安費諾 (APH) 2025 Q4 法說會逐字稿

Good afternoon everyone. This is Craig Lampo.

各位下午好。這是克雷格·蘭波。

Hello, and welcome to the fourth-quarter 2025 earnings conference call for Amphenol Corporation. (Operator Instructions) I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

大家好，歡迎參加安費諾公司2025年第四季財報電話會議。（操作說明）現在我謹向大家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。

Great. Thank you so 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 wish everyone a happy New Year and welcome you to our fourth-quarter of 2025 conference call.

偉大的。太感謝了。大家下午好。這位是安費諾公司的財務長克雷格·蘭波，我和我們的執行長亞當·諾維特一起在這裡。我們祝大家新年快樂，並歡迎各位參加我們2025年第四季電話會議。

Our fourth-quarter 2025 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. Then we will take your questions.

我們今天上午發布了2025年第四季業績報告。我將提供一些財務評論，然後亞當將概述業務和當前市場趨勢。接下來我們將回答您的問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements. Please refer to the relevant disclosures in our press release for further information. The company closed the fourth-quarter of 2025 with record sales of $6.4 billion and GAAP and adjusted diluted EPS of $0.97 and $0.93, respectively.

再次提醒，在電話會議期間，我們可能會提及某些非GAAP財務指標並做出某些前瞻性陳述。更多資訊請參閱我們新聞稿中的相關揭露內容。該公司 2025 年第四季銷售額創下 64 億美元的紀錄，GAAP 和調整後攤薄每股收益分別為 0.97 美元和 0.93 美元。

The fourth-quarter sales were up 49% in US dollars, 48% in local currencies and 37% organically compared to the fourth-quarter of 2024. Sequentially, sales were up 4% in US dollars and in local currencies and up 3% organically. Adam will comment further on trends by market in a few minutes.

與 2024 年第四季相比，第四季銷售額以美元計算成長 49%，以當地貨幣計算成長 48%，有機成長 37%。以美元和當地貨幣計算，銷售額環比成長 4%，有機成長 3%。Adam 將在幾分鐘後對各市場趨勢作進一步評論。

For the full year 2025, sales were approximately $23.1 billion, up 52% in US dollars, 51% in local currencies and 38% organically compared to 2024. We are very encouraged by our orders in the quarter, which were a record $8.431 million, up a strong 68% compared to the fourth-quarter of 2024 and up 38% sequentially, resulting in a very strong book-to-bill ratio of 1.31:1. This impressive book-to-bill in the quarter was primarily driven by robust bookings in the IT datacom market related to AI applications.

2025 年全年銷售額約 231 億美元，以美元計算成長 52%，以當地貨幣計算成長 51%，有機成長 38%，與 2024 年相比。本季訂單金額達到創紀錄的 843.1 萬美元，較 2024 年第四季強勁成長 68%，季增 38%，訂單出貨比高達 1.31:1，令我們倍感鼓舞。本季如此亮眼的訂單出貨比主要得益於與人工智慧應用相關的 IT 數據通訊市場的強勁訂單成長。

We have seen customers open their order window a bit in certain cases, which helped to drive these strong bookings. For the full year, orders were $25.4 billion, up 51% compared to 2024, resulting in a book-to-bill ratio of 1.1:1. GAAP operating income was $1.7 billion in the quarter, and GAAP operating margin was 26.8%.

我們發現，在某些情況下，客戶會稍微延長下單時間，有助於推動強勁的預訂量。全年訂單金額為 254 億美元，比 2024 年成長 51%，訂單出貨比為 1.1:1。本季 GAAP 營業收入為 17 億美元，GAAP 營業利益率為 26.8%。

GAAP operating margin included $47 million of acquisition-related costs, primarily for external transaction costs and the amortization of acquired backlog. Excluding acquisition-related costs, adjusted operating margin and adjusted operating income was 27.5% and $1.8 billion, respectively.

GAAP 營業利潤率包括 4,700 萬美元的收購相關成本，主要包括外部交易成本和收購積壓訂單的攤銷。剔除收購相關成本後，調整後的營業利益率和調整後的營業收入分別為 27.5% 和 18 億美元。

On an adjusted basis, operating margin increased by a strong 510 basis points from the prior year quarter and was flat sequentially. The year-over-year increase in adjusted operating margin was primarily driven by robust operating leverage on the significantly higher sales volumes, which was only modestly offset by the dilutive impact of acquisitions.

經調整後，營業利潤率較上年同期大幅成長 510 個基點，較上季持平。經調整後的營業利潤率年增主要得益於銷售大幅成長帶來的強勁經營槓桿效應，而收購帶來的稀釋影響僅略微抵消了這一增長。

For the full year 2025, GAAP operating income was $5.9 billion and included $181 million of acquisition-related costs. Excluding these costs, adjusted operating income was $6.1 billion in 2025. For the full year, GAAP operating margin and adjusted operating margin reached annual records of 25.4% and 26.2%, respectively.

2025 年全年，GAAP 營業收入為 59 億美元，其中包括 1.81 億美元的收購相關成本。剔除這些成本後，2025 年調整後的營業收入為 61 億美元。全年來看，GAAP營業利益率和調整後營業利益率分別達到25.4%和26.2%的年度歷史新高。

On an adjusted basis, operating margin increased 450 basis points compared to 2024, primarily driven by strong operational performance on the significantly higher sales volumes, which again was only modestly offset by the dilutive impact of acquisitions. I'm extremely proud of the company's operating margin performance in the fourth-quarter and for the full year 2025, both of which reflect continued strong execution by the team.

經調整後，營業利潤率較 2024 年增長 450 個基點，主要得益於銷售大幅增長帶來的強勁營運業績，但收購的稀釋影響僅略微抵消了這一增長。我對公司第四季和 2025 年全年的營業利潤率表現感到非常自豪，這兩項數據都反映了團隊持續強勁的執行力。

Breaking down fourth-quarter results by segment compared to the fourth-quarter of 2024. Sales in the Communications Solutions segment were $3.4 billion and increased by 78% in US dollars and 60% organically. Segment operating margin was 32.5%. Sales in the Harsh Environment Solutions segment were $1.7 billion and increased by 31% in US dollars and 21% organically and segment operating margin was 27.6%.

將第四季業績按業務板塊與 2024 年第四季業績進行比較。通訊解決方案部門的銷售額為 34 億美元，以美元計算成長了 78%，有機成長了 60%。分部營業利益率為 32.5%。惡劣環境解決方案部門的銷售額為 17 億美元，以美元計算成長了 31%，有機成長了 21%，該部門的營業利潤率為 27.6%。

Sales in Interconnect and Sensor Systems segment were $1.4 billion, increased by 21% in US dollars and 16% organically and segment operating margin was 20.1%. Bringing down full year results by segment compared to 2024, Sales in the Communications Solutions segment were $12.1 billion and increased by 91% in US dollars and 71% organically and segment operating margin was 31.1%.

互連和感測器系統部門的銷售額為 14 億美元，以美元計算成長了 21%，有機成長了 16%，部門營業利潤率為 20.1%。與 2024 年相比，按業務部門劃分的全年業績顯示，通訊解決方案部門的銷售額為 121 億美元，按美元計算增長了 91%，有機增長了 71%，該部門的營業利潤率為 31.1%。

Sales in the Harsh Environment Solutions segment were $5.9 billion, increased by 33% in US dollars and 17% organically and segment operating margin was 26.2%. And sales in the Interconnect and Sensor Systems segment were $5.2 billion and increased by 15% in US dollars and 13% organically, and segment operating margin was 19.5%.

惡劣環境解決方案部門的銷售額為 59 億美元，以美元計算成長了 33%，有機成長了 17%，該部門的營業利潤率為 26.2%。互連和感測器系統部門的銷售額為 52 億美元，以美元計算增長了 15%，有機增長了 13%，該部門的營業利潤率為 19.5%。

For the fourth-quarter, the company's GAAP effective tax rate was 26.9%, which compared to 17.4% in the fourth-quarter of '24 and full year '25 GAAP effective tax rate was 23.1%, which compared to 18.9% in 2024. On an adjusted basis, the effective tax rate of 25.5% both for the fourth-quarter and full year, which compared to 24% in the prior year periods.

該公司第四季的 GAAP 實際稅率為 26.9%，而 2024 年第四季為 17.4%；2025 年全年的 GAAP 實際稅率為 23.1%，而 2024 年為 18.9%。經調整後，第四季和全年的實際稅率均為 25.5%，而去年同期為 24%。

As we discussed last quarter, the increase in our adjusted effective tax rate in '25 was due to some shift in income mix to higher tax jurisdictions. For modeling purposes, you should assume that this higher tax rate of 25.5% continues into 2026. As is our typical practice, our adjusted tax rate excludes the tax effect of any acquisition-related costs as well as excess tax benefit from stock option compensation as well as other discrete tax-related items.

正如我們上個季度所討論的，2025 年我們調整後的實際稅率上升是由於部分收入結構轉移到了稅收較高的地區。為了建模，你應該假設 25.5% 的較高稅率將持續到 2026 年。按照我們一貫的做法，我們調整後的稅率不包括任何收購相關成本的稅收影響，也不包括股票選擇權補償的超額稅收優惠以及其他與稅收相關的項目。

Specifically, in the fourth-quarter and for the full year 2025, our adjusted tax rate excludes a $100 million discrete tax accrual related to notices received by certain subsidiaries in China from relevant tax authorities challenging certain taxes taken over the last -- over up to an eight-year period. We believe these tax positions are appropriate and remain engaged in ongoing discussions with the relevant tax authorities.

具體而言，在 2025 年第四季和全年，我們調整後的稅率不包括 1 億美元的一次性應計稅款，該稅款與中國某些子公司收到的相關稅務機關的通知有關，這些通知對過去長達八年期間徵收的某些稅款提出質疑。我們認為這些稅務立場是恰當的，並將繼續與相關稅務機關進行磋商。

GAAP diluted EPS was $0.93 in the fourth-quarter, up 58% compared to the prior year period. And on an adjusted basis, diluted EPS was a record $0.97, an increase by 76% compared to the $0.55 in the fourth-quarter of 2024. This was an outstanding result.

第四季GAAP稀釋後每股收益為0.93美元，較上年同期成長58%。經過調整後，稀釋每股收益達到創紀錄的 0.97 美元，比 2024 年第四季的 0.55 美元增加了 76%。這是一個非常出色的結果。

For the full year, GAAP and adjusted diluted EPS were both a record $3.34, an increase of 74% and 77%, respectively. Operating cash flow in the fourth-quarter was $1.7 billion or 144% of net income and free cash flow was $1.5 billion or 123% of income. And for the full year of 2025, operating cash flow was a record $5.4 billion or 126% of net income and free cash flow was a record $4.4 billion or 103% of net income. Considering the high growth rates we experienced this year, this is a very strong result.

全年來看，GAAP 和調整後的稀釋每股盈餘均創歷史新高，達到 3.34 美元，分別成長了 74% 和 77%。第四季經營現金流為 17 億美元，佔淨利的 144%；自由現金流為 15 億美元，佔利潤的 123%。2025 年全年，經營現金流創下 54 億美元的紀錄，佔淨收入的 126%；自由現金流創下 44 億美元的紀錄，佔淨收入的 103%。考慮到我們今年經歷的高成長率，這是一個非常強勁的成績。

From a working capital standpoint, inventory days, days sales outstanding and payable days were all within our normal range. During the quarter, the company repurchased 1.3 million shares of common stock at an average price of approximately $134. When combined with our normal quarterly dividend, total capital returned to shareholders in the fourth-quarter of 2025 was approximately $373 million and was nearly $1.5 billion for the full year of 2025.

從營運資金的角度來看，存貨週轉天數、應收帳款週轉天數和應付帳款週轉天數均在我們的正常範圍內。本季度，該公司以平均每股約 134 美元的價格回購了 130 萬股普通股。加上正常的季度股息，2025 年第四季返還給股東的總資本約為 3.73 億美元，2025 年全年返還給股東的總資本接近 15 億美元。

Total debt at December 31 was $15.5 billion, and net debt was $4.1 billion, which included $7.5 billion from the US bond offering we completed in October in anticipation of the closing of the CCS acquisition. Total liquidity at the end of the fourth-quarter was $17.5 billion, which included cash and short-term investments on hand of $11.4 billion plus availability under our existing credit facilities and $3.1 billion of term loan facilities put in place in anticipation of the CCS acquisition.

截至 12 月 31 日，總債務為 155 億美元，淨債務為 41 億美元，其中包括我們在 10 月完成的美國債券發行中的 75 億美元，當時我們預期 CCS 收購的完成。第四季末總流動資金為 175 億美元，其中包括 114 億美元的現金和短期投資，以及現有信貸安排下的可用資金和為收購 CCS 而設立的 31 億美元定期貸款安排。

In early January, the company closed the CCS acquisition, which was funded with cash on hand, primarily resulting from the October 2025 bond deal as well as the $3.1 billion of term loan facilities. As a result of the acquisition of CCS, we expect 2026 quarterly interest expense, net of interest income from cash on hand to be approximately $200 million, which is reflected in our first-quarter 2026 guidance.

1 月初，該公司完成了對 CCS 的收購，收購資金主要來自 2025 年 10 月的債券交易以及 31 億美元的定期貸款。由於收購了 CCS，我們預計 2026 年季度利息支出（扣除現金利息收入）約為 2 億美元，這反映在我們 2026 年第一季的業績指引中。

Adjusting for the impact of the CCS acquisition, our net debt at year-end would have been $14.7 billion, and our liquidity would have been $6.9 billion, which includes pro forma cash and short-term investments on hand of $3.9 billion. Fourth-quarter 2025 EBITDA was $2 billion, and our net leverage ratio was 0.6 times at the end of the quarter. Pro forma net leverage at the end of 2025, including the CCS acquisition, would have been approximately 1.8 times.

考慮到收購 CCS 的影響，我們年底的淨債務將為 147 億美元，流動資金將為 69 億美元，其中包括 39 億美元的備考現金和短期投資。2025 年第四季 EBITDA 為 20 億美元，季末淨槓桿率為 0.6 倍。截至 2025 年底，包括收購 CCS 在內的備考淨槓桿率約為 1.8 倍。

As of December 31, the company had no outstanding borrowings under its revolving credit facility or its commercial paper programs. I will now turn the call over to Adam, who will provide some commentary on current market trends.

截至 12 月 31 日，該公司在其循環信貸額度或商業票據計劃下沒有未償還的借款。現在我將把電話交給亞當，他將對當前的市場趨勢進行一些評論。

Well, thank you very much, Craig, and I also would like to offer my best New Year's wishes to all of you here. Craig and I are here in the Winter Wonderland of Wallingford, Connecticut, and it's a real pleasure to talk to you about our fourth-quarter and full year achievements. I'll highlight some of those achievements. And then as Craig mentioned, I'm going to discuss the trends across our served markets. We'll make some comments on the outlook for the first-quarter. And then, of course, we'll have time for questions.

非常感謝你，克雷格，我也想向在座的各位致以最美好的新年祝福。克雷格和我來到了康乃狄克州沃靈福德的冬季仙境，非常高興能和大家談談我們第四季和全年的成就。我將重點介紹其中的一些成就。然後，正如克雷格所提到的，我將討論我們所服務市場的發展趨勢。我們將對第一季的前景發表一些看法。當然，之後我們還會留出時間回答問題。

Turning to the fourth-quarter. There's no doubt that Amphenol had a strong finish to a very successful 2025 with sales and adjusted diluted earnings per share in the fourth-quarter, both exceeding the high end of our guidance. Sales grew by 49% in US dollars and 48% in local currencies, reaching a new record of $6.439 billion. And on an organic basis, our sales increased by 37% with robust growth across nearly all of our served markets.

進入第四節。毫無疑問，安費諾在2025年取得了非常成功的業績，第四季度的銷售額和調整後的稀釋每股收益均超過了我們預期的上限，為2025年畫上了圓滿的句號。以美元計算，銷售額成長了 49%；以當地貨幣計算，銷售額成長了 48%，創下 64.39 億美元的新紀錄。從有機成長來看，我們的銷售額成長了 37%，幾乎所有服務市場都實現了強勁成長。

As Craig mentioned, we booked a record $8.4 billion of orders in the fourth-quarter, which represented a very strong book-to-bill of 1.31:1. These orders grew by 68% from prior year and were up 38% sequentially -- and while orders were strong across the board, there's no doubt that these robust orders were driven primarily by data center demand related in particular to artificial intelligence investments being planned by a number of our large customers.

正如克雷格所提到的，我們在第四季度獲得了創紀錄的 84 億美元訂單，訂單出貨比高達 1.31:1。這些訂單比去年同期成長了 68%，較上季成長了 38%——雖然所有領域的訂單都表現強勁，但毫無疑問，這些強勁的訂單主要由資料中心需求推動，特別是與我們一些大客戶計劃進行的人工智慧投資相關的資料中心需求。

We're also pleased in the quarter to have delivered adjusted operating margins of 27.5% in the quarter, which matched our record-setting margins in the third-quarter and which represented an increase of 510 basis points from prior year. This superior profitability is a direct result of the outstanding execution of the Amphenol team around the world. Our adjusted diluted EPS in the quarter grew by 76% from prior year, reaching a new record of $0.97.

本季我們也欣喜地看到，調整後的營業利潤率達到 27.5%，與我們第三季創紀錄的利潤率持平，比去年同期增長了 510 個基點。如此卓越的獲利能力，直接歸功於安費諾全球團隊的出色執行力。本季經調整後的稀釋每股收益較上年同期成長 76%，達到 0.97 美元的新紀錄。

Finally, the company generated record operating and free cash flow in the fourth-quarter of $1.7 billion and $1.5 billion, respectively, both clear reflections of the quality of the company's earnings. I just can't express enough my pride in our team here in the fourth-quarter. These results once again reaffirm the value of the discipline and agility of our entrepreneurial organization as we continue to perform well amidst a very dynamic environment.

最後，該公司第四季的經營現金流和自由現金流分別創下 17 億美元和 15 億美元的紀錄，這兩項數據都清楚反映了該公司獲利的品質。我無法用言語表達我對我們球隊在第四節比賽中的自豪之情。這些結果再次證明了我們創業型組織的紀律性和靈活性的價值，使我們能夠在瞬息萬變的環境中繼續取得良好業績。

We're also very excited in the quarter that we closed on the previously announced acquisition of Trexon with operations in the US and Europe and with annual sales of approximately $290 million. Trexon is a leading provider of high-reliability interconnect and cable assemblies primarily for the defense market.

本季我們也非常高興地宣布完成了先前宣布的對 Trexon 的收購，該公司在美國和歐洲開展業務，年銷售額約為 2.9 億美元。Trexon是一家領先的高可靠性互連和電纜組件供應商，主要面向國防市場。

We're particularly excited that Trexon further expands our value-add interconnect offering for the defense market, enabling us to offer our customers in this important area, a complete solution of high-technology interconnect products, really the broadest in the industry. We look forward to the Trexon team flourishing as part of the Amphenol family.

我們尤其感到興奮的是，Trexon 進一步擴展了我們面向國防市場的增值互連產品，使我們能夠為這一重要領域的客戶提供完整的高科技互連產品解決方案，這在業內是真正最廣泛的。我們期待 Trexon 團隊作為 Amphenol 大家庭的一員蓬勃發展。

In addition, just here in January, we were excited to have closed on the acquisition of the CCS business from CommScope, a bit earlier than we had anticipated. This business, which will be known going forward as CommScope and Amphenol company, represents a significant expansion of our interconnect capabilities across three of our important end markets.

此外，就在今年一月，我們很高興地宣布，我們比預期提前完成了對 CommScope 旗下 CCS 業務的收購。這家公司，今後將被稱為 CommScope 和 Amphenol 公司，代表著我們在三個重要終端市場的互連能力的重大擴展。

As we discussed last year, CommScope had significant fiber optic interconnect capabilities for the IT datacom and communications networks markets as well as a diverse range of industrial interconnect products for the building connectivity market, which will be included in our Industrial segment. We look forward to working closely with the CommScope team as they embrace the Amphenol operating culture and are really excited about the potential that this significant acquisition can bring to our company.

正如我們去年討論的那樣，康普在 IT 數據通訊和通訊網路市場擁有強大的光纖互連能力，以及面向樓宇連接市場的多樣化工業互連產品，這些都將納入我們的工業部門。我們期待與 CommScope 團隊緊密合作，因為他們將融入 Amphenol 的營運文化，我們對這項重大收購能為我們公司帶來的潛力感到非常興奮。

As previously disclosed, we expect CommScope to generate full year 2026 sales of $4.1 billion and to add $0.15 to Amphenol's 2026 adjusted earnings per share. As we welcome the outstanding CommScope and Trexon teams to the Amphenol family, we remain confident that our acquisition program will continue to create great value for the company.

正如先前披露的那樣，我們預計 CommScope 2026 年全年銷售額將達到 41 億美元，並為 Amphenol 2026 年調整後每股收益增加 0.15 美元。我們熱烈歡迎 CommScope 和 Trexon 的優秀團隊加入安費諾大家庭，我們仍然堅信，我們的收購計劃將繼續為公司創造巨大價值。

Our ability to identify and execute upon acquisitions and then to successfully bring these companies into Amphenol remains a core competitive advantage. And there's no doubt that as our organization has evolved and scaled, so too has our ability to effectively manage a greater number of acquisitions of all sizes.

我們識別和執行收購的能力，以及成功地將這些公司納入安費諾體系的能力，仍然是我們的核心競爭優勢。毫無疑問，隨著我們組織的發展壯大，我們有效管理各種規模收購的能力也隨之增強。

Now turning to the full year 2025. Simply put, 2025 was a uniquely successful year for Amphenol. We expanded our position in the overall market, growing our sales by 52% in US dollars, 51% in local currency and 38% organically, reaching a new sales record of $23 billion or $23.1 billion.

現在展望2025年全年。簡而言之，2025 年對安費諾來說是極其成功的一年。我們在整體市場中擴大了地位，銷售額以美元計算增長了 52%，以當地貨幣計算增長了 51%，有機增長了 38%，創下了 230 億美元或 231 億美元的新銷售記錄。

As we cross $23 billion in sales in 2025, we're very proud to have more than doubled Amphenol's revenues in the past four years, a great reflection of our organization's ability to navigate market dynamics while capitalizing on the broad array of opportunities arising across the electronics industry.

預計到 2025 年，我們的銷售額將突破 230 億美元。我們非常自豪地宣布，在過去的四年裡，安費諾的收入翻了一番還多，這充分體現了我們公司駕馭市場動態的能力，同時充分利用了電子行業湧現的各種機會。

Our full year 2025 adjusted operating margin reached a record 26.2%, and that was a robust increase of 450 basis points from prior year. And this strong level of profitability enabled us to achieve record adjusted diluted EPS of $3.34, an increase of 77% from the 2024 levels. As Craig mentioned, we generated record operating cash flow of $5.4 billion and free cash flow of $4.4 billion, clear confirmations of the company's superior execution and disciplined balance sheet management.

我們 2025 年全年調整後營業利益率達到創紀錄的 26.2%，比前一年強勁成長 450 個基點。強勁的獲利能力使我們實現了創紀錄的調整後稀釋每股收益 3.34 美元，比 2024 年的水平增長了 77%。正如克雷格所提到的，我們創造了創紀錄的 54 億美元經營現金流和 44 億美元自由現金流，這清楚地證實了公司卓越的執行力和嚴謹的資產負債表管理。

Very proud that our acquisition program again created great value this year. We completed five acquisitions in 2025, including Andrew, our largest acquisition at the time, together with the acquisitions of Trexon, Narda-MITEQ, LifeSync and Rochester Sensors. Collectively, these acquisitions have added to Amphenol annualized sales of nearly $2 billion.

非常自豪的是，我們的收購計劃今年再次創造了巨大價值。我們在 2025 年完成了五項收購，其中包括當時我們最大的收購 Andrew，以及對 Trexon、Narda-MITEQ、LifeSync 和 Rochester Sensors 的收購。這些收購加起來使安費諾的年銷售額增加了近 20 億美元。

In addition, as I just mentioned and as we announced earlier this month, we also closed on our largest ever acquisition now, which is the CommScope acquisition. What is in common across all these acquisitions is that they enhance our position across a broad array of end markets and deep enabling technologies, all while bringing outstanding and talented individuals into the Amphenol family.

此外，正如我剛才提到的，也正如我們本月稍早宣布的那樣，我們還完成了有史以來最大的一筆收購，即對 CommScope 的收購。所有這些收購的共同點在於，它們增強了我們在廣泛的終端市場和深厚的賦能技術領域的地位，同時為安費諾大家庭帶來了傑出的人才。

We also returned substantial cash to shareholders in 2025, buying back nearly 7.5 million shares under our share repurchase program and increasing our quarterly dividend by 52%. This represented a total return of capital to shareholders of nearly $1.5 billion. As we enter 2026, I remain excited about the opportunities ahead of us for Amphenol. Our agile entrepreneurial organization has created a new position of strength for the company from which we can continue to drive superior long-term performance.

2025 年，我們也向股東返還了大量現金，根據我們的股票回購計畫回購了近 750 萬股股票，並將季度股利提高了 52%。這意味著股東總共獲得了近15億美元的資本回報。展望 2026 年，我對安費諾未來的發展機會依然充滿信心。我們敏捷的創業型組織為公司創造了新的優勢地位，我們可以以此為基礎繼續推動公司實現卓越的長期績效。

Now turning to our served markets. Once again, I'm very pleased that the company's end market exposure remains diversified, balanced, and broad. And there's no doubt that, that presence that we have across all these end markets creates great value for the company as we're allowed to participate across all areas of the global electronics industry wherever there may be new revolutions arising, all while not being disproportionately exposed to the volatility of any given application or market.

現在來看看我們服務的市場。我再次感到非常高興，公司終端市場的業務範圍仍然保持多元化、平衡和廣泛。毫無疑問，我們在所有這些終端市場的存在為公司創造了巨大的價值，因為我們得以參與全球電子產業的各個領域，無論哪裡出現新的變革，同時又不會過度暴露於任何特定應用或市場的波動之中。

Turning first to the defense market. That market represented 10% of our sales in the fourth-quarter and 9% of our sales for the full year 2025. Sales in the fourth-quarter grew strongly from prior year, increasing by 44% in US dollars and 43% in local currencies. On an organic basis, sales increased by 29% with broad-based growth across virtually all defense applications, including, in particular, radar, space, communications, avionics and unmanned aerial vehicles.

首先來看國防市場。該市場占我們第四季銷售額的 10%，佔 2025 年全年銷售額的 9%。第四季銷售額較上年同期強勁成長，以美元計成長 44%，以當地貨幣計成長 43%。從有機成長來看，銷售額成長了 29%，幾乎所有國防應用領域都實現了廣泛成長，特別是雷達、航太、通訊、航空電子設備和無人機領域。

Sequentially, sales increased by 16%, well ahead of our expectations for mid-single-digit growth. For the full year 2025, our sales grew by 30% in US dollars and local currency and by 21% organically, reflecting our superior operational execution as well as growth across all segments of the defense market.

銷售額較上季成長 16%，遠超我們預期的個位數中段成長。2025 年全年，我們的銷售額以美元和當地貨幣計算增長了 30%，有機增長了 21%，這反映了我們卓越的營運執行力以及國防市場各個領域的增長。

In addition, we're very pleased that our growth in 2025 was really broad-based geographically, reflecting our leading position across the many countries who are increasing their defense spending. Looking ahead, we expect sales in the first-quarter to increase slightly, largely driven by the benefit of the Trexon acquisition. And 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.

此外，我們非常高興地看到，2025 年我們的成長在地理上非常廣泛，這反映了我們在許多增加國防開支的國家中處於領先地位。展望未來，我們預計第一季銷售額將略有成長，這主要得益於收購 Trexon 帶來的收益。公司在國防互連市場保持領先地位，我們對此感到鼓舞，我們將繼續提供業界最廣泛的高科技產品。

Amidst the current dynamic geopolitical environment, countries around the world are further expanding their investments into both current and next-generation defense technologies. With our existing offerings as well as the exciting and complementary capabilities from Trexon, we are positioned better than ever to capitalize on this long-term demand trend.

在當前瞬息萬變的地緣政治環境下，世界各國都在進一步增加對現有和下一代國防技術的投資。憑藉我們現有的產品和服務，以及 Trexon 帶來的令人振奮的互補能力，我們比以往任何時候都更有優勢來掌握這一長期需求趨勢。

The commercial air market represented 5% of our sales in the quarter and for the full year 2025. In the fourth-quarter, our sales grew by 21% in US dollars and 20% in local currencies. On an organic basis, sales increased by 19% from prior year, driven by broad-based strength with virtually all commercial aircraft manufacturers. Sequentially, our sales grew by 10% from the third-quarter, well above our expectations coming in 90 days ago.

商用航空市場在本季和 2025 年全年占我們銷售額的 5%。第四季度，我們的銷售額以美元計成長了 21%，以當地貨幣計成長了 20%。從有機成長來看，銷售額比去年成長了 19%，這主要得益於幾乎所有商用飛機製造商的廣泛強勁成長。與第三季相比，我們的銷售額環比成長了 10%，遠超 90 天前的預期。

For the full year 2025, sales in the commercial air market increased by 39% in US dollars and 38% in local currency as we benefited from accelerating demand across aircraft platforms as well as from acquisitions. Organically, our sales increased by 13% from prior year, reflecting our robust design-in positions on a broad array of jetliners. Looking into the first-quarter, we expect sales to moderate seasonally by approximately 10% on a sequential basis. I'm truly proud of our team working in the commercial air market.

2025 年全年，由於飛機平台需求加速成長以及收購帶來的收益，商用航空市場的銷售額以美元計增長了 39%，以當地貨幣計增長了 38%。從有機成長來看，我們的銷售額比前一年成長了 13%，這反映了我們在各種噴射客機設計方面的強大地位。展望第一季度，我們預期銷售額將受季節性因素影響，較上季下降約 10%。我為我們這支在商業航空市場工作的團隊感到無比自豪。

With the ongoing growth in demand for aircraft, our efforts to expand our product offering, both organically and through our successful acquisition program continue to pay real dividends. In particular, I just want to note that we're very pleased with the progress of the CIT team who have truly embraced being part of Amphenol and have driven outstanding results.

隨著對飛機需求的持續成長，我們透過自身發展和成功的收購計畫來擴大產品供應的努力，持續獲得真正的回報。尤其值得一提的是，我們對 CIT 團隊的進展非常滿意，他們真正融入了安費諾，並取得了卓越的成果。

We look forward to further capitalizing on our expanded range of product solutions for the commercial air market long into the future. The industrial market represented 18% of our sales in the quarter and 19% of our sales for the full year 2025. Our sales grew by 20% in US dollars and 18% in local currencies from prior year.

我們期待在未來很長一段時間內，繼續利用我們不斷擴大的商用空氣市場導向的產品解決方案。工業市場在本季占我們銷售額的 18%，2025 年全年占我們銷售額的 19%。我們的銷售額以美元計算比上年增長了20%，以當地貨幣計算增長了18%。

And on an organic basis, we were pleased that sales grew by 10%, driven by relatively broad-based growth across the industrial end markets, in particular, medical, alternative energy, e-mobility, heavy equipment and industrial instrumentation applications. We also grew again in all of our major geographic regions. On a sequential basis, sales grew by 2%, better than our expectations.

從有機成長的角度來看，我們很高興銷售額成長了 10%，這主要得益於工業終端市場（特別是醫療、替代能源、電動車、重型設備和工業儀器應用）的相對廣泛的成長。我們在所有主要地理區域也再次實現了成長。與上一季相比，銷售額成長了 2%，優於我們的預期。

For the full year 2025, sales grew by 21% in US dollars and 20% in local currency as we benefited from relatively broad-based growth as well as from acquisitions. Organically, sales grew by a strong 10% from prior year. Looking into the first-quarter, we expect our sales to increase approximately 20% from these fourth-quarter levels, driven by the addition of CommScope's building connectivity business. We remain encouraged by the company's strength across the many diversified segments of this important market.

2025 年全年，銷售額以美元計成長 21%，以當地貨幣計成長 20%，這得益於相對廣泛的成長以及收購。有機銷售額較上年同期強勁成長 10%。展望第一季度，我們預計銷售額將比第四季度水準成長約 20%，這主要得益於 CommScope 樓宇連接業務的併入。我們對該公司在這個重要市場眾多多元化細分領域的實力感到鼓舞。

Over the long term, I'm confident in our strategy to expand our high-technology interconnect antenna and sensor offering, both organically and through complementary acquisitions. This strategy has enabled Amphenol to capitalize on the many electronic revolutions that continue to occur across the diversified industrial market and thereby create further opportunities for outstanding team working in this important market. The automotive market represented 14% of our sales in the fourth-quarter and 15% of our sales for the full year.

從長遠來看，我對我們擴大高科技互連天線和感測器產品的策略充滿信心，我們將透過自身發展和互補性收購來實現這一目標。這項策略使安費諾能夠利用多元化工業市場中不斷發生的眾多電子革命，從而為在這個重要市場中傑出的團隊合作創造更多機會。汽車市場在第四季占我們銷售額的 14%，全年占我們銷售額的 15%。

Sales in the fourth-quarter grew by 12% in US dollars and 9% in local currencies and organic, and that was driven by relatively broad-based growth across automotive applications. In addition, we are pleased that once again, we realized growth in all three regions.

第四季銷售額以美元計算成長了 12%，以當地貨幣計算成長了 9%，有機成長也達到 9%，這主要得益於汽車應用領域相對廣泛的成長。此外，我們很高興地看到，我們再次在所有三個地區都實現了成長。

Sequentially, our automotive sales were flat, but this was better than our expectations coming into the quarter. For the full year 2025, our sales increased by 8% in US dollars and 7% in local currencies and organic with growth in all three regions.

從季度環比來看，我們的汽車銷量持平，但這比我們本季初的預期好。2025 年全年，我們的銷售額以美元計算增長了 8%，以當地貨幣計算增長了 7%，並且所有三個地區都實現了有機增長。

As we look into the first-quarter, we do expect a seasonal moderation in sales from this quarter's levels of approximately 10%. I remain very proud of our team working in the important automotive market. And while there are always areas of uncertainty in the global automotive market, our organization continues to be focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles.

展望第一季度，我們預計銷售額將出現季節性回落，較本季水準下降約 10%。我為我們團隊在重要的汽車市場中工作感到非常自豪。儘管全球汽車市場總是存在一些不確定因素，但我們公司仍將專注於與客戶合作，推動新設計專案的成功，這些客戶正在將各種新技術應用到他們的車輛中。

We look forward to benefiting from our strengthened position in the automotive market for many years to come. The communications networks market represented 9% of our sales in the fourth-quarter and 10% of our sales for the full year 2025. Sales in this market grew from prior year by 120% in US dollars and 119% in local currency as we benefited from the Andrew acquisition completed earlier last year. Organically, our sales were flat from prior year.

我們期待在未來許多年裡，能夠從我們在汽車市場不斷增強的地位中受益。通訊網路市場在第四季占我們銷售額的 9%，在 2025 年全年占我們銷售額的 10%。由於我們受益於去年稍早完成的對 Andrew 的收購，該市場的銷售額比上年增長了 120%（以美元計）和 119%（以當地貨幣計）。從有機銷售額來看，我們的銷售額與去年持平。

On a sequential basis, sales declined as expected by 13% from the third-quarter. And for the full year 2025, our sales to Communications networks increased by 134% in US dollars in local currency and by 13% organically as we benefited from the addition of Andrew as well as growth in our products sold into the mobile network operators and wireless equipment manufacturers.

與預期相比，銷售額環比下降了 13%。2025 年全年，我們面向通訊網路的銷售額以美元計價，以當地貨幣計算增長了 134%，有機增長了 13%，這得益於 Andrew 的加入以及我們向移動網絡運營商和無線設備製造商銷售的產品的增長。

As we look towards the first-quarter, we do expect a significant nearly 50% increase in sales as we benefit from the addition of the CommScope business, which more than offsets the typical seasonal sales declines that we would see here. With our expanded range of technology offerings following the acquisitions of both CommScope and Andrew, -- we are well positioned with service provider and OEM customers across the global communications networks market.

展望第一季度，我們預計銷售額將大幅成長近 50%，這得益於 CommScope 業務的併入，足以抵消我們通常會在這裡看到的季節性銷售下滑。收購 CommScope 和 Andrew 之後，我們的技術產品範圍不斷擴大，因此我們在全球通訊網路市場的服務供應商和 OEM 客戶中佔據了有利地位。

Our deep and broad range of products, coupled with an expansive manufacturing footprint have positioned us to support these customers wherever they may be. And as customers in this market continue to drive their systems and networks to higher levels of performance, we look forward to enabling them for many years to come. The mobile devices market represented 6% of our sales in the quarter and also for the full year. And in the fourth-quarter, our sales moderated by 4% in US dollar, local currency and organic as growth in tablets, wearables and accessories was more than offset by some moderation in sales related to smartphones.

我們豐富的產品線和廣泛的生產佈局，使我們能夠為世界各地的客戶提供支援。隨著該市場中的客戶不斷提升其係統和網路的效能水平，我們期待在未來的許多年裡為他們提供支援。行動裝置市場在本季和全年銷售額中分別佔 6%。第四季度，由於平板電腦、穿戴式裝置和配件的成長被智慧型手機相關銷售額的下滑所抵消，我們的銷售額以美元、當地貨幣和有機成長計算下降了 4%。

On a sequential basis, our sales increased by 6%, which was a bit better than our expectations coming into the quarter. And for the full year 2025, sales in the mobile devices market increased by 5% in US dollar and organic, and that was really driven by growth across virtually all mobile device applications.

與上一季相比，我們的銷售額成長了 6%，略好於我們本季初的預期。2025 年全年，行動裝置市場的銷售額（以美元計）成長了 5%，這主要得益於幾乎所有行動裝置應用程式的成長。

As is typical in the first-quarter, we do anticipate a seasonal decline of some magnitude, roughly in the 30% range as we look into the first-quarter. But nevertheless, I'm very proud of our team working in the always dynamic mobile devices market as their agility and reactivity have once again enabled us to capture incremental sales in the quarter.

與第一季通常的情況一樣，我們預計第一季會出現一定程度的季節性下滑，大致在 30% 左右。但即便如此，我仍然為我們團隊在瞬息萬變的行動裝置市場中的表現感到非常自豪，因為他們的敏捷性和反應能力再次使我們能夠在本季度實現銷售額的成長。

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.

我相信，憑藉我們領先的天線、互連產品和機制，以及為各種下一代行動裝置設計的先進技術，我們已經為長遠發展做好了充分準備。

Finally, the IT datacom market represented 38% of our sales in the fourth-quarter and 36% of our sales for the full year. Sales in the fourth-quarter grew by a very strong 110% in US dollar and organic, driven by continued strong demand for our products used in AI applications, together with ongoing growth in our base IT datacom business. On a sequential basis, our sales increased by 8% from the third-quarter, which was substantially better than our expectations 90 days ago.

最後，IT 數據通訊市場在第四季度占我們銷售額的 38%，全年占我們銷售額的 36%。第四季銷售額以美元計價實現了強勁的 110% 的有機成長，這主要得益於人工智慧應用領域對我們產品的持續強勁需求，以及我們基礎 IT 數據通訊業務的持續成長。與第三季相比，我們的銷售額環比成長了 8%，遠好於我們 90 天前的預期。

This sequential increase was essentially driven by growth in AI-related applications. For the full year 2025, our sales in the IT datacom market grew by a very strong 124% in US dollars and organic as we benefited from strong demand for AI-related applications as well as accelerated growth in our non-AI IT datacom business. As we look ahead, we expect a low double-digit sequential sales increase in the first-quarter, driven by the addition of CommScope. And on an organic basis, we're very pleased to anticipate that we will remain at these very elevated levels in the fourth-quarter.

這一連續成長主要由人工智慧相關應用的成長所驅動。2025 年全年，我們在 IT 數據通訊市場的銷售額以美元計價實現了 124% 的強勁成長，這得益於對人工智慧相關應用的強勁需求以及非人工智慧 IT 數據通訊業務的加速成長。展望未來，我們預計第一季銷售額將實現兩位數的環比成長，這主要得益於 CommScope 的併入。從有機成長的角度來看，我們非常高興地預計，第四季我們將保持在如此高的水平。

We are more encouraged than ever by the company's position in the global IT datacom market. I just can't emphasize enough what an outstanding job our team has done, not only in securing future business on these next-generation IT systems with a really broad array of customers, but in executing upon that demand here in 2025. There's no doubt that the revolution in AI continues to create a unique opportunity for Amphenol, given our leading high-speed and power interconnect products.

公司在全球IT數據通訊市場的地位讓我們比以往任何時候都更加鼓舞。我必須強調，我們的團隊做得非常出色，不僅確保了未來在這些新一代 IT 系統上與眾多客戶開展業務，而且還在 2025 年滿足了這些需求。毫無疑問，鑑於我們在高速和功率互連產品方面的領先地位，人工智慧領域的革命將繼續為安費諾創造獨特的機會。

With now the addition of CommScope, we have the broadest range of high-speed power and fiber optic interconnect products, all of which are critical components in these next-generation systems. This creates a continued long-term growth opportunity for Amphenol.

隨著 CommScope 的加入，我們擁有了最廣泛的高速電源和光纖互連產品，所有這些產品都是下一代系統中的關鍵組件。這為安費諾創造了持續的長期成長機會。

Turning to our outlook and of course, assuming the continuation of current market conditions as well as constant exchange rates, for the first-quarter, we expect sales in the range of $6.9 billion to $7 billion and adjusted diluted EPS in the range of $0.91 to $0.93. This would represent significant sales growth from prior year of 43% to 45% and adjusted diluted EPS growth of 44% to 48%.

展望未來，當然，在當前市場狀況持續且匯率保持不變的前提下，我們預計第一季銷售額將在69億美元至70億美元之間，調整後攤薄每股收益將在0.91美元至0.93美元之間。這將意味著銷售額較上年同期成長43%至45%，調整後稀釋每股收益成長44%至48%。

I would note that our Q1 guidance includes approximately $900 million in sales and $0.02 of adjusted EPS accretion from the CommScope acquisition. I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges present in the current environment while continuing to grow Amphenol's market position, all while driving sustainable and strong profitability over the long term.

我想指出，我們第一季的業績預期包括約 9 億美元的銷售額和因收購 CommScope 而帶來的 0.02 美元調整後每股收益成長。我對我們傑出的管理團隊的能力充滿信心，相信他們能夠適應當前環境中存在的許多機會和挑戰，同時繼續提升安費諾的市場地位，並在長期內實現可持續的強勁盈利能力。

Finally, I'd like to take this opportunity to first thank our customers for the trust that they put in us and also to thank the entire global team of Amphenolians for their truly outstanding efforts here in the fourth-quarter and in the full year 2025. And with that, operator, we'd be happy to take any questions.

最後，我想藉此機會首先感謝我們的客戶對我們的信任，同時也要感謝安費諾全球團隊在2025年第四季和全年所做的傑出努力。那麼，操作員，我們很樂意回答您的任何問題。

(Operator Instructions)

（操作說明）

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Congrats on the very strong results and outlook. First, I'd like to ask about the bookings, which was very strong. I think you highlighted a 1.31 book-to-bill. Adam, that -- I imagine must have in it some extended duration orders in the backlog. And I wonder whether that's entirely concentrated or mostly concentrated in IT datacom.

恭喜你們取得如此優異的成績和前景。首先，我想問一下預訂情況，預訂情況非常火爆。我認為你重點提到了 1.31 的帳面價值與實際支出之比。亞當，我想那一定有一些積壓的長期訂單吧。我想知道這是否完全或主要集中在IT資料通訊領域。

And also, if you can talk about what gives rise to that level of orders. Is it based on sort of a need for them to place this in order to get in line from a sort of a lead time perspective? Or is this based perhaps on sort of minimum order requirement in order to meet CapEx requirements that you have? Any color on that would be really helpful.

另外，如果您能談談是什麼導致瞭如此高的訂單量就更好了。這是出於某種提前準備時間的需要嗎？或者，這是基於某種最低訂購量要求，以滿足貴公司的資本支出要求？如果能標上顏色就太好了。

Well, thank you very much, Will. Look, no doubt, we are very encouraged by the bookings as we came out of the year in 2025. And I'll say a couple of things. I mentioned earlier that, in fact, our bookings were really broadly strong across all of our end markets with maybe, I think, only one exception, our book-to-bill was at or above one and in a few cases, significantly above one. And -- but there was certainly the IT datacom market and specifically related to AI investments was a primary driver of this 1.31 book-to-bill and record orders for the company to achieve orders of more than $8 billion in the quarter was certainly a milestone for all of us.

非常感謝你，威爾。毫無疑問，我們對 2025 年的預訂感到非常鼓舞。我還有幾點要說。我之前提到過，事實上，我們所有終端市場的預訂量都非常強勁，可能只有一種例外，我們的預訂出貨比達到或超過 1，在少數情況下，甚至遠高於 1。當然，IT 數據通訊市場，特別是與人工智慧相關的投資，是推動公司訂單出貨比達到 1.31 的主要因素，公司本季訂單超過 80 億美元，這無疑是我們所有人的一個里程碑。

Look, I think that, as I mentioned, and I think Craig alluded to, that we have seen customers open up their order window for -- in particular, related to significant plans that they have of investments related to AI. This is not because of kind of getting in line, so to speak. I mean I think our team has done a fabulous job of ramping up. I mean, as evidenced by the extraordinary growth that we achieved last year, 124% year-over-year growth for the full year in IT datacom. There's no doubt that our team has done an amazing job of ramping up to our customers' needs.

你看，我認為，正如我所提到的，而且我認為克雷格也暗示過，我們已經看到客戶開放了他們的訂單窗口——特別是與他們與人工智慧相關的重大投資計劃有關。這並非因為要排隊等候。我的意思是，我認為我們的團隊在提升效率方面做得非常出色。我的意思是，正如我們去年取得的非凡成長所證明的那樣，IT 數據通訊全年同比增長 124%。毫無疑問，我們的團隊在滿足客戶需求方面做得非常出色。

But at the same time, and we've talked about this in the past, because of the technology involved in a lot of these next-generation products, really pushing the limits of these systems and pushing the limits of the products, these products do require, in certain cases, more automation, which fortunately, we do the vast majority of that in-house, which has been an amazing competitive advantage for Amphenol through this time period.

但同時，正如我們過去討論過的，由於許多下一代產品涉及的技術真正突破了這些系統的極限，也突破了產品的極限，這些產品在某些情況下確實需要更多的自動化，幸運的是，我們絕大多數的自動化工作都是在公司內部完成的，這在這段時間裡一直是安費諾公司驚人的競爭優勢。

And so we've worked with customers because of these sometimes outsized investment requirements and their outsized plans that they provide to us to somehow share the risk of those investments. And we do that in a variety of ways. Those ways can include customers actually sharing some of the spending, contributing to the spending and otherwise, giving us commitments that are solid commitments that give us the comfort to make those investments and drive the ramp-ups that ultimately meet those customers' demands.

因此，由於這些客戶有時提出的投資要求和他們提供的龐大計劃，我們與他們合作，以某種方式分擔這些投資的風險。我們透過多種方式來實現這一點。這些方式包括客戶實際分擔部分支出、為支出做出貢獻等等，給予我們切實的承諾，讓我們有信心進行這些投資，並推動規模擴大，最終滿足這些客戶的需求。

And so I think it's more not -- and you used the word minimum order. I wouldn't call it minimum order, but rather it's giving us the comfort through their own commitments to Amphenol that we should then make the commitments in capital and using Amphenol's hard-earned cash and the time of our teams to make those investments.

所以我覺得更不是——而且你用了「最低訂單」這個詞。我不會稱之為最低訂單，而是透過他們對安費諾的承諾，讓我們感到安心，從而讓我們有信心投入資金，利用安費諾辛苦賺來的現金和我們團隊的時間進行這些投資。

And I think it's a great sign. It's a sign, number one, of our customers' intentions and their plans, which are very robust. It's a sign number two of our customers' commitment and confidence in the Amphenol organization. And so no doubt about it. I think it's a positive, and we look forward to continuing to drive great success in that market in the future.

我認為這是一個很好的跡象。首先，這表明我們的客戶意圖和計劃非常堅定。這是我們的客戶對安費諾公司充滿信心和承諾的第二個標誌。這點毋庸置疑。我認為這是一個積極的信號，我們期待未來在該市場繼續取得巨大成功。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Adam, post the CCS deal, can you just talk about the breadth of your offerings when it comes to serving these AI infrastructure customers? You folks have done really well on a stand-alone basis, but there's this view, I think, out there that Amphenol is driven more by copper. And as we move more to optics and fiber, there's a risk here. So maybe hoping you can spend some time to help us appreciate the range of offerings you're going to have post CCS? And how do you see these offerings that you get from CCS really being complementary to what Amphenol has today?

Adam，在 CCS 交易完成後，您能否談談貴公司在服務這些 AI 基礎設施客戶方面提供的服務範圍？你們各自做得非常出色，但我認為外界有一種觀點認為，安費諾的業務更多是由銅驅動的。隨著我們更多地採用光纖和光通訊技術，這裡存在著一定的風險。所以，或許您可以抽出一些時間，幫助我們了解您在 CCS 之後將推出的各種產品和服務？您認為CCS提供的這些產品和服務如何與安費諾目前提供的產品和服務形成互補？

Yes. Well, thank you very much, Amit. Look, there's no doubt about it that we have worked for a long time, and it's kind of ironic. We just celebrated the 20 anniversary of another foundational acquisition for Amphenol, which was the acquisition of the Teradyne Connection Systems business 20 years ago, which really catapulted Amphenol into a leadership position in high-speed copper interconnect products. I will tell you that at that time, high speed meant 5 gigabits, maybe 10 on the outside.

是的。非常感謝你，阿米特。毫無疑問，我們已經努力了很長時間，這有點諷刺。我們剛剛慶祝了安費諾另一項奠基性收購的 20 週年紀念日，20 年前收購了泰瑞達連接系統業務，這真正使安費諾在高速銅互連產品領域佔據了領先地位。我可以告訴你，在當時，高速指的是 5 千兆比特，最多也就是 10 千兆位元。

And over those 20 years, we've continued to double down on the excellent capabilities that TCS brought us, the people, most of whom are still with our team today, there to celebrate that same 20 anniversary. And that has put us in a real leadership position as our customers drive their systems to higher and higher speeds. Now we have always been a player in fiber optics. I mean, going all the way back to the early foundations of what a fiber optic connector was half a century ago or more.

在這 20 年裡，我們不斷加倍投入 TCS 為我們帶來的卓越能力，以及那些至今仍與我們團隊在一起的人們，他們中的大多數人今天也在這裡慶祝這 20 週年紀念日。隨著客戶不斷提高系統速度，這使我們處於真正的領導地位。我們一直都是光纖領域的參與者。我的意思是，要追溯到半個世紀前甚至更久以前光纖連接器的早期發展階段。

But there's no question that with CCS, just like at the time with TCS 20 years ago, CCS vaults us into a position of breadth and depth in the technology around fiber optic interconnect that is a real expansion of our capabilities. And so when we go to customers and we talk about data center applications or when we go to communications networks customers and talk about their next-generation network planning, we can now have that conversation across the entirety of the interconnect spectrum.

但毫無疑問，CCS 就像 20 年前的 TCS 一樣，使我們在光纖互連技術領域獲得了廣度和深度，真正擴展了我們的能力。因此，當我們與客戶討論資料中心應用，或與通訊網路客戶討論他們的下一代網路規劃時，我們現在可以就整個互連領域展開對話。

As they think about the various trade-offs that a customer goes through every time they think about their specific system architecture, do they want to use a high-speed copper interconnect here? What's the power situation? How do they bring power into their system, into the rack, into a data center, into a network? And then how do they use fiber optics, which have, of course, fabulous traits, in particular, around high-bandwidth, long-distance communications.

當他們思考客戶在考慮其特定係統架構時所面臨的各種權衡取捨時，他們是否希望在這裡使用高速銅互連？電力供應情況如何？他們如何將電力引入系統、機架、資料中心和網路？那麼，他們是如何利用光纖的呢？光纖當然具有非常棒的特性，尤其是在高頻寬、遠距離通訊方面。

And customers are making these trade-offs every day. And now with the CCS acquisition, what I'm so excited about is the unique position it puts Amphenol in as a company to be able to go in and talk to that entire spectrum of interconnect. Our customers just want to get a signal from a place to a place. And it's up to us to work with them to figure out the best way to do that, whether they're getting a signal from a GPU to a GPU or from a central office to a home somewhere or anything in between.

顧客每天都在做出這些權衡取捨。現在，隨著對 CCS 的收購，我感到非常興奮的是，這使安費諾公司處於獨特的地位，能夠進入並接觸整個互連領域。我們的客戶只想讓訊號從一個地方傳輸到另一個地方。而我們有責任與他們合作，找出實現這一目標的最佳方法，無論他們是從 GPU 到 GPU 接收訊號，還是從中心辦公室到某個家庭接收訊號，或介於兩者之間的任何情況。

And I think now we were able to come to them with a total solution of leading interconnect products that ultimately allow us to be -- have a seat at the table as a partner with those customers for many, many years and many generations to come.

我認為現在我們能夠為他們提供一套完整的領先互連產品解決方案，最終使我們能夠在未來的許多年甚至幾代人中，作為合作夥伴與這些客戶並肩作戰。

Luke Junk, Baird.

盧克瓊克，貝爾德。

Adam, maybe to bridge on the comments you just made. I'm just wondering if you could maybe speak to integration first steps at CommScope. And like you mentioned, the deal got closed a little sooner than you had expected. Just how important is that in terms of bringing this new fuller, broader portfolio to bear in data center, especially given how quickly this market is moving right now?

亞當，或許可以接續你剛才的評論。我想問您是否可以談談 CommScope 的整合第一步。正如你所提到的，這筆交易比你預期的要早一些完成。考慮到目前資料中心市場的發展速度，這對於將這項全新、更全面、更廣泛的產品組合應用於資料中心究竟有多重要？

Well, thanks very much, Luke. Look, I'll answer the second question. I mean, you get one of these deals done, you got to get a lot of approvals in a lot of different places. And I think our team did a great job of working with the various authorities to get those approvals a bit faster. And I'm really grateful also to the folks who sold us this company, and they've renamed our company now, and I wish them all the best.

非常感謝你，盧克。好的，我會回答第二個問題。我的意思是，要完成這類交易，你需​​要獲得許多不同機構的批准。我認為我們的團隊在與各部門合作方面做得非常出色，加快了審批速度。我還要衷心感謝把公司賣給我們的人，他們現在也為公司改了名字，我祝他們一切順利。

It was really a great experience, I think, for all sides. And we worked really well together to bring this deal to fruition quite a bit faster than we thought it was going to be at the time that we originally announced the deal. I would say -- so the speed, I don't think the fact that we closed it early in the quarter versus the end of the quarter, that doesn't change our position in the marketplace.

我認為，這對各方來說都是一次非常棒的經驗。我們通力合作，讓這筆交易的達成速度比我們最初宣布交易時所預想的要快得多。我想說——所以速度方面，我不認為我們在季度初而不是季度末完成交易這一事實會改變我們在市場上的地位。

Obviously, as soon as we announced the deal, you can imagine that our customers around the world were -- wanted to talk to us about what that meant for the long term. And so we've been having those conversations for quite some time already.

顯然，我們一宣布這項交易，你就能想像到，我們世界各地的客戶都想和我們談談這對長遠發展意味著什麼。所以，我們已經就這些問題進行了相當長的討論。

In terms of the integration, I mean, that word integration is not a word in the AmphenolLexicon. There are two words we don't use, integration and synergy. And -- but what we do talk about is letting them evolve into the Amphenol family, letting them be who they were because it's a fabulous organization. I mean the leadership of the company is still the same leadership. The people are still the same people.

就整合而言，我的意思是，「整合」這個詞在安費諾字典中並不存在。有兩個字我們不使用：整合和協同。但我們確實在討論如何讓他們融入安費諾大家庭，讓他們保持原有的面貌，因為這是一個非常棒的組織。我的意思是，公司的領導階層還是原來的領導階層。這些人還是老樣子。

We're not parachuting people in. We're not merging and morphing things into one or another, synergizing, and restructuring. We're actually working with the team on day one to say what are the opportunities that now that you're part of Amphenol, you could hope to achieve that you maybe couldn't have done as part of your former company.

我們不會空降人員。我們並沒有將事物合併、變形、協同或重組。實際上，從第一天起，我們就開始與團隊合作，探討加入安費諾後，您有哪些機會可以實現，而這些機會可能是您在以前的公司無法實現的。

I was so happy on the first day of the acquisition that right after we announced it, I went to really one of the nerve centers of the company. As you know, the CommScope, we've talked about this. In many ways, it is a collection of extraordinary iconic businesses in its own right, the CommScope business that was founded nearly 50 years ago by Frank Drendel as a supplier into the broadband networks market, the Systemax business, which is an amazing iconic business selling into building connectivity and the ADC Communications, which was a long legacy leader in fiber optic interconnect.

收購完成的第一天，我非常高興，宣布收購消息後，我立刻去了公司的一個核心部門。如您所知，我們之前討論過康普公司。從許多方面來看，它本身就是一系列非凡的標誌性企業的集合，包括近 50 年前由 Frank Drendel 創立的 CommScope 業務（當時是一家寬頻網路市場的供應商）、為樓宇連接提供解決方案的 Systemax 業務（一家令人驚嘆的標誌性企業）以及長期以來在光纖互連領域處於領先地位的 ADC Communications 業務。

And so I was really happy to go to Chakopee, Minnesota, where -- which is really the nerve center of the fiber optics capability of this company and meet with these engineers and the product managers and the folks leading that business. And I can tell you, they're so excited to be part of Amphenol.

因此，我很高興能去明尼蘇達州的查科皮，那裡是這家公司光纖能力的神經中樞，並與那裡的工程師、產品經理和領導這項業務的人員會面。我可以告訴你，他們非常興奮能成為安費諾的一份子。

And we broadcast a welcome around the world and just a kind of almost a universal excitement to be part of this company called Amphenol to become Amphenolians, as they all now know that word. And so the first steps is meet the people, get excited, find opportunities to go accelerate the business, and that's all well underway today.

我們向全世界發出歡迎之聲，幾乎所有人都為能成為安費諾公司的一員，成為安費諾人而感到無比興奮，他們現在都知道這個詞了。因此，第一步是與人見面，激發熱情，尋找機會加速業務發展，而這一切目前都進展順利。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Adam, I was hoping you could maybe parse the first-quarter IT datacom guide of flattish organically, excluding CCS. Within that, should we be expecting the traditional sort of enterprise-centric market, double-digit decline, and the AI workloads to grow? Is that the right way to think about it? And within the AI context, -- is that more programs for you, more units in existing programs? Any color you can share around sort of what you're hearing from your larger AI customers in terms of just trajectory given especially your comments about very strong orders?

Adam，我希望你能分析第一季 IT 數據通訊市場呈現平淡有機成長的趨勢，不包括 CCS。在此背景下，我們是否應該預期傳統的以企業為中心的市場將出現兩位數的下滑，而人工智慧工作負載將會增加？這種思考方式正確嗎？在人工智慧領域，——這意味著更多的程序，還是現有程式中的更多單元？您能否分享您從大型人工智慧客戶那裡了解到的發展趨勢，特別是考慮到您提到的強勁訂單？

Yes. Well, thanks very much, Wamsi. Look, I mean, it's hard for me to give too much of a parse of what that flat organic means. I mean you're correct. Traditionally, the base IT datacom cycle would be down in the first-quarter.

是的。非常感謝，瓦姆西。你看，我的意思是，我很難詳細解釋「扁平有機」的意思。我的意思是，你說得對。傳統上，基礎 IT 資料通訊週期在第一季會處於低潮。

So I think probably there's some of that here as well. But look, in terms of our ongoing growth in AI, I mean, I want to emphasize one thing, which is just the breadth of that business. We have an enormous position with a lot of different customers up and down the stack of AI from the folks who are making the investments, the big web-scale folks and otherwise, including like the cloud, the Neo cloud, whatever you guys all call these folks, the equipment manufacturers all the way down to, of course, the significant companies who are designing the chips and the architecture around those chips.

所以我覺得這裡面可能也有一些這樣的因素。但是，就我們在人工智慧領域的持續成長而言，我想強調一點，那就是這項業務的廣度。我們在人工智慧產業鏈的各個環節都擁有廣泛的客戶群，從投資者、大型網路規模企業到其他企業，包括雲端服務商、新雲端服務商（無論你們如何稱呼這些企業）、設備製造商，當然還有設計晶片及其架構的重要公司。

I mean I will say that as we come out of 2025, that breadth is reflected in the fact that we didn't have any 10% customers in 2025. We have significant customers, but we have also a lot of breadth around that business. And so as our customers think about the forward potential of AI, I mean, I think there's a few factors. Number one is their investment plans are all going up. There's no doubt that there continues to be a very robust plan of continuing to drive accelerated computing at a very strong level.

我的意思是，到了 2025 年，這種廣度體現在這樣一個事實：我們在 2025 年沒有任何 10% 的客戶。我們擁有重要的客戶群，而且我們在該業務領域也擁有廣泛的覆蓋範圍。因此，當我們的客戶思考人工智慧的未來潛力時，我認為有幾個因素需要考慮。第一，他們的投資計畫都在上漲。毫無疑問，我們仍然有非常強有力的計劃，繼續以非常強勁的力度推動加速運算的發展。

And there's upgrades of the technology embedded in those data centers, which requires a higher technology, more complex, higher content degree of interconnect. We're also very excited that not only are we participating as we have traditionally bringing the power in, power to the racks and the like, the data communication within racks, within adjacent racks, but also now with CommScope participating in the broader fiber optic opportunity associated with those data centers. And there's no doubt that, that also creates a strong opportunity for the company going forward.

而且，這些資料中心中嵌入的技術也不斷升級，這就需要更高水準的技術、更複雜的連接方式以及更高程度的互連。我們非常高興，我們不僅像以往一樣參與其中，為機架等設備供電，以及機架內部和相鄰機架之間的數據通信，而且現在還與 CommScope 一起參與到與這些數據中心相關的更廣泛的光纖機遇中。毫無疑問，這也為公司未來的發展創造了巨大的機會。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Adam, I'm wondering when you mentioned the sort of customers opening up their order books a bit when it pertains to your IT datacom business, are you seeing anything similar for the CCS business? And the reason I ask is we saw one of the competitors in the space Corning announced agreement with Meta securing supply. So are you seeing hyperscalers or customers on that front come to you to sort of engage in those discussions to secure supply? And what that would mean for your investment sort of support for this business?

Adam，你之前提到過，在你的 IT 數據通訊業務中，客戶開始增加訂單量，我想知道，在 CCS 業務中，你是否也看到了類似的情況？我之所以這麼問，是因為我們看到該領域的競爭對手之一康寧公司宣布與 Meta 公司達成協議，確保了供應。那麼，您是否看到超大規模資料中心營運商或相關客戶主動與您聯繫，並參與討論以確保供應？那對您在這家企業的投資支持意味著什麼？

Yes. Well, thank you very much, Samik. Yes. Look, no doubt, we had very strong orders. And I would tell you that the CommScope business, as we call it now, we're not calling it anymore CCS has also had very strong orders.

是的。非常感謝你，薩米克。是的。毫無疑問，我們當時接到了非常大的訂單。我還要告訴你們，康普公司（CommScope）的業務，我們現在不再這麼稱呼它了，CCS也獲得了非常強勁的訂單。

And for sure, I mean, there have been plenty of announcements by really wonderful companies out there, and we're really proud to be considered in the same breadth of some of these amazing companies that have also been in the public eye of late. And there's no doubt that the CCS is participating. I mean we've talked about the fact that their exposure into the data center, the strong growth that they've seen in that area.

當然，我的意思是，最近有很多非常優秀的公司發布了公告，我們非常自豪能夠與這些近期備受矚目的傑出公司相提並論。毫無疑問，CCS 正在參與其中。我的意思是，我們已經討論過他們在資料中心領域的投資，以及他們在該領域的強勁成長。

I would also just point out, at the time we acquired and we announced the acquisition then of CCS, we talked about acquiring a company of roughly $3.6 billion in sales at a 26% EBITDA margin, and that implied a price of just over 11 times that we paid for it. By the time we closed, we're now talking about a business of more than $4 billion in annualized sales.

我還要指出，當我們收購並宣布收購 CCS 時，我們談到收購一家年銷售額約 36 億美元、EBITDA 利潤率為 26% 的公司，這意味著收購價格是我們實際支付價格的 11 倍多一點。等到我們完成收購時，這家公司的年銷售額已經超過 40 億美元。

That is a great momentum, strong orders, positive books-to-bill, and all of that. And obviously implies as well that on -- at least on a current year basis here in 2026, we -- this is a great deal for Amphenol and really the high single digits in terms of an EBITDA multiple. So I think it's a great company with great prospects. And yes, does see those same trends.

這是一個巨大的發展勢頭，訂單強勁，訂單出貨比為正，等等。顯然，這也意味著——至少就 2026 年而言——這對安費諾來說是一筆非常划算的交易，而且就 EBITDA 倍數而言，這筆交易的倍數也達到了很高的個位數。所以我認為這是一家前景看好的優秀公司。是的，也觀察到了同樣的趨勢。

In terms of investments, I mean, look, we don't see any significant abnormal kind of things vis-a-vis investments with CCS. But I will say this, and that's something we've talked about in the past, it's a different thing for CCS to be a part of a company that for very obvious reasons, was somewhat balance sheet constrained -- and now they're part of Amphenol, where we're more than willing to help them stimulate the virtuous cycle that so many of our companies are on by making prudent investments that allow great returns and allow them to capitalize upon the opportunities in the marketplace.

就投資而言，我的意思是，你看，我們沒有看到與碳捕獲與封存相關的投資出現任何重大異常情況。但我要說的是，這也是我們過去討論過的，CCS 加入一家由於顯而易見的原因而受到資產負債表約束的公司，情況就完全不同了——現在他們成為了安費諾的一部分，我們非常願意通過審慎的投資來幫助他們刺激我們眾多公司正在經歷的良性循環，從而獲得豐厚的回報，並讓他們能夠抓住市場機遇。

And so it's not that we're just going to give them all blank checks here. But you can imagine that it's a different environment for CCS in terms of their ability to grow into the opportunities as part of Amphenol than maybe it would have been in the past.

所以，我們並不是想要開空白支票給他們。但你可以想像，對於 CCS 而言，作為安費諾的一部分，其發展機會與以往相比，環境已經有所不同。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Maybe shifting away from the AI and IT datacom story for a minute. I think another kind of underlying trend this quarter or a positive thing we're seeing is the momentum in a lot of other areas in your markets are pretty beat up. And I'm thinking like industrial, automotive, mobile devices, specifically, just seem to start -- the markets seem to be turning a corner. Where do you say that's most pronounced? Maybe what surprised you in the quarter if anything? And where do you see some of these sort of battered end markets going in 2026?

或許我們可以暫時把話題從人工智慧和IT數據通訊領域轉移開來。我認為本季另一個潛在的趨勢，或者說我們看到的一個正面現像是，你們市場中許多其他領域的成長勢頭都相當疲軟。我覺得工業、汽車、行動裝置等領域，特別是這些領域，似乎才剛開始——市場似乎正在迎來轉機。你覺得這種現像在哪裡最明顯？如果說本季有什麼讓你感到意外的地方，那會是什麼呢？那麼，您認為這些遭受重創的終端市場在 2026 年會走向何方？

Yes. Well, thanks very much, Andrew. I mean there's no doubt. I mean, we saw really broad-based strength as we -- through the year and as we finished the year. And I mentioned in my prepared remarks that we're especially encouraged in -- if you take automotive and industrial as two pretty broad global markets that we saw growth organically in both of those markets across all of the territories that they operate in.

是的。非常感謝你，安德魯。我的意思是，這一點毋庸置疑。我的意思是，我們看到了全年乃至年底的全面強勁勢頭。我在事先準備好的演講稿中提到，我們尤其感到鼓舞的是——如果你把汽車和工業這兩個相當廣泛的全球市場看作是兩個市場，我們看到這兩個市場在其運營的所有地區都實現了有機增長。

And I would highlight there, in particular, Europe. I mean the world has been so down on Europe for so long. And I think we've started to see in our company, especially in the second half of the year, that our teams in Europe who have held their heads high through this whole kind of malaise, if you will, and have continued to pursue opportunities to gain market share to enable our customers who are doing really amazing things, driving now robust organic growth in Europe, in automotive and in industrial for the full year.

我尤其要強調歐洲的情況。我的意思是，世界對歐洲的悲觀情緒已經持續太久了。我認為我們已經開始看到，尤其是在今年下半年，我們公司在歐洲的團隊在這種整體低迷時期始終保持昂揚的鬥志，並不斷尋求機會來獲取市場份額，從而幫助我們的客戶取得真正了不起的成就，推動了歐洲汽車和工業領域全年強勁的內生增長。

And I would even say that in the fourth-quarter, amazingly, our strongest organic growth in automotive was in Europe. So that's definitely a different thing than we've been talking about and that the world has been talking about for some time.

我甚至可以說，令人驚訝的是，在第四季度，我們汽車業務最強勁的內生成長出現在歐洲。所以這絕對和我們一直在討論的，以及全世界一段時間以來一直在討論的事情不一樣。

And I think we're excited about our continued position there. And mobile devices, it's a different thing. I wouldn't call that as much of a regional market, but there's just a lot of innovation. Look, I always start the year at the Consumer Electronics Show in Las Vegas. And I think I even had the chance to run across a couple of you guys who are on the call here today in the lobbies of the Venetian or wherever.

我認為我們對繼續保持在該領域的地位感到興奮。而移動設備的情況則不同。我不會把它稱作一個區域性市場，但那裡確實有很多創新。你看，我每年年初都會去拉斯維加斯參加消費性電子展。我想我甚至有機會在威尼斯人酒店或其他地方的大廳裡偶遇了今天參加電話會議的你們中的幾位。

And I go to that show always because I find it so inspirational to see what folks are doing -- and what I find so interesting is everybody is talking about AI and the build-out of the networks of AI and the capability. But what I find long term, maybe even more exciting or at least equally exciting is what's going to come from that. What's it going to mean that we're going to have this ubiquitous accelerated compute capability all the way to the edge of technology. And when you walk around CES, you see it. Now look, I don't know what is that all going to mean.

我每次都會去看那個展會，因為我覺得它非常鼓舞人心，可以看到大家都在做什麼——而且我覺得最有趣的是，每個人都在談論人工智慧、人工智慧網路的建構以及人工智慧的能力。但從長遠來看，我發現更令人興奮，或者至少同樣令人興奮的是，這將會帶來什麼。這意味著我們將擁有無所不在的加速運算能力，直至技術的最前沿，這會帶來什麼影響？當你在CES展會上走走的時候，你會看到它。你看，我不知道這一切最終意味著什麼。

I personally am not going to be front of the line to buy like an AI-enabled toilet. But will one day as a former fan of Star Wars as we come to the almost 50-year anniversary, will we each have our own C3PO that will have great AI capabilities? Who knows? I mean these kind of things are possible.

我個人是不會去搶購人工智慧馬桶之類的東西的。但身為《星際大戰》的昔日粉絲，在即將迎來《星際大戰》50週年之際，我們每個人是否有一天都會擁有自己的C-3PO，並且具備強大的人工智慧能力呢？誰知道呢？我的意思是，這類事情是有可能發生的。

And I think the places like in automotive with autonomous driving, in industrial, where you see so many different things happening on the edge where things get smart, robotics and the like, and mobile devices, those three markets that you mentioned, I think each of those stand to have a fundamental step function in their capabilities and their potential because of what's happening today in the build-out of this AI network.

我認為，像汽車行業的自動駕駛、工業領域（你會看到很多不同的東西在邊緣地帶變得智能，比如機器人等等）以及移動設備，你提到的這三個市場，我認為由於目前人工智能網絡的構建，它們各自的能力和潛力都將得到根本性的飛躍。

And I think long term, that's something that I'm really excited about. And I think back on the other revolutions like the microprocessor, the Internet, the mobile Internet, and the like. And each of those had later on a carry-on benefit to those markets, automotive, industrial, mobile devices, and the like. And I'd be surprised if we don't see something like that in many years to come.

從長遠來看，我對此感到非常興奮。我回想起其他一些革命性的技術，像是微處理器、網路、行動網路等等。而這些後來又對汽車、工業、行動裝置等市場產生了持續的正面影響。如果未來很多年我們看不到類似的情況，我會感到驚訝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I guess I just was curious, big picture, Adam, you've obviously just completed a really strong growth year and generate cash flows. But with the orders now that you're looking at, can you just sort of talk about sort of the management challenges? You mentioned adding more automation. And I'm wondering about like higher metals prices, supply chain constraints. How do you look at this in terms of new challenges, especially as your demand is broadening out?

我只是好奇，從大局來看，亞當，你顯然剛剛經歷了一個非常強勁的增長年，並且產生了現金流。但是，就您目前看到的訂單而言，您能否談談管理方面的挑戰？您提到要增加更多自動化功能。我在想，像是金屬價格上漲、供應鏈受限等等問題。您如何看待這帶來的新挑戰，尤其是在您的需求不斷擴大的情況下？

Yes. Well, thanks very much, Steve. Sorry, I didn't save my Star Wars reference for you. Look, the -- this is not an easy thing to do to grow a company by 38% organically. Let alone those operations within the company who have grown by so much more than that.

是的。非常感謝你，史蒂夫。抱歉，我沒把《星際大戰》的梗留給你。你看，要讓公司達到 38% 的有機成長，這可不是一件容易的事。更不用說公司內部那些成長幅度遠遠超過這個數字的部門了。

I mean you can imagine we've got folks who have more than doubled the size of their individual operations. But what sets us apart and what has always been the core of why we are able to do hard things is that unique operating culture of Amphenol. The fact that we rely on what is now 145 or so general managers, 16 operating groups. The CommScope, we talked earlier about the integration. Well, there's not an integration. The CommScope team is -- the person who ran it is now a Group General Manager of Amphenol, and he's running his team as he ran it before.

我的意思是，你可以想像，有些人的個人業務規模已經擴大了一倍以上。但真正讓我們脫穎而出，並且始終是我們能夠完成艱鉅任務的核心原因，是安費諾獨特的經營文化。我們現在依靠大約 145 位總經理和 16 個營運團隊。我們之前討論過 CommScope 的整合事宜。嗯，目前還沒有整合。CommScope 團隊—該團隊的負責人現在是安費諾集團的總經理，他仍然像以前一樣管理他的團隊。

So the management challenges, and you list a couple of things, supply chain, the cost of metals, which are extraordinary, the geopolitics, whatever, shipping, I mean, there's so many things. And I think we don't fixate on one or an of those things. What I fixate on is making sure that if you're a general manager in Amphenol, you've got all the authority to deal with whatever comes your way. And that empowerment and enablement of people to go figure it out. And yes, if they need some help, we're here.

所以管理上的挑戰，例如你列舉的幾個方面，供應鏈、金屬成本（非常高）、地緣政治等等，還有運輸，我的意思是，有很多事情。我認為我們不會只關注其中某一項或幾項。我關注的是，確保如果你是安費諾公司的總經理，你就擁有處理任何突發情況的全部權力。賦予人們權力和能力，讓他們自己解決問題。是的，如果他們需要幫助，我們隨時都在。

We've got this amazing organization, driving collaboration, communication across the company. But at the end of the day, the buck stops on 145 desks. And if that means doubling the size of your business, figuring out how to set up factories in four different countries, doing things with technology that have never been done before, ramping up automation machines that we've never built before, but now can build extraordinarily, probably one of the world's best automation companies that exist, they make it happen.

我們擁有一個非常棒的組織，它推動了公司內部的協作和溝通。但歸根結底，責任最終落在了145張辦公桌上。如果這意味著要讓你的企業規模翻一番，想辦法在四個不同的國家建立工廠，用前所未有的技術做一些事情，大力發展我們以前從未製造過但現在卻能製造的自動化機器，那麼這家可能是世界上最好的自動化公司之一，他們就能做到。

They make it happen. And so I think when I think about growing the company as we have, doubling the size of Amphenol really in the last four years, for me, the biggest singular focus is how do we do that while still preserving that entrepreneurial culture.

他們讓這一切成為現實。因此，我認為，當我思考如何像我們一樣發展壯大公司，在過去四年裡使安費諾的規模翻了一番時，對我來說，最重要的一點是，我們如何在保持創業文化的同時實現這一目標。

And I'm so proud that we've done it. If you think about a big change in the company four years ago, which I'm not going to say is the thing that created that doubling, but it certainly enabled it. was when we moved to three divisions with three division

我為我們做到了這件事感到無比自豪。如果你回顧一下公司四年前的一次重大變革，我不會說正是這次變革直接導致了業績翻番，但它無疑為此提供了契機。那就是我們把公司架構調整為三個事業部，每個事業部都負責一個部門。

presidents, when we expanded the number of operating groups in the company, all with the goal of securing, strengthening, and scaling that unique entrepreneurial culture of Amphenol. And I don't think it's a coincidence that we took that step four years ago. And now here we are four years hence, celebrating doubling the size of Amphenol.

總裁們，當我們擴大公司營運集團的數量時，所有這一切都是為了確保、加強和擴大安費諾獨特的創業文化。我不認為我們四年前採取這一步驟是偶然的。四年後的今天，我們慶祝安費諾公司規模翻了一番。

And so I do believe that the management challenges, which are countless on every day, thousands of challenges that our people face, they're equipped to deal with them no matter what they are. And that gives me not only a confidence for the future, but enthusiasm for the future because whatever comes along, we know for sure the world is not predictable. But what I can predict is that Amphenolians will be there and will make it happen regardless.

因此，我相信，無論管理方面面臨多少挑戰，我們的員工每天都會面臨成千上萬的挑戰，但他們都有能力應對這些挑戰。這不僅讓我對未來充滿信心，也讓我對未來充滿熱情，因為無論未來如何，我們都知道世界是不可預測的。但我可以預見的是，安費諾人會在那裡，無論如何都會促成此事。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I was hoping you could speak a bit more on the margin outlook. The company sustained a record high EBIT margin again in the fourth-quarter at 27.5%. But there's a number of factors as you go into 2026. You have some big deals like CommScope, you also alluded to, but metals are up quite a bit, but then the company is growing quite fast. So any color you can share on how to think about incremental margins this year and some of the key puts and takes?

希望您能再詳細談談利潤率前景。該公司第四季再次保持了創紀錄的息稅前利潤率，達到 27.5%。但進入 2026 年，有許多因素需要考慮。你們有一些像 CommScope 這樣的大交易，你也提到了，金屬價格上漲了不少，但公司發展速度也很快。那麼，您能否分享一下您對今年增量利潤率的看法，以及一些關鍵的考量和應對措施？

Yes. Thanks, Mark. Appreciate the question. Yes, I mean, I'll start off by just really quickly addressing metals. I mean, Adam just mentioned kind of a bit about it. But from a margin perspective, I mean, certainly, we're working hard. I mean, metals are certainly something that we have as part of our cost of sales. It's not a significant cost when you kind of take into account the significant value we create within the facility.

是的。謝謝你，馬克。感謝您的提問。是的，我的意思是，我先快速地談談金屬。我的意思是，亞當剛才稍微提了一下。但從利潤率的角度來看，我的意思是，當然，我們正在努力。我的意思是，金屬當然是我們銷售成本的一部分。考慮到我們在該設施內創造的巨大價值，這筆費用並不算高。

But certainly, it certainly has an impact. I mean it's like any other cost that we work through and the general managers do a great job of working through kind of offsets to those cost increases through anything from design of products to things in the factory to working with vendors to a whole host of different things.

但它肯定會產生影響。我的意思是，這就像我們處理的其他任何成本一樣，總經理們在透過各種方式抵消這些成本成長方面做得非常出色，從產品設計到工廠運作，再到與供應商合作，以及各種各樣的其他方面。

So I wouldn't say that, that, at least as of now, we see having any significant impact on kind of our margin outlook as we're moving into '26 and certainly hasn't had any evident impact certainly with these record operating margins that we've seen here in the fourth-quarter and for the full year.

因此，至少就目前而言，我們不會說這會對我們的利潤率前景產生任何重大影響，尤其是在我們進入 2026 年之際，而且肯定沒有產生任何明顯的影響，尤其是在我們第四季度和全年都看到了創紀錄的營業利潤率的情況下。

As we move into the first-quarter, I mean, the main puts and takes here, I mean, organically, we have a slight sequential decrease in our sales, which is normal seasonality that we typically see during the first-quarter. And we're converting kind of in the mid-30s, even the lower mid-30s in regard to that organic change. And that's typical given our profitability levels and kind of where I would expect. So the company is really doing a great job managing a seasonal sequential decrease.

隨著我們進入第一季度，我的意思是，這裡的主要變化是，從有機成長來看，我們的銷售額環比略有下降，這是我們在第一季通常看到的正常季節性現象。我們正在逐漸轉變，從 30 多歲開始，甚至從 30 多歲開始，這是自然轉變的結果。考慮到我們的獲利水平，這很正常，也基本上符合我的預期。所以，該公司在應對季節性環比下降方面做得非常出色。

And the bigger impact on our margins in the first-quarter really is just the impact of CCS. We talked about CCS being in the high teens for the full year and from an operating margin basis, kind of where we expect. I would tell you in the first-quarter, just because of the seasonality of their sales and the lower sales in the first-quarter that their operating margins are just a bit under kind of that high teens rate. So they're having a bit over 100 basis point impact on our margins in the first-quarter. As we progress throughout the year, we're not guiding in '26, but certainly, we expect normal kind of operating margins.

第一季對我們利潤率影響最大的，其實就是 CCS 的影響。我們討論過 CCS 全年業績將達到 10% 以上，從營業利潤率來看，這基本上符合我們的預期。我會告訴你，由於銷售的季節性因素以及第一季銷售額較低，他們的營業利潤率在第一季略低於十幾個百分點。因此，它們對我們第一季的利潤率產生了超過 100 個基點的影響。隨著今年的推進，我們不會對 2026 年的業績做出預測，但我們肯定預期營業利潤率將維持正常水準。

We expect that kind of 30% kind of targeted conversion margins that we target on incremental sales as we grow. And with CCS, again, we target that getting up to over time up to the company average. And certainly, that will be an adder over time to our operating margin potential. So I'm really happy with our operating margins that we've achieved in '25 and certainly very optimistic as to where we are in '26.

我們預期在成長過程中，實現30%左右的增量銷售轉換率目標。對於 CCS，我們的目標是使其在一段時間內達到公司平均值。當然，隨著時間的推移，這將增加我們的營業利潤率潛力。因此，我對我們在 2025 年取得的營業利潤率非常滿意，並且對 2026 年的前景非常樂觀。

Asiya Merchant, Citi.

Asiya Merchant，花旗銀行。

Just given the strong order book momentum and the AI momentum that you guys also talked about, just -- Craig, if you could just talk about CapEx and how we should be thinking about investments into 2026 as a result of that? Sorry if I missed that earlier.

鑑於強勁的訂單勢頭以及你們剛才提到的AI發展勢頭，Craig，你能談談資本支出以及我們應該如何考慮2026年的投資嗎？如果我之前錯過了，請見諒。

No, thanks for the question. No, we didn't talk about specifically earlier. No, from a capital perspective, and as we talked about in 2025, we were certainly spending at a bit higher level. But honestly, with the growth we have seen, we kind of ended the year just a bit over 4%, which is 3% to 4%, we say is our historic range. We ended the year just a bit over that 4%.

不，謝謝你的提問。不，我們之前沒有具體討論過這個問題。不，從資本角度來看，正如我們在 2025 年討論的那樣，我們的支出水平肯定會更高一些。但說實話，就我們所看到的成長而言，我們今年的成長率略高於 4%，也就是 3% 到 4%，我們認為這是我們歷史上的成長範圍。我們最終的年終成長率略高於4%。

And I would say, as we go into '26, and we continue to see certainly opportunities for growth. And certainly, we've had these strong orders here we talked about in the fourth-quarter. We expect that capital spending to still be certainly at that upper end of that 4% range. And certainly, we have quarters that certainly exceed that 4% for capital spending into '26.

我想說，進入 2026 年，我們將繼續看到成長的機會。當然，我們在第四季度也確實收到了一些強勁的訂單，正如我們之前提到的。我們預計資本支出仍將維持在 4% 區間的上限。當然，到 2026 年，我們肯定有幾季的資本支出會超過 4%。

So I think that the fact that we're still spending kind of in our historic range and roughly there is really just a testament to the -- just the discipline of the organization, the ability to spend wisely and really support the growth, the significant growth that we're seeing still with pretty reasonable spending, I think.

所以我認為，我們仍然在歷史範圍內支出，這實際上證明了——組織紀律嚴明，能夠明智地支出，真正支持增長，我們看到的顯著增長，同時支出也相當合理。

So -- and I think I would expect more of the same in '26. And as we continue to grow, I think that 3% to 4% range will continue to be that. And I think as we -- these growth rates are a little higher, I would say that we'll be probably towards the upper end of that 4% range, give or take, in the quarter.

所以——而且我認為2026年也會如此。隨著我們持續發展，我認為3%到4%的成長率仍將維持在這個水準。我認為，隨著這些成長率略微提高，本季我們可能會達到 4% 區間的上限，上下浮動一些。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Just a quick one for me relating to -- circling back to CommScope and that business. I know it's still early days in being the official owners, but any sense of how large their order book looks here going forward?

我這裡簡單提一下，這跟康普公司以及那項業務有關。我知道現在成為正式所有者還為時過早，但您能否大致了解一下他們未來的訂單量？

Yes. Thanks very much, Joe. I mean I think I mentioned earlier that CommScope's also had a nicely positive book-to-bill over the recent quarters. And so I think it has a positive order book from that perspective.

是的。非常感謝，喬。我的意思是，我之前好像有提到過，康普公司最近幾季的訂單出貨比也相當不錯。所以從這個角度來看，我認為它的訂單情況很好。

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Just a quick one on the order book. Obviously, it's a fantastic result of $8.4 billion. Just how do we square that with the Q1 revenue guidance of $7 billion, which obviously, the Q4 order book didn't include CCS, but I assume Trexon. Is it the orders, the window that you talked about? And is that $8.4 billion really kind of a sustainable number over the next few quarters?

簡單看一下訂單簿。顯然，這是一個驚人的結果，高達 84 億美元。我們該如何解釋第一季 70 億美元的營收預期呢？顯然，第四季的訂單簿中沒有 CCS，但我假設 Trexon 的訂單簿中沒有。是你提到的訂單，還是那個窗口？那麼，在接下來的幾個季度裡，84億美元的數字真的能夠持續嗎？

Thanks very much, Guy. I mean, look, I think I talked about the fact that we have seen customers extend their order window. Craig mentioned that as well. And in addition, as we continue to ramp up for our customers, new programs, particularly related to AI, there is that kind of confidence that we like to get before making investments. that our customers can give us in a variety of ways, including through orders.

非常感謝，蓋伊。我的意思是，你看，我想我已經說過，我們看到一些客戶延長了他們的訂單期限。克雷格也提到了這一點。此外，隨著我們不斷為客戶推進新項目，特別是與人工智慧相關的項目，我們希望在投資之前獲得客戶的信任，而這種信任可以透過多種方式給予我們，包括下訂單。

I'm not going to guide to what our orders are going to be in a given quarter. I mean you can imagine our sales folks are out there trying to pursue every order possible. But these are really outstanding orders, and they will carry through longer than just here in the first-quarter.

我不會預測我們某個季度的訂單量。你可以想像，我們的銷售人員都在努力爭取每一筆訂單。但這些都是非常出色的訂單，而且它們的持續時間不會只限於第一季。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Congratulations on the print. My question is about defense. Obviously, the current administration's thinking is at some point, we need to push the budget up to $1.5 trillion. Is there any part of your defense sales that are maybe not subject to whether it's just an upgrade, next-gen technologies, the golden dome. I don't know how much -- how closely you've looked at some of the articles that have come out on this.

恭喜你獲得印刷品。我的問題是關於國防的。顯然，本屆政府的想法是，在某個時候，我們需要將預算提高到 1.5 兆美元。你們的國防銷售中是否有任何部分不受升級、下一代技術或「金色穹頂」政策的影響？我不知道你對已經發表的一些相關文章的關注程度如何。

But is there anything that you see that maybe doesn't give you maybe full dibs or most dibs on that? And then on the other side of it, are you concerned at all about the administration's sort of negative rhetoric around with NATO and what that might do to some of your international sales in defense?

但你有沒有看到什麼情況，可能會讓你無法完全或幾乎完全擁有那份優先權？另一方面，您是否擔心本屆政府對北約的負面言論會對您的一些國際國防銷售造成影響？

Thanks very much, Scott. Look, I think as the leader in defense interconnect, I wouldn't tell you that we take that for granted. But do we have dibs on this market? We got dibs on this market. I mean -- and we have that because of a broad array of technologies and deep investments that we have made.

非常感謝，斯科特。你看，我認為身為國防互聯領域的領導者，我不會說我們對此習以為常。但我們是否擁有這塊市場的優先權？我們搶佔了這塊市場。我的意思是——我們之所以能取得這樣的成就，是因為我們擁有廣泛的技術，並且進行了大量投資。

I mean the one thing that I think sets us apart, in particular, related here to -- we'll talk about US and then we'll talk global, is that we have continued to double down, number one, on technology innovation; and number two, on scaling our capacity to enable the defense industry to continue to meet the levels that they need to. And so whether that means today's budget or higher budgets in the future, I can tell you that the breadth of our offering, coupled with the depth of our capacity and capability is something that puts us in a really strong position across really all programs. And you mentioned a few programs. Our folks are deep into every program that is involved.

我的意思是，我認為我們與眾不同的一點，尤其是在我們談到美國，然後談到全球的時候，是我們一直在加倍投入，第一，技術創新；第二，擴大我們的能力，使國防工業能夠繼續達到他們所需的水平。因此，無論這意味著今天的預算還是未來的更高預算，我可以告訴你們，我們提供的產品和服務範圍之廣，以及我們強大的能力和實力，使我們在所有項目中都處於非常有利的地位。你提到了一些項目。我們的人員深度參與了所有相關項目。

I will also add to that. With the acquisition of Trexon, while only just under $300 million in sales, it really does expand the prominence of our value-add interconnect capabilities which is an enormous additional opportunity and additional growth potential for the company long term.

我還要補充一點。收購 Trexon 雖然銷售額僅略低於 3 億美元，但它確實擴大了我們增值互連能力的顯著性，這對公司而言是一個巨大的額外機會和長期的額外成長潛力。

We've always been a leader in the discrete connector solutions, a broad array of them. I mean you cannot imagine how broad that array is. But now being able to support the value-add products across programs, across applications, land, sea, air and everything in between, I think Trexon really rounds out our position and expands the potential of what we can do to support this growth.

我們一直是分立式連接器解決方案的領導者，產品種類繁多。我的意思是，你無法想像這個範圍有多廣。但現在，我們能夠為各個項目、各種應用、陸地、海洋、空中以及介於兩者之間的所有領域提供增值產品支持，我認為 Trexon 真正完善了我們的地位，並擴大了我們支持這一增長的潛力。

Now relative to your question around NATO and international, our approach as a company has always been not to be a sort of US flag in the front of our factory kind of an operation when we operate around the world. We operate 350 factories across more than 40 countries around the world. and we don't have expats period. We operate our company as a local company.

至於你提出的關於北約和國際關係的問題，我們公司一直以來的做法是，在世界各地開展業務時，不會像某些公司那樣在工廠前面插一面美國國旗。我們在全球40多個國家經營350家工廠，我們沒有任何外籍員工。我們是一家本地公司。

So when we're in France, we're a local French company. When we're in the UK, we're a local UK company in Denmark, in Germany, in Italy or wherever that may be. And that focus on being a local provider in the defense market. And our defense position in Europe is very, very strong.

所以當我們在法國時，我們就是一家本土的法國公司。當我們在英國時，我們在丹麥、德國、義大利或其他任何地方都是一家本地的英國公司。並且專注於成為國防市場的本地供應商。我們在歐洲的防禦地位非常非常強大。

We've had really out performance in Europe here for a number of years in terms of the strength of our business. I'm never going to say that you're insulated from anything -- but the way that we've structured our company, the culture around our company, how we interact with our customers is as a local partner in those places. And we do that in all of our businesses. That's just how we run the company. But I will tell you that in a geopolitically interesting world that we are in today, the way that we've always operated is a pretty good way to operate in today's world.

多年來，我們在歐洲的業務實力一直非常強勁，表現優異。我永遠不會說你會與任何事隔絕——但是我們公司的結構方式、公司文化以及我們與客戶的互動方式，都是作為當地合作夥伴。我們在所有業務中都這樣做。我們公司就是這樣運作的。但我可以告訴你，在我們今天所處的這個地緣政治風雲變幻的世界裡，我們一直以來的行事方式在當今世界仍然是一種相當不錯的行事方式。

And I think that will, in many ways, protect us from any politics that could inject themselves into this world. Our customers at the end of the day, want the best product, and they want it at the time that they need it. And if we can focus on continuing to do that and do it locally, I think our defense business has a great future.

我認為這在許多方面都能保護我們免受任何可能介入這個世界的政治的影響。歸根究底，我們的客戶想要的是最好的產品，而且他們希望在需要的時候就能得到它。如果我們能夠繼續專注於此，並在當地開展這項工作，我認為我們的國防業務將擁有美好的未來。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

Adam, you mentioned CES, and I think one of the things coming out of there was an ultimate move at some point towards like 800-volt DC power for data centers, and there's major implications on what that means for copper and what that means for the ability to do things at different diameters. Just curious, as your portfolio broadens out and you have these fiber capabilities, what does like the -- if you think through the potential positives and negatives for such a dynamic, like how do you think that nets out for you guys?

Adam，你提到了 CES，我認為其中一項成果是資料中心最終會採用 800 伏特直流電，這對銅線以及不同直徑的線纜的性能都有重大的影響。我很好奇，隨著你們的業務範圍擴大，並且擁有了光纖能力，如果仔細考慮這種動態的潛在利弊，你們認為這對你們來說最終結果如何？

Yes. Look, I think what we care about, Joe, is that there's more of everything. And so as folks make changes, they go to different voltages, they go to different speeds of transmission, they go to more nodes, they go to more tokens, they go to more density, whatever it is.

是的。喬，我覺得我們真正關心的是，所有東西都更多。因此，隨著人們做出改變，他們會採用不同的電壓、不同的傳輸速度、更多的節點、更多的代幣、更高的密度等等。

The ultimate, what comes out of that is more complexity. And so for us, whether it's one type or another, I talked earlier about the fact that we today, especially with the CommScope acquisition, have the broadest offering in the industry and the broadest ability to enable our customers really as they face these really challenging technological trade-offs.

最終，結果是更加複雜。因此，對我們來說，無論是哪種類型，正如我之前提到的，我們今天，尤其是在收購 CommScope 之後，擁有業內最廣泛的產品組合和最廣泛的能力，能夠真正幫助我們的客戶應對這些極具挑戰性的技術權衡。

And so I think we're in a really great position. to be able to do that and even stronger than we were before pre the CommScope acquisition. And whether it's different voltages or different speeds or different densities or all the various things that our customers are looking at, I think we're going to have a great seat at the table working with them to enable these exciting next-generation systems.

所以我認為我們現在處於非常有利的地位，能夠做到這一點，甚至比被康普收購之前更強大。無論是不同的電壓、不同的速度、不同的密度，還是我們的客戶正在考慮的各種因素，我認為我們都能與他們合作，在推動這些令人興奮的下一代系統方面佔據重要的一席之地。

Thank you -- we currently have no further questions. So I'll hand it back to Mr. Norwitt for closing remarks.

謝謝——我們目前沒有其他問題了。那麼，我將把發言權交還給諾維特先生，請他作總結發言。

Well, thank you very much. And again, I'd like to offer my gratitude to everybody here for taking the time with us today, and we look forward to seeing you in 90 days. And I hope you all, at least those of you who are not too far from us here in Connecticut, I hope you're able to stay warm.

非常感謝。再次感謝今天在座的各位抽出時間與我們相聚，我們期待90天後與大家再次相見。我希望你們所有人，至少是那些離我們康乃狄克州不太遠的朋友們，都能保暖。

Thanks. Thanks, everybody.

謝謝。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。感謝您的參與。現在您可以斷開線路了。