Sensata Technologies Holding PLC (ST) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Sensata Technologies second-quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Sensata Technologies 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Mr. James Entwistle, of Investor Relations.

現在我想把會議交給投資人關係部的 James Entwistle 先生。

Please go ahead.

請開始。

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 second-quarter 2026 earnings conference call.

謝謝，接線員，大家下午好。我是 James Entwistle，Sensata 投資人關係資深總監，歡迎各位參加 Sensata 2026 年第二季財報電話會議。

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 reference the 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 this call concludes.

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，我們也將在本次電話會議中引用簡報投影片。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，並將於會議結束後不久在我們的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 those 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. We encourage you to review our GAAP financial statements in addition to today's presentation.

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這些陳述中所描述的預測有重大差異。可能導致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者。我們鼓勵各位除今天的簡報外，也一併查閱我們的 GAAP 財務報表。

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 and the appendices of our presentation materials and in our SEC filings.

我們今天通話中將討論的許多資訊將與非 GAAP 財務衡量指標相關。我們的 GAAP 與非 GAAP 財務數據（含調節表）已收錄於財報新聞稿、簡報資料的附錄，以及我們向 SEC 提交的文件中。

Stephan will begin today's call with comments on the overall business. Andrew will then cover our detailed results for the second quarter of 2026 and financial outlook for the third quarter. Stephan will then return for closing remarks. After that, we will take your questions.

Stephan 將先就整體業務發表評論。接著 Andrew 將說明我們 2026 年第二季的詳細業績，以及第三季的財務展望。之後 Stephan 將回來做結語。接下來我們將開放提問。

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

現在我想把電話會議交給 Sensata 執行長 Stephan von Schuckmann。

Thank you, James, and good afternoon, everyone. Let's begin on slide 3, and I'll share a few highlights from the quarter. We are pleased to report exceptionally strong Q2 results with each of our key metrics exceeding expectations and demonstrating accelerating financial performance, both sequentially and year-over-year.

謝謝你，James，大家下午好。我們從投影片第 3 頁開始，我將分享本季幾項重點。我們很高興報告第二季表現格外強勁，各項關鍵指標皆超出預期，並展現財務表現加速改善，無論是與前一季相比或與去年同期相比皆然。

Revenue grew 5% or 4.4% organically with organic growth in all three segments. Q2 is the fourth consecutive quarter of organic growth. Adjusted operating margin expanded 50 basis points year-over-year to 19.5% and adjusted earnings per share came in at $0.98, a year-over-year increase of over 12%.

營收成長 5%，或以有機口徑成長 4.4%，三大事業部皆實現有機成長。第二季是連續第四季的有機成長。調整後營業利益率較去年同期擴張 50 個基點至 19.5%，調整後每股盈餘為 0.98 美元，較去年同期成長超過 12%。

Free cash flow continues to strengthen as our structural improvements in working capital take hold in our business. In the second quarter, we delivered free cash flow of $186 million our year-to-date conversion is 108%. The strong cash flow enabled us to continue deleveraging the company with net leverage now at 2.4 times trailing 12 months adjusted EBITDA, and we retired $406 million of debt in the quarter.

隨著我們在營運資金方面的結構性改善逐步在業務中發揮效果，自由現金流持續增強。第二季我們創造了 1.86 億美元的自由現金流；年初至今的轉換率為 108%。強勁的現金流使我們得以持續降低槓桿，目前淨槓桿為過去 12 個月調整後 EBITDA 的 2.4 倍，且本季我們償還了 4.06 億美元的債務。

Our second quarter results demonstrate that we continue to make efficiency gains in our business. As we become more efficient, we are systematically strengthening our balance sheet and our disciplined growth framework is working and growth is inflecting upwards.

我們第二季的結果顯示，我們持續在業務中取得效率提升。隨著效率提高，我們正系統性地強化資產負債表；我們嚴謹的成長框架正在發揮作用，成長動能也正向上轉折。

Let's turn to slide 4 and take a closer look at these trends and what they mean as we look ahead. Since we laid out our key pillars and our associated performance metrics, we have demonstrated not only an ability to deliver on our commitments but to compound gains and accelerate progress. Adjusted operating margins have consistently expanded and the magnitude of these margin gains is increasing.

接著看投影片第 4 頁，更深入檢視這些趨勢及其對未來的意涵。自我們提出關鍵支柱及其對應的績效指標以來，我們不僅展現出履行承諾的能力，也能累積成果並加速進展。調整後營業利益率持續擴張，而且這些利潤率提升的幅度正在增加。

On a trailing 12-month basis, free cash flow conversion has accelerated every quarter since we made this a priority. Similarly, in the second quarter last year, we committed that we would deleverage the company with urgency, with a target of getting below 2.5 times net leverage in 2026 and we delivered the two quarters ahead of schedule.

以過去 12 個月為基礎，自由現金流轉換率自我們將其列為優先事項以來，每一季都在加速提升。同樣地，在去年第二季，我們承諾將以更高的急迫性降低公司槓桿，目標是在 2026 年將淨槓桿降至 2.5 倍以下，而我們已提前兩季達成。

Additionally, we indicated that we would strengthen our balance sheet by reducing gross debt, which improves our earnings resilience through market cycles. We have now executed two debt retirement transactions and reduced gross indebtedness by more than $760 million. We also laid out a disciplined framework for how we would return Sensata to growth over time. This framework meant being patient and deliberate in the opportunities we pursue to ensure that we are delivering high-quality, sustainable growth that will compound value for our shareholders over time.

此外，我們也表示將透過降低總負債來強化資產負債表，從而提升公司在市場循環中的獲利韌性。我們目前已執行兩筆債務償還交易，將總負債降低超過 7.6 億美元。我們也提出一套嚴謹的框架，說明我們將如何隨時間推進讓 Sensata 重回成長。此框架意味著在我們所追求的機會上保持耐心與審慎，以確保我們交付高品質、可持續的成長，並在時間推移中為股東累積價值。

We are pleased to report that a trend has emerged. In each of the last four quarters, year-over-year growth accelerated. And for the last two quarters, we have been in mid-single-digit territory. Importantly, earnings are growing faster than revenue, and we now have three consecutive quarters of double-digit year-over-year adjusted EPS growth. Simply put, there is a clear momentum in our business across every metric that we identified and our progress on growth as the organization increasingly energized.

我們很高興報告，一個趨勢已經浮現。在過去四個季度中，每一季的年增率都在加速。而在最近兩季，我們已處於中個位數成長區間。更重要的是，獲利成長快於營收成長，我們已連續三季達成年增雙位數的調整後 EPS 成長。簡而言之，我們在所識別的每一項指標上都呈現明確動能，而我們在成長方面的進展也讓組織愈發充滿活力。

Each site visit, I see examples of our team proactively identifying emerging or unmet needs for sensing and electrical protection, engaging with customers and rapidly bringing products to market. There are conscious examples of this across our business and in each of our segments.

每次到各據點參訪，我都看到團隊主動辨識感測與電氣保護領域的新興或未被滿足的需求，與客戶互動，並快速將產品推向市場的例子。在我們的業務中、以及各個事業部門，都能看到這類有意識的實例。

So with that, let's turn to slide 5 and we can take a closer look at how our reorganized business is enabling growth, starting with automotive. In our Automotive business, three key factors enable us to deliver market outgrowth. First, our diversified portfolio provides balanced exposure across ICE, EV and powertrain agnostic applications, enabling growth across regions regardless of varying EV adoption trends.

因此，讓我們看投影片第 5 頁，更深入了解我們重組後的業務如何帶動成長，先從汽車業務開始。在汽車業務方面，有三個關鍵因素使我們能夠實現超越市場的成長。第一，我們多元化的產品組合在內燃機（ICE）、電動車（EV）以及與動力總成無關的應用之間提供均衡曝險，使我們能在不同地區、即使電動車採用趨勢不一，也能推動成長。

Second, product innovation allows us to adapt to evolving EV architectures, which create demand for customized solutions where we have developed differentiated products and won significant business with global OEMs.

第二，產品創新使我們能因應不斷演進的電動車架構；這些變化帶來對客製化解決方案的需求，而我們已開發出具差異化的產品，並在全球 OEM 客戶中贏得可觀的業務。

And third, localization. Our in region for region strategy aligns with customer demand for local content, supporting conquest wins. In the second quarter, these factors enabled us to deliver market outgrowth of 2% and further reinforce our ability to grow across regions with different powertrain adoption trends. In fact, we outgrew both ICE and EV production in both North America and Europe. In North America, our EV revenues were approximately flat in a market where EV production decreased by more than 30% year-over-year.

第三，在地化。我們的「區域內為區域」策略符合客戶對在地內容的需求，支持我們贏得搶單（conquest wins）。在第二季，這些因素使我們實現 2% 的超越市場成長，並進一步強化我們在不同動力總成採用趨勢的地區皆能成長的能力。事實上，在北美與歐洲，我們的成長都超越了 ICE 與 EV 的產量增幅。在北美，在電動車產量年減超過 30% 的市場環境下，我們的電動車營收約略持平。

We expect electrification revenue to continue outperforming EV production in North America, supported by the new FaultBreak contactor, which launched in the second quarter and will ramp in future quarters. Our growth in North America was not limited to the EV category. We also outgrew ICE production with ICE revenue growth of approximately 14% against the market and increased 2% year-over-year. In aggregate, this represented double-digit net outgrowth in North America.

我們預期電動化營收將持續優於北美電動車（EV）產量表現，並將受惠於第二季推出的新款 FaultBreak 接觸器，該產品將在未來幾季逐步放量。我們在北美的成長並不僅限於電動車類別。我們也跑贏內燃機（ICE）產量表現：ICE 營收相對市場約成長 14%，且年增 2%。整體而言，這代表我們在北美實現了兩位數的淨超額成長。

In Europe, recent electrification wins have narrowed the content gap between ICE vehicles and EVs and we outgrew EV production by 20%, delivering 30% growth in EV revenues against the market, which grew 10%. New business wins on ICE platforms enabled 5% ICE outgrowth in Europe and mid-single-digit net outgrowth for the region.

在歐洲，近期電動化新案的斬獲縮小了 ICE 車款與 EV 之間的單車價值量差距；我們的表現較 EV 產量高出 20%，在市場成長 10% 的情況下，EV 營收對市場實現 30% 成長。ICE 平台的新業務得標使我們在歐洲的 ICE 表現超出市場 5%，並帶動該區域達到中個位數的淨超額成長。

In China, while the domestic market has softened, we continue to win local business that supports future growth. This quarter, more than 90% of our NBOs were again with local OEMs, helping offset mix headwinds from the share shift towards local Chinese OEMs.

在中國，儘管國內市場走弱，我們仍持續贏得可支撐未來成長的在地業務。本季，我們超過 90% 的新業務訂單（NBO）再次來自本土 OEM，有助於抵消因市占向中國本土 OEM 轉移所帶來的產品組合逆風。

We're also gaining traction with Tier 1 battery manufacturers by integrating into their system designs, giving us broader access to multiple OEMs. Over time, we expect this to create a flywheel effect as our business ramps and OEMs converge around fewer battery supplier defined architectures. Performance across the rest of Asia was exceptionally strong, with broad growth supporting by increasing content with Japanese OEMs and a rapidly expanding presence in India. In fact, we saw over 40% revenue growth in India in the second quarter and over 50% revenue growth year-to-date.

我們也透過整合進一級電池製造商（Tier 1）的系統設計，持續取得進展，讓我們能更廣泛地接觸多家 OEM。隨著我們的業務放量、且 OEM 逐步收斂至由較少數電池供應商所定義的架構，我們預期長期將形成飛輪效應。亞洲其他地區的表現也格外強勁，隨著我們在日本 OEM 的單車價值量提升，以及在印度的布局快速擴張，帶動全面性成長。事實上，我們第二季在印度的營收成長超過 40%，年初至今的營收成長更超過 50%。

Earlier this quarter, I traveled to India, along with most of our senior leadership team. We visited our engineering center in Pune, where we announced that we would be opening a new manufacturing facility in Chennai as we begin to localize production for this fast-growing market.

本季稍早，我與我們多數資深領導團隊一同前往印度。我們參訪了位於浦那（Pune）的工程中心，並宣布將在清奈（Chennai）新設一座製造工廠，因應這個快速成長市場並開始推動在地化生產。

Now let's turn to slide 6. Our Aerospace, Defense, and Commercial Equipment segment delivered exceptional performance in the quarter with double-digit growth for the second consecutive quarter. We're encouraged by the near-term momentum across this business and are continuing to invest in the medium- and long-term growth opportunities that can sustain that performance.

接著請看第 6 頁投影片。我們的航太、國防與商用設備事業群本季表現亮眼，連續第二季實現兩位數成長。我們對該業務的短期動能感到鼓舞，並持續投資於可支撐此表現的中長期成長機會。

In Aerospace and Defense, for example, we recently showcased a broad range of our high-power density motors at the Farnborough Air Show, and we're very encouraged by the customer response. We expect our expanded portfolio of Motors, Actuators and Cockpit Controls, including our Digital Inceptor to support continued growth and further strengthen our position against a favorable market backdrop for commercial and defense production over the next several years. Commercial Equipment, robust North American on-road truck orders and our strong second quarter results reinforce our expectation for a second half recovery.

以航太與國防為例，我們近期在范堡羅航空展（Farnborough Air Show）展示了多款高功率密度馬達，客戶回饋令我們深受鼓舞。我們預期擴充後的馬達、致動器與座艙控制產品組合（包含我們的 Digital Inceptor）將支持持續成長，並在未來數年商用與國防產量的有利市場背景下，進一步強化我們的競爭地位。在商用設備方面，北美公路卡車訂單強勁，加上我們第二季的優異成果，強化了我們對下半年復甦的預期。

We also saw sensors supporting on-site power generation for data centers contribute nearly 1 point of growth in the quarter, and we expect that contribution to continue in the second half and accelerate in 2027. As on-site power becomes more common in new data center builds, it is creating attractive demand for our diesel engine solutions, including cylinder pressure and high temperature sensing.

我們也看到用於資料中心現場發電的感測器在本季貢獻了接近 1 個百分點的成長；我們預期此貢獻將在下半年延續，並於 2027 年加速。隨著現場供電在新建資料中心中愈加普遍，正為我們的柴油引擎解決方案帶來具吸引力的需求，包括汽缸壓力與高溫感測。

Next, let's turn to slide 7 to discuss industrials. In our Industrials business, we continue to navigate mixed end market conditions while building conviction around several attractive growth opportunities. We secured another HL gas leak detection win in North America, supporting our line of sight to more than $100 million of annual HL revenue.

接下來請看第 7 頁，討論工業業務。在工業事業中，我們持續因應終端市場景氣分歧的環境，同時對數個具吸引力的成長機會建立更高信心。我們在北美再度取得一項 HL 氣體洩漏偵測的得標案，支持我們對 HL 年營收超過 1 億美元的可見度。

Internationally, we see a similar structural opportunity developing, particularly in Europe, but rising temperatures and low historical air-conditioned penetration by increasing demand for efficient heating and cooling solutions. At the same time, Europe's transition to next-generation refrigerants increases the need for reliable leak detection and safety-critical HVAC sensing.

在國際市場，我們也看到類似的結構性機會正在形成，尤其在歐洲；氣溫上升與歷史上空調普及率偏低，正推升對高效率供暖與冷卻解決方案的需求。同時，歐洲轉向下一代冷媒，也提高了對可靠洩漏偵測與安全關鍵 HVAC 感測的需求。

Together, these trends create a meaningful long-term growth opportunity across our HVAC portfolio. Beyond HVAC, we are gaining traction in our data center business with a growing base of revenue in 2026, meaningfully contributing to organic growth in the year. With that growth comes increased conviction in our right to win future business. In fact during the second quarter, we were specified into three additional new hyperscaler concepts for a total of five platform concept wins year-to-date.

綜合而言，這些趨勢為我們的 HVAC 產品組合帶來具意義的長期成長機會。除 HVAC 之外，我們在資料中心業務也持續取得進展，並在 2026 年建立起日益成長的營收基礎，對當年有機成長做出顯著貢獻。隨著成長推進，我們對於贏得未來業務的勝出權（right to win）也更具信心。事實上，在第二季期間，我們又被納入另外三個新增的超大規模業者（hyperscaler）概念設計規格中，使年初至今的平台概念得標總數達到五項。

Additionally, we were named a preferred vetted vendor to a major hyperscaler. Each incremental specification win increases our credibility and improves our reach among hyperscalers, OEMs and EPCs and expanding our ability to win new business. This quarter, one hyperscaler spec in led to a significant award with an ODM for pressure and temperature sensors in our cooler distribution units with shipments expected to begin the first quarter of 2027.

此外，我們也被一家主要 hyperscaler 指定為優先且已審核的供應商。每一次新增的規格導入得標，都能提升我們的可信度，並擴大我們在 hyperscaler、OEM 與 EPC 之間的觸及範圍，進而提升我們贏得新業務的能力。本季，一項 hyperscaler 的規格導入進一步促成我們與某 ODM 在冷卻液分配單元中的壓力與溫度感測器取得一筆重要授標，預計將於 2027 年第一季開始出貨。

With that, let's turn to slide 8 as I would like to elaborate on these data center opportunities and where we are gaining traction. We frame our data center opportunity in three categories. First is electrical protection inside the data center, including circuit breakers and high-voltage contactors that protect and control power across PDUs, sidecars, power conversion systems and next-generation racks.

接著請看第 8 頁，我想進一步說明這些資料中心機會，以及我們正在取得進展的領域。我們將資料中心機會分為三大類。第一類是資料中心內部的電氣保護，包括斷路器與高壓接觸器，用於在 PDU、sidecar、電力轉換系統與下一代機櫃之間保護並控制電力。

As architectures move towards 400 and 800-volt systems demand for reliable switching interruption and protection increases. Our solutions are well positioned where the higher voltage DC is converted back to AC and side cars or brought directly into server racks. Second is thermal management, including air and liquid cooling applications that use pressure, temperature, leak and flow sensors, along with protection components to operate safely and reliably.

隨著架構朝 400 伏與 800 伏系統演進，對可靠的開關分斷與保護的需求將提高。我們的解決方案在高電壓直流（DC）轉回交流（AC）的環節、以及導入 sidecar 或直接導入伺服器機櫃的應用場景中，具備良好布局。第二類是熱管理，包括氣冷與液冷應用，會使用壓力、溫度、洩漏與流量感測器，以及保護元件，以確保安全且可靠運作。

As rec power density rises, liquid cooling and cooler distribution units are becoming more common, increasing demand for precision sensing and protection higher-density data centers. The interdependency of liquid cooling systems and high voltage goes beyond each enabling the other. The presence of liquid and high-voltage architecture raises the stakes regarding electrical protection requirements and plays further into Sensata's credibility as a supplier into safety critical and mission-critical automotive applications.

隨著機櫃功率密度提升，液冷與冷卻液分配單元愈來愈普遍，進而提高對精密感測與保護的需求，以支援更高密度的資料中心。液冷系統與高電壓之間的相互依存關係，不僅在於彼此互相促成。液體與高電壓架構的並存，提高了對電氣保護要求的風險與重要性，也進一步強化 Sensata 作為安全關鍵與任務關鍵汽車應用供應商的可信度。

Third is power and peak management. As AI workloads drive larger and faster swings in power demand, operators need resilient solutions to manage peak loads and use grid and on-site power more efficiently. Dynapower's converters, inverters and related technologies are well positioned for UPS systems, battery storage, peak shaving and on-site generation helping data centers support high-intensity compute loads and deployed faster where grid interconnections are constrained.

第三類是電力與尖峰管理。隨著 AI 工作負載帶動電力需求出現更大且更快速的波動，營運商需要具韌性的解決方案來管理尖峰負載，並更有效率地使用電網與現場電力。Dynapower 的變流器、逆變器及相關技術，非常適用於 UPS 系統、電池儲能、削峰填谷與現場發電，協助資料中心支援高強度運算負載，並在電網併網受限的情況下更快部署。

As our data center opportunities convert into design wins, we recognize the focus on the potential scale of this opportunity for Sensata. Ultimately, that scale will depend on both the size of our addressable market and our participation rate. While we are still early in the hyperscaler design in process and are not yet prepared to disclose expected market share or content per megawatt, we are increasingly confident in the opportunity.

隨著我們的資料中心機會逐步轉化為設計導入得標，我們理解外界關注此機會對 Sensata 的潛在規模。最終規模將取決於我們可服務市場的大小，以及我們的參與率。雖然我們仍處於 hyperscaler 設計導入流程的早期階段，尚未準備揭露預期市占率或每兆瓦的單車價值量，但我們對此機會的信心正持續提升。

Let's turn to slide 9, and I will elaborate on how we see this opportunity developing. As data center architecture shift towards higher voltage, liquid cooling and more on-site power generation, we expect our addressable market to expand by 1.5 times to 2.5 times. This expectation for SAM expansion is on a per megawatt basis, and is in addition to the expected market growth from capacity deployments. In addition to market growth and SAM expansion, we see the potential for higher participation as our differentiated sensing, protection and power conversion technologies become more relevant.

讓我們翻到第 9 頁投影片，我將進一步說明我們如何看待這項機會的發展。隨著資料中心架構轉向更高電壓、液冷以及更多現場發電，我們預期可服務市場（SAM）將擴大 1.5 倍至 2.5 倍。這項對 SAM 擴張的預期是以每兆瓦為基礎計算，且是在容量部署所帶來的預期市場成長之外的增量。除了市場成長與 SAM 擴張之外，隨著我們具差異化的感測、保護與電力轉換技術變得更為相關，我們也看見更高參與度的潛力。

This is clearly an exciting high-growth opportunity; however, as we have seen with EVs, the pace of change and market adoption can vary. We are focused on what we can control: securing design wins with high-quality hyperscalers and making use of our existing product portfolio and capacity to minimize at risk investments. The ability to participate in this growth factor without significant investment is a distinct advantage for Sensata.

這顯然是一個令人振奮的高成長機會；然而，正如我們在電動車（EV）上所見，變化速度與市場採用的步調可能有所不同。我們專注於我們能掌控的事項：與高品質的超大規模雲端業者（hyperscalers）取得設計導入（design wins），並運用我們既有的產品組合與產能，以將高風險投資降至最低。能在不需要重大投資的情況下參與這項成長動能，是 Sensata 的一項明顯優勢。

Our data center strategy does not require capital deployment for inorganic growth, capital-intense launches nor lengthy development cycles. We see ample opportunity to grow by leveraging existing products and developing derivative solutions from our core technology platforms. Data center architectures are evolving rapidly and the opportunity to secure specifications is unfolding in real time. Our recent wins demonstrate that our team is moving with urgency to accelerate development and sample delivery well ahead of the longer cycle time lines we see in other areas of the business.

我們的資料中心策略不需要為非有機成長投入資本，也不需要資本密集型的產品上市，亦不需要冗長的開發週期。我們看到充足的成長機會，可透過槓桿運用既有產品，並從我們的核心技術平台開發衍生解決方案來實現。資料中心架構正在快速演進，而取得規格（specifications）的機會正即時展開。我們近期的勝利顯示，我們的團隊正以高度急迫感推進，加速開發與樣品交付，且遠早於我們在其他業務領域所見的較長週期時程。

Now let me turn the call over to Andrew to provide greater detail on the second quarter and our guidance for the third quarter.

現在我把電話會議交給 Andrew，請他更詳細說明第二季表現以及我們對第三季的指引。

Thank you, Stephan. Let's turn to slide 11. For clarity, unless otherwise specified, amounts are referenced in millions of US dollars and growth percentages are approximate. We delivered outstanding results in the second quarter with revenue adjusted operating income and adjusted earnings per share, all above our expectations. We reported second quarter revenue of $991 million, an increase of $47 million or 5% and from $943 million in the second quarter of 2025.

謝謝你，Stephan。讓我們翻到第 11 頁投影片。為求清楚起見，除非另有說明，金額以百萬美元為單位，成長百分比為約略值。我們在第二季交出亮眼成果：營收、調整後營業利益與調整後每股盈餘均高於我們的預期。我們公布第二季營收為 9.91 億美元，較 2025 年第二季的 9.43 億美元增加 4,700 萬美元或 5%。

On an organic basis, revenue grew 4% year-over-year as we had a 1% inorganic tailwind from foreign exchange. Adjusted operating income was $193 million and adjusted operating margin was 19.5% compared with $179 million and a margin of 19.0%, in the prior year quarter. This year-over-year improvement of 50 basis points was attributable to stronger revenues and improved productivity. Adjusted earnings per share was $0.98, an increase of $0.11 or 12.6% year-over-year, which exceeded the high end of our second quarter guidance range by $0.03.

以有機基礎計算，營收年增 4%，因為外匯帶來 1% 的非有機順風。調整後營業利益為 1.93 億美元，調整後營業利益率為 19.5%，相較於去年同期的 1.79 億美元與 19.0% 的利益率。這 50 個基點的年對年改善，主要歸因於營收更強以及生產力提升。調整後每股盈餘為 0.98 美元，年增 0.11 美元或 12.6%，並較我們第二季指引區間上緣高出 0.03 美元。

Free cash flow was $186 million, an increase of $71 million or 61% year-over-year. Our free cash flow conversion rate was 130% of adjusted net income, an increase of 39-percentage-points compared with 91% in the prior year period.

自由現金流為 1.86 億美元，年增 7,100 萬美元或 61%。我們的自由現金流轉換率為調整後淨利的 130%，較去年同期的 91% 提升 39 個百分點。

Let's turn to slide 12 to review our free cash flow journey over the past few years and to discuss the structural enhancements we have made that are driving sustainable improvements. Prior to 2025, 80% free cash flow conversion would have constituted a historically strong result for Sensata. In 2025, we redefined the cash generation power of our business and delivered 97% free cash flow conversion.

讓我們翻到第 12 頁投影片，回顧過去幾年我們的自由現金流歷程，並討論我們所做的結構性強化，這些強化正推動可持續的改善。在 2025 年之前，對 Sensata 而言，80% 的自由現金流轉換率就已是歷史上相當強勁的成果。在 2025 年，我們重新定義了本業的現金創造能力，並達成 97% 的自由現金流轉換率。

Halfway through 2026, our year-to-date free cash flow conversion stands at 108%, putting us on track for a conversion rate, which meets or exceeds that which we delivered in 2025. Over the past 18 months, we have improved our cash conversion cycle by approximately 15 days, primarily through inventory reduction and supplier payment term optimization. We have also reduced capital intensity by better utilizing existing capacity, adding automation and deploying more flexible line concepts.

截至 2026 年上半年，我們年初至今的自由現金流轉換率為 108%，使我們有望達成不低於、甚至高於 2025 年水準的轉換率。過去 18 個月，我們將現金轉換週期改善約 15 天，主要透過降低庫存與優化供應商付款條件。我們也透過更有效運用既有產能、導入自動化，以及部署更具彈性的產線概念，降低資本密集度。

As a result, capital expenditures decreased from a historical run rate above 4% of revenue to 3.5% last year. This year, capital expenditures are just over 2% of revenue year-to-date, and we expect capital spending to normalize to prior year run rates in the second half.

因此，資本支出占營收比重已從歷史上高於 4% 的水準，降至去年的 3.5%。今年截至目前，資本支出占營收比重略高於 2%，我們預期下半年資本支出將回到前一年度的常態水準。

Now, let's briefly turn to slide 13 to review capital allocation. In the second quarter, we deployed $400 million of cash to retire $406 million of long-term debt. We recorded a gain of approximately $4 million net of transaction fees. We excluded this gain from our non-GAAP results. We closed the quarter with $403 million of cash on hand and $650 million of capacity on our undrawn revolving credit facility.

現在，讓我們簡要翻到第 13 頁投影片，回顧資本配置。在第二季，我們動用 4 億美元現金以償還 4.06 億美元的長期債務。扣除交易費用後，我們認列約 400 萬美元的收益。我們已將此收益自非 GAAP 結果中排除。本季末我們持有現金 4.03 億美元，且在未動用的循環信用額度（revolving credit facility）上仍有 6.5 億美元可用額度。

Our net leverage now stands at 2.4 times trailing 12 months adjusted EBITDA compared with 3.0 times in the prior year quarter. Gross leverage now stands at 2.9 times trailing 12 months adjusted EBITDA and gross indebtedness is approximately $2.5 billion, a decrease of $762 million compared to June 30, 2025.

我們的淨槓桿目前為過去 12 個月調整後 EBITDA 的 2.4 倍，相較於去年同期的 3.0 倍。總槓桿目前為過去 12 個月調整後 EBITDA 的 2.9 倍，總負債約為 25 億美元，較 2025 年 6 月 30 日減少 7.62 億美元。

In addition to retiring debt, we returned $18 million of capital to shareholders in the quarter through our quarterly dividend. Earlier this month, we announced our third quarter dividend of $0.12 per share, payable on August 26 to shareholders of record as of August 12.

除了償還債務之外，我們也透過季度股利在本季向股東返還 1,800 萬美元資本。本月稍早，我們宣布第三季股利為每股 0.12 美元，將於 8 月 26 日支付給 8 月 12 日登記在冊的股東。

Our capital allocation strategy continues to improve return on invested capital. For the 12 months ended June 30, 2026, ROIC increased by 120 basis points to 11.3% and compared with 10.1% for the 12 months ended June 30, 2025.

我們的資本配置策略持續提升投入資本報酬率（ROIC）。截至 2026 年 6 月 30 日止的 12 個月，ROIC 提升 120 個基點至 11.3%，相較於截至 2025 年 6 月 30 日止 12 個月的 10.1%。

Now let's turn to slide 14 to discuss our segments. All three segments delivered organic revenue growth in the second quarter, which is a testament to our new operating structure and each segment's commitment to delivering profitable growth through its respective mandate.

現在讓我們翻到第 14 頁投影片，討論各事業部門。第二季三個事業部門皆實現有機營收成長，這證明了我們新的營運架構，以及各事業部門依其各自任務致力於以獲利性成長為目標的承諾。

Our Automotive segment delivered $545 million of revenue in the quarter, an increase of 3.3% year-over-year on a reported basis. Organic growth was 1.8% year-over-year resulting in approximately 2% outgrowth compared with flat global auto production. We achieved broad market outgrowth through content gains and production mix as our diversified portfolio of ICE, EV and powertrain agnostic products is well positioned regardless of regional powertrain adoption trends.

我們的汽車事業部門本季營收為 5.45 億美元，按報告基礎年增 3.3%。有機成長年增 1.8%，在全球汽車產量持平的情況下，約有 2% 的超越市場成長（outgrowth）。憑藉內容量提升（content gains）與生產組合（production mix），我們實現廣泛的超越市場成長；我們多元化的內燃機（ICE）、電動車（EV）以及不受動力系統限制（powertrain agnostic）的產品組合，使我們無論各地區動力系統採用趨勢如何都具備良好布局。

Automotive segment operating margin was 24.2%, a year-over-year increase of 120 basis points, driven by revenue growth and productivity. Our Industrial segment delivered $212 million of revenue in the quarter, a year-over-year increase of 2.9% on a reported basis and 4.2% on an organic basis. Organic growth was enabled by share gains and supported by stabilization in US HVAC production. Industrial's operating margin was 27.1% and a year-over-year decrease of 100 basis points as we are reinvesting productivity from our automotive segment to fund Industrial's growth investment.

汽車業務部門營業利益率為24.2%，年增120個基點，主要受營收成長與生產力提升帶動。本季我們的工業部門營收為2.12億美元，按報告基礎年增2.9%，按有機基礎年增4.2%。有機成長來自市占提升，並受惠於美國HVAC產量趨於穩定。工業部門營業利益率為27.1%，年減100個基點，因我們將汽車部門的生產力成果再投資，用以支應工業部門的成長投資。

Our Aerospace, Defense and Commercial Equipment segment delivered $234 million of revenue in the quarter, an increase of 11.5% year-over-year or 10.9% on an organic basis. This was the segment's second consecutive quarter of double-digit growth, and we once again delivered revenue growth across every market vertical, including aerospace, defense, on-road trucks and off-highway equipment. Segment operating margin was 27.8%, a year-over-year increase of 340 basis points as we gained operating leverage from strong volume growth.

本季我們的航太、國防與商用設備部門營收為2.34億美元，年增11.5%，按有機基礎年增10.9%。這是該部門連續第二季達成雙位數成長，我們再次在每個市場垂直領域都實現營收成長，包括航太、國防、公路卡車與非公路設備。部門營業利益率為27.8%，年增340個基點，主要因強勁的出貨量成長帶來營運槓桿。

Adjusted corporate operating expenses were $61 million, an increase of approximately $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6,100萬美元，年增約1,000萬美元，主要因變動薪酬費用較高，而此亦受更強勁的基本面表現所支撐。

Now let's turn to slide 15 to discuss what we are seeing in our end markets. Global auto production was approximately flat in the second quarter. For the full year, third-party forecasters expect production to decrease by approximately 2%. Despite these downward revisions, we remain optimistic on our ability to outgrow production and deliver modest organic growth for the year.

接下來請看第15頁，討論我們在終端市場看到的情況。第二季全球汽車產量大致持平。就全年而言，第三方預測機構預期產量將下降約2%。儘管預測下修，我們仍對自身能夠跑贏產量、並在全年實現溫和的有機成長保持樂觀。

In aerospace, defense and commercial equipment, multiyear commercial backlogs and higher defense spending continued to support our positive outlook for aerospace and defense. In North American on-road trucks, robust orders and third-party build projections support our view that a recovery begins in the second half despite the lower build rates in Q2. Our on-road truck orders grew double digits in the quarter reinforcing that outlook given that our revenue typically leads truck builds.

在航太、國防與商用設備方面，多年期的商用訂單積壓以及更高的國防支出，持續支撐我們對航太與國防的正向展望。在北美公路卡車市場，強勁的訂單與第三方的產量預測支持我們的看法：儘管第二季產量較低，下半年將開始復甦。本季我們的公路卡車訂單呈雙位數成長，進一步強化該展望，因為我們的營收通常領先卡車產量。

Off-road markets appear stable overall with construction strength from data center build-outs roughly offsetting softer agriculture conditions. In our industrial end market, US residential HVAC shipments recovered modestly on a year-over-year basis and we expect this to continue in the second half of 2026. US, PMI has been an expansion territory for several months, further pointing stabilization.

非公路市場整體看來穩定，資料中心建置帶動的建築需求強勁，大致抵銷農業景氣轉弱。在我們的工業終端市場，美國住宅用HVAC出貨量按年小幅回升，我們預期此趨勢將延續至2026年下半年。美國PMI已連續數月處於擴張區間，進一步顯示趨於穩定。

With that backdrop, let's move to slide 16, and I will share our guidance for the third quarter of 2026. Currently, we expect third quarter revenue of $957 million to $987 million, adjusted operating income of $186 million to $193 million, adjusted operating margin of 19.4% to 19.6%, adjusted net income of $137 million to $142 million, and adjusted earnings per share of $0.93 to $0.97.

在此背景下，請看第16頁，我將分享我們對2026年第三季的財測指引。目前我們預期第三季營收為9.57億至9.87億美元，調整後營業利益為1.86億至1.93億美元，調整後營業利益率為19.4%至19.6%，調整後淨利為1.37億至1.42億美元，調整後每股盈餘為0.93至0.97美元。

Our third quarter guidance includes approximately $10 million in tariff costs and associated pass-through revenues. This is approximately similar to the level of tariffs we experienced in the second quarter as recently announced changes to global tariff rates are not expected to have a significant impact on our business. Our tariff expectations are based on trade policies in effect as of July 28, 2026. Our third quarter guidance does not include any potential tariff refunds related to the recent IEEPA tariff rulings nor does it reflect any possible pass-through of such refunds.

我們的第三季指引包含約1,000萬美元的關稅成本及其相關的轉嫁營收。該水準與我們第二季所承擔的關稅大致相當，因近期公布的全球關稅稅率變動預期不會對我們的業務造成重大影響。我們對關稅的預期係以截至2026年7月28日生效的貿易政策為基礎。我們的第三季指引未包含任何與近期IEEPA關稅裁決相關的潛在關稅退還，也未反映任何可能將該等退還金額轉嫁的情況。

With that, I would like to turn the call back to Stephan for closing remarks.

接下來，我想把電話交回給Stephan作結語。

Thank you, Andrew. Before we move to Q&A, I would like to leave you with a few closing thoughts. Our second quarter results demonstrate that the successful execution of our strategy is creating clear momentum across the business. Our expanding margins give us greater flexibility to invest in the highest return growth opportunities. Our operational initiatives, dramatically improved cash generation, which in turn allowed us to strengthen our balance sheet and improve resilience in our business.

謝謝你，Andrew。在進入問答之前，我想以幾點作為結語。我們第二季的結果顯示，成功執行我們的策略正在為整體業務帶來明確動能。利潤率的擴張讓我們有更大的彈性，得以投資於報酬率最高的成長機會。我們的營運措施大幅改善了現金創造能力，進而使我們得以強化資產負債表並提升業務韌性。

And most importantly, growth is now taking hold across all three segments supported by disciplined execution, market outgrowth in automotive, continued strength in aerospace, defense and commercial equipment, and improving conviction around key industrials opportunities. Our data center strategy is maturing quickly with early specification wins and customer engagement, reinforcing our confidence that this end market can become one of several meaningful long-term growth platforms for Sensata.

最重要的是，在嚴謹執行的支持下，成長已在三大部門全面展開：汽車業務跑贏市場、航太/國防/商用設備持續強勁，以及我們對關鍵工業機會的信心提升。我們的資料中心策略正快速成熟，已取得早期規格導入的勝利並深化客戶互動，進一步強化我們的信心：此終端市場可望成為Sensata數個具意義的長期成長平台之一。

Thank you for your time today. I will now turn the call back over to James for Q&A.

感謝各位今天撥冗參與。我現在把電話交回給James進行問答。

(Operator Instructions) Operator, please introduce the first question.

（接線員指示）接線員，請介紹第一個問題。

(Operator Instructions) Wamsi Mohan, Bank of America.

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

It's nice to see the consistency in your results here and consistent improvement. Stephane, you spent a decent amount of time on this data center portfolio and the opportunity here. As we think about -- it's good to see the quantification in terms of conceptually where the SAM is going. But as you look at your product portfolio, can you help us think through when these products get qualified?

很高興看到你們的業績表現穩健且持續改善。Stephane，你花了相當多時間談資料中心產品組合與相關機會。從概念上看，很高興看到你們對SAM走向的量化說明。但就你們的產品組合而言，能否協助我們理解這些產品何時能完成認證（qualified）？

And from a revenue standpoint, I think you mentioned that one of the hyperscaler opportunity could start to ramp, if I heard right, in Q1 of 27%. So -- any parameters you can share with us that can give us some sense of materiality, whether it's '27 or '28 and overall, from your progression standpoint, like how much more work needs to be done regarding qualification at a broader set of customers?

從營收角度來看，我記得你提到其中一個超大規模雲端業者（hyperscaler）的機會可能會開始放量，如果我沒聽錯的話，是在27年第一季。所以——你們能否分享一些參數，讓我們對其重要性有些概念，例如是在'27或'28，以及整體進展而言，在更廣泛的客戶群上，關於認證還需要完成多少工作？

Thanks, Wamsi. That's a good question. And -- just give me a moment to elaborate that, and I'll explain our position. So we're continuing to see very good progress with our hyperscaler customers. But at the same time, customer designs are still maturing and the deployment time lines continue to evolve. Because of that, -- we don't think it's the right time to put a revenue or CAGR framework around the business.

謝謝你，Wamsi。這是個好問題。——請給我一點時間更詳細說明，我會解釋我們目前的狀況。我們持續看到與超大規模雲端客戶合作的進展非常良好。但同時，客戶的設計仍在成熟中，部署時程也持續演變。因此——我們認為現在還不是為這項業務建立營收或CAGR框架的合適時點。

As those designs mature and time lines become clearer, we expect to provide more detail over the coming months. What I can say today, one is that our confidence in the long-term opportunity has only increased. That's really driven by three things. And allow me to explain that once more in a bit more detail. The market is growing. We have a 14% CAGR and of deployed capacity through 2029.

隨著這些設計逐步成熟、時程更為明確，我們預期在未來幾個月提供更多細節。我今天可以說的是，第一，我們對長期機會的信心只增不減。這主要由三個因素所驅動。請容我再更詳細地說明一次。市場正在成長。到2029年，已部署容量的年複合成長率（CAGR）為14%。

SAM is growing from 1.5 times to 2.5 times, that predominantly through high-voltage architectures and that resulting in liquid cooling requirements. And then there's our participation at right to play, which is increasing. This is, again, a result of a shift to high voltage data centers in liquid cooling. And then one of the additional to that, and I think these are also really important points.

SAM 正在從 1.5 倍成長到 2.5 倍，這主要是透過高電壓架構所帶動，並因此產生液冷需求。接著，我們在「right to play」領域的參與度也在提升。這同樣是因為資料中心轉向高電壓與液冷所致。另外還有一些補充，我認為這些也都是非常重要的重點。

During quarter two, we've been specked into 3 additional hyperscaler concepts with a platform of -- with five platform concept wins year-to-date. And these five concepts, and this is also important, there's been a big progress and a fantastic result of the team. They span over four major brand name hyperscalers. And then to give you a bit of an orientation around revenue, our industrial components have approximately doubled in revenue in the first half of 2026 compared to first half of 2025.

在第二季期間，我們又被納入另外 3 個超大規模客戶（hyperscaler）的概念方案中；截至今年目前為止，我們已拿下 5 個平台概念案的勝出。而這 5 個概念案（這點也很重要）代表了重大進展，也是團隊非常出色的成果。它們涵蓋了 4 家主要的知名品牌超大規模客戶。再給各位一點營收面的方向：我們的工業元件在 2026 年上半年相較於 2025 年上半年，營收大約翻倍。

So ultimately, that means we're moving from a component supplier to a system participant. That's how I'd sum it up. So just ask for a little bit more patient. And over the next couple of months, we'll be giving you more information. But it's just a little bit too early for that.

所以歸根結底，這代表我們正從元件供應商轉變為系統層級的參與者。我會用這句話來總結。所以請再給我們一點耐心。在接下來幾個月，我們會提供更多資訊。但現在還稍微早了一點。

(Operator Instructions) Mark Delaney, Goldman Sachs.

（接線員指示）高盛的 Mark Delaney。

Which is on the margin outlook for the second half of the year. margin guidance is flattish sequentially, but that's coming off of a better-than-expected 2Q results. So maybe you can talk about what led to the strength in margins in the second quarter and key puts and takes as you look into 3Q and do you still think the 4Q margin can expand by the 30 bps you've previously been expecting?

我的問題是關於下半年毛利率展望。毛利率指引在序列上大致持平，但這是建立在第二季優於預期的結果之上。所以也許你可以談談第二季毛利率走強的原因，以及展望第三季時的主要利多與利空；另外，你是否仍認為第四季毛利率可以如你先前預期的那樣擴張 30 個基點（bps）？

Yes. Thanks for the question, Mark. We were definitely pleased with the margin result in the second quarter. And I'd categorize it as primarily driven by two factors, a little bit stronger volume than what we were expecting as the market came in a little stronger and then a head start on productivity. And so because part of it's a head start on productivity, I don't expect it to just represent a higher jump-off point off of which we would sequentially expand -- if you look at the midpoint of our Q3 guide, it's basically the same level of year-on-year margin expansion is what we communicated last quarter as a framework for the back half.

是的。謝謝你的問題，Mark。我們確實對第二季的毛利率結果感到滿意。我會把它主要歸因於兩個因素：其一是量比我們預期稍強，因為市場表現略強；其二是生產力提升比預期更早開始發酵。也因為其中一部分是生產力的提前發酵，我不預期這會代表一個更高的起跳點，讓我們在序列上持續擴張——如果你看我們第三季指引的中位數，基本上與我們上季所溝通、作為下半年框架的年對年毛利率擴張幅度是同一個水準。

And then I'd say on Q4, we didn't guide the fourth quarter. We still expect margin expansion year-on-year, and we still expect margin expansion in the fourth quarter from a revenue standpoint, probably sequentially flattish from the third quarter and then margins expanding.

至於第四季，我們並沒有提供第四季指引。我們仍預期毛利率會年對年擴張；而且從營收角度來看，第四季可能相較第三季序列上大致持平，但毛利率會擴張。

William Stein, Truist Securities.

Truist Securities 的 William Stein。

Perhaps even more nascent than your data center AI exposure, I wonder if you've begun to develop products or repurpose products and develop customer relationships and perhaps even design wins in physical AI, things like humanoid robotics and such?

也許甚至比你們在資料中心 AI 的曝險還更早期一些，我想問你們是否已開始開發產品或重新定位既有產品，並建立客戶關係，甚至在實體 AI（physical AI）領域取得設計導入（design wins），例如人形機器人之類？

Also great questions. Let me answer that question like that. So what we're kind of doing is obviously monitoring the potentially evolving humanoid market and where this could take us. And yes, it's clear humanoid are pack full of sensors, and that could evolve into a nice opportunity for Sensata. So we're very well aware of that.

這也是很好的問題。我這樣回答。我們目前正在持續觀察可能正在演變的人形機器人市場，以及這可能把我們帶往哪裡。而且是的，很明顯人形機器人會搭載大量感測器，這可能會演變成 Sensata 的一個不錯機會。所以我們非常清楚這一點。

And yes, we're focused, and we'll see where it takes us. And I'll maybe elaborate more on that in the upcoming earnings calls. But definitely, if the market develops and the and I'm focusing on is, then it could be a nice opportunity for Sensata.

是的，我們會保持聚焦，並看看它會把我們帶到哪裡。我可能會在接下來的法說會上再多做一些說明。但可以肯定的是，如果市場發展起來，而且我所關注的方向成形，那麼這可能會是 Sensata 的一個不錯機會。

Joseph Spak, UBS.

UBS 的 Joseph Spak。

Thanks. Good afternoon. So Andrew , the leverage targets ahead of schedule. I remember when you sort of communicated to the market on sort of getting the leverage down your view was that, that would sort of help the multiple and the valuation. And the multiple has expanded, but I'm curious sort of now how you sort of view future uses of cash and whether share repos are back on the table because as you just highlighted, I mean, the cash conversion is quite strong. So it looks like 2.4 times now by our math, could be around two by the end of the year, so below your target. So how are you sort of thinking about that going forward?

謝謝。午安。Andrew，你們的槓桿目標達成得比預期更早。我記得你們先前對市場溝通降低槓桿時的看法是，這將有助於本益比倍數與估值。而倍數確實已經擴張，但我想了解你現在如何看待未來現金用途，以及是否會把庫藏股回購重新納入考量，因為如你剛才強調的，現金轉換相當強勁。所以按我們的計算，目前大約是 2.4 倍，到年底可能接近 2 倍，低於你們的目標。所以你們接下來會如何思考？

I'd sum it up like this, So first of all, for the company for Sensata itself, it's important that we continuously focus on improving our operations. And yes, cash generation and cash conversion is good. But there is still an opportunity to improve. We've got programs and initiatives running around reducing or further reducing our inventory levels, I feel we've made fantastic progress with the team has made fantastic progress around supplier payment terms and other opportunities within working capital to improve our overall cash performance. So there is a next level that we're working on.

我會這樣總結：首先，對公司、對 Sensata 本身而言，持續專注於改善營運是很重要的。是的，現金產生與現金轉換表現不錯。但仍有進一步改善的空間。我們正在推動一些計畫與倡議，以降低或進一步降低庫存水位；我覺得團隊在供應商付款條件，以及營運資金中其他可改善的機會上，已取得非常出色的進展，進而提升整體現金表現。所以我們正在努力邁向下一個層級。

And to your question, further -- I think the direction of the company related to how we use that cash is to continuously to deleverage the company and strengthen the balance sheet going forward. There is no change in strategy related to that from last.

至於你的問題——我認為公司在如何運用這些現金方面的方向，是持續去槓桿、並在未來強化資產負債表。相較於之前，這方面的策略沒有改變。

Joe Giordano, TD Cowen.

TD Cowen 的 Joe Giordano。

I mean, I guess it's probably a sign of where you're going -- no one's asked a question on automotive yet. So I think that's interesting. I'll jump there. You mentioned India. Just curious as to like sizing of that business and how large do you think it can get?

我的意思是，我想這大概也反映你們的走向——到現在還沒有人問汽車業務的問題。所以我覺得這很有意思。我就從這裡切入。你提到了印度。想請教那塊業務目前的規模大概多大？你認為它可以成長到多大？

And I'm curious, when you say India, is this like India local? Or is this India demand satisfied out of China exports? How should we think about that market? And then just a just follow-up. Just curious what your outperformance was in China. I didn't catch that on the prepared remarks. .

另外我也想確認，你說的印度，是指印度本地供應嗎？還是指由中國出口來滿足印度需求？我們應該如何看待那個市場？然後再追問一下。你們在中國的超越表現是什麼？我在事先準備的講稿裡沒有聽到那一段。.

I'll Andrew will answer the question, Joe, to the outperformance in China. But let me start with India. So first of all, -- we're building a new facility there and deploying roughly $30 million of capital or capital expenditure. And the good thing about that is, and I'll get to the customers or the good thing about that is that it's mainly covered by -- offset by incentives. So nearly 100% of that is offset by incentives.

Joe，關於在中國的超越表現這個問題，Andrew 會來回答。但我先從印度開始。首先——我們正在那裡興建一座新廠，並投入約 3,000 萬美元的資本（或資本支出）。而這件事的好處是——我等一下會談到客戶——其好處在於這主要會被補助所覆蓋／抵銷。所以其中將近 100% 會由補助抵銷。

And why are we building it there? Well, it's pretty simple. We've won a lot of business in the past with local Indian manufacturers and OEMs. And, there's an expectation from the local guys to produce locally, and that's one of the reasons why we've decided to localize within India. So it's all local business. But there's a further opportunity, obviously at a later stage. As I'm speaking about automotive OEMs a as a first step. And there's obviously a further opportunity then to use that site for export, but that's the plan for now. It's predominantly local.

那我們為什麼要在那裡建廠？其實很簡單。過去我們與印度當地製造商與 OEM 合作，贏得了很多業務。而且，當地客戶期待在地生產，這也是我們決定在印度推動在地化的原因之一。所以這完全是本地業務。但顯然在較後期還有進一步的機會。我把汽車 OEM 作為第一步來談。之後也很明顯有機會把該據點用於出口，但目前的計畫就是如此。目前主要仍以本地為主。

And then the other thing is that we want to leverage the opportunity of the broad market of suppliers in India, which could strengthen our competitiveness overall. There's excellent -- an excellent supply base there, and that will also be using going forward. So I think it's a good next step in the region there for Sensata.

另外一點是，我們希望善用印度廣泛的供應商市場機會，這能夠整體強化我們的競爭力。那裡有非常優秀——非常優秀的供應基礎，我們未來也會加以運用。所以我認為，這對 Sensata 在該區域而言是很好的下一步。

And Andrew?

那 Andrew 呢？

Yes. And Joe, in terms of sizing, so a little bit over $20 million of revenue in the quarter from India auto. Certainly, at the pace of growth that we're seeing and the growth rate in the quarter, it's getting to be sizable quickly here. It's still about 5% of our overall auto business. but growing rapidly.

是的。Joe，就規模而言，本季來自印度汽車業務的營收略高於 2,000 萬美元。以我們目前看到的成長速度以及本季的成長率來看，這塊業務很快就會變得相當可觀。目前仍約占我們整體汽車業務的 5%，但成長非常迅速。

And it's a market that we think there's significant growth opportunity looking well out into the future. So not going to provide sort of long-term outlook on the size of the business there, but definitely growthful and one that we're excited about. And I think embedded in your question, if I heard you correctly, was a question on China. Could you maybe just repeat that part?

而且我們認為這個市場在更長遠的未來仍有顯著的成長機會。因此我們不會提供那邊業務規模的長期展望，但確實是具成長性的，也是我們很期待的一塊。另外我想你問題裡如果我沒聽錯，還包含了對中國的提問。你可以把那一段再重複一次嗎？

Just curious what the outgrowth was there in the quarter. I'm just -- I'm trying to understand like with all these new customers and new wins with locals, like I'd expect you're probably doing pretty good there versus an overall market that's been sluggish.

只是好奇本季那邊的增長幅度如何。我只是——我想了解像你們拿下這些新客戶、在地客戶的新案子這麼多，我會預期你們在那邊的表現應該不錯，尤其相較於整體市場一直偏疲弱。

Yes. The China market has been pretty nascent and sort of production mix varying from quarter-to-quarter based on changing OEM market share, et cetera. So we didn't outgrow in China this quarter. We've been outgrowing, we outgrew in total on our global auto business, and we expect to continue to gain share in China with local EVs and certainly, the supplier defined battery architectures is a big part of that strategy moving forward. So we're still pretty optimistic on the market and our position in it, but production is varying from quarter-to-quarter.

是的。中國市場目前仍相對早期，且由於 OEM 市占變動等因素，生產組合每季都會有所不同。所以我們本季在中國並沒有跑贏市場。我們在全球汽車業務整體是跑贏市場的；而且我們預期會持續在中國透過本地電動車來提升市占，當然，由供應商主導定義的電池架構也是我們未來策略的重要一環。因此我們對市場以及我們在其中的定位仍相當樂觀，但生產確實會隨季度而波動。

Joe, one more point I'd forgotten to add to the automotive content in India, that's the first step. So we obviously want to use that plant or that facility as well for commercial equipment business and also potentially for industrial business that we might want to localize there as the next step.

Joe，關於印度汽車業務內容我還有一點忘了補充：那只是第一步。所以我們也希望把那座工廠或設施用於商用設備業務，並且也可能作為下一步，支援我們想在當地在地化的工業業務。

Christopher Glynn, Oppenheimer.

Christopher Glynn，Oppenheimer。

Yes. So just want to go a layer deeper on the margin expansion consistency that you're putting up. you gave sort of a state of play in the improvement pace for free cash flow. I wonder if we could do that on operations in terms of where are you with square footage plans various processes and best practices sharing from some of your better facilities to some of the -- those with room for improvement.

是的。我想就你們展現出的毛利率擴張一致性再深入一層。你剛才大致說明了自由現金流改善的進度狀況。我想知道在營運端是否也能用同樣方式說明：例如你們在廠房面積規劃、各項流程，以及把一些表現較佳廠區的最佳實務分享、導入到那些仍有改善空間的廠區方面，目前進展到哪裡？

Thanks for that question. I think we -- overall, in these last quarters, we've made great progress. We've got a -- so first of all, -- with Nicolas, I announced that we've got a very strong COO with us, who's driving the change throughout Sensata's got a great team below him in operations. We've got clear initiatives, so when it gets to optimizing our footprint, which is as an example, is one initiative that we're currently working on, where we go through our entire Sensata production footprint and question, the size of our plant, questions the location of our plant and rechallenge ourselves in the end if we can improve that footprint. That's one area that we're working on. So I would say great progress done in that respect, but maybe not quite finished yet. There's still a level of improvement.

謝謝這個問題。我認為——整體而言，過去幾個季度我們取得了很大進展。我們有一位——首先——我和 Nicolas 已宣布我們有一位非常強的 COO 加入，他正在推動 Sensata 全面的變革，且在營運端他底下也有一支很強的團隊。我們有明確的倡議；例如在優化我們的據點布局（footprint）方面，這是我們目前正在推進的一項工作：我們會檢視 Sensata 全部的生產據點布局，重新檢討工廠規模、重新檢討工廠位置，並在最後重新挑戰自己是否能改善這個布局。這是我們正在努力的一個領域。所以我會說在這方面已經有很好的進展，但可能還沒有完全做完。仍然還有改善空間。

Then let me give you another example. So each plant has the overall challenge to reduce costs per product. And we benchmark them against each other, especially plants that have similar products produced in different areas of the world.

再給你另一個例子。每一座工廠都有降低單位產品成本的整體挑戰。我們會彼此做標竿比較，特別是那些在全球不同地區生產相似產品的工廠。

And also there, I think we've done great progress. And part of the result of that is what you see in our financials. But I wouldn't say that every plant is on benchmark have that. We still have a level of improvement to go. So just based on those two examples, there's obviously a lot a lot more happening in the operations function. Good solid progress, but still a way to go.

在這方面我認為我們也取得了很大進展。而其中一部分成果就反映在你們看到的財務數字上。但我不會說每一座工廠都已達到標竿水準。我們仍有一定程度的改善空間。所以僅就這兩個例子而言，營運職能當然還有很多、很多其他事情在進行。進展穩健扎實，但仍有一段路要走。

And the other one was just curious about overall book-to-bill trends. It may be more or less meaningful by segment, maybe not too meaningful in auto, for instance. But with the overall global cycle starting to improve, and we're seeing that so far across the earnings reports in many cases. Just wondering even if you're not going to give a book-to-bill in the quarter, maybe how that book to bill trends have been developing?

另外我也想了解整體的接單出貨比（book-to-bill）趨勢。它可能依部門而有不同意義，例如在汽車業務可能就不那麼有意義。但隨著全球景氣循環開始改善，而且我們目前在許多公司的財報中也看到這點。所以想請教，即使你們不打算提供本季的接單出貨比數字，能否談談接單出貨比的趨勢近期是如何發展的？

Yes, Chris, thanks for the question. Book-to-bill is not a metric that we track across most of our business, just given the way our order book dynamics are, potentially relevant in the Dynapower business, which is a little more project-based, and we do look at it there. But -- that's just not a metric that we track broadly across our business.

是的，Chris，謝謝你的問題。接單出貨比並不是我們在大多數業務中會追蹤的指標，主要是因為我們訂單簿的動態特性所致；它在 Dynapower 業務可能較相關，因為那邊比較偏專案型，我們確實會在那裡看這個指標。但——這不是我們在整體業務範圍內普遍追蹤的指標。

Guy Hardwick, Barclays.

Guy Hardwick，Barclays。

Just wonder if you guys could give us a bit of an update on the overall content per vehicle trends, particularly as we go into the second half, it looks like global auto production could be down sort of 4% to 5% year-on-year in the second half. And in particular, China is expected to be down worse than that. So just a number of things happening in terms of mix, but also the benefit of some of the contract wins that you've won. So -- just wondering how the content per vehicle is going to look in the second half potentially after have had a nice outperformance by a couple of points in the first half?

想請你們更新一下每車搭載內容價值（content per vehicle）的整體趨勢，特別是進入下半年之後；看起來全球汽車產量在下半年可能年減約 4% 到 5%。尤其是中國，預期降幅會更大。因此在產品組合方面有不少變化，同時也有你們拿下的一些合約案所帶來的效益。所以——想請教下半年每車搭載內容價值可能會呈現什麼樣的走勢？尤其在上半年你們已經以約幾個百分點的幅度跑贏市場之後。

Yes. Thanks for the question. So certainly, we're seeing content per vehicle growth and particularly in North America and Europe, where we shared we outgrew grow both production categories in both markets, ICE and EV. That's a function of content per vehicle growth. So to give you kind of the state of play of where we are on CPV right now, at least across the major regions. So we're mid-30s in terms of content per vehicle in North America, high 30s in Europe and then just under 20% in China.

是的。謝謝你的提問。因此，確實我們看到每車內容（CPV）持續成長，特別是在北美與歐洲；如同我們分享的，我們在這兩個市場的兩個生產類別（ICE 與 EV）都跑贏了產量成長。這是每車內容成長所帶動的結果。我先跟你說明一下我們目前 CPV 的現況，至少就主要區域而言。北美每車內容約在 30% 中段，歐洲在 30% 高段，而中國則略低於 20%。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

This is Kevin all on for Amit. Yes. The Industrial segment delivered 4.2% organic growth, but segment operating margin declined 100 basis points. I guess -- could you maybe just explain what specifically was causing that contraction? Was it more mix or pricing centric? And then when should the market margins for that segment start to improve a little bit?

我是 Kevin，我代替 Amit 提問。是的。工業事業部實現了 4.2% 的有機成長，但事業部營業利益率下滑了 100 個基點。我想問——你能否說明一下，具體是什麼原因造成這樣的收縮？是產品組合因素較多，還是定價因素較多？另外，該事業部的利潤率大概何時會開始有所改善？

Yes. Thanks for the question. So we invested about $1.5 million or so of operating expenses incrementally year-on-year in that business, primarily tied to the data center opportunity and the growth that we see longer term there. We've been very deliberate about how we do that and investing for growth, and we're only doing it as we generate productivity in other areas of our business to pay for it.

是的。謝謝你的提問。因此，我們在該業務的營業費用上，年對年額外增加投資約 150 萬美元，主要與資料中心機會以及我們在那裡看到的長期成長相關。我們在執行上非常審慎、有計畫地為成長投資，而且只有在我們於業務其他領域產生生產力提升、能夠支應這些投入時，才會這麼做。

And so while it shows up as margin contraction in industrials, it's not driving margin headwinds at a company level. And we've been systematic and deliberate about funding that. In terms of margin expansion, so look, I think as revenue growth comes from our Industrials business, it should have a variable contribution margin in the in the high 20s and approaching 30%. And so as we get revenue growth, we'll have affordability to invest and still see margin growth. But for the near term here, we're making sure that we're making the right investments to secure that growth opportunity.

因此，雖然它在工業事業部呈現為利潤率收縮，但在公司整體層面並未造成利潤率逆風。我們一直以系統化且審慎的方式來為這些投入提供資金。就利潤率擴張而言，我想，隨著工業業務帶來營收成長，其可變貢獻毛利率應落在 20% 高段並接近 30%。因此，當我們取得營收成長時，我們將有能力持續投資，同時仍能看到利潤率成長。但就近期而言，我們會確保做出正確的投資，以掌握這個成長機會。

Shreyas Patil, Wolfe Research.

Shreyas Patil，Wolfe Research。

Maybe turning to the revenue guidance for Q3. It looked like sequentially, you've got revenues down about 2.5% versus Q2. And I'm curious if you can expand on that. I know auto production's is down seasonally, I think maybe that's down 2% to 3% weighted by your geographic mix. But given the acceleration in HVOR and maybe even HVAC, I wondering if you can help us with some of the puts and takes there?

想把話題轉到第三季的營收指引。看起來按季比較，你們的營收較第二季下滑約 2.5%。我想請你們進一步說明一下。我知道汽車產量有季節性下滑，我想按你們的地理組合加權後，可能下滑約 2% 到 3%。但考量到 HVOR 的加速，甚至可能還有 HVAC，我想請你們幫我們拆解一下其中的利多與利空因素？

Yes, happy to. I mean that's fairly typical seasonality in our business, and it's primarily driven by auto, as you know. In the auto segment, we basically have all of our major regions producing at normal rates in the second quarter. As we enter the third quarter, we've got summer shutdowns in Europe. And then in the fourth quarter, typically holiday shutdowns in the US. And so that drives the seasonality in our auto business.

好的，很樂意。我的意思是，這在我們的業務中屬於相當典型的季節性波動，而主要驅動因素如你所知是汽車。在汽車業務方面，第二季我們所有主要區域基本上都以正常節奏生產。進入第三季後，歐洲會有夏季停工。而第四季通常美國會有假期停工。因此，這就造成了我們汽車業務的季節性。

To your point around aerospace, defense and commercial equipment, yes, that market is quite strong, and we're expecting production to be up in the back half. But we've actually seen orders ahead of production, just given where we sit in the cycle for that segment. So typically, what we're seeing is if there's demand for truck builds in the third and fourth quarter, that's driving demand for sensors and components in the first half. And so we've been outgrowing production early in the year, and then we expect to basically grow in line with production through the cycle here.

至於你提到的航太、國防與商用設備，是的，那個市場相當強勁，我們預期下半年產量會上升。但由於我們在該事業部所處的景氣循環位置，我們其實看到訂單走在產量之前。因此一般而言，我們看到的是：如果第三、第四季有卡車組裝需求，會在上半年就帶動對感測器與零組件的需求。所以我們在年初的成長一直跑贏產量，而接下來我們預期在本輪循環中，基本上會與產量同步成長。

This concludes our question-and-answer session. I would like to turn the conference back over to James Entwistle for any closing remarks.

問答環節到此結束。我想把電話會議交回給 James Entwistle，請他做任何結語。

Thanks, operator, and thank you to everyone who joined today's call. Before we conclude, I'd like to announce that we'll be attending the Goldman Sachs Technology Conference on Wednesday, September 9 in San Francisco. We look forward to connecting with many of you there.

謝謝，接線員，也感謝今天參與電話會議的各位。在結束之前，我想宣布我們將於 9 月 9 日（週三）在舊金山出席高盛科技大會（Goldman Sachs Technology Conference）。我們期待在那裡與各位中的許多人交流。

Operator, you may now conclude the call.

接線員，你現在可以結束本次電話會議。

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

本次電話會議已結束。感謝各位參加今天的簡報。你現在可以斷線。