安費諾 (APH) 2026 Q2 法說會逐字稿

Hello, and welcome to the second quarter 2026 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.

各位好，歡迎參加安費諾公司（Amphenol Corporation）2026 年第二季財報電話會議。(接線員指示) 應公司要求，今天的會議將進行錄音。如有任何異議，您可於此時中斷連線。

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 Craig Lampo 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 welcome you to our second quarter 2026 conference call.

很好。非常感謝。各位下午好。我是安費諾的財務長 Craig Lampo，今天與我們的執行長 Adam Norwitt 一同出席。歡迎各位參加我們 2026 年第二季電話會議。

Our second quarter '26 results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business and current market trends, and then we'll take your 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.

我們 2026 年第二季的業績已於今天上午發布。我將先提供一些財務評論，接著 Adam 會概述業務與目前的市場趨勢，然後我們將回答各位的提問。提醒各位，在本次電話會議中，我們可能會提及某些非 GAAP 財務衡量指標，並發表若干前瞻性陳述，請參閱我們新聞稿中的相關揭露以取得更多資訊。

The company closed the second quarter of 2026 with record sales of $8.8 billion and GAAP and diluted EPS of $1.37 and $1.35, respectively. Second quarter sales were up 55% in US dollars, 54% local currencies and 30% organically compared to the second quarter of 2025. Sequentially, sales were up 15% in US dollars and in local currencies and up 13% organically. Adam will comment further on trends by market in a few minutes.

公司於 2026 年第二季以創紀錄的 88 億美元營收作收，GAAP 每股盈餘與稀釋後每股盈餘分別為 1.37 美元與 1.35 美元。與 2025 年第二季相比，第二季營收以美元計成長 55%，以當地貨幣計成長 54%，有機成長 30%。按季比較，營收以美元計與以當地貨幣計皆成長 15%，有機成長 13%。Adam 將在幾分鐘後就各市場的趨勢進一步說明。

Orders in the quarter were a record $10.732 billion, up a strong 94% compared to the second quarter of 2025 and up 14% sequentially, resulting in another very strong book-to-bill ratio of 1.23:1. This impressive book-to-bill was driven by robust bookings in all of our end markets, with every end market having a positive book-to-bill this quarter.

本季訂單金額創新高，達 107.32 億美元，較 2025 年第二季大幅成長 94%，並較上一季成長 14%，使得出貨比（book-to-bill）再度維持在非常強勁的 1.23:1。這項亮眼的出貨比主要來自我們所有終端市場的強勁接單，本季每一個終端市場的出貨比皆為正值。

GAAP operating income was $2.6 billion in the quarter, and GAAP operating margin was 29.5%. GAAP operating income included $24 million of noncash amortization of acquired backlog related to the CommScope acquisition. Operating income also included an $80 million or $0.04 per share net benefit related to the recovery of IEEPA tariffs. Excluding the acquisition-related costs, but including the tariff recovery benefit, adjusted operating income and adjusted operating margin were $2.6 billion and 29.8%, respectively.

本季 GAAP 營業利益為 26 億美元，GAAP 營業利益率為 29.5%。GAAP 營業利益包含與 CommScope 併購案相關、對已收購在手訂單（backlog）進行攤銷的 2,400 萬美元非現金攤銷費用。營業利益亦包含與 IEEPA 關稅追回相關的 8,000 萬美元（或每股 0.04 美元）淨利益。排除併購相關成本、但納入關稅追回利益後，調整後營業利益與調整後營業利益率分別為 26 億美元與 29.8%。

On an adjusted basis, operating margin increased a strong 420 basis points from the prior year quarter and 250 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by robust operating leverage on significantly higher sales volumes and, to a lesser extent, the tariff recovery benefit, which is more than -- which more than offset the margin dilutive impact of recent acquisitions. On a sequential basis, the increase in adjusted operating margin reflected the strong conversion on the higher sales levels as well as progress on profitability improvement actions at recent acquisitions, including, in particular, CommScope and, to a lesser extent, the tariff recovery benefit. I'm very proud of the company's operating margin performance in the second quarter, which reflects continued strong execution by our team.

以調整後基礎計算，營業利益率較去年同期大幅提升 420 個基點，並較上一季提升 250 個基點。調整後營業利益率的年增主要由於在顯著更高的銷售量下展現強勁的營運槓桿，並在較小程度上受惠於關稅追回利益；上述因素已超過——並且已足以抵銷近期併購對毛利率的稀釋影響。按季比較，調整後營業利益率的提升反映了在更高銷售水準下的強勁轉換效率，以及近期併購案（尤其是 CommScope，並在較小程度上）推動獲利改善措施的進展，另亦有部分關稅追回利益的貢獻。我對公司第二季的營業利益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。

Bringing down second quarter results by segment compared to the second quarter of 2025. Sales in the Communications Solutions segment were $5.4 billion and increased by 85% in US dollars and 42% organically. Segment operating margin was 33.6%. Sales in the Harsh Environment Solutions segment were $1.9 billion and increased by 28% in US dollars and 22% organically as segment operating margin was 30.1%. Sales in Interconnect and Sensor Systems segment were $1.5 billion and increased by 17% in US dollars and 13% organically, and segment operating margin was 21%.

以下按事業部門拆解第二季相較 2025 年第二季的表現。通訊解決方案（Communications Solutions）部門營收為 54 億美元，以美元計成長 85%，有機成長 42%。部門營業利益率為 33.6%。嚴苛環境解決方案（Harsh Environment Solutions）部門營收為 19 億美元，以美元計成長 28%，有機成長 22%，部門營業利益率為 30.1%。互連與感測系統（Interconnect and Sensor Systems）部門營收為 15 億美元，以美元計成長 17%，有機成長 13%，部門營業利益率為 21%。

The company's GAAP effective tax rate for the second quarter was 25.3%, and the adjusted effective tax rate was 27%, which compared to 18.3% and 24.5% in the second quarter of 2025, respectively. As is our typical practice, our adjusted tax rate excludes the tax effect of acquisition-related costs and the excess tax benefit from stock option compensation as well as other discrete tax items.

公司第二季 GAAP 有效稅率為 25.3%，調整後有效稅率為 27%；相較之下，2025 年第二季分別為 18.3% 與 24.5%。依我們一貫作法，調整後稅率排除併購相關成本的稅務影響、股票選擇權薪酬帶來的超額稅務利益，以及其他一次性稅務項目。

GAAP diluted EPS was $1.37 in the second quarter, up 59% compared to the prior year period. On an adjusted basis, diluted EPS was a record $1.35 and increased by 67% compared to $0.81 in the second quarter of 2025. This was an outstanding result. Operating cash flow in the second quarter was $1.6 billion or 88% of net income, and free cash flow was $1.2 billion or 68% of net income, an excellent result considering the growth we have experienced.

第二季 GAAP 稀釋後每股盈餘為 1.37 美元，較去年同期成長 59%。以調整後基礎計算，稀釋後每股盈餘創新高，達 1.35 美元，較 2025 年第二季的 0.81 美元成長 67%。這是一項非常出色的成果。第二季營運現金流為 16 億美元，相當於淨利的 88%；自由現金流為 12 億美元，相當於淨利的 68%。考量我們所經歷的成長幅度，這是非常優異的結果。

From a working capital standpoint, inventory days, days sales outstanding and payable days were all within our normal ranges. During the quarter, the company repurchased 1.5 million shares of common stock at an average price of $141. When combined with our normal quarterly dividend, total capital returned to shareholders in the second quarter of 2026 was approximately $515 million.

就營運資金而言，存貨天數、應收帳款週轉天數以及應付帳款天數皆落在我們的正常區間內。本季公司以平均每股 141 美元的價格回購 150 萬股普通股。加計我們例行的季度股利，2026 年第二季回饋股東的資本總額約為 5.15 億美元。

Total debt at June 30 was $18.8 billion, and net debt was $13.4 billion. Total liquidity at the end of the second quarter was $8.4 billion, which included cash and short-term investments on hand of $5.4 billion, plus availability under our existing credit facilities. Second quarter 2026 EBITDA was $3 billion, and our net leverage ratio was 1.3 times at the end of the quarter, and we are very pleased with the company's financial position.

截至 6 月 30 日，總負債為 188 億美元，淨負債為 134 億美元。第二季末總流動性為 84 億美元，其中包括 54 億美元的現金與短期投資，以及我們既有信貸額度下的可用額度。2026 年第二季 EBITDA 為 30 億美元，季末淨槓桿比率為 1.3 倍，我們對公司的財務狀況感到非常滿意。

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

接下來我將把電話會議交給 Adam，由他就目前的市場趨勢提供一些評論。

Well, thank you very much, Craig. And first, I hope that all of you on the call today, together with your family, friends and colleagues, are enjoying a wonderful summer so far. As Craig mentioned, I'm going to highlight some of our achievements here in the second quarter. I'll talk about our trends in our served markets, make some comments on our outlook for the third quarter and then, of course, we'll have some time for questions at the end.

好的，非常感謝你，Craig。首先，我希望今天在電話上的各位，以及你們的家人、朋友與同事，到目前為止都度過了一個美好的夏天。如 Craig 所提到的，我將重點說明我們在第二季的一些成果。我會談談我們所服務市場的趨勢，對第三季展望做一些評論，當然最後也會留時間回答問題。

With respect to the second quarter, I'm just really proud of the Amphenol organization, who drove excellent performance once again here in the second quarter of 2026. Our results were stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share.

就第二季而言，我對安費諾團隊感到非常自豪，因為我們在 2026 年第二季再次推動了卓越的表現。我們的結果優於預期，在營收與調整後稀釋每股盈餘方面均超越指引區間上緣。

As Craig mentioned, our sales grew from prior year by a very strong 55% in US dollars and 54% in local currencies, reaching a new record for the company of $8.8 billion. On an organic basis, our sales also increased by a strong 30%, with all but one of our end markets experiencing robust organic growth. The company booked a record $10.7 billion in orders in the second quarter, representing a book-to-bill of 1.23:1. Orders grew by a very strong 94% from prior year and were up 14% sequentially. And with the significant acquisition of CommScope, I'd also just point out that our orders also grew organically by 63% from prior year.

如 Craig 所提到的，我們的營收較去年同期以美元計大幅成長 55%，以當地貨幣計成長 54%，達到公司新的紀錄 88 億美元。以有機基礎計算，我們的營收亦強勁成長 30%，除了一個終端市場外，其餘所有終端市場皆呈現強勁的有機成長。公司第二季接單創紀錄達 107 億美元，出貨比為 1.23:1。訂單較去年同期大幅成長 94%，並較上一季成長 14%。此外，隨著對 CommScope 的重大併購，我也想指出，我們的訂單較去年同期有機成長亦達 63%。

We're also very pleased to have delivered record adjusted operating margins of 29.8% in the quarter, which was an increase of 420 basis points from prior year and 250 basis points sequentially. Excluding the benefit of net tariff refunds, our operating margins still reached nearly 29%. This strong profitability is a direct result of the outstanding execution of the Amphenol team around the world. All of them continue to manage well in a challenging environment.

我們也非常高興在本季達成創紀錄的調整後營業利益率 29.8%，較去年同期提升 420 個基點，並較前一季提升 250 個基點。即使排除淨關稅退稅的利益，我們的營業利益率仍接近 29%。這項強勁的獲利能力，直接反映了安費諾（Amphenol）全球團隊卓越的執行力。在充滿挑戰的環境中，他們所有人仍持續良好地應對並管理。

Adjusted diluted EPS grew 67% from prior year, reaching a new record of $1.35. And then finally, the company generated strong operating and free cash flow of $1.6 billion and $1.2 billion, respectively, both clear reflections of the quality of the company's earnings.

調整後稀釋每股盈餘（EPS）較去年同期成長 67%，創新高達到 1.35 美元。

I just can't overstate my pride in the Amphenol team. Our 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 a very dynamic environment.

我對安費諾團隊的自豪之情，實在難以言喻。我們本季的成果再次印證了我們這個創業型組織在驅動力、紀律與敏捷性上的價值，使我們能在極為動態的環境中持續表現出色。

We're very excited that we completed two acquisitions during the second quarter, El.Com and Wilder Technologies. El.Com is based in Leno, Italy and has annual sales of approximately $150 million. It's a leading manufacturer of complex interconnect solutions and high-voltage cable assemblies for the industrial, defense and commercial aerospace market.

我們非常興奮在第二季完成了兩項收購：El.Com 與 Wilder Technologies。El.Com 總部位於義大利萊諾（Leno），年營收約 1.5 億美元。該公司是工業、國防與商用航太市場中，複雜互連解決方案與高壓電纜組件的領先製造商。

And Wilder Technologies is based in Washington State here in the US and has relatively modest annual sales of approximately $15 million, but Wilder is a key supplier to Amphenol for high-performance test and measurement solutions for our high-speed interconnect applications for the IT datacom market and really helps us to strengthen our extraordinary capabilities in high-speed products.

Wilder Technologies 則位於美國華盛頓州，年營收規模相對不大，約 1,500 萬美元；但 Wilder 是安費諾在 IT 資料通訊市場之高速互連應用中，高效能測試與量測解決方案的關鍵供應商，並確實協助我們強化在高速產品方面的卓越能力。

I'd also like to take this opportunity to congratulate the CommScope team on their outstanding performance so far. I'm really proud of what this team has achieved after now being part of the Amphenol family for two full quarters. Indeed, we now expect CommScope to deliver $4.6 billion of sales and $0.30 of accretion for the full year 2026. And this represents a significant upgrade from our previous expectations of $4.1 billion and $0.15.

我也想藉此機會祝賀 CommScope 團隊迄今為止的傑出表現。在成為安費諾大家庭一員滿兩個完整季度之後，我對這個團隊所達成的成果感到非常自豪。事實上，我們現在預期 CommScope 在 2026 全年可貢獻 46 億美元的營收，並帶來每股 0.30 美元的增益（accretion）。這相較於我們先前預期的 41 億美元與 0.15 美元，屬於顯著上修。

I remain very confident that our acquisition program will continue to create great value for Amphenol. Our ability to identify and execute upon acquisitions and successfully bring these new companies into our family remains a core competitive advantage for the company.

我仍然非常有信心，我們的收購計畫將持續為安費諾創造可觀價值。我們識別並執行收購、並成功將新公司納入我們大家庭的能力，仍是公司的核心競爭優勢。

Now turning to our served markets. I would just comment that we're very proud of Amphenol's broad and balanced end market exposure. Our diversification continues to create great value for the company, enabling us to participate across all areas of the global electronics industry, each of which creates significant future opportunities for expansion. We remain committed to continuing to broaden our portfolio across markets, geographies, customers, applications and products as we build on the company's momentum to further strengthen the company's position long into the future.

接著談談我們所服務的市場。我想簡單說明，我們對安費諾廣泛且均衡的終端市場曝險感到非常自豪。我們的多元化策略持續為公司創造巨大價值，使我們能參與全球電子產業的各個領域，而每個領域都帶來顯著的未來擴張機會。我們仍致力於在市場、地理區域、客戶、應用與產品等面向持續擴大投資組合，並在公司動能的基礎上，進一步強化公司在未來長期的競爭地位。

Turning first to the defense market. This market represented 8% of our sales in the quarter. Sales grew from prior year by a robust 37% in US dollars and 24% organically. And this was really driven by broad-based growth across nearly all areas of the defense market.

首先是國防市場。本季該市場占我們銷售額的 8%。以美元計，銷售額較去年同期強勁成長 37%，有機成長 24%。這主要是由國防市場幾乎所有領域的廣泛成長所帶動。

Sequentially, our sales increased by 7%, which was in line with our expectations coming into the quarter. As we look into the third quarter, we expect sales to increase in the low double-digit range from these second quarter levels. We remain very 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 interconnect solutions.

以季比來看，我們的銷售額成長 7%，符合我們在進入本季時的預期。展望第三季，我們預期銷售額將較第二季水準增加低雙位數百分比。我們對公司在國防互連市場的領先地位仍深受鼓舞；我們持續提供業界最廣泛的高科技互連解決方案。

Amidst the current dynamic geopolitical environment, there's no doubt that countries around the world are increasing their investments into both current and next-generation defense technologies. With our expanded product offerings as well as the significant capacity expansions that we continue to make, we're positioned better than ever to capitalize on these long-term demand trends.

在當前多變的地緣政治環境下，毫無疑問，全球各國正增加對現有與下一代國防技術的投資。憑藉我們擴充的產品組合，以及我們持續進行的大幅產能擴張，我們比以往任何時候都更有利於掌握這些長期需求趨勢。

The commercial air market represented 4% of our sales in the quarter. Sales increased by 22% in US dollars and 21% organically from prior year, a very strong performance. So we benefited from increased aircraft production volumes, coupled with our company's continued progress in expanding content on next-generation commercial aircraft. Sequentially, our sales grew by 6% from the first quarter, which was actually significantly stronger than our expectations coming into the quarter for a slight moderation. Looking towards the third quarter, we expect sales to be up modestly from these second quarter levels.

本季商用航空市場占我們銷售額的 4%。以美元計，銷售額較去年同期成長 22%，有機成長 21%，表現非常強勁。我們受惠於飛機產量提升，同時公司也持續在下一代商用飛機上擴大內容價值（content）。以季比來看，銷售額較第一季成長 6%，實際上明顯優於我們在進入本季時對小幅趨緩的預期。展望第三季，我們預期銷售額將較第二季水準小幅上升。

I'm truly proud of our team working in the commercial air market. With the ongoing growth in demand for next-generation aircraft, our efforts to expand our product offering, both organically as well as through our acquisition program, continued to pay real dividends. We look forward to further capitalizing on our expanded range of product solutions for the commercial air market long into the future.

我對我們在商用航空市場工作的團隊深感自豪。隨著下一代飛機需求持續成長，我們擴大產品供應的努力——無論是有機成長或透過收購計畫——都持續帶來實質成果。我們期待在未來長期進一步把握我們擴增後的商用航空市場產品解決方案範圍所帶來的機會。

The industrial market represented 20% of our sales in the quarter. Sales in this market grew 56% in US dollars and 18% organically as we saw continued strong demand across the diversified industrial market and as we benefited once again from the addition of CommScope's building connectivity business. On an organic basis, virtually all of our industrial segments grew in the quarter. We also saw double-digit growth in all three geographies.

本季工業市場占我們銷售額的 20%。在多元化工業市場持續強勁需求的帶動下，加上我們再次受惠於納入 CommScope 的建築連接（building connectivity）業務，以美元計該市場銷售額成長 56%，有機成長 18%。以有機基礎來看，我們幾乎所有工業細分領域在本季皆呈現成長。我們也在三大地理區域都看到雙位數成長。

On a sequential basis, sales grew by a much better-than-expected 13% from the first quarter. As we look into the third quarter, we do expect sales to be roughly at the same elevated levels as we saw here in the second quarter. We're very excited by the company's renewed strength across the many diversified segments of this important industrial market.

以季比來看，銷售額較第一季成長 13%，遠優於預期。展望第三季，我們確實預期銷售額大致維持在第二季所見的高檔水準。我們對公司在這個重要工業市場眾多多元化細分領域中重新展現的強勁動能感到非常振奮。

With the acquisition of El.Com, we have further added to our value-add interconnect capabilities for European industrial customers. And over the long term, I'm confident in our strategy to expand our high-technology interconnect antenna and sensor offerings, both organically and through complementary acquisitions. This strategy has enabled the company to capitalize on the May electronic revolutions that continue to occur across the diversified industrial market, thereby creating further opportunities for our outstanding team.

透過收購 El.Com，我們進一步強化了為歐洲工業客戶提供加值型互連能力。從長期來看，我對我們擴大高科技互連、天線與感測器產品供應的策略充滿信心，無論是有機成長或透過互補性收購。此策略使公司得以掌握多元化工業市場中持續發生的多項電子革命，進而為我們優秀的團隊創造更多機會。

The automotive market represented 10% of our sales in the quarter. Sales in automotive grew 9% in US dollars and 6% organically as we experienced growth in all regions and as we saw a pickup in demand for vehicles with electrified drivetrains. Sequentially, our sales grew by 9% from the first quarter, which was much better than our expectations coming into Q2. For the third quarter, we expect sales to remain at these second quarter levels, and we would typically see some summer seasonality.

本季汽車市場占我們銷售額的 10%。由於各地區皆呈現成長，且電動化動力系統車款需求回升，以美元計汽車業務銷售額成長 9%，有機成長 6%。以季比來看，銷售額較第一季成長 9%，明顯優於我們在進入第二季時的預期。對第三季而言，我們預期銷售額將維持在第二季水準，而通常也會出現一些夏季季節性影響。

I remain very proud of our team working in the global automotive market. And while there are clearly areas of demand uncertainty around this industry, our team continues to remain laser-focused on driving new design wins with customers who are increasing the content of new electronics being integrated into their next-generation vehicles. We look forward to benefiting from our strengthened position in the automotive market for many years to come.

我仍然非常以我們在全球汽車市場工作的團隊為傲。儘管這個產業顯然存在需求不確定性的領域，我們的團隊仍持續高度聚焦，推動與那些正提高下一代車款電子整合含量的客戶取得新的設計導入（design wins）。我們期待在未來多年受惠於我們在汽車市場更為強化的地位。

The communications networks market represented 11% of our sales in the quarter. Sales grew from prior year by 55% in US dollars, driven primarily by the addition of CommScope. On an organic basis, sales actually moderated by 6% from prior year due to demand moderations from both communications network operators and wireless equipment manufacturers. I would just note that CommScope actually grew on a year-over-year basis in communications networks from prior year.

本季通訊網路市場占我們銷售額的 11%。以美元計，銷售額較去年同期成長 55%，主要由納入 CommScope 所帶動。但以有機基礎來看，由於通訊網路營運商與無線設備製造商的需求趨緩，銷售額較去年同期反而下滑 6%。我也補充說明，CommScope 在通訊網路業務方面其實較去年同期呈現成長。

Sequentially, our sales in the second quarter grew by 5% from the first quarter, which was a bit better than our expectations coming into the quarter. Looking to the third quarter, we do anticipate that sales will decline in the mid-teens from these second quarter levels. With our expanded range of technology offerings following the acquisitions of both CommScope and Andrew, we are better positioned than ever with both service provider and OEM customers across the communications networks market.

按季來看，我們第二季的銷售額較第一季成長5%，略優於我們在本季開始時的預期。展望第三季，我們預期銷售額將較第二季水準下滑約中十位數百分比。隨著在收購CommScope與Andrew之後擴大了技術產品組合，我們在通訊網路市場中，面向服務供應商與OEM客戶的布局比以往任何時候都更具優勢。

Our deep and broad range of products, coupled with our global manufacturing footprint, have positioned us well to support communications networks customers around the world. As the accelerating volume of data traffic drives long-term demand for expanded and upgraded networks, we look forward to enabling these systems for many years to come.

我們深度且廣泛的產品組合，加上全球製造布局，使我們能夠良好地支援全球各地的通訊網路客戶。隨著資料流量加速成長帶動長期對網路擴建與升級的需求，我們期待在未來多年持續為這些系統提供支援。

The mobile devices market represented 4% of our sales in the quarter. And our sales grew by 17% in US dollars and a strong 14% organically, with growth really in smartphones, laptops as well as wearable devices. Sequentially, our sales increased by 19%, which was much better than our expectations coming into the quarter. We had actually expected quarters to -- sales to decline in this quarter on a sequential basis.

本季行動裝置市場占我們銷售額的4%。我們的銷售額以美元計成長17%，有機成長強勁達14%，成長主要來自智慧型手機、筆電以及穿戴式裝置。按季來看，我們的銷售額成長19%，遠優於我們在本季開始時的預期。事實上，我們原本預期本季銷售額按季會下滑。

As we look into the third quarter, we anticipate sales to increase roughly in the 20% range compared to the second quarter as we participate in the beginnings of a variety of new program launches for our customers. 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 significantly outperform our expectations in the quarter. I'm confident that with our leading array of antennas, interconnect products as well as advanced mechanisms, including hinges that are designed in across a broad range of next-generation mobile devices, we're positioned well for the long term.

展望第三季，隨著我們參與客戶多項新專案的初期導入，我們預期銷售額將較第二季增加約20%左右。我為我們在瞬息萬變的行動裝置市場工作的團隊感到非常自豪，他們的敏捷與快速反應再次讓我們在本季大幅超越預期。我有信心，憑藉我們領先的天線、互連產品以及先進機構件（包括已被廣泛導入多款次世代行動裝置設計中的轉軸），我們具備良好的長期競爭力。

The IT datacom market represented 43% of our sales in the quarter, and we once again had a very strong quarter in IT datacom, growing 89% in US dollars and 63% organically. This was driven by continued acceleration in demand for our products used in artificial intelligence applications, together with robust growth in our base IT datacom business. On a sequential basis, sales increased by 22% from the first quarter, which was substantially better than our expectation. Virtually all of this growth was driven by sales of AI-related products.

本季IT資料通訊（IT datacom）市場占我們銷售額的43%，我們在IT datacom再度交出非常強勁的一季，以美元計成長89%，有機成長63%。這主要受惠於用於人工智慧應用之產品需求持續加速，同時我們既有的IT datacom業務也維持強勁成長。按季來看，銷售額較第一季成長22%，顯著優於我們的預期。幾乎所有的成長都來自AI相關產品的銷售。

Looking into the third quarter, we expect a further sequential sales increase in the mid-teens from these second quarter levels as investments in AI data centers continue to accelerate and as enterprise and cloud customers expand their demand for traditional IT datacom equipment. We're more encouraged than ever by the company's position in the global IT datacom market. Our team has done an outstanding job of both securing future business on next-generation IT systems with a broad array of customers, but also on executing on these exciting new programs.

展望第三季，隨著AI資料中心投資持續加速，以及企業與雲端客戶擴大對傳統IT datacom設備的需求，我們預期銷售額將較第二季水準再按季增加約中十位數百分比。我們對公司在全球IT datacom市場的定位比以往任何時候都更感到振奮。我們的團隊不僅在次世代IT系統上，與廣泛客戶群成功爭取到未來業務，也在這些令人振奮的新專案執行上表現出色。

In addition, I would just comment that the team at CommScope continues to make great progress in further penetrating the IT datacom market with their advanced optical interconnect solutions. And we now expect that the IT datacom market will represent just a bit less than half of CommScope's total sales for the full year, and that compares to about a third of their sales in 2025.

此外，我也想補充，CommScope團隊持續在以其先進光學互連解決方案進一步滲透IT datacom市場方面取得很大進展。我們現在預期，全年IT datacom市場將占CommScope總銷售額的比重略低於一半，相較之下，2025年約占其銷售額的三分之一。

The revolution in AI has no doubt created a unique opportunity for Amphenol given our leading high-speed fiber optic and power interconnect solutions. All of these high-technology products are critical components in our customers' current and next-generation systems. This creates a continued long-term growth opportunity for the company.

AI革命無疑為Amphenol帶來獨特機會，因為我們在高速光纖與電力互連解決方案方面居於領先地位。這些高科技產品都是客戶現有與次世代系統中的關鍵元件。這為公司帶來持續的長期成長機會。

Now turning to our outlook, and of course, assuming current market conditions as well as constant currency exchange rates. For the third quarter, we now expect sales in the range of $9.3 billion to $9.4 billion and adjusted diluted EPS in the range of $1.40 to $1.42. This would represent sales growth of 50% to 52% and adjusted diluted EPS growth of 51% to 53% compared to the third quarter of prior year.

接著談我們的展望，當然是在假設目前市場狀況不變以及匯率維持不變（固定匯率）之下。對第三季而言，我們目前預期銷售額介於93億至94億美元之間，調整後稀釋每股盈餘（EPS）介於1.40至1.42美元。相較去年同期第三季，這代表銷售額成長50%至52%，調整後稀釋EPS成長51%至53%。

I would just note that our guidance does not reflect any additional net tariff recoveries, which we expect to be immaterial going forward. 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 expand Amphenol's market position while driving sustainable and strong profitability over the long term. Finally, I'd like to take this opportunity to thank our entire global team for what is no doubt, just outstanding efforts here in the second quarter.

我也要指出，我們的指引未反映任何額外的淨關稅回收，我們預期未來其影響將不具重大性。我仍然對我們優秀管理團隊在當前環境中因應各種機會與挑戰的能力充滿信心，並能持續擴大Amphenol的市場地位，同時在長期推動可持續且強勁的獲利能力。最後，我想藉此機會感謝我們全球團隊在第二季所付出的卓越努力。

And with that, operator, we'd be very happy to take any questions.

以上，接線員，我們很樂意回答各位的問題。

(Operator Instructions)

(接線員指示)

Stephen Volkmann, Jefferies.

Stephen Volkmann，Jefferies。

Maybe I'll just start with CommScope. Obviously, some nice upside there. I think the guidance raise you said was all basically IT datacom. I'm just wondering if we can sort of drill into that a little bit more, what types of projects are really they're participating in? Is it more optical? Is there anything happening in building or broadband to call out?

我先從CommScope開始。顯然那邊有一些不錯的上行表現。我認為你提到的上調指引基本上都來自IT datacom。我想再深入一點了解，他們實際參與的是哪些類型的專案？是偏光學嗎？在建築或寬頻方面是否有任何值得特別提出的進展？

Yes. Thanks very much, Steve. I mean, I didn't say necessarily that all of the increase is IT datacom. But I can say that IT datacom is certainly driving the strength for them. I mean, they're growing really across the board in their business.

是的。非常感謝你，Steve。我的意思是，我並沒有說增幅一定全部來自IT datacom。但我可以說，IT datacom確實是推動他們強勁表現的主要動能。他們的業務其實是全面成長。

So we're seeing growth, as I mentioned. Also in communications networks, we are seeing as well, meaningful growth with them in their industrial market or what we refer to as the building connectivity market. But there's no doubt that they're making great progress in the IT datacom market. And in particular, making great progress in applications related to AI.

所以我們看到成長，如我提到的。同時在通訊網路方面，我們也看到他們在工業市場、或我們所稱的建築連接（building connectivity）市場有顯著成長。但毫無疑問，他們在IT datacom市場取得了很大進展。尤其是在與AI相關的應用上進展非常好。

I mean, in fact, if you look at their IT datacom business on a year-over-year basis, it's essentially doubled on a year-over-year basis, which is really, really impressive. And all of what they do in IT datacom is, in fact, optics, advanced complex optical interconnect solutions for customers, doing a broad array of things. And we're seeing great growth there and great progress with what they do.

事實上，如果你看他們的IT datacom業務年對年表現，基本上年對年已經翻倍，這真的非常、非常令人印象深刻。而他們在IT datacom所做的其實都是光學，也就是為客戶提供先進且複雜的光學互連解決方案，涵蓋非常廣泛的應用。我們在那裡看到很好的成長，也看到他們所做的事情取得很大進展。

And I will just say as well that now that CommScope is part of the Amphenol organization, they are already taking good advantage of being part of Amphenol and the relationships that we have, which are obviously very long-standing relationships up and down through the stack of the companies that are both building out data centers, equipping those data centers with next-generation systems, architecting the chips and doing everything in between. And so there's no question that being part of Amphenol has been a great thing for CommScope as it relates to their position in IT datacom specifically.

我也想補充，現在CommScope已成為Amphenol組織的一部分，他們已經開始充分受益於成為Amphenol一員以及我們既有的關係網；這些關係顯然是長期建立的，涵蓋整個產業鏈上下游，包括建置資料中心、以次世代系統裝備資料中心、晶片架構設計，以及其間的所有環節。因此毫無疑問，就IT datacom這一特定領域而言，成為Amphenol的一部分對CommScope的市場地位帶來了很大的助益。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，JPMorgan。

Maybe just another follow-up on the CommScope, the raise in guidance here. You're raising the revenue from $4.1 billion to $4.6 billion, but the EPS outlook is more than doubling. So maybe can you just walk through what you're seeing in terms of the margin profile of the CommScope acquisition, actually contextualizing where the upside is coming from and essentially why you're seeing the better flow-through there? Is it all operating leverage? Or is the gross margin profile of the business tracking better than what you had expected when -- at least a couple of quarters when you had completed the acquisition?

我再追問一下關於CommScope以及這次上調指引。你們把營收從41億美元上調到46億美元，但EPS展望卻是增加到兩倍以上。所以能否請你說明一下，你們看到的CommScope併購案的利潤率輪廓是如何，並把上行來源放在脈絡中解釋，基本上為什麼你們看到更好的利潤傳導（flow-through）？這全部都是營運槓桿嗎？還是該業務的毛利率表現優於你們在完成併購時（至少在幾個季度前）所預期的水準？

Yes. Thanks so much. Yes. No, we're really happy with the kind of profitability progress with the CommScope acquisition and the folks. I mean, the team has really done a great job of kind of embracing kind of the Amphenol culture, working with some of the other businesses.

是的。非常感謝。是的。不，我們對於 CommScope 併購案以及團隊在獲利能力上的進展，真的非常滿意。我的意思是，這個團隊在擁抱 Amphenol 文化、並與其他事業部合作方面，確實做得非常出色。

And I wouldn't say it's just gross margin. I would say -- I mean, listen, they're certainly growing at a pretty good pace right now. And they're -- so I think that they achieved just a bit over $1.2 billion here in the second quarter in sales. They've done a really good job of leveraging that growth. I wouldn't say just on gross margin, but also kind of also in the SG&A and operational expenses.

而且我不會說這只是毛利率的問題。我會說——我的意思是，聽著，他們目前的成長速度確實相當不錯。而且——所以我認為他們在第二季的營收剛剛超過 12 億美元。他們在運用這樣的成長方面做得非常好。我不會說只是在毛利率上，也包括在銷售、一般及行政費用（SG&A）以及營運費用上。

And I think they really have just increased their profitability. I mean, they're essentially in the second quarter, operating over 20%, including the amortization that we have kind of embedded in those numbers now from the acquisition. So they've done a great job in the factory with their vendors, with controlling cost on SG&A kind of across the board. I wouldn't say it really has come from pricing to any extent. It really has more come from really just operational execution, both in the factory as well in the operating expenses.

我認為他們確實提升了獲利能力。我的意思是，他們在第二季的營業利益率基本上超過 20%，其中也包含了我們因併購而在這些數字中納入的攤銷。所以他們在工廠端、與供應商合作、以及全面控管 SG&A 成本方面都做得非常好。我不會說這在任何程度上是來自於漲價。這更多是來自於營運執行力，無論是在工廠端或是在營運費用方面。

And look, I would just add one thing to that, which is we knew when we met these folks early on that this was an amazing team of people. I mean, from the leadership all the way down through the organization. I mean, I still remember our very first kind of management meeting, and there were some 30 people that we got to interact with at the time. And each of them just passionate. And in many ways, they were a team of people whose capabilities and potential was maybe not necessarily being tapped into given just the overall environment that surrounded CommScope in the past.

另外你看，我還想補充一點：我們早期與這些夥伴見面時就知道，這是一支非常了不起的團隊。我的意思是，從領導層一路到整個組織。我仍然記得我們第一次的管理層會議，當時大概有 30 位我們能夠互動的人。每一位都充滿熱情。而且在很多方面，他們的能力與潛力，可能在過去 CommScope 所處的整體環境下，未必能被充分發揮。

And to not follow the CommScope. It's a great company, but we don't need to talk about the different environment that they came into as soon as they came to be part of Amphenol. And that's a team of people who are fighters. I mean, they have not been without challenges. They see every day in the market, there's lots of challenges that they have to manage through.

而且並不是要去批評 CommScope。那是一家很棒的公司，但我們不需要去談他們加入 Amphenol 後所面對的不同環境。這是一群很能打的團隊。我的意思是，他們一路走來並非沒有挑戰。他們每天在市場上都看到很多挑戰需要去管理與克服。

At the same time, the aggressiveness with which they pursue opportunities, the aggressiveness with which they pursue being part of Amphenol, actually the collaboration that they've embraced being part of a broader organization of people who do interconnect for a living. I mean, that's what we've been doing for the entire history of this company, 94 years, we're an interconnect company. and being part of that and being a real leading light in that has, I think, been an energizing thing for the CommScope organization, and that is clearly manifest in their numbers that we see today. And we think that we're just getting started with CommScope.

同時，他們追求機會的積極性、他們積極投入成為 Amphenol 一員的態度，實際上還有他們所擁抱的協作——成為一個更大型組織的一部分，而這個組織的人是以互連為生。我的意思是，這正是我們這家公司 94 年來一直在做的事：我們是一家互連公司。而成為其中一部分、並在其中扮演真正的領航角色，我認為對 CommScope 的組織而言是一件令人振奮的事，而且這也清楚地反映在我們今天看到的數字上。我們認為，我們與 CommScope 的合作才剛剛開始。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Congrats on some impressive numbers here. Adam, I think investors often sort of frame the AI connectivity opportunity as a copper versus fiber debate or a copper or fiber debate sometimes. From your side, is that sort of the right way to think about the market? Is that what customers are telling you? I'd love to just kind of understand what are you seeing from a growth basis across both copper and fiber. And any qualitative or quantitative framework you could provide in terms of how big the fiber business is within the $10.5 billion, $11 billion AI revenue run rate you have right now would be really helpful.

恭喜你們交出一些令人印象深刻的數字。Adam，我想投資人常常會把 AI 連接性的機會，框架成「銅」對「光纖」的辯論，或有時候是「銅或光纖」的選擇題。從你們的角度來看，這樣思考市場是正確的方式嗎？客戶也是這樣告訴你們的嗎？我很想了解你們在銅與光纖兩邊的成長動能各自看到什麼。另外，如果你能提供一些定性或定量的框架，說明在你們目前約 105 億到 110 億美元的 AI 營收年化運行率中，光纖業務大概占多大比重，會非常有幫助。

Well, thanks very much, Amit. Look, I mean, we've had this discussion in the past. And what I can tell you is this. As we talk to our customers and we talk to them about what's going on today, what they expect next year, what they expect the years thereafter, the one consistent thing we hear from our customers is they need more of everything. They need more of everything, more high-speed copper, more fiber optic solutions and more power solutions. And there's no doubt about it that we see that reflected actually in the growth rates that we're experiencing today.

非常感謝你，Amit。你看，我們過去也討論過這個問題。我可以告訴你的是：當我們與客戶交流，談到他們今天正在發生什麼、他們預期明年會怎樣、以及之後幾年的展望時，我們從客戶那裡聽到的一個一致訊息是：他們什麼都需要更多。他們什麼都需要更多——更多高速銅線、更多光纖解決方案，以及更多電力解決方案。毫無疑問，我們也確實在目前的成長率中看到了這點的反映。

I mean if you look at our IT datacom, overall growth organically growing 63% in the quarter, the AI is growing faster than that. And I mentioned that CommScope nearly doubled their IAI business on a year-over-year basis. And we expect the IT datacom market to be just under half of CommScope's total.

我的意思是，如果你看我們的 IT 資料通訊（datacom），本季有機成長 63%，AI 的成長速度還更快。而我也提到，CommScope 的 IAI 業務年對年幾乎翻倍。我們預期 IT 資料通訊市場將略低於 CommScope 總體的一半。

And everything that CommScope does in IT datacom is really around AI and around optics. And so you can put a little framework around their business. We also have, as everybody knows, already a fiber optics business of significance before, both the passive optical interconnect business as well as an active optics business.

而 CommScope 在 IT 資料通訊所做的一切，基本上都圍繞著 AI 與光學。所以你可以用這個來對他們的業務做一些框架化理解。此外，如大家所知，在此之前我們就已經有具規模的光纖業務，包括被動式光學互連業務，以及主動式光學業務。

And so our -- without putting to the decimal point numbers behind it, I can tell you that today, we have a very strong high-speed copper business. We have a very strong and significantly scaled, one of the world leaders in optics in AI. And we also have a leadership position in power interconnect for AI as well. And so each of those are really significant pieces of that entire puzzle.

因此，在不把數字精確到小數點的前提下，我可以告訴你：目前我們有非常強的高速銅線業務。我們也有非常強、且規模顯著的光學業務，是全球 AI 光學領域的領導者之一。同時，我們在 AI 的電力互連方面也具備領先地位。所以這三者都是整個拼圖中非常重要的部分。

Luke Junk, Baird.

Luke Junk，Baird。

That's actually a great segue. I was hoping you could spend a little more time talking about your power portfolio. Clearly, that's an area of increased innovation within IT datacom. You mentioned that you're a global leader, maybe more context there? And just how you see that innovation opportunity set, both traditionally in the white space, on the rack, and what seems like some real opportunities looking out into the future in the great space in the medium term as well?

這其實是一個很好的銜接點。我希望你能多花一點時間談談你們的電力產品組合。顯然，這是 IT 資料通訊中創新加速的一個領域。你提到你們是全球領導者，能否提供更多背景？以及你如何看待這個創新機會集合——不論是傳統上在白空間（white space）、在機櫃（rack）上的應用，還是看起來在中期未來於灰空間（gray space）也有一些真正的機會？

Thanks very much, Luke. I mean, look, when I talk about power interconnect, this is part of the legacy of Amphenol. We've been involved in making our interconnect products for the vast majority of the history of this company. And it goes back to our legacy in the defense industry and industrial products, where we developed leading interconnect technologies, leading contact technologies to drive safe and efficient transfer of power in all environments.

非常感謝你，Luke。你看，當我談到電力互連時，這其實是 Amphenol 的傳統根基之一。在這家公司絕大多數的歷史中，我們一直都在製造互連產品。這可以追溯到我們在國防產業與工業產品的傳承：我們在各種環境下，為了安全且高效率地傳輸電力，開發了領先的互連技術與領先的接觸（contact）技術。

We've expanded that over the years to board-level power, to bus bars, to complex power cable assemblies and the like that go in a variety of places, all the way from deep in the rack, connecting directly to the chip all the way to where it comes into the data center from the switchgear and beyond. Today, we see a lot of advances in power technology, movements to higher voltages, implementation of things like liquid cooling, embedding of sensors into connectors so that you can create smarter power connectors and the like. I mean, there's just a lot going on there.

多年來我們把這些能力擴展到板級電源、匯流排（bus bars）、複雜的電力線纜組件等，應用在各式各樣的場景——從機櫃深處、直接連到晶片，一直到電力從開關設備（switchgear）進入資料中心以及更外圍的地方。今天，我們看到電力技術有很多進展，例如往更高電壓的移動、導入液冷等技術、把感測器嵌入連接器中，讓你能打造更智慧的電力連接器等等。我的意思是，那裡有非常多事情正在發生。

And at the end of the day, I like to think in very simplistic terms, in part because I studied international politics, not engineering as an undergrad. But what AI is, is conversion of electrons into tokens. And everywhere along that phase, if you can make the conversion of electrons into tokens more efficient, then you're creating value for your customers. You're creating value for your direct customers, you're creating value for your end customers.

而歸根結底，我喜歡用非常簡化的方式來思考，部分原因是我大學主修的是國際政治，而不是工程。但 AI 的本質，就是把電子轉換成 token。而在這個過程的每一個環節，只要你能讓「電子轉換成 token」更有效率，你就是在為客戶創造價值。你是在為你的直接客戶創造價值，也是在為你的終端客戶創造價值。

Well, on the electron side of that, our power interconnect having some of the safest, most efficient technologies is creating true value by allowing our customers to use a few less electrons as they generate a few more tokens. And when you get then to the other side of high speed, well, how do you get those tokens out as quickly as possible, create the models? You're doing that with both high speeds, copper, as well as optics interconnect, and we do that as well. So everywhere along that equation of that electron token conversion, Amphenol is a partner for our customers.

嗯，在電子這一端，我們的電力互連採用一些最安全、最高效率的技術，透過讓客戶在產生更多代幣的同時少用一些電子，從而創造真正的價值。而當你到了高速的另一端，嗯，你要如何盡可能快速地把那些代幣送出去、建立模型？你是透過高速的銅互連以及光學互連來做到這一點，而我們也同樣提供。因此，在電子與代幣轉換這個等式的每一個環節，Amphenol 都是客戶的合作夥伴。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Congrats on another fantastic quarter. Adam, there's been a lot of discussion among some of the key infrastructure suppliers to the AI market and debates about their approach to backplane design. And I believe Amphenol is a very heavily evolved in one in particular. I'm sure you're in many or maybe all of them, but there is one where there is a cablized sort of spine backplane and a discussion that seems to have gone back and forth as to whether this may convert to a printed circuit board. And I think there had been an assumption that this would be a potential challenge to the growth in your business.

很好。恭喜再度交出非常出色的一季。Adam，AI 市場的一些關鍵基礎設施供應商之間，對於背板設計的做法有很多討論與辯論。我相信 Amphenol 在其中某一種方案上參與得非常深入。我確定你們在很多、也許甚至全部方案中都有參與，但其中有一種是採用纜線化（cablized）的脊柱式背板，並且一直在討論它是否會轉向印刷電路板（PCB）。我想先前市場曾假設，這可能會對你們業務成長帶來挑戰。

But I wondered if perhaps the connectors used in such evolved architectures might be even more complex and more content and margin-rich. So I'm wondering if you can help sort of frame this for us. If we see in the supply chain that this conversion to PCB is happening, should we think this is a challenge or a benefit or neither for your business?

但我在想，這類演進架構中所使用的連接器，或許反而更複雜、含量更高、毛利也更好。所以我想請你幫我們大致框架一下。如果我們在供應鏈看到這種轉向 PCB 的情況正在發生，我們應該把它視為對你們業務的挑戰、利多，還是兩者皆非？

Yes. Well, thank you very much, Will, and I appreciate your comments and the question. I mean, look, at the end of the day, there's lots of nuances of designs that are happening across the board. But the one constant is that there's more content. And so for us, our goal here is not to put all of our eggs in one basket of one type of architecture or another.

是的。嗯，非常感謝你，Will，也謝謝你的評論與提問。我的意思是，說到底，各種設計正在全面發生，細節上有很多微妙差異。但有一個不變的事實是：互連含量在增加。因此對我們而言，我們的目標不是把所有雞蛋放在某一種架構的同一個籃子裡。

It's to have the breadth of technologies available for our customers, such that we can handle and help them handle the multitude of increasing content. Whether one or another decides to go to a backplane versus a cable versus a printed circuit board, this is really not the core question. The core question is, is there more overall content of interconnect? And with the breadth of our position, by the way, a company who makes cable, who makes printed circuit boards, who makes printed circuit board assemblies, cable assemblies, I mean, we're just trying to enable our customers in which every way they go.

而是要為客戶提供廣泛的技術選項，讓我們能夠處理並協助他們應對不斷增加的多元含量。無論某個客戶選擇背板、纜線，或是印刷電路板，這其實不是核心問題。核心問題是：整體互連的總含量是否在增加？而憑藉我們布局的廣度——順帶一提，我們既做纜線、也做印刷電路板、也做印刷電路板組裝（PCBA）、也做纜線組裝——我們只是想在客戶選擇的任何路徑上都能賦能他們。

And what our customers are trying to do is really, really hard things. And so us being at the table with them to do those really, really hard things with the leading engineers in the industry who understand all these moving parts, I mean, that's where we create value. And whichever one individual program or a web service provider makes some decision or another, they're all moving in the direction of more content, not less, and that creates a great opportunity for Amphenol.

而我們的客戶正在嘗試做的事情真的非常、非常困難。因此，我們能與他們同桌合作，與業界頂尖、理解所有這些變動因素的工程師一起完成那些非常困難的事情，這就是我們創造價值的地方。無論某個單一專案或某家雲端/網路服務供應商做出何種決策，他們都在朝向更多含量、而不是更少含量的方向前進，這為 Amphenol 創造了很好的機會。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Adam, there's a lot of talk about like -- in the future, what's the right type of models that we need, whether it's frontier models versus open source models and where they're housed, whether it's here versus China. I mean, we talked a lot about the breadth of your portfolio and you can kind of play everywhere. But what are the implications of how that mix ultimately plays out globally?

Adam，市場上有很多討論，例如——未來我們需要什麼樣的模型才是正確的，像是前沿模型（frontier models）對比開源模型，以及它們部署在哪裡，是在這裡還是在中國。我們談了很多你們產品組合的廣度，你們幾乎可以在各處參與。但這種組合最終在全球如何演變，會帶來哪些影響？

Yes. Look, I mean, we work with customers around the world. We work with customers who make GPU architectures, who make ASIC architectures, who make XPU architectures, you name it. Because no matter what architecture you're choosing, at the end of the day, to create an AI that really creates value for the end customer, you have to compare everything to everything else.

是的。你看，我們與全球各地的客戶合作。我們與採用 GPU 架構、ASIC 架構、XPU 架構的客戶合作，任何你想得到的都有。因為無論你選擇哪種架構，說到底，要打造真正能為終端客戶創造價值的 AI，你必須把所有東西彼此比較、相互對照。

And we see that what that means is you need interconnect to do that. And so whether it's on training or actually on inference -- and to be honest, inference seems to grow at an even faster pace, also requires an intensity of interconnect products that really is unprecedented, we continue to enable customers in all ways. So we are not like model-dependent. We are not frontier training versus inference-dependent. We're not geographically-dependent. I guess the only thing we are dependent on is that people continue to invest in this thing and it continues to have increases in content, we see that for a long time to go.

而我們看到，這意味著你需要互連來做到這件事。因此，不管是在訓練端或實際在推論端——老實說，推論的成長速度似乎更快——也都需要前所未有強度的互連產品，我們會持續以各種方式賦能客戶。所以我們不是依賴特定模型。我們不依賴前沿訓練或推論的哪一端。我們也不依賴特定地理區域。我想我們唯一依賴的是：人們持續投資這件事，而且互連含量持續增加；我們認為這種趨勢還會延續很長一段時間。

Asiya Merchant, Citigroup.

Asiya Merchant，Citigroup。

Great set of results here. It's very impressive, the CCS margins that you're able to drive here. I think there were just some concerns about fiber supply and if that could potentially negatively impact the CommScope acquisition, doesn't seem to be the case. So Andrew and Craig, could you just talk a little bit about how you feel about the supply coming here for, just given the growth that investors are expecting broadly, just for the optical side of the portfolio as well?

這是一組很棒的成績。你們能把 CCS 的利潤率推到這個水準，非常令人印象深刻。我想之前市場對光纖供應有一些擔憂，擔心可能會對 CommScope 併購案造成負面影響，但看起來並非如此。所以 Andrew 和 Craig，能否談談你們對於供應端的看法？考量到投資人普遍預期的成長——也包括你們產品組合中光學這一塊——你們怎麼看接下來的供應狀況？

Well, thank you, Asiya. Look, I mean, I think the results speak for themselves here. Yes, of course, there's a lot of demand for lots of things, including demand for fiber optics. And the CCS team has done a fabulous job of managing their supply chain, expanding their supply chain and making sure that they have a ready source of availability for all the materials that they need in order to support their customers. And I think that that's reflected in their results. That's reflected in the strong growth that they have in IT datacom, and it's reflected in our positive outlook for the company for the full year.

謝謝你，Asiya。你看，我的意思是，我想結果已經說明了一切。是的，當然，很多東西的需求都很強，包括對光纖的需求。而 CCS 團隊在管理供應鏈、擴充供應鏈，以及確保他們能取得支援客戶所需的各項材料方面，做得非常出色。我認為這也反映在他們的業績上。這反映在他們 IT 資料通訊（datacom）的強勁成長上，也反映在我們對公司全年正向的展望上。

I just can't reiterate enough how impressed I am by this team. I mean, this is not an organization that came from an entrepreneurial culture. But they have embraced that entrepreneurial culture of Amphenol on day one. And to the extent that they run into an impediment, they go out, they hammer it down, they make it happen and they drive success. And that's what they've been doing regardless of what impediment there may be, and that includes on the supply of fiber.

我真的再怎麼強調都不為過，我對這個團隊有多麼印象深刻。我的意思是，這並不是一個出身於創業文化的組織。但他們從第一天起就擁抱了 Amphenol 的創業文化。而只要遇到任何阻礙，他們就會出去把它敲掉、把事情做成，並推動成功。無論可能出現什麼阻礙，他們一直都是這樣做的，其中也包括光纖供應。

Wamsi Mohan, Bank of America.

Wamsi Mohan，Bank of America。

Your CapEx is up 20% year-on-year to support, obviously, this very strong growth that you're delivering and guiding to. As you think about -- what's the right level that investors should think about from a CapEx perspective on an ongoing basis? And are you specifically targeting incremental CapEx for CommScope? Or is the forecast based on any incremental line adds for CommScope? Or is it just based on the capacity that you currently have as of now?

你們的資本支出（CapEx）年增 20%，顯然是為了支援你們目前交出並指引的強勁成長。當你們思考——從長期持續的角度，投資人應該如何看待合理的 CapEx 水準？另外，你們是否特別針對 CommScope 規劃增量 CapEx？或者這個預測是否包含 CommScope 的任何新增產線？還是只是基於你們目前既有的產能？

Yes. Thanks, Wamsi. I mean, I would think about CapEx, not specific. CommScope's CapEx isn't necessarily much different as a percentage of sales basis as the overall company and actually maybe even modestly lower on a percentage of sales basis. In the quarter, we were around just at the high end of our kind of 3% to 4% range.

是的。謝謝，Wamsi。我的意思是，我會把 CapEx 的思考放在整體，而不是特定項目。CommScope 的 CapEx 以營收百分比來看，未必比公司整體高，實際上以營收百分比來看可能還略低一些。在本季，我們大約落在我們 3% 到 4% 區間的高端。

And I would expect us to be running at the higher end of that as we're growing kind of at the significant paces that we're growing at right now. And I think as we look into kind of the latter half kind of this year, I would expect us to continue to be even maybe modestly higher than that range.

而且我預期，鑑於我們目前正以相當顯著的速度成長，我們的運行水準會落在該區間的高端。並且我認為，當我們展望今年下半年時，我預期我們會持續維持在該區間之上，甚至可能會略高一些。

But we're continuing to grow pretty significantly. The capacity we're putting in place, I think, is prudent. As you know, our general managers are making these decisions based on the specific programs they're on, and we look at it from that perspective. And I think that's what you're seeing the output of that in terms of driving some of these results. But from an overall capital perspective, I would continue to view it kind of at the high end of that range. And maybe slightly over that in the second half, but certainly not so far outside of our normal range.

但我們仍在相當顯著地成長。我認為我們正在建置的產能是審慎的。如你所知，我們的事業部總經理會依據其所負責的特定專案來做這些決策，而我們也從那個角度來看待。我認為你所看到的，就是這些作法在推動部分成果上的體現。但就整體資本的角度而言，我仍會把它視為落在該區間的高端。而且在下半年可能會略高於該水準，但肯定不會偏離我們正常區間太多。

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊。

Adam, CommScope is generally known -- and correct me if I'm wrong -- as a scale out and scale across company in data center. Are there signs of them entering the scale up market as well?

Adam，CommScope 在資料中心領域一般被認為——如果我說錯請糾正——是一家做 scale out 與 scale across 的公司。是否有跡象顯示他們也正在進入 scale up 市場？

Yes. Well, thanks very much, Guy. I mean, look, I think they're known as a scale out, scale across because that's where optics has been present so far. But there's no question that to the extent, and I would say to the extent because this is still -- remains to be seen what the architectures of the future will be like. Clearly, there'll be hybrid architectures.

是的。嗯，非常感謝你，Guy。我的意思是，你看，我認為他們之所以被視為 scale out、scale across，是因為到目前為止光學主要出現在那裡。但毫無疑問，在某種程度上——我之所以說「在某種程度上」，是因為未來的架構會是什麼樣仍有待觀察——很明顯，將會出現混合式架構。

But to that extent, I can tell you that CommScope, especially given Amphenol's unique relationships across the ecosystem of AI, has a great seat at the table to the extent that customers are thinking about integrating some degree of optics within their scale-up architectures. And so being part of Amphenol has been a great thing for them, and they are certainly part of that discussion in a very significant way.

但在那樣的前提下，我可以告訴你，CommScope 尤其憑藉 Amphenol 在 AI 生態系中的獨特關係，若客戶正在思考在其 scale-up 架構中整合一定程度的光學，他們在討論桌上就擁有很好的位置。因此，成為 Amphenol 的一部分對他們而言是非常好的事，而且他們確實以非常重要的方式參與了那項討論。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行。

I just wanted to check on risk of bottlenecks here. One question I often get, just given the importance of fiber, is your ability to secure enough raw fiber to meet demand. If you could comment on that? And then secondly, just any internal or external things you're evaluating in terms of bottlenecks? Just given we've had a thermal equipment peer report this morning with the -- that cited some of these issues. And I just want to make sure we're keeping an eye on that. If you could comment there?

我想確認一下這裡的瓶頸風險。鑑於光纖的重要性，我常被問到的一個問題是：你們是否有能力取得足夠的原纖以滿足需求。你能否就此評論？其次，就瓶頸而言，你們正在評估哪些內部或外部因素？因為我們今天早上看到一家散熱設備同業的報告——其中提到了一些這類問題。我只是想確保我們也有在留意。你能否就此評論？

Yes. Thanks very much, Andrew. I think I mentioned earlier that we've -- there's no doubt about it that given the performance of CommScope, they have managed to secure all what they need, including fiber, to deliver these outstanding results. In terms of other bottlenecks, I mean, look, we have 150 operations around Amphenol, each of them run by a general manager empowered with the authority to do what it takes to run their business, and we then hold those general managers accountable. What they deal with on a day-to-day basis, I mean, it's an enormous list of challenges and opportunities that they face every day.

是的。非常感謝你，Andrew。我想我先前提到過，毫無疑問，鑑於 CommScope 的表現，他們已經設法取得交付這些卓越成果所需的一切，包括光纖。至於其他瓶頸，你看，我們在 Amphenol 旗下有 150 個營運據點，每個據點都由一位總經理負責經營，並被授權採取一切必要措施來經營其業務，而我們也會對這些總經理進行問責。他們每天要面對的事情——我的意思是——是一長串的挑戰與機會。

Do we see anything broadly in terms of bottlenecks that are constraining our ability to satisfy our customers or deliver results? We don't. I mean else, we wouldn't have produced 30% organic growth in the quarter, growing 13% sequentially on an organic basis.

我們是否看到任何廣泛性的瓶頸，正在限制我們滿足客戶需求或交付成果的能力？我們沒有。我的意思是，否則我們不可能在本季實現 30% 的有機成長，且以有機口徑計算季增 13%。

It doesn't mean there aren't challenges. It just means that we've got 150 entrepreneurs who are embodying the unique culture of Amphenol out there, managing these issues day in and day out. And also planning for that, making investments internally when we think that in the future, there may be an opportunity, creating a multiplicity of sources for those things that maybe the vendors couldn't keep up with this.

這並不代表沒有挑戰。它只是表示，我們有 150 位企業家在第一線體現 Amphenol 獨特的文化，日復一日地管理這些問題。同時也在為此做規劃：當我們認為未來可能出現機會時，就在內部進行投資；並且針對那些供應商可能跟不上需求的項目，建立多元的供應來源。

I mean, we have grown the company in a two-year period by double in its total size. And roughly a third of that has come through acquisitions, the additions of these great companies. But two-thirds of that has been organic growth over a two-year period. And that means that we need that same amount of increase in capabilities and capacities from the thousands of companies that we work with as vendors.

我的意思是，我們在兩年期間把公司的總規模擴大到原來的兩倍。其中大約三分之一來自併購，也就是把這些優秀公司納入。但其中三分之二是在兩年期間的有機成長。這意味著，我們也需要與我們合作的數千家供應商，在能力與產能上提供同等幅度的提升。

We don't manage that at headquarters. There's no central procurement organization. In our small little rundown headquarters building off the highway here in Wallingford, Connecticut, there's not a single person in our team who is in charge of procurement or sourcing or anything like that. Every general manager has their team, and they work day in and day out hand-in-hand with their sales teams, their engineering team, their operations team, their quality team as a true entrepreneurial organization. And what they do is they just move down the impediments that may be there for them to achieve what they want to achieve.

我們不在總部管理這些事情。我們沒有中央採購組織。在康乃狄克州沃靈福德這裡、靠近高速公路旁我們那棟小小而樸素的總部大樓裡，我們團隊中沒有任何一個人負責採購或尋源或諸如此類的事情。每位總經理都有自己的團隊，他們每天與銷售團隊、工程團隊、營運團隊、品質團隊手牽手合作，作為一個真正的企業家式組織。而他們所做的，就是逐一排除可能阻礙他們達成目標的障礙。

So sorry for the long detail on to the culture here, but at the end of the day, we don't see any significant bottlenecks, anything that has any meaningful impact on our ability to deliver the strong results that we delivered this quarter or the results are embedded and implied by the guidance that we gave for the third quarter and beyond.

所以很抱歉在文化上講了這麼多細節，但歸根結底，我們沒有看到任何重大瓶頸，沒有任何會對我們交付本季強勁成果的能力造成實質影響的因素，也沒有任何會對我們所給出的第三季及之後指引中所隱含與反映的成果造成實質影響的因素。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Adam, you said it hinges as a driver of the mobile devices business and some of the growth you expect for this quarter. I'm hoping you can give more color on how impactful that product line may be going forward?

Adam，你提到鉸鏈是行動裝置業務的一個驅動因素，以及你預期本季部分成長的來源。我希望你能更具體說明，這條產品線未來可能會有多大的影響力？

Yes. Thanks very much, Mark. I mean, it's nice to get a question on mobile devices. I mean, I feel really proud of our team working in mobile devices growing 14% organically in the quarter. And we've talked for a long time about the fact that our product offering in mobile devices running from antennas, interconnect products and mechanisms including, in particular, hinges. I mean, we've been a hinge manufacturer for, gosh, more than two decades now. And that's something where our team is just a phenomenal capability.

是的。非常感謝你，Mark。我的意思是，能收到一個關於行動裝置的問題很不錯。我對我們行動裝置團隊在本季有機成長 14% 感到非常自豪。而且我們長期以來一直在談，我們在行動裝置的產品組合涵蓋天線、互連產品與機構件，尤其包括鉸鏈。我的意思是，我們做鉸鏈製造，天啊，已經超過二十年了。而這正是我們團隊具備非凡能力的領域。

Actually, Craig and I were visiting some of our factories just a couple of weeks ago. And just to see the amazing vertical integration of what our team does and the unique array of products that they're working on. And so we continue to work on a range of products. And you can imagine, I'm not going to comment on any specific customer programs. But we remain a leader in the industry in creating advanced mechanisms for unique architectures that are coming.

其實，Craig 和我在幾週前才去參觀了我們的一些工廠。看到我們團隊所做的驚人垂直整合，以及他們正在開發的獨特產品組合。因此我們持續投入一系列產品的開發。你可以想像，我不會評論任何特定客戶專案。但我們仍是業界領先者，持續為即將到來的獨特架構打造先進的機構件。

And I would just tell you that what we see in the mobile devices market is just a continued blossoming of the multitude of different things that are out there. I mean, whether it's wearables that humans have. I just got a dog and she now has a wearable on her, so I can see, I can pull up my phone and tell you where she is right now, which is pretty darn cool. Her name is Luna, she's very cute. And that's something that I never would have dreamed of, that I could just see in real time where my dog is.

我只想告訴你，我們在行動裝置市場看到的是：各式各樣不同事物持續蓬勃發展。我的意思是，不管是人類配戴的穿戴式裝置。我剛養了一隻狗，她現在也戴著一個穿戴式裝置，所以我可以打開手機就告訴你她現在在哪裡，這真的很酷。她叫 Luna，非常可愛。而這是我以前從未想過的事：我竟然可以即時看到我的狗在哪裡。

But there's so many different things that you can do with mobile devices, whether you put them in your ear, on your wrist, around your neck, whether you fold them or you hold them or they're big or they're little, they all require advanced technologies for antennas interconnect and also now increasingly, the mechanisms. Our team has done a great job building that capability up, and we're confident that that's going to create value for us long into the future.

但你可以用行動裝置做的事情有太多種了，不管你把它戴在耳朵上、戴在手腕上、掛在脖子上，不管你把它摺起來或拿在手上，不管它是大是小，它們都需要先進的天線互連技術，而且現在也愈來愈需要機構方面的技術。我們的團隊在建立這項能力方面做得非常出色，我們有信心這將在未來很長一段時間為我們創造價值。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Adam, I know it's not a large part of your business, but I believe you do, do inverters on the defense side and you do some DC/DC converters on the auto side. And I'm just wondering about your interest in power electronics more broadly, either organically or inorganically, especially in light of this ruling that power -- foreign power inverters might not be allowed in the US for grid applications and other applications. So I'm just curious about if that sort of -- do you think that at all plays into some of your core competencies?

Adam，我知道這不是你們業務中很大的一部分，但我相信你們在國防端有做逆變器，在汽車端也做一些 DC/DC 轉換器。我想請教你們對更廣義的電力電子的興趣，不論是有機成長或透過併購，特別是考量到這項裁定：電力——外國的電力逆變器可能不被允許用於美國的電網應用及其他應用。所以我很好奇，這類情況——你認為這是否會在某種程度上與你們的核心能力有所關聯？

Yes. Thanks very much, Joe. I mean, look, to the extent that we do anything there, it's pretty modest, so I wouldn't highlight anything that we do at all in that world. I mean, look, power in the broadest sense, power interconnect, how you get a signal from place to place is certainly a very, very important part of our business. Are we going to get into kind of active power management and inverters and things like that? I mean, it's not something so far that we have done or that we have done in any meaningful way.

是的。非常感謝你，Joe。我的意思是，坦白說，我們在那方面若有做些什麼，規模也相當有限，所以我不會特別強調我們在那個領域做了什麼。不過你看，廣義來說，電力、電力互連、以及如何把訊號從一個地方傳到另一個地方，確實是我們業務中非常、非常重要的一部分。我們會去做像是主動式電力管理、逆變器之類的東西嗎？我的意思是，到目前為止這不是我們做過的事，或至少不是我們以任何有意義的方式做過的事。

But look, we're always looking at the kind of adjacencies of the future so much as they continue to be true to our strategy of being an interconnect company, and that's very important for us. So like we got into sensors 14 years ago nearly as a way to interconnect physical phenomenon to the electronic systems, where we already participate very strongly. But look, power is very important. There's a lot going on in power, and our products are certainly an enabler of that revolution.

但你看，我們一直在尋找未來的相鄰領域，只要它們仍然符合我們作為一家互連公司的策略，這對我們非常重要。例如我們在將近 14 年前進入感測器領域，幾乎就是為了把物理現象互連到電子系統，而我們在電子系統方面本來就有非常強的參與。不過，電力確實非常重要。電力領域正在發生很多事情，而我們的產品無疑是這場革命的促成者。

Scott Graham, Seaport Research.

Scott Graham，Seaport Research。

Congratulations on the quarter. I was just wondering if -- in the past, Adam, you've been willing to call out specific industrial markets where you saw better success in sales. I was wondering if you can do the same for us today?

恭喜本季表現。我想請教的是——過去 Adam 你曾願意點名一些工業市場的特定領域，說明你們在哪些地方的銷售表現更好。我想知道你今天是否也能為我們做同樣的分享？

Yes. Thanks very much, Scott. It would be my pleasure, actually. I mean, we're really proud of our industrial market and the folks working in and around industrial. I mean, it's already a long time ago, but there were a couple of rough years in industrial. But now we've strung together, I don't know, 2.5 straight years of really strong organic growth. And we see that accelerating here in the quarter, growing 18% organically.

可以。非常感謝你，Scott。我其實很樂意。我們對工業市場以及在工業相關領域工作的同仁感到非常自豪。雖然已經是很久以前了，但工業業務曾有幾年比較艱難。但現在我們已經連續——我不知道——大約 2.5 年呈現非常強勁的有機成長。而且我們看到本季成長加速，有機成長 18%。

And we see just growth really across the board. I mean, there are some areas where you say, okay, instrumentation growing very strongly. Not surprising, given factories and the build-out of semiconductors and the like, factory automation growing very strongly. But at the same time, we see great growth in anything around electrification, battery storage. We see strong growth in heavy equipment, alternative energy and in areas like safety, for example, as well.

我們也看到幾乎全面性的成長。我的意思是，有些領域你會說，好，比方說儀器儀表成長非常強勁。這並不令人意外，考量到工廠以及半導體等產能建置，工廠自動化也成長非常強勁。但同時，我們也看到所有與電氣化、電池儲能相關的領域都有很好的成長。我們在重型設備、替代能源，以及例如安全等領域也看到強勁成長。

I mean, honestly, I go down the list of all of the end markets or subsegments in the industrial market, I'm hard-pressed to find one that's not really performing right now. And with the addition of CommScope, as I mentioned earlier, opening up the whole -- this whole new world for us, which is called construction and building connectivity, together with the distribution channel, which is so critical for that to service the tens of thousands of different customers that participate in the construction industry around the world.

老實說，我把工業市場所有終端市場或次分項逐一看過，很難找到一個目前表現不佳的。再加上 CommScope 的加入，如我先前提到的，為我們打開了全新的世界，也就是所謂的建築施工與樓宇連接性，再結合對於服務全球建築產業中數以萬計不同客戶而言至關重要的經銷通路。

And CommScope sells their products through distribution in, I don't know, 150, 180 different countries around the world. And now that we have those strategic relationships with those distributors, we also look forward to taking advantage of it with other Amphenol products, both interconnect and sensor products, that can find a great home in that space. So the industrial market is just a wonderful place for Amphenol, 20% of sales, with great growth opportunities. And we see a lot of revolutions happening really across all of these really interesting segments of the industrial market.

CommScope 透過經銷通路在全球大概 150、180 個不同國家銷售其產品。而現在我們與這些經銷商建立了策略性關係，我們也期待能利用這些關係，導入其他安費諾（Amphenol）的產品，包括互連與感測器產品，在那個領域找到很好的落腳處。因此，工業市場對安費諾而言是一個非常棒的領域，占銷售額 20%，且具備很好的成長機會。我們也看到在工業市場這些非常有趣的分項中，正發生許多革命性的變化。

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

目前沒有進一步的提問，因此我將把時間交還給 Norwitt 先生作結語。

Well, thank you very much, everybody, for taking your time here on what's the sort of stormy summer day here in Connecticut, but I hope all of you have a great summer. I hope you get a chance to take a little bit of time away. And we look forward to seeing you all back here in 90 days in the fall. Thanks so much, and have a great rest of your summer.

好的，非常感謝各位今天撥冗參與。在康乃狄克州這裡算是個有點風雨的夏日，但我希望各位都有個愉快的夏天。也希望大家能抽空稍作休息。我們期待在 90 天後的秋季再與各位相見。非常感謝，祝各位夏日餘下時光愉快。

Take care. Thank you.

保重。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。感謝您的參與。您現在可以掛斷電話線。