安費諾 (APH) 2022 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. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

您好，歡迎參加安費諾公司第一季度財報電話會議。 （操作員須知）應公司要求，正在錄製今天的會議。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。先生，您可以開始了。

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 2022 conference call. Our first quarter results were released this morning. I will provide some financial commentary, and then Adam will give an overview of the business and current trends. Then we will take questions.

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 2022 年第一季度電話會議。我們今天早上發布了第一季度業績。我將提供一些財務評論，然後亞當將概述業務和當前趨勢。然後我們會回答問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements, so please refer to the relevant disclosures in our press release for further information. In addition, as previously announced, effective January 1, 2022, we aligned our businesses into 3 new reportable segments. Effective for the first quarter of 2022, we are reporting results for these new segments as well as the relevant comparable historical financial data.

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做出某些前瞻性陳述，因此請參閱我們新聞稿中的相關披露以獲取更多信息。此外，如先前宣布的，自 2022 年 1 月 1 日起，我們將我們的業務調整為 3 個新的可報告分部。自 2022 年第一季度起，我們將報告這些新部門的業績以及相關的可比歷史財務數據。

The company closed the first quarter with sales of $2.952 billion and GAAP and adjusted diluted EPS of $0.68 and $0.67, respectively. First quarter sales were up 24% in U.S. dollars, 25% in local currencies and 17% organically compared to the first quarter of 2021. The significant sales increase was driven by double-digit organic growth in the IT data communications, commercial air, industrial, automotive and broadband markets as well as contributions from the company's acquisition program. Sequentially, sales were down by just 2% in U.S. dollars and in local currencies and down 4% organically. Adam will comment further on trends by market in a few minutes.

該公司第一季度的銷售額為 29.52 億美元，按公認會計原則計算，調整後的攤薄後每股收益分別為 0.68 美元和 0.67 美元。與 2021 年第一季度相比，第一季度以美元計算的銷售額增長了 24%，以當地貨幣計算增長了 25%，有機增長了 17%。銷售額的顯著增長是由 IT 數據通信、商業航空、工業等領域的兩位數有機增長推動的、汽車和寬帶市場以及公司收購計劃的貢獻。隨後，以美元和當地貨幣計算的銷售額僅下降了 2%，有機下降了 4%。亞當將在幾分鐘內進一步評論市場趨勢。

Orders for the quarter were a record $3.441 billion, which is up 26% compared to the first quarter of 2021, and up 5% sequentially, resulting in a strong book-to-bill ratio of 1.17:1. GAAP and adjusted operating income was $590 million in the first quarter. And operating margin was a strong 20% in the first quarter of 2022, which increased by 40 basis points compared to the prior year quarter. Sequentially, adjusted operating margins declined by only 10 basis points, which is significantly better than we typically see in the first quarter.

本季度訂單達到創紀錄的 34.41 億美元，與 2021 年第一季度相比增長 26%，環比增長 5%，訂單出貨比達到 1.17:1。第一季度美國通用會計準則和調整後的營業收入為 5.9 億美元。 2022 年第一季度的營業利潤率高達 20%，與去年同期相比增加了 40 個基點。隨後，調整後的營業利潤率僅下降了 10 個基點，這明顯好於我們通常在第一季度看到的情況。

The year-over-year increase in operating margin was primarily driven by normal operating leverage on higher sales volumes as well as the benefit of ongoing pricing actions. These benefits were partially offset by the impact of a more challenging commodity and supply chain environment, together with the slight margin dilution of acquisitions completed over the past year.

營業利潤率的同比增長主要是由於銷售量增加的正常經營槓桿以及持續定價行動的好處。這些好處被更具挑戰性的商品和供應鏈環境的影響以及過去一年完成的收購的輕微利潤稀釋所部分抵消。

On a sequential basis, the slight decrease in adjusted operating margin reflected a normal conversion on the lower sales volumes, slightly offset by the benefit of ongoing pricing actions, which became effective in the quarter. Given the dynamic overall cost and supply chain environment, we are very proud of the company's operating performance. Our team's ability to effectively manage through the myriad of challenges around the world is a direct result of the strength of the company's entrepreneurial culture, which continues to foster a high-performance, action-oriented management team.

在連續的基礎上，調整後的營業利潤率略有下降反映了較低銷量的正常轉換，但被持續定價行動的好處略微抵消，該行動在本季度生效。鑑於動態的整體成本和供應鏈環境，我們對公司的經營業績感到非常自豪。我們的團隊能夠有效應對世界各地的無數挑戰，這直接得益於公司企業文化的力量，這種文化將繼續培養一支高績效、以行動為導向的管理團隊。

GAAP diluted EPS was $0.68 in the first quarter, an increase of 28% compared to $0.53 in the prior year period, and adjusted diluted EPS was $0.67, an increase of 29% compared to the $0.52 in the first quarter of 2021. This was an excellent result, especially considering the significant cost, supply chain and other operational challenges the company continued to face during the quarter.

第一季度 GAAP 攤薄後每股收益為 0.68 美元，比去年同期的 0.53 美元增長 28%，調整後攤薄後每股收益為 0.67 美元，比 2021 年第一季度的 0.52 美元增長 29%。出色的業績，特別是考慮到公司在本季度繼續面臨的重大成本、供應鍊和其他運營挑戰。

The company's GAAP effective tax rate for the first quarter was 23.8% and the adjusted effective tax rate was 24.5%, which compared to 23.9% and 24.5% in the first quarter of 2021, respectively. Bringing down first quarter results into our 3 new segments. Relative to the first quarter of 2021, sales in the Harsh Environment Solutions segment were $728 million and increased 16% in U.S. dollars and organically. Operating margins in the quarter for the segment was 25.2%. Sales in the Communications Solutions segment was $3 billion -- sorry, $1.320 billion and increased 28% in U.S. dollars and 21% organically. Operating margin in the quarter for the segment was 21.4%.

公司第一季度的GAAP有效稅率為23.8%，調整後的有效稅率為24.5%，而2021年第一季度分別為23.9%和24.5%。將第一季度業績納入我們的 3 個新細分市場。相對於 2021 年第一季度，惡劣環境解決方案部門的銷售額為 7.28 億美元，以美元和有機增長 16%。該部門本季度的營業利潤率為25.2%。通信解決方案部門的銷售額為 30 億美元——抱歉，為 13.20 億美元，按美元計算增長了 28%，有機增長了 21%。該部門本季度的營業利潤率為21.4%。

Sales in the Interconnect and Sensor Systems segment were $904 million and increased 25% in U.S. dollars and 13% organically. And operating margin in the quarter for the segment was 17.7%. Operating cash flow in the first quarter was $351 million or 83% of adjusted net income. Net of capital spending, our free cash flow was $274 million or 65% of adjusted net income. Cash flow in the quarter was a bit lower than we would normally expect, even in a typically weaker first quarter, primarily due to a higher-than-normal increase in inventory levels, driven by the continued challenging supply chain environment.

互連和傳感器系統部門的銷售額為 9.04 億美元，按美元計算增長 25%，有機增長 13%。該部門本季度的營業利潤率為17.7%。第一季度的經營現金流為 3.51 億美元，佔調整後淨收入的 83%。扣除資本支出後，我們的自由現金流為 2.74 億美元，佔調整後淨收入的 65%。即使在通常較弱的第一季度，本季度的現金流量也比我們通常預期的要低，這主要是由於供應鏈環境持續充滿挑戰，庫存水平高於正常水平。

From a working capital standpoint, days sales outstanding and payable days were 74 and 57 days, respectively, both within a normal range. Inventory days were 88, which are slightly elevated due to the normal Q1 seasonality as well as the challenging supply chain reasons just mentioned. Our management teams are focused on reducing these inventory levels, although given the challenging environment, this may take a couple of quarters. During the quarter, the company repurchased 2.6 million shares of common stock at an average price of $78. And when combined with our normal quarterly dividend, total capital returned to shareholders in the first quarter of 2022 was more than $320 million.

從營運資金的角度來看，銷售天數和應付天數分別為 74 天和 57 天，均在正常範圍內。庫存天數為 88 天，由於第一季度的正常季節性以及剛才提到的供應鏈方面的挑戰，庫存天數略有增加。我們的管理團隊專注於降低這些庫存水平，儘管考慮到充滿挑戰的環境，這可能需要幾個季度。本季度，該公司以平均 78 美元的價格回購了 260 萬股普通股。加上我們正常的季度股息，2022 年第一季度返還給股東的總資本超過 3.2 億美元。

Total debt at March 31 was $4.9 billion, and net debt was $3.6 billion. And 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 existing credit facilities. First quarter 2022 GAAP EBITDA was $699 million. And at the end of the first quarter of 2020, our net leverage ratio is 1.3x. I will now turn the call over to Adam, who will provide some commentary on current market trends.

3 月 31 日的總債務為 49 億美元，淨債務為 36 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現有信貸額度下的可用資金。 2022 年第一季度 GAAP EBITDA 為 6.99 億美元。而在 2020 年第一季度末，我們的淨槓桿率為 1.3 倍。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 it's my pleasure also to welcome everybody here for our first quarter earnings call. And first and foremost, I hope that everybody here today, together with your family, friends and colleagues are managing to stay safe and healthy as the world comes to some degree of normalcy. Again, I also wanted to just offer our thoughts to the people of Ukraine, who are obviously going through this very difficult time period with the unfortunate war. While we don't have operations in the Ukraine, we do have many employees of Ukrainian descent, and our hearts are clearly with them together with their families and friends.

好吧，非常感謝你，克雷格，我很高興也歡迎大家參加我們的第一季度財報電話會議。首先，我希望今天在座的每個人，以及您的家人、朋友和同事，都能夠在世界進入某種程度的正常狀態時保持安全和健康。再次，我也想向烏克蘭人民表達我們的想法，他們顯然正在經歷這場不幸的戰爭帶來的非常困難的時期。雖然我們在烏克蘭沒有業務，但我們確實有很多烏克蘭血統的員工，我們的心顯然與他們同在，還有他們的家人和朋友。

As Craig mentioned, we wanted to highlight or I'm going to highlight some of our first quarter achievements. I'll then spend a few moments to discuss our trends and our progress across our served markets. And then finally, I'm going to comment on our outlook for the second quarter. And of course, we'll then have time for questions at the end. As Craig mentioned, we drove results in the first quarter that were substantially beyond our original expectations, exceeding the high end of our guidance in sales as well as adjusted diluted earnings per share.

正如克雷格所說，我們想強調或者我將強調我們第一季度的一些成就。然後，我將花一些時間討論我們在所服務市場的趨勢和進展。最後，我將評論我們對第二季度的展望。當然，最後我們會有時間提問。正如克雷格所提到的，我們在第一季度的業績大大超出了我們最初的預期，超過了我們在銷售和調整後的稀釋每股收益方面指導的高端。

Sales grew a very strong 24% in U.S. dollars and 25% in local currencies, reaching $2.952 billion. And on an organic sale -- on an organic basis, our sales increased by 17% with growth across nearly all of our end markets, and that was driven particularly by double-digit growth in the IT datacom, commercial air, industrial, automotive and broadband markets and I'll talk about each of those in a few moments.

銷售額以美元計算增長了 24%，以當地貨幣計算增長了 25%，達到 29.52 億美元。在有機銷售方面——在有機基礎上，我們的銷售額增長了 17%，幾乎所有終端市場都實現了增長，這主要得益於 IT 數據通信、商業航空、工業、汽車和寬帶市場，稍後我將討論其中的每一個。

The company booked a record $3.441 billion in orders in the first quarter, and this represented another very strong book-to-bill this time 1.17:1. And despite continuing to face substantial inflationary pressures and supply chain disruptions, our operating margins reached 20.0% in the quarter, which was a 40 basis point increase from last year's levels. We're very encouraged by the strong profitability performance for the company, and we see that as a clear sign that our local management teams are successfully managing through this challenging cost environment.

該公司在第一季度預訂了創紀錄的 34.41 億美元的訂單，這代表了本次 1.17:1 的另一個非常強勁的訂單比。儘管繼續面臨巨大的通脹壓力和供應鏈中斷，我們的營業利潤率在本季度達到了 20.0%，比去年的水平增加了 40 個基點。我們對公司強勁的盈利表現感到非常鼓舞，我們認為這是一個明確的跡象，表明我們的本地管理團隊正在成功地應對這一充滿挑戰的成本環境。

Diluted EPS in the quarter grew a robust 29% from prior year to $0.67, again, an excellent reflection of our continued strong execution. The company also generated strong operating and free cash flow in the quarter of $351 million and $274 million, and that's despite all of the challenges that Craig alluded to. And again, another clear reflection of the high quality of the company's earnings. I'm just very proud of our team this quarter. These results, once again, reflect the discipline and agility of our entrepreneurial organization as we continue to perform well in a very dynamic and challenging environment.

本季度稀釋後每股收益較上年同期強勁增長 29% 至 0.67 美元，這再次很好地反映了我們持續強勁的執行力。該公司還在本季度產生了強勁的運營和自由現金流，分別為 3.51 億美元和 2.74 億美元，儘管克雷格提到了所有挑戰。再次清楚地反映了公司收益的高質量。本季度我為我們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 end markets. I would just comment that we continue to be very pleased that our end market exposure remains highly diversified, balanced and broad. And in particular, amidst these very dynamic times, this market diversification continues to create great value for Amphenol. Now starting with our military market represented 10% of our sales in the quarter. Sales grew by 7% from prior year and were up 1% organically with growth in space and avionics applications somewhat offset by moderations in our sales on to UAVs, naval and military vehicles. Sequentially, our sales decreased by 2%, which was just a hair below our expectations coming into the quarter.

現在轉向我們的終端市場。我只想評論說，我們仍然非常高興我們的終端市場敞口仍然高度多樣化、平衡和廣泛。特別是在這個充滿活力的時代，這種市場多元化繼續為安費諾創造巨大價值。現在從我們的軍事市場開始，占我們本季度銷售額的 10%。銷售額比上年增長 7%，有機增長 1%，空間和航空電子應用的增長在一定程度上被我們對無人機、海軍和軍用車輛的銷售放緩所抵消。隨後，我們的銷售額下降了 2%，這僅比我們對本季度的預期低了一點。

And looking now into the second quarter, we expect sales in the defense market to increase modestly from these first quarter levels. We continue to be very pleased with the strength of the company's position in the defense market, a market that has renewed importance given the current geopolitical environment. As militaries around the world continue to accelerate their adoption of next-generation technologies, our industry-leading breadth of high-technology Interconnect and Sensor products positions the company strongly across essentially all major military programs. This gives us great confidence for our long-term performance. The commercial air market represented 3% of our sales in the quarter, and sales in commercial air increased by a strong 42% from prior year and 28% organically as we benefited from the continued recovery in global aircraft production.

現在展望第二季度，我們預計國防市場的銷售額將從第一季度的水平溫和增長。我們繼續對公司在國防市場的強勢地位感到非常滿意，鑑於當前的地緣政治環境，這個市場已經重新變得重要。隨著世界各地的軍隊繼續加速採用下一代技術，我們行業領先的高科技互連和傳感器產品廣度使公司在幾乎所有主要軍事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。商用航空市場占我們本季度銷售額的 3%，商用航空銷售額同比強勁增長 42%，有機增長 28%，因為我們受益於全球飛機生產的持續復甦。

Sequentially, our sales grew by a better-than-expected 8% from the fourth quarter. And as we look into the second quarter, while we do expect a sequential moderation of sales compared to these first quarter levels, we anticipate another quarter of year-over-year growth in commercial air. After 2 very challenging years in the air travel industry, we're encouraged by the strengthening of our com aero business. As personal and business travel continues to recover, we look forward to benefiting from the company's strong Interconnect and Sensor technology position across a wide array of aircraft platforms as well as the next-generation systems that are integrated into those planes.

隨後，我們的銷售額比第四季度增長了 8%，好於預期。當我們展望第二季度時，雖然我們確實預計與第一季度相比，銷售額會連續放緩，但我們預計商業空氣將再有一個季度同比增長。在航空旅行行業經歷了充滿挑戰的 2 年之後，我們對加強我們的航空業務感到鼓舞。隨著個人和商務旅行的持續復甦，我們期待從公司在各種飛機平台以及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中受益。

The industrial market represented 25% of our sales in the quarter, and we drove another quarter of excellent performance in the industrial market. Sales grew 31% in U.S. dollars and 20% organically, and this was driven by robust growth across most of the segments within the industrial market. But we did see particular strength in battery and electric heavy vehicle applications, factory automation and oil and gas as well as the benefits of several of the acquisitions that we've done over the last year.

工業市場占我們本季度銷售額的 25%，我們推動工業市場又一個季度的出色表現。銷售額以美元計算增長了 31%，有機增長了 20%，這得益於工業市場中大多數細分市場的強勁增長。但我們確實看到了電池和電動重型車輛應用、工廠自動化和石油和天然氣方面的特別優勢，以及我們去年完成的幾項收購的好處。

On a sequential basis, sales were down just 1% from the fourth quarter, which was better than our expectations coming into this quarter. Looking into the second quarter, we expect sales in the industrial market to increase moderately from current levels. So this first quarter confirmed once again that our outstanding global team working in the industrial market continues to find new opportunities for growth across the many segments of this exciting market. I remain confident that our long-term strategy to expand our high-technology interconnect antenna and sensor offering, both organically and through complementary acquisitions, has positioned us well to capitalize on the many revolutions happening across the industrial electronics market. We look forward to realizing the benefits of this strategy for many years to come.

環比來看，銷售額僅比第四季度下降 1%，好於我們對本季度的預期。展望第二季度，我們預計工業市場的銷售額將從當前水平溫和增長。因此，第一季度再次證實，我們在工業市場工作的傑出全球團隊繼續在這個令人興奮的市場的許多領域尋找新的增長機會。我仍然相信，我們擴大高科技互連天線和傳感器產品的長期戰略，無論是有機地還是通過互補收購，都使我們能夠很好地利用工業電子市場發生的許多革命。我們期待在未來的許多年裡實現這一戰略的好處。

The automotive market represented 20% of our sales in the quarter, and sales grew by 17% in U.S. dollars and organically with our growth driven once again by the strength of our sales into electric and hybrid electric vehicle applications. Sequentially, sales increased by 5% from the first -- fourth quarter which is actually much better than our expectations of a high single-digit decline. And this just reflected strong execution by our team working in the automotive market. For the second quarter, we expect a modest sequential decline in sales as customers manage through a wide array of supply chain challenges in the global automotive market.

汽車市場占我們本季度銷售額的 20%，銷售額以美元計算增長了 17%，我們的增長再次受到電動和混合動力電動汽車應用的強勁推動。隨後，銷售額從第一季度到第四季度增長了 5%，這實際上比我們預期的高個位數下降要好得多。這只是反映了我們在汽車市場工作的團隊的強大執行力。對於第二季度，我們預計隨著客戶在全球汽車市場應對一系列廣泛的供應鏈挑戰，銷售額將出現溫和的連續下滑。

I remain extremely proud of our team working across the automotive market. They continue to manage through a difficult supply chain environment, all while remaining laser-focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicle platforms.

我仍然為我們在汽車市場工作的團隊感到非常自豪。他們繼續在艱難的供應鏈環境中進行管理，同時始終專注於推動新設計贏得客戶的青睞，客戶正在將各種新技術應用到他們的車輛平台中。

Our continued outperformance is a direct result of that team's excellent efforts. The mobile devices market represented 10% of our sales in the quarter. Sales increased by 7% from prior year, with strength in tablets, smartphones, wearables as well as laptops. Sequentially, our sales decline was less than what we had expected, declining 27% from the fourth quarter.

我們持續的出色表現是該團隊出色努力的直接結果。移動設備市場占我們本季度銷售額的 10%。銷售額同比增長 7%，平板電腦、智能手機、可穿戴設備和筆記本電腦表現強勁。隨後，我們的銷售額下降幅度低於我們的預期，比第四季度下降了 27%。

As we look into the second quarter, we now anticipate a low double-digit sequential sales decline from these levels driven by typical seasonality as well as by some impact from the recent COVID-related shutdowns that have been occurring and continue to occur in China. There's no question that mobile devices remains our most volatile of end markets. Nevertheless, our outstanding and agile team is poised as always to capture any opportunities for incremental sales that may arise in 2022 and beyond.

當我們展望第二季度時，我們現在預計，由於典型的季節性以及最近在中國已經發生並繼續發生的與 COVID 相關的停工的一些影響，銷售額將比這些水平低兩位數。毫無疑問，移動設備仍然是我們最不穩定的終端市場。儘管如此，我們優秀而敏捷的團隊一如既往地準備好抓住任何可能在 2022 年及以後出現的增量銷售機會。

Our leading array of antennas, interconnect products and mechanisms continues to enable a broad range of next-generation mobile devices, positioning us well for the long term. The mobile networks market represented 5% of our sales in the first quarter and sales in this market grew from prior year by a stronger-than-expected 14% in U.S. dollars and 5% organically as strength from products sold directly to network operators, together with the benefit of acquisitions more than offset a moderation of our sales to equipment OEMs. Sequentially, our sales in the first quarter were flat to the levels that we achieved in the fourth quarter.

我們領先的天線陣列、互連產品和機制繼續支持廣泛的下一代移動設備，為我們的長期定位做好準備。移動網絡市場在第一季度占我們銷售額的 5%，該市場的銷售額比去年同期增長了 14%，以美元計算強於預期，有機增長了 5%，這得益於直接銷售給網絡運營商的產品的優勢，加起來收購帶來的好處不僅僅是抵消了我們對設備原始設備製造商的銷售放緩。因此，我們第一季度的銷售額與第四季度的水平持平。

As we look into the second quarter, we expect a modest decline from these first quarter levels. Nevertheless, we're encouraged to see continued strength in our sales to the mobile networks market. As operators continue to ramp up their investments in next-generation systems, our team remains focused on realizing the benefits of our efforts to expand our position in next-generation 5G equipment and networks around the world.

當我們展望第二季度時，我們預計會比第一季度的水平略有下降。儘管如此，我們很高興看到我們對移動網絡市場的銷售持續強勁。隨著運營商繼續加大對下一代系統的投資，我們的團隊仍然專注於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。

We look forward, especially to benefiting from the increased potential that comes from our unique position with both equipment manufacturers and mobile service providers. The information technology and data communications market represented 22% of our sales in the quarter. Sales were stronger than expected in IT datacom, rising by a very robust 41% in U.S. dollars and 35% organically from prior year as our teams capitalized on broad-based strength across server and networking applications. And in particular, we saw continued robust growth of our sales to web service provider and data center operator customers.

我們期待，尤其是受益於我們在設備製造商和移動服務提供商中的獨特地位所帶來的更大潛力。信息技術和數據通信市場占我們本季度銷售額的 22%。 IT 數據通信領域的銷售額強於預期，由於我們的團隊充分利用了服務器和網絡應用程序的廣泛優勢，銷售額以美元計算增長了 41%，有機增長了 35%。特別是，我們看到我們對網絡服務提供商和數據中心運營商客戶的銷售額持續強勁增長。

We were pleased that sales moderated by just 2% sequentially in the first quarter, which was better than our expectations coming into Q1. Looking to the second quarter, we expect sales to increase in the mid-single digits from these first quarter levels as customer demand continues to grow in IT datacom. We remain encouraged by the company's outstanding position in this important market. Our OEM and web service provider customers continue to drive their equipment and networks to ever higher levels of performance in order to manage the dramatic increases in demand for bandwidth and processor power. We look forward to realizing the benefits of our leading position for many years to come.

我們很高興第一季度銷售額環比僅下降 2%，這好於我們對第一季度的預期。展望第二季度，隨著客戶對 IT 數據通信的需求持續增長，我們預計銷售額將從第一季度的這些水平以中個位數增長。我們仍然對公司在這個重要市場中的突出地位感到鼓舞。我們的 OEM 和網絡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需求的急劇增長。我們期待在未來的許多年裡實現我們領先地位的好處。

The broadband market represented 5% of our sales in the quarter, and sales in this market also grew by a very strong 47% from prior year and 12% organically as broadband spending levels increased and as we benefited from our recent acquisitions. On a sequential basis, sales increased by a much better-than-expected 30% from the fourth quarter. And we're pleased, in particular, to start to see some progress in pricing actions across this market. In the second quarter, we expect sales to the broadband market to increase modestly from these levels. And we look forward to continuing to support our broadband service provider customers around the world with our expanded range of high-technology products. As our customers increase the bandwidth and capacity of their networks, to support the expansion of high-speed data applications to both homes and businesses, our products have become even more critical.

寬帶市場占我們本季度銷售額的 5%，隨著寬帶支出水平的提高以及我們從最近的收購中受益，該市場的銷售額也比去年強勁增長了 47%，有機增長了 12%。從環比來看，銷售額比第四季度增長了 30%，遠好於預期。我們特別高興地開始看到整個市場的定價行動取得了一些進展。在第二季度，我們預計寬帶市場的銷售額將從這些水平溫和增長。我們期待通過我們擴大的高科技產品範圍繼續支持我們在世界各地的寬帶服務提供商客戶。隨著我們的客戶增加其網絡的帶寬和容量，以支持將高速數據應用擴展到家庭和企業，我們的產品變得更加重要。

Now turning to our outlook for the second quarter. The current market environment remains highly uncertain with ongoing supply chain and inflationary challenges being in many ways, exacerbated by both the war in Ukraine as well as the continued impact of the pandemic, which is causing shutdowns in certain geographies, most notably in China. Assuming conditions do not meaningfully worsen and also assuming, of course, constant exchange rates. For the second quarter, we expect sales in the range of $2.890 billion to $2.950 billion and adjusted diluted EPS in the range of $0.66 to $0.68. These expectations would represent strong sales growth of 9% to 11% and adjusted diluted EPS growth of 8% to 11% versus the second quarter of last year.

現在轉向我們對第二季度的展望。當前的市場環境仍然高度不確定，持續的供應鍊和通脹挑戰在許多方面都受到烏克蘭戰爭和疫情的持續影響的影響，這導致某些地區的停工，尤其是在中國。假設條件沒有明顯惡化，當然還假設匯率不變。對於第二季度，我們預計銷售額在 28.90 億美元至 29.50 億美元之間，調整後的攤薄每股收益在 0.66 美元至 0.68 美元之間。與去年第二季度相比，這些預期將代表 9% 至 11% 的強勁銷售增長和 8% 至 11% 的調整後攤薄每股收益增長。

I just have to say that I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges that are still present in the marketplace and to continue to grow our market position while expanding the company's profitability. In addition, our 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.

我只想說，我仍然相信我們優秀的管理團隊有能力適應市場上仍然存在的許多機遇和挑戰，並在擴大公司盈利能力的同時繼續提升我們的市場地位。此外，我們的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。

And I'd just like to take this opportunity at the end here to thank all of those employees, more than 90,000 of them around the world, the entire Amphenol team for their truly outstanding efforts here in the first quarter. And with that, operator, we'd be very happy to take any questions that there may be.

最後，我想藉此機會感謝所有這些員工，其中包括全球 90,000 多名員工，以及整個 Amphenol 團隊，感謝他們在第一季度在這裡所做的真正傑出的努力。有了這個，接線員，我們很樂意回答可能存在的任何問題。

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

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

My question is only around -- and I'm hoping, Adam, you would just elaborate on what are the impacts you're seeing out of the China lockdown maybe on 2 fronts. So one is, how are you thinking about that impacting your supply, your demand environment coming out of China? And secondly, do you think this is really resulting in customers perhaps deciding to hold on to more inventory for longer versus trying to get back to just-in-time models if that's the discussion you see happen with your customers.

我的問題只是圍繞 - 我希望亞當，你能詳細說明你從中國封鎖中看到的影響可能在兩個方面。所以一個問題是，您如何看待這會影響您的供應和來自中國的需求環境？其次，您是否認為這真的會導致客戶決定更長時間地保留更多庫存，而不是嘗試恢復即時模式，如果這是您與客戶進行的討論的話。

Amit, thank you very much for the question. I mean, look, relative to our own supply and demand, there's no doubt about it that our team is navigating lots of things in China. And I just have to take a moment to really reflect on how extraordinary they have managed through the first quarter because some of these disruptions, they already have started well into the first quarter. And the fact that our team was able to drive the results that they did across the board and including in China is a real testament to the reactivity, the agility, the fortitude of our team there because these lockdowns are really quite something. We have employees who are sort of locked in their apartment in Shanghai for 4 or 5 weeks.

阿米特，非常感謝你的問題。我的意思是，看，相對於我們自己的供需，毫無疑問，我們的團隊正在中國進行很多事情。我只需要花一點時間來真正反思他們在第一季度的表現有多麼出色，因為其中一些中斷已經開始到第一季度。事實上，我們的團隊能夠推動他們在包括中國在內的所有領域取得的成果，這真實地證明了我們團隊在那裡的反應性、敏捷性和堅韌，因為這些封鎖真的很重要。我們有員工在上海的公寓裡被鎖了 4 到 5 週。

We have factories that have had to operate in bubbles and things like this. And it's just extraordinary how the team has managed through this. But no doubt about it. I mean we see some impact. It's not a massive impact here in the quarter, but there is some impact here in the quarter. And I specifically talked about the impact that we see in mobile devices which is the 1 market that has the highest exposure to China. So it wouldn't -- shouldn't be surprising that, that's one where there's a -- maybe a little more magnitude of impact, both with customers and their demand and the supply chain and our own abilities to reach really full levels of production. But our team is doing a fabulous job, and I think that they will manage through this. And I'm very confident that China as a country is going to manage through this. No question in my mind.

我們的工廠不得不在泡沫之類的情況下運營。團隊如何通過這種方式進行管理真是非同尋常。但毫無疑問。我的意思是我們看到了一些影響。這在本季度並不是一個巨大的影響，但在本季度有一些影響。我特別談到了我們在移動設備中看到的影響，這是對中國影響最大的 1 個市場。因此，這不會 - 不應該令人驚訝的是，這可能會產生更大的影響，無論是對客戶及其需求，還是對供應鏈以及我們自己達到真正全面生產水平的能力.但是我們的團隊做得很棒，我認為他們會度過難關。我非常有信心，中國作為一個國家將會度過難關。在我心中毫無疑問。

Relative to customers holding more inventory, I think that whole concept of just in time has in many ways over the last 2 years, been a little bit replaced by -- to chronically say, just in case. And no doubt, we have customers who are looking at lots of ways to balance risk in their supply chain. I think their first choice is not just to put inventory on the shelves, but rather to look to their supplier partners, companies like us and say, what can we do to create diversification in the supply base, such that they don't have all their eggs in 1 basket.

相對於持有更多庫存的客戶，我認為在過去 2 年中，準時制的整個概念在很多方面已經被 - 長期說，以防萬一。毫無疑問，我們的客戶正在尋找多種方法來平衡供應鏈中的風險。我認為他們的第一選擇不僅僅是將庫存放在貨架上，而是尋找他們的供應商合作夥伴，像我們這樣的公司，並說，我們可以做些什麼來在供應基礎上創造多樣化，這樣他們就沒有全部他們的雞蛋在 1 個籃子裡。

And no doubt, we've done a lot of work over these couple of years through the pandemic through the supply chain crisis through the logistics crisis, whatever that may be, to make -- to demonstrate to our customers and ultimately to deliver to our customers a kind of multiplicity of options of supply that thereby minimize their risk. But beyond that, our customers kind of opening up their order window a little more, I think we would say, yes. Our customers putting a little more inventory on the shelf. There, I can only speak with anecdotal evidence because we don't have great visibility into the warehouses and the inventory levels of our OEM or service provider customers. The one where we do have visibility, which is our distribution channel, I would actually say that inventory levels there are even a little low in many of the relationships that we have and certainly not at levels that one would think are reflective of some sort of risk aversion. So I think customers are doing a lot of things here. Is the odd customer carrying a little bit more inventory, it wouldn't surprise me if that were the case?

毫無疑問，在過去的幾年裡，我們在大流行、供應鏈危機、物流危機中做了大量工作，無論是什麼，向我們的客戶展示並最終交付給我們的客戶。客戶提供多種供應選擇，從而最大限度地降低他們的風險。但除此之外，我們的客戶會更多地打開他們的訂單窗口，我想我們會說，是的。我們的客戶在貨架上放了更多庫存。在那裡，我只能用軼事證據說話，因為我們對倉庫和 OEM 或服務提供商客戶的庫存水平沒有很好的了解。我們確實有可見度的地方，即我們的分銷渠道，我實際上想說的是，在我們擁有的許多關係中，庫存水平甚至有點低，當然也不是人們認為反映某種情況的水平。風險厭惡。所以我認為客戶在這裡做了很多事情。奇怪的客戶是否攜帶更多庫存，如果是這樣的話，我不會感到驚訝嗎？

The next question is from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的 Mark Delaney。

About the M&A landscape. I'm curious to what extent you're seeing any increased willingness of companies to be acquired financial markets are at good absolute levels, but you've seen some pullback recently in valuations. So curious if more companies are perhaps willing to be open to an acquisition? And could you also speak to Amphenol's willingness to do larger acquisitions? You've done a few larger ones of late, including Halo and MTS and I'm wondering, do you think you need to spend some time digesting those? Or would you be willing to do a larger acquisition if the opportunity presented itself?

關於併購格局。我很好奇你看到公司被收購的意願在多大程度上處於良好的絕對水平，但你最近看到估值有所回落。如此好奇是否有更多公司願意對收購持開放態度？您能否也談談安費諾進行更大規模收購的意願？你最近做了一些更大的，包括 Halo 和 MTS，我想知道，你認為你需要花一些時間來消化這些嗎？或者，如果機會出現，您是否願意進行更大的收購？

Yes, Mark, thanks so much. I mean, look, I don't know that we've seen any meaningful difference in the M&A environment. I would tell you the M&A environment is very robust. Our pipeline is as strong as ever. As you know, over the last 2.5 years, we closed on a large number of deals, including last year, just the extraordinary progress that we made in our M&A program with very significant deals like MTS and at the end of the year, Halo, as well as a number of wonderful tuck-in companies, tuck-in deals that then ultimately strengthen our position across a wide array of our end markets.

是的，馬克，非常感謝。我的意思是，看，我不知道我們在併購環境中看到了任何有意義的差異。我會告訴你併購環境非常穩健。我們的管道一如既往地強大。如您所知，在過去的 2.5 年中，我們完成了大量交易，包括去年，我們在 M&A 計劃中取得了非凡的進展，包括 MTS 和年底的 Halo，以及許多出色的整合公司，整合交易最終鞏固了我們在廣泛的終端市場中的地位。

And I think that we continue to see among companies that we talk to, I don't know if it's a general willingness -- increased willingness, but our reputation is a wonderful home for their companies, that continues to strengthen over time. And so there's no doubt about it that our phone continues to ring. We continue to create that sort of organic pipeline of acquisitions. And not a week goes by where Craig and I don't hear of some new company that we had never heard of.

而且我認為我們繼續在與我們交談的公司中看到，我不知道這是否是一種普遍的意願 - 意願的增加，但我們的聲譽是他們公司的美好家園，隨著時間的推移會繼續加強。因此，毫無疑問，我們的電話繼續響起。我們將繼續創建這種有機的收購渠道。沒有一周過去了，克雷格和我沒有聽說過一些我們從未聽說過的新公司。

At the same time, we have very high standards. And so to the point that if companies are kind of coming out of the wood work, we're not just saying yes to every one of these. We hold very, very high standards around our acquisition program. And that includes looking for great people with great products who have complementary market position. That is never going to be something that we compromise and nor do we ever compromise on valuation because at the end of the day, whether the stock market is higher or the stock market is low, we pay fair value for great companies. And we pay a value that's really based on what they have delivered and not what the company can become as part of Amphenol.

同時，我們有非常高的標準。因此，如果公司是從木頭工作中走出來的，我們不僅僅是對每一個都說“是”。我們對收購計劃持有非常非常高的標準。這包括尋找具有互補市場地位的優秀產品的優秀人才。這永遠不會是我們妥協的事情，我們也不會在估值上妥協，因為歸根結底，無論股市高還是低，我們都會為偉大的公司支付公允價值。我們支付的價值實際上是基於他們交付的東西，而不是公司可以成為 Amphenol 的一部分。

In terms of our willingness to do larger deals, I would just let our history speak almost for itself here. I mean, for sure, we have the wherewithal to do an enormous number of deals, and that includes deals large and small. I would say that the evolution of our organization, one of the benefits of that is really also opening up the bandwidth across the company so that we have capacity to either do more deals or bigger deals which -- both of which we kind of arithmetically need to do if we want acquisitions to continue to represent roughly 1/3 of our growth over the long term, which is what we continue to target.

就我們願意做更大的交易而言，我只想讓我們的歷史在這裡幾乎不言自明。我的意思是，可以肯定的是，我們有足夠的資金進行大量交易，其中包括大小交易。我想說的是，我們組織的發展，其中一個好處是實際上也開放了整個公司的帶寬，這樣我們就有能力做更多的交易或更大的交易——我們在算術上都需要這兩者如果我們希望收購在長期內繼續占我們增長的大約 1/3，這是我們繼續瞄準的目標。

So I think the M&A landscape remains a very positive driver for Amphenol. And I think the strategy of complementing our superior organic growth with adding excellent companies is something that has created enormous value for the company in the past and we'll continue to do so going forward.

因此，我認為併購格局對安費諾來說仍然是一個非常積極的推動力。我認為通過增加優秀公司來補充我們卓越的有機增長的戰略過去為公司創造了巨大的價值，我們將繼續這樣做。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

This is Manmohan (inaudible) on for Samik Chatterjee. I just wanted to ask like the way we were thinking and where some of the investors you were talking to, like you -- we were expecting you to have a higher than -- higher headwinds in terms of margins compared to your peers, but you have -- but the results were a little contrary to that with better operating margins than peers, both for current quarter as well as for the next quarter. So is there like the expectations were that due to the decentralized way of functioning the centralized hedging activity was lesser. So what exactly is things that we are missing here? Is this entirely due to better success with price increases or some other dynamics here at work?

這是 Samik Chatterjee 的 Manmohan（聽不清）。我只是想問一下我們的思維方式以及與您交談的一些投資者，例如您-我們希望您與同行相比在利潤率方面具有更高的阻力，但是您有 - 但結果與本季度和下一季度的營業利潤率均高於同行的結果有點相反。是否像預期的那樣，由於分散的運作方式，集中的對沖活動較少。那麼我們在這裡缺少的東西到底是什麼？這完全是由於價格上漲或其他一些動態因素在工作中取得了更大的成功嗎？

Thanks a lot, Samik. I appreciate the question. I mean, we talked about this a little bit coming into the quarter in January. We certainly saw some pressures from across the M&A as everybody has. And I think we did a great job in 2021 really protecting against that through pricing and then certainly other actions as well. And we talked about in the fourth quarter, where our margins were a bit lower than we did expect coming into the first quarter some improvement in profitability as was kind of reflected in our guidance and our implied guidance that our profitability improved from pricing actions starting to take hold. And that's exactly what we saw.

非常感謝，薩米克。我很欣賞這個問題。我的意思是，我們在一月份的這個季度談到了這個問題。我們當然看到了來自併購的一些壓力，就像每個人一樣。而且我認為我們在 2021 年做得很好，確實通過定價以及其他行動來防止這種情況發生。我們在第四季度談到，我們的利潤率略低於我們的預期，進入第一季度，盈利能力有所改善，這反映在我們的指導和我們的隱含指導中，即我們的盈利能力從定價行動開始有所改善搦。這正是我們所看到的。

I think the team has done a fabulous job of ensuring that they were taking the actions they needed to. There's no doubt we're in an inflationary environment, and there's a lot of difficult conversations that we're having with customers on a frequent basis. This isn't something that's happening just one annually anymore. This is something that's happening on probably a monthly basis or maybe even sometimes more frequent than that as we continue to see costs rise. And I think the team has done a great job with that. We don't do any hedging. We don't talk of -- hedging is something that we typically don't do other than maybe FX hedging or things of that nature. But certainly, as it relates to commodity costs, we don't do any of that. So that certainly has no impact on our margins.

我認為團隊在確保他們採取所需行動方面做得非常出色。毫無疑問，我們正處於通貨膨脹的環境中，我們經常與客戶進行很多艱難的對話。這不再是每年只發生一次的事情了。隨著我們繼續看到成本上升，這種情況可能每月都會發生，甚至有時甚至比這更頻繁。我認為團隊在這方面做得很好。我們不做任何對沖。我們不談論 - 對沖是我們通常不做的事情，除了外匯對沖或類似性質的事情。但可以肯定的是，由於它與商品成本有關，我們不會這樣做。所以這當然不會影響我們的利潤。

But certainly, the pricing actions we've taken with our customers are starting to take hold here in the first quarter. We're expecting that to continue into the second quarter as -- in our implied guidance of our margins continuing to improve a bit here into the second quarter. And I'm certainly real proud of the team.

但可以肯定的是，我們對客戶採取的定價措施在第一季度開始在這里站穩腳跟。我們預計這種情況將持續到第二季度，因為在我們對利潤率的隱含指導中，到第二季度會繼續有所改善。我當然為這支球隊感到驕傲。

I mean the inflationary environment has gotten worse here in the first quarter, and we certainly don't expect it to get any better in the second quarter. So the ability of our team to continue to protect them not only protect the margins, but starting to expand the margins a bit and starting to basically offset, more than offset some of the cost environment is certainly great to see and we're going to continue to work hard to do the same thing as the inflationary environment continues.

我的意思是通脹環境在第一季度變得更糟，我們當然不希望它在第二季度變得更好。因此，我們團隊繼續保護他們的能力不僅保護了利潤，而且開始稍微擴大利潤並開始基本抵消，不僅僅是抵消一些成本環境，這當然很值得一看，我們將繼續努力做同樣的事情，因為通脹環境仍在繼續。

Next question is from Steven Fox with Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

I was wondering if you could drill down a little more into the IT datacom segment. As I mentioned before, it keeps surprising for the upside for you guys. I'm curious like when you -- what you're seeing during the quarter from both a market standpoint and then a content standpoint, whether we're missing the boat maybe on market shares or just better content on certain interconnect products? Or is it all related to spending coming in better than you think? Any color there would be helpful.

我想知道您是否可以深入了解 IT 數據通信領域。正如我之前提到的，這對你們來說總是令人驚訝。我很好奇你在本季度從市場的角度和內容的角度看到了什麼，我們是否錯過了市場份額或某些互連產品上更好的內容？還是這一切都與支出比您想像的要好有關？那裡的任何顏色都會有幫助。

Thanks, Steve, so much. And Steve, you're never missing any boats. So I wouldn't say that. Look, we're just -- our IT datacom business and the operations within Amphenol, who are serving that end market have just done a phenomenal job over the last 2 years on several fronts. Number one, it's developing the products that our customers need. And I think the innovation in this market is so critical because our customers are under enormous pressure, enormous pressure to satisfy this kind of unquenchable thirst among consumers for bandwidth.

謝謝，史蒂夫，非常感謝。史蒂夫，你永遠不會錯過任何船隻。所以我不會這麼說。看，我們只是 - 我們的 IT 數據通信業務和服務於終端市場的 Amphenol 內部的運營在過去 2 年中在多個方面都做得非常出色。第一，它正在開發我們的客戶需要的產品。而且我認為這個市場的創新是如此關鍵，因為我們的客戶承受著巨大的壓力，巨大的壓力來滿足消費者對帶寬的這種無法抑制的渴望。

And at the other side, the kind of unquenchable thirst for power that these data centers create. And so where we've seen the real innovations is happening around high-speed interconnect across the board as well as in the power interconnect that goes to drive the efficiency of these systems in a way that ultimately these data centers don't become such house of energy.

另一方面，這些數據中心產生的那種無法抑制的對電力的渴望。因此，我們看到真正的創新正在圍繞著高速互連以及電源互連發生，這些創新最終會推動這些系統的效率，最終這些數據中心不會變成這樣的房子的能量。

And I think on both of those fronts, we just continue to see this immutable march forward and drive for customers to really push the limits of technology, and that's something where our engineers are just really excelling. Whether it's designing the latest high-speed interconnects such that we can stretch the ability of copper interconnect far beyond what people ever thought was possible and thereby saving both cost as well as power consumption and the design resources of our customers to designing really complex power interconnects that ultimately reduce the power consumption of these data centers and make them more efficient. There's a lot of work going on there.

我認為在這兩個方面，我們只是繼續看到這種不變的進步，並推動客戶真正推動技術的極限，而這正是我們的工程師真正擅長的地方。無論是設計最新的高速互連，我們都可以將銅互連的能力遠遠超出人們的想像，從而節省成本和功耗以及客戶設計真正複雜的電源互連的設計資源最終降低這些數據中心的功耗並提高其效率。那裡有很多工作要做。

At the same time, coupled with those great products has been our consistent and I will say really consistent through this whole cycle of the pandemic ability to satisfy the needs of our customers even when those needs change dramatically in a moment's notice. And that responsiveness and the fact that we never let our customers down, while others were consistently letting them down, has meant that our customers come to us more and more and give to us maybe a disproportionate share of their needs because they know that we're there for them when they need us the most.

同時，再加上那些出色的產品，我們始終如一，我會說，在整個大流行週期中，即使這些需求在瞬間發生巨大變化，也能滿足我們客戶的需求。這種響應能力以及我們從不讓客戶失望的事實，而其他人卻一直讓他們失望，這意味著我們的客戶越來越多地來找我們，給我們可能不成比例的需求，因為他們知道我們在他們最需要我們的時候為他們服務。

I remember so clearly, in the second quarter of 2020 going all the way back to kind of the beginning of the pandemic, when everybody started going on to video calls and video meetings and the bandwidth just kind of exploded and people were watching over-the-top video at home, Netflix and other things like that. And our customers came to us with not just marginal increases in demand, but multiples of increase of demand, and we just figured out a way to make it happen. And that's the entrepreneurial reactivity of Amphenol that we talk about so often.

我記得很清楚，在 2020 年第二季度，一路回到大流行的開始，當時每個人都開始進行視頻通話和視頻會議，帶寬爆炸式增長，人們都在觀看—— - 家裡的頂級視頻、Netflix 和其他類似的東西。我們的客戶來找我們的不僅僅是需求的邊際增長，而是需求增長的倍數，我們只是想出了一種方法來實現它。這就是我們經常談論的安費諾的創業反應。

And I think the customers in IT datacom have been real beneficiaries of that. And we've been recognized by our customers, not just with more share, but with more supplier awards than I can remember in my entire career, over this time period, recognition from those customers, both OEMs and service providers that Amphenol really differentiated ourselves in terms of our reactivity and our reactions.

我認為 IT 數據通信領域的客戶是真正的受益者。我們得到了客戶的認可，不僅是獲得了更多的份額，而且獲得的供應商獎項比我整個職業生涯所能記得的還要多，在這段時間裡，這些客戶（包括原始設備製造商和服務提供商）對 Amphenol 真正與眾不同的認可就我們的反應性和反應而言。

What's that market going to be going forward? I think the demand for bandwidth does not seem to abate. Are we always going to grow by 35% organically in the quarter? I don't know that I would go out and commit to that. But I think our team has done a great job positioning us to outperform for a long time to come.

這個市場將走向何方？我認為對帶寬的需求似乎並沒有減弱。我們是否總是會在本季度實現 35% 的有機增長？我不知道我會出去並承諾。但我認為我們的團隊做得很好，使我們能夠在未來很長一段時間內表現出色。

Next question is from Nick Todorov with Longbow Research.

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

Adam, I think you mentioned that you're starting to see some progress on pricing in the broadband market. I know that has been one of the most difficult ones to get the pricing through. Can you please help us unpack there a little bit? What is causing that change? And what are you able to do in terms of offsetting the impact of inflation that you're seeing there and maybe generally across the business?

亞當，我想你提到你開始看到寬帶市場定價方面的一些進展。我知道這是最難定價的問題之一。你能幫我們打開包裝嗎？是什麼導致了這種變化？你能做些什麼來抵消你所看到的通貨膨脹的影響，也許是整個企業的影響？

Yes. Nick, thanks so much for the question. I did make that mention, and we think some portion of our organic growth, certainly not the totality, but some portion is a credit to our teams, long term and very challenging efforts on pricing. I mean the thing about our traditional broadband business, as you know, is it has a very high material content, but it hasn't always had a very rational competitive landscape. And so I think what we're starting to see now is the severity of the inflation has really woken up the other participants in the market that there needs to be some reasonable sharing of that inflation with customers. And we've always been at the forefront of that.

是的。尼克，非常感謝這個問題。我確實提到了這一點，我們認為我們的有機增長的一部分，當然不是全部，但有些部分是我們團隊的功勞，長期且非常具有挑戰性的定價努力。我的意思是，我們傳統的寬帶業務，你知道的，它的物質含量很高，但它並不總是有一個非常合理的競爭格局。所以我認為我們現在開始看到的是通貨膨脹的嚴重性確實喚醒了市場上的其他參與者，需要與客戶合理地分享通貨膨脹。我們一直處於這方面的最前沿。

I've said for many, many years that we don't let the sun set on a pricing action from our peers in order to match that and to keep up with these inflationary pressures. And I think we've taken maybe even more of a leadership position over the course of the last year or so. And we're pleased to see some signs of maybe a little bit more discipline in that market that didn't traditionally have as much discipline. And it is a market where the inflation has a disproportionate impact because of the higher material content, the raw material content, things like plastics and metals and the like. And so we're hopeful it's certainly not a kind of fully told story here, but we're encouraged to start to see a little bit more progress in pricing in that market.

我已經說了很多很多年了，我們不會讓我們的同行採取定價行動，以便與之相匹配並跟上這些通脹壓力。而且我認為在過去一年左右的時間裡，我們可能佔據了更多的領導地位。我們很高興看到一些跡象表明，在這個傳統上沒有那麼多紀律的市場上可能會有更多的紀律。由於材料含量、原材料含量、塑料和金屬之類的東西較高，這是一個通貨膨脹產生不成比例影響的市場。因此，我們希望這肯定不是一個完整的故事，但我們被鼓勵開始看到該市場在定價方面取得更多進展。

Next question is from Jim Suva with Citigroup.

下一個問題來自花旗集團的 Jim Suva。

While it's very sad about the world conflict that's happening in Russia and Europe and such, taking a step back, I wonder, are you seeing and having discussions with defense companies that are maybe doing, say, electronic radars, surveillance, smart warfare, defense items, a material pickup because with the supply chain issues, it'd be tough to simply put in an order and expect it pretty quickly. So I'm wondering if this is kind of a sector that all of a sudden unexpectedly and for sad situations start to see a pretty sharp increase in demand for the defense.

雖然對俄羅斯和歐洲發生的世界衝突等感到非常難過，但退後一步，我想知道，您是否看到並與國防公司進行了討論，這些公司可能正在做電子雷達、監視、智能戰、國防物品，材料拾取，因為由於供應鏈問題，很難簡單地下訂單並很快就期待它。所以我想知道這是否是一個突然出乎意料的行業，在悲慘的情況下，對防守的需求開始急劇增加。

Well, thank you very much, Jim. And I would use the same adjectives as you that it is a sad situation what is happening in Ukraine, tragic in many respects. But I would also tell you that we're proud of the role that our company has played both in supporting refugees coming from the Ukraine in some of the neighboring countries where we have operations. Not only supporting them monetarily, but also providing jobs to some. I mean, this has been a real initiative by our team to support these people who have really had their livelihoods crushed. And at the same time, I think we've all witnessed the power of defense and that some of these new technologies that we have talked about for so many years have real importance in people's lives to keep a country safe in the face of what I think many would consider unreasonable aggression.

好吧，非常感謝你，吉姆。我會使用和你一樣的形容詞，烏克蘭正在發生的事情令人悲傷，在很多方面都是悲慘的。但我還要告訴你，我們為我們公司在支持來自我們開展業務的一些鄰國的烏克蘭難民方面所發揮的作用感到自豪。不僅在金錢上支持他們，還為一些人提供就業機會。我的意思是，這是我們團隊的一項真正舉措，旨在支持這些生計嚴重受損的人。同時，我認為我們都見證了防禦的力量，並且我們多年來一直在談論的這些新技術中的一些在人們的生活中具有真正的重要性，可以讓一個國家在面對我所面臨的一切時保持安全。認為許多人會認為是不合理的侵略。

So I wouldn't want to comment on specific conversations that we have in the defense industry. You can imagine that that's not something that we would want to do. But I think we're encouraged for the long term to see that many countries are waking up to the fact that maybe the defense budgets should be calibrated a little bit better to the level of threat that may very well exist in the world in order to keep the peace-loving people of the world more secure. And that can translate into overall spending, and it can translate long term into an acceleration of adoption of technologies.

所以我不想評論我們在國防工業中的具體對話。你可以想像這不是我們想做的事情。但我認為，從長遠來看，我們受到鼓舞的是，許多國家正在意識到這樣一個事實，即國防預算可能應該根據世界上很可能存在的威脅水平進行更好的調整，以便讓全世界愛好和平的人民更加安全。這可以轉化為總體支出，並且可以長期轉化為技術採用的加速。

I've talked for a long time about the kind of difference in the defense industry between the more tactical defense spending and the more strategic defense spending. And I think, Jim, you've covered us probably as long as anyone and you've heard that theme before. And I think what we're seeing here is, no doubt about it, a shift of market and relatively rapid shift in the focus of countries, especially those countries in NATO towards an emphasis of strategic defense. And whenever you start talking about strategic defense, you immediately start to talk about technology. You talk about radar, you talk about missile defense. You talk about all of the things that electronics can do to protect people in their homes and in their sovereign nations. And I think Amphenol has played a leading role over the years in being an enabler of those kind of next-generation electronic defense systems.

我已經談論了很長時間在國防工業中戰術性國防開支和戰略性國防開支之間的區別。我想，吉姆，你報導我們的時間可能和任何人一樣長，而且你以前聽過這個主題。我認為我們在這裡看到的毫無疑問是市場的轉變和國家的重點相對迅速的轉變，尤其是那些北約國家，重點是戰略防禦。每當您開始談論戰略防禦時，您就會立即開始談論技術。你談論雷達，你談論導彈防禦。你談到電子產品可以做的所有事情來保護人們在他們的家園和他們的主權國家。而且我認為安費諾多年來在推動此類下一代電子防禦系統方面發揮了主導作用。

And so to the extent that this tragic and unfortunate conflict does drive an even greater focus among NATO countries. We certainly sit as the leader in the military interconnect market in a position to really help those countries, to help the companies that are supporting that initiative in really adopting next-generation technologies to protect all of the citizens of these sovereign countries.

因此，這場悲劇性和不幸的衝突確實在北約國家中引起了更大的關注。我們當然是軍事互連市場的領導者，能夠真正幫助這些國家，幫助支持該倡議的公司真正採用下一代技術來保護這些主權國家的所有公民。

Next question is from Wamsi Mohan with Bank of America.

下一個問題來自美國銀行的 Wamsi Mohan。

Appreciate the new segment disclosures. It seems like the operating margins here are ranging from 17% to 26% based on the segment. Can you talk about what is driving the dispersion there? Because in your 10-K, you do report most of these -- all 3 of these segments more or less cover all of your end markets. And you gave some color about the products too, but would love to hear from you, Adam. But maybe what is it that's driving that delta in margins? And as you think about M&A, is there a propensity to lean towards one versus another segment?

欣賞新的分部披露。根據該細分市場，這裡的營業利潤率似乎在 17% 到 26% 之間。你能談談是什麼導致了那裡的分散嗎？因為在您的 10-K 中，您確實報告了其中的大部分——所有這 3 個部分或多或少地涵蓋了您的所有終端市場。您也對產品進行了一些說明，但很想听聽您的意見，亞當。但也許是什麼推動了利潤率的增長？當您考慮併購時，是否有傾向於一個細分市場的傾向？

Yes. Thanks, Wamsi. I'll take this one, at least the first part of it. Yes, certainly, you're right. We have -- there's a range in margins of our segments. I mean I don't think that's so surprising. I mean we have 130 businesses. And you can't imagine that some of them are above the company average, and some of them are certainly below the company average. And our businesses are typically based on product technologies that have application across many different markets. I mean we're very diversified from market perspective. And one of the things we try to do for all of our businesses is to apply our products amongst those -- proliferate our products amongst all the markets in which they have the -- they can add value. And that, I think, has been the strength of the company and certainly has driven growth over the years.

是的。謝謝，萬西。我會拿這個，至少它的第一部分。是的，當然，你是對的。我們有 - 我們的細分市場的利潤率有一個範圍。我的意思是我認為這並不令人驚訝。我的意思是我們有 130 家企業。而且你無法想像其中一些高於公司平均水平，其中一些肯定低於公司平均水平。我們的業務通常基於在許多不同市場都有應用的產品技術。我的意思是，從市場的角度來看，我們非常多元化。我們試圖為我們所有的業務做的一件事就是將我們的產品應用到那些——在他們擁有的所有市場中擴散我們的產品——他們可以增加價值。我認為，這一直是公司的優勢，並且多年來肯定推動了增長。

So that's the same as our segments. We didn't -- our segments aren't a market-focused segments. Our segments are product-focused segments for the most part that does serve many different markets. So certainly, there's no correlation from a market perspective. I guess the only thing I would mention is that there is -- in our communication solutions market, there is the broadband and mobile device markets are typically -- or the vast majority of those markets are served by that segment. But other than those, the rest of the 6 segments effectively are broad-based amongst all of our segments.

這與我們的細分市場相同。我們沒有——我們的細分市場不是以市場為中心的細分市場。我們的細分市場大部分以產品為中心，服務於許多不同的市場。因此，從市場的角度來看，當然沒有相關性。我想我唯一要提到的是——在我們的通信解決方案市場中，通常有寬帶和移動設備市場——或者這些市場中的絕大多數都由該細分市場提供服務。但除此之外，這 6 個細分市場的其餘部分實際上是我們所有細分市場中基礎廣泛的。

And as it relates to margin, as I mentioned, that some operations are above and some of them are below. I don't think there's really much to draw from in terms of the profitability from -- again, from a market or necessarily from a specific business perspective. I think that when I think about the segments, clearly, over time, we have -- we spend a lot of time on the businesses that have the lower profitability, including certainly acquisitions.

正如我所提到的，因為它與保證金有關，有些操作在上面，有些在下面。我認為在盈利能力方面真的沒有什麼可藉鑑的——再一次，從市場或從特定的業務角度來看。我認為，當我考慮細分市場時，很明顯，隨著時間的推移，我們將大量時間花在盈利能力較低的業務上，當然包括收購。

The Interconnect and Sensor Systems segment has a couple more acquisitions, recent acquisitions in it, specifically MTS, which did drive actually the year-over-year reduction kind of in the margin in that particular business. So as you can imagine, we're working, as we talked about with those businesses to drive up the profitability over time.

互連和傳感器系統部門有更多的收購，最近的收購，特別是 MTS，這確實推動了該特定業務的利潤率同比下降。因此，您可以想像，我們正在努力，正如我們與這些企業討論的那樣，隨著時間的推移提高盈利能力。

But I think that we don't have margin or conversion margin targets by segment, but we certainly do an overall company level, that hasn't changed and we talk about the 25% conversion margin. As you can imagine, the higher profitability businesses are going to convert possibly a little bit higher than the lower profitability businesses. But ultimately, our goal is to drive profitability up in all of our businesses and ultimately, all of our segments over time. But I wouldn't necessarily point out anything specific that's driving that significant margin differences other than that's kind of how the businesses ultimately were segmented for management reporting purposes.

但我認為我們沒有按細分市場劃分的利潤率或轉化利潤率目標，但我們肯定會在整個公司層面進行，這並沒有改變，我們談論的是 25% 的轉化利潤率。正如您可以想像的那樣，盈利能力較高的企業的轉化率可能會比盈利能力較低的企業高一點。但最終，我們的目標是隨著時間的推移提高我們所有業務的盈利能力，最終提高我們所有細分市場的盈利能力。但我不一定會指出任何導致利潤率差異顯著的具體因素，除非是出於管理報告目的最終對業務進行細分的方式。

Yes. And relative to your question on M&A, Wamsi, no question, we have a propensity to look for acquisitions across every one of our markets and across all of our 3 now segments as we call them. We're not at all going to kind of direct our resources strategically towards one or another. They all have -- it's an equal opportunity resource for all of them. And to the extent that we find strong acquisitions with the criteria that I alluded to earlier, we're very aggressive and happy to make those acquisitions regardless of which segment it's in.

是的。相對於您關於併購的問題，Wamsi，毫無疑問，我們傾向於在我們的每個市場以及我們現在所說的所有 3 個細分市場中尋找收購。我們根本不會將我們的資源戰略性地用於一個或另一個。他們都有——這對他們所有人來說都是平等的機會資源。並且就我們發現符合我之前提到的標準的強大收購而言，我們非常積極並樂於進行這些收購，無論它屬於哪個細分市場。

The next question is from Luke Junk with Baird.

下一個問題來自 Luke Junk 和 Baird。

I have maybe what's a part backward and forward-looking question. And specifically, Adam, I'm wondering if there's any color on bookings or orders in your auto business specifically you could share after obviously a very big increase in that business in 2021 and here in the first quarter as well. I looked back a couple of months ago to the 10-K, you included some language on the overall business is stating that the increase in the company's backlog was with the significant sales increase. Given the significant sales increase in auto specifically, how should we think about that backlog and orders relative to that end market?

我可能有什麼是向後和前瞻性的問題。具體來說，亞當，我想知道您的汽車業務的預訂或訂單是否有任何顏色，特別是在 2021 年和第一季度該業務明顯增長之後，您可以分享。幾個月前，我回顧了 10-K，您在整體業務中包含了一些語言，即公司積壓訂單的增加與銷售額的顯著增長有關。鑑於汽車銷量的顯著增長，我們應該如何考慮相對於終端市場的積壓和訂單？

Yes, I mean it's interesting. When we look across all of our end markets in terms of our book-to-bill, we had pretty strong books to bill across really all of our end markets with the exception of mobile devices where it's always kind of one-to-one, and I think broadband was also relatively flat book-to-bill. But all the other markets had pretty robust books to bill. And I would say maybe automotive was even a little below the average, but still a strong, more than 1 book-to-bill. And I don't know that I would draw any conclusions about automotive out of the past performance or the trajectory based on those bookings.

是的，我的意思是這很有趣。當我們從賬面到賬單的角度審視我們所有的終端市場時，我們有非常強大的賬簿要在我們所有的終端市場上開票，除了總是一對一的移動設備，而且我認為寬帶也相對平坦。但所有其他市場都有相當強大的書籍要收費。我會說，也許汽車甚至比平均水平略低一點，但仍然很強勁，超過 1 的訂單出貨量。而且我不知道我會根據過去的表現或基於這些預訂的軌跡得出任何關於汽車的結論。

I think what I would just highlight again is that our performance in automotive has been really consistently outperforming the end market, whatever the end market is, and lots of people take lots of different cuts at what is end market performance units or whatever it is. But for sure, our growth in this quarter, where we achieved 17% growth, that was on the heels of last quarter where we grew 18%, the quarter before, 31%. The quarter before that was even this kind of crazy number of more than 100%. And I just think that it's a reflection of the dynamics that I have talked about earlier and before, which is that the higher content that we see on next-generation platforms. In particular, we've seen a market increase in the adoption of electrification, electrified drivetrains, and our team has done a fabulous job to position themselves in that area.

我想我要再次強調的是，我們在汽車領域的表現一直優於終端市場，無論終端市場是什麼，而且很多人在終端市場性能單位或其他方面採取了很多不同的削減措施。但可以肯定的是，我們在本季度實現了 17% 的增長，上一季度增長了 18%，上一季度增長了 31%。前一個季度甚至是這種超過100%的瘋狂數字。我只是認為這反映了我之前和之前談到的動態，即我們在下一代平台上看到的更高內容。特別是，我們看到電氣化、電氣化動力傳動系統的採用市場有所增加，我們的團隊在該領域的定位方面做得非常出色。

And we're doing that really across the globe, really broadly from a geographical perspective. And then all the other new electronic systems that are coming into cars where we're not necessarily taking share from out of 1 pocket, but we are maybe getting a little more than our fair share of these new things because of our reactivity to the customers and the appropriateness and the breadth of the technology that we can offer from the interconnect products, connectors, value-add interconnect products, sensors and antennas. And so I think our position in automotive, while certainly we're not the biggest in the automotive interconnect space far from it, but I think our performance has really been differentiated because of our ability to really capture a little bit more than our fair share of these new things.

我們正在全球範圍內這樣做，從地理角度來看非常廣泛。然後是所有其他進入汽車的新電子系統，我們不一定從一個口袋里分一杯羹，但由於我們對客戶的反應，我們可能從這些新產品中獲得的份額比我們應得的多一點以及我們可以從互連產品、連接器、增值互連產品、傳感器和天線中提供的技術的適用性和廣度。所以我認為我們在汽車領域的地位，雖然我們肯定不是汽車互連領域最大的，但我認為我們的表現確實與眾不同，因為我們有能力真正獲得比我們公平份額更多的東西這些新事物中。

The next question is from William Stein with Truist Securities.

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

Congrats on the good results and outlook. First, you may have quantified it, if you had, I apologize for asking, but the impact of the COVID-related shutdowns in China that you're seeing. If you've already answered that, perhaps you can talk about linearity of bookings and whether you've seen any perturbations from what's going on in either Ukraine or China and any erosion into April.

祝賀良好的結果和前景。首先，你可能已經量化了它，如果你量化了，我很抱歉問你，但是你看到的中國與 COVID 相關的停工的影響。如果您已經回答了這個問題，也許您可以談談預訂的線性度，以及您是否看到烏克蘭或中國發生的任何擾動以及 4 月份的任何侵蝕。

Yes. Well, thanks very much. I don't think we put an exact number on the COVID shutdowns, and we don't plan to. I think we -- it's not like a massive impact. It's also hard to count it. I mean every day it's changing a little bit, but there's certainly some impact and I think I mentioned earlier, we see it most in the mobile devices, but we see it in a few other markets as well, like automotive and IT datacom and industrial.

是的。嗯，非常感謝。我認為我們沒有在 COVID 關閉上給出確切的數字，我們也不打算這樣做。我認為我們 - 這不像是一個巨大的影響。也很難計算。我的意思是它每天都在發生一點點變化，但肯定會產生一些影響，我想我之前提到過，我們在移動設備中看到的最多，但我們也在其他一些市場中看到它，比如汽車和 IT 數據通信和工業.

In terms of the linearity of bookings, our first quarter, we saw pretty good strength through the quarter. I mean, February is a short month of sort of Chinese New Year, but we finished the quarter really strong and bookings in March were really strong indeed. And April, we're still 3 days away from the end, so I couldn't even give you a number if I wanted to, but we'll see how it goes here in April. I mean would I expect a 1.17:1 book-to-bill here in the second quarter? I don't think I would expect that. I didn't expect it coming into the first quarter, and we had very strong bookings. But I don't expect that here in the second quarter, but we'll see. I think customers still have quite a propensity to give us business new and existing, and that's translating into very robust orders for quite a number of quarters here.

就預訂的線性度而言，我們第一季度在整個季度都看到了相當不錯的實力。我的意思是，2 月是農曆新年的短暫月份，但我們完成了這個季度非常強勁，3 月份的預訂量確實非常強勁。而四月，我們距離結束還有 3 天，所以如果我想的話，我什至不能給你一個數字，但我們會在四月看看情況如何。我的意思是我會在第二季度期待 1.17:1 的帳單比嗎？我不認為我會期待。我沒想到它會進入第一季度，我們的預訂量非常強勁。但我預計第二季度不會出現這種情況，但我們拭目以待。我認為客戶仍然傾向於為我們提供新的和現有的業務，這轉化為這里相當多季度的非常強勁的訂單。

The next question is from Chris Snyder with UBS.

下一個問題來自瑞銀的克里斯·斯奈德。

I wanted to follow up on the prior commentary around customers more so valuing diversification in their supply chain, which certainly screens positive for a global leader like Amphenol. But my question is where is this dynamic filling up? Where would you expect to show up if they show up? Is it just the rate of share gains maybe helping with some of these pricing negotiations? Or could you even help facilitate M&A for maybe some of your smaller competitors who might be on the opposite side of that equation?

我想跟進之前關於客戶的評論，因此更重視供應鏈的多元化，這無疑對像安費諾這樣的全球領導者有利。但我的問題是這種動態填充在哪裡？如果他們出現，你希望出現在哪裡？僅僅是股票收益的速度可能有助於其中一些定價談判嗎？或者您甚至可以幫助一些可能處於該等式對面的較小競爭對手促進併購嗎？

Yes. Thanks so much, Chris. Look, it's hard to sort of pinpoint it because at the end of the day, why does the customer give us an order in any given moment? I mean, there's an enormous number of factors that go into that all along the spectrum, from the technology that we offer, the reliability of our delivery to that customer, our quality, our support, the breadth of our relationship, obviously, the price that's something that no customer wants to ever forget about. And so as you build over a long term a sustainable advantage with customers, it's all about continuing to just add to each of those factors further reason for customers to place an order to you and not to your competitor.

是的。非常感謝，克里斯。看，很難確定它，因為歸根結底，為什麼客戶在任何特定時刻都給我們下訂單？我的意思是，從我們提供的技術、我們向客戶交付的可靠性、我們的質量、我們的支持、我們關係的廣度，當然還有價格這是任何客戶都不想忘記的事情。因此，當您與客戶建立長期的可持續優勢時，一切都是為了繼續增加這些因素中的每一個，進一步促使客戶向您而不是您的競爭對手下訂單。

And I think over the last 2 years, look, over a long time, that's always our focus. How do we have a little bit better product? How do we have a little bit better quality? How do we have a little bit better credibility of delivery? How do we have a more competitive cost by going to low-cost countries and the like? But what has changed over these 2 years is there's a new factor that customers are considering. And that is risk. And I will tell you that over many years, I've been -- now I'm in my 24th year in this company and my 14th year as CEO, I think customers under accounted for risk in many cases because it was just easy to say, well, here's the price and the quality is good and it's the right product. And we don't really need to think about all these kind of black swan events that may or may not happen. And by the way, that was true through earthquakes and tsunamis, that was true through volcanos in Iceland and floods in Thailand and all these things.

我認為在過去的兩年裡，看，在很長一段時間內，這一直是我們關注的焦點。我們如何擁有更好的產品？我們如何才能有更好的質量？我們如何有更好的交付可信度？我們如何通過去低成本國家等獲得更具競爭力的成本？但是這兩年發生的變化是客戶正在考慮一個新因素。這就是風險。我會告訴你，多年來，我一直 - 現在我在這家公司工作了 24 年，擔任 CEO 的第 14 年，我認為客戶在很多情況下都低估了風險，因為這很容易說，好吧，這是價格，質量很好，這是正確的產品。而且我們真的不需要考慮所有這些可能發生也可能不會發生的黑天鵝事件。順便說一句，地震和海嘯都是如此，冰島的火山和泰國的洪水等等都是如此。

But something about the last 2 years has caused them really to wake up to think about the real risk of their supply chain. And when they do that and they look at the landscape of competitors, they look at a small company and they see risk. They look at a centralized company, and they see risk. But when they look at Amphenol and they look at our decentralized, very fragmented, very global, we have more than, what, something like 250 factories around the world, which is a lot more than most companies of our size. There, they see not risk, but actually opportunity. And I think that, that change has been just another factor that didn't exist in the past. And where does it manifest? I mean I think it does manifest to some degree in our outperformance and then the continuation of our outperformance.

但過去 2 年的一些事情讓他們真正清醒地思考供應鏈的真正風險。當他們這樣做時，他們會看到競爭對手的情況，他們會看到一家小公司，他們會看到風險。他們著眼於一個中心化的公司，他們看到了風險。但是當他們看到安費諾，看到我們分散的、非常分散的、非常全球化的時候，我們在全球擁有超過 250 家工廠，這比我們這種規模的大多數公司要多得多。在那裡，他們看到的不是風險，而是機會。我認為，這種變化只是過去不存在的另一個因素。它體現在哪裡？我的意思是，我認為它確實在某種程度上體現在我們的出色表現中，然後是我們表現出色的延續。

As it relates to M&A, I think there is actually also an advantage because if you're a small company, and you've been through this kind of rubicon of challenges that we've all faced over these couple of years, being part of a bigger company that gives you more options of where you can make stuff and where you can source stuff and where you can sell stuff that starts to be a pretty compelling thing to think about, if you really truly care about the company that you as an entrepreneur have built. And so I think that can also have an advantage. I think there's advantages that sort of go throughout the business. And it's, again, why we're so religious about our adherence to the culture of Amphenol that unique entrepreneurial culture, which has served us in good times and bad. And I think the value of it has been even -- has been more enhanced over these last couple of years than really ever before.

因為它與併購有關，我認為實際上還有一個優勢，因為如果你是一家小公司，並且你已經經歷了這幾年我們都面臨的這種挑戰，成為其中的一部分一家更大的公司，它為您提供更多選擇，讓您可以在哪裡製造產品、在哪裡採購產品以及在哪裡銷售產品企業家建立。所以我認為這也可以有一個優勢。我認為整個業務都有一些優勢。這也是為什麼我們如此堅信我們對 Amphenol 文化的堅持，這種獨特的創業文化在順境和逆境中為我們服務。而且我認為它的價值在過去幾年中甚至比以往任何時候都更加增強。

Next question is from David Kelley with Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

I was hoping to drill down on industrials. You posted another really strong quarter there. And just given your broad exposure, can you walk us through how you're thinking about the industrials market growth visibility? And what feels like a strong CapEx cycle but also an uncertain near-term global macro? And then just curious as your thoughts on the potential magnitude of content outgrowth given what, again, feels like I would argue unprecedented pace of technology transformation currently undergoing in industrials?

我希望深入研究工業。你在那裡發布了另一個非常強勁的季度。鑑於您的廣泛曝光，您能否告訴我們您如何看待工業市場增長的可見性？什麼感覺像是一個強勁的資本支出週期，但又是一個不確定的近期全球宏觀經濟？然後只是好奇你對內容增長的潛在規模的想法，再一次，我會認為工業目前正在經歷前所未有的技術轉型步伐？

Thanks so much, David. No doubt about it. Our team working in industrial market has just been consistently outstanding in their performance. I mean, since the kind of acute phase of COVID in Q1 of 2020, at least in Asia, we've posted consistently strong double-digit year-over-year growth every quarter since then. So we're -- we just did our eighth straight quarter in industrial of strong double-digit growth, and it's really a testament to their efforts.

非常感謝，大衛。毫無疑問。我們在工業市場工作的團隊一直表現出色。我的意思是，自 2020 年第一季度 COVID 進入急性期以來，至少在亞洲，自那時以來，我們每個季度都保持強勁的兩位數同比增長。所以我們 - 我們剛剛連續第八個季度實現了強勁的兩位數增長，這確實證明了他們的努力。

And as you pointed out, it's a very broad market. It's everything from advanced medical equipment to next-generation agricultural equipment, to high-speed rail, to semiconductor manufacturing equipment, to heavy equipment, to electrification of heavy vehicles and battery technology, battery storage, where we see just a lot of opportunities to enable a real myriad of customers who are developing next-generation energy storage systems and they want our sensors, they want our connectors. They want everything.

正如你所指出的，這是一個非常廣闊的市場。從先進的醫療設備到下一代農業設備，再到高鐵，再到半導體製造設備，再到重型設備，再到重型車輛的電氣化和電池技術、電池存儲，我們看到了很多機會無數客戶正在開發下一代儲能係統，他們想要我們的傳感器，他們想要我們的連接器。他們想要一切。

I mean these applications are really all over the place. And they all go on somewhat different cycles, I should say. But at the end of the day, they have one thing in common, which is it is the adoption of electronics into harsh environments, into areas where those electronics otherwise should not really be able to operate. And that is a legacy that we have of many, many decades of building up the capability of packaging interconnect and sensors for harsh environments, which now means putting highly computerized autonomous driving systems on tractors, and now means putting next-generation sensor technologies and alternative energy devices and monitoring of wind mills and things like this. I mean, I could go on and on and on.

我的意思是這些應用程序真的無處不在。我應該說，它們都經歷了一些不同的周期。但歸根結底，它們有一個共同點，那就是將電子設備應用到惡劣的環境中，應用到那些電子設備原本不應該真正能夠運行的領域。這是我們幾十年來建立的為惡劣環境封裝互連和傳感器的能力的遺產，這現在意味著將高度計算機化的自動駕駛系統安裝在拖拉機上，現在意味著將下一代傳感器技術和替代方案能源設備和監測風車和類似的東西。我的意思是，我可以繼續說下去。

And amidst the uncertain global macro, you have the certainty of the continued onward and upward march of the adoption of electronics. So I'm not going to say that we're going to grow every quarter here in perpetuity by these outstanding amounts. No, I mean, I wouldn't expect that we're going to grow by 31% every quarter going forward. But I do believe that the opportunity to outperform here remains very strong and that the breadth of our industrial product technologies is really second to none, and I think that positions us well for the future.

在不確定的全球宏觀環境中，您可以肯定電子產品的採用會繼續向前和向上發展。所以我不會說我們每個季度都會以這些未償金額永久增長。不，我的意思是，我不認為我們未來每個季度都會增長 31%。但我確實相信，在這裡表現出色的機會仍然非常強大，而且我們工業產品技術的廣度確實是首屈一指的，我認為這為我們的未來做好了準備。

Next question is from Joe Spak with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Joe Spak。

Maybe just to go back to one of the other questions about in the end markets and sort of being pretty well split across all the new segments. Is the implication also that the growth you've laid out for the entire company organic in the second quarter, like is that also evenly split by the new reporting segments? Is there any sort of color in terms of how we should think about the segment performance would be helpful.

也許只是回到關於終端市場的其他問題之一，並且在所有新細分市場中都得到了很好的劃分。這是否也意味著您在第二季度為整個公司安排的有機增長，就像新的報告部門也平均分配一樣？就我們應該如何考慮細分市場表現而言，是否有任何顏色會有所幫助。

Yes. Thanks very much, Joe. I mean we're not guiding necessarily to growth by segment. I think we gave a lot of details by each of our end markets. But as you saw this quarter, I mean, the growth was pretty balanced across those segments. Now we had really broad growth across the company. So I wouldn't necessarily say that what we would expect by each segment going into here in the second quarter.

是的。非常感謝，喬。我的意思是我們不一定要按細分市場來指導增長。我認為我們提供了每個終端市場的很多細節。但正如你在本季度看到的那樣，我的意思是，這些細分市場的增長非常平衡。現在，我們在整個公司實現了真正的廣泛增長。因此，我不一定會說我們對第二季度每個細分市場的預期。

Our last question comes from Joe Giordano with Cowen.

我們的最後一個問題來自 Joe Giordano 和 Cowen。

Just wanted to -- on auto, obviously, the performance has been really good for a long time relative to peers, relative to the market, however you want to cut it. I'm just curious like if you were to break down the outperformance in like large buckets as to what's driving it. Maybe I can leave it open ended there, but I'm also curious as to how much maybe is -- with production being constrained here and focused on SUVs, high-end EVs, like kind of the things that are probably best for you, how much of that is driving some of this as well?

只是想 - 在汽車上，很明顯，相對於同行，相對於市場，長期以來的表現確實很好，但是你想削減它。我只是很好奇，如果您要在大桶中分解出色的表現，以了解驅動它的原因。也許我可以把它留在那裡，但我也很好奇可能有多少——這裡的生產受到限制，專注於 SUV、高端電動汽車，比如可能最適合你的東西，其中有多少也推動了其中的一些？

I mean I don't know that there's a significant impact, Joe, from kind of the hot potato of people tossing semiconductors back and forth and deciding where they should put their -- which vehicles they should put them in and thereby which they should sell and prioritize. I mean, look, if our customers are building higher content cars, is that a good thing? Yes, I guess that would certainly be a good thing. But that should be a good thing for everybody in the market. And I think would that drive specifically our outperformance? I don't know that, that would necessarily be the case.

我的意思是我不知道這會產生重大影響，喬，就像人們來回扔半導體並決定他們應該把它們放在哪裡的燙手山芋 - 他們應該把它們放在哪些車輛中，從而他們應該出售哪些並優先考慮。我的意思是，看，如果我們的客戶正在製造更高含量的汽車，這是一件好事嗎？是的，我想這肯定是件好事。但這對市場上的每個人來說都應該是一件好事。我認為這會特別推動我們的出色表現嗎？我不知道，那一定是這樣的。

I think really what we see, and I'll just reiterate it again, is we see just an acceleration of the adoption of next-generation systems across all vehicles, and that includes the electrified drivetrains that we mentioned, but not exclusively that. It's next-generation infotainment, it's next-generation communication, it's next-generation comfort, passenger comfort, it's next-generation connectivity in the cars, it's everything from sensors that keep the HVAC systems running better and being safer for the people inside.

我認為我們真正看到的，我將再次重申，我們是否看到所有車輛都在加速採用下一代系統，這包括我們提到的電氣化動力傳動系統，但不僅如此。它是下一代信息娛樂，它是下一代通信，它是下一代舒適性、乘客舒適性，它是汽車中的下一代連接性，它是從保持 HVAC 系統更好地運行並為車內人員更安全的傳感器提供的一切。

I mean, you think about like going through a respiratory-borne illness pandemic and all of a sudden, car companies want to have better HVAC filtration and sensing inside their cars. And that's a great new application that may not have existed kind of in the past. And so I think that's the bigger driver here than just that some car companies are making more tactical decisions about which models to produce based on constrained availability of certain components.

我的意思是，你想像經歷一場呼吸道疾病大流行，突然之間，汽車公司希望在他們的車內擁有更好的 HVAC 過濾和感應。這是一個很棒的新應用程序，過去可能不存在。因此，我認為這是更大的驅動力，而不僅僅是一些汽車公司正在根據某些組件的有限可用性就生產哪些車型做出更多的戰術決策。

Well, thank you very much to everybody. I think that's our last question. And I do want to take this opportunity, once again, to thank you all for spending a few of your precious time -- a few of your precious minutes with us today and wish you all the best, and we look forward to seeing everybody again either over the course of this quarter or at the latest 90 days from now. Thanks so much, everybody.

嗯，非常感謝大家。我想這是我們的最後一個問題。我想藉此機會再次感謝大家花費了你們寶貴的時間——你們今天與我們在一起的寶貴時間，祝你們一切順利，我們期待再次見到大家在本季度期間或從現在起最遲 90 天內。非常感謝大家。

Thank you. Bye-bye.

謝謝你。再見。

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

感謝您參加今天的會議，祝您有美好的一天。