Belden Inc (BDC) 2025 Q2 法說會逐字稿

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

女士們、先生們，感謝你們的支持。歡迎參加今天上午的 Belden 2025 年第二季業績報告電話會議。提醒一下，此通話正在被錄音（操作員指示）我現在想將通話轉給 Aaron Reddington。先生，請繼續。

Good morning everyone, and thank you for joining us for Belden's second 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 年第二季財報電話會議。今天與我一起出席的還有 Belden 總裁兼執行長 Ashish Chand 和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, I'd like to remind everyone that today's call will include forward-looking statements, which are subject to risks and uncertainties as detailed in our press release and most recent Form 10-K. We will also reference certain non-GAAP financial measures; reconciliations to the most directly comparable GAAP measures can be found in the appendix to our presentation and on our website.

翻到投影片 2，我想提醒大家，今天的電話會議將包括前瞻性陳述，這些陳述受風險和不確定性的影響，如我們的新聞稿和最新的 10-K 表格中所述。我們也將參考某些非 GAAP 財務指標；與最直接可比較的 GAAP 指標的對帳可以在我們的簡報附錄和我們的網站上找到。

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 begin with slide 4, which summarizes our major accomplishments and the key messages for the second quarter. My comments today will reference adjusted results.

謝謝 Aaron，大家早安。感謝您的加入我們。讓我們從投影片 4 開始，它總結了我們的主要成就和第二季的關鍵資訊。我今天的評論將參考調整後的結果。

First, I want to recognize the outstanding efforts of our team. Their dedication and focus enabled us to deliver another strong quarter, continuing our positive momentum from the start of the year. Our team executed well, delivering results that exceeded our expectations.

首先，我要表彰我們團隊的傑出努力。他們的奉獻和專注使我們又一個季度表現強勁，延續了年初以來的積極勢頭。我們的團隊表現出色，並取得了超越我們預期的成果。

For the second quarter, both revenue and earnings per share surpassed the high end of our guidance, reflecting the ongoing progress of our solutions transformation. Revenue reached $672 million, up 11% year-over-year, while earnings per share grew 25% to $1.89. Demand remained steady, and we exceeded expectations despite ongoing policy uncertainty. Further, we achieved 5% organic growth overall, with all major regions experiencing growth for the period.

第二季度，營收和每股盈餘都超過了我們預期的上限，反映了我們解決方案轉型的持續進展。營收達6.72億美元，年增11%，每股收益成長25%，達1.89美元。儘管政策不確定性持續存在，但需求保持穩定，業績超出預期。此外，我們整體實現了 5% 的有機成長，所有主要地區在此期間均實現了成長。

Order activity remained strong, with orders up 8% sequentially and 16% year-over-year. We ended the quarter with a book-to-bill ratio of 1.05, compared to 1.0 in the prior year period, positioning us well for the second half of the year.

訂單活動依然強勁，訂單量較上季成長 8%，較去年同期成長 16%。本季末，我們的訂單出貨比為 1.05，而去年同期為 1.0，這為我們下半年做好了準備。

Our focus on profitability drove further improvement, with gross margins increasing 70 basis points year-over-year to 38.9%, and adjusted EBITDA margins expanding 50 basis points to 17%. This margin expansion demonstrates the positive impact of our solutions transformation, which is driving a richer mix of high-value offerings and enhancing our earnings power.

我們對獲利能力的關注推動了進一步的改善，毛利率年增 70 個基點至 38.9%，調整後的 EBITDA 利潤率擴大 50 個基點至 17%。利潤率的提高反映了我們的解決方案轉型帶來的正面影響，它推動了高價值產品組合的豐富，並增強了我們的獲利能力。

Our business continues to generate significant cash flow, with trailing 12-month free cash flow at $216 million, in line with our expectations. Year-to-date, we have repurchased 1 million shares for $100 million, demonstrating our commitment to disciplined capital allocation. Our balance sheet remains healthy, providing us with the flexibility to pursue strategic acquisitions that support our solutions transformation and, when appropriate, return additional capital to shareholders through buybacks.

我們的業務持續產生大量現金流，過去 12 個月的自由現金流為 2.16 億美元，符合我們的預期。年初至今，我們已以 1 億美元回購了 100 萬股，體現了我們對嚴格資本配置的承諾。我們的資產負債表保持健康，這使我們能夠靈活地進行支持解決方案轉型的策略性收購，並在適當的時候透過回購向股東返還更多資本。

Overall, this was a quarter of strong execution, and I'm very pleased with our performance. The progress we're making with our solutions transformation is clear in our results, and we are well-positioned to build on this momentum going forward.

整體而言，這是一個執行力強勁的季度，我對我們的表現非常滿意。我們的解決方案轉型所取得的進展在我們的成果中是顯而易見的，並且我們已做好準備，繼續保持這一勢頭。

Now please turn to slide 5. I'd like to highlight a recent win that exemplifies the impact of our solutions strategy and our ability to unlock incremental value from our portfolio with new use cases and applications. This quarter, we secured a multi-site solutions award with a leading hyperscale data center customer, a significant step forward in our data center and gray space strategy. This win is a direct result of our team's ability to collaborate across the ecosystem, working closely not only with the end customer, but also with their OEM and systems integrator partners to deliver a tailored solution.

現在請翻到投影片 5。我想強調一下最近的一次勝利，它體現了我們的解決方案策略的影響以及我們透過新的用例和應用程式從我們的產品組合中釋放增量價值的能力。本季度，我們與領先的超大規模資料中心客戶一起獲得了多站點解決方案獎，這是我們資料中心和灰色空間策略向前邁出的重要一步。這場勝利直接歸功於我們團隊在整個生態系統中的協作能力，我們不僅與最終客戶密切合作，還與他們的 OEM 和系統整合商合作夥伴密切合作，提供量身定制的解決方案。

At the core of this project is our innovative use of Belden switches to support a critical PLC system embedded in an advanced modular cooling system. By leveraging our proven technology in a new application, we delivered a low-latency network with extremely fast recovery times, capabilities that are essential for hyperscale environments, where downtime can have substantial financial consequences.

該專案的核心是我們創新地使用 Belden 交換器來支援嵌入在先進模組化冷卻系統中的關鍵 PLC 系統。透過在新的應用中利用我們成熟的技術，我們提供了一個具有極快恢復時間的低延遲網絡，這些功能對於超大規模環境至關重要，因為在超大規模環境中，停機可能會造成巨大的財務後果。

Importantly, this project is a prime example of IT/OT convergence in action. At its core, IT/OT convergence is about integrating the physical world of operational technology with the digital world of IT, unlocking powerful insights from industrial data to improve efficiency and drive smarter business decisions. Achieving this is a major challenge for many organizations, as it requires bridging two worlds with historically different requirements for security, reliability, and performance.

重要的是，該專案是 IT/OT 融合的典型例子。IT/OT 整合的核心是將營運技術的實體世界與 IT 的數位世界結合，從工業數據中獲得強大的洞察力，以提高效率並推動更明智的業務決策。實現這一目標對許多組織來說都是一項重大挑戰，因為它需要連接兩個對安全性、可靠性和效能有不同要求的世界。

In this case, we successfully deployed an industrial-grade switch, traditionally used in operational technology environments, into a high-demand AI data center application. This demonstrates our ability to bridge the gap as Belden is uniquely positioned to solve this challenge with a portfolio and expertise that span both the rugged industrial space and the high-performance enterprise environment, allowing us to deliver a truly robust and unified solution.

在這種情況下，我們成功地將傳統上用於營運技術環境的工業級交換機部署到高需求的 AI 資料中心應用程式中。這表明我們有能力彌補差距，因為百通憑藉其涵蓋惡劣工業空間和高性能企業環境的產品組合和專業知識，在解決這一挑戰方面具有獨特的優勢，使我們能夠提供真正強大而統一的解決方案。

This type of innovative application, leveraging our expertise across both domains, truly showcases the power of our solutions approach. By engaging deeply with customers and partners, we're able to identify and address new, high-value use cases for our existing products, expand our reach into new applications, and deliver differentiated value in high-growth markets.

這種創新應用利用了我們在兩個領域的專業知識，真正展示了我們的解決方案方法的強大功能。透過與客戶和合作夥伴深入接觸，我們能夠識別和解決現有產品的新的高價值用例，擴大我們在新應用領域的影響力，並在高成長市場中提供差異化價值。

This success provides a repeatable model for future engagements and will help us build a pipeline of similar high-value opportunities. We're excited about the momentum this creates and look forward to building on this success as we continue to execute our solutions-driven growth strategy.

這次成功為未來的合作提供了可重複的模型，並將幫助我們建立類似的高價值機會管道。我們對由此產生的勢頭感到非常興奮，並期待在繼續執行以解決方案為導向的成長策略的同時，繼續鞏固這一成功。

Now please turn to slide 6 for a second win I would like to highlight for the quarter. This win underscores the benefits of our collaborative approach and broad portfolio, positioning Belden as a single global source for our customers. We secured a global specification by a major US automotive manufacturer to supply advanced connectivity products into their assembly line and related factory equipment.

現在請翻到投影片 6，這是我想重點介紹的本季的第二場勝利。這場勝利凸顯了我們的協作方式和廣泛產品組合的優勢，使 Belden 成為我們客戶的單一全球來源。我們獲得了美國一家大型汽車製造商的全球規範，為其組裝線和相關工廠設備提供先進的連接產品。

This is a multi-year opportunity, representing a significant growth driver for our business, with the potential to deliver approximately $40 million over three years, with additional upside as we deepen our engagement.

這是一個多年期的機會，代表著我們業務的重要成長動力，有可能在三年內帶來約 4000 萬美元的收入，隨著我們深入參與，還將帶來額外的收益。

This award is made possible by the breadth of our global product offerings. It specifies a broad range of Belden products-including advanced connectivity solutions and cable assemblies for use by all line builders supporting this customer worldwide. As a result, this positions Belden as the single-source supplier for these critical components, streamlining procurement and ensuring consistency and reliability across all new installations.

我們之所以能獲得這項獎項，是因為我們擁有廣泛的全球產品供應。它指定了廣泛的 Belden 產品，包括先進的連接解決方案和電纜組件，供全球支援該客戶的所有線路建造者使用。因此，這使 Belden 成為這些關鍵部件的單一來源供應商，從而簡化了採購並確保了所有新安裝的一致性和可靠性。

This achievement is a direct result of our core strengths: our balanced global manufacturing footprint with capacity and output well aligned by region, our ability to deliver integrated solutions that improve functionality and up-time, and our deep technical expertise. This unique combination demonstrates how customer-focused innovation allows us to capture new opportunities and expand our presence within the entire ecosystem of line builders and OEMs globally.

這項成就直接歸功於我們的核心優勢：我們均衡的全球製造佈局，產能和產量按地區均衡分佈，我們有能力提供可提高功能性和正常運行時間的整合解決方案，並且擁有深厚的技術專長。這種獨特的組合展示了以客戶為中心的創新如何使我們能夠抓住新的機會並擴大我們在全球生產線製造商和原始設備製造商的整個生態系統中的影響力。

As manufacturers continue to invest in domestic capacity and modernize their operations, they are driving the reshoring and reindustrialization trend in the US. Our solutions are essential to this transformation, providing the reliable, high-performance connectivity needed to bring advanced manufacturing back onshore.

隨著製造商不斷投資國內產能並實現營運現代化，他們正在推動美國的回流和再工業化趨勢。我們的解決方案對於這項轉型至關重要，提供將先進製造業帶回國內所需的可靠、高效能連接。

Ultimately, this key spec position not only strengthens our relationship with this major manufacturer but also establishes a platform for significant growth across the automotive and adjacent markets. By becoming a single-source supplier for these critical components, we create operational efficiencies for our customer while securing a stable, long-term revenue stream for Belden. It's a clear example of how our strategy translates directly into durable, long-term shareholder value.

最終，這一關鍵規格地位不僅加強了我們與這家主要製造商的關係，而且為汽車和鄰近市場的顯著增長建立了平台。透過成為這些關鍵部件的單一來源供應商，我們為客戶創造了營運效率，同時為 Belden 確保了穩定、長期的收入來源。這是一個清晰的例子，說明我們的策略如何直接轉化為持久的長期股東價值。

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

我現在請傑里米對我們第二季的財務表現提供更多見解。

Thank you, Ashish. My comments today will cover our second-quarter results, a review of our segments, the balance sheet and cash flow, and finally, our outlook. As a reminder, I will be referencing adjusted results today.

謝謝你，阿希什。我今天的評論將涵蓋我們的第二季業績、各部門的回顧、資產負債表和現金流，以及最後的展望。提醒一下，我今天將參考調整後的結果。

Now, please turn to slide 7. As Ashish noted, our solid execution this quarter drove strong top-line growth, which translated directly to margin expansion and improved profitability. Revenue for the quarter was $672 million, up 11% year-over-year, and exceeding the high end of our guidance of $660 million. Revenue was up 5% organically on a year-over-year basis, with Automation Solutions up 8% and Smart Infrastructure Solutions up 3%.

現在請翻到第 7 張投影片。正如 Ashish 所指出的，我們本季的穩健執行推動了強勁的營收成長，這直接轉化為利潤率的擴大和獲利能力的提高。本季營收為 6.72 億美元，年增 11%，超過我們預期的 6.6 億美元最高水準。營收年增 5%，其中自動化解決方案成長 8%，智慧基礎設施解決方案成長 3%。

Orders for the quarter were up 8% sequentially and up 16% year-over-year, with both segments demonstrating continued growth. Automation solutions orders were up 11% year-over-year, and Smart Infrastructure Solutions orders were up 23% year-over-year. As a result, gross profit margins were 38.9%, increasing 70 basis points compared to the prior year driven by leverage on volume and favorable mix.

本季訂單量較上季成長 8%，年增 16%，兩個部門均呈現持續成長。自動化解決方案訂單年增11%，智慧基礎設施解決方案訂單年增23%。因此，毛利率為 38.9%，受銷售槓桿和有利產品組合的推動，較上年增加 70 個基點。

On a sequential basis, margin performance was aligned with typical seasonality combined with the pass through of higher input costs. As discussed last quarter, we continue to manage our tariff exposure through a combination of sourcing changes and pricing actions.

從連續性來看，利潤率表現與典型的季節性以及更高的投入成本的轉嫁相一致。正如上個季度所討論的，我們繼續透過改變採購和定價行動來管理我們的關稅風險。

EBITDA was $114 million with EBITDA margins up 50 basis points year-over-year to 17%. Net income was $76 million, up from $62 million in the prior year quarter. EPS was $1.89, up 25% and above the high end of our guidance of $1.77.

EBITDA 為 1.14 億美元，EBITDA 利潤率年增 50 個基點至 17%。淨收入為 7,600 萬美元，高於去年同期的 6,200 萬美元。每股收益為 1.89 美元，上漲 25%，高於我們預期的 1.77 美元的最高值。

For the quarter, our effective tax rate was 12.3%, compared to our prior estimate of 17.5%. Relative to our prior guidance, the lower-than-expected tax rate benefited Adjusted EPS by $0.11. The second quarter tax rate reflects certain discrete tax benefits recognized during the period, combined with favorable changes in the geographic mix of earnings. This result reflects the tremendous work of our tax team as they continue to pursue and execute strategies to maximize our earnings and cash flow.

本季度，我們的有效稅率為 12.3%，而先前預計為 17.5%。相對於我們先前的預期，低於預期的稅率使調整後每股收益成長0.11美元。第二季的稅率反映了本季確認的某些單項稅收優惠，以及收益地域分佈的有利變化。這一結果反映了我們的稅務團隊的大量工作，他們不斷追求和執行策略以最大化我們的收益和現金流。

Now, please turn to slide 8 for a review of our business segment results for the quarter. Our Automation Solutions segment delivered a strong quarter, demonstrating continued recovery and solid execution. Revenue grew 10% year-over-year, and EBITDA margins improved to 21.4%. Order trends remain healthy, with orders up 11% year-over-year and a book-to-bill of 1.0 for the quarter.

現在，請翻到第 8 張投影片來回顧本季我們業務部門的業績。我們的自動化解決方案部門本季表現強勁，顯示出持續的復甦和穩健的執行力。營收年增 10%，EBITDA 利潤率提高至 21.4%。訂單趨勢依然健康，本季訂單年增 11%，訂單出貨比為 1.0。

Highlighted by double-digit organic growth in both Discrete Manufacturing and Energy, our industrial verticals showed broad-based strength. The segment delivered total organic growth of 8%, with positive growth in all regions.

我們的垂直工業領域展現出廣泛優勢，離散製造和能源領域均實現了兩位數的有機成長。該部門整體有機成長 8%，所有地區均實現正成長。

Our Smart Infrastructure Solutions segment also delivered a strong quarter, with performance driven by our strategic focus on key growth verticals and continued investments in our solutions capabilities. Revenue grew 13% year-over-year, and EBITDA margins improved to 11.8%. The forward momentum in this segment is encouraging, with continued order growth resulting in a strong book-to-bill of 1.1.

我們的智慧基礎設施解決方案部門也在本季表現強勁，這得益於我們對關鍵成長垂直領域的策略重點以及對解決方案能力的持續投資。營收年增 13%，EBITDA 利潤率提高至 11.8%。該領域的發展勢頭令人鼓舞，訂單持續增長，訂單出貨比達到 1.1。

We saw robust demand in our targeted growth verticals, which present compelling opportunities for our integrated solutions offering. Finally, our Broadband business was another key contributor, with revenue up year-over-year, including 5% organic growth in our fiber products.

我們看到目標成長垂直領域的需求強勁，這為我們提供整合解決方案提供了絕佳的機會。最後，我們的寬頻業務是另一個主要貢獻者，其收入同比增長，其中光纖產品有機增長 5%。

Next please turn to slide 9 for our balance sheet and cash flow highlights. Our balance sheet remains a source of significant strength and flexibility, enabling our disciplined capital allocation strategy. Our cash and cash equivalents balance at the end of the second quarter was $301 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 first half of the year.

接下來請翻到投影片 9 查看我們的資產負債表和現金流重點。我們的資產負債表仍然是強大實力和靈活性的源泉，使我們能夠制定嚴謹的資本配置策略。我們第二季末的現金和現金等價物餘額為 3.01 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典型的季節性以及上半年股票回購的資本配置。

Our financial leverage was a reasonable 2.1 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 2.1 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；然而，隨著我們追求與資本配置重點一致的策略機會，我們的淨槓桿率會不時波動。

For the trailing-twelve-months, our free cash flow was $216 million. 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.

過去十二個月，我們的自由現金流為2.16億美元。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，現在比 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。

Our capital allocation priorities remain unchanged: investing in high-return opportunities, pursuing disciplined M&A, and returning capital to shareholders through buybacks. While the current financial market environment is dynamic, we continue to evaluate M&A opportunities with rigor and remain committed to deploying capital in ways that create long-term value. As a reminder, our next debt maturity is not until 2027, and all of our debt is fixed with rates averaging 3.5%.

我們的資本配置重點保持不變：投資高回報機會、進行有紀律的併購、以及透過回購向股東返還資本。儘管當前金融市場環境瞬息萬變，我們仍將繼續嚴格評估併購機會，並致力於以創造長期價值的方式部署資本。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 10 for our third quarter outlook. 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 third quarter are expected to be between $670 million and $685 million, representing a 2% to 5% increase over the prior-year quarter.

請翻到第 10 張投影片了解我們第三季的展望。在持續的挑戰中，我們表現良好；然而，我們的客戶在應對這個快速變化的環境時仍然面臨高度的不確定性。假設當前市場狀況持續下去，預計第三季營收將在 6.7 億美元至 6.85 億美元之間，比去年同期成長 2% 至 5%。

Adjusted EPS is expected to be between $1.85 and $1.95, representing a 9% to 15% increase over the prior-year quarter. For the third quarter, we are projecting a tax rate of 12.5% as we continue to execute our planning strategies, and slightly over 15% for the full year.

調整後的每股盈餘預計在 1.85 美元至 1.95 美元之間，比去年同期成長 9% 至 15%。隨著我們繼續執行規劃策略，我們預計第三季的稅率為 12.5%，全年的稅率將略高於 15%。

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 second quarter performance reflects the strength and resilience of our business, as well as the continued progress of our solutions transformation. We delivered solid results in a dynamic environment, with strong order activity, expanding margins, and robust cash generation.

謝謝你，傑瑞米。總而言之，我們第二季的業績反映了我們業務的實力和韌性，以及我們解決方案轉型的持續進展。我們在動態環境中取得了穩健的業績，訂單活動強勁，利潤率不斷擴大，現金產生能力強勁。

Looking ahead, we remain mindful of the ongoing uncertainty in the macro environment. Many of our customers continue to take a measured approach to investment decisions as they await greater clarity on policy and economic conditions. As a result, we expect near-term demand to remain steady, with third quarter performance likely to mirror typical seasonal patterns. We believe this is consistent with the neutral stance we’re seeing across our customer base.

展望未來，我們仍關注宏觀環境的持續不確定性。我們的許多客戶在等待政策和經濟狀況更加明朗時，繼續採取審慎的投資決策方式。因此，我們預期近期需求將保持穩定，第三季的表現可能反映典型的季節性模式。我們相信這與我們在客戶群中看到的中立立場是一致的。

That said, our medium and long-term outlooks remain highly constructive. The fundamental trends driving our business, reindustrialization, automation, digitization, and the convergence of IT and OT are firmly intact and gaining momentum. We are seeing increased interest in reshoring and domestic manufacturing, and our portfolio is uniquely positioned to support customers as they modernize and localize their operations.

儘管如此，我們對中長期前景仍保持高度樂觀。推動我們業務發展的根本趨勢是再工業化、自動化、數位化以及 IT 與 OT 的融合，這些趨勢牢牢地屹立不倒，並且發展勢頭強勁。我們看到人們對回流和國內製造業的興趣日益濃厚，我們的產品組合具有獨特的優勢，可以支持客戶實現業務現代化和在地化。

Importantly, the recent wins we highlighted earlier, such as the solutions award with a leading hyperscale data center customer and the specification award with a major US automotive manufacturer, serve as clear evidence of our success in the marketplace. These achievements underscore the value of our collaborative approach, the breadth of our product portfolio, and our ability to deliver innovative, integrated solutions that address our customers’ most critical needs.

重要的是，我們之前強調的最近取得的勝利，例如與領先的超大規模資料中心客戶一起獲得的解決方案獎和與美國主要汽車製造商一起獲得的規範獎，都清楚地證明了我們在市場上的成功。這些成就凸顯了我們協作方式的價值、我們產品組合的廣度以及我們提供滿足客戶最關鍵需求的創新整合解決方案的能力。

We believe Belden is exceptionally well-placed to benefit as these secular trends play out. Our solutions transformation is delivering tangible results, expanding our addressable market, and positioning us for sustainable growth and margin expansion. We remain committed to disciplined execution and thoughtful capital allocation, ensuring we create lasting value for our shareholders.

我們相信，隨著這些長期趨勢的發展，百通將處於極其有利的地位並從中受益。我們的解決方案轉型正在帶來實際的成果，擴大我們的潛在市場，並使我們實現永續成長和利潤擴張。我們始終致力於嚴謹的執行和周到的資本配置，確保為股東創造持久的價值。

That concludes our prepared remarks. Operator, please open the call for 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)

（操作員指示）

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

Hey, good morning, everyone. Thanks for letting me ask the question. Congratulations on the continued, success here. Maybe first just on the puts and takes around the second half demand environment and you've been cautious, I think for the last several quarters just kind of given how dynamic it is, but I guess maybe could you help us understand what how you're kind of thinking about that second half in terms of maybe risks or maybe upside. Thank you.

嘿，大家早安。感謝您讓我提出這個問題。恭喜您繼續取得成功。首先，也許只是關於下半年需求環境的利弊，而且您一直很謹慎，我認為在過去幾個季度裡，考慮到它是多麼的動態，但我想也許您能幫助我們了解一下，您是如何看待下半年的，可能是風險，也可能是好處。謝謝。

Yeah, so I think first of all, our automation businesses, automation solutions, we are seeing a steady improvement going into the second half. First of all, across the board in terms of geographies, we've seen growth, we've seen, growth even in Germany and China the quarter. So that gives us more confidence as we go into the second half.

是的，所以我認為首先，我們的自動化業務、自動化解決方案將在下半年穩步改善。首先，從地理來看，我們都看到了成長，甚至德國和中國在本季也出現了成長。因此，這讓我們在進入下半場時更有信心。

Second, we see some key verticals, especially discrete manufacturing, energy, showing double digit growth at this point. And then orders were up 11% on an year-over-year basis in automation solutions. So generally, very favorable, new tax policies favorable to investments so we see that as -- and by the way, I should add that we have multiple customers who are looking to establish more manufacturing closer to the points of consumption, especially in the US, pharmaceuticals, consumer goods, logistics, automotive process manufacturing. So that's a solid environment.

其次，我們看到一些關鍵的垂直產業，特別是離散製造、能源，目前呈現兩位數的成長。自動化解決方案的訂單年增了 11%。因此總體而言，新的稅收政策非常有利於投資，因此我們認為——順便說一句，我應該補充一點，我們有多個客戶希望在更靠近消費點的地方建立更多的製造業，特別是在美國，包括製藥、消費品、物流、汽車流程製造。所以這是一個堅實的環境。

It's a little less -- it's more of the level of green shoots in the case of our smart infrastructure solutions business where on the smart building side we are seeing more activity in certain target verticals that includes healthcare, hospitality, data centers, but more broadly, there is still uncertainty there.

就我們的智慧基礎設施解決方案業務而言，這更像是一種綠芽，在智慧建築方面，我們看到某些目標垂直領域的活動增多，包括醫療保健、酒店業、資料中心，但從更廣泛的角度來看，仍然存在不確定性。

And then on broadband, we see a lot of strength in the medium term, especially with investments in telco and even MSOs catching up. But you know there seems to be a little bit of -- there are some delays in how the [doss] upgrades are rolling out because of interoperability issues, some technology issues, so there's a little bit of noise there.

然後在寬頻方面，我們看到中期有很大的實力，特別是隨著電信公司甚至 MSO 的投資趕上來。但您知道，由於互通性問題和一些技術問題，[doss] 升級的推出似乎存在一些延遲，因此存在一些噪音。

So when I put it all together, I think our verticals are all well positioned. There is a broader trade policy overhang, that may impact that. Now, if you think about Q2 results, they were pretty strong and they're guiding Q3, pretty similar to that. So, we are confident, I don't think they're being overly conservative, but yes, we are concerned about some of the broader policy environment.

因此，當我把所有這些放在一起時，我認為我們的垂直行業都定位良好。更廣泛的貿易政策懸而未決的問題可能會對此產生影響。現在，如果你考慮第二季的業績，你會發現它們相當強勁，而且它們對第三季的預測也與此非常相似。因此，我們有信心，我不認為他們過於保守，但是，是的，我們對一些更廣泛的政策環境感到擔憂。

Yeah, great color there, thanks so much for that. And then maybe Jeremy on the just kind of the margin performance and how you think about that leverage moving forward, is there anything, that we should be thinking about this change now beyond what you kind of talked about in the past in terms of that, even off the fall through? Thanks.

是的，顏色很棒，非常感謝。然後也許傑里米就利潤率表現以及您如何看待未來的槓桿作用，我們現在是否應該考慮這種變化，超越您過去談論過的內容，甚至是下降？謝謝。

Hey David, no, nothing's changed. I think you should continue to model us, with a roughly 25% incremental EBITA margin, when you look at the year over year on a full year basis. So I don't think anything's changed dramatically either in, gross profit margins or EBITDA margin.

嘿，大衛，不，什麼都沒有改變。我認為，當您從全年同比情況來看時，您應該繼續為我們樹立榜樣，EBITA 利潤率增量約為 25%。因此，我認為毛利率或 EBITDA 利潤率都沒有巨大變化。

Thanks again.

再次感謝。

William Stein, Truist.

威廉·斯坦，Truist。

Great. I want to address the same topic in a slightly different way. I understand your preference for and the reasoning for looking at this on a full year basis or a year to year basis, but in both Q1 and Q2, the sequential incrementals on the gross line, and operating margin were again, on a sequential basis a bit lower than what you had been experiencing earlier, and I'm wondering if that is related to passing along tariff costs at lower or near zero margins or if there's some other dynamic that's driving that. And I wonder to what degree we should look at that as a temporary thing it improves over the next couple quarters or any other color that could help us explain and understand this dynamic. Thanks.

偉大的。我想用稍微不同的方式來討論同一主題。我理解您傾向於以全年或逐年為基礎來看待這個問題，也明白這樣做的理由，但在第一季度和第二季度，毛利率和營業利潤率的環比增量再次比您之前經歷的環比增量略低，我想知道這是否與以較低或接近零的利潤率轉嫁關稅成本有關，還是有其他因素在推動這一趨勢。我想知道我們應該在多大程度上將其視為暫時現象，它會在接下來的幾個季度內得到改善，或者任何其他可以幫助我們解釋和理解這種動態的顏色。謝謝。

Yeah, I think, well, there's always a little bit of noise from quarter to quarter, but there is an impact from copper increasing and some of these tariff pass-throughs. So if you just took out the impact of the pass through on copper on a sequential basis, I think our incrementals are roughly 25%. So I think they're healthy. There's no real changes in the underlying business. There is a little bit of an impact from just higher copper and tariff pass-through.

是的，我認為，每季總是會有一些噪音，但銅價上漲和一些關稅轉嫁都會產生影響。因此，如果您只是按順序消除傳遞對銅的影響，我認為我們的增量約為 25%。所以我認為他們是健康的。基礎業務沒有發生真正的變化。銅價上漲和關稅轉嫁僅會產生一點影響。

Great, and as a follow up on a different topic, I want to say it's great to see the hyperscale example. A lot of people are saying AI is eating the rest of the economy, so it's great to see more exposure at the hyperscaler in that category of customers. You noted in this that this is for gray space, I think it's how you described it, meaning not related to the, GPU to GPU or ASIC to ASIC communications and the cables and wires that are related and connectors that are related to that technology.

太好了，作為對另一個主題的跟進，我想說看到超大規模的例子真是太好了。許多人都說人工智慧正在蠶食經濟的其他部分，因此很高興看到超大規模企業在該類客戶中獲得更多曝光。您在此處指出這是灰色空間，我認為這就是您所描述的，即與 GPU 到 GPU 或 ASIC 到 ASIC 的通訊以及相關的電纜和電線以及與該技術相關的連接器無關。

And I wonder if there's any effort underway to potentially go after that part of the data center market or is that too far afield from your technology, position, or is there another reason that perhaps that's not a good market for building in. Thank you.

我想知道是否有任何努力正在努力爭取資料中心市場的這一部分，或者這是否與您的技術和地位相差太遠，或者是否有其他原因導致這可能不是一個好的建設市場。謝謝。

No thanks for that. We've discussed that a lot internally. And it's certainly a market that we remain focused on. Data centers are part of our priority vertical set that includes both the white space and the gray space. I think the point we wanted to make with this example was how our IT/OT convergence strategy is really now yielding more results. There is a problem that our customers face when they have to bring IT/OT together.

不用了，謝謝。我們內部已經對此進行過多次討論。這無疑是我們持續關注的市場。資料中心是我們優先垂直集的一部分，其中包括白色空間和灰色空間。我認為我們想透過這個例子來表明我們的 IT/OT 融合策略現在確實產生了更多成果。當我們的客戶必須將 IT/OT 結合在一起時，他們面臨一個問題。

And the main problem is that OT equipment, devices, et cetera use multiple protocols. IT is more standardized, so that translation becomes difficult. And the second problem is that OT devices generate a lot of data and moving all of that data up to the cloud is expensive. But then if you have to select which data to move and refine that, then you need capability at the edge to compute and process. So that's where we come in.

主要問題是 OT 設備、裝置等使用多種協定。IT越來越標準化，翻譯也變得越來越困難。第二個問題是，OT 設備會產生大量數據，將所有這些數據上傳到雲端的成本很高。但是如果您必須選擇要移動的資料並對其進行最佳化，那麼您就需要邊緣運算和處理的能力。這就是我們要做的。

Now if you remember the last quarter we provided an example where we said how we had, products from smart infrastructure going into a more industrial type environment and this time we've given an example where we've said how products from our erstwhile kind of industrial area are now going into a building campus environment in this case data center.

現在，如果您還記得上個季度我們提供了一個例子，我們說明了我們的智慧基礎設施產品如何進入更工業化的環境，而這次我們給了一個例子，我們說明了我們以前的工業領域的產品現在如何進入建築園區環境，也就是資料中心。

So I think there are two slightly different things. One is we have IT/OT convert solutions on offer and multiple industries are going to benefit from that. The benefit is really measured in terms of latency, et cetera. So right now hyperscale customers place a very big premium on time, so they are looking for those solutions and we have a nice pipeline, more.

所以我認為有兩件略有不同的事情。一是我們提供 IT/OT 轉換解決方案，多個產業將從中受益。其好處實際上是根據延遲等來衡量的。因此，現在超大規模客戶非常重視時間，所以他們正在尋找這些解決方案，而我們擁有良好的管道等等。

But yes, we also do have a data center approach, and we are working with some customers right now on both whitespace and gray space. The one thing we have to be thoughtful about is there are certain grades of data center, and customers. And when you go to the really large ones, the white space can become super competitive.

但是的，我們也確實有一個資料中心的方法，我們現在正在與一些客戶合作，研究空白和灰色空間。我們必須考慮的一件事是，資料中心和客戶都有各自的等級。當你進入真正大型的企業時，空白領域的競爭會變得異常激烈。

And so we're choosing carefully the kinds of customers we want to penetrate the white space and you'll see more of that going forward maybe we'll bring out an example in the next couple of quarters.

因此，我們正在謹慎地選擇我們想要滲透到空白領域的客戶類型，您將會看到更多這樣的情況，也許我們會在接下來的幾個季度中拿出一個例子。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thank you for taking our questions. I also had one on the hyperscale award you spoke about today, and I understand that's historically been a smaller business for Belden, but some of the CapEx being deployed are quite large as we've heard this year.

是的，早安。感謝您回答我們的問題。我還獲得了您今天談到的超大規模獎項，我知道這對 Belden 來說歷來是一項較小的業務，但正如我們今年所聽到的，一些部署的資本支出相當大。

You mentioned the award tied to a [PLC system] supporting modular cooling. Maybe you could provide some more context on that award. Apologies if I missed it, but any context you can share around the revenue from that award when it's fully ramped and you know the potential to get additional awards tied to those sorts of systems, maybe with other hyperscalers.

您提到了與支援模組化冷卻的 [PLC 系統] 相關的獎項。也許您可以提供一些有關該獎項的更多背景資訊。如果我錯過了，請原諒，但是當該獎項全面發展時，您能否分享有關該獎項收入的任何背景信息，並且您知道有可能獲得與這些系統相關的額外獎項，也許與其他超大規模企業合作。

Yeah, so Mark, it is a multi-million dollar contract, and it's going to -- we're going to play it's going to play out over a couple of years. The -- this is the nature of this, industry in terms of how they build out. Really the large hyperscale data center providers right now are facing major challenges on the energy management side. Sub-portion of that -- a portion of that, of course, is the whole heating-cooling dynamic.

是的，馬克，這是一份價值數百萬美元的合同，而且我們將在幾年內完成它。就其建設方式而言，這就是該行業的本質。事實上，大型超大規模資料中心供應商目前在能源管理方面面臨重大挑戰。其中的一部分——當然是整個加熱-冷卻動態。

So this company has struggled for a long time. Just simply measuring and controlling or automating that control in terms of, how to apply the cooling process in the most efficient way. And really the struggle was that their industrial type devices or their operational type devices were just on a different backbone.

所以這家公司長期處於困境。只是簡單地測量和控製或自動化控制，如何以最有效的方式應用冷卻過程。真正的困難在於他們的工業型設備或操作型設備位於不同的主幹網路上。

And we were able to come in and do some deep customer centric problem solving which is kind of part of our solutions approach as you know and we came up with what I would call a solution customized to that problem but repeatable across multiple customers that have the same problem. So really energy management broadly, and within that supporting the best heating-cooling control system is a problem that all hyperscalers face at this point. And we are very focused on that gray space problem we're going across a number of different customers at this point with early engagements.

我們能夠深入地以客戶為中心解決問題，這是我們解決方案方法的一部分，我們提出了一種針對該問題量身定制的解決方案，但可以在有相同問題的多個客戶之間重複使用。因此，真正廣泛的能源管理，以及在其中支援最佳的加熱-冷卻控制系統是所有超大規模企業目前面臨的問題。我們非常關注灰色空間問題，目前我們正與許多不同的客戶進行早期接觸。

So, again, very specific area where our industrial background and our deep engineering capabilities have allowed us to penetrate a new market, I think, where there was previously frankly no solution. They were just working around that with more manual intervention.

所以，再說一次，在這個非常具體的領域，我們的工業背景和深厚的工程能力使我們能夠打入一個新的市場，我認為，這個市場以前坦率地說沒有解決方案。他們只是透過更多的人工幹預來解決這個問題。

Very helpful. On the solutions topic I think solution sales were 10% of your total revenue last year. You have an objective to get it to, I believe 20% in 2028. Can you give us an update on how that solutions mix is tracking for this year and if you're on track to hit that prior 20% target?

非常有幫助。關於解決方案，我認為解決方案銷售額佔去年總收入的 10%。你有一個目標，我相信到 2028 年可以達到 20%。您能否向我們介紹今年該解決方案組合的進展情況，以及您是否有望實現先前的 20% 目標？

Yeah, so if you remember, the biggest contributor to a solutions sales till last year was automation solutions, and automation solutions are on track actually to get closer to that 20% level even at this point. The opportunity for us was then to bring integrated solutions across IT and OT with smart infrastructure solutions also becoming part of that. And I think here we're pretty unique because we are able to orchestrate those two kind of worlds together in parallel for our customers. And we have a number of projects now where we are seeing that elevation not just to an automation solution but to a full IT/OT convert solution.

是的，如果您還記得的話，截至去年，解決方案銷售的最大貢獻者是自動化解決方案，而目前，自動化解決方案實際上有望接近 20% 的水平。我們的機會是提供跨 IT 和 OT 的整合解決方案，並將智慧基礎設施解決方案也作為其中的一部分。我認為我們在這裡非常獨特，因為我們能夠為客戶同時協調這兩個世界。現在，我們有許多項目，這些項目不僅提升為自動化解決方案，而且提升為完整的 IT/OT 轉換解決方案。

So that's the opportunity to get to 20% or more on an aggregate basis really pulling our smart infrastructure solutions into that process. You will notice us also making more OpEx investments in smart infrastructure solutions which actually has some impact on the EBITDA margins in the short term but obviously will help us accelerate solutions in that area.

因此，這是一個機會，可以從總體上達到 20% 或更多，真正將我們的智慧基礎設施解決方案納入此流程。您會注意到，我們還在智慧基礎設施解決方案上投入了更多的營運支出，這實際上會在短期內對 EBITDA 利潤率產生一定影響，但顯然會幫助我們加速該領域的解決方案。

And that includes, by the way, a full suite of not just passive products, but active products and software in that area that will combined with our full stack on the automation side as we go into these integrated solutions. So again, automation solutions already tracking to that number or better. As we bring in small infrastructure we see many opportunities. We're fairly unique. It needs investment, but we have -- these are investments we know how to make. We've already made on the other side. And we see the pipeline accelerating for those combined solutions.

順便說一下，這不僅包括全套被動產品，還包括該領域的主動產品和軟體，這些產品和軟體將與我們在自動化方面的完整堆疊相結合，形成這些整合解決方案。所以，自動化解決方案已經能夠達到這個數字甚至更好。當我們引入小型基礎設施時，我們看到了許多機會。我們相當獨特。它需要投資，但是我們已經知道如何進行投資。我們已經在另一邊做好了。我們看到這些組合解決方案的開發進程正在加速。

Helpful. Just one last one for me if I could please. Jeremy, you spoke about a 15% tax rate for this year and running at lower levels in 2Q and 3Q. 15% is lower than where the company had been in prior years. So is this a more sustainable level for investors to think about going forward or is some of the work your tax team has done is that more one time in nature and this is more episodic than representative of the longer term tax rate? Thank you.

很有幫助。如果可以的話，我再說最後一個。傑里米，您談到了今年的稅率為 15%，並且第二季和第三季的稅率將保持在較低水平。 15% 低於公司前幾年的稅率。那麼，對於投資者來說，這是否是一個更可持續的水平，可以考慮繼續前進，或者您的稅務團隊所做的一些工作是否更具一次性性質，而且更具偶發性，而不是代表長期稅率？謝謝。

Yeah, so we're obviously always working through tax planning opportunities and working through our structuring. So every year we go into it with a playbook, of things to work through. I think at this point the benefits that we're getting this year are more discreet in nature. So if you're modeling us beyond this year, you can probably put us back at more of a long term tax rate of 20% roughly. And then we're always going to work through items as we get into the year and hopefully do a little bit better.

是的，所以我們顯然一直在努力尋找稅務規劃機會並努力建立我們的結構。因此，每年我們都會制定一份劇本，列出要解決的問題。我認為就目前而言，我們今年獲得的利益本質上更加謹慎。因此，如果您為我們制定今年以後的模型，您可能會讓我們的長期稅率回到大約 20%。然後，隨著新年的到來，我們總會不斷努力完成各項工作，希望能做得更好。

Rob Jamieson, Vertical Research Partners.

Rob Jamieson，Vertical Research Partners。

Hey, good morning, guys. Thanks for taking my questions. Just wanted to touch on smart infrastructure solutions, decent organic growth in the quarter margin was a bit light. I'm just curious on the factors. Is that like -- is any of that outside of the OpEx investment Ashish mentioned related to kind of, the Precision Optical acquisition being a little bit diluted or just lower or higher percentage of like passive sales from there?

嘿，大家早安。感謝您回答我的問題。只是想談談智慧基礎設施解決方案，本季利潤率的良好有機成長有點微弱。我只是對這些因素感到好奇。這是否類似於——除了 Ashish 提到的 OpEx 投資之外，還有什麼與 Precision Optical 收購有關，或者說，這是否與被動銷售額的百分比較低或較高有關？

And then also, just, following up on solutions -- sorry if I missed a bounce in between calls, just if there's any update on how solutions, sales are tracking for that segment?

然後，同樣，只是跟進解決方案 - 抱歉，如果我錯過了兩次通話之間的回跳，是否有關於該部分解決方案和銷售跟踪情況的最新消息？

Hey Rob. So what I would say is that the majority of the cost increase within smart infrastructures is to fund these solutions initiatives or the initiative around solution sales within smart infrastructure. So there's a lot of deliberate investment going on in that space, which is part of the reason we've been highlighting some orders in the space because I think we're making good progress there.

嘿，羅布。所以我想說的是，智慧基礎設施中成本增加的大部分是為了資助這些解決方案計劃或圍繞智慧基礎設施內的解決方案銷售計劃。因此，我們在該領域進行了大量刻意投資，這也是我們一直強調該領域一些訂單的原因之一，因為我認為我們在該領域取得了良好的進展。

In terms of the gross margin, I would say roughly similar to where we've been in the last few quarters. There's a little bit of a negative impact from the path through of higher copper costs and tariffs, so we're recovering those, but it is slightly dilutive on margins. But we would expect to see margins in that segment improve over time as we continue to grow organically, and I think we should see good operating leverage as that business gets bigger over time.

就毛利率而言，我認為與過去幾季的水平大致相同。銅成本和關稅的上漲會帶來一些負面影響，所以我們正在彌補這些損失，但這會稍微稀釋利潤率。但隨著我們繼續有機成長，我們預計該部門的利潤率將隨著時間的推移而提高，而且我認為，隨著該業務隨著時間的推移而擴大，我們應該會看到良好的經營槓桿。

Okay, thank you. And then I'm just curious on the M&A pipeline, is there anything that you're looking at to help expand accelerate that solution based approach, whether across either segment or specifically in the smart infrastructure solution space.

好的，謝謝。然後我只是對併購管道感到好奇，您是否正在尋找任何有助於擴展加速基於解決方案的方法，無論是跨細分市場還是特別是在智慧基礎設施解決方案領域。

Yes, sir, so we do have a fairly robust M&A pipeline and there are three areas of focus. The first is close some gaps in our stack in terms of technology, for example, more edge capabilities, more cybersecurity, more wireless capabilities. So that's an area. We previously also had in that list fiber, but I think you know there we've reached the right level in terms of fiber content.

是的，先生，我們確實擁有相當強大的併購管道，並且專注於三個領域。首先是在技術方面彌補我們堆疊中的一些差距，例如更多的邊緣功能、更多的網路安全、更多的無線功能。這就是一個區域。我們之前也在該列表中添加了纖維，但我想您知道我們在纖維含量方面已經達到了正確的水平。

The second thing obviously is around acquiring more access, especially to end customers that need IT/OT convert solutions right which would help us in terms of this growing that combined [approach because] you know we have a lot of experience with graduating customers from products-only to solutions and then to these converged platforms so we can apply that expertise to customers that come in with such a deal.

第二件事顯然是獲得更多的訪問權，特別是對需要 IT/OT 轉換解決方案的最終客戶而言，這將有助於我們實現這種組合方法的增長，因為你知道我們在幫助客戶從純產品到解決方案，再到這些融合平台方面擁有豐富的經驗，因此我們可以將這些專業知識應用於達成此類交易的客戶。

And then obviously, the third area remains just in terms of overall software capabilities, around Horizon. We built this platform, we're deploying it in more and more of our solutions, but there are areas where smaller acquisitions can become part of Horizon, especially around data orchestration, contextualization. So we have a robust pipeline at this point. Let me just say it's more robust now than it's been over the last 24 months, and we feel good about it.

顯然，第三個領域仍然只是圍繞著 Horizo​​​​n 的整體軟體功能。我們建立了這個平台，並將其部署到越來越多的解決方案中，但在某些領域，較小的收購也可以成為 Horizo​​n 的一部分，特別是在資料編排和情境化方面。因此，我們現在擁有強大的管道。我只想說，現在它比過去 24 個月更加強勁，我們對此感覺很好。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

(Operator Instructions)

（操作員指示）

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good morning. I guess first off, I was curious about, the comments around fiber and broadband in particular. You talked about 5% organic growth. Is it still pretty mixed there even though like some of the large carriers are talking about accelerating spending. Can you give us a little bit more color on maybe where you're succeeding more or less, and I guess that also does recognize it sounds like your orders are growing, but I'm just trying to understand exactly what's going on in that market. Then I had a follow up.

嗨，早安。我想首先，我很好奇，特別是關於光纖和寬頻的評論。您談到了 5% 的有機成長。儘管一些大型營運商正在談論加速支出，但情況是否仍然相當複雜？您能否向我們詳細介紹一下您在哪些方面取得了或多或少的成功，我想這也確實表明您的訂單正在增長，但我只是想確切了解該市場的情況。然後我進行了跟進。

Yeah, so first of all, see if the in Q2 our sales of fiber as a percentage of total broadband, we're at 50%, right, which is what we've been targeting for this year. And really a lot of our sales of fiber have been around the boxes upgrades fiber to the home rollouts that have been initiated both by the MSOs and the telcos, so we're really strong in that distribution point versus some of our competitors play more in the trunking routes, more carriers.

是的，首先，看看第二季我們的光纖銷售額佔寬頻總額的百分比是否達到 50%，對吧，這正是我們今年的目標。實際上，我們的光纖銷售很大一部分都是圍繞由 MSO 和電信公司發起的光纖到戶推廣的盒子升級，因此，與我們的一些競爭對手在中繼路線和運營商方面發揮的作用更大相比，我們在分銷點方面非常強大。

And then obviously, Precision has helped us a lot by allowing us to complete that channel, so we are now able to go in and have end to end solutions going from the broadband data centers all the way to the field devices. So again we remain focused on that distribution portion of the network. We've seen our fiber sales being fairly steady. You're right, we got some -- we got orders in Q2 in the broadband segment for more of that boxes roll out. So we are well situated going into the second half.

顯然，Precision 幫助我們完成了該管道，為我們提供了巨大的幫助，因此我們現在能夠進入並獲得從寬頻資料中心一直到現場設備的端到端解決方案。因此，我們再次將重點放在網路的分佈部分。我們的纖維銷售相當穩定。你說得對，我們在第二季收到了寬頻領域的訂單，需要推出更多這樣的盒子。因此，我們已為進入下半場做好了準備。

I think book the bill in that business was actually 1.14, so well positioned. So that's where we are focused. We don't participate, as more in the trunking fiber, which is more cyclical in nature. So we don't always get the highs, but we also don't get the troughs of that dynamic.

我認為該業務的帳單實際上是 1.14，因此定位良好。這就是我們關注的重點。我們並不參與，因為更多參與的是中繼光纖，其本質上更具週期性。因此，我們並不總是能獲得高潮，但我們也無法獲得這種動態的低潮。

Great, that's helpful. And then, Jeremy, I don't know if this is even calculable given all the volatility around copper, but like it going forward now and recognizing there was a big move yesterday again, like how are you factoring copper into the guidance, whether it's in margins versus what's passed through, et cetera? I'm just trying to see if there's anything we could put to there.

太好了，很有幫助。然後，傑里米，考慮到銅的所有波動性，我不知道這是否可以計算，但就像現在繼續前進並認識到昨天又有一個大的波動，比如你如何將銅納入指導範圍，無論是在利潤率還是在通過的方面，等等？我只是想看看我們是否可以把東西放在那裡。

Yeah, so you're right, copper has been extremely volatile over the past 90 days, really since the beginning of the year. I think it started maybe close to $4. It got all the way close to $6 and now it's come back down in the mid-$4s. We constructed the guidance assuming that copper would be around where it is today, so you don't need to make any adjustments to our own guidance for this drop in copper that just happened yesterday that's already incorporated into the numbers.

是的，您說得對，過去 90 天，也就是從今年年初開始，銅價一直波動劇烈。我認為它的起價可能接近 4 美元。它一度接近 6 美元，現在又回落至 4 美元左右。我們制定指導意見時假設銅價與目前水平差不多，因此您不需要針對昨天剛剛發生的銅價下跌對我們自己的指導意見進行任何調整，因為這一下跌已經計入數字中。

Okay.

好的。

Think about it as flat sequentially from Q2 to Q3.

可以將其視為從 Q2 到 Q3 連續持平。

Okay. And just remind us, like right here because it seems like it could continue to be volatile like the time to pass through these costs, like what's the lag relative to what we see in the stock market or when you buy the copper to when you're passing through the -- to your customers these days.

好的。只是提醒我們，就像現在這樣，因為它似乎可能會繼續波動，例如傳遞這些成本的時間，例如相對於我們在股票市場上看到的滯後是多少，或者當你購買銅時，當你傳遞給你的客戶時。

It doesn't take too long. Usually when copper moves we wait to see if it's going to stay at a new level, so we'll give it a few weeks then we'll give distributors maybe a 30 day notice and then we implement prices. So take roughly two months to get the price increases pushed through the price changes pushed through distribution. We hold a couple of months' worth of copper inventory at any time so we're pretty well matched in terms of the timing of when the new prices hit our P&L on the cost side as well as when the price changes come into effect.

不需要太長時間。通常，當銅價變動時，我們會等待，看看它是否會保持在新的水平，因此我們會等待幾週，然後我們會給分銷商大約 30 天的通知，然後我們實施價格。因此，大約需要兩個月的時間才能透過分銷推動價格上漲和價格變化。我們隨時都持有幾個月的銅庫存，因此，在新價格影響我們成本方面的損益的時間以及價格變化生效的時間方面，我們能夠很好地匹配。

Great, let us know when you figure out the new level. Thank you.

太好了，當你弄清楚新的水平時請告訴我們。謝謝。

Yeah, thank you.

是的，謝謝。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Hey, morning thanks for taking the question guys. I guess just moving to the outlook again here and just touching on that order book specifically. Seems like orders are up pretty robustly here in the quarter. The guidance is fairly measured in the third quarter, I guess. Maybe you could put that into context. Is it more a matter of the order book being a longer cycle, or is it just a matter of the conservatism that Ashish touched on earlier in terms of new customers pushing or pulling some of these actual projects out of it.

嘿，早安，謝謝大家回答這個問題。我想我們再次討論前景，並具體談談訂單簿。看來本季的訂單量成長相當強勁。我認為，第三季的指導是相當有節制的。也許你可以把它放在上下文中。這更多的是因為訂單週期較長，還是因為 Ashish 之前提到的保守主義，即新客戶會推動或撤出一些實際項目。

Yeah, Chris, I would characterize our guidance not as overly conservative. I think we took a pretty balanced approach in how we constructed it, but keeping in mind that there are a lot of uncertainties. I mean, even this news around copper tariffs just went into effect last night and the dynamic changed a little bit there for the good, for the better for us. So I think that was positive.

是的，克里斯，我認為我們的指導並不過於保守。我認為我們在建造它時採取了相當平衡的方法，但請記住還有很多不確定因素。我的意思是，就連有關銅關稅的新聞昨晚才剛生效，情況就發生了一些變化，對我們來說是好事。所以我認為這是積極的。

But I think it's just a recognition of the fact that there's a lot of moving parts right now in the policy environment and in the macro environment, but overall I think we feel optimistic heading into the second half and we modeled the third quarter to look much like the second quarter, which is what we would typically see in seasonally from Q2 to Q3.

但我認為這只是承認目前政策環境和宏觀環境中存在許多變動因素，但總體而言，我認為我們對下半年持樂觀態度，並且我們預測第三季度與第二季度非常相似，這也是我們通常在第二季度到第三季度看到的季節性情況。

And if I may add here, Chris, if you take our training 12 month results including our Q3 guidance. Even at the low end, we would be establishing new records in both revenue and earnings per share. So this is -- I think it's a fairly balanced, guidance. Yes, we have -- we do think there is a policy kind of backdrop that is still uncertain some customers are mulling over the best timing for their Investment decisions. But it's still a new record. We're leaning forward in that sense.

克里斯，我可以補充一下，如果你看一下我們 12 個月的培訓結果，包括我們的第三季指導。即使在最低水平，我們的營收和每股盈餘也將創下新紀錄。所以這是——我認為這是一個相當平衡的指導。是的，我們確實認為存在某種政策背景，這些背景仍然不確定，有些客戶正在考慮做出投資決策的最佳時機。但這仍然是一個新的紀錄。從這個意義上來說，我們傾向於向前發展。

Makes sense. Thanks for the color there, guys. And I guess it's kind of to circle back on the AI exposure, I guess when I think about Belden historically, it's been the real opportunity for you guys to help connect customers with their data that's kind of segregated in various lakes because they can't optimize what they can't see or measure, right? I guess.

有道理。謝謝你們的色彩，夥伴們。我想這有點像回到人工智慧的曝光，當我從歷史角度思考 Belden 時，這對你們來說是一個真正的機會，可以幫助客戶連接他們的數據，這些數據分散在不同的湖泊中，因為他們無法優化他們看不到或無法測量的數據，對嗎？我猜是的。

Can you speak to just the customer are activity on that front when they come into the CICs, how many customers are kind of even talking about trying to get access to that data in order to utilize AI these days?

您能否談談客戶進入 CIC 時在這方面的活動，有多少客戶甚至在談論嘗試獲取這些數據以利用 AI？

I would say, Chris, every customer literally, that has reached that basic level of maturity where they have a digital transformation project going on, they do talk about that aspect. And I think you've hit the nail on the head, there's a whole lot of discussion right now about why do I have data in these secluded lakes whilst I could have, agentic AI go across all my data, query it and bring me back the best possible answer.

我想說，克里斯，實際上，每個客戶，只要已經達到了基本的成熟度水平，並且正在進行數位轉型項目，他們就會談論這個方面。我認為你說到了點子上，現在有很多討論，為什麼我要在這些僻靜的湖泊中存儲數據，而我本來可以讓代理人工智能遍歷我的所有數據，進行查詢並給我提供最好的答案。

So there's a lot of that going on. I think the challenge most customers have though is just taking real time data from the field, whether it's in a hospital or in a factory and bringing it together so that you can have -- on the IT side you can actually process that data. That's pretty challenging, which is why people used to put data in lakes so that they can be accessed more simply.

所以有很多這樣的事情正在發生。我認為大多數客戶面臨的挑戰是從現場獲取即時數據，無論是在醫院還是在工廠，並將其匯總在一起，以便您可以在 IT 方面實際處理這些數據。這非常具有挑戰性，這就是為什麼人們過去常常將資料放入湖中，以便可以更簡單地存取它們。

And I think this is where our customers are very keen, I think. I would like to -- obviously I'm very excited about the AI exposure we had in this particular case study that we shared. To be fair, it's really more an energy management solution that happens to be applicable in the AI hyperscaler space, and I think similarly we're building solutions around IT/OT converged use cases, many of which will apply to AI data centers, but hopefully more of them will apply to end users then leveraging that AI compute capacity for their day to day operations.

我認為這正是我們的客戶非常熱衷的地方。我想——顯然，我對我們分享的這個特定案例研究中所接觸的人工智慧感到非常興奮。公平地說，它實際上更像是一種能源管理解決方案，恰好適用於 AI 超大規模領域，我認為我們也在圍繞 IT/OT 融合用例構建解決方案，其中許多將適用於 AI 數據中心，但希望其中更多的解決方案將適用於最終用戶，然後利用 AI 計算能力進行日常運營。

I think that's where the long term opportunity for Belden is and like I said, every customer that comes into our CIC is talking about that problem.

我認為這就是 Belden 的長期機遇，正如我所說，進入我們 CIC 的每個客戶都在談論這個問題。

Got it. Well, thanks so much for the call there and then best of luck in the back half of the year here guys.

知道了。好吧，非常感謝您的來電，祝大家下半年好運。

And this concludes today's question and answer session. I'll now turn it back over to Erin for closing remarks.

今天的問答環節到此結束。現在我將把發言權交還給艾琳，請她做最後的總結發言。

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. Goodbye.

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。我們的信箱是investor.relations@belden.com。非常感謝。再見。

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、先生們。今天的通話到此結束。現在您可以掛斷電話了，感謝您的參與。