安費諾 (APH) 2026 Q3 法說會逐字稿

Hello, and welcome to the third-quarter 2026 earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's call is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo.

您好，歡迎參加安費諾公司（Amphenol Corporation）2026 年第三季財報電話會議。（接線員指示）應公司要求，今天的電話會議將被錄音。如有任何異議，您可於此時中斷連線。現在我想介紹今天的會議主持人 Craig Lampo 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our Chairman and CEO. We would like to welcome you to our third quarter 2026 conference call. Our third quarter 2026 results were released this morning.

非常感謝。各位下午好。我是安費諾的財務長 Craig Lampo，今天與我們的董事長兼執行長 Adam Norwitt 一同出席。我們歡迎各位參加 2026 年第三季電話會議。我們 2026 年第三季的業績已於今天上午發布。

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. 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.

我將提供一些財務評論，接著 Adam 會概述業務情況與目前市場趨勢。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，並作出若干前瞻性陳述。因此，請參閱我們新聞稿中的相關揭露以取得更多資訊。

In addition, as a result of our recently announced two-for-one stock split effective on September 3, 2026, all share and per share data discussed on this earnings call will reflect that split. The company closed the third quarter of 2026 with record sales of $10.2 billion and GAAP and adjusted diluted EPS of $0.79 and $0.80, respectively.

此外，由於我們近期宣布的 1 拆 2 股票分割已於 2026 年 9 月 3 日生效，本次財報電話會議中討論的所有股數與每股數據皆將反映該分割。公司在 2026 年第三季以 102 億美元的創紀錄營收作收，GAAP 與調整後稀釋每股盈餘（EPS）分別為 0.79 美元與 0.80 美元。

Third quarter sales were up 65% in US dollars and in local currencies and 37% organically compared to the third quarter of 2025. Sequentially, sales were up 17% in US dollars and in local currencies and up 16% organically. Adam will comment further on trends by market in a few minutes. Orders in the quarter were a record $12.170 billion, up a strong 99% compared to the third quarter of 2025 and up 13% sequentially, resulting in another very strong book-to-bill ratio of 1.19:1.

第三季營收以美元計與以當地貨幣計皆年增 65%，相較 2025 年第三季有機成長 37%。以季比而言，營收以美元計與以當地貨幣計皆成長 17%，有機成長 16%。Adam 將在幾分鐘後進一步就各市場趨勢加以說明。本季訂單創新高達 121.70 億美元，較 2025 年第三季大幅成長 99%，季比成長 13%，使得出貨比（book-to-bill）再度非常強勁，達 1.19:1。

This impressive book-to-bill was driven by robust bookings in most of our end markets with positive book-to-bill in all but one of our end markets this quarter. GAAP and adjusted operating income were both approximately $3 billion in the quarter, and GAAP and adjusted operating margin were 29.5% and 29.7%, respectively. On an adjusted basis, operating margin increased by a strong 220 basis points from the third -- from the prior year quarter and declined a modest 10 basis points sequentially.

這項令人印象深刻的出貨比，主要來自我們多數終端市場的強勁接單；本季除一個終端市場外，其餘終端市場的出貨比皆為正值。本季 GAAP 與調整後營業利益皆約為 30 億美元，GAAP 與調整後營業利益率分別為 29.5% 與 29.7%。以調整後基礎計算，營業利益率較去年同期大幅提升 220 個基點，季比則小幅下降 10 個基點。

The year-over-year increase in adjusted operating margin was primarily driven by robust operating leverage on the significantly higher sales volumes, which more than offset the margin dilutive impact of recent acquisitions. On a sequential basis, the slight decrease in adjusted operating margin was driven by a meaningfully larger benefit from tariff recoveries in the second quarter.

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，足以抵銷近期併購對毛利率的稀釋影響。就季比而言，調整後營業利益率的些微下降，係因第二季關稅回收帶來的利益明顯更大。

Excluding these benefits, our adjusted operating margin improved by approximately 70 basis points, reflecting strong conversion on higher sales levels as well as continued progress on profitability improvement at recent acquisitions, and particularly CommScope.

若排除這些利益，我們的調整後營業利益率約提升 70 個基點，反映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）在獲利改善方面的持續進展。

I am very proud of the company's operating margin performance in the third quarter, which reflects continued strong execution by our team. Breaking down third quarter results by segment compared to the third quarter of 2025. Sales in the Communications Solutions segment were $6.6 billion and increased by 99% in US dollars and 51% organically, and segment operating margin was 33.1%.

我對公司第三季的營業利益率表現感到非常自豪，這反映我們團隊持續強勁的執行力。以下按部門拆解第三季相較 2025 年第三季的表現。通訊解決方案（Communications Solutions）部門營收為 66 億美元，以美元計成長 99%，有機成長 51%，部門營業利益率為 33.1%。

Sales in the Harsh Environment Solutions segment were $2 billion and increased by 35% in US dollars and 29% organically, and segment operating margin was 30.1%. Sales in Interconnect and Sensor Systems segment were $1.6 billion, increased by 17% in US dollars and 11% organically, and segment operating margin was 20%.

嚴苛環境解決方案（Harsh Environment Solutions）部門營收為 20 億美元，以美元計成長 35%，有機成長 29%，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 16 億美元，以美元計成長 17%，有機成長 11%，部門營業利益率為 20%。

The company's GAAP effective tax rate for the third quarter was 27.4% and the adjusted effective tax rate was 27%, which compared to 23.5% and 27% in the third 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.

公司第三季 GAAP 有效稅率為 27.4%，調整後有效稅率為 27%；相較之下，2025 年第三季分別為 23.5% 與 27%。依我們一貫作法，調整後稅率會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 a record $0.79 in the third quarter, up 61% compared to the prior year period. And on an adjusted basis, diluted EPS was a record $0.80 and increased by 74% compared to $0.46 in the third quarter of 2025. This was an outstanding result. Operating cash flow in the third quarter was $2.1 billion or 102% of net income and free cash flow was $1.6 billion or 80% of net income, an excellent result considering the growth we have experienced. From a working capital standpoint, inventory days, days sales outstanding and payable days were all within our normal ranges.

第三季 GAAP 稀釋每股盈餘創新高達 0.79 美元，較去年同期成長 61%。以調整後基礎計算，稀釋每股盈餘亦創新高達 0.80 美元，較 2025 年第三季的 0.46 美元成長 74%。這是一項非常出色的成果。第三季營運現金流為 21 億美元，相當於淨利的 102%；自由現金流為 16 億美元，相當於淨利的 80%。考量我們所經歷的成長，這是極佳的結果。就營運資金而言，存貨天數、應收帳款週轉天數與應付帳款天數皆落在我們的正常區間內。

During the quarter, the company repurchased 3 billion (sic -- 3 million) shares of common stock at an average price of approximately $81. And when combined with our normal quarterly dividend, total capital returned to shareholders in the third quarter of 2026 was approximately $553 million.

本季公司以約 81 美元的平均價格回購 30 億（原文誤述——300 萬）股普通股。再加上我們例行的季度股利，2026 年第三季回饋股東的資本總額約為 5.53 億美元。

As noted in the earnings release, the Board of Directors approved an increase to the company's quarterly dividend by 20% to $0.15 per share, effective for payments beginning in January of 2027. As also noted in the earnings release, the company's Board of Directors approved a new three-year $4 billion stock repurchase plan, which will become effective on January 1, 2027.

如財報新聞稿所述，董事會核准將公司季度股利提高 20% 至每股 0.15 美元，自 2027 年 1 月起開始支付時生效。同樣如財報新聞稿所述，公司董事會核准一項新的三年期 40 億美元庫藏股回購計畫，將於 2027 年 1 月 1 日生效。

The company expects to complete the remaining purchases under existing stock repurchase plan by December 31, 2026. Total debt at September 30 was $17.9 billion, and net debt was $12.6 billion. Total liquidity at the end of the third quarter was $8.3 billion, which included cash and short-term investments on hand of $5.3 billion, plus availability under existing credit facilities.

公司預期將於 2026 年 12 月 31 日前完成現有股票回購計畫下的剩餘回購。截至 9 月 30 日，總負債為 179 億美元，淨負債為 126 億美元。第三季末總流動性為 83 億美元，其中包括 53 億美元的現金與短期投資，以及現有信貸額度下的可用額度。

Third quarter 2026 adjusted EBITDA was $3.4 billion, and our net leverage ratio was 1.1 times at the end of the quarter. We are very pleased with the company's robust financial position. I will now turn the call over to Adam, who will provide some commentary on current market trends.

2026 年第三季調整後 EBITDA 為 34 億美元，季末淨槓桿比率為 1.1 倍。我們對公司強健的財務狀況感到非常滿意。接下來我將把電話交給 Adam，由他就目前市場趨勢提供一些評論。

Well, thank you very much, Craig, and I'd like to extend my welcome to everybody on the call here today. And I hope you're having an enjoyable fall so far. I have to tell you that here in Wallingford, Connecticut, is a truly beautiful New England fall day. As Craig mentioned, I'm going to highlight our third quarter achievements and include a few comments about the acquisitions that we announced today.

好的，非常感謝你，Craig，我也想在此向今天參與電話會議的各位致上歡迎。希望各位到目前為止都度過了一個愉快的秋季。我必須說，在康乃狄克州沃靈福德（Wallingford, Connecticut），今天真的是新英格蘭一個非常美麗的秋日。如 Craig 所提到的，我將重點說明我們第三季的成果，並就我們今天宣布的併購案補充幾點評論。

I'll also discuss our trends and progress across our served markets, and I'll make some comments on our outlook for the fourth quarter and the full year 2026. And of course, we'll have time for questions thereafter.

我也會討論我們在所服務市場中的趨勢與進展，並就第四季及 2026 年全年展望提出一些看法。當然，之後我們也會保留時間回答問題。

With respect to the third quarter, I'm just so proud of our team. They drove truly excellent performance once again in the third quarter. Our results were significantly stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share. Our sales grew from prior year by 65% in US dollars and local currencies, reaching a new record $10.2 billion.

就第三季而言，我為我們的團隊感到無比自豪。他們在第三季再次帶動了真正出色的表現。我們的業績顯著優於預期，銷售額與調整後稀釋每股盈餘均超越指引區間上緣。我們的銷售額較去年同期以美元及當地貨幣計皆成長65%，創下102億美元的新紀錄。

On an organic basis, our sales increased by 37%, driven by strong organic growth of more than 20% in five of our seven end markets. And I'll talk about each of those markets in a few moments. The company booked a record $12.2 billion in orders in the third quarter, representing a book-to-bill of 1.19:1. Orders essentially doubled from prior year and were up 13% sequentially.

以有機基礎計算，我們的銷售額成長37%，主要受惠於七個終端市場中有五個市場的強勁有機成長（超過20%）。我稍後會逐一談到這些市場。公司第三季接單創下122億美元的新紀錄，訂單出貨比（book-to-bill）為1.19:1。訂單較去年同期幾乎翻倍，且較前一季成長13%。

And as Craig commented, our book-to-bill was positive in nearly all of our end markets. We're also very pleased to have delivered robust adjusted operating margins of 29.7% in the quarter, an increase of 220 basis points from prior year. This strong profitability is a direct result of the outstanding execution of the Amphenol team around the world who continue to manage well in a challenging cost environment.

正如Craig所提到的，我們在幾乎所有終端市場的訂單出貨比皆為正值。我們也非常高興本季繳出29.7%的強勁調整後營業利益率，較去年同期提升220個基點。這樣的強勁獲利能力，直接來自安費諾（Amphenol）全球團隊的卓越執行力；在充滿挑戰的成本環境下，他們仍持續妥善管理。

Adjusted diluted EPS grew 74% from prior year, reaching a new record of $0.80 per share. And we generated record operating and free cash flow in the quarter, $2.1 billion and $1.6 billion, respectively, another clear demonstration of the quality of the company's earnings.

調整後稀釋每股盈餘較去年同期成長74%，創下每股0.80美元的新紀錄。此外，我們本季也創下營運現金流與自由現金流的新高，分別為21億美元與16億美元，再次清楚展現公司盈餘品質。

Finally, I'm really pleased that our Board of Directors has approved a 20% increase in our quarterly dividend to $0.15 a share as well as a new $4 billion three-year stock repurchase program. I just can't emphasize enough my pride in and my gratitude to the Amphenol team around the world.

最後，我非常高興董事會已核准將季度股利提高20%至每股0.15美元，並同時核准一項新的40億美元、為期三年的庫藏股回購計畫。我再怎麼強調我對安費諾全球團隊的自豪與感謝都不為過。

Our results this quarter once again reaffirm the value of the drive, discipline and agility of our entrepreneurial organization as we continue to perform well amidst a very dynamic environment. We're also very pleased that this quarter, we announced four acquisitions, one of which closed in the quarter and three of which we signed definitive agreements for and expect to close between now and the end of the first quarter.

我們本季的成果再次印證，在高度動態的環境中，我們具企業家精神的組織所展現的衝勁、紀律與敏捷性之價值，並持續維持良好表現。我們也非常高興本季宣布了四項併購，其中一項已於本季完成交割，另外三項已簽署最終協議，預期將於現在至第一季末之間完成交割。

First, we closed on the acquisition of Empire Electronics at the beginning of September. With 2026 full year revenue expected to reach approximately $320 million, Empire is a leading manufacturer of complex interconnect assemblies for the automotive market with a particular focus on automotive lighting applications.

首先，我們在9月初完成對Empire Electronics的收購。預期2026年全年營收約可達3.2億美元，Empire是汽車市場複雜互連組件的領先製造商，特別聚焦於汽車照明應用。

The company is headquartered in Michigan with approximately 4,800 employees worldwide. This company is included in our Interconnect and Sensor Systems segment. We're also excited that we signed definitive agreements for the acquisition of AdvancedPCB, Dexgreen Limited and Humanetics Sensors. First, AdvancedPCB is a US-based manufacturer of high-technology printed circuit boards for the defense and industrial markets.

該公司總部位於密西根州，全球約有4,800名員工。此公司將納入我們的互連與感測系統（Interconnect and Sensor Systems）事業部門。我們也很興奮已簽署收購AdvancedPCB、Dexgreen Limited與Humanetics Sensors的最終協議。首先，AdvancedPCB是一家美國的高科技印刷電路板製造商，服務國防與工業市場。

The company is headquartered in Colorado and expects full year sales of approximately $270 million this year. AdvancedPCB has approximately 800 employees across their six facilities in the US and will be included in our Harsh Environment Solutions segment post closing.

該公司總部位於科羅拉多州，預期今年全年銷售額約2.7億美元。AdvancedPCB在美國六座廠區約有800名員工，交割後將納入我們的嚴苛環境解決方案（Harsh Environment Solutions）事業部門。

Next, Dexgreen is an Ireland-based provider of fiber optic connectivity products, primarily for the European fiber-to-home applications in the communications network market. With approximately 100 employees, Dexgreen is expected to generate full year 2026 sales of approximately $90 million and will be included in the Communications Solutions segment post closing.

接著，Dexgreen是一家以愛爾蘭為基地的光纖連接產品供應商，主要服務通訊網路市場中歐洲的光纖到府（FTTH）應用。Dexgreen約有100名員工，預期2026年全年銷售額約9,000萬美元，交割後將納入通訊解決方案（Communications Solutions）事業部門。

Finally, Humanetics Sensors is a leading provider of precision force sensors, specialty fiber optic sensing products and micromachining solutions for the commercial air, defense and industrial markets. The company has approximately 350 employees and expect full year 2026 sales of approximately $70 million.

最後，Humanetics Sensors是精密力感測器、特殊光纖感測產品以及微加工解決方案的領先供應商，服務商用航空、國防與工業市場。該公司約有350名員工，預期2026年全年銷售額約7,000萬美元。

This company will be included in our Interconnect and Sensor Systems segment post closing. I just have to say our team was very busy this quarter, but we remain confident that our acquisition program will continue to create great value for the company. Our ability to identify and execute acquisitions and then very importantly, to successfully bring these new companies into Amphenol remains a core competitive advantage for the company.

該公司交割後將納入我們的互連與感測系統事業部門。我必須說，我們的團隊本季非常忙碌，但我們仍有信心，併購計畫將持續為公司創造可觀價值。我們辨識並執行併購的能力，以及更重要的是，能成功將這些新公司整合進安費諾，仍是公司的核心競爭優勢。

Now turning to our served markets. I just want to reiterate how proud we are of Amphenol's broad and balanced end market exposure. Our diverse exposure across the electronics industry enables us to continue to participate across all areas of the global electronics industry, each of which represents significant future opportunities for expansion.

接下來談談我們所服務的市場。我想再次強調，我們對安費諾廣泛且均衡的終端市場布局感到非常自豪。我們在電子產業中的多元曝險，使我們能持續參與全球電子產業的各個領域，而每個領域都代表著未來可觀的擴張機會。

We also 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 Amphenol's position long into the future. So with that said, the defense market represented 8% of our sales in the quarter.

我們也將持續致力於在市場、地理區域、客戶、應用與產品面向擴大產品組合，並在公司動能的基礎上，進一步強化安費諾在未來長期的競爭地位。在此背景下，國防市場本季占我們銷售額的8%。

Sales grew from prior year by a strong 42% in US dollars and 30% organically, and this was driven by robust growth across virtually all segments of the defense market. Sequentially, our sales grew by 12%, which was largely in line with our expectations coming into the quarter. As we head into the fourth quarter, we expect a mid-single-digit increase in sales from these third quarter levels.

銷售額較去年同期以美元計成長42%，有機成長30%，主要由國防市場幾乎所有細分領域的強勁成長所帶動。就季比而言，我們的銷售額成長12%，大致符合我們在進入本季時的預期。展望第四季，我們預期銷售額將較第三季水準呈現中個位數成長。

And for the full year 2026, we anticipate sales to increase by more than 35%, primarily driven by strong organic growth as well as the benefit of acquisitions. We remain very encouraged by the company's leading position in the defense interconnect market, where we offer the industry's widest range of high-technology products to both traditional and new defense equipment manufacturers.

而就2026年全年而言，我們預期銷售額將成長超過35%，主要由強勁的有機成長以及併購效益所驅動。我們對公司在國防互連市場的領先地位仍深受鼓舞；我們向傳統與新興的國防設備製造商提供業界最廣泛的高科技產品組合。

Amidst the current dynamic geopolitical environment, countries around the world are increasing their investments into both current and next-generation defense technologies. With our expanded product offering as well as the significant capacity expansions we have made in recent years, we are positioned better than ever to capitalize upon this long-term demand trend.

在當前多變的地緣政治環境下，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供應，以及近年來所進行的大幅產能擴張，我們比以往任何時候都更具備把握這項長期需求趨勢的優勢。

The commercial air market represented 3% of our sales in the quarter. Sales increased by 23% from prior year and 22% organically as we benefited from increasing aircraft production volumes, coupled with continued progress in expanding our content on next-generation commercial aircraft.

商用航空市場本季占我們銷售額的3%。銷售額較去年同期成長23%，有機成長22%，主要受惠於飛機產量提升，以及我們在下一代商用飛機上持續擴大供貨內容（content）的進展。

Sequentially, our sales grew by 9% from the second quarter, which was much better than our expectations coming into the quarter. Looking into the fourth quarter, we expect sales to remain at these strong third quarter levels. And for the full year 2026, we anticipate sales to increase by approximately 20%.

就季比而言，我們的銷售額較第二季成長9%，遠優於我們在進入本季時的預期。展望第四季，我們預期銷售額將維持在第三季這些強勁水準。而就2026年全年而言，我們預期銷售額將成長約20%。

I am 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 and through our acquisition program continue 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.

我對在商用航空市場工作的團隊感到由衷自豪。隨著下一代飛機需求持續成長，我們透過有機方式與併購計畫擴大產品供應的努力，正持續帶來實質成果。我們期待在未來長期進一步把握我們擴增後的商用航空產品解決方案範圍所帶來的機會。

The industrial market represented 18% of our sales in the quarter. Our sales in this market grew by 60% in US dollars and 25% organically as we saw continued strong demand across the diversified industrial market and as we benefited from the addition of CommScope's building connectivity business.

工業市場本季占我們銷售額的18%。我們在此市場的銷售額以美元計成長60%，有機成長25%；這反映出多元化工業市場的需求持續強勁，同時也受惠於納入CommScope的建築連接（building connectivity）業務。

On an organic basis, virtually all of our industrial submarkets grew in the quarter with all three geographies also showing strong growth. On a sequential basis, sales grew by 7% from the second quarter, which was much better than our expectations. As we look into the fourth quarter, we do expect sales to moderate somewhat from these robust third quarter levels.

以有機基礎來看，本季我們幾乎所有工業子市場皆實現成長，三大地理區域亦呈現強勁增長。以季比基礎來看，銷售額較第二季成長7%，明顯優於我們的預期。展望第四季，我們預期銷售額將較第三季這些強勁水準略為趨緩。

For the full year 2026, we now expect sales growth of more than 50%, reflecting both strong organic growth as well as the benefit of acquisitions. We're very excited by the company's strength across the many diversified segments of this important market. I remain confident in our strategy to expand our high-technology interconnect, antenna and sensor offerings, both organically and through complementary acquisitions.

就2026全年而言，我們目前預期銷售成長將超過50%，反映強勁的有機成長以及併購帶來的效益。我們對公司在此一重要市場中眾多多元化領域所展現的實力感到非常振奮。我仍對我們擴大高科技互連、天線與感測器產品組合的策略充滿信心，無論是透過有機成長或透過互補性併購。

This strategy has enabled Amphenol to capitalize on the many electronic revolutions that continue to occur across the diversified industrial market, thereby creating further opportunities for our outstanding team. The automotive market represented 10% of our sales in the quarter and grew 13% in US dollars and 9% organically.

此一策略使安費諾得以掌握多元化工業市場中持續發生的多場電子革命，進而為我們優秀的團隊創造更多機會。本季汽車市場占我們銷售額的10%，以美元計成長13%，以有機基礎成長9%。

This was driven really by strength in electric vehicles as we once again drove growth in all regions. Sequentially, our sales grew by 12% from the second quarter, which was much better than our expectations, reflecting the ability of our team to quickly execute on a range of opportunities, together with some impact from the addition of Empire late in the quarter.

這主要是由電動車需求強勁所帶動，我們再度在所有地區推動成長。以季比來看，我們的銷售額較第二季成長12%，顯著優於預期，反映團隊能迅速把握多項機會的執行力，並且在本季末納入Empire亦帶來部分影響。

For the fourth quarter, we do expect a slight sales moderation from these third quarter levels. And for the full year 2026, we anticipate that sales will increase in the 10% range from prior year. I remain very proud of our team working in the global automotive market. With the acquisition now of Empire, we have broadened our portfolio once again, in particular around value-add interconnect products to this important market.

就第四季而言，我們確實預期銷售額將較第三季水準小幅趨緩。而就2026全年而言，我們預期銷售額將較去年增加約10%左右。我仍為我們在全球汽車市場工作的團隊感到非常自豪。隨著現已完成對Empire的收購，我們再次擴充了產品組合，特別是在面向此一重要市場的增值型互連產品方面。

While there are no doubt pockets of demand uncertainty across the automotive market, our team continues to be 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.

儘管汽車市場中無疑存在部分需求不確定性，我們的團隊仍持續專注於爭取新設計導入（design win），鎖定那些正提高新一代車款中整合之新電子內容的客戶。我們期待在未來多年持續受益於我們在汽車市場中更為強化的地位。

The communications networks market represented 8% of our sales in the quarter. Sales grew from prior year by 25% in US dollars, driven by the addition of CommScope. On an organic basis, though, sales did decline by 28% from prior year, due in particular to moderations in demand from the broadband market as well as from other communication network operators.

本季通訊網路市場占我們銷售額的8%。以美元計，銷售額較去年成長25%，主要由併入CommScope所帶動。然而，以有機基礎來看，銷售額較去年下滑28%，尤其是因寬頻市場以及其他通訊網路營運商需求趨緩所致。

On a sequential basis, our sales declined by 13%, which was in line with our expectations. Looking to the fourth quarter, we expect a further decline in sales from these third quarter levels on continued softness in spending, particularly in broadband. For the full year 2026, we expect sales growth of more than 40%, driven by the CommScope acquisition, partially offset by some organic decline.

以季比來看，我們的銷售額下滑13%，符合我們的預期。展望第四季，受支出持續疲弱影響（尤其在寬頻領域），我們預期銷售額將較第三季水準進一步下滑。就2026全年而言，我們預期銷售成長將超過40%，主要由CommScope併購所驅動，但部分將被有機下滑所抵銷。

With our expanded range of technology offerings following the acquisitions of both CommScope and Andrew, there's no doubt that we are well positioned with both service provider and OEM customers across the communications networks market. Our deep and broad range of products, coupled with our global manufacturing footprint have positioned us well to support customers around the world whenever they choose to expand their networks.

在完成對CommScope與Andrew的併購後，我們的技術產品範疇已擴大；毫無疑問，我們在通訊網路市場中，面向服務供應商與OEM客戶皆具備良好布局。我們深厚且廣泛的產品組合，加上全球製造佈局，使我們能在客戶選擇擴建網路之際，隨時隨地支援全球各地的客戶。

The mobile devices market represented 5% of our sales in the quarter, and we were very pleased that our sales grew by a strong 31% in US dollars and 29% organically. This was really driven by growth in wearables, handsets, laptops and accessories, which more than offset some modest decline in sales related to tablets.

本季行動裝置市場占我們銷售額的5%，我們非常高興銷售額以美元計強勁成長31%，以有機基礎成長29%。這主要由穿戴式裝置、手機、筆電與配件的成長所帶動，足以抵銷與平板電腦相關銷售額的小幅下滑。

Sequentially, our sales grew by 32%, which was much better than our expectations coming into the quarter as we were able to react quickly to support incremental demand from a number of customers. Looking to the fourth quarter, we now expect our sales to increase by approximately 35% from these third quarter levels.

以季比來看，我們的銷售額成長32%，遠優於我們在本季初的預期，因為我們能迅速反應以支援多家客戶的增量需求。展望第四季，我們目前預期銷售額將較第三季水準增加約35%。

And for the full year 2026, we anticipate robust sales growth of more than 30% compared to prior year. I'm extremely proud of our team working in the always dynamic mobile devices market as their agility and reactivity has once again enabled us to outperform expectations in the quarter and to capitalize on the opportunity of increased demand from our customers.

而就2026全年而言，我們預期相較去年將有超過30%的強勁銷售成長。我對我們在瞬息萬變的行動裝置市場中工作的團隊感到極為自豪；他們的敏捷與快速反應能力再次使我們在本季超越預期，並把握客戶需求增加所帶來的機會。

I'm confident that with our leading array of antennas, interconnect products and advanced mechanisms, including hinges designed in across a broad range of next-generation mobile devices, we're well positioned for the long term. The IT datacom market represented 48% of our sales in the third quarter. Sales in this important market grew by a very strong 117% in US dollars and 77% organically.

我相信，憑藉我們領先的天線、互連產品與先進機構件（包括廣泛導入於多款下一代行動裝置中的轉軸），我們已具備長期良好定位。IT資料通訊市場在第三季占我們銷售額的48%。此一重要市場的銷售額以美元計大幅成長117%，以有機基礎成長77%。

This was driven by continued acceleration in demand for our products used in artificial intelligence applications, together with continued strong demand in our base IT datacom business. On a sequential basis, sales increased by 30% from the second quarter, which was substantially better than our expectation for a mid-teens increase.

這主要由用於人工智慧應用之產品需求持續加速所帶動，同時我們核心IT資料通訊業務亦維持強勁需求。以季比來看，銷售額較第二季成長30%，顯著優於我們原先預期的中十位數增幅。

I would say that the vast majority of our sequential growth was related to AI, which now does represent approximately three-fourth of our IT datacom sales. As we look towards the fourth quarter, we expect sales to increase again in the mid-single digits from these very strong third quarter levels.

我會說，我們季比成長的絕大部分與AI相關；目前AI約占我們IT資料通訊銷售額的四分之三。展望第四季，我們預期銷售額將在第三季極為強勁的水準之上，再增加中個位數百分比。

For the full year 2026, we expect our sales to more than double compared to prior year, driven primarily by strong organic growth as well as the benefit of acquisitions, including CommScope. We are more encouraged than ever by the company's position in the global IT datacom market.

就2026全年而言，我們預期銷售額將較去年增加逾一倍，主要由強勁的有機成長以及併購效益所驅動，其中包括CommScope。我們對公司在全球IT資料通訊市場中的地位，比以往任何時候都更受鼓舞。

Our team has done an outstanding job of both securing future business on next-generation systems with a broad array of customers, but also on executing on these exciting programs. In addition, I just want to note that the team at CommScope continues to make great progress in further penetrating the IT datacom market with their advanced optical interconnect solutions.

我們的團隊在兩方面都表現出色：一方面與廣泛客戶群在下一代系統上取得未來業務，另一方面也在這些令人振奮的專案上落實執行。此外，我也想指出，CommScope團隊在以其先進光學互連解決方案進一步滲透IT資料通訊市場方面，持續取得良好進展。

Accordingly, we now expect CommScope sales in the IT datacom market to more than double for the full year 2026, and we expect that those sales should represent roughly half of their sales for the full year, and that compares to around one-third of their sales last year. The revolution in AI has created a unique opportunity for Amphenol, given our leading high-speed fiber optic and power interconnect solutions.

因此，我們目前預期CommScope在IT資料通訊市場的銷售額於2026全年將增加逾一倍，且我們預期該等銷售額約占其全年銷售額的一半；相較之下，去年約占其銷售額的三分之一。AI革命為安費諾創造了獨特機會，因為我們在高速光纖與電力互連解決方案方面具備領先地位。

All of these high-technology products are critical components in our customers' next-generation systems. This creates a continued long-term growth opportunity for our company. Turning to our outlook and obviously, assuming the continuation of current market conditions as well as constant exchange rates, for the fourth quarter, we expect sales in the range of $10.3 billion to $10.5 billion and adjusted diluted EPS in the range of $0.81 to $0.83. This would represent a year-over-year sales increase of 60% to 63% and an adjusted diluted EPS increase of 65% to 69% compared to prior year quarter.

所有這些高科技產品都是客戶下一代系統中的關鍵元件。這為本公司帶來持續的長期成長機會。接著談我們的展望；顯然，在假設目前市場狀況延續且匯率維持不變的前提下，第四季我們預期銷售額介於103億至105億美元之間，調整後稀釋每股盈餘（EPS）介於0.81至0.83美元之間。這相當於銷售額年增60%至63%，且調整後稀釋EPS較去年同期增加65%至69%。

I would just note that this guidance does not reflect any acquisitions that have not yet closed and therefore, does not include AdvancedPCB, Dexgreen or Humanetics Sensors. Our fourth quarter guidance represents also an expectation for full year sales of $36.9 billion to $37.1 billion and full year adjusted diluted EPS of $2.82 to $2.84. This outlook represents a full year sales increase of approximately 60% and an adjusted EPS increase of approximately 70%, very strong performance.

我補充說明，這份指引未反映任何尚未完成交割的併購，因此不包含AdvancedPCB、Dexgreen或Humanetics Sensors。我們的第四季指引亦代表我們預期2026全年銷售額為369億至371億美元，全年調整後稀釋EPS為2.82至2.84美元。此一展望代表全年銷售額約成長60%，調整後EPS約成長70%，表現非常強勁。

I would also note that we have upgraded our outlook for CommScope, which is included in this full year guidance. We now expect CommScope to achieve $5.1 billion in sales and to contribute $0.18 to our 2026 adjusted earnings per share. I just can't express enough how grateful I am to the entire CommScope team for their amazing work as part of the Amphenol family.

我也要指出，我們已上調對 CommScope 的展望，而這已納入本年度的財測指引之中。我們目前預期 CommScope 的銷售額將達到 51 億美元，並將為我們 2026 年調整後每股盈餘貢獻 0.18 美元。我實在無法充分表達我對整個 CommScope 團隊的感激之情，感謝他們作為安費諾大家庭一員所做出的卓越工作。

There's no doubt that 2026 has been a very special year for Amphenol thus far. 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 thereby continue to grow our market position while driving sustainable and strong profitability through this year and into the long term.

毫無疑問，2026 年迄今對安費諾而言一直是非常特別的一年。我仍然對我們傑出管理團隊在當前環境中因應眾多機會與挑戰的能力充滿信心，並因此能在今年乃至長期持續擴大我們的市場地位，同時推動可持續且強勁的獲利能力。

Finally, I'd just like to take this opportunity to express my gratitude and thanks to our entire global team for their truly outstanding efforts here in the third quarter. You should know that they worked unbelievably hard to deliver this level of growth and profitability, and I am grateful to each and every one of them around the world.

最後，我也想藉此機會，向我們遍布全球的整個團隊在第三季所付出的真正卓越努力表達感激與謝意。你們應該知道，他們付出了難以置信的努力，才交出這樣的成長與獲利水準，我對世界各地的每一位同仁都心懷感謝。

With that, operator, we'd be very happy to take any questions that there may be.

那麼，接線員，我們很樂意回答各位可能有的任何問題。

(Operator Instructions)

(接線員指示)

Luke Junk, Baird.

Luke Junk，Baird。

I wanted to start with CommScope. Adam, maybe if you could just give us some insight into the guidance raise this quarter. And then bigger picture, I'd be really interested in your thinking on the virtues of their business model and the current tight supply chain environment. And maybe within that, if you could also just comment on the work you're doing to secure fiber supply and your flexibility in that respect.

我想先從 CommScope 談起。Adam，也許你可以為我們提供一些關於本季上調指引的洞見。然後從更宏觀的角度，我很想聽聽你對他們商業模式優勢，以及目前供應鏈緊俏環境的看法。另外也許在此之中，你也可以談談你們為確保光纖供應所做的工作，以及在這方面的彈性。

Yes. Thanks very much, Luke. Well, again, I just want to commend the team at CommScope. Obviously, when we announced the deal, we talked about this company at signing as a $3.6 billion company. And here we are now $1.5 billion more than that this year. And I think when we closed, we said we thought it would be $4.1 billion, so $1 billion more than at the beginning of this year.

好的。非常感謝你，Luke。嗯，再次強調，我要稱讚 CommScope 的團隊。顯然，當我們宣布這筆交易時，我們談到該公司在簽約時的規模是 36 億美元。而現在，今年我們比那個數字多了 15 億美元。我想在交割時，我們說過我們認為會是 41 億美元，所以也比今年年初的預期多了 10 億美元。

And that is just a direct reflection of the team's ability to execute in the face of the demand opportunity that is there. And that demand opportunity for sure is very strong in the data center market, AI and related. They also see strength in their industrial market. And even if the communications network, as I mentioned, we've seen a little bit of softness in the demand there.

這完全直接反映了團隊在面對既有需求機會時的執行能力。而這個需求機會毫無疑問在資料中心市場、AI 及相關領域非常強勁。他們在工業市場也看到強勢。即便如我所提到的，在通訊網路方面，我們確實看到那裡的需求有些許疲軟。

I think the CommScope team is executing extremely, extremely well. And when I say executing, I really mean not just doing the things in the factory to make it happen, but also facing up to whatever challenges they may see in the marketplace, challenges around getting enough people in the right places, challenges around getting materials of all sorts, including glass and other things.

我認為 CommScope 團隊的執行表現極其、極其出色。我所說的執行，不只是指在工廠端把事情做成，也包括正面應對他們在市場上可能遇到的各種挑戰：例如在正確地點配置足夠人力的挑戰、取得各類材料的挑戰，其中包括玻璃以及其他材料。

I mean there are lots of constraints that are there in the world. And I think the team has done a fabulous job to diversify their supply base to secure supply of everything that they need, including glass and to make sure that the company is positioned to support their customers, not just here in the third quarter and the fourth quarter of 2026, but for the long term.

我的意思是，世界上存在許多限制因素。我認為團隊做得非常出色，透過分散其供應基礎來確保所需的一切供應，包括玻璃，並確保公司已做好準備來支援客戶，不僅是在 2026 年第三季與第四季，而是著眼於長期。

And as part of the Amphenol family, they have the wherewithal to do that because rather than being in a company that was naturally constrained from a capital perspective and a scale, but in particular, given the financial condition of their prior parent, I would tell you that CommScope is taking full advantage of being part of Amphenol, investing in new technology development, developing a multiplicity of options for all the things that they need across the board as a manufacturer. And I think that long-term positions them very, very well for the future.

而作為安費諾大家庭的一員，他們具備做到這一點的資源與能力；因為他們不再受限於一家在資本與規模上天然受約束的公司——尤其考量到其先前母公司的財務狀況——我可以告訴你，CommScope 正充分利用成為安費諾一部分的優勢，投資於新技術開發，並就其作為製造商在各方面所需的各項要素，建立多元化的選項。我認為這在長期將使他們在未來具備非常、非常好的定位。

Varun Govindaraj, Bernstein.

Varun Govindaraj，Bernstein。

Congratulations on the strong quarter. I had a question related to NVIDIA architectures. So as we shift from Oberon to Kyber theoretically in 2028, we lose the backplane and then move into that PCB midplane structure.

恭喜本季表現強勁。我有一個與 NVIDIA 架構相關的問題。因此，當我們在理論上於 2028 年從 Oberon 轉向 Kyber 時，我們會失去背板（backplane），並轉而採用 PCB 中板（midplane）結構。

How do you think about that from an Amphenol content standpoint? And have you been having any conversations around this? Would love to get any qualitative color if you can share it? I know it's still early.

從安費諾的內容價值（content）角度，你如何看待這件事？你們是否已就此進行任何對話？如果可以分享的話，很希望聽到一些定性的補充說明。我知道現在仍然還早。

Yes. Well, Varun, first of all, let me welcome you to our call. And second of all, I think you will learn in the years to come that I don't discuss specific customers, and I'm not going to delve into specific customer-specific architectures. But what I will say is this, I mean, I personally meet with customers all the time. I was meeting with a lot of customers even just in the last few days who are involved in lots of future architectures.

是的。嗯，Varun，首先，歡迎你加入我們的電話會議。其次，我想你在未來幾年會了解到，我不會討論特定客戶，我也不會深入談論特定客戶的架構細節。但我可以說的是，我個人一直都在與客戶會面。就在過去幾天，我也與許多參與各種未來架構的客戶進行了會談。

And what we hear from all of our customers across the board who are designing these next-generation architectures for AI, for whatever you call it, AI or SI or accelerated computing, you name however you want to call it, they need more interconnect period. And that more interconnect means more copper, high-speed interconnect. It means more optical interconnect.

而我們從所有客戶那裡普遍聽到的是：無論他們是在為 AI 設計下一代架構，或不管你稱之為 AI、SI 或加速運算（accelerated computing），隨你怎麼稱呼，他們都需要更多的互連（interconnect），就是這麼簡單。而更多互連意味著更多銅材、高速互連。也意味著更多光學互連。

It means more power interconnect. And it is really our ability to bring to them the breadth of those opportunities, the breadth of those products, the depth and the new developments that we're offering, the capacity, the capability to scale with them, that regardless of what individual one program or another designs or doesn't design, we hear from all of our customers, a continuity of the intensity of the interconnect architecture that we can bring to them.

也意味著更多電力互連。而真正關鍵在於：我們能夠為他們帶來這些機會的廣度、產品的廣度、我們所提供的深度與新開發項目、以及與他們一同擴產放量的產能與能力；因此，不論某一個特定專案最終採用或不採用哪種設計，我們從所有客戶那裡都聽到的是：我們能提供的互連架構強度將持續存在。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Adam, if I think about the IT datacom segment growing 30% sequentially, I think it's 2x, which you had initially expected. And I think you said most of this came from AI on the prepared comments. I'm just wondering, the upside and strength that you're seeing over here, is that coming from customers essentially increasing their demand to you?

Adam，如果我看 IT datacom 部門季增 30%，我認為這大概是你們最初預期的 2 倍。而且我想你在事先準備的講稿中提到，這其中大部分來自 AI。我想了解的是，你們在這裡看到的超預期與強勁表現，是來自客戶實際上提高了對你們的需求嗎？

Or was it more driven by your ability to fulfill existing demand faster than you had expected? And maybe you could just connect that upside to the fact that you're guiding December quarter up mid-single digits for IT datacom broadly. Is that, again, the underlying deployment cadence? Is that more a function of what you think you could deliver?

還是更多是由於你們能夠比原先預期更快地滿足既有需求所驅動？另外，你能否把這個超預期與你們對 12 月季度 IT datacom 整體指引為中個位數成長連結起來？那是否同樣反映底層部署節奏？還是更多是你們認為自己能交付多少的函數？

Well, thanks so much, Amit. Look, 30% sequential demand on a market of this size is an enormous, enormous achievement for our team. So I want to say that first and foremost. I think also there is traditionally a little bit of seasonality that comes in certain markets. Hard to say what the seasonality of AI will be.

嗯，非常感謝你，Amit。你看，在這樣規模的市場上出現 30% 的季增需求，對我們團隊而言是非常、非常巨大的成就。所以我首先要這麼說。我也認為，傳統上某些市場確實會有一些季節性因素。至於 AI 的季節性會是什麼樣子，則很難說。

We are still guiding to a growth in the fourth quarter from these very high levels. So I think it's very substantial. I don't think that it's gated -- to say that it's gated by demand or our abilities, I mean, we've been executing really, really well for our customers on their demand. And I think the strength in the third quarter, it wasn't that anything was pulled in. It was just we satisfied our customer demand, and we were able to execute upon it.

我們仍然指引第四季將在這些非常高的水準之上繼續成長。所以我認為這是非常可觀的。我不認為這是由需求或我們的能力所「卡住」——如果要說是由需求或能力所限制，我的意思是，我們一直在為客戶的需求執行得非常、非常好。而我認為第三季的強勁並不是因為有任何需求被提前拉貨。只是我們滿足了客戶需求，並且有能力把它執行到位。

And right now, what we see in the fourth quarter is this kind of mid-single-digit increase from already very, very high levels. So I don't think there's any sign of anything there, except that the fact that they're still procuring at these high levels and that we're able to meet the moment of the demand from the customers is a really positive thing from my perspective.

而且就目前而言，我們在第四季看到的是，在已經非常、非常高的基期之上，出現這種中個位數的成長。所以我不認為那裡有任何值得擔心的跡象；相反地，他們仍以這麼高的水準持續採購，而我們也能夠即時滿足客戶端的需求，從我的角度來看，這是一件非常正面的事。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Congratulations on the strong results. I want to talk about EBIT margins, if you could, please. Overall non-GAAP EBIT margins are nearly 30%, and that's actually the incremental conversion margin the company has historically targeted. I'm sure you'd like to drive profitability higher going forward.

恭喜你們交出強勁的成果。我想談談 EBIT 利潤率，如果可以的話。整體非 GAAP 的 EBIT 利潤率接近 30%，而這其實就是公司過去一向鎖定的增量轉換利潤率。我相信你們也希望未來能把獲利能力再往上推。

But maybe talk a little bit about the ability for the company to take up its view around incremental margins north of the historical 30% target, especially in light of some of the input cost dynamics that are at work in the industry.

但也許請談談，公司是否有能力把對增量利潤率的看法提高到高於過去 30% 的目標，特別是在產業中一些投入成本動態正在發生的背景之下。

Yes. Thanks for the question, Mark. Yes. No, listen, first off, you commented on the 29.7% operating margins we had in the quarter. And certainly, we're extremely proud of achieving kind of those high levels of operating margins that we certainly think is deserved given the technology and the value we're bringing to our customers, not just in IT datacom, but honestly in all of our markets.

是的。謝謝你的問題，Mark。是的。不是，聽我說，首先，你提到了我們本季 29.7% 的營業利潤率。而且我們當然對能達到這樣的高營業利潤率水準感到非常自豪；我們也確實認為，考量到我們帶給客戶的技術與價值，這是我們應得的，不僅是在 IT 資料通訊（datacom），坦白說在我們所有市場都是如此。

But that's being driven by a few things. Number one is, obviously, we have significant technology, which I just mentioned and the value being added to our customers, I think, is just driving kind of those margins higher. We're able to share some of those margins with our customers.

但這是由幾個因素所驅動的。第一，顯然我們擁有顯著的技術——我剛才也提到——以及我們為客戶增加的價值，我認為正推動這些利潤率走高。我們也能把其中一部分利潤與客戶分享。

But you can't do that without strong execution, strong cost discipline by our general managers. And they've just done an outstanding job of leveraging kind of the -- obviously, the volumes that they have in these really complex products that are really hard to make, but do it in a way that ultimately is able to drive margin for the business.

但如果沒有強而有力的執行力、以及我們各事業部總經理嚴謹的成本紀律，是做不到的。他們在運用——顯然——這些非常複雜、製造難度很高的產品所帶來的量能方面，做得非常出色，而且是以最終能為公司帶來利潤率提升的方式來執行。

We talked about this 30% conversion margin, kind of, we increased this a little over a year ago now. And clearly, we've already started to kind of approach those levels. So I don't think we would really change our per se long-term target yet. I'm not saying that won't happen kind of in the future here.

我們談過這個 30% 的轉換利潤率；大約在一年多前我們把它上調了一些。而且很明顯，我們已經開始接近那樣的水準。所以我認為我們目前還不會去改變我們所謂的長期目標。我不是說未來不會發生改變。

But there's no doubt, I think as we continue to grow certainly organically and certainly, the acquisitions will have some -- you're going to have some compression on margins as we go forward because typically, those are at the levels of profitability that the company is at.

但毫無疑問，我認為當我們持續成長——當然是有機成長——而且併購也會帶來一些影響——隨著我們往前走，利潤率會有一些壓縮，因為通常被併購的公司，其獲利水準會低於我們目前的水準。

But certainly, our organic growth as we go forward, I would expect to continue to increase our margins to some degree. And I certainly don't think this 29.7% is kind of the bottom in terms of where we are today. I think that ultimately, as we grow, as our revenue continues to grow, we should be able to expand those margins. So -- and we'll talk about longer-term targets in terms of conversion from there. But essentially, we'd certainly expect to continue to be able to expand those margins.

但就我們未來的有機成長而言，我預期我們的利潤率仍會在某種程度上持續提升。而且我也不認為 29.7% 會是我們目前所處水準的底部。我認為最終，隨著我們成長、隨著營收持續增加，我們應該能夠擴大利潤率。所以——我們也會從這裡再去談更長期的轉換目標。但基本上，我們當然預期能夠持續擴大利潤率。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Congratulations on the strong quarter. I wanted to maybe hone in on the power portion of the datacom business. You know the broad trends that are driving up rack power needs towards 800-volt architectures with higher bandwidth and lower latency demands. But curious how sizable power is now relative to your overall AI business? And how fast are you seeing that transition to higher voltage designs?

恭喜你們本季表現強勁。我想把焦點放在資料通訊業務中的電力（power）部分。你知道，推動機櫃（rack）電力需求上升的整體趨勢，正朝向 800 伏特架構、更高頻寬與更低延遲的需求。但我好奇的是，電力業務相對於你們整體 AI 業務目前的規模有多大？以及你們看到轉向更高電壓設計的速度有多快？

Yes. Well, thank you very much, and I'd like to also extend my welcome to you for the first time on our call. Look, we've talked for a long time about this sort of triumvirate of technologies in data center for us, high-speed, optics and power and how those are all very, very important to the data center, to the people who are constructing these data centers, who are architecting them, but also very important to Amphenol.

是的。非常感謝，也想在你第一次參加我們電話會議時向你表示歡迎。你看，我們談這個資料中心對我們而言的三大技術支柱已經很久了：高速、光學與電力；而這三者對資料中心、對建置這些資料中心的人、對設計其架構的人都非常、非常重要，同時對安費諾（Amphenol）也非常重要。

They each represent real pillar technologies inside our company. And we continue to double down on those pillar technologies. And if you drill down into power, we've been involved in power interconnect for nearly the entire modern history of Amphenol going all the way back to our defense business, high-voltage industrial business.

它們各自都代表公司內部真正的支柱型技術。而我們也持續加碼投入這些支柱技術。如果你深入看電力這一塊，我們在電力互連（power interconnect）領域的參與幾乎貫穿安費諾整個現代史，最早可追溯到我們的國防業務與高電壓工業業務。

So we've been working with extremely high-power interconnect knowing how you package that interconnect for efficiency and safety, which are really the two greatest considerations that you have in a power connector. At the end of the day, and I think I've said this before, like these data centers are basically trying to do a simple thing, which is turn electrons into tokens.

因此，我們一直在處理極高功率的互連，並了解如何在效率與安全之間，妥善封裝這些互連——而這兩點確實是電力連接器最重要的兩項考量。歸根結底，而且我想我以前也說過，這些資料中心基本上是在嘗試做一件很簡單的事：把電子轉換成 token。

And if we can help our customers use less of those electrons through the efficiency of the power interconnect while keeping everything safe and secure, which you need to do, especially as you reach to these very high voltage and power levels, that creates an enormous amount of value for our customer. In terms of the scale of our power business, and we have a very significant offering in power, I would tell you that across our AI business, without giving specific decimal level numbers, I mean, it's a very meaningful portion of the business that we sell, even if I would say high speed and optics is a little bit -- is certainly more in that order.

如果我們能透過電力互連的效率，幫助客戶使用更少的電子，同時確保一切安全可靠——尤其當你走向這些非常高的電壓與功率水準時，這點是必須做到的——那就能為客戶創造巨大的價值。至於我們電力業務的規模，我們在電力方面的產品供應非常可觀；若以我們的 AI 業務整體來看，在不提供精確到小數點的數字下，我會說這是我們銷售中非常有意義的一部分，即便我會說高速與光學的占比稍微——而且確實——更高一些。

But it's -- we have a very, very strong leadership position in ensuring that our customers get the right power into their data center. We see this as a high-growth opportunity as the chip architectures consume more power and as our customers drive into new power formats like 800 volt and beyond.

但我們在確保客戶能把正確的電力導入其資料中心方面，擁有非常、非常強的領導地位。隨著晶片架構消耗更多電力、以及客戶推進到像 800 伏特甚至更高的新電力規格，我們認為這是一個高成長的機會。

Will Stein, Truist Securities.

Will Stein，Truist Securities。

Congrats on the great results and outlook. I wonder if you could talk to us a bit about capital intensity. The company's, I think, historical target was 3% to 4%. The last couple of quarters have been a little bit higher. I'm surprised you've been able to keep it this low, frankly, given the growth.

恭喜你們交出很棒的成果與展望。我想請你們談談資本密集度。公司過去的歷史目標我記得是 3% 到 4%。最近幾季稍微高一些。坦白說，考量到成長速度，我很驚訝你們仍能把它維持在這麼低的水準。

I know a lot of the growth comes from M&A, but still I wonder if it's time to rethink how we model CapEx over the next few quarters or a couple of years. Should we expect above that 3% to 4% historical range?

我知道很多成長來自併購，但即便如此，我仍想知道，是否到了需要重新思考未來幾季或未來一兩年 CapEx 建模方式的時候。我們是否應該預期會高於過去 3% 到 4% 的歷史區間？

Yes. Thanks, Will. Appreciate the question. I think this 3% to 4% historical range, honestly, probably isn't so different as we move forward. I mean, clearly, as we're growing at this level, we'll have certain quarters, where we will exceed kind of that 4% range and maybe even slightly exceed it for the year, certainly with the growth we have seen, which obviously has been extraordinary.

是的。謝謝，Will。感謝你的提問。我認為這個 3% 到 4% 的歷史區間，坦白說，隨著我們往前走可能不會有太大不同。我的意思是，很明顯，當我們以這樣的水準成長時，某些季度我們會超過大約 4% 的區間，甚至全年也可能略微超過，特別是在我們所看到的成長——顯然是非常卓越——的情況下。

But long term, certainly, as we kind of come down to more normal growth levels over the future, I wouldn't expect certainly much more than that 3%, 4% range. I think -- at the end of the day, I think that we -- the general capital structure in terms of the capital intensity of our business certainly has grown a little bit. Certainly, we have more automation, I would say, that we have. We've talked about the value that automation provides to the company, which has, I guess, increased -- has increased modestly kind of towards the upper 4%. But I would say the overall range of 3% to 4% is still probably what I would think about with maybe slightly higher than 4% and certainly times where we're growing pretty quickly.

但從長期來看，當我們在未來回落到較為正常的成長水準時，我確實不會預期會明顯高於 3% 到 4% 的區間。我認為——歸根結底，我認為——就我們業務的資本密集度而言，整體資本結構確實略有提高。當然，我會說我們採用了更多自動化。我們也談過自動化為公司帶來的價值，我想這使得——使得比例小幅提高，略偏向 4% 的上緣。但我會說，整體 3% 到 4% 的區間大概仍是我會考量的範圍，可能會略高於 4%，而且在我們成長相當快速的時期也確實會出現那樣的情況。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

Maybe I wanted to switch gears and just talk about industrial for a second, which the growth surprised me how strong it was. And you made the comment it's broad-based, but I'm wondering if you could talk about, are there like two or three underlying subverticals? I know it's kind of a hodgepodge, but maybe you can talk to specifically what's driving it and why it's starting to pick up just this year and just now.

也許我想換個話題，先談一下工業市場，因為它的成長強勁程度讓我感到意外。你提到這是廣泛性的成長，但我想知道是否有兩到三個底層的子垂直領域在帶動？我知道它有點像大雜燴，但也許你可以更具體談談是什麼在推動，以及為什麼今年、而且是最近才開始加速。

Yes. Well, thanks very much. I mean hodgepodge sounds a little -- that doesn't sound as positive. I think it's a very diverse set of applications across the industrial market. And I would just tell you, I mean, we track a bunch of these segments, I don't know, a dozen and a half of them or more.

是的。嗯，非常感謝。我的意思是，「大雜燴」聽起來有點——不太正面。我認為這是在工業市場中、跨越各種應用的一個非常多元的組合。我只能告訴你，我們追蹤了很多這類細分領域，我不知道，大概有一打半、甚至更多。

And the vast majority of those are growing in double digits organically right now. Everything from building automation, where obviously, we have the addition of CommScope, but we have also strong growth before that. Industrial instrumentation, very, very, very strong, things like oil and gas, where we see great strength, alternative energy, where we see great strength, anything related to electrification, factory automation, heavy equipment. I mean, I'm going down my list here, as you can see, Andrew.

而其中絕大多數目前在有機成長上都是雙位數成長。從建築自動化開始——顯然我們加入了 CommScope 的業務，但在那之前我們也有強勁成長。工業儀表非常、非常、非常強勁；像油氣領域我們看到很大的力道；替代能源我們也看到很大的力道；任何與電氣化相關的、工廠自動化、重型設備。我的意思是，我正在照著清單往下念，你可以看到，Andrew。

So I wouldn't point to one or another of those segments. I mean, is there some piece of industrial growth that is somehow related to the massive boom in construction related to data center. I think there's some piece, but it's certainly not the predominance or it's not dominating the growth.

所以我不會特別指向其中某一個或另一個細分領域。我的意思是，工業成長中是否有一部分與資料中心相關建設的巨大繁榮有關？我認為有一部分，但它當然不是主要因素，也不是主導成長的力量。

I think we're seeing some benefit from that. But we're seeing also markets that you would have a hard time to say are correlated to things like data centers also having strong growth. And I think it's just a testament to a couple of things. Number one is we continue to develop new products, enabling technologies at a time when customers across the industrial market are increasing the electronic content in their products.

我認為我們確實從中獲得一些好處。但我們也看到一些你很難說與資料中心這類因素有相關性的市場，同樣也有強勁成長。我認為這證明了幾件事。第一，我們持續開發新產品與使能技術，而此時工業市場的客戶正提高其產品中的電子含量。

Whether it's an earthmoving machine or next-generation factory automation or something involved in public safety or whatever, I mean, we just see a lot of increase in electronic content. And the second piece is that we continue and have continued to expand our product offering and our manufacturing support for customers with the acquisition program of the company. And so we just obviously announced these four acquisitions here today. And a couple of those will also expand our product offering for the industrial market.

不論是土方工程機械、下一代工廠自動化、或是涉及公共安全的產品等等，我們都看到電子含量大幅增加。第二點是，我們透過公司的併購計畫，持續並且一直在擴大我們的產品供應，以及對客戶的製造支援能力。因此我們今天才剛宣布這四項收購。其中有幾項也將擴大我們在工業市場的產品供應。

We made earlier this year, El.Com, which expanded our offering for the industrial market. And -- so we've been very thoughtful about continuing to bring in interconnect, value-add interconnect, sensor, antenna technology that enable our customers across the industrial market. So I feel really good about where that market is. It wasn't always easy. As you know, we had a year or two with more tough demand.

我們今年稍早收購了 El.Com，擴大了我們在工業市場的供應。而且——所以我們一直非常審慎地持續引進互連（interconnect）、具附加價值的互連、感測器、天線技術，來賦能我們在工業市場的客戶。所以我對這個市場的狀況感覺非常好。它並非一直都很容易。如你所知，我們曾有一兩年需求較為艱困。

But we continue to now put together organic growth in the industrial market, which is very robust. I think 25% organic growth on a year-over-year basis is probably the strongest quarter we've had in quite some time.

但我們現在持續在工業市場累積有機成長，而且非常強勁。我認為以年對年來看 25% 的有機成長，可能是我們相當長一段時間以來最強的一個季度。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Maybe a quick housekeeping and then a question. Adam, on orders, the 1.19 book-to-bill on a much larger revenue base. I know in the past, you've sort of talked about that the time line on yours going out a little bit.

也許先問一個快速的例行問題，然後再問一個問題。Adam，關於訂單，在更大的營收基礎上，出貨比（book-to-bill）是 1.19。我知道過去你曾談到你們的時間線有稍微拉長一些。

Are we seeing customers again sort of extend visibility or any changes there? And then just bigger picture, like I'm wondering how you're thinking about this like over time as data center helps scale optical demand and I think eventually maybe you see some price compression. Do you see further optical gains in any of these other end markets?

我們是否又看到客戶延長可視性（visibility），或在這方面有任何變化？然後從更大的角度來看，我想知道你如何隨時間看待這件事：隨著資料中心帶動光學需求規模化，而我認為最終可能會出現一些價格壓力。你是否看到在其他終端市場中，光學還有進一步滲透或成長的空間？

Yes. Well, thanks, Joe. I mean, look, relative to the question on orders, I mean, I think we've talked about the fact that we've seen customers over the course of the last year kind of opening up their order aperture. Part of that is just the overall environment. It's the certainty of their plans.

是的。嗯，謝謝你，Joe。我的意思是，關於訂單的問題，你看，我想我們已經談過，在過去一年裡我們看到客戶某種程度上擴大了他們下單的「口徑」或範圍。其中一部分只是整體環境所致。也與他們計畫的確定性有關。

Part of that is, in certain cases, when we make investments, we try to make sure that our customers are sharing the risk with us. And sometimes that risk sharing has to do with giving us orders that have a certain extension. But look, I don't think there's anything in this quarter changing from maybe what we would have said a quarter ago.

另一部分是，在某些情況下，當我們進行投資時，我們會努力確保客戶與我們共同分擔風險。而有時這種風險分擔，會體現在給我們具有一定延伸期間的訂單。但你看，我不認為本季度有任何事情，會改變我們可能在一個季度前所說的內容。

Relative to your question on optics, I mean, right now, we see optics really significantly in, let's say, three of our end markets. Obviously, IT datacom, of course, communications networks, and then one which may not always be on the top of people's tongue, which is defense. And I would tell you that our defense-related optics business is a very strong business.

至於你問到光學，我的意思是，目前我們在大概三個終端市場中看到光學的比重非常顯著。顯然是 IT 數據通訊（datacom），當然還有通訊網路；以及一個可能不一定總是在大家嘴邊的領域，也就是國防。我可以告訴你，我們與國防相關的光學業務非常強勁。

And we're -- again, just as we've talked about having active and passive copper and active and passive optics as part of our -- the sort of four quadrants of data transmission offering for data centers, we have the same offering into the defense market, albeit with very different products because of the packaging, the environment that those products go into.

而且我們——同樣地，正如我們談到在資料中心的資料傳輸產品組合中，包含主動與被動銅纜、以及主動與被動光學，形成四個象限的供應；我們在國防市場也有同樣的供應，只是由於產品所需的封裝與使用環境不同，產品本身會非常不一樣。

The speeds that you talk about in defense are not quite at the level of the speeds that we talk about in a super cluster of accelerated computers. But nonetheless, these are very high-technology products actually. And it's an area that we've been involved in for an extremely long time, and we continue to double down on that area in terms of high-technology optics.

國防領域所談的速度，還不到我們在加速運算超級叢集（super cluster）中所談的速度水準。但即便如此，這些其實仍是非常高科技的產品。而且這是我們涉入非常久的領域，我們也持續在高科技光學方面加碼投入這個領域。

Now we have a new thing. And that new thing is the acquisition of Humanetics Sensors. And while not a huge company, $70 million in sales, and certainly, it's not closed yet. Humanetics, in addition to having a very nice offering of force sensors, has an offering of fiber optic-based sensing. And what that means is using optical technology as a mechanism to measure certain things, pressure, force, disruptions, things like that.

現在我們有一個新項目。而這個新項目就是收購 Humanetics Sensors。雖然它不是一家很大的公司，營收約 7,000 萬美元，而且當然交易尚未完成交割。Humanetics 除了擁有相當不錯的力感測器產品組合之外，也提供以光纖為基礎的感測方案。這代表使用光學技術作為量測某些事物的機制，例如壓力、力量、擾動等這類項目。

It turns out that using the refraction of light is actually a very interesting modality for sensing that expands for us the breadth of our sensing opportunities and also allows us to have -- to double down on our capability vis-a-vis optical technology. So that's another area maybe, Joe, where we're seeing some expansion opportunities, and that's probably more in the industrial defense kind of sensing applications.

結果證明，利用光的折射其實是一種非常有趣的感測方式，這不僅拓展了我們的感測機會廣度，也讓我們能夠——進一步強化我們相對於光學技術的能力。所以這也是另一個領域，Joe，我們可能正在看到一些擴張機會，而這大概更多是在工業與國防類的感測應用上。

And we'll see what else. But we're really excited as one of the world's largest optical interconnect companies to see this breadth of opportunity.

我們也會再看看還有什麼其他可能。但作為全球最大的光學互連公司之一，我們對於這樣廣泛的機會感到非常振奮。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

First, congrats on the first $10 billion quarter. I remember when you guys hit $1 billion, so it's quite the milestone. So maybe, Adam, just the growth in IT datacom that we're seeing now, we are seeing the backlog extended maybe a little bit more than historical.

首先，恭喜首次達成單季100億美元。我記得你們達到10億美元的時候，所以這確實是一個重要里程碑。所以也許，Adam，就我們現在看到的IT資料通訊（datacom）成長而言，我們看到的積壓訂單（backlog）似乎比歷史水準再拉長了一些。

How concerned should we be on this further dated backlog on the potential that perhaps neocloud build-outs might suffer from funding concerns? And would you say that there was any lumpiness or timing in demand in Q3 at the expense of Q4 given some very material project ramps that are taking place?

對於這種交期更久的積壓訂單，我們應該多擔心一些嗎？尤其是考量到新興雲（neocloud）建置可能會因資金疑慮而受影響的可能性？另外，你會不會說第三季的需求在時點上有任何不均勻（lumpiness）或提前/延後的情況，導致第三季的需求是以犧牲第四季為代價，因為有一些非常重大的專案正在爬坡（ramp）？

Thanks very much, Wamsi. Well, thank you, first and foremost, for acknowledging. I mean, the $10 billion quarter, I too remember when we had our first $1 billion quarter. I also remember when we had our first $1 billion year. So that is a long memory. And it wasn't so long ago, let me just say, it was in 2021 that we crossed $10 billion for the year.

非常感謝你，Wamsi。嗯，首先也謝謝你特別提到這點。我的意思是，單季100億美元，我也記得我們第一次單季10億美元的時候。我也記得我們第一次全年10億美元的時候。所以這是一段很長的記憶。而且其實也沒有那麼久之前——我想說的是，我們是在2021年全年營收首次跨越100億美元。

And as a slight diversion, if you'll indulge me, that was the year -- at the end of that $10 billion is when you'll recall that we created our three operating divisions and promoted three exceptional individuals to become President of those divisions. And I've always talked about how in Amphenol, we're so singularly focused on protecting and scaling the culture of Amphenol.

稍微岔題一下，如果你允許我多說兩句——那一年，在全年100億美元之後，你會記得我們成立了三個營運事業部，並提拔三位非常傑出的人士擔任各事業部總裁。而我一直在談的是，在Amphenol，我們非常專注於保護並擴大Amphenol的文化。

And I think it's not a coincidence to me that we crossed $10 billion in quarterly sales just five years after we crossed $10 billion in annual sales. And the real inflection of doing that was the creation of those divisions, which allows us to preserve, secure and thrive with the Amphenol culture.

而在我看來，我們在全年營收跨越100億美元後僅僅五年，就在單季銷售額跨越100億美元，這並非巧合。真正的轉折點就是成立那些事業部，讓我們能夠保存、鞏固並在Amphenol文化下持續茁壯。

Thank you for the diversion and the opportunity, Wamsi. But relative to your question on the backlog, I mean, look, I think it's normal to have these longer-dated orders. I talked about some of the basis for that earlier, so I won't repeat myself.

謝謝你讓我岔題，也謝謝你給我這個機會，Wamsi。但回到你關於積壓訂單的問題——我的意思是，你看，我認為出現這種交期較長的訂單是正常的。我先前已談過其中一些原因，所以我就不重複了。

I wouldn't say that we have -- that there's an enormous exposure to, as you say, neocloud. I mean the vast majority of the demand that I think we're seeing that our customers are seeing are from some of the world's most highly capitalized companies who are doubling down on creating new functionalities, new capabilities and new capacity of compute for their customers.

我不會說我們——如你所說——對新興雲（neocloud）有很大的曝險。我的意思是，我認為我們看到、我們客戶看到的需求，絕大多數來自全球資本最雄厚的一些公司；他們正在加碼投入，為其客戶打造新的功能、新的能力以及新的運算產能。

So I don't know that whether there's one or another neocloud who on a given day, people are a little nervous about. To me, it's more about you have these extraordinary organizations who are making historical investments in a technology that by all means, at least to me, appears to also be historical in nature. And I wouldn't point to any lumpiness last quarter project-based lumpiness. I mean, we're not really seeing project-based lumpiness in our IT datacom business right now.

所以我不確定是否存在某一家或另一家新興雲公司，在某一天會讓人有點緊張。對我而言，更重要的是：你有這些非凡的組織，正在對一項技術做出歷史性的投資；而至少在我看來，這項技術本身也呈現出歷史性的特質。而我也不會指稱上季有任何以專案為基礎的需求不均勻（lumpiness）。我的意思是，我們目前在IT資料通訊業務中，並沒有真正看到以專案為基礎的需求不均勻。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

Great to hear from you guys. And again, my congrats on the quarter as well. Adam, at our conference, you sounded very excited about defense. And clearly, the end market has performed really well. Just if you could think about what are some of the key drivers here, how we should think about long term?

很高興再次聽到你們的分享。同樣地，也再次恭喜這一季的表現。Adam，在我們的會議上，你談到國防時聽起來非常興奮。而且很明顯，這個終端市場表現得非常好。如果可以的話，請你談談這裡的一些關鍵驅動因素，以及我們應該如何從長期角度來看待？

At any given point, there's always like political reasons why budgets could be constrained or not in defense. But just how are you thinking about this, not just for the next quarter because you've guided for that, but just longer term or even medium term, how are you thinking about this defense opportunity here?

在任何時點，國防預算總是可能因政治因素而受到限制或不受限制。但你如何思考這件事——不只是下一季（你們已經給了指引），而是更長期甚至中期，你如何看待這個國防機會？

Well, thank you very much, Asiya. And I do recall our conversation, and thanks again for hosting us at that time. Look, we remain very excited about our defense business. In many ways, the defense market is for Amphenol kind of our birthright. Let me say it that way.

非常感謝你，Asiya。我也記得我們那次的對話，也再次感謝你當時的接待。你看，我們仍然對國防業務感到非常振奮。在很多方面，國防市場對Amphenol而言可說是我們的「與生俱來的根基」。我就這麼說吧。

I mean we've been involved in innovating defense electronics since the early 1940s. And since then, we have been on the vanguard of developing next-generation technologies to meet whatever the moment was at the time. Today, it's a confluence of moments. You have geopolitics, which are at best to say, dynamic, let me say that.

我的意思是，我們自1940年代初期就開始參與國防電子的創新。從那時起，我們一直站在開發下一代技術的最前線，以滿足當時的各種需求。而今天，是多個時點因素的匯聚。你有地緣政治，往好聽說，至少是非常動態——我就這麼說。

But you also have a technology inflection happening in the defense market, where our customers and the governments who rely upon those customers for their military hardware are accelerating the adoption of next-generation technologies, which have an intensity of electronics and thereby an intensity of the kind of products that we can sell to them.

但你同時也看到國防市場正在發生技術拐點：我們的客戶，以及依賴這些客戶提供軍事硬體的各國政府，正在加速採用下一代技術；而這些技術帶來更高的電子化密度，因而也提高了我們能賣給他們的產品密度。

And then there's a third thing happening, which is not only are we doing that with our traditional customers who we support night and day and adore them, and we'll do everything for them day and night, but we also have an enormous growth and collection of new defense customers who require something even more innovative sometimes, who sometimes require a faster turn, a more creativity in the types of products.

接著還有第三件事正在發生：我們不僅與我們的傳統客戶一起推進——我們日以繼夜地支持他們、非常珍視他們，也會全天候為他們竭盡所能——同時我們也迎來大量成長、並聚集了一批新的國防客戶；他們有時需要更具創新的方案，有時需要更快的交付週期，以及在產品類型上更高的創意。

And with our breadth and depth of technologies, coupled with our entrepreneurial agility across Amphenol, it puts us in a very, very strong position. And then the last piece is really geographical. There's no doubt that our country, the US remains the world's largest defense, at least in those countries that we can service as an American company.

而憑藉我們技術的廣度與深度，再加上Amphenol整體的創業家式敏捷性，讓我們處於非常、非常有利的位置。最後一塊其實是地理因素。毫無疑問，我們的國家——美國——仍然是全球最大的國防市場，至少就那些我們作為一家美國公司能夠服務的國家而言。

But we also see a rapid growth of other countries, NATO countries, for example, countries in South Asia, Middle East and otherwise, who are accelerating their investments in their own native military technologies. And because of our global presence, because we've always had engineers, local support with all of them, we sit in also a uniquely advantageous position vis-a-vis that own dynamic. So you have a lot of stuff going on at once. And I think our company is really purpose-built to take advantage of all of it.

但我們也看到其他國家快速成長，例如北約國家、南亞國家、中東等地的國家，正在加速投資其本土軍事技術。而因為我們的全球布局，因為我們一直在各地都配有工程師與在地支援團隊，我們在這個動態之下也處於獨特的有利位置。所以同時有很多事情在發生。而我認為我們公司確實是為了把握這一切而量身打造的。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通。

Congrats on the results as well from my end. Maybe for my question, Adam, I just wanted to touch on your comments on CommScope taking advantage of being part of Amphenol, which I think was pretty evident in the results today and kind of disclosures, particularly as we look at the upside for the earnings contribution relative to sales.

我這邊也恭喜你們的成果。就我的問題而言，Adam，我想回到你提到CommScope因成為Amphenol的一部分而受益的評論；我認為這點在今天的結果與揭露中相當明顯，特別是當我們看獲利貢獻相對於銷售額的上行空間時。

So maybe can we just double-click there on the drivers you're seeing across the business, whether that be scale, mix, synergies, et cetera? And as we take a step back, how should we think about the path for CommScope margins to reach the corporate average? What are the main moving pieces now? And how are you thinking about the time line there just given the execution we've seen today?

所以也許我們可以在這裡再深入一點，談談你在整個業務中看到的驅動因素——不論是規模、組合（mix）、綜效（synergies）等等？另外，從更宏觀的角度來看，我們應該如何思考CommScope利潤率走向公司平均水準的路徑？目前主要的變動因素是什麼？以及考量到我們今天看到的執行成果，你對那個時間表是怎麼想的？

Yes. Well, thanks very much, Joe. Look, again, we are so proud of the team at CommScope. And taking advantage of being part of Amphenol, I kind of like how you say that, because in most companies, when you talk about an acquisition, it's what are we doing to them to make them better.

是的。嗯，非常感謝你，Joe。你看，再次強調，我們對 CommScope 的團隊感到非常自豪。而且善用成為 Amphenol 一部分的優勢——我其實很喜歡你那樣的說法，因為在多數公司談到併購時，通常是「我們要對他們做什麼，讓他們變得更好」。

But in this case, the way you phrase it is very much how I would phrase it, which is what are they doing as the owners of that business, but in Amphenol, it barely has those quote marks, that concept of ownership. What are they doing now that they are part of the Amphenol family to take advantage of being part of Amphenol and thereby drive their company to higher levels. We are not creating that success.

但在這個案例中，你的措辭非常符合我會用的方式：也就是作為該事業的擁有者，他們在做什麼；但在 Amphenol，「擁有權」這個概念幾乎不需要加引號。他們現在成為 Amphenol 大家庭的一員後，如何善用 Amphenol 的平台，進而把公司推向更高的層次。我們並不是在創造那個成功。

They are, but they're doing it as part of Amphenol. So what are the things that they are doing? Well, obviously, we have the availability of capital. Craig is here right next to me and has crafted a fortress of a balance sheet where we have the wherewithal to make smart investments in things that have great returns. That's something that they're taking advantage of.

成功是他們創造的，但他們是在 Amphenol 的體系內做到的。那他們做了哪些事？嗯，顯然，我們有資本的可得性。Craig 就在我旁邊，他打造了一個堅若堡壘的資產負債表，讓我們有能力在具備高報酬的領域進行明智投資。這就是他們正在善用的一點。

And getting them not to be shy about asking for that is something that we're helping them through a little bit. Helping them globally, how do you expand in places where with the rapid growth that the company has had, I mean, very, very strong growth on a year-over-year basis. How -- what resources do they need to expand in those countries beyond maybe what they would have had before.

而協助他們不要害羞、敢於提出這些需求，是我們正在幫他們適應的一部分。在全球層面協助他們：在公司快速成長的情況下——我的意思是年對年非常、非常強勁的成長——他們在那些國家擴張需要哪些資源，可能超出他們過去所能擁有的。

And we can give them every once in a while a helping hand. And look, relative to -- you said one word, which I don't use. I won't even repeat it, but it started with an S and ended with an energies. And that's not a word we use in Amphenol. And it's not a word we use because we don't believe we know their business better than they know their business.

我們也會不時伸出援手。另外，你剛剛提到一個詞——我不使用那個詞。我甚至不會重複它，但它以 S 開頭、以 energies 結尾。那不是我們在 Amphenol 會用的詞。我們不使用它，是因為我們不認為自己比他們更懂他們的業務。

They know their business best. They know what to do. It's not, well, how do we take 1 and 1 and make that 1.5 because you have 2 people and they can -- that can be done with the work of one. It's not that whatsoever. It's more that now that you're part of our company, now that we are pushing down through their organization that concept of ownership of entrepreneurship, let's go unleash the power of the people and make it happen.

他們最懂自己的業務。他們知道該怎麼做。這不是那種「我們如何把 1 和 1 變成 1.5」，因為有兩個人就能——用一個人的工作量完成——完全不是那樣。更重要的是：既然你現在是我們公司的一部分，既然我們正在把「主人翁精神／企業家精神」這個所有權概念向下推進到他們的組織中，那就去釋放人的力量，讓它發生。

And that's really what's happened. And that's what's helped their margins because ultimately, margin is just price minus cost. And if you put all the control of those factors under one person, they tend to go higher. And in terms of the long term, I'm sure Craig would agree with me, we think there's great potential for the company in long term to reach the corporate average of Amphenol even if the corporate average has gone up by as much as it has.

而這正是實際發生的事情。這也幫助了他們的毛利率／利潤率，因為歸根究柢，利潤率就是價格減成本。如果把這些因素的控制權都交到同一個人手上，它們往往會往更好的方向走。就長期而言，我相信 Craig 會同意：我們認為公司長期有很大潛力達到 Amphenol 的公司平均水準，即使這個公司平均水準已經上升了不少。

Yes. I mean I would say actually, right now, they're already kind of in the low 20s on an operating margin basis. So they're already at what the corporate average was as of a couple of years ago or less than a couple of years ago.

是的。我會說其實就目前而言，他們在營業利益率的基礎上已經大概在 20% 出頭。所以他們已經達到兩年前、甚至不到兩年前的公司平均水準。

So I believe that there's certainly tremendous opportunity to ensure to get their profitability up to the company average over time, and they're already doing just a tremendous job this year. And I would say from now versus the beginning of the year, I would say, have more confidence that, that will happen in the long term here.

因此我相信，隨著時間推進，讓他們的獲利能力提升到公司平均水準，確實有非常巨大的機會；而且他們今年已經做得非常出色。我會說，從現在相較於年初，我對長期能達成這件事更有信心。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

I know you're all focused as you should be on capitalizing on this enormous opportunity in front of you. But I remember not terribly long ago when a lot of these calls started with you guys talking about the diverse nature of the firm and nothing is really over 20% of sales, and you can weather kind of storms in any one area because of that diversity. This has been all organic.

我知道你們都把重心放在、也確實應該放在，把握眼前這個巨大的機會。但我還記得不算太久以前，很多次電話會議一開始你們都會談到公司業務的多元性，而且沒有任何一個領域占營收超過 20%，因此即使某個領域遇到風暴，也能因為多元化而挺過去。而這次的變化完全是有機成長帶來的。

So this change in the percent -- in the split is happening for the best possible reasons. But with IT datacom poised to be like 50% plus of the company going into next year, does it force you to reexamine balance sheet usage? Do you need to scale up in other places to kind of ward off potential as cycles ultimately happen in these businesses?

所以這個占比——這個組合拆分的變化——是出於最好的原因。但如果 IT datacom 到明年可能會占公司 50% 以上，這是否會迫使你們重新檢視資產負債表的使用方式？你們是否需要在其他領域擴大規模，以便在這些業務最終出現景氣循環時，能夠降低風險？

Well, thank you very much, Joe. There's no doubt about it. The diversity of the company is a very important thing to Amphenol. And if we reflect back on why that importance, it's really always been two things. One is insulating us from the risk of exposure to a given market.

嗯，非常感謝你，Joe。毫無疑問，公司的多元化對 Amphenol 非常重要。如果回顧我們為何重視它，基本上一直有兩個原因。第一，是讓我們免於過度暴露在某一特定市場的風險。第二，是確保我們具備地位與能見度，讓每一次電子產業革命發生時，我們都在場。

And the second is ensuring that we have the position and the visibility so that we're present when every one of these electronics revolutions happens. So there's no doubt about that second piece that, that still continues very strongly. We have a very substantial and broad position across all nooks and crannies of the electronics industry worldwide, no question.

所以毫無疑問，第二點仍然非常強勁地持續著。我們在全球電子產業的各個角落、各個細分領域都有非常可觀且廣泛的布局，這點毋庸置疑。我們在全球電子產業的各個角落、各個細分領域都有非常可觀且廣泛的布局，毫無疑問。

Now relative to the fact that this quarter, for example, IT datacom represented 48% of our sales, as you say, it's happened for a good reason. This has been an area where the world has devoted unprecedented amounts of resources to build upon this exciting new revolutionary technology.

至於你提到例如本季 IT datacom 占我們銷售額的 48%，確實如你所說，是因為好的原因才發生。這個領域是全球投入前所未有資源、用來建構這項令人振奮的新革命性技術的地方。

That technology, in turn, has required a higher intensity of interconnect products because of the architecture, the nature of the thing, it's a neural network. It needs connections. And we, I think, have done a pretty decent job in Amphenol of capitalizing upon that and taking a bit more than our fair share of that opportunity.

而這項技術反過來又因其架構與本質，需要更高強度的互連產品——它是一個神經網路。它需要連接。而我認為 Amphenol 在把握這個機會、並取得略高於我們「應得份額」的成果方面，做得相當不錯。

So the stack up of those has resulted in us having tremendous growth in that business, really quadrupling the size of our business over a less than four-year period, and that then results in the 48%. So then the real question is what are we doing about that? Well, certainly, we will continue to invest heavily in new technologies, making sure that we can meet the moment inside the IT datacom market.

因此，這些因素疊加起來，使得我們在該業務上出現了驚人的成長——在不到四年的期間內，業務規模實際上成長到四倍——也就導致了 48% 這個占比。那真正的問題是：我們對此做了什麼？嗯，當然，我們會持續在新技術上大力投資，確保我們能在 IT datacom 市場中把握當下的時刻。

It's really a historical opportunity and one that I'm very proud of how our team has reacted to, capitalized upon and has supported customers up and down the stack. And we will drive that success in the most diverse way possible, across customers, up and down the stack from chip makers all the way up to the web scale hyperscalers who are spending the money and everything in between.

這真的是一個歷史性的機會；我也非常以團隊的反應、把握機會的能力，以及在整個價值鏈上下對客戶的支持為榮。而我們會以盡可能多元的方式推動這份成功：在客戶面向上多元化，並在價值鏈上下游多元化——從晶片製造商一路到投入資本的網路規模超大規模雲端業者（hyperscalers），以及中間的所有環節。

And we will drive that across every party, everybody who's working on this. And we'll do that with a multitude of our own technologies on all of those programs. So that diversification within IT datacom is something that we're heavily, heavily focused on, and I'm very proud of what we've achieved there so far.

我們也會在每一方、每一個參與這件事的角色上推動這件事。而且我們會在所有這些專案中，運用我們自身多種多樣的技術來達成。因此，在 IT datacom 內部的多元化，是我們高度、非常高度聚焦的重點；我也非常以我們迄今在那裡所達成的成果為榮。

But at the same time, we will continue to double down on the other markets in Amphenol. Those other markets as evidenced this quarter alone. I mean it's not lost on me that we generated this quarter $1.6 billion in free cash for the company, and we have devoted that $1.6 billion in free cash to 4 acquisitions that roughly cost about $1.6 billion. And if you take out, by the way, AI and the growth in AI, we're driving organic growth in the high teens percentage for the company.

但同時，我們也會持續加碼安費諾（Amphenol）在其他市場的布局。僅就本季而言，這些其他市場的表現已可見一斑。我的意思是，我不會忽略這一點：本季我們為公司創造了16億美元的自由現金流，而我們已將這16億美元的自由現金流投入到4項收購中，總成本大約也是16億美元。而且順帶一提，如果把AI以及AI的成長因素扣除，我們仍在推動公司有機成長達到十幾個百分點的高檔水準。

So that is a very, very strong performance. And is, again, evidence of the fact that we continue to double down across the electronics industry. We have another thing in Amphenol as well. And that's this concept of what we say driving with one foot on the gas and one on the brake. Many companies, when you're in such a robust time period, forget about the fact that when you're driving the car, there's two pedals.

所以那是非常、非常強勁的表現。而且這再次證明，我們持續在整個電子產業加碼投入。我們在安費諾還有另一件事。那就是我們所說的「一腳踩油門、一腳踩煞車」這個概念。很多公司在如此強勁的景氣期間，會忘了開車其實有兩個踏板。

We never forget about that second pedal. And how does that manifest in our company? Well, it means regardless of how good things are, we will continually seek to embed the company with the flexibility, the agility to react in the event that there is a problem in any of our markets.

我們從不忘記第二個踏板。那在我們公司是如何體現的呢？嗯，這代表不論情況有多好，我們都會持續讓公司內建彈性與敏捷性，以便在我們任何市場出現問題時能夠反應。

That means doing smart investments. That means making sure that, that agility of our culture is pushed down throughout the organization at every single lever that our local teams are connected deeply to the market, we have -- a way we say it with our team. If you see something, do something, then say something. Just react immediately to the moment, whether that's a good moment or a bad moment.

這代表要做明智的投資。這代表要確保我們文化中的那種敏捷性，能在組織的每一個層級、每一個槓桿點向下貫徹，讓我們的在地團隊與市場保持深度連結；我們團隊有一句話是這麼說的：「看到什麼，就做點什麼，然後再說出來。」無論當下是好時刻或壞時刻，都要立刻因應。

And so building in that agility, reinforcing that agility amidst this high growth is another thing that we're making sure and doubling down upon at a time when, yes, we do have a market that's grown organically to a much more significant level than we've had in the past. But if you look at AI as a percent of the world's global spending on electronics, my guess is that is also not an insignificant number.

因此，在這種高成長之中建立並強化敏捷性，是我們在這個時點確保並持續加碼的另一件事；是的，我們確實有一個市場，其有機成長已達到比過去顯著更高的水準。但如果你看AI占全球電子支出總額的比例，我猜那也不是一個可以忽略的數字。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

I wanted to ask the same question or a similar question that was asked earlier about defense. And just hoping that there's any type of unbundling you can do on that would be helpful. Air, land, sea, where are you strongest? Where are you seeing the growth strongest?

我想問一個和先前有人問到的國防相關、相同或類似的問題。希望你們能做一些拆解，任何形式的拆解都會有幫助。空、陸、海，你們在哪些領域最強？你們看到成長最強的是哪些領域？

And importantly, do you think you're getting an additional benefit from the conflicts that are taking place that a year from today, if they're all done with that, that impacts the sales that we saw versus what we saw this year?

另外很重要的是，你們是否認為目前正在發生的衝突，讓你們獲得了額外的好處；如果一年後這些衝突都結束了，是否會影響我們今年看到的銷售表現，相較於明年可能看到的情況？

Yes. Well, thanks very much, Scott. It's never difficult for me to talk about defense. We just have such a fabulous business there, and it's something that we're so focused on and continuing to double down on. Look, I look at a bunch of different segments within the defense market we do.

是的。嗯，非常感謝你，Scott。對我來說談國防從來不困難。我們在那裡有一個非常出色的業務，而且我們非常專注於此並持續加碼投入。你看，我會把我們所做的國防市場再細分成一堆不同的區塊。

I mean, maybe not quite as many as that diversified industrial, but let's say there's like a dozen different applications that we look at. I mean, last quarter alone, like nearly every one of those grew double digits, nearly every one of them. So we are seeing in areas like space, in land, unmanned vehicles, communications, avionics, vehicles, munitions related, you name it, naval, strong, strong growth across the board.

我的意思是，也許不像多元化工業那麼多，但假設我們會看大概十幾種不同的應用。光是上一季，幾乎每一個應用都呈現兩位數成長，幾乎每一個都是。所以我們在太空、陸上、無人載具、通訊、航電、車輛、彈藥相關等領域都看到成長；你說得出來的，海軍也一樣，整體各面向都呈現非常、非常強勁的成長。

And I think there's another piece, which is with the various conflicts that are happening, and this is not only specific to the US military, I think we are entering a phase where regardless of the resolution of the conflicts, and I will tell you, I sincerely hope that all these conflicts come quickly to a conclusion.

我認為還有另一個面向：隨著各種衝突正在發生，而且這不僅僅是針對美軍，我想我們正進入一個階段——不論衝突如何解決——我必須說，我真心希望所有這些衝突都能盡快結束。

There is nothing -- I mean, we call it a defense business, not an offense business. I mean, we certainly want these conflicts to come to an end. At the same time, there's no doubt that we are entering into a phase where there will be a significant replenishment requirement, and that is a multiyear, if not multi-decade initiative in multiple countries around the world.

沒有什麼——我的意思是，我們稱之為國防業務，而不是進攻業務。我們當然希望這些衝突能夠結束。同時，毫無疑問的是，我們正進入一個將有顯著補庫存需求的階段，而那將是跨多年、甚至可能跨數十年的計畫，並且會在全球多個國家展開。

And that's happening at the same time as you see militaries around the world doubling down on next-generation technology across all of those segments that we talked about. So I think -- I don't know if I've done a good job to unbundle it for you. But in terms of like where we are and what the impact is from various spending?

而且這與你看到全球各國軍方在我們剛才談到的所有那些領域，持續加碼投入下一代技術是同時發生的。所以我想——我不知道我是否把它拆解得夠清楚。但就我們所處的位置，以及各種支出帶來的影響而言？

Look, obviously, if military spending were to drop precipitously around the world, we would not be immune to that. But there is an offset, which is this replenishment. There is an offset, which is these new technologies. And obviously, we have a company-specific offset, which is our ability to take more than our fair share of that because of the breadth and the depth of our products.

你看，顯然如果全球軍事支出出現斷崖式下滑，我們不可能不受影響。但有一個抵銷因素，就是這個補庫存需求。還有一個抵銷因素，就是這些新技術。而且很明顯，我們還有公司自身的抵銷因素：憑藉我們產品的廣度與深度，我們有能力取得超過「應得份額」的市場機會。

There are no further questions at this time. So I will hand back to Mr. Norwitt for closing remarks.

目前沒有進一步的問題。那我就把時間交回給Norwitt先生做結語。

Well, thank you guys so much. It's really a pleasure. I appreciate you taking time out of your busy day here on such a beautiful fall day. And hard to say it, but we look forward to seeing everybody in the new year. And I wish you -- maybe I'm the first to wish you a happy holidays, and we'll see you in 2027. Thanks so much. Thank you. Bye-bye.

嗯，非常感謝各位。真的很榮幸。感謝大家在這樣一個美麗的秋日，從繁忙的一天中撥冗參與。雖然有點難說出口，但我們期待在新的一年與大家再見。也祝各位——也許我是第一個祝大家佳節愉快的人——我們2027年見。非常感謝。謝謝。再見。

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。