Belden Inc. (BDC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden Report's first-quarter 2026 results. (Operator Instructions)

各位女士、先生，感謝您稍候。歡迎參加今早 Belden 報告 2026 年第一季業績電話會議。（接線員指示）

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

現在我想把電話會議交給 Aaron Reddington。先生，請開始。

Good morning, everyone, and thank you for joining us for Belden’s first quarter 2026 earnings conference call. With me today are Belden's President and CEO, Ashish Chand; and Executive Vice President and CFO, Jeremy Parks. Ashish will provide an overview of our first quarter results before turning to a discussion on today’s announcement that Belden has entered into a definitive agreement to acquire RUCKUS Networks from Vistance Networks. Jeremy will discuss the financing aspects of the transaction and our immediate de-levering plans.

各位早安，感謝各位參加 Belden 2026 年第一季財報電話會議。今天與我一同出席的有 Belden 總裁暨執行長 Ashish Chand，以及執行副總裁暨財務長 Jeremy Parks。Ashish 將先概述我們第一季的業績，接著討論今天宣布的消息：Belden 已與 Vistance Networks 達成具約束力的最終協議，將收購其旗下的 RUCKUS Networks。Jeremy 將說明本交易的融資面向，以及我們即刻的去槓桿計畫。

We issued press releases related to our earnings and this transaction announcement earlier this morning and have prepared slide decks for both announcements. These materials and a transcript of our prepared remarks are currently available online at investor.belden.com. Please note that the presentation used during today’s call is the transaction announcement presentation, the regular earnings presentation is loaded to our website for your reference.

我們已於今早稍早發布與本季財報及本次交易公告相關的新聞稿，並為兩項公告各自準備了簡報投影片。這些資料以及我們預先準備講稿的逐字稿，目前可於 investor.belden.com 線上取得。請注意，今天電話會議使用的簡報為交易公告簡報；例行的財報簡報已上傳至我們網站供各位參考。

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 releases 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. And now, to Ashish.

請看投影片第 2 頁，我想提醒各位，今天的電話會議將包含前瞻性陳述，可能受到風險與不確定性影響，相關內容已於我們的新聞稿及最新的 Form 10-K 中詳述。我們也會提及若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表，可於簡報附錄及我們網站查閱。接下來交給 Ashish。

Thank you, Aaron, and good morning, everyone. This is a significant day for Belden, and we appreciate you joining us. Today, we announced an important step in our solutions journey, an agreement to acquire RUCKUS Networks, a market-leading provider of Wi-Fi and enterprise switching solutions. This transaction directly accelerates our evolution into a full-stack IT/OT networking solutions provider.

謝謝你，Aaron，各位早安。對 Belden 而言，今天是重要的一天，感謝各位與會。今天我們宣布在解決方案旅程上邁出關鍵一步：我們已達成協議，將收購 RUCKUS Networks——一家在 Wi‑Fi 與企業級交換器解決方案領域居於市場領先地位的供應商。此交易將直接加速我們演進為全棧式 IT/OT 網路解決方案供應商。

RUCKUS brings industry-leading wireless and switching technology that our customers in hospitality, education and healthcare are actively demanding, and that we soon will be empowered to deliver as part of a complete, end-to-end networking solution. Equally important, these same capabilities create a compelling opportunity to bring high-performance wireless and switching to our industrial customers, who are increasingly looking to converge their IT and OT environments.

RUCKUS 帶來業界領先的無線與交換技術，這正是我們在飯店旅宿、教育與醫療保健等領域的客戶積極需求的能力；而我們也將很快具備把這些能力納入完整端到端網路解決方案中交付的實力。同樣重要的是，這些能力也為我們帶來一個極具吸引力的機會：將高效能無線與交換技術導入我們的工業客戶。這些客戶正日益希望整合其 IT 與 OT 環境。

Together, Belden and RUCKUS will offer something no single competitor can match, a complete active and passive networking solution spanning the industrial edge to the enterprise campus. We are excited about what this means for our customers, our partners, and our shareholders, and we look forward to sharing more details on the transaction today. Before we do that, let me cover the highlights of our first quarter results on slide 4.

Belden 與 RUCKUS 結合後，將提供任何單一競爭對手都無法匹敵的完整方案：涵蓋從工業邊緣到企業園區的主動與被動網路整體解決方案。我們對這對客戶、合作夥伴與股東所代表的意義感到振奮，也期待今天與各位分享更多交易細節。在此之前，先讓我在投影片第 4 頁說明第一季業績重點。

In short, we had a strong start to the year in the first quarter. Our team executed well, and we continue to build on our momentum with healthy year-over-year organic growth in key verticals.

簡而言之，我們在第一季強勁開局。團隊執行到位，我們也持續累積動能，在關鍵垂直領域實現健康的年對年有機成長。

For the first quarter, both revenue and adjusted earnings per share exceeded the high end of our guidance range. Revenue totaled $696 million dollars, up 11% compared to the prior year and adjusted EPS came in at $1.77, also up 11% compared to the prior year, demonstrating the earnings power of our growing solutions portfolio.

第一季營收與調整後每股盈餘皆高於我們指引區間的上緣。營收合計 6.96 億美元，較去年同期成長 11%；調整後 EPS 為 1.77 美元，同樣較去年同期成長 11%，展現我們持續擴大的解決方案組合所帶來的獲利能力。

Revenue for the quarter increased 7% organically year-over-year, with growth across all our markets and major regions. The Americas were particularly strong, with the US up high-single digits year-over-year. Across our market categories, Automation delivered solid mid-single digit organic growth, with broad-based gains in key verticals including discrete and energy. Smart Buildings grew double digits organically, propelled by momentum in our priority verticals and accelerating solution adoption. Broadband rounded out the quarter with mid-single digit organic growth during a seasonally slower period.

本季營收年對年有機成長 7%，且在所有市場與主要地區皆有成長。美洲表現尤其強勁，美國年對年成長達高個位數。就市場類別而言，自動化（Automation）實現穩健的中個位數有機成長，在離散製造與能源等關鍵垂直領域均有廣泛增長。智慧建築（Smart Buildings）在優先垂直領域的動能與解決方案採用加速帶動下，有機成長達雙位數。寬頻（Broadband）則在季節性較淡的期間，仍繳出中個位數的有機成長，為本季畫下句點。

Our profitability continues to strengthen. Adjusted EBITDA was $118 million dollars, up 14% year-over-year, and adjusted EBITDA margins expanded 40 basis points to 17%, reflecting our growing solutions mix and continued operational leverage across the business.

我們的獲利能力持續增強。調整後 EBITDA 為 1.18 億美元，年對年成長 14%；調整後 EBITDA 利潤率擴張 40 個基點至 17%，反映我們解決方案組合占比提升，以及全公司持續展現的營運槓桿。

As we discussed last quarter, we continued to pass through copper and tariff-related costs, which modestly diluted our reported margin percentages. Excluding these pass-throughs, adjusted gross margins were flat and adjusted EBITDA margins expanded approximately 100 basis points year-over-year. Incremental EBITDA margins were once again aligned with our target range – underscoring the operating leverage in our model. At the same time, we are continuing to invest in the foundation of the business, putting capital into capacity, footprint optimization, and our back-end systems to scale solutions delivery and support long-term growth.

如同我們上季所討論的，我們持續轉嫁銅價與關稅相關成本，這使得我們報告的利潤率百分比略受稀釋。若排除這些轉嫁項目，調整後毛利率持平，而調整後 EBITDA 利潤率年對年擴張約 100 個基點。增量 EBITDA 利潤率再次符合我們的目標區間——凸顯我們模式中的營運槓桿。同時，我們也持續投資於業務基礎，包括產能、據點/版圖最佳化，以及後端系統，以擴大解決方案交付能力並支持長期成長。

Turning briefly to guidance. Assuming a continuation of current market conditions, we expect second quarter revenue of $735 million to $750 million dollars, GAAP EPS of $1.53 to $1.63, and adjusted EPS of $1.95 to $2.05. Underlying demand signals remain encouraging, though near-term visibility is limited and the macro environment remains fluid.

簡要談一下指引。在假設目前市場狀況延續的前提下，我們預期第二季營收為 7.35 億至 7.50 億美元，GAAP EPS 為 1.53 至 1.63 美元，調整後 EPS 為 1.95 至 2.05 美元。基本需求訊號仍令人鼓舞，但短期能見度有限，且總體環境仍具變動性。

Our outlook reflects a balanced, measured view consistent with typical seasonal patterns. This guidance is provided on a standalone basis and excludes any contribution from the proposed RUCKUS acquisition. Taken together, these results reflect the momentum in our solutions strategy.

我們的展望反映一個平衡且審慎的觀點，並符合典型的季節性型態。本指引係以獨立基礎提供，未包含擬議中的 RUCKUS 收購案之任何貢獻。綜合而言，這些結果反映我們解決方案策略的動能。

Customer demand for integrated IT and OT networking solutions is accelerating, and we are well positioned to capture that opportunity. This was another quarter of consistent execution, reinforcing our confidence in our outlook and long-term strategy.

客戶對整合式 IT 與 OT 網路解決方案的需求正在加速成長，而我們具備良好條件把握此一機會。本季再次展現一致且穩健的執行力，強化我們對展望與長期策略的信心。

Turning to slide 5, I want to take a moment to reflect on the journey that has brought us to today's announcement, because context here is important. When we began our solutions transformation early in 2020, we made a clear commitment to investors: that we would systematically transform Belden from a product-centric company into a solutions-driven provider of integrated networking infrastructure, and we would do it in a measured, disciplined way that created lasting value for our shareholders.

請看投影片第 5 頁。我想花點時間回顧促成今天公告的歷程，因為這裡的背景很重要。當我們在 2020 年初啟動解決方案轉型時，我們對投資人做出明確承諾：我們將以系統化方式，把 Belden 從以產品為中心的公司，轉型為以解決方案驅動、提供整合式網路基礎設施的供應商；並且會以穩健、紀律的方式推進，為股東創造長期價值。

The results speak for themselves across four clear objectives. First, we said we would deliver consistent financial results with healthy growth, and we have. Since 2019, we have grown revenue at a 5% CAGR to a record $2.7 billion dollars in 2025. At the same time, we grew adjusted EPS at a 12% CAGR, to a record $7.54 in 2025.

成果在四項明確目標上不言自明。第一，我們說過要在健康成長下交付一致的財務表現，而我們做到了。自 2019 年以來，我們以 5% 的年複合成長率（CAGR）推動營收成長，並於 2025 年達到創新高的 27 億美元。同時，我們以 12% 的 CAGR 推動調整後 EPS 成長，並於 2025 年達到創新高的 7.54 美元。

Second, we said we would advance our solutions offerings to transform the business. Solutions reached 15% of total revenue in 2025, on track to achieve and even exceed our 2028 target, a target that today's announcement accelerates meaningfully.

第二，我們說過要推進解決方案產品/服務以轉型業務。2025 年解決方案營收占總營收 15%，正朝向達成甚至超越我們 2028 年目標邁進，而今天的公告將顯著加速這一進程。

Third, we said we would expand profitability while continuing to invest in growth. Adjusted EBITDA margins continue to expand, with incremental margins consistently in the 25% to 30% range, demonstrating the operating leverage embedded in our business model.

第三，我們說過要在持續投資成長的同時提升獲利能力。調整後 EBITDA 利潤率持續擴張，增量利潤率一貫維持在 25% 至 30% 區間，展現我們商業模式中內嵌的營運槓桿。

And fourth, we said we would deploy capital with discipline and purpose. Throughout this journey, we have repurchased over $700 million dollars of outstanding shares while simultaneously executing multiple strategic acquisitions to build out our solutions portfolio. Each of these steps has been deliberate and interconnected.

第四，我們說過要以紀律與目的性配置資本。在這段旅程中，我們回購了超過 7 億美元的流通在外股份，同時也執行多項策略性併購以擴充解決方案組合。每一步都經過深思熟慮，且彼此相互連結。

The solutions mix growth drives margin expansion. Margin expansion generates cash flow. The cash flow enables disciplined capital deployment. And finally, capital deployment, including today's announcement, further accelerates the transformation. This is what executing on our multi-year solutions strategy looks like. And today's announcement is a logical next step as we look to strengthen our solutions offerings with active products that have a strong market presence in our priority enterprise verticals.

解決方案占比提升帶動利潤率擴張；利潤率擴張產生現金流；現金流支持有紀律的資本配置；最後，資本配置（包括今天的公告）進一步加速轉型。這就是我們執行多年期解決方案策略的樣貌。而今天的公告，是我們在優先企業垂直領域中，以具強大市場能見度的主動式產品強化解決方案供給的合乎邏輯下一步。

Now please turn to slide 6. Before I walk through the details of the RUCKUS transaction, I want to be clear about something important: our strategy has not changed.

現在請翻到投影片第 6 頁。在我說明 RUCKUS 交易細節之前，我想先清楚強調一件重要的事：我們的策略沒有改變。

What you see on this slide is exactly what we committed to on our last Investor Day, and it is exactly what we are executing against today. Four pillars, growing our portfolio of best-in-class networking and data products, advancing our solutions capabilities, enhancing growth with selective M&A, and delivering long-term earnings and free cash flow growth. Each of these is progressing.

各位在這張投影片上看到的內容，正是我們在上一次投資人日所承諾的，也正是我們今天正在執行的方向。四大支柱：擴大我們同級最佳的網路與資料產品組合、推進解決方案能力、透過選擇性併購（M&A）強化成長，以及交付長期獲利與自由現金流成長。每一項都在持續推進。

Our product portfolio continues to strengthen. We are seeing increasing adoption of our integrated offerings, and our solutions pipeline is growing as customers look for more comprehensive, end-to-end capabilities. Our margin profile remains solid, supported by favorable mix and continued operating leverage, even as we invest in innovation and go-to-market capabilities.

我們的產品組合持續強化。我們看到客戶對我們整合式產品的採用率不斷提升，且隨著客戶尋求更全面、端到端的能力，我們的解決方案管線也在成長。即使我們持續投資於創新與市場推進能力，我們的利潤率結構仍然穩健，並受惠於有利的產品組合與持續的營運槓桿。

And on pillar three, selective M&A. This morning's announcement is a direct and deliberate expression of that commitment. As we have shared previously, our M&A pipeline has been focused on closing key gaps in our technology stack that strengthens our solutions offerings including wireless capabilities, expanding access to customers pursuing IT/OT convergence, and enhancing our software platform. RUCKUS advances all three.

至於第三支柱：選擇性併購（M&A）。今早的公告正是對該承諾直接且審慎的展現。如同我們先前分享，我們的併購管線聚焦於補齊技術堆疊中的關鍵缺口，以強化我們的解決方案產品，包括無線能力、擴大觸及追求 IT/OT 融合的客戶，以及提升我們的軟體平台。RUCKUS 在這三方面皆有所推進。

The RUCKUS acquisition is not a departure from our strategy. It is our strategy, executed at scale. It fills a critical gap in wireless, and enterprise switching capabilities, expands our addressable market, and accelerates our ability to deliver the end-to-end IT solutions our customers are asking for.

收購 RUCKUS 並非偏離我們的策略。這就是我們的策略，而且是以規模化方式執行。它補上無線與企業交換（switching）能力的關鍵缺口，擴大我們的可服務市場，並加速我們交付客戶所要求之端到端 IT 解決方案的能力。

Taken together, these four pillars reinforce that our transformation is on track, our execution is consistent, and that we are building a stronger, more durable business. With that foundation in mind, let me now turn to the details of the RUCKUS transaction.

綜合而言，這四大支柱再次印證我們的轉型正按計畫推進、執行一致，且我們正在打造更強韌、更具持久性的企業。基於這樣的基礎，接下來我將轉到 RUCKUS 交易的細節。

Now please turn to slide 8. This morning, we announced that we are acquiring RUCKUS Networks from Vistance Networks for approximately $1.85 billion dollars in cash. Simply put, this is a pivotal acquisition for Belden and is a major step towards building the most complete IT/OT networking platform in the market.

現在請翻到第 8 頁投影片。今早我們宣布，將以約 18.5 億美元現金向 Vistance Networks 收購 RUCKUS Networks。簡而言之，這是 Belden 的關鍵性收購，也是朝向打造市場上最完整的 IT/OT 網路平台邁出的重大一步。

RUCKUS Networks is a market leader in enterprise Wi-Fi and switching with 48,000 customers globally across many of our existing target verticals. RUCKUS immediately strengthens our financial profile and puts us on a trajectory to exceed our 2028 solutions mix target. The combination creates a unified platform that is well-positioned to take advantage of customer demands as IT and OT continue to converge.

RUCKUS Networks 是企業級 Wi‑Fi 與交換領域的市場領導者，在全球擁有 48,000 名客戶，涵蓋我們許多既有的目標垂直領域。RUCKUS 將立即強化我們的財務結構，並使我們走上超越 2028 年解決方案組合占比目標的軌道。此一結合將打造統一平台，能在 IT 與 OT 持續融合之際，充分掌握客戶需求。

Now onto slide 9. RUCKUS is a market leader, and that leadership is what drew us to them. Their technology portfolio is best-in-class. First-to-market with enterprise Wi-Fi 7, a leading enterprise switching portfolio, and unified wired and wireless management offerings. These are not incremental capabilities. They are differentiated, and they are exactly what our customers are asking for.

接著看第 9 頁投影片。RUCKUS 是市場領導者，而正是這份領導地位吸引了我們。他們的技術產品組合屬於同級最佳：率先推出企業 Wi‑Fi 7、領先的企業交換產品組合，以及整合有線與無線的統一管理方案。這些不是漸進式能力，而是具差異化的能力，也正是我們客戶所要求的。

Their vertical presence is equally compelling. Hospitality, education, healthcare, warehousing and manufacturing are also core Belden verticals and align nicely with our existing footprint. RUCKUS has deep roots, with 48,000 customers globally and strong channel partnerships built over many years. That installed base represents an enormous opportunity for Belden.

他們在垂直市場的布局同樣具吸引力。飯店旅宿、教育、醫療保健、倉儲與製造也都是 Belden 的核心垂直領域，並與我們既有版圖高度契合。RUCKUS 深耕多年，在全球擁有 48,000 名客戶，並建立了強大的通路夥伴關係。這個已安裝基礎為 Belden 帶來龐大機會。

And the financial profile speaks for itself. $687 million dollars in revenue last year with gross margins above 60%. That is immediately and structurally accretive to Belden's margin profile and earnings power.

而其財務表現不言自明：去年營收 6.87 億美元，毛利率超過 60%。這將立即且結構性地提升 Belden 的利潤率結構與獲利能力。

Finally, RUCKUS has a strong, experienced team of over 1,700 employees. I have gotten to know their leadership well, and I look forward to combining our teams to deliver an even more compelling offering for our customers.

最後，RUCKUS 擁有一支強大且經驗豐富的團隊，員工超過 1,700 人。我已與其領導團隊有深入交流，並期待整合雙方團隊，為客戶提供更具吸引力的產品與服務。

Turning to slide 10. The most powerful long-term driver of this transaction is IT/OT convergence. Today, customers increasingly operate in environments where enterprise and industrial networks must seamlessly work together, and they are looking for partners who can deliver across both worlds. The combination of Belden and RUCKUS positions us to do exactly that, creating value in several important ways.

翻到第 10 頁投影片。此交易最強大的長期驅動因素是 IT/OT 融合。如今，客戶愈來愈多在企業與工業網路必須無縫協作的環境中運作，並尋求能同時跨足兩個世界的合作夥伴。Belden 與 RUCKUS 的結合使我們能精準做到這一點，並在數個重要面向創造價值。

First, RUCKUS is a significant growth catalyst that meaningfully expands our addressable market. Their industry-leading Wi-Fi and enterprise switching strengthen our solutions momentum across priority enterprise verticals, including hospitality, education, and healthcare, while bringing world-class active networking into markets where Belden already has deep customer relationships and trusted brand presence.

第一，RUCKUS 是重要的成長催化劑，可大幅擴大我們的可服務市場。他們業界領先的 Wi‑Fi 與企業交換能力，將強化我們在優先企業垂直領域（包括飯店旅宿、教育與醫療保健）的解決方案動能，同時把世界級主動式網路能力帶入 Belden 已深耕客戶關係並具備可信品牌影響力的市場。

Second, it extends RUCKUS's high-performance platform into our industrial base, where demand for converged IT and OT connectivity, including edge capabilities and the enablement of Physical AI at scale, is accelerating rapidly.

第二，這將把 RUCKUS 的高效能平台延伸至我們的工業客戶基礎；在該領域，對融合式 IT 與 OT 連線（包含邊緣能力，以及大規模啟用 Physical AI）的需求正快速加速。

And finally, it creates an immediately compelling financial profile, with accretion to gross margins, EBITDA margins, and Adjusted EPS, a meaningful step-up that advances our progress against our long-term financial framework.

最後，這將立即形成具吸引力的財務結構，帶來毛利率、EBITDA 利潤率與調整後 EPS 的增厚（accretion），這是一項具意義的躍升，將推進我們朝長期財務框架目標的進展。

Please turn to slide 11, and I want to spend a moment here because this slide tells you exactly why we believe this is the right transaction. At a high level, the two product portfolios are highly complementary. Where Belden is strong, passive infrastructure, OT wireless, and industrial switching, RUCKUS has minimal presence. And where RUCKUS leads in enterprise wireless and enterprise switching, we have been actively looking for complementary capabilities to round out our portfolio. This is not an overlap story. It is a completion story.

請翻到第 11 頁投影片。我想在這裡稍作停留，因為這張投影片清楚說明我們為何相信這是正確的交易。從高層次來看，雙方產品組合高度互補。Belden 強項在被動式基礎設施、OT 無線與工業交換，而 RUCKUS 在這些領域著墨不多；而在 RUCKUS 領先的企業無線與企業交換方面，我們一直在積極尋找互補能力以完善產品組合。這不是重疊的故事，而是補全的故事。

Our customers in hospitality, healthcare and education have been clear about what they need, a single trusted partner capable of delivering both the physical infrastructure and the high-performance wireless and switching layer on top of it. RUCKUS gives us exactly that capability. Their Wi-Fi and enterprise switching platform is purpose-built for these high-density, mission-critical environments, and it maps directly to the customers we've been working to win.

我們在飯店旅宿、醫療保健與教育領域的客戶已明確表達其需求：一個值得信賴的單一合作夥伴，能同時交付實體基礎設施，以及其上的高效能無線與交換層。RUCKUS 正好賦予我們這項能力。他們的 Wi‑Fi 與企業交換平台是為這些高密度、關鍵任務環境量身打造，並直接對應到我們一直努力爭取的客戶。

The opportunity runs in both directions. RUCKUS's technology can also be extended into our extensive industrial customer base, customers who are actively converging their IT and OT environments and need exactly this kind of high-performance wireless capability. Combined, we deliver a complete, higher-value end-to-end active networking solution spanning enterprise campuses, high-density public venues, and industrial facilities.

機會是雙向的。RUCKUS 的技術也可延伸至我們龐大的工業客戶基礎；這些客戶正積極推動 IT 與 OT 環境融合，並正需要此類高效能無線能力。結合後，我們將提供完整、價值更高的端到端主動式網路解決方案，涵蓋企業園區、高密度公共場域與工業設施。

Now turning to slide 12. Why RUCKUS, and why now? The answer starts with RUCKUS itself. Years of deliberate investment in sales, technology and go-to-market are now translating into accelerating commercial momentum. Their Wi-Fi leadership positions them at the forefront of a multi-year upgrade cycle across both enterprise and industrial environments, and their AI-driven cloud networking capabilities are increasingly what customers demand. RUCKUS is at an inflection point, and we intend to capture it.

接著看第 12 頁投影片。為什麼是 RUCKUS，為什麼是現在？答案首先在於 RUCKUS 本身。多年來在銷售、技術與市場推進上的有計畫投資，如今正轉化為加速的商業動能。他們在 Wi‑Fi 的領導地位，使其站在企業與工業環境多年度升級循環的最前沿，而其 AI 驅動的雲端網路能力也愈來愈符合客戶需求。RUCKUS 正處於拐點，我們打算把握這個機會。

The strategic fit is equally compelling. Customers today require secure, interoperable solutions that span both IT and OT environments. Together, Belden and RUCKUS deliver exactly that, a complete wired, wireless and software networking solution. And the economics are attractive. We are acquiring a high-growth, high-margin asset at a disciplined entry point, and Jeremy will walk through the financial details in a moment. We’re excited about the significant growth opportunity this acquisition provides us with and look forward to closing the transaction in the second half of the year.

策略契合度同樣引人注目。如今客戶需要安全、可互通的解決方案，能同時涵蓋 IT 與 OT 環境。Belden 與 RUCKUS 合作後，將提供正是如此的完整有線、無線與軟體網路解決方案。而其經濟性也具吸引力：我們以紀律性的切入點收購一項高成長、高毛利資產，Jeremy 稍後將說明財務細節。我們對此次收購所帶來的重大成長機會感到振奮，並期待在今年下半年完成交易。

With that, I’ll turn it over to Jeremy to provide insight into the financial aspects of the transaction.

接下來，我把時間交給 Jeremy，請他就本次交易的財務面提供洞見。

Thanks, Ashish. Turning to slide 14. This is a disciplined and financially compelling transaction.

謝謝你，Ashish。請看第 14 頁投影片。這是一筆具紀律且在財務上極具吸引力的交易。

We are acquiring RUCKUS for approximately $1.85 billion dollars in cash, representing 13 times projected 2026 adjusted EBITDA. This is an attractive entry point given the company’s growth profile and margin structure.

我們將以約 18.5 億美元現金收購 RUCKUS，相當於預估 2026 年調整後 EBITDA 的 13 倍。考量該公司的成長特性與利潤率結構，這是一個具吸引力的切入點。

RUCKUS operates with gross margins of approximately 60%, which are significantly higher than Belden’s current margins, reflecting their highly differentiated active product portfolio. This provides an immediate uplift to our consolidated margin profile.

RUCKUS 的毛利率約為 60%，顯著高於 Belden 目前的毛利率，反映其高度差異化的主動式產品組合。這將立即拉升我們的合併利潤率結構。

The transaction accelerates growth, expands margins, and is accretive to adjusted EPS immediately following close. We will share additional details on our expectations at a later date.

此交易將加速成長、擴大利潤率，並在交割完成後立即對調整後 EPS 具增厚效果。我們將在日後分享更多關於預期的細節。

To finance the acquisition, Belden has obtained fully committed debt financing from JPMorgan, which provides flexibility to optimize our permanent capital structure between signing and closing based on market conditions. This transaction has been approved by both Boards of Directors, and as Ashish mentioned, we expect to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.

為了籌措收購資金，Belden 已自 JPMorgan 取得完全承諾的債務融資，讓我們能在簽約與交割之間，依市場狀況彈性優化長期資本結構。本交易已獲雙方董事會核准；如 Ashish 所提，我們預期在 2026 年下半年完成交割，惟仍須符合慣常交割條件與監管核准。

Finally, I want to be clear about our capital allocation priorities post-close. De-levering will be our top priority. We have a clear path to a rapid reduction in our leverage, which I will walk through when we get to slide 16.

最後，我想清楚說明交割後我們的資本配置優先順序：去槓桿將是首要任務。我們有明確路徑可快速降低槓桿比率，我會在第 16 頁投影片時進一步說明。

Turning to slide 15, the strategic and financial impact of this transaction is significant, and most importantly, it is a leap forward in our solutions transformation. Together, Belden and RUCKUS will deliver high-value, differentiated solutions that strengthen our existing offerings and meaningfully expand our addressable market.

轉到第15頁，這筆交易在策略與財務上的影響相當重大；更重要的是，這是我們解決方案轉型的一大躍進。Belden 與 RUCKUS 將攜手提供高價值、差異化的解決方案，強化我們既有的產品組合，並大幅擴展我們可服務的市場規模。

On a 2025 pro-forma basis, RUCKUS represents approximately 20% of combined revenue, and, importantly, takes our solutions mix from 15% to over 20% of the business, accelerating our progress against our 2028 solutions mix target.

以 2025 年備考（pro-forma）基礎來看，RUCKUS 約占合併後營收的 20%；同時也將我們的解決方案占比由 15% 提升至超過 20%，加速我們朝 2028 年解決方案占比目標前進。

Financially, RUCKUS brings a high-quality profile to the combined company, with high-single-digit revenue growth, gross margins above 60%, and EBITDA margins of 20% in the first full year of ownership, each meaningfully above Belden’s current profile. As a result, the transaction is expected to be immediately accretive to earnings per share. The combination is a stronger, more differentiated solutions platform, that meaningfully strengthens our financial profile.

在財務面，RUCKUS 為合併後公司帶來高品質的財務特徵：營收呈高個位數成長、毛利率高於 60%，且在完成收購後的第一個完整年度 EBITDA 利潤率可達 20%，上述指標皆明顯優於 Belden 目前的水準。因此，預期本交易將立即增厚每股盈餘。此次結合將打造更強大、差異化更高的解決方案平台，並顯著強化我們的財務體質。

Now let’s discuss the financing behind this transaction and our plan to de-lever with slide 16. As I mentioned earlier, our debt financing is fully committed by JPMorgan. We have a clear and well-defined path to bringing net leverage to approximately 2.9x by year end 2027 and back to our long-term target of approximately 1.5x by year end 2029, as illustrated in the chart at the bottom of the slide.

接下來我們看第16頁，說明本交易的融資安排以及我們的去槓桿計畫。如我先前提到的，我們的債務融資已由摩根大通（JPMorgan）全額承諾。我們有一條清晰且明確的路徑，將淨槓桿在 2027 年底降至約 2.9 倍，並在 2029 年底回到約 1.5 倍的長期目標，如投影片底部圖表所示。

That path starts with a strong cash generation profile. The combined business will have an adjusted EBITDA base of approximately $650 million dollars, complemented by RUCKUS's low capital intensity, which maximizes free cash flow conversion. Together, these drive a pro-forma unlevered free cash flow base of more than $360 million dollars, providing substantial capacity to pay down debt quickly.

這條路徑始於強勁的現金創造能力。合併後企業的調整後 EBITDA 基礎約為 6.5 億美元，再加上 RUCKUS 的低資本密集度，可最大化自由現金流轉換率。綜合之下，備考的無槓桿自由現金流基礎超過 3.6 億美元，提供充足能力以快速償還債務。

As we prioritize de-levering, we intend to temporarily pause both share repurchases and strategic M&A until leverage returns closer to our long-term target. Throughout this period, our priorities are clear: disciplined execution of our combined business, continued investment in organic growth, and rapid de-levering to return to our long-term target capital structure.

在我們優先推動去槓桿之際，我們打算暫時停止股票回購與策略性併購（M&A），直到槓桿水準更接近我們的長期目標。在此期間，我們的優先事項很明確：以紀律執行合併後業務、持續投資於有機成長，並快速去槓桿以回到長期目標資本結構。

With that, I’ll turn the call back to Ashish for closing remarks.

接下來我把電話交回給 Ashish 做結語。

Thank you, Jeremy. To summarize, we are highly confident in this transaction and the way it accelerates Belden’s evolution into a full-stack IT/OT networking solutions provider across our target verticals and industries. We have strong conviction in our capability to successfully integrate RUCKUS into our portfolio and believe that this transaction will create lasting value for our shareholders.

謝謝你，Jeremy。總結來說，我們對這筆交易以及其如何加速 Belden 演進為涵蓋全堆疊（full-stack）的 IT/OT 網路解決方案供應商、並服務我們鎖定的垂直市場與產業，抱持高度信心。我們也對成功將 RUCKUS 整合進我們產品組合的能力深具信念，並相信此交易將為股東創造長期價值。

I would like to thank the leadership teams at Vistance and RUCKUS for their partnership throughout this process. RUCKUS's people are central to the value of this business, and we are excited about what we can build together. I look forward to welcoming their more than 1,700 talented employees to the Belden family.

我也要感謝 Vistance 與 RUCKUS 的領導團隊在整個過程中的合作。RUCKUS 的人才是這項業務價值的核心，我們對於能共同打造的成果感到振奮。我期待歡迎超過 1,700 位優秀員工加入 Belden 大家庭。

Before we open the line for Q&A, I want to thank our entire team for their hard work and dedication to improving Belden every day. Today’s announcement would not have been possible without their commitment to our solutions transformation and their continued execution at the highest level. Thank you all for joining us today, we appreciate your continued interest in Belden.

在我們開放問答之前，我想感謝全體團隊每天為提升 Belden 所付出的努力與投入。若沒有他們對解決方案轉型的承諾，以及持續以最高水準執行，今天的宣布不可能成真。感謝各位今天加入我們，也感謝大家持續關注 Belden。

With that, operator, please open the line for questions.

那麼，接線員，請開放提問。

(Operator Instructions) Rob Jamieson, Vertical Research Partners.

（接線員指示）Vertical Research Partners 的 Rob Jamieson。

Good morning, guys. Congrats on the quarter and the acquisition.

各位早安。恭喜本季表現以及這項收購。

Good morning, Rob. Thank you very much.

早安，Rob。非常感謝。

So I just want to start on RUCKUS. I mean, this is sounds like a very highly complementary acquisition that's clearly going to help your acceleration on the enterprise solution side. I just wondered if you could expand a bit more on how this aligns with the solution strategy a bit more, what does this bring to the portfolio? I guess, more importantly, like what are some of the secular growth opportunities this will enable you to capture in like the near and medium term?

我想先從 RUCKUS 談起。我的意思是，這聽起來是一筆高度互補的收購，顯然會幫助你們在企業解決方案端加速。我想請你們再多談一些：這與解決方案策略更進一步的契合點是什麼？它為產品組合帶來了什麼？更重要的是，這將讓你們在短期與中期能掌握哪些結構性（secular）的成長機會？

And you're right, Rob. It certainly accelerates our strategy in terms of the enterprise markets, but I think it's equally compelling on the industrial side or the overall automation side.

你說得沒錯，Rob。它確實在企業市場面加速了我們的策略，但我認為在工業端或整體自動化端同樣具有吸引力。

So the way to think about this is that we have made our vision really to provide our customers with the most comprehensive network solutions that can take them all the way from basic digitization all the way to autonomy, right? And its digitization, followed by harmonization, followed by convergence, and then you get to autonomy.

我們的思考方式是：我們的願景是為客戶提供最全面的網路解決方案，能夠帶領他們從基礎數位化一路走向自主化（autonomy），對吧？也就是先數位化，接著是協調化（harmonization），再來是融合（convergence），最後達到自主化。

And convergence actually has a few aspects. So there's obviously the IT/OT convergence we talked about, which is the kind of big theme. But within that, there is a wired wireless convergence, and there's also embedded security. And I think today's announcement really positions us to be a leader in terms of that IT/OT convergence plus the wired wireless aspect of it. So it's a fairly comprehensive solution.

而「融合」其實包含幾個面向。當然有我們談過的 IT/OT 融合，這是最大的主題。但在此之內，還有有線與無線的融合，以及內嵌式安全（embedded security）。我認為今天的宣布，讓我們在 IT/OT 融合加上有線/無線融合這一塊具備成為領導者的定位。因此，這是一套相當全面的解決方案。

I don't think there's really anybody else in the market that has that full stack the way we do. Obviously, the vertical markets RUCKUS focuses on and Belden focuses on are complementary, so that's another -- it kind of makes it -- it makes it more complete.

我不認為市場上還有其他公司能像我們一樣具備這樣的全堆疊能力。顯然，RUCKUS 聚焦的垂直市場與 Belden 聚焦的垂直市場彼此互補，這也讓整體更完整。

And when you think about it from a customer's perspective, they are really looking for one single -- I'm going to say a single pane of glass, but one single system all the way from the industrial edge to their, let's say, IT data center. And I think that's the opportunity, right? It's really taking Belden to a different level in those conversations.

從客戶角度來看，他們真正想要的是一個單一的——我會說是「單一視窗」（single pane of glass），也就是一套單一系統，能從工業邊緣一路延伸到他們的（比如說）IT 資料中心。我認為這就是機會所在，對吧？它確實能讓 Belden 在這類對話中提升到不同層級。

And finally, it's the simplification. A lot of our customers don't have the expertise to deal with this complexity that comes from more velocity, variety and volume of data across many different types of pieces of the network. So getting it all together makes it simple, reduces total cost of ownership. So multiple reasons why this comprehensive IT/OT strategy will work for us.

最後是簡化。許多客戶並沒有足夠的專業能力去處理這種複雜性——這種複雜性來自於跨越多種網路元件、資料的速度（velocity）、多樣性（variety）與規模（volume）都在提升。把所有東西整合在一起能讓事情更簡單、降低總持有成本（TCO）。因此，這套全面的 IT/OT 策略之所以能成功，有多重原因。

Perfect. That's very helpful. And then just as a follow-up, I know that this is going to accelerate the solutions-based mix. But where should we think about solutions as a percentage of total mix trending in the medium term? Is that going to be closer to like 30% as we look further out?

很好，這非常有幫助。接著追問一下，我知道這會加速以解決方案為主的組合占比。但在中期來看，解決方案占總組合的比例應該如何看待其趨勢？往更長期看，會更接近 30% 嗎？

And then also, just on the slide of the software exposures here, can you talk a bit about how and what RUCKUS brings from the software side and how that might align with or enhance the Horizon software platform?

另外，關於這裡軟體曝險（software exposures）的那張投影片，你能否談談 RUCKUS 在軟體面帶來了什麼，以及這如何與 Horizon 軟體平台對齊或帶來強化？

Yes. So on the first question, Rob, we'd articulated a goal of over 20% by 2028 in terms of solutions mix. We were already -- even pre-RUCKUS, we were already on track to get there. As we did 15% in 2025. I think in the medium term, it's more the 30%-ish number that you mentioned. I think that's the right framework to keep in mind. That's what gets us excited about this opportunity especially.

可以。先回答第一個問題，Rob，我們先前已表述過一個目標：到 2028 年解決方案占比要超過 20%。即使在納入 RUCKUS 之前，我們也已經在達成該目標的軌道上。因為我們在 2025 年做到 15%。我認為在中期，你提到的約 30% 這個數字更貼近我們的方向。我覺得這是正確的思考框架。這也是讓我們對這個機會特別興奮的原因。

And then in terms of the software, so I think there are three aspects of what is going on here. Let me start with the one that's the most exciting.

至於軟體方面，我認為這裡有三個面向。我先從最令人興奮的一點開始。

So if you think about traditional Wi-Fi 6, which is more based on RF technology, as you get to more Wi-Fi 7, Wi-Fi 8, this has to become the technology has to become more deterministic and you need AI optimization really to make that happen. Otherwise, it's just too complex. So RUCKUS is pretty advanced in terms of how they are working on that entire capability and that's something we didn't have previously, right? So we had wireless products, but not with that level of AI-driven complexity. So that's an important addition to us.

如果你把傳統的 Wi‑Fi 6 視為較以射頻（RF）技術為基礎的架構，當你走向 Wi‑Fi 7、Wi‑Fi 8 時，技術必須變得更具確定性（deterministic），而且你真的需要 AI 最佳化才能做到；否則複雜度會高到難以管理。RUCKUS 在打造這整套能力方面相當先進，而這是我們過去沒有的，對吧？我們有無線產品，但沒有那種由 AI 驅動、可處理高複雜度的水準。因此，這對我們而言是重要的補強。

Second, RUCKUS has a single Belden Horizon-like approach with their kind of software platform that does unified wired and wireless management. I think this is a great opportunity for us to combine that platform at some point with Belden Horizon. Horizon has certain vertical specific capabilities. RUCKUS is kind of more horizontally simplified and I think there are positives and negatives that both will cancel each other out and become more powerful.

第二，RUCKUS 以其軟體平台採用類似 Belden Horizon 的單一方法，能進行有線與無線的統一管理。我認為這為我們帶來很好的機會，未來某個時間點可將該平台與 Belden Horizon 結合。Horizon 具備某些垂直領域的特定能力；RUCKUS 則更偏向橫向、簡化的設計。我認為兩者各有優缺點，彼此互補後會更強大。

And then RUCKUS, obviously, also has an offering which is more of a network as a service offering. And that's also something that Belden has started at a very basic level. I think RUCKUS is at a more advanced stage here. It has more exposure to those IT vertical markets that demand it. So that's the third aspect of software that will come out of this transaction.

然後很明顯地，RUCKUS 也有一項更偏向「網路即服務」（Network as a Service, NaaS）的產品／服務方案。這也是 Belden 已經在非常基礎的層面開始著手的事情。我認為 RUCKUS 在這方面的進展更為成熟。它在那些有此需求的 IT 垂直市場中有更高的曝險度。因此，這就是這筆交易將帶來的軟體第三個面向。

Fantastic. Thank you for all the color.

太棒了。謝謝你提供這麼多細節。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Ashish, I'm hoping you can talk a bit about the origin of this transaction relative to other ones. Is this sort of a sales or banking-led transaction or -- yeah, let me just ask it in sort of an open-ended way. What was the origin of the transaction?

很好。Ashish，我希望你能談談這筆交易相對於其他交易的起源。這算是由銷售端或投行端主導的交易嗎，或是——對，我就用比較開放式的方式問：這筆交易的起源是什麼？

Well, we've admired RUCKUS for some time. As you know, we've talked about three areas where we need to build capability. One is edge, one is wireless and one is cybersecurity. And in that framework, we've always had a well-developed funnel. We've liked RUCKUS for quite some time.

嗯，我們欣賞 RUCKUS 已有一段時間了。如你所知，我們談過需要建立能力的三個領域：一是邊緣（edge），二是無線（wireless），三是資安（cybersecurity）。在這個框架下，我們一直有一個相當完善的標的管線。我們喜歡 RUCKUS 已經很久了。

This actually did not originate through a bank process. Really, this is something that at the right time, there was a mutual discussion. I obviously don't want to go into too much detail here in terms of specifics, but really, we saw the benefits of how this can become a big complementary acquisition for us.

這其實不是透過投行流程發起的。基本上是在合適的時機，雙方有了共同的討論。我當然不想在這裡就細節講太多，但我們確實看到了它如何能成為對我們非常互補的一筆大型收購所帶來的好處。

At the same time, the leadership at Vistance realized that Belden would be a good home, and I think that conversation progressed very well, matured a relatively short period of time, and then we started this process. So I think it was more mutual understanding of what we can bring for each other rather than anything else.

同時，Vistance 的管理團隊也意識到 Belden 會是一個很好的歸宿。我認為那段對話進展得很順利，在相對短的時間內就成熟了，然後我們就啟動了這個流程。所以我認為，這更多是基於彼此理解我們能為對方帶來什麼，而不是其他因素。

Follow-up, I'm wondering, I would expect that RUCKUS might have been a customer of your, let's say, the more passive elements of your portfolio. And then by extension, I would assume that RUCKUS's competitors are also customers. Is that correct? And does that create, I don't know if I want to say channel conflict, but some sort of conflict with customers as we consider the competitors to RUCKUS or do I -- maybe I misunderstand. Any clarity you can provide on that would help.

追問一下，我在想，我原本會預期 RUCKUS 可能是你們（例如）產品組合中較偏被動元件那部分的客戶。進一步推論，我也會假設 RUCKUS 的競爭對手同樣也是你們的客戶。這樣理解對嗎？那在我們看待 RUCKUS 的競爭對手時，是否會造成——我不確定要不要稱為通路衝突——但某種與客戶之間的衝突？或者是我理解有誤。你能提供任何釐清都會有幫助。

No, RUCKUS -- if you think of RUCKUS's core offerings, it's enterprise switching and wireless systems and of course, the software portfolio that covers all of that. RUCKUS is not actually buying anything from Belden. Now it's possible that some of RUCKUS' installers when they deploy RUCKUS products and solutions in the field, they may sit on some Belden passive networks. But frankly, that's a choice that changes project to project based on the systems integrated and installers. So no, there isn't really any conflict, Will, here in terms of RUCKUS' competitors buying Belden products.

不，RUCKUS——如果你看 RUCKUS 的核心產品，它是企業級交換器與無線系統，當然還有涵蓋這一切的軟體產品組合。RUCKUS 其實並沒有向 Belden 採購任何東西。當然也有可能，RUCKUS 的一些安裝商在現場部署 RUCKUS 產品與解決方案時，會架設在某些 Belden 的被動式網路之上。但坦白說，這是會因專案而異的選擇，取決於整合的系統與安裝商。因此，不，Will，就 RUCKUS 的競爭對手是否採購 Belden 產品而言，這裡並不存在真正的衝突。

If you think about RUCKUS' competitors today, they actually do not -- I mean, I know this for a fact, we don't actually trade with them. But of course, they are in the industry. We sometimes work together on standards bodies; we collaborate on certain other things. But we also compete in some time -- at some points in time because we have wireless in our industrial portfolio from the legacy Belden side. So it's pretty clean from that perspective, Will.

如果你看 RUCKUS 現在的競爭對手，他們其實不——我的意思是，我很確定，我們實際上沒有和他們做生意。當然，他們都在同一個產業裡。我們有時會在標準制定組織一起合作；也會在某些其他事情上協作。但在某些時點我們也會競爭，因為從傳統 Belden 那邊的工業產品組合來看，我們也有無線產品。所以從這個角度來看是相當乾淨的，Will。

Great. Thank you.

很好。謝謝你。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（接線員指示）Mark Delaney，高盛。

Good morning. Thank you for taking the questions. CommScope previously owned RUCKUS, and CommScope also historically had a presence in markets, including structured cablings as well as broadband. So I'm hoping to understand if there's synergies available to Belden that weren't there for CommScope, or more broadly, why I think the portfolio will perform better with Belden than it did in the past with CommScope before they sold some other business lines to Amphenol. I think they get somewhat to slide 11 in the deck and some of your prepared comments, but if you could speak more on this topic, it'd be helpful.

早安。謝謝讓我提問。CommScope 之前擁有 RUCKUS，而 CommScope 過去也在一些市場有布局，包括結構化佈線以及寬頻。因此我想了解，是否有一些 Belden 能取得、但 CommScope 當時無法取得的綜效；或更廣泛地說，為什麼你們認為這個產品組合在 Belden 旗下會比過去在 CommScope 旗下表現更好——在他們把其他業務線賣給 Amphenol 之前。我想你們在簡報第 11 頁以及一些事先準備的評論中有稍微提到，但如果能就這個主題多談一些會很有幫助。

That is an interesting question. I think it's got more to do with the maturation of the market and the trends that are emerging now, especially with the more complex demands of Wi-Fi 7, Wi-Fi 8, physical AI and how all of that will manifest, frankly.

這是個有趣的問題。我認為這更多與市場的成熟度以及目前正在浮現的趨勢有關，特別是 Wi‑Fi 7、Wi‑Fi 8 更複雜的需求、實體 AI（physical AI），以及坦白說，這一切將如何呈現。

I think if you think about the CCS division of CommScope, which is focused on structured cabling and broadband, they might have had some overlap with RUCKUS in terms of end customers, but there were very different buying processes at play three to five years ago and opportunities to synergy were limited from that perspective.

我想如果你看 CommScope 的 CCS 事業部，它聚焦在結構化佈線與寬頻，可能在終端客戶上與 RUCKUS 有一些重疊，但在三到五年前，實際上存在的是非常不同的採購流程，因此從那個角度來看，可實現的綜效是有限的。

I think what we've seen in the last two to five years is a lot more convergence. And I think it's accelerated significantly over the last, let's say, 18 to 24 months because of the whole idea that customers want to go towards autonomy and they need converged networks for that. So really, this is a more kind of recent phenomenon, that's one.

我認為我們在過去兩到五年看到的是更高度的融合。而且我認為在過去大約 18 到 24 個月，這種融合顯著加速，因為整個概念是客戶希望走向自主化（autonomy），而要做到這點就需要融合式網路（converged networks）。所以這其實是比較近期的現象，這是第一點。

I think the second thing is, you might be right to some extent in that Belden had invested in the solutions selling approach maybe a little sooner than some of our competitors in the basic networking or passive networking area. So to that extent, maybe we are better positioned to benefit from the complementarity of this acquisition. So I think it's more market-driven frankly versus any specific capability or inherent weakness that CCS had.

第二點是，你在某種程度上可能是對的：Belden 在解決方案式銷售（solutions selling）的投入，或許比我們在基礎網路或被動式網路領域的一些競爭對手更早一些。因此在這個程度上，我們可能更有利於從這次收購的互補性中受益。但我認為這坦白說更多是市場驅動，而不是 CCS 有任何特定能力不足或內在弱點。

Thanks for those thoughts. My other question was just on the existing Belden business. You mentioned positive underlying demand signals, but also somewhat limited visibility, and I think your guidance is for relatively typical seasonality as you characterized it. So maybe if you just speak a little bit more on the demand signals you're seeing and the current business and on balance, if it's strengthened or weakened over the last 90 days. Thank you.

謝謝這些想法。我另一個問題是關於 Belden 既有業務。你提到基本面需求訊號是正向的，但能見度仍有些有限；而且我理解你們的指引是相對典型的季節性，如你所描述的那樣。所以也許你可以再多談一點你們看到的需求訊號與目前的業務狀況，以及整體而言，過去 90 天是轉強還是轉弱。謝謝。

Hey, Mark. This is Jeremy. Yeah, you're right. I think that we are -- we're forecasting or guiding a quarter that looks a lot like Q1, just with typical seasonality. As you know, we're a relatively short-cycle business.

嗨，Mark。我是 Jeremy。是的，你說得對。我們的預測／指引是一個看起來很像第一季的季度，只是呈現典型的季節性。如你所知，我們是一個相對短週期的業務。

But in general, I think the trends in each of our businesses have been positive up to this point. I mean, industrial seems like it keeps getting stronger. PMIs continue to go in the right direction. So I think from an end market standpoint, industrial is relatively healthy. Smart Buildings has been doing fairly well. That's been growing now for the last five quarters or so organically at a pretty decent pace. It was up double-digits year-over-year in the first quarter. And I would expect them to have a pretty good second quarter. And I think broadband will improve as we move throughout the year. So I think broadband will grow as well.

但整體而言，我認為到目前為止，我們各項業務的趨勢都是正向的。我的意思是，工業端看起來持續轉強。PMI 持續朝正確方向走。所以從終端市場角度來看，工業相對健康。智慧建築（Smart Buildings）表現也相當不錯，過去大約五個季度以來有機成長以相當不錯的速度持續成長。第一季年增是雙位數。我預期第二季也會有不錯的表現。我也認為寬頻會在今年逐步改善，所以我認為寬頻也會成長。

I think the good thing is all three businesses were up at least mid-single-digits organically in the first quarter. And I would expect things to kind of move along at that same pace in the second quarter. I think we're obviously always trying to be a little bit cautious when there's so much volatility in the macro environment, but I would say as we sit here today, we feel good about the second quarter.

我認為好消息是，第一季三個業務的有機成長至少都是中個位數。我預期第二季大致也會以相同的步調推進。當然，在總體環境波動這麼大的情況下，我們一向會努力保持謹慎，但以我們今天所處的位置來看，我們對第二季感覺良好。

Thank you.

謝謝。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. Thanks for taking my follow-up question. I'm hoping you can give us any update on your exposure to AI infrastructure demand. A few quarters ago, this was an area that you spoke about with maybe one hyperscaler, one instance of their data center. And we've been hoping to hear about landing elsewhere and expanding in the place you are. So hoping you can update us on that. And then along with that, any comment as to whether this acquisition would potentially improve your prospects in that end market? Thank you.

很好。謝謝讓我追問。我希望你能更新一下你們在 AI 基礎設施需求方面的曝險。幾個季度前，你們談到這是一個你們有涉入的領域，可能是某一家超大規模業者（hyperscaler）、他們某一座資料中心的一個案例。我們一直希望聽到你們在其他地方落地，以及在既有據點擴張的進展。所以希望你能更新一下。另外，也想請你評論一下，這次收購是否可能改善你們在該終端市場的前景？謝謝。

So Will, we do see AI data centers as one of our top growth opportunities over the next few years, but of course, along with physical AI. So I think of both of those as connected. They're not necessarily connected in terms of the sales process, but as you get more AI data center capacity, it enables eventually more physical AI in the field.

Will，我們確實將 AI 資料中心視為未來幾年我們最重要的成長機會之一，當然也包括實體 AI。因此我把這兩者視為相互連結。它們不一定在銷售流程上直接連結，但當你擁有更多 AI 資料中心的容量，最終就能在現場端促成更多實體 AI 的落地。

So what is clear -- so by the way, before I go into that, our AI data center business, it had good growth this quarter too. I think we were up data centers as a category was up double-digits. So it's been coming along pretty well.

所以很清楚的是——順帶一提，在我進一步談之前，我們的 AI 資料中心業務本季也有不錯的成長。我認為以資料中心作為一個類別來看，成長達到兩位數百分比。所以進展相當不錯。

Our customers keep talking about the need for converged solutions in AI data centers. They don't want to focus on buying pieces and pulling them together. They want us to do that. This is, by the way, one of the reasons why we have integrated with OptiCool. You might have seen that announcement because that brings advanced cooling straight to the rack to support AI workloads.

我們的客戶一直在談 AI 資料中心需要「融合式解決方案」。他們不想只專注於購買零組件再自行整合；他們希望由我們來完成。順帶一提，這也是我們與 OptiCool 進行整合的原因之一。你們可能看過那則公告，因為那能把先進冷卻技術直接帶到機櫃（rack）層級，以支援 AI 工作負載。

So we are approaching AI data centers with that converged offering. We haven't really focused on just supplying passive networks by competing on price. Those conversations take a little longer. You're really getting into the full build -- the design and build cycle there. And we've had -- apart from that one big win we talked about, we've had consistently mid-sized wins every quarter. So it's a very consistent flow.

因此，我們以這種融合式產品來切入 AI 資料中心。我們並沒有把重點放在僅供應被動式網路、靠價格競爭。那些對話需要更長時間，因為你真正進入的是完整建置——也就是設計與建置週期。而且除了我們提到的那個大型勝利之外，我們每一季也都持續拿下中型案子，所以是一個非常穩定的案源流。

And then, of course, linked to that is the whole physical AI opportunity. And this is very exciting. I mean, as you know, at a very -- just as a summary reminder, we do enable closed loop physical AI systems in collaboration with companies like Accenture, NVIDIA, and other select OT technologies where we combine vision, digital twins, some real-time orchestration, et cetera. We talked about the security, sorry, the safety fence example from the automotive customer.

接著，當然，與此相連的是整個「實體 AI」的機會。這非常令人振奮。我的意思是，如你所知，簡要回顧一下，我們與 Accenture、NVIDIA 等公司以及其他精選的 OT 技術合作夥伴協作，透過結合視覺、數位分身（digital twins）、一些即時編排（real-time orchestration）等，來實現閉環（closed loop）的實體 AI 系統。我們也談過汽車客戶的安全圍籬（safety fence）案例。

And we are very focused on delivering the full deterministic, fully secured network which will deliver the low latency time synchronized connectivity. So that's the focus. And there, we are doing a number of pilots right now. So very exciting.

而我們非常專注於交付完整的確定性（deterministic）、完全安全防護的網路，以提供低延遲、時間同步的連線能力。這就是重點。在這方面，我們目前正在進行多個試點（pilot），所以非常令人期待。

A lot of our customers want solutions that will integrate cameras, edge computing, software AI platforms, industrial Ethernet, and we've gone forward with a number of companies. Many of them, by the way, in the US. Focused on bringing manufacturing back, but those pilots are underway right now. And I think between physical AI and the AI data center opportunity, we will see this emerging as one of our top growth opportunities, if not the top one.

我們許多客戶想要能整合攝影機、邊緣運算、軟體 AI 平台、工業乙太網路的解決方案；我們也已與多家公司推進合作。順帶一提，其中很多是在美國，聚焦於把製造業帶回本土，而這些試點目前正在進行中。我認為在實體 AI 與 AI 資料中心機會之間，我們將看到這會成為我們最重要的成長機會之一，甚至可能是第一大。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

高盛（Goldman Sachs）的 Mark Delaney。

I guess -- thank you for taking the follow-up question. On RUCKUS, are you able to share a bit more on the end market exposure specifically for that business? I imagine a lot of it is what would be considered enterprise for Belden, but I'm curious to what extent they're also selling into factories and industrial markets and to what extent there may be an opportunity for Belden to accelerate the growth of the RUCKUS portfolio into industrial and factory settings. Thanks.

我想——謝謝你們接受追問。關於 RUCKUS，你們能否多分享一些該業務在終端市場的曝險（exposure）？我想其中很大一部分應該屬於 Belden 所謂的企業市場（enterprise），但我也好奇他們在多大程度上也銷售到工廠與工業市場，以及 Belden 是否有機會加速把 RUCKUS 產品組合導入工業與工廠場景、以推動成長。謝謝。

So from a vertical market standpoint, you're right. RUCKUS is mostly or primarily focused on enterprise segments, so hospitality, education, those are the two biggest verticals, but they sell into a lot of other enterprise verticals as well. They do have some exposure today into what we would consider industrial markets, primarily into automated warehouses and material handling where we also played today, but that's the only area of overlap. So I think from our perspective, there's actually a lot of opportunity to bring their products into some of our legacy industrial markets and then obviously to combine their products with some of our passives on the enterprise side.

就垂直市場（vertical market）而言，你說得沒錯。RUCKUS 主要聚焦在企業端領域，例如飯店旅宿（hospitality）、教育（education），這兩個是最大的垂直領域，但他們也銷售到許多其他企業垂直領域。他們目前也有一些我們認為屬於工業市場的曝險，主要是在自動化倉儲與物料搬運（material handling），而那也是我們目前有參與的領域，但那是唯一的重疊區域。因此我認為從我們的角度來看，其實有很大的機會把他們的產品帶入我們一些既有的工業市場；同時也很明顯可以在企業端把他們的產品與我們的一些被動式產品（passives）結合。

So if I can add to that, the short to medium-term opportunity we see here, Mark, is in discrete manufacturing. At this point in time, as you may know, the majority of data -- machine data is transmitted in a wireline format and not wirelessly, but that is expected to tip over in the next two to five years to become more 50/50 and then the majority might move wirelessly. So a lot of our discrete customers are planning for that change, and they need advice.

如果我可以補充一下，Mark，我們看到的短中期機會在於離散製造（discrete manufacturing）。就目前而言，如你所知，多數資料——機器資料——是以有線（wireline）形式傳輸，而不是無線；但預期在未來兩到五年會出現轉折，變成大約 50/50，之後多數可能會轉向無線。因此，我們許多離散製造客戶正在為這個變化做規劃，他們需要建議。

Right now, they struggle because they don't actually have a company that they can go to for that comprehensive blueprint, which they will need in the next two, three years. So that's the opportunity mainly, so apart from material handling, we see this expanding rapidly into discrete.

目前他們的困難在於，實際上沒有一家公司能提供他們所需的那種全面藍圖（comprehensive blueprint），而他們在未來兩、三年會需要它。所以主要機會就在這裡；因此除了物料搬運之外，我們看到這將快速擴展到離散製造。

Then just circling back to the existing Belden business, maybe you can clarify how much revenue exposure you think Belden has via distribution network to the Middle East and if that's something you tried to factor into your outlook, you imagine, given the uncertainty there that that was part of the thought process with guidance, but if you could be a bit more specific around your exposure and what's included in guidance relative to that region?

接著回到既有的 Belden 業務，你們能否釐清一下，透過經銷通路（distribution network）對中東地區的營收曝險大概有多少？以及你們是否已把這點納入展望？我想在當地不確定性之下，這應該是你們在指引（guidance）思考流程的一部分；但如果可以的話，能否更具體說明你們的曝險，以及指引中對該地區包含了哪些假設？

Mark, so our Middle East exposure is relatively small. It's less than 5% of our total revenue. It's primarily in the enterprise side of the business, Smart Buildings, where we're selling into UAE and a few other countries.

Mark，我們對中東的曝險相對較小，低於總營收的 5%。主要是在企業端業務、智慧建築（Smart Buildings），我們在阿聯（UAE）以及其他少數國家有銷售。

I think from our perspective, we've got that business roughly flat sequentially and not significant growth built into the guidance. So I don't view it as a significant risk for second quarter, just given the size of that business. And up to this point, by the way, it's kind of held up, so it's been okay.

從我們的角度來看，我們在指引中假設該業務季比（sequentially）大致持平，並沒有納入顯著成長。因此就第二季而言，考量到該業務規模，我不認為這是重大風險。而且順帶一提，到目前為止它算是撐住了，所以表現還可以。

And then just lastly, on supply chain, it's been a difficult area for companies globally to manage, especially with certain semiconductor chips and memory. I'm curious if you could speak a bit more to build on the ability to get the materials it needs to support the business and your confidence in passing on any higher costs and sustaining the margin objectives. Thank you.

最後，關於供應鏈，這一直是全球企業難以管理的領域，尤其是某些半導體晶片與記憶體。想請你們再多談一些：公司取得支援業務所需材料的能力如何？以及你們對於轉嫁任何較高成本、並維持毛利率目標（margin objectives）的信心如何？謝謝。

I think our view is that we'll continue to pass on inflation to the extent it's real true market inflation. I think we've been successful doing that over the past several years. Our exposure is more so on some of the commodities, metals and plastics and things like that, oil-based compounds. But obviously, we do have electronic components. And I think we've been successful passing those on as well.

我認為我們的看法是：只要是真實的、確實存在的市場通膨（true market inflation），我們就會持續把通膨轉嫁出去。我想過去幾年我們在這方面做得很成功。我們的曝險更多是在某些大宗商品上，例如金屬、塑膠等，以及以石油為基礎的化合物。不過很明顯我們也有電子元件，而我認為我們在轉嫁這些成本方面也同樣成功。

The legacy Belden business does not really have much exposure to some of these memory price increases. So it's not been a major issue for us up to this point. But yeah, for sure, to the extent that prices on chips and circuit boards and other components have gone up, we've been able to recover that in price. And our expectation is that we'll continue to do so in the future.

傳統的 Belden 業務其實並沒有太多曝險在這些記憶體價格上漲上，所以到目前為止對我們不是主要問題。但確實，如果晶片、電路板及其他零組件的價格上升，我們也能在售價上回收。我們的預期是未來也會持續如此。

Thanks again.

再次感謝。

Thank you. And that does end our question-and-answer session. I would now like to turn the call back over to Aaron Reddington. Please go ahead.

謝謝。問答環節到此結束。現在我想把電話交回給 Aaron Reddington。請繼續。

Thank you, operator, and thank you, everyone, for joining today's call. If you have any further questions, please contact the IR Team of Belden. Our e-mail address is investor.relations@belden.com. Thank you very much.

謝謝接線員，也謝謝各位參加今天的電話會議。如有任何進一步問題，請聯絡 Belden 的投資人關係（IR）團隊。我們的電子郵件地址是 investor.relations@belden.com。非常感謝。

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

謝謝各位女士、先生。今天的電話會議到此結束。您現在可以掛線，並感謝您的參與。