Belden Inc (BDC) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden report second quarter 2024 results call. Just a reminder, this call is being recorded. At this time you are in a listen only mode. (Operator Instructions) I would now like to turn the call over to Aaron Reddington, Vice President of Investor Relations. Please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加今天上午的百通 2024 年第二季業績電話會議報告。請注意，此通話正在錄音。此時您處於只聽模式。（操作員指示）我現在想將電話轉給投資者關係副總裁 Aaron Reddington。請繼續，先生。

Good morning, everyone, and thank you for joining us for Belden's second quarter 2024 earnings conference call. With me today are Belden's President and CEO, Ashish Chand, and Senior Vice President and CFO, Jeremy Parks. Ashish will provide a strategic overview of our business, and then Jeremy will provide a detailed review of our financial and operating results, followed by Q&A.

大家早安，感謝您參加 Belden 2024 年第二季財報電話會議。今天與我在一起的有百通總裁兼執行長 Ashish Chand 和資深副總裁兼財務長 Jeremy Parks。Ashish 將提供我們業務的策略概述，然後 Jeremy 將詳細審查我們的財務和營運業績，然後進行問答。

We issued our earnings release earlier this morning and have prepared a slide presentation that we will reference on this call. The press release, presentation, and transcript of these prepared remarks are currently available online at investor.belden.com.

我們今天早上早些時候發布了收益報告，並準備了幻燈片演示文稿，我們將在本次電話會議上參考。這些準備好的言論的新聞稿、簡報和文字記錄目前可在 Investor.belden.com 上線上取得。

Turning to slide 2 in the presentation. During this call, management will make certain forward-looking statements in reliance upon the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. For more information, please review today's press release and our most recent Annual Report on Form 10-K.

前往簡報中的投影片 2。在本次電話會議中，管理階層將根據 1995 年《私人證券訴訟改革法案》的安全港條款做出某些前瞻性聲明。欲了解更多信息，請查看今天的新聞稿和我們最新的 10-K 表格年度報告。

Additionally, during today's call management will reference adjusted or non-GAAP financial information. In accordance with Regulation G, the appendix to our presentation in the Investor Relations section of our website contains a reconciliation of the most closely associated GAAP financial information to the non-GAAP financial information we communicate.

此外，在今天的電話會議中，管理階層將參考調整後的或非公認會計原則的財務資訊。根據 G 條例，我們網站投資者關係部分的簡報的附錄包含最密切相關的 GAAP 財務資訊與我們傳達的非 GAAP 財務資訊的調整表。

I will now turn the call over to our President and CEO, Ashish Chand.

我現在將把電話轉給我們的總裁兼執行長 Ashish Chand。

Thank you, Aaron, and good morning, everyone. We really appreciate you joining us today. Let's turn to slide 4 for a summary of the major accomplishments we achieved in the second quarter and key messages I would like to highlight. As a reminder, I will be referring to adjusted results today.

謝謝你，亞倫，大家早安。我們非常感謝您今天加入我們。讓我們轉向投影片 4，總結我們在第二季取得的主要成就以及我想強調的關鍵訊息。提醒一下，我今天將提到調整後的結果。

First, let me start by congratulating our team on another solid quarter in light of this dynamic environment. Inventory destocking continues in our markets; however, our performance was stable. For the second quarter, our revenue and EPS both exceeded the high end of our guidance as our solutions transformation continues to push forward. Revenue totaled $604 million and EPS came in at $1.51.

首先，讓我先祝賀我們的團隊在這個充滿活力的環境中又取得了一個穩定的季度業績。我們的市場繼續去庫存；然而，我們的表現很穩定。隨著我們的解決方案轉型繼續推進，第二季的營收和每股盈餘都超過了我們指引的上限。總收入為 6.04 億美元，每股收益為 1.51 美元。

Second, I am pleased to report steady demand for the quarter, similar to what we saw in the prior period. Orders in the second quarter were up 9%sequentially, marking the third consecutive quarter of orders growth. We ended the quarter with a book-to-bill of 1.0 times, up from 0.9 during the same period last year. Our markets continue to experience headwinds, and I am encouraged to see steady execution resulting in performance exceeding our expectations.

其次，我很高興地報告本季需求穩定，與我們上一時期看到的情況類似。第二季訂單較上季成長9%，連續第三個季度成長。本季末，我們的訂單出貨比為 1.0 倍，高於去年同期的 0.9 倍。我們的市場繼續遭遇逆風，我很高興看到穩定的執行導致業績超出我們的預期。

Finally, our business continues to generate meaningful cash flow, and we are deploying capital consistent with our capital allocation priorities. Trailing 12 month free cash flow was strong at $234 million, roughly in line with recent performance. With our ample free cash flow, our team continues to reinvest in high-return opportunities beneficial to shareholders.

最後，我們的業務繼續產生有意義的現金流，並且我們正在根據我們的資本配置優先事項部署資本。過去 12 個月的自由現金流強勁，達到 2.34 億美元，與近期表現大致一致。憑藉著充足的自由現金流，我們的團隊繼續對股東有利的高回報機會進行再投資。

As we announced previously, we closed the acquisition of Precision Optical Technologies during the quarter, providing new product capabilities to further enhance our solution opportunities in the broadband market. Post transaction completion, our proforma leverage remains reasonable at 2.1 times. With ample free cash flow in the second half of the year, we have the opportunity to bring our leverage down closer to our long-term target net leverage ratio of 1.5 times as the year progresses.

正如我們先前宣布的，我們在本季度完成了對 Precision Optical Technologies 的收購，提供新的產品功能，以進一步增強我們在寬頻市場的解決方案機會。交易完成後，我們的備考槓桿率仍維持在 2.1 倍的合理水準。下半年自由現金流充裕，隨著時間的推移，我們有機會將槓桿率降低到接近1.5倍淨槓桿率的長期目標。

Now please turn to slide 5 for a summary of our broadband solutions business after closing the Precision Optical acquisition. Let me take a moment to reiterate why we think the broadband and fiber markets are so attractive. Then, I will highlight some recent initiatives we have taken to strengthen our position in this key vertical. The broadband markets in the US have experienced tremendous growth, with broadband data consumption more than doubling over the past five years.

現在請參閱投影片 5，以了解完成 Precision Optical 收購後我們的寬頻解決方案業務的摘要。讓我花點時間重申為什麼我們認為寬頻和光纖市場如此有吸引力。然後，我將重點介紹我們最近為加強我們在這一關鍵垂直領域的地位而採取的一些舉措。美國的寬頻市場經歷了巨大的成長，過去五年寬頻數據消耗量增加了一倍以上。

Many secular trends are supporting and driving that growth including increased reliance on home network for work and entertainment, advancements in technology to increase both access and speeds, and heightened competition between providers to gain customers and market share for broadband services. These trends are expected to continue, further driving data growth and consequently requiring our customers to make significant capital investments.

許多長期趨勢正在支持和推動這種成長，包括工作和娛樂對家庭網路的依賴增加、提高接觸和速度的技術進步以及提供者之間為贏得客戶和寬頻服務市場份額而加劇的競爭。這些趨勢預計將持續下去，進一步推動數據成長，從而要求我們的客戶進行大量資本投資。

Fortunately for the industry, there are multiple government stimulus programs designed to support the expansion of broadband access. The most meaningful over the next few years is anticipated to be the Broadband Equity, Access, and Deployment or BEAD Program.

對該行業來說幸運的是，政府制定了多項刺激計劃來支持寬頻存取的擴展。預計未來幾年最有意義的是寬頻公平、接入和部署或 BEAD 計劃。

As time passes and allocations are granted, we are learning more and more about the timing of the massive $42.5 billion BEAD funding initiative. Our best estimates now show the majority of that funding hitting the market between 2025 and 2030 with our business squarely positioned to participate in the development. Further, we see similar dynamics playing out in key markets globally, including in Western Europe.

隨著時間的推移和撥款的批准，我們越來越了解 425 億美元 BEAD 大規模融資計畫的時間表。我們目前的最佳估計顯示，大部分資金將在 2025 年至 2030 年間進入市場，而我們的業務完全有能力參與開發。此外，我們看到類似的動態在全球主要市場上演，包括西歐。

Now to share about the steps we have taken to strengthen our Broadband Solutions business and how we are positioned to capitalize on the massive increase in broadband infrastructure spending just over the horizon.

現在，我們將分享我們為加強寬頻解決方案業務所採取的步驟，以及我們如何利用即將到來的寬頻基礎設施支出的大幅成長。

As you recall, we have been on a multi-year path to broaden our fiber portfolio and grow our broadband business. Our focus has been on expanding into high-growth applications in the broadband network through strategic tuck-in acquisitions combined with organic growth initiatives.

正如您所記得的，我們多年來一直在擴大我們的光纖產品組合併發展我們的寬頻業務。我們的重點是透過策略性收購與有機成長計畫結合，擴展到寬頻網路中的高成長應用。

To date, we have acquired several businesses in the broadband market with our most recent acquisitions of Sichert in 2023 and Precision Optical Technologies in the second quarter. These acquisitions helped us build a valuable portfolio of fiber products focused on the last mile of broadband networks and gain share with major MSOs as a trusted partner for their upgrade and expansion plans.

到目前為止，我們已經收購了寬頻市場的多項業務，最近一次是在 2023 年收購了 Sichert，並在第二季度收購了 Precision Optical Technologies。這些收購幫助我們建立了有價值的光纖產品組合，專注於寬頻網路的最後一英里，並作為主要 MSO 升級和擴展計劃的值得信賴的合作夥伴獲得了份額。

Further, we have invested internally in new products and expanded our capacity, most notably with the Fiber Technology Center opened earlier this year in Tucson, Arizona. The new facility serves as a multifunctional hub where we house R&D, manufacturing, and distribution functions focused on advancing our leadership position and improving our optical fiber capabilities.

此外，我們還對新產品進行了內部投資並擴大了產能，最引人注目的是今年稍早在亞利桑那州圖森市開設的纖維技術中心。新工廠是一個多功能中心，我們擁有研發、製造和分銷職能，專注於提升我們的領導地位並提高我們的光纖能力。

Today I am happy to report that our broadband solutions business has grown considerably and our product portfolio is positioned for high growth. On a proforma basis, our broadband solutions business has revenues of approximately $660 million, of which half comes from fiber and fiber-related products.

今天，我很高興地向大家報告，我們的寬頻解決方案業務已大幅成長，我們的產品組合已定位於高速成長。按預計，我們的寬頻解決方案業務收入約為 6.6 億美元，其中一半來自光纖及光纖相關產品。

With our acquisitions and solutions framework, our business is much better positioned to win in the marketplace. As customers seek ways to quickly expand and upgrade their networks supported by massive government stimulus, companies like Belden who can rapidly provide comprehensive solutions will gain market share.

憑藉我們的收購和解決方案框架，我們的業務能夠更好地贏得市場。隨著客戶尋求在政府大規模刺激支持下快速擴展和升級網路的方法，像百通這樣能夠快速提供全面解決方案的公司將獲得市場份額。

I will now request Jeremy to provide additional insight into our second quarter financial performance.

我現在請傑里米提供有關我們第二季度財務業績的更多見解。

Thank you, Ashish. I will start my comments with results for the second quarter, followed by a review of our segments, a discussion of the balance sheet and cash flow and finally, our outlook. As a reminder, I will be referencing adjusted results today.

謝謝你，阿什什。我將從第二季的業績開始我的評論，然後回顧我們的部門，討論資產負債表和現金流，最後是我們的前景。提醒一下，我今天將引用調整後的結果。

Now please turn to slide 6 in our presentation for a review of our results. Second quarter revenue decreased 13% year-over-year and was down 13% organically to $604 million, exceeding the high end of our guidance of $580 million. Orders were up 9% sequentially with sequential growth in both segments. We ended the quarter with a book-to-bill of 1.0 indicating continued stability.

現在請翻到我們簡報中的投影片 6，回顧我們的結果。第二季營收年減 13%，有機下降 13% 至 6.04 億美元，超出了我們指導的上限 5.8 億美元。訂單量較上季成長 9%，兩個領域均較上季成長。本季末，我們的訂單出貨比為 1.0，表示持續穩定。

Compared to the prior year, we experienced softness in both industrial automation solutions, with revenue decreasing 13% organically, and enterprise solutions, with revenue decreasing 14% organically. Gross profit margins were 38.2%, increasing 10 basis points as favorable mix benefits helped to more than offset lower volume.

與前一年相比，我們在工業自動化解決方案和企業解決方案方面都經歷了疲軟，收入有機下降了 13%，企業解決方案收入有機下降了 14%。毛利率為 38.2%，成長了 10 個基點，因為有利的組合效益抵消了銷售下降的影響。

EBITDA came in at $99 million with EBITDA margins down 130 basis points to 16.5%. Decremental margins for the quarter performed as expected in line with our target of 20% to 30%. Net income was $62 million, down from $82 million in the prior-year period. EPS was $1.51, above the high end of our guidance range of $1.40.

EBITDA 為 9,900 萬美元，EBITDA 利潤率下降 130 個基點至 16.5%。本季利潤率下降符合預期，符合我們 20% 至 30% 的目標。淨利潤為 6,200 萬美元，低於去年同期的 8,200 萬美元。每股收益為 1.51 美元，高於我們指導範圍的上限 1.40 美元。

Turning now to slide 7 for a review of our business segment results. For the quarter, performance by segment was aligned with our expectations. Orders grew modestly for the third quarter in a row, in spite of continued slowness in our markets. For the second quarter, revenue in our industrial automation solutions segment was down 12% compared to the prior year. EBITDA margins were 20.3% in the quarter, down from 20.7% in the prior year.

現在轉向投影片 7，回顧我們的業務部門業績。本季，各細分市場的業績符合我們的預期。儘管市場持續放緩，但訂單連續第三季小幅成長。第二季度，我們的工業自動化解決方案部門的營收比去年同期下降了 12%。本季 EBITDA 利潤率為 20.3%，低於去年同期的 20.7%。

Orders in industrial automation were up 6% sequentially, and flat compared to the prior year. For the quarter, we experienced weakness in our discrete end markets, particularly in the EMEA region, where customers continue to manage inventory. For the second quarter, revenue in our enterprise solutions segment was down 13% compared to the prior year. EBITDA margins were 11.6% in the quarter, down from 14.1% in the prior year.

工業自動化訂單季增 6%，與前一年持平。本季度，我們的離散終端市場表現疲軟，特別是在歐洲、中東和非洲地區，客戶仍在持續管理庫存。第二季度，我們的企業解決方案部門的營收比去年同期下降了 13%。本季 EBITDA 利潤率為 11.6%，低於去年同期的 14.1%。

Orders in enterprise solutions were down 6% year-over-year but increased 14% sequentially. As we moved into the seasonally stronger second quarter, broadband solutions orders grew 18% sequentially, with smart buildings up 11%. As expected, we continue to see customers destocking in our markets, however, it’s worth noting the pace of destocking has moderated over the past few quarters.

企業解決方案訂單年減 6%，但較上季成長 14%。隨著進入季節性強勁的第二季度，寬頻解決方案訂單環比增長 18%，其中智慧建築訂單增長 11%。正如預期的那樣，我們繼續看到客戶在我們的市場上減少庫存，但值得注意的是，過去幾季減少庫存的步伐有所放緩。

Next please turn to slide 8 for our balance sheet and cash flow highlights. Our cash and cash equivalents balance at the end of the second quarter was $565 million compared to $597 million in the fourth quarter of 2023. However, please note that the cash consideration for the Precision Optical acquisition was transferred shortly after the quarter closed. On a proforma basis, we ended the quarter with $273 million in cash, net of the payable to sellers of Precision Optical Technologies.

接下來請翻到投影片 8，了解我們的資產負債表和現金流重點。第二季末我們的現金和現金等價物餘額為 5.65 億美元，而 2023 年第四季為 5.97 億美元。但請注意，精密光學收購的現金對價在本季結束後不久就被轉移。從形式上看，本季末我們的現金為 2.73 億美元，扣除應付 Precision Optical Technologies 賣方的款項。

Our financial leverage was 1.5 times net debt to EBITDA at the end of the second quarter. On a proforma basis, net of the payable, we ended the quarter with net leverage of 2.1 times. As we communicated previously, we intend to maintain net leverage of approximately 1.5 times over the long term. As a reminder, we generate the majority of our free cash flow in the second half of the year, which gives us the opportunity to continue to reduce leverage and further deploy capital.

截至第二季末，我們的財務槓桿是淨債務與 EBITDA 的 1.5 倍。從形式來看，扣除應付帳款後，本季末我們的淨槓桿率為 2.1 倍。正如我們之前所傳達的，我們打算長期維持約 1.5 倍的淨槓桿率。提醒一下，我們的大部分自由現金流是在下半年產生的，這使我們有機會繼續降低槓桿並進一步部署資本。

Year-to-date we have deployed approximately $350 million towards M&A and share repurchases. We currently have $115 million remaining on our current repurchase authorization. As a reminder, our next debt maturity is not until 2027, and all of our debt is fixed with rates averaging 3.5%. Through the second quarter, our trailing 12-month free cash flow came in as expected at $234 million roughly in line with previous periods.

今年迄今為止，我們已投入約 3.5 億美元用於併購和股票回購。目前我們的回購授權還剩 1.15 億美元。提醒一下，我們的下一次債務到期要到 2027 年，而且我們所有的債務都是固定的，平均利率為 3.5%。在整個第二季度，我們過去 12 個月的自由現金流符合預期，為 2.34 億美元，與先前時期大致一致。

Please turn to slide 9 for our updated outlook. Order patterns remain steady across our markets as customers navigate this dynamic environment. Relative to the second quarter, end demand is expected to increase modestly with revenues up sequentially. For the third quarter, assuming current market conditions do not deteriorate further, we expect revenues in the range of $635 million to $650 million and adjusted EPS in the range of $1.55 to $1.65.

請參閱投影片 9 以了解我們最新的展望。當客戶在這個動態的環境中航行時，我們整個市場的訂單模式保持穩定。與第二季相比，最終需求預計將小幅成長，營收將環比成長。假設當前市場狀況不會進一步惡化，我們預計第三季營收將在 6.35 億美元至 6.5 億美元之間，調整後每股盈餘將在 1.55 美元至 1.65 美元之間。

That concludes my prepared remarks. I would now like to turn the call back to Ashish.

我準備好的發言就到此結束。我現在想把電話轉回給阿什許。

Thank you, Jeremy. To close, let me reiterate that the second quarter for Belden was once again steady with orders and end demand reflecting stability in our business. As expected, our customers continue to reduce inventory and operate cautiously in this dynamic environment. However, let's pause and reflect on where we stand in this cycle.

謝謝你，傑瑞米。最後，我要重申，百通第二季再次保持穩定，訂單和最終需求反映了我們業務的穩定性。正如預期的那樣，我們的客戶在這種動態環境中繼續減少庫存並謹慎運作。然而，讓我們停下來思考一下我們在這個週期中的位置。

In the third quarter of last year, we saw a sharp decrease in orders from our customers with our orders reaching a post-COVID low. Since then, we have slowly but steadily experienced marginal sequential increases in orders over the past three quarters, resulting in second quarter orders up nearly 20% from our low last year.

去年第三季度，我們的客戶訂單急劇減少，訂單達到疫情後的最低點。從那時起，過去三個季度我們的訂單緩慢但穩定地連續成長，導致第二季訂單比去年的低點增加了近 20%。

Certainly, destocking continues in our markets, but it is safe to say that the magnitude has come down. Over the past two quarters, our book-to-bill has been 1 or higher and I am encouraged by the execution of our team. I believe we have gained market share during this uncertainty thanks to our solutions transformation.

當然，我們市場的去庫存仍在繼續，但可以肯定地說，去庫存的幅度已經下降。在過去的兩個季度中，我們的訂單出貨比一直為 1 或更高，我對我們團隊的執行力感到鼓舞。我相信，由於我們的解決方案轉型，我們在這種不確定性期間獲得了市場份額。

Looking forward to the third quarter, we see continued stability across our businesses as customers remain watchful. Economic indicators such as inflation are encouraging, and manufacturing PMI figures are improving, however, they are not consistently back into expansion territory yet.

展望第三季度，隨著客戶保持警惕，我們的業務將持續穩定。通膨等經濟指標令人鼓舞，製造業採購經理人指數(PMI)數據正在改善，但尚未始終回到擴張區域。

As a short cycle business, our forward view is limited beyond the most current quarter, so it's difficult for us to estimate when these trends will dissipate. What I can say is that our business is positioned well for strong outperformance once we are on the other side of destocking and we will continue to execute in a measured fashion, working to advance solutions and gain share.

作為短週期業務，我們的前瞻性視野僅限於當前季度之後的情況，因此我們很難估計這些趨勢何時會消散。我能說的是，一旦我們進入去庫存的另一邊，我們的業務就將表現強勁，我們將繼續以謹慎的方式執行，努力推進解決方案並獲得份額。

The long-term secular drivers and investment cycles remain intact, and looking forward, we expect to see higher revenue and EPS through the next cycle. Reindustrialization is just beginning, and our products and solutions are aligned with many secular growth drivers.

長期驅動因素和投資週期保持不變，展望未來，我們預計在下一個週期中將看到更高的收入和每股盈餘。再工業化才剛開始，我們的產品和解決方案與許多長期成長動力一致。

We are well-positioned to take advantage of the growth opportunities ahead of us, and our balance sheet is strong to enable our expansion. Our team will continue to execute through this temporary weakness and will look for opportunities to gain share where possible.

我們處於有利位置，可以利用我們面前的成長機會，而且我們的資產負債表強勁，可以實現我們的擴張。我們的團隊將繼續克服這個暫時的弱點，並在可能的情況下尋找機會獲得份額。

I would like to take a moment and recognize the contributions of our associates this past quarter and welcome the Precision Optical team to Belden. I appreciate your efforts and would like to thank you for your support as we continue to transform Belden through a challenging environment.

我想花一點時間來認可我們員工在上個季度所做的貢獻，並歡迎精密光學團隊來到百通。我感謝您的努力，並感謝您在我們繼續在充滿挑戰的環境中改造百通的過程中所給予的支持。

That concludes our prepared remarks. Operator, please open the call to questions.

我們準備好的演講到此結束。接線員，請打開電話提問。

Thank you. (Operator Instructions) William Stein, Truist Securities.

謝謝。（操作員指示）William Stein，Truist 證券公司。

Great. Thanks for taking my questions. First, I wanted to ask about the smart buildings order increase. That was a bit surprising to me, that strength, and perhaps it's just my memory that's fading as to whether that's a normal seasonal dynamic or whether that's -- we should interpret that as a cyclical sort of upturn in demand.

偉大的。感謝您回答我的問題。首先我想問一下智慧建築訂單成長的情況。這對我來說有點令人驚訝，這種力量，也許只是我的記憶正在消失，不知道這是否是正常的季節性動態，或者我們是否應該將其解釋為需求的周期性回升。

Yeah. Well, good morning, Will. I think we expected smart buildings to have a good booking scorer, given all the work that's been initiated on our core verticals that we've talked about. Non-commercial real estate vertical markets that really are seeing activity as part of infrastructure development, that includes healthcare, hospitality, data centers, et cetera.

是的。嗯，早上好，威爾。我認為，考慮到我們已經討論過的在我們的核心垂直領域啟動的所有工作，我們期望智慧建築擁有良好的預訂評分器。非商業房地產垂直市場確實將活動視為基礎設施開發的一部分，其中包括醫療保健、飯店、資料中心等。

So we expected bookings to increase sequentially. Yeah, this is a little better than our expectations. I think part of it is just that our business is gaining share in that whole area because of improving product mix, more fiber, more solutions approach as we go and talk to customers.

因此，我們預計預訂量將持續增加。是的，這比我們的預期要好一點。我認為部分原因是我們的業務在整個領域獲得了份額，因為我們在與客戶交談時改進了產品組合、更多的纖維、更多的解決方案。

We've seen, for example, more customers in our CICs in Q2, talking about more smart buildings type of applications than we've seen previously, right. So if you remember, it's been more industrial in nature, our solutions approach and it's shifting, or it's -- we are adding smart buildings applications to that whole approach. So that's also helped. So yeah, I think it's a mix of all of those things and we feel good that it's going to continue in that same direction.

例如，我們在第二季度的 CIC 中看到了更多的客戶，談論比我們之前看到的更多的智慧建築類型的應用程序，對吧。因此，如果您還記得的話，我們的解決方案方法本質上更加工業化，而且它正在發生變化，或者說我們正在將智慧建築應用程式添加到整個方法中。所以這也有幫助。所以，是的，我認為這是所有這些事情的混合體，我們感覺很好，它將繼續朝著同一方向發展。

This sounds more structural than seasonal. Thank you for that. The next, you sort of touched on it already, but I'm hoping you can update us on traction in the CICs. Maybe you can talk about things like your traffic close rates which have been very strong in the past, pricing strategies that you see there working for you, and that would be really helpful. Thank you.

這聽起來更具結構性而非季節性。謝謝你。接下來，您已經談到了這一點，但我希望您能為我們介紹 CIC 的最新進展。也許你可以談論一些事情，例如過去非常強勁的流量關閉率、你認為對你有用的定價策略，這真的很有幫助。謝謝。

Yeah. So I think we've talked about last year on a full year basis we did about 60 to 65 major validation visits, what we call, proofs of concept visits at our CICs across the world. We also brought on stream more capacity because we inaugurated CICs in Bangalore in India, and in Shanghai. So all of that added up.

是的。所以我想我們已經討論過去年全年的情況，我們在世界各地的 CIC 進行了大約 60 到 65 次主要驗證訪問，我們稱之為概念驗證訪問。由於我們在印度班加羅爾和上海開設了 CIC，因此我們也投入了更多產能。所以所有這些加起來。

And we think we can do something like 250 to 300 real high-quality validation visits. We are tracking somewhere in that, about half of that rate right now, right? So in the first full year of capacity, that's where we are tracking. So it is an increase over what we did last year. I think it's fairly significant.

我們認為我們可以進行 250 到 300 次真正的高品質驗證訪問。我們正在追蹤其中的某個地方，目前大約是該比率的一半，對吧？因此，在容量的第一個全年中，這就是我們正在追蹤的地方。因此，這比我們去年所做的有所增加。我認為這是相當重要的。

Obviously, there is still a little bit of uncertainty, especially in European markets, so we see projects coming in for discussion that are still kind of more long-term. So it does impact close rates as such as we measure for the next 12 months. So I think the pipeline increase is more than the increase in close rates, obviously, that's improving too.

顯然，仍然存在一些不確定性，尤其是在歐洲市場，因此我們看到正在討論的項目仍然是更長期的。因此，它確實會影響我們衡量的未來 12 個月的成交率。因此，我認為管道的增加超過了成交率的增加，顯然，這也在改善。

And then pricing, I think in general, if you see our gross margins have continued to be, as expected, slightly better in spite of volumes being down, that's essentially driven by solutions mix. And so I think while I don't want to call out pricing per se, it's a combination of mix and pricing, but that is obviously working well for us. So overall, I would say that our investments in the CICs have proven to be fairly successful. Our pipeline has expanded a lot. Our close rates are expanding and I think pricing is holding up as expected.

然後是定價，我認為總的來說，如果你看到我們的毛利率繼續像預期的那樣略好，儘管銷量下降，這本質上是由解決方案組合驅動的。因此，我認為雖然我不想提及定價本身，但它是組合和定價的結合，但這顯然對我們來說效果很好。總的來說，我想說，我們對中投公司的投資已被證明是相當成功的。我們的管道已經擴大了很多。我們的收盤價正在擴大，我認為定價也符合預期。

Thank you.

謝謝。

I think the only thing I'll add, Will, is -- and I kind of covered this, but just to reiterate, we are now seeing more CIC visits for our enterprise solutions business, especially on smart buildings than we've seen previously. So I'm just reiterating what I already said a few minutes ago.

威爾，我想我唯一要補充的是——我已經對此進行了介紹，但重申一下，我們現在看到更多的CIC 訪問我們的企業解決方案業務，特別是在智慧建築方面，比我們以前看到的要多。所以我只是重申幾分鐘前說的話。

David Williams, Benchmark.

大衛威廉斯，基準。

I guess first, and forgive me if I missed part of this discussion earlier, but just wondering how you're thinking about the EBITDA contribution as the top-line expands. And I guess if we think about similar revenue levels, should we anticipate similar margin there, or how much expansion could we expect just kind of given the structural changes that you've had in the business?

我想首先，如果我之前錯過了部分討論，請原諒我，但只是想知道隨著營收的擴大，您如何看待 EBITDA 貢獻。我想，如果我們考慮類似的收入水平，我們是否應該預期類似的利潤率，或者考慮到您在業務中發生的結構性變化，我們可以預期有多少擴張？

Yeah. Hey, David, this is Jeremy. So the framework that we've given in the past has been that as we grow organically, we would expect incremental EBITDA margins of about 30% on the incremental revenue. I think that framework still holds going forward. So I would use that as your guideline for modeling.

是的。嘿，大衛，這是傑里米。因此，我們過去給出的框架是，隨著我們的有機成長，我們預計增量 EBITDA 利潤率約為增量收入的 30%。我認為這個框架仍然適用。所以我會用它作為建模指南。

The way that works out, by the way, is from an EBITDA margin expansion standpoint, if you grow mid-single digits, you get maybe 60 basis points of EBITDA margin improvement, I guess, for every mid-single digit growth in revenue.

順便說一句，從 EBITDA 利潤率擴張的角度來看，如果你實現中個位數成長，我猜，收入每成長一個中個位數，你的 EBITDA 利潤率可能會提高 60 個基點。

All right. Perfect. Thanks for the color there. And then maybe just thinking about your bookings velocity, you talked about that being stable through 2Q. But when you think about the July quarter and what you've seen there, are you seeing customers that are still enthusiastic about their orders or maybe incrementally more positive, or are you seeing any caution? We're hearing that there is a bit of caution at least in ordering patterns. I'm just curious if that's what you're seeing as well, or if there's anything, any puts and takes around that bookings? Thank you.

好的。完美的。感謝那裡的顏色。然後也許只是考慮到您的預訂速度，您談到了第二季度的穩定。但是，當您考慮 7 月季度以及您所看到的情況時，您是否看到客戶仍然對他們的訂單充滿熱情，或者可能逐漸變得更加積極，或者您是否看到任何謹慎？我們聽說至少在訂購模式方面需要謹慎。我只是好奇這是否也是您所看到的，或者是否有任何關於該預訂的看跌期權和看跌期權？謝謝。

Yeah. Let me start here with maybe a couple of qualitative remarks, and then Jeremy can add to that. So clearly, there is still -- the destocking has not finished, right? There is still some left. I think we've seen like that point of inflection where things have started becoming incrementally better. And when we talk to customers now, there is more confidence about projects that are planned over the next 6 months to 12 months, there is more discussion about specifics, timelines, et cetera.

是的。讓我先發表一些定性評論，然後傑里米可以補充一下。很明顯，去庫存還沒完成，對嗎？還剩下一些。我認為我們已經看到了事情開始逐漸好轉的轉折點。當我們現在與客戶交談時，他們對未來 6 個月到 12 個月內計劃的項目更有信心，對細節、時間表等進行了更多討論。

So that tells us that at the end user level there is increased confidence, and I think that's especially true in the Americas, right, we are seeing that. I think we continue to see a little bit of that destocking playing out in EMEA, especially in Germany, where it's more OEM machine builder type of markets that focus on exporting that equipment. So there are flavors, but yeah, I think there is still caution. So you're right about that.

這告訴我們，在最終用戶層面，信心有所增強，我認為這在美洲尤其如此，對吧，我們正在看到這一點。我認為我們繼續看到歐洲、中東和非洲地區出現了一些去庫存的情況，尤其是在德國，那裡更多的是 OEM 機器製造商類型的市場，專注於出口設備。所以有一些口味，但是，是的，我認為仍然需要謹慎。所以你是對的。

Yeah. The only thing I would add, David, is that if you look at the guidance sequentially, keep in mind that we have the acquisition of Precision in our third quarter guidance. So the real underlying growth in order rates, I would say, is pretty modest and it's more reflective of continued moderation in destocking versus growth in the underlying economy.

是的。大衛，我唯一要補充的是，如果您按順序查看指南，請記住我們在第三季指南中收購了 Precision。因此，我想說，訂單率的實際潛在成長相當溫和，這更能反映去庫存的持續放緩與基礎經濟成長的關係。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，垂直研究合作夥伴。

Hey, just wanted to go back to Bill's question, just on gross margin and the solutions progress there. I know longer term, you guys are targeting to get to 20% sales over time, and this is something you're hyper-focused on internally.

嘿，只是想回到比爾的問題，只是關於毛利率和解決方案的進展。我知道從長遠來看，你們的目標是隨著時間的推移實現 20% 的銷售額，這是你們內部高度關注的事情。

So just curious, like how this positions as the macro environment kind of starts to maybe improve over the next 12 months to 18 months. I mean, it puts you in a really good position. It sounds like still on track for that. And any update kind of where you are on that path would be great.

所以我只是好奇，隨著宏觀環境在未來 12 個月到 18 個月內可能開始改善，情況會如何。我的意思是，它讓你處於一個非常好的位置。聽起來似乎仍在按計劃進行。任何關於你在這條道路上所處位置的更新都會很棒。

Yeah. No, absolutely. So I think, Rob, in the medium term, we feel really good about all the drivers that impact our businesses. I think at a very general level, first, anything that is impacted by legacy networks or data complexity, or shortage of skilled labor or expensive capital is a good place for us to go and talk about our solutions, right. And that's, as you can imagine, is happening pretty much across the board in the vertical markets where we focus.

是的。不，絕對是。所以我認為，羅布，從中期來看，我們對影響我們業務的所有驅動因素都感到非常滿意。我認為，在非常普遍的層面上，首先，任何受遺留網路或資料複雜性、熟練勞動力短缺或昂貴資本影響的事物都是我們談論我們的解決方案的好地方，對吧。正如您可以想像的那樣，在我們關注的垂直市場中，這種情況幾乎正在全面發生。

So whether that's in healthcare, or whether that's in material handling or warehouse management, et cetera, it's all -- the dynamics are similar, right? So -- and then if you add to that the acceleration caused by the reindustrialization, especially in the American context, I think that's certainly very helpful for our business.

因此，無論是在醫療保健領域，還是在物料搬運或倉庫管理等領域，動態都是相似的，對嗎？因此，如果再加上再工業化帶來的加速，特別是在美國的背景下，我認為這對我們的業務肯定非常有幫助。

So the way I think about this is that we've spent a lot of time over the last three, four years building out that capability, especially in our more industrial-focused markets. Over the last 12 months, we've brought that approach also to our enterprise markets. Now the last 12 months were a little quiet in terms of growth. As Jeremy pointed out, right, it is more about going through the destocking cycle and now moderation in that.

因此，我對此的看法是，在過去的三、四年裡，我們花了很多時間來建立這種能力，特別是在我們更以工業為重點的市場中。在過去 12 個月中，我們也將這種方法引入了我們的企業市場。過去 12 個月的增長有點平靜。正如傑里米所指出的，正確的，更多的是要經歷去庫存週期，現在要進行適度調整。

So as real growth starts coming forth, especially in enterprise markets, we'll see that solutions revenue increase. We've articulated a 25% approximate revenue of -- share of revenue by 2028, it’s about over five years and since we started talking about it more publicly, I think we're well on track there.

因此，隨著真正的成長開始出現，特別是在企業市場，我們將看到解決方案收入的成長。我們已經明確表示，到 2028 年，收入佔比約為 25%，這大約需要五年多的時間，自從我們開始更公開地談論這個問題以來，我認為我們已經步入正軌。

We were approximately 10% of revenues as we entered this year. We think we're going to be in that low-to-mid-teens as we finish this year. And then you can see the impact on gross margins. In spite of being -- volumes being down substantially as part of destocking, gross margins have continued to improve. A little more modest in the last couple of quarters but have continued to improve because of that solutions mix.

今年我們的收入約佔總收入的 10%。我們認為今年結束時我們將處於十幾歲左右的水平。然後您可以看到對毛利率的影響。儘管由於去庫存，銷量大幅下降，但毛利率仍在持續改善。過去幾個季度稍微溫和一些，但由於解決方案組合而不斷改進。

So it's very exciting. I think the idea of taking it to what we used to think of as enterprise markets is actually gaining a lot of momentum within our company and our customer base right now. So it's all positive, and I think you characterized it well that as the demand environment shifts, we will be better positioned.

所以這非常令人興奮。我認為，將其引入我們過去認為的企業市場的想法實際上正在我們公司和我們的客戶群中獲得很大的動力。所以這都是正面的，我認為你很好地描述了隨著需求環境的變化，我們將處於更好的位置。

That's very helpful. And then I guess just to stick with enterprise solutions and I know this was announced last quarter, but just want to rewind and kind of dig into Precision Optical just for a moment here. Obviously, nice increase to the fiber exposure to the portfolio, but how does this change your interaction with your customers, your ability to participate in the BEAD program?

這非常有幫助。然後我想只是堅持企業解決方案，我知道這是上個季度宣布的，但只是想回顧一下並在這裡深入研究精密光學。顯然，產品組合中的纖維暴露量增加了，但這會如何改變您與客戶的互動以及您參與 BEAD 計劃的能力？

I mean, is it -- does it enable kind of a deeper customer relationship, earlier kind of conversations on maybe architecture versus just purely servicing what your providers need? And then I guess, lastly, is there an opportunity for a potential pull-through of like the core enterprise portfolio? Sorry, there's a lot in there, but any color there would be great.

我的意思是，它是否能夠建立更深入的客戶關係，以及更早就架構進行對話，而不是僅僅為您的提供者提供所需的服務？最後，我想是否有機會實現核心企業投資組合等潛在的拉力？抱歉，裡面有很多東西，但任何顏色都很棒。

Yeah. No, I think that is the -- that was the strategic thesis, right? So if you really look at Precision Optical Technologies, they've spent a lot of time building this position as a value-added supplier of optical transceivers with a lot of proprietary software and configuration capability, right, I think that's unique.

是的。不，我認為這就是戰略論點，對嗎？因此，如果你真正關注 Precision Optical Technologies，你會發現他們花了很多時間來打造光收發器增值供應商的地位，擁有大量專有軟體和配置能力，對吧，我認為這是獨一無二的。

In many ways, that's a little bit similar to how, for example, you can think of our active products on the industrial side. So you have this one capability that's extremely differentiated, very sticky. And then, as a result, every time, for example, a big MSO customer has to do new infrastructure deployment or upgrades or any changes, it always starts at that end of their, let's say, data center, where Precision is plugged in. And all the discussions then come down to architectural design, so that they work through linked loss budgets and go from end to end and then --

在很多方面，這與您在工業方面的活躍產品的想法有點相似。所以你擁有一項非常與眾不同、非常有黏性的能力。因此，每次大型 MSO 客戶必須進行新的基礎架構部署或升級或任何變更時，它總是會從插入 Precision 的資料中心的一端開始。然後所有的討論都歸結為架構設計，以便他們透過連結的損失預算進行工作，並從頭到尾進行，然後--

So Precision was covering both ends. Our broadband business, pre-Precision, was covering that middle ground. And now we're in a position where we connect all of that end-to-end, right? So we now participate -- or we can participate in more systems architectural discussions. So how is that going? It's still early days, obviously, Rob. We've disclosed, but the initial discussions with -- between the two teams and with our customers have been very encouraging.

所以 Precision 涵蓋了兩端。我們的寬頻業務（pre Precision）涵蓋了中間地帶。現在我們正處於將所有這些端到端連接起來的位置，對吧？所以我們現在參與——或者我們可以參與更多的系統架構討論。那麼進展如何呢？顯然，現在還為時過早，羅布。我們已經透露了，但兩個團隊之間以及與我們的客戶之間的初步討論非常令人鼓舞。

We've already found a number of pull-through opportunities. We are bringing the teams together faster than we have done historically in terms of integration. So we are combining go-to-market more rapidly than we might have done in the past.

我們已經發現了許多突破機會。在整合方面，我們以比以往更快的速度將團隊整合在一起。因此，我們比過去更快整合上市。

And all our customers, in fact, as I may have mentioned on a previous call, part of that acquisition process was getting endorsement from some key customers. And so they've really supported us during the process and they continue to support us as we roll this out.

事實上，正如我在之前的電話會議中提到的那樣，我們所有的客戶都獲得了一些關鍵客戶的認可。因此，他們在過程中給予了我們真正的支持，並且在我們推出此專案時他們將繼續支持我們。

So yeah, I think in many ways, Precision Optical's acquisition will allow our broadband business to enter solutions in a way that would have been difficult organically because they didn't have that kind of architecture in road into that discussion. So that is indeed the big change for us.

所以，是的，我認為從很多方面來說，Precision Optical 的收購將使我們的寬頻業務能夠以有機的方式進入解決方案，因為他們在討論過程中沒有那種架構。所以這對我們來說確實是一個巨大的改變。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yeah. Good morning. Thanks very much for taking the questions. First, I was hoping to better understand how the company thinks it's tracking toward the $8 earnings target in 2025, and if that's still on track in your opinion? And maybe also help us better understand with Precision Optical having closed, what does that mean for 2025 earnings and does that change the outlook at all for next year?

是的。早安.非常感謝您提出問題。首先，我希望更了解該公司如何看待其在 2025 年實現 8 美元盈利目標的情況，以及您認為這是否仍在正常軌道上？也許還可以幫助我們更好地理解 Precision Optical 的關閉，這對 2025 年的收益意味著什麼？

Yeah. Hey, Mark. Let me take that question. This is Jeremy. So I would say, we've been talking about our progress the last few quarters and our perspective has been that we're on -- we're on track. That's still the target and one that we think we can hit.

是的。嘿，馬克。讓我來回答這個問題。這是傑里米。所以我想說，我們一直在談論過去幾個季度的進展，我們的觀點是我們正在走上正軌。這仍然是我們的目標，也是我們認為可以實現的目標。

Nothing's changed over the past 90 days that would make us think that's not the case. Obviously, it's contingent on getting through this destocking, because we believe that once we get through the destocking, there's quite a bit of upside in both revenue and EPS.

過去 90 天沒有任何變化讓我們認為情況並非如此。顯然，這取決於去庫存的完成情況，因為我們相信，一旦完成去庫存，收入和每股收益都會有相當大的上升空間。

With respect to Precision Technologies, we gave a framework for that acquisition last quarter. So if you're going to model it for 2025, you can assume $150 million of revenue plus, call it, mid-to-high-single-digit organic growth and then EBITDA margins that are consistent with total company building. So call it high-teens EBITDA margins.

關於 Precision Technologies，我們在上個季度給出了該收購的框架。因此，如果你要為 2025 年進行建模，你可以假設 1.5 億美元的收入加上中高個位數的自然成長，然後是與公司整體建設一致的 EBITDA 利潤率。所以稱之為高雙位數 EBITDA 利潤率。

Thanks for that. My other question is just on capital allocation from here. Now that you've deployed some capital for Precision Optical, hoping to better understand how you think about the balance of the different uses of cash. You mentioned your leverage ratio is in a pretty good spot, so imagine you have some flexibility to do M&A if it comes up. But maybe help us better understand how you're seeing the pipeline going forward. Thanks.

謝謝你。我的另一個問題是關於這裡的資本配置。現在您已經為 Precision Optical 部署了一些資金，希望能更了解您如何看待現金不同用途的平衡。您提到您的槓桿率處於一個非常好的位置，所以想像一下，如果出現併購，您有一定的靈活性。但也許可以幫助我們更好地了解您對未來管道的看法。謝謝。

Yeah. I think we have plenty of options. So in the past, we've been pretty balanced in how we've deployed capital, and I think we'll continue to do that. So from an M&A perspective, we've got a good funnel, and I think there are opportunities to do additional M&A, obviously, over the next 18 months or so. But I also think share repurchases are a good option for us at this point. So I think everything's on the table and no major changes.

是的。我認為我們有很多選擇。因此，過去我們在資本配置方面一直相當平衡，我認為我們將繼續這樣做。因此，從併購的角度來看，我們有一個很好的管道，而且我認為顯然在未來 18 個月左右的時間內有機會進行更多的併購。但我也認為目前股票回購對我們來說是個不錯的選擇。所以我認為一切都已擺在桌面上，沒有重大變化。

(Operator Instructions) Chris Dankert, Loop Capital.

（操作員說明）Chris Dankert，Loop Capital。

Hey, good morning. Thanks for taking the question. I guess to dig back in on solutions a little bit but focus on industrial here. We've seen a pretty aggressive shift towards wireless architecture and industrial ethernet from kind of a legacy field bus approach, I guess.

嘿，早安。感謝您提出問題。我想稍微深入研究一下解決方案，但這裡專注於工業。我想，我們已經看到從傳統現場匯流排方法向無線架構和工業乙太網路的積極轉變。

From a technology perspective, are you guys completely agnostic to kind of what type of architecture customers are using? And is that transition kind of the biggest driver of some of these solution sales within industrial?

從技術角度來看，你們完全不知道客戶正在使用哪種類型的架構嗎？這種轉變是工業領域某些解決方案銷售的最大動力嗎？

Yeah. So the way to think about, Chris, is that at a very basic level, our job is to connect multiple sources and multiple destinations of data. And how the data is routed between those two points changes a little bit based on what that data is and how it's acquired. It could be both over the air and over the wire, so obviously the wireless aspect is extremely important.

是的。因此，克里斯，我們的思考方式是，在非常基本的層面上，我們的工作是連接多個資料來源和多個資料目的地。根據資料的內容和取得方式，這兩點之間資料的路由方式會略有變化。它可以透過無線方式也可以透過有線方式，因此顯然無線方面極為重要。

In certain use cases, people do not prefer wireless because there could be some risks that come with that, and in certain use cases, it's really important. So for example, in warehouse management today, we're deploying a lot more wireless as they engage with more AGVs and robots. But in precision manufacturing, it's still not that relevant at this point.

在某些用例中，人們不喜歡無線，因為可能會帶來一些風險，而在某些用例中，它非常重要。例如，在當今的倉庫管理中，我們部署了更多的無線技術，因為它們與更多的 AGV 和機器人互動。但在精密製造領域，目前它還沒有那麼重要。

But -- so just think about multiple sources and destinations of data, and our goal is to remain agnostic to what the sources and destinations are, but obviously, impact the technology that's used for the actual data architecture, right, from one end to the other.

但是，只要考慮一下資料的多個來源和目的地，我們的目標是對來源和目的地保持不可知，但顯然，會影響用於實際資料架構的技術，從一端到另一端其他。

One of the things we do now is, we, through Belden Horizon, which is our big data integration platform, we bring in data that speaks different languages like you pointed out, right, it's all -- there are multiple protocols in the field. And it's all unified, it's scrubbed, normalized, and then it's served up to different applications that customers have chosen.

我們現在做的一件事是，我們透過Belden Horizo​​n（我們的大數據整合平台）引入使用不同語言的數據，就像您指出的那樣，對，僅此而已- 該領域有多種協議。所有這些都是統一的、經過清理、標準化的，然後提供給客戶選擇的不同應用程式。

So part of what we do indeed is that standardization. There are a few different protocols that are used for that purpose. It's not just Ethernet, but Ethernet is certainly the most relevant. And then, we obviously have to deploy more and more resources towards emerging wireless, security, make sure that there is more compute at the edge. And in a number of cases, customers don't want to move all their data to the cloud straight away because they need to make decisions real time at the edge. So we are building in more edge compute.

因此，我們確實所做的一部分就是標準化。有幾種不同的協議可用於此目的。不僅僅是以太網，但以太網無疑是最相關的。然後，我們顯然必須為新興的無線、安全部署越來越多的資源，確保邊緣有更多的運算。在許多情況下，客戶不希望立即將所有資料轉移到雲端，因為他們需要在邊緣即時做出決策。因此，我們正在建立更多邊緣運算。

So it's a little different by different aspects of which industrial market we serve. But at the end we remain agnostic to the source and the destination, and we remain very focused on streamlining and securing everything that happens in the middle. And I think that's been our differentiator, especially because we bring hardware and software together versus previously where customers had to deal with separate hardware, separate software vendors, somehow pull that all together on their own or with an SI. And it wasn't as simple, it was actually quite difficult.

因此，我們所服務的工業市場的不同方面略有不同。但最終我們仍然不知道來源和目的地，我們仍然非常專注於簡化和保護中間發生的一切。我認為這就是我們的差異化因素，特別是因為我們將硬體和軟體整合在一起，而以前客戶必須處理單獨的硬體、單獨的軟體供應商，以某種方式自行或透過SI 將所有這些整合在一起。而且事情並沒有那麼簡單，實際上相當困難。

That's great color. Thank you, Ashish. I guess, this is my follow-up. On destocking -- and forgive me if I missed it, but is there a difference in the destock cycle from a distributor perspective in industrial, and from a utility perspective in broadband right now? And maybe just -- can you highlight where you see destocking in both pieces of the business today?

那顏色真棒。謝謝你，阿什什。我想，這就是我的後續行動。關於去庫存——如果我錯過了，請原諒我，但是從工業分銷商的角度來看，現在從寬頻公用事業的角度來看，去庫存週期是否存在差異？也許只是 - 您能否強調一下您認為目前這兩個業務部門都在哪些方面減少了庫存？

Yeah. I think in the broadband sector, it's a little more just the procurement policies of the large operators. They were buying a lot more and they changed, so it's -- there are fewer kind of big players, it's more visible. They communicate with us more directly and we can understand what's going on at their end. And by the way, on that note, their usage has generally been as expected. So we know that it's clearly a destocking phenomenon, right, that's the -- that's what we're dealing with.

是的。我認為在寬頻領域，更多的是大型業者的採購政策。他們購買了更多的產品，並且做出了改變，所以大型企業的數量減少了，而且更加引人注目。他們與我們溝通更直接，我們可以了解他們的情況。順便說一句，就這一點而言，它們的使用情況總體上符合預期。所以我們知道這顯然是一種去庫存現象，對吧，這就是我們正在處理的問題。

On the industrial side, however, it's much more fragmented and less direct. We don't actually go and talk to all the end users directly. Some of them are really small. Some of them have really just maintenance kind of projects.

然而，在工業方面，它更加分散且不那麼直接。我們實際上並沒有直接與所有最終用戶交談。其中一些確實很小。其中一些實際上只是維護類別項目。

We obviously talk to end users directly when they have large solutions-type engagements with us, but there we don't necessarily talk about their inventories, right? It's more about the design of the solution. So there it's a lot more fragmented. There are also differences by region. For example, in Europe, the OEMs are going through a slightly different destocking cycle versus, let's say, contractors in the US.

當最終用戶與我們進行大型解決方案類型的合作時，我們顯然會直接與他們交談，但我們不一定會談論他們的庫存，對嗎？更多的是關於解決方案的設計。所以它更加分散。地區之間也存在差異。例如，在歐洲，原始設備製造商正在經歷與美國承包商略有不同的去庫存週期。

So here we have to obviously be guided a lot by our direct channel partners and what they do, and our visibility is limited versus in the broadband space. I don't think fundamentally there is a big difference in the driver. I think across both sectors or both segments, customers bought more than they needed because they were worried about supply chain brittleness and now it's unwinding. I think it's actually unwinding at similar rates at an aggregate level.

因此，在這裡，我們顯然必須受到我們的直接通路合作夥伴及其所做工作的大量指導，而與寬頻領域相比，我們的知名度有限。我認為從根本上來說驅動程式沒有太大區別。我認為，在這兩個行業或兩個細分市場中，客戶購買的產品超出了他們的需要，因為他們擔心供應鏈的脆弱性，而現在供應鏈正在放鬆。我認為總體水平實際上正在以相似的速度平倉。

And that concludes today's question-and-answer session. At this time, I'd like to turn the call back over to Aaron Reddington for additional or closing remarks.

今天的問答環節到此結束。此時，我想將電話轉回給亞倫·雷丁頓 (Aaron Reddington)，讓其補充或結束語。

Thank you, everyone, for joining today's call. I'm pleased to announce that we will be hosting an Investor Day this coming September 12 from our Customer Innovation Center in Chicago. The event will stream live, so be on the lookout for additional information as we get closer. If you have any questions, please contact the IR team here at Belden. Our email address is investor.relations@belden.com. Thank you very much.

謝謝大家參加今天的電話會議。我很高興地宣布，我們將於今年 9 月 12 日在芝加哥客戶創新中心舉辦投資者日。活動將進行現場直播，因此，隨著我們的臨近，請留意更多資訊。如果您有任何疑問，請聯絡 Belden 的 IR 團隊。我們的電子郵件地址是investor.relations@belden.com。非常感謝。

Thank you, ladies and gentlemen. This concludes our call for today. You may now disconnect from the call and thank you for your participation.

謝謝你們，女士們、先生們。我們今天的呼籲到此結束。您現在可以掛斷電話，感謝您的參與。