安費諾 (APH) 2022 Q3 法說會逐字稿

Hello, and welcome to the third quarter earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, today's conference is being recorded. (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三季度財報電話會議。 （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。

Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our third quarter 2022 conference call. Our third quarter 2020 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 年第三季度電話會議。我們今天上午發布了 2020 年第三季度業績。我將提供一些財務評論，然後亞當將概述業務和當前趨勢，然後我們將回答問題。

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 prior year comparative data discussed during this year -- during this call is on a continuing operations basis.

提醒一下，在電話會議期間，我們可能會參考某些非公認會計準則財務指標並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，今年討論的所有上一年比較數據 - 在本次電話會議期間都是基於持續運營的。

The company closed the third quarter with record sales of $3.29 billion and record GAAP and adjusted diluted EPS of $0.80. Third quarter sales were up 17% in U.S. dollars, 21% in local currencies and 18% organically compared to the third quarter of 2021. Sequentially, sales were up by 5% in U.S. dollars, 7% in local currencies and 6% organically. Adam will comment further on trends by market in a few minutes.

該公司第三季度以創紀錄的 32.9 億美元的銷售額和創紀錄的 GAAP 和調整後的攤薄每股收益 0.80 美元結束。與 2021 年第三季度相比，第三季度以美元計算的銷售額增長了 17%，以當地貨幣計算增長了 21%，有機增長了 18%。隨後，以美元計算的銷售額增長了 5%，以當地貨幣計算增長了 7%，有機增長了 6%。亞當將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were $3.151 billion, resulting in a book-to-bill ratio of 0.96:1. Year-to-date, our book-to-bill remains strong at 1.07:1, and the company continues to have a robust order backlog. GAAP and adjusted operating income were $681 million and $693 million, respectively, in the third quarter of 2022. GAAP and adjusted operating margin were 20.7% and 21%, respectively, in the third quarter.

本季度訂單為 31.51 億美元，訂單出貨比為 0.96:1。年初至今，我們的訂單出貨比保持在 1.07:1 的強勁水平，公司繼續有大量的訂單積壓。 2022 年第三季度，美國通用會計準則和調整後營業收入分別為 6.81 億美元和 6.93 億美元。第三季度，美國通用會計準則和調整後營業利潤率分別為 20.7% 和 21%。

On a GAAP basis, operating margin increased by 40 basis points compared to the third quarter of '21 and was flat sequentially. GAAP operating margin for the third quarter included $12 million of acquisition-related costs. On an adjusted basis, operating margin increased by 70 basis points compared to the third quarter of '21 and 30 basis points sequentially. The year-over-year increase in adjusted operating margin was driven by strong operating leverage on the significantly higher sales volumes as well as the benefit of ongoing pricing actions.

按公認會計原則計算，營業利潤率與 21 年第三季度相比增加了 40 個基點，並且環比持平。第三季度的 GAAP 營業利潤率包括 1200 萬美元的收購相關成本。經調整後，營業利潤率較 21 年第三季度增加 70 個基點，環比增加 30 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強大經營槓桿以及持續定價行動的好處。

On a sequential basis, the increase in operating margin reflected strong operating leverage on the higher sales volumes.

在連續的基礎上，營業利潤率的增加反映了較高銷量的強大經營槓桿。

Given the continuing 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 company's entrepreneurial culture, which continues to foster a high-performance, action-oriented management team.

鑑於持續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，這直接得益於公司的創業文化，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。

Breaking down third quarter results by segment relative to the third quarter of '21. Sales in the Harsh Environment Solutions segment were $794 million and increased by 12% in U.S. dollars and 14% organically and segment operating margins was 26.1%.

相對於 21 年第三季度，按細分市場細分第三季度業績。惡劣環境解決方案部門的銷售額為 7.94 億美元，按美元計算增長 12%，有機增長 14%，部門營業利潤率為 26.1%。

Sales in the Communications Solutions segment were $1.518 billion, an increase by 19% in U.S. dollars and 17% organically. Segment operating margin was 22.5%.

通信解決方案部門的銷售額為 15.18 億美元，按美元計算增長 19%，有機增長 17%。分部營業利潤率為22.5%。

Sales in the Interconnect and Sensor Systems segment were $983 million and increased by 17% in U.S. dollars and 23% organically. Segment operating margin was 18.8%.

互連和傳感器系統部門的銷售額為 9.83 億美元，按美元計算增長了 17%，有機增長了 23%。分部營業利潤率為18.8%。

The company's GAAP effective tax rate for the third quarter was 23.1%, and the adjusted effective tax rate was 24.5%, which compared to 22.2% and 24.5% in the third quarter of '21, respectively.

公司第三季度的 GAAP 有效稅率為 23.1%，調整後的有效稅率為 24.5%，而 21 年第三季度分別為 22.2% 和 24.5%。

GAAP diluted EPS from continuing operations was a record $0.80 in the third quarter, an increase of 19% compared to $0.67 in the prior year period. Adjusted diluted EPS was a record $0.80, an increase of 23% compared to $0.65 in the third quarter of 2021.

GAAP 攤薄後的持續經營每股收益在第三季度達到創紀錄的 0.80 美元，與去年同期的 0.67 美元相比增長了 19%。調整後的稀釋後每股收益為創紀錄的 0.80 美元，與 2021 年第三季度的 0.65 美元相比增長了 23%。

This was an excellent result, especially considering the variety of challenges that the company continues to face during the quarter.

這是一個很好的結果，特別是考慮到公司在本季度繼續面臨的各種挑戰。

Operating cash flow in the third quarter was a record $576 million or 116% of adjusted net income. And net of capital spending, our free cash flow was a record $457 million or 92% of adjusted net income. Given our continued strong top line growth, we are pleased to see cash flow yield remain at these strong levels in the third quarter.

第三季度的經營現金流達到創紀錄的 5.76 億美元，佔調整後淨收入的 116%。扣除資本支出後，我們的自由現金流達到創紀錄的 4.57 億美元，佔調整後淨收入的 92%。鑑於我們持續強勁的收入增長，我們很高興看到第三季度的現金流收益率保持在這些強勁水平。

From a working capital standpoint, days sales outstanding and payable days were 71 and 56 days, respectively, both within our normal range. And despite the continued challenging supply chain environment, our inventory days were 83 days, which came down in the third quarter and were also within our normal range. We are very pleased with our organization's strong management of working capital.

從營運資金的角度來看，未結銷售天數和應付天數分別為 71 天和 56 天，均在我們的正常範圍內。儘管供應鏈環境持續充滿挑戰，但我們的庫存天數為 83 天，在第三季度有所下降，也在我們的正常範圍內。我們對我們組織對營運資金的強大管理感到非常滿意。

As mentioned in today's earnings release, the company's Board of Directors has approved a 5% increase in the company's quarterly dividend to $0.21 from the previous $0.20 per share, effective for payments beginning in January 2023.

正如今天的收益發布中所述，公司董事會已批准將公司的季度股息從之前的每股 0.20 美元增加 5% 至 0.21 美元，從 2023 年 1 月開始支付。

During the quarter, the company repurchased 2.4 million shares of common stock at an average price of approximately $72. When combined with our normal quarterly dividend, total capital returned to shareholders in the third quarter of 2022 was $289 million.

本季度，該公司以約 72 美元的平均價格回購了 240 萬股普通股。加上我們正常的季度股息，2022 年第三季度返還給股東的總資本為 2.89 億美元。

Total debt at September 30 was $4.8 billion, and net debt was $3.5 billion. Total liquidity at the end of the quarter was $3.6 billion, which included a cash, cash and short-term investments on hand of $1.3 billion plus availability under our existing credit facilities.

9 月 30 日的總債務為 48 億美元，淨債務為 35 億美元。本季度末的總流動資金為 36 億美元，其中包括 13 億美元手頭的現金、現金和短期投資，以及我們現有信貸額度下的可用資金。

Third quarter 2022 EBITDA was $806 million, and at the end of the third quarter of '22, our net leverage ratio is 1.1x.

2022 年第三季度 EBITDA 為 8.06 億美元，截至 22 年第三季度末，我們的淨槓桿率為 1.1 倍。

I also wanted to make a few comments on interest expense and currency impacts. Due to the rising interest rate environment, our interest expense has increased primarily as a result of our floating rate commercial paper, which had a balance of $904 million and represented approximately 19% of our total debt outstanding at the end of the quarter.

我還想就利息費用和貨幣影響發表一些評論。由於利率環境上升，我們的利息支出增加主要是由於我們的浮動利率商業票據余額為 9.04 億美元，約佔本季度末未償債務總額的 19%。

Due to the significant increase in interest rates over the last several months, we expect fourth quarter interest expense to be approximately $38 million, which is reflected in our fourth quarter guidance. Based on current debt balances as well as current and near-term projected rate increases, we expect quarterly 2023 interest expense to be approximately $40 million.

由於過去幾個月利率大幅上漲，我們預計第四季度的利息支出約為 3800 萬美元，這反映在我們的第四季度指導中。根據當前的債務餘額以及當前和近期的預計利率增長，我們預計 2023 年季度的利息支出約為 4000 萬美元。

Regarding currency and the significant continued depreciation of the U.S. dollar in the fourth quarter, we expect currency to have a negative sequential sales impact of approximately 1 percentage point and a year-over-year negative impact of 5 percentage points, assuming current rates.

關於貨幣和第四季度美元的持續大幅貶值，假設當前匯率，我們預計貨幣將對連續銷售產生約 1 個百分點的負面影響，同比產生 5 個百分點的負面影響。

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

我現在將把電話轉給亞當，他將對當前的市場趨勢發表一些評論。

Well, thank you very much, Craig, and allow me to extend my welcome to all of you on the phone here today. And I certainly hope that all of you are having an enjoyable fall. Here we are in beautiful Wallingford, Connecticut, with the leaves turning a wonderful autumn hue. I'm going to highlight our third quarter achievements. I'll then spend a little time to discuss the trends and our progress across our served markets. And then finally, I'll comment on our outlook for the fourth quarter and the full year of 2022. And of course, we'll have time for some questions at the end.

好的，非常感謝你，克雷格，今天請允許我通過電話向你們所有人表示歡迎。我當然希望你們所有人都有一個愉快的秋天。在這裡，我們在美麗的康涅狄格州沃靈福德，樹葉變成了美妙的秋天色調。我將重點介紹我們第三季度的成就。然後，我將花一點時間討論我們所服務市場的趨勢和進展。最後，我將評論我們對第四季度和 2022 年全年的展望。當然，最後我們會有時間回答一些問題。

Turning to the third quarter. Our results in the third quarter were much stronger than expected and exceeded the high end of our guidance in sales and adjusted diluted earnings per share. Sales grew a very strong 17% in U.S. dollars and 21% in local currencies, reaching a new record of just under $3.3 billion. On an organic basis, sales increased by 18%, with broad-based growth across most of our served markets as well as contributions from the company's acquisition program.

轉眼到第三季。我們在第三季度的業績遠強於預期，超過了我們在銷售和調整後稀釋每股收益方面的指導上限。銷售額以美元計算增長了 17%，以當地貨幣計算增長了 21%，創下近 33 億美元的新紀錄。在有機基礎上，銷售額增長了 18%，在我們服務的大多數市場以及公司收購計劃的貢獻下實現了廣泛的增長。

The company booked orders of $3.151 billion, representing a book-to-bill, as Craig mentioned, of 0.96:1. I would say that despite this slightly negative book-to-bill, the company's order backlog remains very robust.

正如克雷格所說，該公司訂購了 31.51 億美元的訂單，即帳單比為 0.96:1。我想說的是，儘管訂單出貨量略有下降，但該公司的訂單積壓仍然非常強勁。

We are pleased to deliver strong profitability in the quarter, with adjusted operating margins reaching 21.0%, a 70 basis point increase from prior year and a 30 basis point increase from prior quarter. We achieved these results despite the continued wide range of operational, inflationary and supply chain challenges around the world.

我們很高興在本季度實現強勁的盈利能力，調整後的營業利潤率達到 21.0%，比去年同期增長 70 個基點，比上一季度增長 30 個基點。儘管全球範圍內持續存在廣泛的運營、通貨膨脹和供應鏈挑戰，我們仍取得了這些成果。

Adjusted diluted EPS grew strongly from prior year, increasing by 23% to a new record of $0.80, and just really an excellent reflection of our organization's continued strong execution here in 2022.

調整後的攤薄每股收益較上年強勁增長，增長 23% 至 0.80 美元的新紀錄，這確實很好地反映了我們組織在 2022 年持續強勁的執行力。

Finally, the company generated record operating and free cash flow of $576 million and $457 million, respectively, here in the third quarter. I just want to say how proud I am of our entire organization around the world. Our results this quarter once again reflect the discipline and agility of Amphenol's entrepreneurial team as we continue to perform well amidst what is no doubt a very dynamic and challenging environment.

最後，該公司在第三季度分別創造了創紀錄的 5.76 億美元和 4.57 億美元的運營和自由現金流。我只想說我為我們在世界各地的整個組織感到多麼自豪。我們本季度的業績再次反映了安費諾創業團隊的紀律和敏捷性，因為我們在無疑充滿活力和挑戰性的環境中繼續表現良好。

We're also pleased to announce that we closed the acquisition of Integrated Cable Assembly Holdings, or ICA, in September, based in North America and with annual sales of approximately $90 million. ICA manufactures a broad array of cable assemblies for a diversified range of applications, particularly in the industrial market. This acquisition further expands our offering of high-technology value-added interconnect products in the industrial market.

我們還很高興地宣布，我們於 9 月完成了對位於北美的 Integrated Cable Assembly Holdings (ICA) 的收購，該公司的年銷售額約為 9000 萬美元。 ICA 生產種類繁多的電纜組件，適用於各種應用，尤其是在工業市場。此次收購進一步擴大了我們在工業市場上提供的高科技增值互連產品。

As we welcome this outstanding new team to the company, we remain confident that our acquisition program will continue to create great value for Amphenol. In fact, our ability to identify and execute upon acquisitions and successfully bring these new companies into the Amphenol family remains a core competitive advantage for the company.

當我們歡迎這支優秀的新團隊加入公司時，我們仍然相信我們的收購計劃將繼續為安費諾創造巨大價值。事實上，我們識別和執行收購併成功將這些新公司納入安費諾家族的能力仍然是公司的核心競爭優勢。

Now turning to the trends and our progress across our served markets. I would just comment that we're very pleased that the company's broad and balanced end market diversification continues to create value for Amphenol. Importantly, and I've mentioned this many times before, our diversification mitigates the impact of the volatility of individual end markets, while also exposing us to leading technologies wherever they may arise across the electronics industry. And these are both very important benefits, in particular, in today's dynamic market environment.

現在轉向我們所服務市場的趨勢和進展。我只想評論說，我們很高興公司廣泛而平衡的終端市場多元化繼續為安費諾創造價值。重要的是，我之前已經多次提到這一點，我們的多元化減輕了各個終端市場波動的影響，同時也讓我們接觸到了電子行業可能出現的領先技術。這些都是非常重要的好處，尤其是在當今充滿活力的市場環境中。

I would also just mention that in the third quarter, each of our 8 end markets grew organically and 7 of them in double digits organically.

我還要提一下，在第三季度，我們的 8 個終端市場中的每一個都實現了有機增長，其中 7 個實現了兩位數的有機增長。

So starting with the military market. That market represented 9% of our sales in the third quarter. Sales in this market grew 1% in U.S. dollars and 3% organically, which was a bit lower than our expectation heading into the quarter. On an organic basis, growth in space-related, ground vehicles and avionics applications was offset by moderations of sales of products used in communications, rotorcraft and engine applications. Sequentially, sales declined by just about 1%.

所以從軍用市場開始。該市場占我們第三季度銷售額的 9%。該市場的銷售額以美元計算增長 1%，有機增長 3%，略低於我們進入本季度的預期。在有機基礎上，與空間相關的地面車輛和航空電子應用的增長被通信、旋翼飛機和發動機應用所用產品的銷售放緩所抵消。隨後，銷售額僅下降了約 1%。

As we look into the fourth quarter, we expect a high single-digit sequential sales increase in the military market. And for the full year 2022, we now expect a low single-digit increase in sales from last year's levels. We continue to be very pleased with the strength of the company's broad position in the defense electronics market. As militaries around the world increase their adoption of a wide array of next-generation technologies in the face of what is no question an increasingly volatile geopolitical landscape, our team managing our leading range of interconnect and sensor products continues to position the company strongly for the future.

當我們展望第四季度時，我們預計軍用市場的銷售額將出現高個位數的連續增長。對於 2022 年全年，我們現在預計銷售額將比去年的水平低個位數增長。我們繼續對公司在國防電子市場的廣泛地位感到非常滿意。毫無疑問，隨著世界各地的軍隊越來越多地採用各種下一代技術，以應對日益動蕩的地緣政治格局，我們管理領先的互連和傳感器產品的團隊繼續為公司在未來。

The commercial aerospace market represented 2% of our sales in the quarter. Sales grew a very strong 36% versus prior year and 42% organically, driven by broad-based strength across all aircraft applications. Compared to the second quarter, our sales declined just a slight 1%, which was actually better than our expectation coming into the quarter. As we look to the fourth quarter, we expect a modest decline in sales versus the third quarter levels. But for the full year 2022, we expect sales to increase a very strong 30% compared to prior year.

商業航空市場占我們本季度銷售額的 2%。在所有飛機應用的廣泛實力的推動下，銷售額與去年相比增長了 36%，有機增長了 42%。與第二季度相比，我們的銷售額僅下降了 1%，這實際上好於我們進入該季度的預期。當我們展望第四季度時，我們預計銷售額將與第三季度相比略有下降。但對於 2022 年全年，我們預計銷售額將比上一年增長 30%，非常強勁。

Our team is justifiably proud to have now realized 4 consecutive quarters of strong growth in the commercial air market, a clear sign of their resilience and of the continued recovery in the global air travel industry. Going forward, we look forward to benefiting from the company's strong interconnect and sensor technology positions across a wide array of aircraft platforms and next-generation systems being integrated into those airplanes.

我們的團隊為商業航空市場連續四個季度實現強勁增長而感到自豪，這清楚地表明了他們的韌性以及全球航空旅行業的持續復甦。展望未來，我們期待從公司強大的互連和傳感器技術地位中受益，該公司在廣泛的飛機平台和集成到這些飛機中的下一代系統中處於領先地位。

The industrial market represented 25% of our sales in the third quarter. Sales increased by 11% in U.S. dollars and 13% organically. Our growth was broad-based across most segments of the worldwide industrial market, including battery and heavy electric vehicle, factory automation, alternative energy, heavy equipment, medical, oil and gas, and building automation. Sequentially, our sales actually increased by 2% from the second quarter, which was a bit better than our expectations coming into the quarter.

工業市場占我們第三季度銷售額的 25%。以美元計算的銷售額增長了 11%，有機增長了 13%。我們的增長基礎廣泛，遍及全球工業市場的大部分領域，包括電池和重型電動汽車、工廠自動化、替代能源、重型設備、醫療、石油和天然氣以及樓宇自動化。隨後，我們的銷售額實際上比第二季度增長了 2%，這比我們對本季度的預期要好一些。

Looking to the fourth quarter, we expect a modest sequential sales decline. And for the full year 2022, we expect a mid-teens increase in sales from prior year. Our results in the industrial market this quarter confirm once again that our outstanding global team working in this important market continues to find new opportunities for growth across the many segments of the exciting industrial electronics market.

展望第四季度，我們預計銷售額將出現溫和的連續下滑。對於 2022 年全年，我們預計銷售額將比上年增長十幾倍。我們本季度在工業市場的業績再次證實，我們在這個重要市場工作的傑出全球團隊繼續在激動人心的工業電子市場的許多領域尋找新的增長機會。

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 technology revolutions happening across the industrial market.

我仍然相信，我們通過有機地和通過互補收購擴大我們的高科技互連、天線和傳感器產品的長期戰略，使我們能夠很好地利用整個工業市場發生的許多技術革命。

To that end, the addition of ICA further strengthens our position across a number of exciting segments within this important end market, and we look forward to realizing the benefits of this strategy for many years to come.

為此，ICA 的加入進一步加強了我們在這一重要終端市場中多個令人興奮的細分市場中的地位，我們期待在未來許多年實現這一戰略的好處。

The automotive market represented 20% of our sales in the quarter, and sales in the third quarter grew by a very strong 27% in U.S. dollars and 37% organically, driven by broad-based strength across most automotive applications and particularly strong growth once again in sales to electric and hybrid electric vehicle applications. Sequentially, our sales increased by 4% from the second quarter, which was much better than our expectations.

汽車市場占我們本季度銷售額的 20%，第三季度銷售額以美元計算增長了 27%，有機增長了 37%，這得益於大多數汽車應用領域的廣泛實力，尤其是再次強勁增長銷售電動和混合動力電動汽車應用。隨後，我們的銷售額比第二季度增長了 4%，大大好於我們的預期。

For the fourth quarter, we expect sales to remain roughly at these levels. And for the full year 2022, we expect sales to increase by approximately 20% compared to last year, driven by our expanded position in next-generation electronics and electrical systems being integrated into cars. I remain extremely proud of our team working in the automotive market. They continue to manage well through a challenging overall 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.

對於第四季度，我們預計銷售額將大致保持在這些水平。在 2022 年全年，我們預計銷售額將比去年增長約 20%，這得益於我們在集成到汽車中的下一代電子和電氣系統的地位擴大。我仍然為我們在汽車市場工作的團隊感到非常自豪。他們在充滿挑戰的整體環境中繼續保持良好的管理，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 12% of our sales in the quarter, and our sales to customers in this market increased by 13% in U.S. dollars and 15% organically. And this was driven by strong growth in sales of products incorporated into smartphones, wearables and laptops. Sequentially, our sales increased by a much stronger-than-expected 43%, driven by higher sales across virtually all product categories that we serve. As we have seen periodically in the past, we do believe that some small portion of this robust demand in the third quarter may have been pulled forward from the fourth quarter.

移動設備市場占我們本季度銷售額的 12%，我們在該市場對客戶的銷售額以美元計算增長了 13%，有機增長了 15%。這得益於智能手機、可穿戴設備和筆記本電腦產品銷售的強勁增長。隨後，我們的銷售額增長了 43%，遠高於預期，這得益於我們服務的幾乎所有產品類別的銷售額增長。正如我們過去定期看到的那樣，我們確實認為第三季度強勁的需求中的一小部分可能已從第四季度向前推進。

Accordingly, we expect a low double-digit sequential decline in sales from these strong third quarter levels. For the full year, we anticipate sales to grow modestly from our strong 2021. I'm very proud of our team working in the mobile devices market, as they continue to execute strongly in the face of an ever dynamic demand for our leading array of antennas, interconnect products and mechanisms that are integrated into a wide range of next-generation mobile devices. And no question that this team remains poised as always, to capture any opportunities for incremental sales that may arise here in 2022 or beyond.

因此，我們預計第三季度強勁的銷售額將出現兩位數的連續下降。對於全年，我們預計銷售額將從強勁的 2021 年開始適度增長。我為我們在移動設備市場工作的團隊感到非常自豪，因為面對對我們領先的一系列不斷變化的需求，他們繼續強勁執行集成到各種下一代移動設備中的天線、互連產品和機制。毫無疑問，這個團隊一如既往地做好準備，以抓住 2022 年或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 increased by a strong 19% versus prior year and 15% organically as growth in our sales to mobile service providers was only partially offset by a moderation of sales to equipment manufacturers. On a sequential basis, our sales increased by 9%, which was better than our expectations.

移動網絡市場占我們本季度銷售額的 5%，銷售額與去年同期相比強勁增長 19%，有機增長 15%，因為我們對移動服務提供商的銷售增長僅部分被設備製造商的銷售放緩所抵消.在環比基礎上，我們的銷售額增長了 9%，好於我們的預期。

For the fourth quarter, we expect a low double-digit sequential sales reduction after our very strong third quarter. And for the full year 2022, sales are expected to grow in the high single digits. We're encouraged by our strengthening performance in 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 long-term efforts to expand our position in next-generation 5G equipment in networks around the world.

對於第四季度，我們預計在我們非常強勁的第三季度之後，銷售額將出現兩位數的低位連續下降。而對於 2022 年全年，預計銷售額將以高個位數增長。我們對我們在移動網絡市場的強勁表現感到鼓舞，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長期努力擴大我們在下一代系統中的地位所帶來的好處全球網絡中的 5G 設備。

The information technology and data communications market represented 22% of our sales in the quarter. Sales in the third quarter rose from prior year by 16% in U.S. dollars and 11% organically. This was driven by increased demand for products in servers and networking applications, and that was only partially offset by some declines in storage-related products. Sequentially, our sales did decline by 3%, albeit better than our expectation coming into the quarter. We believe that this begins to reflect some of the expected inventory corrections that we've discussed in the past by our IT datacom customers.

信息技術和數據通信市場占我們本季度銷售額的 22%。第三季度以美元計算的銷售額比去年同期增長了 16%，有機增長了 11%。這是由於對服務器和網絡應用產品的需求增加，而這部分被存儲相關產品的一些下降所抵消。隨後，我們的銷售額確實下降了 3%，儘管好於我們進入本季度的預期。我們認為，這開始反映我們過去 IT 數據通信客戶討論過的一些預期庫存修正。

As we look towards the fourth quarter, we expect a low double-digit decline in sales from these third quarter levels as customers continue to moderate their demand and adjust their inventory levels. For the full year 2022, however, we expect very strong high-teens sales growth compared to prior year. We remain encouraged by the company's outstanding position in the global IT datacom market. Our team has done just an outstanding job developing leading high-speed power and fiber optic interconnect products that are enabling our OEM and web service provider customers, who continue to drive their equipment and networks towards ever higher levels of performance. We look forward to realizing the benefits of that leading position in this important market for many years to come.

當我們展望第四季度時，我們預計隨著客戶繼續緩和他們的需求並調整他們的庫存水平，第三季度的銷售額將出現兩位數的低位下降。然而，對於 2022 年全年，我們預計與去年相比，青少年銷售增長非常強勁。我們仍然對該公司在全球 IT 數據通信市場的傑出地位感到鼓舞。我們的團隊在開發領先的高速電源和光纖互連產品方面做得非常出色，這些產品使我們的 OEM 和網絡服務提供商客戶能夠繼續推動他們的設備和網絡達到更高的性能水平。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。

And finally, the broadband market represented 5% of our sales in the third quarter. Sales in this market increased by a very robust 65% in U.S. dollars and 46% organic, as we experienced strong demand from cable operators for a wide range of our products. On a sequential basis, sales increased by 2%, which was better than our expectation coming into the third quarter.

最後，寬帶市場占我們第三季度銷售額的 5%。由於有線電視運營商對我們各種產品的強勁需求，該市場的銷售額以美元計算增長了 65%，有機銷售額增長了 46%。銷售額環比增長 2%，好於我們進入第三季度的預期。

Looking towards the fourth quarter, we expect sales to increase moderately from these strong third quarter levels. And for the full year 2022, we expect sales to increase by more than 50% from prior year, and that includes both robust organic growth as well as the benefit of acquisitions. We look forward to continuing to support our broadband service provider customers around the world with our expanded range of high-technology products. These products have become even more critical as our customers increase the bandwidth and capacity of their networks to support the expansion of high-speed data applications to homes and businesses. And this is in certain cases, and furtherance of government-funded programs to expand broadband.

展望第四季度，我們預計銷售額將從第三季度強勁的水平溫和增長。對於 2022 年全年，我們預計銷售額將比上年增長 50% 以上，這包括強勁的有機增長以及收購帶來的好處。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，這些產品變得更加重要。在某些情況下，這是政府資助的擴大寬帶計劃的推進。

Now turning to our outlook. There is no doubt that the current economic environment remains highly uncertain and increasingly dynamic. Assuming market conditions do not meaningfully worsen and also assuming constant exchange rates, for the fourth quarter, we expect sales in the range of $3.09 billion to $3.15 billion, and adjusted diluted earnings per share in the range of $0.73 to $0.75. This would represent sales growth of 2% to 4% and adjusted diluted EPS growth of 4% to 7% versus the fourth quarter of 2021.

現在轉向我們的前景。毫無疑問，當前的經濟環境仍然高度不確定且日益活躍。假設市場狀況沒有明顯惡化，並且假設匯率不變，我們預計第四季度的銷售額在 30.9 億美元至 31.5 億美元之間，調整後的攤薄每股收益在 0.73 美元至 0.75 美元之間。與 2021 年第四季度相比，這意味著銷售額增長 2% 至 4%，調整後的攤薄後每股收益增長 4% 至 7%。

Our fourth quarter guidance represents also an expectation for full year sales of $12.474 billion to $12.534 billion and full year adjusted diluted EPS of $2.95 to $2.97. This outlook would represent full year sales and adjusted EPS growth of 15% and 19% to 20%, respectively.

我們第四季度的指導也代表了全年銷售額為 124.74 億美元至 125.34 億美元和全年調整後攤薄每股收益為 2.95 美元至 2.97 美元的預期。這一前景將分別代表全年銷售額和調整後每股收益增長 15% 和 19% 至 20%。

I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges in the current dynamic environment, and to continue to grow our market position while driving strong profitability. In addition, I just have to say that the entire Amphenol team around the world remains committed to delivering long-term sustainable value. And I would be remiss, if I did not take this opportunity here to thank each and every one of our Amphenolian team members around the world for their truly outstanding efforts here in the third quarter.

我仍然相信我們優秀的管理團隊有能力適應當前動態環境中的許多機遇和挑戰，並在推動強勁盈利能力的同時繼續提升我們的市場地位。此外，我只想說，全球的整個 Amphenol 團隊仍然致力於提供長期可持續的價值。如果我不藉此機會在這裡感謝我們在世界各地的每一位 Amphenolian 團隊成員在第三季度在這裡所做的真正傑出的努力，我將是失職的。

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

有了這個，接線員，我們很樂意回答任何問題。

(Operator Instructions) Our first question is from Mark Delaney with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Mark Delaney。

In terms of the comments about a more challenging and dynamic environment that the company is expecting, is that more observing that there's the potential for business conditions to deteriorate given macroeconomic factors or is that consistent with the recent moderation in incoming orders that Amphenol has already seen in the third quarter and perhaps has continued or even accelerated in the fourth quarter to date?

關於公司預期的更具挑戰性和動態的環境的評論，更多的是觀察到鑑於宏觀經濟因素，商業狀況有可能惡化，或者這與安費諾已經看到的近期新訂單放緩一致在第三季度，迄今為止可能在第四季度繼續甚至加速？

Yes. Thanks very much, Mark. Look, I think that we've talked before, first about orders that positive book-to-bills don't always grow to the sky. And so it was not surprising. It wasn't certainly surprising to us that our orders moderated a bit in the quarter, and we had a slightly negative book-to-bill. We still have built tremendous backlog over the recent quarters. At the same time, I think it's fairly clear that we are in a world where, economically, there are more cross currents. And those crosscurrents can always have an impact on markets that we serve.

是的。非常感謝，馬克。聽著，我想我們之前已經談過，首先是關於積極的訂單到賬單並不總是增長到天空的訂單。所以這並不奇怪。我們的訂單在本季度有所放緩，我們的訂單出貨量略有下降，這對我們來說並不奇怪。在最近幾個季度，我們仍然積壓了大量訂單。同時，我認為很明顯，我們所處的世界在經濟上存在更多的交叉流。這些逆流總是會對我們服務的市場產生影響。

And I think some of our customers, in particular, in places like IT datacom, who are a little bit reacting to, as I talked about, the inventory position, that would be an example of a place where maybe customers have put a little more conservatism in their balance sheet. I think we saw also in industrial with our guidance, we've had very, very strong performance in industrial and maybe there's a little bit -- a few signs of some hesitation across a few customers in that area.

我認為我們的一些客戶，特別是在 IT 數據通信等地方，正如我所說的那樣，他們對庫存狀況有一點反應，這將是一個例子，可能客戶已經投入了更多資產負債表中的保守主義。我認為我們在我們的指導下也看到了工業領域，我們在工業領域的表現非常非常強勁，也許有一點——該領域的一些客戶有一些猶豫的跡象。

But it's not like we're seeing anything that anybody else isn't seeing here. We're not projecting anything, but I think the world is volatile. Just look how it's reflected in the interest rate environment, the currency markets that Craig discussed earlier, and as always, in a market like that, it's not our job at Amphenol to try to guess whether there is going to be a recession 1 day or otherwise. But it is our job, and it's our track record to always be prepared regardless.

但這並不是說我們在這裡看到了其他人沒有看到的任何東西。我們沒有預測任何東西，但我認為世界是動蕩的。看看它是如何反映在利率環境中的，克雷格之前討論過的貨幣市場，和往常一樣，在這樣的市場中，我們在 Amphenol 的工作不是試圖猜測是否會在 1 天或否則。但這是我們的工作，我們的記錄就是無論如何都要做好準備。

And I've talked about this in the past. You've heard me say the term that we drive with one foot on the gas and one foot on the brake. And I can tell you, we're driving hard in both respects, doing everything we can to make sure that we're there for our customers, satisfying their demand, and we did that in a big way here in the third quarter, shipping nearly $3.3 billion in sales. But for those areas where we have seen real-time feedback from customers that they may need a little bit less of our product, you can bet that those 130 Amphenol general managers, the ones who may see some softening of demand, that they're rapidly adjusting their resources.

我過去曾談到過這個問題。你聽我說過我們開車時一隻腳踩油門，一隻腳踩剎車。我可以告訴你，我們在這兩個方面都在努力，盡我們所能確保我們為客戶服務，滿足他們的需求，我們在第三季度大舉做到這一點，發貨銷售額近 33 億美元。但是對於那些我們已經看到客戶實時反饋他們可能需要我們的產品少一點的領域，你可以打賭那 130 名 Amphenol 總經理，那些可能會看到需求疲軟的人，他們是迅速調整資源。

They're rapidly taking all the steps that an Amphenolian General Manager does take to be prepared to preserve the company's financial strength in that environment. So we're never going to try to guess when that recession is coming. We'll let lots of people, who are much more experts at that than we are, to do that. But we will always be prepared and there's no question that we are today.

他們正在迅速採取 Amphenolian 總經理所做的所有步驟，以準備在這種環境下保持公司的財務實力。因此，我們永遠不會試圖猜測衰退何時到來。我們會讓很多人，他們在這方面比我們更專家，來做這件事。但我們將永遠做好準備，毫無疑問，我們今天就是這樣。

The next question is from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess, Adam, I had a sort of a similar question, but more relative to your sort of performance here. When I go back and look at the last 4 quarters or so, every time you've reported a revenue number, you've guided sequentially the next quarter to be slightly slower, slightly lower in terms of revenue. And nevertheless, you've sort of executed above that number. And particularly through this year, you've continued to sort of ramp revenue sequentially as well. What's changing now when we look into December, we're seeing a similar trend in terms of you trying to probably bake in some of the macro in terms of the guidance for the December quarter, again, being sequentially lower in terms of revenue than September? But what's changing probably relative to the first 3 quarters of the year when we've seen sort of the execution being very different or maybe the industry conservatism that you baked in hasn't really come through? Maybe help me understand that.

我想，亞當，我有一個類似的問題，但更多的是與你在這裡的表現有關。當我回顧過去 4 個季度左右時，每次您報告收入數字時，您都會按順序引導下個季度稍微慢一點，收入略低一些。儘管如此，你已經執行了超過這個數字。特別是在今年，您的收入也繼續按順序增加。當我們展望 12 月時，現在正在發生什麼變化，我們看到了類似的趨勢，即您試圖在 12 月季度的指導方面考慮一些宏觀因素，再次，在收入方面比 9 月低?但是，與今年前三個季度相比，當我們看到執行方式非常不同時，或者您所堅持的行業保守主義可能還沒有真正實現時，可能會發生什麼變化？也許幫助我理解這一點。

Yes. No, thank you very much, Samik. Listen, we always come out of the corner and we try to give our best estimate of what the next quarter is going to be on behalf of everybody here. And it's a credit to our team that we've been able to outperform that, and you can bet that we're always going to try to outperform that. But it's not -- I mean, we do our best job here of doing that. And we shouldn't -- you shouldn't just say, well, Amphenol is conservative and they're naturally going to beat it.

是的。不，非常感謝，Samik。聽著，我們總是從角落裡出來，我們試圖代表這裡的每個人對下一季度的情況做出最好的估計。這是我們團隊的功勞，我們能夠超越這一點，你可以打賭，我們總是會努力超越這一點。但這不是——我的意思是，我們在這方面做得最好。我們不應該——你不應該只是說，嗯，安費諾是保守的，他們自然會打敗它。

I mean there's no doubt that the world, as we see it from a macro and market standpoint, it is more dynamic. There are pockets -- more pockets of uncertainty. There are macro dynamics that are going on now. But all that being said, the underlying electronics revolution that has for us, always been a great platform for our outperformance. This continues to go unabated. Our position, our technology position continues to be broader than ever before. We've made 20 acquisitions since the beginning of 2019, each of which have added to our company in new capabilities, in new breadth, new access to customers in new geographies.

我的意思是，毫無疑問，從宏觀和市場的角度來看，這個世界更具活力。有口袋——更多的不確定性。現在正在發生宏觀動態。但話雖如此，對我們來說潛在的電子革命始終是我們表現出色的絕佳平台。這種情況繼續有增無減。我們的地位，我們的技術地位繼續比以往任何時候都更廣泛。自 2019 年初以來，我們已經進行了 20 次收購，每一次收購都為我們的公司增加了新的能力、新的廣度，以及在新地區接觸客戶的新渠道。

So our company is well positioned to capitalize if there are opportunities for upside. And we'll certainly seek to take advantage of any of those that do come, but in the context that it is a world today that is clearly more uncertain than it was before. And I don't have to, I think, tell everybody here on the phone that you can get that by looking just at the front page of the Wall Street Journal on a daily basis. Are we always going to try to outperform? We are, but I'm not going to tell you that this quarter is the same as every other quarter, that we're always going to outperform, and we're going to beat our guidance by as much as we did last quarter. We're going to work really hard to do that all the time, and we're going to navigate whatever environment comes our way.

因此，如果有上漲的機會，我們公司就有能力利用。我們當然會尋求利用任何確實到來的人，但在當今世界顯然比以前更加不確定的背景下。而且我認為，我不必通過電話告訴這裡的每個人，您可以通過每天查看華爾街日報的頭版來了解這一點。我們總是要努力超越嗎？我們是，但我不會告訴你本季度與其他季度一樣，我們總是會跑贏大盤，而且我們會像上個季度一樣超出我們的指導。我們將一直非常努力地做到這一點，並且我們將駕馭任何環境。

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。

So margins have realized a pretty nice sequential improvement both over the last 2 quarters. I know at least a part of that is price cost catch-up. What is the expectation on price cost into Q4 and early 2023 to the extent you have visibility on price in the backlog and where inventory costs are running at? And kind of with that, does the guided drop in Q4 operating margins really just reflect the volume deleverage into the fourth quarter?

因此，在過去兩個季度中，利潤率都實現了相當不錯的連續改善。我知道其中至少有一部分是價格成本追趕。如果您了解積壓訂單中的價格以及庫存成本的運行情況，那麼對第四季度和 2023 年初的價格成本有何預期？與此類似，第四季度營業利潤率的指導性下降真的只是反映了第四季度的去槓桿化嗎？

Thanks, Chris. Appreciate the question. No, we're really proud actually of the performance, both obviously here in the second quarter from a profitability, but certainly in the third quarter here, reaching 21%, matching our previous record that we had in the fourth quarter of 2018 and clearly, a very different cost environment. I mean, since the fourth quarter of '18, we've kind of had a pandemic. We've had supply chain challenges. We had a lot of inflation. We had energy costs. I mean you name it. And regardless of all that, I think we've been able to navigate that very well and just capitalize also on the strong demand environment and ultimately, be able to get our margins back up to kind of this level, I think, is just a testament to the overall management team.

謝謝，克里斯。欣賞這個問題。不，我們真的為業績感到自豪，顯然是在第二季度實現盈利，但在第三季度肯定達到了 21%，與我們之前在 2018 年第四季度的記錄相匹配，顯然，一個非常不同的成本環境。我的意思是，自 18 年第四季度以來，我們經歷了一場大流行。我們遇到了供應鏈挑戰。我們經歷了很多通貨膨脹。我們有能源成本。我的意思是你的名字。不管這一切，我認為我們已經能夠很好地駕馭這一點，並利用強勁的需求環境，最終，能夠將我們的利潤率恢復到這個水平，我認為，這只是一個對整個管理團隊的認可。

I would say that as we finished the third quarter, and I kind of say that similarly last quarter, I think we have offset a meaningful amount of kind of this inflation and supply chain-related cost pressures. I -- we certainly -- the management team has done a great job with that in managing kind of all elements of costs while continuing to kind of adjust price commensurate to the cost inflation. When we can't offset these with other actions, clearly, that's our priority to be able to do that within the bounds and the walls of the -- of our facilities, but we can't always do that. So you have to raise prices sometimes to your customers. And I think we've done a good job of all of that.

我想說的是，當我們完成第三季度時，我想說的是，上個季度也是如此，我認為我們已經抵消了相當多的通脹和與供應鏈相關的成本壓力。我——我們當然——管理團隊在管理成本的所有要素方面做得很好，同時繼續調整與成本通脹相稱的價格。當我們不能用其他行動來抵消這些時，很明顯，我們的首要任務是能夠在我們設施的範圍內做到這一點，但我們不能總是這樣做。因此，有時您必須向客戶提高價格。我認為我們在這一切方面都做得很好。

In addition, I would tell you that I'm really proud that our team has continued to manage our cost structure even in these periods of robust growth. As you can see in our operating expenses and others that we've been able to really leverage that as we continue to grow and not necessarily just add resources and add costs with that robust growth. And I think that also puts us in a very strong position regardless of what the demand environment might be, whether it be robust or not robust.

此外，我會告訴您，即使在這些強勁增長時期，我們的團隊仍繼續管理我們的成本結構，我感到非常自豪。正如您在我們的運營費用和其他費用中看到的那樣，隨著我們的持續增長，我們已經能夠真正利用這一點，而不一定只是在強勁增長的情況下增加資源和增加成本。而且我認為這也使我們處於非常有利的位置，無論需求環境如何，無論它是否強勁。

As we look into the fourth quarter, I would say that the incremental or the decrementals that we see kind of coming into the fourth quarter is based on our guidance is generally normal. I'd say it's within the range of our decrementals. It isn't anything more than that. So I wouldn't read anything into kind of those decrementals at all. I think the -- we still expect strong profitability given the revenue levels here in the fourth quarter, which is reflected in our guidance. Obviously, interest expense is having a little bit of pressure from an EPS perspective into the fourth quarter sequentially.

當我們展望第四季度時，我會說我們看到進入第四季度的增量或減量是基於我們的指導通常是正常的。我會說它在我們的遞減範圍內。僅此而已。所以我根本不會把任何東西讀入那些遞減的東西。我認為 - 鑑於第四季度的收入水平，我們仍然預計盈利能力強勁，這反映在我們的指導中。顯然，從每股收益的角度來看，利息支出在連續第四季度面臨一些壓力。

But ultimately, operating margins, I think, continue to be very strong. I'm not going to necessarily kind of guide here to '23 in terms of operating margins, but what I could tell you is I do feel good about, again, as I said before, the overall performance of the team in being able to ultimately drive our incrementals at that 25% plus kind of operating leverage that we talk about and then ultimately, also being able to protect the bottom line, if the case may be that demand does drop in certain areas.

但最終，我認為營業利潤率仍然非常強勁。就營業利潤率而言，我不一定會在這裡指導 23 年，但我可以告訴你的是，正如我之前所說，我確實對團隊的整體表現感覺良好，能夠最終以我們所說的 25% 以上的運營槓桿推動我們的增量，然後最終也能夠保護底線，如果情況可能是某些領域的需求確實下降的話。

And -- but ultimately, I feel pretty good about the profitability and certainly very proud of the team and their ability to achieve these record levels again.

而且 - 但最終，我對盈利能力感到非常滿意，當然也為團隊及其再次達到這些創紀錄水平的能力感到非常自豪。

The next question is from David Kelley with Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

This is Gavin Kennedy on for David Kelley. Your growth in the auto end market continues to be robust. Can you tell us how you're thinking about auto demand in the next 12 months? And are you seeing any signs of customers changing their buying habits? And then any insight into the inventory dynamics here would be great.

這是大衛凱利的加文肯尼迪。您在汽車終端市場的增長繼續強勁。您能告訴我們您如何看待未來 12 個月的汽車需求嗎？您是否看到任何客戶改變購買習慣的跡象？然後對這裡的庫存動態的任何見解都會很棒。

Thanks very much, Gavin. Look, we're really proud of the automotive performance here. I mean, if you just look over several quarters, we've had real strong double-digit organic growth in automotive now for 8 quarters in a row, which is really excellent and clearly outperforming. I think that, as I mentioned in my prepared remarks, we've seen strong growth being driven by, in particular, everything related to electrification, but not exclusively that. We've also seen robust growth and everything related to passenger connectivity, to safety, new electronic systems in cars, all this sort of extraordinary array of content that's being put into this generation and next generation of cars has created a great opportunity for Amphenol. Both together with our interconnect products, our sensors, our antennas and that entire array of what we broadly refer to as interconnect products.

非常感謝，加文。看，我們真的為這裡的汽車性能感到自豪。我的意思是，如果你只看幾個季度，我們已經連續 8 個季度在汽車領域實現了真正強勁的兩位數有機增長，這確實非常出色，而且明顯優於市場。我認為，正如我在準備好的講話中提到的那樣，我們已經看到強勁的增長受到特別是與電氣化相關的所有因素的推動，但不僅限於此。我們還看到了強勁的增長以及與乘客連接、安全、汽車中的新電子系統相關的一切，所有這些被放入這一代和下一代汽車的非凡內容，為安費諾創造了巨大的機會。兩者都與我們的互連產品、傳感器、天線以及我們廣泛稱為互連產品的整個陣列一起。

In terms of the behavior of the customers and the outlook over the next 12 months, I mean it's hard for me to give kind of an outlook for the next 12 months. I think others have a better sense of what -- whatever the industry outlooks will be, what inventories are both at dealerships and in the supply chain. But -- and for us, what's more important is the content that we see with customers, which continues to grow.

就客戶的行為和未來 12 個月的前景而言，我的意思是我很難給出未來 12 個月的前景。我認為其他人對什麼有更好的了解——無論行業前景如何，經銷商和供應鏈中的庫存是多少。但是——對我們來說，更重要的是我們與客戶一起看到的內容，它會繼續增長。

In terms of inventories, I couldn't tell you that we have a perfect sense of what the inventories are with our customers, either at the end customers or at the OEM or in the supply chain. But we haven't seen real indications of abnormalities. And so orders continue to be at a good level. We continue to have strong performance and customers seem to want really a lot of our products as we saw in the third quarter. And as would be implied in our guidance also in the fourth quarter, which would make the full year of 2022 just a really exceptional year in automotive on the back of a year in 2021, which was itself also quite strong.

在庫存方面，我無法告訴您我們對客戶的庫存情況有一個完美的了解，無論是在最終客戶還是在 OEM 或供應鏈中。但我們還沒有看到真正的異常跡象。因此訂單繼續保持在良好的水平。正如我們在第三季度看到的那樣，我們繼續保持強勁的表現，客戶似乎真的很想要我們的很多產品。正如我們在第四季度的指導中所暗示的那樣，這將使 2022 年全年成為汽車行業非常特殊的一年，而 2021 年本身也相當強勁。

The next question is from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I guess maybe my question will be around the calendar '22 performance, the midpoint achieved in December. You would end up being about 15% top line growth, give or take organically. And I think one of the peers, Adam, everyone has a lot of this growth is driven by inventory build that looks like they reverse in a more pronounced manner into '23. I know you don't track this quantitatively, but maybe qualitatively, you can talk about, when you think about the growth you've achieved in '23, how much of that do you think in end market and share gain driven versus inventory build that might start to reverse and if you've seen any of that happen?

我想也許我的問題將圍繞日曆 '22 的表現，即 12 月實現的中點。你最終會獲得大約 15% 的收入增長，有機地給予或接受。而且我認為同行之一，亞當，每個人都有很多這種增長是由庫存構建驅動的，看起來他們以更明顯的方式逆轉到 23 年。我知道你沒有定量地跟踪這一點，但也許定性地，你可以談論，當你考慮到你在 23 年取得的增長時，你認為在終端市場和份額收益驅動與庫存建立之間有多少這可能會開始逆轉，如果你已經看到任何這種情況發生？

Yes. Thanks very much, Amit. Listen, I think we've talked about inventory in the IT datacom market, and that's already having some impact here in the third and the fourth quarter. If I look at the overall interconnect market, taking really broadly our position, I mean, it's clear that we are outperforming and not just outperforming the sort of GDP or end market, but outperforming our peers. And so when you think about the question of inventory, unless you are giving your customers a specific reason, a specific reason to build more inventory of your products then your outperformance should certainly not be a reflection of that inventory.

是的。非常感謝，阿米特。聽著，我認為我們已經討論了 IT 數據通信市場的庫存，這已經在第三和第四季度產生了一些影響。如果我看看整個互連市場，從廣義上看我們的立場，我的意思是，很明顯，我們的表現優於國內生產總值或終端市場，而且優於我們的同行。因此，當您考慮庫存問題時，除非您給客戶一個特定的理由，一個為您的產品建立更多庫存的特定理由，否則您的出色表現當然不應該反映該庫存。

And so I don't know what inventories we have in our -- amongst our customers. We have a sense of it in distribution. And there, I will tell you that it's relatively healthy. Nobody is ringing alarm bells in our distribution channel about inventory levels. But if you look at our outperformance, unless we had created specifically problems that customers were trying to remedy by building buffer stock over problems, that would certainly not be a result of inventory. And I would tell you that over the course of the last 4 quarters, if not more, we have been solving problems for customers, not creating them.

所以我不知道我們的客戶中有哪些庫存。我們在分銷方面有一種感覺。在那裡，我會告訴你，它是相對健康的。沒有人在我們的分銷渠道中敲響關於庫存水平的警鐘。但是，如果你看看我們的出色表現，除非我們製造了客戶試圖通過建立緩衝庫存來解決問題的具體問題，否則這肯定不是庫存的結果。我會告訴你，在過去的四個季度中，如果不是更多的話，我們一直在為客戶解決問題，而不是製造問題。

And so I personally think, in a qualitative fashion, as you said, as the question qualitatively, that it doesn't fit with me that our outperformance would be at all related to an inventory build. Now is the overall market having some piece of inventory build? That may very well be. But I think that when you look at our overall performance at roughly 15%, as you say, organic growth expectation for the year compared to an industry and industry peers, who are quite a bit below that, you would probably come away thinking to quite a bit of that to share gains.

所以我個人認為，從定性的方式，正如你所說的，作為一個定性的問題，我們的出色表現與庫存建設完全不符合我的看法。現在整個市場是否有一些庫存增加？很可能是這樣。但我認為，當你看到我們的整體業績約為 15% 時，正如你所說，與行業和行業同行相比，今年的有機增長預期遠低於該水平，你可能會想一點點分享收益。

But that's not a scientific assessment, because you didn't ask for one, I couldn't give you one. But I think qualitatively, I feel like we've made a lot of progress as a company.

但這不是一個科學的評估，因為你沒有要一個，我不能給你一個。但我認為從質量上講，我覺得我們作為一家公司已經取得了很大的進步。

The next question is from Steven Fox with Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

I had a question on the [auto queue], but I'll save that for off-line. I was wondering if you could talk about the acquisition a little bit more in terms of how it fits in with all the other cable assembly acquisitions you've done. And specifically, this one how you expect to grow it and where the margins are versus where you would like to see them.

我有一個關於 [自動隊列] 的問題，但我會把它留到離線狀態。我想知道您是否可以更多地談論這次收購，以了解它如何與您完成的所有其他電纜組件收購相適應。具體來說，這是您期望如何增長它以及利潤在哪裡與您希望看到的利潤。

Thanks so much, Steve. I'm glad you asked about ICA. It's really a great company. And you mentioned all the cables, some of the acquisitions we've done. I mean, if I think back since 2019, we've done 20 acquisitions since that time. About 5 of those acquisitions were kind of diversified cable assembly acquisitions. I think we've made like 3 sensor acquisitions. We've made 4 fiber optics acquisitions. We've made 6 acquisitions of just connector companies. We've had 1 mil aero value-add company, 1 automotive, and that sort of makes up the 20.

非常感謝，史蒂夫。很高興您詢問了 ICA。這真的是一家很棒的公司。你提到了所有的電纜，我們已經完成的一些收購。我的意思是，如果我回想自 2019 年以來，我們已經完成了 20 次收購。這些收購中約有 5 項是多元化的電纜組件收購。我認為我們已經進行了 3 次傳感器採集。我們進行了 4 次光纖收購。我們已經對連接器公司進行了 6 次收購。我們有 100 萬家航空增值公司，1 家汽車公司，而這構成了 20 家。

And each of those really helps us to broaden our position with customers, expanding our capability and making sure that we can cover every corner of the electronics industry on a worldwide basis. And ICA really goes towards all of those. ICA is a North America-based company, which I think is a very opportune thing right now. They have factories across the U.S. as well as in Mexico, servicing a real diversified range of applications across primarily the industrial market. Everything from electrified industrial vehicles to types of things that are used in factories, factory automation, to instrumentation, and I could go on and on and on because it's a very fragmented and diversified customer base.

每一項都真正幫助我們拓寬了我們在客戶中的地位，擴大了我們的能力，並確保我們能夠覆蓋全球電子行業的每一個角落。 ICA 確實針對所有這些。 ICA 是一家總部位於北美的公司，我認為這是一個非常合適的時機。他們在美國和墨西哥都有工廠，主要服務於工業市場的真正多樣化的應用。從電動工業車輛到工廠使用的各種類型的東西，工廠自動化，儀器儀表，我可以繼續說下去，因為它是一個非常分散和多樣化的客戶群。

And what they bring us really is a real local presence close to customers where sometimes value-add interconnect proximity can be a real asset actually. Because if you're in an area where there's a lot of companies building things, designing things, and you can be their sort of neighbor and supporter and partner, that allows you to get in very early in the design cycle. And then if you have the breadth of Amphenol, if you have the access to low-cost manufacturing, low-cost sourcing of Amphenol, all of a sudden, you can turn that early involvement into a perpetuity and a strong long-term partnership.

他們真正為我們帶來的是靠近客戶的真實本地存在，有時增值互連實際上可以成為真正的資產。因為如果你所在的地區有很多公司在建造東西、設計東西，並且你可以成為他們的鄰居、支持者和合作夥伴，那麼你就可以在設計週期的早期介入。然後，如果您擁有 Amphenol 的廣度，如果您能夠獲得 Amphenol 的低成本製造、低成本採購，那麼您就可以將早期的參與轉變為永久和強大的長期合作夥伴關係。

And that's something that we at Amphenol have been very successful in, in the past whenever we bought companies that maybe have a really nice proximity to a certain customer base, but a customer base who themselves is also globalizing.

這就是我們在 Amphenol 非常成功的事情，過去我們收購的公司可能與某個客戶群非常接近，但客戶群本身也在全球化。

Not to mention the last thing, I'll say about ICA is, it's just great people. I mean, our company is made up of individuals, general managers around the world, who are entrepreneurs. And every time we bring in a company like an ICA, I'm just really amazed by the strength and the character and the entrepreneurship of the individuals that have joined as part of Amphenol. And I think at ICA, that's certainly the case. And we look forward to growing with customers where they're a little stronger than we were, to bring them into new customers, to helping them on connector technology, where we have a lot more to offer to give them a more total solution to customers and on and on.

更不用說最後一件事了，關於 ICA，我要說的是，它只是很棒的人。我的意思是，我們公司由世界各地的個人、總經理組成，他們都是企業家。每次我們引入像 ICA 這樣的公司時，我都對作為 Amphenol 成員加入的個人的實力、性格和創業精神感到非常驚訝。我認為在 ICA，情況確實如此。我們期待與比我們更強大的客戶一起成長，將他們帶入新客戶，在連接器技術方面幫助他們，我們可以提供更多，為他們提供更全面的客戶解決方案不斷地。

I mean there's so many levers of value that you have in these acquisitions, and we fully intend to take advantage of as many of them as possible with the team at ICA.

我的意思是，您在這些收購中擁有如此多的價值槓桿，我們完全打算與 ICA 的團隊一起盡可能多地利用它們。

The next question is from Luke Junk with Baird.

下一個問題來自 Luke Junk 和 Baird。

Maybe a bit of a bigger picture structural question. Adam, just wondering, is there anything inherent in the new segment structure of the company that could help with the margin? I'm thinking versus past cycles. If we do, in fact, go into a broader macro downturn, especially anything anecdotally, I think it would be helpful to illustrate the dynamic. I'm thinking enabling shared resources, identifying growth opportunities or things similar to that.

也許是一個更大的結構問題。亞當只是想知道，公司新的部門結構中是否有任何固有的東西可以幫助提高利潤率？我在考慮與過去的周期。事實上，如果我們確實進入了更廣泛的宏觀經濟衰退，尤其是任何軼事，我認為說明這種動態會很有幫助。我正在考慮啟用共享資源，確定增長機會或類似的事情。

Well, thanks so much, Luke. Look, I talked about this early in the year when we announced the evolution of our organization into the 3 divisions, which are now our reportable segments with 3 division presidents. And for us, it's all about the scalability of that unique entrepreneurial culture of Amphenol, whereby today, we have 130 general managers around the world.

好吧，非常感謝，盧克。看，我在今年早些時候宣布將我們的組織發展為 3 個部門時談到了這一點，這些部門現在是我們的可報告部門，有 3 名部門總裁。對我們來說，這完全取決於 Amphenol 獨特的企業文化的可擴展性，今天，我們在全球擁有 130 名總經理。

And what's really important in times of crisis, and also in good times, by the way, is those 130, they don't just operate in a vacuum. They don't -- yes, every day, you have a general manager, who's running his or her business, reacting in real time to what customers are telling them, reacting in real time to what's happening in the environment, whether it be the supply chain or how technology is evolving or whatever. But also, they're working closely with our group general managers, who -- now we have 12 of those group general managers, who then work today with those division presidents to make sure that we're stimulating collaboration in real time, to make sure that we're sharing best practices and information in real time, to make sure that we're cooperating with customers in real time, to bring to those customers the full suite of products.

順便說一句，在危機時期和順境時期，真正重要的是這 130 個人，它們不只是在真空中運作。他們沒有——是的，每天，你都有一個總經理，他或她經營著他或她的業務，實時響應客戶告訴他們的內容，實時響應環境中發生的事情，無論是供應鍊或技術如何發展或其他。而且，他們正在與我們的集團總經理密切合作，現在我們有 12 位集團總經理，他們今天與這些部門總裁合作，以確保我們能夠實時促進合作，使確保我們實時分享最佳實踐和信息，確保我們與客戶實時合作，為這些客戶提供全套產品。

So in a time like this, the fact that now instead of just having 1 CEO doing that last year, that today, we have 3 division presidents, who are doing that on a much more active basis. They have 3x as much time in their day by definition, as I have in my day, it means that we can have an even richer real-time reactivity to changes and dynamics that come in the marketplace. And that means opportunities, our ability to capitalize on them, our ability to migrate resources quickly towards those opportunities. It also means when there are challenges, how do we quickly react? How do we give support to those who sometimes have to do really tough things. Cutting cost is not a hard thing. It requires an enormous amount of moral support and time and discussion.

因此，在這樣的時代，事實上，現在不是去年只有一位 CEO 這樣做，而是今天，我們有 3 位部門總裁，他們正在更加積極地這樣做。根據定義，他們一天中的時間是我一天中的 3 倍，這意味著我們可以對市場上的變化和動態有更豐富的實時反應。這意味著機會，我們利用它們的能力，我們將資源快速遷移到這些機會的能力。這也意味著當有挑戰時，我們如何快速反應？我們如何為那些有時不得不做非常艱難的事情的人提供支持。削減成本並不是一件難事。它需要大量的道義支持、時間和討論。

And that kind of iteration and that interaction is just much more rich today with our 3 divisions than it was when it was just me with the 7 groups that we had going into the end of this year. And so it's part of scaling the company, which has always been, as you know, one of my greatest priorities is to preserve the culture of Amphenol and to ensure its scalability. Well, part of that scalability is making sure that when the next downturn comes along, we're just as prepared for it, and we have just the same ability to react positively as we've done in the past.

這種迭代和這種互動在今天與我們的 3 個部門相比，比在今年年底只有我和 7 個小組時更加豐富。因此，這是擴大公司規模的一部分，正如你所知，我的首要任務之一是保持 Amphenol 的文化並確保其可擴展性。嗯，這種可擴展性的一部分是確保當下一次低迷到來時，我們已經為它做好了準備，並且我們擁有與過去一樣的積極反應能力。

And I think we've demonstrated for more than 2 decades that in difficult times, Amphenolians rise to the occasion immediately and deliver superior results. Whether that was in the bursting of the Internet bubble 20 years ago plus, whether that was in the global financial crisis, whether that was during the pandemic. In each of those times, the fact that our margins were down by just 300 basis points was a distinct and clear reflection of that culture, manifesting itself in that reactivity.

而且我認為我們已經證明了 2 多年以來，在困難時期，Amphenolians 會立即迎難而上並提供卓越的成果。無論是在 20 年前的互聯網泡沫破滅時，還是在全球金融危機期間，還是在大流行期間。在每個時期，我們的利潤率僅下降 300 個基點這一事實清楚而清晰地反映了這種文化，體現在這種反應性中。

And so the perpetuation of that culture, the scaling of that culture is really what this is all about. And so no doubt about it. I think in the big picture, that new divisions that -- those segments, as we talk about them publicly, that will clearly support the company to continue to do what we've always been known for.

所以這種文化的延續，這種文化的規模化才是這一切的真正意義所在。所以毫無疑問。我認為從大局來看，新的部門——這些部門，正如我們公開談論的那樣，將明確支持公司繼續做我們一直為人所知的事情。

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。

I was wondering, Adam, if you could elaborate maybe a little bit on the pull forward comment you made on mobile devices. You had expected, obviously, to grow sequentially at a much slower rate. You did report very strong sequential growth. Maybe talk about the cadence of orders and why do you think that happened in the quarter? And if I could, if you could just maybe give us some sense of what you're seeing in China since you have such a good view into the region? If you'd characterize it maybe as things being stable or getting worse or getting better, that would be great.

我想知道，亞當，您能否詳細說明一下您在移動設備上所做的前瞻評論。顯然，您曾預期會以慢得多的速度連續增長。你確實報告了非常強勁的連續增長。也許談談訂單的節奏，您認為為什麼會在本季度發生這種情況？如果可以的話，如果你能給我們一些關於你在中國看到的東西的感覺，因為你對這個地區有這麼好的看法？如果您將其描述為事情穩定或變得更糟或變得更好，那就太好了。

Sure. Thanks so much, Wamsi. Well, it's 2 questions, but I will say they're a little bit related, and let me say why. Look, if you look at our mobile devices market, it's been, as always, one of our most volatile markets. And I think if you go back over the last decade, we've had at least 2 fourth quarters, which were down in the kind of mid- to high teens on a sequential basis. So our outlook for this quarter being down sequentially low double digits, it's not a foreign concept to us that once in a while, you'll have a fourth quarter that will be down.

當然。非常感謝，Wamsi。好吧，這是兩個問題，但我會說它們有點相關，讓我說一下原因。看，如果你看看我們的移動設備市場，它一如既往地是我們最不穩定的市場之一。而且我認為，如果您回顧過去十年，我們至少有兩個第四季度，連續下降到中高青少年。因此，我們對本季度的預期連續下降兩位數，對我們來說，偶爾會有第四季度下降對我們來說並不是一個陌生的概念。

I mean what we always think about in mobile device is one sure thing, and that's in a market where there are very few sure things is that the second half typically is quite significantly above the first half. And here, our guidance would imply that in the second half, we're still up north of 30% in the second half compared to the first half.

我的意思是，我們在移動設備中一直在考慮的是一件確定的事情，而在一個幾乎沒有確定事情的市場中，下半年通常明顯高於上半年。在這裡，我們的指導暗示，在下半年，與上半年相比，我們在下半年仍高出 30% 以上。

So very robust and relatively normal kind of feel between the first and the second semester of 2022. I did mention that the -- we saw -- at the end of the quarter, really, a very strong demand in mobile devices pulls from customers. And why was that? You could come up with a number of different theories. I mean my own theory is that if you think about mobile devices, which are still today primarily manufactured in China, there was not only just holidays in China, but there were some other events going on over the last -- over the first few weeks of October in China.

在 2022 年第一學期和第二學期之間，這種感覺非常強勁且相對正常。我確實提到——我們看到——在本季度末，確實，客戶對移動設備的需求非常強勁。那是為什麼？你可以提出許多不同的理論。我的意思是我自己的理論是，如果您考慮移動設備，今天仍然主要在中國製造，不僅在中國有假期，而且在過去的前幾週還發生了一些其他事件十月在中國。

And it wouldn't surprise me if maybe some customers were preparing for both those holidays as well as the various political meetings that happened in the country, and that may have led to a little bit of pull forward, as I alluded to, and that is also reflected in this guidance. I mean, look, relative to China, I think it's a tale of 2 cities here. One is, if you read the papers and if you watch everything, obviously, at the highest levels of the government, there's a lot of tension.

如果一些客戶正在為那些假期以及在該國發生的各種政治會議做準備，我也不會感到驚訝，這可能會導致一些進展，正如我所暗示的那樣，而且也體現在本指南中。我的意思是，看，相對於中國，我認為這是一個關於這裡的兩個城市的故事。一是，如果您閱讀報紙並觀看所有內容，顯然，在政府的最高級別，會有很多緊張局勢。

And you would be blind not to recognize that there's a lot of political tension. There's various policies being enacted by the U.S. and there's various things that are happening in China that are all interpreted in that way, that there is some tension. At the same time, on the street, on the ground, it is pretty stable and kind of business as usual. We haven't seen funny things happening that 1 would sort of fear over the last few years. Our operations are running really great, and we continue to make great progress with local customers who need our technologies.

你會盲目地不認識到存在很多政治緊張局勢。美國正在製定各種政策，中國正在發生的各種事情都是這樣解釋的，有些緊張。與此同時，在街上，在地面上，它非常穩定，像往常一樣。在過去的幾年裡，我們還沒有看到讓 1 有點害怕的有趣事情發生。我們的業務運行得非常好，我們繼續與需要我們技術的本地客戶取得巨大進展。

And I think it comes back to something I've talked about in the past, which is that we operate globally as a local company everywhere that we operate. If you think about it, we're in 40 or more countries around the world. And each of our operations of those countries is run by general managers, who are from that place. And they run their business as if it was a local business, albeit with the backdrop, the support, the resources and the capabilities and the breadth of a global Amphenol. And nowhere is that more true than in China, where our entrepreneurial management team there has just done a phenomenal, phenomenal job of making sure that customers know that they get local support, from local teams, local engineers, local quality engineers. This is not ex patriots.

而且我認為這又回到了我過去談到的一些事情上，那就是我們在全球範圍內作為一家本地公司在我們經營的任何地方開展業務。如果您考慮一下，我們在全球 40 個或更多國家/地區開展業務。我們在這些國家的每一項業務都是由來自那個地方的總經理管理的。他們經營自己的業務，就好像它是一家本地企業一樣，儘管擁有全球 Amphenol 的背景、支持、資源和能力以及廣度。沒有什麼比在中國更真實的了，我們在中國的創業管理團隊剛剛完成了一項了不起的工作，確保客戶知道他們得到了當地團隊、當地工程師、當地質量工程師的支持。這不是前愛國者。

This is not us taking American technology and porting it over there to support. It is all locally developed and locally supported. And thus, in their times of need, our customers come to us when we can solve their problems. And that's what they do the world over. And so while the headlines in the papers are what they are, I can tell you that on the ground, our team continues to operate very effectively and successfully across China.

這不是我們採用美國技術並將其移植到那裡來支持。它都是本地開發和本地支持的。因此，在他們需要的時候，當我們能夠解決他們的問題時，我們的客戶就會來找我們。這就是他們在世界各地所做的事情。因此，儘管報紙上的頭條新聞就是這樣，但我可以告訴你，在實地，我們的團隊在中國繼續非常有效和成功地運作。

The one last thing I'll say, I'm sure in your question about China is embedded a question maybe about how COVID is going there. I'm just so proud of how our team has navigated the restrictions that were associated with 0 COVID over the course of this year. Those were much more acute towards the end of the first quarter and into the second quarter, in particular in Shanghai, where our teams did a fabulous job. But there are still occasionally some little restrictions that are popping up. And our team has a fabulous playbook for it.

我要說的最後一件事，我敢肯定，在你關於中國的問題中，嵌入了一個問題，也許是關於 COVID 如何去那裡的問題。我為我們的團隊在今年的過程中如何克服與 0 COVID 相關的限制感到非常自豪。第一季度末和第二季度的情況更加嚴重，特別是在上海，我們的團隊做得非常出色。但是仍然偶爾會出現一些小限制。我們的團隊有一本很棒的劇本。

And we don't have all our eggs in 1 basket anywhere in the world, and that includes in China. And so we have a very diversified and broad set of facilities around the country, such that we're not susceptible to a total impact if 1 place has a shutdown or another.

而且我們在世界任何地方都沒有將所有雞蛋放在一個籃子裡，包括在中國。因此，我們在全國擁有非常多樣化和廣泛的設施，因此如果一個地方關閉或其他地方，我們不會受到全面影響。

So I would say it's very stable. I certainly hope that the world's governments can all get along. That's something that I personally hope for all of our sake, but for Amphenol's position in China, we remain very robust, and we're very confident of the future.

所以我會說它非常穩定。我當然希望世界各國政府都能和睦相處。這是我個人為我們所有人而希望的事情，但對於安費諾在中國的地位，我們仍然非常穩健，我們對未來充滿信心。

The next question is from Jim Suva with Citigroup.

下一個問題來自花旗集團的 Jim Suva。

I have a question about strategy for either Adam or Craig. With interest rates higher and Craig gave some good details about interest expense that we should model for Q4 and going forward. I didn't know if that included an additional Fed raise next month or not. But the bigger strategy question is, does this make it, so your use of capital you are looking to pay down debt a little bit more or higher returns on capital versus how you look at M&A or stock buybacks a little more, you start to balance things a little bit differently with higher interest rates, but just let us know about strategically if it impacts things at all in your decision tree.

我對亞當或克雷格的策略有疑問。隨著利率上升，克雷格提供了一些關於利息費用的詳細信息，我們應該為第四季度和未來建模。我不知道這是否包括下個月美聯儲的額外加息。但更大的戰略問題是，這是否成功，所以你使用資本來償還債務多一點或更高的資本回報與你如何看待併購或股票回購多一點，你開始平衡利率較高時情況會有所不同，但如果它對您的決策樹中的事物產生影響，請從戰略上告訴我們。

Thanks, Jim. Yes, I would say that our overall kind of capital deployment strategy, we certainly have talked about many times in the past. And certainly, over the last number of years, it's been in the lower interest rate environment, but we've had a similar capital deployment strategy over many different interest rate environments over the years. And it really has been consistent, and it's really resulted in what believed to be a great return of investment to our shareholders.

謝謝，吉姆。是的，我會說我們的整體資本部署策略，我們過去當然已經談過很多次了。當然，在過去的幾年裡，它一直處於較低的利率環境中，但多年來我們在許多不同的利率環境中都有類似的資本部署策略。它確實一直是一致的，並且確實為我們的股東帶來了被認為是巨大的投資回報。

And in the strategy, kind of advice tried before has been flexible and how it's executed over time depending on the economic and market conditions is in balanced in regards to ensuring that we're deploying capital towards our M&A strategy, which really we believe provides the best return in our return of capital to shareholders, and that's both our dividend program and the return of repurchase program -- share repurchase program.

在戰略中，以前嘗試過的建議是靈活的，並且在確保我們將資金部署到併購戰略方面，它如何根據經濟和市場條件隨著時間的推移執行是平衡的，我們相信這確實提供了我們對股東的資本回報是最好的回報，這既是我們的股息計劃，也是回購計劃的回報——股票回購計劃。

And I would say, given that kind of strong free cash flow generation that we've had over the years that I can say with confidence is that really the rising interest rate environment really won't impact our overall capital deployment strategy. And I would say in any real meaningful way. I mean we continue to look to deploy that half of our free cash flow towards M&A over time, in that other half towards that return of capital to shareholders. And if opportunities that are more significant in acquisitions, we're certainly going to adjust that towards those acquisitions in a fast and flexible manner.

我想說，鑑於我們多年來產生的那種強勁的自由現金流，我可以自信地說，利率上升的環境真的不會影響我們的整體資本部署戰略。我會以任何真正有意義的方式說。我的意思是，隨著時間的推移，我們將繼續尋求將一半的自由現金流用於併購，另一半用於向股東返還資本。如果收購中的機會更重要，我們肯定會以快速靈活的方式調整這些收購。

And I think that we do generate a lot of free cash flow, and we certainly expect to continue to do so. So I wouldn't say that really the interest rate environment is going to change that. I think debt paydown is certainly something that we would do if some of those other levers just certainly M&A and otherwise, just isn't available to us. And we have been able to kind of maintain and in certain cases, pay down debt over time anyways, even giving all those different actions that we take. So I wouldn't say that the current environment has really changed in the way we think about that.

而且我認為我們確實產生了大量的自由現金流，我們當然希望繼續這樣做。所以我不會說利率環境真的會改變這一點。我認為，如果其他一些槓桿肯定是併購，否則我們肯定無法使用債務償還。無論如何，我們已經能夠維持並在某些情況下隨著時間的推移償還債務，甚至採取了我們採取的所有這些不同的行動。所以我不會說當前的環境真的改變了我們思考的方式。

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, I was wondering if you could comment just broadly given the macro and all this uncertainty, whether you're seeing any widening of the acquisition funnel or maybe any loosening of evaluations as sellers might get more skittish or it does eventually remain to, I guess, the world it was or valuation that was. And if I could sneak in just a quick housekeeping. Would the book-to-bill have still been negative without FX movements?

亞當，我想知道你是否可以在宏觀和所有這些不確定性的情況下廣泛發表評論，無論你是否看到收購漏斗的擴大或評估的鬆動，因為賣家可能會變得更加緊張，或者最終仍然如此，我猜猜，當時的世界或估值。如果我能偷偷做個簡單的家務。如果沒有外匯變動，賬面出貨量仍然會是負數嗎？

Yes. So I think just your little housekeeping question, I think -- I don't think it would have changed the book-to-bill with FX. Look, relative to M&A and the funnel, and we have a great pipeline of acquisitions. As I mentioned, over -- since the beginning of 2019, we've closed 20 deals through quite a cycle, I will say. I mean if you think about the cycle in which we've done that, this has been quite a cycle. And I think the compelling story of joining the Amphenol organization being part of something that is really special is something that we continue to tell the companies around the world, and we continue to find good reception to that.

是的。所以我認為只是你的小家務問題，我認為 - 我認為它不會改變使用 FX 的賬面到賬單。看，相對於併購和漏斗，我們擁有大量的收購渠道。正如我所提到的，自 2019 年初以來，我們已經在相當長的一個週期內完成了 20 筆交易，我會說。我的意思是，如果你考慮一下我們這樣做的周期，這是一個相當大的周期。我認為加入 Amphenol 組織成為真正特別的事情的一部分的引人入勝的故事是我們繼續告訴世界各地的公司的事情，我們繼續得到良好的接受。

Does it become a kind of a buyer's market, for example, are sellers a little more skittish and were willing to sell. I'd be a little careful about in kind of overestimating the impact of the macro on the decision-making of sellers, many of whom are making the 1 decision in their life to do this.

它是否會成為一種買方市場，例如，賣方是否更加膽怯並願意出售。我會有點小心高估宏觀對賣家決策的影響，他們中的許多人正在做出他們一生中的第一個決定來做這件事。

So in my experience, sellers are not kind of looking at what the S&P 500 is doing. They are looking at what the 10-year treasury is doing, they're looking at what FX rates are doing in that moment. When they think about selling, should they sell, should they not sell, and at what value. Can it impact on the margin, the current environment, what others are willing to pay for deals, and we're a very financially strong company. Maybe that could. I would hope that there's good reason among the universe of buyers around valuations.

因此，根據我的經驗，賣家並不是在關注標準普爾 500 指數在做什麼。他們正在關注 10 年期國債在做什麼，他們正在關注當時的外匯匯率在做什麼。當他們考慮出售時，他們應該出售，應該不出售，以及以什麼價值出售。它會影響利潤率、當前環境、其他人願意為交易支付的費用，而且我們是一家財務實力非常強大的公司。也許可以。我希望所有買家都有充分的理由圍繞估值。

But we don't normally see just because macro shifts, a dramatic change in the M&A landscape. We have a fabulous funnel. We have a fabulous track record. We have a fabulous organizational culture that's really attractive to companies. I think all of those things will serve us well and will ensure that over the long term, we'll continue to find great companies, become part of Amphenol.

但我們通常不會僅僅因為宏觀轉變而看到併購格局發生巨大變化。我們有一個很棒的漏斗。我們擁有出色的業績記錄。我們擁有對公司非常有吸引力的極好的組織文化。我認為所有這些都會很好地為我們服務，並將確保從長遠來看，我們將繼續尋找偉大的公司，成為 Amphenol 的一部分。

And I'll continue to be completely unable to predict when that's going to happen. But we're happy to have gotten 1 deal done here this quarter, and I'm confident over the long term we'll have some more.

而且我將繼續完全無法預測何時會發生。但我們很高興本季度在這裡完成了一筆交易，我相信從長遠來看我們還會有更多。

Our next question is from William Stein with Truist.

我們的下一個問題來自 William Stein 和 Truist。

Adam, I don't normally ask about -- I guess it doesn't normally get a ton of attention, the broadband end market, but the growth has been very strong and for a while now. I wonder if you can comment as to longer-term trends here. We've heard some other component suppliers talk about this end market looking strong for more than just a couple of quarters. We hear about cable MSOs and carriers making pretty significant spending commitments. And I wonder if you're seeing that dynamic and whether that's reflected in really substantial backlog there or if that might be overstating things.

亞當，我通常不會問——我想寬帶終端市場通常不會引起太多關注，但增長一直非常強勁，而且已經有一段時間了。我想知道您是否可以在這裡評論長期趨勢。我們聽說其他一些組件供應商談論這個終端市場在幾個季度內看起來很強勁。我們聽說有線電視 MSO 和運營商做出了相當大的支出承諾。我想知道您是否看到了這種動態，以及這是否反映在真正大量的積壓中，或者這是否可能誇大了一些事情。

Yes. Well, thanks for the question. And look, I'm really happy to talk about the broadband market. It's always been a core for Amphenol even if there's been a few challenging years as the sort of operators in broadband were merging and buying each other and waiting for certain technologies to come. And with all that consolidation and the kind of waiting period, there was a relatively flat kind of investment in the broadband market. And what I think we've seen this year with the real spike up of our performance in this space and can only be termed out.

是的。嗯，謝謝你的問題。看，我真的很高興談論寬帶市場。它一直是 Amphenol 的核心，即使有幾年充滿挑戰的寬帶運營商正在合併和相互購買並等待某些技術的到來。由於所有這些整合和等待期，寬帶市場的投資相對平穩。我認為我們今年在這個領域的表現真正飆升，只能說是。

If you look at where we are today on a run rate basis, we're more than 50% higher than we were a year ago. And over the last kind of 3, 4 years, it was running at a relatively stable pace on a quarterly basis, broadband. And now it's at quite a higher level. And I think it's a reflection of really one thing, the extraordinary expansion of data traffic in the world and the necessity of operators to work to support that.

如果你看看我們今天的運行率，我們比一年前高出 50% 以上。在過去的 3、4 年裡，它以相對穩定的速度運行，每季度，寬帶。而現在它處於相當高的水平。我認為這反映了真正的一件事，即全球數據流量的異常擴張以及運營商努力支持這一點的必要性。

I mean, think about all the things that we do on a given day. And there's rarely a minute that goes by where you're not somehow using some data somewhere and creating traffic. I'm going to give a little shout out, because I have a new baby niece, who my little brother had his first child just a few days ago, and I have spent more time on FaceTime, looking at this beautiful young thing, whose name is Chloe. I have spent more time looking at this beautiful thing on real-time video over the last 6 days, then I think I have FaceTimed ever in my life.

我的意思是，想想我們在某一天所做的所有事情。幾乎沒有一分鐘你不以某種方式在某處使用某些數據並創建流量。我要大聲說一下，因為我有一個新的小侄女，我的小弟弟幾天前剛生了第一個孩子，我花了更多的時間在 FaceTime 上，看著這個漂亮的小東西，名字是克洛伊。在過去的 6 天裡，我花了更多時間在實時視頻上觀看這個美麗的東西，然後我想我一生中曾經有過 FaceTimed。

I mean it's extraordinary. And the fact that you can sit in Connecticut and you can look on an iPad, and you can be looking at a baby that was born not very few minutes before that. And you can be experiencing that with the richness. Sure, you're not there, you don't smell the baby. You don't see everything around it. But you can actually see the thing that is there in all of her beauty. I mean, that is a sign to me of a world that demands a lot of broadband.

我的意思是它非同尋常。事實上，你可以坐在康涅狄格州，你可以在 iPad 上看，你可以看到一個在幾分鐘前出生的嬰兒。你可以通過豐富來體驗這一點。當然，你不在那裡，你聞不到嬰兒的味道。你看不到它周圍的一切。但你實際上可以看到她所有美麗中的東西。我的意思是，這對我來說是一個需要大量寬帶的世界的標誌。

And so what is that going to be in the future? Is there some momentum in the spending? I think there is some momentum here. There's also a lot of government funding. Let's not forget, I mean, a lot of this infrastructure bill here in the U.S. and there are other countries doing the same, has focused on the fact that there's a whole subset of the world who doesn't get to do what I just described, because they live in areas that don't have access to rural broadband.

那麼未來會怎樣呢？支出是否有一些動力？我認為這裡有一些動力。還有大量的政府資助。我們不要忘記，我的意思是，美國的很多基礎設施法案以及其他國家也在這樣做，重點關注這樣一個事實，即世界上有一小部分人沒有做我剛才描述的事情，因為他們生活在無法使用農村寬帶的地區。

I mean, broadband is a utility. It's a necessity. It's in many ways a human right. And I think governments of the world have woken up to the fact that if you don't provide that access to people regardless of if they live 10 miles from the nearest paved road in the middle of Kansas or if they live in Manhattan, then you're not really enabling people to live a full life.

我的意思是，寬帶是一種公用事業。這是必需品。這在很多方面都是一項人權。我認為世界各國政府已經意識到，如果你不向人們提供這種訪問權限，無論他們是住在離堪薩斯州中部最近的鋪砌道路 10 英里還是住在曼哈頓，那麼你並沒有真正使人們過上充實的生活。

And that -- we're really proud of what we do in the broadband space. And we've always stuck it out even when the spending wasn't growing. And I'm just so happy for our team and proud of our team that they are there today to enable the growth and the investments that are happening with our customers.

而且——我們真的為我們在寬帶領域所做的事情感到自豪。即使支出沒有增長，我們也總是堅持下去。我為我們的團隊感到高興，也為我們的團隊感到自豪，他們今天的存在是為了實現我們客戶的增長和投資。

Our next question is from Joe Giordano with Cowen.

我們的下一個問題來自 Joe Giordano 和 Cowen。

I know we all appreciate like the beauty of Amphenol is like when one part of your business is doing well. So one part is doing weaker, one is doing stronger and it kind of balances the other out. But if we were to like normalize for the size of the relative end markets you have, is there -- can you kind of like which parts are the -- have the most impact on your margins if you were to normalize for size? Like if there was something to be down, which would be the last one you'd want to be down, if you were to kind of think about it that way?

我知道我們都喜歡 Amphenol 的美麗，就像您的一部分業務做得很好一樣。所以一個部分做得更弱，一個做得更強，它可以平衡另一部分。但是，如果我們要對您擁有的相對終端市場的規模進行標準化，那麼如果您要對規模進行標準化，您是否會喜歡哪些部分對您的利潤率影響最大？就像如果有什麼事情要倒下，那將是你想要倒下的最後一個，如果你這麼想的話？

Joe, thanks for the question. I actually wouldn't really call out any market that really has significantly lower margins. I mean some have lower gross margins, but then lower SG&A, and we talked about the structure being a little bit different depending on the market. But from an operating margin perspective, honestly, I wouldn't say that there's much of a significant difference. I mean, you see that there's some differences in our operations. Our segments have a little bit of a difference. But from a market perspective, I really wouldn't call that out. I mean broadband, which is really some -- it used to be more the cable business, and it really isn't only the cable business anymore, because some of the acquisitions we've done in that space that's really broadened our portfolio out in that market.

喬，謝謝你的問題。實際上，我不會真正指出任何利潤率確實顯著降低的市場。我的意思是有些毛利率較低，但 SG&A 較低，我們談到結構會因市場而有所不同。但老實說，從營業利潤率的角度來看，我不會說有很大的不同。我的意思是，您會看到我們的操作存在一些差異。我們的細分市場略有不同。但從市場的角度來看，我真的不會這麼說。我的意思是寬帶，這確實是一些——它過去更多的是有線電視業務，它不再只是有線電視業務，因為我們在該領域所做的一些收購確實擴大了我們的投資組合那個市場。

And it's actually somewhat of the reason why we've seen some of this big growth historically was lower margin, but I wouldn't even call that out as some of this big growth has been -- having lower margins associated with it. So long-winded answer to your question is, I really wouldn't call out any particular markets.

這實際上是我們在歷史上看到這種大幅增長的部分原因是利潤率較低的原因，但我什至不會說這一點，因為這種大幅增長中的一些 - 與它相關的利潤率較低。對你的問題的冗長回答是，我真的不會提到任何特定的市場。

And our last question comes from Matt Sheerin with Stifel.

我們的最後一個問題來自 Stifel 的 Matt Sheerin。

My final question here is just on the aerospace market, where you've had some nice momentum over the last few quarters, still below where you were pre pandemic, but it looks like you've got really strong backlog. So could you talk about the momentum you're seeing there, Adam, and the content opportunity going forward?

我在這裡的最後一個問題是關於航空航天市場，在過去的幾個季度中，你有一些不錯的勢頭，仍然低於大流行前的水平，但看起來你有非常強大的積壓。那麼你能談談你在那裡看到的勢頭嗎，亞當，以及未來的內容機會？

For sure, Matt, and thanks so much. It's a great last question. Look, I mentioned in my prepared remarks, just how proud I am of our team working in this market. It is not easy. Let me tell you, it is not easy to be servicing a space, an end market and to have that end market drop by as much as it did in the case of broadband. And let alone to do it well, some of your fellow colleagues are in spaces that aren't dropping by that much. So you don't even have the misery less company kind of dynamic.

當然，馬特，非常感謝。這是一個很好的最後一個問題。看，我在準備好的講話中提到，我為我們的團隊在這個市場上工作感到多麼自豪。這不簡單。讓我告訴你，要為一個空間、一個終端市場提供服務，並讓這個終端市場像在寬帶領域那樣下降這麼多，並不容易。更不用說把它做好了，你的一些同事所處的空間並沒有下降那麼多。所以你甚至沒有那種痛苦少公司的動態。

And what is the playbook for Amphenol in times like that. It's not to run and hide, it's not to just cower and sort of drown your sorrows. You take quick action. You make sure that your resources that you have deployed are befitting the demand that you have from your customers. And then you go out and you build new basis of business and you take the opportunity of the crisis. And that's really important that you take the opportunity from that crisis to diversify your business even further, to support the customers who still need you in those difficult times. Because then when it comes back, you have a much broader, more stable, more robust and high potential business to run.

在這樣的時代，安費諾的劇本是什麼。這不是逃跑和躲藏，也不是只是畏縮和淹沒你的悲傷。你迅速採取行動。您確保您部署的資源符合客戶的需求。然後你走出去，建立新的業務基礎，抓住危機的機會。抓住危機中的機會進一步多元化業務，為在困難時期仍然需要您的客戶提供支持，這一點非常重要。因為當它回來時，你有一個更廣泛、更穩定、更強大和高潛力的業務可以運行。

And that's what our team, who works in commercial air has done. And so yes, we're not quite back to the kind of pre-pandemic levels, but the world is also not quite back to pre-pandemic levels. I mean certainly, there's more travel and airports are more crowded here. But Craig and I went to Asia recently and I can tell you, there's a lot less flights crossing the Pacific than they ever were before. So the sort of widebody, long-haul kind of part of the business travel that was a real big driver of aircraft demand, that is still yet to be fully recovered.

這就是我們在商業航空領域工作的團隊所做的。所以是的，我們還沒有完全回到大流行前的水平，但世界也沒有完全回到大流行前的水平。我的意思是當然，這裡有更多的旅行，機場也更擁擠。但克雷格和我最近去了亞洲，我可以告訴你，穿越太平洋的航班比以往任何時候都少。因此，商務旅行中的那種寬體、長途類型是飛機需求的真正重要推動力，但仍未完全恢復。

But our team has just done a fabulous job of being there for our customers, making sure that we have the right resources and using the opportunity of the crisis such that when things do normalize and they're on the path to doing that, we'll be in a better position today than we were prior to the crisis. What we also see in aerospace and one of the areas where I'll tell you our team spends quite a bit of time because they had a little bit of extra time given the downturn with the major traditional jetliner manufacturers, is this whole world of kind of new aviation, electrified aviation, different kinds of small startups all over the place doing really innovative and exciting things.

但是我們的團隊剛剛為我們的客戶做了出色的工作，確保我們擁有正確的資源並利用危機的機會，這樣當事情正常化並且他們正在朝著這樣做的道路上前進時，我們今天將比危機前處於更好的位置。我們在航空航天領域以及我要告訴你的領域之一，我們的團隊花費了很多時間，因為考慮到主要傳統噴氣式客機製造商的低迷，他們有一點額外的時間，這就是整個世界新航空、電氣化航空、各地不同類型的小型初創公司都在做著真正創新和令人興奮的事情。

And our team is working on just dozens and dozens of programs with countless of these companies, large and small, who are trying to really change the face of aviation in a world where everybody wants to reduce the amount of carbon that's being put in the atmosphere. And we have so much going on around Amphenol that's in support of this decarbonization. And I'll tell you that our team in ComAir has really stepped up there and has just a really pervasive presence designing new products that really suit the unique applications of some of these next-generation systems that may eventually make it such that we can get on a plane, and we won't be just belching carbon in the atmosphere as we're moving across the country.

我們的團隊正在與無數大大小小的公司合作開展數十個項目，這些公司正試圖真正改變航空業的面貌，在這個世界上每個人都希望減少大氣中的碳排放量.我們在 Amphenol 周圍開展了很多活動來支持這種脫碳。我會告訴你，我們在 ComAir 的團隊已經真正站到了那裡，並且非常普遍地設計了真正適合這些下一代系統中一些獨特應用的新產品，最終可能使我們能夠獲得在飛機上，當我們穿越全國時，我們不會只是在大氣中噴出碳。

And I personally am really hopeful for that for me and for our next generation. And I'm really proud of what the company is doing in that respect.

我個人對我和我們的下一代都充滿希望。我為公司在這方面所做的事情感到非常自豪。

Thank you. And I'll now turn the call back over to Mr. Norwitt for any closing remarks.

謝謝你。我現在將把電話轉回給 Norwitt 先生，請他發表任何結束語。

Well, operator, thank you so much. And in particular, thank you to everybody who is on the call here today. Thanks for your great questions. And I wish that everybody enjoys a wonderful fall, and we'll be back together with you here in 90 days. And by then, amazingly, it will be 2023. So have a wonderful rest of the year. And we look forward to seeing you all soon. Thanks so much.

好的，接線員，非常感謝。特別要感謝今天在座的各位。謝謝你的好問題。我希望每個人都享受一個美好的秋天，我們將在 90 天后與您一起回到這裡。到那時，令人驚訝的是，這將是 2023 年。所以今年剩下的時間很好。我們期待很快與大家見面。非常感謝。

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。