Sensata Technologies Holding PLC (ST) 2025 Q3 法說會逐字稿

Good day, and welcome to the Sensata Technologies third-quarter 2025 earnings call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加森薩塔科技公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Mr. James Entwistle, Senior Director of Investor Relations. Please go ahead, sir.

現在我將把會議交給投資者關係高級總監詹姆斯·恩特威斯爾先生。請繼續，先生。

Thank you, operator, and good afternoon, everyone. I'm James Entwistle, Senior Director of Investor Relations for Sensata, and I would like to welcome you to Sensata's third-quarter 2025 financial results conference call.

謝謝接線員，大家下午好。我是森薩塔公司投資者關係高級總監詹姆斯·恩特威斯爾，歡迎各位參加森薩塔公司 2025 年第三季財務業績電話會議。

Joining me on today's call are Stephan von Schuckmann, Sensata's Chief Executive Officer; and Andrew Lynch, Sensata's Chief Financial Officer. In addition to the financial results press release we issued earlier today, we will be referencing a slide presentation during today's conference call. The PDF of this presentation can be downloaded from Sensata's Investor Relations website.

今天與我一起參加電話會議的有森薩塔執行長史蒂芬·馮·舒克曼和森薩塔首席財務官安德魯·林奇。除了今天稍早發布的財務業績新聞稿外，我們還將在今天的電話會議上參考幻燈片簡報。您可以從森薩塔投資者關係網站下載此簡報的PDF版本。

This conference call is being recorded, and we will post a replay on our Investor Relations website shortly after the conclusion of today's call.

本次電話會議正在錄音，我們將在今天的會議結束後不久，在投資者關係網站上發布回放。

As we begin, I would like to reference Sensata's Safe Harbor statement on slide 2. During this conference call, we will make forward-looking statements regarding future events or the financial performance of the company that can involve certain risks and uncertainties. The company's actual results may differ materially from the projections described in such statements. Factors that might cause such differences include, but are not limited to, those discussed in our Forms 10-Q and 10-K, as well as other filings with the SEC.

首先，我想提及 Sensata 在第 2 張投影片上的「安全港」聲明。在本次電話會議中，我們將對未來事件或公司財務表現做出前瞻性陳述，這些陳述可能涉及某些風險和不確定性。本公司的實際業績可能與此類聲明中所述的預測有重大差異。造成此類差異的因素包括但不限於我們在 10-Q 表格和 10-K 表格以及向美國證券交易委員會提交的其他文件中討論的因素。

We encourage you to review our GAAP financial statements in addition to today's presentation. Much of the information that we will discuss during today's call will relate to non-GAAP financial measures. Our GAAP and non-GAAP financials, including reconciliations, are included in our earnings release, in the appendices of our presentation materials, and in our SEC filings.

除了今天的簡報之外，我們也建議您查閱我們的GAAP財務報表。今天電話會議中我們將討論的大部分資訊都與非GAAP財務指標有關。我們的 GAAP 和非 GAAP 財務資料（包括調節表）包含在我們的獲利報告中、簡報資料的附錄中以及我們提交給美國證券交易委員會的文件中。

Stephan will begin the call today with comments on the overall business. Andrew will cover our detailed results for the third quarter of 2025 and our financial outlook for the fourth quarter of 2025. Stephan will then return for closing remarks. We will then take your questions.

史蒂芬今天將首先就公司整體情況發表評論。Andrew 將詳細介紹我們 2025 年第三季的業績以及 2025 年第四季的財務展望。隨後，史蒂芬將返回致閉幕詞。接下來我們將回答您的問題。

Now I would like to turn the call over to Sensata's Chief Executive Officer, Stephan von Schuckmann.

現在我想把電話交給森薩塔執行長史蒂芬‧馮‧舒克曼。

Thank you, James, and good afternoon, everyone. Let's begin on slide 3. Before we get into the third-quarter results, I'd like to start today by briefly reflecting on what we have accomplished so far this year and where we are in our transformation journey.

謝謝你，詹姆斯，大家下午好。讓我們從第3張投影片開始。在深入探討第三季業績之前，我想先簡單回顧一下我們今年迄今為止的成就以及我們在轉型之旅中所處的位置。

In our first earnings call after I joined Sensata at the beginning of 2025, I outlined the transformation ahead of us built around three key pillars: operational excellence, capital allocation, and a return to growth. In each of our subsequent earnings calls, we provided updates on our transformational journey framed around these three pillars.

在 2025 年初我加入 Sensata 後舉行的第一次獲利電話會議上，我概述了我們即將進行的轉型，該轉型圍繞著三個關鍵支柱展開：卓越營運、資本配置和恢復成長。在隨後的每一次財報電話會議上，我們都圍繞著這三大支柱，介紹了我們轉型歷程的最新進展。

I've been pleased with the incremental progress in each of these quarterly updates. With the Q3 results we are reporting today, we have reached a significant milestone in our transformation journey. While we have more work to do and plenty of challenges ahead, our exceptionally strong Q3 results give me confidence that we have meaningfully improved our core business.

我對每個季度更新中取得的進展感到滿意。我們今天公佈的第三季業績標誌著我們在轉型之旅中取得了重要的里程碑。雖然我們還有很多工作要做，未來也面臨許多挑戰，但我們第三季異常強勁的業績讓我相信，我們已經實際改善了核心業務。

Our emphasis on operational excellence and margin resilience has positioned us to overcome challenges such as tariffs and end market volatility. Our laser focus on free cash flow and optimizing capital allocation to reduce net leverage has been successful, and we are now well ahead of our net leverage and cash conversion targets.

我們注重卓越營運和利潤彈性，這使我們能夠克服關稅和終端市場波動等挑戰。我們專注於自由現金流和優化資本配置以降低淨槓桿率，這項策略取得了成功，目前我們已遠遠領先淨槓桿率和現金轉換目標。

As a result, earlier today, we commenced cash tender offers to purchase $350 million of our long-term debt. Finally, with respect to growth, we've conducted a thorough assessment of our product portfolio, production capacity, and growth investments, and we are taking action to position our business to maximize the benefit from secular tailwinds.

因此，今天早些時候，我們啟動了現金要約收購，以回購我們 3.5 億美元的長期債務。最後，關於成長，我們已經對我們的產品組合、生產能力和成長投資進行了徹底評估，並且我們正在採取行動，使我們的業務能夠最大限度地受益於長期利好因素。

I'll now share some additional color in the third quarter through the lens of our key pillars. Our Q3 results represent a compelling proof point in the progress we have made on operational excellence. The third consecutive quarter, we delivered on expectations, reporting results at or above guidance ranges. Third quarter adjusted operating margins and adjusted EPS both expanded sequentially from Q2 despite seasonally lower revenues.

接下來，我將透過我們的關鍵支柱，為大家介紹第三季的更多細節。我們第三季的業績有力地證明了我們在卓越營運方面的進步。我們連續第三個季度達到預期目標，業績達到或超過預期範圍。儘管受季節性因素影響，第三季營收有所下降，但經調整後的營業利潤率和經調整後的每股收益均較第二季度有所增長。

We're now on path to expand the full-year adjusted operating margins on a year-over-year basis, excluding the dilutive impact of pass-through revenue, as is yet another compelling proof point in the progress our team has made with our 2025 full-year outlook standing in sharp contrast to the preceding three years when our business experienced year-over-year contraction in adjusted operating margin.

我們現在正朝著全年調整後營業利潤率逐年增長的目標邁進，不包括轉嫁收入的稀釋影響，這再次有力地證明了我們團隊的進展。我們的 2025 年全年展望與前三年形成了鮮明對比，當時我們的業務調整後營業利潤率逐年下降。

Now let's turn to slide 4, and I will discuss cash flow and capital allocation. Our near-term capital allocation strategy is simple. We're focused on rapidly deleveraging our business. While we are comfortable with our balance sheet, we believe that reducing leverage to a level more consistent with our peers removes a potential barrier for some investors, making Sensata a more compelling investment.

現在我們來看第 4 張投影片，我將討論現金流和資本配置。我們近期的資本配置策略很簡單。我們正致力於迅速降低公司槓桿率。雖然我們對自身的資產負債表感到滿意，但我們相信，將槓桿率降低到與同業更為一致的水平，可以消除一些投資者的潛在障礙，使森薩塔成為更具吸引力的投資標的。

Our operational excellence pillar has been a key enabler of this strategy as we optimize working capital and improve free cash flow conversion. After converting free cash flow at above 90% of adjusted net income last quarter, we made more progress in the third quarter with conversion now exceeding 100%.

我們以卓越營運為支柱，優化營運資本，提高自由現金流轉換率，從而成為實現此策略的關鍵推動力。上個季度自由現金流轉換率超過調整後淨收入的 90%，第三季我們取得了更大進展，轉換率現已超過 100%。

As a result of our strong free cash flow generation and strong cash position of $791 million of cash on the balance sheet as of September 30, we're taking decisive action to deploy capital and retire debt. Today, as I mentioned, we commenced cash tender offers to purchase $350 million of our long-term debt. More information about these cash tender offers can be found in the press release that we issued on this transaction earlier today.

由於我們擁有強勁的自由現金流，並且截至 9 月 30 日資產負債表上擁有 7.91 億美元的現金，我們正採取果斷措施部署資本並償還債務。正如我今天提到的，我們啟動了現金要約收購，以回購我們3.5億美元的長期債務。有關這些現金收購要約的更多信息，請參閱我們今天早些時候發布的關於此交易的新聞稿。

Discipline around our capital expenditures and reducing the capital intensity of our business has been a key driver of our progress toward improving cash flow conversion, and we're acting on these priorities without compromising on growth.

嚴格控制資本支出，降低業務的資本密集度，是我們提高現金流轉換率的關鍵驅動力，我們正在不犧牲成長的前提下，優先考慮這些事項。

In fact, as we look ahead towards growth, we have studied past capital allocation to ensure we are making the right investments going forward. On our July earnings call, we defined a three-part framework through which we would evaluate growth. Allow me to recap that again here today.

事實上，展望未來發展，我們已經研究了過去的資本配置情況，以確保我們未來進行正確的投資。在7月的財報電話會議上，我們定義了一個三部分框架，透過該框架我們將評估成長情況。今天我再簡單回顧一下。

First, we'll stick to our core product technologies with sensing and electrical protection. Second, we'll prioritize platform-driven applications with an emphasis on regulated or mission-critical sockets. And third, we'll focus on our key markets, prioritizing those with secular tailwinds and ensuring appropriate diversification. We will continuously evaluate our product portfolio using this framework, and where we identify areas where it is necessary to shift our strategy, we will be decisive.

首先，我們將堅持我們的核心產品技術，即感測和電氣保護。其次，我們將優先考慮平台驅動型應用程序，重點關注受監管或任務關鍵型套接字。第三，我們將專注於我們的關鍵市場，優先考慮那些具有長期發展有利因素的市場，並確保適當的多元化。我們將利用這個框架不斷評估我們的產品組合，並在發現需要調整策略的領域果斷行動。

In our Dynapower business, which provides microgrid power inversion and rectification, it has become clear that the investment thesis and strategic plan around clean energy no longer offers the most compelling growth factor for this business as government policies have shifted and investment has slowed. That said, we do see other areas where Dynapower aligns to our growth framework, specifically in applications where grid stabilization and redundant power supply are mission-critical, such as defense and data center power delivery.

在我們為微電網提供電力逆變和整流的 Dynapower 業務中，隨著政府政策的轉變和投資的放緩，很明顯，圍繞清潔能源的投資理念和戰略計劃不再為該業務提供最有吸引力的增長因素。也就是說，我們確實看到 Dynapower 在其他領域也符合我們的成長框架，尤其是在電網穩定和冗餘電源供應至關重要的應用領域，例如國防和資料中心供電。

Accordingly, we have recast our growth plans for this business, enabled by a more focused strategy. We believe this provides more compelling long-term growth with higher certainty of outcome. However, due to recent changes in clean energy policy and the anticipated slowdown in the clean energy sector, it was necessary to reevaluate the book value of this business to date. As a result, we recorded a noncash goodwill impairment charge in the third quarter, which Andrew will discuss in more detail in a few minutes.

因此，我們調整了該業務的成長計劃，採取了更聚焦的策略。我們相信這將帶來更具吸引力的長期成長，並具有更高的結果確定性。然而，由於最近清潔能源政策的變化以及清潔能源產業預期放緩，有必要重新評估該業務迄今為止的帳面價值。因此，我們在第三季提列了一筆非現金商譽減損費用，安德魯將在幾分鐘後對此進行更詳細的討論。

Now let's turn to slide 5, and I'd like to take a moment to highlight some of the recent additions to our executive leadership team as we embark on the next phase of our transformation journey. I'm pleased with the momentum we have built in our business through our operational excellence pillar. Not only have we delivered on our quarterly targets, we have done so with demonstratable margin resilience as we continue to perform in the face of multiple challenges in our end markets.

現在讓我們來看看第 5 張投影片，我想花點時間重點介紹一下我們高階主管領導團隊最近新增的一些成員，因為我們即將開始轉型之旅的下一階段。我對我們透過卓越經營這項支柱在業務上取得的進展感到滿意。我們不僅實現了季度目標，而且在終端市場面臨多重挑戰的情況下，依然保持了可觀的利潤率韌性，並持續取得佳績。

Given the relatively short period of time in which we have made this progress, it is clear that our most significant opportunities are ahead of us. At this juncture, it is imperative that we install the right leadership to ensure that we continuously unlock value by optimizing our cost structure, streamlining our production network, and serving our customers well.

鑑於我們取得這些進展所花費的時間段相對較短，顯然，我們最重要的機會還在前方。在這個關鍵時刻，我們必須任命合適的領導層，以確保我們透過優化成本結構、精簡生產網絡和更好地服務客戶來持續釋放價值。

In the Form 8-K that we issued along with our earnings press release today, we announced that Nicolas Bardot will join Sensata effective November 1 as Chief Operations Officer. Nicolas has more than 20 years of operations leadership experience, including supply chain optimization, manufacturing excellence, and leading transformations, which will be a tremendous asset to Sensata as we strengthen our global operations footprint to meet the needs of changing and dynamic markets.

在今天與我們的獲利新聞稿一起發布的 8-K 表格中，我們宣布 Nicolas Bardot 將於 11 月 1 日加入 Sensata，擔任營運長。Nicolas 擁有超過 20 年的營運領導經驗，包括供應鏈優化、卓越製造和領導轉型，這將是 Sensata 的巨大財富，因為我們將加強全球營運佈局，以滿足不斷變化和充滿活力的市場的需求。

Most recently, Nicolas served as the Division Operations Officer at ZF Commercial Vehicle Solutions. Previously, he held leadership roles at Wabco, including Chief Supply Chain Officer and Vice President of Sourcing and Purchasing. These accomplishments include leading several organizational transformations and applying innovative technologies to achieve measurable productivity and quality gains.

最近，Nicolas 擔任 ZF 商用車解決方案公司的部門營運主管。此前，他曾在威伯科擔任領導職務，包括首席供應鏈官和採購副總裁。這些成就包括領導多次組織變革，並應用創新技術實現可衡量的生產力和品質提升。

With operations on solid footing and with accelerated progress on our capital allocation pillar, we are now ratcheting up the intensity of our focus on our third pillar, returning Sensata to growth. This, too, requires experienced leadership. Earlier this quarter, we announced that Patrick Hertzke joined Sensata as our Chief Growth and Transformation Officer. Patrick has extensive automotive and industrial experience, both in industry as well as at McKinsey & Company, where he was a partner in the automotive practice. With Patrick's 13 years at McKinsey, he led projects, including go-to-market strategy, enterprise transformations, and AI technology strategy.

憑藉著穩健的營運基礎和資本配置支柱的加速進展，我們現在正加強關注第三支柱，使森薩塔重回成長軌道。這同樣需要經驗豐富的領導。本季度早些時候，我們宣布 Patrick Hertzke 加入 Sensata 擔任首席成長和轉型長。Patrick 在汽車和工業領域擁有豐富的經驗，曾在工業界和麥肯錫公司擔任汽車業務合夥人。Patrick 在麥肯錫工作的 13 年間，領導了多個項目，包括市場進入策略、企業轉型和人工智慧技術策略。

We also announced today that Jackie Chen has been promoted to Executive Vice President and President of Sensata China effective January 1, 2026. Jackie joined Sensata in January 2024 as Vice President and General Manager, China Automotive and has been instrumental in positioning Sensata to rewin market share and increase the localization of our business and supply chain.

我們今天也宣布，Jackie Chen 將於 2026 年 1 月 1 日起晉升為森薩塔中國執行副總裁兼總裁。Jackie 於 2024 年 1 月加入森薩塔，擔任中國汽車行業副總裁兼總經理，在幫助森薩塔重新贏得市場份額、提高業務和供應鏈本地化程度方面發揮了重要作用。

In his expanded role, Jackie will have P&L responsibility and primary management oversight of all of Sensata's business in China. Jackie's promotion underlines the importance of succeeding in China and he has demonstrated that he is the right leader. Under Jackie's leadership, our automotive business in China has returned to outgrowth with double-digit growth over market in the third quarter, and 90% of our new business wins this year have been with local OEMs.

Jackie 的職責範圍擴大後，他將負責損益，並主要管理 Sensata 在中國的所有業務。成龍的晉升凸顯了在中國取得成功的重要性，他也證明了自己是合適的領導人。在 Jackie 的領導下，我們在中國的汽車業務第三季實現了兩位數的市場成長速度，重回成長軌道，今年新增業務中有 90% 來自本土汽車製造商。

Now let's turn to slide 6, and I will discuss some recent product innovations that will drive growth across multiple end markets. We previously mentioned that we were first to market with a tire burst detection solution for a vehicle stability control application. We continue to make progress here and we have now secured business with two leading Chinese OEMs.

現在讓我們來看看第 6 張投影片，我將討論一些近期推出的產品創新，這些創新將推動多個終端市場的成長。我們之前提到過，我們率先推出了車輛穩定控制應用的輪胎爆胎偵測解決方案。我們在這方面持續取得進展，目前已與兩家領先的中國原始設備製造商 (OEM) 達成業務合作。

I'm proud to see our tire burst alert feature gaining traction in the market and becoming a trusted component in vehicle safety strategies. These wins highlight a common theme. As vehicles become more intelligent, so must the systems that support them, giving us a clear road map for how to expand content and win new business.

我很自豪地看到我們的輪胎爆胎警報功能在市場上越來越受歡迎，並成為車輛安全策略中值得信賴的組成部分。這些勝利凸顯了一個共同的主題。隨著車輛變得越來越智能，支援它們的系統也必須隨之發展，這為我們擴展內容和贏得新業務提供了清晰的路線圖。

Looking ahead towards the medium term, it's clear that our path to expanding content will be driven by meeting the global shift towards sustainable mobility with smart, impactful solutions. One such example is our high-efficiency contactor, which simplifies EV charging by enabling vehicles to work seamlessly with both 400- and 800-volt architectures.

展望中期，很顯然，我們拓展內容的途徑將是透過智慧、有影響力的解決方案來滿足全球向永續移動方式轉變的需求。例如，我們的高效接觸器簡化了電動車充電，使車輛能夠無縫地與 400 伏特和 800 伏特架構配合使用。

As 800-volt vehicles launched in markets where the charging infrastructure is predominantly 400-volt, our contact enables a switchable architecture. This product was recently recognized as a finalist for EV Charging Innovation at the 2025 Battery Show in North America.

當 800 伏特汽車在充電基礎設施主要為 400 伏特的市場推出時，我們的觸點實現了可切換架構。該產品最近入圍了2025年北美電池展電動車充電創新獎的決賽名單。

As we have discussed on past earnings calls, global regulations are requiring more sustainable refrigerants in HVAC systems, and with that, demand for reliable gas leak detection is accelerating. Our A2L sensor is helping customers across key markets detect and manage refrigerant leaks with speed and precision. By supporting compliance and improving system performance, this solution is becoming a trusted part of HVA platforms.

正如我們在先前的財報電話會議上討論的那樣，全球法規要求在暖通空調系統中使用更可持續的製冷劑，因此，對可靠的氣體洩漏檢測的需求正在加速增長。我們的 A2L 感測器正在幫助主要市場的客戶快速、精確地檢測和管理冷媒洩漏。透過支援合規性和提高系統性能，該解決方案正成為HVA平台中值得信賴的一部分。

We have recently secured two customer agreements, solidifying our market leadership position for the next several years. As additional customer programs are awarded in the coming months, we foresee this business accelerating to more than $100 million of revenue in the near future, and we see expanded opportunities outside of the United States in the years ahead, making this product a potential growth driver for many years to come.

我們最近與兩家客戶簽訂了協議，鞏固了我們在未來幾年內的市場領導地位。隨著未來幾個月更多客戶專案的授予，我們預計這項業務在不久的將來收入將超過 1 億美元，並且我們看到未來幾年在美國以外地區的機會將會增加，這使得該產品成為未來多年潛在的成長動力。

Finally, as we look more broadly at secular trends, we expect our aerospace business to emerge as a meaningful growth engine for Sensata going forward. Sensata has proven capability in this space and a clear right to win as we have been selling into the defense sector since the 1940s.

最後，從更廣泛的長期趨勢來看，我們預計我們的航空航太業務將成為森薩塔未來重要的成長引擎。森薩塔公司在該領域已證明其能力，並且有充分的理由贏得這場競爭，因為我們自 1920 世紀 40 年代以來就一直在向國防領域銷售產品。

Looking ahead over the next decade, US and Allied Nations defense spending is expected to increase significantly from $1.7 trillion in 2025 to $2.8 trillion in 2035. The vast majority of the spend is expected outside of the US, primarily driven by EU defense spending. Given our global footprint and deep business relationships in Europe, we are focused on winning our share of this growth.

展望未來十年，美國及其盟國的國防開支預計將從 2025 年的 1.7 兆美元大幅增加到 2035 年的 2.8 兆美元。預計絕大部分支出將發生在美國以外，主要由歐盟國防開支推動。鑑於我們遍布全球的業務網絡和在歐洲深厚的業務關係，我們專注於贏得我們應有的成長份額。

While I'm excited by the additions to our leadership team, I would also like to acknowledge the exceptional progress from the whole Sensata team. Collectively, we embrace our three pillars approach and ready to bring forward and build initiatives around these pillars. We have worked relentlessly in pursuit of value creation guided by the pillars and enabled by the initiatives that underpin them, and we're getting results.

雖然我對領導團隊的擴充感到興奮，但我也想對整個森薩塔團隊的卓越進步表示感謝。我們共同秉持三大支柱方針，準備圍繞這些支柱提出並進行各項措施。我們一直不懈努力，在各項支柱的指導和支撐這些支柱的各項舉措的支持下，追求價值創造，並且我們正在取得成果。

We have turned a corner on financial performance, consistently meeting or exceeding our plan, and delivering on our commitments. We have unlocked free cash flow and meaningfully accelerated our capital allocation strategy, and net leverage is improving.

我們的財務表現已扭轉頹勢，持續達到或超過計劃目標，並履行了我們的承諾。我們已經釋放了自由現金流，並顯著加快了資本配置策略，淨槓桿率正在改善。

And we returned to market outgrowth in the third quarter with our automotive business outgrowing global vehicle production by approximately 1%, HVOR outgrowing its end market by approximately 5%, and our Sensing Solutions business delivering organic revenue growth of 2.5%, with approximately 1% outgrowth in industrials while aerospace were approximately 2%, roughly in line with the market.

第三季度，我們的業務再次實現超額市場成長，其中汽車業務增速比全球汽車產量高出約 1%，HVOR 業務增速比終端市場高出約 5%，感測解決方案業務實現了 2.5% 的有機收入增長，工業領域的增速約為 1%，而航空航太領域的增速約為 2%，與市場基本持平。

With that, I'll turn the call over to Andrew to provide greater detail on Q3 financial results, market outlook, and our guidance for the fourth quarter.

接下來，我將把電話交給安德魯，讓他詳細介紹第三季財務表現、市場前景以及我們對第四季的展望。

Thanks, Stephan, and good afternoon, everyone. Let's turn to slide 8. We delivered another strong quarter in Q3, once again, achieving results that exceeded our expectations across all of our key metrics. We reported revenue of $932 million for the third quarter of 2025, which exceeded our expectations due to stronger global auto production, amplified by our return to outgrowth.

謝謝你，史蒂芬，大家下午好。讓我們翻到第 8 張投影片。第三季我們再次取得了強勁的業績，所有關鍵指標都超乎預期。我們公佈 2025 年第三季營收為 9.32 億美元，超出預期，這得益於全球汽車產量的強勁成長，以及我們恢復成長動能。

Third-quarter revenue of $932 million represented a decrease of $51 million or 5.2% as compared to $983 million for the third quarter of 2024, primarily due to our previously discussed divestitures and product life cycle management actions. On an organic basis, revenue increased approximately 3% year over year.

第三季營收為 9.32 億美元，與 2024 年第三季的 9.83 億美元相比減少了 5,100 萬美元，降幅為 5.2%，這主要是由於我們先前討論過的資產剝離和產品生命週期管理措施。以有機成長計算，營收年增約 3%。

We delivered adjusted operating income of $180 million and adjusted operating margins of 19.3%, which was up 30 basis points sequentially from the second quarter of 2025 and up 10 basis points year over year. Our adjusted operating margins were diluted by approximately 20 basis points due to $12 million of zero margin pass-through revenues related to tariff recovery. Excluding the dilutive impact of tariff pass-through, third-quarter adjusted operating margins increased by 30 basis points year over year.

我們實現了調整後的營業收入 1.8 億美元，調整後的營業利潤率為 19.3%，比 2025 年第二季度環比增長 30 個基點，比上年同期增長 10 個基點。由於與關稅回收相關的 1200 萬美元零利潤轉嫁收入，我們調整後的營業利潤率被稀釋了約 20 個基點。剔除關稅轉嫁的稀釋影響，第三季調整後的營業利潤率年增 30 個基點。

Tariffs pass-through revenues did not meaningfully impact sequential performance as we recorded approximately equal levels of tariff costs and pass-through revenues in both the second and third quarter of 2025.

關稅轉嫁收入並未對業績產生實質影響，因為我們在 2025 年第二季和第三季錄得的關稅成本和轉嫁收入水準大致相等。

Adjusted earnings per share of $0.89 in the third quarter of 2025 increased by $0.02 sequentially from the second quarter of 2025 despite seasonally lower revenues as we delivered on our margin expansion plans. Adjusted earnings per share was flat with the third quarter of 2024 on lower revenue.

儘管受季節性因素影響，收入有所下降，但由於我們實現了利潤率擴張計劃，2025 年第三季度調整後每股收益為 0.89 美元，比 2025 年第二季度環比增長 0.02 美元。由於營收下降，經調整後的每股盈餘與 2024 年第三季持平。

Free cash flow generation has been a primary focus for us this year and our improvements accelerate our capital allocation objectives. I am pleased to report that we delivered free cash flow of $136 million in the third quarter, which was an increase of approximately 49% year over year. This represents an exceptionally strong conversion rate of 105% of adjusted net income, an increase of 14 percentage points compared to the second quarter of 2025 and 37 percentage points compared to the third quarter of 2024.

今年，我們一直將自由現金流的產生作為首要關注點，而我們的改進也加速了我們實現資本配置目標的進程。我很高興地報告，我們第三季實現了 1.36 億美元的自由現金流，年增約 49%。這代表著調整後淨收入的轉換率達到了驚人的 105%，比 2025 年第二季成長了 14 個百分點，比 2024 年第三季成長了 37 個百分點。

Now let's turn to slide 9, and I will discuss capital deployment. With our strong free cash flow, we reduced net leverage to 2.9 times trailing 12 months adjusted EBITDA compared to 3.0 times at the end of June. Last quarter, we indicated that our capital allocation strategy would prioritize deleveraging. Today, we took initiative to deploy capital in furtherance of this priority as we commenced cash tender offers to purchase $350 million of our long-term debt.

現在我們來看第 9 張投影片，我將討論資金部署問題。憑藉強勁的自由現金流，我們將淨槓桿率從 6 月底的 3.0 倍降至過去 12 個月調整後 EBITDA 的 2.9 倍。上個季度，我們曾表示，我們的資本配置策略將優先考慮去槓桿化。今天，我們主動部署資金以推進這一優先事項，我們啟動了現金要約收購，以購買 3.5 億美元的長期債務。

Our capital allocation strategy, combined with the performance of our business, is delivering returns with return on invested capital increasing to 10.2%, which is an improvement of 10 basis points sequentially from the second quarter of 2025 and 20 basis points year over year compared to the third quarter of 2024.

我們的資本配置策略，加上我們業務的業績，帶來了回報，投資資本回報率提高到 10.2%，比 2025 年第二季度環比提高了 10 個基點，比 2024 年第三季度同比提高了 20 個基點。

In the third quarter, we returned $17 million to shareholders through our regular quarterly dividend. Last week, we announced our fourth-quarter dividend of $0.12 per share, payable on November 26 to shareholders of record as of November 12.

第三季度，我們透過常規季度分紅向股東返還了 1,700 萬美元。上週，我們宣布了第四季股息，每股0.12美元，將於11月26日支付給截至11月12日登記在冊的股東。

Turning to slide 10, I'll talk through the results for our segments. Performance Sensing revenue in the third quarter of 2025 was $657 million, approximately flat year over year on a reported basis. Organically, revenue increased 3.6% year over year as we outgrew our end markets in both automotive and HVOR, consistent with the expected return to outgrowth in the second half of 2025 that we had communicated earlier this year.

接下來請看第 10 張投影片，我將詳細介紹我們各個部分的結果。2025 年第三季績效感測收入為 6.57 億美元，以報告數據計算，與去年同期基本持平。從有機成長來看，營收年增 3.6%，這得益於我們在汽車和 HVOR 兩個終端市場的成長，這與我們今年稍早宣布的 2025 年下半年恢復超額成長的預期相符。

Performance Sensing adjusted operating income was $156 million, or 23.7% of Performance Sensing revenue, representing year-over-year margin expansion of 160 basis points inclusive of any dilutive impact from tariffs. Sensing Solutions revenue in the third quarter of 2025 was $275 million, which was approximately flat year over year.

Performance Sensing 調整後的營業收入為 1.56 億美元，佔 Performance Sensing 收入的 23.7%，較去年同期成長 160 個基點（包括關稅帶來的任何稀釋影響）。2025 年第三季感測解決方案營收為 2.75 億美元，與去年同期基本持平。

Organically, revenue increased 2.5% year over year, driven by new content in our industrials business and growth in our aerospace business. This marks our third straight quarter of year-over-year organic growth. Sensing Solutions adjusted operating income was $85 million or 30.9% of Sensing Solutions revenue, representing year-over-year margin expansion of 150 basis points, again, inclusive of any dilutive impact from tariffs.

有機成長方面，營收年增 2.5%，這主要得益於工業業務的新內容和航空航太業務的成長。這標誌著我們連續第三個季度實現了同比增長。感測解決方案調整後的營業收入為 8,500 萬美元，佔感測解決方案收入的 30.9%，年增 150 個基點，同樣計入了關稅帶來的任何稀釋影響。

The margin expansion in both our Performance Sensing and Sensing Solutions segments represents the significant strides our teams have made in the last year in unlocking productivity, and I want to echo Stephan's comments regarding the great work being done by team Sensata. Corporate and other adjusted operating expenses increased by $12 million compared to the third quarter of 2024, primarily driven by higher variable compensation due to better underlying performance.

我們在效能感測和感測解決方案兩個領域的利潤率擴張，代表了我們團隊在過去一年中為提高生產力所取得的重大進展，我完全贊同 Stephan 對 Sensata 團隊所做出色工作的評價。與 2024 年第三季相比，公司及其他調整後的營運費用增加了 1,200 萬美元，主要原因是由於基本面業績改善，可變薪酬增加。

Finally, just a brief follow-up on the Dynapower topic that Stephan mentioned earlier. In the third quarter, we recorded $259 million in noncash charges as a result of changes in clean energy policy and emissions regulations. This included a goodwill impairment charge of approximately $226 million related to the Dynapower business, as well as certain other noncash charges primarily due to excess capacity related to electrification.

最後，簡單跟進一下Stephan之前提到的Dynapower話題。第三季度，由於清潔能源政策和排放法規的變化，我們記錄了 2.59 億美元的非現金支出。這其中包括與 Dynapower 業務相關的約 2.26 億美元的商譽減損支出，以及主要由於電氣化導致產能過剩而產生的其他一些非現金支出。

These costs were excluded from adjusted operating income as they are noncash and nonrecurring in nature. More detail regarding the reconciliation of our GAAP to non-GAAP financial metrics is available in our SEC filings, in the appendix to today's earnings presentation, and on our Investor Relations website.

這些成本不屬於現金支出和非經常性支出，因此未計入調整後的營業收入。有關我們 GAAP 與非 GAAP 財務指標的調整詳情，請參閱我們提交給美國證券交易委員會的文件、今天收益簡報的附錄以及我們的投資者關係網站。

Turning briefly to slide 11, I will share some high-level thoughts on our markets. Within Performance Sensing, we have been pleased with the durability of automotive demand. We are encouraged by the growth in China, where we continue to increase our share, and in North America, despite concerns around end market demand, production has lagged SAAR and inventory levels remain relatively normal, indicating further durability.

接下來，我將簡要地翻到第 11 張投影片，分享一些關於我們市場的高層次想法。在性能感測領域，我們對汽車需求的持久性感到滿意。我們對中國市場的成長感到鼓舞，我們在中國市場的份額持續成長；在北美，儘管對終端市場需求存在擔憂，但產量落後於季節性調整後的年均產量，庫存水準也保持相對正常，這表明市場將持續成長。

The HVOR end market has been soft, particularly with on-road trucks in North America, though we have been pleased with our ability to expand margins overall despite weakening end market demand in this high-margin business.

HVOR 終端市場一直疲軟，尤其是在北美公路卡車市場，儘管在這個高利潤業務中終端市場需求疲軟，但我們對整體利潤率的提升能力感到滿意。

In Sensing Solutions, gas leak detection has provided meaningful growth against an end market that has not yet fully recovered. Given our exposure to HVAC and appliance, we look at housing recovery and interest rates as the likely catalyst for this end market. And lastly, in our aerospace business, we have seen reliable market growth in the low to mid-single-digit range all year, and we expect that to continue with strong order books across the sector.

在感測解決方案領域，氣體洩漏檢測在終端市場尚未完全復甦的情況下實現了顯著成長。鑑於我們對暖通空調和家電行業的涉足，我們認為房地產市場復甦和利率可能是推動該終端市場的催化劑。最後，在我們的航空航太業務方面，我們全年都看到了可靠的市場成長，成長率保持在個位數低到中等水平，我們預計隨著整個產業強勁的訂單量，這種情況將持續下去。

Before I discuss our fourth-quarter expectations, let's turn to slide 12 for a brief update on tariffs. In the third quarter of 2025, we recorded approximately $12 million of tariff costs and associated pass-through revenues. This was approximately flat with the second quarter of 2025, and looking ahead, we expect the same exposures in the fourth quarter based on trade policies currently in effect.

在討論我們對第四季的預期之前，讓我們先翻到第 12 張投影片，簡要地了解一下關稅的最新情況。2025 年第三季度，我們記錄了約 1,200 萬美元的關稅成本和相關的轉嫁收入。這與 2025 年第二季的情況大致持平，展望未來，根據目前生效的貿易政策，我們預計第四季也將面臨同樣的風險。

The vast majority of our imports into the United States are from Mexico, and over 80% of those imports are USMCA qualified. We do not expect any meaningful changes in our USMCA qualification levels moving forward. Additionally, Sensata is not directly exposed to either the automotive parts nor heavy truck parts tariffs as the products we produce are not included within the scope of these tariffs.

美國進口商品絕大部分來自墨西哥，其中超過 80% 的進口商品符合美墨加協定 (USMCA) 的規定。我們預期未來美墨加協定資格等級不會有任何實質變化。此外，由於我們生產的產品不屬於汽車零件或重型卡車零件關稅的範圍，因此森薩塔不會直接受到這些關稅的影響。

And finally, just a brief reminder on our operating posture regarding tariffs. Sensata will produce to customer demand signals and will make product available to our customers at our production locations or delivered to any appropriate destination of our customers' choosing.

最後，簡單提醒一下我們關於關稅方面的運作立場。森薩塔將根據客戶需求訊號進行生產，並將產品在我們的生產地點提供給我們的客戶，或交付到客戶選擇的任何合適的目的地。

Should our customers require that we import materials into any jurisdiction that applies the tariff to such imports, we will only do so with a reimbursement agreement in place. We are grateful to our customers and suppliers for their continued support in this process. Their partnership and collaboration has been invaluable.

如果我們的客戶要求我們將材料進口到對這類進口徵收關稅的任何司法管轄區，我們只會在簽訂補償協議後才會這樣做。我們衷心感謝客戶和供應商在過程中給予的持續支持。他們的合作與夥伴關係非常寶貴。

With that, let's turn to slide 13, and I will walk through our expectations for the fourth quarter of 2025. We expect fourth-quarter revenue of $890 million to $920 million, adjusted operating income of $172 million to $179 million, adjusted operating margins of 19.3% to 19.5%, adjusted net income of $121 million to $127 million, and adjusted earnings per share of $0.83 to $0.87.

接下來，讓我們翻到第 13 張投影片，我將介紹我們對 2025 年第四季的預期。我們預計第四季度營收為 8.9 億美元至 9.2 億美元，調整後營業收入為 1.72 億美元至 1.79 億美元，調整後營業利潤率為 19.3% 至 19.5%，調整後淨收入為 1.21 億美元至 1.27 億美元，調整後每股收益為 0.83 美元至 0.83 美元。

Our revenue guidance range reflects a cautious outlook in light of recent idiosyncratic events such as the Novelis factory fire and the potential supply disruptions related to Nexperia. To be clear, we have not projected any major disruptions to our business in connection with these events. However, we are taking a more cautious view on the market and our order book.

鑑於近期發生的特殊事件，例如諾維利斯工廠火災以及與Nexperia相關的潛在供應中斷，我們的收入預期範圍反映了謹慎的展望。需要明確的是，我們預計這些事件不會對我們的業務造成任何重大干擾。然而，我們對市場和訂單情況持更加謹慎的態度。

At the midpoint of our guidance range, we expect approximately 10 basis points of sequential margin expansion, and we have assumed the same level of tariff costs and pass-through revenues to what we incurred in the third quarter.

在我們預期範圍的中點，我們預計利潤率將環比增長約 10 個基點，並且我們假設關稅成本和轉嫁收入與第三季度發生的水平相同。

As noted in our press release and earnings materials, our guidance and tariff assumptions are based on trade policies and tariff rates in effect as of October 28, and do not incorporate any impacts from proposed changes to trade policies.

正如我們在新聞稿和獲利資料中所述，我們的業績指引和關稅假設是基於截至 10 月 28 日生效的貿易政策和關稅稅率，並未考慮擬議貿易政策變化的任何影響。

Finally, while we are not yet providing 2026 guidance, I would like to share initial thoughts on 2026. We are reasonably comfortable with consensus estimates for the full year. However, as we look at the quarters within 2026, we see a wider range of estimates, particularly in the first quarter. As a reminder, Q4 to Q1 margin seasonality is driven by pricing dynamics in our automotive business. Specifically, contractual price downs to our customers typically take effect at the beginning of the year as do our supplier price reductions.

最後，雖然我們尚未提供 2026 年的指導意見，但我想分享我對 2026 年的初步想法。我們對全年的普遍預期比較滿意。然而，當我們展望 2026 年的各個季度時，我們發現預測範圍更廣，尤其是在第一季。再次提醒，第四季到第一季的利潤率季節性波動是由我們汽車業務的價格動態所驅動的。具體來說，我們與客戶簽訂的合約價格下調通常在年初生效，供應商的價格下調也是如此。

However, with approximately 90 days of inventory on hand, the majority of our first-quarter sales reflect higher cost inventory. As we progress into the second quarter, margins normalize, and each quarter thereafter, we typically see margin expansion driven by productivity in our factories. This trend was observed in the years preceding the pandemic and the inflation that followed and was observed again in 2025 as pricing returned to pre-pandemic norms. We expect similar seasonality moving forward.

然而，由於庫存量大約相當於 90 天的供應量，我們第一季的大部分銷售額反映的是較高成本的庫存。隨著我們進入第二季度，利潤率趨於正常化，此後每個季度，我們通常都會看到利潤率因工廠生產率的提高而擴張。這種趨勢在疫情爆發前的幾年以及隨後的通貨膨脹中就已經出現，並且在 2025 年價格恢復到疫情前水準時再次出現。我們預計未來一段時間內季節性變化趨勢將與之類似。

With that, I will turn the call back to Stephan.

這樣，我就把電話轉回給史蒂芬了。

Thank you, Andrew. As we look ahead, I'd like to leave you with a few parting thoughts. Over the last nine months, we have executed with consistency, laying a solid foundation on which to build. Beyond significantly improving our say-do ratio, we have also improved underlying performance in our business, and our free cash flow conversion is a compelling proof point.

謝謝你，安德魯。展望未來，我想和大家分享幾點臨別感想。在過去九個月裡，我們始終如一地執行計劃，為未來的發展奠定了堅實的基礎。除了大幅提高我們的言行比率外，我們還改善了業務的基本表現，而我們的自由現金流轉換率就是一個有力的證明。

Additionally, we have demonstrated a return-to-market outgrowth, beginning with our industrial and aerospace business earlier in the year and, with our third-quarter results, also in our automotive and heavy vehicle businesses.

此外，我們已經證明了市場復甦的成長勢頭，從今年早些時候的工業和航空航天業務開始，到第三季度汽車和重型車輛業務的業績，都體現了這一點。

And lastly, we're acting decisively to set ourselves up for long-term shareholder value creation by installing the right leadership team, adjusting course on strategy as end markets change, and deploying capital to retire debt. We look forward to continuing to update you on our progress as we transition towards the next phase of our transformation.

最後，我們正在採取果斷行動，透過組成合適的領導團隊、隨著終端市場的變化調整策略方向以及投入資金償還債務，為長期股東價值創造做好準備。我們期待在向下一階段轉型過渡的過程中，繼續向您報告我們的進展。

I'll now turn the call back to James for Q&A.

現在我將把電話轉回給詹姆斯，讓他回答問題。

Thank you, Stephan and Andrew. We will now move to Q&A. (Event Instructions) Operator, please introduce the first question.

謝謝史蒂芬和安德魯。接下來進入問答環節。（活動說明）操作員，請介紹第一個問題。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Hi. This is Ashley on for Wamsi. Congrats on the results. Just one question for me. On the tire burst detection, last quarter, I believe it was mentioned that wins might be able to help contribute to revenues relatively quickly. Just can you help us think through quantifying this revenue impact in China from these additional wins? Thanks.

你好。這裡是 Ashley 為 Wamsi 報道。恭喜取得好成績。我只有一個問題。關於輪胎爆裂檢測，我記得上個季度曾提到過，贏得比賽可能會相對快速地為收入做出貢獻。您能否幫我們分析一下，如何量化這些新增訂單對中國市場營收的影響？謝謝。

Thank you, Ashley. Yes, so in China, the design cycle tends to be much shorter than in the West, it can be as quick as six to nine months from a design win to start a production. With respect to individual wins, given that these are only at a couple of OEMs so far, we're unable to disclose the actual value of these wins.

謝謝你，艾許莉。是的，所以在中國，設計週期往往比西方短得多，從設計中標到開始生產可能只需要六到九個月。至於具體的勝利，鑑於目前這些勝利只發生在少數幾家原始設備製造商身上，我們無法透露這些勝利的實際價值。

What I can say is that we returned to outgrowth in China in the third quarter, and we expect to continue to outgrow the market moving forward. And these wins and other wins with local OEMs in China are a big reason why. We'd expect our growth to be in the low single-digit market -- low single digits above market range initially.

我可以肯定地說，我們在中國市場第三季恢復了超額成長，我們預計未來將繼續保持超額成長。這些勝利以及與中國本土OEM廠商的其他合作成果，都是造成此現象的重要原因。我們預期初期成長率將達到市場平均的個位數低段－比市場平均高出個位數低段。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I also was hoping to better understand what the company has seen in terms of its ability to outgrow the auto market. So just recognize you outgrew globally in the third quarter. I think you said double digits in China.

我也希望能更了解該公司在超越汽車市場發展能力方面所取得的成就。所以你要意識到，你在第三季已經在全球發展壯大。我想你之前說過中國是兩位數。

And your comments, Andrew, about outgrowth going forward. It's really where I was hoping to focus. So as you look into 2026, you think about the auto business more generally, but both in Asia and in a global perspective, based on the wins you have and your discussions with customers, do you think your overall auto business can outgrow auto production next year? Thanks.

安德魯，你對未來發展有何看法？這正是我希望重點關注的領域。展望 2026 年，您會更廣泛地考慮汽車行業，無論是在亞洲還是在全球範圍內，根據您取得的成功以及與客戶的討論，您認為您的整體汽車業務明年能否超過汽車產量？謝謝。

So Mark, nice to hear you. Let me answer that question for you. So yes, I mean, you're absolutely right. We had like double-digit outgrowth in China. We've won a fantastic business. As you heard in my script, we have a new President in China with Jackie, and he has really done a great job to win new business on the contactor side, but as also just mentioned, on the tire burst system.

馬克，很高興收到你的消息。讓我來回答你的問題。是的，我的意思是，你說得完全正確。我們在中國實現了兩位數的超額成長。我們贏得了一筆非常棒的生意。正如你在我的稿子裡聽到的，我們中國新上任的總裁是成龍，他在承包方面取得了巨大的成功，贏得了新的業務，而且正如剛才提到的，在輪胎爆破系統方面也取得了成功。

And that has enabled us to outgrow in that market and given us an overall, I would say, modest outgrowth in quarter three of this year. And going forward, with those wins and potential further wins that we're currently working on, we're looking at further outgrowth going forward into 2026.

這使得我們能夠在該市場中實現超額成長，並使我們在今年第三季實現了整體的適度成長。展望未來，憑藉這些勝利以及我們目前正在努力的潛在勝利，我們期待在 2026 年實現進一步的成長。

Guy Hardwick, Barclays Capital.

蓋伊·哈德威克，巴克萊資本。

I'm just looking at the revenue by end market. Am I reading this correctly that HVAC stepped up very considerably sequentially and quarter on quarter at 6% of revenues compared to just over 4% a year ago and 4.6% in Q2? So kind of implies almost 40% growth in the HVAC business. Has there been some segmental change, or is that real growth?

我只是在查看按終端市場劃分的收入。我的理解是否正確，暖通空調業務較上季和季比均大幅成長，佔營收的 6%，而去年同期略高於 4%，第二季為 4.6%？這大致意味著暖通空調產業將成長近 40%。是市場格局發生了變化，還是真正的成長？

That's real growth, definitely real growth. So overall, what's obviously fueling this growth is our so-called A2L gas leak detection product. We've won new business. We've won two new businesses, and we're continuing to gain market share. We've got a substantial market share from today's perspective. And that is basically fueling this growth and then also fuel the growth going forward. That's the main reason for that.

這是真正的成長，絕對是真正的成長。總的來說，推動這一增長的顯然是我們所謂的 A2L 氣體洩漏檢測產品。我們贏得了新業務。我們贏得了兩家新客戶，市場份額還在擴大。從目前的角度來看，我們擁有相當大的市場份額。這基本上推動了當前的成長，並且也將推動未來的成長。這就是主要原因。

And Guy, just for clarity, we presented the gas leak detection revenue in industrial last quarter. We've recast both on a Q3 and on a year-to-date basis into the HVAC segment. So I think that may be what you're seeing in those end market disclosures.

蓋伊，為了更清楚地說明，我們上個季度公佈了工業領域氣體洩漏檢測的收入情況。我們已經將第三季和年初至今的業績都重新納入暖通空調產業。所以我認為，這可能是你在終端市場揭露資訊中看到的情況。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Andrew, there's three debt securities listed in the tender offer. Obviously, the five and seven days are the most expensive. Is there any reason to believe you wouldn't go after those first? And just somewhat related. Is the lower interest expense considered in your fourth-quarter EPS guidance? Thanks.

安德魯，要約收購中列出了三種債務證券。顯然，五天和七天的行程是最貴的。有什麼理由相信你不會先去追捕那些人嗎？還有一些相關的內容。你們在第四季每股收益預期中是否考慮了較低的利息支出？謝謝。

Yeah. So given that the tender is still open or limited in how much we can share about what notes we prefer to retire or anything like that. But what I can share on the interest is we're earning roughly at parity between cash on the balance sheet and the interest expense that we're incurring on those 29 notes.

是的。鑑於招標仍在進行中，或者說我們能透露的關於我們更傾向於贖回哪些票據之類的資訊非常有限。但我可以透露的是，就利息而言，我們的收益大致與資產負債表上的現金和我們為這 29 張票據產生的利息支出持平。

And then obviously, the other notes are a little bit more pricey. But on balance, I wouldn't expect it to have a material impact on net interest in the fourth quarter. And so nothing to consider from a guide perspective there. And then beyond that, we refer to the tender offer materials that we issued with the press release earlier today.

當然，其他面額的鈔票價格會稍微貴一些。但總的來說，我預計它不會對第四季的淨利息收入產生實質影響。所以從導遊的角度來看，這方面沒有什麼需要考慮的。此外，我們還將參考今天稍早隨新聞稿一起發布的要約收購資料。

Joe Giordano, TD Cowen.

喬喬丹諾，TD Cowen。

Hey, guys. Nice job. As you think through the capital structure here, I think everyone probably likes what you're doing with the charges and taking down Dynapower and the debt reduction. But how do you marry the innovation internally that you're doing with like the desire to ultimately deploy more in the future?

嘿，夥計們。幹得漂亮。當你仔細考慮這裡的資本結構時，我想大家可能都喜歡你對收費、收購 Dynapower 和減少債務的做法。但是，如何將內部正在進行的創新與未來進一步推廣的願望結合起來呢？

So I know now we're talking about retiring debt and paying down and getting leverage down, but what's the target where you start to feel comfortable enough that you can start to take iterative steps outside of the current portfolio again?

我知道我們現在在討論償還債務、降低槓桿率，但是，當你開始感到足夠安心，可以再次開始在當前投資組合之外採取迭代步驟時，你的目標是什麼？

Sure. Thanks for the question. So I think in the short term, we're very focused on our core business. We believe that we have all the building blocks that we need to grow, succeed in our end markets, and return to outgrowth like Stephan mentioned. So I want to be very clear, that's our core focus right now.

當然。謝謝你的提問。所以我認為短期內，我們將非常專注於我們的核心業務。我們相信，我們擁有發展壯大、在終端市場取得成功並像史蒂芬提到的那樣重回成長軌道所需的一切要素。所以我想非常明確地指出，這是我們目前的核心重點。

A big part of that involves improving the cash generation in our core business and then prioritizing the deployment of that capital to reduce our leverage. And I think you can look for that to be our primary focus for the near to medium term.

其中很大一部分工作是提高我們核心業務的現金流，然後優先部署這些資金以降低我們的槓桿率。我認為，在中短期內，這將是我們的主要關注點。

And let me add to that, Joe. So basically, I mean, yes, for now, the story that we've been continuously telling us on the last call is, first one, to deleverage the company, use some excess cash to strengthen our operations. So we've been very focused around smart automation in our factories to increase productivity. And that's proven to be the right investment, as you can see in the results as one effect.

喬，我再補充一點。基本上，我的意思是，是的，目前，我們在上次電話會議上一直強調的是，首先，要降低公司槓桿率，利用一些多餘的現金來加強我們的營運。因此，我們一直非常注重工廠的智慧自動化，以提高生產效率。事實證明，這是一項正確的投資，結果就是其中一個影響。

Yes. And going forward, obviously, we'll reevaluate if we'll deploy cash somewhere else. But at this point in time, we're sticking very much to what we've been telling you and deleveraging the company and improving performance. And that's the focus for the next quarters ahead.

是的。展望未來，很顯然，我們會重新評估是否將資金投入其他地方。但就目前而言，我們仍然堅持我們一直以來告訴你們的策略，降低公司槓桿率，提高績效。這就是接下來幾季的工作重點。

Luke Junk, Baird.

盧克瓊克，貝爾德。

Stephan, hoping you could just double-click on the aerospace portfolio, especially your IP and innovation cycle in that business relative to your right to win comment in the prepared remarks. I guess if I look, it's been growing low single-digit plus in recent years. It seems like the market has been growing a little bit faster in aggregate, just the levers that you see to growing that business more quickly into the future, too. Thank you.

史蒂芬，希望你能雙擊航空航太產品組合，特別是你在該業務中的智慧財產權和創新週期，以便你在準備好的發言稿中發表意見。我估計，從近幾年的情況來看，它的成長率一直保持在個位數左右。整體而言，市場似乎成長得更快了一些，也存在一些因素可以加快企業未來發展的速度。謝謝。

So first of all, let me reflect back on the growth. We've had steady growth, like you say, mid-single digit. And this has basically been both in commercial and defense markets. In quarter three of this year, this was actually a record revenue result. And I think as Andrew mentioned in his script was basically the fifth straight quarter of positive outgrowth.

首先，讓我回顧一下公司的發展歷程。正如你所說，我們一直保持著穩定的成長，成長率在個位數中段。而且這種情況基本上已經蔓延到商業和國防市場。今年第三季度，這實際上是創紀錄的營收業績。正如安德魯在他的腳本中提到的那樣，我認為這基本上是連續第五個季度實現正成長。

Now I think one topic is well known, but I'd like to repeat it, we still have high customer backlogs. They still persist. They're still there. And this is basically in -- basically this persists, but the recent information that we received, FAA is now approved with our biggest customer, one of our biggest customers, an increase to 42 aircraft per month.

現在我想有一個主題大家都很了解，但我還是想重申一遍，我們仍然有大量的客戶積壓訂單。他們依然堅持。它們還在那裡。基本上，這種情況仍然存在，但我們最近收到的消息是，美國聯邦航空管理局 (FAA) 已經批准我們最大的客戶之一將每月飛機運輸量增加到 42 架。

And as you can remember, back since January 2024, that was roughly 38 aircraft per month. So basically, that's going to increase part of that growth. And the other part of it is our exposure to defense business. And that will be the other area we'll be growing in this business unit.

您可能還記得，自 2024 年 1 月以來，平均每月約有 38 架飛機。所以基本上，這將促進部分成長。另一方面，我們也涉足國防業務。而這將是我們這個事業部門需要拓展的另一個領域。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

I wanted to better understand the strategic positioning of Dynapower at this point. You talked a little bit about the potential for applications related to data centers. I wanted to maybe see if you could expand on that a little bit more. And are you seeing engagements from customers in some of those end markets either grid storage, utility, or grid applications or then even data center? Thanks.

我想更深入了解 Dynapower 目前的戰略定位。您剛才談到了一些與資料中心相關的應用潛力。我想看看您能否再詳細闡述。您是否看到來自某些終端市場（例如電網儲能、公用事業、電網應用甚至資料中心）的客戶參與？謝謝。

Basically, the main focus for now and around data power are high energy requirements, which for us, create use cases around grid stabilization. That is the major use case around data centers from today's perspective.

目前，數據電源的主要關注點在於高能耗，這對我們來說，就產生了圍繞電網穩定而產生的應用案例。從當今的角度來看，這是資料中心的主要應用場景。

Kosta Tasoulis, Wells Fargo.

Kosta Tasoulis，富國銀行。

I think you guided organic growth over the next 12 to 18 months to be in the 2% to 4% range. I think the commentary last quarter was a lot of that was being helped by the non-light vehicle business. But I think H4 housing still looks challenged. Can you just parse out how you're thinking about that now?

我認為您已將未來 12 至 18 個月的有機成長率控制在 2% 至 4% 的範圍內。我認為上個季度的評論主要集中在非輕型汽車業務的成長。但我認為H4住房仍面臨挑戰。可以詳細說說你​​現在是怎麼想的嗎？

Sure. Happy to. So I think first, so obviously, we've seen a slowdown in some of our non-auto businesses this year. HVOR and specifically on-road truck in North America has slowed. And so while we're outgrowing that end market, the ability to grow with it is hampered by the lower levels of production that's impacted organic growth a little bit this year.

當然。樂意之至。所以首先，很明顯，我們今年在一些非汽車業務方面已經出現了放緩。HVOR，特別是北美公路貨車運輸速度放緩。因此，雖然我們的產品已經超過了終端市場的需求，但由於今年產量下降，有機成長受到一定影響，我們與終端市場共同成長的能力也受到了阻礙。

I think we're still on track for about 1%-ish organic growth if you look at where third parties are for the fourth quarter and then where the midpoint of our revenue guide is. And admittedly, that was a cautious guide given some of the risks that we see in the fourth quarter. So we'll see how that all settles in terms of production levels, et cetera.

我認為，如果看看第四季度第三方業務的進展情況，再看看我們收入預期的中點，我們仍然有望實現約 1% 的有機成長。誠然，考慮到我們在第四季度看到的一些風險，這確實是一個謹慎的預測。所以，我們將看看最終產量水準等方面的情況如何。

I think as you look forward beyond the fourth quarter, so certainly, again, we're not giving 2026 guidance, but we -- the biggest outgrowth headwind we've had this year, which has challenged our organic growth rate, has been the China market. And we turned the corner here in the third quarter, where we're now outgrowing production in China.

我認為，展望第四季之後，當然，我們不會給出 2026 年的業績指引，但是──今年我們遇到的最大成長阻力，也是對我們的有機成長率構成挑戰的因素，就是中國市場。我們在第三季扭轉了局面，現在我們的產能已經超過了中國。

So if end markets hold up and we continue to deliver the level of outgrowth that we've had here in the third quarter, we have very high confidence in our ability to grow organically low single digits moving forward.

因此，如果終端市場保持穩定，並且我們繼續保持第三季的成長水平，我們對未來實現個位數低成長充滿信心。

William Stein, Truist.

威廉·斯坦，Truist。

I'm hoping you can remind us of your longer-term margin outlook. I forget what you've targeted in the past. And I forget if it's single year or expansion view or multiyear. Can you just catch us up on that, please? Thank you.

希望您能提醒我們您對長期利潤率的展望。我忘了你過去的目標是什麼。我忘了這是單年視圖、擴展視圖還是多年視圖。可以給我們簡單介紹一下情況嗎？謝謝。

Thanks for the question, Will. So you may recall on the last call, we talked about a margin floor of 19%. We're still committed to that floor. But the reason that was an important data point for us is because there's obviously a lot of end market volatility and challenges we're dealing with. Mix matters in our business, certainly. We feel very comfortable in our ability to defend that floor on a full-year basis. And then beyond that, I would point to, we've demonstrated an ability to sequentially expand margins throughout the year as we've done this year.

謝謝你的提問，威爾。您可能還記得，在上一次電話會議上，我們討論了19%的最低保證金標準。我們仍然堅持那一層。但對我們來說，這是一個重要的數據點，因為很明顯，我們正在應對終端市場的巨大波動和挑戰。在我們的業務中，產品組合至關重要。我們非常有信心能夠全年捍衛這項榮譽。此外，我想指出的是，我們已經證明了我們有能力在一年中逐步擴大利潤率，就像我們今年所做的那樣。

And lastly, I would just point out that two of our higher-margin businesses, HVOR and industrial, are both in markets that are relatively soft right now. So if and when those markets recover, certainly, there's some margin help that we get with that. But without clarity on that and without having guided 2026, where we stand today is that we're very comfortable defending a margin floor of 19%.

最後，我想指出，我們利潤率較高的兩個業務部門——HVOR 和工業部門——目前都處於相對疲軟的市場中。所以，如果這些市場復甦，我們肯定會從中獲得一些利潤空間的幫助。但由於目前情況尚不明朗，也沒有對 2026 年做出預測，我們目前的立場是，我們完全有信心捍衛 19% 的利潤率下限。

(Operator Instructions) Rob Jamieson, Vertical Research Partners.

（操作說明）羅伯·傑米森，垂直研究夥伴公司。

Hey, guys. Nice results tonight. Just had a couple on free cash flow. Just really strong conversion this quarter again. Just wondering if you could walk through some of the details on working capital improvement, cash discipline that's driving this performance?.And then just your thoughts around the sustainability at this level.

嘿，夥計們。今晚成績不錯。剛剛用自由現金流做了幾筆交易。本季轉換率依然非常強勁。我想請您詳細介紹一下營運資本改善和現金流量管理的具體情況，而正是這些因素推動了績效的提升。那麼，請談談你對這個層面的永續性有何看法。

And then, Stephan, just on the benchmarking initiatives that you talked about in terms of getting different manufacturing facilities to kind of get to best-in-class internally. Just wanted to see what you're starting to see there in terms of early improvements.

然後，Stephan，關於你剛才提到的標竿管理計劃，即讓不同的製造工廠在內部達到一流水平。我只是想看看你那邊在早期改進方面看到了哪些進展。

Let me start with the second question. Thanks for the question. Look, we've continued with our benchmarking progress. First of all, the idea was to benchmark ourselves internally. So from a product family perspective, we would take the best-in-class product from a cost perspective and then benchmark that against all the other factories where that product is produced. And we made good progress.

讓我先回答第二個問題。謝謝你的提問。你看，我們的基準測試工作一直在穩定地推進。首先，我們的想法是進行內部基準測試。因此，從產品系列的角度來看，我們會選擇成本方面最好的產品，然後將其與生產該產品的所有其他工廠進行基準比較。我們取得了良好進展。

So we've reduced our costs significantly on each and every product, but we still have some way to go. And then the other view is obviously outside of Sensata. So if we can obtain benchmarks where we find products being produced better than our factories, we'll take that benchmark and work off against -- work ourselves off against that target, which we also do for certain product families. So it's a continuous progress. I think we've improved a lot, but still ongoing.

因此，我們已經大幅降低了每件產品的成本，但我們還有一段路要走。而另一種觀點顯然是在森薩塔之外的。因此，如果我們能找到一些基準，證明某些產品比我們工廠生產的更好，我們就會以此為基準，並以此為目標進行調整——我們也會針對某些產品系列這樣做。所以這是一個持續進步的過程。我認為我們已經取得了很大進步，但仍在繼續努力。

Yeah. And on the cash flow question. So the biggest lever there has been lower capital expenditures in our business. And I think that's really reflective of the level of discipline we're applying to CapEx. We're certainly looking at things like the certainty of the production outlook on the programs that we're investing in as well as the timing, and that's driven a lower level of CapEx in our business.

是的。關於現金流問題。因此，我們業務中最大的槓桿作用就是降低了資本支出。我認為這真正體現了我們對資本支出的嚴格控制。我們當然會考慮我們所投資項目的生產前景的確定性以及時間安排等因素，這導致我們業務的資本支出水準下降。

I'm comfortable that we can continue to convert free cash flow at a relatively healthy level. And the number that we've committed to is greater than 80%. I don't think that our relatively low level of CapEx this year is a benchmark for where we're going to be indefinitely.

我有信心我們能夠繼續以相對健康的水平轉化自由現金流。我們承諾的比例超過 80%。我不認為我們今年相對較低的資本支出水準可以作為我們未來無限期發展水準的基準。

But certainly, as we're looking at EV production outlook that's a little bit uncertain, volumes that are maybe softer than where they were expected to be a few years ago, we're applying a lot more rigor on the CapEx that we're improving and that's showing up in our free cash flow conversion. So I'm comfortable that we'll continue to convert at a high level. And I think the year-to-date result has been reflective of CapEx discipline.

但可以肯定的是，鑑於電動車的生產前景有些不確定，產量可能低於幾年前的預期，我們正在更加嚴格地控制資本支出，以改善生產狀況，這體現在我們的自由現金流轉換率上。所以我相信我們將繼續保持高轉換率。我認為今年迄今的業績反映了資本支出的嚴格控制。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi. This is [MP] on for Samik Chatterjee. Thank you for taking my question. I just wanted to double click on your return to growth pillar of the overall strategy. Just wanted to understand in terms of end markets, which end markets are strategically of higher importance in terms of returning to growth? Or like where do you expect the growth will be more skewed in terms of the overall end markets?

你好。這是薩米克·查特吉的[MP]發言。感謝您回答我的問題。我只是想重點強調你們整體策略中關於恢復成長的那部分。我想了解的是，就終端市場而言，哪些終端市場在恢復成長方面具有更高的策略重要性？或者說，您認為整體終端市場中，成長會更偏向哪些領域？

From an end market perspective, I think Andrew has given some highlights on that. We see, from Sensata's perspective, strong market outgrowth on the HVOR sector that is mainly driven due to construction and agricultural business, and that's basically offsetting the softness in that market.

從終端市場角度來看，我認為安德魯已經重點介紹了這一點。從森薩塔的角度來看，HVOR 行業的強勁市場成長主要得益於建築業和農業業務，這基本上抵消了該市場的疲軟。

And we also see, as I've mentioned earlier, with very, very strong order books in the aerospace area, we'll see a potential of growth going forward there as well. That is another area of high growth. Automotive, I would say, is rather soft with a slight outgrowth going forward. So the two strong ones being aerospace and HVOR.

正如我之前提到的，航空航太領域的訂單非常強勁，因此未來該領域也有成長的潛力。這是另一個高成長領域。我認為汽車產業目前發展勢頭較為疲軟，未來略有成長。所以，航空航太和HVOR是兩個強項。

And industrial -- sorry, industrial was the third one that I also wanted to mention, especially with our gas leak detection product that's enabling us to outgrow the market. And going forward, that will also be pushing growth.

還有工業領域——抱歉，工業領域是我還想提到的第三個領域，特別是我們的氣體洩漏檢測產品，它使我們能夠超越市場。展望未來，這也將推動成長。

That concludes our question-and-answer session. I would like to turn the conference back over to Andrew Lynch for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給安德魯·林奇，請他作總結發言。

Thank you, operator, and thank you all for joining today's presentation. We look forward to seeing you at various investor events later this quarter. We are currently expected to participate in the following events: the RW Baird Global Industrial Conference in Chicago on November 12; the UBS Global Industrials and Transportation Conference in West Palm Beach on December 3; and the Oppenheimer Winter Industrial Summit, which is a virtual conference on December 11.

謝謝操作員，也謝謝各位參加今天的示範。我們期待在本季稍後的各種投資者活動中見到您。我們目前預計將參加以下活動：11 月 12 日在芝加哥舉行的 RW Baird 全球工業會議；12 月 3 日在西棕櫚灘舉行的瑞銀全球工業和交通運輸會議；以及 12 月 11 日舉行的奧本海默冬季工業高峰會（虛擬會議）。

This concludes our third-quarter earnings conference call. Operator, you may now end the call.

我們的第三季財報電話會議到此結束。接線員，您可以結束通話了。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。