安費諾 (APH) 2021 Q4 法說會逐字稿

Hello, and welcome to the fourth quarter earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. (Operator Instructions) I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

您好，歡迎參加安費諾公司第四季度財報電話會議。 （操作員須知）應公司要求，正在錄製今天的會議。 （操作員說明）現在我要介紹今天的會議主持人Craig Lampo先生。先生，您可以開始了。

Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our fourth quarter 2021 conference call. Our fourth quarter and full year results were released this morning. I will provide some financial commentary, and then Adam will give you an overview of the business as well as current trends. Then we will all take questions.

非常感謝。大家下午好。我是 Amphenol 的首席財務官 Craig Lampo，我和我們的首席執行官 Adam Norwitt 在這裡。我們歡迎您參加我們的 2021 年第四季度電話會議。我們的第四季度和全年業績今天上午發布。我將提供一些財務評論，然後亞當將為您概述業務以及當前趨勢。然後我們都會回答問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and may make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. In addition, all data discussed during this call will be on a continuing operations basis unless otherwise noted.

提醒一下，在電話會議期間，我們可能會參考某些非公認會計原則的財務措施，並可能會做出某些前瞻性陳述。因此，請參閱我們新聞稿中的相關披露以獲取更多信息。此外，除非另有說明，否則本次電話會議期間討論的所有數據都將基於持續運營。

The company closed the fourth quarter with record sales of $3.027 billion and GAAP and adjusted diluted EPS of $0.72 and $0.70, respectively. We are very proud that the fourth quarter represents the first time in Amphenol's history that we achieved quarterly sales in excess of $3 billion.

該公司第四季度以創紀錄的 30.27 億美元的銷售額和公認會計原則結束，調整後的攤薄後每股收益分別為 0.72 美元和 0.70 美元。我們感到非常自豪的是，第四季度是安費諾歷史上第一次實現季度銷售額超過 30 億美元。

Fourth quarter sales were up 25% in U.S. dollars and in local currencies and up 18% organically. Compared to the fourth quarter of 2020, the significant sales increase was primarily driven by the robust growth in the IT, data communications, industrial, mobile networks, commercial air, automotive and broadband markets, including contributions from the company's acquisition program.

第四季度銷售額以美元和當地貨幣計算增長了 25%，有機增長了 18%。與 2020 年第四季度相比，銷售額的顯著增長主要得益於 IT、數據通信、工業、移動網絡、商用航空、汽車和寬帶市場的強勁增長，包括公司收購計劃的貢獻。

Sequentially, sales were up 7% in U.S. dollars, and organically, and 8% in local currencies. For the full year 2021, sales were a record $10.876 billion, which were up 26% in U.S. dollars, 25% in local currencies and 18% organically compared to 2020.

隨後，以美元計算的銷售額自然增長了 7%，以當地貨幣計算的銷售額增長了 8%。與 2020 年相比，2021 年全年銷售額達到創紀錄的 108.76 億美元，按美元計算增長 26%，按當地貨幣計算增長 25%，有機增長 18%。

Orders for the quarter were $3.278 billion, which is up 30% compared to the fourth quarter of 2020 and up 9% sequentially, resulting in a strong book-to-bill ratio of 1.08:1.

本季度訂單為 32.78 億美元，與 2020 年第四季度相比增長 30%，環比增長 9%，訂單出貨比達到 1.08:1。

Breaking down fourth quarter sales into our 2 segments. The Interconnect segment, which comprise 96% of our sales, was up 25% in U.S. dollars, while the Cable segment was up 22% in U.S. dollars.

將第四季度的銷售額分為兩個部分。占我們銷售額 96% 的互連部門以美元計算增長了 25%，而電纜部門以美元計算增長了 22%。

Breaking down full year sales into our 2 segments, the Interconnect segment was up 27% in U.S. dollars and the Cable segment was up 21% in U.S. dollars.

將全年銷售額分解為我們的 2 個部門，以美元計算，互連部門增長了 27%，電纜部門增長了 21%。

Adam will comment further on trends by market in a few minutes. GAAP and adjusted operating income was $593 million and $608 million, respectively, in the fourth quarter of 2021 and GAAP operating margin was 19.6%, which decreased by 50 basis points compared to the Q4 of 2020 and by 70 basis points relative to the third quarter of 2021.

亞當將在幾分鐘內進一步評論市場趨勢。 2021 年第四季度 GAAP 和調整後營業收入分別為 5.93 億美元和 6.08 億美元，GAAP 營業利潤率為 19.6%，與 2020 年第四季度相比下降 50 個基點，與第三季度相比下降 70 個基點2021 年。

Fourth quarter 2021 GAAP operating income includes $15 million of acquisition-related costs related to the Halo acquisition, which closed during the fourth quarter.

2021 年第四季度 GAAP 營業收入包括與 Halo 收購相關的 1500 萬美元收購相關成本，該收購在第四季度結束。

Excluding these costs, the fourth quarter 2021 adjusted operating margin was 20.1%, which decreased by 50 basis points compared to the fourth quarter of 2020 and by 20 basis points relative to the third quarter of 2021. The year-over-year decrease was primarily driven by the impact of the more challenging commodity and supply chain environment, together with a slight margin dilution of acquisitions, and these impacts were partially offset by the normal operating leverage on higher sales levels as well as the lower negative cost impacts from the pandemic.

不計這些成本，2021年第四季度調整後營業利潤率為20.1%，與2020年第四季度相比下降50個基點，與2021年第三季度相比下降20個基點。同比下降主要是受到更具挑戰性的商品和供應鏈環境的影響，以及收購的輕微利潤率稀釋，這些影響被較高銷售水平的正常經營槓桿以及大流行帶來的較低負面成本影響部分抵消。

On a sequential basis, the slight decrease in adjusted operating margin was due to the continued challenging commodity and supply chain environment, which has not yet been fully offset by pricing and other actions. For the full year 2021, GAAP operating margin was 19.4% and adjusted operating margin was 20%.

環比來看，調整後的營業利潤率略有下降是由於商品和供應鏈環境持續充滿挑戰，但尚未完全被定價和其他行動所抵消。 2021 年全年，GAAP 營業利潤率為 19.4%，調整後營業利潤率為 20%。

The 80-basis-point increase in adjusted operating margin as compared to 2020 was primarily driven by the normal operating leverage on higher sales volumes as well as the lower negative cost impacts resulting from the pandemic, and these benefits were partially offset by the more challenging commodity and supply chain environment experienced in 2021 as well as the current margin dilutive effect of the acquisitions we made during the year.

與 2020 年相比，調整後的營業利潤率增加了 80 個基點，這主要是由於銷量增加的正常經營槓桿以及大流行帶來的較低的負面成本影響，而這些好處被更具挑戰性的部分抵消了2021 年經歷的商品和供應鏈環境，以及我們在這一年進行的收購對當前利潤率的稀釋效應。

From a segment standpoint, operating margin in the Interconnect segment was 22.1% in the fourth quarter of 2021, and operating margin in the Cable segment was 2.4%. Our margin in the Cable segment continued to be particularly impacted by the ongoing and significant increase in commodity and logistics costs, which have not yet been offset by pricing actions.

從細分市場的角度來看，2021 年第四季度互連細分市場的營業利潤率為 22.1%，電纜細分市場的營業利潤率為 2.4%。我們在有線電視部門的利潤率繼續受到商品和物流成本持續顯著增加的影響，這些成本尚未被定價行動所抵消。

Given the dynamic overall cost and supply chain environment, we are very proud of the company's operating performance. Our team's ability to effectively manage through all of these many challenges is a direct result of the strength and commitment of the company's entrepreneurial management team, which continues to foster high-performance, action-oriented culture.

鑑於動態的整體成本和供應鏈環境，我們對公司的經營業績感到非常自豪。我們團隊有效應對所有這些挑戰的能力是公司創業管理團隊的實力和承諾的直接結果，該團隊繼續培養高績效、以行動為導向的文化。

The company's GAAP effective tax rate for the fourth quarter was 18.8% and the adjusted effective tax rate was 23.8%, which compared to 21.7% and 24.5% in the fourth quarter of 2020, respectively. The slightly lower adjusted tax rate in the quarter reflected the year-to-date true-up of a full year adjusted effective tax rate from the expected 24.5% to a slightly lower 24.3% a result -- as a result of a slightly more favorable mix of income for the full year.

公司第四季度的公認會計原則有效稅率為 18.8%，調整後的有效稅率為 23.8%，而 2020 年第四季度分別為 21.7% 和 24.5%。本季度調整後稅率略低反映了年初至今全年調整後有效稅率從預期的 24.5% 降至略低的 24.3% 的結果——這是由於稍微有利的結果全年收入組合。

For the full year 2021, the company's GAAP effective tax rate was 20.6% and the adjusted effective tax rate was 24.3%, which compared to 20.5% and 24.5% in 2020, respectively. In 2022, we expect our adjusted effective tax rate to be approximately 24.5%. GAAP diluted EPS was a record $0.72 in the fourth quarter, an increase of 26% compared to $0.57 in the prior year period and adjusted diluted EPS was also a record $0.70, an increase of 23% compared to $0.57 in the fourth quarter of 2020.

2021年全年，公司GAAP有效稅率為20.6%，調整後有效稅率為24.3%，2020年分別為20.5%和24.5%。 2022 年，我們預計調整後的有效稅率約為 24.5%。第四季度美國通用會計準則攤薄後每股收益為創紀錄的 0.72 美元，與去年同期的 0.57 美元相比增長 26%，調整後的攤薄後每股收益也為創紀錄的 0.70 美元，與 2020 年第四季度的 0.57 美元相比增長 23%。

For the full year, GAAP diluted EPS was $2.51, a 28% increase from $1.96 in 2020. And adjusted diluted EPS was $2.48 in 2021, an increase of 33% compared to 2020. This was an excellent result, especially considering the significant cost, supply chain and other operational challenges the company faced in 2021.

全年，GAAP 攤薄後每股收益為 2.51 美元，比 2020 年的 1.96 美元增長 28%。調整後的攤薄後每股收益在 2021 年為 2.48 美元，比 2020 年增長 33%。這是一個很好的結果，尤其是考慮到巨大的成本，公司在 2021 年面臨的供應鍊和其他運營挑戰。

Operating cash flow in the fourth quarter was a record $464 million or 106% of adjusted net income. And net of capital spending, our free cash flow was also a record $379 million or 87% of adjusted net income. For the full year 2021, operating cash flow was $1.524 billion or 98% of adjusted net income. And net of capital spending, our free cash flow for 2021 was $1.167 billion or 75% of adjusted net income.

第四季度的經營現金流達到創紀錄的 4.64 億美元，佔調整後淨收入的 106%。扣除資本支出後，我們的自由現金流也達到創紀錄的 3.79 億美元，佔調整後淨收入的 87%。 2021 年全年，營運現金流為 15.24 億美元，佔調整後淨收入的 98%。扣除資本支出後，我們 2021 年的自由現金流為 11.67 億美元，佔調整後淨收入的 75%。

From a working capital standpoint, inventory days, days sales outstanding and payable days were 80, 71, 56 days, respectively all of which were within our normal range, and we are especially pleased that our team's focus on all elements of working capital management, which resulted in a significant reduction of the company's inventory days from the third quarter.

從營運資金的角度來看，庫存天數、銷售天數和應付天數分別為 80、71、56 天，均在我們的正常範圍內，我們特別高興我們的團隊專注於營運資金管理的所有要素，這導致公司的庫存天數較第三季度顯著減少。

During the quarter, the company repurchased 2.1 million shares of common stock at an average price of $81 bringing total repurchases during 2021 to 9.3 million shares or $662 million. When combined with our normal quarterly dividend, total capital returned to shareholders in 2021 was more than $1 billion. Total debt at December 31 was $4.8 billion, and net debt was $3.6 billion.

本季度，該公司以平均 81 美元的價格回購了 210 萬股普通股，使 2021 年的回購總額達到 930 萬股或 6.62 億美元。加上我們正常的季度股息，2021 年返還給股東的總資本超過 10 億美元。 12 月 31 日的總債務為 48 億美元，淨債務為 36 億美元。

Total liquidity at the end of the quarter was $2.9 billion, which included cash and short-term investments on hand of $1.2 billion plus availability under our existing credit facilities. For the quarter and full year 2021 GAAP EBITDA was $726 million and $2.6 billion, respectively. And at the end of 2021, our net leverage ratio was 1.4x.

本季度末的總流動性為 29 億美元，其中包括 12 億美元手頭的現金和短期投資，以及我們現有信貸額度下的可用資金。 2021 年季度和全年的 GAAP EBITDA 分別為 7.26 億美元和 26 億美元。到 2021 年底，我們的淨槓桿率為 1.4 倍。

Lastly, as noted in the press release, effective January 1, 2022, we have aligned our businesses into 3 new reportable segments. We will report results for these new segments as well as comparable historical financial data starting in the first quarter of 2022.

最後，如新聞稿中所述，自 2022 年 1 月 1 日起，我們已將我們的業務調整為 3 個新的可報告部分。我們將從 2022 年第一季度開始報告這些新部門的業績以及可比的歷史財務數據。

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

我現在將把電話轉給亞當，他將對當前的市場趨勢發表一些評論。

Well, thank you very much, Craig, and I'd like to also extend my welcome to all of you here on the phone today. And hopefully, it's not too late for me to wish you and your family is all a Happy New Year.

好的，非常感謝你，克雷格，我也想通過電話向你們所有人表示歡迎。希望我現在祝您和您的家人新年快樂還為時不晚。

I also want to just express my wishes that everybody here on the call together with your family, your friends and your colleagues are all managing to stay safe and healthy, in particular, amidst the Omicron wave that's occurring in many areas of the country.

我還想表達我的願望，希望與您的家人、您的朋友和您的同事一起參加電話會議的每個人都設法保持安全和健康，特別是在該國許多地區正在發生的 Omicron 浪潮中。

As Craig mentioned, I'm going to highlight some of our fourth quarter and, in particular, our full year achievements. I'll discuss our trends and progress across our served markets, and then I'll make a few comments on our outlook in the first quarter. And of course, we'll have time for Q&A thereafter.

正如克雷格所說，我將重點介紹我們第四季度的一些情況，特別是我們全年的成就。我將討論我們所服務市場的趨勢和進展，然後我將對第一季度的前景發表一些評論。當然，之後我們會有時間進行問答。

With respect to the fourth quarter, we're truly proud to have finished the year with record sales and adjusted earnings per share in the fourth quarter, both of which were significantly above the guidance that we gave just 90 days ago. Sales grew by a very strong 25% in U.S. dollars and in local currencies reaching a new record of $3.27 billion.

關於第四季度，我們真的很自豪能夠在第四季度以創紀錄的銷售額和調整後的每股收益結束這一年，這兩者都大大高於我們在 90 天前給出的指導。以美元和當地貨幣計算的銷售額增長了 25%，達到了 32.7 億美元的新紀錄。

On an organic basis, our sales increased by 18%, driven in particular by robust growth in the IT datacom, mobile networks, industrial and automotive end markets. And I'll talk to each of those markets here in a moment.

在有機基礎上，我們的銷售額增長了 18%，尤其是在 IT 數據通信、移動網絡、工業和汽車終端市場的強勁增長的推動下。稍後我將與這些市場中的每一個進行交談。

The company booked a record $3.278 billion in orders in the fourth quarter which represented another strong book-to-bill of 1.08:1. Despite the many operational challenges we and others continue to face, including ongoing cost increases related to commodities, supply chain and other pressures, our adjusted operating margins in the quarter reached a very strong 20.1%.

該公司在第四季度預訂了創紀錄的 32.78 億美元的訂單，這代表了另一個強勁的 1.08:1 的訂單出貨比。儘管我們和其他人繼續面臨許多運營挑戰，包括與商品、供應鍊和其他壓力相關的成本持續增加，但我們在本季度調整後的營業利潤率達到了非常強勁的 20.1%。

Adjusted diluted EPS was a new record $0.70 and represented a robust growth of 23% from prior year, an excellent demonstration of our organization's continued strong execution. And as Craig mentioned, we generated record operating and free cash flow in the quarter of $464 million and $379 million, respectively, both of which are clear reflection of the quality of the company's earnings.

調整後的稀釋後每股收益為 0.70 美元，創下新紀錄，比去年強勁增長 23%，這很好地證明了我們組織持續強勁的執行力。正如克雷格所說，我們在本季度分別創造了創紀錄的 4.64 億美元和 3.79 億美元的運營和自由現金流，這兩者都清楚地反映了公司的盈利質量。

Just at the end of this quarter, I'm extremely proud of our team. As this quarter's results once again reflect the discipline and the agility of our entrepreneurial organization who continue to perform very well amidst a very challenging environment.

就在本季度末，我為我們的團隊感到非常自豪。由於本季度的業績再次反映了我們的創業組織的紀律和敏捷性，他們在極具挑戰性的環境中繼續表現出色。

We're also very pleased that in the quarter, we announced on December 1, the acquisition of Halo Technology Limited for a purchase price of approximately $715 million. Halo is a leading provider of active and passive fiber optic interconnect components for the communications infrastructure markets with expected sales this year of approximately $250 million.

我們也很高興在本季度，我們於 12 月 1 日宣布以約 7.15 億美元的收購價格收購 Halo Technology Limited。 Halo 是為通信基礎設施市場提供有源和無源光纖互連組件的領先供應商，預計今年的銷售額約為 2.5 億美元。

Payless product offerings are highly complementary to our existing high-speed and fiber optic interconnect solutions and represent a significant long-term growth opportunity for Amphenol, in particular with customers in our IT datacom, mobile networks and broadband markets.

Payless 產品與我們現有的高速和光纖互連解決方案高度互補，為 Amphenol 提供了重要的長期增長機會，特別是與我們的 IT 數據通信、移動網絡和寬帶市場的客戶。

We're especially excited that Halo significantly bolsters our position in active fiber optic interconnect products, which is a technology with truly high-growth potential as customers around the world are upgrading their networks to support the acceleration of high-speed data traffic.

我們特別高興 Halo 顯著鞏固了我們在有源光纖互連產品方面的地位，這是一項具有真正高增長潛力的技術，因為世界各地的客戶都在升級他們的網絡以支持高速數據流量的加速。

Halo is an agile supplier of these important products to a wide variety of customers across these communications infrastructure markets, whose unique technology and service offering enable them to realize strong operating results. I'm just very excited to welcome the highly talented and entrepreneurial Halo team to the Amphenol family and look forward to great things from them in the future.

Halo 是這些重要產品的靈活供應商，為這些通信基礎設施市場的眾多客戶提供這些產品，其獨特的技術和服務產品使他們能夠實現強勁的運營成果。我很高興歡迎才華橫溢、富有創業精神的 Halo 團隊加入 Amphenol 大家庭，並期待他們在未來創造出偉大的成就。

We also announced on December 1, the closing of the sale of the MTS Test & Simulation business to Illinois Tool Works or ITW. We remain extremely pleased with the entirety of the MTS acquisition, which as you'll all recall, was announced last year in the fourth quarter, meaning 2020.

我們還在 12 月 1 日宣布，將 MTS 測試與模擬業務出售給伊利諾伊工具廠或 ITW。我們仍然對 MTS 的整個收購感到非常滿意，你們都記得，這是在去年第四季度（也就是 2020 年）宣布的。

With the disposition of Test & Simulation to ITW, we have now acquired one of the leading sensor companies in the industry, further strengthening our broad offering of high-technology sensors. We're very proud of the performance of the MTS sensors team during their first 3 quarters as part of the Amphenol family, and we look forward to them driving outstanding value for many years to come.

隨著對 ITW 的測試和模擬的處置，我們現在已經收購了業內領先的傳感器公司之一，進一步加強了我們廣泛的高科技傳感器產品。作為 Amphenol 家族的一員，我們對 MTS 傳感器團隊在前 3 個季度的表現感到非常自豪，我們期待他們在未來的許多年裡推動卓越的價值。

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

我仍然非常有信心，我們的收購計劃將繼續為公司創造巨大價值。事實上，我們識別和執行收購，然後成功地將這些新公司納入 Amphenol 的能力仍然是公司的核心競爭優勢。

Now turning to the full year of 2021. I can just say it was an extremely successful year for Amphenol despite the many operational and cost challenges that we faced. We expanded our position in the overall market, growing sales by a very strong 26% in U.S. dollars and 18% organically reaching a new sales record of $10.876 billion.

現在轉向 2021 年全年。我只能說，儘管我們面臨許多運營和成本挑戰，但對於 Amphenol 來說，這是非常成功的一年。我們擴大了在整個市場的地位，銷售額以美元計算增長了 26%，有機增長了 18%，達到了 108.76 億美元的新銷售記錄。

I would just note that, in fact, over the past 2 years, both of which have been impacted by the COVID-19 pandemic, we've grown our sales by more than 32% from our 2019 levels, which is a great confirmation of the value of the company's diversification and the agility of our management team in every environment.

我只想指出，事實上，在過去 2 年中，都受到了 COVID-19 大流行的影響，我們的銷售額比 2019 年的水平增長了 32% 以上，這很好地證實了公司多元化的價值以及我們管理團隊在各種環境中的敏捷性。

Our full year 2021 adjusted operating margins reached 20%, which was an increase of 80 basis points from last year from 2020 despite the multiple pressures on margins that we experienced around the world. And this strong level of profitability enabled us to achieve record adjusted diluted earnings per share of $2.48.

儘管我們在全球範圍內經歷了多重利潤率壓力，但我們 2021 年全年調整後的營業利潤率達到 20%，比 2020 年增加了 80 個基點。這種強勁的盈利水平使我們能夠實現創紀錄的調整後每股攤薄收益 2.48 美元。

We generated operating and free cash flow of $1.524 billion and $1.167 billion, respectively, again, excellent confirmations of the company's superior execution and disciplined working capital management. We also put that cash to work with our acquisition program that created great value in 2021 with 7 new companies added to the Amphenol family.

我們分別產生了 15.24 億美元和 11.67 億美元的運營和自由現金流，再次出色地證實了公司卓越的執行力和嚴格的營運資金管理。我們還將這筆現金用於我們的收購計劃，該計劃在 2021 年創造了巨大的價值，Amphenol 家族新增了 7 家公司。

MTS Sensors, Halo, Positronic, El-Cab, Unlimited Services, Cablecon and Euromicron, have collectively expanded our position across a broad array of technologies and markets while bringing outstanding and talented individuals into the Amphenol family and thereby strengthening our organization. We're excited that these acquisitions represent expanded platforms for the company's future performance.

MTS Sensors、Halo、Positronic、El-Cab、Unlimited Services、Cablecon 和 Euromicron 共同擴大了我們在廣泛的技術和市場中的地位，同時將優秀和有才華的個人帶入了 Amphenol 大家庭，從而加強了我們的組織。我們很高興這些收購代表了公司未來業績的擴展平台。

In addition, as Craig noted, in 2021, we bought back over 9.3 million shares under our share buyback program and increased our quarterly dividend by 38% representing a total return of capital to shareholders of just over $1 billion for the year. So while there continues to be a high level of volatility in the overall environment in 2021, as we enter 2022, our agile entrepreneurial management team is confident that we have built further strength from which we can drive superior long-term performance.

此外，正如克雷格指出的那樣，2021 年，我們根據股票回購計劃回購了超過 930 萬股股票，並將季度股息增加了 38%，這意味著該年度股東的總資本回報略高於 10 億美元。因此，儘管 2021 年整體環境仍然存在高度波動，但隨著我們進入 2022 年，我們敏捷的創業管理團隊相信，我們已經建立了進一步的實力，可以推動卓越的長期業績。

Now let me turn to the performance of the company across our served markets. And I would just note that we remain very pleased that the company's balanced and broad end-market diversification continues to create value for Amphenol with no single end market representing more than 25% of our sales in 2021, and that market, industrial, being really one of our most diversified markets across the segments within industrial.

現在讓我談談公司在我們服務的市場中的表現。我只想指出，我們仍然非常高興公司平衡而廣泛的終端市場多元化繼續為安費諾創造價值，2021 年沒有單一終端市場占我們銷售額的 25% 以上，而且工業市場確實我們在工業領域中最多元化的市場之一。

We believe that this diversification mitigates the impact of the volatility of individual end markets while continuing to expose us to the leading technologies wherever they may arise across the electronics industry.

我們相信，這種多元化可以減輕個別終端市場波動的影響，同時繼續讓我們接觸到電子行業可能出現的領先技術。

Now turning to the military market. Military represented 10% of our sales in the fourth quarter and 11% of our sales for the full year of 2021. Our sales grew from prior year by 6% in U.S. dollars in the fourth quarter as we benefited from acquisitions.

現在轉向軍事市場。軍事占我們第四季度銷售額的 10%，占我們 2021 年全年銷售額的 11%。由於我們受益於收購，第四季度我們的銷售額以美元計算比去年增長了 6%。

On an organic basis, our sales did moderate by about 4% driven by reduced sales related to airframe applications and ground vehicles. Sequentially, our sales increased slightly as we had expected coming into the quarter. For the full year 2021, sales to the military market grew by 13% in U.S. dollars and 4% organically, reflecting our leading market position and strong execution across virtually all segments of the military market, together with the benefits of the MTS Sensors and Positronic acquisitions completed earlier in the year.

在有機基礎上，由於與機身應用和地面車輛相關的銷售減少，我們的銷售額下降了約 4%。隨後，我們的銷售額略有增長，正如我們在本季度所預期的那樣。 2021 年全年，軍用市場銷售額以美元計增長 13%，有機增長 4%，這反映了我們在軍用市場幾乎所有領域的領先市場地位和強大執行力，以及 MTS 傳感器和 Positronic 的優勢今年早些時候完成的收購。

Looking ahead, we expect sales in the first quarter to increase slightly from these fourth quarter levels and we continue to be excited by the strength of the company's position in the military market. As militaries around the world continue to accelerate their adoption of next-generation technologies, our industry-leading breadth of high-technology Interconnect and Sensor products positions the company strongly across essentially all major defense programs, and this gives us confidence for our long-term performance.

展望未來，我們預計第一季度的銷售額將比第四季度的水平略有增長，我們繼續對公司在軍事市場的強勢地位感到興奮。隨著世界各地的軍隊繼續加速採用下一代技術，我們行業領先的高科技互連和傳感器產品廣度使公司在幾乎所有主要國防項目中都處於強勢地位，這使我們對我們的長期發展充滿信心表現。

The commercial aerospace market represented 2% of our sales in the fourth quarter and as well for the full year of 2021. Sales in the quarter grew 27% in U.S. dollars and 6% organically as we benefited from the beginnings of a recovery in procurement to support growing aircraft production as well as from the contributions from our recent acquisitions. Sequentially, we're very pleased that our sales grew a robust 15% from the third quarter, which was in line with our expectations coming into the quarter.

商業航空市場占我們第四季度和 2021 年全年銷售額的 2%。本季度銷售額以美元計算增長 27%，有機增長 6%，因為我們受益於採購復甦的開始支持不斷增長的飛機生產以及我們最近收購的貢獻。因此，我們很高興我們的銷售額比第三季度強勁增長了 15%，這符合我們對本季度的預期。

For the full year, sales declined by 10% reflecting the significant impact of the ongoing pandemic on travel and aircraft production. Looking into -- looking into the first quarter, we expect a sequential moderation in sales from these levels.

全年銷售額下降了 10%，反映了持續的大流行對旅行和飛機生產的重大影響。展望 - 展望第一季度，我們預計這些水平的銷售額將連續放緩。

Regardless of the challenges in the com aero market in both 2020 and 2021, our team working in this market remains very committed to leveraging the company's strong Interconnect and Sensor technology positions across a wide array of aircraft platforms and next-generation systems integrated into those airplanes.

無論 2020 年和 2021 年 com 航空市場面臨何種挑戰，我們在該市場工作的團隊仍然非常致力於利用公司在各種飛機平台和集成到這些飛機中的下一代系統的強大互連和傳感器技術地位.

As personal and business travel continues to recover from the pandemic impacted lows, we look forward to benefiting as jet manufacturers expand their production and, in turn, their procurement of our products.

隨著個人和商務旅行繼續從大流行影響的低點中恢復，我們期待隨著噴氣式飛機製造商擴大生產，進而擴大他們對我們產品的採購，從中受益。

The industrial market represented 25% of our sales in the fourth quarter and for the full year, and sales in this market significantly exceeded our expectations coming into the quarter increasing by a very strong 42% in U.S. dollars and 25% organically from prior year.

工業市場占我們第四季度和全年銷售額的 25%，該市場的銷售額顯著超出了我們在本季度的預期，以美元計算增長了 42%，有機增長了 25%。

We experienced robust strength in essentially all segments of the industrial market with particular strength in battery and heavy electric vehicle, transportation, rail mass transit, factory automation, heavy equipment as well as oil and gas. On a sequential basis, our sales increased by 2%, which was significantly better than our expectation for a sequential moderation as we saw broad-based strength.

我們在工業市場的幾乎所有領域都表現出強勁的實力，尤其是在電池和重型電動汽車、交通運輸、軌道交通、工廠自動化、重型設備以及石油和天然氣領域。在連續的基礎上，我們的銷售額增長了 2%，這明顯好於我們對連續放緩的預期，因為我們看到了廣泛的增長勢頭。

For the full year 2021, sales in the industrial market grew by a very strong 46% in U.S. dollars and 27% organically as we saw again broad-based growth across virtually all market segments of the global industrial market. Looking to the first quarter of 2022, we do expect a sequential moderation in sales from these very strong fourth quarter sales levels.

2021 年全年，工業市場銷售額以美元計增長 46%，有機增長 27%，因為我們再次看到全球工業市場幾乎所有細分市場的廣泛增長。展望 2022 年第一季度，我們確實預計，從這些非常強勁的第四季度銷售水平來看，銷售額將連續放緩。

Our outstanding global team working in the industrial market continues to find new opportunities for growth across the many segments of this exciting market. I remain confident that our long-term strategy to expand our high-technology Interconnect antenna and sensor offerings, both organically as well as through complementary acquisitions, has positioned us to capitalize on the many revolutions happening across the industrial electronics market. We look forward to realizing the benefits of this strategy for many years to come.

我們在工業市場工作的傑出全球團隊繼續在這個令人興奮的市場的許多領域尋找新的增長機會。我仍然相信，我們擴大高科技互連天線和傳感器產品的長期戰略，無論是有機地還是通過互補收購，都使我們能夠利用工業電子市場發生的許多革命。我們期待在未來的許多年裡實現這一戰略的好處。

The automotive market represented 19% of our sales in the fourth quarter and 20% for the full year 2021. Sales in automotive were actually much stronger than we had anticipated coming into the quarter, with revenue growing by a very strong 18% in U.S. dollars and 16% organically versus prior year, and this was driven particularly by strength of our sales in the hybrid and electric vehicle applications as well as our sales to customers in Asia.

汽車市場占我們第四季度銷售額的 19%，佔 2021 年全年銷售額的 20%。汽車市場的銷售額實際上比我們在本季度的預期要強勁得多，以美元計算的收入增長了 18%，非常強勁與去年相比，有機增長了 16%，這主要得益於我們在混合動力和電動汽車應用領域的銷售實力以及我們對亞洲客戶的銷售。

Sequentially, our automotive sales increased by a very strong 10%, well above our prior expectations for a high single-digit decline as we saw strong demand from customers in anticipation of improving production volumes in the first quarter.

隨後，我們的汽車銷售額增長了非常強勁的 10%，遠高於我們之前對高個位數下降的預期，因為我們看到客戶對第一季度產量增加的預期強勁需求。

For the full year 2021, our sales to the automotive market increased by a strong 47% in U.S. dollars and 41% organically, reflecting the continued recovery of the automotive market as well as our expanded position in next-generation electronics integrated into cars, including, in particular, electric and hybrid drivetrains. Looking into the first quarter, we expect a high single-digit sequential moderation in sales from these very lofty levels that we achieved in the fourth quarter.

2021 年全年，我們對汽車市場的銷售額以美元計算強勁增長 47%，有機增長 41%，這反映了汽車市場的持續復甦以及我們在集成到汽車中的下一代電子產品的地位不斷擴大，包括，特別是電動和混合動力傳動系統。展望第一季度，我們預計銷售額將在第四季度達到的這些非常高的水平上出現高個位數的連續放緩。

I remain extremely proud of our team working in the automotive market, who has demonstrated an incredible degree of agility and resiliency in both driving a significant recovery from the reduced sales levels in 2020, while also expertly navigating the myriad of supply chain challenges that struck the entire automotive industry during the course of this year. We look forward to benefiting from their efforts long into the future.

我仍然為我們在汽車市場工作的團隊感到非常自豪，他們在推動從 2020 年下降的銷售水平中顯著復甦方面表現出令人難以置信的敏捷性和彈性，同時也熟練地應對了無數供應鏈挑戰今年整個汽車行業。我們期待在未來很長一段時間內從他們的努力中受益。

The mobile devices market represented 14% of our sales in the fourth quarter and 12% of our sales for the full year of 2021. Our sales to mobile device customers declined from prior year by 5% and in U.S. dollars and 6% organically as declines in products incorporated into smartphones more than offset the growth that we did realize in wearable devices, laptops and tablets.

移動設備市場占我們第四季度銷售額的 14%，占我們 2021 年全年銷售額的 12%。我們對移動設備客戶的銷售額同比下降 5%，以美元計算，有機下降 6%集成到智能手機中的產品超過了我們在可穿戴設備、筆記本電腦和平板電腦中實現的增長。

Sequentially, our sales increased by a better-than-expected 14%, driven by higher sales to smartphones and wearable devices. For the full year 2021, sales in the mobile devices market increased by 4% in U.S. dollars and 2% organically as we benefited from growth in our products used in laptops and wearables, offset in part by a moderation of sales related to smartphones and tablets which, as you will recall, were particularly strong during 2020 with all of the work-from-home and study-from-home dynamics that were there early on in the pandemic.

隨後，由於智能手機和可穿戴設備的銷售額增加，我們的銷售額增長了 14%，好於預期。 2021 年全年，移動設備市場銷售額按美元計算增長 4%，有機增長 2%，因為我們受益於筆記本電腦和可穿戴設備產品的增長，部分被智能手機和平板電腦相關銷售放緩所抵消您會記得，在大流行初期，所有在家工作和在家學習的動態在 2020 年尤為強勁。

Looking into the first quarter, we anticipate a typical seasonal sequential decline of approximately 35%. While mobile devices will always remain one of our most volatile markets, our outstanding and agile team is poised as always to capture any opportunities for incremental sales that may arise in 2022 and beyond.

展望第一季度，我們預計典型的季節性環比下降約為 35%。雖然移動設備將始終是我們最不穩定的市場之一，但我們優秀而敏捷的團隊將一如既往地抓住任何可能在 2022 年及以後出現的增量銷售機會。

Our leading array of antennas, interconnect products and mechanisms continue to enable a broad range of next-generation mobile devices, which positions us well for the long term. The mobile networks market represented 5% of our sales in the quarter and for the full year. And we're very pleased that sales in mobile networks increased from prior year by a very strong 36% in U.S. dollars and 28% organically. And this was with growth, particularly from our sales to mobile network operators in support of their next-generation 5G network buildouts.

我們領先的天線陣列、互連產品和機制繼續支持廣泛的下一代移動設備，從長遠來看，這使我們處於有利地位。移動網絡市場占我們本季度和全年銷售額的 5%。我們很高興移動網絡的銷售額以美元計算比去年增長了 36%，有機增長了 28%。這伴隨著增長，特別是我們向移動網絡運營商的銷售，以支持他們的下一代 5G 網絡建設。

Sequentially, our sales increased by a higher-than-expected 7%. For the full year 2021, our sales to the mobile networks market grew by 12% from prior year and 7% organically. Looking into the first quarter of 2022, we do expect sales to moderate from these very strong levels. Our team continues to work aggressively to realize the benefits of our long-term efforts at expanding our position in next-generation 5G equipment and networks around the world.

隨後，我們的銷售額增長了 7%，高於預期。 2021 年全年，我們在移動網絡市場的銷售額同比增長 12%，有機增長 7%。展望 2022 年第一季度，我們確實預計銷售額將從這些非常強勁的水平放緩。我們的團隊繼續積極努力，以實現我們長期努力擴大我們在全球下一代 5G 設備和網絡中的地位所帶來的好處。

As customers continue to ramp up their investments into these advanced systems, we look forward to benefiting from the increased potential that comes from our unique position with both equipment manufacturers and mobile service providers.

隨著客戶繼續加大對這些先進系統的投資，我們期待從我們與設備製造商和移動服務提供商的獨特地位所帶來的更大潛力中受益。

The information technology and data communications market represented 22% of our sales in the fourth quarter and 21% of our sales for the full year. Sales in the fourth quarter in IT datacom were much stronger than expected, rising by 53% in U.S. dollars and 49% organically from prior year as we benefited from broad-based demand for our industry-leading high-speed power and fiber optics solutions.

信息技術和數據通信市場占我們第四季度銷售額的 22%，佔全年銷售額的 21%。由於我們受益於對我們行業領先的高速電源和光纖解決方案的廣泛需求，第四季度 IT 數據通信的銷售額遠高於預期，以美元計算增長 53%，有機增長 49%。

While we saw strength really across server, networking and storage applications, we experienced especially robust growth from web service providers and other data center operators in the quarter. Sequentially, our sales grew by 10%, which was significantly higher than our expectations, which had been coming into the quarter of a slight decline. We do believe our sales growth benefited from some modest pull-in of demand from the first quarter as customers prepared for potential supply chain issues related to Chinese New Year.

雖然我們確實看到了服務器、網絡和存儲應用程序的實力，但我們在本季度經歷了來自網絡服務提供商和其他數據中心運營商的特別強勁的增長。隨後，我們的銷售額增長了 10%，這大大高於我們的預期，而我們的預期已經進入了小幅下降的季度。我們確實相信我們的銷售增長得益於第一季度的一些溫和需求，因為客戶為與農曆新年相關的潛在供應鏈問題做好了準備。

For the full year 2021, our sales to the IT datacom market grew by a very strong 26% in U.S. dollars and 24% organically as we continue to benefit from our strong technology solutions and leading position across a broad array of applications.

2021 年全年，我們在 IT 數據通信市場的銷售額以美元計算增長了 26%，有機增長了 24%，因為我們繼續受益於我們強大的技術解決方案和在廣泛應用領域的領先地位。

Again, sales to web service providers were a significant contributor to our full year growth in 2021. Looking ahead, we do expect a high single-digit moderation in the first quarter, reflecting the very robust demand in the fourth quarter. Nevertheless, we're excited by our strengthened technology position especially with the addition of Halo's active and passive fiber optic interconnect products.

同樣，對網絡服務提供商的銷售是我們 2021 年全年增長的重要貢獻者。展望未來，我們確實預計第一季度將出現高個位數的放緩，這反映了第四季度非常強勁的需求。儘管如此，我們對我們加強的技術地位感到興奮，特別是增加了 Halo 的有源和無源光纖互連產品。

I remain encouraged by the company's outstanding position in the global IT datacom market. Our OEM and service provider customers continue to drive their equipment and networks to ever-higher levels of performance in order to manage the continued dramatic increases in demand for bandwidth and processor power. We look forward to realizing the benefits of our leading position for many years to come.

我仍然對公司在全球 IT 數據通信市場的傑出地位感到鼓舞。我們的 OEM 和服務提供商客戶繼續推動他們的設備和網絡達到更高水平的性能，以應對帶寬和處理器能力持續急劇增長的需求。我們期待在未來的許多年裡實現我們領先地位的好處。

And finally, the broadband market represented 3% of our sales in the quarter and 4% for the full year sales increased by 14% in U.S. dollars and 2% organically from prior year as we benefited from increased spending by cable operators as well as the contributions from our recent acquisitions.

最後，寬帶市場占我們本季度銷售額的 3% 和全年銷售額的 4%，以美元計算，銷售額比上年增長 14%，有機增長 2%，因為我們受益於有線電視運營商的支出增加以及我們最近收購的貢獻。

On a sequential basis, sales grew by a better-than-expected 10%. For the full year 2021, sales to the broadband market grew by 9% in U.S. dollars and 1% organically. Looking ahead, we expect sales to increase in the low double digits from these levels as we benefit from the addition of Halo's product sales into the broadband market.

在環比的基礎上，銷售額增長了 10%，好於預期。 2021 年全年，寬帶市場銷售額以美元計增長 9%，有機增長 1%。展望未來，我們預計銷售額將從這些水平以兩位數的低位增長，因為我們受益於 Halo 的產品銷售進入寬帶市場。

We remain encouraged by the company's position with broadband customers and we look forward to continuing to support our service provider customers around the world, all of whom are working to increase their bandwidth to support the expansion of high-speed data applications to both homes and businesses.

我們仍然對公司在寬帶客戶中的地位感到鼓舞，我們期待繼續支持我們在全球的服務提供商客戶，他們都在努力增加他們的帶寬，以支持將高速數據應用擴展到家庭和企業.

Now turning to our outlook. The current market environment, no doubt, remains highly uncertain with significant continuing supply chain and inflationary challenges as well as the impact of the ongoing pandemic.

現在轉向我們的前景。毫無疑問，當前的市場環境仍然高度不確定，供應鍊和通脹挑戰持續存在，以及持續流行的影響。

Assuming that conditions do not meaningfully worsen and also assuming constant exchange rates, for the first quarter, we expect sales in the range of $2.690 billion to $2.750 billion as well as adjusted diluted EPS in the range of $0.59 to $0.61. This guidance represents very strong sales growth over prior year of 13% to 16% as well as adjusted diluted EPS growth of 13% to 17% compared to the first quarter of last year.

假設情況沒有明顯惡化並假設匯率不變，我們預計第一季度的銷售額在 26.90 億美元至 27.50 億美元之間，調整後的攤薄每股收益在 0.59 美元至 0.61 美元之間。這一指引代表了非常強勁的銷售增長，比去年第一季度增長了 13% 到 16%，調整後的攤薄後每股收益比去年第一季度增長了 13% 到 17%。

Finally, I just want to note, as we described in our press release, effective January 1 of this year, we have aligned our business units into 3 newly formed divisions: Harsh Environment Solutions, Communication Solutions and Interconnect and Sensor Systems. This new alignment will allow us to further scale our business beyond the $10 billion sales level that we crossed last year. Very importantly, this alignment further strengthens our unique and strong Amphenolian culture of entrepreneurship, while reinforcing the accountability of our 130 general managers around the world. We look forward to providing more detail -- financial detail about these reportable segments at the time of our April earnings release.

最後，我只想指出，正如我們在新聞稿中所述，自今年 1 月 1 日起生效，我們已將我們的業務部門調整為 3 個新成立的部門：惡劣環境解決方案、通信解決方案以及互連和傳感器系統。這種新的調整將使我們能夠進一步擴大我們的業務規模，超越我們去年跨越的 100 億美元的銷售水平。非常重要的是，這種一致性進一步加強了我們獨特而強大的 Amphenolian 創業文化，同時加強了我們全球 130 名總經理的責任感。我們期待在 4 月份的收益發佈時提供更多詳細信息——關於這些可報告部分的財務細節。

I come away from this quarter still so confident in the ability of our outstanding management team to adapt to the continued challenges in the marketplace and to capitalize on the many future opportunities to grow our market position and expand our profitability.

本季度結束後，我仍然對我們傑出的管理團隊適應市場持續挑戰並利用未來許多機會來提升我們的市場地位和擴大盈利能力的能力充滿信心。

In addition, our entire organization remains committed to delivering long-term sustainable value, all while prioritizing the continued safety and health of each of our employees around the world. And most importantly, I'd just like to close by taking this opportunity to once again thank the entire Amphenol team, in particular, I'd like to extend my thanks to all of our factory workers around the world. While many of us have been able to work from home on occasion during these last 2 pandemic impacted years, I'm just so inspired by the dedication of our factory workers who never worked a single day at home -- and it was just a phenomenal thing to see.

此外，我們整個組織仍然致力於提供長期可持續的價值，同時優先考慮我們在世界各地的每位員工的持續安全和健康。最重要的是，我想藉此機會再次感謝整個 Amphenol 團隊，特別要感謝我們在世界各地的所有工廠工人。雖然我們中的許多人在過去 2 年受大流行影響的年份中偶爾能夠在家工作，但我對我們從未在家工作過一天的工廠工人的奉獻精神感到非常鼓舞——這真是一個了不起的要看的東西。

And the results that we saw in the fourth quarter really are a great credit to their and our entire Amphenol organization's dedication.

我們在第四季度看到的結果確實是對他們和我們整個 Amphenol 組織的奉獻精神的極大讚譽。

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

有了這個，接線員，我們很樂意回答您的任何問題。

(Operator Instructions) Our first question is from Amit Daryanani with Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Amit Daryanani。

I guess, Adam, as I think about the demand vectors that you're seeing, there's obviously some worry out there that you might be over-shipping versus end demand in some big [rates]. If I think about 24% growth in December, your guide is implying a very healthy 14%, 15% growth in March. I think your compare is actually quite difficult.

我想，亞當，當我想到你所看到的需求向量時，顯然有些人擔心你可能會在一些大的 [rates] 中過度運輸而不是最終需求。如果我考慮 12 月份 24% 的增長，那麼您的指南暗示 3 月份增長 14% 和 15% 是非常健康的。我認為您的比較實際上非常困難。

I'd love to get any perspective you have in terms of the growth that you're seeing, if it's truly end demand or you think there's a bit of an inventory build happening at the customer level and then maybe as a way to think about this in terms of your growth vectors direct versus the channel, that would be helpful, too.

我很想從您所看到的增長方面獲得您的任何看法，如果它是真正的最終需求，或者您認為在客戶層面發生了一些庫存增加，那麼也許可以作為一種思考方式就您的增長向量直接與渠道而言，這也會有所幫助。

Yes. Well, thanks so much, Amit, and Happy New Year. Look, we don't have a perfect visibility into, as you know, our OEM customers and their warehouses and how much inventory they're holding. But there's no doubt about it that across the electronics industry, and I guess, across really all industries, customers have probably gotten a little more gun shy because of supply chain challenges.

是的。好吧，非常感謝，阿米特，新年快樂。看，如您所知，我們無法完全了解我們的 OEM 客戶及其倉庫以及他們持有的庫存量。但毫無疑問，在整個電子行業，而且我想，在所有行業中，由於供應鏈的挑戰，客戶可能更加膽小了。

At the same time, I can tell you there's robust demand. And I think if you take a market like the automotive industry, as one example, try to go out and buy a car today, it's not an easy thing. I know Craig went out and recently bought a car, and he shared with me that there was nothing to buy. And the choices that one has when one is willing and ready to go out and buy something is just not there still today.

同時，我可以告訴你需求強勁。而且我認為，如果你以汽車行業這樣的市場為例，今天嘗試出去買車，這不是一件容易的事。我知道克雷格最近出去買了一輛車，他告訴我沒有什麼可買的。當一個人願意並準備出去買東西時，人們所擁有的選擇現在已經不存在了。

And so whether there is a mismatch of components that ultimately is creating difficulty for our end customers to ship things and that can create some challenges across their supply chain, that may very well be. But the end demand by end consumers for things like cars, for things like semiconductors, for things like high-speed data, this end demand still seems relatively robust.

因此，是否存在組件不匹配最終會給我們的最終客戶帶來運輸困難，並可能在他們的供應鏈中造成一些挑戰，這很可能是。但終端消費者對汽車、半導體、高速數據等的終端需求，這種終端需求似乎仍然相對強勁。

As it relates to the channel, as you know, very well, distribution represents, for us, I think this year, it was about 17-or-so-percent of our sales, which was a little tick up from years past when it was 15%, 16%.

因為它與渠道有關，你知道，很好，分銷對我們來說，我認為今年，它約占我們銷售額的 17% 左右，與過去幾年相比略有上升分別為 15%、16%。

And we saw very strong demand from distribution through the course of the year. And I wouldn't say that we've seen any inventory build. To the contrary, I would say that probably inventories are a little bit lighter inside distribution, reflecting the strength of the pull-through of demand. What does that mean here going into the first quarter? No doubt about it. There remains a lot of volatility. There remain a lot of supply chain challenges. But I'm sure that whatever comes along, our team is going to be very agile and nimble to jump on any opportunities to ship products like we were in the fourth quarter.

我們在這一年中看到了來自分銷的非常強勁的需求。而且我不會說我們已經看到任何庫存增加。相反，我會說庫存可能會在分銷內部稍微減少，這反映了需求拉動的強度。進入第一季度意味著什麼？毫無疑問。仍然存在很大的波動性。供應鏈仍面臨許多挑戰。但我敢肯定，無論發生什麼，我們的團隊都會非常敏捷和靈活地抓住任何機會，像我們在第四季度一樣發布產品。

The next question is from Matt Sheerin with Stifel.

下一個問題來自 Matt Sheerin 和 Stifel。

Yes. Adam, I just wanted to talk about the upside that you saw across several end markets at a time when a lot of your peers are either missing numbers or talking about big revenue opportunities that they missed as a result.

是的。亞當，我只是想談談您在多個終端市場上看到的好處，當時您的許多同行要么缺少數字，要么談論他們因此錯過的大收入機會。

And I'm wondering whether Amphenol's unique operating model when you've got many operating units running on their own, does that put you at an advantage in a market like this? And then just as a follow-up, regarding your inventory reduction, are you expecting to build in some markets because of the supply chain issues?

我想知道 Amphenol 獨特的運營模式是否會讓您在這樣的市場中處於優勢地位？然後作為後續行動，關於您的庫存減少，由於供應鏈問題，您是否希望在某些市場建立業務？

Well, Matt, thank you very much. I mean this is a question that, as you know, is very close to my heart. I mean the simple answer to your question is yes, we do believe that our unique operating model creates a competitive advantage in the marketplace because of the agility, the reactivity and the flexibility that it instills at every level of the company.

好吧，馬特，非常感謝你。我的意思是，如你所知，這個問題非常貼近我的心。我的意思是，對您的問題的簡單回答是肯定的，我們相信我們獨特的運營模式在市場上創造了競爭優勢，因為它在公司的各個層面都灌輸了敏捷性、反應性和靈活性。

I mentioned in my prepared remarks that we have taken this step effective January 1 of creating the 3 operating divisions of the company. And the purpose of this is to ensure the long-term scalability of that unique operating model, making sure that every one of our 130 general managers around the world has -- reports to somebody who has the bandwidth to support them in every way that we need to drive collaboration, to stimulate them to exceed beyond levels that they ever thought they could do. And that is really the magic of the Amphenol operating model.

我在準備好的評論中提到，我們已從 1 月 1 日起採取這一步驟，創建公司的 3 個運營部門。這樣做的目的是確保這種獨特運營模式的長期可擴展性，確保我們在全球的 130 位總經理中的每一位都有——向有能力以我們的各種方式支持他們的人報告需要推動合作，激勵他們超越他們認為自己可以做到的水平。這確實是 Amphenol 運營模式的魔力。

When I joined the company 23 years ago, we were just some general managers reporting to our then CEO, Martin Loeffler. And it was -- when we were about to reach $2 billion in sales that we created the first concept of a grouping of those general managers, again, to ensure the appropriate span of control, the appropriate attention and the stimulation of all of the value that comes from inside the company.

當我 23 年前加入公司時，我們只是向我們當時的首席執行官 Martin Loeffler 匯報的一些總經理。正是在我們即將達到 20 億美元的銷售額時，我們再次創建了由這些總經理組成的小組的第一個概念，以確保適當的控制範圍、適當的關注和激發所有價值來自公司內部。

And that group model, we eventually became 7 operating groups. And as we have evolved, it became very clear that to continue fostering that unique operating model, we needed to create more operating groups, and I can't have 12 of them reporting to me, and that's why we create now this concept of the divisions.

而那個集團模式，我們最終變成了7個運營集團。隨著我們的發展，很明顯，要繼續培養這種獨特的運營模式，我們需要創建更多的運營團隊，我不能讓其中 12 個向我匯報，這就是為什麼我們現在創建這個概念師。

But at the end of the day, all of our jobs is to enable those 130 general managers around the world because that is ultimately what makes this company special. And why we're able to succeed in really good times and bad and in particular, in volatile times like today.

但歸根結底，我們所有的工作都是為全球 130 位總經理提供支持，因為這最終使這家公司與眾不同。以及為什麼我們能夠在真正的好時光和壞時光，特別是在像今天這樣動蕩的時代取得成功。

In terms of inventory, I mean I think we're very proud of the work of our team in actually reducing our inventory in the fourth quarter, even with a 7% sequential increase in sales and bringing our inventory days basically to a normal level at the end of the year in a time period where there's so much supply chain chaos.

在庫存方面，我的意思是我認為我們為我們團隊在第四季度實際減少庫存的工作感到非常自豪，即使銷售額連續增長 7% 並將我們的庫存天數基本恢復到正常水平今年年底，供應鏈非常混亂。

And you can imagine in the first quarter that maybe days would go up with the sequential sales that we have guided. But this is a phenomenal reflection of the fact that these 130 general managers, they're not just responsible for sales. They're not just responsible for gross margin. They're responsible for the entirety of their businesses. Every line item of the P&L, every line item of the cash flow, every line item of the balance sheet, and that allows them to really perform in challenging times like today.

你可以想像在第一季度，隨著我們指導的連續銷售，幾天可能會增加。但這是一個驚人的反映，即這 130 位總經理，他們不僅僅負責銷售。他們不僅負責毛利率。他們對自己的全部業務負責。損益表的每一行項目，現金流的每一行項目，資產負債表的每一行項目，這讓他們能夠在像今天這樣充滿挑戰的時代真正發揮作用。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess I'm more -- I'm looking back and you've typically also provided some color on the full year expectations in the past. And you -- maybe if we can comment on the thinking behind not providing a full year guide.

我想我更多——我回顧過去，你通常也會對過去的全年預期提供一些顏色。你——也許我們可以評論一下不提供全年指南背後的想法。

And if you can share how you're thinking about the sustainability of the growth rate that you have in 1Q through the remainder of the year. And any thoughts on margins. Just to give us some guide points about how to think about the year.

如果你能分享你如何看待第一季度到今年剩餘時間的增長率的可持續性。以及關於利潤的任何想法。只是為了給我們一些關於如何思考這一年的指導點。

I mean, look, very simply put, we remain in a once-in-a-century global pandemic. I know we here live in Connecticut, where we've just gone through the Omicron wave. That Omicron wave is probably going to other places around the world, including places in which we manufacture products, and it doesn't seem prudent at this point to try to get out ahead of our skis on guessing where a pandemic is going to strike and could potentially impact our customers anywhere in the world.

我的意思是，看，很簡單地說，我們仍然處於百年一遇的全球流行病中。我知道我們住在康涅狄格州，我們剛剛經歷了 Omicron 浪潮。 Omicron 浪潮可能會傳到世界其他地方，包括我們製造產品的地方，在這一點上，試圖在我們的滑雪板之前猜測大流行將在哪裡襲擊和可能會影響我們在世界任何地方的客戶。

And in such an environment, we don't think it's prudent to give guidance beyond the quarter that we've given, and that includes guidance on margins, on sales by market and all the other aspects.

在這樣的環境下，我們認為在我們給出的季度之後給出指導是不明智的，這包括對利潤率、市場銷售額和所有其他方面的指導。

The next question is from Will Stein with Truist Securities.

下一個問題來自 Truist Securities 的 Will Stein。

Congrats on the very good results and outlook. I have a question about the new segments and operating structure that you highlighted. Adam, you -- several years ago, you sort of forecasted this to some degree. You said that at some point you might need to add a new layer of management. So now we're seeing it.

祝賀非常好的結果和前景。我對您強調的新部門和運營結構有疑問。亞當，你——幾年前，你在某種程度上預測到了這一點。您說在某些時候您可能需要添加一個新的管理層。所以現在我們看到了。

But the question I have is about how this compares to the current organization and, in particular, the current end markets. Will we still have the same end market disclosure at least on the earnings call? And will those, in fact, roll up to segments so that we can use one to forecast the other? Or are these sort of orthogonal cuts at revenue?

但我的問題是，這與當前的組織，特別是當前的終端市場相比如何。至少在財報電話會議上，我們還會有相同的終端市場披露嗎？事實上，這些是否會匯總到細分市場，以便我們可以使用其中一個來預測另一個？還是這些正交削減收入？

And maybe along with that, from a management perspective, remind us, did the end markets have business leaders, one per end market? Or is that just -- is the end market discussion more for our understanding and analysis and not the way the company is managed internally.

也許與此同時，從管理的角度來看，提醒我們，終端市場是否有商業領袖，每個終端市場都有一個？或者這只是——更多的是為了我們的理解和分析而進行的終端市場討論，而不是公司內部管理的方式。

No. Well, number one, you have a memory like a steel trap as always. And number two, I think you essentially answered your question in certain ways here.

不。好吧，第一，你的記憶一如既往地像鋼鐵陷阱。第二，我認為你在這里基本上以某些方式回答了你的問題。

Look, we organized our company not by markets. And so our 130 general managers are each responsible for a certain distinct type of product across the extraordinary array of products that we see in the Interconnect as we define broadly interconnect products from connectors to value-add cable assemblies, printed circuit assemblies to sensors, to antennas and just the tens and tens and tens of thousands of different types of products that we make.

看，我們不是按市場組織公司的。因此，我們的 130 名總經理各自負責特定類型的產品，這些產品涵蓋了我們在互連中看到的非凡產品系列，因為我們定義了從連接器到增值電纜組件、印刷電路組件到傳感器的廣泛互連產品，天線以及我們製造的成千上萬種不同類型的產品。

And ultimately, because our general managers are responsible for manufacturing and design and quality and everything, it is really a product focus that each of them have.

歸根結底，因為我們的總經理負責製造、設計、質量和一切，這確實是他們每個人都關注的產品。

And as you know, we've talked for many years that one of our strategies that has been so successful is the way that we diversify the company is we design products maybe initially for a customer in a certain market. But then we work very aggressively and collaboratively across the company to proliferate that product across all markets that we can see.

如您所知，我們多年來一直在談論我們如此成功的戰略之一是我們使公司多樣化的方式是我們最初可能為某個市場的客戶設計產品。但隨後我們在整個公司內非常積極地合作，以在我們能看到的所有市場上推廣該產品。

So an example is high-speed products. Originally high-speed products were developed for IT applications, for things like core routers and the like. But as high-speed data starts to proliferate into other areas, for example, a fighter jet, now our team in high speed would work collaboratively with the team who is maybe more focused in the defense market to make sure that we're creating the broadest product offering for those customers.

所以一個例子是高速產品。最初高速產品是為 IT 應用開發的，例如核心路由器等。但隨著高速數據開始擴散到其他領域，例如戰鬥機，現在我們的高速團隊將與可能更專注於國防市場的團隊合作，以確保我們正在創造為這些客戶提供最廣泛的產品。

And so what that ends up meaning is that many of our general managers work across multiple markets.

所以這最終意味著我們的許多總經理在多個市場工作。

Some of them are focused, some are not, depending on the type of product. And at the end of the day, the divisions that we now will report as reportable segments, they will each sell into multiple of our markets and the markets won't map to the divisions as it were. But we'll provide disclosure on what markets are in which division. But you're going to end up finding that most of our markets are serviced by all 3 of those divisions.

根據產品的類型，有些是專注的，有些則不是。歸根結底，我們現在將報告為可報告細分市場的部門，它們將各自銷售到我們的多個市場，市場不會像以前那樣映射到部門。但我們將披露哪些市場屬於哪個部門。但是您最終會發現，我們的大部分市場都由所有這三個部門提供服務。

Yes. And we'll continue to guide by end market as we have done historically. We will not be guiding by division, but we will be giving similar to what we give today, financial information, revenue income information at the segment level. And so -- but nothing will change from a guidance perspective in terms of how we talk about guidance.

是的。我們將繼續像以往那樣以終端市場為導向。我們不會以部門為指導，但我們將提供類似於我們今天提供的財務信息、部門級別的收入信息。所以——但就我們如何談論指導而言，從指導的角度來看，一切都不會改變。

And we're not going to change the transparency that we give to all of you with all of our end markets.

而且我們不會改變我們為所有終端市場提供給你們所有人的透明度。

The next question is from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的 Mark Delaney。

I was hoping you could talk a bit about how to think through conversion margins at the EBIT level going forward. Very understandably, you mentioned a few headwinds in terms of M&A and supply chain that impacted the fourth quarter on a year-over-year basis.

我希望您能談談如何在未來的息稅前利潤水平上考慮轉換利潤率。可以理解的是，您提到了併購和供應鏈方面的一些不利因素，這些不利因素影響了第四季度的同比增長。

So I'm curious if you should think it's possible you have better-than-typical conversion margins this year as you have more opportunity to offset some of those challenges and so maybe above the historical conversion margin levels for 2022?

因此，我很好奇您是否應該認為今年您的轉換利潤率可能高於典型值，因為您有更多機會抵消其中一些挑戰，因此可能高於 2022 年的歷史轉換利潤率水平？

Yes. Thanks, Mark. No, no doubt. I mean I just wanted to start with just saying that we really are actually proud of kind of what we achieved here and for the full year 2021 and for the fourth quarter being at 20.1% and 20% for the full year amidst a really challenging year from a cost and supply chain perspective.

是的。謝謝，馬克。不，毫無疑問。我的意思是，我只想首先說，我們真的為我們在這里和 2021 年全年以及第四季度在非常具有挑戰性的一年中取得的成績感到自豪，全年分別為 20.1% 和 20%從成本和供應鏈的角度來看。

The team really did a, I think, outstanding job of kind of navigating that as the year really continued to progressively get worse in regards to just the underlying costs that the organization was seeing and to be able to kind of navigate that through pricing and other actions. I think that the team did a pretty outstanding job of doing that, which has ultimately resulted in the results we have today.

我認為，團隊確實做了一項出色的導航工作，因為這一年在組織所看到的基本成本方面確實繼續變得更糟，並且能夠通過定價和其他方式來導航行動。我認為團隊在這方面做得非常出色，最終導致了我們今天的成果。

As we look into the first quarter, kind of implied in our guidance, I know we don't, per se, talk about or guide to specific EBIT numbers. But our implied guidance would reflect actually some level of progress made in the first quarter in regards to pricing and other actions so that -- and where you could see that really is kind of the sequential conversion, typically on a lower revenue level, especially going from Q4 to Q1, where we have high single-digit, 10% sequential reduction in revenue, we would see typically kind of high 20s, even 30% kind of negative conversions.

當我們回顧第一季度時，在我們的指導中有所暗示，我知道我們本身並沒有談論或指導特定的 EBIT 數字。但我們隱含的指導實際上將反映第一季度在定價和其他行動方面取得的一定程度的進展，因此——你可以看到這確實是一種順序轉換，通常是在較低的收入水平上，尤其是在從第 4 季度到第 1 季度，我們的收入連續下降了 10% 的高個位數，我們通常會看到 20 多歲，甚至 30% 的負轉換。

And in this implied guide, there's closer to kind of mid-20s sequential conversion. That's even including some negative impact from a conversion perspective related to Halo in regards to -- because they're around our company average, but that necessarily bring with the normal conversion level.

在這個隱含的指南中，更接近於 20 年代中期的順序轉換。這甚至包括從與 Halo 相關的轉換角度來看的一些負面影響——因為它們在我們公司的平均水平附近，但這必然會帶來正常的轉換水平。

So I think from that perspective, we are seeing some positive momentum as we move into the first quarter. And I don't think I'll talk past the first quarter at this point. Obviously, the team continues to work hard at improving the bottom line and kind of we'll see what happens with the underlying environment as well.

所以我認為從這個角度來看，隨著我們進入第一季度，我們看到了一些積極的勢頭。而且我不認為我會在這一點上談論第一季度。顯然，團隊繼續努力提高底線，我們也會看到底層環境會發生什麼。

But I am confident as we saw in 2021 that the team has done a good job, and will continue to do, I think, a very good job of navigating this very difficult environment.

但我有信心，正如我們在 2021 年看到的那樣，團隊做得很好，而且我認為將繼續做得很好，在這個非常困難的環境中導航。

The next question is from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的 Wamsi Mohan。

Adam, Craig, you both mentioned commodity and logistics costs several times. And you noted that you're taking ongoing price actions. When do you expect these actions to fully offset? I guess, Craig mentioned partly in 1Q, you are making progress.

亞當、克雷格，你們都多次提到商品和物流成本。你注意到你正在採取持續的價格行動。您預計這些行動何時會完全抵消？我猜，Craig 在 1Q 中部分提到，你正在取得進展。

But if these costs stayed relatively fixed, let's say, given the price action that you've taken across your portfolio, when should we think that you would be able to mitigate the entire amount?

但是，如果這些成本保持相對固定，比方說，考慮到您在投資組合中採取的價格行動，我們應該認為您什麼時候能夠減輕全部金額？

And secondarily, would you say that these pricing actions that you've taken are broad-based across the entire portfolio? Are there areas like auto, which typically take longer to have price discussion and price increases filtered through sort of behind the curve? And maybe if you could just characterize Adam, like what percent of the portfolio maybe have seen price increases.

其次，您是否會說您採取的這些定價措施在整個投資組合中具有廣泛的基礎？是否有像汽車這樣的領域，通常需要更長的時間才能進行價格討論，並且價格上漲會通過曲線後面的方式過濾？也許如果你可以描述亞當，比如投資組合中有多少百分比可能已經看到價格上漲。

Thanks, Wamsi. I think in regards to when our pricing actions could fully offset, I mean, this is kind of a theoretical question because it's difficult to say ultimately what's going to happen to the underlying environment. I think to assume that the underlying environment is going to stay exactly where it is today is a little bit unrealistic. So whether or not it gets better or gets worse.

謝謝，萬西。我認為關於我們的定價行動何時可以完全抵消，我的意思是，這是一個理論上的問題，因為很難說最終會發生什麼潛在的環境。我認為假設底層環境將完全保持在今天的狀態有點不切實際。所以不管是變好還是變壞。

But I could tell you that, again, as I mentioned a minute ago that the team is doing I think a good job, and we are starting to see progress here in the first quarter.

但我可以再次告訴你，正如我在一分鐘前提到的那樣，我認為球隊做得很好，我們在第一季度開始看到進展。

So I'm not really sure. I couldn't tell you exactly when that would be. But I would tell you that we are confident that based on some of the progress we're starting to make here in the first quarter that we're starting to make some headway on it given the current environment.

所以我不太確定。我不能告訴你確切的時間。但我會告訴你，我們相信，基於我們在第一季度開始取得的一些進展，鑑於當前的環境，我們開始在這方面取得一些進展。

But we're sitting here again in continuing pandemic, continuing into economic environment that's a bit uncertain. So for me to kind of try to predict when we're going to completely offset the current cost environment is just not something that I guess they're prepared to do.

但我們再次坐在這裡，繼續大流行，繼續進入有點不確定的經濟環境。因此，對我來說，嘗試預測我們何時會完全抵消當前的成本環境並不是我猜他們準備做的事情。

And then, Wamsi, relative to our pricing strategy and every customer, every market, every region, every circumstance is different. Pricing is an art. It's not a science. You can bet that every one of our 130 general managers has this at the forefront of their mind.

然後，Wamsi，相對於我們的定價策略和每個客戶、每個市場、每個地區、每個情況都是不同的。定價是一門藝術。這不是一門科學。您可以打賭，我們 130 位總經理中的每一位都將這一點放在首位。

We also know that we -- there are some markets where it's easier to raise price, for example, in distribution, you just sort of announced a price list increase. And there are others where it's more challenging and where you have maybe longer-term contracts or where there's just not -- people are not accustomed to the concept.

我們也知道我們 - 有些市場更容易提高價格，例如，在分銷中，你只是宣布了價格表的增加。還有其他一些更具挑戰性的地方，你可能有更長期的合同，或者沒有 - 人們不習慣這個概念。

And so there's a real process of educating customers, of being transparent with them and ultimately bringing them around to the understanding that what you're talking to them about is reasonable and especially that it's reasonable in light of your company's steadfast support for them, which is something where I think we stand on very solid ground.

所以有一個真正的過程來教育客戶，對他們保持透明，最終讓他們明白你和他們談論的事情是合理的，尤其是考慮到你的公司對他們的堅定支持，這是合理的，我認為我們站在非常堅實的基礎上。

We were there for our customers through the pandemic. We were there for them when maybe others were not through the supply chain crisis. And so that -- all things being equal, should position us well to be able to ask nicely of our customers that, that would -- that they should share in that.

在大流行期間，我們一直在為我們的客戶服務。當其他人可能沒有度過供應鏈危機時，我們就在他們身邊。所以 - 在所有條件相同的情況下，我們應該能夠很好地向我們的客戶提出要求，那就是 - 他們應該分享這一點。

Also our markets are -- have a lot of different time cycles to them. Some of them are very short-cycle markets where there's really no price change. Others are longer cycle markets. To give you a percent of all where we've been able to achieve pricing, I couldn't even do it. You know we don't have one computer system that can sort of push a button and spit that out.

我們的市場也有很多不同的時間週期。其中一些是非常短週期的市場，實際上沒有價格變化。其他是更長周期的市場。為了給你我們已經能夠實現定價的所有地方的百分比，我什至做不到。你知道我們沒有一個計算機系統可以按一下按鈕然後把它吐出來。

But I think we're having increasing success, Craig alluded to that as well. It's a hard job. It's a job that is ultimately the responsibility of our general managers who are best positioned to know what costs are going up and then who themselves sit in front of the customers and have those very difficult negotiations. I think we're going to continue to make good progress over the course of this year. When ultimately we "fully offset it", as Craig said, is a theoretical question, that's not so easy for us to answer.

但我認為我們正在取得越來越大的成功，克雷格也提到了這一點。這是一項艱鉅的工作。這項工作最終由我們的總經理負責，他們最有能力了解成本上漲的情況，然後他們自己坐在客戶面前進行非常艱難的談判。我認為我們將在今年繼續取得良好進展。正如克雷格所說，最終我們“完全抵消它”是一個理論問題，這對我們來說並不容易回答。

The next question is from Nik Todorov with Longbow Research.

下一個問題來自 Longbow Research 的 Nik Todorov。

Appreciate it. Good afternoon, guys. Sorry, another pricing question maybe for Craig. Craig, is there a way to break for us the headwind from supply chain versus M&A in 2021 as because 2021 was pretty busy for you from an M&A perspective for you.

欣賞它。下午好，伙計們。抱歉，Craig 可能還有另一個定價問題。克雷格，有沒有辦法為我們打破供應鏈與 2021 年併購的逆風，因為從併購的角度來看，2021 年對你來說非常忙碌。

Yes. I mean I would say that if you look at our kind of overall conversion for 2021, it was probably actually pretty close to what our target is on an organic basis. That's -- we had some benefit from some pandemic costs offset by some supply chain-related costs. And then kind of the difference that is related to our acquisitions, which did bring with them at least currently a lower operating margin, which over time, we believe that we should be able to get up to the company average.

是的。我的意思是，如果你看看我們 2021 年的整體轉化率，它實際上可能非常接近我們的有機目標。那是-我們從一些與供應鏈相關的成本中抵消的一些流行病成本中獲得了一些好處。然後是與我們的收購有關的差異，這確實帶來了至少目前較低的營業利潤率，隨著時間的推移，我們相信我們應該能夠達到公司的平均水平。

So I think that's the way to think about it. I think that again, we're very proud of the ability to really actually -- Adam alluded to our 2-year increase in revenue over kind of through a pandemic and the supply chain, call it, crisis and -- of over 32%.

所以我認為這就是思考的方式。我再次認為，我們非常自豪能夠真正實現--亞當提到我們的 2 年收入增長超過了大流行和供應鏈，稱之為危機和 - 超過 32% .

And the reality is, actually, our EPS, our earnings actually increased by that -- roughly that same amount a little bit even higher than that slightly. So I think that typically, we want to have a slightly higher EPS increase.

現實是，實際上，我們的每股收益，我們的收益實際上增加了——大致相同的數量，甚至比那個略高一點。所以我認為通常情況下，我們希望每股收益增長略高。

And I think that given the fact that we've done a really good job of kind of offsetting some of these costs, I think, ultimately, we were able to really continue to increase our earnings over that 2-year period at a rate that's slightly under that we would have hoped from an organic perspective, but actually very, I think, respectable and very actually I'm very proud of considering all the costs that existed over the last couple of years here.

而且我認為，鑑於我們在抵消其中一些成本方面做得非常好，我認為最終，我們能夠在這 2 年期間真正繼續以如下速度增加收益略低於我們從有機的角度所希望的，但實際上，我認為，非常可敬，而且實際上我非常自豪地考慮到過去幾年在這裡存在的所有成本。

The next question is from Steven Fox with Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

I guess I was just wondering, respectfully, looking at the last few quarters, the company has sort of looked for a moderation in industrial and IT datacom and it's continued to perform a lot better than you guys were thinking and now you're sort of calling for the same thing again.

我想我只是想知道，恭敬地，看看過去幾個季度，該公司在工業和 IT 數據通信領域尋求適度的發展，它的表現繼續比你們想像的要好得多，現在你們有點再次呼籲同樣的事情。

Just stepping back and looking at the past versus going forward, is there anything different in your thinking now that you're seeing in the markets or you're just still trying to be conservative -- and any other risks you would point out that maybe we should appreciate?

只是退後一步回顧過去與展望未來，現在您在市場上看到的想法是否有任何不同，或者您仍然試圖保持保守 - 以及您可能會指出的任何其他風險我們應該欣賞嗎？

Well, thanks so much, Steven. Good afternoon to you. And no disrespect at all taken. I think it's a very good question. Look, we come into every quarter in this very uncertain and relatively volatile environment and try to give you and our entire investor base the best assessment that we can give on the basis of what we're hearing from our customers and on the basis of how -- what we're seeing in the supply chain and our operations and all of that.

好吧，非常感謝，史蒂文。祝你下午好。並沒有採取任何不尊重的態度。我認為這是一個非常好的問題。看，我們在這個非常不確定和相對動蕩的環境中進入每個季度，並試圖根據我們從客戶那裡聽到的信息以及如何為您和我們的整個投資者群提供我們可以給出的最佳評估。 - 我們在供應鍊和我們的運營中看到的一切。

And I think we have outperformed in industrial and IT datacom. And we were really pleasantly surprised last quarter. I mean this is a very significant outperformance that we achieved here in the fourth quarter. I think maybe a little bit less outperformance, but still very strong in the third quarter. Are we going to outperform what we've guided in the first quarter in IT datacom and industrial?

而且我認為我們在工業和 IT 數據通信方面表現出色。上個季度我們真的很驚喜。我的意思是，這是我們在第四季度取得的非常顯著的優異表現。我認為第三季度的表現可能會略遜一籌，但仍然非常強勁。我們是否會超越我們在第一季度在 IT 數據通信和工業領域的指導？

I'm not going to say that right now, but you can imagine our team is a very hungry team, who really takes a real make-it-happen attitude and tries to do everything we can. And ultimately, their goal is not just to maximize revenues so that we can report higher revenues, but their goal is to make sure that we're there for our customers when they need us.

我現在不會這麼說，但你可以想像我們的團隊是一個非常渴望的團隊，他們真的採取了真正的成功的態度，並嘗試做我們能做的一切。歸根結底，他們的目標不僅僅是最大化收入以便我們可以報告更高的收入，而且他們的目標是確保我們在客戶需要我們時為他們服務。

And in particular, we're there for our customers when others are not there for them because we believe that these 2 years have really created an opportunity for us to solidify our position with customers in a way that we actually weren't able to do prior to this real crisis over these last 2 years.

特別是，當其他人不在他們身邊時，我們會為我們的客戶服務，因為我們相信這兩年確實為我們創造了一個機會，以一種我們實際上無法做到的方式鞏固我們在客戶中的地位在過去兩年的這場真正危機之前。

And so whenever we hear from a customer that they need something desperately because others are not able to get it to them. That's where our 130 general managers spring into action with even more vigor and energy than they have before. And because we see that as something that's able to create a long-term platform of sustainable strength with our customers that will create dividends for many years to come.

因此，每當我們從客戶那裡聽到他們迫切需要某樣東西時，因為其他人無法得到它。這就是我們的 130 名總經理以前所未有的活力和精力投入行動的地方。而且因為我們認為這能夠與我們的客戶建立一個具有可持續實力的長期平台，從而在未來許多年創造紅利。

And so what does that ultimately mean here for the first quarter? We're trying to give the best guidance that we can in light of what we see today in what is still a highly uncertain environment. But there's no doubt about it that the Amphenol team is going to fight hard for every possible opportunity to deliver whatever upside is available to us.

那麼這對第一季度最終意味著什麼？鑑於我們今天在仍然高度不確定的環境中所看到的情況，我們正在努力提供最好的指導。但毫無疑問，Amphenol 團隊將竭盡全力爭取每一個可能的機會，為我們提供任何可能的優勢。

The next question is from Luke Junk with Baird.

下一個問題來自 Luke Junk 和 Baird。

Had a bigger picture question this afternoon, Adam. If Amphenol becomes a larger company with sales, of course, exceeding $10 billion for the first time this year does it alter your approach to M&A at all, either in terms of the companies that you're targeting or your ability to integrate deals of all sizes?

今天下午有一個更大的問題，亞當。當然，如果 Amphenol 成為一家銷售額更大的公司，今年的銷售額當然首次超過 100 億美元，它是否會改變你的併購方式，無論是在你的目標公司方面，還是在你整合所有交易的能力方面尺寸？

And I suppose the new segment structure could also play into this specifically, you've done 2 fairly large deals now in an 8-month window in the form of MTS and Halo. Does it say something about the future direction of the company? Or am I just reading too much into your recent deals?

而且我認為新的細分結構也可以特別發揮作用，您現在已經在 8 個月的窗口中以 MTS 和 Halo 的形式完成了 2 筆相當大的交易。它是否說明了公司未來的發展方向？還是我只是對您最近的交易閱讀過多？

No. Luke, it's a great question. I think when we talk about scaling the company, we really think about that in every aspect. Most importantly, we think about making sure that we preserve, secure and evolve that unique operating culture and that we can scale the company amidst that operating culture. That's really step one.

不，盧克，這是一個很好的問題。我認為，當我們談論擴大公司規模時，我們真的會從各個方面考慮這一點。最重要的是，我們考慮確保我們保留、保護和發展這種獨特的運營文化，並確保我們可以在這種運營文化中擴大公司規模。這真的是第一步。

But every other aspect of what we do also needs to scale and that includes our M&A program. And I find it really interesting. Over the course of my -- coming close to quarter of a century that I've been with this company 23 years, I started in Amphenol as an M&A intern. So I've been deeply involved in our M&A program all the way back to 1998.

但我們所做的每一個其他方面也需要擴展，包括我們的併購計劃。我覺得這真的很有趣。在我在這家公司工作了 23 年的近 25 年期間，我開始在 Amphenol 擔任併購實習生。因此，從 1998 年開始，我一直深入參與我們的併購計劃。

And we have said consistently from that time that we would expect that over the long term, acquisitions would roughly represent about 1/3 of our growth -- and that's been the case when we were a less-than-$900-million revenue company when I joined, all the way to today when we were close to an $11 billion revenue company.

從那時起，我們一直表示，我們預計從長遠來看，收購將大致占我們增長的 1/3——當我們是一家收入不到 9 億美元的公司時，情況就是如此。我加入了，一直到今天，當我們接近一家收入接近 110 億美元的公司時。

And what is interesting, I've referred to these last 2 years through the cycle, and Craig referred to that as well, we grew by roughly 32% through that cycle, and our organic growth was just over 20% during that time, which tells you that even in a pandemic and even with the size and scale of the company as it is, we've been able to still have acquisitions represent 1/3 of the company's growth.

有趣的是，我提到了過去兩年的周期，克雷格也提到了這一點，我們在那個週期中增長了大約 32%，而我們的有機增長在那段時間剛剛超過 20%，這告訴你，即使在大流行的情況下，即使公司的規模和規模仍然如此，我們仍然能夠讓收購占公司增長的 1/3。

And how do you do that? Well, the arithmetic is pretty straightforward. As the company grows, either you have to make more acquisitions of the same size or you have to make acquisitions a bigger size. And the fact is, I think we've done all of the above.

你是怎麼做到的？好吧，算術非常簡單。隨著公司的發展，您要么必須進行更多相同規模的收購，要么必須進行更大規模的收購。事實是，我認為我們已經完成了上述所有工作。

And so when we look at what we have done here with the MTS acquisition, our first-ever public company. When we look at the acquisition at the end of the year of Halo, these are not insignificant-sized acquisitions yet we didn't defocus ourselves from making also the really unique enabling tuck-in acquisitions, companies like Positronic and El-Cab and Euromicron and Cablecon and the like and Unlimited Services. So we will continue to make acquisitions of all sizes.

因此，當我們看看我們在收購 MTS 時所做的事情，這是我們有史以來的第一家上市公司。當我們查看 Halo 年底的收購時，這些並非微不足道的收購，但我們並沒有將自己的注意力從真正獨特的整合式收購上轉移開，例如 Positronic 和 El-Cab 和 Euromicron 等公司和 Cablecon 等以及無限服務。因此，我們將繼續進行各種規模的收購。

Now with the new division alignment, it actually opens even further the aperture of the types of deals that we may be able to execute upon because part of what we're doing is creating the bandwidth in our leadership team such that they can devote more time to things like driving collaboration, working with key customers and also making acquisitions.

現在有了新的部門調整，它實際上進一步打開了我們可以執行的交易類型的範圍，因為我們正在做的部分工作是在我們的領導團隊中創造帶寬，以便他們可以投入更多時間諸如推動協作、與關鍵客戶合作以及進行收購等。

And with the size of these divisions, it would make just as easy as we bring in a $50 million company with the general manager, and we say you're now just part of Amphenol, nothing changes. We can do that with a $1 billion company one day if we find the appropriate company. And so the range of acquisitions, the scale -- the range of the scale of acquisitions that we can make, I think, is really limitless.

有了這些部門的規模，這就像我們用總經理引進一家價值 5000 萬美元的公司一樣容易，我們說你現在只是 Amphenol 的一部分，沒有任何改變。如果我們找到合適的公司，我們有一天可以與一家價值 10 億美元的公司合作。所以收購的範圍，規模 - 我認為我們可以進行的收購規模的範圍確實是無限的。

The opportunity and the resources that we have to devote to executing on those and also making sure that they're successful once we bring them in is also really expanded by this new alignment.

我們必須投入的機會和資源來執行這些，並確保一旦我們引進它們就成功，這種新的對齊方式也確實擴大了。

And so we see no reason to think amidst this what is still a very highly fragmented market that we participate in that M&A can't continue to be a driver like it has been for already more than 2 decades so far.

因此，我們認為沒有理由認為，在我們參與的仍然非常分散的市場中，併購不能像過去 2 多年那樣繼續成為驅動力。

The next question is from Chris Snyder with UBS.

下一個問題來自瑞銀的克里斯·斯奈德。

I just wanted to follow up on the previous commentary on M&A strategy. So as the range of acquisitions widens and maybe the average size pushes higher to kind of achieve that 1/3 growth coming from M&A target, is there any impact on the multiples that the company is willing to pay or maybe has to pay to go after these larger acquisitions? And are there any maybe increased challenges or difficulty integrating these larger businesses into the broader Amphenol?

我只是想跟進之前關於併購策略的評論。因此，隨著收購範圍的擴大，並且平均規模可能會推高以實現來自併購目標的 1/3 增長，對公司願意支付或可能必須支付的倍數是否有任何影響追求這些更大的收購？將這些更大的業務整合到更廣泛的 Amphenol 中是否存在任何可能增加的挑戰或困難？

Thanks so much, Chris. I mean, look, simply put, I don't think it does have an impact on the multiple. I mean, I will just tell you that you take the MTS acquisition, as an example, and we announced just last quarter that we closed on the disposition of the Test & Simulation business. The net multiple that we ended up paying for one of the most precious assets in the industry of some of the most highest technology sensors that there is, was not a double-digit multiple when all was said and done.

非常感謝，克里斯。我的意思是，看，簡單地說，我不認為它對倍數有影響。我的意思是，我只想告訴你，你以收購 MTS 為例，我們上個季度剛剛宣布結束對測試和模擬業務的處置。我們最終為行業中最寶貴的資產之一支付了一些最高技術傳感器的淨倍數，這並不是一個兩位數的倍數。

And I think that is a real testament to our ability to navigate a very challenging and very complex acquisition process, our first-ever public company, our first-ever concurrent disposition of an asset. And in the end, we get a phenomenal organization with some of the best technology in the industry, amazing people, and we do that in a first single-digit multiple. So I think that is a confirmation of the fact that big does not necessarily equal more expensive.

我認為這真實地證明了我們能夠駕馭非常具有挑戰性和非常複雜的收購過程，我們的第一家上市公司，我們有史以來第一次同時處置資產。最後，我們得到了一個非凡的組織，擁有一些業內最好的技術，令人驚嘆的人才，我們以第一個個位數的倍數做到了這一點。所以我認為這證實了大不一定等於更貴的事實。

And in terms of the integration, we are never going to relax on the very simple principles that we have always applied to acquisitions, large and small. We look for 3 things when we look for acquisitions. We look for great people with great products and great positions. And it's that first criteria to great people that is, for us, the true litmus test of whether we will or will not buy a company.

在整合方面，我們永遠不會放鬆我們一直應用於大小收購的非常簡單的原則。當我們尋找收購時，我們會尋找三件事。我們尋找擁有出色產品和出色職位的優秀人才。對我們來說，這是衡量優秀人才的首要標準，是衡量我們是否願意收購一家公司的真正試金石。

And if it does not have those great people, we walk away every day of the week. And by having those great people, that means that they are people that we can rely upon, and we bring them into our organization, especially as it's newly aligned and we let them go do their thing. And all we do is we open doors for them for new opportunities that can only come by being part of a company as broad, as global and as strong as Amphenol.

如果它沒有那些偉大的人，我們一周中的每一天都會走開。通過擁有這些偉大的人，這意味著他們是我們可以依賴的人，我們將他們帶入我們的組織，特別是當它剛剛結盟時，我們讓他們去做他們的事。而我們所做的就是為他們打開大門，尋找新的機會，只有成為像 Amphenol 這樣廣泛、全球化和強大的公司的一部分才能獲得這些機會。

And so we think if anything else, if anything, as we have grown, as we've scaled the company, it's added momentum to really what has been a flywheel effect of our acquisition program over many years.

因此，我們認為，如果有什麼其他的話，如果有的話，隨著我們的成長，隨著我們擴大公司規模，它確實為我們多年來收購計劃的飛輪效應增加了動力。

The next question is from Joseph Spak with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Joseph Spak。

I wanted to focus on your automotive business for a second. You outperformed production by an incredible 40% this year. And I was wondering if you could maybe distill that down into how much you think of that came from mix and some of the broader trends in automotive versus share gains?

我想暫時專注於您的汽車業務。你今年的表現比製作高出令人難以置信的 40%。我想知道您是否可以將其提煉成您認為來自混合以及汽車與股票收益的一些更廣泛趨勢的多少？

And maybe recenter us for what a -- obviously, that's not sustainable at that level, but like what's a more reasonable go-forward not in any given period, but over time, sort of outgrowth over the coming years given the trends you see in that segment?

也許讓我們重新審視一下 - 顯然，這在那個水平上是不可持續的，但就像不是在任何特定時期內更合理的前進，而是隨著時間的推移，考慮到你所看到的趨勢，未來幾年的增長那段？

Well, thanks so much, Joe, and I hadn't actually done the math because we don't follow so much what is production and what is not production. I mean we care about the applications that -- these next-generation technology applications.

好吧，非常感謝，喬，我實際上並沒有計算過，因為我們不太了解什麼是生產，什麼不是生產。我的意思是我們關心這些下一代技術應用程序的應用程序。

But no doubt about it, our team did a phenomenal job this year and in particular, did a phenomenal job in capitalizing on new applications. And I would just point to something like the electrification trend where we just had fabulous growth in electrified applications really outperforming and taking more than our fair share of the opportunities in that space. And that's always been our long-term strategy in automotive.

但毫無疑問，我們的團隊今年做得非常出色，尤其是在利用新應用方面做得非常出色。我只想指出電氣化趨勢之類的東西，在這種趨勢中，我們在電氣化應用方面取得了驚人的增長，真正超越了我們在該領域的公平份額。這一直是我們在汽車領域的長期戰略。

We're not trying to take business out of the pockets of those who have it already. That's not a great approach in automotive. But rather we look for the sort of technological innovations and those new adoptions of electronics, and then we aggressively pursue those with our agile entrepreneurial team.

我們並不是要從那些已經擁有業務的人的口袋中搶走業務。這在汽車領域不是一個好方法。相反，我們尋找那種技術創新和電子產品的新應用，然後我們積極地與我們敏捷的創業團隊一起追求這些。

And I think that, that's been really successful here in this year. If I look over the course of kind of the last, call it, 13 years since I've been CEO, which really goes back to the low watermark of our automotive business. I mean we've consistently outperformed in automotive by a very significant margin, kind of year in and year out.

我認為，這在今年真的很成功。如果我回顧過去的過程，稱之為，自從我擔任 CEO 13 年以來，這真的可以追溯到我們汽車業務的低水位線。我的意思是，我們在汽車領域的表現一直以非常顯著的優勢表現出色，年復一年。

And what does that mean in terms of a go-forward outperformance, I've never put numbers on this, but we would certainly expect that our team would be able to continue to outperform overall units and what that translates into for content versus share versus new applications, I'll let you, who is a much bigger expert in this market than me, kind of suss out those numbers. But we clearly believe that we can continue to outperform.

就前進的表現而言，這意味著什麼，我從來沒有在這上面放過數字，但我們當然希望我們的團隊能夠繼續超越整體單位，以及這轉化為內容與份額與新的應用程序，我會讓你，在這個市場上比我大得多的專家，有點懷疑這些數字。但我們清楚地相信，我們可以繼續跑贏大盤。

Our next question is from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

As we wrap it up, a lot of my questions have been answered. I just want to ask one about the new segment reporting and kind of your ERP system. Your company has been very well known as being very lean and mean and good with controls and folding in everything.

當我們結束它時，我的很多問題都得到了解答。我只想問一個關於新的分段報告和你的 ERP 系統的類型。你的公司以精益求精、精益求精而聞名，在控制和折疊方面做得很好。

So I was just wondering, I assume this doesn't mean like a new ERP system. It doesn't mean a lot more layers of management. Earlier in the call, you mentioned layers of management or somebody mentioned that. I'm not sure that's what you meant as opposed to just more oversight in communication.

所以我只是想知道，我認為這並不意味著像一個新的 ERP 系統。這並不意味著更多的管理層。在電話會議的早些時候，您提到了管理層或有人提到了這一點。我不確定這就是你的意思，而不是更多的溝通監督。

But can you talk to us about ERP system because you've done a lot of M&A. Now you're talking about new reporting and sometimes people wonder about risk there. But I kind of view it as just providing us more information and not more cost and then not a new ERP system. If you could clarify that would be great.

但是你能和我們談談ERP系統嗎，因為你已經做了很多併購。現在你在談論新的報告，有時人們想知道那裡的風險。但我認為它只是為我們提供了更多信息而不是更多成本，而不是一個新的 ERP 系統。如果你能澄清那將是很棒的。

Jim, it's a fabulous question, and we do appreciate it. The answer is a very hard no.

吉姆，這是一個絕妙的問題，我們非常感謝。答案是否定的。

I mean we run 130 ERP systems around the company. Each of our general managers is responsible for their own ERP systems. Craig has a fabulous and very simple off-the-shelf consolidation software that works over the web and -- and the fact that we now align those businesses into divisions does not change our computer system whatsoever.

我的意思是我們在公司周圍運行了 130 個 ERP 系統。我們的每位總經理都對自己的 ERP 系統負責。 Craig 有一個非常棒且非常簡單的現成整合軟件，可以在 Web 上運行，而且我們現在將這些業務整合到部門中這一事實並沒有改變我們的計算機系統。

And yes, I mean, I think it was -- I believe, Will, who asked the question and alluded to the concept of a layer. I mean we have appointed 3 new presidents of these divisions, which is technically a layer but it's not a layer of bureaucracy, like you would see in many organizations. I mean in terms of the cost of doing this, it's nothing at all.

是的，我的意思是，我認為是——我相信，Will，他提出了這個問題並提到了層的概念。我的意思是我們已經為這些部門任命了 3 位新總裁，這在技術上是一個層面，但它不是一個官僚機構，就像你在許多組織中看到的那樣。我的意思是，就這樣做的成本而言，這根本不算什麼。

I mean that's a very marginal incremental investment because the staff at this division is effectively a head of the division with the financial controller to -- by his or her side.

我的意思是這是一項非常微不足道的增量投資，因為該部門的員工實際上是該部門的負責人，而財務總監則在他或她身邊。

So it's -- this is not building infrastructure and building layers and bureaucracy. Far from it, it's just creating the bandwidth across our leadership team across what is now 12 group general managers in those 3 divisions, whereby the 130 general managers can be enabled.

所以它是——這不是建立基礎設施、建立層次和官僚主義。遠非如此，它只是在我們的領導團隊中為這 3 個部門的 12 位集團總經理創建帶寬，從而可以啟用 130 位總經理。

We can drive them. We can set aggressive goals, work with them on solving problems when they're small enough to solve and capitalize on opportunities when they're small enough and early enough to capitalize and to capture.

我們可以開車。我們可以設定積極的目標，在問題小到足以解決問題時與他們合作解決問題，並在機會足夠小且足夠早以利用和捕捉機會時利用機會。

And that's been the Amphenol style ever since I was a General Manager just reported to the CEO. And -- but as we've grown, you cannot just have 130 people reporting to one that doesn't work. You lose the benefit of being part of a broader Amphenol and then become just a holding company. And that's not what we are.

自從我剛剛向 CEO 匯報工作時，這就是 Amphenol 的風格。而且——但隨著我們的發展，你不能只讓 130 人向一個不起作用的人匯報。您將失去成為更廣泛的 Amphenol 一部分的好處，然後成為一家控股公司。我們不是這樣的。

We're not at all a holding company. In fact, there is a close interaction, close collaboration, synthesis across those 130 entrepreneurial general managers. We have a term for it. We call it a collaborative entrepreneur, and that's really when we say an Amphenolian, that's really what we mean. So -- this is not at all creating new computer systems, new layers, new costs, rather, it's enabling and ensuring the scalability of our unique entrepreneurial structure for many, many years to come as we pass $10 billion here in sales.

我們根本不是控股公司。事實上，這130位創業總經理之間存在著密切的互動、密切的協作、綜合。我們有一個術語。我們稱其為協作型企業家，當我們說 Amphenolian 時，這就是我們真正的意思。所以——這根本不是在創造新的計算機系統、新的層次、新的成本，而是在我們的銷售額超過 100 億美元的情況下，在未來很多很多年裡實現並確保我們獨特的企業結構的可擴展性。

The next question is from David Kelley with Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

I was hoping to get some color on recent gross margin trends in light of some of the unique moving parts: inflation, supply chain, you've also done several acquisitions. And then longer term, you've been at 32% historically. Is that the right way to think about core gross margins for the core business?

我希望根據一些獨特的移動部分來了解最近的毛利率趨勢：通貨膨脹、供應鏈，你還進行了幾次收購。然後從長遠來看，歷史上你一直在 32%。這是考慮核心業務的核心毛利率的正確方法嗎？

Yes. Thanks, David. Gross margin is always kind of sometimes a difficult thing to specifically look at with our business. I mean, over time, maybe it's the trending of it is more applicable. But certainly, in any quarters, it's kind of difficult just because of the -- our markets do bring them -- with them different gross margins and also different operating expense levels.

是的。謝謝，大衛。毛利率有時總是很難在我們的業務中具體看待。我的意思是，隨著時間的推移，也許它的趨勢更適用。但可以肯定的是，在任何方面，這都是困難的，因為——我們的市場確實帶來了——不同的毛利率和不同的運營費用水平。

And so that's why we really just don't look at gross margins or measure ourselves based on the gross margin level. We really look at kind of an operating margin level. I think what you kind of need to look at is ultimately that operating margin, that trending over time. And certainly, over the last 10 years, we've had a certainly a strong performance and growth of that operating margin level, and that's kind of what you kind of need to focus on.

這就是為什麼我們真的不看毛利率或根據毛利率水平衡量自己的原因。我們真的在看一種營業利潤率水平。我認為您最終需要關注的是營業利潤率，以及隨時間推移的趨勢。當然，在過去的 10 年裡，我們的營業利潤率水平肯定有強勁的表現和增長，而這正是你需要關注的。

I think 10, 20, 50 basis points, even 100 basis point movement in our gross margin isn't necessarily unexpected, given strength in maybe a mobile device market or industrial market, which brings very different gross margins or a Sensor business tends to have higher gross margins and higher SG&A.

我認為我們的毛利率出現 10、20、50 個基點甚至 100 個基點的變動並不一定是出乎意料的，因為移動設備市場或工業市場的實力可能會帶來非常不同的毛利率或傳感器業務往往具有更高的毛利率和更高的SG&A。

So I really just wouldn't so much focus. We do tend to get these questions quite a bit, but it's really the operating margins that ultimately, we measure ourselves on. We drive our performance on. And ultimately, I think you should probably focus more on.

所以我真的不會那麼專注。我們確實經常會遇到這些問題，但最終我們衡量自己的是營業利潤率。我們推動我們的表現。最終，我認為您可能應該更多地關注。

And our last question comes from Joe Giordano with Cowen.

我們的最後一個問題來自 Joe Giordano 和 Cowen。

We kind of picked through most. I just wanted to touch on the orders. I mean I think everyone understands that there's a pretty good underlying demand across a lot of these markets. But there does seem to be not just with your results, but others like a scrambling to order stuff in this fourth quarter.

我們選擇了大多數。我只是想談談訂單。我的意思是，我認為每個人都明白，這些市場中的許多都有很好的潛在需求。但似乎不僅僅是你的結果，還有其他人喜歡在第四季度爭先恐後地訂購東西。

Like as you think about the underlying demand and what the orders look like right now, like entering January, do you feel like book-to-bill goes below 1, like at some point over the next couple of quarters? I know we're not doing full year guidance, but just -- can you kind of compare orders to underlying demand?

就像您考慮潛在需求和現在的訂單情況一樣，例如進入 1 月份，您是否覺得訂單出貨比低於 1，就像在接下來的幾個季度中的某個時間點一樣？我知道我們沒有做全年指導，但只是 - 你能將訂單與潛在需求進行比較嗎？

Yes. I think, Joe, we're -- it's hard for us to give a prognosis on what our book-to-bill is going to be. We had a very strong book-to-bill in the year. We finished with a strong book-to-bill. It's clear that our customers want to give us orders. What that book-to-bill will be going forward is actually really hard to predict.

是的。我認為，喬，我們 - 我們很難預測我們的帳單到帳單將會是什麼。我們在這一年有一個非常強大的賬面出貨量。我們完成了一個強大的帳單到帳單。很明顯，我們的客戶想給我們下訂單。實際上很難預測該帳單到帳單的發展方向。

Well, operator, I think if that's all of our questions, we'd -- I'd like to just extend my appreciation to everybody on the phone here for spending your precious time with us. I wish you all the best as you start the year, and most importantly, I just hope that all of you are able to stay safe and healthy, and we look forward to hearing from you again in just 90 days. Thanks so much, and Happy New Year again.

好吧，接線員，我想如果這是我們所有的問題，我們會 - 我想感謝電話中的每一個人，感謝你們與我們一起度過了寶貴的時間。祝大家新年伊始一切順利，最重要的是，我只希望你們所有人都能保持安全和健康，我們期待在短短 90 天內再次收到您的來信。非常感謝，再次祝您新年快樂。

Thank you, everybody. Bye-bye.

謝謝大家。再見。

Thank you for attending today's conference, and have a nice day.

感謝您參加今天的會議，祝您有美好的一天。