安費諾 (APH) 2021 Q3 法說會逐字稿

Hello, and welcome to the Third Quarter Earnings Conference Call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Thank you, sir, you may begin.

您好，歡迎參加安費諾公司第三季度收益電話會議。 （操作員須知）應公司要求，正在錄製今天的會議。如果有人有任何異議，您可以此時斷開連接。我現在想介紹一下今天的會議主持人克雷格·蘭波先生。謝謝樓主，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 third quarter 2021 conference call.

非常感謝你。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 年第三季度電話會議。

Our third quarter 2021 results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business as well as current trends and then we will take questions.

我們今天上午發布了 2021 年第三季度的業績。我將提供一些財務評論，然後亞當將概述業務以及當前趨勢，然後我們將回答問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and may make certain forward-looking statements. 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。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 third quarter with record sales of $2.818 billion and GAAP and adjusted diluted EPS of $0.67 and $0.65, respectively. Sales were up 21% in U.S. dollars, 20% in local currencies and 13% organically compared to the third quarter of 2020. Sequentially, sales were up 6% in U.S. dollars and local currencies and organically. Orders for the quarter were $3.16 billion, which was up 33% compared to the third quarter of 2020 and down 3% sequentially, resulting in a very strong book-to-bill ratio of 1.07:1.

該公司第三季度以創紀錄的 28.18 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 0.67 美元和 0.65 美元。與 2020 年第三季度相比，以美元計算的銷售額增長了 21%，以當地貨幣計算增長了 20%，有機增長了 13%。隨後，以美元和當地貨幣計算的銷售額有機增長了 6%。本季度訂單為 31.6 億美元，與 2020 年第三季度相比增長 33%，環比下降 3%，訂單出貨比達到 1.07:1，非常強勁。

Breaking down sales into our 2 segments. The Interconnect segment, which comprised 96% of sales, was up 21% in U.S. dollars and 20% in local currencies compared to the third quarter of last year. Our Cable segment, which comprised 4% of our sales, was up 18% in U.S. dollars and 17% in local currencies compared to the third quarter of last year. Adam will comment further on trends by market in a few minutes.

將銷售分為兩個部分。與去年第三季度相比，佔銷售額 96% 的互連部門以美元計算增長了 21%，以當地貨幣計算增長了 20%。占我們銷售額 4% 的有線電視部門與去年第三季度相比，以美元計算增長了 18%，以當地貨幣計算增長了 17%。亞當將在幾分鐘內進一步評論市場趨勢。

Operating income was $571 million in the third quarter. Operating margin was 20.3%, which decreased by 20 basis points compared to the third quarter of 2020, but increased by 30 basis points sequentially when compared to the second quarter 2021 adjusted operating margin. The year-over-year decline in operating margin was primarily driven by the impact of the more challenging commodity and supply chain environment in 2021, together with the slight margin dilution of recent acquisitions, including MTS, which are currently operating at a lower operating margin than the company average. The sequential increase in operating margin compared to the second quarter adjusted operating margin was driven by normal conversion on the increased sales levels.

第三季度的營業收入為 5.71 億美元。營業利潤率為 20.3%，與 2020 年第三季度相比下降了 20 個基點，但與 2021 年第二季度調整後的營業利潤率相比，環比上升了 30 個基點。營業利潤率同比下降的主要原因是 2021 年更具挑戰性的商品和供應鏈環境的影響，以及近期收購的利潤率略有稀釋，包括目前以較低營業利潤率運營的 MTS高於公司平均水平。與第二季度調整後的營業利潤率相比，營業利潤率的連續增長是由銷售水平提高的正常轉換推動的。

From a segment standpoint, in the Interconnect segment, margins were 22.4% in the third quarter of 2021, which was equal to the third quarter of 2020, an increase from 22% in the second quarter of 2021. In the Cable segment, margins were 3.8%, which decreased from 10.7% in the third quarter of 2020 and 6.1% in the second quarter of 2021. Our margins in the Cable segment continue to be particularly impacted by the ongoing 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，在互連細分市場，2021 年第三季度的利潤率為 22.4%，與 2020 年第三季度持平，高於 2021 年第二季度的 22%。在電纜細分市場，利潤率為3.8%，低於 2020 年第三季度的 10.7% 和 2021 年第二季度的 6.1%。我們在電纜部門的利潤率繼續受到商品和物流成本持續增長的影響，而這些成本尚未被定價行為抵消。

Given the dynamic economic environment, we are very proud of the company's performance. Our team's ability to effectively manage in its many challenges is a direct result of the strength and commitment of the company's entrepreneurial management team, which continues to foster a high-performance, action-oriented culture. The company's GAAP effective tax rate for the third quarter was 22.2%, which compared to 22.1% in the third quarter of 2020.

鑑於動態的經濟環境，我們對公司的表現感到非常自豪。我們團隊有效應對眾多挑戰的能力是公司創業管理團隊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。該公司第三季度的 GAAP 有效稅率為 22.2%，而 2020 年第三季度為 22.1%。

On an adjusted basis, the effective tax rate was 24.5% in the third quarter of both 2021 and 2020. GAAP diluted EPS was $0.67, an increase of 20% compared to $0.56 in the prior year period, and adjusted diluted EPS was a record $0.65, an increase of 18% compared to $0.55 in the third quarter of 2020.

在調整後的基礎上，2021 年和 2020 年第三季度的有效稅率為 24.5%。GAAP 攤薄後每股收益為 0.67 美元，比去年同期的 0.56 美元增長 20%，調整後攤薄後每股收益為創紀錄的 0.65 美元，與 2020 年第三季度的 0.55 美元相比增長了 18%。

Operating cash flow in the third quarter was $328 million or 81% of adjusted net income. Net of capital spending, our free cash flow was $238 million or 59% of adjusted net income. Cash flow in the quarter was a bit lower than we would typically expect primarily due to the higher than typical increase in inventory levels driven by the continuous challenging supply chain environment.

第三季度的經營現金流為 3.28 億美元，佔調整後淨收入的 81%。扣除資本支出後，我們的自由現金流為 2.38 億美元，佔調整後淨收入的 59%。本季度的現金流略低於我們通常的預期，這主要是由於持續充滿挑戰的供應鏈環境推動的庫存水平高於典型增長。

From a working capital standpoint, inventory days, days sales outstanding and payable days were 91, 70 and 61 days, respectively. While days sales and payable days were both within our normal range, inventory days at the quarter end were elevated for the reasons just mentioned as well as the impact of recent acquisitions, which have inventory days that are currently significantly above the company average.

從營運資金的角度來看，庫存天數、未付銷售天數和應付天數分別為 91、70 和 61 天。雖然銷售天數和應付天數都在我們的正常範圍內，但由於剛才提到的原因以及近期收購的影響，本季度末的庫存天數上升，目前庫存天數遠高於公司平均水平。

As mentioned in today's earnings release, the company's Board of Directors has approved a 38% increase in the company's quarterly dividend to $0.20 from $0.145 per share, effective for payments beginning in January of 2022. During the quarter, the company repurchased 2.3 million shares of companies -- of common stock for approximately $171 million at an average price of approximately $73.

正如今天的收益發布中所述，公司董事會已批准將公司季度股息從每股 0.145 美元提高 38% 至 0.20 美元，從 2022 年 1 月開始支付。本季度，公司回購了 230 萬股公司——普通股約 1.71 億美元，平均價格約為 73 美元。

And at the end of the quarter, total debt was $5.2 billion, and net debt was $3.9 billion. Total liquidity at the end of the quarter was $2.9 billion, which included cash and short-term investments on hand of $1.3 billion, plus availability under our existing credit facilities.

在本季度末，總債務為 52 億美元，淨債務為 39 億美元。本季度末的總流動資金為 29 億美元，其中包括 13 億美元的現金和短期投資，以及我們現有信貸額度下的可用資金。

Third quarter 2021 GAAP EBITDA was $686 million, and our net leverage ratio was 1.6x. As previously discussed, due to the pending sale of the MTS Test & Simulation business, that business is being reported as a discontinued operation and therefore, its expected results are excluded from our Q4 guidance. In addition, the company will incur certain additional cash, tax and other acquisition-related costs upon the divestiture of the Test & Simulation business, which is not included in income from continuing operations.

2021 年第三季度 GAAP EBITDA 為 6.86 億美元，我們的淨槓桿率為 1.6 倍。如前所述，由於 MTS 測試與模擬業務的待售，該業務被報告為已停止運營，因此，其預期結果不包括在我們的第四季度指導中。此外，公司在剝離測試與模擬業務時將產生一定的額外現金、稅收和其他與收購相關的成本，這些成本不包括在持續經營收入中。

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 would like to extend my welcome to everybody here on the phone today. And I hope that all of you had an enjoyable and healthy summer and are staying dry here if you're in the Northeast today.

好的，非常感謝你，克雷格，今天我想通過電話向大家表示歡迎。如果你們今天在東北部，我希望你們都度過了一個愉快而健康的夏天，並且在這裡保持乾燥。

As Craig mentioned, I'm going to highlight some of our achievements here in the third quarter. I will discuss the trends and our progress across our served markets. And then finally, I'll make some comments on our outlook for the fourth quarter and for the full year of 2021. And of course, we'll have time at the end for questions.

正如克雷格所說，我將在第三季度重點介紹我們的一些成就。我將討論我們所服務市場的趨勢和進展。最後，我將對我們對第四季度和 2021 年全年的展望發表一些評論。當然，最後我們會有時間提問。

As Craig went over, our results in the third quarter were substantially better than we had expected coming into the quarter. We exceeded the high end of our guidance in sales as well as in adjusted diluted earnings per share. Our sales grew a very strong 21% in U.S. dollars and 20% in local currencies, reaching a new record, $2.818 billion.

隨著克雷格的回顧，我們在第三季度的業績大大好於我們對本季度的預期。我們的銷售額以及調整後的攤薄每股收益超出了我們指導的上限。我們的銷售額以美元計算增長了 21%，以當地貨幣計算增長了 20%，達到了 28.18 億美元的新紀錄。

On an organic basis, our sales increased by 13%, with broad-based growth across most of our served markets as well as contributions from the company's acquisition program. Orders in the quarter were robust, again more than $3 billion, $3.016 billion, and this represented another strong book-to-bill of 1.07:1.

在有機基礎上，我們的銷售額增長了 13%，在我們服務的大部分市場以及公司收購計劃的貢獻下實現了廣泛的增長。本季度的訂單強勁，再次超過 30 億美元，達到 30.16 億美元，這代表了 1.07:1 的另一個強勁的訂單出貨比。

Now despite the many operational challenges that we have continued to face throughout the quarter, including continued cost increases related to commodities, supply chain and other logistics pressures, we were very pleased to deliver robust operating margins of 20.3% in the quarter. And as Craig detailed, that was a 30 basis point sequential improvement.

現在，儘管我們在整個季度繼續面臨許多運營挑戰，包括與商品、供應鍊和其他物流壓力相關的成本持續增加，但我們很高興在本季度實現了 20.3% 的強勁營業利潤率。正如克雷格所詳述的那樣，這是一個 30 個基點的連續改進。

Our EPS -- adjusted diluted EPS grew strongly from prior year, increasing by 18% to a new record of $0.65, and that's just an excellent reflection once again of our organization's continued strong execution.

我們的每股收益——調整後的攤薄每股收益較上年強勁增長，增長 18% 至 0.65 美元的新紀錄，這再次很好地反映了我們組織持續強勁的執行力。

The company generated operating and free cash flow of $328 million and $238 million in the third quarter. And we're very pleased that the Board of Directors just approved yesterday an increase in our dividend of 38% effective in January of next year.

該公司在第三季度產生了 3.28 億美元和 2.38 億美元的運營和自由現金流。我們很高興董事會昨天剛剛批准將我們的股息增加 38%，從明年 1 月開始生效。

Coming out of this quarter, I'm just extremely proud of our team around the world. These results once again reflect the discipline as well as the agility of our entrepreneurial organization as we continue to perform well amidst a very dynamic and challenging environment.

本季度結束後，我為我們在世界各地的團隊感到非常自豪。這些結果再次反映了我們創業組織的紀律性和敏捷性，因為我們在充滿活力和挑戰性的環境中繼續表現出色。

Now turning to our trends and progress across our served markets. We're very pleased that the company's broad and balanced end market diversification continues to create value for Amphenol. Very importantly, our diversification mitigates the impact of the volatility of individual end markets, while also at the same time, exposing us to leading technologies wherever they may arise across the electronics industry. And these are both important benefits, especially amidst such a dynamic market environment.

現在轉向我們在所服務市場的趨勢和進展。我們很高興該公司廣泛而平衡的終端市場多元化繼續為安費諾創造價值。非常重要的是，我們的多元化減輕了各個終端市場波動的影響，同時也讓我們接觸到了電子行業可能出現的領先技術。這些都是重要的好處，尤其是在如此充滿活力的市場環境中。

Turning first to the military market. This market represented 10% of our sales in the third quarter. Sales grew by 7% from prior year and declined by 4% organically, which was a little bit lower than our expectation heading into the quarter. On an organic basis, growth in ordnance, airframe and space-related products was more than offset by moderations of our sales in products that were used in vehicle, naval and communications applications. Sequentially, sales declined by about 3%.

首先轉向軍用市場。這個市場占我們第三季度銷售額的 10%。銷售額比去年同期增長 7%，有機下降 4%，略低於我們進入本季度的預期。在有機基礎上，軍械、機身和太空相關產品的增長被我們用於車輛、海軍和通信應用的產品銷售放緩所抵消。隨後，銷售額下降了約3%。

Looking into the fourth quarter, we now expect a slight sequential sales increase. And for the full year 2021, this would imply a mid-teens increase in sales from last year's levels. We continue to be excited by the strength of Amphenol's position in the military market. As defense customers around the world continue to adopt next-generation technologies at an increasing pace, 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.

展望第四季度，我們現在預計銷售額將出現小幅連續增長。而對於 2021 年全年，這意味著銷售額將比去年的水平增長 10 倍左右。我們繼續對安費諾在軍用市場的強大地位感到興奮。隨著世界各地的國防客戶繼續以越來越快的速度採用下一代技術，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。這讓我們對我們的長期表現充滿信心。

The commercial aerospace market represented 2% of our sales in the quarter. Sales were flat compared to prior year and declined by about 19% organically as the benefit of our recent acquisitions was offset by continued declines in demand from aircraft manufacturers. As we expected coming into the quarter, our sales declined by about 3% sequentially.

商業航空市場占我們本季度銷售額的 2%。銷售額與去年相比持平，有機下降約 19%，因為我們最近收購的好處被飛機製造商的需求持續下降所抵消。正如我們在本季度所預期的那樣，我們的銷售額環比下降了約 3%。

Looking into the fourth quarter, we're happy that -- to now expect a mid-teens increase in sales compared to these levels. And for the full year 2021, this would imply a roughly 10% sales decline compared to last year, a clear reflection of the pandemic-related headwinds that have impacted the travel industry and thus, the commercial aircraft market during the COVID-19 pandemic.

展望第四季度，我們很高興 - 現在預計與這些水平相比，銷售額將增長十幾歲。對於 2021 年全年，這將意味著與去年相比銷售額下降約 10%，這清楚地反映了在 COVID-19 大流行期間影響旅遊業以及商用飛機市場的與大流行相關的不利因素。

Regardless of this challenging environment so far, our team working in the commercial aerospace market remains committed to leveraging the company's strong Interconnect and Sensor technology position across a wide array of airplane platforms and next-generation systems integrated into those aircraft. As personal and business travel continues to recover from the pandemic-impacted lows, we do look forward to benefiting as jet manufacturers expand their production and in turn, expand their procurement of our components.

迄今為止，無論環境如何充滿挑戰，我們在商業航空航天市場工作的團隊仍然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中強大的互連和傳感器技術地位。隨著個人和商務旅行繼續從受大流行影響的低點中恢復，我們確實期待隨著噴氣式飛機製造商擴大生產並擴大他們對我們零部件的採購而從中受益。

The industrial market represented 26% of our sales in the quarter. Sales increased by a very strong 44% in U.S. dollars and 24% organically. This excellent growth was broad-based across most segments of the worldwide industrial market, including, in particular, the battery and heavy electric vehicle, factory automation, oil and gas, rail mass transit, heavy equipment, alternative energy and instrumentation segments, together with the contributions from our recent acquisitions.

工業市場占我們本季度銷售額的 26%。銷售額以美元計算增長了 44%，有機增長了 24%。這種出色的增長在全球工業市場的大多數領域都有廣泛的基礎，尤其包括電池和重型電動汽車、工廠自動化、石油和天然氣、軌道交通、重型設備、替代能源和儀器儀表領域，以及我們最近收購的貢獻。

On a sequential basis, sales increased by 4% from the second quarter, which was much better than our expectations coming into the quarter. Looking into the fourth quarter, we expect sales to moderate from these levels. But for the full year 2021, we expect sales to increase more than 40% from prior year, a very strong performance.

在環比的基礎上，銷售額比第二季度增長了 4%，這比我們對本季度的預期要好得多。展望第四季度，我們預計銷售額將從這些水平放緩。但對於 2021 年全年，我們預計銷售額將比上年增長 40% 以上，表現非常強勁。

I remain extremely proud of our global team working in the industrial market. Our long-term strategy to expand our high-technology Interconnect antenna and Sensor offering, both organically and through complementary acquisitions, has positioned the company to capitalize on the many revolutions that are occurring across the industrial electronics market. We look forward to realizing the benefits of this strategy for many years to come.

我仍然為我們在工業市場工作的全球團隊感到非常自豪。我們的長期戰略是通過有機地和通過互補收購來擴展我們的高科技互連天線和傳感器產品，使公司能夠利用整個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 quarter. And despite the widely reported challenges across the automotive market, our sales actually came in higher than expectations in the quarter, growing a strong 31% in U.S. dollars and 26% organically. This strong performance reflected our automotive team's excellent execution in the face of numerous supply chain challenges as well as robust growth of our products used in electric and hybrid electric vehicles. This was another clear confirmation of our global team's long-term efforts at designing in high-voltage and other Interconnect and Sensor products into these next-generation platforms.

汽車市場占我們本季度銷售額的 19%。儘管汽車市場廣泛報導了挑戰，但我們的銷售額在本季度實際上高於預期，以美元計算強勁增長 31%，有機增長 26%。這一強勁表現反映了我們的汽車團隊在面對眾多供應鏈挑戰時的出色執行，以及我們用於電動和混合動力電動汽車的產品的強勁增長。這是對我們全球團隊長期致力於將高壓和其他互連和傳感器產品設計到這些下一代平台中的又一明確確認。

On a sequential basis, sales were flat compared to the second quarter. The widely reported supply chain challenges in the auto industry continued to impact demand from vehicle manufacturers around the world. Accordingly, we do expect in the fourth quarter a high single-digit sequential moderation in sales. For the full year 2021, this implies sales will increase by more than 40% compared to last year driven by our expanded position in next-generation electronics integrated into cars, including, in particular, those electric and hybrid drivetrains.

在連續的基礎上，銷售額與第二季度相比持平。汽車行業廣泛報導的供應鏈挑戰繼續影響全球汽車製造商的需求。因此，我們確實預計第四季度銷售額將出現高個位數的連續放緩。對於 2021 年全年，這意味著銷售額將比去年增長 40% 以上，這得益於我們在集成到汽車中的下一代電子設備（尤其是那些電動和混合動力傳動系統）的擴張地位。

I remain extremely proud of our team working in the automotive market, who has continued to demonstrate a high degree of agility and resiliency in both driving a significant recovery from last year's reduced sales levels while also expertly navigating the myriad of supply chain challenges that the entire automotive industry is facing. 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，他們繼續表現出高度的敏捷性和彈性，既推動了從去年下降的銷售水平的顯著復甦，同時也熟練地應對了整個供應鏈所面臨的無數挑戰。汽車行業面臨。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 13% of our sales in the quarter. And our sales in this market declined from prior year by 5% as modest growth in sales of products incorporated into smartphones and laptops was more than offset by declines in wearables and tablets. Sequentially, sales increased by a stronger-than-expected 36% driven by higher sales across virtually all product categories that we serve.

移動設備市場占我們本季度銷售額的 13%。我們在這個市場的銷售額比去年下降了 5%，因為智能手機和筆記本電腦中的產品銷售額的適度增長被可穿戴設備和平板電腦的下降所抵消。隨後，在我們服務的幾乎所有產品類別的銷售額增長的推動下，銷售額增長了 36%，強於預期。

Looking into the fourth quarter, we expect the continued mid- to high single-digit increase in sales from these third quarter levels. And for the full year, we anticipate sales to grow modestly from 2020, which is, in fact, an impressive achievement given last year's robust demand.

展望第四季度，我們預計銷售額將從第三季度的這些水平繼續保持中高個位數增長。對於全年，我們預計銷售額將從 2020 年開始適度增長，事實上，鑑於去年強勁的需求，這是一個令人印象深刻的成就。

I remain very proud of our team working in the mobile devices market. Their unique agility continues to enable the company to react quickly to changing demand in this most volatile of markets. With our leading array of antennas, Interconnect products and mechanisms, enabling a broad range of next-generation mobile devices, we're positioned well for the long term.

我仍然為我們在移動設備市場工作的團隊感到非常自豪。他們獨特的敏捷性繼續使公司能夠在這個最動蕩的市場中對不斷變化的需求做出快速反應。憑藉我們領先的天線陣列、互連產品和機制，支持廣泛的下一代移動設備，我們的長期定位良好。

Turning to the mobile networks market. This market represented 5% of our sales in the quarter, and sales increased by 11% from prior year and 7% organically. And this sales growth was really driven by our sales to mobile service providers, which was offset by a small moderation of sales to OEMs. On a sequential basis, our sales increased just slightly, which was largely in line with our expectations coming into the quarter.

轉向移動網絡市場。這個市場占我們本季度銷售額的 5%，銷售額比去年同期增長 11%，有機增長 7%。這種銷售增長實際上是由我們對移動服務提供商的銷售推動的，這被對原始設備製造商的銷售小幅放緩所抵消。在連續的基礎上，我們的銷售額略有增長，這在很大程度上符合我們對本季度的預期。

For the fourth quarter, we expect another slight sequential increase in sales as mobile networks customers continued to ramp up their investments in 5G and other next-generation networks. And for 2021, this would imply that our sales would grow by approximately 10%.

對於第四季度，隨著移動網絡客戶繼續加大對 5G 和其他下一代網絡的投資，我們預計銷售額將繼續小幅增長。而對於 2021 年，這意味著我們的銷售額將增長約 10%。

Our team continues to work aggressively in the mobile networks market to realize the benefits of our efforts to expand our position in next-generation 5G equipment and networks around the world. As our customers 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.

我們的團隊繼續在移動網絡市場積極工作，以實現我們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。隨著我們的客戶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 datacom market represented 22% of our sales in the quarter. Sales in this market rose from prior year by a very strong 28% in U.S. dollars and 26% organically. And this was driven by increased demand from OEMs and in particular, increased demand from web service providers. Sequentially, our sales grew by a better-than-expected 10% from second quarter levels.

信息技術和數據通信市場占我們本季度銷售額的 22%。該市場的銷售額以美元計較上年增長了 28%，有機增長了 26%。這是由原始設備製造商的需求增加，特別是網絡服務提供商的需求增加所推動的。隨後，我們的銷售額比第二季度增長了 10%，好於預期。

As we look into the fourth quarter, we do expect a slight decline from these elevated levels. And for the full year of 2021, we expect sales to increase in the low 20% range. We 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. In turn, our team remains highly focused on enabling this continuing revolution in IT datacom with industry-leading high-speed power and fiber optic Interconnect products. We look forward to realizing the benefits of that leading position for many years to come.

當我們展望第四季度時，我們確實預計這些高水平會略有下降。對於 2021 年全年，我們預計銷售額將增長 20% 左右。我們仍然對該公司在全球 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的性能水平，以應對帶寬和處理器能力持續急劇增長的需求。反過來，我們的團隊仍然高度專注於通過行業領先的高速電源和光纖互連產品實現 IT 數據通信的持續革命。我們期待在未來的許多年裡實現這一領先地位的好處。

And finally, the broadband market represented 3% of our sales in the quarter. Sales declined by 5% from prior year and 10% organically as cable operator procurement moderated. On a sequential basis, sales decreased by a slightly better-than-expected 3%. For the fourth quarter, we now expect a further moderation in sales from these levels. And for the full year 2021, we anticipate that sales will grow in the mid-single digits.

最後，寬帶市場占我們本季度銷售額的 3%。由於有線電視運營商採購放緩，銷售額比去年下降了 5%，有機下降了 10%。環比來看，銷售額下降了 3%，略好於預期。對於第四季度，我們現在預計銷售額將從這些水平進一步放緩。對於 2021 年全年，我們預計銷售額將以中個位數增長。

Despite this more challenging environment in the broadband market, we continue to look forward to supporting 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 homes and to businesses.

儘管寬帶市場面臨更具挑戰性的環境，但我們仍期待為我們的全球服務提供商客戶提供支持，他們都在努力增加帶寬，以支持將高速數據應用擴展到家庭和企業。

Now turning to our outlook. There's no question that the current market environment remains highly uncertain, with significant supply chain and inflationary challenges as well as the ongoing pandemic. Given this and assuming constant exchange rates, for the fourth quarter, we expect sales in the range of $2.690 billion to $2.750 billion and adjusted diluted EPS in the range of $0.61 to $0.63. This would represent year-over-year sales growth of 11% to 13% and adjusted diluted EPS growth of 7% to 11%.

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，供應鍊和通脹挑戰以及持續的流行病都存在重大挑戰。鑑於此並假設匯率不變，我們預計第四季度的銷售額在 26.90 億美元至 27.50 億美元之間，調整後的攤薄每股收益在 0.61 美元至 0.63 美元之間。這意味著銷售額同比增長 11% 至 13%，調整後的攤薄後每股收益增長 7% 至 11%。

Our fourth quarter guidance represents an expectation for full year sales of $10.540 billion to $10.600 billion and full year adjusted diluted EPS of $2.39 to $2.41. This outlook represents full year sales and adjusted EPS growth of 23% and 28% to 29%, respectively.

我們的第四季度指導預期全年銷售額為 105.40 億美元至 106.00 億美元，全年調整後攤薄後每股收益為 2.39 美元至 2.41 美元。這一展望代表全年銷售額和調整後每股收益分別增長 23% 和 28% 至 29%。

I remain 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. 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.

我仍然相信我們優秀的管理團隊有能力適應市場上持續的挑戰，並利用許多未來的機會來提高我們的市場地位和擴大我們的盈利能力。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。

Most importantly, I would like to take this opportunity to once again thank the entire Amphenol team for their truly outstanding efforts here in the third quarter.

最重要的是，我想藉此機會再次感謝整個安費諾團隊在第三季度在這裡所做的真正出色的努力。

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

有了這個，接線員，我們很樂意回答任何問題。

(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。

Adam, there's been a fair amount of talk, a lot of talk maybe around just supply chain challenges, inventory build and everything else. I would love to get your perspective. What are you seeing from that basis across your customer base? Are you starting to see your orders and demand start to moderate a bit or customers being less eager to expedite orders? Or anything you're seeing, variation between the channel and OEM demand trends? Just anything you see from that basis would be helpful.

亞當，有很多討論，很多討論可能只是圍繞供應鏈挑戰、庫存建立和其他一切。我很想听聽你的看法。您從整個客戶群的基礎上看到了什麼？您是否開始看到您的訂單和需求開始有所緩和，或者客戶不太渴望加快訂單？或者您看到的任何情況，渠道和 OEM 需求趨勢之間的差異？您從該基礎上看到的任何內容都會有所幫助。

Yes. Thanks very much, Amit. I mean no doubt about it, a lot of chatter, a lot of news. You can't pick up the paper without reading about supply chains. I think for the first 22 years of my so far 23-year career, I don't recall that the front page was plastered with things about the supply chain. And now, it seems to be virtually every day that you read something about it.

是的。非常感謝，阿米特。我的意思是毫無疑問，很多聊天，很多新聞。如果不閱讀有關供應鏈的內容，您就無法拿起報紙。我認為在我 23 年職業生涯的前 22 年中，我不記得首頁上貼滿了有關供應鏈的內容。而現在，您幾乎每天都在閱讀有關它的內容。

And no question, throughout the quarter, there remains just a number of real significant challenges that our team thought through and really thought through. I think when you see the results, in particular growing sequentially by 6% in the quarter, which was above our expectations, amidst, what I would say, were continued serious supply chain impediments, some of which even worsened throughout the quarter, whether that's availability of logistics and freight, the cost of raw materials, the availability of raw materials, even talking about things like labor shortages, which are -- there are pockets of that around the world as well. And so no question that those are all dynamics that our team faced. And across that entrepreneurial Amphenol organization, our team just made it happen.

毫無疑問，在整個季度中，我們的團隊仍然深思熟慮並真正深思熟慮了一些真正的重大挑戰。我認為當你看到結果時，特別是在本季度連續增長 6%，這超出了我們的預期，其中，我想說的是，供應鏈障礙持續存在，其中一些甚至在整個季度惡化，無論是物流和貨運的可用性，原材料的成本，原材料的可用性，甚至談論勞動力短缺之類的問題——世界各地也有一些這樣的問題。所以毫無疑問，這些都是我們團隊面臨的動態。在這個創業型 Amphenol 組織中，我們的團隊剛剛實現了這一目標。

Now in terms of inventory builds and orders moderating, I mean, we still had strong orders in the quarter. There's no doubt about it. And even though our book-to-bill was a bit lower, 1.07 compared to the second quarter, most of the reason why our book-to-bill was lower because our sales grew into the level of the bookings. But orders were down by maybe 3% from the second quarter, but sales were up by 6%, thus the slightly lower but still robust book-to-bill.

現在就庫存增加和訂單放緩而言，我的意思是，我們在本季度仍然有強勁的訂單。毫無疑問。儘管與第二季度相比，我們的訂單出貨比略低，為 1.07，但我們的訂單出貨比下降的主要原因是我們的銷售額增長到了預訂水平。但訂單比第二季度下降了大約 3%，但銷售額增長了 6%，因此訂單出貨比略低但仍然強勁。

In terms of inventory, I mean, you saw for sure that our inventory was up a little bit, and I think many have seen a little bit elevated inventory, which is not surprising given both our growth as a company, very significant growth, but also the very significant supply chain impediments that are out there.

就庫存而言，我的意思是，你肯定看到我們的庫存增加了一點，我認為很多人都看到庫存增加了一點，考慮到我們作為一家公司的增長，非常顯著的增長，這並不奇怪，但是還有非常重要的供應鏈障礙。

To the extent that our customers have more inventory, we don't always have perfect visibility into that. I will say what we do have visibility into, which is, in particular, in distribution, we haven't seen really abnormal levels of inventory amongst our distributors for our products. In fact, I think what we've seen is continued strong sell-through of the products into customers around the world and knowing that our distribution business is predominantly industrial and aerospace, mil aero business, and we've seen continued really strong demand in particular across the industrial market.

就我們的客戶有更多庫存而言，我們並不總是對此有完美的了解。我會說我們確實了解的情況，特別是在分銷方面，我們沒有看到我們的產品分銷商的庫存水平真的異常。事實上，我認為我們所看到的是產品持續強勁地銷售到世界各地的客戶中，並且我們知道我們的分銷業務主要是工業和航空航天、軍用航空業務，而且我們看到了持續強勁的需求尤其是整個工業市場。

What -- in terms of the customers and their willingness to pull product, we talked about last quarter, in the automotive market, for example, that we probably could have shipped more if customers wanted it. And I think we continue to see some instances, anecdotes, where customers, because they don't have all the components that they need to make their finished product, be it a car or a truck or otherwise, they, in the end, don't take our product. As opposed to necessarily building the inventory of our products, they just tell us not to ship it. So a lot going on, but I think at the end of the day, amidst all these challenges, the performance of the company has shone very brightly.

什麼 - 就客戶及其拉動產品的意願而言，我們上個季度談到了汽車市場，例如，如果客戶需要，我們可能會出貨更多。而且我認為我們繼續看到一些例子，軼事，客戶，因為他們沒有製造成品所需的所有組件，無論是汽車還是卡車或其他，他們最終，不不要拿我們的產品。與必須建立我們產品的庫存相反，他們只是告訴我們不要發貨。發生了很多事情，但我認為歸根結底，在所有這些挑戰中，公司的表現非常亮眼。

And our next question is from Steven Fox with Fox Advisors.

我們的下一個問題來自 Fox Advisors 的 Steven Fox。

Adam, I was wondering if you could just maybe touch on IT datacom a little bit more. It's been a very good year for that market for you guys. And after what seems like better expected quarters, each quarter, you seem to sort of look for it to slow down. So I'm just curious like where you're seeing maybe concerns, where are you seeing more opportunities, whether markets or share trends or new products, et cetera.

亞當，我想知道你是否可以多談一點 IT 數據通信。對你們來說，這個市場是非常好的一年。在看起來更好的預期季度之後，每個季度，你似乎都希望它放慢速度。所以我只是好奇你在哪裡看到了可能的擔憂，你在哪裡看到了更多的機會，無論是市場、分享趨勢還是新產品等等。

Yes. Well, thanks so much, Steve. I mean no doubt about it, it's been a very, very strong year and I would almost say a very strong couple of years for our team working in the IT datacom market, I mean, not forgetting that last year, we grew in that market by 15% and this year, continuing to exceed our expectations with sales in this quarter, in particular, growing by 28% and 10% sequentially. So no question about it.

是的。好吧，非常感謝，史蒂夫。我的意思是毫無疑問，這是非常非常強勁的一年，對於我們在 IT 數據通信市場工作的團隊來說，我幾乎可以說這是非常強勁的幾年，我的意思是，不要忘記去年，我們在那個市場上取得了增長今年增長了 15%，繼續超出我們的預期，本季度的銷售額尤其是環比增長 28% 和 10%。所以毫無疑問。

And I think, when I look into the fourth quarter, we're coming from very elevated levels of demand. And we're not guiding to like a catastrophic reduction. We're talking about a modest sequential decline in the fourth quarter, which I think given the overall environment, given the overall demand from our customers and in particular, customers in web service, where we've seen just really strong growth in whether you call them cloud or web service providers, and we've seen outstanding growth in that business over the last couple of years.

而且我認為，當我展望第四季度時，我們的需求水平非常高。而且我們沒有指導喜歡災難性的減少。我們談論的是第四季度的溫和連續下降，我認為考慮到整體環境，考慮到我們客戶的整體需求，特別是網絡服務客戶的整體需求，我們已經看到你是否真的強勁增長稱他們為雲或網絡服務提供商，我們在過去幾年中看到了該業務的顯著增長。

And once in a while, you could have a moderation. There could even be a little bit of seasonality that could come into that. So I don't think that this fourth quarter guide is at all a turnaround in that business. It would still, by the way, in the fourth quarter, reflect very, very strong year-over-year growth in that IT datacom market and in the end, I think, would be a very, very strong year for that market and for our team working in that market.

偶爾，你可以有一個節制。甚至可能會有一點季節性。因此，我認為第四季度指南根本不是該業務的轉機。順便說一句，在第四季度，它仍然會反映出該 IT 數據通信市場非常非常強勁的同比增長，我認為，最終，對於該市場和對於我們的團隊在那個市場工作。

And our next question is from Wamsi Mohan with Bank of America.

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Adam, you guys have done a tremendous job maintaining profitability through many difficult cycles. As you look at the cycle here and through 2021, how much would you say your ability to raise prices has offset some of these inflationary pressures? And as you look into 2022, I mean, it sounded from some of the comments, especially in Cable, that there was room to raise pricing, so more to catch up. If you could just characterize sort of 2021, 2022 from ability to sort of recapture some of that potential inflationary elements and how you think about it into 2022, that would be great.

亞當，你們在許多艱難的周期中保持盈利能力方面做得非常出色。當您查看這里和到 2021 年的周期時，您認為您提高價格的能力在多大程度上抵消了這些通脹壓力？當你展望 2022 年時，我的意思是，從一些評論中，尤其是在有線電視中，聽起來有提高定價的空間，所以還有更多的東西可以趕上。如果你能描述 2021 年、2022 年的某種程度，從重新捕捉一些潛在通脹因素的能力以及你如何看待它到 2022 年，那就太好了。

Hey, Wamsi, this is Craig. I think that if we think about our profitability, we're certainly very proud of our achievement in the quarter and certainly this year given the significant challenging cost environment. And certainly, that cost environment has been increasingly, I would say, gotten worse over the course of the year. And I think that we have done a good job of neutralizing that worsening environment given the actions we've been able to take during the year.

嘿，Wamsi，這是克雷格。我認為，如果我們考慮我們的盈利能力，我們當然為我們在本季度的成就感到非常自豪，而且考慮到今年具有重大挑戰的成本環境。當然，我會說，這種成本環境在這一年裡變得越來越糟。而且我認為，鑑於我們在這一年中能夠採取的行動，我們在消除日益惡化的環境方面做得很好。

And one of those actions clearly is being able to pass on some of that cost to our customers, to the degree that we can't offset it in other ways. And so certainly, the management team, I think, has done a really good job of that. Different markets are more challenging than other markets. And certainly, things like distribution is easier to pass on. Pricing in other markets are a little bit more difficult, or channels are difficult to pass on pricing.

其中一項行動顯然是能夠將部分成本轉嫁給我們的客戶，以至於我們無法以其他方式抵消它。當然，我認為管理團隊在這方面做得非常好。不同的市場比其他市場更具挑戰性。當然，分發之類的東西更容易傳遞。其他市場的定價要困難一些，或者渠道難以傳遞定價。

But I think, overall, we've done a pretty good job. And most of the markets are passing on some of the pricing. I wouldn't make the exception. And you comment on Cable, and certainly, that market is a different type of market from a competitive environment as well as the products are a little bit different, more -- they're certainly more cost-sensitive and certainly more impacted by logistics costs, which we've seen a significant increase of.

但我認為，總的來說，我們做得很好。大多數市場都在傳遞一些定價。我不會例外。你對有線電視發表評論，當然，這個市場與競爭環境是不同類型的市場，而且產品也有一點不同——它們當然對成本更加敏感，而且受到物流成本的影響更大，我們已經看到顯著增加。

And there's been quite a quick increase of those types of costs that absolutely have had an impact that we haven't necessarily been able to offset at this point, and the team is doing certainly a good job of working through that. And we do think, over some period of time, they will be able to offset those cost pressures, but that's something that, in that market, you can't really do overnight.

這些類型的成本已經快速增加，這些成本絕對產生了我們目前不一定能夠抵消的影響，並且團隊在解決這個問題方面做得很好。而且我們確實認為，在一段時間內，他們將能夠抵消這些成本壓力，但在那個市場上，你真的不能在一夜之間做到這一點。

Other markets, like automotive, aren't so easy. But certainly, I think the team has done a good job of starting those conversations, and there's other markets that are easier. So I think that we've done a good job. I think that we've been able to offset the majority, certainly, of the sequential increases that we've seen during the year of the cost environment.

其他市場，如汽車，並不那麼容易。但可以肯定的是，我認為團隊在開始這些對話方面做得很好，還有其他市場更容易。所以我認為我們做得很好。我認為我們已經能夠抵消我們在成本環境這一年看到的大部分連續增長。

And we're not guiding into '22 at this point, but I do believe that the cost environment is not going to get any easier anytime soon. So the team certainly has been tasked with, and I think they're doing a good job of continuing those conversations with their customers in all of the markets, some of which are easier and some of which are harder, in terms of being able to ultimately pass on those cost increases to our customers and be able to continue to leverage and increase our margins as we continue to grow.

而且我們目前還沒有進入'22，但我相信成本環境不會很快變得更容易。因此，團隊當然已經承擔了任務，我認為他們在繼續與所有市場的客戶進行對話方面做得很好，其中一些更容易，一些更難，就能夠最終將這些成本增加轉嫁給我們的客戶，並能夠隨著我們的持續增長繼續利用和增加我們的利潤。

And I would just add, Wamsi, to that one important principle here. Pricing is an art. It's not just you issue a price increase and off it goes. And the beauty of how we're organized is that we're not making those pricing decisions here at headquarters.

瓦姆西，我只想在這裡添加一個重要原則。定價是一門藝術。這不僅僅是你發布價格上漲然後它就消失了。我們組織方式的美妙之處在於，我們不是在總部做出這些定價決定。

Rather, we have 125 general managers around the world. And those general managers are best suited to make the right decision around pricing because they know the strength of their own position. They know their competitive position. They know their technology position. And they also can go to a customer and say, "Look, I have tried everything else and the only remaining thing I can do is raise the price to you." And then it's a genuine, it's a reasonable discussion, and it's one that's grounded in fact and basis as opposed to in corporate policy.

相反，我們在全球擁有 125 名總經理。而這些總經理最適合在定價方面做出正確的決定，因為他們知道自己職位的優勢。他們知道自己的競爭地位。他們知道自己的技術地位。他們也可以去找客戶說，“看，我已經嘗試了其他所有方法，剩下的唯一事情就是向你提高價格。”然後它是真實的，是合理的討論，是基於事實和基礎而不是公司政策的討論。

And I think that's why we've always been maybe a little bit more successful in moderating the impacts of these because our general managers have every tool available to them. All of the functions, all of the inputs are part of their responsibility, and thus, they're able to go out and make it happen.

我認為這就是為什麼我們在緩和這些影響方面總是更成功的原因，因為我們的總經理擁有所有可用的工具。所有的功能，所有的投入都是他們責任的一部分，因此，他們能夠走出去實現它。

And just because the cost of materials is up, or the cost of logistics is up, does not give absolution to an Amphenol general manager for their performance, not in our company. I mean no matter what the cycle is, we have absolute standards for performance and they have to hit that. And they will figure it out. And if that means having those tough discussions with customers, then that's what they're going to do.

並且僅僅因為材料成本上漲，或者物流成本上漲，並不能原諒安費諾總經理的表現，而不是我們公司。我的意思是無論周期是什麼，我們都有絕對的性能標準，他們必須達到這個標準。他們會弄清楚的。如果這意味著與客戶進行艱難的討論，那麼這就是他們要做的事情。

And 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。

This is Joe Cardoso on for Samik. So broader question, I guess, the setup in guidance for 3Q seems really similar to what we are seeing now for 4Q. However, Amphenol was able to outperform the high end of the guide in terms of both revenue and earnings in 3Q. I guess can you help investors understand why they shouldn't expect a similar level of outperformance this time around? For example, are there headwinds around supply and cost intensifying? Or were there any material surprises you would point out in 3Q that are not sustainable into 4Q? Any color around the puts and takes there would be appreciated.

這是 Samik 的 Joe Cardoso。所以更廣泛的問題，我猜，第三季度的指導設置似乎與我們現在看到的第四季度非常相似。然而，安費諾在第三季度的收入和盈利方面都超過了指南的高端。我想你能幫助投資者理解為什麼他們這次不應該期待類似水平的優異表現嗎？例如，供應和成本加劇是否存在不利因素？或者您是否會在第三季度指出任何在第四季度不可持續的重大驚喜？看跌期權周圍的任何顏色都將不勝感激。

Sure. Thanks very much, Joe. I mean look, we always give guidance with the information at hand. Just as we did 90 days ago, we're doing here today. And so I wouldn't point to some different dynamic nor would I say that one should expect that we're going to beat the same amount that we beat last quarter.

當然。非常感謝，喬。我的意思是看，我們總是根據手頭的信息提供指導。就像我們 90 天前所做的一樣，我們今天在這裡做的。因此，我不會指出一些不同的動態，也不會說人們應該期望我們將擊敗與上一季度相同的數量。

Our team is always going to strive to maximize our results amidst whatever environment we are in. And as we've talked about [that now, Joe], it's a very dynamic environment. And they're going to continue to push until the last minute of the last hour of the last day of the year in supporting our customers and executing amidst this environment. And if that ends up that we -- that this guidance is exceeded, then that will be what it will be. But right now, we're giving a guidance based on what we see in the marketplace.

我們的團隊將始終努力在我們所處的任何環境中最大化我們的成果。正如我們已經談到的[現在，喬]，這是一個非常動態的環境。他們將繼續努力，直到一年中最後一天最後一小時的最後一分鐘，以支持我們的客戶並在這種環境中執行。如果最終我們 - 超出了這個指導，那麼這將是什麼。但現在，我們正在根據我們在市場上看到的情況提供指導。

And our next question is from William Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 William Stein。

Adam, I wanted to ask about lead times and expedites. It doesn't really sound like you're significantly stretched from a lead time perspective, so maybe you can provide some context. I'm aware, in every end market, every company within the Amphenol umbrella, has different characteristics and so, in average, might not be meaningful. But however you can describe the current lead time situation relative to how it might have been, let's say, a quarter ago and versus what would be sort of a middle low in this the cycle sort of dynamic.

亞當，我想問一下交貨時間和加急。從交貨時間的角度來看，這聽起來並不像您被大大延長，所以也許您可以提供一些背景信息。我知道，在每個終端市場，Amphenol 旗下的每家公司都有不同的特點，因此平均而言，可能沒有意義。但是，您可以描述當前的交貨時間情況，例如一個季度前的情況，以及在這種動態週期中可能處於中間低點的情況。

And then the degree to which expedited requests might have changed, there are some companies in the supply chain talking about the level or number of expedited parts falling significantly in the last quarter. I'm wondering if you're seeing that same dynamic.

然後加急請求可能發生的變化程度，供應鏈中的一些公司談論上一季度加急零件的水平或數量顯著下降。我想知道你是否看到了同樣的動態。

Thanks so much, Will. I mean relative to our lead times, I mean, it should not be surprising that maybe we have a little bit of extra lead time now than we would have had a year ago. It is a very constrained environment, sometimes even just getting materials in from overseas, if you need to have to do that, whatever. There's just a lot of sort of sand in the gears of the global supply chain, and that can lead to extra lead times.

非常感謝，威爾。我的意思是相對於我們的交貨時間，我的意思是，也許我們現在比一年前有一點額外的交貨時間也就不足為奇了。這是一個非常受限制的環境，有時甚至只是從海外獲取材料，如果您需要這樣做，無論如何。全球供應鏈的齒輪中有很多沙子，這可能會導致額外的交貨時間。

Also, I've talked about our orders, maybe not even because of our own lead times, but just customers opening up the aperture of their order window a little bit longer, and that has led to some of the higher levels of orders that we've seen, in addition to just overall robust demand.

另外，我已經談到了我們的訂單，甚至可能不是因為我們自己的交貨時間，而是客戶將他們的訂單窗口打開的時間更長一點，這導致了我們的一些更高級別的訂單'已經看到，除了整體強勁的需求。

As it relates to expedited requests, I don't know that I can give you a good read on that more thoroughly or systematically across the company. I mean we continue to have some customers who really need product. I mean to the extent that we are using a material that is really constrained, and there are certain cases of that, I continue to see the odd expedited request here and there. I don't know that I have a good read on whether it's less or more or the same. I mean, I guess, I would say it's kind of the same over the last 90 days. Nothing that I would take note of really.

由於它涉及加急請求，我不知道我是否可以在整個公司更徹底或更系統地為您提供良好的閱讀。我的意思是我們繼續有一些真正需要產品的客戶。我的意思是，在我們使用的材料確實受到限制的情況下，在某些情況下，我繼續在這里和那裡看到奇怪的加急請求。我不知道我對它是少是多還是相同有很好的了解。我的意思是，我想，我會說在過去的 90 天裡情況是一樣的。沒有什麼我會真正注意到的。

And our next question is from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克德萊尼。

I was hoping to get an update on what the company has seen in China, both from a demand and an operational perspective. There's been a number of headlines around companies having a more difficult time operating in China, things like electricity shortages, certain materials' constraints, and hoping you could elaborate on what Amphenol is seeing there.

我希望從需求和運營的角度了解公司在中國的最新情況。關於在中國經營困難的公司有很多頭條新聞，比如電力短缺、某些材料的限制，希望你能詳細說明安費諾在中國看到的情況。

Thanks so much, Mark, and good afternoon to you. I think one thing that I would just point out from this last quarter is actually our growth on a year-over-year basis was very balanced across all the geographies, I mean, almost extremely balanced on an organic basis. Virtually, every region grew by that 13% organically. And that was really nice to see actually and a bit surprising given the sort of dynamics, whether they would be pandemic-related, supply chain-related, electricity-related or otherwise.

非常感謝，馬克，下午好。我認為我要從上個季度指出的一件事實際上是我們的同比增長在所有地區都非常平衡，我的意思是，在有機基礎上幾乎非常平衡。實際上，每個地區都有 13% 的有機增長。考慮到這種動態，無論是與大流行相關、與供應鏈相關、與電力相關還是其他方面，這真的很高興看到並且有點令人驚訝。

And our team in China continues to do a fabulous job of managing through whatever challenges come their way. And that did include, in the quarter, some challenges related to the availability of electricity. But fortunately for us, our approach operationally around the world, and that is the same approach that we have in China, is never and not to put all our eggs in one basket.

我們在中國的團隊繼續出色地應對遇到的任何挑戰。這確實包括，在本季度，一些與電力供應相關的挑戰。但對我們來說幸運的是，我們在世界各地的運營方式，與我們在中國的方式相同，絕不是將所有雞蛋放在一個籃子裡。

People are sometimes surprised that we have so many facilities around the world, something like 200, 250 facilities. And that includes something like 50 facilities in China that are spread across the country. And so when there are pockets of challenges over the last 1.5 years, whether that be from COVID-related shutdowns, supply chain challenges, or even the electricity issues that you've heard about in China, that's not having a material impact across the company but rather may create a single challenge for one or another operation, and the local management team just makes it happen. And that's kind of the approach that we take.

人們有時會驚訝於我們在世界各地擁有如此多的設施，大概有 200、250 個設施。其中包括分佈在全國各地的中國 50 個設施。因此，在過去 1.5 年中，當出現一些挑戰時，無論是與 COVID 相關的停工、供應鏈挑戰，甚至是您聽說過的中國電力問題，都不會對整個公司產生重大影響而是可能會為一項或多項業務帶來單一挑戰，而當地管理團隊只是讓它發生。這就是我們採取的方法。

And our next question comes from Nik Todorov with Longbow Research.

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

And congrats on the great results. I have a question on auto, Adam. If you look at your auto numbers, it seems like they again outperformed relative to peers. And I think you talked about seeing upside in the quarter relative to expectations. So why, in your view, do you continue to see upside in the quarter?

並祝賀偉大的成果。我有一個關於汽車的問題，亞當。如果您查看您的汽車編號，它們似乎再次優於同行。而且我認為您談到了本季度相對於預期的上行空間。那麼，在您看來，為什麼您會繼續看到本季度的上漲空間？

Maybe going back to the expedited, do you continue to see expedites in auto? I'm just curious because your lead times are relatively -- maybe they would be a little bit extended, but they're still nothing compared to what [simple connectors] are. And I'm sure you don't -- you're not the one that are constraining the auto production. So why do you think you continue to see upside in auto?

也許回到加急，你會繼續看到汽車加急嗎？我只是很好奇，因為您的交貨時間是相對的——也許它們會延長一點，但與 [簡單連接器] 相比，它們仍然微不足道。我敢肯定你不會——你不是限制汽車生產的人。那麼，為什麼您認為您會繼續看到汽車行業的上行空間？

Yes. Thanks very much, Nik. Look, this is a long story for us, which is that we've been growing our automotive business for more than a decade through a consistent strategy of growing both organically and through acquisitions, into new electronics applications, new applications in the car.

是的。非常感謝，尼克。看，這對我們來說說來話長，十多年來，我們一直在通過有機增長和收購的一致戰略發展我們的汽車業務，進入新的電子應用和汽車中的新應用。

Throughout the course of that time, we expanded our product offering, from simple connectors and cable assemblies, to sensors and antennas, complex sensor assemblies and the like. And through it all, our strategy has not been to just take share out of incumbents, but rather to participate in the expansion of electronics in the automotive market. And that expansion of electronics has really accelerated throughout that time.

在此期間，我們擴展了我們的產品供應，從簡單的連接器和電纜組件，到傳感器和天線、複雜的傳感器組件等。通過這一切，我們的戰略不僅僅是從現有企業手中奪取份額，而是參與汽車市場電子產品的擴張。在那段時間裡，電子產品的擴張確實加速了。

And as I highlighted in my prepared remarks, one area of expansion of electronics had been across the electrification of vehicles, both electric and hybrid vehicles, where we've leveraged our strong legacy and high-voltage capabilities to really be a strong participant in that area. And that's been a great growth driver for us for many quarters, and that included in the quarter that just completed.

正如我在準備好的發言中所強調的那樣，電子產品擴展的一個領域是汽車的電氣化，包括電動汽車和混合動力汽車，我們利用我們強大的傳統和高壓能力真正成為其中的有力參與者區域。這對我們來說是許多季度的巨大增長動力，包括剛剛完成的季度。

Have we seen expedites in the automotive market? I would actually say we've seen, this quarter and last quarter, more of the opposite of expedites. We've seen that customers have pushed out demand because of supply shortages that they're seeing from other types of commodities. You mentioned semiconductors as one example as opposed to expedites that -- of customers pulling in. And -- but for those other supply chain shortages, I'm sure our automotive business would have been even more robust than it was.

我們在汽車市場上看到過加速嗎？實際上，我會說我們在本季度和上一季度看到了更多與加速相反的情況。我們已經看到，客戶因為從其他類型的商品中看到的供應短缺而推出了需求。你提到半導體作為一個例子，而不是加快客戶的加入。而且——如果沒有其他供應鏈短缺，我相信我們的汽車業務會比以前更加強勁。

And our next question is from Luke Junk with Baird.

我們的下一個問題來自 Luke Junk 和 Baird。

Adam, I've got another auto question, this one may be a little bigger picture. A lot of the discussion around your business these days is around EVs and rightly so. But what I wanted to ask you about is knock-on effects that you're seeing on some other factors. Some of the industry have talked about the so-called Tesla [hill, by either] the fact that consumer expectations for tech in the vehicle are just simply much higher in an EV.

亞當，我有另一個自動問題，這個問題可能更大一些。這些天圍繞您的業務進行的很多討論都是圍繞電動汽車進行的，這是正確的。但我想問你的是你看到的其他一些因素的連鎖效應。一些業內人士談到了所謂的特斯拉 [hill, by either] 的事實，即消費者對汽車技術的期望在電動汽車中要高得多。

And I'm wondering as you look across your business and the outgrowth that you're seeing, both right now and over the last few years, how does this accelerated proliferation of technology inside the vehicle play to the company's strengths and positioning relative to electrification?

而且我想知道，當您審視您的業務以及您現在和過去幾年所看到的增長時，車輛內部技術的加速擴散如何發揮公司相對於電氣化的優勢和定位?

Well, look, it's a great question. And it's a question that I wouldn't even confine to EVs. I mean you point out that consumer expectations for technology in EVs, but I would just say consumer expectations for technology in vehicles, full stop, has expanded and has continued to accelerate over many years.

好吧，看，這是一個很好的問題。這是一個我什至不會局限於電動汽車的問題。我的意思是你指出消費者對電動汽車技術的期望，但我只想說消費者對車輛技術的期望，句號，多年來一直在擴大並繼續加速。

I mean I just look at my kids, when we get in a car, you've got like a spaghetti of cables that people want to plug in to various parts of the car. And then you now have car companies coming and putting in things like wireless charging and outlets in different places as opposed to me having one of these massive things that every kid has to plug their thing into a cigarette lighter.

我的意思是，我只是看看我的孩子，當我們上車時，你會看到人們想要插入汽車各個部分的意大利麵條。然後你現在有汽車公司進來並在不同的地方安裝無線充電和插座等東西，而不是我擁有每個孩子都必須將他們的東西插入打火機的這些巨大的東西之一。

Now everybody has their little connectors all over the car and things like that. And whether it be navigation systems, communication systems, safety systems, passenger comfort systems, we have seen, and I think we are living through, a revolution of electronics in vehicles. And that's all vehicles.

現在每個人的車上都有他們的小連接器之類的東西。無論是導航系統、通信系統、安全系統、乘客舒適系統，我們已經看到並且我認為我們正在經歷一場汽車電子革命。這就是所有車輛。

Because we shouldn't forget, like in the global automotive market, I don't know, hybrid and EVs, I'm not perfectly familiar with everyone of these numbers, but I think they still represent less than 10%. And that's if you include hybrids of all total vehicle volumes. But I would say all vehicles are adopting more electronics because the car companies have realized, not only that do their customers want these things, but actually, they can make more money on these things.

因為我們不應該忘記，就像在全球汽車市場，我不知道混合動力和電動汽車，我並不完全熟悉這些數字，但我認為它們仍然不到 10%。這就是如果你包括所有車輛總體積的混合動力車。但我想說所有汽車都在採用更多的電子產品，因為汽車公司已經意識到，他們的客戶不僅想要這些東西，而且實際上，他們可以在這些東西上賺更多的錢。

These type of features are things that people will actually pay more for and thereby allow the car companies to make more profit from their products. And look, it's great news for anybody working in the automotive electronics market. It's -- and for our company, we're -- again, our strategy has not been to go and take share out of others, but rather to work on the new things that are happening in the car. I think our company comes out of that very well-positioned.

這些類型的功能是人們實際上會支付更多費用的東西，從而使汽車公司能夠從他們的產品中獲得更多利潤。看，這對於在汽車電子市場工作的任何人來說都是個好消息。這是 - 對我們公司來說，我們 - 再次，我們的戰略不是去從別人那裡拿走份額，而是致力於研究汽車中正在發生的新事物。我認為我們公司的定位非常好。

And 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。

I just have one question, and I don't know if it's for Craig or Adam, but either one is fine. And that is on your Cable products, operating margins, of course, raw materials of copper, aluminum and all that, have gone up. It sounds like you mentioned you are putting in price increases, which is fair and good to hear. But the operating margins of below 4%, that's pretty, what's the right word, unprecedented in an opportunity to see upside from there as opposed to things about overall concerns.

我只有一個問題，我不知道是給克雷格還是亞當，但任何一個都可以。那是在您的電纜產品上，營業利潤率，當然，銅、鋁等原材料都在上升。聽起來你提到你正在提高價格，這是公平的，很高興聽到。但是低於 4% 的營業利潤率，這很漂亮，什麼是正確的詞，這是前所未有的，有機會從那裡看到上行空間，而不是關於整體擔憂的事情。

So do you think we're kind of at the lowest level here? Or do you think they're going to be at these level of suppression for a while? But if you can just kind of talk about the profitability of that segment because it seems like while a small part of the company overall, it is materially challenged right now, but I think there could be potential there.

所以你認為我們在這里處於最低水平嗎？或者你認為他們會在一段時間內處於這種壓制水平？但是，如果您可以談論該細分市場的盈利能力，因為它似乎只是整個公司的一小部分，它現在面臨著重大挑戰，但我認為那裡可能有潛力。

Yes. Thanks, Jim. Yes, there's no doubt that the profitability of the Cable segment is at the lowest level it's been in, certainly, in my memory. And I think -- but when we talk about it being unprecedented, I think we're also in an unprecedented environment from a cost perspective and especially as it relates to things that impact that segment, which are things like logistics and things like certain commodity costs, that have always had a more of a significant impact on that segment.

是的。謝謝，吉姆。是的，毫無疑問，有線電視部門的盈利能力處於我記憶中的最低水平。而且我認為 - 但是當我們談論它是前所未有的時，我認為從成本的角度來看，我們也處於前所未有的環境中，特別是當它與影響該細分市場的事物有關時，例如物流和某些商品之類的事物成本，這總是對該細分市場產生更大的影響。

We've talked about commodities and cost environment impacting that segment more. And when you're in a more unprecedented environment, where the costs have just increased so quickly and so significantly, and then you're in a market where it's not as easy to, overnight, increase prices, even in an unprecedented cost environment due to the competitive dynamics and other factors within those -- within that market, that it just becomes an unfortunate situation that it does have a more significant impact in the short term here.

我們已經討論了更多地影響該細分市場的商品和成本環境。當你處於一個前所未有的環境中，成本增長得如此之快和如此顯著，然後你處於一個不容易在一夜之間提高價格的市場，即使是在一個前所未有的成本環境中對於那些內部的競爭動態和其他因素 - 在那個市場中，它只是成為一個不幸的情況，它確實在短期內產生了更重大的影響。

There's no doubt that the team is working hard on pricing actions, and we're confident that they will be successful over some period of time. Don't forget this is 4% of the company right now. It's relatively small. But for the businesses that are involved in dealing with this, this is impactful for them as it is for any other operation. So it's not that it's not meaningful, but it certainly has a lower impact on the overall company.

毫無疑問，該團隊正在努力製定定價行動，我們相信他們會在一段時間內取得成功。別忘了這是公司現在的 4%。它相對較小。但是對於參與處理此問題的企業來說，這對他們有影響，就像對任何其他業務一樣。所以並不是說它沒有意義，而是它對整個公司的影響肯定較小。

But there's no doubt as the management team is extremely focused on this, we are optimistic that over some -- not so long-term period of time, in a shorter term, we'll be able to get these margins back up. Whether or not it's next quarter or the quarter after, I think time will tell, but we are optimistic that it will -- we are at the lower end of the scale in terms of profitability in this market, and it will improve over these coming quarters.

但毫無疑問，由於管理團隊非常關注這一點，我們樂觀地認為，在一段時間內——不是那麼長的一段時間內，在短期內，我們將能夠恢復這些利潤率。無論是下個季度還是下個季度，我認為時間會證明一切，但我們對此持樂觀態度——就這個市場的盈利能力而言，我們處於規模的低端，並且會在接下來的這些時期有所改善宿舍。

And our next question is from Chris Snyder with UBS.

我們的下一個問題來自瑞銀的克里斯·斯奈德。

I have another one on auto. I mean the company was up over 20% organic against the backdrop of high-teens declines in auto production, so very, very substantial levels of outgrowth. I understand all powertrains are seeing content gains, but this outgrowth inflection we've seen over the last year kind of really lines up with ramping EV production.

我還有一個關於汽車的。我的意思是，在汽車產量大幅下降的背景下，該公司的有機增長超過 20%，因此增長非常非常可觀。我知道所有動力總成都在增加內容，但我們在去年看到的這種增長變化確實與電動汽車產量的增加相吻合。

So I guess, the question is, would you guys be able to provide maybe what percentage of auto revenues are coming from high-voltage today so we could try to kind of see how that's lining up against EV units?

所以我想，問題是，你們能否提供今天汽車收入的百分比來自高壓電，以便我們可以嘗試看看這與電動汽車相比如何？

Yes, thanks very much, Chris. I mean look, we give a lot of details across the company. And I think we're -- we haven't publicly talked about the specific numbers of what makes up -- what different powertrains make up what different sales of our automotive market.

是的，非常感謝，克里斯。我的意思是看，我們提供了整個公司的很多細節。而且我認為我們 - 我們還沒有公開談論組成的具體數字 - 不同的動力系統構成了我們汽車市場的不同銷售。

But what we have said very consistently, and I would say it again this quarter, is that the growth in our EV business, whether that's in auto or also our industrial electrification business, have been significant drivers of our outperformance. So you can imagine that after a number of quarters of doing so, that business represents a lot more today than it did many quarters ago. And it's a meaningful piece of the business. It has a real impact on the business. And it continues to have great potential for the future.

但我們一直在說的，我在本季度還要再說一遍，是我們電動汽車業務的增長，無論是汽車業務還是我們的工業電氣化業務，都是我們表現優異的重要推動力。所以你可以想像，在這樣做了幾個季度之後，今天的業務比許多季度前代表的要多得多。這是業務中有意義的一部分。它對業務產生了真正的影響。它在未來仍然具有巨大的潛力。

Our next question is from David Kelley with Jefferies.

我們的下一個問題來自 Jefferies 的 David Kelley。

Maybe if we could dig a bit deeper into the industrial strength. You noted growth across the number of your end market exposures there. So how should we think about the end market dynamics [in summation], and again, realizing there's a lot of puts and takes there, versus Amphenol's kind of content opportunity in some of your market share gains? And then, if I may, how should we think about some of the moderation into year-end? Is there a specific end market where you expect to see that?

也許如果我們能更深入地挖掘工業實力。您注意到那裡的終端市場敞口數量有所增長。那麼我們應該如何考慮終端市場動態[總而言之]，並且再次意識到那裡有很多看跌期權，而安費諾在您的一些市場份額增長中的那種內容機會？然後，如果可以的話，我們應該如何考慮到年底的一些節制？是否有您期望看到的特定終端市場？

Yes. Well, thanks very much, David. And I mean, you said it, the industrial market is, for us, a very, very diversified range of segments, everything from medical, to heavy vehicles, to oil and gas, things like marine, factory automation, the battery and heavy electric vehicles, alternative energy, I mean, even in an area like building automation, where we've seen a lot of strong growth. I mean what was, I think, really unique here in the third quarter was virtually every one of those segments grew in the quarter.

是的。嗯，非常感謝，大衛。我的意思是，你說過，對我們來說，工業市場是一個非常非常多樣化的細分市場，從醫療到重型車輛，再到石油和天然氣，如船舶、工廠自動化、電池和重型電力車輛、替代能源，我的意思是，即使在像樓宇自動化這樣的領域，我們已經看到了很多強勁的增長。我的意思是，我認為，在第三季度真正獨一無二的是，這些細分市場中的每一個幾乎都在本季度有所增長。

So you don't always see that. Usually, there's some sort of countercyclicality across one or another of those segments. And we saw really strong performance across all of them. And when I think about why the company has really done such an excellent job in industrial, I mean, I would point to a few factors. Number one is our strategy for many years has been to build out a range of products that make us more important to customers across the industrial world and again, remembering that what ties those products together is that they are all harsh environment solutions.

所以你並不總是看到這一點。通常，這些細分市場中的一個或另一個存在某種反週期。我們在所有這些方面都看到了非常強勁的表現。當我想到為什麼公司在工業領域做得如此出色時，我的意思是，我會指出幾個因素。第一是我們多年來的戰略一直是開發一系列產品，使我們對工業界的客戶更加重要，並再次記住，將這些產品聯繫在一起的是它們都是惡劣環境解決方案。

So whether they would be discrete connectors, value-add Interconnect assemblies, sensors, antennas or the like, these are all products that have to be ruggedized. They have to be fit to an environment that maybe is an ultra-clean environment in an operating theater or maybe an ultra-dirty environment in an oil and gas drilling setup or in an alternative energy on an offshore windmill or something like that. So all of these have just really unique -- uniquely challenging environments around them.

因此，無論是分立連接器、增值互連組件、傳感器、天線等，這些都是必須加固的產品。它們必須適應手術室中的超清潔環境，或者石油和天然氣鑽井裝置中的超臟環境，或者海上風車上的替代能源或類似的環境。因此，所有這些都具有非常獨特的——它們周圍獨特的具有挑戰性的環境。

And what we see in common across these customers and where a lot of our growth has come from, this is really the second factor, is that customers across the industrial market are adopting electronics at an increasing pace. So the same discussion that we had in the auto market just a few moments ago, we see that really broadly across the industrial market as customers adopt next-generation electronic systems and put those systems into tougher and tougher environments.

我們在這些客戶中看到的共同點以及我們的大部分增長來自哪裡，這實際上是第二個因素，即整個工業市場的客戶正在以越來越快的速度採用電子產品。因此，就像我們剛才在汽車市場上進行的討論一樣，隨著客戶採用下一代電子系統並將這些系統置於越來越嚴苛的環境中，我們在整個工業市場中看到了這一點。

I would also say that the industrial market is a very fragmented market from a competitive perspective. And so while for sure, we're taking advantage of new things in this market like we are in automotive, I think there's also the fact that we continue to gain position against competitors who either don't have the breadth of offering, don't have the geographical position to support customers on a global basis, don't have the diverse and resilient footprint that has been able to support those customers during the pandemic or during all the other disruptions that have come along, and thereby, customers have come increasingly to us to solve their problems. And we've not disappointed them, and that creates a positive feedback loop.

我還要說，從競爭的角度來看，工業市場是一個非常分散的市場。因此，雖然可以肯定的是，我們正在利用這個市場上的新事物，就像我們在汽車領域一樣，但我認為還有一個事實是，我們繼續在競爭中獲得地位，這些競爭對手要么沒有提供廣泛的產品，不沒有在全球範圍內支持客戶的地理位置，沒有能夠在大流行或所有其他中斷期間支持這些客戶的多樣化和彈性足跡，因此，客戶已經來到越來越多地給我們解決他們的問題。我們並沒有讓他們失望，這創造了一個積極的反饋循環。

So it's a market that I think we're very excited about. I think our team working in this market is just doing a great job. If you look into the fourth quarter, for sure, you can look at that fourth quarter kind of through the prism of saying, "Well, we're guiding it to be down slightly." But in fact, on a year-over-year basis, it's going to be an outstanding fourth quarter as well. So I think the team just continues to excel, and we're very excited about the industrial market for many years to come.

所以這是一個我認為我們非常興奮的市場。我認為我們在這個市場上工作的團隊做得很好。如果你看第四季度，當然，你可以通過這樣的棱鏡來看待第四季度，“好吧，我們正在引導它略微下降。”但事實上，與去年同期相比，這也將是一個出色的第四季度。所以我認為該團隊只會繼續表現出色，我們對未來許多年的工業市場感到非常興奮。

And our next question is from Joe Giordano with Cowen.

我們的下一個問題來自 Joe Giordano 和 Cowen。

Adam, you've articulated your position and overall views of operating in China many times on these calls. But I kind of want to give you a chance to do it again just in light of the ramp-ups and tensions. And is it more challenging for companies to do business?

亞當，您在這些電話中多次闡明了您在中國運營的立場和總體看法。但我有點想給你一個機會，只是考慮到增長和緊張局勢。公司做生意是否更具挑戰性？

Like I understand how you guys are positioned there. It clearly works. Do you have to, on the margins, think about things slightly different as to how you deploy capital or how you do incremental -- growing incrementally in a region like that? Just how has increasing escalation here impacted the way you view things?

就像我了解你們在那裡的位置一樣。它顯然有效。您是否必須在邊際上考慮一些稍微不同的事情，例如您如何部署資本或如何進行增量——在這樣的地區逐步增長？這裡的不斷升級對您看待事物的方式有何影響？

Well, look, I mean, we're not blind to the world around us. So there's no doubt about it. I mean the geopolitical tension that has been present for a number of years has certainly not gone away. And I, for one, would fully advocate that countries like the U.S. and China, the world's 2 largest economies, should, for sure, get along. There's lots and lots of reasons why we should.

好吧，聽著，我的意思是，我們並沒有對周圍的世界視而不見。所以毫無疑問。我的意思是多年來一直存在的地緣政治緊張局勢肯定沒有消失。一方面，我完全主張像美國和中國這樣的國家，世界上最大的兩個經濟體，當然應該相處融洽。我們應該有很多很多的理由。

And by the way, personally, I'm very optimistic that, long-term, that is going to be the case. But as it relates to our position in any country, including China, I mean, I would just remind everybody, we have a very unique operating strategy. We rely on local managers in every country that we operate. And we operate in more than 40 countries around the world. And in each of those places, we have local general managers who have the authority to run their business as they need to run it in that region to be most successful.

順便說一句，就個人而言，我非常樂觀地認為，從長遠來看，情況將會如此。但由於這關係到我們在包括中國在內的任何國家的地位，我的意思是，我想提醒大家，我們有一個非常獨特的運營戰略。我們依賴我們經營的每個國家的當地經理。我們在全球 40 多個國家開展業務。在每個地方，我們都有當地的總經理，他們有權經營他們的業務，因為他們需要在該地區經營業務才能取得最大的成功。

And so our general managers in China are able to tailor-make how they do business, obviously within the confines of ethics and law and everything that it means to be a global company. But they're able to meet their customers on a level-playing field with their local competitors.

因此，我們在中國的總經理能夠量身定制他們的經營方式，顯然是在道德和法律的範圍內，以及成為一家全球性公司所意味著的一切。但他們能夠在與當地競爭對手公平競爭的環境中與客戶會面。

But in fact, it's not a level-playing field because then they're able to bring the totality of Amphenol's capabilities to bear in support of those customers. And that's where the advantage of it is. We bring the best of both worlds of both being a local partner, but also a global company who has global resources, global breadth and global capabilities.

但事實上，這不是一個公平競爭的環境，因為這樣他們就能夠利用 Amphenol 的全部能力來支持這些客戶。這就是它的優勢所在。我們帶來了兩全其美的優勢，既是本地合作夥伴，也是擁有全球資源、全球廣度和全球能力的全球公司。

And that's why we've been successful in India. That's why we've been successful in China. That's why we've been successful in France, in Germany, in the U.K. and of course, here in the U.S. It's a very unique operating model that is -- that works really, really well in a world where everybody is getting along, but it also works really well in a world where people aren't necessarily getting along.

這就是我們在印度取得成功的原因。這就是我們在中國取得成功的原因。這就是我們在法國、德國、英國，當然還有美國取得成功的原因。這是一種非常獨特的運營模式——在每個人都相處融洽的世界裡，這種模式非常非常有效，但是在人們不一定相處融洽的世界中，它也非常有效。

In terms of how we deploy our capital, we're always careful about deploying capital in every country in the world. We're always going to incorporate all the sort of risks and opportunities into our calculus about what we're going to invest in and what we're not going to invest in. And ultimately, those investment ideas are all coming up from below, not sort of dictated from above. But for sure, we're going to apply appropriate scrutiny to investments in every place in the world, using sort of the full picture of the environment into which we're investing.

就我們如何部署我們的資本而言，我們總是小心翼翼地在世界上每個國家部署資本。我們總是將所有類型的風險和機會納入我們將投資和不投資的計算中。最終，這些投資想法都是從下面冒出來的，不是從上面決定的。但可以肯定的是，我們將對世界各地的投資進行適當的審查，使用我們正在投資的環境的全貌。

And our last question comes from Joseph Spak with RBC Capital Markets.

我們的最後一個問題來自 RBC Capital Markets 的 Joseph Spak。

And just to follow on one more on China. Are you seeing any impact, either direct or indirect, from some of the power shortages that have been going on? And how is that impacting the business?

並且只是在中國再接再厲。您是否看到一些正在發生的電力短缺帶來的直接或間接影響？這對業務有何影響？

Thanks, Joe, very much. Look, I think we've seen a lot of challenges, and I talked a little bit about this earlier, but -- and those challenges have included, in China, a few power shortages. But I think, like I described, luckily for us, our approach is to not put all our eggs in one manufacturing basket. And so while we've had maybe an odd power shortage in one location or another, it hasn't had a meaningful impact on the company. And our local team is doing a fabulous job of mitigating any impact that there could be of such shortages. But it gives everybody something else to think about at a time where there's a lot going on. Okay.

謝謝，喬，非常感謝。聽著，我認為我們已經看到了很多挑戰，我之前也談到了一點，但是——這些挑戰包括，在中國，一些電力短缺。但我認為，正如我所描述的，對我們來說幸運的是，我們的方法不是把所有的雞蛋都放在一個製造籃子裡。因此，雖然我們在某個地方或另一個地方可能出現了奇怪的電力短缺，但它並沒有對公司產生有意義的影響。我們當地的團隊在減輕這種短缺可能造成的任何影響方面做得非常出色。但它讓每個人在發生很多事情的時候都可以考慮其他事情。好的。

And I would now like to turn the call back to Mr. Norwitt for closing remarks.

我現在想把電話轉回給諾威特先生，讓他做閉幕詞。

Well, thank you so much. And I would like to just extend my best wishes to everyone here on the phone. Thank you so much for taking the time with us, and we will talk to you after the holiday season. So I will be the first to wish everybody a happy holiday season, a happy and successful end of the year, and we'll talk to you in 2022. Thanks so much.

嗯，非常感謝。我想通過電話向這裡的每個人致以最良好的祝愿。非常感謝您抽出寶貴的時間與我們在一起，我們將在假期結束後與您交談。因此，我將第一個祝大家節日快樂，年末快樂成功，我們將在 2022 年與您交談。非常感謝。

Thank you. Have a great day.

謝謝你。祝你有美好的一天。

And this concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。此時您可以斷開連接。