Belden Inc (BDC) 2024 Q3 法說會逐字稿

Good morning, everyone. And thank you for joining us for Belden's third quarter 2024 earnings conference call with me today are Belden's President and CEO Ashish Chand, and Senior Vice President and CFO Jeremy Parks.

大家早安。感謝您今天與我一起參加百通2024 年第三季收益電話會議，百通總裁兼首席執行官阿什什·錢德(Ashish Chand) 以及高級副總裁兼首席財務官傑里米·帕克斯( 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. 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.

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。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。如需了解更多信息，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 and 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，我們簡報的附錄和我們網站的投資者關係部分包含最密切相關的 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 third 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，總結我們在第三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 congratulate our team on another solid quarter as we delivered results slightly ahead of expectations. Performance was stable for the quarter, while our customers remain cautious as inventory destocking is nearing an end.

首先，讓我祝賀我們的團隊又一個穩定的季度，因為我們的業績略高於預期。本季業績穩定，但由於庫存去庫存即將結束，我們的客戶仍保持謹慎態度。

For the third quarter, our revenue and earnings per share both exceeded the high end of our guidance as our solutions transformation continues to push forward. Revenue totaled $655 million, up 8% sequentially, and earnings per share came in at $1.70, up 13% sequentially. Profitability aligned with our expectations and our adjusted EBITDA margins increased sequentially by 70 basis points to 17.2%.

隨著我們的解決方案轉型繼續推進，第三季我們的營收和每股盈餘都超過了我們指引的上限。營收總計 6.55 億美元，比上一季成長 8%，每股收益為 1.70 美元，比上一季成長 13%。獲利能力符合我們的預期，調整後的 EBITDA 利潤率較上季成長 70 個基點，達到 17.2%。

Second, I am pleased to report steady demand for the quarter. Orders in the third quarter were up 8% sequentially, marking the fourth consecutive quarter of order growth. Compared to the prior period, orders were up 28%, with strength in both segments. From a geographic perspective, we continue to see tempered results in EMEA and APAC, but I am encouraged to see organic revenue growth return to the Americas region, which constitutes over 60% of our overall business.

其次，我很高興地報告本季需求穩定。第三季訂單季增 8%，標誌著訂單連續第四個季度增長。與上一季相比，訂單成長了 28%，這兩個領域均表現強勁。從地理角度來看，我們繼續看到歐洲、中東和非洲和亞太地區的業績表現不佳，但我很高興看到有機收入成長回歸美洲地區，該地區占我們整體業務的 60% 以上。

Organic growth for the quarter was positive 1% year-over-year, marking the first quarter of organic growth since the second quarter of last year. Our markets continue to experience diminishing headwinds, and I am pleased to see steady execution resulting in performance exceeding our expectations. Finally, our business continues to generate meaningful cash flow, and we are deploying capital consistent with our capital allocation priorities.

該季度的有機成長年增 1%，這是自去年第二季以來的第一季有機成長。我們的市場面臨的阻力持續減弱，我很高興看到穩定的執行導致業績超出我們的預期。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。

Trailing-12-month free cash flow was strong at $211 million, roughly in line with recent performance and expectations. With our ample free cash flow, our team continues to invest in high-return opportunities beneficial to shareholders. This quarter, we deployed $6 million to acquire Voleatech, a small tuck-in software acquisition to support our active products portfolio and edge devices with firewall technology for industrial OT networks.

過去 12 個月的自由現金流強勁，達到 2.11 億美元，大致符合近期表現和預期。憑藉充裕的自由現金流，我們的團隊持續投資於對股東有利的高回報機會。本季度，我們部署了 600 萬美元收購 Voleatech，這是一項小型軟體收購，旨在支援我們的主動產品組合和具有工業 OT 網路防火牆技術的邊緣設備。

Further, we continue repurchasing shares, and as of earlier this week, our total repurchases for the year amount to 1.2 million shares using $115 million of our free cash flow. Our balance sheet remains strong and provides us with the ability to enhance shareholder returns in multiple ways. You can expect us to continue to look for acquisitions that support our solutions transformation and when appropriate, buy back our stock at levels we find attractive.

此外，我們繼續回購股票，截至本週早些時候，我們使用 1.15 億美元的自由現金流回購了 120 萬股股票。我們的資產負債表依然強勁，使我們有能力以多種方式提高股東回報。您可以期望我們繼續尋找支持我們解決方案轉型的收購，並在適當的時候以我們認為有吸引力的水平回購我們的股票。

Now please turn to slide 5. During our Investor Day this past month, we outlined a disciplined approach to M&A; targeting products and technologies that enhance and expand our solutions offerings. Consistent with our framework, I am pleased to announce the acquisition of Voleatech, which closed during the quarter for $6 million. Voleatech, based in Germany, is a leading provider of advanced cybersecurity firewall technology, designed to protect industrial networks with robust OT security solutions. Voleatech is attractive to Belden as the technology enables and accelerates our active product portfolio.

現在請翻到投影片 5。在上個月的投資者日期間，我們概述了嚴格的併購方法；針對增強和擴展我們的解決方案產品和技術的產品和技術。根據我們的框架，我很高興地宣布收購 Voleatech，該交易在本季以 600 萬美元完成。Voleatech 總部位於德國，是先進網路安全防火牆技術的領先供應商，旨在透過強大的 OT 安全解決方案保護工業網路。Voleatech 對百通很有吸引力，因為該技術支援並加速了我們的活躍產品組合。

The software developed by Voleatech fits in nicely with our industrial products by upgrading our active offerings with key firewall technology utilized in OT networks.

Voleatech 開發的軟體透過使用 OT 網路中使用的關鍵防火牆技術升級我們的主動產品，非常適合我們的工業產品。

Now please turn to slide 6 for a quick summary of notable wins for the quarter. The examples this quarter come from our mass transit and hospitality verticals. Starting with the first win, Deutsche Bahn is a leading provider in the mobility and logistics sector, with services focused on the German market. I am pleased to announce that Belden has won a multi-year opportunity worth between EUR25 million and EUR45 million to upgrade their high-speed ICE train systems over the next eight years.

現在請翻到投影片 6，快速總結本季的顯著成果。本季度的例子來自我們的公共交通和酒店垂直行業。從第一次勝利開始，德國鐵路公司就成為移動和物流領域的領先供應商，其服務專注於德國市場。我很高興地宣布，百通贏得了價值 2500 萬至 4500 萬歐元的多年機會，用於在未來八年內升級其高速 ICE 列車系統。

Our customer was facing a challenge with network infrastructure and was looking to upgrade their system. Instead of running parallel networks, Deutsche Bahn needed a solution that could support both operational and customer-facing IT systems with a dedicated safety network. Our consultants worked with Deutsche Bahn to understand the need, engaged in multiple proofs-of concept, and ultimately won the business to provide a solution around our ruggedized switches customized to simplify application integration. In addition, our team is engaged with Deutsche Bahn to provide training and support as the solution is broadly implemented.

我們的客戶面臨網路基礎設施的挑戰，並希望升級他們的系統。德國鐵路公司不需要運行並行網絡，而是需要一種能夠透過專用安全網絡支援營運和麵向客戶的 IT 系統的解決方案。我們的顧問與德國鐵路公司合作了解需求，進行了多次概念驗證，並最終贏得了業務，圍繞我們定制的加固交換機提供解決方案，以簡化應用程式整合。此外，我們的團隊還與德國鐵路合作，在該解決方案廣泛實施時提供培訓和支援。

Next, let me take a moment to highlight a win in the hospitality vertical with a major gaming and leisure operator. Our customer was looking for a single provider to supply a network backbone to connect and run their entire operations including the gaming floor, guest rooms, security, access controls, and on-premise data centers. The team secured a project worth $2 million to provide a network backbone including fiber, copper, connectivity, and other 5G connectivity elements.

接下來，讓我花點時間重點介紹一下與一家大型博彩和休閒運營商在酒店垂直領域的勝利。我們的客戶正在尋找單一提供者來提供網路主幹來連接和運行他們的整個運營，包括遊戲廳、客房、安全、存取控制和本地資料中心。該團隊獲得了一個價值 200 萬美元的項目，以提供包括光纖、銅纜、連接和其他 5G 連接元素的網路主幹。

Our team from the CIC in Chicago went through the complete solutions process and ultimately put together an offering including products from across the organization including our traditional industrial, smart buildings, and broadband businesses. This is a great example of our team combining products from our legacy business units to provide a truly unique solution.

我們來自芝加哥 CIC 的團隊經歷了完整的解決方案流程，並最終整合了一個產品，其中包括整個組織的產品，包括我們的傳統工業、智慧建築和寬頻業務。這是我們團隊結合傳統業務部門的產品來提供真正獨特的解決方案的一個很好的例子。

To conclude, we believe that our solutions are superior in the marketplace, and over time wins like these will ultimately lead to more sales and a deeper and stickier relationship with key customers.

總而言之，我們相信我們的解決方案在市場上是卓越的，隨著時間的推移，這樣的勝利最終將帶來更多的銷售以及與關鍵客戶建立更深入、更牢固的關係。

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

我現在請傑里米提供有關我們第三季度財務業績的更多見解。

Thank you, Ashish. I will start my comments with results for the third 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。我將從第三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 7. Revenue for the quarter was $655 million, up 8% sequentially, and exceeding the high end of our guidance of $650 million. Excluding the Precision acquisition, revenue in the third quarter was up 3% sequentially. Compared to the prior year, third-quarter revenue increased by 4%. Organic revenue was down 2% year-over-year with automation solutions down 3%, and smart infrastructure solutions down 1%. We are encouraged to see our organic growth rates continue to improve and expect positive year-over year growth in the fourth quarter.

現在，請翻到投影片 7。本季營收為 6.55 億美元，比上一季成長 8%，超過了我們 6.5 億美元指引的上限。不包括對 Precision 的收購，第三季營收季增 3%。與去年同期相比，第三季營收成長了4%。有機收入年減 2%，其中自動化解決方案下降 3%，智慧基礎設施解決方案下降 1%。我們很高興看到我們的有機成長率繼續提高，並預計第四季將實現年比正成長。

Orders for the quarter were up 8% sequentially and up 28% year-over-year with both segments exhibiting strong year-over-year growth. Gross profit margins came in as expected at 37.8%, decreasing 40 basis points sequentially. EBITDA was $113 million with EBITDA margins up 70 basis points sequentially to 17.2%. Net income was $71 million, up from $62 million in the prior quarter, and EPS was $1.70, above the high end of our guidance range of $1.65.

本季訂單較上季成長 8%，較去年同期成長 28%，這兩個領域均呈現強勁的年成長。毛利率符合預期，為 37.8%，比上一季下降 40 個基點。EBITDA 為 1.13 億美元，EBITDA 利潤率比上一季成長 70 個基點，達到 17.2%。淨利潤為 7,100 萬美元，高於上一季的 6,200 萬美元，每股收益為 1.70 美元，高於我們指導範圍的上限 1.65 美元。

Turning now to slide 8 for a review of our business segment results. Despite continued slowness in our markets, performance aligned with our expectations. For the third quarter, Revenue in our automation solutions segment was down 2% compared to the prior year. EBITDA margins were 21.4% in the quarter, down from 22.5% in the prior year. Orders in automation solutions were down 1% sequentially, and up 25% compared to the prior year.

現在轉向幻燈片 8，回顧我們的業務部門業績。儘管我們的市場持續放緩，但業績符合我們的預期。第三季度，我們的自動化解決方案部門的營收比去年同期下降了 2%。本季 EBITDA 利潤率為 21.4%，低於去年同期的 22.5%。自動化解決方案訂單環比下降 1%，但與去年相比成長 25%。

While we have not yet seen a recovery in our discrete markets, other verticals including process and energy did show strength for the quarter. As mentioned previously, automation solutions revenue declined by 3% organically on a year-over-year basis. However, excluding the discrete vertical, organic revenue growth was positive for the segment. Revenue in our smart infrastructure solutions segment grew 13% compared to the prior year.

雖然我們尚未看到離散市場的復甦，但包括製程和能源在內的其他垂直市場確實在本季度表現出了強勁的勢頭。如前所述，自動化解決方案收入較去年同期有機下降 3%。然而，排除離散垂直領域，該領域的有機收入成長是積極的。我們的智慧基礎設施解決方案部門的收入比去年成長了 13%。

EBITDA margins were 12.7% in the quarter, down from 13.3% in the prior year. Orders in smart infrastructure were up 18% sequentially and up 31% compared to the prior year. Excluding the impact of Precision, orders were up 7% sequentially and up 19% compared to the prior year. We saw improvements in both end markets, with continued recovery in broadband and slight outperformance in our growth verticals within smart buildings.

本季 EBITDA 利潤率為 12.7%，低於去年同期的 13.3%。智慧基礎設施訂單季增 18%，年增 31%。排除 Precision 的影響，訂單量環比增長 7%，與上年相比增長 19%。我們看到了兩個終端市場的改善，寬頻的持續復甦以及智慧建築垂直成長領域的輕微表現。

We continue to see destocking in our markets. However, the pace of destocking continues to moderate. Next please turn to slide 9 for our balance sheet and cash flow highlights. Our cash and cash equivalents balance at the end of the third quarter was $323 million compared to $597 million in the fourth quarter of 2023. Please note that the cash consideration for the Precision Optical acquisition was paid during the third quarter, resulting in a use of cash.

我們繼續看到市場去庫存。然而，去庫存的步伐繼續放緩。接下來請翻到投影片 9，了解我們的資產負債表和現金流重點。第三季末我們的現金和現金等價物餘額為 3.23 億美元，而 2023 年第四季為 5.97 億美元。請注意，收購 Precision Optical 的現金對價是在第三季支付的，因此使用了現金。

Our financial leverage was 2.1 times net debt to EBITDA at the end of the third quarter, consistent with our expectations. 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, particularly in the fourth quarter, which provides us the opportunity to reduce leverage and further deploy capital.

第三季末，我們的財務槓桿率為淨債務與 EBITDA 的 2.1 倍，與我們的預期一致。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，特別是在第四季度，這為我們提供了降低槓桿和進一步部署資本的機會。

Through the third quarter, our trailing-twelve-month free cash flow came in as expected at $211 million, roughly in line with previous periods. Consistent with our capital allocation priorities, year-to-date, we have deployed approximately $417 million towards M&A, share repurchases, and dividends. We currently have $358 million remaining on our 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%.

截至第三季度，我們過去 12 個月的自由現金流符合預期，為 2.11 億美元，與先前時期大致一致。根據我們的資本配置優先事項，今年迄今，我們已部署約 4.17 億美元用於併購、股票回購和股息。目前我們的回購授權還剩 3.58 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%。

Please turn to slide 10 for our updated outlook. For the fourth quarter, we anticipate order patterns to remain steady across our markets as customers navigate this dynamic environment. Revenues are expected to be in the range of $645 million to $660 million, representing a 17% to 20% increase over the prior-year quarter. Adjusted EPS is expected to be in the range of $1.62 to $1.72, representing an 11% to 18% increase over the prior-year quarter.

請參閱投影片 10 以了解我們最新的展望。對於第四季度，隨著客戶在這個動態的環境中航行，我們預計整個市場的訂單模式將保持穩定。營收預計在 6.45 億美元至 6.6 億美元之間，比去年同期成長 17% 至 20%。調整後每股盈餘預計在 1.62 美元至 1.72 美元之間，較去年同期成長 11% 至 18%。

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 third quarter for Belden was again steady with our orders increasing modestly on a sequential basis, and up meaningfully compared to our low point in the prior year. Our customers continue to operate cautiously. However, I am pleased to see our solid execution once again drive outperformance.

謝謝你，傑瑞米。最後，我要重申，百通第三季再次保持穩定，我們的訂單環比小幅增長，與去年的低點相比顯著增加。我們的客戶繼續謹慎操作。然而，我很高興看到我們紮實的執行力再次推動表現出色。

As we outlined during our investor day last month, our business is well-positioned to succeed as the next investment cycle ramps up. We are successfully executing our transformation and focusing our efforts on key verticals with solid secular growth trends and high data needs. Internally, we are aligning our processes and operations around solutions to realize the full potential of our product portfolio.

正如我們在上個月的投資者日所概述的那樣，隨著下一個投資週期的推進，我們的業務已做好準備取得成功。我們正在成功實施轉型，並將精力集中在具有穩定的長期成長趨勢和高數據需求的關鍵垂直領域。在內部，我們正在圍繞解決方案調整我們的流程和運營，以充分發揮我們產品組合的潛力。

The wins I mentioned earlier highlight the opportunity ahead of us as we continue refining our go-to-market strategy across the organization. Our strong financial position allows us to accelerate growth with tuck-in acquisitions and provides excess capital to opportunistically repurchase shares when it makes sense. I am confident in our team’s ability to transform our business, leverage our superior technology, and capitalize on growth opportunities in all market conditions as we generate sustainable, long-term shareholder value.

我之前提到的勝利凸顯了我們在整個組織中繼續改善市場進入策略時所面臨的機會。我們強大的財務狀況使我們能夠透過收購來加速成長，並提供多餘的資本，以便在有意義的時候機會性地回購股票。我相信我們的團隊有能力實現業務轉型、利用我們卓越的技術並利用所有市場條件下的成長機會，同時創造可持續的長期股東價值。

Looking forward to the fourth quarter, we see continued stability across our businesses as customers remain watchful on the eve of the US elections. Economic indicators such as inflation are encouraging, and manufacturing PMI figures have improved. However, they are not consistently back into expansion territory as yet.

展望第四季度，我們看到我們的業務持續穩定，因為客戶在美國大選前夕保持警惕。通膨等經濟指標令人鼓舞，製造業PMI數據有改善。然而，他們還沒有始終如一地回到擴張領域。

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 well-positioned for strong outperformance once things pick up. We will continue to execute in a measured fashion, working to advance solutions, and gain share. I would like to take a moment to recognize the contributions of our associates this past quarter. I appreciate your efforts and would like to thank you for your support as we continue to transform Belden through a challenging environment.

作為一個短週期業務，我們的前瞻性視野僅限於當前季度之後，因此我們很難估計這些趨勢何時會消散。我能說的是，一旦情況好轉，我們的業務就會表現強勁。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。我想花一點時間來表彰我們的員工在上個季度所做的貢獻。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。

(Operator Instructions) William Stein, Truist Securities.

（操作員指示）William Stein，Truist 證券公司。

Great. Thanks for taking my question. Congrats on the good results and outlook guys. I'd like to first ask about Precision Optical. Can you remind us, did that close at the end of last -- the prior quarter or at the very start of this quarter? And if you could disclose to us the revenue generated in the quarter from that company relative to your expectations?

偉大的。感謝您提出我的問題。恭喜大家取得了良好的成績和前景。我想先問一下精密光學。您能否提醒我們，該交易是在上一季末還是本季初結束的？您能否向我們透露該公司本季產生的營收與您的預期相比？

Yeah. Hey, well, so the Precision deal closed right at the end of second quarter. And so we had basically a full quarter of ownership during Q3. Revenue came in right about what we expected. I think revenue for the quarter was $34.5 million, which was consistent with our expectations.

是的。嘿，好吧，Precision 交易在第二季末就完成了。因此，我們在第三季基本上擁有整個季度的所有權。收入符合我們的預期。我認為該季度的收入為 3450 萬美元，這符合我們的預期。

Great. And then similarly with this, the [Vuliyatech], I think it's called the quite a small one. Maybe a little bit surprised you're highlighting it given, I think you said $6 million purchase price. Maybe you can shed some light as to why that's even being highlighted? Is it more strategic than some of the other acquisitions have been or is it -- does the strategic importance outweigh that $6 million price tag? And can you disclose the annualized revenue expectation there? Thank you.

偉大的。與此類似，[Vuliyatech]，我認為它被稱為相當小的一個。也許有點驚訝你強調它，我想你說的是 600 萬美元的購買價格。也許您可以解釋為什麼要強調這一點？它是否比其他一些收購更具戰略意義，或者是否——其戰略重要性是否超過了 600 萬美元的價格標籤？能透露一下那裡的年化收入預期嗎？謝謝。

Yeah. So let me start with that. And then Jeremy can add some comments on the revenue. So the reason [Vuliyatech] is important, the reason it punches above its weight is that for a long time, we had an inconsistent security layer in different active devices. So depending on which product category you purchased from Belden, there was a slightly different security configuration. We've been working to unify that across all of [Active's] products.

是的。那麼就讓我從這個開始吧。然後傑里米可以添加一些關於收入的評論。因此，[Vuliyatech] 很重要，它之所以能脫穎而出，是因為長期以來，我們在不同的活動設備中存在不一致的安全層。因此，根據您從百通購買的產品類別，安全配置略有不同。我們一直致力於在所有 [Active 的] 產品中統一這一點。

And we had estimated a certain time period to do that. [Vuliyatech] actually accelerates that dramatically. We are now able to in one move, just go to a consistent security layer across all our edge devices. And that's very important for many of our customers who want to use our network and data solutions, but we're concerned about security.

我們已經估計了執行此操作的特定時間段。 [Vuliyatech] 實際上大大加速了這一進程。現在，我們只需一步即可在所有邊緣設備上建立一致的安全層。這對於許多想要使用我們的網路和資料解決方案的客戶來說非常重要，但我們擔心安全性。

So that's why it is strategic. We highlighted it to make sure that broadly, it was understood that we have this capability. It's not a big -- the revenue itself inherently in Vuliyatech is not very large.

這就是為什麼它具有戰略意義。我們強調這一點是為了確保人們廣泛地理解我們擁有這種能力。這並不大——Vuliyatech 本身的收入本身並不是很大。

Maybe Jeremy can remind me --

也許傑里米可以提醒我--

Yeah, so we're not going to be disclosing it, but it's less than $1 million. It's very small. Think about this as an opportunity to not have to invest that money organically. Because it would have cost a bit more to do it organically than to purchase this company and get that technology. And it's an accelerator in terms of helping sell solutions. But it's, it's very, very small. But strategically, I think relevant.

是的，所以我們不會透露它，但它還不到 100 萬美元。它非常小。將此視為一個不必有機投資這些資金的機會。因為有機地做到這一點比購買這家公司並獲得該技術的成本要高一些。它是幫助銷售解決方案的加速器。但它非常非常小。但從戰略上來說，我認為是相關的。

I think I get it. If I could squeeze one more in. Your revenue performance in these industrial end markets seems to be -- the downturn seem to be much less severe than, for example, for component -- most component and semiconductor companies selling into those end markets. And as you now transition into growth, should we expect the rebound to be powerful or should we be more muted in our expectations because you've outperformed in this weaker period? Thank you.

我想我明白了。如果我能再擠一個進去就好了。你們在這些工業終端市場的營收表現似乎——衰退似乎遠沒有元件那麼嚴重——大多數元件和半導體公司都向這些終端市場銷售產品。當你現在轉向成長時，我們應該預期反彈會很強勁，還是應該因為你在這個疲軟時期的表現而表現出色，所以我們的預期應該更加溫和？謝謝。

So, if you break it down well, on the discrete or -- the basic factory automation in that vertical, it's still weak for us, right? So it's not like it's better than the market, it's similar to the market. We were down. I think every other vertical -- if we put all the other verticals together, we were up. And I think that speaks to how we've been able to take an integrated solution approach to verticals which previously had broken up how they were serving IT and OT and we have a new solution approach which helps them.

所以，如果你把它分解得很好，在離散的或垂直的基本工廠自動化上，它對我們來說仍然很弱，對嗎？所以並不是說它比市場好，而是與市場相似。我們很沮喪。我認為所有其他垂直領域——如果我們將所有其他垂直領域放在一起，我們就會上升。我認為這說明了我們如何能夠對垂直行業採取整合解決方案方法，這些方法之前已經打破了他們為 IT 和 OT 提供服務的方式，而我們有一個新的解決方案方法可以幫助他們。

So I think the component manufacturers don't have that avenue. So I expect that when things rebound, we will certainly see more solutions in those markets. So whether it's mass transit, we highlighted today, the example of Deutsche Bahn, or whether it's in some of the newer markets like hospitality and health care where we can also apply some of these industrial technologies.

所以我認為組件製造商沒有這個途徑。因此，我預計，當情況反彈時，我們肯定會在這些市場上看到更多解決方案。因此，無論是公共交通，我們今天強調的德國鐵路公司的例子，還是在酒店和醫療保健等一些較新的市場，我們也可以應用其中一些工業技術。

But I think on the discrete front, it's going to be consistent with the broader market.

但我認為在離散方面，它將與更廣泛的市場保持一致。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，垂直研究合作夥伴。

Hey, good morning. Congrats on the quarter. So I guess my first question, I just wanted to focus and see if you could speak a little bit about margin as we look forward with the volume recovery that we probably will see in -- or that's continuing, I should say, within the smart infrastructure business. I mean, how should we think about gross margin that [light] just given there's likely a probably higher percentage of passive component sales. How should we think about this dynamic as growth returns?

嘿，早安。恭喜本季。所以我想我的第一個問題是，我只是想集中精力，看看你是否可以談談利潤率，因為我們期待著我們可能會看到的銷量恢復——或者我應該說，在智能領域內，這種情況正在持續。我的意思是，考慮到被動元件銷售的比例可能更高，我們應該如何考慮毛利率[輕]。隨著成長回歸，我們該如何看待這種動態？

Yeah, I think Rob, what you should expect is that we continue to improve gross margin every year. The framework that we've given you is, is from EBITDA margin standpoint, 25% to 30% incrementals on the way up. And so obviously gross margins will drive a good portion of that. So I would expect gross margins to improve, let's just say, between 50 to 75 basis points per year, assuming that we grow in the mid-single digit range. Maybe we'll be able to do better because we're selling more solutions over time. But we're still early in that journey.

是的，我想羅布，你應該期待的是我們每年都會繼續提高毛利率。我們給您的框架是，從 EBITDA 利潤率的角度來看，增量為 25% 到 30%。顯然，毛利率將推動其中很大一部分。因此，假設我們的成長處於中個位數範圍內，我預計毛利率將每年提高 50 至 75 個基點。也許我們能夠做得更好，因為隨著時間的推移，我們會銷售更多的解決方案。但我們仍處於這趟旅程的早期階段。

Okay. Yeah, that's helpful. Thank you. And then just focusing on growth. On the smart infrastructure side, a bit better organic performance than I expected. Is this just easier comps versus last year when the acceleration there was a little bit more pronounced than in the end on the industrial side of the business. And then I guess also on industrial solutions, can you just walk through discrete process energy just how the underlying markets performed a little bit?

好的。是的，這很有幫助。謝謝。然後只關注增長。在智慧基礎設施方面，有機表現比我預期的要好一些。與去年相比，這只是更容易的比較嗎？然後我想在工業解決方案方面，能否簡單介紹一下離散製程能源基礎市場的表現如何？

Yeah. So your first question was about the comparison between smart infrastructure and automation. Is that right? Yeah. So on a sequential basis, the way I would characterize it is, industrial has been pretty -- we've seen nice gradual improvement from quarter to quarter. In that business, we've seen better performance obviously in process and energy, and still a bit of a headwind in discrete automation.

是的。所以你的第一個問題是關於智慧基礎設施和自動化之間的比較。是這樣嗎？是的。因此，在連續的基礎上，我的描述方式是，工業表現相當不錯——我們看到每個季度都有很好的逐步改善。在該業務中，我們在流程和能源方面明顯看到了更好的表現，但在離散自動化方面仍然存在一些阻力。

Within smart infrastructure, the growth looks better on a year over year basis. And actually, there was pretty decent sequential growth in both revenue and orders. So I think what we're seeing on the broadband side is that as we expected activities picked up as we've gone into the warmer weather quarters, just based upon typical seasonality, the end customers that we're selling to the cable operators are continuing to make investments in their DOCSIS 4.0 upgrades and some of the other investment plans that they have.

在智慧基礎設施領域，年成長看起來更好。事實上，收入和訂單都出現了相當不錯的環比增長。因此，我認為我們在寬頻方面看到的是，正如我們預期的那樣，隨著我們進入溫暖的天氣季度，活動有所增加，僅根據典型的季節性，我們向有線電視營運商銷售的最終客戶是繼續投資 DOCSIS 4.0 升級以及他們擁有的一些其他投資計劃。

So that's proceeding the way we had expected and we've seen nice improvements. So I think both of them are evolving more or less the way we had hoped. And we'll see how things go over the next couple of quarters. With respect to automation, I made the comment on the call, that if you take out discrete automation, everything else collectively grew on a year over year basis in the -- I'll say I didn't give the number on the call, but it was in the mid-single digits, with the best performing verticals being energy and then process. So those ones are doing pretty well, discrete is down on a year over year basis. And mass transit is kind of holding.

這一切正在按照我們預期的方式進行，我們已經看到了很好的改進。所以我認為它們都或多或少地按照我們希望的方式發展。我們將看看接下來幾季的情況如何。關於自動化，我在電話會議上發表了評論，如果你去掉離散自動化，其他一切都會逐年增長——我會說我沒有在電話會議上給出具體數字，但它處於中等個位數，表現最好的垂直產業是能源，然後是流程。所以那些表現相當不錯，離散型則逐年下降。大眾運輸是一種控股。

That's great. Thank you very much.

那太棒了。非常感謝。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）Mark Delaney，高盛。

Yes. Good morning. Thanks very much for taking my questions. I believe you said you're still seeing the stocking occurring throughout the channel even as revenues picking up sequentially. So hoping to better understand more specifically where you see inventory levels and distribution and any views around where inventory may be as the company access this year.

是的。早安.非常感謝您回答我的問題。我相信您說過，即使收入連續回升，您仍然會看到整個管道都在備貨。因此，希望能夠更具體地了解您在哪裡看到庫存水平和分佈，以及公司今年訪問的有關庫存位置的任何觀點。

Yeah, I think what we're seeing is -- first of all, inventory at distribution, I would say it is at a level that is consistent with longer term trends in terms of days of inventory and distributors. So I think that is okay, we are still waiting to see additional improvement in POS, because remember all along, we've been talking about the destocking is having two components, which is inventory reduction at distributors, and then inventory reduction at their customers, machine builders, OEMs, etcetera.

是的，我認為我們看到的是——首先，分銷庫存，我想說，它的水平與庫存天數和分銷商的長期趨勢一致。所以我認為沒關係，我們仍在等待看到 POS 的進一步改進，因為記住，一直以來，我們一直在談論去庫存有兩個組成部分，即經銷商的庫存減少，然後是客戶的庫存減少、機器製造商、原始設備製造商等。

And so what we're still waiting to see is a significant acceleration in POS. It's coming up over time as those end customers or those intermediate customers work through their inventory. But we think, it obviously has a little bit more to go here. The difficulty, Mark, as you know, is we don't have perfect visibility once we get beyond the the distributors.

因此，我們仍在等待看到 POS 的顯著加速。隨著這些最終客戶或中間客戶處理庫存，它會隨著時間的推移而出現。但我們認為，顯然還有更多的事情要做。馬克，正如你所知，困難在於，一旦我們超越了經銷商，我們就沒有完美的可見性。

So we're having to rely on a more anecdotal conversations and conversations with other participants in the market. But we think we're making progress there, and probably getting close to the end.

因此，我們不得不依賴更多的軼事對話以及與市場其他參與者的對話。但我們認為我們正在這方面取得進展，並且可能已經接近終點。

Thanks for that, Jeremy. My next question was about the $8 earnings target the companies had for 2025. I realized that was initially provided in a different macroeconomic backdrop, but maybe you can share your views around the potential to get to $8 of earnings in '25. And if so maybe talk about the path to get there, it looks like you're run rating about $6.80 of annualized earnings in the back half of this year. So what would be the bridge from those levels to that $8 number, if that's still achievable?

謝謝你，傑瑞米。我的下一個問題是關於公司 2025 年 8 美元的獲利目標。我意識到這最初是在不同的宏觀經濟背景下提供的，但也許您可以分享您對 25 年收入達到 8 美元的潛力的看法。如果是這樣，也許可以談談實現這一目標的途徑，看起來您對今年下半年年化收益的評級約為 6.80 美元。那麼，如果仍然可以實現，從這些水平到 8 美元數字的橋樑是什麼？

Yeah, so we, we talked about this in depth, obviously at our Investor Day, maybe a month ago. Mark and we talked about the path, we used an annualized $6.60 in EPS based upon Q3 or Q3 guidance. And then we bridged that to $8 and that included mid-single digit organic growth off where we were in Q3, 30% incremental EBITDA margins and then roughly $200 million in capital deployment. And that was a path to get to $8.

是的，所以我們，我們深入討論了這個問題，顯然是在我們的投資者日，也許一個月前。馬克和我們討論了路徑，我們使用基於第三季或第三季指引的年化每股收益 6.60 美元。然後我們將其調整為 8 美元，其中包括較第三季度實現中個位數有機增長、30% 的 EBITDA 利潤率增量以及約 2 億美元的資本部署。這就是達到 8 美元的途徑。

Since then, nothing's really changed other than we did slightly better in the third quarter. So as you mentioned, we're annualizing at $6.80 of EPS. So I think the path looks very similar to that. Obviously, as I mentioned, during Investor Day, it's still kind of early, we have an election coming up, an uncertain interest rate environment.

從那時起，除了我們在第三季做得稍微好一點之外，沒有什麼真正改變。正如您所提到的，我們的年化每股收益為 6.80 美元。所以我認為這條路看起來非常相似。顯然，正如我所提到的，在投資者日期間，現在還為時過早，我們即將舉行選舉，利率環境不確定。

So we'll see how the next quarter progresses and how we start as we move throughout 2025. But from our perspective, nothing's changed with respect to that, what that path would look like, and, and we're not -- we're still working towards that target, so nothing's changed versus what we talked about it yesterday.

因此，我們將看看下一季的進展以及 2025 年我們如何開始。但從我們的角度來看，這條道路的樣子沒有任何改變，而且我們仍然在朝著這個目標努力，所以與我們昨天談論的相比沒有任何改變。

Thanks for that, Jimmy. I just -- one last one, if I could squeeze it in. I believe you characterized APAC as tempered in the prepared remarks. Given the potential for stimulus in China, I realize it's a smaller region for you but any prospects for APAC to get better. And are you hearing any indications of that from your customers or distribution partners? Thank you.

謝謝你，吉米。我只是——最後一張，如果我能把它塞進去的話。我相信您在準備好的演講中將亞太地區描述為溫和的。考慮到中國的刺激潛力，我意識到這對你們來說是一個較小的地區，但亞太地區的前景會變得更好。您是否從您的客戶或經銷合作夥伴那裡聽到了任何跡象？謝謝。

Yeah. So you know, if you look at the latest news from China, specifically manufacturing is coming back, they're certainly going to do more in terms of the stimulus as you mentioned. And that does translate for us very quickly into mass transit data center and also in power transmission and distribution. So we're certainly engaged in those markets. I can tell you right now, Mark, that the funnel, sales funnel we have for projects across APAC including China is positively inclined, right? It's not -- we're not seeing people saying we don't have projects.

是的。所以你知道，如果你看看中國的最新消息，特別是製造業正在復甦，他們肯定會在你提到的刺激方面採取更多措施。這確實很快就轉化為公共交通數據中心以及電力傳輸和分配。所以我們肯定會參與這些市場。馬克，我現在可以告訴你，我們在亞太地區（包括中國）的專案的漏斗、銷售漏斗是積極傾斜的，對嗎？不是——我們沒有看到人們說我們沒有專案。

So I think once there are a few more confidence boosting measures in China and a few other markets in APAC as a result of that, we think it'll be better than expected. But we have been cautious because, it's a broad region. There are multiple systems of governance. There are some, there have been elections recently in some parts of APAC.

因此，我認為，一旦中國和亞太地區其他一些市場採取更多信心提振措施，我們認為情況會比預期好。但我們一直保持謹慎，因為這是一個廣闊的地區。存在多種治理體系。有一些，亞太地區的一些地區最近舉行了選舉。

So yeah, so for the prior quarter, ye, we wanted to make sure we highlight that it's it was tempered, but that is not necessarily a reflection of where we expect it to go, especially given the stimulus. You're right.

所以，是的，所以對於上一季度，是的，我們想確保我們強調它是緩和的，但這不一定反映我們預期的發展方向，特別是考慮到刺激措施。你說得對。

Thank you.

謝謝。

David Williams, Benchmark.

大衛威廉斯，基準。

Hey, good morning. And thanks for taking my question and congrats on the continued progress here. I guess maybe I guess maybe first, how are the conversations with your customers going in terms of planning, and maybe just talk about how they're thinking about investment deployment? I just have to think that we've had this period of slower growth and so there has to be a lot of planning, at least as we think about this next upturn and just curious what you're hearing from customers on their investment plans and how you think that might translate into to growth as we look out over the next 12 to maybe 18 months?

嘿，早安。感謝您提出我的問題，並祝賀我們的持續進展。我想也許我想也許首先，與您的客戶在規劃方面的對話進展如何，也許只是談論他們如何考慮投資部署？我必須認為，我們已經經歷了這段成長放緩的時期，因此必須有很多計劃，至少在我們考慮下一個好轉時，並且只是好奇您從客戶那裡聽到的關於他們的投資計劃和當我們展望未來12 到18 個月時，您認為這會如何轉化為成長？

Yeah, so I'm going to give you two flavors here, David. The first is just quantitatively -- if I look at our sales funnel for projects, this is where we have direct conversations with customers. It's up -- mid to high single digits versus the start of the sale, right? So in a nine-month period, it's actually up; and you know, slightly better than frankly, I expected when we started the year. And then within that, if you look at a more you know, data and network solutions focused portion of that funnel, that's up a lot more.

是的，所以我要在這裡給你兩種口味，大衛。第一個是定量的——如果我看看我們的專案銷售漏斗，這就是我們與客戶直接對話的地方。與銷售開始時相比，價格上漲了中到高個位數，對嗎？所以在九個月的時間裡，它實際上是上升的；你知道，坦白說，比我們年初時我的預期要好一些。然後，如果您了解該漏斗中以數據和網路解決方案為重點的部分，那麼您會發現這一數字要高得多。

So I think there are two things happening: A, customers are indeed planning for projects going ahead. This is especially true in the US and North America where, we do see the ongoing impact of reshoring the industrialization.

所以我認為有兩件事正在發生：A，客戶確實正在規劃未來的專案。在美國和北美尤其如此，我們確實看到了工業化回流的持續影響。

And then there are obviously some [Nearshoring French shoring] kind of phenomena that play out. So that's, that's certainly a big part of it. But then qualitatively, I think there are three things that are happening: the first thing that's happening is more and more customers are talking to us about how do you integrate IT and OT. So in fact, the Deutsche Bahn example that we spoke of earlier on the call, is really a project to integrate their customer-facing ID systems and their ID systems that govern all the operations. And they wanted to have one system with some segmentation for security.

然後顯然會出現一些[近岸法國岸]現象。所以，這肯定是其中的重要組成部分。但從品質上來說，我認為正在發生三件事：第一件事是越來越多的客戶與我們談論如何整合 IT 和 OT。事實上，我們之前在電話會議中提到的德國鐵路公司的例子，實際上是一個整合面向客戶的 ID 系統和管理所有營運的 ID 系統的專案。他們希望擁有一個具有一定安全性分段的系統。

And right now, they have disparate systems. So that was a problem. The same thing, by the way, the flavor was also true in the gaming and hospitality example we spoke to where they wanted to have an integrated system. So A, we see customers planning ahead for investment and we see that in our funnels; and B, we see qualitatively them looking for simplified integrated systems across IT-OT, and also, where they see hardware and software as a single technology stack versus trying to buy that from many different vendors and and pulling it all together.

現在，他們擁有不同的系統。所以這是一個問題。順便說一句，同樣的事情在我們談到的遊戲和酒店業示例中也是如此，他們希望擁有一個整合系統。所以 A，我們看到客戶提前規劃投資，我們在我們的管道中看到了這一點； B，我們定性地看到他們尋求跨 IT-OT 的簡化整合系統，而且他們將硬體和軟體視為單一技術堆疊，而不是試圖從許多不同的供應商那裡購買並將其整合在一起。

So to the extent they want -- to the extent possible they want the data to be managed in one hardware plus software stack. So this is good for us because this is the solutions message we have for our customers. And so those conversations are extremely encouraging across multiple verticals.

因此，在他們想要的範圍內，在可能的範圍內，他們希望在一個硬體加軟體堆疊中管理資料。這對我們有好處，因為這是我們為客戶提供的解決方案資訊。因此，這些對話在多個垂直領域都非常令人鼓舞。

Great. Thanks so much for that color. And speaking to that from your acquisition you made this quarter, and then just thinking about the software side of things and the benefit that could bring, how do you see the landscape, I guess for acquisitions and are you focused more on software today or how do you think maybe about the balance of acquisitions hardware versus software, longer term? Thank you.

偉大的。非常感謝那種顏色。從您本季進行的收購中談起這一點，然後只考慮軟體方面的事情以及可能帶來的好處，您如何看待前景，我想對於收購，您今天是否更關注軟體或如何從長遠來看，您是否考慮過採購硬體與軟體的平衡？謝謝。

Yeah. We are certainly focused on three areas: there is basically edge hardware, which always has some embedded software. So it's an active portfolio. That's an area we keep looking for. We're certainly looking at wireless, and then we continue to enhance our security through M&A. So the last one that we talked about, Vuliatech was in that security area. Again, it is very important for us to signal to our customers and partners that we now have a robust unified interface for that security layer versus having many different things. But yeah, these are the three areas we continue to focus on: edge hardware, software, wireless, and security.

是的。我們當然專注於三個領域：基本上是邊緣硬件，其中總是有一些嵌入式軟體。所以這是一個活躍的投資組合。這是我們一直在尋找的領域。我們當然正在關注無線，然後我們繼續透過併購來增強我們的安全性。所以我們談到的最後一個，Vuliatech 就在那個安全領域。同樣，對我們來說，向客戶和合作夥伴表明我們現在為該安全層提供了一個強大的統一接口，而不是擁有許多不同的東西，這一點非常重要。但是，是的，這些是我們繼續關注的三個領域：邊緣硬體、軟體、無線和安全性。

Caller, anything further?

來電者，還有什麼嗎？

No, thank you. That's it for me.

不，謝謝。對我來說就是這樣。

(Operator Instructions) Chris Dankert, Loop Capital Markets.

（操作員說明）Chris Dankert，Loop Capital Markets。

Hey, morning guys. Thanks for taking the questions. I guess sticking with the acquisition topic, maybe conceptually, can you talk us through what the difference between Vuliatech and the old tripwire business -- is from maybe an application and technology perspective. We've been in this space before, maybe just compare and contrast quick?

嘿，早上好，夥計們。感謝您提出問題。我想堅持收購主題，也許從概念上講，您能否從應用和技術的角度向我們介紹 Vuliatech 和舊 Tripwire 業務之間的差異。我們之前已經進入過這個領域，也許只是快速比較和對比？

Sure. So Chris, if you think about our customers, basically, they want their networks to be secure. And for that, the first requirement is some a door that either allows or doesn't allow people to come into the network, right? And that's basically called network access control. We provide that through our Macmon acquisition, but that's not fully integrated into our solutions.

當然。所以克里斯，如果你想想我們的客戶，基本上，他們希望他們的網路是安全的。為此，第一個要求是有一扇允許或不允許人們進入網路的門，對嗎？這基本上稱為網路存取控制。我們透過收購 Macmon 來提供這項服務，但這並未完全整合到我們的解決方案中。

Then they look for -- once you enter the network, they want to monitor where you go. That's called visibility software. We partner with the companies that make that softwares and applications.

然後他們會尋找——一旦你進入網絡，他們就會監控你的去向。這就是所謂的可見性軟體。我們與製造該軟體和應用程式的公司合作。

And then once you have visibility, then you want to sometimes stop people and check their papers, so to speak. And that's called compliance. And [CHFI] was actually a compliance software offering. So since it was two steps away from the network, we didn't have as much synergy, they would -- decisions made at different points in time by different people. And so at some point, we said [Tripwire] may not be the best asset for us to own in cyber security, and they would be a better owner. But we doubled down on the layer that is closest to the network, which is around access control.

一旦你有了可見性，你有時會想要阻止人們並檢查他們的文件，可以這麼說。這就是所謂的合規性。[CHFI] 其實是一個合規軟體產品。因此，由於它距離網路只有兩步之遙，所以我們沒有那麼多的協同作用，他們會——不同的人在不同的時間點做出的決定。因此，在某些時候，我們說 [Tripwire] 可能不是我們在網路安全領域擁有的最佳資產，而他們將是更好的所有者。但我們在最接近網路的層上加倍努力，這是圍繞著存取控制的。

And then part of that became having a unified firewall interface and software system, so that no matter which Belden Active product you had, you had a consistent experience and you could maintain logs in a consistent way. And that's where Vuliatech comes in. So it's different from Tripwire, which is more compliance file integrity management. This is really more at the layer which is closest to the network.

其中一部分就是擁有統一的防火牆介面和軟體系統，這樣無論您擁有哪種 Belden Active 產品，您都可以獲得一致的體驗，並且可以以一致的方式維護日誌。這就是 Vuliatech 的用武之地。所以它和Tripwire不同，Tripwire比較合規的檔案完整性管理。這實際上更多地發生在最接近網路的層。

Does that help, Chris?

這樣有幫助嗎，克里斯？

That's extremely helpful color. Thank you so much for walking us through that. I guess as a follow up here again, enterprise or sale -- the infrastructure sales in the quarter, really strong. You called up some wins there. If you had to put it in different buckets, how much of the improvement is driven by just how the market is starting to see this gradual rebound versus say, the flywheel getting momentum in terms of solution sales moving into that segment?

這是非常有用的顏色。非常感謝您帶我們經歷了這一切。我想，作為這裡的後續行動，企業或銷售——本季的基礎設施銷售非常強勁。你在那裡取得了一些勝利。如果你必須把它放在不同的桶中，那麼有多少改進是由市場開始逐漸反彈推動的，而不是說，飛輪在解決方案銷售進入該細分市場方面獲得動力？

I think it's still -- the majority is that we are getting more momentum by combining first of all. So, you know, we did -- we made some moves a few months ago. We first of all combined our separate smart buildings and broadband businesses under one umbrella, which is smart infrastructure solutions or previously enterprise solutions.

我認為最主要的是我們首先透過合併獲得了更多動力。所以，你知道，我們確實──幾個月前採取了一些行動。首先，我們將獨立的智慧建築和寬頻業務合併到一個保護傘下，即智慧基礎設施解決方案或先前的企業解決方案。

And you see the win we talked about today in the gaming space, that's actually a combined offering across that entire spectrum. So I think that was helpful. Second, we combine the solutions, sales organizations for automation solutions and smart infrastructure. So that's giving us more entry into projects that need combined network backbones. So that's certainly helping us. I think also within our broadband space, and when I think about the market, remember, we focus much more on MSOs versus Telcos.

您將看到我們今天在遊戲領域討論的勝利，這實際上是整個領域的綜合產品。所以我認為這很有幫助。其次，我們將自動化解決方案和智慧基礎設施的解決方案、銷售組織結合起來。因此，這使我們能夠更多地參與需要組合網路主幹的專案。所以這肯定對我們有幫助。我認為在我們的寬頻領域也是如此，當我考慮市場時，請記住，我們更專注於 MSO，而不是電信公司。

And I think that's helping us because the MSOs have been more consistent with their usage plans. Now, they did have some inventory overhang and they called it out, they dealt with that by changing their procurement process, but it's been more consistent. So yeah, I think the majority of the improvement is really driven by changes we made and the whole approach in the solutions. And then there is a little bit obviously from markets improving on a more generic basis.

我認為這對我們有幫助，因為 MSO 與其使用計劃更加一致。現在，他們確實有一些庫存積壓，他們指出了這一點，他們透過改變採購流程來解決這個問題，但情況更加一致。所以，是的，我認為大部分的改進實際上是由我們所做的更改以及解決方案中的整個方法所驅動。然後，市場在更普遍的基礎上明顯有所改善。

Got it. That's great color. Thanks for walking us through that. And best of luck as you close the year here.

知道了。那顏色真棒。感謝您帶我們經歷了這一切。祝您在這一年結束之際好運。

Thank you.

謝謝。

And at this time, there are no additional callers in the queue. I'd like to turn the conference back over to your host for any additional or closing comments.

而此時，隊列中已經沒有其他呼叫者了。我想將會議轉回給主持人，以徵求任何補充意見或結束意見。

Thank you, operator. And thank you everyone for joining today's call. 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.

謝謝你，接線生。感謝大家參加今天的電話會議。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。

That does conclude today's teleconference. We thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。我們感謝大家的參與。您現在可以斷開連線。