安費諾 (APH) 2021 Q1 法說會逐字稿

Hello, and welcome to the First 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.

您好，歡迎參加安費諾公司第一季財報電話會議。 （操作員指示）應公司要求，今天的會議正在錄製。如果有人有任何異議，您可以此時斷開連接。

I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

現在我想介紹一下今天的會議主持人克雷格·蘭波先生。先生，您可以開始了。

Thank you. 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 first quarter 2021 conference call, and our first 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. Then we will take questions.

謝謝。大家下午好。我是安費諾財務長 Craig Lampo。我和我們的執行長 Adam Norwitt 一起來到這裡。我們歡迎您參加我們的 2021 年第一季電話會議，我們的 2021 年第一季業績已於今天上午發布。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。然後我們將接受提問。

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, as a result of our previously announced 2-for-1 stock split effective on March 4, 2021, all share and per share data discussed on this earnings call is on a post-split basis.

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準則財務指標，並可能做出某些前瞻性陳述。更多資訊請參閱我們新聞稿中的相關揭露。此外，由於我們先前宣布的 2 比 1 股票分割將於 2021 年 3 月 4 日生效，因此本次財報電話會議上討論的所有股票和每股數據均基於分割後的數據。

The company closed the first quarter with sales of $2.377 billion and GAAP and adjusted diluted EPS of $0.53 and $0.52, respectively. Sales were up 28% in U.S. dollars, 25% local currencies and 23% organically compared to the first quarter of 2020. Sequentially, sales were down 2% in U.S. dollars, 3% in local currencies and 4% organically. Orders for the quarter were $2.734 billion, which was up 27% compared to the first quarter of 2020 and up 9% sequentially, resulting in a very strong book-to-bill ratio of 1.15:1.

該公司第一季銷售額為 23.77 億美元，GAAP 和調整後稀釋後每股收益分別為 0.53 美元和 0.52 美元。與2020 年第一季相比，以美元計算的銷售額成長了28%，以當地貨幣計算的銷售額成長了25%，有機銷售額成長了23%。隨後，以美元計算的銷售額下降了2%，以當地貨幣計算的銷售額下降了3%，有機銷售額下降了4%。該季度的訂單量為 27.34 億美元，較 2020 年第一季成長 27%，季增 9%，訂單出貨比達到 1.15:1，非常強勁。

Breaking down sales into our 2 segments. The interconnect business, which comprised 96% of sales, was up 28% in U.S. dollars and 25% in local currencies compared to the first quarter of last year. Our cable business, which comprised 4% of our sales, was up 17% in U.S. dollars and 18% in local currencies compared to the first quarter of last year's.

將銷售分為兩個部分。互連業務佔銷售額的 96%，與去年第一季相比，以美元計算成長了 28%，以當地貨幣計算成長了 25%。與去年第一季相比，我們的有線電視業務佔銷售額的 4%，以美元計算成長了 17%，以當地貨幣計算成長了 18%。

Adam will comment further on trends by market in a few minutes. Operating income was $465 million in the first quarter of 2021. Operating margin of 19.6% was down 100 basis points sequentially compared to the fourth quarter of 2020 adjusted operating margin and up a strong 260 basis points compared to the first quarter of 2020. The year-over-year improvement in operating margin was primarily driven by normal operating leverage on the higher sales volumes, combined with the benefit of a lower cost impact resulting from the COVID-19 pandemic, partially offset by the impact of a more challenging commodity and supply chain environment.

Adam 將在幾分鐘內進一步評論市場趨勢。 2021 年第一季營業收入為4.65 億美元。營業利潤率為19.6%，與2020 年第四季調整後營業利潤率相比，季減100 個基點，與2020 年第一季相比，強勁成長260 個基點。- 營業利潤率的同比改善主要是由於銷售增加所帶來的正常營業槓桿，再加上COVID-19大流行帶來的成本影響降低，但部分被更具挑戰性的商品和供應的影響所抵銷連鎖環境。

The sequential decline in operating margin was driven by normal conversion on the reduced sales levels as well as a more challenging commodity and supply chain environment. From a segment standpoint, the interconnect segment -- in the interconnect segment, margins were 21.5% in the first quarter of 2021, which increased from 19.1% in the first quarter of 2020 and decreased 100 basis points sequentially.

營業利潤率連續下降的原因是銷售水準下降的正常轉換以及更具挑戰性的商品和供應鏈環境。從細分市場來看，互連細分市場－在互連細分市場中，2021年第一季的利潤率為21.5%，較2020年第一季的19.1%有所增長，環比下降了100個基點。

In the cable segment, margins were 8.8%, which increased from 7.6% in the first quarter of 2020 and decreased from 10.3% in the fourth quarter. Given the continuing challenges posed by the COVID-19 pandemic, we are very proud of the company's performance. Our team's ability to effectively manage through this crisis 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, which has enabled us to capitalize on the many opportunities for incremental sales, while driving strong operating performance in this very dynamic market environment.

在電纜領域，利潤率為8.8%，較2020年第一季的7.6%有所上升，較第四季的10.3%下降。鑑於 COVID-19 大流行帶來的持續挑戰，我們對該公司的表現感到非常自豪。我們的團隊能夠有效地度過這場危機，是公司創業管理團隊的力量和承諾的直接結果，他們不斷培養高績效、以行動為導向的文化，這使我們能夠利用許多機會增量銷售，同時在這個充滿活力的市場環境中推動強勁的經營業績。

The company's GAAP effective tax rate for the first quarter was 23.9%, which compared to 15.9% in the first quarter of 2020. On an adjusted basis, the effective tax rate was 24.5% in the first quarter of both 2021 and 2020. On a GAAP basis, diluted EPS increased by 33% to $0.53 compared to $0.40 in the prior year period. Adjusted diluted EPS increased by 49% to $0.52 from 35% -- $0.35 in the first quarter of 2020.

該公司第一季的 GAAP 有效稅率為 23.9%，而 2020 年第一季為 15.9%。調整後，2021 年和 2020 年第一季的有效稅率均為 24.5%。根據GAAP 計算，攤薄後每股收益成長33%，達到0.53 美元，而上年同期為0.40 美元。調整後攤薄每股收益從 2020 年第一季的 35%（0.35 美元）增加 49% 至 0.52 美元。

The company continues to be an excellent generator of cash. Cash flow from operations was $321 million in the first quarter or 97% of GAAP net income. And net of capital spending, our free cash flow was $243 million or 74% of net income. From a working capital standpoint, inventory days, days sales outstanding and payable days were 85, 73 and 59 days, respectively, all within their normal ranges.

該公司仍然是一個出色的現金產生者。第一季營運現金流為 3.21 億美元，佔 GAAP 淨利的 97%。扣除資本支出後，我們的自由現金流為 2.43 億美元，佔淨利的 74%。從營運資金角度來看，存貨天數、應收帳款天數及應付帳款天數分別為85天、73天及59天，均在正常範圍內。

During the quarter, the company repurchased 2.4 million shares of common stock for approximately $153 million. And during the month of April, the company repurchased a small amount of remaining stock authorized under our existing stock repurchase plan. As a result and as mentioned in today's earnings release, yesterday, the company's Board of Directors approved a new 3-year open market stock repurchase plan for the purchase of up to $2 billion of the company's common stock.

本季度，該公司以約 1.53 億美元的價格回購了 240 萬股普通股。 4月份，公司回購了我們現有股票回購計畫授權的少量剩餘股票。因此，正如今天的財報中所提到的，昨天，公司董事會批准了一項新的為期 3 年的公開市場股票回購計劃，用於購買最多 20 億美元的公司普通股。

At March 31, cash and short-term investments were $2.4 billion, of which $963 million was held in the U.S., with the remainder held outside of the U.S. The elevated level of cash on hand at the end of the first quarter was driven by borrowings under the company's U.S. commercial paper program in anticipation of the MTS closing in early April. Total debt was $4.6 billion, and net debt was $2.3 billion. Total available liquidity at the end of the quarter was $4.1 billion, which included total cash and short-term investments on hand. First quarter 2021 EBITDA was $559 million, and our net leverage ratio was 1.0x.

截至 3 月 31 日，現金和短期投資為 24 億美元，其中 9.63 億美元持有美國，其餘持有美國境外。第一季末手頭現金水準上升是由借款推動的根據該公司的美國商業票據計劃，預計MTS 將於4 月初關閉。總債務為 46 億美元，淨債務為 23 億美元。本季末的可用流動資金總額為 41 億美元，其中包括手頭現金和短期投資總額。 2021 年第一季 EBITDA 為 5.59 億美元，我們的淨槓桿率為 1.0 倍。

Following the close of the quarter, on April 7, we completed the acquisition of MTS, which Adam will discuss in more detail in a moment. The MTS acquisition was funded by a combination of cash and cash equivalents on hand as well as additional borrowings under the company's U.S. commercial paper program. On a pro forma basis, including the MTS acquisition and the anticipated divestiture of the test and simulation business, total available liquidity and net leverage at March 31, 2020 would be $3.2 billion and 1.4x, respectively. Until the divestiture of the MTS test and simulation business has closed, we will account for and report the test and simulation business as a discontinued operation.

本季結束後，即 4 月 7 日，我們完成了對 MTS 的收購，Adam 稍後將對此進行更詳細的討論。 MTS 收購的資金來源包括現有現金和現金等價物以及該公司美國商業票據計劃下的額外借款。根據預計，包括 MTS 收購以及測試和模擬業務的預期剝離，截至 2020 年 3 月 31 日的可用流動性總額和淨槓桿率將分別為 32 億美元和 1.4 倍。在 MTS 測試和模擬業務的剝離完成之前，我們將把測試和模擬業務作為一項已終止業務進行會計處理和報告。

As such, the expected sales and earnings of the test and simulation business are not included in our guidance. Our guidance also excludes cash and noncash expenses that will be expensed in the second quarter related to the MTS acquisition. These expenses, which we expect to total approximately $85 million or $0.12 per share, include costs related to the early extinguishment of debt, noncash purchase accounting-related expenses, external transaction expenses, severance and other costs. In conjunction with the divestiture of the test and simulation business, the company will also incur certain additional cash tax-related and other acquisition-related costs, which will not be included in income from continuing operations.

因此，測試和模擬業務的預期銷售和收益並未包含在我們的指引中。我們的指引也排除了與 MTS 收購相關的第二季支出的現金和非現金費用。這些費用預計總計約為 8,500 萬美元或每股 0.12 美元，包括與提前清償債務相關的費用、非現金購買會計相關費用、外部交易費用、遣散費和其他費用。在剝離測試和模擬業務的同時，公司還將產生一定的額外現金稅相關和其他收購相關成本，這些成本不會計入持續經營收入。

Our guidance does incorporate the expected results of the MTS Sensors business, which as previously announced, is expected to generate $350 million in sales and $0.05 in diluted EPS in the first 12 months after closing.

我們的指引確實納入了 MTS 感測器業務的預期業績，正如先前宣布的那樣，預計在交易結束後的前 12 個月內將產生 3.5 億美元的銷售額和 0.05 美元的攤薄每股收益。

I will now turn it over to Adam, who will provide some commentary on current market trends as well as our recently completed acquisitions.

我現在將其交給 Adam，他將對當前市場趨勢以及我們最近完成的收購提供一些評論。

Well, thank you very much, Craig, and I'd like to also extend my welcome to everybody on the call here today. And I certainly hope that you, your family, your friends and all of your colleagues are continuing to stay safe and healthy. As Craig mentioned, I'm going to highlight some of our achievements in the first quarter. I'll then discuss our trends and our progress across our diversified served markets. And then finally, I'll make a few comments on our outlook for the second quarter. And of course, we'll have time for Q&A at the end.

嗯，非常感謝你，克雷格，我也想對今天參加電話會議的所有人表示歡迎。我當然希望您、您的家人、您的朋友和所有同事繼續保持安全和健康。正如克雷格所提到的，我將重點放在我們在第一季取得的一些成就。然後我將討論我們在多元化服務市場的趨勢和進展。最後，我將對第二季的前景發表一些評論。當然，最後我們會有時間進行問答。

Our results in the first quarter were substantially better than we had expected coming into the quarter as we exceeded the high end of our guidance in sales as well as adjusted diluted earnings per share. Sales grew a very strong 28% in U.S. dollars and 25% in local currencies. And on an organic basis, sales increased by 23%. And we had organic growth in nearly all of our end markets and driven particularly by growth in the automotive, mobile devices, industrial and IT datacom markets. And I'll talk about each of those markets in a few moments.

我們第一季的業績大大好於我們對本季的預期，因為我們超出了銷售指引的上限以及調整後的稀釋每股盈餘。以美元計算的銷售額成長了 28%，以當地貨幣計算的銷售額成長了 25%。在有機基礎上，銷售額成長了 23%。我們幾乎在所有終端市場都實現了有機成長，特別是受到汽車、行動裝置、工業和 IT 數據通訊市場成長的推動。我稍後將討論每個市場。

Craig mentioned, we booked record orders in the quarter of $2.734 billion, and that represented a very strong book-to-bill of 1.15:1. Despite continuing to face a range of operational challenges related to the ongoing pandemic as well as increased costs related to commodities and supply chain pressures, our operating margins were very healthy in the quarter, reaching 19.6%, which was a 260 basis point increase from last year's levels.

克雷格提到，我們在本季度預訂了創紀錄的 27.34 億美元訂單，這代表了 1.15:1 的非常強勁的訂單比。儘管繼續面臨與持續流行病相關的一系列營運挑戰以及與大宗商品和供應鏈壓力相關的成本增加，但我們本季的營運利潤率非常健康，達到 19.6%，比上一季增長 260 個基點年的水平。

Craig mentioned our adjusted diluted EPS grew a very robust 49% from prior year, which is again an excellent reflection of the Amphenol organization's strong execution. We generated operating and free cash flow of $321 million and $243 million in the first quarter, respectively, both clear reflections of the high quality of the company's earnings. I just want to say how proud I am of our team this quarter. And our results once again reflect the discipline and agility of our entrepreneurial organization as we continue to perform well amidst the very dynamic and challenging environment.

克雷格提到，我們調整後的稀釋後每股收益比上一年增長了 49%，這再次很好地反映了 Amphenanol 組織的強大執行力。第一季我們的營運現金流和自由現金流分別為 3.21 億美元和 2.43 億美元，這都清楚反映了公司獲利的高品質。我只想說我對本季我們的團隊感到多麼自豪。我們的結果再次反映了我們創業組織的紀律和敏捷性，我們在充滿活力和充滿挑戰的環境中繼續表現良好。

And I'd like to make a few comments on our acquisitions in the quarter. As you can tell, our small acquisition team here in Wallingford was very busy in the first quarter, closing 3 additional acquisitions since our last earnings release and bringing our total number of acquisitions closed this year to 5. First, as we announced on April 7, we were very pleased to close on the acquisition of MTS Systems earlier than originally anticipated.

我想就我們本季的收購發表一些評論。如您所知，我們位於沃靈福德的小型收購團隊在第一季非常忙碌，自上次財報發布以來又完成了3 項收購，使我們今年完成的收購總數達到5 項。首先，正如我們在4 月7 日宣布的那樣，我們非常高興比最初預期更早完成對 MTS Systems 的收購。

Also, as previously announced, we had signed an agreement to sell the MTS test and simulation business to Illinois Tool Works for a sale price of $750 million. And that is -- that remains subject to certain post-closing adjustments and excludes transaction-related expenses. We expect this sale to close following the receipt of all required regulatory approvals.

此外，正如先前宣布的那樣，我們還簽署了一項協議，以 7.5 億美元的售價將 MTS 測試和模擬業務出售給伊利諾州工具工廠 (Illinois Tool Works)。也就是說，仍然會受到某些交割後調整的影響，並且不包括與交易相關的費用。我們預計此次出售將在收到所有必要的監管批准後完成。

We're really excited to welcome the talented MTS Sensors team to the Amphenol family. We especially look forward to the strength of the combined breadth of our company's highly complementary sensor product portfolios, which, we believe, will enable us to offer our customers an expanded array of innovative technologies across multiple end markets.

我們非常高興地歡迎才華橫溢的 MTS Sensors 團隊加入安費諾家族。我們特別期待我們公司高度互補的感測器產品組合的綜合實力，我們相信，這將使我們能夠為客戶提供跨多個終端市場的一系列擴展的創新技術。

We expect the MTS Sensors business to add approximately $350 million of sales and $0.05 in adjusted diluted earnings per share in the first 12 months after closing. More importantly, though, we look forward to realizing the long-term benefits of the opportunities created by the collective strengths of Amphenol and MTS Sensors for many years to come. We're truly excited about this significant acquisition, which ultimately has positioned Amphenol as one of the broadest and most diversified sensor companies in the industry.

我們預計 MTS 感測器業務在交易結束後的前 12 個月內將增加約 3.5 億美元的銷售額和 0.05 美元的調整後稀釋每股收益。但更重要的是，我們期待在未來的許多年裡實現 Amphenanol 和 MTS Sensors 的集體優勢所創造的機會的長期利益。我們對這次重大收購感到非常興奮，它最終使 Amphenanol 成為業內最廣泛、最多元化的感測器公司之一。

In addition to the MTS acquisition, we also closed on 2 other small acquisitions during the first quarter. In February, we acquired Euromicron, a manufacturer of highly engineered fiber optic interconnect solutions for the mobile networks and IT datacom markets. Based in Germany, with annual sales of approximately $25 million, Euromicron represents a great addition to our interconnect product offering for customers across the European communications market.

除了 MTS 收購之外，我們還在第一季完成了另外 2 項小型收購。今年 2 月，我們收購了 Euromicron，這是一家為行動網路和 IT 數據通訊市場提供精心設計的光纖互連解決方案的製造商。 Euromicron 總部位於德國，年銷售額約 2,500 萬美元，是我們為歐洲通訊市場客戶提供的互連產品的重要補充。

And then in March, we completed the acquisition of Cabelcon from Corning Inc. Cabelcon, which also has sales of approximately $25 million, is a Denmark-based designer and manufacturer of high-technology connectors and interconnect assemblies, primarily for customers in the European broadband market. As we welcome these outstanding companies to the Amphenol family, I remain confident that our acquisition program will continue to create great value for Amphenol. 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.

然後在3 月份，我們完成了對康寧公司(Corning Inc.) 對Cabelcon 的收購。Cabelcon 的銷售額也約為2,500 萬美元，是一家總部位於丹麥的高科技連接器和互連組件設計商和製造商，主要面向歐洲寬頻客戶市場。當我們歡迎這些傑出的公司加入安費諾家族時，我仍然相信我們的收購計畫將繼續為安費諾創造巨大價值。我們識別和執行收購以及成功地將這些新公司引入安費諾的能力仍然是公司的核心競爭優勢。

Now turning to our trends across our served markets. I would just comment that we remain very pleased that the company's balanced and broad end market diversification continues to create great value. We believe this diversification mitigates the impact of the volatility of individual end markets while continuing to expose us to leading technologies wherever they may arise across the electronics industry. This diversification has become ever more valuable given the many market dynamics related to the COVID-19 pandemic.

現在轉向我們所服務的市場的趨勢。我只想評論說，我們仍然非常高興該公司均衡且廣泛的終端市場多元化繼續創造巨大價值。我們相信，這種多元化減輕了各個終端市場波動的影響，同時繼續讓我們接觸到電子產業中可能出現的領先技術。鑑於與 COVID-19 大流行相關的許多市場動態，這種多元化變得越來越有價值。

Now turning first to the military market. The military market represented 11% of our sales in the quarter. And as we had expected coming into the quarter, sales grew by 3% from prior year and were essentially flat organically with growth in naval, unmanned aerial vehicles, communications and vehicle ground systems, offset by declines or flat performance in other applications. Sequentially, our sales were modestly down by about 3%.

現在先轉向軍事市場。軍用市場占我們本季銷售額的 11%。正如我們對本季度的預期，銷售額較上年增長了 3%，並且與海軍、無人機、通訊和車輛地面系統的增長基本持平，但被其他應用的下降或持平表現所抵消。隨後，我們的銷售額小幅下降了 3% 左右。

Looking into the second quarter, we expect sales to grow in the low double digits from these first quarter levels as we benefit from the addition of MTS Sensors together with the increased demand for interconnect products. We're especially excited by the addition of the sensors products of MTS to our military product offering. Together with our already leading interconnect products as well as our broad exposure across virtually all defense programs, we look forward to supporting the continued adoption of next-generation electronics into a wide array of military hardware.

展望第二季度，我們預計銷售額將較第一季低兩位數成長，因為我們受益於 MTS 感測器的增加以及互連產品需求的增加。我們對 MTS 的傳感器產品添加到我們的軍用產品中感到特別興奮。加上我們已經領先的互連產品以及我們在幾乎所有國防項目中的廣泛曝光，我們期待支持下一代電子產品在各種軍事硬體中的持續採用。

The commercial aerospace market represented 2% of our sales in the quarter. And not surprisingly, and as expected, sales were down significantly, declining by 47% from prior year as the commercial aircraft market continued to experience unprecedented declines in demand for new aircraft due to the ongoing pandemic-related disruptions to the global travel industry. Sequentially, our sales were a bit better than expected, moderating by just 3% from the fourth quarter.

商業航空航太市場占我們本季銷售額的 2%。毫不奇怪，正如預期的那樣，銷量大幅下降，比上年下降了 47%，因為全球旅遊業受到與新冠疫情相關的持續幹擾，商用飛機市場對新飛機的需求持續出現前所未有的下降。隨後，我們的銷售額略好於預期，較第四季僅下降 3%。

And looking into the second quarter, we do expect a sequential improvement in sales as we benefit from our recently completed acquisitions. Regardless of the ongoing challenging environment in commercial air, our team working in this market remains committed to leveraging the company's strong interconnect and sensor technology position across a wide array of aircraft platforms and next-generation systems integrated into those airplanes.

展望第二季度，我們確實預期銷售額將連續改善，因為我們受益於最近完成的收購。儘管商業航空領域面臨持續的挑戰，我們在該市場的團隊仍然致力於利用公司在各種飛機平台和整合到這些飛機中的下一代系統中強大的互連和感測器技術地位。

The industrial market represented 24% of our sales in the quarter. Sales in industrial in the first quarter were better than expected, growing a very strong 33% in U.S. dollars and 33% organically. This was driven by robust growth in battery and electric heavy vehicle applications, rail mass transit, heavy equipment, instrumentation, factory automation, alternative energy and medical, really a broad performance across many of the segments. On a sequential basis, sales grew by a better-than-expected 6% versus the fourth quarter.

工業市場占我們本季銷售額的 24%。第一季工業銷售優於預期，以美元計算成長 33%，有機成長 33%。這是由電池和電動重型車輛應用、軌道運輸、重型設備、儀器儀表、工廠自動化、替代能源和醫療的強勁增長所推動的，這些領域確實在許多領域都有廣泛的表現。與第四季相比，銷售額較上季成長 6%，優於預期。

Looking into the second quarter, we expect the industrial market to once again grow in the low teens versus the first quarter. And as we benefit from the addition of MTS Sensors, while continuing to gain momentum in many segments of the industrial market. The acquisition of MTS Sensors has expanded our range of sensors sold into the industrial market, adding position, vibration, force and shock sensors that are used in a wide array of industrial applications.

展望第二季度，我們預期工業市場將再次以低於第一季的速度成長。我們受益於 MTS 感測器的加入，同時繼續在工業市場的許多領域中獲得發展勢頭。收購 MTS Sensors 擴大了我們銷往工業市場的感測器範圍，增加了廣泛用於工業應用的位置、振動、力和衝擊感測器。

Together with our existing sensor operations, we now have a diversified range of sensors supporting virtually all of the segments of the industrial market that we serve. I remain truly proud of our team working across the industrial market around the world. Our high-technology interconnect antenna and sensor offering positions us strongly with customers who are accelerating their adoption of electronics, no matter the application. The automotive market represented 22% of our sales in the quarter, and sales in this market were also much stronger than we expected, growing 52% in U.S. dollars and 44% organically, as our team was able to execute strongly in the face of a robust and broad recovery in the automotive market.

加上我們現有的感測器業務，我們現在擁有多樣化的感測器，幾乎支援我們所服務的工業市場的所有細分市場。我仍然為我們在全球工業市場工作的團隊感到自豪。我們的高科技互連天線和感測器產品使我們在加速電子產品採用（無論何種應用）的客戶中佔有一席之地。汽車市場占我們本季銷售額的 22%，該市場的銷售額也比我們預期的要強得多，按美元計算增長 52%，有機增長 44%，因為我們的團隊能夠在面對汽車市場強勁而廣泛的復甦。

In particular, we saw very strong growth of our products that are used in electric and hybrid electric vehicles in the quarter. A great confirmation of our global team's long-term efforts at designing in high-voltage and other interconnect and sensor products into these important next-generation platforms. Sequentially, our sales increased by 6% from the fourth quarter.

特別是，我們看到本季用於電動和混合動力電動車的產品成長非常強勁。這是對我們全球團隊在將高壓及其他互連和感測器產品設計到這些重要的下一代平台方面所做的長期努力的充分肯定。隨後，我們的銷售額較第四季成長了 6%。

Now as has been widely reported, there are a variety of supply chain challenges facing the automotive industry. Accordingly, as we look towards the second quarter, we do expect a modest sequential decline in sales as the global supply chain disruptions temporarily impact certain pockets of new vehicle production. I'm extremely proud of our team working in the automotive market. They have really demonstrated their agility and resiliency through these most turbulent times and thereby, have secured the company's position with our customers across the automotive market. We look forward to benefiting from their efforts long into the future.

現在正如廣泛報導的那樣，汽車行業面臨著各種供應鏈挑戰。因此，展望第二季度，由於全球供應鏈中斷暫時影響了某些新車生產，我們預期銷售量將出現小幅較上季下降。我為我們在汽車市場工作的團隊感到非常自豪。在這些最動盪的時期，他們確實展現了自己的敏捷性和彈性，從而確保了公司在整個汽車市場的客戶心目中的地位。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 12% of our sales in the quarter. Sales in this market increased by a better-than-expected 51% from prior year, with strength across all product types, including particularly in wearables and laptops. Sequentially, our sales declined by 35%, which was a bit better than our expectations coming into the quarter and is within the typical range of first quarter seasonality that we have seen traditionally in the mobile devices market.

行動裝置市場占我們本季銷售額的 12%。該市場的銷售額較去年增長了 51%，優於預期，所有產品類型均表現強勁，尤其是穿戴式裝置和筆記型電腦。隨後，我們的銷售額下降了 35%，這比我們對本季度的預期要好一些，並且處於我們在行動裝置市場傳統上看到的第一季季節性的典型範圍內。

Looking at the second quarter, we anticipate a further high single-digit sequential sales decline, which is also not atypical for this market in the second quarter. While mobile devices will always remain one of our most volatile markets, our outstanding and uniquely agile team is poised as always to capture any opportunities for incremental sales that may arise in 2021 and beyond. Our leading array of antennas, interconnect products and mechanisms continues to enable a broad range of next-generation mobile devices, thereby positioning us well for the long term.

展望第二季度，我們預計銷售額將進一步出現大幅個位數環比下降，這對該市場第二季度來說並不罕見。雖然行動裝置將始終是我們最不穩定的市場之一，但我們出色且獨特的敏捷團隊將一如既往地做好準備，抓住 2021 年及以後可能出現的任何增量銷售機會。我們領先的天線陣列、互連產品和機制繼續支援廣泛的下一代行動設備，從而使我們處於長期有利​​地位。

Now turning to the mobile networks market. This market represented 6% of our sales in the quarter, and sales did grow from prior year by 4% in U.S. dollars and 1% organically, as strength from products sold to OEMs was offset in part by a moderation of our sales to network operators. We were encouraged, though, to realize a better-than-expected sequential growth of 19% in the mobile networks market in the quarter as mobile network operators increased their spending on next-generation networks.

現在轉向行動網路市場。該市場占我們本季銷售額的6%，銷售額確實比上年增長了4%（以美元計算），有機增長了1%，因為向OEM 廠商銷售的產品的強勁勢頭被我們向網絡運營商的銷售放緩所部分抵消。 。不過，隨著行動網路營運商增加了下一代網路的支出，本季行動網路市場環比成長 19%，好於預期，這讓我們感到鼓舞。

Looking to the second quarter, we do expect a modest increase in sales from these first quarter levels, helped by the addition of Euromicron, which expands our offering for mobile networks operators in Europe and positions us well to support future network upgrades. Our team continues to work aggressively to expand our position in next-generation equipment and systems around the world. And as our customers ramp up the investment of these advanced networks, we look forward to benefiting from the increased potential that comes from our unique position with both original equipment manufacturers as well as mobile network service providers.

展望第二季度，我們確實預計銷售額將較第一季的水平略有增長，這得益於Euromicron 的加入，這擴大了我們為歐洲行動網路營運商提供的產品，並使我們能夠很好地支援未來的網路升級。我們的團隊繼續積極努力，擴大我們在全球下一代設備和系統中的地位。隨著我們的客戶加大對這些先進網路的投資，我們期待從我們在原始設備製造商和行動網路服務供應商中的獨特地位所帶來的更大潛力中受益。

The information technology and data communications market represented 19% of our sales in the quarter. Sales in the quarter were stronger than expected, rising 25% in U.S. dollars and 24% organically from prior year, really on broad-based strength across networking, storage and server applications. While we had expect sales to decline coming out of the fourth quarter, we were pleased to realize actually a sequential growth of 6% as customers continue to increase their demand for our high-technology products, use service providers and in data centers around the world. Looking to the second quarter, we expect a further increase of sales in the mid-single digits from these levels as customer demand continues to accelerate.

資訊科技和數據通訊市場占我們本季銷售額的 19%。本季的銷售額強於預期，以美元計算成長 25%，較上年有機成長 24%，這確實得益於網路、儲存和伺服器應用領域的廣泛實力。雖然我們預計第四季度的銷售額將下降，但我們很高興地看到，隨著客戶對我們高科技產品、使用服務提供者和世界各地資料中心的需求不斷增加，實際環比增長了 6% 。展望第二季度，隨著客戶需求持續加速，我們預期銷售額將在這些水準上進一步實現中個位數成長。

We remain very encouraged by the company's outstanding technology position in the global IT datacom market. Our customers around the world, no doubt about it, are continuing to drive their equipment to ever higher levels of performance in order to manage the dramatic increases in demand for bandwidth and processor power. In turn, our team remains singularly focused on enabling this continuing revolution in IT datacom with our unique, high-speed, power and other interconnect products. Finally, the broadband market represented 4% of our sales in the quarter, and sales grew by a very strong 16% from prior year as broadband spending levels remained elevated.

我們仍然對該公司在全球 IT 數據通訊市場中的傑出技術地位感到非常鼓舞。毫無疑問，我們世界各地的客戶正在繼續將他們的設備提升到更高的性能水平，以應對頻寬和處理器能力急劇增長的需求。反過來，我們的團隊仍然專注於透過我們獨特的高速、功率和其他互連產品來實現 IT 數據通訊領域的持續革命。最後，寬頻市場占我們本季銷售額的 4%，由於寬頻支出水準仍然較高，銷售額比去年同期強勁成長了 16%。

On a sequential basis, sales grew slightly from the fourth quarter. We do expect a high-teens sequential sales increase in the second quarter as customers continue to upgrade the capacity of their networks to support the significant increase in demand for bandwidth and as we benefit from our recent acquisitions, including Cabelcon. The addition of Cabelcon expands our offering for broadband customers in the European market, which enables us to provide a more diversified range of products for their next-generation networks and the related upgrades.

從環比來看，銷售額較第四季略有成長。我們確實預計，隨著客戶繼續升級其網路容量以支援頻寬需求的顯著成長，以及我們從最近的收購（包括 Cabelcon）中受益，第二季銷售額將出現高位雙位數成長。 Cabelcon的加入擴大了我們為歐洲市場寬頻客戶提供的產品，這使我們能夠為他們的下一代網路和相關升級提供更多樣化的產品。

We look forward to continuing to offer this expanded product offering to broadband service operators around the world, all of whom are working to increase bandwidth to support the expansion of high-speed data applications to homes and businesses.

我們期待繼續向世界各地的寬頻服務營運商提供這一擴展的產品，所有這些營運商都在努力增加頻寬，以支援將高速數據應用擴展到家庭和企業。

Now turning to our outlook, and given the current still dynamic market environment as well as assuming no new material disruptions from the COVID-19 pandemic and constant exchange rates. For the second quarter, we now expect sales in the range of $2.415 billion to $2.475 billion and adjusted diluted EPS in the range of $0.53 to $0.55. This would represent strong sales growth of 22% to 25% and adjusted diluted EPS growth of 33% to 38% compared to the second quarter of last year. And I would just note that the second quarter of last year, as you will recall, was already a strong recovery quarter for the company coming out of the first quarter.

現在轉向我們的展望，考慮到當前仍然充滿活力的市場環境，並假設 COVID-19 大流行和匯率恆定不會造成新的重大干擾。目前，我們預計第二季銷售額將在 24.15 億美元至 24.75 億美元之間，調整後稀釋後每股收益將在 0.53 美元至 0.55 美元之間。與去年第二季相比，這意味著銷售額將強勁成長 22% 至 25%，調整後稀釋後每股盈餘將成長 33% 至 38%。我想指出的是，正如您所記得的那樣，去年第二季度對於該公司來說已經是第一季之後強勁的復甦季度。

I remain confident in the ability of our outstanding management team to adapt to the ongoing challenges that are in the marketplace and to capitalize on the many future opportunities to grow our market position and expand our profitability. The entire Amphenol 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.

我仍然相信我們傑出的管理團隊有能力適應市場上持續存在的挑戰，並利用未來的許多機會來提高我們的市場地位並擴大我們的獲利能力。整個安費諾組織仍然致力於提供長期永續價值，同時優先考慮全球每位員工的持續安全和健康。

And most importantly, I'd like to just take this opportunity to thank the entire Amphenol team for their truly outstanding efforts here in the first quarter. And with that, operator, we'd be happy to take whatever questions there may be.

最重要的是，我想藉此機會感謝整個安費諾團隊在第一季所做的真正出色的努力。因此，操作員，我們很樂意回答可能出現的任何問題。

(Operator Instructions) Now our first question is from Chris Snyder of UBS.

（操作員說明）現在我們的第一個問題來自瑞銀集團的克里斯·史奈德（Chris Snyder）。

I guess my question is on supply chain. If you look across the end markets, just given the really -- or the stronger-than-expected growth, did you see any inventory building across any of the end markets? And then kind of staying on that supply chain, as we look into Q2, the top line guidance seems a bit light relative to the Q1 orders and the 1.15 book-to-bill. I mean is there an implication here that deliveries may be pushed out to the right a little bit, just given all the supply chain disruptions we're seeing?

我想我的問題是關於供應鏈的。如果你縱觀終端市場，考慮到實際成長或強於預期的成長，你是否看到任何終端市場有庫存增加？然後，當我們觀察第二季時，繼續留在供應鏈上，相對於第一季的訂單和 1.15 的訂單出貨比，營收指引似乎有點輕。我的意思是，考慮到我們所看到的所有供應鏈中斷，這是否意味著交貨可能會向右推一點？

Yes. Well, thanks very much, Chris. I mean first, relative to supply chain and our robust results in the first quarter, I mean I would tell you that across the board, customers want our product because their end customers, by and large, also need the product. Whether that's delivering IT datacom connectors that go into web service providers to satisfy the demand for bandwidth that is happening, whether it's automotive customers scrambling to build as many cars as they can, given the low inventory -- low dealer inventories that are out there, we really saw customers taking product and converting that product into their end systems.

是的。嗯，非常感謝，克里斯。我的意思是，首先，相對於供應鏈和我們第一季的強勁業績，我的意思是我會告訴你，總的來說，客戶想要我們的產品，因為他們的最終客戶總的來說也需要該產品。無論是向網路服務供應商提供 IT 數據通訊連接器以滿足當前的頻寬需求，還是汽車客戶在庫存低（經銷商庫存低）的情況下爭先恐後地製造盡可能多的汽車，我們確實看到客戶獲取產品並將該產品轉換到他們的終端系統。

And we don't -- obviously don't get full visibility into the warehouses of our customers, but we do get some visibility into the distribution channel. And there, we did not see any material increases in inventory or any noticeable inventory builds. I mean actually, to the contrary, our growth in distribution, our book-to-bill in distribution was not meaningfully higher than what we saw across the total company.

我們顯然無法全面了解客戶的倉庫，但我們確實對分銷管道有一定的了解。在那裡，我們沒有看到庫存有任何實質增加或任何明顯的庫存增加。我的意思是，實際上，相反，我們的分銷增長，我們的訂單到賬單分銷並沒有明顯高於我們在整個公司看到的增長。

Relative to the second quarter, look, we think there's a very strong guidance from several perspectives. First and foremost, there are these supply chain challenges. And I think some of these have been widely reported, in particular, in places like the automotive market, where I talked about that we do see the automotive market having a slight downtick in demand in the second quarter as certain customers have had to take factories offline or otherwise curtail production because of supply chain challenges. So there's no doubt that we see that.

相對於第二季度，我們認為從幾個角度來看都有非常強而有力的指導。首先也是最重要的，存在這些供應鏈挑戰。我認為其中一些已經被廣泛報道，特別是在汽車市場等地方，我談到我們確實看到汽車市場第二季度的需求略有下降，因為某些客戶不得不採取工廠由於供應鏈挑戰而離線或以其他方式減少生產。所以毫無疑問我們看到了這一點。

As well, when you look at, on a year-over-year basis, our second quarter guidance, as I mentioned just a few moments ago, this is a very strong guidance, 25% growth at the high end of guidance. And that's on top of a second quarter last year where we had grown already 7% sequentially from the first quarter. You'll also remember that in our mobile devices business, we had a very strong comeback last year in the second quarter. And so that 25% comparison, when seen in the context of last year, I think, is a very, very robust demand.

同樣，當你對比去年同期來看我們第二季度的指導時，正如我剛才提到的，這是一個非常強勁的指導，在指導的高端增長了 25%。這是去年第二季的基礎上，我們比第一季已經連續成長了 7%。您還會記得，在我們的行動裝置業務中，我們去年第二季實現了非常強勁的復甦。因此，我認為，從去年的情況來看，25% 的比較是一個非常非常強勁的需求。

In terms of the orders, yes, these are very strong orders that we received in the quarter. And could there be some customers who are maybe opening up the aperture of their order scheduling, ordering a little bit longer out? There could be some of that. I think we have some customers, there are many across the supply chain who are a little skittish because of some of the challenges that are so widely reported and that I'm sure all of you know even better than I do, and that can cause some customers to maybe order a little bit more in advance, not to build inventory per se, but to get it on the books.

就訂單而言，是的，我們在本季收到的訂單非常強勁。是否有一些客戶可能會開放訂單安排的範圍，訂購更長的時間？可能有一些。我認為我們有一些客戶，整個供應鏈中有很多客戶都有點不安，因為一些挑戰被廣泛報道，我相信你們所有人都比我更了解，這可能會導致有些客戶可能會提前多訂購一點，這本身並不是為了建立庫存，而是為了將其記入帳簿。

But look, all that being said, if you look at our orders on a year-over-year basis, they also grew at a similar rate to what our sales grew, about 27%, I think, was the order growth. And I think they're reflective of strong demand on our products from our customers, who we have consistently supported through all cycles of this crisis. And when you look at our performance across each of the individual markets, it's clear that customers are coming back to us because we were there for them when they needed us the most.

但是，話雖這麼說，如果你看看我們的訂單同比情況，它們的增長速度也與我們的銷售額增長類似，我認為大約 27% 是訂單增長。我認為它們反映了客戶對我們產品的強烈需求，我們在這場危機的各個週期中一直為客戶提供支援。當您查看我們在每個單獨市場的表現時，很明顯，客戶會回到我們身邊，因為我們在他們最需要我們的時候為他們服務。

Now our next question is from Wamsi Mohan of Bank of America.

現在我們的下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Adam, I was wondering if we could just step back perhaps, given your really broad diversified portfolio. How should investors think about the areas in which Amphenol can benefit from this proposed infrastructure plan?

亞當，我想知道我們是否可以退後一步，考慮到您真正廣泛的多元化投資組合。投資者應如何看待安費諾可以從擬議的基礎設施計劃中受益的領域？

Well, Wamsi, it's a great question. And it's still a proposed infrastructure plan, obviously. So I take everything with a grain of salt, in particular, with the political system that we have now in the U.S. But look, I think we have a lot of our businesses that do stand to play a role in upgrading the infrastructure of the U.S., especially because infrastructure is being defined, as I would think it should be, in a very broad sense.

嗯，Wamsi，這是一個很好的問題。顯然，這仍然是一項擬議的基礎設施計劃。因此，我對一切都持保留態度，特別是對於美國現在的政治體系。但是，我認為我們有很多企業確實可以在升級美國基礎設施方面發揮作用。 ，特別是因為基礎設施正在被定義，正如我認為應該的那樣，在非常廣泛的意義上。

It's not just roads and highways and bridges and tunnels and airports, which would stimulate demand for a wide variety of products that we sell into heavy equipment and otherwise. But infrastructure means the domestic capacity to produce electronic components in certain cases. Infrastructure means bandwidth. Infrastructure means access to data, access to devices. And I think that all of these things ultimately today have a common thread, and that is that the adoption of electronics and, in turn, our ability to enable that adoption of electronics, plays a significant role in the upgrade of those various "elements" of infrastructure.

不僅僅是道路、高速公路、橋樑、隧道和機場，這將刺激對我們銷售的重型設備和其他各種產品的需求。但基礎設施在某些情況下意味著國內生產電子元件的能力。基礎設施意味著頻寬。基礎設施意味著對資料的存取、對設備的存取。我認為，今天所有這些事情最終都有一個共同點，那就是電子產品的採用，以及我們實現電子產品採用的能力，在這些各種「元素」的升級中發揮著重要作用。基礎設施。

And so whatever the -- ends up coming out of kind of the sausage factory at Washington, if you will, there's no question to me that electronics is going to play a significant role in helping this country to upgrade its infrastructure in the broadest sense. And I think we're very well positioned across our end markets to play some constructive role in that.

因此，無論最終來自華盛頓香腸工廠的是什麼，如果你願意的話，對我來說毫無疑問電子產品將在幫助這個國家從最廣泛的意義上升級其基礎設施方面發揮重要作用。我認為我們在終端市場中處於非常有利的位置，可以在這方面發揮一些建設性作用。

Now our next question is from Amit Daryanani of Evercore.

現在我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess my question is really around, Adam, when I look at your growth rates for the first half of this year, they're about 25% or so. Much of this, I assume, is a cyclical market recovery. But I'm wondering if you could actually talk about if Amphenol is seeing share gains pick up as well in the first half of the year, especially as I imagine that your peers have not been able to ramp up capacity as quickly as demand has come back. And if that's true going forward, could that enable you to grow at a larger premium to the underlying industry growth rate and share gains become bigger for you, hopefully?

我想我的問題確實圍繞著 Adam，當我查看你們今年上半年的成長率時，它們大約是 25% 左右。我認為，這很大程度上是周期性的市場復甦。但我想知道您是否真的可以談談安費諾在今年上半年的份額增長是否也有所回升，特別是因為我認為您的同行無法像需求一樣迅速提高產能後退。如果未來確實如此，這是否能讓您以高於基礎產業成長率的溢價實現成長，並希望您的份額收益變得更大？

Well, thank you very much, Amit, and greetings to you as well. Look, I think the numbers here a little bit speak for themselves. When you look at our overall growth, growing 28% or 23% organically in the quarter, or when you look at some of the individual markets where we had significant growth in a number of our markets, clearly outpacing whatever the industry growth rate will be. And I'm not an expert in exactly what various industry growth rates are. But clearly, growing in industrial by 33% organically and automotive by 44% organically and mobile devices by 51% organically and IT datacom by 25%. Those are clearly ahead of the overall industry growth rates.

嗯，非常感謝你，阿米特，也向你問好。聽著，我認為這裡的數字足以說明一切。當你觀察我們的整體成長時，本季有機成長 28% 或 23%，或當你觀察一些個別市場時，我們在許多市場中實現了顯著成長，明顯超過了產業成長率。我並不是各行業成長率的專家。但顯然，工業有機成長 33%，汽車有機成長 44%，行動裝置有機成長 51%，IT 數據通訊有機成長 25%。這些明顯領先於整個產業的成長率。

And you're correct. I think there is a meaningful component of that growth, which is our ability to react quickly, despite a very challenging environment. It should not be understated. There still remains many challenges today in the world, both with COVID and with the supply chain. But our ability to react quickly in an entrepreneurial and agile fashion to satisfy the demand of customers when they need it has been, I think, through this whole cycle, an extraordinary advantage that we brought to bear.

你是對的。我認為這種成長中有一個有意義的組成部分，那就是我們在充滿挑戰的環境下快速做出反應的能力。它不應該被低估。當今世界仍存在許多挑戰，無論是新冠疫情或供應鏈。但我認為，在整個週期中，我們以創業和敏捷的方式快速反應以滿足客戶需求的能力是我們所帶來的非凡優勢。

And as customers think for the long term about with whom do they want to partner, it's going to be very hard to forget who was there for you when the chips were down at the greatest moment. Who was there for you during the depths of the pandemic when bandwidth was at such a premium and factories were closing all over place because of shutdown orders and the spread of the virus, and who was there to react when you needed to help you support your end customers. And I think that is something that our customers reflect on, integrate into their buying behavior, incorporate into their decisions about who should be their partner going forward.

當客戶從長遠考慮他們想與誰合作時，他們很難忘記在最關鍵的時刻誰在你身邊。在大流行最嚴重的時候，當頻寬如此寶貴，工廠因關閉命令和病毒傳播而紛紛關閉時，誰在您身邊；當您需要幫助您支持自己的生活時，誰在您身邊做出反應？最終客戶。我認為這是我們的客戶所反思的，融入他們的購買行為，融入他們關於誰應該成為未來合作夥伴的決定。

And so does that mean that we have a high potential to continue to outpace the market? And we've outgrown the market for now 2 decades. And I think that this just reinforces for our customers why having Amphenol as your first phone call is a really important principle and a very helpful way to run your supply chain.

那麼這是否意味著我們有很大潛力繼續超越市場？我們的發展已經超過市場二十年了。我認為這對我們的客戶來說更加強化了為什麼讓安費諾作為您的第一個電話是一個非常重要的原則，也是營運供應鏈的非常有用的方式。

Now our next question is from James Suva of Citigroup Investment Research.

現在我們的下一個問題來自花旗集團投資研究部的詹姆斯‧蘇瓦。

And it's nice to see Amphenol continue to make acquisitions. In the past history, sometimes acquisitions have been companies that really needed a global footprint for sales or a global manufacturing footprint or helping to polish their operations. And others have been strategic to help the company grow in the future. But the recently announced acquisitions that you just talked about today, can you help us figure which they are more for the growth or health of operations and you can really improve their profitability or go to market? How do they fit into the Amphenol family?

很高興看到安費諾繼續進行收購。在過去的歷史中，有時收購的公司確實需要全球銷售足跡或全球製造足跡或協助完善其營運。其他人也一直在策略上幫助公司未來發展。但是您今天剛剛談到的最近宣布的收購，您能否幫助我們弄清楚哪些收購更有助於業務的成長或健康，哪些可以真正提高其盈利能力或進入市場？它們如何融入安費諾家族？

Thank you very much, Jim. I mean, look, our criteria for acquisitions has always started with 2 things, and that's people and the products, in other words, the technology that those companies have. And so the very first test for us is, are we acquiring a company that has people who have passion, drive, integrity and entrepreneurial spirit that we think will fit into the Amphenol organization. And then second, do they have unique enabling technologies that ultimately solve real problems for their customers. And then when we found those companies, we don't focus on either growth or on improvement in operating performance. We try to do both of those things.

非常感謝你，吉姆。我的意思是，我們的收購標準始終從兩件事開始，那就是人員和產品，換句話說，就是這些公司擁有的技術。因此，對我們來說，第一個考驗是，我們收購的公司是否擁有我們認為適合安費諾組織的充滿熱情、幹勁、正直和企業家精神的員工。其次，他們是否擁有最終為客戶解決實際問題的獨特支援技術。然後，當我們找到這些公司時，我們不會專注於成長或營運績效的改善。我們嘗試做這兩件事。

And our acquisition program, which has been so successful over so many years, has really been successful because we were able to find ways to accelerate the growth of those companies and find ways to improve their operating performance. And so I would say that the 3 acquisitions that we're talking about today, of course, MTS being far and away bigger than Euromicron or Cabelcon, they all share that great potential, both from a top line growth perspective, taking advantage of being part of Amphenol, taking advantage of being part of a global company with strong partnership, preferred supplier relationships with customers across all of our end markets, but also being part of a company that has access to low-cost manufacturing when appropriate, who has access to collaborative initiatives across the company from a technology or sourcing perspective that ultimately can help to drive better operating performance. And so I would say, with these 3 companies, we think that they all have great growth and profitability improvement potential, despite their very different scales.

我們的收購計劃多年來一直如此成功，它確實很成功，因為我們能夠找到加速這些公司成長的方法並找到提高其營運績效的方法。因此，我想說的是，我們今天討論的 3 項收購，當然，MTS 遠遠大於 Euromicron 或 Cabelcon，它們都具有巨大的潛力，無論是從營收成長的角度來看，還是利用了作為安費諾的一部分，利用作為一家全球性公司的一部分的優勢，我們與所有終端市場的客戶建立了牢固的合作夥伴關係，優先選擇供應商關係，同時也是一家在適當的時候能夠獲得低成本製造的公司的一部分，誰能夠獲得從技術或採購的角度來看，整個公司的協作計劃最終有助於推動更好的營運績效。因此，我想說，對於這 3 家公司，我們認為它們都具有巨大的成長和獲利能力提升潛力，儘管它們的規模截然不同。

Now our next question is from Matt Sheerin from Stifel.

現在我們的下一個問題來自 Stifel 的 Matt Sheerin。

A question, Craig, regarding your commentary about some cost headwinds weighing somewhat on your margins. Could you quantify that in terms of maybe what in terms of basis points you've seen? And is that just an issue that you see persisting over the next couple of quarters that we're hearing from other suppliers as well?

克雷格，有個問題是關於您對一些成本阻力對您的利潤造成一定壓力的評論。您能否用您所看到的基點來量化這一點？這是否只是您認為在接下來的幾個季度中持續存在的問題，我們也從其他供應商那裡聽到了這個問題？

Yes. Thanks, Matt. Yes, I mean, I just want to start by saying we are actually extremely proud of the ability to achieve these strong operating margins in the first quarter, I mean, 19.6% in this challenging environment while we still have COVID costs. And then on top of that, we've seen certainly increasingly challenging commodity and supply chain environment. I think it's really just a great achievement, and I really am happy with the performance of the general managers to be able to offset some of these costs that they're seeing.

是的。謝謝，馬特。是的，我的意思是，我首先想說的是，我們實際上對能夠在第一季實現如此強勁的營業利潤率感到非常自豪，我的意思是，在這個充滿挑戰的環境中，同時我們仍有新冠疫情成本，我們實現了19.6% 的營業利益率。最重要的是，我們確實看到商品和供應鏈環境變得越來越具有挑戰性。我認為這確實是一項偉大的成就，我對總經理的表現感到非常滿意，因為他們能夠抵消他們所看到的一些成本。

The reality is, is that we have seen increasing challenging environment as we come into the first quarter. To quantify that is a little bit difficult. But I think the way I would think about it is that if you -- as we kind of came into the first quarter from the fourth quarter, sequentially, we would expect a typical close to 30% kind of sequential downside conversion. So really, the gap between that is -- the vast majority of that, I think, is really the pressures from the commodity and supply chain environment. I mean there is some small component related to some of the acquisitions of Positronic as well as Euromicron that we closed earlier in the quarter. But the vast majority really would be that kind of cost environment that we're seeing some headwinds from.

現實情況是，進入第一季時，我們看到環境越來越具有挑戰性。要量化這一點有點困難。但我認為我的思考方式是，如果你——就像我們從第四季度進入第一季一樣，我們預計會出現典型的接近 30% 的連續下行轉換。事實上，我認為，這之間的差距絕大部分實際上是來自大宗商品和供應鏈環境的壓力。我的意思是，有一些小部分與我們在本季早些時候完成的 Positronic 和 Euromicron 的一些收購有關。但絕大多數確實是我們看到的一些不利因素的成本環境。

In terms of how long that will last, I mean there's certainly -- we're doing -- I think the team is again doing a good job of trying to offset some of that, I think, through taking some cost actions and over time, maybe also through passing on some of those increases to customers to the extent you can't do it within the factories. But I don't think this is necessarily something that we're going to be able to necessarily get through in the quarter. So that certainly is still included in kind of our second quarter guidance that we gave is expect to still have some of those headwinds we haven't guided to the rest of the year. So I guess I won't comment on that.

就這種情況將持續多久而言，我的意思是，我們正在做的事情是肯定的，我認為團隊再次做得很好，試圖通過採取一些成本行動並隨著時間的推移來抵消其中的一些影響，也許還可以透過將其中一些成長轉嫁給客戶，達到在工廠內無法做到的程度。但我認為這不一定是我們本季就能完成的事情。因此，這肯定仍然包含在我們給出的第二季度指導中，預計仍然會出現一些我們在今年剩餘時間裡沒有指導過的阻力。所以我想我不會對此發表評論。

But certainly, I think that this environment that we find ourselves in now, I'm very happy with kind of what we've been able to achieve in terms of offsetting a certain level of those costs. But I think that the reality is that the -- we're probably sitting here at least for another quarter here with some of those cost headwinds that we see today.

但當然，我認為我們現在所處的環境，我對我們在抵消一定水平的這些成本方面所取得的成就感到非常高興。但我認為現實是——我們可能至少還要再待一個季度，因為我們今天看到的一些成本阻力。

And Matt, I would just add to that a little color. There are certain parts of this, which are pretty significant cost differences in commodities, for example. I mean, they're all very well reported. And the way that Amphenol operates is we have close to 125 general managers around the world, and each of them is really tuning their operation in light of the costs that are hitting them, in particular.

馬特，我只想添加一點顏色。其中的某些部分，例如，商品的成本差異相當大。我的意思是，它們都得到了很好的報道。安費諾的營運方式是，我們在全球擁有近 125 名總經理，他們每個人都在根據自身面臨的成本進行調整，特別是在調整營運方式。

So you take an example, a general manager in our cable business, which has a very high component of material cost, very significant in our cable segment, there's not a choice, but to go and work with customers and to make sure you take a leadership position in adjusting price to account for those commodity prices. And we would certainly expect that others in the industry would have that same dynamic. And that's just one example of how it goes.

舉個例子，我們電纜業務的總經理，材料成本的組成部分非常高，在我們的電纜領域非常重要，我們別無選擇，只能去與客戶合作，並確保您採取在調整價格以反映這些商品價格方面處於領先地位。我們當然希望業內其他人也能有同樣的動力。這只是事情進展的一個例子。

But the beauty is that these general managers have every tool available to them to adjust, whether it's from the price you sell to the customer, to every element of cost are all in the power of the general managers. And when you see a sudden increase in some of these things, it can take a short while to work through it. But Craig and I are confident that over time, our team is going to manage this, as they always have.

但美妙之處在於，這些總經理擁有一切可用的調整工具，無論是從銷售給客戶的價格，到成本的每個要素，都在總經理的權力範圍內。當你看到其中一些事情突然增加時，可能需要一段時間才能解決。但克雷格和我相信，隨著時間的推移，我們的團隊將像往常一樣解決這個問題。

Now our next question is from Mark Delaney of Goldman Sachs.

現在我們的下一個問題來自高盛的馬克·德萊尼。

This quarter was certainly a good illustration of Amphenol's leadership and operational flexibility, but I'd still be interested in understanding if you're thinking of any -- making any changes in how the company operates going forward in terms of things like how you're sourcing material, where you locate manufacturing or inventory management once you have some time to fully reflect on how COVID and some of the trade issues have stressed global supply chains or even just because Amphenol is becoming a bigger company with the M&A that you've done, including most recently with MTS?

本季無疑地很好地體現了安費諾的領導力和營運靈活性，但我仍然有興趣了解您是否正在考慮對公司未來的營運方式做出任何改變，例如您的方式資源採購，一旦您有時間充分思考新冠疫情和一些貿易問題如何給全球供應鏈帶來壓力，甚至只是因為安費諾通過併購而成為一家更大的公司，您就可以在其中找到製造或庫存管理。完成了嗎，包括最近與MTS 的合作？

Thanks so much, Mark. I mean, look, the answer I'll give you is really 2 sides. The answer is no, we think that our approach, our culture, the unique entrepreneurial organizational structure that we have had in Amphenol for many decades is uniquely tailored to an environment like we've been in and to an environment like we're headed into. But the other answer is yes, every day, meaning we're making changes every day. We're not making those changes from here at headquarters. We're not deciding on a blanket approach like we're going to go out of one country and go into this country, or we're going to increase our inventory this much or we're going to change how we're sourcing things. But those general managers around the world are every day making course corrections. And some of them pretty significant course corrections in the moment to react to the environment that is around them.

非常感謝，馬克。我的意思是，看，我給你的答案實際上是兩個方面。答案是否定的，我們認為我們的方法、我們的文化以及我們在安費諾幾十年來所擁有的獨特的創業組織結構是專門針對我們曾經所處的環境以及我們即將進入的環境量身定制的。但另一個答案是肯定的，每天，這意味著我們每天都在做出改變。我們不會在總部進行這些改變。我們不會決定採取一種全面的方法，例如我們要走出一個國家進入這個國家，或者我們要增加這​​麼多庫存，或者我們要改變我們的採購方式。但世界各地的總經理每天都在修正方向。其中一些在當下進行了相當重要的航向修正，以對周圍的環境做出反應。

So when tariffs came in, you'll remember this already, it seems like so long ago that there was the thing called tariffs several years ago. But our team immediately reacted to that in every way possible from moving production to changing logistical flows, to doing lots of other things to passing on the price to customers when there was no other option. And that was a real-time, in the moment kind of transformation, but not at a corporate level, rather it was at the individual operating unit levels.

因此，當關稅出現時，您已經記住了這一點，似乎很久以前就有了所謂關稅的東西。但我們的團隊立即以各種可能的方式對此做出反應，從轉移生產到改變物流流程，再到做很多其他事情，再到在別無選擇的情況下將價格轉嫁給客戶。這是一種即時的、即時的轉變，但不是在公司層面，而是在單一營運單位層面。

And I think as we've gone through the pandemic, as we see the very robust demand coming out of this part of the cycle, we're making lots of changes every day to make sure that we remain the most competitive, that we are able to outperform the market at the highest degree possible and that we're able to deliver to the bottom line superior operating profitability and ultimately convert that to cash. And those are just day-to-day decisions that are made by our general managers, obviously, in some consultation with us. But ultimately, the proof, I think, is really in the pudding of that approach.

我認為，隨著我們經歷了這場流行病，當我們看到週期的這一部分出現了非常強勁的需求時，我們每天都在做出很多改變，以確保我們保持最具競爭力，我們是能夠在盡可能高的程度上跑贏市場，並且我們能夠實現卓越的營運獲利能力並最終將其轉化為現金。顯然，這些只是我們的總經理在與我們協商後所做的日常決定。但最終，我認為，證據確實在於這種方法的布丁中。

Now our next question is from Craig Hettenbach with Morgan Stanley.

現在我們的下一個問題來自摩根士丹利的 Craig Hettenbach。

Just questions on MTS. I think their operating margins are roughly in the mid-teens. And I know other acquisitions you've done in the past where they've been lower. There's a path to kind of get them to corporate average. So just curious if there's any similarities or differences in terms of that approach for this deal? And then, Adam, you mentioned a number of the key markets for MTS where they play. Any of those stand out in particular from a growth perspective that you're most excited about?

只是關於 MTS 的問題。我認為他們的營業利潤率大約在十幾歲左右。我知道你們過去進行過的其他收購的價格都較低。有一種方法可以讓他們達到公司平均值。那麼只是好奇這筆交易的方法是否有任何相似或不同？然後，Adam，您提到了 MTS 所涉足的一些關鍵市場。從成長的角度來看，其中有哪一個是您最感興趣的？

Thanks very much, Craig. I think you're roughly accurate about the operating margins with MTS. Obviously, there will be some amortization, and we include amortization in our numbers, so that they can have a little bit of downward impact on the operating margins. But you're right, I mean every company who comes into Amphenol thinks about how are they going to achieve, ultimately, that growth in margins to get up to the Amphenol corporate average or above.

非常感謝，克雷格。我認為您對 MTS 營業利潤率的了解大致準確。顯然，會有一些攤銷，我們將攤銷納入我們的資料中，這樣它們就能對營業利潤率產生一點下行影響。但你是對的，我的意思是每家進入安費諾的公司都會考慮如何最終實現利潤增長，以達到安費諾公司的平均水平或更高。

Obviously, an average is just an average, and there are some above and some below. And I would tell you that the management team in the MTS Sensors business is an extraordinarily capable team of individuals. The gentleman who leads that business, who led the business inside of MTS, who, by the way, led the predecessor family-owned company that was acquired by MTS, I mean this is a just truly outstanding individual who also likes to see that his company is doing as well as his sister companies. And there's no doubt about it that there's a little bit of peer pressure inside of Amphenol when you come in and see the margins of your peers. And something tells me that that's an organization that does not want to be below the average. And how long is that going to take? That's always a question. But when there's is a will, there's a way. And I think this is a team that has an extraordinary will to make that happen.

顯然，平均只是平均，還有上面的，也有下面的。我想告訴您，MTS 感測器業務的管理團隊是一個非常有能力的團隊。領導該業務的那位先生，領導 MTS 內部業務的先生，順便說一句，領導了被 MTS 收購的前身家族企業，我的意思是，這是一位真正傑出的個人，他也喜歡看到他的公司的表現和他的姊妹公司一樣好。毫無疑問，當你進入安費諾並看到同行的利潤時，內部存在一點同行壓力。有件事告訴我，這是一個不想低於平均的組織。這需要多長時間？這始終是一個問題。但只要有意願，就有辦法。我認為這是一個擁有實現這一目標的非凡意願的團隊。

In terms of the markets with the MTS Sensors business, I talked already that they have strong position in industrial and military and then in commercial air and automotive, roughly in that order, I would say, in terms of magnitude. And they participate in just some of the most exciting applications within those. MTS makes products that are really at the cutting edge of the harsh environment, high-performance requirements of some of these systems. So when you're making like a turbine, and that turbine, be it a gas turbine or a windmill, and you want to know that, that thing is operating with good function and smoothly and that there's no issues inside the turbine. You're going to use a sensor from MTS, or a number of sensors, let me say, that are going to be in the most harsh of environments, hot, out in the middle of the ocean, you name it, that are going to ultimately tell you, is your system working or not and do you need to go maintain that. That's just one example of these extraordinary harsh environment vibration, force, pressure and position sensors that they sell.

就 MTS 感測器業務的市場而言，我已經說過，他們在工業和軍事領域擁有強大的地位，然後在商用航空和汽車領域，我想說，就規模而言，大致按這個順序。他們只參與其中一些最令人興奮的應用程式。 MTS 生產的產品確實處於惡劣環境和某些系統高效能需求的最前線。因此，當您製造渦輪機時，無論是燃氣渦輪機還是風車，您想知道該渦輪機運行良好且平穩，渦輪機內部沒有任何問題。你將使用 MTS 的一個感測器，或多個感測器，讓我說，這些感測器將處於最惡劣的環境中，炎熱的環境，在海洋中，凡是你能想到的，最終告訴您，您的系統是否正常工作以及您是否需要對其進行維護。這只是他們銷售的這些異常惡劣環境振動、力、壓力和位置感測器的例子之一。

I had the good fortune to go around to several of the factories just in the last couple of weeks. And had been there, of course, before. But going now as the owner is a little bit different. And not only do you see products that are truly at the high leading edge of sensor technology, but these are sensor products where the harsh environment interconnect packaging of those sensors is almost of equal import to the good functioning of the product in the systems where they participate.

就在過去的幾周里，我有幸參觀了幾家工廠。當然，以前也去過那裡。但現在作為所有者有點不同。您不僅看到真正處於感測器技術前沿的產品，而且在這些感測器產品中，這些感測器的惡劣環境互連封裝幾乎與產品在系統中的良好運作同等重要。參加。

And so we see just great opportunities in the industrial market, across many segments of the industrial market, in the military market, as I spoke earlier, where we have already a leading position in military interconnect. We're just really excited to now have a significant position also in sensors in the military market as well in automotive and in commercial air. And so we see great opportunities really across the markets of MTS and look forward to taking full advantage for many years to come.

因此，正如我之前所說，我們在工業市場、工業市場的許多領域以及軍事市場中看到了巨大的機遇，我們已經在軍事互連領域處於領先地位。我們非常高興現在在軍用市場以及汽車和商用航空的傳感器領域也佔據了重要地位。因此，我們在 MTS 市場上看到了巨大的機遇，並期待在未來的許多年裡充分利用這一機會。

Our next question is from William Stein of Truist Securities.

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

Congrats on the very good results today. I would like to ask you about the commercial aerospace end market. That end market was already in a pretty significant downturn because of the 730 MAX (sic) [737 MAX] grounding and then we had COVID obviously stopped travel and demand for planes. But I think you guided this segment up sequentially. And I wonder if that's an indication that you think we're past the bottom here. And I wonder what you're seeing in terms of recovery, what you're seeing in the order book and maybe what you're hearing more anecdotally from your customers?

恭喜今天取得了非常好的成績。我想問一下商業航空終端市場的狀況。由於 730 MAX（原文如此）[737 MAX] 停飛，該終端市場已經處於相當嚴重的低迷狀態，然後我們又因新冠肺炎疫情明顯停止了旅行和對飛機的需求。但我認為你是按順序引導這一部分的。我想知道這是否表明您認為我們已經過了谷底。我想知道您在復甦方面看到了什麼，您在訂單簿中看到了什麼，也許您從客戶那裡聽到了更多軼事？

Thanks, Will. Yes, I mean, it's a tough time in the commercial air market. There's no doubt about it. I mean it's hard to think of a market that was not -- that was more heavily impacted over the last 1.5 years than the commercial air market. It represents now just 2% of our sales. And we did guide it up sequentially in the quarter ahead. Although I would say that that's really the impact of the MTS Sensors acquisition. I don't know that I would necessarily say that I'm kind of calling a bottom, so to speak. But clearly, the rate is declining. The rate of decline on a sequential basis is getting smaller. It's down by just 3% sequentially in the quarter, which is, I guess, a green shoot of encouragement, if you will.

謝謝，威爾。是的，我的意思是，現在商業航空市場正處於艱難時期。毫無疑問。我的意思是，很難想像哪個市場在過去 1.5 年裡沒有受到比商業航空市場更嚴重的影響。現在它只占我們銷售額的 2%。我們確實在接下來的季度中按順序引導了它。儘管我想說這確實是 MTS Sensors 收購帶來的影響。我不知道我是否一定會說我正在呼喚底部，可以這麼說。但顯然，這一比率正在下降。環比下降幅度越來越小。本季季比只下降了 3%，如果你願意的話，我想這是一個令人鼓舞的萌芽。

But the commercial air market has a tough road ahead of it. And our team working in that market is doing everything they can to continue to diversify their business to make sure that the products that they sell, which have other applications, are being proliferated and we're re-devoting resources to designing in those products into other applications, where they can be very enabling technologies such that when the commercial air market does eventually come back, which it will, we're not going back to horses and buggies, we will be flying again one day. And I hope to be doing so very soon after I get my second shot tomorrow morning together with Craig. That market will come back. And when it comes back, our operations working in that market will be stronger than ever because they will have taken this opportunity to diversify themselves, diversify their product sets, leverage their resources in a broader fashion. And I think that's the way to deal with a crisis like this, and that's always been the Amphenol way.

但商業航空市場前面的路很艱難。我們在該市場工作的團隊正在盡一切努力繼續實現業務多元化，以確保他們銷售的具有其他應用程式的產品正在激增，我們正在重新投入資源來將這些產品設計成其他應用程序，它們可以是非常有利的技術，這樣當商業航空市場最終恢復時（它會恢復的），我們不會再回到馬匹和馬車上，有一天我們將再次飛行。我希望明天早上與克雷格一起進行第二次注射後很快就能這樣做。那個市場將會回來。當它回來時，我們在該市場的業務將比以往任何時候都更強大，因為他們將利用這個機會來實現自身多元化，產品組合多樣化，以更廣泛的方式利用他們的資源。我認為這就是應對此類危機的方法，而這一直是安費諾的方法。

Now our next question is from Joe Giordano from Cowen.

現在我們的下一個問題來自 Cowen 的 Joe Giordano。

So we've heard kind of like different strategies and different responses from many companies this season about how they're dealing with sourcing of components that are in scarcity. And we've heard some say that the ability to like leverage all their individual businesses as one big customer kind of gives them leverage at suppliers. I think you guys are probably going the other way. Can you kind of talk about how the structure of Amphenol as kind of small independent companies essentially gives them an advantage when sourcing? Is it because some of these businesses are small enough that they're -- it's not a big quantity that they need? Can you maybe just talk us through that relative to some other maybe ways to accomplish that?

因此，本季我們聽到許多公司關於如何處理稀缺組件採購的不同策略和不同反應。我們聽到有人說，能夠將所有個人業務作為一個大客戶來利用，這讓他們對供應商產生了影響力。我想你們可能會走另一條路。您能否談談安費諾作為小型獨立公司的結構如何在採購時本質上為他們帶來優勢？是因為其中一些企業規模夠小，所以他們需要的數量不多嗎？您能否向我們介紹一下這一點以及其他可能實現這一目標的方法？

Yes. Look, Joe, we try to have the best of both worlds in sourcing. And so at the end of the day, sourcing happens under the purview of those 125 general managers around the world. And sometimes it's good to be small and sometimes it's good to be big. And what we try to do is we present ourselves as whichever is most beneficial in the moment. So we oftentimes are a few general managers who buy a common material will work together and they may go together to a vendor. That's what gets us the results that we need. But in other cases, it's a very local decision where maybe a purchasing person says to a local sales rep, hey, just sneak me what I need here, no one's going to notice. And in between both of those, there's a whole spectrum of techniques, strategies, tactics that our supply chain team around the world will be taking.

是的。瞧，喬，我們努力在採購方面兩全其美。因此，歸根究底，採購工作是在全球 125 名總經理的職權範圍內進行的。有時小是好的，有時大是好的。我們試圖做的就是以當下最有利的方式展現自己。所以我們常常是幾個採購共同材料的總經理會一起工作，他們可能會一起去找供應商。這就是我們獲得所需結果的原因。但在其他情況下，這是一個非常本地化的決定，採購人員可能會對當地銷售代表說，嘿，把我需要的東西偷偷拿給我，沒有人會注意到。在這兩者之間，我們世界各地的供應鏈團隊將採用一系列的技術、策略和策略。

The most important principle, though, is this, if you have supply chain disconnected from the business, it's actually really hard to decide, ultimately, am I doing the right thing? How do I -- what if I need to redesign something? Well, if there's this monolithic engineering team and a monolithic sourcing team and the sourcing team says, we can't get this part, we need to redesign it, and it has to go sort of up and down the corporate chain to get that redesign resources to be allocated or to convince the engineer to do so, that can be a very laborious process.

不過，最重要的原則是，如果供應鏈與業務脫節，實際上很難決定，最終我是否在做正確的事？如果我需要重新設計某些東西，我該怎麼辦？好吧，如果有一個單一的工程團隊和一個單一的採購團隊，而採購團隊說，我們無法獲得這個零件，我們需要重新設計它，並且它必須在公司鏈上上下移動才能進行重新設計分配資源或說服工程師這樣做，這可能是一個非常費力的過程。

Whereas in our organization, the purchasing person is sitting in the door right next to the engineering person reporting to the general manager who's 2 doors down from her. And they can just get in the room together and say, look, we can't find this thing, let's redesign it right now, let's reallocate the resources, let's make it happen. And it's that kind of real-time, connected to the business approach. Whether it is dealing with shortages, whether it's dealing with logistical challenges, whether it's dealing with quality issues, whether it's dealing with new design, whatever, we've always found that, that approach can be very effective. But we try to be what will make us be the most successful, let's say that.

而在我們的組織中，採購人員坐在門口，緊鄰向總經理報告的工程人員，而總經理與她只隔兩扇門。他們可以一起進房間說，看，我們找不到這個東西，讓我們現在重新設計它，讓我們重新分配資源，讓我們實現它。這是一種即時的、與業務方法相關的方法。無論是處理短缺，無論是處理物流挑戰，無論是處理品質問題，無論是處理新設計，無論什麼，我們總是發現，這種方法可以非常有效。但我們會努力成為最成功的人，這麼說吧。

Our next question is from David Kelley from Jefferies.

我們的下一個問題來自 Jefferies 的 David Kelley。

Just hoping to follow up on automotive. Really robust growth versus underlying production in the quarter. You referenced electrification wins as a contributor. And then you mentioned broadly, you aren't seeing channel inventory build, but I would assume you delivered to market share gains and then probably benefited from favorable mix as well. Just hoping you can walk us through some of the drivers of you're really showing automotive performance in the quarter.

只是希望能夠跟進汽車。與本季的基本產量相比，成長確實強勁。您作為貢獻者提到了電氣化的勝利。然後你廣泛地提到，你沒有看到通路庫存的增加，但我認為你實現了市場份額的成長，然後也可能從有利的組合中受益。只是希望您能向我們介紹您在本季度真正展示汽車性能的一些驅動因素。

Sure. Well, thanks very much, David. I mean, you know the underlying market much better than I do. You could teach a master class on it, for sure. But what I would tell you is our team in all regions really performed very strongly here. And we saw great growth really across the board, across the regions. And we saw disproportionate growth from new programs that we're -- that we've long worked to design ourselves in on relative to EVs. But it wasn't exclusively EVs. We saw growth in lots of other new platforms as well.

當然。嗯，非常感謝，大衛。我的意思是，你比我更了解基礎市場。當然，你可以教這方面的大師班。但我要告訴你的是，我們所有地區的團隊在這裡都表現得非常出色。我們看到各個地區的全面成長。我們看到了我們長期以來致力於設計的新項目相對於電動車的不成比例的成長。但它並不完全是電動車。我們也看到許多其他新平台的成長。

And I think our long-term share gains in the automotive market, and I referenced this earlier, is really a function of us focusing our efforts on next-generation technologies in car, next-generation systems, next-generation applications, everything from passenger comfort and connectivity, to safety, to engine management, emissions control and obviously, high voltage related to EVs and hybrid EVs.

我認為我們在汽車市場的長期份額增長，我之前提到過，實際上是我們將精力集中在下一代汽車技術、下一代系統、下一代應用程式以及從乘客到乘客的一切方面的結果。舒適性和連接性、安全性、引擎管理、排放控制，當然還有與電動車和混合動力電動車相關的高電壓。

And I think all of those things are helping us to outperform the broader market in a quarter like we just had here in the first quarter, but also over a very long time period. We're really talking about the better part of the decade, where we have had a relatively consistent performance that is a decent amount, if not far in excess of the underlying unit production volumes that are out there.

我認為所有這些事情都有助於我們在一個季度內跑贏大盤，就像我們在第一季一樣，而且在很長一段時間內也是如此。我們真正談論的是這十年中最好的部分，我們的表現相對穩定，即使沒有遠遠超出現有的基礎單位產量，也是相當不錯的。

So there's not like 1 silver bullet to this. I think it's been a collective approach. It's been our acquisition program, where we've added new companies, both interconnect, antenna and sensor companies. And it's a lot of work on engineering of next-generation systems that go into these cars across all of the regions. And I think when we put all that together, ultimately, we've seen strong performance.

所以這沒有什麼靈丹妙藥。我認為這是一種集體方法。這是我們的收購計劃，我們增加了新公司，包括互連、天線和感測器公司。下一代系統的工程工作需要大量工作，這些系統將應用於所有地區的汽車。我認為，當我們把所有這些放在一起時，最終我們看到了強勁的表現。

Now our next question is from Samik Chatterjee of JPMorgan.

現在我們的下一個問題來自摩根大通的 Samik Chatterjee。

Wanted to get your views on mobile networks. You mentioned you had better revenue than you expected in the quarter. You're guiding to sequential improvement in revenues. And how should I think about visibility or sustainability of this improvement through the rest of the year? And how correlated is that going to be to some of the like 5G CapEx plans that the North American telcos recently outlined? How much of that is going to probably help sustain some of this growth through the rest of the year?

想了解您對行動網路的看法。您提到本季的營收比您預期的要好。您正在指導收入的連續改善。我應該如何考慮今年剩餘時間內這種改進的可見性或可持續性？這與北美電信公司最近概述的一些類似 5G 資本支出計劃有何相關性？其中有多少可能有助於在今年剩餘時間內維持部分成長？

Thank you, Samik. Well, look, we're really pleased with the sequential growth that we saw in this market. Obviously, that's a market that, over the last year or 2, has not always had the most robust growth as the operators have somehow struggled. There's been a lot of corporate things going on, delays in investment last year. We also saw some redeployment of the investment towards really the core of the networks to support the massive growth in bandwidth. But we've always talked about the fact that our team has been working diligently over many years to design in our products into next-generation systems and networks, be they 5G or otherwise.

謝謝你，薩米克。嗯，看，我們對這個市場的連續成長感到非常滿意。顯然，在過去的一兩年裡，這個市場並不總是擁有最強勁的成長，因為營運商在某種程度上陷入了困境。去年公司發生了很多事情，投資延遲。我們也看到一些投資重新部署到網路核心，以支援頻寬的大幅成長。但我們一直在談論這樣一個事實：我們的團隊多年來一直在努力工作，將我們的產品設計到下一代系統和網路中，無論是 5G 還是其他。

And I think we start to see kind of some early progress with that here in the first quarter. And to the extent that operators are expanding their investment, we would hope to benefit from that. It may not always be in a perfect quarter-to-quarter correlation. We don't have a position with absolutely every operator with the exact same degree of success. But we have a very strong position on the equipment, that is really going to enable 5G for the long term. And so to the extent that 5G creates incremental capital spending, which, again, has yet to be perfectly articulated, then, for sure, we would feel like we would be in a good position to be able to benefit from that in the medium and long term.

我認為我們在第一季開始看到一些早期進展。如果營運商擴大投資，我們希望從中受益。它可能並不總是具有完美的季度相關性。我們並不認為每個業者都具有完全相同的成功程度。但我們在設備上擁有非常強大的地位，這確實能夠長期支援 5G。因此，就 5G 創造增量資本支出而言（這尚未得到完美闡明），那麼，我們肯定會覺得我們將處於有利位置，能夠從中受益長期。

Our next question is from Luke Junk from Baird.

我們的下一個問題來自貝爾德 (Baird) 的盧克垃圾 (Luke Junk)。

Adam, you mentioned hybrids and electric vehicles especially as a growth driver in your end market discussion of both auto and industrial trends this afternoon. Could you help us better understand the span of EV-related products, especially across those 2 segments? And in particular, I'm wondering how might differentiate the company's opportunity set versus some of your connector peers that have a more auto-based focus.

Adam，您在今天下午關於汽車和工業趨勢的終端市場討論中特別提到了混合動力汽車和電動車作為成長動力。您能否幫助我們更了解電動車相關產品的範圍，尤其是這兩個細分市場？特別是，我想知道該公司的機會集與一些更注重汽車的連接器同行有何不同。

Thanks very much, Luke. Yes. No, you picked up on that very astutely. We participate in the electrification of vehicles, whether those are passenger vehicles or commercial vehicles, and both have been really great drivers for us in recent quarters and years. And in the industrial, we talk about that industrial battery and the heavy vehicles. There's a wide range of vehicles that are undergoing electrification right now from big trucks, and there's plenty of news media around that, to postal vehicles and trash trucks and buses and goods vehicles, delivery vans, you name it. And so all of that is what we classify really in our industrial business or industrial market as that battery heavy vehicle.

非常感謝，盧克。是的。不，你非常敏銳地意識到了這一點。我們參與車輛的電氣化，無論是乘用車還是商用車，在最近幾季和幾年裡，這兩種車輛都對我們來說是真正偉大的推動者。在工業領域，我們談論工業電池和重型車輛。現在有各種各樣的車輛正在經歷電氣化，從大卡車到郵政車、垃圾車、巴士、貨車、送貨車等等，有很多新聞媒體都在進行電氣化。因此，我們在工業業務或工業市場中將所有這些真正歸類為電池重型車輛。

And then when we talk about automotive, the hybrid EV, that's really passenger cars and the related products. In addition, we think about the charging infrastructure for electrification as really an infrastructure piece and that we think about in our industrial business as well. And that's all -- those are all components of areas where we've seen strong performance in -- certainly in the first quarter and over a number of years and look forward to that. Because I think if you confine your view of electrification just to passenger vehicles, you're missing a really exciting area of the electronics revolution, which is that electrification more broadly.

當我們談論汽車、混合動力電動車時，這實際上是乘用車和相關產品。此外，我們將電氣化充電基礎設施視為真正的基礎設施部分，我們也在工業業務中考慮這一點。這就是全部 - 這些都是我們在第一季和多年來看到強勁表現的領域的所有組成部分，並對此充滿期待。因為我認為，如果您將電氣化的觀點僅限於乘用車，那麼您就會錯過電子革命中一個真正令人興奮的領域，即更廣泛的電氣化。

By the way, I mean, we're working as well with the Department of Defense in certain countries on the electrification of military vehicles, which, I think, is going to be a long process. But over the long term, we see that as an area that can also be another benefit and another growth lever along this just real kind of, call it, a megatrend, if you will, of electrification across kind of all things that move.

順便說一句，我的意思是，我們正在與某些國家的國防部就軍用車輛的電氣化進行合作，我認為這將是一個漫長的過程。但從長遠來看，我們認為這個領域也可以成為另一個好處和另一個成長槓桿，如果你願意的話，可以稱之為真正的大趨勢，即所有移動事物的電氣化。

Now our next question is from Steven Fox from Fox Advisors.

現在我們的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

Craig, I just wanted to talk a little bit more about your extra costs in the coming quarter. If I applied your analysis for Q1 to Q2, it looks like the pressure is about $20 million or so, similar to Q1. I imagine there's some M&A impacting your incrementals. But can you talk about whether that's in the ballpark and what you guys are doing to sort of reduce that $20 million nut going forward?

克雷格，我只是想多談談您下一季的額外成本。如果我應用你對第一季到第二季的分析，看起來壓力約為 2000 萬美元左右，與第一季類似。我想有一些併購會影響你的增量。但您能否談談這是否在合理範圍內，以及您正在採取哪些措施來減少未來 2000 萬美元的開支？

Yes. Thanks, Steve. Yes. No, actually, your math probably isn't so far off. It's certainly in the range of what we'd probably quantify that as. And if you look sequentially going from Q1 to Q2, essentially, a lot of that growth is our acquisitions that we just announced. So as you can imagine, the sequential conversion is going to be a little bit lower than your typical conversion just because those are -- acquisitions are at a lower profitability level as an average of the company.

是的。謝謝，史蒂夫。是的。不，實際上，你的數學可能並沒有那麼遙遠。它肯定在我們可能量化的範圍內。如果你按順序查看從第一季到第二季度，本質上，很大一部分成長是我們剛剛宣布的收購。因此，正如您可以想像的那樣，順序轉換將比典型轉換稍低一些，因為這些收購的盈利水平與公司的平均水平相比較低。

And clearly, as we talked about with MTS specifically, but also related to the other 2, over time, we would expect to be able to work those up to the company average. But as we -- talking about Q2 specifically, that sequential conversion really mostly is impacted related to the acquisitions. But essentially, the cost impact that you just quantified is kind of is in that ballpark that we had in Q1 essentially we're expecting to still see in Q2 as the team continues to work through all those actions to ultimately, over time, neutralize those impacts.

顯然，正如我們專門與 MTS 討論的那樣，但也與其他 2 個相關，隨著時間的推移，我們希望能夠將這些工作達到公司的平均水平。但當我們具體談論第二季度時，順序轉換實際上主要受到與收購相關的影響。但本質上，您剛剛量化的成本影響有點類似於我們在第一季度的大致水平，基本上我們預計在第二季度仍然會看到，因為團隊將繼續努力完成所有這些行動，最終隨著時間的推移，抵消這些影響影響。

As of this time, we don't have any further questions on queue. Now I'll turn the call back to Mr. Lampo for closing remarks.

截至目前，我們在隊列上沒有任何其他問題。現在我將把電話轉回給蘭波先生做總結發言。

Well, this is Mr. Norwitt. But anyway, thank you very much, and we truly appreciate everybody's time today on the call. And I did want to take a moment just to wish everybody good health here. And I hope everybody is getting the chance to be vaccinated soon, wherever you may be. And I wanted to make just a special comment and note about any of you who may have friends or family in India. We obviously have an organization in India, and we're very carefully attentive to the ongoing situation with the pandemic there and doing our part to help the communities in India. And I just wanted to send our best wishes to any of you on the phone here today with family and friends in India. It's a fabulous country, and I'm sure they're going to work their way through this difficult stage in the pandemic.

嗯，這是諾威特先生。但無論如何，非常感謝大家，我們非常感謝大家今天抽出時間參加電話會議。我確實想花一點時間祝福大家身體健康。我希望每個人都有機會盡快接種疫苗，無論您身在何處。我想對你們中可能在印度有朋友或家人的人發表特別評論和說明。顯然，我們在印度有一個組織，我們非常仔細地關注當地當前的疫情情勢，並盡我們的一份力量來幫助印度的社區。我只想向今天透過電話與印度的家人和朋友致以最良好的祝愿。這是一個神話般的國家，我相信他們將努力度過這場流行病的困難階段。

Thank you all to everybody and wish you all good health, and we'll talk to you all in the next 90 days.

謝謝大家，祝大家身體健康，我們將在接下來的 90 天內與大家交談。

Thank you, everybody. Bye-bye.

謝謝大家。再見。

Thank you. And thank you, everyone, for attending today's conference. Have a nice day.

謝謝。感謝大家參加今天的會議。祝你今天過得愉快。