Belden Inc (BDC) 2025 Q3 法說會逐字稿

(Operator Instructions) Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden reports third-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, Vice President of Investor Relations. Please go ahead, sir.

（操作說明）女士們、先生們，感謝您的耐心等待。歡迎參加今天上午貝爾登公司發布的2025年第三季業績電話會議。提醒一下，本次通話正在錄音。（操作員指示）現在我將把電話交給投資者關係副總裁亞倫·雷丁頓。請繼續，先生。

Good morning everyone and thank you for joining us for Belden's third-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.

各位早安，感謝各位參加貝爾登2025年第三季財報電話會議。今天陪同我出席的有貝爾登公司總裁兼執行長阿什什·錢德，以及資深副總裁兼財務長傑里米·帕克斯。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績效進行詳細回顧，最後進行問答環節。

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.

今天早上我們發布了盈利報告，並準備了一份幻燈片演示文稿，我們將在本次電話會議上進行講解。新聞稿、簡報和本次發言稿目前可在 investor.belden.com 網站上線上取得。

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 (technical difficulty) 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.

翻到第二張幻燈片。我想提醒大家，今天的電話會議將包含前瞻性陳述，這些陳述存在風險和不確定性，詳情請參閱我們的新聞稿和最新的 10-K 表格。我們也會參考（技術難度較高）某些非公認會計準則財務指標。與最直接可比較的 GAAP 指標的調整表可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.

現在我將把電話轉交給我們的總裁兼執行長阿什什·錢德。

Thank you Aaron, and good morning everyone. We appreciate you joining us. Let's begin with slide 4, which highlights our key accomplishments and messages for the third quarter. My comments today will reference adjusted results.

謝謝你，亞倫，大家早安。感謝您的參與。讓我們從第 4 張投影片開始，其中重點介紹了我們第三季的主要成就和資訊。我今天的評論將基於調整後的結果。

First, I want to recognize the dedicated efforts of our team. Their focus enabled us to deliver another solid quarter, building on our steady momentum. We executed well, delivering record results that surpassed our expectations.

首先，我要感謝我們團隊的辛勤付出。他們的專注使我們能夠取得又一個穩健的季度業績，並延續了我們穩步前進的勢頭。我們執行得非常出色，取得了超出預期的創紀錄成績。

For the third quarter, both revenue and earnings per share came in above the high-end of our guidance, reaching new quarterly records for Belden. This achievement underscores the ongoing progress of our solutions transformation, which continues to expand across the organization.

第三季度，貝爾登的營收和每股盈餘都超過了我們預期的上限，創下季度新紀錄。這項成就凸顯了我們解決方案轉型工作的持續進展，而這項轉型工作正在整個組織內不斷擴展。

Revenue reached $698 million, up 7% year-over-year, and adjusted earnings per share grew to $1.97. We delivered continued organic growth, with overall organic revenue up 4% for the quarter. Positive contributions came from key markets, including Germany and China, confirming the favorable turn we experienced earlier this year in these major automation markets.

營收達 6.98 億美元，年增 7%，調整後每股收益成長至 1.97 美元。我們實現了持續的內生成長，本季整體內生營收成長 4%。來自德國和中國等主要市場的積極貢獻，證實了我們今年稍早在這些主要自動化市場所經歷的有利轉變。

This trend was further validated in our Automation Solutions segment, which demonstrated particular strength, achieving 10% organic revenue growth driven by broad momentum, including double-digit gains in discrete manufacturing. Order activity remained healthy for the quarter, with orders up 7% year-over-year. We ended the quarter with a book-to-bill ratio of 1.0, compared to 0.99 in the prior year period, positioning us well as we look ahead.

這一趨勢在我們的自動化解決方案部門得到了進一步驗證，該部門表現尤為強勁，在廣泛的增長勢頭推動下實現了 10% 的有機收入增長，其中包括離散製造業的兩位數增長。本季訂單活動維持良好態勢，訂單量較去年同期成長 7%。本季末，我們的訂單出貨比為 1.0，而去年同期為 0.99，這讓我們在展望未來時處於有利地位。

Despite headwinds from tariff and copper pass-throughs, our margins for the period performed well. We achieved healthy adjusted gross margins of 38.2%, up 40 basis points year-over-year, reflecting continued strength in our solutions offerings, even with the impact of these pass-throughs.

儘管受到關稅和銅價上漲的不利影響，但我們該期間的利潤率表現良好。我們實現了健康的調整後毛利率 38.2%，年增 40 個基點，反映出即使受到這些轉嫁成本的影響，我們的解決方案產品依然保持強勁勢頭。

Our business continues to generate healthy cash flow, with trailing twelve-month free cash flow at $214 million. We maintained our disciplined capital deployment, repurchasing approximately 400 thousand shares in the third quarter for $50 million, bringing our year-to-date total to 1.4 million shares for $150 million.

我們的業務持續產生健康的現金流，過去十二個月的自由現金流為 2.14 億美元。我們保持了嚴謹的資本部署，第三季以 5,000 萬美元的價格回購了約 40 萬股股票，使我們今年迄今的回購總數達到 140 萬股，價值 1.5 億美元。

Overall, this was a quarter of solid execution, and I'm pleased with our record 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，本季執行得非常出色，我對我們創紀錄的業績感到滿意。我們在解決方案轉型方面取得的進展已在成果中得到充分體現，我們有能力在此基礎上繼續發展壯大。

Now please turn to slide 5. I'd like to highlight another key win this quarter that demonstrates the power of our solutions strategy and our ability to drive digital transformation in critical infrastructure. We recently secured a $14 million, multi-year solutions award with a leading utility provider to modernize their communications infrastructure, a key element of their operational technology platform.

現在請翻到第5張投影片。我想重點介紹本季取得的另一項重要成果，這體現了我們解決方案策略的強大力量以及我們在關鍵基礎設施領域推動數位轉型的能力。我們最近與一家領先的公用事業供應商簽訂了一份價值 1400 萬美元的多年期解決方案合同，以對其通信基礎設施進行現代化改造，這是其運營技術平台的關鍵要素。

This project involves replacing aging legacy systems with a future-ready network to support mission-critical applications. The challenge for this utility was to transition from outdated systems to a modern, packet-based network that could meet stringent demands for reliability, security, and low latency, essential for grid resiliency and efficiency.

該專案旨在用面向未來的網路替換老舊的傳統系統，以支援關鍵任務應用程式。這家公用事業公司面臨的挑戰是從過時的系統過渡到現代化的、基於資料包的網絡，以滿足對可靠性、安全性和低延遲的嚴格要求，這對於電網的彈性和效率至關重要。

Leveraging our deep vertical market knowledge and solutions approach, our team collaborated with the customer, culminating in a successful on-site Proof of Concept. This POC effectively showcased Belden's advanced technologies and service capabilities, validating our proposed solution.

憑藉我們對垂直市場和解決方案方法的深入了解，我們的團隊與客戶合作，最終成功完成了現場概念驗證。此次概念驗證有效地展示了貝爾登的先進技術和服務能力，並驗證了我們提出的解決方案。

Our XTran platform was selected as the core of this modernization effort. Purpose-built for utility networks, XTran delivers connectivity to large complex networks that include new and legacy systems and protocols. This hybrid capability is crucial for easing migration and future-proofing critical network infrastructure.

我們的 XTran 平台被選為此次現代化改造的核心。XTran 專為公用事業網路而設計，可為包含新舊系統和協定的大型複雜網路提供連接。這種混合能力對於簡化遷移和確保關鍵網路基礎設施的未來發展至關重要。

This win underscores Belden's deep expertise in utility networks and our proven capability to deliver secure, resilient OT communication systems. Our end-to-end delivery model, including products, services, and support ensures seamless implementation and solution delivery.

此次得標凸顯了貝爾登在公用事業網路領域的深厚專業知識，以及我們交付安全、可靠的 OT 通訊系統的成熟能力。我們的端到端交付模式，包括產品、服務和支持，確保無縫實施和解決方案交付。

This project is a clear testament to how our solutions-driven approach, combined with our specialized portfolio and deep market understanding, allows us to capture opportunities in vital sectors. We are establishing a repeatable model for similar large-scale modernization projects within the utility market, further solidifying our position as a trusted partner in critical infrastructure. We're confident in the momentum this creates and the long-term value we provide for our customers.

這個項目清楚地證明了我們以解決方案為導向的方法，結合我們專業的業務組合和對市場的深刻理解，使我們能夠在關鍵領域抓住機會。我們正在為公用事業市場中類似的大規模現代化專案建立一個可複製的模式，進一步鞏固我們作為關鍵基礎設施領域值得信賴的合作夥伴的地位。我們對由此產生的發展動能以及我們為客戶帶來的長期價值充滿信心。

Now please turn to slide 6. I'd like to shift our focus to an area where Belden is making strategic advancements, positioning us well for the next wave of industrial innovation: Physical AI. Earlier this week, we announced a collaboration with Accenture and NVIDIA.

現在請翻到第6張投影片。我想把我們的重點轉移到貝爾登正在取得策略性進展的領域，這使我們能夠更好地迎接下一波工業創新浪潮：物理人工智慧。本週早些時候，我們宣布與埃森哲和英偉達展開合作。

This partnership combines our industrial networking expertise with their advanced AI capabilities to deliver integrated Physical AI solutions. We've already secured commercial traction with an initial pilot program and are scheduled for commercial deployment later this year.

此次合作將我們的工業網路專業知識與他們先進的人工智慧能力相結合，以提供整合的實體人工智慧解決方案。我們已經透過初步試點計畫獲得了商業上的成功，並計劃於今年稍後進行商業部署。

This pilot, a virtual safety fence solution designed to improve worker safety in manufacturing environments, was successfully tested and is now being commercially deployed at a major US manufacturer. This test and commercial deployment demonstrate the real-world impact and market readiness of our Physical AI solutions, as modern manufacturing increasingly integrates autonomous systems alongside human operators.

該試點計畫是一項旨在提高製造業環境中工人安全的虛擬安全圍欄解決方案，已成功進行測試，目前正在美國一家大型製造商進行商業部署。這項測試和商業部署證明了我們的實體人工智慧解決方案在現實世界中的影響和市場準備情況，因為現代製造業越來越多地將自主系統與人類操作員結合。

Let's take a moment and consider the broader opportunity in this emerging space. First, Physical AI represents an evolution in automation, where AI directly interacts with the physical world. It enables intelligent automation and real-time decision-making, offering massive opportunities to improve safety, efficiency, and further digitize industrial environments.

讓我們花點時間思考這個新興領域所蘊藏的更廣闊的機會。首先，實體人工智慧代表了自動化領域的一次演進，而人工智慧則直接與物理世界互動。它能夠實現智慧自動化和即時決策，為提高安全性、效率和進一步實現工業環境數位化提供了巨大的機會。

Belden is uniquely positioned to play a foundational role in the emerging world of Physical AI. Advanced applications demand an industrial-grade network capable of real-time, synchronized precision. Our Time-Sensitive Networking capabilities are crucial, enabling microsecond-precision for data streams essential in environments where safety and quality are critical.

Belden 擁有得天獨厚的優勢，能夠在物理人工智慧這一新興領域發揮奠基性作用。高階應用需要能夠實現即時、同步精度的工業級網路。我們的時間敏感型網路功能至關重要，能夠實現微秒級的資料流精度，這對於安全和品質至關重要的環境至關重要。

This strategic push underscores Belden's successful evolution into a solutions company within the industrial market. It serves as clear proof that we are moving beyond simply providing connectivity products to enabling advanced solutions that drive significant value for our customers.

這項策略性舉措凸顯了貝爾登在工業市場中成功轉型為解決方案公司。這清楚地證明，我們正在超越僅僅提供連接產品，轉向提供能夠為客戶創造巨大價值的先進解決方案。

Given our strengths in intelligent edge deployment in converging IT/OT environments, we believe that Belden is well-positioned to be a key enabler of Physical AI in manufacturing and material handling, driving safer, smarter, and more productive environments globally. Physical AI represents an emerging growth opportunity for our business as we continue to advance ideas and technologies.

鑑於我們在融合的 IT/OT 環境中的智慧邊緣部署方面的優勢，我們相信 Belden 有能力成為製造和物料搬運領域實體 AI 的關鍵推動者，在全球範圍內推動更安全、更智慧、更有效率的環境。隨著我們不斷推進理念和技術，物理人工智慧代表著我們業務的一個新興成長機會。

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

現在我將請傑里米進一步分析我們第三季的財務表現。

Thank you, Ashish. My comments today will cover our third-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，阿什什。我今天的發言將涵蓋我們第三季的業績、各業務部門的回顧、資產負債表和現金流量，以及最後的展望。再次提醒大家，我今天將引用調整後的結果。

Now, please turn to slide 7. As Ashish noted, our solid execution this quarter drove consistent top-line growth, which translated directly to margin expansion and improved profitability. Revenue for the quarter was $698 million, up 7% year-over-year, and ahead of expectations set forth in prior guidance.

現在，請翻到第7張投影片。正如 Ashish 指出的那樣，我們本季穩健的執行力推動了營收的持續成長，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 6.98 億美元，年增 7%，超出先前預期。

Revenue was up 4% organically on a year-over-year basis. Our Automation Solutions segment saw organic revenue growth of 10%, while Smart Infrastructure Solutions organic revenue was down 1%. Orders for the quarter were up 7% year-over-year. As a result, gross profit margins were 38.2%, increasing 40 basis points compared to the prior year.

營收年增4%。我們的自動化解決方案業務部門實現了 10% 的有機收入成長，而智慧基礎設施解決方案業務部門的有機收入下降了 1%。本季訂單量較去年同期成長7%。因此，毛利率為 38.2%，比上年增長 40 個基點。

EBITDA was $118 million with EBITDA margins at 17.0%, down 20 basis points year-over-year. We successfully maintained our overall profitability for the quarter through proactive management of tariff and copper price changes, leveraging strategic sourcing and effective pricing actions. Our margin percentages for the period reflect the necessary pass-through of these costs. Going forward, you can expect us to deliver incremental margins in line with our long-term targets.

EBITDA 為 1.18 億美元，EBITDA 利潤率為 17.0%，較去年同期下降 20 個基點。我們透過積極管理關稅和銅價變化、利用策略採購和有效的定價措施，成功地保持了本季的整體獲利能力。本期利潤率反映了這些成本的必要轉嫁。展望未來，您可以期待我們實現符合長期目標的利潤成長。

Net income was $79 million, up from $71 million in the prior year quarter. And EPS was $1.97, up 16% and ahead of expectations set forth in prior guidance.

淨利為7,900萬美元，高於去年同期的7,100萬美元。每股收益為 1.97 美元，成長 16%，高於先前預期。

Now, please turn to slide 8 for a review of our business segment results for the quarter. Our Automation Solutions segment delivered another solid quarter, demonstrating continued recovery and steady execution. Revenue grew 14% year-over-year with EBITDA up 10%.

現在，請翻到第 8 頁，查看我們本季的業務部門業績回顧。我們的自動化解決方案部門又迎來了一個穩健的季度，展現出持續復甦和穩定執行的態勢。營收年增 14%，EBITDA 成長 10%。

Margins remained healthy at 20.8%, impacted by the pass-through of tariffs and copper. Order trends also remained robust, with orders up 14% year-over-year. This strong order activity drove the segment's 10% organic growth, with positive contributions across all regions.

利潤率維持在20.8%的健康水平，受到關稅和銅價上漲的影響。訂單趨勢也保持強勁，較去年同期成長 14%。強勁的訂單活動推動了該業務板塊 10% 的自然成長，所有地區都做出了積極貢獻。

As Ashish highlighted, we saw continued strength in Germany and China, with ample year-over-year growth, albeit from a lower base. This broad-based momentum extended into our core verticals, which saw double-digit expansion in Discrete Manufacturing and Mass Transit.

正如 Ashish 所強調的，我們看到德國和中國市場持續強勁成長，儘管基數較低，但比去年同期成長幅度很大。這種廣泛的成長勢頭也延伸到了我們的核心垂直領域，其中離散製造和公共交通領域實現了兩位數的成長。

Revenue in Smart Infrastructure Solutions was down 1% year-over-year with margins for the segment steady at 12.6%. Within our markets, Smart Buildings was up 3% year-over-year driven by strength in our key growth verticals as we continue to advance our solutions offerings.

智慧基礎設施解決方案的營收年減 1%，該業務板塊的利潤率穩定在 12.6%。在我們的市場中，智慧建築業務年增 3%，這主要得益於我們關鍵成長垂直領域的強勁表現，因為我們將繼續推進我們的解決方案產品。

Broadband Solutions was down 4% year-over-year, but up 7% sequentially. While technology upgrades in the broadband space have seen some temporary moderation in the back half of 2025, we are encouraged by the adoption of new fiber products, and also to see the early BEAD awards, as many of the top recipients are major customers for Belden.

寬頻解決方案業務年減 4%，但較上季成長 7%。儘管 2025 年下半年寬頻領域的技術升級有所放緩，但我們對新光纖產品的採用感到鼓舞，也對早期 BEAD 獎項的頒發感到欣慰，因為許多頂級獲獎者都是 Belden 的主要客戶。

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 third quarter was $314 million, compared to $370 million in the fourth quarter of 2024. Our cash position reflects typical seasonality and the deployment of $150 million towards share repurchases so far this year.

接下來請翻到第 9 頁，查看我們的資產負債表和現金流量表摘要。我們的資產負債表依然是實力和靈活性的重要來源，使我們能夠實施嚴謹的資本配置策略。截至第三季末，我們的現金及現金等價物餘額為 3.14 億美元，而 2024 年第四季末為 3.7 億美元。我們的現金狀況反映了典型的季節性因素，以及今年迄今已投入 1.5 億美元用於股票回購。

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, this may fluctuate as we pursue strategic opportunities consistent with our capital allocation priorities.

我們的財務槓桿率為合理的淨負債與 EBITDA 比率為 2.1 倍，符合我們的預期。我們計劃長期保持淨槓桿率在 1.5 倍左右；但是，隨著我們尋求符合資本配置優先事項的策略機遇，這一數值可能會有所波動。

For the trailing-twelve-months, our free cash flow was $214 million. Year-to-date, we repurchased 1.4 million shares, further reducing our share count, which is now more than 12% lower than it was at the end of 2021. We currently have $190 million remaining on our repurchase authorization.

過去十二個月，我們的自由現金流為 2.14 億美元。年初至今，我們回購了 140 萬股股票，進一步減少了我們的股票數量，目前比 2021 年底減少了 12% 以上。我們目前的回購授權額度還剩1.9億美元。

Our capital allocation priorities remain unchanged: investing internally in opportunities to advance organic growth, 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依然不變：投資內部機會以促進內生成長，進行有紀律的併購，並透過股票回購將資本返還給股東。儘管當前的金融市場環境瞬息萬變，但我們將繼續嚴謹地評估併購機會，並致力於以創造長期價值的方式部署資本。再次提醒，我們的下一個債務到期日是 2027 年，所有債務均為固定利率，平均利率為 3.5%。

Please turn to slide 10 for our fourth-quarter outlook. Our team has executed well in the current environment, as shown in our record third-quarter results. We are encouraged by the strong and consistent trends in our Automation Solutions segment, which provides a solid foundation for our outlook.

請翻到第 10 頁查看我們的第四季展望。在當前環境下，我們的團隊表現出色，第三季業績創下歷史新高。自動化解決方案業務板塊的強勁且持續的發展趨勢令我們倍感鼓舞，也為我們的前景奠定了堅實的基礎。

In the fourth quarter, we anticipate that sequential growth from Automation Solutions will be mostly offset by a more muted quarter in Smart Infrastructure Solutions, resulting in overall performance that is roughly flat sequentially. Assuming the continuation of current market conditions, revenues for the fourth quarter are expected to be between $690 million and $700 million, representing a 4% to 5% increase over the prior-year quarter.

我們預計，第四季度自動化解決方案的環比成長將被智慧基礎設施解決方案較為平淡的成長所抵消，從而導致整體業績環比基本持平。假設當前市場狀況持續，第四季營收預計將在 6.9 億美元至 7 億美元之間，比去年同期成長 4% 至 5%。

Adjusted EPS is expected to be between $1.90 and $2.00, representing a 1% decrease to 4% increase over the prior-year quarter. For the fourth quarter, we are projecting a tax rate of 14.0% as we continue to execute our planning strategies.

調整後每股收益預計在 1.90 美元至 2.00 美元之間，較上年同期下降 1% 至增長 4%。我們預計第四季稅率為 14.0%，我們將繼續執行我們的規劃策略。

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

我的發言稿到此結束。現在我想把電話轉回給阿什什。

Thank you, Jeremy. Now, please turn to slide 11. To summarize, our third-quarter performance reflects the strength and resilience of our business, and the continued progress of our solutions transformation. We delivered solid results in a dynamic environment, with consistent order activity, record earnings, and healthy cash generation.

謝謝你，傑瑞米。現在，請翻到第11張投影片。總而言之，我們第三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。我們在瞬息萬變的環境中取得了穩健的業績，訂單活動持續活躍，獲利創歷史新高，現金流狀況良好。

It's important to reflect on the journey that has brought us to this point. Over the past few years, our industry has faced significant headwinds, including periods of destocking, ongoing tariff challenges, and a muted manufacturing environment. Despite these external pressures, our team's dedication and strategic focus have allowed Belden to not only navigate these periods but to emerge stronger.

回顧我們走到今天這一步的歷程非常重要。過去幾年，我們所在的產業面臨著巨大的不利因素，包括前往庫存時期、持續的關稅挑戰以及低迷的製造業環境。儘管面臨這些外部壓力，但憑藉我們團隊的奉獻精神和戰略重點，貝爾登不僅成功渡過了這些時期，而且變得更加強大。

This resiliency is clearly demonstrated in our current performance. Not only did we achieve record quarterly revenue and EPS, but our trailing twelve-month performance also reached new highs. We are proud to report trailing twelve-month revenue reaching nearly $2.7 billion, and record trailing twelve-month adjusted EPS of $7.38. This exceptional performance, especially in a year that presented its share of challenges, truly underscores our team's focused execution and the inherent resilience of our business model.

我們目前的表現充分展現了這種韌性。我們不僅實現了創紀錄的季度營收和每股收益，而且過去十二個月的業績也達到了新高。我們很自豪地宣布，過去十二個月的收入接近27億美元，過去十二個月的調整後每股收益創下7.38美元的歷史新高。這項卓越的業績，尤其是在充滿挑戰的一年中，充分體現了我們團隊專注的執行力和我們商業模式的固有韌性。

Looking at our long-term trajectory, these results are no accident. From 2019 through the trailing twelve months ending in the third quarter, we delivered a revenue CAGR of 5% and an adjusted EPS CAGR of 12%. This powerful and consistent value creation over multiple years clearly demonstrates the impact of our strategic initiatives and how our solutions transformation has repositioned Belden in the minds of our customers.

從長遠來看，這些結果絕非偶然。從 2019 年到截至第三季的過去十二個月，我們實現了 5% 的收入複合年增長率和 12% 的調整後每股收益複合年增長率。多年來持續強勁的價值創造清楚地表明了我們戰略舉措的影響，以及我們的解決方案轉型如何重新定位了貝爾登在客戶心目中的形象。

Further, our transformation is validated in the marketplace, as evidenced by the multi-year utility modernization project we discussed earlier, where we're replacing aging infrastructure with a future-ready network. It's also clearly evident in our strategic advancements in Physical AI, where we're enabling safer, smarter factories and other work environments with real-time precision.

此外，我們的轉型在市場上得到了驗證，正如我們之前討論過的多年公用事業現代化項目所證明的那樣，我們正在用面向未來的網路取代老化的基礎設施。這一點在我們實體人工智慧領域的策略進步中也顯而易見，我們正在利用即時精度打造更安全、更智慧的工廠和其他工作環境。

These are tangible examples of us moving beyond just products to enabling advanced solutions that drive significant value for customers. We remain mindful of the ongoing operating environment, however the fundamental trends driving our business: reindustrialization, automation, digitization, and the convergence of IT and OT are intact and building momentum.

這些都是我們超越產品本身，致力於提供能夠為客戶創造巨大價值的先進解決方案的具體例證。我們始終關注當前的經營環境，但推動我們業務發展的基本趨勢：再工業化、自動化、數位化以及 IT 和 OT 的融合仍然保持完好，並且不斷增強勢頭。

We believe Belden is well-positioned to benefit as these secular trends play out. Our solutions transformation is delivering tangible results, expanding our addressable market, and positioning us for consistent 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，貝爾登將佔據有利地位，並從中受益。我們的解決方案轉型正在帶來切實可見的成果，擴大我們的目標市場，並為我們實現持續成長和利潤率提升奠定基礎。我們將繼續秉持嚴謹的執行原則和審慎的資本配置，確保為股東創造持久價值。

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

我們的發言稿到此結束。接線生，請開啟問答環節

(Operator Instructions) Steven Fox, Fox Advisors.

（操作說明）史蒂文‧福克斯，福克斯顧問公司。

Hi. Good morning, everyone. I guess for my first question, obviously, the utility market is a massive opportunity, in general. And so I'm wondering how we think about how you attack it? Like you -- what's the go to market strategy? And then how do we -- how quickly you can penetrate different parts of it? And then I have a follow-up.

你好。各位早安。我想對於我的第一個問題，很顯然，公用事業市場總體而言是一個巨大的機會。所以我想知道我們該如何看待你應對這種情況的方式？和你一樣－你們的市場進入策略是什麼？那麼，我們該如何——你能多快滲透到它的不同部分？然後我還有一個後續問題。

Sure. Steve. So the -- across the market in all the transmission and distribution because that's the specific area that we want to focus on within the broader utility market, we have a fairly mixed landscape. So we have we have networks that are still using SONET SDS systems for their telecoms. And as a result, they can only transmit a certain kind of data which is very limited. They can't, for example, the networks don't lend themselves to smart grid type bidirectional transmission.

當然。史蒂夫。因此，在整個市場，包括所有輸配電領域，因為這是我們想要在更廣泛的公用事業市場中重點關注的特定領域，我們面臨著相當複雜的市場模式。所以，我們還有一些網路仍在使用 SONET SDS 系統進行電信通訊。因此，它們只能傳輸某種非常有限的數據。例如，這些網路不適用於智慧電網類型的雙向傳輸，因此無法實現。

So the first fundamental opportunity really is to upgrade all of these to a packet-based what we call MPLS-TP, packet-based, IP-based network. That is where the core Xtran offering that we have, which is engineered over many decades in in Belgium. This is an acquisition we made about five years ago.

因此，第一個根本性的機會實際上是將所有這些網路升級為基於封包的網絡，我們稱之為 MPLS-TP，即基於封包的 IP 網路。這就是我們核心 Xtran 產品所在之處，該產品是在比利時經過數十年研發而成的。這是我們大約五年前收購的公司。

But the way we differentiate ourselves in that market, apart from just offering that core MPLS-TP switching portfolio is really through the whole services that support process, right? So the win we talked about today really hinged on us being able to go in with our consultants at the outset and do a very deep study across their network, come up with very tangible savings for them or productivity opportunities for them in terms of things that would impact their P&L, for example; reducing the time it takes to find the fault, which, therefore, reduces any SLA-based fines they have to pay; or it could be simply making the equipment procurement process more efficient through more predictability.

但是，除了提供核心的 MPLS-TP 交換產品組合之外，我們在這個市場上的差異化優勢實際上來自於支援整個流程的整個服務，對吧？所以，我們今天談到的成功，實際上取決於我們能否從一開始就與我們的顧問一起，對他們的網絡進行非常深入的研究，為他們找到切實可行的節省成本或提高生產力的機會，例如，減少查找故障所需的時間，從而減少他們必須支付的任何基於服務水平協議的罰款；或者，也可以簡單地通過提高可預測性來提高設備採購流程的效率。

So there are multiple use cases, but basically with that approach, we were able to give them not just the packet switching backbone but a fully integrated design. And these professional services include, by the way multi-year software training and management. They include helping them with future expansion as their networks grow. So that's how we are attacking that market.

因此，這種方法有多種應用場景，但基本上，透過這種方法，我們不僅能夠為他們提供分組交換骨幹網，還能提供完全整合的設計。順便一提，這些專業服務還包括多年的軟體培訓和管理。其中包括幫助他們隨著網路的發展進行未來的擴張。這就是我們進軍該市場的方式。

And in terms of scale, Steve, I think at this point, especially if I focus on the US and Western Europe where there is a huge demand, especially given the surge in data centers, I think we are currently penetrating maybe 7% to 10% of the market. So the scale opportunity is pretty big, and I think that's reflected in our growth rates in PT&D which have tended to be double-digit.

就規模而言，史蒂夫，我認為目前，尤其是如果我關注美國和西歐，那裡需求巨大，特別是考慮到資料中心的激增，我認為我們目前可能已經滲透了 7% 到 10% 的市場。因此，規模化的機會非常大，我認為這體現在我們PT&D的成長率上，我們的成長率往往是兩位數。

Great. That's helpful. And I'm pretty sure from looking at your picture on slide 5, the New Jersey grid doesn't look like that, but that's my problem.

偉大的。那很有幫助。從你幻燈片 5 上的圖片來看，我很確定新澤西州的網格不是這樣的，但這是我的問題。

Anyway, the second question, Jeremy, I was just curious, there's a lot of puts and takes in terms of like outside forces on the margins and in the mix. Can you just be a little more specific thinking about year-over-year and quarter-over-quarter, how much -- I just want to make sure I understand the pass-through impact on margins versus the more solutions?

總之，傑里米，第二個問題，我只是好奇，這裡面有很多外部力量在邊緣和混合作用下的權衡取捨。您能否更具體地談談同比和環比的變化，具體幅度是多少？我只是想確保我理解這些變化對利潤率的影響，以及更多解決方案的影響？

And then any other things we should be thinking about relative to like copper and sourcing and things like that?

那麼，關於銅的來源等等，我們還應該考慮哪些其他因素呢？

Yeah. Sure, Steve. So if you look at gross margins on a year-over-year basis, the change in copper prices impacted margins by about 50 basis points, and it's literally just the pass-through of higher copper. So maintaining EPS and EBITDA covering that fully, but a little bit of margin degradation.

是的。當然可以，史蒂夫。因此，如果按年計算毛利率，銅價的變化對毛利率的影響約為 50 個基點，這實際上只是銅價上漲的直接影響。因此，維持每股收益和息稅折舊攤銷前利潤足以完全覆蓋損失，但利潤率略有下降。

So that's 50 basis points year-over-year. There is an impact from tariffs. It would be maybe slightly less than the copper impact. And then maybe a little bit of mix on a year-over-year basis, but nothing substantial.

所以年比下降了50個基點。關稅產生了影響。可能比銅的影響略小。然後，與去年相比，可能會有一些波動，但不會有實質的變化。

If you bridge sequentially from Q2 to Q3, the copper impact is not as extensive. I would say, probably the pass-through impact from both copper and tariffs together or maybe 30 or 40 basis points. And then there's also a little bit of unfavorable mix sequentially just driven by strength in our industrial construction cable that seems to be coming back partially because of some of these energy applications.

如果從 Q2 到 Q3 依序進行橋接，銅的影響就不會那麼大。我認為，銅價和關稅共同造成的傳導影響可能達到 30 或 40 個基點。此外，由於工業建築電纜的強度似乎有所回升，部分原因是某些能源應用，因此也出現了一些不利的混合情況。

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Great. Thanks for taking my question. Ashish, you talked about Physical AI today. That was pretty exciting for us. I'm hoping, if you can extend that conversation to what was posted by, I think, one of your customers or perhaps customers NVIDIA posted something about your involvement in a grey space application and data center.

偉大的。謝謝您回答我的問題。阿什什，你今天談到了物理人工智慧。這讓我們非常興奮。我希望，如果您能將討論擴展到您的一位客戶（或者可能是NVIDIA的客戶）發布的內容，那麼我們就可以討論您參與灰色地帶應用和資料中心的相關事宜了。

So I'm hoping you can update on this -- update on that topic, maybe, combined with the Physical AI to size your position in those opportunities today? And maybe give us a view as to what we should expect in the future?

所以我希望您能就此提供一些最新資訊——或許可以結合實體人工智慧來評估您目前在這些機會中的立場？或許還能讓我們展望未來該期待些什麼？

Yes, well, I think this is a very exciting topic. So I'm going to start -- bear with me. I'm going to start with a little bit of basic information and then build it up. So as we think about AI for the last three to four years, the first two-thirds of that journey has been more around chatbots, really. And then over the last, let's say, one year or so, we are now seeing the whole phenomenon around agents, but a lot of those agents still exist in the digital world, right, inside a data center.

是的，我覺得這是一個非常令人興奮的話題。那我就要開始了——請大家耐心等待。我先從一些基本資訊入手，然後再逐步展開。因此，在過去三、四年裡，當我們思考人工智慧時，前三分之二的思考實際上更多地圍繞著聊天機器人。然後，在過去的一年左右的時間裡，我們看到了圍繞代理的整個現象，但許多這樣的代理仍然存在於數位世界中，對吧，在資料中心裡。

Now, those agents are emerging in the physical world. And they need a fair amount of orchestration and those agents could take the form of robots, humanoids, different kinds of equipment, AGVs, et cetera, et cetera. So really, the idea that in workplaces, whether they are manufacturing workplaces or other workplaces, you might have employees that are human and employees that are actually agents working together, you might even have agents and agents working together, right? So that's the kind of future workplace scenario.

現在，這些代理人正在現實世界中出現。而且他們需要相當多的協調，這些代理人可以採取機器人、人形機器人、各種設備、AGV 等等的形式。所以，實際上，在工作場所，無論是製造業工作場所還是其他工作場所，你可能會有人類員工和實際上是代理商的員工一起工作，甚至可能會有代理商和代理商一起工作，對吧？這就是未來工作場所的一種場景。

So the announcement we -- you, I think, are referring to was actually made as a combination of NVIDIA, Accenture, and Belden. And there was a different announcement, I think, about the grey space, which is also relevant, but let me focus on the first one.

所以，我們——我想你們——所指的公告實際上是英偉達、埃森哲和貝爾登聯合發布的。我認為還有一項關於灰色地帶的公告，這也很重要，但讓我專注於第一項公告。

So we announced the successful completion of a pilot and we are on the cusp of commercializing this with a very large automotive customer in the US, but this was essentially a virtual safety fence application. And it leveraged a few things from each of us. So from Belden at the core, it was the Time-Sensitive Networking portfolio.

因此，我們宣布試點計畫已成功完成，我們即將與美國一家大型汽車客戶進行商業化合作，但這本質上是一個虛擬安全圍欄應用程式。它利用了我們每個人的一些優勢。因此，貝爾登的核心是時間敏感網路產品組合。

And I just want to differentiate Time-Sensitive Networking, which is very prevalent in the high-end vision critical spaces like industrial, manufacturing, or process. It's different to the conventional best effort networking, which is more relevant in enterprise space, right?

我只想區分時間敏感網絡，它在高端視覺關鍵領域（如工業、製造或流程）非常普遍。它與傳統的盡力而為型網路有所不同，後者在企業領域更為相關，對吧？

So we use our Time-Sensitive Networks. We use Belden Horizon as the orchestration platform. Accenture built an application on top of Horizon that took that data into the NVIDIA Omniverse and used the libraries to build this entire autonomous system for virtual safety.

所以我們使用時間敏感網路。我們使用 Belden Horizo​​n 作為編排平台。埃森哲在 Horizo​​n 的基礎上建立了一個應用程序，將這些資料導入 NVIDIA Omniverse，並利用其中的函式庫建構了整個虛擬安全自主系統。

And I think there were some interesting highlights. So first of all, we did not have any data going to the cloud for safety. Everything was on the site, on the edge, so that it was very low latency. Now, the data stream itself was raw video from a camera versus thousands of sensors on the floor, right? So it was a camera feed.

我認為其中有一些精彩亮點。首先，出於安全考慮，我們沒有將任何資料上傳到雲端。所有資源都位於網站邊緣，因此延遲非常低。現在，數據流本身是來自攝影機的原始視頻，而不是來自地板上數千個感測器的數據，對吧？所以那是攝影機畫面。

In fact, it was three cameras, so there was a triangulation and spatial depth created in that process. And Just from the feet of three cameras, this autonomous system was able to analyze and review that data and, really, as a human being, act as a traffic cop for safety.

事實上，使用了三台攝影機，因此在這個過程中創建了三角測量和空間深度。僅憑三台攝影機的拍攝數據，這套自主系統就能分析和審查這些數據，並且像人類一樣，充當交通警察，維護交通安全。

And I think the third thing this did was it basically removed any ambiguity that network is actually the fourth critical technology to make this digital transformation successful. The other three being AI, data engineering, and cloud. And although in this case, we didn't send any data to the cloud, obviously, over time, models have to be trained on the cloud. And so data will go to the cloud, but it'll be selective data.

我認為第三點是，它基本上消除了任何歧義，即網路實際上是實現數位轉型成功的第四項關鍵技術。另外三項分別是人工智慧、數據工程和雲端運算。雖然在這種情況下，我們沒有向雲端發送任何數據，但顯然，隨著時間的推移，模​​式必須在雲端進行訓練。因此，資料會上傳到雲端，但只會上傳經過篩選的資料。

Now in terms of scaling, there are different studies available. There's one that says, that's pretty prominent, that says that in about 2030, so let's say in five years, the number of physical devices that need network connections will reach close to 1 trillion IoT connections, so 4 times to 5 times of what we have today.

關於規模化方面，目前已有不同的研究可供參考。有一份報告指出，這份報告非常突出，它指出，到 2030 年左右，也就是五年後，需要網路連接的實體設備數量將接近 1 兆個物聯網連接，是現在的 4 到 5 倍。

And all of these will need some kind of edge compute capability because all the data will not go to the cloud. And I can easily see another aspect here that that data will be multimodal. It'll be vision, sound, vibration, temperature, pressure, et cetera.

所有這些都需要某種邊緣運算能力，因為並非所有資料都會上傳到雲端。而且我很容易看出另一個方面，那就是這些數據將是多模態的。它將包括視覺、聽覺、振動、溫度、壓力等等。

Remember now, we have agents in the physical world who are dealing with these kinds of data streams, right? Different kind of variety and volume of data versus simple digital data in the data center. And the applications that we are currently exploring or actually piloting include quality inspection, passenger safety, asset location. And these go across a few different vertical markets.

請記住，現實世界中存在著處理這類資料流的實體，對吧？資料中心中資料種類和數量與簡單的數字資料截然不同。我們目前正在探索或實際試點的應用包括品質檢驗、乘客安全、資產定位。而且這些產品涵蓋了幾個不同的垂直市場。

So, sorry, we'll give you a long-ish answer because I want to start with the fundamentals but the core finding for us here is that without Time-Sensitive Networking and without an orchestration platform like Belden Horizon, it is very difficult to make that edge and IT/OT convergence convert into Physical AI.

所以，抱歉，我們會給您一個比較長的答案，因為我想從基本原理開始，但我們在這裡的核心發現是，如果沒有時間敏感網路和像 Belden Horizo​​n 這樣的編排平台，就很難將邊緣運算和 IT/OT 融合轉化為實體人工智慧。

And I think that's what we've successfully proven here. We are being, obviously, modest in terms of where all this can go, but really, there is no limit.

我認為我們已經成功地證明了這一點。顯然，我們對這一切最終能發展到什麼程度保持謙虛，但實際上，它是沒有極限的。

And anything on the whitespace project that was also highlighted? That was one that's more, I think, not necessarily cloud but certainly data center-related.

關於空白空間項目，還有哪些重點？我認為，那更多的是與資料中心相關，而不是與雲端運算相關。

Yeah. So we have been building out a data center practice that combines the technologies from both what you think of as previously industrial or automation portfolio and the Smart Infrastructure portfolio. And we've been fairly successful.

是的。因此，我們一直在建立一個資料中心業務，該業務結合了您以前認為的工業或自動化產品組合和智慧基礎設施產品組合中的技術。我們取得了相當大的成功。

I think we spoke about this on our last call. We had a large win with a AI hyperscaler in the cooling space. And then since then, we've had more success deploying these converged IT/OT solutions into a combination of white space and grey space and our data center growth this quarter is up double-digits because of that initiative.

我想我們上次通話時已經談到這件事了。我們在冷凍領域與人工智慧超大規模資料中心營運商取得了重大成功。從那以後，我們在空白空間和灰色空間中部署這些融合的 IT/OT 解決方案取得了更大的成功，由於這項舉措，我們本季的資料中心成長達到了兩位數。

Again, our focus, frankly, is less on building the data center capacity itself, but it's more on the long-term sustainable use of applications that come out of the data center. But obviously, right now, there is a big phenomenon around building capacity and I think there's a big concern around the heating, electrification aspects which allow us to step in with these technologies that we previously used on the automation and industrial side.

坦白說，我們的重點與其說是建立資料中心容量本身，不如說是資料中心產生的應用程式的長期永續利用。但顯然，目前存在著一個圍繞產能建設的大現象，我認為人們對供暖和電氣化方面存在著很大的關注，這使我們能夠運用以前在自動化和工業領域使用過的這些技術。

So that's the when we -- one of our customers highlighted and, again, we appreciate working with Accenture and their customers because we're finding a lot of convergence here, given their -- so the commonality of our install base and their customer base is turning out to be very scalable for us.

所以，我們的一位客戶強調了這一點，我們再次感謝與埃森哲及其客戶合作，因為我們發現彼此有很多共同之處，鑑於他們的——因此，我們的安裝基礎和他們的客戶基礎的共性對我們來說非常具有可擴展性。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Yes. Good morning. Thank you very much for taking the questions. First on Broadband, I was hoping you can share more with respect to your outlook over the near- and medium-term for the Broadband segment? And how helpful the BEAD awards that the company cited in its prepared remarks, maybe, for growth?

是的。早安.非常感謝您回答這些問題。首先是關於寬頻方面，希望您能分享您對寬頻領域近期和中期前景的看法？該公司在事先準備好的發言稿中提到的 BEAD 獎項，或許對公司發展大有裨益？

So I'll make a -- thanks, Mark. I'll make a couple of comments and then maybe Jeremy can add to that. So in general, if you think about the upgrades that the MSOs have been working on for the last few years, different customers have different technologies stacks that they use to deliver those doctors upgrades to consumers.

所以我會做一個——謝謝，馬克。我先說幾點，然後傑瑞米或許可以補充一些。因此，總的來說，如果你想想MSO在過去幾年一直在進行的升級，不同的客戶有不同的技術棧，他們使用這些技術堆疊向消費者提供這些醫生升級。

And based on those different technology stacks and there's different electronic components interoperability, et cetera, we sometimes see a little more -- there are some ups and downs in that process and we've seen a little bit of that moderation in the back half of '25. I think it's basically timing.

基於這些不同的技術堆疊以及不同的電子元件互通性等等，我們有時會看到更多——在這個過程中有一些起伏，我們在 2025 年下半年已經看到了這種緩和。我覺得關鍵在於時機。

But on the other hand, there's a lot more clarity in the market since the BEAD announcements came. In fact, our accounts, the accounts we serve in the MSO market are big beneficiaries of BEAD. We've also seen a lot more adoption of new fiber technology from Belden across these accounts. So on a net basis, I think the -- we are very positive about that space other than some technical interoperability based slowdown that we have seen in the short-term.

但另一方面，自從 BEAD 公告發布以來，市場變得更加明朗了。事實上，我們的帳戶，我們在MSO市場服務的帳戶，都是BEAD的大受益者。我們也看到，這些客戶越來越多地採用了貝爾登公司的新型光纖技術。所以總的來說，我認為——除了短期內我們看到的一些基於技術互通性的放緩之外，我們對這個領域非常樂觀。

Yeah. Just in terms of the Q4 guide, Mark, Broadband -- you should expect Broadband to be down year-over-year in the fourth quarter, roughly the same as what we did in the third quarter. So maybe down 1% or 2% sequentially, down roughly 4% on a year-over-year basis.

是的。馬克，就第四季業績指引而言，寬頻業務－你應該預期第四季寬頻業務將年減，與第三季的情況大致相同。所以環比可能下降 1% 或 2%，年減約 4%。

Looking forward into 2026, we're not guiding at this point, so we'll probably have more of a perspective for you in 90 days. But I think at this point in time, we're optimistic like Ashish said, about growth in 2026. Some of these upgrades still need to happen.

展望 2026 年，我們目前不做預測，所以 90 天後我們可能會為您提供更清晰的展望。但我認為，就目前而言，我們和 Ashish 一樣，對 2026 年的成長持樂觀態度。有些升級改造仍需進行。

MSOs still need to spend some money, I think, on their networks and it feels like we're getting a little bit of certainty over the BEAD funding, which should be a helper. So I think we're optimistic going into 2026. We just have to work through the fourth quarter here.

我認為，MSO 仍然需要在他們的網路上投入一些資金，而且我們似乎對 BEAD 資金有了一定的確定性，這應該會有所幫助。所以我認為我們對2026年持樂觀態度。我們現在只需要撐過第四季就行了。

That's very helpful. And that tells my other question was just some early thoughts on 2026, just qualitatively. And Jeremy, you just spoke a bit on Broadband, but as you think about the business more generally, you spoke about bookings and orders being up 7%.

那很有幫助。這也說明我的另一個問題只是對 2026 年的一些初步想法，只是定性的。傑里米，你剛才談到了寬頻，但從更廣泛的角度來看待業務時，你提到預訂量和訂單量增長了 7%。

And just based on some of the conversations you're having with customers, some of the drivers like what you spoke about tied to automating factories and supporting some of the data center build out. I mean, qualitatively, do you think that revenue next year has the potential to grow? Thanks.

根據你與客戶的一些對話，一些驅動因素，例如你剛才提到的與工廠自動化和支援一些資料中心建設相關的因素。我的意思是，從定性角度來看，你認為明年的收入有成長的潛力嗎？謝謝。

Yeah. Absolutely. I think if you look at the automation business, the industrial markets, they continue to get a little bit better every quarter. PMIs are close to 50% almost everywhere, even Germany, which I think is positive.

是的。絕對地。我認為，如果你觀察自動化產業和工業市場，你會發現它們每季都在持續改善。幾乎所有地方的採購經理人指數都接近 50%，甚至包括德國，我認為這是個好兆頭。

So for sure, we bottomed out in a lot of places and we're seeing more and more strength on the industrial side of the business that Ashish talked in great detail about some of the opportunities with respect to technology and Physical AI and some of those aspects. So I think we feel very positive about the automation business and industrial markets.

所以可以肯定的是，我們在很多方面都觸底反彈，而且我們看到工業領域的業務越來越強勁，Ashish 詳細談到了技術和物理人工智慧方面的一些機會以及其他一些方面。所以我認為我們對自動化業務和工業市場都非常樂觀。

With respect to smart buildings, we've got opportunities in data center, both in the white space and the grey space. And we're doing more and more with respect to these converged solutions that bring to bear both smart buildings and automation solutions products. And so I think we feel pretty good about those markets as well. So like I said, we'll have more to say in 90 days about our outlook for 2026 or at least first quarter of 2026. But as we sit here today, I think we're optimistic.

就智慧建築而言，我們在資料中心領域擁有機遇，無論是在空白領域還是灰色領域。我們正在越來越多地致力於這些融合解決方案，將智慧建築和自動化解決方案產品結合在一起。所以我覺得我們對這些市場也相當有信心。正如我所說，我們將在 90 天後或至少在 2026 年第一季公佈更多關於我們對 2026 年的展望。但就我們今天坐在這裡的情況來看，我認為我們是樂觀的。

(Operator Instructions) David Williams, Benchmark.

（操作說明）David Williams，Benchmark。

Hey. Good morning, and congratulations on the really solid quarter here. I guess my first question, just want to talk a little bit about the restoring trends that we've talked about in the past. And this quarter, it feels a lot different than we've had in the past in terms of just your cautious tone and maybe even your discussions around hesitancy of some of the customers.

嘿。早安，恭喜你們本季業績非常出色。我想問的第一個問題是，我想稍微談談我們過去討論過的復興趨勢。本季度，感覺與以往大不相同，你們的語氣謹慎，甚至你們討論的一些客戶的猶豫態度也與以往大不相同。

But I'm just curious if you could maybe share what you're seeing on the reassuring side? And if your thoughts are still, maybe, the same as they've been in the past in terms of, maybe, we'll see some of that going in next year? Thanks.

但我很好奇，您能否分享一下您看到的令人安心的方面？如果你的想法和過去一樣，那麼或許我們明年會看到一些這樣的事情發生？謝謝。

Yeah, Dave. I think one of the reasons we feel good about the automation business, we've talked about that multiple times on this call, is that phenomenon of [reshoring]. So we're having conversations right now with multiple customers who are looking to bring manufacturing back into the US.

是的，戴夫。我認為我們對自動化業務感到樂觀的原因之一，也是我們在這次電話會議中多次提到的，就是這種現象：[回流]所以我們目前正在與多家希望將製造業遷回美國的客戶進行洽談。

This includes pharmaceutical customers, consumer packaged goods, logistics, automotive process, semi, I mean, the list is fairly long. Without taking names, I can just tell you that this is pretty much a list of the top players in the industry. And we have seen already results from that in Q3. That's, I think, part of the reason why automotive has grown. 10% this quarter, part of it is, really, the US reshoring trend.

這包括製藥客戶、消費品包裝、物流、汽車加工、半導體等行業，我的意思是，名單相當長。我不便透露姓名，但我可以告訴你，這幾乎是業內頂尖企業的名單。我們在第三季已經看到了成效。我認為，這正是汽車產業成長的部分原因。本季成長了10%，其中一部分確實要歸功於美國製造業回流的趨勢。

Now, what we do see here is that it's not necessarily a hasty bill. People are planning very carefully a three- to five-year journey as they think about their facilities. And therefore, they're also asking us to plan with them on a three- to five-year basis.

現在，我們看到的是，這未必是一項倉促出台的法案。人們在考慮設施建設時，會非常仔細地規劃未來三到五年的發展歷程。因此，他們也要求我們與他們一起制定三到五年的計劃。

The whole network and data infrastructure, which I think plays well to Belden's strengths because it's not really driven by price, but it's driven more by total cost of ownership. So yeah, very bullish on the reshoring trend and we are seeing tangible results and numbers as we speak.

整個網路和數據基礎設施，我認為這很好地發揮了貝爾登的優勢，因為它的驅動力不是價格，而是總體擁有成本。是的，我們非常看好製造業回流的趨勢，而且我們現在就看到了實際的成果和數據。

Great. Thanks for the color there. And then just maybe from the Smart Infrastructure side as you look out and see everything that's developed there and you've been making some investments for some time. Just think about how should we think 2026 should trend on the Smart Infrastructure side? And is there anything, I guess, that is more positive, more negative as you enter the fourth quarter here? Thanks.

偉大的。謝謝你帶來的色彩。然後，也許從智慧基礎設施的角度來看，當你放眼望去，看到那裡已經發展的一切，而你已經在那裡投資了一段時間。想想看，我們該如何看待2026年智慧基礎設施的發展趨勢？那麼，進入第四季度，有沒有什麼更積極或更消極的事情發生呢？謝謝。

Yeah. So first of all, we've seen within the buildings portion of that business, which we now, as you know, we combined that go-to market with our automation business and we're going with this IT/OT converged offering. So we've seen -- we saw strength there especially in our growth verticals, which were almost at 10%, right, which is high for that that business.

是的。首先，我們已經看到了該業務中的樓宇部分，正如您所知，我們將該市場進入方式與我們的自動化業務結合起來，我們正在推出 IT/OT 融合產品。所以我們看到——我們看到了強勁的成長勢頭，尤其是在我們的成長垂直領域，成長幾乎達到了 10%，對吧，這對該業務來說是一個很高的數字。

And we see a lot of activity in, obviously, in healthcare and data centers, we've talked about that. But we also see growth in areas like stadiums and hospitality, and other such more KPI-focused networks versus the old plain vanilla commercial real estate. So our dependence on that portion has gone down. And our focus on these other markets is really paying off right now.

顯然，我們看到醫療保健和資料中心領域有很多活動，我們已經討論過這一點了。但我們也看到體育場館、酒店等行業以及其他更注重 KPI 的網絡，與過去那種普通的商業地產相比，正在實現成長。因此，我們對那部分的依賴程度降低了。我們對其他市場的關注現在確實取得了成效。

So I think as I look forward, obviously, we're not guiding '26 right now, but similar to what we said on the Broadband space, we're optimistic about those verticals. We feel we have a differentiated offering because we're able to solve an integrated problems.

所以，展望未來，顯然，我們現在還沒有對 2026 年做出預測，但與我們之前在寬頻領域所說的類似，我們對這些垂直領域持樂觀態度。我們認為我們擁有差異化的產品和服務，因為我們能夠解決綜合性問題。

So typically when we go in, for example, to a stadium, we talk about the whole thing including the HVAC control, the packet substation, the network, the audio/video aspect, safety, drones, et cetera. So that really differentiates us from our competitors. So yeah, I would classify that as similar to automation in those markets. The same kind of positive feeling.

所以通常情況下，當我們進入一個體育場時，我們會討論所有方面，包括 HVAC 控制、資料包變電站、網路、音訊/視訊方面、安全性、無人機等等。這正是我們與競爭對手的真正差異。是的，我會將其歸類為類似於這些市場的自動化。同樣是正面的那種感覺。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Hey. Morning. Thanks for taking the questions here. I guess, I've noticed the R&D investment has stepped up a bit. I assume, is that to support this edge compute and Time-Sensitive feedback network opportunity that's out there? Should we expect that our need to continue being up at an accelerated pace to moderate into '26 -- just any color you can provide around that investment?

嘿。早晨。感謝您回答這些問題。我覺得研發投入似乎有增加。我猜，這是為了支援目前存在的邊緣運算和時間敏感回饋網路的發展機會？我們是否應該預期，到 2026 年，我們繼續加速成長的需求將會放緩—您能否就這項投資提供一些資訊？

Absolutely. So indeed, because we've obviously been upgrading some of these critical elements of our portfolio, right, the Time-Sensitive Networks. There's been work done on the XTran side with MPLS-TP. There are more edge devices being released.

絕對地。所以，的確，因為我們顯然一直在升級我們投資組合中的一些關鍵要素，對吧，例如時間敏感網路。XTran 方面已經進行了 MPLS-TP 的相關工作。市面上正在發布更多邊緣運算設備。

But a big part of the R&D investment has really been on the development of the Belden Horizon orchestration platform. So the one thing that we were missing, if you go back four to five years, we had all these devices that were operating as a standalone islands of excellence, but we were not orchestrating the data for our customers in one place.

但研發投入的很大一部分確實用於開發 Belden Horizo​​n 編排平台。所以，如果我們回顧四、五年前，就會發現我們當時缺少的一件事是，我們擁有所有這些設備，它們各自獨立運行，各自擁有卓越的性能，但我們沒有將客戶的數據集中在一個地方進行協調。

And the effort required to build that orchestration platform, which is called Belden Horizon, and to keep upgrading it, especially now as we build applications on it that can take raw data and analyze it without going to the cloud; that's quite a fair amount of investment.

建立名為 Belden Horizo​​n 的編排平台需要投入大量精力，並且還要不斷升級它，尤其是在我們現在基於它構建應用程序，這些應用程序可以獲取原始數據並進行分析而無需訪問雲端；這是一筆相當大的投資。

Now, I do expect, based on where we've reached, I do expect that rate of investment to slow down because I think we've reached some kind of a critical point here now in terms of capability. But I would think of the bulk of the increase in 2025 in R&D more around that software capability. And of course, a little bit around the upgrade of hardware.

現在，根據我們目前的成就，我預計投資速度將會放緩，因為我認為就能力而言，我們現在已經達到了某種臨界點。但我認為，2025 年研發投入的大部分成長將更集中在軟體能力方面。當然，還有一些關於硬體升級的內容。

Got it. That's really great color. Thank you, Ashish. And then you just touched a moment ago on the adjusted go-to market. I guess, any additional colors you can give us there in terms of have you changed the sales structure to support that adjusted go-to market?

知道了。這顏色真好看。謝謝你，阿什什。然後，您剛才也提到了調整後的市場進入策略。我想，您能否再透露一些其他信息，例如您是否改變了銷售結構以支持這種調整後的市場策略？

Are you thinking about products versus solutions as almost two separate approaches to sales at this point? Just any kind of color you can give us on how you're thinking about that changing paradigm?

你現在是否把產品銷售和解決方案銷售視為兩種幾乎截然不同的銷售方式？您能否就您如何看待這種典範轉移提供一些看法？

Yeah. I think there are three fundamental things here. The first is, we've built a fairly comprehensive consulting organization, right? So if you go back again three, four years, we didn't have consultants working with customers directly. They were more internal consultants.

是的。我認為這裡有三個基本要素。首先，我們已經建立了一個相當全面的諮詢機構，對吧？所以，如果回到三、四年前，我們還沒有顧問直接與客戶合作。他們更像是內部顧問。

But now, we have, first of all., digital automation consultants who go in and talk about the entire work flow that the customer has and design a data flow to support that workflow. That's -- help the customer get to their KPIs. And this is a good -- the example we shared today is a good illustration of that.

但現在，首先，我們有了數位化自動化顧問，他們會深入了解客戶的整個工作流程，並設計資料流來支援這項工作流程。那就是幫助客戶實現他們的關鍵績效指標。這是一個很好的例子——我們今天分享的例子就很好地說明了這一點。

Then we have in step two solutions consultants go and then help the customer create a solution to support that data flow that they've approved. After which, we really have commercial sales get in and do the more conventional selling, negotiating, et cetera.

然後，在第二步驟中，我們的解決方案顧問會幫助客戶建立解決方案，以支援他們已經批准的資料流。之後，商業銷售人員才會真正進入市場，進行更傳統的銷售、談判等工作。

And during this process, often, we have people asking for validation in our CIC, right, so we can prove that data flow will get them to the KPIs they need. In some cases, it's savings. In some cases, it's more capacity, more productivity, more safety, whatever that P&L item is. So first of all, that sales process is far more expanded. With this consulting front end, we didn't have that previously.

在這個過程中，經常有人要求在我們的 CIC 中進行驗證，對吧？這樣我們就可以證明資料流能夠幫助他們達到所需的 KPI。在某些情況下，這可以節省開支。在某些情況下，它意味著更高的產能、更高的生產力、更高的安全性，或其他任何損益表項目。首先，銷售流程要複雜得多。有了這個諮詢前端，我們之前就沒有這個功能了。

Second, we are going to market now for solutions with a whole IT/OT converged approach and we're saying, you have multiple use cases and applications that can exist on the same backbone. So why don't we design a comprehensive backbone that is future-proof and allows you to keep adding more use cases as you go?

其次，我們現在將在市場上推出採用 IT/OT 融合方法的解決方案，我們認為，您可以在同一主幹系統上擁有多個用例和應用程式。那麼，為什麼我們不設計一個面向未來的全面主幹系統，讓您可以隨著使用場景的增加而不斷添加更多用例呢？

And by the way, some of those use cases will, at some point, become autonomous use cases. Not everybody's ready for that yet, but I think they all want to be -- they want to see that come up in the future.

順便說一句，其中一些用例在某個時候會變成自主用例。雖然不是每個人都準備好了，但我認為他們都希望如此——他們希望看到這種情況在未來出現。

And then, yeah, the third thing is we do have a solutions oriented sales organization, which is where most of our investments are going in. But we are still maintaining -- we have a healthy aftermarket and product revenue also. We are still maintaining a product-oriented sales team.

是的，第三點是，我們確實有一個以解決方案為導向的銷售組織，這也是我們大部分投資的重點。但我們依然保持著良好的發展勢頭——我們的售後市場和產品收入也都很健康。我們仍然保留著一支以產品為導向的銷售團隊。

Now, these teams report into the same senior management, so they're well-orchestrated. But yes, so there are these three changes: the more consulting driven front end, the converged IT/OT or industrial plus enterprise approach, and yes, a specialist solutions sales force. And it's worked out pretty well for us and it's differentiated us dramatically in the market.

現在，這些團隊都向同一位高階管理層匯報，所以組織得井井有條。是的，所以有這三個變化：更注重諮詢的前端、整合的 IT/OT 或工業加企業方法，以及專業的解決方案銷售團隊。這對我們來說效果非常好，也使我們在市場上脫穎而出。

Yeah. Agreed. Clearly it's delivering results. Well, thank you so much for the color there and then best of luck as we close out 2025.

是的。同意。顯然，它正在取得成效。非常感謝你帶來的精彩內容，也祝福你在2025年即將結束時一切順利。

There are no further questions at this time. I'd like to turn the conference back over to Aaron for closing remarks.

目前沒有其他問題了。我謹將會議交還給亞倫，請他作閉幕致詞。

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.

謝謝接線生，也謝謝各位參加今天的電話會議。如有任何疑問，請聯絡貝爾登的投資者關係團隊。我們的電子郵件地址是 investor.relations@belden.com。

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。女士們、先生們，我們今天的呼籲到此結束。現在您可以掛斷電話了，感謝您的參與。