, I mean, Craig did mention that capital was a little bit elevated. I mean I talked just a few moments ago about the fact that we do have an expectation and a confidence that we are continuing to gain momentum in this space, winning programs getting visibility from customers for their future plans, which create incremental opportunities for us.

至於資本支出，我的意思是，克雷格確實提到資本略有增加。我的意思是，我剛才談到，我們確實有期望和信心，我們會繼續在這個領域獲得發展勢頭，贏得客戶對他們未來計劃的了解，這為我們創造了增量機會。

And so when we talk about CapEx, sometimes that's not only CapEx for just one quarter ahead, but rather a little bit to come, and that is really where we would make those investments with that confidence for the future.

因此，當我們談論資本支出時，有時這不僅是未來一個季度的資本支出，而是未來一段時間的資本支出，而這正是我們懷著對未來的信心進行投資的地方。

I already said it, but I'll just reiterate it. Our team continues to win very broadly in this market in current and next-generation systems and architectures. And that kind of winning, the visibility that you get from the customers, the commitments you get from those customers -- those all collect to give you the confidence to invest in these very high technology products, which do sometimes require a little bit more capital.

我已經說過了，但我只想重申一下。我們的團隊在當前和下一代系統和架構領域繼續在市場上取得廣泛勝利。而這種勝利，你從客戶那裡獲得的知名度，你從客戶那裡獲得的承諾——所有這些都給你信心去投資這些高科技產品，而這些產品有時確實需要更多的資金。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my question. Adam, I know last quarter, you had mentioned some of the pull ahead that you thought was happening in mobile devices, which is why you had guided a bit for sequential moderation, which didn't seem to have played out this quarter as much. I'm just curious, like, obviously, with the book-to-bill at 0.98 1.

你好，謝謝你回答我的問題。亞當，我知道上個季度，您提到了您認為在行動裝置上正在發生的一些領先趨勢，這就是為什麼您對連續調節做出了一些指導，但本季度似乎並沒有發揮太大作用。我只是很好奇，顯然訂單出貨比是 0.98 1。

If I take AI aside, is there anything to call out in terms of areas that you might be seeing some level of pull ahead from customers where maybe that's driving some of the book-to-bill to be closer to 1 than what we had been generally seeing as above 1 book-to-bill in the past few quarters. Just curious more outside of AI if you're seeing anything that would be from an order trend sort of indicating a sequential moderation as such? Thank you.

如果我將人工智慧放在一邊，就您可能看到客戶一定程度的領先而言，有什麼值得注意的嗎？這也許會推動部分訂單出貨比更接近 1，而不是我們在過去幾季中普遍看到的 1 以上的訂單出貨比。我只是對人工智慧之外的事物更加好奇，您是否看到任何來自順序趨勢的東西，表明存在連續的緩和？謝謝。

Well, thanks very much, Sam. I mean first, you mentioned mobile devices and mobile devices, our bookings always equal our shipments because they're pretty quick call-offs. And yeah, in the first quarter, we did talk about -- there was a pretty well publicized pull ahead of some volumes in the first quarter, which we certainly helped to enable for our customer, and that was at the time related to the anticipation of some tariffs.

好吧，非常感謝，山姆。我的意思是，首先，您提到了行動裝置和行動設備，我們的預訂量始終等於我們的出貨量，因為它們的取消速度非常快。是的，在第一季度，我們確實談到過——第一季部分交易量出現了相當明顯的增長，這無疑幫助了我們的客戶，而這在當時與對一些關稅的預期有關。

I wouldn't say that, that happened here in the quarter. In fact, I would say that our team in mobile devices just did a really outstanding job of capitalizing on opportunities to support our customers better, whether that's taking a little bit of market share, shipping a little bit more than maybe customers expected or customers needing a little bit more because of the volatility of that market.

我不會這麼說，那件事在本季就發生了。事實上，我想說，我們的行動裝置團隊在利用機會更好地支援客戶方面做得非常出色，無論是佔領一點市場份額，還是比客戶預期多出一點的出貨量，或者由於市場波動而滿足客戶多一點的需求。

In terms of the rest of the company, I wouldn't say that there's anything really notable around the book-to-bill. I'd say that the book-to-bills were fairly clustered pretty close to that level, maybe a little bit stronger in the defense market. And we've talked about the ongoing strength in defense previously. And we continue to see that here. And you can imagine with IQ Datacom with us having a shift ahead as we did, there was a modestly a little bit lower book-to-bill, but nothing that gives us any concern about the visibility that we have, we continue to have still a very positive outlook for that market.

就公司的其他部分而言，我認為訂單出貨比沒有什麼值得注意的地方。我想說的是，訂單出貨比相當接近這個水平，在國防市場上可能還要強勁一些。我們之前已經討論過防守方面的持續實力。我們在這裡繼續看到這種情況。你可以想像，隨著 IQ Datacom 與我們一起向前發展，訂單出貨比會略低一點，但這並不會讓我們擔心我們的可見性，我們對這個市場仍然持非常樂觀的展望。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Good afternoon. Thanks for your question. I want to circle back to operating margin dynamics. Of course, we've talked a lot about the higher technology. Underpinning that margin dynamic, Adam, hoping maybe you could talk about some of the pure operating pieces here in terms of blocking and tackling. I'm just trying to wrap my head around 41 points of organic growth.

午安.謝謝你的提問。我想回到營業利益率動態的話題。當然，我們已經討論了很多有關更高級的技術。亞當，希望您能從阻擋和鏟球的角度來談談這種邊緣動態的一些純粹的操作部分。我只是想弄清楚 41 點的有機成長。

I mean we're talking billions and billions of incremental sales -- maybe you just give some life to some of the more practical considerations in terms of bringing that amount of incremental volume online, plus to the extent that it might be supporting what you're saying about the incremental margin moving up over time as well. Thank you.

我的意思是，我們談論的是數十億的增量銷售額——也許你只是在將如此大量的增量銷售放到網上方面給出了一些更實際的考慮，而且在某種程度上，它也可能支持你所說的增量利潤率隨著時間的推移而上升。謝謝。

Well, look, I'm glad you asked that question because growing 41% organically is certainly not a trivial task. Let alone, 14% organic on a sequential basis, which is just 90 days of time. And I mentioned it in my prepared remarks, how grateful I am and how proud I am of our team around the world for really moving mountains here. I mean they have truly moved mountains. And when you think about what does that mean, I mean it's hiring the people. It's putting in place the automation machines, the testing, the validation is setting up new facilities.

嗯，看，我很高興你問了這個問題，因為實現 41% 的有機增長當然不是一件容易的事。更不用說，連續 14% 的有機成長，僅僅是 90 天的時間。我在準備好的發言中提到，我對我們遍布全球的團隊在這裡所做出的巨大貢獻深表感激和自豪。我的意思是他們確實做到了移山。當你思考這意味著什麼時，我的意思是僱用人才。它正在安裝自動化機器，進行測試，驗證並建立新設施。

I mean we have set up a lot of new facilities over this time period, including diversifying our geographic footprint to insulate us and our customers from the dynamics that are going around related to trade and other areas. I mean it's really every step of the way, every function in the company, which has to focus on exercising themselves, the organization, reacting in real time to grow the company by a 41% organic basis.

我的意思是，我們在這段時間內建立了許多新設施，包括分散我們的地理覆蓋範圍，以使我們和我們的客戶免受與貿易和其他領域相關的動態的影響。我的意思是，公司的每一步、每一個職能部門都必須專注於鍛鍊自己，整個組織都要即時做出反應，以使公司實現 41% 的有機成長。

And yes, there's a strong growth that happened in IT datacom. But even if you took out IT datacom this was double-digit organic growth across the board in the company and all of our end markets with the exception of two grew in double digits. And those two that didn't grew by 8% organically, which is also very, very strong. And so no doubt about it, that kind of, as you say, blocking and tackling across the company was really impressive.

是的，IT 數據通訊領域確實出現了強勁成長。但即使除去 IT 數據通信，整個公司也實現了兩位數的有機增長，而且除兩個終端市場外，我們所有的終端市場都實現了兩位數的增長。而那兩家公司則實現了 8% 的有機成長，這也是非常非常強勁的。因此毫無疑問，正如您所說，整個公司範圍內的這種阻擋和解決確實令人印象深刻。

And look, in maybe other enterprises, one would think about just throwing money at the problem. How much money can I throw to get the growth, but that's not the Amphenol style. That's not our entrepreneurial culture, that Amphenolian culture that we talk about for so many years. It's rather how do you get the most out of your resources, your facilities, your capabilities and thereby ultimately convert that to the bottom line, as Craig talked about already. And it's just a very, very impressive performance by the organization.

看看吧，也許在其他企業，人們會考慮直接用錢來解決問題。我可以投入多少錢來獲得成長，但這不是安費諾的風格。這不是我們的企業文化，也不是我們多年來談論的安費諾文化。正如 Craig 已經談到的，問題在於如何最大限度地利用你的資源、設施和能力，並最終將其轉化為利潤。該組織的表現非常令人印象深刻。

And it is those little movements by the thousands of people around the world, nearly 150,000 Amphenolians globally today that ultimately allowed us to satisfy our customers to take advantage of the growth opportunity that was there and then to convert that opportunity into the margins and ultimately the cash that creates the virtuous cycle that the company has been on for a long time.

正是全球成千上萬人（如今全球有近 15 萬名安費諾員工）的這些小舉動，最終讓我們能夠滿足客戶的需求，利用當時存在的成長機會，然後將這個機會轉化為利潤，最終轉化為現金，從而形成公司長期以來的良性循環。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks so much. Adam, I guess I just want to -- not to beat the horse on this, but you mentioned it as sort of, I guess, not pull forward, but overperformance on the AI side, and you're saying that's because your customers will take their hands on whatever they can get. But then you did sort of -- it did seem like part of the reason you're sort of talking about a little bit of maybe sequential just to sort of account for that. So can you just sort of help us square that circle? Like I know you said this was always going to be a little bit lumpy even if there's great long-term growth. So is that what you're sort of seeing maybe a little bit of just digestion before we see some further gains?

非常感謝。亞當，我想我只是想——不想在這個問題上爭辯，但你提到它不是向前推進，而是人工智慧方面的超額表現，你說這是因為你的客戶會抓住他們能得到的一切。但後來你確實有點——這似乎是你談論一點點可能連續性的原因之一，只是為了解釋這一點。那你能幫我們解決這個問題嗎？就像我知道您說的那樣，即使長期來看有很大的成長，但這總是會有點不平穩。那麼，您是否看到，在我們看到進一步上漲之前，可能只是一點點的消化？

Yeah. I mean, look, I've always said, Joe, that it's going to be -- there can be lumpiness. And look, I would not call Q3 kind of like an air pocket. The demand from our customers remains very strong. There's no doubt about it.

是的。我的意思是，你看，喬，我一直說，事情將會——可能會出現坎坷。而且，我不會將 Q3 稱為氣穴。我們客戶的需求依然非常強勁。毫無疑問。

It's just that when they think of their demand plans and what ultimately they're delivering out into the field and they want to match all the various parts up to do that, we've gotten a little bit ahead in certain areas, and that was just this outperformance that we had in the second quarter. But the overall demand, the investments that are being made by our customers and their customers remains very, very robust

只是，當他們考慮他們的需求計劃以及他們最終在現場交付的產品時，他們希望將所有不同的部分匹配起來以實現這一目標，我們在某些領域已經取得了一些領先，這就是我們在第二季度的優異表現。但整體需求，我們的客戶和他們的客戶所做的投資仍然非常非常強勁

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great, thank you for taking my question. If I can just double click a little bit on the industrial market as well. That did really well for you guys better than expected, I think, even on an organic and sequential basis, definitely. So I think you mentioned Europe is growing too organically. Just if you could talk about the improvement that you're seeing there. And my impression is that, that market should also help to improve incremental margins if this momentum sustains. So if you could just talk about that as well. Thank you.

太好了，謝謝你回答我的問題。如果我也可以稍微雙擊一下工業市場的話。我認為，這對你們來說確實比預期的要好，甚至從有機和連續的基礎來看，也絕對如此。所以我認為你提到歐洲的成長太有機了。如果您能談談您在那裡看到的改進就好了。我的印像是，如果這種勢頭持續下去，該市場也應該有助於提高增量利潤率。所以如果你能也談談這個的話。謝謝。

Yeah. Thanks very much, Asiya. Well, look, let me just address the margin. I mean I certainly wouldn't assume that there'd be any disproportionate contribution from industrial. We make good money across all of our markets. I think we've addressed that already.

是的。非常感謝，Asiya。好吧，瞧，讓我來談談利潤問題。我的意思是，我當然不會認為工業會做出任何不成比例的貢獻。我們在所有市場都獲得了豐厚的利潤。我想我們已經討論過這個問題了。

But relative to industrial, I mean, we are very encouraged by the performance. It's now been -- our third quarter in a row of year-over-year organic growth, which we've now seen in industrial and that included this quarter, a strong sequential growth on an organic basis, growing 7% sequentially.

但相對於工業而言，我的意思是，我們對其表現感到非常鼓舞。我們連續第三個季度實現同比有機成長，包括本季在內，工業部門實現了強勁的有機成長，季增 7%。

You'll recall, we had something like seven quarters in a row of industrial moderation. We finally in the third quarter of last year saw a flat industrial market organically and then 6% up and 6% up in Q4 and Q1. And now we've doubled that rate with a 12% growth. And so I think for sure, I think last quarter, I talked about not just green shoots, but maybe even adafadil or two in the industrial market. And I think we've now seen that certainly, and that includes not just in North America and Asia, which the last two quarters were drivers of, but also in Europe where we actually saw double-digit organic growth in Europe in industrial in the second quarter.

你會記得，我們經歷了連續七個季度的工業放緩。我們最終在去年第三季看到工業市場有機平穩，然後在第四季和第一季分別成長 6%。現在我們的成長率已經翻了一番，達到了 12%。因此，我可以肯定，上個季度，我談論的不僅僅是綠芽，甚至可能是工業市場上的一兩種阿達法地爾。我認為我們現在已經看到了這一點，這不僅包括北美和亞洲（過去兩個季度是這兩個地區的推動力），還包括歐洲，我們實際上看到歐洲工業在第二季度實現了兩位數的有機成長。

The other thing that I'm encouraged by in industrial is that if I look at all the subsegments of our industrial market, and there's a lot of them from medical to alternative energy instrumentation, rail mass transit, factor automation and we saw good growth in most of our end markets. Strong growth in medical, strong growth in alternative energy, strong growth in instrumentation, strong growth in areas like factory automation with only a couple of the markets being a little more modest. And so the breadth of that together with the regional growth that we've seen in industrial, I think was very encouraging for us.

工業領域令我感到鼓舞的另一件事是，如果我看一下我們工業市場的所有細分市場，就會發現有很多細分市場，從醫療到替代能源儀器、軌道運輸、工廠自動化，而且我們在大多數終端市場都看到了良好的成長。醫療領域成長強勁，替代能源領域成長強勁，儀器領域成長強勁，工廠自動化等領域成長強勁，只有少數市場成長稍慢。因此，我認為，這種廣度以及我們在工業領域看到的區域成長對我們來說非常令人鼓舞。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning, everyone.

嘿，大家早安。

Good morning or good afternoon.

早安或下午好。

Good afternoon. I wanted to ask on the acquisition of Denardo, -- can you comment on what you paid for it, either valuation or dollar amount-wise, and then you're generating a ton of cash double what I was expecting just in the quarter. What do you plan to do with it in the second half? Is -- are more deals on the horizon? Are they more art like deals? Or are we going to see kind of a comp scope deal and size? Have you commented on that? Thanks.

午安.我想問一下關於收購 Denardo 的問題——您能否評論一下您為收購 Denardo 支付的價格（估值或金額），然後您在本季度產生了大量現金，是我預期的兩倍。您計劃在下半年用它做什麼？是否還有更多交易即將達成？它們是否更像藝術品交易？或者我們會看到某種範圍的交易和規模？您對此有何評論？謝謝。

Yes. Thanks, Andrew, very much. I mean, look, Narda is a great company. And as I said, it's a very exciting new growth area for us in the RF components, which are really very close complement with our RF interconnect, which is an industry-leading offering that we have. And if you think about RF across the company from antennas all the way to connectors and active components now, Narda really complements that very well.

是的。非常感謝，安德魯。我的意思是，Narda 是一家很棒的公司。正如我所說，對我們來說，射頻組件是一個非常令人興奮的新成長領域，它與我們的射頻互連產品非常接近，而射頻互連產品是我們行業領先的產品。如果您現在考慮整個公司從天線到連接器和主動元件的射頻 (RF) 領域，那麼 Narda 確實可以很好地補充這一點。

We paid roughly $300 million for this, which is a reasonable multiple as we always do look to pay. In terms of our acquisition pipeline, we have a great pipeline today. We continue to have companies large, medium and small across all of our end markets, and we continue to hunt for companies that have great people with great products and a great market position. And I would tell you that today, looking at our pipeline, we're very encouraged by the potential going forward.

我們為此支付了大約 3 億美元，這是一個合理的倍數，因為我們總是希望支付這個金額。就我們的收購管道而言，我們目前擁有一個很好的管道。我們在所有終端市場中繼續擁有大、中、小型公司，我們繼續尋找擁有優秀人才、優質產品和良好市場地位的公司。我想告訴你們，今天，回顧我們的產品線，我們對未來的潛力感到非常鼓舞。

And ultimately, we remain not very skilled at predicting when we'll sign and announce those acquisitions. But the beauty of our acquisition program. If you look over the last 2.5, 3 years, we brought into Amphenol into our family, I think, roughly 15, 16 companies. They were across almost all of our end markets geographically diverse and also companies large, medium and small, which included our two largest ever acquisitions of CIT and the Andrew business from CommScope.

最終，我們仍然不太擅長預測何時簽署並宣布這些收購。但我們的收購計劃非常美妙。如果你回顧過去的 2.5 到 3 年，我認為我們將大約 15 到 16 家公司納入了安費諾家族。他們幾乎遍布我們所有地域分散的終端市場，也包括大、中、小型公司，其中包括我們有史以來最大的兩次收購：CIT 和康普的 Andrew 業務。

We're very encouraged by the performance of CIT and Andrew, which are certainly helping those great conversion margins that Craig talked about earlier as well as the other acquisitions that we've made. And so there's no doubt that we believe that acquisitions still represent one of the best returns on the capital that we're generating, and we're generating a lot of cash and we have a lot of capital to go put to work, both in our own organic investments, but also through our M&A program.

CIT 和 Andrew 的表現讓我們深受鼓舞，他們無疑對 Craig 之前提到的巨大轉換利潤率以及我們進行的其他收購有所幫助。因此，毫無疑問，我們相信收購仍然代表著我們所創造的資本的最佳回報之一，而且我們正在創造大量現金，並且我們有大量資本可以投入使用，既用於我們自己的有機投資，也透過我們的併購計劃。

Saree Boroditsky, Jefferies.

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

Hi, thanks for taking the question. Just maybe some high level. There were a number of end markets in the quarter that came in better than your expectations. I know you kind of talked about the pull forward in AI. But maybe just talk about what surprised you in the quarter -- or was it just conservative given some of the high level of uncertainty we're seeing? And then how does that apply to how you're thinking about the guidance for 3Q? And is there some conservative in there as well? Thank you.

你好，謝謝你回答這個問題。可能只是一些高水準。本季有許多終端市場的表現超出了您的預期。我知道您談到了人工智慧的進步。但也許只是談論本季令您感到驚訝的事情 - 或者考慮到我們所看到的某些高度不確定性，這只是保守的嗎？那麼這與您對第三季的指導有何看法？其中也有一些保守派嗎？謝謝。

Well, thanks, Saree. Look, we always try to guide as best as we can. We have a bottoms-up approach to this. Have we outperformed that in many quarters, we have. But I'm not going to label our guidance conservative or aggressive or otherwise, I think we take a similar approach as we always have.

好吧，謝謝你，莎莉。你看，我們總是盡力提供最好的指導。我們對此採取自下而上的方法。我們在很多方面的表現都超出了預期，是的。但我不會將我們的指導方針標記為保守的、激進的或其他的，我認為我們採取了與以往類似的方法。

What surprised us to the upside here. I will say that just broadly, we saw strong performance across nearly all of our end markets or stronger-than-expected performance across nearly all of our end markets. And they each had their own dynamic. But I think the one common thread is the ability of our organization to execute when there is demand available for us. And we showed that in IT datacom.

這裡讓我們感到驚訝的是。我想說的是，總體而言，我們在幾乎所有終端市場都表現強勁，或者說，我們在幾乎所有終端市場都表現強於預期。他們每個人都有自己的活力。但我認為一個共同點是，當有需求時，我們的組織有能力執行。我們在 IT 數據通訊領域展示了這一點。

We demonstrated that in mobile devices. We're consistently demonstrating that in our defense market. And in fact, across the board and that ability to pivot quickly when the opportunities are there in this very exciting electronics industry, I think that's something that Amphenolian the world over never miss a chance to take advantage of.

我們在行動裝置上證明了這一點。我們在國防市場上不斷證明這一點。事實上，在這個令人興奮的電子產業中，當機會出現時，能夠全面迅速地轉變，我認為這是安費諾人全球各地的企業都不會錯過的機會。

And so that real sort of execution across our team, I think if anything, it's not surprising to me, but I'd say that's the common theme across all of these end markets. I will say it's encouraging. On another side, which is that the demand that we see across our markets appears to be strengthening. A few markets which we're maybe in the last few quarters, more questionable, industrial, automotive, for example. It's nice to see those markets growing organically.

因此，我認為，我們團隊的這種實際執行對我來說並不奇怪，但我想說，這是所有這些終端市場的共同主題。我想說這是令人鼓舞的。另一方面，我們看到整個市場的需求似乎正在增強。在過去幾季中，我們可能對一些市場有更多疑問，例如工業、汽車等。很高興看到這些市場有機成長。

It's really nice to see that in communications networks where we had strong growth, 16% organic growth and (inaudible), again, growing 8% organically. So there is robust demand, I would say, almost across the board in all the areas that we serve. And then it's just up to our team to out-execute even that level of demand. And I think we've demonstrated the ability to do that pretty consistently.

很高興看到我們在通訊網路方面實現了強勁成長，有機成長率達到 16%，並且（聽不清楚）再次實現了 8% 的有機成長率。因此我想說，幾乎在我們服務的所有地區，需求都很強勁。然後就取決於我們的團隊是否能滿足這一水準的需求。我認為我們已經證明了我們有能力持續做到這一點。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yeah, thank you so much. Adam, I just want to go back to AI and ask about what you said about shipping ahead because of superior execution, would you say that, that was something that happened just in 2Q? Or was there some of that in 1Q as well? And then orders came back intra-quarter. I guess the question is really how far out do you have visibility in the order book? And over the past few quarters, how much volatility have you seen the order patterns and IT datacom, especially relative to AI which might uptake mid-quarter? Thank you.

是的，非常感謝。亞當，我只是想回到 AI 並詢問您所說的由於出色的執行而提前發貨的情況，您是否認為這是第二季度發生的事情？或者第一季也存在這樣的情況嗎？然後訂單在季度內就回來了。我想問題實際上是您對訂單簿的可見度有多高？在過去幾個季度中，您看到訂單模式和 IT 數據通訊的波動有多大，尤其是相對於可能在季度中期興起的人工智慧而言？謝謝。

Thanks, Wamsi. I mean, look, I would say that our out execution to our customers demand was really more clear here in the second quarter. But relative to orders, I mean, we've talked about, we've had very, very strong orders over the last almost full year in AI. And some of those orders were really maybe a little bit longer visibility because of the capital that we're spending on behalf of our customers to do these very significant ramp-ups for them around the world.

謝謝，Wamsi。我的意思是，我想說，我們在第二季對客戶需求的執行確實更加明確了。但就訂單而言，我的意思是，我們已經討論過，在過去幾乎全年，我們在人工智慧領域的訂單非常非常強勁。而且，由於我們代表客戶花費了資金，為他們在世界各地進行這些非常重要的擴張，因此其中一些訂單的可見性可能確實會更長一些。

And so there can be always a little bit of lumpiness in those orders. But given that how well we're executing, I would say it's kind of a net of this kind of shipping ahead that we had in the quarter, I would say it's pretty close to 1:1 in the quarter. But we've had much stronger orders as we've worked on investments and been awarded new programs, and we will continue to be awarded new programs based on everything that we see with our customers, and there will be some where the orders are a little lumpier. But overall, we see a positive trend for quite some time into the future.

因此這些訂單中總是會存在一些不均勻的情況。但考慮到我們的執行情況，我想說，這有點像我們本季未來出貨量的淨額，我想說，本季的比例非常接近 1:1。但是，隨著我們進行投資並贏得新項目，我們的訂單變得更加強勁，根據我們從客戶那裡看到的一切，我們將繼續贏得新項目，而且有些訂單會稍微不穩定一些。但總體而言，我們預計未來相當一段時間將呈現正面趨勢。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究。

Hey, thanks for taking the question and congratulations on the quarter. I'm hoping you could answer this, either of you. The -- another question on the incremental margin, which for rounding purposes, let's just say it's up 500-plus basis points over the last couple of years, which also coincides with two years of your three most acquisitive years in the company's history. So I'm wondering if of that 500 basis points, how much of that would you say is organic versus how much is from the acquisitions with good assimilation, integration, that sort of thing.

嘿，感謝您回答這個問題，並祝賀本季度取得的成績。我希望你們能回答這個問題。另一個問題是關於增量利潤率的，為了四捨五入，我們假設它在過去幾年裡上漲了 500 多個基點，這也與公司歷史上收購最多的三年中的兩年相吻合。所以我想知道，在這 500 個基點中，您認為有多少是有機成長，有多少是透過良好的吸收、整合等方式實現的收購。

Yeah. Thanks, Scott. Listen, I would say that certainly, there are pieces of this. And one big piece, the meaningful piece of it is certainly the things that we talked about earlier, which is just increased technology of our products, the more meaningful -- the more meaningful way that we are serving our customers in terms of our execution in terms of our ability to to really service them with quality products, the things they need in their architectures. Those types of things are really, I think, have a big part of of our margin expansion and really just creating value for our customers and then sharing in that value. But there's no doubt about it.

是的。謝謝，斯科特。聽著，我想說，這當然是有些部分的。其中最重要的、最有意義的部分當然是我們之前談到的內容，即提高我們產品的技術含量，這更有意義——我們在執行方面為客戶提供服務的方式更有意義，我們能夠真正為客戶提供優質產品，滿足他們的架構需求。我認為，這些事情確實對我們的利潤成長起到了很大的作用，而且確實為我們的客戶創造了價值，然後分享了這些價值。但這是毫無疑問的。

I mean our acquisition program and our ability to improve the profitability of the acquisitions that we've been doing over time has certainly added to the profitability of the business, especially when you look sequentially over kind of a number of quarters. We have seen meaningful profitability improvements in some of the larger acquisitions that we've more recently done as well as some of the smaller ones. And that certainly has had some impact on our profitability improvement over time.

我的意思是，我們的收購計劃以及我們提高長期以來收購盈利能力的能力無疑增加了業務的盈利能力，特別是當你連續觀察幾個季度的情況時。我們看到，我們最近進行的一些大型收購以及一些小型收購的獲利能力都有了顯著提高。這肯定會對我們的獲利能力的長期提升產生一定的影響。

So it's not just one thing. It's a lot of things that go into improving profitability, both organically and through the acquisitions and working with even some of the businesses that within the company that are at lower profitability levels that may not be acquisitions. And certainly working with them on profitability improvement initiatives that we've seen kind of come along over the past years.

所以這不只是一件事。提高獲利能力需要很多因素，包括有機成長、透過收購，甚至與公司內部一些獲利水準較低、可能無法透過收購實現的業務進行合作。當然，我們也在與他們合作，實施我們在過去幾年中已經看到的盈利能力提升計劃。

So I think there's a variety of things, but there's no doubt that our success and our -- the team's ability at the acquisitions that have come into the family to be able to improve on their margins has certainly been one of the things that have been helpful in improving our profitability.

所以我認為有很多因素，但毫無疑問的是，我們的成功以及我們團隊在家族收購中提高利潤率的能力無疑是有助於提高我們盈利能力的因素之一。

Appreciate it.

非常感謝。

Thank you. There are no further questions, I'll hand the call back to Mr. Norra for closing remarks.

謝謝。沒有其他問題了，我會把電話交還給諾拉先生，請他作最後發言。

Well, thank you very much, and I'd like to once again thank everybody for joining our call this quarter. And I wish everybody a great continuation of your summer, and we look forward to talking to you all again just in a short 90 days. Thanks very much, and have a great summer. Thank you.

好吧，非常感謝，我想再次感謝大家參加我們本季的電話會議。我祝福大家度過一個愉快的夏天，我們期待在短短的 90 天後再次與大家交談。非常感謝，祝您有個愉快的夏天。謝謝。

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。