安費諾 (APH) 2022 Q2 法說會逐字稿

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

您好，歡迎參加安費諾公司第二季度財報電話會議。 （操作員須知）應公司要求，正在錄製今天的會議。 （操作員說明）現在我要介紹今天的會議主持人Craig Lampo先生。先生，您可以開始了。

Thanks. 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 Second Quarter 2022 Conference Call. Our second quarter 2022 results were released this morning, and I will provide some financial commentary, and then Adam will give an overview of the business and current trends. Then we will take questions.

謝謝。大家下午好。我是 Amphenol 的首席財務官 Craig Lampo，我和我們的首席執行官 Adam Norwitt 在這裡。我們歡迎您參加我們的 2022 年第二季度電話會議。我們今天上午發布了 2022 年第二季度的業績，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, all data discussed during this call is on a continuing operations basis, including prior year comparative information.

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，本次電話會議中討論的所有數據均基於持續運營，包括上一年的比較信息。

The company closed the second quarter with record sales of $3.137 billion and record GAAP and adjusted diluted EPS of $0.76 and $0.75, respectively. Second quarter sales were up 18% in U.S. dollars, 21% in local currencies and 18% organically compared to the second quarter of 2021. Sequentially, sales were up 6% in U.S. dollars, 8% in local currencies and 8% organically. Adam will comment further on trends by market in a few minutes.

該公司第二季度以創紀錄的 31.37 億美元的銷售額和創紀錄的 GAAP 和調整後的攤薄每股收益分別為 0.76 美元和 0.75 美元結束。與 2021 年第二季度相比，第二季度美元銷售額增長 18%，本地貨幣增長 21%，有機增長 18%。依次，美元銷售額增長 6%，本地貨幣增長 8%，有機增長 8%。亞當將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were a record $3.449 billion, which was up 11% compared to the second quarter of 2021, and relatively flat sequentially, resulting in a strong book-to-bill ratio of 1.1:1. Both GAAP and adjusted operating income were $649 million in the second quarter of this year, and GAAP and adjusted operating margin were both 20.7% in the second quarter. On a GAAP basis, operating margin increased by 280 basis points compared to the second quarter of 2021, and 70 basis points sequentially. As a reminder, GAAP operating margin for the prior year quarter included $55 million of acquisition-related costs as a result of the MTS acquisition.

本季度訂單達到創紀錄的 34.49 億美元，與 2021 年第二季度相比增長 11%，環比持平，訂單出貨比達到 1.1:1。今年第二季度GAAP和調整後營業收入均為6.49億美元，第二季度GAAP和調整後營業利潤率均為20.7%。按公認會計原則計算，營業利潤率與 2021 年第二季度相比增加了 280 個基點，環比增加了 70 個基點。提醒一下，上一季度的 GAAP 營業利潤率包括因 MTS 收購而產生的 5500 萬美元的收購相關成本。

On an adjusted basis, operating margin increased by 70 basis points, both year-over-year and sequentially. The year-over-year increase in adjusted operating margin was driven by operating leverage on the significantly higher sales volume as well as the benefit of ongoing pricing actions, which we believe have offset a meaningful amount of the inflation-related cost increases.

經調整後，營業利潤率同比和環比均增長 70 個基點。調整後的營業利潤率同比增長是由於銷售量顯著增加的經營槓桿以及持續定價行動的好處，我們認為這抵消了與通貨膨脹相關的成本增加的有意義的數額。

On a sequential basis, the increase in operating margin reflected operating leverage on the higher sales volumes as well as the benefit of ongoing pricing actions. 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 operational and supply chain challenges around the world is a direct result of the company's entrepreneurial culture, which continues to foster a high-performance, action-oriented management team.

在連續的基礎上，營業利潤率的增加反映了更高銷量的經營槓桿以及持續定價行動的好處。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全球無數的運營和供應鏈挑戰，這直接得益於公司的創業文化，該文化繼續培養一支高績效、以行動為導向的管理團隊。

Breaking down second quarter results by segment. Relative to the second quarter of 2021, sales in the Harsh Environment Solutions segment were $790 million and increased by 14% in U.S. dollars and 16% organically. Segment operating margin was 26.1%. Sales in the Communications Solutions segment was $1.378 billion, an increase by 24% in U.S. dollars and 19% organically. Segment operating margin was 22%. Sales in Interconnect and Sensor Systems segment were $968 million, an increase by 15% in U.S. dollars and 19% organically, and segment operating margin was 18.3%.

按細分市場細分第二季度業績。相對於 2021 年第二季度，惡劣環境解決方案部門的銷售額為 7.9 億美元，按美元計算增長了 14%，有機增長了 16%。分部營業利潤率為26.1%。通信解決方案部門的銷售額為 13.78 億美元，按美元計算增長 24%，有機增長 19%。分部營業利潤率為22%。互連和傳感器系統部門的銷售額為 9.68 億美元，按美元計算增長 15%，有機增長 19%，部門營業利潤率為 18.3%。

The company's GAAP effective tax rate for the second quarter of 23 -- was 23.3%, and the adjusted effective tax rate was 24.5%, which compared to 17.5% and 24.5% in the second quarter of '21, respectively. GAAP diluted EPS was a record $0.76 in the second quarter, an increase of 29% compared to $0.59 in the prior year period, and adjusted diluted EPS was a record $0.75, an increase of 23% compared to $0.61 in the second quarter of 2021.

該公司 23 年第二季度的 GAAP 有效稅率為 23.3%，調整後的有效稅率為 24.5%，而 21 年第二季度分別為 17.5% 和 24.5%。 GAAP 攤薄後每股收益在第二季度達到創紀錄的 0.76 美元，與去年同期的 0.59 美元相比增長了 29%，調整後的攤薄後每股收益為創紀錄的 0.75 美元，與 2021 年第二季度的 0.61 美元相比增長了 23%。

This was an excellent result, especially considering the significant cost, supply chain and other operational challenges that the company continued to face during the quarter, including certain COVID-related shutdowns in China. Operating cash flow in the second quarter was a record $543 million or 117% of adjusted net income. And net of capital spending, our free cash flow was a record $452 million or 97% of adjusted net income.

這是一個極好的結果，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，包括在中國與 COVID 相關的某些停工。第二季度的經營現金流達到創紀錄的 5.43 億美元，佔調整後淨收入的 117%。扣除資本支出後，我們的自由現金流達到創紀錄的 4.52 億美元，佔調整後淨收入的 97%。

Given the continued supply chain challenges, we were pleased to see cash flow yield recover back to normal levels in the second quarter. From a working capital standpoint, days sales outstanding and payable days were 72 and 58 days, respectively, both within our normal range. And inventory days were 86, which was slightly elevated due to the challenging supply chain environment that continued in the second quarter.

鑑於供應鏈的持續挑戰，我們很高興看到現金流收益率在第二季度恢復到正常水平。從營運資金的角度來看，未結銷售天數和應付天數分別為 72 天和 58 天，均在我們的正常範圍內。庫存天數為 86 天，由於第二季度持續充滿挑戰的供應鏈環境，庫存天數略有上升。

During the quarter, the company repurchased 2.7 million shares of common stock at an average price of approximately $70. And when combined with our normal quarterly dividend, total capital returned to shareholders in the second quarter of 2022 was $305 million. Total debt at June 30 was $4.9 billion and net debt was $3.5 billion. Total liquidity at end of the quarter was $3.7 billion, which included cash and short-term investments on hand of $1.3 billion, plus availability under our existing credit facilities. Second quarter 2022 EBITDA was $759 million. And at the end of the second quarter, our net leverage ratio was 1.2x.

本季度，該公司以約 70 美元的平均價格回購了 270 萬股普通股。加上我們正常的季度股息，2022 年第二季度返還給股東的總資本為 3.05 億美元。 6 月 30 日的總債務為 49 億美元，淨債務為 35 億美元。本季度末的總流動資金為 37 億美元，其中包括 13 億美元的現金和短期投資，以及我們現有信貸額度下的可用資金。 2022 年第二季度 EBITDA 為 7.59 億美元。在第二季度末，我們的淨槓桿率為 1.2 倍。

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

我現在將把電話轉給亞當，他將對當前的市場趨勢發表一些評論。

Well, Craig, thank you very much, and I hope that all of you on the call here today are enjoying the summer so far, and most importantly, your family, your friends and your colleagues are all still managing to stay safe and healthy. As Craig mentioned, I'm going to highlight some of our achievements in the second quarter. And then I'm going to discuss our trends and progress across our served markets. I'll then make a few comments on our outlook for the third quarter. And then finally, we'll, of course, have time for questions.

好吧，克雷格，非常感謝你，我希望今天在座的所有人都在享受這個夏天，最重要的是，你的家人、你的朋友和你的同事都仍然能夠保持安全和健康。正如克雷格所說，我將重點介紹我們在第二季度取得的一些成就。然後我將討論我們在所服務市場的趨勢和進展。然後，我將對我們對第三季度的展望發表一些評論。最後，我們當然會有時間提問。

As Craig just went over, our results in the second quarter were much better than expected. We exceeded the high end of our guidance in sales and adjusted diluted earnings per share. Sales grew a very strong 18% in U.S. dollars and 21% in local currencies, reaching a new record of $3.137 billion. On an organic basis, our sales increased by 18%, supported by robust growth across nearly all of our end markets as well as contributions from our acquisition program, which was partially offset by the strengthening U.S. dollar.

正如克雷格剛剛過去的那樣，我們第二季度的業績比預期的要好得多。我們在銷售和調整後的每股攤薄收益方面超出了我們指導的上限。銷售額以美元計算增長了 18%，以當地貨幣計算增長了 21%，達到了 31.37 億美元的新紀錄。在有機基礎上，我們的銷售額增長了 18%，這得益於我們幾乎所有終端市場的強勁增長以及我們收購計劃的貢獻，這部分被美元走強所抵消。

Company booked record orders of nearly $3.450 billion, and that represented a continued positive book-to-bill of 1.1:1. We're especially pleased to deliver strong profitability in the quarter with operating margins reaching 20.7%, and that's 70 basis point increase from both prior year and prior quarter, and we achieved these operating results despite facing a wide range of operational, inflationary and supply chain challenges as well as the COVID shutdowns in China that Craig mentioned. Adjusted diluted EPS grew a strong 23% from prior year to a new record of $0.75, another excellent reflection of our continued strong execution. And then finally, we're very pleased that the company generated record operating and free cash flow in the quarter of $543 million and $452 million respectively.

公司預訂了近 34.50 億美元的創紀錄訂單，這代表了 1.1:1 的持續正向訂單出貨比。我們特別高興在本季度實現了強勁的盈利能力，營業利潤率達到 20.7%，這比去年和上一季度都增加了 70 個基點，儘管面臨廣泛的運營、通貨膨脹和供應問題，我們仍取得了這些經營業績克雷格提到的連鎖挑戰以及中國的COVID關閉。調整後的攤薄每股收益較上年強勁增長 23%，達到 0.75 美元的新紀錄，這是我們持續強勁執行力的又一出色體現。最後，我們很高興該公司在本季度分別創造了創紀錄的運營和自由現金流 5.43 億美元和 4.52 億美元。

I just want to say how proud I am of our team around the world. Our results this quarter once again reflect the strength of Amphenol's entrepreneurial organization, who has continued to perform very well amidst a highly dynamic and challenging environment.

我只想說我為我們在世界各地的團隊感到多麼自豪。我們本季度的業績再次反映了安費諾創業組織的實力，該組織在充滿活力和充滿挑戰的環境中繼續表現出色。

We're very pleased to have announced in the quarter that we closed on the acquisition of NPI Solutions based in Morgan Hill, California, and with annual sales of approximately $65 million. NPI is a manufacturer of cable assemblies and complex interconnect assemblies for the industrial market with a particular focus on customers in the semiconductor equipment and test and measurement markets. The addition of NPI expands our already broad position in value-add interconnect for these important and high potential markets. As we welcome this outstanding new team to Amphenol, I remain confident that our acquisition program will continue to create great value for the company. In fact, our ability to identify and execute upon acquisitions and successfully bring those companies into Amphenol remains a core competitive advantage for the company.

我們很高興在本季度宣布我們完成了對位於加利福尼亞州摩根希爾的 NPI Solutions 的收購，該公司的年銷售額約為 6500 萬美元。 NPI 是一家為工業市場生產電纜組件和復雜互連組件的製造商，特別關注半導體設備和測試與測量市場的客戶。 NPI 的加入擴大了我們在這些重要和高潛力市場的增值互連方面已經廣泛的地位。當我們歡迎這支優秀的新團隊加入安費諾時，我仍然相信我們的收購計劃將繼續為公司創造巨大價值。事實上，我們識別和執行收購併成功將這些公司納入 Amphenol 的能力仍然是公司的核心競爭優勢。

Now turning to our progress across our served markets. I would just note once again how pleased we are that our end market exposure remains highly diversified, balanced and broad. No doubt about it, during these very dynamic times, that market diversification continues to create great value for the company.

現在轉向我們在所服務市場的進展。我只想再次指出，我們對我們的終端市場敞口保持高度多元化、平衡和廣泛感到非常高興。毫無疑問，在這個充滿活力的時代，市場多元化繼續為公司創造巨大價值。

The military market represented 9% of our sales in the quarter. Sales declined by 2% from prior year but were flat organically, with moderations in our sales into naval and military vehicle applications, offset by growth in space, avionics and UAVs. Sequentially, our sales increased by 3%, which was in line with our expectations coming into the quarter. As we look into the third quarter, we expect sales to increase modestly from these second quarter levels, and we continue to be very pleased with the strength of the company's broad position across the military market.

軍用市場占我們本季度銷售額的 9%。銷售額比去年下降了 2%，但有機地持平，我們對海軍和軍用車輛應用的銷售放緩，被太空、航空電子設備和無人機的增長所抵消。隨後，我們的銷售額增長了 3%，這符合我們對本季度的預期。展望第三季度，我們預計銷售額將從第二季度的水平溫和增長，我們繼續對該公司在軍事市場的廣泛地位的實力感到非常滿意。

As militaries around the world continue to adopt a wide array of next-generation defense technologies, our industry-leading breadth of high-technology interconnect and sensor products positions the company strongly across all major defense programs. This gives us great confidence for our long-term performance.

隨著世界各地的軍隊繼續採用廣泛的下一代國防技術，我們行業領先的高科技互連和傳感器產品廣度使公司在所有主要國防項目中都處於強勢地位。這讓我們對我們的長期表現充滿信心。

The commercial aerospace market represented 3% of our sales in the quarter, and our sales increased by a very strong 32% from prior year and 36% organically as we benefited from the continued recovery in global aircraft production. Sequentially, our sales grew 11% from the first quarter, which was actually much better than the expectations that we had coming into the quarter.

商業航空市場占我們本季度銷售額的 3%，我們的銷售額比去年同期增長了 32%，有機增長了 36%，因為我們受益於全球飛機生產的持續復甦。隨後，我們的銷售額比第一季度增長了 11%，這實際上比我們進入該季度的預期要好得多。

Looking into the third quarter, while we do expect a seasonal low double-digit sequential decline in sales, we anticipate continued and substantial growth from prior year. We're very encouraged to have driven another quarter of strength in the commercial air market, which is quite a welcome development after 2 extremely challenging years in the air travel industry. 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 and next-generation systems integrated into those planes. I'm particularly proud of our team working in commercial air, who really have persevered throughout the downturn, and we are now once again realizing the fruits of their long-term labors.

展望第三季度，雖然我們確實預計銷售額將出現季節性低位兩位數的連續下降，但我們預計與去年相比將繼續大幅增長。我們非常鼓舞地推動商業航空市場又增長了四分之一的實力，這是在航空旅行行業經歷了 2 年極具挑戰的年份之後相當受歡迎的發展。隨著個人和商務旅行的持續復甦，我們期待受益於公司在各種飛機平台和集成到這些飛機中的下一代系統中強大的互連和傳感器技術地位。我為我們在商業航空領域工作的團隊感到特別自豪，他們在整個經濟低迷時期都堅持不懈，現在我們再次實現了他們長期努力的成果。

Industrial market represented 26% of our sales in the second quarter. Sales in the quarter grew 13% in U.S. dollars and 15% organically, and this was driven by broad-based strength across most of our industrial end markets, including especially the battery and electric heavy vehicle applications, oil and gas, medical and rail mass transit. On a sequential basis, our sales increased by a better-than-expected 8% from the first quarter.

工業市場占我們第二季度銷售額的 26%。本季度銷售額以美元計算增長 13%，有機增長 15%，這得益於我們大部分工業終端市場的廣泛實力，尤其是電池和電動重型車輛應用、石油和天然氣、醫療和鐵路質量過境。在連續的基礎上，我們的銷售額比第一季度增長了 8%，好於預期。

Looking into the third quarter, we expect sales to roughly remain at these very robust second quarter levels. I have to say that our results this quarter confirm 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.

展望第三季度，我們預計銷售額將大致保持在非常強勁的第二季度水平。我不得不說，我們本季度的業績再次證實，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性收購，都使我們能夠很好地利用工業電子市場發生的許多革命。

To that end, the addition of NPI Solutions further strengthens our position in the important semiconductor and test and measurement equipment interconnect markets. We look forward to realizing the benefits of this long-term strategy for many years to come. The automotive market represented 20% of our sales in the quarter. Sales in the second quarter grew 23% in U.S. dollars and 29% organically, and this was driven by broad-based strength across most automotive applications, with particular strength once again in sales into electric and hybrid electric vehicle applications.

為此，NPI Solutions 的加入進一步鞏固了我們在重要的半導體和測試與測量設備互連市場中的地位。我們期待在未來的許多年裡實現這一長期戰略的好處。汽車市場占我們本季度銷售額的 20%。第二季度以美元計算的銷售額增長了 23%，有機增長了 29%，這得益於大多數汽車應用領域的廣泛實力，尤其是電動和混合動力汽車應用領域的銷售額再次增長。

Sequentially, our sales increased by 6%, which was much better than our expectations coming into the quarter when we had anticipated a modest sequential decline. For the third quarter, we now expect a moderate sequential decline in sales as customers continue to manage through a wide array of supply chain challenges in the global automotive market. I remain extremely proud of our team working in the important and dynamic automotive market. They continue to manage through a difficult supply chain environment, all while remaining focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles. Our continued outperformance is a direct result of their excellent efforts.

隨後，我們的銷售額增長了 6%，這遠好於我們進入本季度的預期，當時我們預計會出現適度的連續下降。對於第三季度，我們現在預計銷售額將出現溫和的連續下滑，因為客戶繼續應對全球汽車市場的各種供應鏈挑戰。我仍然為我們的團隊在重要且充滿活力的汽車市場上工作感到非常自豪。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中。我們持續的優異表現是他們出色努力的直接結果。

The mobile devices market represented 9% of our sales in the quarter. Our sales increased by 7% in the second quarter as strength in smartphones and laptops were somewhat offset by a moderation of sales of products incorporated into tablets. Sequentially, our sales declined by a better-than-expected 6% versus the first quarter.

移動設備市場占我們本季度銷售額的 9%。我們的銷售額在第二季度增長了 7%，因為智能手機和筆記本電腦的增長在一定程度上被平板電腦產品的銷售放緩所抵消。隨後，我們的銷售額與第一季度相比下降了 6%，好於預期。

Looking now into the third quarter, we anticipate sales to increase by more than 20% compared to the second quarter levels on typical seasonal strength. I remain very proud of our team working in the mobile devices market. In particular, amidst the COVID-related disruptions in China that occurred early in the quarter, our outstanding and agile team once again delivered strong results. Most importantly, they continue to design our leading array of antennas, interconnect products and mechanisms into a wide range of next-generation mobile devices. And they remain, as always, poised to capture any opportunities for incremental sales that may arise this year and beyond.

現在展望第三季度，我們預計銷售額將比第二季度增長 20% 以上，這是典型的季節性強項。我仍然為我們在移動設備市場工作的團隊感到非常自豪。特別是在本季度初在中國發生的與 COVID 相關的中斷中，我們出色而敏捷的團隊再次取得了強勁的成果。最重要的是，他們繼續將我們領先的天線陣列、互連產品和機制設計到廣泛的下一代移動設備中。他們仍然一如既往地準備抓住今年及以後可能出現的任何增量銷售機會。

The mobile networks market represented 5% of our sales in the quarter, and sales grew from prior year by 9% in U.S. dollars and 6% organically as strength from products sold to network operators, together with the benefit of acquisitions, more than offset a moderation of our sales to wireless equipment manufacturers.

移動網絡市場佔本季度銷售額的 5%，銷售額同比增長 9%，有機增長 6%，原因是向網絡運營商銷售產品的實力以及收購帶來的收益超過了減少我們對無線設備製造商的銷售。

Sequentially, our sales in the second quarter grew by a slight 1%, but that was better than our expectations coming into the quarter. Looking to the third quarter, we now expect to grow moderately from the second quarter levels. We're encouraged by the company's continued strength in our sales into the mobile networks market. As operators ramp up their investments in next-generation systems, our team remains focused on realizing the benefits of our long-term efforts to expand our position in next-generation 5G equipment and networks around the world.

隨後，我們在第二季度的銷售額略微增長了 1%，但這好於我們對本季度的預期。展望第三季度，我們現在預計將從第二季度的水平適度增長。我們對公司在移動網絡市場的銷售持續強勁感到鼓舞。隨著運營商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長期努力的好處，以擴大我們在全球下一代 5G 設備和網絡中的地位。

The information technology and data communications market represented 23% of our sales in the quarter. Sales were stronger than expected, rising by a very robust 31% in U.S. dollars and 26% organically from prior year. Our team really just executed well in fulfilling broad-based strength across server and networking applications, including with web service providers. Sequentially, our sales increased by 11% in the second quarter, which was better than our expectations.

信息技術和數據通信市場占我們本季度銷售額的 23%。銷售額強於預期，以美元計算增長了 31%，有機增長了 26%。我們的團隊在實現跨服務器和網絡應用程序（包括 Web 服務提供商）的廣泛實力方面確實表現出色。其次，我們的銷售額在第二季度增長了 11%，好於我們的預期。

Looking to the third quarter, we expect sales to moderate from these very strong second quarter levels. Nevertheless, we remain encouraged by the company's outstanding position in the global IT datacom market. Both our OEM and web service provider customers continue to drive their equipment and networks to ever higher levels of performance really in order to manage the dramatic increases in demand for bandwidth and processor power. We look forward to realizing the benefits of that leading position in this important market for many years to come.

展望第三季度，我們預計銷售額將從非常強勁的第二季度水平放緩。儘管如此，我們仍然對公司在全球 IT 數據通信市場的突出地位感到鼓舞。我們的 OEM 和 Web 服務提供商客戶都在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。我們期待在未來許多年實現這一重要市場的領先地位所帶來的好處。

Finally, the broadband market represented 5% of our sales in the quarter. Sales grew by a very strong 57% in U.S. dollars and 28% organically as broadband spending levels increased and as we benefited from our recent acquisitions. Our growth in broadband was particularly strong in North America. On a sequential basis, sales increased by a much better-than-expected 14% from the first quarter. As we head into the third quarter, we do expect sales to the broadband market to decline moderately from these levels. But 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 even more homes and businesses, these products have become even more critical.

最後，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，銷售額以美元計算增長了 57%，有機增長了 28%。我們的寬帶增長在北美尤為強勁。從環比來看，銷售額比第一季度增長了 14%，遠好於預期。隨著我們進入第三季度，我們確實預計寬帶市場的銷售額將從這些水平適度下降。但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更多的家庭和企業，這些產品變得更加重要。

Now turning to the company's outlook. There's no doubt that the current market environment remains highly uncertain with ongoing supply chain and inflationary challenges as well as some continued disruptions from the COVID-19 pandemic. Assuming those conditions do not meaningfully worsen and also assuming constant exchange rates, for the third quarter, We Expect Sales In The Range Of $3.040 billion to $3.100 billion, and adjusted diluted EPS in the range of $0.73 to $0.75. This would represent strong sales growth of 8% to 10% and adjusted diluted EPS growth of 12% to 15% compared to the third quarter of 2021.

現在轉向公司的前景。毫無疑問，由於持續的供應鍊和通脹挑戰以及 COVID-19 大流行帶來的一些持續干擾，當前的市場環境仍然高度不確定。假設這些情況沒有明顯惡化，並且假設匯率不變，我們預計第三季度的銷售額在 30.4 億美元至 31.00 億美元之間，調整後的攤薄後每股收益在 0.73 美元至 0.75 美元之間。與 2021 年第三季度相比，這將代表 8% 至 10% 的強勁銷售增長和 12% 至 15% 的調整後攤薄每股收益增長。

I just want to say that I remain confident in the ability of our outstanding Amphenol management team to adapt to the many opportunities and challenges in the marketplace and to continue to grow our market position while expanding the company's profitability. In addition, our entire organization remains fully committed to delivering long-term sustainable value, all while prioritizing the continued well-being of each of our employees around the world. And finally, and most importantly, I would like to take this opportunity to thank that entire Amphenol team for their truly outstanding efforts here in the second quarter.

我只想說，我對我們優秀的 Amphenol 管理團隊能夠適應市場中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的能力充滿信心。此外，我們整個組織仍然全力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福祉。最後，也是最重要的，我想藉此機會感謝整個 Amphenol 團隊在第二季度在這裡所做的真正傑出的努力。

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

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 caller is Mark Delaney with Goldman Sachs.

（操作員說明）我們的第一個來電者是高盛的 Mark Delaney。

Congratulations on the strong results. I just wanted to better understand the guidance. I think 3Q revenue is typically up sequentially, and the company guided it down just a touch at the midpoint of guidance. I'm hoping to better understand are you seeing any slowdown in customer demand perhaps because of some of the macroeconomic conditions? Or is this more about sales coming off of a very high base and still being at a very good overall level?

祝賀你取得了不錯的成績。我只是想更好地理解指導。我認為第三季度的收入通常會連續上升，而公司僅在指導值的中點將其引導下來。我希望更好地了解您是否看到客戶需求放緩可能是由於某些宏觀經濟條件？或者這更多是因為銷售基數非常高，但總體水平仍然非常好？

Yes. Thanks so much, Mark. I mean, look, this is a very unique year. There's no doubt about it. There's a lot of things going on. I talked about the uncertainty that is in the market. And I won't go through each of the end markets. I think I just went pretty fulsomely through our expectations. I think we have a really strong outlook here given the real strength that we saw in the second quarter, given the continued momentum that we have across the company.

是的。非常感謝，馬克。我的意思是，看，這是非常獨特的一年。毫無疑問。有很多事情正在發生。我談到了市場的不確定性。而且我不會遍歷每個終端市場。我想我剛剛完成了我們的期望。我認為，鑑於我們在第二季度看到的真正實力，鑑於我們整個公司的持續發展勢頭，我們的前景非常強勁。

We see growth in a number of our end markets. And a number of our end markets, we view as having, at this point at least, the potential that they may moderate slightly. But I feel that this is a very strong guidance from a top line perspective. We have great momentum, both order momentum as well as continued strong positions with our customers. And I think that, overall, given the environment, given all what is happening in the global economy, I think this is a very strong guidance.

我們看到了一些終端市場的增長。我們認為，我們的一些終端市場至少在這一點上具有略微放緩的潛力。但我覺得從頂線的角度來看，這是一個非常有力的指導。我們的勢頭強勁，無論是訂單勢頭還是與客戶的持續強勢地位。我認為，總的來說，考慮到環境，考慮到全球經濟正在發生的一切，我認為這是一個非常有力的指導。

Our next question is from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

Congrats on a great quarter from my end as well. I guess, Adam, the question is for you. I'd love to get your perspective, there seems to be a lot of concern around the macro headwinds impacting end demand. You have talked a little bit about that as well. You tend to have a very broad perspective. You talk to a lot of customers. Are you seeing signs of softness of customers holding back orders and demand at this point given what you see in the macro side? Just anything you can talk about from your discussion with customers and anything you're seeing different in the channel versus OEM would be really helpful.

也恭喜我結束了一個偉大的季度。我想，亞當，這個問題是給你的。我很想听聽您的看法，似乎有很多關於影響最終需求的宏觀逆風的擔憂。你也談到了一點。你往往有一個非常廣闊的視野。你和很多客戶交談。鑑於您在宏觀方面看到的情況，您是否看到此時客戶推遲訂單和需求的疲軟跡象？您可以從與客戶的討論中談論的任何內容以及您在渠道中看到的與 OEM 不同的任何內容都會非常有幫助。

Thanks so much, Amit. Look, I think we read the papers and what's the news like everybody does. But what we really listen to is our customers. And I think you saw in the second quarter, our customers gave us still very robust orders, and we executed on the orders that we had. And thereby, we were able to deliver the upside that we did here in the second quarter.

非常感謝，阿米特。看，我想我們閱讀了報紙和每個人都做的新聞。但我們真正傾聽的是我們的客戶。而且我認為您在第二季度看到，我們的客戶給我們的訂單仍然非常強勁，我們執行了我們的訂單。因此，我們能夠實現我們在第二季度所做的好處。

I think if I look across the end markets, if any market has some customers who are saying maybe there's a little bit of a breathing -- a little -- taking a breath, for example, and we have very strong demand in the IT datacom market. I talked about the fact that IT datacom, we expect to see a little moderation in the third quarter. And I think that's a bit of a reflection of some customers taking some breathing, so to speak, after really, really strong demand.

我想如果我看看終端市場，如果任何市場有一些客戶說也許有一點喘息——一點——喘息，例如，我們對 IT 數據通信的需求非常強勁市場。我談到了 IT 數據通信這一事實，我們預計第三季度會有所放緩。而且我認為這有點反映了一些客戶喘口氣，可以這麼說，在非常非常強烈的需求之後。

But have we seen broadly across areas like industrial, automotive, aerospace, impacts of the macroeconomic? I mean we really haven't at this stage. I will say this, the Amphenol team, we're not in the business, and we don't view it as our business, to try to guess where the economy is going.

但我們是否廣泛地看到了工業、汽車、航空航天等領域的宏觀經濟影響？我的意思是我們真的沒有在這個階段。我要說的是，安費諾團隊，我們不從事這項業務，我們也不將其視為我們的業務，試圖猜測經濟的走向。

Can there be one day a recession? I mean there's lots of people who are much more expert than I am who are probably going to make prognosis about that, and we won't get in the business of doing so. But what we are doing always inside our company is making sure that we're prepared either way. And I've used that term before in this forum of driving with one foot on the gas and one foot on the brake. And that's just the Amphenolian way. We are going to have our foot heavy on the accelerator, capitalizing on this great backlog that we have, capitalizing on the wonderful position we've built with customers, capitalizing on the new technologies that we're enabling next-generation applications with our customers.

有一天會出現衰退嗎？我的意思是有很多比我更專業的人可能會對此做出預測，而我們不會參與這樣做的業務。但是我們在公司內部一直在做的是確保我們做好準備。我以前在這個論壇上用過這個詞，一隻腳踩油門，一隻腳踩剎車。這就是 Amphenolian 的方式。我們將重心放在加速器上，利用我們擁有的大量積壓工作，利用我們與客戶建立的良好地位，利用我們與客戶一起實現下一代應用程序的新技術.

But we're always going to have a foot covering the brake in case we see something different coming our way. And then our general managers, 130 of them around the world, will quickly take action to adjust our resources to react to whatever dislocations can come in the marketplace and, thereby, to both preserve the financial strength of the company while ensuring that we can continue to grow our market position in any economic environment.

但是我們總是會用一隻腳踩剎車，以防我們看到不同的事情發生。然後，我們的總經理（其中 130 名遍布全球）將迅速採取行動，調整我們的資源，以應對市場上可能出現的任何混亂情況，從而既保持公司的財務實力，又確保我們能夠繼續經營下去在任何經濟環境中提高我們的市場地位。

And that's where we stand today. Is there going to be, because of the Fed or because of whatever geopolitics or because of whatever reason, some macroeconomic slowdown or some shock? We don't know. And in all honesty, we don't try to spend a lot of time wondering about that. We talk to our customers. And when we see something change, we'll react with the type of speed that everybody has been accustomed to from the Amphenolian organization.

這就是我們今天的立場。是否會因為美聯儲或任何地緣政治或任何原因而出現宏觀經濟放緩或衝擊？我們不知道。老實說，我們不會花很多時間去思考這個問題。我們與客戶交談。當我們看到一些變化時，我們會以每個人都習慣於 Amphenolian 組織的速度做出反應。

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

我們的下一個問題來自美國銀行的 Wamsi Mohan。

Adam, I was wondering if you might be able to comment on what you're seeing on the ground in China. Clearly, in the second quarter, there were lockdowns for a couple of months and then a recovery from there. But just from a demand perspective, can you maybe share any color on how those months transpired from a demand, and if you're seeing any real snapback in demand, especially in light of the view that there are some stimulus programs underway? And maybe if you can share some context on what you've seen in the past from such initiatives, how that might have benefited Amphenol?

亞當，我想知道你是否可以評論一下你在中國看到的情況。顯然，在第二季度，有幾個月的封鎖，然後從那裡開始復蘇。但僅從需求的角度來看，您能否分享一下這幾個月的需求是如何發生的，以及您是否看到需求出現任何真正的回升，尤其是考慮到正在實施一些刺激計劃的觀點？如果您可以分享一些關於您過去從此類舉措中看到的情況，那麼這可能如何使 Amphenol 受益？

Sure. Thanks so much, Wamsi. I mean, look, first and foremost, I just have to credit our team in China, I mean, in particular, those who work in and around Shanghai. Now as you know, Wamsi, we have facilities all over. We don't concentrate them in one or another city. And I have to say that, that manufacturing strategy that we have of having it be quite fragmented has been a very, very big asset for the company as these COVID lockdowns have occurred because it never happens that we're impacted in our totality or in any material sense.

當然。非常感謝，Wamsi。我的意思是，首先，我要感謝我們在中國的團隊，尤其是那些在上海及周邊地區工作的人。現在你知道，Wamsi，我們到處都有設施。我們不會將他們集中在一個或另一個城市。而且我不得不說，我們的製造策略非常分散，這對公司來說是非常非常重要的資產，因為這些 COVID 鎖定已經發生，因為我們從未發生過整體或整體受到影響的情況。任何物質意義。

But we do have several operations that operate around Shanghai. And some of our team members there, I mean, we had several of our general managers who were locked in their apartment for the better part of 3 months. And we had to operate factories in bubbles and things like that. And it was just an extraordinary, extraordinary effort and drive and, ultimately, success by our team. And I'm just so grateful to each and every one of them for making the sacrifices that they did and continuing to have the commitment to the company and to our customers. That was clearly reflected in this quarter.

但我們確實有幾家在上海附近開展業務。我們那裡的一些團隊成員，我的意思是，我們的幾位總經理被鎖在他們的公寓里長達 3 個月的大部分時間。我們不得不在泡沫之類的環境中經營工廠。這只是我們團隊非凡的、非凡的努力和動力，最終取得了成功。我非常感謝他們每一個人做出了他們所做的犧牲，並繼續對公司和我們的客戶做出承諾。這一點在本季度得到了明顯體現。

All that being said, I think that, ultimately, the impact of those shutdowns on our business in the second quarter was very modest, if anything, because our team was able to execute through the shutdowns. And then to the extent that any catch-up was necessary, they were able to do that over the course of the quarter as some of the more severe shutdowns abated.

話雖如此，我認為最終，這些停工對我們第二季度業務的影響是非常溫和的，如果有的話，因為我們的團隊能夠通過停工執行。然後，在有必要進行任何追趕的情況下，隨著一些更嚴重的停工有所緩解，他們能夠在本季度期間做到這一點。

We have seen strong demand, especially in areas like automotive, in the mobile market, some of the other communications markets in China and also in industrial, where we have a very strong position. And in particular, we see strength in China in anything that's being electrified. And that's been a great progress for the company. And I think we have seen some pickup in demand coming out of those shutdowns in certain of the areas.

我們看到了強勁的需求，特別是在汽車、移動市場、中國的一些其他通信市場以及工業等領域，我們在這些領域擁有非常強大的地位。特別是，我們在任何電氣化領域都看到了中國的實力。這對公司來說是一個巨大的進步。而且我認為我們已經看到某些地區的停工導致需求有所回升。

With respect to the stimulus, I can tell you that I still remember my very first quarter as CEO, and this is taking us all back in time now because I've been CEO since January of 2009, but that was a really tough time period. Everybody will recall, I became CEO in January of 2009 at the depth of the beginning of the financial crisis. And that was when China decided to build the 3G network, and it was effectively a stimulus program that accomplished also the goal of expanding the ability of people to have mobile broadband.

關於刺激措施，我可以告訴你，我仍然記得我擔任首席執行官的第一季度，這讓我們所有人都回到了過去，因為我從 2009 年 1 月開始擔任首席執行官，但那是一段非常艱難的時期.大家都會記得，我是在 2009 年 1 月金融危機剛開始時擔任 CEO 的。那是中國決定建設3G網絡的時候，這實際上是一個刺激計劃，也實現了擴大人們擁有移動寬帶的能力的目標。

And I think as they talk about stimuli today in today's economy, a lot of that also does revolve around new technologies, things like electrification of vehicles, of heavy vehicles, the build-out of other infrastructure. And so to the extent that those kind of stimulus do, in fact, come, our position across all those end markets is a very strong one. And I would expect our local team to be well poised to take advantage.

而且我認為，當他們談論當今經濟中的刺激時，其中很多也確實圍繞著新技術，例如車輛的電氣化、重型車輛的電氣化、其他基礎設施的擴建。因此，就這些刺激措施確實出現的程度而言，我們在所有這些終端市場上的地位都非常穩固。我希望我們當地的團隊能夠充分利用這一優勢。

And our next question is from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Adam, I wanted to just ask -- get a little bit more color on that really strong margin expansion that you saw, 70 basis points quarter-on-quarter. You talked about pricing. You also talked about leverage. Where do we stand on pricing right now in terms of continuing to increase ASPs as your input costs go up? Or should we just expect sort of the normal margin contribution that you typically see in the business?

亞當，我想問一下——對你看到的那個真正強勁的利潤率擴張（環比增長 70 個基點）有更多的了解。你談到了定價。你還談到了槓桿。隨著您的投入成本上升，我們現在在定價方面的立場是什麼？還是我們應該期待您通常在業務中看到的那種正常的利潤率貢獻？

Matt, this is Craig. Thanks for the question. Yes. No, it's a great question. I mean we're really proud of the achievement we had here in the second quarter. 20.7%, really strong operating margins. And obviously, we capitalized on the strong demand environment, but the team really did an outstanding job really navigating, I think, the environment around cost and inflation, supply chain, all of these things that clearly have put pressure on margins.

馬特，這是克雷格。謝謝你的問題。是的。不，這是一個很好的問題。我的意思是，我們真的為我們在第二季度取得的成就感到自豪。 20.7%，非常強勁的營業利潤率。顯然，我們利用了強勁的需求環境，但團隊確實做得非常出色，我認為，圍繞成本和通貨膨脹、供應鏈的環境，所有這些顯然對利潤率造成壓力的事情。

And we talked about coming into the year how we started -- have been starting to see some impact of the pricing actions that we have been taking. We had strong margins in the first quarter. We talked about coming into the second quarter here, expecting some additional traction related to pricing.

我們談到了進入這一年我們是如何開始的——已經開始看到我們一直在採取的定價行動的一些影響。我們在第一季度的利潤率很高。我們在這裡談到了進入第二季度，期待與定價相關的一些額外牽引力。

And as I mentioned in my prepared remarks, I think, at this point, coming into the second quarter, we really have, we believe, had a meaningful progress on really offsetting a good portion of the inflation and supply chain and other costs that we've seen over the past year. We do expect actually some additional progress here in the third quarter. And I think our guidance does reflect that on -- our guidance at the revenue line and being a little bit lower sequentially and our EPS being kind of basically flat, which would represent an implied continued progress on margin, which is partially due to continued pricing actions that we continue to take.

正如我在準備好的講話中提到的那樣，我認為，在這一點上，進入第二季度，我們相信，在真正抵消通貨膨脹和供應鏈的很大一部分以及我們的其他成本方面，我們確實取得了有意義的進展。 '在過去的一年裡見過。我們確實希望在第三季度取得一些額外的進展。而且我認為我們的指導確實反映了這一點——我們在收入線上的指導，並且環比略低，我們的每股收益基本持平，這意味著利潤率的持續進步，部分原因是持續定價我們繼續採取的行動。

Well, where we are in that journey in terms of will we be at the end of it at the end of the third quarter? I don't necessarily know that I would say that. But I'm not sure what's going to happen with inflation. I mean that continues to be a big question mark. I mean, the cost environment continues to be very dynamic. So I think as we have done, as we will continue to do, our general managers have done an outstanding job just raising prices commensurate with the cost environment, and we'll continue to do that. And I'm really proud of the team for the progress we've already made.

好吧，就第三季度末我們是否會結束這一旅程而言，我們在這段旅程中處於什麼位置？我不一定知道我會這麼說。但我不確定通貨膨脹會發生什麼。我的意思是這仍然是一個很大的問號。我的意思是，成本環境仍然非常活躍。因此，我認為正如我們所做的那樣，我們將繼續這樣做，我們的總經理在提高與成本環境相稱的價格方面做得非常出色，我們將繼續這樣做。我為團隊已經取得的進步感到非常自豪。

Next question is from Steven Fox with Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

Could you talk a little bit more about the wireless device markets? I know you mentioned it's looking seasonal. It sounded like it's on the low end of seasonal, so from an end market standpoint. And also, can you touch on how you're looking at content this year versus maybe last year, where maybe you're doing better or different types of technologies that you're leveraging into new phones or in tablets, et cetera?

您能多談談無線設備市場嗎？我知道你提到它看起來是季節性的。從終端市場的角度來看，這聽起來像是處於季節性的低端。此外，您能否談談今年與去年相比您如何看待內容，您可能在哪些方面做得更好，或者您正在利用新手機或平板電腦等不同類型的技術？

Thanks so much, Steve. Yes. Look, I think we've guided it to be up at least 20% here in the third quarter. The mobile devices market, it's a very hard market to predict, as you know, with any certainty 1 quarter out, let alone a month out or sometimes even a week out. There's no doubt about it, it's our most volatile of markets. And I think that's a strong guidance given the inherent volatility in the market.

非常感謝，史蒂夫。是的。看，我認為我們已經指導它在第三季度至少上漲 20%。移動設備市場，如您所知，這是一個非常難以預測的市場，可以肯定的是，1 個季度之後，更不用說一個月甚至一周了。毫無疑問，這是我們最不穩定的市場。鑑於市場固有的波動性，我認為這是一個強有力的指導。

I think, relative to our content, this continues to be a market where there's a lot of different devices, where every one of those devices is a bit of a jump ball, and we win -- we try to win more than we lose of the content on these devices. And I think, over time, we've successfully broadened the range of products that we sell into mobile devices to be not just antennas and interconnect but also a wide range of mechanisms and the like.

我認為，就我們的內容而言，這仍然是一個有很多不同設備的市場，其中每一個設備都有點像跳球，我們贏了——我們試圖贏的比輸的多這些設備上的內容。而且我認為，隨著時間的推移，我們已經成功地擴大了我們向移動設備銷售的產品範圍，不僅僅是天線和互連，還包括各種機制等。

And we've also broadened the range of products that we sell into. So today, when we think about mobile devices, you talk not just about smartphones and mobile computing devices like laptops and tablets but wearables and hearables and all these various things and lots of just new devices that are technically mobile devices. And it's unbelievable, actually, the continued spread of these devices. And hopefully, we can have next year a kind of a normal consumer electronics show. And we can go to something and just see the extraordinary array of things that are there. It's actually just a really exciting market.

我們還擴大了我們銷售的產品範圍。因此，今天，當我們考慮移動設備時，您不僅會談論智能手機和移動計算設備，例如筆記本電腦和平板電腦，還涉及可穿戴設備和可聽設備以及所有這些各種各樣的東西，以及許多在技術上屬於移動設備的新設備。實際上，這些設備的持續傳播令人難以置信。希望明年我們可以舉辦一場普通的消費電子展。我們可以去看一些東西，看看那裡有很多非凡的東西。這實際上只是一個非常令人興奮的市場。

And so I think from a content perspective, I'd say that our team continues to accomplish their goal of maximizing their content while never being able to win everything on every platform. And I think we remain in a very strong position. And the team remains just so agile and reactive to the inherent volatility that's in that market, which gives me confidence that whatever comes along, if there's an uptick in demand or vice versa, that our organization who works in mobile devices is going to be prepared for it.

所以我認為從內容的角度來看，我會說我們的團隊繼續實現最大化他們的內容的目標，同時永遠無法在每個平台上贏得一切。我認為我們仍然處於非常有利的地位。並且該團隊仍然非常靈活，對市場固有的波動做出反應，這讓我相信無論發生什麼，如果需求增加或反之亦然，我們在移動設備領域工作的組織將做好準備為了它。

Our next question is from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

I guess I wanted to dig into the industrial segment a bit, Adam, if you can. I know you have a collection of different end markets in there, and you had strong growth. If you can just dig into sort of the different end markets there and if you're seeing sort of broad-based strength? Or are there any pockets where you still sort of see a recovery where it might be below sort of prepandemic levels? And just curious now that this segment is tracking more than 25% of your revenue mix on a more consistent basis, is there any change in thinking relative to sort of acquisitions, particularly if it adds exposure to the industrial -- broader industrial market further?

亞當，如果可以的話，我想我想深入研究一下工業領域。我知道你們那裡有一系列不同的終端市場，而且你們有強勁的增長。如果您可以深入挖掘那裡的不同終端市場，並且您看到了某種基礎廣泛的優勢？或者是否有任何地方你仍然可以看到復蘇可能低於大流行前的水平？現在只是好奇，這個部門在更一致的基礎上跟踪超過 25% 的收入組合，相對於收購的想法是否有任何變化，特別是如果它進一步增加了對工業 - 更廣泛的工業市場的敞口？

Thank you very much, Samik. Look, industrial has been a really strong market for us here for quite some time period. I'm just so proud of our team in industrial. If I look back, I mean, this is, I think, something like our ninth consecutive quarter of double-digit growth in industrial, and that has included some really wonderful acquisitions that we've made, both on interconnect and sensors and antennas. And today, the breadth of where we sell industrial products per se is broader than it's ever been before.

非常感謝你，薩米克。看，工業在相當長的一段時間內對我們來說一直是一個非常強大的市場。我為我們的工業團隊感到非常自豪。如果我回顧過去，我的意思是，我認為這類似於我們連續第九個季度實現兩位數的工業增長，其中包括我們在互連、傳感器和天線方面進行的一些非常出色的收購。而今天，我們銷售工業產品本身的範圍比以往任何時候都更加廣泛。

I mean if you think about where kind of industrial is, it can be everything from a high-speed train to an offshore oil platform to an alternative energy, solar farm or wind mill. It can be in heavy equipment. It can be in building architecture and HVAC systems. It can be sensing for a wide variety of things. I mean, you can imagine where you can put like a sensor and an antenna and a connector to like to check the weather, you can put these things on tall buildings all the way down to tiny bird houses. I mean you name it, there's going to be so many different places where industrial products can go.

我的意思是，如果你考慮一下工業的類型，它可以是從高速火車到海上石油平台，再到替代能源、太陽能農場或風車的一切。它可以在重型設備中。它可以用於建築建築和 HVAC 系統。它可以感知各種各樣的事物。我的意思是，你可以想像你可以把傳感器、天線和連接器放在哪裡來檢查天氣，你可以把這些東西放在高樓上，一直到小鳥屋。我的意思是你的名字，工業產品可以去很多不同的地方。

And all along, what ties them together is this unique, harsh environment packaging of the products, be they interconnect, be they sensors, be they antennas. We think it's a great place to make acquisitions. And the fact that industrial is today something like 26-or-so percent of our sales doesn't at all give us pause because it's also our broadest, most diversified market of all of our end markets in terms of the applications and the variability of those applications. So far from it. I mean, we just completed the acquisition of NPI this last quarter.

一直以來，將它們聯繫在一起的是產品的這種獨特的、惡劣的環境包裝，無論它們是互連的、傳感器還是天線。我們認為這是進行收購的好地方。今天，工業占我們銷售額的 26% 左右這一事實並沒有讓我們停下來，因為就應用和可變性而言，它也是我們所有終端市場中最廣泛、最多樣化的市場。那些應用程序。遠非如此。我的意思是，我們上個季度剛剛完成了對 NPI 的收購。

NPI sells harsh environment, complex interconnect assemblies that are used in a very specific part of the industrial market in particular, which is the semiconductor capital equipment and the test and measurement equipment market. This is a great space to be for the long term. I mean just look at some of the legislative priorities in our country and in many others and the trends for many years into the future, that seems like a very good place to be, but so does electrification of heavy equipment. So does something like alternative energy, and all with that is entailed. And so we're very committed to the industrial market. If we see great acquisitions that come along that expand both our product technology and our position across some of these segments, we're not going to shy away from them.

NPI 銷售惡劣環境、複雜的互連組件，這些組件用於工業市場的特定部分，特別是半導體資本設備和測試和測量設備市場。從長遠來看，這是一個很好的空間。我的意思是看看我們國家和許多其他國家的一些立法優先事項以及未來許多年的趨勢，這似乎是一個非常好的地方，但重型設備的電氣化也是如此。替代能源之類的東西也是如此，所有這些都是必然的。所以我們非常致力於工業市場。如果我們看到偉大的收購同時擴大了我們的產品技術和我們在其中一些領域的地位，我們不會迴避它們。

Our next question is from Luke Junk with Baird.

我們的下一個問題來自 Luke Junk 和 Baird。

Another question, broader business but more of a company-specific standpoint. So although you're not seeing in the business, yet there are, of course, these broader signs of rising economic risks overall, other callers have highlighted. What I'm wondering, Adam, is if you could comment on your conversations with your general managers right now given the backdrop, and specifically, any contingency planning they might be doing at present for their businesses to find growth and protect earnings in what could be a more challenging environment from here? In other words, the brake side of the gas and brake dynamic that you spoke to earlier?

另一個問題，更廣泛的業務，但更多的是公司特定的觀點。因此，儘管您沒有在業務中看到，但當然還有這些更廣泛的整體經濟風險上升的跡象，其他來電者強調了這一點。亞當，我想知道的是，您是否可以在當前背景下評論您與總經理的對話，特別是他們目前可能為他們的業務進行的任何應急計劃，以在可能的情況下實現增長並保護收益從這裡開始更具挑戰性的環境？換句話說，您之前談到的氣體和製動動態的製動方面？

Yes. Well, thank you very much. I mean, look, we have a lot of conversations with our management team, including directly with our general managers and all of the people in the organization. And you can bet, we are always talking about this concept of one foot on the gas and one foot on the brake. I mean even just this morning, we have always a discussion with our whole team at the time of our earnings. That's, by the way, why we do this call in the afternoon. It's because we have all of our management team together a date in the morning, and that's a better time for people around the globe. And you can bet that we're always reinforcing that idea that we have a strong momentum right now. Our customers want a lot of product from us. Let's execute on that. But let's keep the windshield clear so that you see ahead of you if there is a problem. And if a problem comes, I can tell you, nobody is faster to react than the Amphenolian general managers.

是的。好的，謝謝。我的意思是，看，我們與我們的管理團隊進行了很多對話，包括直接與我們的總經理和組織中的所有人員進行對話。您可以打賭，我們一直在談論“一隻腳踩油門，一隻腳踩剎車”的概念。我的意思是，即使就在今天早上，我們總是在收益時與我們的整個團隊進行討論。順便說一下，這就是為什麼我們在下午打這個電話的原因。這是因為我們所有的管理團隊都在早上一起約會，這對全球各地的人們來說是一個更好的時間。你可以打賭，我們一直在強化我們現在擁有強勁勢頭的想法。我們的客戶想要我們的很多產品。讓我們執行它。但是，讓我們保持擋風玻璃清潔，以便您在出現問題時看到前方。如果出現問題，我可以告訴你，沒有人能比 Amphenolian 的總經理做出更快的反應。

I mean, I use this analogy like a racecar. You have a foot on the gas and a foot on the brake and you've got your eyes staring out the windshield just in case something pops along. And when that thing comes, whatever it may be, it's not for us to guess what it is, it's not for us to do something differently because of our guesswork. It's to be ready regardless. And I can tell you that all of our 130 general managers, this is second nature to the Amphenolian culture. And all of them are prepared for whatever may come along.

我的意思是，我用這個比喻就像一輛賽車。你踩油門，踩剎車，你的眼睛盯著擋風玻璃，以防有什麼東西突然出現。當那件事來臨時，無論它是什麼，我們都不能猜測它是什麼，也不能因為我們的猜測而做出不同的事情。無論如何都要做好準備。我可以告訴你，我們所有的 130 名總經理，這是 Amphenolian 文化的第二天性。他們都為可能發生的一切做好了準備。

But at the same time, we are not sitting here saying, hey, the Fed is raising interest rates, the world is going to end. That's just not how we run the company. We don't sit back and just reflect on macro things and just say to them, well, the macro says this, so we better do that. We listen to our customers, and then we take action. And that's what our team is going to do.

但與此同時，我們並沒有坐在這裡說，嘿，美聯儲正在加息，世界即將結束。這不是我們經營公司的方式。我們不會坐下來思考宏觀的事情，只是對他們說，好吧，宏觀是這樣說的，所以我們最好那樣做。我們傾聽客戶的意見，然後採取行動。這就是我們團隊要做的事情。

Our next question comes from Nick Todorov with Longbow Research.

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

And congrats from me as well on the strong results. Adam, a question on bookings and maybe bookings linearity. If I look at your bookings, they're stronger than your peers. I wonder if you can comment if you're seeing broad-based trend or maybe there are certain markets that are driving such a strong bookings at this point? And any color there would be helpful.

我也祝賀我取得了不錯的成績。亞當，關於預訂和預訂線性的問題。如果我查看您的預訂，它們比您的同行強。我想知道您是否可以評論一下您是否看到了廣泛的趨勢，或者目前某些市場正在推動如此強勁的預訂？那裡的任何顏色都會有幫助。

Yes. Well, look, I think our peers are doing very well, too, I think relative to our bookings. Actually, bookings across the quarter were fairly linear. It wasn't that we saw a big spike early and it tailed off later, vice versa. Actually, orders were pretty consistent across the 3 months of the quarter, which was encouraging to see actually. And relative to our end markets and the booking trends of the end markets without going sort of one by one, again, I would say that we had good strength across virtually all of our markets, especially our kind of what I refer to as our longer-cycle markets where we saw still great bookings, military, commercial air, industrial, automotive.

是的。好吧，看，我認為我們的同行也做得很好，我認為相對於我們的預訂。實際上，整個季度的預訂量相當線性。並不是說我們很早就看到了一個大的峰值，然後它就縮小了，反之亦然。實際上，本季度 3 個月的訂單非常一致，這實際上令人鼓舞。相對於我們的終端市場和終端市場的預訂趨勢，我想說的是，我們幾乎在所有市場都擁有良好的實力，尤其是我所說的長期市場-我們看到仍然有大量預訂的周期市場，軍事，商業航空，工業，汽車。

We saw really strong bookings in broadband as well. And I think that's a great reflection of some of the planning of broadband customers right now. We're really working on expanding the capacity and also the breadth of the networks. There's a lot going on around opening up the opportunities in rural America, for example, with broadband access. And our team is really on the front lines of supporting our customers in those initiatives.

我們也看到了非常強勁的寬帶預訂。我認為這很好地反映了目前寬帶客戶的一些規劃。我們真的在努力擴大網絡的容量和廣度。在美國農村開闢機會方面有很多事情要做，例如寬帶接入。我們的團隊確實站在支持我們客戶的這些舉措的第一線。

I think the one market where, again, bookings were still strong but where maybe we started to see towards the end of the quarter a slight moderation is IT datacom. And I talked about that earlier. I think we are seeing some -- maybe in the third quarter, a little bit of digestion of the strong consumption that some of our customers have had there. We hear a little bit about touches of inventory in that space as well, which is not surprising given the extremely strong demand that we've seen in that space, but nothing of any cataclysmic variety here. I mean the IT datacom market remains very, very strong. But as we've said in our guidance, we would anticipate in the third quarter to see a little bit of a moderation there.

我認為，預訂量仍然強勁但我們可能在本季度末開始看到略有放緩的市場是 IT 數據通信。我之前談到了這一點。我認為我們看到了一些 - 也許在第三季度，我們的一些客戶在那裡的強勁消費得到了一點消化。我們也聽到了一些關於該領域庫存的消息，鑑於我們在該領域看到的極其強勁的需求，這並不奇怪，但這裡沒有任何災難性的變化。我的意思是 IT 數據通信市場仍然非常非常強勁。但正如我們在指導中所說，我們預計第三季度會出現一些放緩。

So overall, I think there's really strong bookings. And I got to give a call out to our salespeople around the world, they do the toughest job there is there. And it's just amazing how they continue to support customers and ultimately generate the bookings that we've seen.

所以總的來說，我認為預訂量非常大。我必須打電話給我們在世界各地的銷售人員，他們所做的工作是最艱鉅的。他們如何繼續支持客戶並最終產生我們所看到的預訂，這真是令人驚訝。

Our next question is from Jim Suva with Citigroup.

我們的下一個問題來自花旗集團的 Jim Suva。

Adam, on your prepared comments, you mentioned the auto sector, how it outperformed this quarter, which is great. But then you mentioned that you expect it to decline, I think you said moderately for the Q3 outlook. Has something changed there? Because the supply constraints have kind of been ongoing for a long time and you think that maybe we've stabilized or gotten a little bit better with those. But I'm just kind of wondering about the outperformance was fantastic, but kind of why kind of a little bit of a downtick for the outlook.

亞當，在你準備好的評論中，你提到了汽車行業，它本季度的表現如何，這很棒。但後來你提到你預計它會下降，我認為你對第三季度前景的看法是溫和的。那裡有什麼變化嗎？因為供應限制已經持續了很長時間，你認為我們可能已經穩定下來或者在這些方面變得更好了。但我只是想知道這種出色的表現太棒了，但為什麼前景有點下降。

Well, thanks very much, Jim. I mean one thing I would just clarify, we -- I talked about the fact that we see in the second quarter some moderation on a sequential basis, that would still reflect very strong year-over-year growth in the auto market on a year-over-year basis. I think it'd be still very strong double-digit organic growth at the levels that we've guided to. So I don't think that represents at all a slowdown in our momentum in automotive.

嗯，非常感謝，吉姆。我的意思是我要澄清的一件事，我們 - 我談到了這樣一個事實，即我們在第二季度看到連續放緩，這仍然反映了汽車市場一年內非常強勁的同比增長- 按年計算。我認為在我們指導的水平上，這仍然是非常強勁的兩位數有機增長。因此，我認為這根本不代表我們在汽車領域的發展勢頭放緩。

There's some seasonality sometimes that we'll see in the automotive market. I think there are still supply chain constraints that customers are seeing. I think there were some announcements in recent days from some of the OEMs that I think reflected that. And you add all that together and it ultimately results in the outlook that we have. And if there's better opportunities, you can bet that our team is going to try to exceed that outlook.

有時我們會在汽車市場看到一些季節性因素。我認為客戶仍然看到供應鏈限制。我認為最近幾天一些原始設備製造商的一些公告反映了這一點。你把所有這些加在一起，最終形成了我們所擁有的前景。如果有更好的機會，您可以打賭我們的團隊將努力超越這一前景。

Our next question is from William Stein with Truist Securities.

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

Congrats on the great results and outlook. And I want to address one aspect of the P&L. There was at least one question about it already. But the conversion margins were very strong in the quarter, which is pretty surprising given we'd expect some headwinds from FX and input cost inflation, which continues. And I understand that Amphenol's kind of constantly in the process of responding to these market dynamics. But did the company somehow get more ahead of these changes in the current quarter than it typically does? Or maybe the converse of that is, if you haven't and we see FX and material input costs stabilize, shouldn't we expect a somewhat elevated level of contribution margin in the next couple of quarters?

祝賀偉大的結果和前景。我想談談損益表的一個方面。至少有一個關於它的問題。但本季度的轉換利潤率非常強勁，這非常令人驚訝，因為我們預計外彙和投入成本通脹會帶來一些不利因素，這種情況仍在繼續。我知道安費諾在不斷應對這些市場動態的過程中。但該公司是否在本季度比通常情況下更能提前應對這些變化？或者反過來說，如果你還沒有，而且我們看到外彙和材料投入成本穩定下來，我們難道不應該預計未來幾個季度的邊際貢獻水平會有所提高嗎？

Yes. Thanks, Will. I appreciate the question. Listen, as I mentioned before, we're certainly super proud of the results here in the second quarter in regards to the profitability. In regards to -- I'll parse this question now into a couple of different pieces. In regards to FX, although clearly there's translation impacts on both the top and bottom line in regards to currency, it typically doesn't have a meaningful impact on our margins. So certainly, there could be some small impacts here or there, but nothing that would call out as being a meaningful impact. So I would say, currency hasn't really impacted -- doesn't really impact our conversion as you think about it in any meaningful way.

是的。謝謝，威爾。我很欣賞這個問題。聽著，正如我之前提到的，我們當然對第二季度的盈利能力感到非常自豪。關於——我現在將這個問題解析成幾個不同的部分。關於外匯，雖然很明顯貨幣對頂線和底線都有轉換影響，但它通常不會對我們的利潤率產生有意義的影響。因此，當然，這里或那裡可能會有一些小的影響，但沒有什麼可以稱為有意義的影響。所以我想說，貨幣並沒有真正影響——當你以任何有意義的方式思考它時，它並沒有真正影響我們的轉換。

As it relates to our pricing and input cost inflation, we've been -- we certainly had pressure. Last year, as you remember, Q1 of '21, that was kind of stepped down a bit, certainly a larger negative conversion in the first quarter of '21. And as the year progressed, as we kind of were chasing that with pricing, we were able to neutralize the incremental worsening of the inflationary environment, but I wouldn't tell you that we ever kind of got back to neutral from a Q1 '21 perspective. And I think what we're seeing is that we're seeing in the first half of this year a bit of a catch-up from the first half of last year. And that's why when I said I think that at this point we've been able to kind of offset a meaningful amount of that inflation, I mean a meaningful amount kind of that's happened over the last 12 months.

由於它與我們的定價和投入成本通脹有關，我們一直 - 我們當然有壓力。去年，你還記得，21 年第一季度，這有點下降，肯定是 21 年第一季度更大的負面轉換。隨著時間的推移，隨著我們通過定價來追逐這一點，我們能夠抵消通脹環境的逐步惡化，但我不會告訴你我們曾經從 21 年第一季度回到中性看法。我認為我們看到的是，今年上半年我們看到了去年上半年的一些追趕。這就是為什麼當我說我認為在這一點上我們已經能夠抵消相當數量的通脹，我的意思是在過去 12 個月中發生了相當數量的通脹。

So the conversion, the strong sequential conversion you see here in the second quarter is really kind of catch up, I would say, for pricing -- for inflation that we've seen over the course of the last year, and that will continue to hopefully catch up on as we expect to here in the third quarter. So it's kind of been a journey, and pricing typically is behind cost a bit. And that's what we've seen here into '21 and coming in here into '22. But I think at this point, pricing is starting to catch up to cost, and that's really reflective of the strong conversions that you see.

所以轉換，你在第二季度看到的強勁的連續轉換，我想說，對於定價 - 對於我們在過去一年中看到的通貨膨脹，這將繼續希望能趕上我們在第三季度的預期。所以這是一段旅程，定價通常比成本略低。這就是我們在 21 年和 22 年在這裡看到的。但我認為在這一點上，定價開始趕上成本，這確實反映了您所看到的強大轉換。

Now we're not guiding here in the fourth quarter and full year. I mean we don't know what inflation is going to do and all that. But you can guarantee that our general managers are close to their costs, and they're continuing to have conversations with the customers. And if the environment continues to either level out or, ultimately, the inflation continues to increase, we're going to take the appropriate action, both on the cost and on the top line.

現在我們不在第四季度和全年指導。我的意思是我們不知道通貨膨脹會發生什麼以及所有這些。但是你可以保證我們的總經理接近他們的成本，並且他們正在繼續與客戶進行對話。如果環境繼續趨於平穩，或者最終通脹繼續上升，我們將在成本和收入方面採取適當的行動。

And our next question is from David Kelley with Jefferies.

我們的下一個問題來自 Jefferies 的 David Kelley。

You noted touches of inventory build in IT datacom. Just curious if you're seeing any signs of build in any of the pockets of industrials land. Or is the demand appetite there still strong enough to absorb the incremental order strength you're seeing?

您注意到 IT 數據通信中的庫存構建。只是好奇您是否在工業用地的任何口袋中看到任何建造跡象。還是那裡的需求仍然足夠強勁，足以吸收您所看到的增量訂單強度？

Yes. Thanks very much, David. Honestly, if I look at industrial, it's very hard to get great visibility because the range of customers is just so broad. Where we do have some visibility, and obviously some portion of our industrial business is through distribution. And there, I would tell you that inventory levels are not really excessive. In fact, we've continued to see good strength, good pull-through from our distributors and healthy inventory levels across our distributors who have a little bit higher percent of industrial than they would, for example, of like IT datacom or mobile networks or automotive.

是的。非常感謝，大衛。老實說，如果我看工業，很難獲得很高的知名度，因為客戶範圍太廣了。我們確實有一些知名度，顯然我們工業業務的一部分是通過分銷。在那裡，我會告訴你，庫存水平並沒有真正過高。事實上，我們繼續看到我們的分銷商擁有良好的實力、良好的拉動能力以及我們分銷商的健康庫存水平，這些分銷商的工業百分比略高於 IT 數據通信或移動網絡或汽車。

And so from that perspective, I would say we see it as healthy. But I can't tell you that we have perfect visibility to the thousands and thousands of customers that we ultimately sell to across the industrial market. What we do see in industrial is just really continued strong demand as well as in many pockets, the inability of some of our competitors to satisfy that demand and, thus, our ability to get a little bit more than our fair share of the business.

所以從這個角度來看，我會說我們認為它是健康的。但是我不能告訴你，我們對最終在整個工業市場銷售的成千上萬的客戶有完美的了解。我們在工業領域看到的只是持續強勁的需求以及許多口袋，我們的一些競爭對手無法滿足這種需求，因此，我們有能力獲得比我們公平份額的業務多一點的能力。

And so I think our team working in industrial across all those segments, and we talked about those earlier, I think they've done a great job of executing when demand is really strong, and we continue to do so. And that doesn't really give me a feeling that there is a lot of inventory buildup or excessive inventory buildup given that customers continue to want to take product from us.

因此，我認為我們的團隊在所有這些領域都在工業領域工作，我們之前談到了這些，我認為當需求非常強勁時，他們在執行方面做得很好，我們將繼續這樣做。鑑於客戶繼續想從我們這裡拿走產品，這並沒有真正讓我覺得有很多庫存積累或過多的庫存積累。

What we're always on the lookout for is order cancellations or pushouts and things like this. We just haven't seen that in any real meaningful way, if at all. And so I think right now, we feel very good about the prospects and continued momentum in industrial.

我們一直在尋找的是訂單取消或推出之類的事情。我們只是沒有以任何真正有意義的方式看到這一點，如果有的話。所以我認為現在，我們對工業的前景和持續發展勢頭感覺非常好。

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

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

Adam, you've used the racecar analogy a couple of times and how you keep an ear to the customer to react. So I'm curious if you could just give us a little bit of color about what some of your customers and your industrial, machinery, auto and markets you're saying about the energy issues in Europe. One of the things we've sort of started to hear ironically is that they may try to sort of produce as much as they can or as much as the supply chain will allow them to near term in advance of maybe some potentially larger issues in the winter. Are you seeing any evidence of that? Or what are they telling you?

亞當，您已經多次使用賽車類比，以及您如何傾聽客戶的反應。所以我很好奇你能否就你的一些客戶以及你的工業、機械、汽車和市場對歐洲能源問題的看法給我們一點顏色。具有諷刺意味的是，我們開始聽到的一件事是，他們可能會嘗試盡可能多地生產，或者盡可能多地生產供應鏈將允許他們在短期內提前解決可能出現的一些更大的問題。冬天。你有沒有看到任何證據？或者他們在告訴你什麼？

Yes. Thanks so much, Joe. Look, we're very sensitive to the -- all the geopolitical issues around, that includes the potential energy issues that are coming in Europe. And no doubt about it, we're putting a lot of real-time thought into what that means for ourselves and also what it means for our customers and for the end demand. We have not heard a lot of direct evidence of the behavior that you're talking about.

是的。非常感謝，喬。看，我們對周圍的所有地緣政治問題非常敏感，其中包括歐洲即將到來的潛在能源問題。毫無疑問，我們正在實時思考這對我們自己意味著什麼，以及對我們的客戶和最終需求意味著什麼。我們還沒有聽到很多關於你所說的行為的直接證據。

I mean we've heard people sort of third hand, fourth hand, like you've just said here. But I can't tell you that we've had a big flood of customers coming up and saying, "Hey, we're going to try to produce everything while it's still warm outside." Could that happen? Would it surprise me? I guess it wouldn't totally surprise me. And I think there's going to be a lot of creative efforts that people are going to have to take here as we head into the winter months in Europe to offset what may very well be a very challenging energy availability and cost situation.

我的意思是我們已經聽到了人們的第三手，第四手，就像你剛剛在這裡所說的那樣。但是我不能告訴你，我們已經有大量的客戶過來說，“嘿，我們會盡量在外面還很暖和的時候生產所有東西。”那會發生嗎？會不會讓我吃驚？我想這不會讓我完全驚訝。而且我認為，隨著我們進入歐洲的冬季，人們將不得不在這裡做出很多創造性的努力，以抵消可能非常具有挑戰性的能源供應和成本狀況。

And I know that if I look at what our teams are doing today while it's still hot outside, there's a lot of efforts ongoing to prepare ourselves and to make sure that we are not caught kind of cold, so to speak, this winter in Europe. And that's in Germany, that's in Eastern Europe, that's to some extent in France and, to some extent, in even the U.K., Scandinavia, where maybe there will be availability, but it might be very, very expensive.

而且我知道，如果我看看我們的團隊今天在外面仍然很熱的情況下正在做什麼，那麼我們正在做很多努力來做好準備並確保我們不會感冒，可以這麼說，這個冬天在歐洲.那是在德國，那是在東歐，某種程度上是在法國，在某種程度上，甚至在英國，斯堪的納維亞半島，可能會有可用性，但它可能非常非常昂貴。

And so what are we doing right now? And you can do a lot of things actually, it turns out. Maybe there were some projects that you had to increase insulation and the ceiling of your buildings. Maybe you had some things on the shelf to put in heat exchangers in factories and things like that. Maybe you had already started construction of solar panels on certain rooftops in certain countries. All things that we've been doing and have been doing and maybe would even accelerate a little bit as we come into this year. So there's a whole host of solutions to this. Inside our company, those are going to be very, very site-specific under the purview of our general managers. It's not that we're going to make some big, dramatic kind of corporate decision about how are we going to offset the potential risk of energy availability in Europe. But you can bet that there's a lot of activities going on.

那麼我們現在在做什麼呢？事實證明，你實際上可以做很多事情。也許有些項目您必須增加建築物的絕緣和天花板。也許你在貨架上有一些東西可以放在工廠的熱交換器之類的東西上。也許您已經開始在某些國家的某些屋頂上建造太陽能電池板。我們一直在做和一直在做的所有事情，隨著我們進入今年，甚至可能會加速一點。所以有很多解決方案。在我們公司內部，在我們的總經理的職權範圍內，這些將非常、非常具體。這並不是說我們要就如何抵消歐洲能源供應的潛在風險做出一些重大的、戲劇性的公司決策。但你可以打賭，有很多活動正在進行。

And so I can extrapolate from that, that probably our customers are doing the same. And does that mean putting inventory in place? Or does that mean taking a lot of the steps internally that one can take to insulate oneself literally and metaphorically, from the challenges? I guess that customers are going to be looking at all those options.

所以我可以推斷，我們的客戶可能也在做同樣的事情。這是否意味著庫存到位？或者這是否意味著在內部採取許多步驟，以使自己在字面上和隱喻上與挑戰隔離開來？我猜客戶會關注所有這些選項。

Next question is from Joe Giordano with Cowen.

下一個問題來自 Joe Giordano 和 Cowen。

So I just want to touch again on price. I mean, so you had -- obviously very strong in the quarter, driving the leverage there. And next quarter guide is for down revenues a little bit sequentially but up margins. So I guess that keeps reading out. Just curious as to like the runway of the ability to keep driving price. And if we start seeing orders start to kind of like normalize or maybe directionally moderate a bit, lead times start to normalize, like historically, when you look back, how long have you been able to drive price positive? And like what are the conditions that make that harder to do?

所以我只想再談一下價格。我的意思是，所以你有 - 在本季度顯然非常強勁，推動了那裡的槓桿作用。下一季度的指南是按順序降低收入，但提高利潤率。所以我想這會一直讀下去。只是好奇喜歡跑道的能夠持續推動價格。如果我們開始看到訂單開始有點像正常化，或者可能是方向性溫和一點，交貨時間開始正常化，就像歷史一樣，當你回顧過去時，你能夠推動價格上漲多長時間？像什麼條件使這更難做到？

Joe, look, I think Craig talked a lot about this already. And what I would just add is this, I mean, we are being very thoughtful about pricing with our customers. This is a tough environment for everybody. And our first and foremost thing that we do when there's inflation is we try to offset it with cost. And I mean that's our duty as a partner to our customers around the world. And only one we can't do that do we then have to pass it on in price, and we do that in a very reasonable fashion.

喬，看，我想克雷格已經談了很多了。我要補充的是，我的意思是，我們在與客戶定價時非常周到。這對每個人來說都是一個艱難的環境。當出現通貨膨脹時，我們首先要做的就是嘗試用成本來抵消它。我的意思是，這是我們作為全球客戶合作夥伴的責任。只有我們不能做到這一點，我們必須以價格傳遞它，我們以非常合理的方式做到這一點。

So what the runway, to use your term, is I mean, it just depends on how the environment goes. We're not going to take advantage of our customers. We're not trying -- we're certainly not in the business of doing excessive measures on price. We're strong supporters of our customers, but we're also making sure that we're protecting our company and protecting the company's bottom line and taking reasonable measures, and we'll continue to do that to the extent that that's what the environment requires.

所以，用你的術語來說，跑道是什麼意思，它只取決於環境如何發展。我們不會利用我們的客戶。我們沒有嘗試——我們當然不會對價格採取過度措施。我們是客戶的堅定支持者，但我們也確保我們正在保護我們的公司，保護公司的底線並採取合理的措施，我們將繼續這樣做，直到環境如此需要。

And our last question is from Chris Snyder with UBS.

我們的最後一個問題來自瑞銀的克里斯·斯奈德。

So the business is nearly 50% bigger than it was back in 2019 before the pandemic. Just given the suddenness and magnitude of the acceleration coming out of COVID, has this led to any capacity constraints for you guys as you try to realize all of the demand that is out there in the market?

因此，該業務比大流行前的 2019 年增長了近 50%。考慮到 COVID 加速的突然性和幅度，當你們試圖實現市場上的所有需求時，這是否對你們造成了任何產能限制？

Thanks so much, Chris. And look, it's a great question to squeeze in. I mean you pointed out, I mean we are, over just a very short time period, nearly 50% bigger. And it's just an outstanding testament to the organization that they've been able to flex the company in such a difficult environment. I mean let's not forget, we're 50% bigger, which, in a normal environment, would be a challenge to increase our capacity, to expand our footprint, to hire the people, to put in place whatever equipment is necessary, to do all of that.

非常感謝，克里斯。看，這是一個很好的問題。我的意思是你指出，我的意思是，在很短的時間內，我們的規模擴大了近 50%。這只是對組織的一個傑出證明，他們能夠在如此困難的環境中調整公司。我的意思是讓我們不要忘記，我們的規模擴大了 50%，在正常環境下，這將是增加我們的能力、擴大我們的足跡、僱用人員、安裝任何必要的設備、做所有的。

But to do it in a pandemic, to do it in a supply chain crisis, to do it in an inflationary environment, I think, is just the best testament to the Amphenolian entrepreneurs around the world that have made this company special. So do we see capacity constraints today? I think we've battled through them all. I mean have there been challenges over the course of these couple of years? Like you cannot imagine. I mean, really, like you cannot imagine personal, professional for everybody through the pandemic. I mean it's not for the faint of heart, but it is right down the pipe for what Amphenol general managers do every day.

但我認為，在大流行、供應鏈危機、通貨膨脹的環境中做到這一點，正是對全球 Amphenolian 企業家使這家公司與眾不同的最好證明。那麼我們今天看到產能限制了嗎？我想我們已經戰勝了所有這些。我的意思是這幾年有沒有挑戰？就像你無法想像的那樣。我的意思是，真的，就像你無法想像在大流行期間為每個人提供個人的、專業的一樣。我的意思是，這不適合膽小的人，但對於 Amphenol 總經理每天所做的事情來說，它是正確的。

I mean, every single day, every one of those 130 general managers, they're fighting so many different challenges, so many different barriers that pop in front of them. And they're not bemoaning it. They're not hiring consultants to help them manage it. They're not going to some corporate bureaucracy to sort of find the answer. They're looking at their own window and they're making it happen with their teams. And then when they need help, they come to us. We collaborate across the company. We deal with it. We work the problem.

我的意思是，每一天，這 130 位總經理中的每一位，他們都在與許多不同的挑戰作鬥爭，許多不同的障礙擺在他們面前。他們並沒有哀嘆它。他們沒有聘請顧問來幫助他們管理它。他們不會去一些公司官僚機構尋找答案。他們正在尋找自己的窗口，並且正在與他們的團隊一起實現。然後當他們需要幫助時，他們會來找我們。我們在整個公司進行協作。我們處理它。我們解決問題。

And I think the result speaks, in my mind, for itself. Through those challenges, through all the tribulations here of these recent years to expand the company by 50% -- or close to 50% is something that I think our team is really justified to be proud of. And I appreciate you bringing that up here at the end.

在我看來，結果不言自明。通過這些挑戰，通過這些年來的所有磨難，將公司擴大 50% - 或接近 50%，我認為我們的團隊真的有理由為之感到自豪。我很感謝你在最後提出這個問題。

Well, I think that is our last question. And so with that, I'd really like to wish everybody a great finish to the summer. I hope all of you get a little bit of chance to spend some time with your family and, hopefully, enjoying some of this wonderful weather that we've been having here in Connecticut. And we look forward, Craig and I, to speaking with all of you here in just another 90 days. Thanks so much.

好吧，我認為這是我們的最後一個問題。因此，我真的希望每個人都能在這個夏天完美結束。我希望你們所有人都有一點機會與家人共度時光，並希望能享受我們在康涅狄格州一直擁有的美好天氣。我們期待著，克雷格和我，再過 90 天就可以在這裡與大家交談。非常感謝。

Thanks, everybody. Bye-bye.

謝謝大家。再見。

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

感謝您參加今天的會議，祝您有美好的一天。