Sensata Technologies Holding PLC (ST) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the Sensata Technologies Q1 2026 earnings call. (Operator Instructions) Please also note, today's event is being recorded.

各位下午好，歡迎參加 Sensata Technologies 2026 年第一季財報電話會議。(接線員指示) 另外請注意，今天的活動將被錄音。

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

現在我想把電話會議交給投資人關係資深總監 James Entwistle 先生。請開始。

Thank you, operator, and good afternoon, everyone. I'm James Entwistle, Senior Director of Investor Relations for Sensata, and I'd like to welcome you to Sensata's first-quarter 2026 earnings conference call.

謝謝，接線員，各位下午好。我是 James Entwistle，Sensata 投資人關係資深總監，歡迎各位參加 Sensata 2026 年第一季財報電話會議。

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. A PDF of this presentation can be downloaded from Sensata's Investor Relations website. 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.

今天與我一同出席的有 Sensata 執行長 Stephan Von Schuckmann，以及 Sensata 財務長 Andrew Lynch。除了我們今天稍早發布的財務結果新聞稿外，我們也將在今天的電話會議中參考一份簡報投影片。該簡報的 PDF 可於 Sensata 投資人關係網站下載。本次電話會議將被錄音，我們會在會議結束後不久於投資人關係網站提供重播。

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 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.

在開始之前，我想先提及投影片第 2 頁的 Sensata「安全港」聲明。在本次電話會議中，我們將就未來事件或公司財務表現發表前瞻性陳述，這些陳述涉及若干風險與不確定性。公司的實際結果可能與此類陳述中所描述的預測存在重大差異。可能造成差異的因素包括但不限於我們在 10-Q 與 10-K 表格以及其他向美國證券交易委員會（SEC）提交的文件中所討論的事項。

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 earnings 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. Stephan will begin the call today with comments on the overall business. Andrew will then cover our detailed results for the first quarter of 2026 and our financial outlook for the second quarter of 2026 Stephan will then return for closing remarks.

我們鼓勵各位在閱讀今天的簡報之餘，也一併查閱我們的 GAAP 財務報表。我們在今天財報電話會議中討論的多數資訊將與非 GAAP 財務衡量指標相關。我們的 GAAP 與非 GAAP 財務資訊（含調節表）已包含於我們的財報新聞稿、簡報資料的附錄以及我們向 SEC 提交的文件中。Stephan 將先就整體業務發表評論。接著 Andrew 將說明 2026 年第一季的詳細結果，以及 2026 年第二季的財務展望；之後 Stephan 將回來做結語。

After that, we will take your questions. Now I would like to turn the call over to Sensata's Chief Executive Officer, Stephan Von Schuckmann.

之後我們將開放提問。現在我想把電話會議交給 Sensata 執行長 Stephan Von Schuckmann。

Thank you, James, and good afternoon, everyone. Let's begin on slide 3. As I typically do at the start of our earnings calls, I'd like to begin today with an update on Sensata's transformation journey. When we talk about transformation at Sensata, what we mean is that we have embarked on a journey to unlock untapped potential across our organization. We are encouraged that the market has taken notice of the progress we're making.

謝謝你，James，各位下午好。我們從投影片第 3 頁開始。如同我通常在財報電話會議一開始所做的，我今天想先更新 Sensata 的轉型歷程。當我們談到 Sensata 的轉型時，我們的意思是：我們已踏上一段旅程，旨在釋放組織內尚未被充分發揮的潛力。我們很受鼓舞，市場已注意到我們正在取得的進展。

However, what I find even more exciting is the vast opportunity ahead of us. Tapping into that opportunity means maximizing value for our shareholders, sustainably over the short and long term. We'd like to think of this as a pursuit of excellence over multiple phases, and that we are still early in this journey. The initial phase which we completed last year was to define what exit looks like and systematically built into the foundation of our business.

然而，我覺得更令人振奮的是我們前方龐大的機會。把握這些機會意味著在短期與長期內，以可持續的方式為股東創造並最大化價值。我們將其視為跨越多個階段的卓越追求，而我們仍處於這段旅程的早期。我們在去年完成的初始階段，是界定「終局」應該是什麼樣子，並將其系統性地建構到我們業務的基礎之中。

Our next phase is one of acceleration, expanding on the foundation by delivering incrementally better performance and increasing focus on strategic initiatives in pursuit of our aspiration to be best-in-class. And finally, transformation maturity means achieving and sustaining best-in-class performance and market leadership.

我們的下一個階段是加速期：在既有基礎上擴展，透過帶來逐步更佳的表現，並提高對策略性倡議的聚焦，以追求我們成為同業最佳（best-in-class）的願景。最後，轉型成熟意味著達成並維持同業最佳的表現與市場領導地位。

Last year, as we embarked on the first phase of our journey, we define what extent looks like for us. And we deployed a key pillars framework designed to maximize value creation. As we built up a systematic around those pillars, we focused on consistency of execution, sequentially improving each quarter and creating value for our shareholders. When updated during February on our year-end call, I shared that this framework is now foundational to everything that we do and is deeply ingrained in our business.

去年，當我們啟動旅程的第一階段時，我們界定了對我們而言「卓越」的樣貌。並且我們導入了一套關鍵支柱架構，旨在最大化價值創造。在圍繞這些支柱建立系統化機制的同時，我們聚焦於執行的一致性，逐季改善表現，並為股東創造價值。在 2 月的年終電話會議更新時，我分享過：這套架構如今已成為我們所做一切的基礎，並深深內嵌於我們的業務之中。

As we advance to the next phase of our journey, our priorities framework is, first, to retain the consistency of execution and margin resilience that we installed in the business over the past year. Second, to continuously compound value by delivering year over year growth and margin expansion, not only in aggregate but now also at segment level. And third, to fulfill our growth mandate by delivering on our near-term growth targets while also importantly, prior our future growth engine as we work on the strategic growth initiatives we laid out for each of our segments.

隨著我們邁向旅程的下一階段，我們的優先事項架構首先是：維持過去一年我們在業務中建立的執行一致性與毛利（利潤率）韌性。第二，透過實現年對年成長與利潤率擴張來持續複利式地累積價值，不僅在整體層面，現在也要在事業部（segment）層面達成。第三，履行我們的成長使命：在達成短期成長目標的同時，更重要的是打造未來的成長引擎，推進我們為各事業部所規劃的策略性成長倡議。

In this phase of our transformation, these priorities are all equally important. Balancing strategy, growth, and executing effectively is the standard to which we hold ourselves. Just as we did last year, each quarter, we will update you with proof points of our progress.

在我們轉型的這個階段，這些優先事項同等重要。在策略、成長與有效執行之間取得平衡，是我們對自身的要求標準。如同去年一樣，我們將在每一季向各位更新我們進展的具體佐證。

Before we get to the first quarter proof points, allow me to set the stage but where we have made progress these last few months. Our new leadership team is gaining meaningful momentum in their respective areas. Nicolas and our operations team, are making progress on inventory reduction and supplier payment terms optimization, which is evident in our first quarter cash conversion. Similarly, with improved focus on factory performance, productivity is accelerating, which is demonstrated in our first quarter margin expansion.

在進入第一季的佐證之前，請容我先鋪陳一下過去幾個月我們取得進展的地方。我們新的領導團隊在各自領域正累積顯著動能。Nicolas 與我們的營運團隊在降低庫存與優化供應商付款條件方面取得進展，這在我們第一季的現金轉換上已有所體現。同樣地，隨著對工廠績效的聚焦提升，生產力正在加速提升，這也反映在我們第一季的利潤率擴張上。

Marcus, Elis, and Brian have hit the ground running in their respective roles, and I will share more color on this as I provide segment updates in just a few moments. Before we get to the segments, let's turn to slide 4, and I will briefly cover our strong first quarter results, which clearly demonstrate the continued and consistent progress that we are making.

Marcus、Elis 與 Brian 在各自職務上迅速上手；在我稍後提供事業部更新時，我會分享更多細節。在進入各事業部之前，讓我們看投影片第 4 頁；我將簡要說明我們強勁的第一季結果，這清楚展現我們持續且一致的進展。

We delivered revenue and adjusted operating income at the high end of our guidance range, and we exceeded our expectations on adjusted EPS and free cash flow. Free cash flow of $105 million was again a bright spot and this represented 83% conversion, outpacing the first quarter of 2025, which is particularly noteworthy as 2025 was a record year for Sensata. With our improved free cash flow, we progressed further on our deleveraging journey.

我們的營收與調整後營業利益達到指引區間的高端，且調整後每股盈餘（EPS）與自由現金流均超出我們的預期。自由現金流 1.05 億美元再次成為亮點，轉換率達 83%，超越 2025 年第一季；特別值得注意的是，2025 年是 Sensata 的創紀錄年度。隨著自由現金流改善，我們在去槓桿化的旅程上進一步推進。

The results of the quarter are indicative of the progress we are making on our transformation journey and demonstrate that our strategy is creating value for shareholders. This is evident, not only in the quarterly results, but also in the sustained improvement in return on invested capital, which has continuously increased and now stands at 10.8%.

本季結果反映我們在轉型旅程上取得的進展，並顯示我們的策略正在為股東創造價值。這不僅體現在單季結果上，也體現在投入資本報酬率（ROIC）的持續改善；該指標持續上升，目前為 10.8%。

Last year, I spoke a lot about margin resilience, which requires operating our business with an inherent understanding that headwinds will arise. To prepare for this, we continuously make structural improvements, which increase our underlying earnings power. [Biogen] resilience, not only positions us to manage through headwinds, it also ensures we maximize the benefit from tailwinds.

去年我談了很多關於利潤率韌性，這要求我們在經營業務時，內建對逆風必然會出現的理解。為了做好準備，我們持續進行結構性改善，以提升我們的基礎獲利能力。[Biogen] 韌性不僅讓我們能夠管理並度過逆風，也確保我們能最大化順風帶來的效益。

Our Q1 results are an example of margin resilience in action. Despite multiple headwinds, including precious metal and inflation of over 100%, our first quarter adjusted operating margins improved by 30 basis points year over year to 18.6%. The stand in sharp contrast to the first quarter of 2025 when our results decreased 40 basis points from the prior year.

我們第一季的結果就是利潤率韌性落實的例子。儘管面臨多重逆風，包括貴金屬以及超過 100% 的通膨，我們第一季調整後營業利潤率仍年增 30 個基點至 18.6%。這與 2025 年第一季形成鮮明對比，當時我們的結果較前一年下降 40 個基點。

While I'm pleased with our consolidated results for the first quarter, I'm even more excited by the performance we are seeing in our segments with our reorganized business. Growth in our clear strategic focus and our Q1 results are indicative of the progress that we are making as we delivered organic growth in each of our segments.

雖然我對我們第一季的合併業績感到滿意，但我對我們在重組後的業務架構下，各事業部所展現的表現更感到振奮。我們在明確的策略聚焦下所帶來的成長，以及第一季的成果，顯示我們正持續取得進展，因為我們在每個事業部都實現了有機成長。

Let's turn to slide 5, and I will take you through a few highlights for each of our segments. In our Automotive business, we again delivered market outgrowth, demonstrating our ability to grow regardless of powertrain mix. As you may recall, we returned to market outgrowth in the back half of 2025 after several challenging quarters. Our growth accelerated to 4% in the first quarter as we are gaining traction on multiple fronts.

接下來請看第 5 頁投影片，我將帶各位快速回顧各事業部的幾項重點。在汽車業務方面，我們再次實現優於市場的成長，展現了不論動力系統組合如何變化，我們都有能力持續成長。各位或許還記得，在經歷數個具挑戰性的季度後，我們在 2025 年下半年重新回到優於市場的成長軌道。第一季我們的成長加速至 4%，因為我們在多個面向都逐步取得進展。

For example, in Europe, we are outgrowing production as our content per EV continues to improve. In the US, we're outgrowing production as our portfolio benefits from the resurgence of truck and SUV production. We're also securing future growth stacking electrification wins with innovative new products, such as our high-efficiency contactor, or HEC; and our FaultBreak contactor where we have secured meaningful new business wins in both Europe and the US.

例如在歐洲，隨著我們每輛電動車的單車價值（content per EV）持續提升，我們的成長速度超越整體產量。在美國，受惠於皮卡與 SUV 產量回升，我們的產品組合帶動我們同樣跑贏產量成長。我們也透過創新新產品持續累積電動化勝利以鎖定未來成長，例如我們的高效率接觸器（HEC），以及 FaultBreak 接觸器；在歐洲與美國，我們都已取得具實質意義的新業務訂單。

For example, in Europe, we secured a design win on an EV platform at a large German automotive OEM leveraging our heck to enable switching between 400 and 800-volt charging architectures. In China, our local contactor volume continues to ramp as we expand our business with key local OEMs, and we are now gaining traction with battery and battery systems manufacturers.

例如在歐洲，我們在一家大型德國汽車 OEM 的電動車平台上取得設計導入（design win），運用我們的 HEC 以支援在 400V 與 800V 充電架構之間切換。在中國，隨著我們與主要本土 OEM 擴大合作，本地接觸器出貨量持續爬坡，我們也開始在電池與電池系統製造商端取得進展。

Japan and Korea continue to be growth accelerators for us as we enjoy our highest content per vehicle in Korea, and we continue to grow our market share with leading OEMs in Japan. We're also seeing green shoots of our next wave of growth in automotive with our performance in India. We are significantly outgrowing production in this fast-growing market, and our revenue with a key OEM more than doubled year over year.

日本與韓國仍是我們的成長加速器：在韓國，我們擁有最高的單車價值；在日本，我們持續在領先 OEM 客戶中提升市占。我們也在印度的表現中看到汽車業務下一波成長的萌芽。在這個快速成長的市場，我們的成長顯著超越產量，其中與一家關鍵 OEM 的營收年增超過一倍。

Andrew will cover our detailed Q2 guidance and the full year outlook in these remarks. But as I speak about Automotive, I want to take the opportunity to assure you that while we are thrilled with our first quarter results and excited about our second quarter outlook, we are also clearly aware of some of the end market demand risks that are posed by geopolitical events and the effect on oil prices. In the spirit of margin resilience, we have developed plans for a number of scenarios and we are prepared to act swiftly to preserve our margins in event that automotive end markets deteriorate.

Andrew 將在本次說明中提供我們第二季的詳細指引以及全年展望。但在談到汽車業務時，我也想藉此機會向各位說明：儘管我們對第一季成果感到非常振奮，並對第二季展望充滿期待，我們也清楚意識到地緣政治事件及其對油價的影響，可能帶來終端市場需求風險。本著提升毛利韌性的精神，我們已針對多種情境制定計畫，若汽車終端市場惡化，我們也已準備好迅速採取行動以維持毛利水準。

Our Aerospace, Defense, and Commercial Equipment segment was a star performer in the quarter with double-digit organic growth. Our truck production remains soft, particularly in North America, we're seeing an increased demand for build slots in the back half of the year. Given the longer lead times for these vehicles, we're now entering replenishment cycle. We also observed an increase in demand from our diesel engine and power generation customers as they are benefiting from the demand for generator sets tied to data center construction.

我們的航太、國防與商用設備事業部在本季表現亮眼，有機成長達到雙位數。卡車產量仍偏疲弱，尤其在北美；但我們看到下半年對生產排程（build slots）的需求增加。考量這類車輛的交期較長，我們現在正進入補庫存循環。我們也觀察到柴油引擎與發電客戶的需求增加，因為資料中心建置帶動發電機組（generator sets）的需求，使其客戶受惠。

Aerospace and Defense continues to experience steady mid-single-digit growth driven by both strong commercial backlog and increased military spending. In addition to ramping up to supply the market-driven growth, we are focused on securing our share of well-time near-term content growth opportunities in defense applications. We recently secured a circuit breaker win from a German manufacturer of armored ground transport vehicles for a defense application in Europe, and we have similar opportunities in Europe in our pipeline.

航太與國防業務持續維持穩健的中個位數成長，動能來自強勁的商用訂單積壓（backlog）以及軍事支出增加。除了提升產能以供應市場帶動的成長外，我們也聚焦於在國防應用中，爭取近期具時效性的單車價值成長機會之市占。我們近期在歐洲取得一項斷路器訂單，客戶為一家德國裝甲地面運輸車輛製造商，用於國防應用；我們在歐洲的案源管線中也有類似機會。

We're also closely monitoring recently publicized developments around the US government asking traditional automotive OEMs to support defense production. It's still too early to quantify any impact, but we will update you should opportunities materialize. Our industrials business continues to experience end market softness particularly in HVAC, for unit shipments in the North America market decreased in the first quarter. Nonetheless, we delivered modest organic growth primarily through share gain.

我們也密切關注近期公開報導的發展，即美國政府要求傳統汽車 OEM 支援國防生產。目前仍言之過早，尚無法量化任何影響；若機會具體化，我們將向各位更新。我們的工業業務仍面臨終端市場疲弱，尤其在 HVAC 領域，北美市場第一季的出貨量下降。儘管如此，我們仍主要透過市占提升，實現了溫和的有機成長。

We booked two additional HL leak detection wins in the first quarter, further expanding our market leadership position as this product line continues to be a growth accelerator in North America. We remain focused on expanding this product offering into Europe and Asia. In the near term, European heat pump demand has returned to growth, supported by innovated fossil fuel prices alongside policy incentives, energy security concerns and improving cost economics. We expect this combination to be a positive demand driver for us over time.

第一季我們新增取得兩項 HL 漏洩偵測（leak detection）訂單，進一步擴大我們的市場領導地位；該產品線持續成為北美的成長加速器。我們仍聚焦於將此產品組合拓展至歐洲與亞洲。短期來看，歐洲熱泵需求已恢復成長，受惠於化石燃料價格上升，以及政策補助、能源安全考量與成本經濟性改善。我們預期這些因素的組合，將隨時間推進成為對我們有利的需求驅動力。

Let's turn to slide 6. As I'd like to elaborate on the data center opportunities in our industrial business. We have increased conviction around our right to win in data centers, building on our existing data center business. I'd like to provide more color on the opportunity and general time frame for growth acceleration. Inside the data center, electrical protection sockets and power distribution units and sensing sockets in quant distribution units create demand for our products. Outside the data center, there are meaningful opportunities for our Dynapower product in uninterrupted power supply, or UPS systems, and HVAC demand grows with recruiting needs for each data center.

接下來請看第 6 頁投影片。我想進一步說明我們工業業務在資料中心的機會。在既有資料中心業務的基礎上，我們對於在資料中心領域「贏的權利」（right to win）更具信心。我想就此機會以及成長加速的大致時間框架提供更多說明。在資料中心內部，電氣保護插座、配電單元（PDU）以及配電單元中的感測插座，會帶動對我們產品的需求。在資料中心外部，我們的 Dynapower 產品在不斷電系統（UPS）方面也有可觀機會；此外，隨著每座資料中心的冷卻需求增加，HVAC 需求也會成長。

We are incumbent in data centers today with both low voltage AC electrical protection as well as with sensing and HVAC applications. With this incumbency, we are already benefiting from secular growth.

目前我們已在資料中心領域具備既有供應地位（incumbent），涵蓋低壓 AC 電氣保護，以及感測與 HVAC 應用。憑藉這樣的既有基礎，我們已經在受惠於長期結構性成長（secular growth）。

As we look at the technological road map for data centers, we see a major inflection point in the data center ecosystem. The opportunity for Sensata is significant and our right to win is compelling. This inflection point is driven by the rapid evolution of GPU platforms and the associated changes in power and thermal management requirements.

當我們檢視資料中心的技術路線圖時，我們看到資料中心生態系正出現一個重大的拐點。對 Sensata 而言，這項機會相當可觀，而我們的「贏的權利」也極具說服力。這個拐點來自 GPU 平台的快速演進，以及隨之而來在電力與熱管理需求上的變化。

Allow me to elaborate. Today, most deployed data centers rely on low voltage AC electrical architectures where air cooling meets current thermo requirements. Industry road maps from leading GPU manufacturers point towards higher Baltic DC power systems, including 800-volt DC, which drives substantially higher reg densities and accelerate the need for liquid cooling solutions. These transitions increased demand for high-voltage contactors and for pressure, temperature, and flow sensors. These application areas are closely in line with our portfolio where our performance, reliability, and application expertise supports a strong competitive position.

我進一步說明。目前多數已部署的資料中心仍採用低壓 AC 電力架構，並以氣冷滿足現行的散熱需求。來自領先 GPU 製造商的產業路線圖指出，未來將朝向更高電壓的 DC 供電系統發展，包括 800V DC，這將推動顯著更高的機櫃密度（rack densities），並加速對液冷解決方案的需求。這些轉變將提高對高壓接觸器，以及壓力、溫度與流量感測器的需求。這些應用領域與我們的產品組合高度契合；我們的性能、可靠度與應用專業能力，支撐我們建立強勁的競爭地位。

In parallel with our EPC and distribution partnerships, we're engaging earlier in the design cycle with hyperscalers and ODMs to support upfront specifications. This approach strengthens downstream pull-through by enabling EPC's internal partners to deliver against predefined customer requirements. Since our last update, the strategy has resulted in our products being specked by two hyperscalers and our new flow center product has advanced from development to customer validation.

在推進我們與 EPC 與通路夥伴合作的同時，我們也更早介入超大規模業者（hyperscalers）與 ODM 的設計週期，以支援前期規格制定。此作法可讓 EPC 的內部夥伴依既定的客戶需求交付，從而強化後續的拉動效應（pull-through）。自上次更新以來，該策略已使我們的產品被兩家 hyperscaler 納入規格（spec-ed），而我們新的流量中心（flow center）產品也已從開發階段推進至客戶驗證階段。

From a timing perspective, industry road maps indicate that adoption of liquid cooling is expected to accelerate beginning around mid-2027, particularly in high density, AI, and high-performance computing deployments. As this system scale, leading GPU and infrastructure suppliers anticipate a subsequent shift towards higher voltage power architectures.

就時程而言，產業路線圖顯示，液冷的採用預期將自 2027 年年中左右開始加速，尤其是在高密度、AI 與高效能運算（HPC）部署中。隨著這些系統規模擴大，領先的 GPU 與基礎設施供應商預期後續將進一步轉向更高電壓的供電架構。

While the revenue opportunity is medium term, the time to get spec-ed in is not, and that's exactly where our focus is. This is what -- as well, and it is the call to our automotive legacy. In parallel, our diner power business is actively bidding on several lot programs with an extensive opportunity pipeline for UPS projects. The highlights I just shared are just a peak into the growth engine that we are priming at Sensata. I have even more conviction in our growth prospects than I did just a quarter ago.

雖然營收機會屬於中期，但取得規格導入（spec-in）的時間並不是中期——而這正是我們聚焦的重點。這也呼應了我們在汽車領域長期累積的能力與傳承。同時，我們的 Dynapower 業務正積極競標多個大型專案，並在 UPS 專案方面擁有龐大的機會管線。我剛分享的重點，只是 Sensata 正在加速啟動的成長引擎之一角。相較於僅僅一季之前，我對我們的成長前景更具信心。

With our new segmentation, Marcus, Alice and Brian each have clear growth mandates for their respective businesses. They, along with their strong teams, are bringing the end market focus that is required to deliver on a growth mandate. With that, I would like to extend my gratitude to teams -- for their collective commitment to our transformation and consistency of execution.

透過我們新的分部劃分，Marcus、Alice 與 Brian 各自對其所負責的業務都有明確的成長任務。他們與其強大的團隊一起，帶來了落實成長任務所需的終端市場聚焦。在此，我要向各團隊致上謝意——感謝大家對我們轉型的共同承諾，以及一貫的執行力。

Now let me turn the call over to Andrew to provide greater detail on the first quarter and our thoughts around the second quarter and full year.

接下來我把電話會議交給 Andrew，請他更詳細說明第一季表現，以及我們對第二季與全年展望的看法。

Thank you, Stephan. Let's turn to slide 8. For clarity, unless otherwise specified, amongst are referenced in millions of US dollars and growth percentages are approximate. We delivered first quarter revenue, adjusted operating income, and adjusted earnings per share at or above the high end of our expectations despite volatility in our end markets.

謝謝你，Stephan。我們來看第 8 頁投影片。為了清楚起見，除非另有說明，文中金額均以百萬美元為單位，成長百分比為約略值。儘管終端市場波動，我們第一季營收、調整後營業利益與調整後每股盈餘仍達到或高於我們預期區間的上緣。

As Stephan noted, this demonstrates a continuation of the momentum and consistency of execution that we achieved last year. We reported first quarter revenue of $935 million, an increase of $24 million or 3% from $911 million in the first quarter prior year.

如 Stephan 所提，這顯示我們延續了去年所建立的動能與一貫的執行力。我們第一季營收為 9.35 億美元，較去年同期的 9.11 億美元增加 2,400 萬美元，或成長 3%。

On an organic basis, revenue grew 4% year over year as we had a $34 million inorganic revenue headwind from divestitures, which was partially offset by a $20 million revenue tailwind from FX. This was the final quarter of meaningful revenue impacts from the initiatives we began in 2024 to exit $200 million of annual revenues related to underperforming products.

以有機基礎計算，營收年增 4%；由於處分資產帶來 3,400 萬美元的非有機營收逆風，部分被外匯帶來的 2,000 萬美元營收順風所抵銷。這是我們自 2024 年開始推動、退出與表現不佳產品相關之年化 2 億美元營收計畫，對營收造成顯著影響的最後一季。

Adjusted operating income was $174 million and adjusted operating margin was 18.6%, compared with $167 million and a margin of 18.3% in the prior year quarter. This year-over-year improvement of 30 basis points was attributable to stronger revenues and improved productivity. Margin benefits from the divestiture of underperforming products approximately offset headwinds for tariffs on a year over year basis.

調整後營業利益為 1.74 億美元，調整後營業利益率為 18.6%，相較去年同期為 1.67 億美元、利益率 18.3%。年增改善 30 個基點，主要來自營收走強與生產力提升。處分表現不佳產品帶來的利益率效益，約略抵銷了關稅在年對年基礎上的逆風。

Adjusted earnings per share was $0.86, an increase of $0.08 year over year, exceeding the high end of our first quarter guidance range by $0.01.

調整後每股盈餘為 0.86 美元，年增 0.08 美元，並較我們第一季指引區間上緣高出 0.01 美元。

We delivered $105 million of free cash flow in the quarter, which was an increase of $18 million or 21% year over year. Our free cash flow conversion rate was 83% of adjusted net income an increase of 9 percentage points compared to 74% in the prior year period. This was an encouraging start to the year in what is typically our most challenging quarter for free cash flow as we have timing-related headwinds attributable to interest and variable compensation payments the latter of which was a $20 million headwind year over year.

本季我們創造自由現金流 1.05 億美元，年增 1,800 萬美元或 21%。自由現金流轉換率為調整後淨利的 83%，較去年同期的 74% 提升 9 個百分點。這是令人鼓舞的年度開局，因為第一季通常是我們自由現金流最具挑戰的一季，主要受利息與變動薪酬支付的時點因素影響；其中變動薪酬支付在年對年比較下形成 2,000 萬美元的逆風。

Let's move to slide 9 to unpack this further. Free cash flow of $105 million, not only exceeded our expectations, it was a record first quarter result for Sensata. This outperformance was driven by the momentum we are gaining on working capital efficiency with our initiatives to reduce inventory and optimize supplier payment terms. We are thrilled to have such a strong start to the year particularly after the record full year results that we delivered last year.

我們看第 9 頁投影片，進一步拆解說明。自由現金流 1.05 億美元不僅超出我們預期，也創下 Sensata 第一季的歷史新高。這項優於預期的表現，來自我們在營運資金效率方面取得的進展，包含降低庫存與優化供應商付款條件等措施。在去年創下全年自由現金流紀錄之後，我們很高興今年能有如此強勁的開局。

As we move to slide 10, I will discuss capital deployment. We returned $43 million of capital to shareholders in the quarter. In addition to our quarterly dividend, we repurchased $25 million of shares to offset the impact of share-based compensation.

接著看第 10 頁，我將說明資本配置。本季我們向股東返還資本 4,300 萬美元。除例行季度股利外，我們也回購 2,500 萬美元股票，以抵銷股權型薪酬的影響。

Our net leverage ratio at the end of the first quarter was 2.65x trailing 12 months adjusted EBITDA compared to 3.06x for the prior year quarter. Deleveraging will continue to be our capital allocation priority. We have conviction in this approach, and we are pleased with the improvements we are delivering in return on invested capital, which improved by 70 basis points to 10.8% for the 12 months ended March 31, 2026, compared to 10.1% for the 12 months ended March 31, 2025.

第一季末，我們的淨槓桿比率為過去 12 個月調整後 EBITDA 的 2.65 倍，較去年同期的 3.06 倍下降。去槓桿仍將是我們資本配置的優先事項。我們對此策略深具信心，也樂見投入資本報酬率（ROIC）的改善：截至 2026 年 3 月 31 日止 12 個月為 10.8%，較截至 2025 年 3 月 31 日止 12 個月的 10.1% 提升 70 個基點。

Earlier this month, we announced our second quarter dividend of $0.12 per share payable on May 27 to shareholders of record as of May 13.

本月稍早，我們宣布第二季股利為每股 0.12 美元，將於 5 月 27 日發放給 5 月 13 日登記在冊的股東。

Now let's turn to slide 11 to discuss our segments. All three of our segments delivered organic revenue growth and operating margin expansion in the first quarter. We see this as an encouraging proof point for the traction we are gaining from our reorganization.

現在我們看第 11 頁，討論各事業部門。第一季我們三個事業部門皆實現有機營收成長與營業利益率擴張。我們將此視為重組帶來成效、動能逐步顯現的一項令人鼓舞的佐證。

Our Automotive segment delivered $525 million of revenue in the quarter, a decrease of 1% year over year on a reported basis. On an organic basis, we delivered 1% growth year over year and 4% outgrowth against the market that decreased by 3%. Our market outgrowth was driven by both content gains and production mix as our versatile portfolio of ICE, EV, and powertrain agnostic products continues to perform in a market with uneven powertrain adoption rates. Automotive segment operating margin was 23.5% in the quarter, a year over year increase of 70 basis points from 22.8% driven by both productivity and portfolio optimization measures.

汽車事業部門本季營收為 5.25 億美元，以報表基礎計算年減 1%。以有機基礎計算，年增 1%，且在市場年減 3% 的情況下，仍實現 4% 的超越市場成長（outgrowth）。我們的超越市場成長來自單車價值提升（content gains）與產量組合（production mix）；在動力系統採用率不均的市場環境中，我們涵蓋燃油車（ICE）、電動車（EV）以及不依賴特定動力系統的多元產品組合持續表現良好。汽車事業部門本季營業利益率為 23.5%，較去年同期 22.8% 提升 70 個基點，主要受惠於生產力提升與產品組合優化措施。

Our Industrial segment delivered $184 million of revenue in the quarter, which was a year over year decrease of approximately 1% on a reported basis and a year over year increase of 1% on an organic basis. Organic growth was enabled by share gains despite ongoing softness in US residential and construction markets. Industrial's operating margin was 27.1% in the first quarter, a year over year increase of 100 basis points from 26.1%, primarily due to productivity gains.

工業事業部門本季營收為 1.84 億美元，以報表基礎計算年減約 1%，以有機基礎計算年增 1%。儘管美國住宅與建築市場持續疲弱，我們仍透過市占提升帶動有機成長。工業事業部門第一季營業利益率為 27.1%，較去年同期 26.1% 提升 100 個基點，主要來自生產力提升。

The Aerospace, Defense and Commercial Equipment segment delivered $226 million of revenue in the quarter, an increase of 15% year over year or approximately 17% on an organic basis. We had revenue growth across every market vertical, including aerospace, defense, on-road trucks, and off-highway equipment. Segment operating margin was 28.1%, a year over year increase of 260 basis points from 25.5% as we gained operating leverage from strong volume growth.

航太、國防與商用設備事業部門本季營收為 2.26 億美元，年增 15%；以有機基礎計算約年增 17%。我們在各個市場垂直領域皆實現營收成長，包括航太、國防、公路卡車（on-road trucks）以及非公路設備（off-highway equipment）。該事業部門營業利益率為 28.1%，較去年同期 25.5% 提升 260 個基點，主要因強勁的出貨量成長帶來營運槓桿效益。

Adjusted corporate operating expenses were $63 million, an increase of $10 million year over year primarily due to higher variable compensation expense, which was supported by stronger underlying performance.

調整後公司層級營業費用為 6,300 萬美元，年增 1,000 萬美元，主要因變動薪酬費用較高，而此亦反映並受惠於更強勁的基本面表現。

Now let's turn to slide 12 to discuss what we are seeing in our end markets. Global auto production decreased by approximately 3% in the first quarter. For the full year, third-party forecasters are expecting a production decrease of approximately 2%. Recent downward revisions to third-party forecasts are primarily attributable to China and the Middle East and we do not expect these revisions to have a meaningful impact on our business.

接著看第 12 頁，討論我們在終端市場看到的情況。第一季全球汽車產量約下降 3%。就全年而言，第三方預測機構預期產量約下降 2%。近期第三方預測下修主要來自中國與中東；我們預期這些修正不會對我們的業務造成顯著影響。

In our industrial end markets, US residential and construction markets remained soft in the first quarter, which was evident in the year-over-year decrease in US residential HVAC shipments. We expect HVAC shipments to stabilize in the second quarter and returned to growth in the second half of 2026.

在工業終端市場方面，美國住宅與建築市場第一季仍偏疲弱，從美國住宅用 HVAC 出貨量年對年下滑即可看出。我們預期 HVAC 出貨量將在第二季趨於穩定，並於 2026 年下半年恢復成長。

In aerospace, defense and commercial equipment, commercial aircraft backlogs are strong, Defense spending is accelerating and on-highway trucks are starting to show signs of recovery. In the first quarter, although North American truck build rates did not improve, our order book increased. We are optimistic that this is a leading indicator for a replenishment cycle in the second half of 2026 as lead times generally result in our revenue growth preceding truck build rates.

在航太、國防與商用設備方面，商用飛機訂單積壓（backlog）依然強勁，國防支出正在加速，而公路卡車市場也開始出現復甦跡象。第一季雖然北美卡車建造率並未改善，但我們的訂單簿（order book）增加。我們樂觀認為，這是 2026 年下半年補庫存循環的領先指標，因為交期通常使得我們的營收成長會先於卡車建造率回升。

With that backdrop, let's move to slide 13, and I will share our guidance for the second quarter of 2026 and some color on our outlook for the year. For the second quarter, we expect revenue of $950 million to $980 million, adjusted operating income of $182 million to $190 million, adjusted operating margin of 19.2% to 19.4%; adjusted net income of $131 million to $139 million, and adjusted earnings per share of $0.89 to $0.95.

在這樣的背景之下，讓我們翻到第 13 頁投影片，我將分享我們對 2026 年第二季的指引，以及對全年展望的一些補充說明。就第二季而言，我們預期營收為 9.50 億至 9.80 億美元，調整後營業利益為 1.82 億至 1.90 億美元，調整後營業利益率為 19.2% 至 19.4%；調整後淨利為 1.31 億至 1.39 億美元，調整後每股盈餘為 0.89 至 0.95 美元。

Our second quarter guidance includes approximately $8 million in tariff costs and associated pass-through revenues. This is approximately $4 million lower than our prior run rate due to recent changes in US tariff rates. Our tariff expectations are based on trade policies in effect as of April 27, 2026. Our second quarter guidance does not include any potential tariff refunds related to the recent EPA tariff ruling, nor does it reflect any possible pass-through of such refunds.

我們的第二季指引包含約 800 萬美元的關稅成本及相關的轉嫁收入。由於近期美國關稅稅率的變動，這比我們先前的常態水準約低 400 萬美元。我們對關稅的預期係以截至 2026 年 4 月 27 日仍然有效的貿易政策為基礎。我們的第二季指引未包含任何與近期 EPA 關稅裁決相關的潛在關稅退還，也未反映任何可能將此類退還進行轉嫁的情況。

Due to geopolitical uncertainty and end market volatility, we are continuing our practice of providing guidance one quarter at a time. That said, we do want to share our view that current consensus estimates for adjusted operating margin expansion of approximately 30 basis points per quarter in the back half are consistent with our view, provided that end market demand holds up. Should end market demand deteriorate materially, we are prepared to take reasonable measures to defend the 19% annual margin floor that we committed to last year.

由於地緣政治不確定性與終端市場波動，我們將持續採取一次提供一季指引的做法。話雖如此，我們也想分享我們的看法：在終端市場需求能夠維持的前提下，目前市場共識對下半年調整後營業利益率每季約擴張 30 個基點的估計，與我們的觀點一致。若終端市場需求出現實質性惡化，我們已準備採取合理措施，以捍衛我們去年承諾的全年 19% 利潤率底線。

Now I'd like to turn the call back to Stephan for closing remarks.

現在我想把電話交回給 Stephan，請他做結語。

Thank you, Andrew. Before we move to Q&A, I would like to leave you with some closing thoughts. As we progress through 2026, we do not expect our path ahead to be free of challenges, it really is. Sensata's prepared. The operational principles we brought into the organization have proven effective over the last 5 quarters.

謝謝你，Andrew。在我們進入問答之前，我想以幾點結語作為收尾。隨著我們走過 2026 年，我們不預期前方道路會毫無挑戰，確實如此。Sensata 已做好準備。我們導入組織的營運原則，在過去 5 個季度已證明行之有效。

Just as we did last year, we will operate our business in a manner to overcome challenges and perform line with the expectations we set and to deliver margin expansion for the year. And do so, the underlying earnings power in our business will continue to strengthen, and we are primed for accelerated earnings expansion as market cycles turn more favorable. We are proud of what we have accomplished so far, and I have conviction that our business is primed for excellence. We have an outstanding leadership team and a committed organization that is running behind them. We have achieved organization-wide operational discipline, our productivity engine is delivering.

就像去年一樣，我們將以能夠克服挑戰的方式來經營業務，達成我們所設定的預期，並在今年實現利潤率擴張。如此一來，我們業務的基礎獲利能力將持續增強，而當市場循環轉為更有利時，我們也已蓄勢待發，可望加速獲利擴張。我們為目前所取得的成果感到自豪，我也深信我們的業務已具備追求卓越的條件。我們擁有出色的領導團隊，以及全力支持他們的投入型組織。我們已在全組織建立營運紀律，我們的生產力引擎正在發揮成效。

Our strategic initiatives are accelerating and our growth opportunities are robust. I will now turn the call back over to James.

我們的策略性計畫正在加速推進，我們的成長機會也相當強勁。我現在把電話交回給 James。

Thank you, Stephan and Andrew. We will now begin Q&A. Operator, please introduce the first question.

謝謝你，Stephan 和 Andrew。我們現在開始問答環節。接線員，請引介第一個問題。

(Operator Instructions) Wamsi Mohan, Bank of America.

(接線員指示) 美國銀行（Bank of America）的 Wamsi Mohan。

Hey, guys. Thanks for taking the quesitons. This is Ryan showing on for Wamsi. Two questions for me. One, on auto content outgrowth of 4% in the quarter. Stephan, I know you gave some details earlier in the call, but can you share any further color about the region? And as our production declines 2% year over year, is that the right outgrowth to think about?

嗨，各位。謝謝讓我們提問。我是 Ryan，代替 Wamsi 發問。我有兩個問題。第一，關於本季汽車內容（auto content）成長高於市場 4%。Stephan，我知道你在電話會議前面已提供一些細節，但能否再分享更多按地區的補充說明？另外，若我們的產量年減 2%，那麼把 4% 視為合理的超越市場成長幅度嗎？

So thanks for the question. Let me start a bit broader. By starting with the IHS prediction or forecast, which is roughly 91 million vehicles for the year of 2026. That's around 2% down from what we saw in 2025. I think it's important to mention there are two factors that need to be considered that can substantially influence the IHS forecast.

謝謝你的問題。我先從更宏觀的角度談起。先看 IHS 的預測或預估，2026 年全年約為 9,100 萬輛。這比我們在 2025 年看到的水準約下降 2%。我認為重要的是要提到，有兩個因素需要納入考量，可能會對 IHS 的預測造成顯著影響。

The first one geopolitical tensions, and obviously, they're being related to the oil price. And the second factor that's important are test car subsidies in China. And as we know, these were in place in quarter three, quarter four of 2025, which led to a strong demand. But since quarter one of 2026, subsidy policies have changed and this has obviously resulted in a weak demand.

第一個是地緣政治緊張情勢，顯然與油價相關。第二個重要因素是中國的試車補貼。如我們所知，這些補貼在 2025 年第三季、第四季仍在實施，帶動了強勁需求。但自 2026 年第一季起，補貼政策已改變，這顯然導致需求疲弱。

Nevertheless, the Automotive segment and the segment leads around Marcus and the team, and also our China President, Jackie, they have a very clear and accountable growth mandate. And to get to your question around regions, they are winning meaningful business in each and every region. So in China, with contactors in Southeast Asia, for example, in Japan, we made good progress on winning new business, as we've mentioned in the call. And so we're in South Korea.

儘管如此，汽車事業部以及由 Marcus 與其團隊領導的事業群，還有我們的中國區總裁 Jackie，都有非常清楚且可被追責的成長任務。回到你關於地區的問題，他們在每一個地區都拿下了具意義的業務。因此在中國，例如在東南亞的接觸器（contactor）業務、在日本，我們在爭取新業務方面都取得了良好進展，正如我們在電話會議中提到的。在南韓也是如此。

We've been winning in all types of powertrain platforms from ICE to battery electric vehicles. And I think it's also important to mention that -- we've been winning in the regions, and we've been making good progress.

我們在各類動力系統平台上都持續勝出，從內燃機（ICE）到純電動車。我也認為重要的是要提到——我們不僅在各地區持續拿下訂單，也在推進上取得了良好進展。

But we've also been winning in automotive with new products. The two products that I mentioned in the call, the high efficiency contactor which was the fifth win for this new product with a German OEM and also the business mentioned around the full break contactor. And then there's additional opportunities in China with battery system manufacturers that I feel we're gaining good momentum and making good progress.

但我們也透過新產品在汽車領域持續勝出。我在電話會議中提到的兩項產品：高效率接觸器，這是該新產品與一家德國 OEM 的第五個得標案；以及提到的全煞車接觸器（full break contactor）相關業務。此外，在中國與電池系統製造商方面還有更多機會，我覺得我們正累積良好動能並取得不錯進展。

So overall, I'd say we've got strong conviction that the team will outgrow the market in 2026. So I hope that fully answers your question around automotive.

總體而言，我會說我們對團隊在 2026 年能夠跑贏市場成長有很強的信心。希望這能完整回答你關於汽車業務的問題。

Got it. Yes, very helpful. And last question for me. The 60 to 80 bps of operating margin expansion sequentially seems pretty high than prior quarters. Can you give us a bridge of the drivers that's leading this?

了解。是的，非常有幫助。我最後一個問題。營業利益率環比擴張 60 到 80 個基點看起來比前幾季高不少。你能否提供一個驅動因素的拆解（bridge），說明是哪些因素導致的？

Yeah. So operating margins did not expand sequentially. They contract sequentially on typical Q4 to Q1 timing-related items, but we've seen less contraction than what we've typically seen in past years, as we've gotten a head start on productivity compared to compared to what we've seen in past years.

好的。所以營業利益率並沒有環比擴張。由於典型的第四季到第一季在時點相關項目上的影響，營業利益率是環比收縮；但我們看到的收縮幅度小於過去幾年的典型情況，因為相較於過去幾年，我們在生產力提升上更早起步。

So a stronger start to the year and really encouraged by that and certainly a head start on our targets for the year. If your questions relating to Q2, step-up in margins from Q1 to Q2, it is again the same themes. It's that the head start on the year, stronger productivity earlier in the year gives us a stronger lift as we move into the second quarter and volume certainly helping.

因此今年開局更強，我們也因此受到鼓舞，當然這也代表我們在達成全年目標上取得了領先起跑。如果你的問題是關於第二季，也就是從第一季到第二季利潤率的上升，那仍然是相同的主題。也就是說，年初的領先起跑、較早展現的更強生產力，讓我們在進入第二季時獲得更強的拉抬，而出貨量也確實有所助益。

Got it. Thanks so much.

了解。非常感謝。

Mark Delaney, Goldman Sachs.

高盛（Goldman Sachs）的 Mark Delaney。

Yes, good afternoon. Thanks for taking the questions. I had one to start also on the margin topic. The company mentioned that it expects margin improvement of about 30 bps year over year in the back half provided that market conditions don't meaningfully deteriorate.

是的，午安。謝謝讓我提問。我先從利潤率主題問一題。公司提到，在市場狀況未出現明顯惡化的前提下，預期下半年利潤率年增約 30 個基點。

Given all the supply chain and geopolitical volatility that's occurred over the last 90 days and pressure on input costs, can you speak more on the actions that Sensata is already taking to navigate this environment and the company and our extension to expand margins in the back half?

鑑於過去 90 天供應鏈與地緣政治波動，以及投入成本壓力，您能否更進一步說明 Sensata 已經採取哪些行動來因應這樣的環境，以及公司在下半年擴大利潤率的相關作法？

So let me start with that, Mark. And I think it's important to say that despite all challenges that we have, we have a clear playbook to respond, and we've been working through that pay book throughout 2025 and we use that same playbook for 2026. So what I'm saying is Sensata is prepared.

Mark，我先從這點開始。我認為重要的是要說，儘管我們面臨各種挑戰，我們有一套清晰的應對作戰手冊，我們在 2025 年一路依循這套手冊推進，2026 年也會沿用同一套手冊。所以我想表達的是，Sensata 已經做好準備。

What we do is we think in scenarios and that prepares us for current or existing but also future headwinds like material inflation, tariffs and everything else. Equally important to mention is that we are designed into mission-critical application, which obviously gives us a position of leverage. And that -- saying that society can -- defend its margins. And I think that pretty much differentiates us from us. I don't know, Andrew, if you want to add something to that, but.

我們的做法是以情境推演來思考，這讓我們能為當前或既有、以及未來可能出現的逆風（例如材料通膨、關稅及其他因素）做好準備。同樣重要的是，我們被設計導入任務關鍵型應用，這顯然讓我們具備槓桿優勢。而這——也就是說 Sensata 能——捍衛其利潤率。我認為這基本上讓我們與其他公司有所區隔。我不確定 Andrew 你是否想補充，但。

Yeah. I think thematically, those are exactly the factors that give us leverage and confidence in our ability to execute. And then I would say it's the same margin cadence that we observed last year, where we see sequential improvement each quarter. Q2 tends to normalize to where we exited the back half of the prior year, and then we see sequential improvement each quarter thereafter as our productivity engine kicks in.

是的。我認為從主題面來看，這些正是讓我們具備槓桿與執行信心的因素。另外我會說，這與我們去年觀察到的利潤率節奏相同，也就是每一季都看到逐季改善。第二季通常會回到我們在前一年下半年結束時的水準，之後隨著我們的生產力引擎啟動，每一季都會看到逐季改善。

And certainly, there's headwinds and challenges associated with input costs, but that's no different than the headwinds or challenges we saw last year on tariffs and the playbook around offsetting those is exactly the same.

當然，投入成本確實帶來逆風與挑戰，但這與我們去年在關稅方面看到的逆風或挑戰並無不同，而用來抵銷這些影響的作戰手冊也完全相同。

That's helpful context. Thanks. And then, Stephan, you spoke about a number of areas where you're seeing some progress in the data center market. And based on all these engagements that are underway, are you able to give more context of how much incremental revenue this market could add in 2027 and the types of margins investors can anticipate as that center revenue grows?

這些背景資訊很有幫助。謝謝。接著，Stephan，你提到你在資料中心市場看到若干領域出現進展。基於目前進行中的各項合作，你能否提供更多背景：到 2027 年這個市場可能帶來多少增量營收，以及隨著資料中心營收成長，投資人可以期待的利潤率型態？

Allow me to answer that question a little bit broader. So look, I think you're probably all aware of that, but I still want to mention this. I lead -- to more data processing and demand for high-performance computing. And this will lead to a change in Rec architecture to high-voltage 800-volt with liquid cooling. And that obviously means that Sensata has sensing and electrical sensing and electrical protection portfolio to serve these do mining application.

容我用更宏觀的方式回答這個問題。我想各位大概都知道，但我仍想提一下。這將帶動——更多資料處理以及對高效能運算的需求。而這將促使機櫃（rack）架構轉向 800 伏高電壓並採用液冷。這顯然意味著 Sensata 具備感測、電氣感測與電氣保護的產品組合，可服務這些資料中心應用。

And this shift purposes the industry right into the center of Sensata's expertise, which is serving these mission-critical applications with automotive-grade reliability. We're meeting robust performance specification harsh environment really matters. So I really feel we have the right to win here, and we'll share more progress once we go through the individual earnings calls going forward.

而這項轉變把整個產業直接推向 Sensata 的專長核心，也就是以車規等級的可靠性來服務這些任務關鍵型應用。在嚴苛環境下，符合嚴格的效能規格非常重要。因此我確實認為我們有「贏的權利」，未來在後續各次法說會中，我們會分享更多進展。

And Mark, I would maybe just add to that. Although we're not at a point where we're providing a dollar revenue forecast or specific timing, the other side of that is that we're not seeing a significant need to invest to intersect this trend. So if you look at a typical automotive product portfolio and design cycle, we're often designing to a customer specification. And so that requires investing in the program ahead of revenue.

Mark，我可能再補充一點。雖然我們目前還不到提供以美元計的營收預測或具體時點的階段，但另一方面是，我們並未看到需要為了切入這個趨勢而進行重大投資。如果你看典型的汽車產品組合與設計週期，我們往往是依客戶規格進行設計。因此在營收出現之前，就需要先對專案投入資金。

With the data center pole, what we're expecting is to get spec-ed in with products that we have today and technologies that we have today. And so the growth is real, and we're excited about it. But the other side of that is that we're not finding ourselves having to invest significantly to pursue and win these applications. And so with that frame what's important to us is the demand is there and that the revenue will come, but less concern over the precise timing of when.

但在資料中心這一端，我們預期能以我們今天就已具備的產品與技術被納入規格（spec-in）。因此成長是真實存在的，我們也很興奮。但另一方面是，我們並不覺得自己需要為了追求並贏得這些應用而進行大量投資。所以在這個框架下，對我們而言重要的是需求確實存在、營收終將到來，而對於精確落在何時的擔憂相對較小。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Just wanted to follow up on that in terms of the timing of you being able to speak with a lot more specificity about some of the data center opportunities in cooling and UPS. There is an element of the next-gen architecture is playing more tubes also an element of -- the timing of your posture to be more purposeful about what your going after. So I'm wondering how much of this is kind of catch-up versus maybe in the current gen data center architectures, it's just not as much opportunity.

我想就此追問一下，關於你們何時能更具體地談到資料中心在散熱與 UPS 的一些機會。其中一個面向是下一代架構正在導入更多管路，另一個面向則是——你們在策略上何時會更有目的性地說明你們要追逐哪些機會的時點。所以我想知道，這有多少是屬於追趕（catch-up），又有多少是因為在現行世代的資料中心架構中，本來機會就沒那麼多？

Well, as we just -- as I explained, in air-cooled data center concepts, the opportunities not as strong or somewhat limited in comparison to liquid-cooled data center concepts. And break that down into a product level and we can also maybe add a bit to timing.

嗯，正如我剛才——所解釋的，在氣冷式資料中心概念中，相較於液冷式資料中心概念，機會沒有那麼強、或說相對有限。我們可以把它拆到產品層級來看，也許也能補充一些時程面的說明。

On the air-cooled data center concept, it's about temperature sensors and circuit breakers, where we're gaining momentum. But as soon as we go to the high-voltage liquid-cooled data center concepts around 800 volts that expands our product portfolio to pressure sensors, flow sensors, temperature sensors, circuit breakers, and contactors. And that is basically the add-on opportunity if you compare the two concepts to each other.

在氣冷式資料中心概念中，主要是溫度感測器與斷路器，我們在這些方面正累積動能。但一旦轉向約 800 伏的高電壓液冷式資料中心概念，我們的產品組合就擴展到壓力感測器、流量感測器、溫度感測器、斷路器以及接觸器。若把兩種概念相互比較，這基本上就是額外的增量機會。

And what we're seeing out there in the market is, first of all, the concept being placed into the market and our task the last couple of months has been to get specked into these concepts. And our expectation is that these data centers or these new data centers that are based on high-voltage 800-volt architectures will be we'll start showing revenue growth for Sensata around mid-2027, so just over a year from now from a timing point of view.

而我們在市場上看到的是，首先這個概念正在被導入市場；而我們過去幾個月的任務，就是讓我們的產品被納入這些概念的規格（spec）。我們的預期是，這些資料中心、或這些基於 800 伏高電壓架構的新資料中心，將在 2027 年年中左右開始為 Sensata 帶來營收成長；就時程角度而言，距今大約一年多。

Appreciate the deeper dive. And to what extent did the products get represented as an integrated solution or a co-package solution for you guys for independent design wins into the liquid cooling and other targeted applications?

感謝更深入的說明。另外，你們的產品在多大程度上會以整合式解決方案或共同封裝（co-package）解決方案的形式呈現？對你們而言，這與在液冷及其他目標應用中取得各自獨立的設計導入（design win）相比如何？

Yeah. It's more technology oriented. So the wins on the electrical protection products will tend to be grouped in the wins on the thermal management products. We'll tend to be driven by different decision makers and in different applications. But I would expect that those will scale at relatively the same rate because they're interconnected.

是的。這更偏向技術導向。因此，電氣保護產品的勝出通常會被歸在一起；而熱管理產品的勝出則往往由不同的決策者、在不同的應用中所驅動。但我預期它們的放量速度會相對接近，因為它們彼此相互連結。

Thanks. Thank you.

謝謝。謝謝你。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey, guys. Thanks for taking my question. I want to start on China automotive. I'm just curious, just given like the improvements you've made on the ground in terms of getting your content with local large players and -- if I think about the comps over the last couple of years, right, like you had dramatic mix shift away from like incumbents multinational incumbents.

嗨，各位。謝謝讓我提問。我想先從中國汽車市場談起。我只是好奇，考量你們在當地所做的改善——例如讓你們的產品含量（content）切入本土大型客戶——如果我回頭看過去幾年的可比基期（comps），對吧，你們曾經出現非常劇烈的產品組合轉移，從像是既有的跨國龍頭（incumbents multinational incumbents）那邊移開。

So what's the like the opportunity set for you as you add first time ever content on these new customers, like what magnitude should you be outgrowing that market? It seems like it should be like very large just given where you're coming from and adding for the first time.

所以，當你們在這些新客戶上首次導入產品含量時，你們的機會集合大概是什麼樣子？你們的成長幅度應該會比市場快多少？看起來應該會非常大，因為你們是從一個較低的基礎出發、而且是第一次新增導入。

First of all, let me frame what the business opportunity looks like and then we can speak about growth numbers. So as you know, Joe, we were focused a lot on international OEMs in the past and basically pretty much strongly shifted away from international OEMs more to local OEMs. And we've won a lot of business with them, be it on the contactor side, but also about our classic applications and products that we've been offering in the market.

首先，讓我先界定一下這個商機的樣貌，然後我們再來談成長數字。如你所知，Joe，我們過去很長一段時間聚焦在國際 OEM，基本上已經明顯地從國際 OEM 轉向更偏本地 OEM。我們也在他們那裡贏得了很多業務，不論是在接觸器（contactor）端，或是我們一直在市場上提供的經典應用與產品。

But predominantly, it's been on electrification and on the contactor side. that's the one side of it. And actually, it was just in our factory in a couple of weeks ago, and we're busy wrapping up this contacted business, and it's quite a significant volume that will place us to be in a good third position within the market in China.

但主要還是在電氣化以及接觸器這一端。這是一個面向。而且其實我幾週前才在我們的工廠，我們正忙著收尾這個接觸器業務；其量體相當可觀，將使我們在中國市場取得很好的第三名位置。

The second thing is, and this is something that's starting to grow, is that we're seeing opportunities with battery with factory systems. So we're seeing further opportunities. It's also related to contactors. And this is business slowly, but certainly emerging, and we're gaining traction with them. That's the next level of opportunity that we see.

第二點是，而且這是正在開始成長的部分，我們看到電池工廠系統方面的機會。所以我們看到更多機會。這也與接觸器相關。這塊業務雖然進展緩慢，但確實正在浮現，我們也正在取得進展。這是我們看到的下一層機會。

So yes, we have a strong base business with legacy products and incumbent, and that's pretty much stable, I would say, but we're very much growing on or strongly growing on the electrification side of the business where we've gained a lot of traction.

所以是的，我們在傳統產品與既有客戶上有很強的基礎業務，我會說那部分基本上相當穩定；但我們在電氣化這一端的業務成長非常明顯，因為我們已經取得了很大的動能。

And maybe one last word to that, there are not that many suppliers on contactors that can deliver at scale but can also deliver it on a high-quality level. And that's where Sensata comes in. We know how to deliver at scale, and we know how to deliver it on a high-quality level, and that has sort of allowed us to position ourselves within that market in China with growth.

另外也補充最後一句：能夠在接觸器上做到規模化交付、同時又能維持高品質水準的供應商其實不多。而這正是 Sensata 的切入點。我們知道如何規模化交付，也知道如何以高品質水準交付，這也讓我們得以在中國市場中以成長的方式建立起我們的定位。

Yeah. And then, Joe, on the outgrowth question. So if you think about our bodies on a global basis first, you're typically looking at a price down framework of low-single digits, kind of 1% to 2% a year depending on the year, which means that to deliver low single digits outgrowth requires underlying content growth more in the mid-single digits range. And so that's what we expect on a global basis.

是的。然後，Joe，關於超越市場成長（outgrowth）這個問題。如果你先從全球角度看我們的業務，你通常會看到一個每年低個位數的降價（price down）框架，大概每年 1% 到 2%，視年度而定；這意味著，要實現低個位數的超越市場成長，需要底層的單車內容價值（content）成長落在中個位數區間。因此，這就是我們在全球層面的預期。

If you do that same math in China, the pricing pressure is higher price tends to be mid-single digits in price downs year on year. And so to outgrow that market requires underlying content growth in the high-single-digit range. That's exactly what we saw last year, and we expect to continue to outgrow that market. But with where the pricing dynamic is right now, I wouldn't expect the net out growth to be materially different to what it is for our global business. The underlying content growth, I would expect to be stronger to your point.

如果你在中國做同樣的計算，定價壓力更大，逐年降價通常會是中個位數。因此，要超越那個市場，需要底層的內容價值成長達到高個位數。這正是我們去年看到的情況，我們也預期會持續跑贏該市場。但以目前的定價動態來看，我不預期淨超越市場成長會與我們全球業務相比有實質差異。至於底層內容價值成長，如你所說，我預期會更強。

Last quarter, you started talking about drones a little bit. Just curious, you saw the aerospace business grew significantly over market here. I'm just curious how much of that was attributable to some of those faster growing, newer areas for you?

上個季度你開始稍微談到無人機。我只是好奇，你們的航太業務在這裡顯著跑贏市場成長。我想了解其中有多少是歸因於你們一些成長更快、較新的領域？

Yeah. I'd say the growth that we're seeing right now is primarily attributable to our core business. and just acceleration of defense demand and consistent with what we were seeing in our order book as we put out our guide earlier this year. the opportunity beyond that is probably more medium term, but we're seeing traction on that in terms of opportunity to bid on and that type of business.

是的。我會說，我們目前看到的成長主要歸因於我們的核心業務，以及國防需求的加速；這也與我們今年稍早提出指引時在訂單簿中看到的情況一致。至於除此之外的機會，可能更偏中期，但我們在可投標的機會以及這類業務上正看到進展。

I mean, we've been active, Joe, as I mentioned in the call, we just had a recent doing with circuit breakers for German manufacturer of armed ground transportation vehicles, which is, I think, an important one with the product in that case in Germany or in Europe, which is not as strong as our defense business that we have in North America. And we see similar opportunities in the pipeline. So we're gaining traction there and starting to build our order book, which is -- looks promising.

我的意思是，Joe，正如我在電話會議中提到的，我們最近在斷路器方面有一筆交易，客戶是德國一家武裝地面運輸車輛製造商；我認為這是一個重要案子。在那個案例中，產品是在德國或歐洲端，這一塊不像我們在北美的國防業務那麼強。而我們在管線中也看到類似的機會。所以我們正在取得進展，並開始建立我們的訂單簿，前景看起來不錯。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

Question on the HVAC side. I think you said in your prepared remarks that your HVAC revenues are down, but obviously, the market expect was down double digits in Q1. And I think it's expected to be down double digits again in Q2. And then I think you said it should return to growth in the second half. And I think that's kind of consistent with the sell-side AHRI forecast.

關於 HVAC 這一端的問題。我想你在事先準備的講稿中提到，你們的 HVAC 營收是下滑的，但很明顯地，市場預期在第一季是雙位數下滑。而且我想第二季也預期會再雙位數下滑。然後我想你說下半年應該會回到成長。我想這大致也與賣方對 AHRI 的預測一致。

So just the question is, how much do you think you outperformed in Q1? And is that kind of -- I imagine it was a considerable margin. And is that something we could extrapolate through the sector Q2 or was implicit in Q2 guidance? And what about outperformance continue when the market kind of stabilizes in the second half?

所以問題是，你認為你們在第一季跑贏市場多少？而且那應該是——我猜是相當可觀的幅度。那這是否可以外推到第二季整個產業，或是已經隱含在第二季指引中？另外，當市場在下半年趨於穩定時，這種跑贏市場的表現是否會延續？

Yeah. So the HVAC business is about 25% or so of our overall industrial business. And so with one-fourth of our business down, the end market demand down double digits and the net organic growth of 1%. There was certainly some outgrowth there. That was primarily driven by the new content that we launched last year with our AI product. But moving forward, we expect to continue to outgrow the market with our new content and then participate in market growth as the market recovers.

是的。HVAC 業務約占我們整體工業業務的 25% 左右。因此，在我們四分之一的業務下滑、終端市場需求雙位數下滑的情況下，我們的有機淨成長仍有 1%。那裡面確實有一些超越市場成長。這主要是由我們去年推出、搭載 AI 產品的新內容價值所驅動。但往前看，我們預期會持續憑藉新內容價值跑贏市場，並在市場復甦時參與市場成長。

And so certainly, if we get recovery in the back half, that would be a growth accelerator for us. At the same time, as we communicated at the start of the year, we recognize and understand the risk in this market. And so we built an operating plan that was -- that does not rely on market growth for us to deliver on our margin expansion aspirations.

因此，如果下半年出現復甦，對我們而言當然會是成長加速器。同時，正如我們在年初所溝通的，我們也認知並理解這個市場的風險。因此我們建立了一個營運計畫——該計畫並不依賴市場成長，來讓我們達成我們對利潤率擴張的目標。

So we'd be encouraged to see it. The channel has been soft for some time, and it looks like there will be a replenishment cycle in the back half, but we're not super dependent on it either.

所以我們會樂見其成。通路端疲弱已經有一段時間了，看起來下半年會有一個補庫存週期，但我們也不是高度依賴它。

And just my follow-up question is, hopefully, incremental margins sort of were excellent in DC&E and margins moved up in industrial quite nicely even though revenues were flattish. So was there any positive mix effects in those two segments, which could have led to that those margins?

我的追問是，希望增量利潤率在 DC&E 表現非常出色，而即使營收大致持平，工業部門的利潤率也提升得相當不錯。所以在這兩個部門是否有任何正向的產品組合（mix）效應，可能促成了那些利潤率表現？

Yeah. Well, so on Aerospace, Defense, and Commercial equipment, with the growth that we're seeing in Aero, which is our highest margin end market, there's meaningful variable contribution margin from that. And then just more broadly, when we see that level of growth, 15% year on year, the operating leverage that we get from that is sharper than what you get from low- or mid-single digits growth. And so that was certainly a contributor as well.

是的。在航太、國防與商用設備方面，隨著我們在航太（Aero）端看到的成長——那是我們毛利率最高的終端市場——會帶來顯著的變動貢獻毛利。而且更廣泛地說，當我們看到那種 15% 的年增率時，我們所獲得的營運槓桿會比低或中個位數成長時更為明顯。所以那也確實是一個貢獻因素。

And then -- sorry, I may have missed the second part of your question there?

然後——抱歉，我可能漏聽了你問題的第二部分？

I think your answer is stretch ready is that were there any businesses, I mean you partly answered that, which had positive mix other than arrow.

我覺得你的回答有點牽強。我的意思是，你剛才部分回答了：除了 Arrow 之外，是否還有任何業務出現正向的組合（mix）？

Got it. No, the mix was generally consistent across most of the commercial equipment space. And so again, just the growth in this business, and particularly at these high growth rates tends to come with a higher variable contribution margin, and we benefit from that.

了解。沒有，整體來看，在大多數商用設備領域，組合基本上是一致的。所以再說一次，這項業務的成長，尤其是在這種高成長率下，通常會帶來較高的可變貢獻毛利率，而我們也因此受益。

Amit Daryani, Evercore ISI.

Amit Daryani，Evercore ISI。

Hi, thanks for the question. This is Irvin Liu on for Amit. I had a financial question for Andrew. It's good to see free cash flow conversion higher than what we have seen historically for Q1 is at 83%. Though CapEx was lower than what we've seen historically. Can you just give us a sense on how CapEx should trend through the year, especially given the lower-than-expected CapEx in Q1?

嗨，謝謝讓我提問。我是代替 Amit 的 Irvin Liu。我有一個給 Andrew 的財務問題。很高興看到第一季自由現金流轉換率高於我們過去的歷史水準，達到 83%。不過資本支出（CapEx）低於我們過去的歷史水準。你能否談談 CapEx 在今年接下來的走勢，特別是考量第一季 CapEx 低於預期？

Yeah. We're still targeting CapEx in the 3% to 3.5% range. That's the general framework for where we think we need to operate our business. The demands have been lower, largely because of acceleration of factory automation that we worked on last year, and more flexible line concepts. And so as a result of that, we're seeing just a little bit softer need for capital in the short term, but we still expect it will normalize to that 3% to 3.5% range. And to the extent that we run lower, that will continue to benefit free cash flow. But we don't expect it to be structurally below 3%.

好的。我們仍然以 CapEx 佔營收 3% 到 3.5% 為目標。這是我們認為營運業務所需的整體框架。需求之所以較低，主要是因為我們去年推動的工廠自動化加速，以及更具彈性的產線概念。因此短期內我們看到對資本的需求稍微偏弱，但我們仍預期會回到 3% 到 3.5% 的區間。而如果我們的支出低於該水準，將會持續有利於自由現金流。但我們不預期會在結構性上低於 3%。

And let me add to that. We've been systematically working on optimizing our CapEx. And let me give you two8 examples where we've been doing that. So on optimization is around CapEx that used for machine and equipment, where we've started to expand our focus around purchasing machines and equipment out of Southeast Asia or even China, which is substantially cheaper than equipment brought from Europe or North America, and that has allowed us to optimize our CapEx on the one hand.

我再補充一下。我們一直在系統性地優化我們的 CapEx。我舉兩個例子說明我們是怎麼做的。其中一個優化方向是用於機器與設備的 CapEx：我們開始擴大從東南亞甚至中國採購機器設備的比重，這些設備相較於從歐洲或北美引進的設備便宜很多，這讓我們一方面得以優化 CapEx。

And then everything that's required around CapEx to maintain our factories around the world. What we call called CapEx to keep the life side, we've been optimizing that as well. So those have been two opportunities where we've reduced CapEx, and that has helped us in the end to reduce it overall. And to be able to deploy it for other topics like small automation.

另外一個是維持我們全球各地工廠所需的 CapEx。我們所謂的維持工廠運作／延長使用壽命的 CapEx（life side），我們也在進行優化。所以這兩個面向都是我們降低 CapEx 的機會，最終也幫助我們整體降低支出。並且能把資本配置到其他議題上，例如小型自動化。

Got it. If I can tack on another data center related question. It's great to see products specked by two hyperscalers. But can you give us a sense on what the total TAM or perhaps what per megawatt TAM could look like for you all across electrical and sensing products that you're selling into for data centers and center adjacent opportunities?

了解。如果我可以再追問一個與資料中心相關的問題。很高興看到有兩家超大規模業者（hyperscalers）將你們的產品納入規格（specked）。但你們能否讓我們了解一下，針對你們賣進資料中心以及資料中心周邊機會的電氣與感測產品，你們的總體 TAM，或是每兆瓦（per megawatt）的 TAM 大概會是什麼樣子？

Look, I think that's a question we'll take with us for the next call.

你看，我想這個問題我們先帶回去，留到下一次電話會議再回答。

Joseph Spak, UBS.

Joseph Spak，UBS。

Andrew, just a couple questions on tariffs. I guess two flavors. One is, I know in the past, you said you source 70% from Mexico, I think 80% of that was USMCA compliant. There was a change on Section 232 metal tariffs, wondering if there's any impact you there.

Andrew，我有幾個關於關稅的問題。我想分成兩個面向。第一個是，我知道你過去說過你們有 70% 來自墨西哥採購，其中我記得有 80% 符合 USMCA。第 232 條金屬關稅有變動，想請問對你們是否有任何影響？

And then EPA, I know you said the guidance doesn't include any repayments, but have you filed for any reimbursements? Or do you plan for any? And like, can you give us a sense as to how big that can be, if it is true.

第二個是 EPA，我知道你說過指引不包含任何退還款，但你們是否已經申請任何補償／退稅？或是你們有計畫要申請嗎？如果屬實，你能否讓我們大概了解一下可能的金額規模？

Yeah. So on the first part of the question, so we're not seeing any meaningful direct impact from the changes in metal tariffs. Obviously, we're monitoring the impact on end market demand, but it's not directly impacting us in any material way in terms of the metals or commodities that we source. And we expect that with the current tariff rates in place and with the cancellation of the EPA tariffs, that our run rate moving forward would be approximately $8 million per quarter, which is about one-third lower than the $12 million-ish run rate that we had previously. On the question of refunds.

好的。先回答第一部分：我們沒有看到金屬關稅變動對我們造成任何重大的直接影響。當然，我們正在監控其對終端市場需求的影響，但就我們採購的金屬或大宗商品而言，並未在任何實質層面直接影響到我們。而我們預期，在目前的關稅稅率水準以及 EPA 關稅取消的情況下，未來我們的常態化費用（run rate）大約是每季 800 萬美元，約比先前每季約 1,200 萬美元的常態化水準低三分之一。至於退還（refunds）問題。

So we're certainly following the government prescribed process and when we have more to share we'll share that. But at this time, we're not going to speculate on the size or magnitude of potential recovery.

我們確實會依照政府規定的流程進行，等我們有更多可以分享的資訊時會再對外說明。但目前我們不會去推測潛在可回收金額的大小或幅度。

Okay. Can you -- can you remind us how much do you think you paid last year?

好的。你能不能提醒我們，你們認為去年大概付了多少？

Yeah. We paid a little over $40 million in tariffs last year and the vast majority of that was EPA more than 2/3.

可以。我們去年支付的關稅略高於 4,000 萬美元，其中絕大多數是 EPA，超過三分之二。

Perfect. I just wanted to back on the business head turn our attention back to CE because the market, you said it was down one, you were up 16. And I know you sort of talked about some potential improvement and more order books being filled there.

很好。我想把注意力拉回到 CE 的業務：你說市場下滑 1%，但你們成長 16%。我知道你也提到那邊可能有一些改善、訂單簿也更充實。

But I guess, I just want to understand whether you're lining up with that future builds, and like maybe there's some inventory being built, or like there's something else going on that's really causing that strong outperformance that we saw this quarter. And I guess, as we see builds improve over the course of the year, would you then expect that outgrowth to come in a little bit? Or is there something sustainable what we saw this quarter?

但我想更了解的是：你們是否是在對齊未來的增產（builds），例如可能正在建立一些庫存，或是還有其他因素，才會造成本季看到這麼強的超越市場表現？另外，當我們看到今年下半年增產改善時，你們是否預期這種超越市場的成長幅度會收斂一些？還是說，本季看到的表現有某種可持續性？

Yeah. So let me just start with -- so when we talk about that segment in aggregate, aerospace, defense and commercial equipment, about one-fourth of it is in the aerospace end market. and about 3/4 of it is in the commercial equipment end markets. So the growth rate that we shared, the 15% or 17% organic is for the total segment. And certainly, there was market growth in aerospace.

好的。我先從整體來說：當我們談這個部門的合計——航太、國防與商用設備——其中大約四分之一來自航太終端市場，約四分之三來自商用設備終端市場。所以我們分享的成長率，也就是 15% 或 17% 的有機成長，是針對整個部門合計。而且航太市場確實有市場成長。

On the commercial equipment side, yes. We believe the market in total down about 1%, and we saw outgrowth to that market, primarily driven by what we believe was an inventory replenishment ahead of an expected production acceleration in the back half. We do not expect that, that is indicative of what the go-forward growth or outgrowth would be if this end market actually recover as production normalizes in the back half.

在商用設備這邊，是的。我們認為整體市場大約下滑 1%，而我們之所以能超越市場，主要是因為我們認為在預期下半年生產加速之前，客戶先行進行了庫存回補。我們不認為這代表未來在該終端市場真正復甦、且下半年生產回到正常化時，我們往後的成長或超越市場的幅度也會是如此。

There's always an inventory build that happens as you get into a replenishment cycle, especially with the production having been significantly suppressed for the last eight quarters. So I'd expect to continue to grow and to outgrow, but likely not at that same clip.

當你進入回補循環時，通常都會出現庫存建立，尤其是在過去八個季度生產被大幅壓抑的情況下更是如此。所以我預期我們仍會持續成長並且超越市場，但可能不會以同樣的速度。

Okay. Sorry. Just one quick clarification. Just I was just looking at the 16% commercial equipment in the back of your slide, I think, on '19, but you're saying that's not just truck, that's not just truck. Is that what you're looking at?

好的。抱歉。最後一個很快的釐清。我剛在你們投影片後面看到商用設備 16% 的數字，我想是在 '19 那頁；但你的意思是那不只是卡車，不只是卡車，對嗎？你指的是那個口徑嗎？

Yeah, that's right. If you're looking at that end market at the back end of the slide then, yes, that is the growth that we experienced in the end market as well.

對，沒錯。如果你看投影片後段那個終端市場，那麼是的，我們在終端市場也經歷了那樣的成長。

Okay. So it was strong, but some of that was also construction and --

好的。所以表現很強，但其中一部分也來自建築施工以及--

For example, we're seeing pull-through in diesel demand related to generator sets for data center. So there's more than just the truck replenishment cycle.

例如，我們看到與資料中心發電機組相關的柴油需求出現拉動效應。所以不只是卡車補庫存週期而已。

Kosta Tasoulis, Wells Fargo.

Kosta Tasoulis，富國銀行。

Hey, guys. Thanks for taking the question. I want to ask about the 100% precious metal inflation you saw in the quarter. You're still able to get 30 basis points of margin expansion. Can you maybe frame the puts and takes of that impact, like what the headwind was and what the offsets were?

嗨，各位。謝謝讓我提問。我想問一下你們本季看到的貴金屬通膨達到100%。你們仍然能做到30個基點的毛利率擴張。你們能否說明一下這個影響的利弊取捨，例如逆風是什麼、以及有哪些抵銷因素？

So lots of challenges we worked through in the first quarter. Let me just start with not only did we have a significant precious metal challenge. We also had about a 40 basis point headwind from from FX. We had about $20 million of lift on FX on the top line and effectively drop through on the bottom line. So we were really pleased with the margin expansion we were able to deliver year on year with those two challenges. And I think that points to just the continued improvement in underlying earnings power in the business, independent of these challenges.

第一季我們確實克服了很多挑戰。我先從這點說起：我們不僅面臨顯著的貴金屬挑戰。我們也受到外匯約40個基點的逆風影響。外匯在營收端帶來約2,000萬美元的提振，並且基本上也反映到獲利端。因此，在這兩項挑戰之下，我們仍能實現年對年毛利率擴張，對此我們非常滿意。我認為這也顯示出，撇開這些挑戰不談，我們業務的基礎獲利能力仍在持續提升。

With respect to metals, so we have roughly $40 million of annual precious metals buy. And on those precious metals in the first quarter from a year-on-year perspective, rates are up approximately 100%. We have, through the first half of the year, about 80% hedge coverage on these metals which gives us some mitigation. But more importantly, it gives us time to execute the more permanent and structural mitigation that we're working through in our business.

就金屬而言，我們每年大約採購4,000萬美元的貴金屬。而就第一季年對年來看，這些貴金屬的價格大約上漲了100%。在上半年，我們對這些金屬大約有80%的避險覆蓋率，這能提供一些緩衝。但更重要的是，這讓我們有時間去執行我們正在推動的、更永久且結構性的緩解措施。

So with that, maybe I'll turn it over to Stephan and let him share a little color on how we're thinking about structurally mitigating this.

因此，接下來我把時間交給Stephan，請他補充一些我們如何從結構面來緩解這個問題的看法。

Thanks, Andrew, let me add to that. So basically, how we manage the impact, especially on metals inflation is very different when you look at the different types of businesses we have. So I think overall, in the commonality of businesses is that we're in strong negotiations with our supply base when it gets to pushing on metal inflation impacts towards Sensata, equally important, but that differs depending on the product that we have and which metals are designed into the individual products, what we're doing our VAV activities, the so-called design activities, too, I think it designed the metal content of the product.

謝謝，Andrew，我補充一下。基本上，我們管理影響的方式，特別是金屬通膨的影響，會因為我們不同類型的業務而有很大差異。我想整體而言，各業務的共通點是：當供應端試圖把金屬通膨的影響轉嫁給Sensata時，我們正與供應商基礎進行強力談判；同樣重要的是，這會因產品不同而有所差異——取決於各個產品設計中使用了哪些金屬，以及我們在VAV活動（也就是所謂的設計活動）上所做的工作，我認為這些都是在重新設計產品中的金屬含量。

In our industrial business, that's quite a big task to design, for example, silver out of our products, which is deep content the product of silver, so that once the hedging period runs out, that we have limited impact or literally no impact with our products going forward related to metals.

在我們的工業業務中，將例如銀從產品中設計移除是一項相當大的任務，因為銀在產品中的含量很深。

And then, of course, I think the last lever is to discuss any impact directly with our customers and speak about compensation, which we're in continuous discussions with them, and we see our openness for that as well.

Okay. And then let me just talk about winning business. I mean, I think with the drones. I think a lot of that is just customer access, right? It's like an emerging technology, you get customer access. You're in the designing phase with them, you can grow that business. How can you apply maybe some of those learnings to getting more business in the data center opportunity?

Okay. First of all, if I think you got a bit more depth on the drone business of the support APs. We see overall, we see a double-digit CAGR, which is I think there's a lot of opportunity there, especially around military drones. On the other hand, we're designing with different applications and products, is -- position sensing, all different types of products. We presented that in the last earnings call. Can you just repeat your question related to data centers?

好的。首先，如果我理解正確，你想更深入了解我們在無人機業務、尤其是支援APs方面的情況。整體來看，我們看到兩位數的年複合成長率（CAGR），我認為那裡有很多機會，特別是在軍用無人機周邊。另一方面，我們也在針對不同應用與產品進行設計導入——位置感測、各種不同類型的產品。我們在上次法說會已經分享過。你能再重複一次你關於資料中心的問題嗎？

Yeah. So you guys were able to get in on those design-ins with the drones. That's quite spectacular. What, I guess, strategy can you use from getting on those business to getting on more data center business? Any learnings from that, that you can apply to any data center business?

可以。所以你們能在無人機上做到那些設計導入。那相當驚人。我想問的是，你們可以用什麼策略，把在那些案子上的做法延伸到拿下更多資料中心業務？有沒有什麼經驗可以套用到資料中心業務上？

Well, look, it's pretty similar in and like I say, if you take products that the existing products that we got designed in the drone business like temperature centers, precious sensors, worth coal actuators, high-efficiency motors. Those products were ultimately not designed for drone applications. But because of the fast design cycles of drones, we've managed to get designed into these applications. And eventually, we'll be delivering for these drones.

嗯，你看，其實很類似。就像我說的，如果你看我們在無人機業務中被設計導入的既有產品，例如溫度感測器、壓力感測器、各類致動器、高效率馬達。這些產品最初並不是為無人機應用而設計的。但因為無人機的設計週期很快，我們成功把產品設計導入到這些應用中。最終，我們將會為這些無人機供貨。

On the data center, it's pretty similar. So we're in -- the products that we've carried over from our automotive business, be it from electrical protection be it sensing products, those are products that we've carried over and designed into data centers now, as mentioned, into hyperscaler concepts. So very similar in the style of business and how we manage our business -- existing products that we provide into those applications.

在資料中心方面也很類似。我們把汽車業務中的產品延伸過來——不論是電氣保護，或是感測產品——這些都是我們延伸並已設計導入到資料中心的產品，如先前所提，也導入到超大規模業者（hyperscaler）的架構概念中。所以在業務型態以及我們如何經營上非常相似——以既有產品切入並供應到那些應用。

Luke Junk, Baird.

Luke Junk，Baird。

Appreciate you taking the question. So maybe I'll just ask one, and it's a little bigger picture. Stephan, just would be great to get your perspective on market structure within the data center business, specifically. How do you think about the need to take share in data center with these reference designs and if you're doing so, do you think you're taking share from? And just market share is factor in this data center story? How important is it? Or are these more jump-ball dynamics, especially thinking about the 800-volt opportunity that you?

感謝讓我提問。我可能只問一題，偏宏觀一點。Stephan，很希望聽聽你對資料中心業務市場結構的看法，特別是這一塊。你如何看待在資料中心透過這些參考設計來取得市占的必要性？如果你們確實在取得市占，你覺得是從誰那裡拿到的？另外，市占在這個資料中心故事中扮演什麼角色？它有多重要？或者這更像是「誰都可能贏」的動態，尤其是考量到你們提到的800伏特機會？

Well, thanks for the question. Maybe I'll start and let Stephan chime in here. I think the beauty with some of the new content opportunity that we've laid out in data center, particularly with the architecture change, is that it's not shared that we need to take or win. It's fundamentally new sockets. So today, you're dealing with AC power architecture, moving towards high-voltage DC, and that creates a fundamentally different electrical protection design, moving from fuses and circuit breakers towards high-voltage contactors.

謝謝你的問題。我先回答，然後也讓Stephan補充。我認為我們在資料中心所提出的一些新內容機會，特別是隨著架構變更而來的機會，其美妙之處在於：這不是我們必須去搶或去贏的既有市占。而是本質上全新的插槽（sockets）。因為今天你面對的是交流（AC）供電架構，正轉向高壓直流（DC），這會帶來本質上不同的電氣保護設計——從保險絲與斷路器，轉向高壓接觸器。

And so it's not that we need to take share. It's that we need to have a product that meets the spec and then go and get specked in, and that's exactly what we're focused on. And that's part of the reason why we have so much conviction in our right to win in this space is that as Stephan mentioned on the call, as the architectures change, it's moving right into our wheelhouse in terms of our technology set, the products we offer, our ability to meet the spec and perform in robust high-performance applications.

因此，不是我們需要去搶市占。而是我們需要有符合規格（spec）的產品，然後去取得被列入規格（specked in），這正是我們專注的方向。這也是為什麼我們對自己在這個領域的勝出權（right to win）如此有信心：正如Stephan在電話會議中提到的，當架構改變時，它正好落在我們的核心能力範圍內——就我們的技術組合、我們提供的產品、我們滿足規格的能力，以及在高可靠度、高性能應用中運作的表現而言。

I think they may add some technical aspects to that. So if you look at the data center concepts today, I think I mentioned it earlier, they're based on their airport. And the products that we deliver into those concepts today are basically temperature sensors and circuit breakers. And then these new concepts coming on, so it's not basically -- it's not taking market share from in the new -- they have a whole different product range because of the liquid cooling that they required because of the increased computing power.

我認為他們可能會在其中加入一些技術層面的內容。所以如果你看看當今的資料中心概念，我想我之前提到過，它們是以他們的機場為基礎。而我們目前交付到這些概念中的產品，基本上是溫度感測器和斷路器。接著這些新的概念出現，因此基本上——它並不是在新的——從市場上搶走市占；由於運算能力提升而需要液冷，他們有一整套不同的產品範圍。

And that obviously gives us the opportunities, again, to take existing products like pressure sensors, flow sensors, temperature centers, existing circuit breakers and contactors and designing those into the data center concept together with hyperscalers and then giving us potential revenue, as I stated, from mid-2027 onwards. So not taking share from any one away, it's getting into those hyperscaler concept designs and placing our products in there, that is the task.

而這顯然再次給了我們機會，把既有產品如壓力感測器、流量感測器、溫度感測器、既有的斷路器與接觸器，與超大規模雲端業者（hyperscalers）一起設計導入資料中心概念中，並如我所述，讓我們自 2027 年年中起有潛在營收。所以不是從任何人那裡拿走份額，而是進入那些 hyperscaler 的概念設計並把我們的產品放進去，這就是任務。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Hey, thanks so much. Just one question for me as well. Just wondering if you could provide some color on the segment outgrowth expectations. I guess if you're doing on the core point -- state double-digit organic in aero and commercial I guess, shouldn't organic growth in Q2 be above that 1% to 4% that you're guiding?

嗨，非常感謝。我也只有一個問題。想請問你是否可以多談一些各事業部（segment）超越市場成長（outgrowth）的預期。我想如果你在核心觀點上——在航太與商用（aero and commercial）維持兩位數的有機成長，那麼第二季的有機成長不應該高於你所指引的 1% 到 4% 嗎？

So look, I think, let me frame that generally. And I think it's important to mention with all the examples that we've given that Sensata has multiple growth factors. And I've mentioned many examples where we've won business and where we're in. And I think it's equally important that our segment leaders around Ellis, Marcus, and Brian, they're very clear and accountable growth mandates as well.

所以你看，我想讓我先從整體來框定這件事。我認為很重要的一點是，結合我們所舉的所有例子，Sensata 有多個成長驅動因素。我也提到許多我們贏得業務以及我們所切入的例子。同樣重要的是，我們各事業部的領導者——Ellis、Marcus 和 Brian——也都有非常明確且可被追責的成長任務。

And as you can recall, we've returned some fiber back to growth, and that's not so long ago, and that's in the second half of and we've actually accelerated that growth in the quarter one of 2026. So of course, one question is is that growth momentum is enough, but we always need to see where we come from.

而如你所記得的，我們已讓部分業務回到成長軌道，而且那並不是很久以前；那是在下半年，而且我們在 2026 年第一季實際上加速了那個成長。所以當然，一個問題是這個成長動能是否足夠，但我們也總是需要看清楚我們是從哪裡走來的。

And I think we've -- the team has done a fantastic job in accelerating that growth. And we're not even showing growth over all segments in all areas with all different types of products, be new products and so on. So I feel -- we've made good progress.

我認為我們——團隊在加速成長方面做得非常出色。而且我們並不是在所有事業部、所有領域、所有不同類型的產品上都呈現成長——包括新產品等等。所以我覺得——我們已經取得了不錯的進展。

Yeah. And just to maybe hone in on the outgrowth topics. So Third-party forecasters are projecting auto production down a couple percent again in the second quarter. And so if we were to deliver similar outgrowth, that would put out on an absolute basis, organic growth in the kind of 1% to 2% range for the quarter.

是的。再把焦點收斂到超越市場成長（outgrowth）的議題。第三方預測機構預估第二季汽車產量將再次下滑幾個百分點。因此如果我們交付類似的超越市場成長幅度，換算成絕對值，該季的有機成長大概會落在 1% 到 2% 的區間。

And then if you look at the other two segments, we certainly don't expect that we're going to grow at 15% in Aerospace, Defense, and Commercial equipment, that likely moderates to sort of mid- to high single digits. And then industrial is not going to get back into a growth cycle until the back half of the year. So with that trend, I think that puts us squarely in the 1% to 4% revenue growth guide for the second quarter.

然後如果你看另外兩個事業部，我們當然不預期航太、國防與商用設備（Aerospace, Defense, and Commercial equipment）會以 15% 的速度成長，那很可能會放緩到中到高個位數。而工業（industrial）要到今年下半年才會回到成長循環。所以在這樣的趨勢下，我認為這讓我們第二季的營收成長指引穩穩落在 1% 到 4% 的區間。

And with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to James Entwistle for closing remarks.

那麼，今天的問答環節就到此結束。我想把時間交回給 James Entwistle 作結語。

Thanks, Jamie, and thanks to everyone who joined us on today's call. Before we conclude, I'd just like to announce some upcoming conferences that we'll be attending during the second quarter. We will be at the Oppenheimer Industrial Growth Conference on Tuesday, May 5, which is virtual. The TD Cowen Technology, Media and Telecom Conference on Wednesday, May 27 in New York City. And the Wells Fargo Industrials Conference on Wednesday, June 10 in Chicago. We look forward to connecting with many of you at those conferences in the coming months. Jamie, you may now conclude the call.

謝謝，Jamie，也謝謝今天參與電話會議的各位。在結束之前，我想宣布我們第二季將參加的幾場即將到來的會議。我們將於 5 月 5 日（週二）參加 Oppenheimer 工業成長會議，該會議為線上舉行。5 月 27 日（週三）在紐約市參加 TD Cowen 科技、媒體與電信會議。以及 6 月 10 日（週三）在芝加哥參加 Wells Fargo 工業類股會議。我們期待在接下來幾個月於這些會議上與各位中的許多人交流。Jamie，你現在可以結束電話會議。

And with that, ladies and gentlemen, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

那麼，各位女士、先生，今天的電話會議與簡報到此結束。非常感謝各位的參與。各位現在可以掛線。