Belden Inc (BDC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden reports first-quarter 2025 results. Just a reminder, this call is being recorded. (Operator Instructions) I would now like to turn the call over to Mr. Aaron Reddington. Please go ahead, sir.

女士們、先生們，感謝你們的支持。歡迎閱讀今天上午的 Belden 2025 年第一季業績報告。提醒一下，本次通話正在錄音。（操作員指示）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 first-quarter 2025 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 2025 年第一季財報電話會議。今天與我一起的還有 Belden 總裁兼執行長 Ashish Chand；以及資深副總裁兼財務長 Jeremy Parks。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，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.

我們今天早上發布了收益報告，並準備了一份幻燈片演示，我們將在本次電話會議上參考。新聞稿、簡報和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. 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.

翻到簡報中的第 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。此外，在今天的電話會議上，管理層將參考調整後或非 GAAP 財務資訊。根據 G 規則，我們的簡報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 turn to slide 4 for a summary of our major accomplishments during the first quarter and key messages I would like to highlight. As a reminder, I will be referring to adjusted results today. First, let me congratulate our team on another solid quarter and a great start to the year. We once again executed well and delivered results ahead of expectations.

謝謝你，亞倫，大家早安。感謝您的加入我們。讓我們翻到投影片 4，總結一下我們第一季的主要成就以及我想強調的關鍵訊息。提醒一下，我今天將參考調整後的結果。首先，我要祝賀我們的團隊又一個季度取得了穩健的業績，並為今年帶來了良好的開端。我們再次表現良好並取得了超乎預期的成果。

For the first quarter, our revenue and earnings per share both exceeded the high end of our guidance as our solutions transformation continues to progress. Revenue totaled $625 million, up 17% compared to the prior year, and earnings per share came in at $1.60, up 29% compared to the prior year. Profitability was strong with gross margins at 39.8%, up 140 basis points year over year. Adjusted EBITDA margins came in at 16.6% for the quarter, up 80 basis points year over year.

第一季度，隨著解決方案轉型的不斷推進，我們的營收和每股盈餘都超過了預期的上限。總收入為 6.25 億美元，比上年增長 17%，每股收益為 1.60 美元，比上年增長 29%。獲利能力強勁，毛利率達39.8%，較去年成長140個基點。本季調整後的 EBITDA 利潤率為 16.6%，較去年同期成長 80 個基點。

Before I move on, I want to quickly point out that gross margins of nearly 40% are the highest we have achieved since reshaping the business with our strategic solutions transformation in 2020. Performance like this highlights the benefits of our solutions transformation and gives a roadmap for future opportunities as solutions expand across the organization.

在繼續之前，我想快速指出，近 40% 的毛利率是我們自 2020 年透過策略解決方案轉型重塑業務以來所取得的最高水準。這樣的表現凸顯了我們的解決方案轉型帶來的好處，並為解決方案在整個組織範圍內擴展後的未來機會提供了路線圖。

Next, demand for the quarter was steady, with performance modestly ahead of expectations given the heightened uncertainty. Overall, our business grew organically by 11% for the quarter, led by strength in the Americas, which saw organic growth of 14%. Orders were up modestly sequentially for the first quarter and up 18% compared to the prior year. We finished the period with a book-to-bill of 1.05, compared to 1.03 in the prior year period.

其次，本季的需求保持穩定，鑑於不確定性加劇，業績略高於預期。總體而言，本季我們的業務有機成長了 11%，其中美洲地區的成長最為強勁，有機成長了 14%。第一季訂單量較上季小幅成長，較上年同期成長 18%。本期間我們的訂單出貨比為 1.05，去年同期為 1.03。

Finally, our business continues to generate meaningful cash flow, and we are deploying capital consistent with our capital allocation priorities. Trailing-twelve-month free cash flow was strong at $220 million, aligned with our expectations. With our ample free cash flow, our team continues to invest in high-return opportunities beneficial to shareholders. We continued buying back our stock, deploying $100 million to repurchase 1 million shares so far this year.

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。過去十二個月的自由現金流強勁，達到 2.2 億美元，符合我們的預期。憑藉著充足的自由現金流，我們的團隊繼續投資於對股東有利的高回報機會。我們持續回購股票，今年迄今已投入 1 億美元回購 100 萬股。

Our balance sheet remains strong, allowing us to enhance shareholder returns in multiple ways. We will continue looking for acquisitions that support our solutions transformation and, when appropriate, return capital to our shareholders through buybacks. Now please turn to slide 5.

我們的資產負債表依然強勁，使我們能夠以多種方式提高股東回報。我們將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。現在請翻到投影片 5。

I'd like to share a customer success story that underscores the long-term value of our relationships by illustrating how solutions open the door for deeper engagement with customers and the power of our broad product portfolio, which spans industrial and enterprise applications.

我想分享一個客戶成功案例，透過展示解決方案如何為與客戶進行更深入的互動打開大門，以及我們涵蓋工業和企業應用的廣泛產品組合的強大功能，強調我們關係的長期價值。

Today’s example involves a long-standing solutions customer in the North American automated warehouse space. Our relationship began with deploying OT components specifically, our industrial wireless products and applications to improve operational efficiency. From the start, the customer saw immediate benefits to their most critical KPIs and was impressed with our team’s expertise, capabilities, and product portfolio strength.

今天的例子涉及北美自動化倉庫領域的長期解決方案客戶。我們的合作關係始於部署 OT 組件，特別是我們的工業無線產品和應用程序，以提高營運效率。從一開始，客戶就看到了他們最關鍵的 KPI 的直接好處，並對我們團隊的專業知識、能力和產品組合實力印象深刻。

As our partnership deepened, our solutions team continued identifying new ways to enhance their operations and drive meaningful improvements to KPIs through network infrastructure upgrades. The customer faced challenges with inconsistent physical infrastructure, which led to downtime, functionality gaps, and supply chain disruptions. In response, our team engineered a robust physical OT layer that complements the Belden products already in place.

隨著我們合作關係的加深，我們的解決方案團隊繼續尋找新的方法來增強他們的運營，並透過網路基礎設施升級推動 KPI 的有意義的改進。客戶面臨著實體基礎設施不一致的挑戰，這導致了停機、功能差距和供應鏈中斷。作為回應，我們的團隊設計了一個強大的實體 OT 層，以補充已經到位的 Belden 產品。

After on-site validation of our solution, the customer was so confident in our capabilities that Belden has now been officially specified in their physical OT infrastructure. As our customer expands their footprint with new Automated Warehouse deployments across North America, we are well-positioned for ongoing and incremental revenue opportunities, which will be meaningful for our business. It’s also worth noting that our initial engagement started with traditionally industrial products and has now expanded to include elements more commonly associated with enterprise environments.

在對我們的解決方案進行現場驗證後，客戶對我們的能力非常有信心，因此 Belden 現已正式被指定為其實體 OT 基礎設施。隨著我們的客戶透過在北美部署新的自動化倉庫來擴大其業務範圍，我們已準備好獲得持續和增量的收入機會，這對我們的業務意義重大。另外值得注意的是，我們最初的合作始於傳統的工業產品，現在已擴展到包括與企業環境更常見的元素。

This new spec position and order illustrate the IT/OT convergence opportunity for which Belden is uniquely qualified to supply. Combined with our industrial wireless products, our new order for copper cabling, fiber solutions, various connectors, and our IDF cabinets, positions us as a provider of a nearly complete end-to-end solution, helping to address our customers' most critical KPIs.

這項新的規格定位和訂單表明 Belden 具有獨特的資格提供 IT/OT 融合機會。結合我們的工業無線產品，我們對銅纜、光纖解決方案、各種連接器和 IDF 機櫃的新訂單使我們成為幾乎完整的端到端解決方案的供應商，有助於解決客戶最關鍵的 KPI。

This example highlights two important points. First, our solutions-driven approach allows us to build strong, enduring customer relationships that lead to repeat business and strategic spec positioning. Second, it enables us to deliver comprehensive, end-to-end solutions that draw on the full breadth of our product portfolio a capability unique to Belden.

這個例子突顯了兩個要點。首先，我們的解決方案驅動方法使我們能夠建立強大、持久的客戶關係，從而帶來重複業務和策略規格定位。其次，它使我們能夠提供全面的端到端解決方案，充分利用我們全部的產品組合，這是 Belden 獨有的功能。

As our solutions strategy continues to evolve, we expect to further bridge the gap between industrial and enterprise applications by offering unified, high-value solutions across both spaces. We’re confident that our solutions provide superior value in the marketplace, and new and existing customers are increasingly seeing the positive impact on their operations as we grow and expand.

隨著我們的解決方案策略不斷發展，我們希望透過在兩個領域提供統一的高價值解決方案來進一步彌合工業和企業應用之間的差距。我們相信，我們的解決方案能夠在市場上提供卓越的價值，並且隨著我們的成長和擴張，新舊客戶越來越多地看到其營運的正面影響。

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

我現在請傑里米對我們第一季的財務表現提供更多見解。

Thank you, Ashish. I will start my comments with results for the first 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. Now please turn to slide 6.

謝謝你，阿希什。我將從第一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，最後是我們的展望。提醒一下，我今天將參考調整後的結果。現在請翻到投影片 6。

Revenue for the quarter was $625 million, up 17% year over year, and exceeding the high end of our guidance of $620 million. Revenue was up 11% organically on a year-over-year basis, with Automation Solutions up 16% and Smart Infrastructure Solutions up 6%.

本季營收為 6.25 億美元，年成長 17%，超過了我們預期的 6.2 億美元的最高限額。營收年增 11%，其中自動化解決方案成長 16%，智慧基礎設施解決方案成長 6%。

Orders for the quarter were up modestly sequentially and up 18% year over year, with both segments exhibiting strong growth. Automation solutions orders were up 22% year over year, and Smart Infrastructure Solutions orders were up 13% year over year.

本季訂單量較上季小幅成長，年增 18%，兩個部門均呈現強勁成長。自動化解決方案訂單年增22%，智慧基礎設施解決方案訂單年增13%。

Gross profit margins were 39.8%, increasing 140 basis points compared to the prior year. Margins in the first quarter were strong, reflecting both normal seasonal patterns and a favorable business mix. First quarter margins are typically higher due to segment mix, as our Smart Infrastructure segment is seasonally slower early in the year, helping lift overall margins.

毛利率為39.8%，較前一年增加140個基點。第一季的利潤率很高，反映了正常的季節性模式和良好的業務組合。由於細分市場組合的原因，第一季的利潤率通常較高，因為我們的智慧基礎設施部門在年初處於季節性放緩階段，這有助於提高整體利潤率。

EBITDA was $104 million with EBITDA margins up 80 basis points year over year to 16.6%. Net income was $65 million, up from $51 million in the prior year quarter. EPS was $1.60, up 29% and above the high end of our guidance of $1.53. Now, please turn to slide 7 for a review of our business segment results for the quarter.

EBITDA 為 1.04 億美元，EBITDA 利潤率年增 80 個基點至 16.6%。淨收入為 6,500 萬美元，高於去年同期的 5,100 萬美元。每股收益為 1.60 美元，成長 29%，高於我們預期的 1.53 美元的最高值。現在，請翻到第 7 張投影片來回顧本季我們業務部門的業績。

Despite policy uncertainty, performance for our segments was slightly ahead of expectations. Revenue in our Automation Solutions segment was up 16% compared to the prior year period, with EBITDA margins of 20.9%, up from 19.5%. Orders in Automation Solutions were up 22% compared to the prior year with a book-to-bill of 1.09.

儘管政策存在不確定性，但我們各部門的表現仍略高於預期。我們的自動化解決方案部門的營收與去年同期相比成長了 16%，EBITDA 利潤率從 19.5% 上升至 20.9%。自動化解決方案的訂單比去年增加了 22%，訂單出貨比為 1.09。

For the quarter, we saw strength in our more traditional industrial verticals, including discrete and process Manufacturing, which both achieved double-digit organic growth. From a regional perspective in Automation Solutions, we saw continued strength in the Americas and APAC. While EMEA was our slowest growing region, it did achieve organic growth for the quarter, a welcome improvement from the prior year.

本季度，我們看到了更傳統的工業垂直領域的強勁表現，包括離散製造業和流程製造業，它們都實現了兩位數的有機成長。從自動化解決方案的區域角度來看，我們看到美洲和亞太地區持續保持強勁成長。儘管歐洲、中東和非洲地區是我們成長最慢的地區，但本季它確實實現了有機成長，與去年相比有了可喜的進步。

Revenue in our Smart Infrastructure Solutions segment grew 17% compared to prior year with EBITDA margins of 11.4%, up from 11%. Orders in Smart Infrastructure were up 13% compared to the prior year with a book-to-bill of 0.98.

我們的智慧基礎設施解決方案部門的收入比上年增長了 17%，EBITDA 利潤率從 11% 上升至 11.4%。智慧基礎設施的訂單比去年增加了 13%，訂單出貨比為 0.98。

For the quarter, we saw strength in targeted verticals including healthcare, education, and hospitality. These verticals present a compelling opportunity for us going forward as we look to integrate our traditional industrial and enterprise businesses into a combined solutions offering. Broadband revenue was up year over year, led by strength in fiber, which was up 9% organically.

本季度，我們看到醫療保健、教育和酒店等目標垂直領域表現強勁。當我們尋求將傳統的工業和企業業務整合到綜合解決方案中時，這些垂直行業為我們的未來發展提供了一個極具吸引力的機會。寬頻收入年增，主要得益於光纖業務的強勁成長，其有機成長了 9%。

Our markets remain stable, with most customers taking a neutral stance in the short term as they await greater clarity on policy decisions and resulting implications on supply chains and end demand. Next please turn to slide 8 for our balance sheet and cash flow highlights.

我們的市場保持穩定，大多數客戶在短期內持中立立場，等待政策決策更加明朗以及對供應鏈和最終需求的影響。接下來請翻到投影片 8 查看我們的資產負債表和現金流重點。

Our cash and cash equivalents balance at the end of the first quarter was $259 million, compared to $370 million in the fourth quarter of 2024. Our cash position reflects typical seasonality and capital deployment towards share repurchases during the quarter.

我們第一季末的現金和現金等價物餘額為 2.59 億美元，而 2024 年第四季為 3.7 億美元。我們的現金狀況反映了本季典型的季節性和股票回購的資本配置。

Our financial leverage was a reasonable 2.0 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.

我們的財務槓桿是合理的淨債務與 EBITDA 的 2.0 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；然而，當我們追求與資本配置重點一致的策略機會時，我們會不時地發生波動。

For the trailing-twelve-months, our free cash flow was $220 million and 9% of total revenue. Year-to-date, we repurchased 1 million shares, further reducing our share count, which is now more than 10% lower than it was at the end of 2021. We currently have $240 million remaining on our repurchase authorization. Going forward, we see the opportunity to continue deploying capital towards acquisitions and share repurchases.

過去十二個月，我們的自由現金流為 2.2 億美元，佔總收入的 9%。年初至今，我們回購了 100 萬股，進一步減少了我們的股票數量，目前比 2021 年底減少了 10% 以上。目前我們的回購授權餘額為 2.4 億美元。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。

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 cash flow generating capacity. As a reminder, our next debt maturity is not until 2027, and all of our debt is fixed with rates averaging 3.5%. Please turn to Slide 9 for our second quarter outlook.

隨著我們的解決方案範圍不斷擴大，我們的利潤率不斷提高，從而帶來現金流的增加。穩定的資金流動使我們能夠進行策略性、高回報的投資，進一步增強我們的現金流創造能力。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%。請翻到投影片 9 了解我們第二季的展望。

We have executed well amid ongoing challenges; however, our customers still face heightened uncertainty as they navigate this rapidly changing environment. Assuming the continuation of current market conditions, revenues for the second quarter are expected to be between $645 million and $660 million, representing a 7% to 9% increase over the prior-year quarter. Adjusted EPS is expected to be between $1.67 and $1.77, representing an 11% to 17% increase over the prior-year quarter. We expect a tax rate of 17.5% in the second quarter and approximately 18% for the full year.

我們在持續的挑戰中表現良好；然而，我們的客戶在應對這個快速變化的環境時仍然面臨著高度的不確定性。假設當前市場狀況持續下去，預計第二季營收將在 6.45 億美元至 6.6 億美元之間，比去年同期成長 7% 至 9%。調整後的每股盈餘預計在 1.67 美元至 1.77 美元之間，比去年同期成長 11% 至 17%。我們預計第二季稅率為17.5%，全年稅率約為18%。

Finally, I want to quickly cover currently enacted tariffs as they relate to our guidance. First, it is important to highlight that our strategy for many years has been to produce within region across our business lines. This strategy served us well during COVID and has once again proven beneficial as we navigate the current uncertainties.

最後，我想快速介紹一下與我們的指導相關的目前頒布的關稅。首先，需要強調的是，多年來我們的策略一直是在區域內跨業務線進行生產。這項策略在 COVID 期間發揮了良好的作用，並且在我們應對當前不確定性時再次證明是有益的。

To date, we have taken a number of mitigating actions, including sourcing changes and pricing adjustments, to offset the tariff impact. While the situation is ever changing, we want to assure you that we are on top of the complex environment and will adjust as needed.

迄今為止，我們已採取了一系列緩解措施，包括改變採購和調整價格，以抵消關稅的影響。儘管情況不斷變化，但我們想向您保證，我們能夠掌控複雜的環境，並將根據需要進行調整。

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, our first quarter performance exceeded expectations and set a strong foundation for the year ahead. Despite a dynamic and often unpredictable environment, our team executed with focus and consistency, delivering impressive results across the board.

謝謝你，傑瑞米。總而言之，我們第一季的業績超出了預期，為來年奠定了堅實的基礎。儘管環境充滿活力且常常難以預測，但我們的團隊仍然專注且始終如一地執行，全面取得了令人矚目的成果。

Organic growth came in at 11%, order growth reached 18%, adjusted gross margins were nearly 40%, and adjusted EBITDA improved by 80 basis points compared to the prior year. These results are especially noteworthy given current market conditions and reflect the success of our ongoing solutions transformation.

有機成長率達 11%，訂單成長率達 18%，調整後毛利率接近 40%，調整後 EBITDA 與前一年相比提高了 80 個基點。在當前市場條件下，這些結果尤其值得注意，並反映了我們正在進行的解決方案轉型的成功。

We are well-positioned to benefit from major global trends such as reindustrialization, digitization, and automation trends we believe are still in the early stages. As we look toward the second quarter, our guidance implies that customers maintain a neutral posture, and we expect near-term uncertainty around trade policy to persist.

我們完全有能力從再工業化、數位化和自動化等全球主要趨勢中受益，我們認為這些趨勢仍處於早期階段。展望第二季度，我們的指導意味著客戶保持中立態度，並且我們預期貿易政策的短期不確定性將持續存在。

That said, our long-term outlook remains optimistic. We continue to see meaningful upside once decision-makers have greater clarity. In fact, we believe Belden is positioned to be a winner as this transition plays out. While early phases often bring uncertainty and noise, companies like Belden that are well-aligned with the direction of change are best positioned to succeed. There are several reasons why we remain optimistic about the road ahead.

儘管如此，我們的長期前景仍然樂觀。一旦決策者有了更清晰的認識，我們將繼續看到有意義的上升空間。事實上，我們相信，在這轉變過程中，百通將成為贏家。雖然早期階段往往會帶來不確定性和噪音，但像 Belden 這樣與變革方向保持一致的公司最有可能取得成功。我們對未來的道路保持樂觀的原因有幾個。

First, orders remain steady, and we see promising signals of strength beneath the surface. Growth in key regions is healthy, particularly in the Americas and APAC, and we believe that both Europe and China have likely bottomed, good news for our business. Our end markets are also holding up well, with positive momentum in both our discrete and process manufacturing verticals.

首先，訂單保持穩定，我們看到了表面之下強勁的跡象。關鍵地區的成長狀況良好，尤其是美洲和亞太地區，我們相信歐洲和中國可能已經觸底，這對我們的業務來說是個好消息。我們的終端市場也表現良好，離散製造和流程製造垂直領域均呈現正面動能。

Second, after more than two years of contraction in global manufacturing PMIs, we’re finally seeing signs of a recovery. US manufacturing PMIs recently turned positive, and we’re encouraged by Europe, as Germany's manufacturing PMIs edge closer to positive territory. These are early but positive indicators of a broader industrial recovery just around the corner.

其次，全球製造業PMI在連續兩年多萎縮後，終於看到了復甦的跡象。美國製造業採購經理人指數 (PMI) 最近轉為正值，而歐洲也令我們感到鼓舞，因為德國製造業採購經理人指數 (PMI) 也接近正值區域。這些都是早期但積極的指標，預示更廣泛的工業復甦即將到來。

Finally, we anticipate that a combination of key trends reindustrialization, automation, and the integration of IT/OT will have a positive impact on our business. As these dynamics gain momentum, we are strategically aligned to capitalize on them. The shift toward localized manufacturing will drive increased demand for automation, whilst the ongoing digitization of operations and IT/OT convergence will unlock new efficiencies and scalability. Our portfolio is purpose-built to support this transformation, and we believe we’re uniquely equipped to support our customers as they grow and adapt to these evolving demands.

最後，我們預計再工業化、自動化和 IT/OT 整合等主要趨勢的結合將對我們的業務產生積極影響。隨著這些動力不斷增強，我們將在策略上進行調整，以充分利用它們。向本地化製造的轉變將推動對自動化的需求增加，而持續的營運數位化和 IT/OT 融合將釋放新的效率和可擴展性。我們的產品組合專為支持這項轉型而構建，我們相信我們擁有獨特的優勢，能夠支持客戶成長並適應不斷變化的需求。

Our solutions transformation delivers results, drives incremental growth, and expands margins. With strong tailwinds from secular trends, and our continued push into innovative offerings, we see a significant runway ahead. We remain committed to operating the business with discipline and a focus on long-term value creation.

我們的解決方案轉型帶來了成果、推動了增量成長並擴大了利潤。在長期趨勢的強勁推動下，以及我們不斷推動創新產品，我們看到了巨大的發展空間。我們將繼續致力於規範經營，並專注於長期價值創造。

Our capital allocation strategy is guided by the same principles making thoughtful strategic investments and decisions that support our long-term commitments. As outlined during our Investor Day, our long-term growth algorithm remains intact. We’re targeting through-cycle EPS growth of 10% to 12%, driven by mid-single-digit organic growth and steady margin expansion.

我們的資本配置策略遵循相同的原則，做出深思熟慮的策略投資和決策，以支持我們的長期承諾。正如我們在投資者日所概述的那樣，我們的長期成長演算法保持不變。我們的目標是，在中等個位數有機成長和穩定利潤率擴張的推動下，實現 10% 至 12% 的周期內每股收益成長。

Our progress in the first quarter and the opportunity we see ahead are testaments to our team's dedication and hard work. I’m proud of what we’ve accomplished and even more excited about what’s to come. As we continue to execute our strategy, I have no doubt that we’ll reach new heights and create lasting value for all our stakeholders.

我們在第一季取得的進展和我們看到的未來​​機會證明了我們團隊的奉獻精神和辛勤工作。我為我們所取得的成就感到自豪，並對未來感到更加興奮。隨著我們繼續執行我們的策略，我堅信我們將達到新的高度並為所有利害關係人創造持久的價值。

Finally, I 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 we transform Belden.

最後，我想花點時間來表彰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，並感謝您在我們改造 Belden 期間給予的堅定支持。

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) William Stein, Truist Securities.

（操作員指示）William Stein，Truist Securities。

Great, thanks for taking my questions. First, Ashish, when I think about the changes that I think this administration wants to enable, namely more manufacturing in the US, it seems like Belden is very well positioned for that. And I wonder if you could comment as to whether you've seen incremental interest in maybe reshoring, not just friendshoring or near shoring but reshoring to the US among manufacturers or perhaps the current environment's had the opposite effect and your customers and potential customers feel, I don't know, a bit trapped or unsure as to what to do given the changing policies. Any sort of comment clarifying this would be helpful.

太好了，感謝您回答我的問題。首先，Ashish，當我想到本屆政府想要實現的變革，即在美國增加製造業時，我認為 Belden 在這方面已經做好了充分的準備。我想知道您是否可以評論一下，您是否看到製造商對回流（不僅僅是友好外包或近岸外包，而是回流到美國）的興趣日益濃厚，或者當前的環境是否產生了相反的效果，您的客戶和潛在客戶是否感到有點受困或不確定，鑑於政策的變化，他們該做什麼。任何澄清這一點的評論都會有幫助。

So I think it's more of the former. I think across our large customers we see a lot more confidence about the long term, especially in the US bringing back more manufacturing capacity here closer to the points of consumption. And therefore, we see discussions around longer-term plans. This whole IT/OT convergence topic has been kind of pending for some time, people have talked about it for some time.

所以我認為前者的可能性比較大。我認為，從我們的大客戶來看，我們對長期前景更有信心，尤其是美國將更多的製造產能轉移回更接近消費點的地方。因此，我們看到了圍繞長期計劃的討論。整個 IT/OT 融合話題已經懸而未決了一段時間，人們已經討論了一段時間。

This is kind of a catalyst here, Will, because if you were manufacturing offshore, the urgency around bringing IT and OT together was lower, because you had cheaper labor and you were outsourcing a lot of that headache to somebody else. Now as companies think about how do they manufacture in the US with a lack of skilled labor, higher costs, they're really discussing this converged backbone solution with us. So we see a lot of interest in that.

威爾，這是一種催化劑，因為如果你在海外製造，那麼將 IT 和 OT 結合在一起的緊迫性就會降低，因為你擁有更便宜的勞動力，而且你把很多令人頭疼的事情外包給了別人。現在，當公司考慮如何在缺乏熟練勞動力、成本較高的美國進行生產時，他們正在與我們討論這種融合骨幹解決方案。所以我們對此很感興趣。

Our funnel for solutions has gone up. Now I will say in the near term, there is some uncertainty around certain sectors thinking whether they will be able to continue friendshoring or not. Therefore, they are postponing certain decisions in the near term. So -- but I think overall the trends we see in terms of our discussions, in terms of our funnel and also I think in terms of our initial bookings is that overwhelmingly people are thinking about investing in IT/OT converged backbones to enable reshoring in the US.

我們的解決方案管道已經上升。現在我想說的是，在短期內，某些行業對於是否能夠繼續開展友岸外包業務存在一些不確定性。因此，他們正在推遲近期做出某些決定。所以 — — 但我認為，從我們的討論、我們的管道以及我們的初始預訂來看，總體趨勢是，絕大多數人都在考慮投資 IT/OT 融合主幹網，以實現在美國的回流。

Okay. As a follow-up, I'd like to ask about the book to bill in Smart Infrastructure, which was a little bit below parity. Can you maybe dig one level deeper? Was this in, I forget if you still call it, the smart buildings versus broadband? Between those two, are you seeing noticeable strength or weakness in one or the other?

好的。作為後續問題，我想問一下智慧基礎設施中的帳面成本，該成本略低於平價。能再深入挖掘一下嗎？我忘了您是否還這麼稱呼它，這是智慧建築與寬頻的對比嗎？在這兩者之間，您是否看到其中一個有明顯的優勢或劣勢？

So in terms of orders, on a year-over-year basis, smart buildings orders were up about 8%, broadband orders were up 18%. If you adjust for the acquisition that we did within broadband, I think orders were still up 12% or 13% within broadband. So I would say a little bit stronger in that business than in smart buildings.

因此，就訂單而言，與去年同期相比，智慧建築訂單成長了約 8%，寬頻訂單增加了 18%。如果根據我們在寬頻領域進行的收購進行調整，我認為寬頻領域的訂單仍將成長 12% 或 13%。所以我想說，這個產業比智慧建築業強一點。

The one thing I'll add here, Will, is whilst we're seeing the traditional smart buildings infrastructure still a little slow, they're being still thoughtful about how they invest. We are seeing more and more cases, and we talked about one example today on the call where we are able to take smart buildings products into our what we previously thought of as automation solutions.

威爾，我在這裡要補充的一點是，雖然我們看到傳統的智慧建築基礎設施仍然有點慢，但他們仍然在認真考慮如何投資。我們看到越來越多的案例，今天在電話會議上我們談到了一個例子，我們能夠將智慧建築產品納入我們之前認為的自動化解決方案中。

So for example, in material handling, for example, in mass transit. So we do expect that to keep improving in spite of the general environment. But yes, smart buildings has been a little quiet.

例如，在物料搬運中，例如，在公共交通中。因此，儘管整體環境如此，我們確實預期情況會持續改善。但確實，智慧建築一直有點安靜。

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

Hey, good morning. Thanks for taking my question and congratulations on the really solid execution here. I guess maybe kind of stepping back to Will's question just now, but on the reindustrialization that clearly is a positive and you talked a little bit about that. But is there a way maybe to quantify the level for a number of discussions and kind of the activity? I guess, just trying to size how much is being delayed and how much is actively ongoing in terms of maybe that potential to move back to the US?

嘿，早安。感謝您回答我的問題，並祝賀您在這裡取得如此出色的執行力。我想也許現在回到威爾剛才的問題，但就再工業化而言，這顯然是正面的，你也談到了這一點。但是有沒有辦法可以量化討論次數和活動類型的程度呢？我想，只是想衡量一下，在可能返回美國的可能性方面，有多少事情被推遲了，有多少事情正在積極進行中？

It's a little difficult right now to quantify from an exact bookings perspective. I will say this that within our overall sales funnel, we look at the portion that is related to these full solutions, especially around how we are focused on the reshoring, or the infrastructure build here in the US. And that has gone up, it's like more in the high teens. We see that progressing pretty well.

現在要從精確的預訂角度來量化有點困難。我想說的是，在我們的整體銷售管道中，我們會專注於與這些完整解決方案相關的部分，特別是我們如何專注於回流或在美國建立基礎設施。而且這個數字還在上升，大概在十幾歲左右。我們看到進展相當順利。

So I think there's a lot more discussion taking place now than there was even six months ago. So the leading indicators tell me that within the Americas, the solutions business should continue to grow in the high teens. But because of the short-term uncertainty and some friction, it's difficult to say exactly when that land in terms of bookings.

因此我認為現在的討論比六個月前多得多。因此，領先指標告訴我，在美洲，解決方案業務應該會繼續保持較高的成長率。但由於短期的不確定性和一些摩擦，很難確切地說出預訂量何時會實現。

Great, thanks so much for the color there. And then maybe secondly, just on the demand pull forward. Do you feel like you're seeing significant demand pull forward or is there any way to kind of think about what you're seeing there and maybe even into the second quarter or anything specific?

太好了，非常感謝那裡的顏色。然後也許其次，只是需求的推動。您是否覺得您看到需求明顯提前，或者有什麼方法可以思考您看到的情況，甚至可能影響到第二季度或任何具體情況？

We haven't seen anything that's material here, David, because remember our products and solutions are more engineered, they're not really impulse driven or consumer type. I know that there are certain markets where that has happened more on the consumer side, maybe on mobile, technology, et cetera. But we haven't seen anything really when customers think about deploying well end solutions, they typically work through schedule, it's very well planned.

大衛，我們在這裡沒有看到任何實質性的東西，因為請記住我們的產品和解決方案是經過精心設計的，它們並不是衝動驅動或消費者類型。我知道在某些市場中，這種情況在消費者方面更為常見，例如在行動裝置、科技等等。但是，當客戶考慮部署最終解決方案時，我們並沒有看到任何實際行動，他們通常會按照計劃進行，並且計劃得非常周全。

Now we do see -- like I said before, we do see a lot more people coming and talking to us about, hey, if we had to do some things quickly, will you guys be able to support us as we go forward. So while we haven't seen demand pull in, we've seen kind of interest pull in, more people are talking.

現在我們確實看到——就像我之前說的，我們確實看到越來越多的人來找我們談論，嘿，如果我們必須迅速做一些事情，你們能否在我們前進的過程中支持我們。因此，雖然我們還沒有看到需求的拉動，但我們看到了一種興趣的拉動，更多的人在談論。

Great. Thanks so much.

偉大的。非常感謝。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

You have Aman Gupta on for Mark Delaney. Thank you for taking the questions, and appreciate the color you gave on being in region for region and the tariff exposure. But could you maybe give a little more detail around what exposure you do have if there is anything that's being done outside the US that's coming into the US? And how much of that have you been able to offset today and how much longer would it take to offset the rest?

阿曼·古普塔 (Aman Gupta) 代替馬克·德萊尼 (Mark Delaney)。感謝您回答這些問題，並感謝您對各地區和關稅風險的解釋。但是，如果在美國以外進行的任何活動進入美國，您能否更詳細地說明您所接觸到的是什麼？您今天能夠抵銷多少？抵消剩餘部分還需要多長時間？

Yeah. So I'll take that one. In terms of our exposures, our largest exposure right now in the US is Mexico. But the majority of the products that we're importing from Mexico at the moment have exemptions under the USMCA. So I think we're well covered with respect to those imports.

是的。所以我會選擇那個。就我們的業務範圍而言，我們目前在美國最大的業務範圍是墨西哥。但目前我們從墨西哥進口的產品大多享有 USMCA 的豁免。所以我認為我們在這些進口方面已經做好了充分的準備。

We don't manufacture anything in China for the US. We do have a couple of third party suppliers that we utilize that do source products from China. But we are in the process right now of getting that sourcing changed or in rare cases increasing prices where we need to with our customers to pass those costs on. So I think as you could tell from our guidance the net impact is roughly zero or neutral in the second quarter.

我們沒有在中國為美國生產任何產品。我們確實有幾個第三方供應商向中國採購產品。但我們目前正在改變採購方式，或在極少數情況下提高價格，以便將成本轉嫁給客戶。因此我認為，正如您從我們的指導中看到的那樣，第二季度的淨影響大致為零或中性。

Appreciate that color. And as a follow-up, I know longer term you're still targeting that 10% to 12% EPS CAGR, but you had spoken previously to a goal of $8 in 2025. Any thoughts on where that stands? I know margins came in pretty strong in 1Q, but it sounds like some of that was maybe a bit of help from mix.

欣賞那種顏色。另外，我知道從長遠來看，您的目標仍然是每股盈餘複合年增長率達到 10% 至 12%，但您之前曾提到 2025 年的目標是 8 美元。對此您有何看法？我知道第一季的利潤率相當高，但聽起來其中可能有一些是混合因素的幫助。

So we gave a detailed update on the path to $8 last quarter. I don't think we really have anything further to add at this point, and we're not guiding beyond the second quarter.

因此，我們在上個季度對達到 8 美元的路徑進行了詳細的更新。我認為我們目前沒有什麼可以補充的，而且我們也不會對第二季之後的情況做出預測。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Hey, good morning, guys. Congrats on the quarter. Just a couple of questions on margin. I wonder if you can talk a little bit more about performance in the quarter between both segments. I mean, very strong from Industrial Solutions but a little bit of a sequential step down in Smart Infrastructure. Just curious if there's anything outside of normal seasonality there or anything else that you can kind of provide some light on because that was a solid performance overall?

嘿，大家早安。恭喜本季取得佳績。我只想問幾個關於保證金的問題。我想知道您是否可以再多談談這兩個部門本季的表現。我的意思是，工業解決方案表現非常強勁，但智慧基礎設施表現略有下降。我只是好奇，這是否與正常的季節性無關，或者您能否提供一些其他信息，因為總體而言，這表現穩健？

Yeah, hey, Rob. So agreed, the performance within industrial, I think was fairly strong. I think gross margins have held up very well in that business. And from a total company level, we get favorable mix in the first quarter, because remember seasonality disproportionately impacts the Smart Infrastructure business, which is lower margin.

是的，嘿，羅布。所以同意，我認為工業領域的表現相當強大。我認為該業務的毛利率保持得很好。從整個公司層面來看，我們在第一季獲得了有利的組合，因為請記住季節性對智慧基礎設施業務的影響不成比例，而該業務的利潤率較低。

I think when you look at the particular segments, Smart Infrastructure in the first quarter, they have a larger drop in revenue from Q4 to Q1, which is really -- the main impact to their margins is just leverage on revenue. At the same time, we are continuing to make some targeted investments in that business. As Ashish said, we are working to accelerate solutions in that business and bring solutions into even some of our traditional industrial markets in a converged fashion.

我認為，當你查看特定的細分市場時，第一季的智慧基礎設施收入從第四季度到第一季下降幅度較大，這實際上對其利潤率的主要影響只是收入槓桿。同時，我們正在繼續對該業務進行一些有針對性的投資。正如 Ashish 所說，我們正在努力加速該業務的解決方案，並以融合的方式將解決方案引入我們的一些傳統工業市場。

So we'll make investments. But the biggest impact sequentially from Q4 to Q1 is just leverage on volume.

所以我們會進行投資。但第四季相對於第一季而言最大的影響僅僅是銷售的槓桿作用。

That's helpful. And actually, just on the point on the combined sales force and what you're doing there, it sounds like the customer when they highlighted, Ashish, was reflective of that decision that you made last year to combine the solution sales forces from both segments. Can you maybe expand on some of the learnings that the teams had so far and how this might -- may have already started to help the opportunity funnel for solutions as we look ahead?

這很有幫助。實際上，就合併銷售團隊以及你們在那裡所做的事情而言，聽起來，當客戶強調 Ashish 時，這反映了你們去年做出的合併兩個部門的解決方案銷售隊伍的決定。您能否詳細說明團隊迄今為止所獲得的一些經驗，以及這些經驗如何可能已經開始幫助我們在未來找到解決方案的機會？

So I think when we started this process, our ongoing hypothesis was that some of our customers will upgrade their entire IT/OT converged backbone infrastructure in one go. One of the learnings has been that it's -- that's not how it's going to work. It's going to be like a two, three step journey. And typically, a lot of our customers are now saying that they want autonomy in their systems.

因此，我認為當我們開始這個過程時，我們持續的假設是，我們的一些客戶將一次升級他們的整個 IT/OT 融合骨幹基礎設施。我們得到的教訓是──事情不會這樣運作。這將是一段兩步或三步的旅程。通常，我們的許多客戶現在都表示他們希望他們的系統具有自主性。

So an example of an autonomous system would be where two different subsystems communicate with each other and without human intervention a decision is made like a pipeline being shut down, because the earthquake monitoring system detected a certain kind of a tremor or the air conditioning in a hospital emergency ward increasing, because an accident was reported in the vicinity and people knew that the traffic to the emergency ward will increase. So it's stuff like that which we think of as autonomous systems.

因此，自主系統的一個例子是兩個不同的子系統相互通信，並且在沒有人為幹預的情況下做出決定，例如關閉管道，因為地震監測系統檢測到某種震動或醫院急診室的空調增加，因為附近報告了一起事故，人們知道前往急診室的交通量會增加。所以這就是我們所認為的自主系統。

So people want that but they also appreciate that it's a two, three step journey to get there. And typically it starts with, first, digitizing the operations like that example we talked about on the warehouse automation. Then second is extending that whole data infrastructure to between IT and OT. And then third, bringing in some software capability to start orchestrating that data.

所以人們想要這個，但他們也明白要達到這個目標需要兩到三個步驟。通常，首先要將操作數位化，就像我們在倉庫自動化中討論的例子一樣。第二是將整個資料基礎架構擴展到 IT 和 OT 之間。第三，引入一些軟體功能來開始協調這些數據。

And we had to kind of redesign our process as we reflected on that learning. And it's a little slower, it's not a big bang approach but it's far more sticky. And we have a number of customers now where we have installed base positions where we're able to take them to steps two and three in that process.

當我們反思這項學習成果時，我們必須重新設計我們的流程。而且它的速度有點慢，不是一種大爆炸的方法，但它的黏性更強。現在，我們已經為許多客戶安裝了基礎職位，能夠幫助他們完成流程的第二步和第三步。

And this is going to be a big deal in the US, especially because there isn't a lot of skilled labor available both for manufacturing but also for maintaining networks. So we see a lot of traction here. We are being modest about it in terms of just not necessarily highlighting it all the time. But below the hood, there's a lot of interesting action going on.

這對美國來說將是一件大事，特別是因為美國缺乏大量的熟練勞動力，無論是製造業還是網路維護業。所以我們在這裡看到了很多牽引力。我們對此保持謙虛態度，並不一定會一直強調這一點。但在引擎蓋下面，有很多有趣的動作正在發生。

Great, thank you. And then just one last one on free cash flow, Jeremy. Another solid quarter, you've made a lot of progress here last couple of years. Just curious anything that you're working on in terms of managing working capital and just kind of some puts and takes on just driving better conversion as we look ahead?

太好了，謝謝。傑里米，最後再問一個關於自由現金流的問題。又一個穩健的季度，過去幾年你們取得了很大進步。我只是好奇您在管理營運資金方面做了哪些工作，以及展望未來您在推動更好的轉換方面做了哪些努力？

So I think we continue to try to find improvements in our supply chain and managing inventory. I know inventory turns were down a little bit sequentially that's typical in the first quarter. But on a year over year basis, we had nice improvement in inventory turns. I think the key driver this year is going to be EBITDA growth and just responsible capital investments. So we're trying to be again very targeted in the investments that we make in manufacturing and R&D. But I think the key driver will be EBITDA on a year-over-year basis.

因此我認為我們會繼續努力改進我們的供應鏈和庫存管理。我知道庫存週轉率環比略有下降，這是第一季的典型現象。但與去年同期相比，我們的庫存週轉率有了顯著改善。我認為今年的關鍵驅動力將是 EBITDA 成長和負責任的資本投資。因此，我們正嘗試再次有針對性地進行製造和研發方面的投資。但我認為關鍵驅動因素將是年比 EBITDA。

But our goal right now is to continue to improve that free cash flow margin or free cash flow as a percentage of revenue. We were, I think, 8.5% a couple of years ago. Last year, we were a little over 9% and we're working to continue to move that closer to 10%. So hopefully, we will see some nice improvements in 2025 as well.

但我們現在的目標是繼續提高自由現金流利潤率或自由現金流佔收入的百分比。我認為幾年前這一比例是 8.5%。去年，我們的這一比例略高於 9%，我們正在努力使這一比例接近 10%。因此，希望我們也能在 2025 年看到一些不錯的改進。

That's great. Thank you, guys.

那太棒了。謝謝你們。

(Operator Instructions) Steven Fox, Fox Advisors

（操作員指示）Steven Fox，Fox Advisors

Hi, good morning, guys. Off of some of the stuff that you already talked about with the potential to benefit on US reshoring, I was wondering as we think about how that plays out in the future, which I think it's going to happen with or without tariffs anyway. But like what's the low hanging fruit look like?

大家好，早安。從您已經談到的一些可能有利於美國回流的事情來看，我想知道我們在未來會如何發展，我認為無論有沒有關稅，這都會發生。但低垂的果實是什麼樣子的呢？

I mean, Ashish, you talked about sort of what seemed like a multi-year process to sort of improving on your content at one customer. But what would be like sort of an initial reaction from customers and how would it drive specific product sales for you guys? And I have a follow-up.

我的意思是，Ashish，您談到了似乎需要多年的時間來改進針對一位客戶的內容。但是客戶的最初反應是什麼樣的呢？它將如何推動你們的特定產品銷售？我還有一個後續問題。

So Steve, I think the low hanging fruit is essentially the first layer, which is the complete digitization of operations across multiple verticals. So whether it's in manufacturing, whether it's in hospitality, healthcare process. Right now, if you look across the US, there's a lot of legacy infrastructure that is sometimes analog, sometimes it's a combination. They've come from different suppliers, they're not really on the same system.

所以史蒂夫，我認為最容易實現的目標基本上是第一層，即跨多個垂直領域的營運的完全數位化。無論是在製造業、旅館業或醫療保健業。現在，如果你放眼美國，你會發現很多傳統的基礎設施有時是模擬的，有時是混合的。它們來自不同的供應商，實際上並不屬於同一個系統。

So that's the low hanging fruit. And really it's happening, it started happening even before the whole tariffs discussion came up. But I think it's accelerated because everybody appreciates that whilst they might have some kind of reshoring plus friendshoring strategy, the reshoring element is 100% definite yes. And that part is going to happen. So that's what we are seeing right now.

這就是唾手可得的成果。這確實正在發生，甚至在整個關稅討論開始之前就已經發生了。但我認為它之所以加速，是因為每個人都意識到，雖然他們可能有某種回流加上友好外包的策略，但回流元素是 100% 肯定的。這部分將會發生。這就是我們現在所看到的。

I think the next step for some of these customers will be when they start combining that digitized OT with their IT and some of our customers are already at that stage, so that's why we called it out. And I think the bulk of our customers are still at the stage one where they're digitizing operations.

我認為，對於其中一些客戶來說，下一步將是開始將數位化 OT 與他們的 IT 結合，而我們的一些客戶已經處於這個階段，所以我們才提出這一點。我認為我們的大多數客戶仍處於數位化營運的第一階段。

Great, that's very helpful. And then for a follow-up, I was just curious, I saw -- I understand the numbers now on broadband, but any other color you can add on just how the broadband markets are tracking to date and your expectations for spending for the rest of the year? Thanks.

太好了，這非常有幫助。然後作為後續問題，我只是好奇，我看到——我了解現在寬頻的數字，但您可以補充其他信息，說明寬頻市場迄今為止的走勢如何，以及您對今年剩餘時間支出的預期嗎？謝謝。

Yeah. So I think broadband has been -- they did well on a year-over-year basis. Across the board, I think we've seen a little bit of channel inventory digestion. So there's been that at play too. But if you look at our customers, they've talked about continuing with their DOCSIS rollouts. Those programs are fairly intact. There's been some talk about will there be release of BEAD funds, et cetera. Now remember that was not really part of our 2025 model. We expect that program will continue with some modifications as early announcements come out of that space.

是的。所以我認為寬頻——同比來看表現良好。總體而言，我認為我們已經看到了一些渠道庫存消化。所以這也是有影響的。但如果你看看我們的客戶，他們已經談到繼續推出 DOCSIS。這些程序相當完整。有人討論是否會釋放 BEAD 資金等等。現在請記住，這並不是我們 2025 模型的真正組成部分。我們預計該計劃將繼續進行，但會有一些修改，因為早期公告已經發布。

So I think in broadband, our goal is to continue increasing our fiber content. And then we know that whatever channel -- from an access perspective, whatever channel is required to get to the user, we will remain part of that. And as you might remember, Steve, we acquired Precision Optical that allows us to be more involved in the electronics portion of that full end to end channel that goes to the user so that allows us more visibility. So yeah, it's a little bit of a mixed bag, partly because of the channel destocking but I think that phase is over now. And from here onwards, we should see steady growth.

因此我認為在寬頻方面，我們的目標是繼續增加光纖含量。然後我們知道，無論從訪問角度來看，無論需要什麼管道來接觸用戶，我們都將繼續成為其中的一部分。史蒂夫，你可能還記得，我們​​收購了 Precision Optical，這使我們能夠更多地參與到面向用戶的完整端到端通路的電子部分，從而提高我們的知名度。所以是的，情況有點複雜，部分原因是渠道去庫存，但我認為這個階段現在已經結束了。從現在開始，我們應該會看到穩定的成長。

Great, that's all very helpful. Thank you.

太好了，這一切都非常有幫助。謝謝。

And there are no further questions at this time. Please continue.

目前沒有其他問題。請繼續。

Yeah. 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.relationsbelden.com.

是的。謝謝您，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.relationsbelden.com。

Thank you, ladies and gentlemen. This concludes the call for today. You may now disconnect and have a great day.

謝謝各位，女士們、先生們。今天的通話到此結束。現在您可以斷開連接並享受美好的一天。