Belden Inc (BDC) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden report fourth-quarter 2024 results. Just as a reminder, this call is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎閱讀今天上午的 Belden 2024 年第四季業績報告。溫馨提醒，本次通話正在錄音。（操作員指令）

I would now like to turn the call over to Mr. Aaron Reddington. Please go ahead, sir.

現在我想將電話轉給 Aaron Reddington 先生。先生，請繼續。

Good morning, everyone, and thank you for joining us for Belden's fourth-quarter and full-year 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，感謝您參加 Belden 2024 年第四季和全年財報電話會議。今天與我一起的還有 Belden 總裁兼執行長 Ashish Chand；以及高級副總裁兼財務長傑里米·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 將對我們的業務進行策略概述，然後 Jeremy 將對我們的財務和營運結果進行詳細回顧，隨後進行問答。我們今天早上發布了收益報告，並準備了一份幻燈片演示，我們將在這次電話會議上參考。新聞稿、簡報及這些準備好的發言的記錄目前可在 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.

前往簡報的第 2 張投影片。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陳述。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，管理層將參考調整後或非 GAAP 的財務資訊。根據規則 G，我們網站投資者關係部分的簡報附錄包含最密切相關的 GAAP 財務資訊與我們傳達的非 GAAP 財務資訊的對帳。

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

現在我將電話轉交給我們的總裁兼執行長 Ashish Chand。

Thank you, Aaron, and good morning everyone. We appreciate you joining us. Let's first turn to slide 4 for a summary of the major accomplishments we achieved during the fourth quarter and full year 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。感謝您的加入我們。讓我們先翻到投影片 4，總結一下我們在第四季和全年的主要成就以及我想要強調的關鍵訊息。提醒一下，今天我將參考調整後的結果。

First, let me congratulate our team on another solid quarter. We once again executed well and delivered results ahead of expectations. For the fourth quarter, our revenue and earnings per share both exceeded the high end of our guidance as our solutions transformation continues to progress. Revenue totaled $666 million, up 21% compared to the prior year and earnings per share came in at $1.92.

首先，我要祝賀我們的團隊又取得了一個豐厚的季度成績。我們再次表現出色並交付了超乎預期的成果。第四季度，隨著解決方案轉型不斷推進，我們的營收和每股盈餘都超過了預期上限。總收入為 6.66 億美元，比上年增長 21%，每股收益為 1.92 美元。

Profitability aligned with our expectations and our adjusted EBITDA margins came in at 17.1% for the quarter, up 110 basis points compared to the prior year. Second, demand for the quarter was steady as our customers remained in a neutral posture to close out a transitional year. For the fourth quarter, orders were up modestly sequentially and up 23% compared to the prior year. I am pleased to report that for the full year, our orders were up 9%, reaching nearly $2.5 billion.

獲利能力與我們的預期一致，本季調整後的 EBITDA 利潤率為 17.1%，比上年增長 110 個基點。其次，由於我們的客戶保持中立姿態以結束過渡之年，本季的需求保持穩定。第四季訂單量較上季小幅成長，較上年同期成長 23%。我很高興地報告，全年我們的訂單成長了 9%，達到近 25 億美元。

Overall, our business grew by 14% organically for the quarter. We saw particular strength in the Americas with organic growth of 23%. As the year progressed, we witnessed a strong and steady improvement in ordering patterns across many geographies and verticals. I'm encouraged to see this progress continue with additional upside ahead as we look further into 2025.

總體而言，本季我們的業務有機成長了 14%。我們看到美洲地區表現特別強勁，有機成長率達 23%。隨著時間的推移，我們見證了多個地區和垂直行業的訂購模式強勁而穩定的改善。我很高興看到，隨著我們展望 2025 年，這一進步將繼續下去，並且還將有更大的上升空間。

Finally, our business continues to generate meaningful cash flow and we are deploying capital consistent with our capital allocation priorities. Full-year free cash flow was strong at $223 million, slightly ahead of prior performance and expectations.

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順序部署資本。全年自由現金流強勁，達到 2.23 億美元，略高於先前的表現和預期。

With our ample free cash flow, our team continues to invest in high return opportunities beneficial to shareholders. For the year, we deployed $295 million towards tuck-in acquisitions that enhanced our product portfolio and improved our solutions offerings. Further, we continued buying back our stock. During the fourth quarter, we repurchased approximately 0.5 million shares for $55 million. That brings our full-year total to 1.3 million shares for $133 million.

憑藉著充足的自由現金流，我們的團隊繼續投資於有利於股東的高回報機會。今年，我們投入了 2.95 億美元用於附加收購，以增強我們的產品組合併改進我們的解決方案。此外，我們也持續回購股票。第四季度，我們以 5,500 萬美元回購了約 50 萬股。這樣我們全年總股數就達到 130 萬股，總價值 1.33 億美元。

Our balance sheet remains strong, allowing us to enhance shareholder returns in multiple ways. You can expect us to continue looking for acquisitions that support our solutions transformation and, when appropriate, returning capital to our shareholders through buybacks.

我們的資產負債表依然強勁，使我們能夠透過多種方式提高股東回報。您可以期待我們繼續尋找支持我們解決方案轉型的收購，並在適當的時候透過回購向我們的股東返還資本。

Now please turn to slide 5. Reflecting on this past year, I'm proud of Belden's tremendous progress in executing upon our strategy outlined during our most recent Investor Day. First, this past year, we continued strengthening our leadership in automation and infrastructure technologies by expanding our networking and data solutions portfolio with multiple significant upgrades. Let me quickly highlight recent improvements to our OT network switching line, including our introduction of the Hirschmann BXP managed switch. Ideal for rail applications, the switch features a compact design, enhanced flexibility and interoperability, and support for high speed data requirements.

現在請翻到投影片 5。回顧過去的一年，我為百通在執行我們最近的投資者日所概述的策略方面取得的巨大進步感到自豪。首先，過去的一年，我們透過多項重大升級擴展了我們的網路和數據解決方案組合，繼續加強我們在自動化和基礎設施技術領域的領導地位。讓我快速介紹一下我們 OT 網路交換產品線的最新改進，包括我們推出的 Hirschmann BXP 管理型交換器。該交換機非常適合鐵路應用，具有緊湊的設計、增強的靈活性和互通性，並支援高速資料要求。

This product introduction showcases how our teams are working hard to solidify and improve our competitive positioning in key growth verticals. Further this year, we continue to expand and deepen our ecosystem partnerships, including our integration with AWS. After incorporating CloudRail into our technology stack this past year, we can now streamline and standardize data discovery acquisition and normalization and deliver it in a ready-to-use format for end customers using the AWS platform.

該產品介紹展示了我們的團隊如何努力鞏固和提高我們在關鍵成長垂直領域的競爭地位。今年，我們將繼續擴大和深化我們的生態系統合作夥伴關係，包括與 AWS 的整合。在過去的一年將 CloudRail 納入我們的技術堆疊之後，我們現在可以簡化和標準化資料發現獲取和規範化，並以可立即使用的格式將其交付給使用 AWS 平台的最終客戶。

This is a huge benefit to our customers and just one example of improvements we are making to our offerings to provide complete networking and data solutions. Second, we made significant strides in advancing our solutions capabilities. As we discussed previously, 2024 was the year we expanded into smart infrastructure and brought solutions to our entire organization.

這對我們的客戶來說是一個巨大的好處，這只是我們為提供完整的網路和數據解決方案所做的改進的一個例子。第二，我們在提升解決方案能力方面取得了重大進展。正如我們之前討論的那樣，2024 年是我們擴展到智慧基礎設施並為整個組織帶來解決方案的一年。

Our sales function was restructured to align with key growth verticals, empowering our teams to leverage our complete product portfolio to build compelling solutions for customers. Further, as outlined during our Investor Day, our teams are working diligently to expand our library of common reference architectures, improve our software capabilities and fully utilize our customer innovation centers now that they are all up and running. With our expanded focus on solutions across the entire organization, much has been accomplished this year and the momentum going forward is significant.

我們的銷售職能進行了重組，以適應關鍵成長垂直領域，使我們的團隊能夠利用我們完整的產品組合為客戶建立引人注目的解決方案。此外，正如我們在投資者日所概述的那樣，我們的團隊正在努力擴展我們的通用參考架構庫，提高我們的軟體功能，並充分利用現已全部啟動並運行的客戶創新中心。隨著我們整個組織對解決方案的關注度不斷擴大，今年我們已經取得了許多成就，未來的發展勢頭十分強勁。

Third, we demonstrated disciplined capital allocation to targeted tuck in-acquisitions. With the acquisition of Precision Optical, we enhanced our solutions capabilities by broadening our product portfolio and delivering a more comprehensive solutions offering. Our acquisition expands our fiber offering with key MSO customers benefiting from strong secular growth trends.

第三，我們針對有針對性的收購表現出嚴格的資本配置。透過收購 Precision Optical，我們擴大了產品組合併提供更全面的解決方案，增強了我們的解決方案能力。我們的收購擴大了我們的光纖產品範圍，主要的 MSO 客戶將受益於強勁的長期成長趨勢。

Finally, we demonstrated operational excellence and financial discipline during a year of improving business conditions. Revenue for the fourth quarter was up 21% year over year, with EBITDA margins up 110 basis points. Our cash flow was strong, and we ended the year with free cash flow of $223 million or 9.1% of revenue on our way towards our long-term target of 10%. These accomplishments underscore our unwavering commitment to delivering sustainable earnings growth and strong free cash flow generation through the business cycle.

最後，我們在商業環境不斷改善的一年中展現了卓越的營運和財務紀律。第四季營收年增21%，EBITDA利潤率成長110個基點。我們的現金流強勁，年底我們的自由現金流為 2.23 億美元，佔營收的 9.1%，我們正朝著 10% 的長期目標邁進。這些成就凸顯了我們堅定不移地致力於在整個商業週期中實現可持續的獲利成長和強勁的自由現金流。

Now please turn to slide 6. This quarter, I want to highlight two solutions examples from the power transmission and distribution vertical to illustrate how our solutions strategy drives success in the marketplace. The first example is a significant award from a national energy and water authority in EMEA, valued at approximately EUR11 million. This project involves upgrading the network backbone and providing support to ensure a successful deployment. The customer faced challenges with a legacy network and outdated equipment, which limited scalability. Our solutions team developed a comprehensive network design based on our XTran MPLS platform, a communications technology that delivers scalable solutions for large networks with multiple nodes.

現在請翻到投影片 6。本季度，我想重點介紹電力傳輸和配電垂直領域的兩個解決方案範例，以說明我們的解決方案策略如何推動市場成功。第一個例子是歐洲、中東和非洲地區某國家能源和水利部門授予的重大獎項，價值約 1,100 萬歐元。該專案涉及升級網路主幹並提供支援以確保成功部署。客戶面臨傳統網路和過時設備的挑戰，這限制了可擴展性。我們的解決方案團隊基於 XTran MPLS 平台開發了全面的網路設計，該平台是一種為具有多個節點的大型網路提供可擴展解決方案的通訊技術。

This solution enables the customer to integrate legacy applications with advanced Ethernet functionalities, all within a reliable, scalable, and easily serviceable platform. The second example comes from a Midwest Electric Cooperative with a contract valued at $3 million. Similarly, this customer was managing multiple legacy systems and protocols, which hindered scalability, troubleshooting, and network resilience. Our solutions team collaborated with the customer to design a network that included considerations for the utility's future digital strategy using a similar XTran solution. Belden was awarded the project after a successful proof-of-concept in the field, utilizing our customer innovation center as a remote node.

該解決方案使客戶能夠將傳統應用程式與先進的乙太網路功能整合在一個可靠、可擴展且易於維護的平台中。第二個例子來自中西部電力合作社，其合約價值為 300 萬美元。同樣，該客戶正在管理多個遺留系統和協議，這阻礙了可擴展性、故障排除和網路彈性。我們的解決方案團隊與客戶合作設計了一個網絡，其中包括使用類似的 XTran 解決方案考慮公用事業的未來數位策略。百通在該領域成功驗證了概念後贏得了該項目，並利用我們的客戶創新中心作為遠端節點。

These examples demonstrate our solutions in action. As outlined during our Investor Day, we focus on verticals and use cases where our technology is most effective and benefits from strong secular trends. In these cases, our power transmission and distribution experts leveraged key insights to quickly deliver repeatable, best-in-class designs that address real-world challenges and can be implemented efficiently.

這些範例展示了我們的解決方案的實際效果。正如我們在投資者日所概述的那樣，我們專注於我們的技術最有效且受益於強勁長期趨勢的垂直領域和用例。在這些案例中，我們的輸配電專家利用關鍵見解快速提供可重複的、一流的設計，以解決現實世界的挑戰並能有效實施。

Looking ahead, we are committed to advancing our solutions strategy by becoming trusted industry experts who provide scalable solutions leveraging Belden’s active and passive product portfolio. We firmly believe our solutions offer superior value in the marketplace. Over time, successes like these will drive increased sales and deepen relationships with key customers, creating long-term, stickier partnerships.

展望未來，我們致力於成為值得信賴的行業專家，利用 Belden 的主動和被動產品組合提供可擴展的解決方案，從而推進我們的解決方案策略。我們堅信我們的解決方案在市場上具有卓越的價值。隨著時間的推移，這樣的成功將推動銷售額的成長並加深與關鍵客戶的關係，建立長期、更緊密的合作關係。

I will now request Jeremy to provide additional insight into our fourth-quarter and full-year financial performance.

我現在請傑里米對我們第四季和全年財務表現提供更多見解。

Thank you, Ashish. I will start my comments with results for the fourth quarter and full year, 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，Ashish。我將從第四季度和全年業績開始發表評論，然後回顧我們的部門，討論資產負債表和現金流，最後是我們的展望。提醒一下，我今天將參考調整後的結果。

Now, please turn to slide 7. Revenue for the quarter was $666 million, up 21% year over year, and exceeding the high end of our guidance of $660 million. Organic revenue was up 14% year over year with both automation solutions and smart infrastructure solutions up 14%.

現在請翻到第 7 張投影片。本季營收為 6.66 億美元，年增 21%，超過我們預期的 6.6 億美元最高水準。其中，自動化解決方案和智慧基礎設施解決方案的有機收入較去年同期成長 14%。

We are encouraged to see organic growth return as conditions improve in our markets. As expected, orders for the quarter were up modestly sequentially and up 23% year over year, with both segments exhibiting strong growth. Automation solutions was slightly positive on a sequential basis, and smart infrastructure was slightly negative due to typical seasonality.

隨著市場狀況的改善，我們很高興看到有機成長的回歸。如預期，本季訂單量較上季小幅成長，年增 23%，兩個部門均呈現強勁成長。自動化解決方案按季度略有增長，而智慧基礎設施由於典型的季節性而略有下降。

Gross profit margins were 38.1%, as expected, decreasing 10 basis points compared to the prior year but up 30 basis points sequentially. EBITDA was $114 million with EBITDA margins up 110 basis points year over year to 17.1%. Net income was $79 million, up from $61 million in the prior year quarter. And EPS was $1.92, including the benefit of approximately $0.17 due to favorable tax rates compared to our guidance. Adjusting for the tax rate benefit, EPS was $1.75, still above the high end of our guidance.

毛利率為38.1%，符合預期，較上年下降10個基點，但較上一季上升30個基點。EBITDA 為 1.14 億美元，EBITDA 利潤率年增 110 個基點，達到 17.1%。淨收入為 7,900 萬美元，高於去年同期的 6,100 萬美元。每股收益為 1.92 美元，其中包括與我們的預期相比稅率優惠而產生的約 0.17 美元的收益。調整稅率效益後，每股盈餘為 1.75 美元，仍高於我們預期的高點。

Now, please turn to slide 8. Revenue for the year was nearly $2.5 billion, down 2% from the prior year. Organic revenue was down 6%, with automation solutions down 6% and smart infrastructure solutions down 5%. As business conditions continued to improve throughout the year, our orders were up 9% on a full-year basis. EBITDA was $411 million, with EBITDA margins at 16.7% for the year. Net income was $263 million, compared to $293 million in the prior year. EPS was $6.36, compared to our record EPS of $6.83 in 2023.

現在請翻到第 8 張投影片。全年收入近 25 億美元，較前一年下降 2%。有機收入下降 6%，其中自動化解決方案下降 6%，智慧基礎設施解決方案下降 5%。由於全年經營狀況持續改善，我們的訂單全年增長了 9%。EBITDA 為 4.11 億美元，全年 EBITDA 利潤率為 16.7%。淨收入為 2.63 億美元，而上年為 2.93 億美元。每股收益為 6.36 美元，而 2023 年的每股收益最高紀錄為 6.83 美元。

Turning now to slide 9 for a review of our business segment results for the fourth quarter. With general market stability, performance for our segments aligned with our expectations. For the fourth quarter, revenue in our automation solutions segment was up 15% compared to the prior year. EBITDA margins were 20.6%, up from 19.2%.

現在轉到第 9 頁，回顧我們第四季的業務部門業績。由於整體市場穩定，我們各部門的表現符合我們的預期。第四季度，我們的自動化解決方案部門的營收比去年成長了 15%。EBITDA 利潤率從 19.2% 上升至 20.6%。

Orders in automation solutions were up 3% sequentially, and up 21% compared to the prior year. Our strongest markets for the quarter and full year included energy and process manufacturing. Despite continued softness in EMEA, we saw double-digit organic growth in our discrete market for the fourth quarter. Our discrete business grew moderately sequentially with continued improvement in the Americas and APAC.

自動化解決方案訂單季增 3%，較去年同期成長 21%。本季和全年我們最強勁的市場包括能源和流程製造。儘管歐洲、中東和非洲地區持續疲軟，但我們第四季的離散市場實現了兩位數的有機成長。我們的離散業務連續適度成長，美洲和亞太地區持續改善。

Revenue in our smart infrastructure solutions segment grew 27% compared to the prior year. EBITDA margins were 13.3%, up from 12.1%. Aligned with expected seasonality, orders in smart infrastructure were down 3% sequentially and up 26% compared to the prior year.

我們的智慧基礎設施解決方案部門的收入比去年增加了27％。EBITDA 利潤率為 13.3%，高於 12.1%。與預期的季節性一致，智慧基礎設施訂單季減 3%，年增 26%。

For the quarter, we saw strength in growth verticals including healthcare and hospitality. Broadband showed strong growth compared to the prior year, and was roughly flat sequentially, again aligned with normal seasonality. Our markets have stabilized, and most customers are taking a neutral stance in the short term as they await greater clarity on new policy decisions.

本季度，我們看到醫療保健和酒店等垂直行業的成長強勁。與前一年相比，寬頻呈現強勁成長，且與上一季基本持平，再次符合正常的季節性。我們的市場已經穩定下來，大多數客戶在短期內都持中立立場，等待新政策決定更加明朗。

Next, please turn to slide 10 for our balance sheet and cash flow highlights. Our cash and cash equivalents balance at the end of the fourth quarter was $370 million compared to $597 million in the fourth quarter of 2023. Our cash position reflects capital deployment during the year, primarily attributable to the Precision Optical acquisition and share repurchases.

接下來，請翻到第 10 張投影片查看我們的資產負債表和現金流量重點。我們第四季末的現金和現金等價物餘額為 3.7 億美元，而 2023 年第四季為 5.97 億美元。我們的現金狀況反映了年度內的資本部署，主要歸因於精密光學的收購和股票回購。

At the end of the year, our financial leverage was a reasonable 1.8 times net debt to EBITDA, consistent with our expectations. We intend to maintain net leverage of approximately 1.5 times over the long term. However, we will fluctuate from time to time as we pursue strategic opportunities consistent with our capital allocation priorities.

截至年底，我們的財務槓桿為淨債務與 EBITDA 比率的 1.8 倍，合理，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。然而，由於我們追求與資本配置重點一致的策略機會，我們會時常波動。

For the full year, our free cash flow was $223 million, ahead of previous periods. When compared to our revenue, free cash flow margins increased to 9.1%, up from 8.6% in the prior year. Consistent with our capital allocation priorities, we deployed $436 million for M&A, share repurchases, and dividends during the year. In 2024, we repurchased 1.3 million shares, further reducing our share count, which is now 10% lower than it was three years ago. We currently have $340 million remaining on our repurchase authorization.

全年來看，我們的自由現金流為 2.23 億美元，高於前期。與我們的收入相比，自由現金流利潤率從去年的 8.6% 增加到 9.1%。根據我們的資本配置重點，我們在今年部署了 4.36 億美元用於併購、股票回購和股利。2024 年，我們回購了 130 萬股，進一步減少了我們的股票數量，現在比三年前減少了 10%。我們目前還剩餘 3.4 億美元的回購授權。

Going forward, we see the opportunity to continue deploying capital towards both acquisitions and share repurchases. As our solutions offerings expand, our margins continue to strengthen, leading to increased cash flow. This steady flow of capital allows us to make strategic, high-return investments that further enhance our capacity to generate incremental cash flow. As a reminder, our next debt maturity is not until 2027, and all of our debt is fixed with rates averaging 3.5%.

展望未來，我們看到了繼續部署資本進行收購和股票回購的機會。隨著我們的解決方案範圍不斷擴大，我們的利潤率持續提高，從而增加現金流。穩定的資金流動使我們能夠進行策略性、高回報的投資，進一步增強了我們產生增量現金流的能力。提醒一下，我們的下一筆債務要到 2027 年才到期，所有債務的固定利率平均為 3.5%。

Please turn to slide 11 for our first-quarter outlook. For the first quarter, we anticipate order patterns aligning with typical seasonality and expect our customers to remain in a neutral posture as they navigate this dynamic environment. Revenues are expected to be between $605 million and $620 million, representing a 13% to 16% increase over the prior year quarter.

請翻到第 11 張投影片查看我們的第一季展望。對於第一季度，我們預期訂單模式與典型的季節性一致，並希望我們的客戶在這種動態環境中保持中立姿態。預計營收在 6.05 億美元至 6.2 億美元之間，比去年同期成長 13% 至 16%。

Adjusted EPS is expected to be between $1.43 and $1.53, representing a 15% to 23% increase over the prior year quarter. Guidance includes the impact of a stronger US dollar relative to other major currencies. As such, for the first quarter, we expect a currency exchange headwind of approximately $15 million in revenue and $0.05 in EPS compared to prevailing rates in the prior quarter. At current rates, we expect a similar impact in each quarter for the balance of the year. We expect a tax rate of 18.3% in the first quarter and nearly 20% for the remaining three quarters of the year.

調整後每股盈餘預計在 1.43 美元至 1.53 美元之間，較去年同期成長 15% 至 23%。指引包括美元相對於其他主要貨幣走強的影響。因此，與上一季的現行匯率相比，我們預計第一季的匯率逆風將導致營收減少約 1,500 萬美元，每股收益減少 0.05 美元。按照目前的速度，我們預計今年剩餘時間每季都會產生類似的影響。我們預計第一季的稅率為18.3%，今年剩餘三個季度的稅率將接近20%。

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

我的準備好的發言到此結束。現在我想把電話轉回給 Ashish。

Thank you, Jeremy. To summarize, 2024 was a strong year for Belden and our team executed well despite the dynamic environment. As outlined earlier, we continue positioning our business for the massive opportunity ahead.

謝謝你，傑瑞米。總而言之，2024 年對 Belden 來說是強勁的一年，儘管環境充滿活力，但我們的團隊仍然表現出色。正如之前所概述的，我們將繼續定位我們的業務以迎接未來的巨大機會。

Business conditions steadily improved this past year with revenue, EBITDA, and EPS increasing each quarter. In fact, if you compare the second half of the year to the first, you will see that our revenue increased 16%, EBITDA increased 23%, and EPS increased 32%. Orders also showed positive momentum, increasing sequentially each quarter and reaching nearly $2.5 billion for the year, up 9% compared to 2023. Our key growth regions are improving nicely. The Americas was up 23% organically in the fourth quarter, led by outperformance in the US.

過去一年，商業環境穩步改善，收入、EBITDA 和 EPS 每個季度都在增加。事實上，如果你將下半年與上半年進行比較，你會發現我們的營收成長了 16%，EBITDA 成長了 23%，EPS 成長了 32%。訂單量也呈現積極勢頭，每個季度都環比增長，全年達到近 25 億美元，較 2023 年增長 9%。我們的主要成長區域正在良好改善。第四季度，美洲地區有機成長 23%，其中美國市場表現優異。

Finally, in the most recent quarter, we saw particular strength in our energy, process manufacturing and broadband markets. By focusing on key growth verticals where our products and solutions have a competitive advantage, our business is primed to capitalize on long-term secular growth drivers.

最後，在最近一個季度，我們看到能源、流程製造和寬頻市場表現特別強勁。透過專注於我們的產品和解決方案具有競爭優勢的關鍵成長垂直領域，我們的業務已準備好利用長期成長動力。

Looking forward to the first quarter, our guidance implies that customers maintain a neutral posture. We expect policy and implications to be clarified over the next few months, and despite the short-term uncertainty, we anticipate customers will move quickly and deploy capital accordingly.

展望第一季度，我們的指導意味著客戶保持中立姿態。我們預計政策和影響將在未來幾個月內明確，儘管存在短期不確定性，但我們預計客戶將迅速採取行動並相應地部署資本。

Our view on the opportunity ahead for us in 2025 remains unchanged with meaningful upside once decision makers have more certainty. While we are not guiding beyond the first quarter, I can confidently say that I expect 2025 to be a year of record performance for Belden. I anticipate that we will see many new highs for the business, well above those of the past for the following reasons.

我們對 2025 年面臨的機會的看法保持不變，一旦決策者有了更多的確定性，我們就會擁有有意義的上升空間。雖然我們沒有對第一季之後的業績做出預測，但我可以自信地說，我預計 2025 年將是 Belden 創紀錄的一年。我預計，我們的業務將創下許多新高，遠高於過去，原因如下。

First, orders this past year have largely stabilized with some verticals showing healthy and growing demand. As I mentioned earlier, our key growth regions are also improving and channel checks indicate that we are nearly through destocking with a return to growth going forward. Second, after more than two years of manufacturing PMIs in contraction territory, we are seeing signs of rebound in activity, which is expected to positively impact our business.

首先，去年的訂單基本上穩定，一些垂直行業的需求表現出健康和成長。正如我之前提到的，我們的主要成長區域也在改善，通路檢查顯示我們幾乎已經完成去庫存，未來將恢復成長。其次，在製造業PMI連續兩年處於收縮區間之後，我們看到了經濟活動反彈的跡象，預計這將對我們的業務產生積極影響。

Finally, re-industrialization in the US is set to accelerate and we’ve strategically aligned our business to capitalize on this trend. Our solutions transformation is delivering results, driving incremental growth and margin expansion. Major secular trends and our continued push into solutions provide us with a significant runway ahead as our teams innovate. We enter 2025 in a position of strength with the underlying trends moving in the right direction.

最後，美國的再工業化進程必將加速，我們已經策略性地調整了我們的業務以利用這一趨勢。我們的解決方案轉型正在產生成果，推動增量成長和利潤擴大。主要的長期趨勢和我們對解決方案的持續推動為我們團隊創新提供了重要的前進空間。我們將以強勁的勢頭邁入 2025 年，基本趨勢也將朝著正確的方向發展。

Now, regarding the $8 EPS target, let me take a moment to summarize what has transpired since our Investor Day last year. On the plus side, the fourth quarter was strong. We exceeded expectations, continue to grow orders and saw many of our verticals and regions turn positive compared to the prior year. For the first quarter, we see performance aligned with normal seasonality, which reflects a continuation of the trends we saw in the fourth quarter. This is all good and supports our previously articulated pathway to achieving $8 in EPS in 2025.

現在，關於每股收益 8 美元的目標，讓我花點時間總結一下自去年投資者日以來發生的事情。從積極的一面來看，第四季表現強勁。我們超出了預期，訂單繼續增長，我們的許多垂直行業和地區與前一年相比都出現了積極的增長。第一季度，我們發現業績與正常季節性一致，這反映了我們在第四季度看到的趨勢的延續。這一切都很好，並支持我們之前闡明的到 2025 年實現每股收益 8 美元的路徑。

On the other hand, we are seeing incremental headwinds that make achieving the target slightly more challenging. First, as Jeremy articulated, the US dollar continues to strengthen, creating a currency translation headwind into 2025. Further, short-term friction persists today, which risks delaying the uptick in demand we would expect in our business for the balance of the year. We can only achieve $8 in 2025 if business conditions improve beyond the first quarter.

另一方面，我們看到越來越多的阻力，這使得實現目標變得更加困難。首先，正如傑里米所言，美元持續走強，這將為 2025 年帶來貨幣轉換的阻力。此外，目前短期摩擦仍然存在，這可能會推遲我們預期的今年剩餘時間業務需求上升。只有第一季以後商業狀況有所改善，我們才能在 2025 年實現 8 美元的目標。

To conclude, our posture on $8 has not changed, and excluding the currency headwind, our expectations for 2025 remain just as positive. Rest assured, we will continue to operate the business to benefit our shareholders, making prudent strategic investment and capital allocation decisions to support our long-term commitments.

總而言之，我們對 8 美元的立場沒有改變，並且排除貨幣逆風的影響，我們對 2025 年的預期仍然同樣樂觀。請放心，我們將繼續經營業務，使股東受益，做出審慎的策略投資和資本配置決策，以支持我們的長期承諾。

As outlined in our Investor Day, our growth algorithm will deliver long-term shareholder value. We are targeting true cycle EPS growth of 10% to 12% longer term driven by mid-to-single digit organic growth and consistent margin expansion. Belden’s progress last year and the opportunity ahead in 2025 are a testament to our team’s hard work and dedication. I’m excited about our long-term potential as we continue to execute our strategy and create lasting value for our stakeholders.

正如我們在投資者日所概述的那樣，我們的成長演算法將帶來長期股東價值。我們的目標是，在中個位數的有機成長和持續的利潤率擴大的推動下，長期內實現 10% 至 12% 的真實週期每股收益成長。百通去年的進步和 2025 年的未來機會證明了我們團隊的辛勤工作和奉獻精神。隨著我們繼續執行我們的策略並為我們的利害關係人創造持久的價值，我對我們的長期潛力感到興奮。

I also want to take a moment to recognize the valuable contributions of our associates over the past quarter. Your efforts and commitment are greatly appreciated, and I thank you for your unwavering support as you transform Belden.

我還想花點時間來讚揚我們的同事在過去一個季度所做的寶貴貢獻。我們非常感謝您的努力和承諾，感謝您在改造 Belden 過程中給予的堅定支持。

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

我們的準備好的演講到此結束。接線員，請打開電話詢問。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（操作員指示）高盛的馬克·德萊尼。

YesYou mentioned you expect improvement this year in the business when you look at manufacturing PMIs and consider inventory levels in the channel and the destocking that occurred over the course of last year. But then you also talked about an expectation for normal seasonality and some near-term uncertainty as customers evaluate the policy environment. Maybe you could elaborate a little bit more on some of those factors. Just specifically to the 1Q guidance, are you assuming any pickup in activity making, or is that not something that’s baked into your 1Q guidance? And maybe just talk a little bit more on what you’ve seen with order patterns so far this year?

是的，您提到，當您查看製造業採購經理人指數 (PMI) 並考慮通路中的庫存水準以及去年發生的去庫存情況時，您預計今年的業務將會改善。但隨後您也談到了對正常季節性的預期，以及客戶評估政策環境時的一些短期不確定性。也許您可以進一步詳細說明其中一些因素。具體到第一季的指引，您是否認為活動製作會增加，或者這是否已經包含在您的第一季指引中？您是否可以再多談今年到目前為止的訂單模式？

Yeah. Well, thanks, Mark. So if you think about Q1, I think I would like to separate the two factors we talked about. So yes, there is regular seasonality, it’s typically 6% to 8% going from Q4 to Q1. And I think our guidance is prudent in that it considers that aspect.

是的。好吧，謝謝，馬克。因此，如果你考慮 Q1，我想我會將我們討論的兩個因素分開。是的，存在正常的季節性，從第四季度到第一季度，通常為 6% 到 8%。我認為我們的指導是謹慎的，因為它考慮到了這一方面。

At the same time, whilst there are certain positive trends, and you listed them, orders improving, solutions improving, the destocking coming to an end tapering off, undoubtedly, there is some shorter term friction. I think, overall, the broader policy agenda supports our business. Re-industrialization especially in the US will be very helpful given our posture, but there are certain things our customers and markets broadly are working through right now. And so, yes, so seasonality separate from that, but I think once you get past Q1, we expect things to actually be pretty much on course for the 2025 we had in mind.

同時，雖然也存在一些積極的趨勢，正如您所列舉的，訂單在改善，解決方案正在改善，去庫存正在逐漸結束，但毫無疑問，也存在一些短期摩擦。我認為，總體而言，更廣泛的政策議程支持我們的業務。考慮到我們的態勢，再工業化（尤其是在美國）將非常有幫助，但我們的客戶和市場目前正在廣泛努力解決某些問題。是的，季節性與此無關，但我認為一旦度過第一季度，我們預計事情實際上將按照我們設想的 2025 年的計劃進行。

That’s helpful. But just to clarify, you don’t need any pickup in activity to hit the 1Q guidance?

這很有幫助。但需要澄清的是，您不需要任何活動回升來達到第一季的指導嗎？

Yeah, that’s correct.

是的，正確。

That’s correct. Sorry, I should have --

沒錯。抱歉，我應該--

Understood. And then it’s in terms of some of the puts and takes to the $8 target, to the extent you do see business conditions pick up starting in 2Q, do you think you’re tracking to the $8 number or is FX too much of an incremental headwind?

明白了。然後就一些看跌和看漲目標而言，從您看到第二季度開始商業環境有所好轉，您是否認為您正在追踪 8 美元的數字，還是外匯的增量阻力太大了？

We’ll have to see how things go, Mark. Obviously, we’re not guiding outside of the first quarter. And even as we talked about $8 in the script, we made sure to say that it’s not a guidance. Obviously, we need things to pick up. We expect they will pick up as we go throughout the year.

我們得看看事情進展如何，馬克。顯然，除了第一季之外，我們不會做出任何預測。即使我們在腳本中討論了 8 美元，我們也明確表示這不是一個指導價格。顯然，我們需要事情好轉。我們預計，隨著全年的發展，這一數字將會回升。

Now, we’re not planning on it to happen in the first quarter now. But we do think as we move throughout the year, things will get significantly better and we’ll see how things go. I think at the same time, in order to hit that $8 number, we’ll have to continue to make some smart capital allocation decisions. And so those are things we’re evaluating at the same time. So we’ll see how things go. And I’m sure we’ll know a bit more 90 days from now.

現在，我們不打算在第一季實現這一目標。但我們確實認為，隨著全年情勢的發展，情況將會顯著好轉，我們將拭​​目以待。我認為，同時，為了達到 8 美元的目標，我們必須繼續做出一些明智的資本配置決策。所以這些都是我們同時在評估的事情。所以讓我們看看事情如何發展。我相信 90 天後我們將會了解更多。

Steven Fox, Fox Advisors.

史蒂文·福克斯（Steven Fox），福克斯顧問公司。

First, I had a question just clarifying a couple end market comments. So when you talked about the customers being in the neutral posture, is that across the board or are there some markets where maybe you don’t need to see where that will do well no matter what happens with policy? And then on the EMEA side, you mentioned EMEA is weak, but then you also said there’s a pickup in discrete manufacturing. So I’m a little unclear on how to tie all that together. And then if I could follow-up with one other question, that’d be great.

首先，我有一個問題，只是想澄清一些終端市場評論。所以當您談到客戶持中立態度時，這是否適用於所有情況，或者是否存在一些市場，無論政策如何變化，您都不需要關注這些市場是否能夠表現良好？然後在歐洲、中東和非洲 (EMEA) 方面，您提到歐洲、中東和非洲 (EMEA) 地區表現疲軟，但您也表示離散製造業正在回升。所以我不太清楚如何將所有這些聯繫在一起。然後，如果我可以繼續問另一個問題，那就太好了。

Sure. So let me deal with the discrete item first. So, Steve, generally discrete markets have been slow in 2024. However, in Q4, we saw double-digit growth there and that was inspired with EMEA being slightly weak. Now EMEA itself has also improved. Remember a lot of what we do in EMEA is focused on them exporting to markets across the world. And I think, especially in the US, discrete markets including material handling have just done better and better as they have progressed.

當然。因此讓我先處理離散項目。因此，史蒂夫，總體而言，2024 年離散市場發展緩慢。然而，在第四季度，我們看到了兩位數的成長，這是由於歐洲、中東和非洲地區略顯疲軟。現在EMEA地區本身也得到了改善。請記住，我們在歐洲、中東和非洲地區所做的許多工作都集中在向全球市場出口。我認為，特別是在美國，包括物料搬運在內的離散市場隨著其發展而表現得越來越好。

And if you look at how we’ve built our own stack, which is passive hardware, active hardware and software to help discrete markets, we solve problems, including the shortage of labor, productivity, shortage of capital when you’re trying to retrofit existing factories and warehouses. So those are all good things for us. And yes, so discrete has been a more positive spot versus in the past.

如果你看看我們是如何建立自己的堆疊的，即被動硬體、主動硬體和軟體來幫助離散市場，我們解決的問題包括當你試圖改造現有工廠和倉庫時出現的勞動力短缺、生產力短缺、資金短缺等。所以這些對我們來說都是好事。是的，與過去相比，離散性已經成為一個更積極的優勢。

Now, if I think of which markets will continue to do well in spite of some short-term uncertainty, I think energy and process stand out. They’ve really started making investments that I think will stay more consistent through this period. But I think there are certain other markets that are trying to digest all the information right now, figure out how the short-term friction might affect them, and that’s more in the manufacturing space, so maybe more in the discrete space. So again, we think that this is short term. We believe that post Q1, things will actually be much more positive.

現在，如果我考慮哪些市場儘管存在一些短期不確定性但仍將繼續表現良好，我認為能源和流程將脫穎而出。他們確實開始進行投資，我認為這些投資在這段期間會保持更加穩定。但我認為，某些其他市場正在試圖消化所有訊息，弄清楚短期摩擦可能如何影響他們，而這更多的是在製造領域，因此可能更多地是在離散領域。因此，我們再次認為這只是短期的。我們相信，第一季之後情況將會更加積極。

Great. That’s helpful. And then just a bigger picture question on the solutions business. Is there any way to put a little more perspective on how the mix is shifting now that we’re at the end of the year either looking back at percent of sales, percent of orders versus the prior year and how that shift can continue into '25? Thanks very much.

偉大的。這很有幫助。然後是關於解決方案業務的一個更大的問題。現在我們已到了年底，有沒有什麼方法可以更清楚地了解產品組合的變化情況，例如回顧與前一年相比的銷售百分比、訂單百分比，以及這種變化將如何延續到2025年？非常感謝。

Yeah, so solutions as a percentage of sales came in approximately in that 10% to 12% region for the full year, which is what we had previously talked about. If you remember even during Investor Day, that’s what we expected will happen. I think the more interesting part for us on solutions has been that we are now going to market with one combined offering across the two technology segments, right. So we’re saying automation solutions, smart infrastructure solutions are going to provide technology to different vertical markets.

是的，所以解決方案佔銷售額的百分比全年大約在 10% 到 12% 之間，這正是我們之前談到的。如果您還記得，即使在投資者日期間，您也會發現這正是我們所預期會發生的情況。我認為對我們來說，解決方案更有趣的部分是我們現在將透過跨兩個技術領域的綜合產品來推向市場，對吧。所以，我們說自動化解決方案、智慧基礎設施解決方案將為不同的垂直市場提供技術。

So the way I want you to imagine this is that we are building a stack or we’ve built a stack that is like I said, passive, active, and software and it can pivot to any vertical market. And there are certain examples. So we talked about today about MPLS technology, which was previously used more in the energy sector. Now we are seeing more of that also getting into mass transit. Similarly, you see smart buildings products that were previously used in healthcare, hospitality now moving to material handling and warehouses.

所以我希望你想像一下，我們正在建立一個堆疊，或者我們已經建立了一個堆疊，就像我說的，被動的、主動的和軟體，它可以轉向任何垂直市場。並且有一定的例子。所以我們今天講的MPLS技術，這個技術以前在能源領域應用比較多。現在我們看到越來越多這樣的交通方式也出現在公共交通領域。同樣，您會看到以前用於醫療保健、酒店業的智慧建築產品現在轉向物料搬運和倉庫。

Similarly, you see substation automation products, routers and switches that were used in power transmission and distribution now moving to data centers, because they need more energy management. So that’s been a good development in 2024. It’s not just the percentage of revenue, but how consistently we’ve been able to take pieces of that portfolio and make our solutions more consistent.

同樣，您會看到變電站自動化產品、用於電力傳輸和配電的路由器和交換器現在正在轉移到資料中心，因為它們需要更多的能源管理。所以這對 2024 年來說是一個好的進展。這不僅僅是收入的百分比，而是我們如何能夠持續地利用投資組合的各個部分並使我們的解決方案更加一致。

Our goal is not to build a different stack per verticals, but use the same stack with optimal customization. So I think a lot of the development that we noted in 2024 was in that space, so overall doing extremely well. We see good momentum on solutions. We expect that to accelerate in 2025 with the reindustrialization going through in the US.

我們的目標不是為每個垂直行業建立不同的堆疊，而是使用具有最佳客製化的相同堆疊。因此，我認為我們在 2024 年註意到的許多發展都發生在該領域，因此總體而言表現非常好。我們看到解決方案的良好勢頭。我們預計，隨著美國再工業化進程的推進，這項進程將在 2025 年加速。

William Stein, Truist Securities.

威廉·斯坦（William Stein），Truist Securities。

First, what we’ve seen with some companies is this anticipation of customers potentially trying to get ahead of any volatility in the tariff structure and maybe pull in orders that were scheduled for Q1 into Q4. I’m wondering if you think that happened, whether you can measure it, whether you think you know or know you know. Any comment on that dynamic?

首先，我們看到一些公司預期客戶可能會搶在關稅結構發生波動之前，將原定於第一季的訂單轉移到第四季。我想知道您是否認為那發生了，您是否可以衡量它，您是否認為您知道或知道您知道。對此動態有何評論？

So well, obviously we have some visibility, not 100%, but we obviously work very hard with our channel partners, especially in the US where we have more visibility and we can see POS data more. We don’t believe that there has been any kind of large scale pull in. I know of a couple of anecdotal cases where somebody said they were trying to do that. But broadly based on the data we have, both with end customer interaction as well as the channel checks, we don’t see that.

顯然，我們具有一定的可見性，雖然不是 100%，但我們顯然與我們的通路合作夥伴一起努力工作，特別是在美國，我們擁有更高的可見性，我們可以看到更多 POS 數據。我們不相信有任何大規模的拉攏行為。我知道一些軼事案例，有人說他們曾經嘗試這樣做。但從廣泛角度來看，根據我們掌握的數據（包括最終客戶互動以及管道檢查），我們並沒有發現這種情況。

I think our Q4 was pretty clean and as expected. Now, the other aspect of course you’ve raised here is about tariffs. Now remember, Will, that most of our manufacturing is within region, in fact within country, closer to consumption for most geographies. And we don’t actually -- I mean, our customers understand that they don’t actually have any kind of major panic. Yes, there will be some minor impact. I think we’re well positioned to address that.

我認為我們的 Q4 非常乾淨且符合預期。現在，您在這裡提出的另一個方面當然是關於關稅。威爾，請記住，我們的大部分製造業務都在地區內，實際上是在國內，對於大多數地區來說，更接近消費市場。我們實際上並沒有——我的意思是，我們的客戶明白他們實際上並沒有受到任何重大恐慌。是的，會有一些輕微的影響。我認為我們有能力解決這個問題。

So no, I think we can firmly say here that we did not experience any significant pull in or any pull in for that matter in Q4. Q1 is adjusted for seasonality and FX is about where we should be guiding at this time, given some shorter-term friction.

所以不，我認為我們可以堅定地說，我們在第四季度沒有經歷任何顯著的拉動或任何拉動。考慮到一些短期摩擦，第一季已根據季節性進行了調整，而外匯是我們目前應該引導的水平。

Thank you for that. And then the follow up relates to that shorter term friction that you described. I would imagine that that shows up in the form of order backlog and maybe somewhat faster turns built into the Q1 guide. Is that the right way to think about what’s going on or not? And maybe any way that you can elaborate on the duration of your backlog and visibility that you have today into the Q1 guide relative to what you might have had if there is such a thing as a typical Q1?

謝謝你。然後後續問題涉及您描述的短期摩擦。我認為這會以訂單積壓的形式表現出來，或許 Q1 指南中內建的更快的周轉速度也會表現出來。這是思考正在發生的事情的正確方式嗎？也許您可以以任何方式詳細說明您目前積壓的持續時間以及您目前對 Q1 指南的可見性，相對於如果存在典型的 Q1 的情況，您可能擁有的是什麼？

Yeah. Hey, Will. So with respect to the backlog, it’s not changed very much because our book-to-bill has been about [1] every quarter. So right now it’s a little over $500 million. It’s been at that level for several quarters in a row. So I wouldn’t say our visibility is any better or worse than it is in a typical quarter. And I wouldn’t say that we’ve seen an inordinate amount of, like, quick turn orders. I think it’s been pretty standard.

是的。嘿，威爾。因此，就積壓訂單而言，變化並不大，因為我們的訂單出貨比每季都約為 [1]。所以現在這個數字略高於 5 億美元。連續幾個季度都保持這一水平。因此，我不會說我們的知名度比典型季度更好或更差。我不認為我們已經看到了過多的快速訂單。我認為它是相當標準的。

I think the comment we were making is that we just don’t expect the orders to do -- sequentially, we don’t expect better orders performance than we would typically see from Q4 to Q1. And so that’s how we model the forecasting or how we’ve modeled the guidance at this point. If we go through the quarter and things change, things get better, that’ll be a good thing. But that’s our baseline assumption for the first quarter. But with respect to the backlog, it’s not really much different than it’s been the last few quarters.

我認為我們發表的評論是，我們只是不期望訂單會連續發生——我們預計訂單表現不會比我們通常看到的從第四季度到第一季的更好。這就是我們目前建立預測模型的方式或建立指導模型的方式。如果我們度過這個季度並且情況發生變化，情況變得更好，那將是一件好事。但這是我們對第一季的基本假設。但就積壓訂單而言，與過去幾季相比並沒有太大差異。

(Operator Instructions) Rob Jamieson, Vertical Research Partners.

（操作員指示） Rob Jamieson，Vertical Research Partners。

Thanks, I guess just wanted to touch back on the 1Q guide and just the color there. How would you characterize the macro that you have embedded in there? Is it more like, if we’re talking about PMI specifically more as we exited 2024, what the readings were like, or does this account for, like, the January kind of upticks that we saw in Europe and the US?

謝謝，我只是想回顧一下 1Q 指南和那裡的顏色。您如何描述嵌入其中的巨集？如果我們具體討論 2024 年即將結束時的 PMI，那麼讀數是什麼樣的呢？

Rob, so if you think about our -- when we were talking at Investor Day for example, our expectation was that we will see something beyond seasonality going into Q1. It’ll be slightly more positive than the seasonality. And that was based on the macro read at that point in time. I think at this point we are saying, hey, this is seasonality adjusted, FX adjusted, flattish to Q4, because we just think that those macro factors are still there, but there is some short-term uncertainty that pushes that out by a couple of months. So that’s where we are.

羅布，如果你想想我們的——例如，當我們在投資者日談話時，我們的預期是，我們將在第一季看到一些超越季節性的東西。它會比季節性稍微積極一些。這是基於當時讀取的宏。我認為此時我們會說，嘿，這是經過季節性調整和外匯調整後的數據，與第四季度持平，因為我們認為那些宏觀因素仍然存在，但是存在一些短期不確定性，會將其推遲幾個月。這就是我們現在的狀況。

So, yes, we saw the PMI reading. I mean, of course, that’s very positive news. And I think in general, the tapering of the destocking plus those kinds of indicators show us that 2025 will be better. We just wanted to be prudent in Q1, given that there is -- what we witness around us is some kind of lack of clarity. People are still trying to figure it out. It doesn’t mean that things are negative. It simply means that people are just waiting and watching a little bit more for this period. And it’s very short term. So the way I would characterize our guide is no change in the macro view, a more prudent perspective on the very short term.

是的，我們看到了 PMI 讀數。我的意思是，這當然是非常正面的消息。我認為總體而言，去庫存的逐漸減少加上這些指標表明 2025 年將會更好。我們只是想在第一季保持謹慎，因為我們周圍看到的是某種程度的不明確性。人們仍在努力尋找答案。這並不意味著事情是消極的。這只是意味著人們只是在等待和觀察這段時期。而且期限非常短。因此，我認為我們的指導方針是宏觀觀點不變，短期內採取更為審慎的視角。

Okay, that helps. And then I guess just to touch on the seasonality, can you maybe remind us how a normal year might play out? Whether that’s on a quarterly basis or first half versus second half contribution to full year revenue. Is it going to be like typically in the second half, it’s like, what, 52% or so? But just would love some color around that as well.

好的，這有幫助。然後我想談談季節性，您能否提醒我們正常年份的情況是怎麼樣的？無論是按季度計算，或是按上半年與下半年對全年營收的貢獻。下半年的情況是不是會像往常一樣，大概是 52% 左右？但也希望周圍有一些色彩。

Yeah, sure, Rob. So, yeah, obviously for us, Q1 is always the low point for the year. Everything else equal. And I would say it’s, again, it’s sort of -- if you just take the way we’ve guided this down 6% to 8% sequentially from Q4 to Q1, you would expect a nice pop then from Q1 to Q2.

是的，當然，羅布。所以，是的，顯然對我們來說，第一季總是一年中的最低點。其它所有條件相同。我想說的是，如果您按照我們從第四季度到第一季逐季下降 6% 到 8% 的方式，您會預期從第一季到第二季會出現不錯的成長。

And then I would say everything else equal, no improvement in the market, Q2, Q3 and Q4 would look very similar to each other. So you hit the low point in Q1, things rebound in Q2. But obviously we’re hopeful as we move throughout the year, we start to see some additional market improvement, which would make that improvement as we go throughout the year even better. But we’ll see.

然後我想說，在其他條件相同的情況下，市場沒有改善，第二季、第三季和第四季看起來會非常相似。因此，在第一季度，情況跌至低谷，在第二季度，情況會反彈。但顯然，我們希望隨著全年的發展，我們將開始看到一些額外的市場改善，這將使全年的改善變得更好。但我們會看到。

There are no further questions at this time. I will turn the call back to Mr. Reddington for any additional or closing remarks.

目前沒有其他問題。我將把電話轉回給雷丁頓先生，讓他做任何補充演講或結束語。

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.

謝謝接線員，也謝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。

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

謝謝各位，女士們、先生們。今天的通話到此結束。現在您可以掛斷通話了。感謝您的參與。