Sensata Technologies Holding PLC (ST) 2026 Q3 法說會逐字稿

Good afternoon and welcome to the Sensata (technical difficulty) -- third-quarter 2026 earnings call.

下午好，歡迎參加 Sensata（技術問題）— 2026 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

(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, Senior Director of Investor Relations. Please go ahead, sir.

現在我想把會議交給投資人關係資深總監 James Entwistle 先生。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 would like to welcome you to Sensata's third-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 年第三季財報電話會議。

Joining me on today's call are Stephan Von Schuckmann, Sensata's Chief Executive Officer; and Andrew Lynch, Sensata's Chief Financial Officer.

今天與我一同出席的有 Sensata 執行長 Stephan Von Schuckmann，以及財務長 Andrew Lynch。

In addition to the financial-results press release we issued earlier today, we will reference the slide presentation during today's call. A PDF of this presentation can be downloaded from Sensata's Investor Relations website.

除了我們今天稍早發布的財務結果新聞稿之外，我們也會在今天的電話會議中引用簡報投影片。此簡報的 PDF 可自 Sensata 投資人關係網站下載。

This conference call is being recorded. And we will post a replay on our Investor Relations website shortly after the call concludes.

本次電話會議將被錄音。會議結束後不久，我們將在投資人關係網站上提供重播。

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.

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，其中涉及若干風險與不確定性。

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.

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的 10-Q 與 10-K 表格，以及向美國證券交易委員會（SEC）提交的其他文件中所討論者。

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

我們鼓勵各位在閱讀今天的簡報之外，也一併查閱我們的 GAAP 財務報表。我們今天通話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）已包含於財報新聞稿、簡報資料附錄，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 third quarter and our financial outlook for the fourth quarter. Stephan will then return for closing remarks. After that, we will take your questions.

Stephan 將以對整體業務的評論開始今天的電話會議。接著 Andrew 將說明第三季的詳細結果，以及第四季的財務展望。之後 Stephan 將回來做結語。最後我們將開放提問。

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 4.

謝謝你，James；各位下午好。我們從投影片第 4 頁開始。

Sensata delivered an exceptionally strong third quarter, with revenue, adjusted operating income, adjusted operating margin, and adjusted earnings per share all exceeding our expectations.

Sensata 第三季表現格外強勁，營收、調整後營業利益、調整後營業利益率，以及調整後每股盈餘皆超出我們的預期。

These results included a $24 million program-termination payment from a customer related to the cancellation of an electric-vehicle program.

這些結果包含一筆 2,400 萬美元的專案終止補償金，係客戶因取消一項電動車專案而支付。

Andrew will clarify the impact of this termination payment in greater detail, when he covers our Q3 results. However, given the magnitude of the benefit from this payment, I want to highlight a few points upfront:

Andrew 在說明我們第三季結果時，將更詳細釐清這筆終止補償金的影響。不過，鑑於這筆款項帶來的效益幅度，我想先強調幾點：

First, our underlying results met or exceeded the midpoints of our guidance ranges across all key metrics without the benefit from this payment.

第一，即使不計入這筆款項的效益，我們的基本面表現仍在所有關鍵指標上達到或超過我們指引區間的中位數。

Second, the related program cancellation occurred last year and there is no impact on our revenue outlook in connection with this payment.

第二，相關專案取消發生在去年，因此這筆款項不會影響我們的營收展望。

And, third, while the recovery stands [out] in the quarter, it was earned by the hard work of our Automotive team to turn a challenging situation into a commercially viable outcome.

第三，雖然本季的回收金額相當突出，但這是我們汽車團隊努力不懈，將具挑戰性的情況轉化為具商業可行性成果所應得的回報。

This is consistent with the broader theme in our Automotive business. The team has done an outstanding job of exercising pricing discipline to defend margins in an inflationary environment, much like we did with tariffs last year.

這與我們汽車業務更廣泛的主題一致。團隊在通膨環境下展現出色的定價紀律以捍衛毛利率，就如同我們去年面對關稅時所做的一樣。

With that said, my message for you today is that our core business is stronger and we have growing conviction in our ability to accelerate long-term organic growth.

話雖如此，我今天要傳達的訊息是：我們的核心業務更強健，且我們對於加速長期有機成長的能力愈來愈有信心。

Third-quarter revenue grew approximately 8% year over year or 7% organically. Revenue and earnings growth were broad-based, with all three segments delivering year-over-year organic revenue growth, market outgrowth, and operating income growth.

第三季營收年增約 8%，或以有機口徑計算年增 7%。營收與獲利成長具廣泛性，三個事業部門皆實現年對年有機營收成長、優於市場的成長，以及營業利益成長。

During the quarter, we reduced net leverage to 2.1 times trailing 12-month adjusted EBITDA and completed $33 million of open-market debt repurchases during the quarter.

本季我們將淨槓桿降至過去 12 個月調整後 EBITDA 的 2.1 倍，並於本季完成 3,300 萬美元的公開市場債務回購。

Free cash flow was exceptionally strong, with conversion at 119%. And our year-to-date free cash flow of $489 million is in line with 2025 full-year free cash flow of $490 million.

自由現金流表現格外強勁，轉換率達 119%。而我們年初至今的自由現金流為 4.89 億美元，與 2025 年全年自由現金流 4.90 億美元相當。

2025 was an all-time record for free cash flow. And our extraordinary pace this year puts us on track for another record-breaking year.

2025 年是我們自由現金流的歷史新高。而今年如此驚人的進度，讓我們有望再創一個破紀錄的年度。

As our results continue to improve and our business is growing stronger each quarter, we are increasingly focused on cultivating multiple pathways to higher-quality organic growth.

隨著我們的業績持續改善、業務每季更為強健，我們愈來愈專注於培育多條通往更高品質有機成長的路徑。

Let's turn to slide 5 and take a broader look at how we are unlocking value in our business:

我們翻到投影片第 5 頁，從更宏觀的角度看看我們如何在業務中釋放價值：

Our transformation has never been just about improving margins or reducing debt. It is about converting more of our earnings into cash and allocating that capital effectively so we can invest confidently in future growth.

我們的轉型從來不只是改善利潤率或降低負債。而是要把更多獲利轉化為現金，並有效配置資本，使我們能夠有信心地投資於未來成長。

Our disciplined operating model is delivering exactly that improvement. We expect full-year 2026 free cash flow conversion to exceed 100% of adjusted net income, as our cash-conversion cycle shortens and CapEx efficiency improves.

我們具紀律的營運模式正帶來這樣的改善。隨著現金轉換週期縮短、資本支出（CapEx）效率提升，我們預期 2026 年全年自由現金流轉換率將超過調整後淨利的 100%。

Importantly, growth has accelerated alongside these improvements. Stronger cash generation and investment discipline have strengthened our balance sheet, reduced net interest expense, and supported equity-value creation.

重要的是，在這些改善的同時，成長也在加速。更強的現金創造能力與投資紀律強化了我們的資產負債表、降低淨利息費用，並支持股東權益價值的創造。

From year-end 2024 through September 2026, we have reduced net debt from $2.6 billion to $1.9 billion. Over the same period, enterprise value grew [18%], while our equity-market value grew 48%.

自 2024 年底至 2026 年 9 月，我們已將淨負債從 26 億美元降至 19 億美元。在同一期間，企業價值成長了 [18%]，而我們的股權市值成長了 48%。

While I'm encouraged by the value we have unlocked so far, I'm even more excited about the opportunity ahead of us. Let's turn to slide 6 to discuss how we expect to accelerate value-creating, moving forward:

雖然我對目前為止我們所釋放的價值感到鼓舞，但我對未來的機會更感到振奮。我們翻到投影片第 6 頁，討論我們預期未來如何加速創造價值：

Sensata has a differentiated technology platform built around mission-critical sensing and electrical protection; deep customer integration; leading market positions; and global scale.

Sensata 擁有差異化的技術平台，核心圍繞關鍵任務感測與電氣保護；深度的客戶整合；領先的市場地位；以及全球規模。

We see two clear pathways to accelerate growth: first, expanding core products into attractive adjacent markets; and, second, innovating to solve increasingly complex customer challenges with our sensing and electrical-protection expertise.

我們看到兩條清晰的加速成長路徑：第一，將核心產品擴展至具吸引力的相鄰市場；第二，運用我們在感測與電氣保護方面的專業進行創新，以解決客戶日益複雜的挑戰。

Turning to slide 7, let's take a look at the first pathway:

翻到投影片第 7 頁，我們先來看看第一條路徑：

We are extending motors and actuators into aerospace, contactors, and isolation monitoring into high-voltage data centers; and pressure and temperature sensing into power generation and liquid cooling.

我們正將馬達與致動器延伸至航太領域；將接觸器與絕緣監測延伸至高電壓資料中心；並將壓力與溫度感測延伸至發電與液冷應用。

This is a capital-efficient approach because it builds on technologies, manufacturing capabilities, and longstanding customer relationships.

這是一種資本效率高的方法，因為它建立在既有技術、製造能力，以及長期的客戶關係之上。

It requires minimal incremental capital. And the growth it generates creates capacity to fund our second pathway: innovation.

它所需的新增資本極少。而其帶來的成長也創造出資源，得以支持我們的第二條路徑：創新。

On slide 8, our motors and actuators product line illustrates this approach. Demand for compact, high-performance motion control is creating attractive aerospace opportunities.

在投影片第 8 頁，我們的馬達與致動器產品線說明了這種做法。對於小型化、高效能運動控制的需求，正在創造具吸引力的航太機會。

With more than 50 years of aerospace and defense experience, we have the in-flight pedigree that matters to our customers.

憑藉超過 50 年的航太與國防經驗，我們具備客戶所重視的飛行實績與可靠口碑。

Alongside that, our BEI Kimco motor brands brings proven designs and technical expertise to support next-generation drone and UAV platforms.

此外，我們的 BEI Kimco 馬達品牌帶來經驗證的設計與技術專長，以支援下一代無人機與 UAV 平台。

Rather than fit customer requirements to a commercial or modified off-the-shelf solution, we offer bespoke solutions for our customers, customizing torque, speed, efficiency, and form factor around the application.

我們不會將客戶需求硬套在商用或改裝的現成方案上；相反地，我們為客戶提供量身打造的解決方案，依應用情境客製化扭矩、轉速、效率與外形尺寸。

Our ability to deliver high torque and efficiency in compact, lightweight motors is valuable where space, weight, and power are constrained.

在空間、重量與功率受限的情況下，我們能在小型、輕量化馬達中提供高扭矩與高效率的能力極具價值。

With our US engineering and manufacturing footprint, we are able to meet high standards for supply-chain risk mitigation.

憑藉我們在美國的工程與製造布局，我們能夠符合供應鏈風險緩解的高標準要求。

As we go to market, we engage early in the [RFP] process and we draw on proven designs, which enables us to deliver prototypes quickly, shorten development cycles, and reduce customer-development risk.

在市場推進過程中，我們會在 [RFP] 流程早期即參與，並借助經驗證的設計，使我們能快速交付原型、縮短開發週期，並降低客戶的開發風險。

In fact, we are finding that speed is the most significant factor in securing new business. And we are meeting the challenge.

事實上，我們發現速度是拿下新業務最關鍵的因素。而我們正在迎接這項挑戰。

New motor business wins reached a record this year, doubling our pace of wins from last year -- and approximately triple our typical annual win rate from two years prior.

今年新馬達業務的得標數創下紀錄，得標速度較去年翻倍——約為兩年前我們典型年度得標率的三倍。

These wins support our participation in a global drone and UAV market, which is expected to grow at double-digit CAGR over the balance of the decade.

這些得標支持我們參與全球無人機與 UAV 市場；該市場預期在本十年剩餘期間以兩位數 CAGR 成長。

Moving ahead to slide 9, let's talk about innovation:

接著看第 9 頁投影片，我們來談談創新：

As the motors example shows, a key differentiator is our ability to engineer solutions around evolving customer needs, rather than rely solely on catalog products.

如馬達的例子所示，我們的一項關鍵差異化在於：能圍繞不斷演進的客戶需求進行工程設計，而非僅依賴型錄產品。

Sometimes, that requires a small modification. Other times, we innovate to develop an entirely new product. Both draw on our technical expertise and close customer relationships.

有時只需要小幅修改。另一些時候，我們會創新開發全新產品。兩者都仰賴我們的技術專長與緊密的客戶關係。

In Automotive, we continue to innovate to address evolving efficiency, safety, cost, and weight requirements; for example, replacing actuation with force sensing and advancing contactors for more sophisticated electrical architectures.

在汽車領域，我們持續創新以因應效率、安全、成本與重量需求的演進；例如，以力感測取代致動，並推進接觸器以支援更複雜的電氣架構。

In Aerospace, Defense, and Commercial Equipment, we innovate to enable commercial-vehicle electrification and next-generation power systems.

在航太、國防與商用設備領域，我們透過創新來推動商用車電動化與下一代電力系統。

In Industrials, we develop innovative solutions for new regulatory requirements, such as A2L leak detection; and for emerging customer needs, such as the ever-expanding need for data center-specific sensing and electrical-protection solutions. I'll touch more on that in a moment.

在工業領域，我們針對新的法規要求（例如 A2L 洩漏偵測）開發創新解決方案；也針對新興客戶需求（例如資料中心對專用感測與電氣保護解決方案日益擴大的需求）提供方案。我稍後會再多談一些。

First, let's move to slide 10 to take a look at flow sensing as a recent example of innovation in our Industrials business:

首先，讓我們到第 10 頁投影片，看看流量感測作為我們工業業務近期創新的例子：

Earlier this year, we discussed our data-center sensing portfolio and shared a new flow-sensing solution we were developing for liquid-cooling applications. Last week, we followed through on that development work and announced the launch of that product.

今年稍早，我們討論了資料中心感測產品組合，並分享了我們正在為液冷應用開發的一項新流量感測解決方案。上週，我們完成了該開發工作並宣布該產品上市。

Our FL Series uses ultrasonic sensing to deliver continuous, highly accurate coolant-flow measurement. As computing density increases, that measurement becomes mission-critical.

我們的 FL 系列採用超音波感測，提供連續且高精度的冷卻液流量測量。隨著運算密度提升，這項測量變得至關重要。

The [little] flow can cause overheating and constrained processor performance, while excess flow wastes energy. Precise flow management helps customers maximize computing performance, relative to power consumption. And that is exactly where we differentiate ourselves from competition.

流量過小會造成過熱並限制處理器效能，而流量過大則會浪費能源。精準的流量管理可協助客戶在相對於耗電的情況下最大化運算效能。而這正是我們相較競爭對手的差異化所在。

Our solution combines proven capabilities with targeted innovation to solve a complex customer problem and add content in an attractive market. We expect initial shipments by mid-2027, subject to final customer timing.

我們的解決方案結合經驗證的能力與聚焦式創新，以解決客戶的複雜問題，並在具吸引力的市場中增加內容價值。在最終客戶時程確認的前提下，我們預期於 2027 年年中開始初期出貨。

More broadly, our expanding data-center portfolio positions us to meet a wider range of sensing and electrical needs, particularly with coolant-distribution units or CDUs.

更廣泛而言，我們持續擴充的資料中心產品組合，使我們能滿足更廣範圍的感測與電氣需求，特別是在冷卻液分配單元（CDU）方面。

Customers increasingly see Sensata as a one-stop shop for sensing and electrical-protection solutions from grid to chip. And our longstanding system expertise earns us a position as a valued partner and preferred supplier to many of our customers.

客戶愈來愈將 Sensata 視為從電網到晶片的一站式感測與電氣保護解決方案供應商。而我們長期累積的系統專業，使我們在許多客戶中成為備受重視的合作夥伴與首選供應商。

Turning to slide 11, let's look more closely at our data-center growth:

接著看第 11 頁投影片，讓我們更深入地看看資料中心的成長：

Data centers remain one of our most compelling long-term growth opportunities. Deployment timing remains dynamic but demand for power management, sensing, electrical protection, and thermal management continues to strengthen. And our largest opportunities are still ahead.

資料中心仍是我們最具吸引力的長期成長機會之一。部署時點仍具動態性，但對電力管理、感測、電氣保護與熱管理的需求持續增強。而我們最大的機會仍在前方。

Our data-center revenue from sensing and electrical protection spans two segments:

我們在資料中心的感測與電氣保護營收涵蓋兩個事業部門：

Our Industrials segment supplies sensing and electrical-protection components inside data centers, while Aerospace, Defense, and Commercial Equipment supply centers for generators used for on-site power generation.

我們的工業事業部提供資料中心內部的感測與電氣保護元件；而航太、國防與商用設備事業部則供應用於現場發電之發電機的相關元件。

Together, these businesses generated $27 million of revenue in 2025. And we expect $48 million of revenue in 2026, representing annual growth of 76%.

合計而言，這些業務在 2025 年創造了 2,700 萬美元營收。我們預期 2026 年營收將達 4,800 萬美元，年增 76%。

While we are excited with this recent growth, it is important to recognize that this has largely been driven by existing products, as we have built our commercial presence in data centers.

雖然我們對近期成長感到振奮，但必須認知到：這在很大程度上主要是由既有產品所帶動，因為我們正在建立在資料中心的商業布局。

Notably, this does not include the opportunity we see with Dynapower, nor does it reflect revenue from our design wins with hyperscalers that we have achieved thus far.

值得注意的是，這不包含我們在 Dynapower 方面看到的機會，也未反映我們迄今在超大規模客戶（hyperscalers）所取得的設計導入（design wins）所帶來的營收。

We now have a total of seven wins, spanning six hyperscalers, including a win in China. That is up from five wins we shared last quarter and a single win we had at the start of the year. As we discussed on prior earnings calls, we expect these wins to begin ramping mid-2027.

我們目前合計已有七項得標，涵蓋六家超大規模客戶，其中包括在中國的一項得標。這高於我們上季分享的五項得標，也高於年初時僅有的一項得標。如同我們在先前的財報電話會議所討論，我們預期這些得標將於 2027 年年中開始放量。

Beyond these design wins, the market growth drivers that underpin them are highly compelling. As cooling moves from in-rec to in-road to support higher GPU demands, demand for our thermal-management solutions, including our new flow sensor, increases.

除了這些設計導入得標之外，支撐其背後的市場成長驅動因素也極具吸引力。隨著冷卻方式從機櫃內（in-rack）轉向列內（in-row），以支援更高的 GPU 需求，對我們的熱管理解決方案（包括新的流量感測器）的需求也隨之增加。

More effective cooling allows chips to handle more power, driving a transition to 800-volt data centers, which, in turn, increases the need for our contactors and isolation-monitoring devices.

更有效的冷卻使晶片能承受更高功率，推動資料中心轉向 800 伏特；而這也進一步提升對我們接觸器與絕緣監測裝置的需求。

High-voltage data centers are, in turn, driving higher grid loads, creating demand for power and peak management, such as the inverters, converters, and rectifiers we sell under our Dynapower brand.

高電壓資料中心進一步推升電網負載，帶動對電力與尖峰管理的需求，例如我們以 Dynapower 品牌銷售的逆變器、轉換器與整流器。

As the grids work to adjust to higher loads, a backlog for grid connection has developed, creating demand for our on-site power generation, which, in turn, is driving demand for our pressure and temperature sensors.

當電網努力調整以因應更高負載時，電網併網出現積壓，進而帶動對現場發電的需求；而這又推升對我們壓力與溫度感測器的需求。

All of this contributes to robust opportunities for the next several years. And we expect to participate meaningfully. There are four key tailwinds for our growth:

上述因素共同促成未來數年的強勁機會。我們預期將以重要的方式參與其中。我們成長有四項關鍵順風：

First, underlying market growth rates in the mid-teens, as data-center construction accelerates; second, a 1.5 times to 2.5 times expansion in our serviceable addressable market; third, a stronger competitive position, as sourcing shifts from opportunistic-channel purchases to specification-driven decisions; and fourth, the need for power and peak-management solutions with each new data-center build.

第一，隨著資料中心建設加速，基礎市場成長率約在十幾個百分點；第二，我們可服務的可觸及市場（SAM）擴大 1.5 倍至 2.5 倍；第三，隨著採購從機會型通路購買轉向以規格為導向的決策，我們的競爭地位更強；第四，每一座新建資料中心都需要電力與尖峰管理解決方案。

Sensata is well positioned to benefit from every one of these tailwinds. And that is exactly why we have so much conviction in this opportunity.

Sensata 已具備良好條件，可從每一項順風中受益。這也正是我們對此機會抱持高度信心的原因。

With that, I will turn the call over to Andrew.

接下來，我把電話會議交給 Andrew。

Thank you, Stephan. Let's move to slide 13.

謝謝你，Stephan。我們移到第 13 頁投影片。

For clarity, unless otherwise specified, amounts are referenced in US dollars and rounded to whole millions; and growth percentages are approximate.

為求清楚起見，除非另有說明，金額均以美元計並四捨五入至百萬整數；成長百分比為約略值。

We delivered exceptionally strong third quarter results, with revenue, adjusted operating income, and adjusted earnings per share all above the high end of our guidance ranges.

我們交出了異常強勁的第三季業績，營收、調整後營業利益以及調整後每股盈餘皆高於我們指引區間的上緣。

The quarter included a $24 million termination payment from a customer in connection with the cancellation of an electric-vehicle program.

本季包含一筆來自客戶、因取消某電動車計畫而支付的2,400萬美元終止款。

We did not incorporate this payment into our third-quarter guidance. And, therefore, I want to make clear that our underlying results met or exceeded the midpoint of our guidance range without taking into consideration the benefit of this termination payment.

我們並未將這筆款項納入第三季指引。因此，我想明確說明：在不考慮這筆終止款帶來的效益下，我們的基本面業績仍達到或超過指引區間的中點。

Third-quarter revenue was $1.004 billion, an increase of $72 million or 8% from $932 million in the third quarter of 2025. On an organic basis, revenue grew 7% year over year.

第三季營收為10.04億美元，較2025年第三季的9.32億美元增加7,200萬美元或8%。以有機基礎計算，營收年增7%。

Without the termination payment, revenue would have been $980 million, representing 5% reported growth and 4% organic growth.

若不含終止款，營收將為9.80億美元，代表報表口徑成長5%、有機成長4%。

Adjusted operating income was $215 million and adjusted operating margin was 21.5% compared with $180 million and 19.3% in the prior-year quarter.

調整後營業利益為2.15億美元，調整後營業利益率為21.5%，相較於去年同期的1.80億美元與19.3%。

Without the termination payment, adjusted operating income would have been $191 million and adjusted operating margin would have been 19.5%, representing an increase of 20 basis points year over year.

若不含終止款，調整後營業利益將為1.91億美元，調整後營業利益率將為19.5%，年增20個基點。

Adjusted earnings per share was $1.13, an increase of $0.24 or 27% year over year. This was our fourth consecutive quarter of double-digit adjusted EPS growth.

調整後每股盈餘為1.13美元，年增0.24美元或27%。這是我們連續第四個季度調整後EPS呈現雙位數成長。

The result met the high end of our guidance range without the termination revenue and exceeded it by $0.16, as reported.

在不含終止款營收的情況下，該結果達到我們指引區間的上緣；按報表口徑則高出0.16美元。

Free cash flow was $198 million, an increase of $62 million or 46% year over year. Free cash flow conversion was 119% of adjusted net income, an increase of 14 percentage points compared with the prior-year quarter.

自由現金流為1.98億美元，年增6,200萬美元或46%。自由現金流轉換率為調整後淨利的119%，較去年同期提高14個百分點。

Let's turn to slide 14 to take a look at performance trends:

接著請看第14頁投影片，一起檢視績效趨勢：

The quarter extends the consistent progress we have made against our operating, capital allocation, and growth priorities.

本季延續了我們在營運、資本配置與成長優先事項上所取得的持續進展。

Adjusted operating margin expanded year over year for the fifth consecutive quarter. Trailing 12 months free cash flow conversion increased to 113%. And net leverage improved to 2.1 times.

調整後營業利益率已連續第五個季度年增擴張。過去12個月自由現金流轉換率提升至113%。淨槓桿改善至2.1倍。

Top-line organic growth was, again, in the mid-single-digits territory. And earnings grew significantly faster than revenue.

營收端的有機成長再次落在中個位數區間。而獲利成長顯著快於營收成長。

This combination of revenue growth, margin expansion, cash conversion, and deleveraging demonstrates the continued effectiveness of our operational rigor and discipline strategy.

營收成長、利潤率擴張、現金轉換與去槓桿的這種組合，展現了我們營運嚴謹與紀律策略的持續有效性。

Moving ahead to slide 15, let's review capital allocation:

接著到第15頁投影片，我們來回顧資本配置：

We ended the quarter with $553 million of cash on hand. And our $650 million revolving-credit facility remains undrawn.

本季末我們持有現金5.53億美元。我們的6.50億美元循環信用額度仍未動用。

In August, we returned approximately $17 million to shareholders through our quarterly dividend. And, last week, we announced our fourth-quarter 2026 dividend of $0.12 per share, payable on November 25, 2026, to shareholders of record, as of November 11, 2026.

8月，我們透過季度股利向股東返還約1,700萬美元。此外，上週我們宣布2026年第四季股利為每股0.12美元，將於2026年11月25日支付給截至2026年11月11日登記在冊的股東。

We continued to reduce gross debt, completing approximately $33 million of open-market debt repurchases during the quarter.

我們持續降低總負債，本季完成約3,300萬美元的公開市場債務回購。

We ended the quarter with net leverage at 2.1 times. And return on invested capital improved 80 basis points sequentially to 12.1%, representing 190 basis points of improvement since we began our transformation seven quarters ago.

本季末淨槓桿為2.1倍。投入資本報酬率（ROIC）較前一季提升80個基點至12.1%；自我們在七個季度前啟動轉型以來，累計改善190個基點。

Turning to slide 16, let's take a closer look beyond ROIC to additional economic benefits we are seeing from deleveraging:

接著看第16頁投影片，讓我們在ROIC之外，更深入看看去槓桿帶來的其他經濟效益：

First, we are meaningfully reducing net interest expense, which is driving cash savings and accelerating adjusted EPS growth.

第一，我們正大幅降低淨利息費用，這帶來現金節省並加速調整後EPS成長。

In 2025, this translated to approximately $0.06 of adjusted EPS compared to the prior year. And, in 2026, we expect another $0.10 of year-over-year adjusted EPS growth from interest savings.

在2025年，這相當於相較前一年約增加0.06美元的調整後EPS。而在2026年，我們預期利息節省將再帶來年增0.10美元的調整後EPS成長。

And, second, by proactively retiring nearly 80% of our nearest-term debt maturity -- due in 2029 -- we have reduced our refinancing exposure in a rising interest-rate environment.

第二，透過主動提前償還我們近期到期債務（2029年到期）中近80%，我們在利率上升環境下已降低再融資曝險。

Lower-debt service costs and longer-term debt maturity profile position us well to invest in organic growth and innovation.

較低的債務服務成本與更長期的到期結構，使我們具備良好條件投資於有機成長與創新。

Now, let's turn to slide 17 to discuss our segments:

現在請看第17頁投影片，討論我們的各事業部門：

Automotive revenue was $556 million, an increase of 4% on a reported basis and 3% organically, while production decreased 2%. In total, Automotive outgrew production by approximately 4% organically.

汽車業務營收為5.56億美元，按報表口徑成長4%、有機成長3%，而產量下降2%。整體而言，汽車業務有機成長約比產量高出4%。

Automotive segment [operating income] (corrected by company after the call) was $158 million. And segment operating margin was 28.4% compared with 23.7% in the prior-year quarter.

汽車事業部門[營業利益]（公司於電話會議後更正）為1.58億美元。部門營業利益率為28.4%，相較去年同期的23.7%。

Before the benefit of the termination payment, Automotive operating margin increased 150 basis points year over year to 25.2%, reflecting productivity and disciplined cost management.

在不含終止款效益之前，汽車業務營業利益率年增150個基點至25.2%，反映生產力提升與嚴謹的成本管理。

Industrials revenue was $210 million, an increase of 13% on a reported basis and 12% organically. Industrials operating income was $61 million and segment operating margin was 28.8%, an increase of 160 basis points year over year.

工業業務營收為2.10億美元，按報表口徑成長13%、有機成長12%。工業業務營業利益為6,100萬美元，部門營業利益率為28.8%，年增160個基點。

The improvement reflects strong volume growth and operating leverage, which enabled disciplined investment in attractive growth opportunities.

此改善反映強勁的出貨量成長與營運槓桿，使我們得以在具吸引力的成長機會上進行有紀律的投資。

Our data-center growth initiative is primarily anchored to existing or derivative products and, therefore, does not require significant upfront investment. And we are, therefore, less sensitive to the precise timing of market developments.

我們的資料中心成長計畫主要以既有產品或其衍生產品為基礎，因此不需要大量前期投資。因此，我們對市場發展的精確時點較不敏感。

Aerospace, Defense, and Commercial Equipment revenue was $238 million, an increase of approximately 13% on a reported basis and an organic basis.

航太、國防與商用設備業務營收為2.38億美元，按報表口徑及有機口徑均成長約13%。

This was the segment's third consecutive quarter of double-digit organic growth, led by Commercial Equipment.

這是該部門連續第三個季度有機成長達雙位數，主要由商用設備帶動。

Segment operating income was $63 million. And segment operating margin was 26.7% compared with 27.4% in the prior-year quarter, with modest contraction attributable to growth investments and product mix.

部門營業利益為6,300萬美元。部門營業利益率為26.7%，相較去年同期的27.4%略為下滑，主要因成長投資與產品組合所致。

Let's turn to slide 18 for additional perspective on our end markets and fourth-quarter assumptions:

接著請看第18頁投影片，以取得對我們終端市場與第四季假設的更多觀點：

Higher fuel prices and financing costs are affecting Automotive demand. Global light-vehicle production fell approximately 2% in Q3, including 6% in China and 5% in North America.

較高的燃油價格與融資成本正在影響汽車需求。第三季全球輕型車產量約下降2%，其中中國下降6%、北美下降5%。

We expect a 4% year-over-year contraction in the fourth quarter, largely from China; and approximately 2% lower global production for the full year.

我們預期第四季將年減4%，主要來自中國；且全年全球產量約下降2%。

Portfolio diversification and content gains support outgrowth, although China [OEM] mix remains a regional challenge.

產品組合多元化與單車配套內容提升支撐我們的超越市場成長（outgrowth），但中國[OEM]組合仍是區域性挑戰。

Despite this backdrop, Automotive margins are expanding, pricing discipline is offsetting inflation, and content gains are driving outgrowth. We expect full-year outgrowth of approximately 2%, outperforming every market, except China.

儘管在此背景下，汽車業務利潤率仍在擴張，定價紀律正在抵消通膨，而單車配套內容提升正推動超越市場成長。我們預期全年超越市場成長約2%，除中國外，表現優於所有市場。

Our growth in India exceeds 30% against a 10% market growth. North America is delivering double-digit organic growth against an expected 2% market contraction.

我們在印度的成長超過30%，相較市場成長10%。北美在預期市場年減2%的情況下，仍實現雙位數有機成長。

Outgrowth is accelerating to high-single digits in Japan, with low-single digit outgrowth expected in Europe and Korea.

日本的超越市場成長加速至高個位數；歐洲與韓國預期為低個位數的超越市場成長。

In China, multinational OEMs are losing share at an accelerating pace. Our content gains with local OEMs have meaningfully narrowed the content gap but pricing pressure continues to contribute to a revenue per vehicle gap.

在中國，跨國 OEM 的市占率正以加速的速度流失。我們在本土 OEM 的內容份額提升已顯著縮小內容差距，但定價壓力仍持續造成每車營收差距。

Local OEM revenue now exceeds multinational OEM revenue. We expect the next Automotive growth wave from battery supplier wins, as battery supplier-defined architectures gain traction.

本土 OEM 營收如今已超過跨國 OEM 營收。我們預期下一波汽車成長將來自電池供應商的贏單，因為由電池供應商定義的架構正逐步獲得市場採用。

Meanwhile, our other segments are delivering strong growth in China, with Industrials expected to grow 15% this year and Aerospace, Defense, and Commercial Equipment, expected to grow 8%.

同時，我們在中國的其他事業部門也展現強勁成長，工業事業預期今年成長 15%，航太、國防與商用設備預期成長 8%。

In our global Industrials segment, US residential HVAC shipments have returned to growth after first-half weakness. And manufacturing indicators show signs of stabilization. However, both remain below 2024 levels.

在我們全球工業事業部門，美國住宅 HVAC 出貨在上半年疲弱後已恢復成長。而製造業指標也顯示出穩定的跡象。然而，兩者仍低於 2024 年水準。

Market recovery offers potential tailwinds for our core, while data-center and energy applications are compelling growth opportunities.

市場復甦為我們的核心業務帶來潛在順風，而資料中心與能源應用則是極具吸引力的成長機會。

In Aerospace, Defense, and Commercial Equipment, aircraft backlogs and defense spending support a positive outlook.

在航太、國防與商用設備方面，飛機訂單積壓與國防支出支撐正向展望。

North American on-road trucks began recovering in the third quarter, with Class 8 production up approximately 50% year over year. We expect a recovery through year end and into 2027.

北美公路用卡車在第三季開始復甦，Class 8 產量年增約 50%。我們預期復甦將延續至年底並持續到 2027 年。

Data-center infrastructure is driving growth in the construction vertical, while agriculture shows early signs of improvement. With that backdrop, let's move to slide 19 for our fourth-quarter guidance:

資料中心基礎設施正帶動建築垂直領域成長，而農業也出現初步改善跡象。在此背景下，讓我們翻到第 19 頁，說明第四季指引：

For the fourth quarter, we expect revenue of $942 million to $972 million; adjusted operating income of $185 million to $192 million; adjusted operating margin of 19.6% to 19.8%; adjusted net income of $140 million to $145 million; and adjusted earnings per share of $0.95 to $0.99.

第四季，我們預期營收為 9.42 億至 9.72 億美元；調整後營業利益為 1.85 億至 1.92 億美元；調整後營業利益率為 19.6% 至 19.8%；調整後淨利為 1.40 億至 1.45 億美元；調整後每股盈餘為 0.95 至 0.99 美元。

At the midpoint of these guidance ranges, we expect fourth-quarter year-over-year revenue growth of approximately 5% and adjusted EPS growth of 10%.

以這些指引區間的中位數計算，我們預期第四季營收年增約 5%，調整後 EPS 年增 10%。

Before turning the call back to Stephan, allow me to put our guidance in context, relative to consensus. It appears that recent automotive market developments are not yet fully reflected in revenue estimates, with some having moved towards $950 million, while others remain closer to $970 million.

在把電話交回給 Stephan 之前，請允許我將我們的指引放在相對於市場共識的脈絡中說明。看起來近期汽車市場的發展尚未完全反映在營收預估中，有些預估已往 9.50 億美元靠攏，而另一些仍接近 9.70 億美元。

Our fourth-quarter guide reflects the softer Automotive-production outlook and changing market dynamics in China. Despite these challenges, we expect to outgrow production and deliver another quarter of sequential and year-over-year margin expansion.

我們的第四季指引反映了較疲弱的汽車產量展望以及中國市場動態的變化。儘管面臨這些挑戰，我們預期仍將跑贏產量表現，並再度實現單季環比與年比的利潤率擴張。

$0.97 of EPS at the midpoint of our guide is consistent with Street expectations. Looking ahead to 2027, I would like to offer a reminder regarding margin seasonality in Q1:

以我們指引中位數計算的 EPS 0.97 美元，與華爾街預期一致。展望 2027 年，我想提醒大家第一季利潤率的季節性：

Annual price reductions typically lower margins sequentially from Q4. Productivity generally offsets these reductions. But there is a lag, as we sell through higher cost inventory on hand. As that inventory clears, margins typically improve sharply in the second quarter.

年度降價通常會使利潤率自第四季起出現環比下滑。生產力提升一般會抵銷這些降價影響。但會有時間差，因為我們仍需消化手上較高成本的庫存。

With that frame. consensus estimates on margin in Q1 do not appear to fully reflect this dynamic. And we also note a widespread on revenue estimates seemingly reflecting varying market assumptions.

在這個框架下。共識對第一季利潤率的預估似乎尚未完全反映這項動態。我們也注意到，市場對營收的預估普遍反映出不同的市場假設。

While we are not providing formal Q1 guidance today, I would like to share our directional expectations:

雖然我們今天不提供正式的第一季指引，但我想分享我們的方向性預期：

We do not expect revenue to increase sequentially from Q4 into Q1. And, therefore, we do not expect sequential volume leverage to mitigate sequential margin seasonality in the same manner that it did last year.

我們不預期營收會從第四季到第一季出現環比成長。因此，我們也不預期環比的量增槓桿能像去年那樣緩解利潤率的季節性下滑。

We do expect operating margins to expand modestly year over year in the first quarter. And, for the full year, our operating model will continue to target 20 basis points of full-year margin expansion that we have seen over the last two years.

我們確實預期第一季營業利益率將小幅年增。而就全年而言，我們的營運模型將持續以過去兩年所見的全年利潤率擴張 20 個基點為目標。

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 have just a few closing thoughts. Let's turn to slide 21.

謝謝你，Andrew。在進入問答之前，我有幾點結語想分享。讓我們翻到第 21 頁。

Our transformation has significantly strengthened Sensata. With more resilient margins, better cash conversion, and a healthier balance sheet, we have more capacity to invest in high-quality organic growth.

我們的轉型已顯著強化 Sensata。憑藉更具韌性的利潤率、更佳的現金轉換，以及更健康的資產負債表，我們有更大的能力投資於高品質的有機成長。

Our new segment structure is working. Industrials and Aerospace, Defense, and Commercial Equipment each delivered double-digit organic growth, more than offsetting softer Automotive end markets.

我們新的事業部門架構正在發揮作用。工業事業以及航太、國防與商用設備事業皆實現兩位數的有機成長，足以抵銷汽車終端市場較疲弱的影響。

This is why we are pursuing multiple pathways to organic growth, expanding market presence for our existing products, and innovating to develop new products.

這也是為什麼我們正追求多條有機成長路徑，擴大既有產品的市場滲透，並透過創新開發新產品。

Secular trends are in our favor. Markets are growing. Our [SAM] is expanding. Our right to win is compelling. And I am more confident than ever in our ability to deliver.

長期結構性趨勢對我們有利。市場正在成長。我們的 [SAM] 正在擴大。我們的致勝優勢相當具吸引力。而我對我們的交付能力比以往任何時候都更有信心。

I look forward to keeping you updated on our progress. I will now turn the call back to James for Q&A.

我期待持續向各位更新我們的進展。現在我把電話交回給 James 進行問答。

Thank you, Stephan and Andrew. We will now begin Q&A.

謝謝 Stephan 與 Andrew。我們現在開始問答。

(Operator Instructions)

（接線員指示）

Operator, please introduce the first question.

接線員，請介紹第一個問題。

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Yes. Good afternoon. Thank you very much for taking the question.

是的，午安。非常感謝讓我提問。

I'm hoping you could start with some additional commentary on how you're looking at the medium-term revenue outlook. You identified some nice progress the company has seen, especially in the data-center market. Certain end markets are picking up cyclically, as well.

我希望你們能先就中期營收展望再多做一些說明。你們提到公司已取得一些不錯的進展，尤其是在資料中心市場。某些終端市場也正出現週期性回升。

But then, you talked about leaders in [China] Auto. And you started to share some preliminary views on the first quarter of next year. You're talking about -- more flattish into 1Q.

但接著你們談到 [中國] 汽車市場的領導者情況，並開始分享對明年第一季的一些初步看法。你們提到——進入第一季會比較持平。

And I didn't catch any specific thoughts qualitatively of what's maybe causing that more flattish trajectory into 1Q. So if you can talk a little bit more on what's underpinning some of those comments around how you're seeing the revenue play out not only for 4Q but some of the initial views you're trying to share for the first quarter? Thanks.

我沒有聽到任何較具體、定性的說法，說明是什麼原因導致進入第一季的走勢較為持平。所以如果可以的話，能否再多談一些，支撐你們對營收走勢的評論——不僅是第四季，還包括你們試圖分享的第一季初步看法？謝謝。

Mark, thanks for the question.

Mark，謝謝你的提問。

Yeah. The comment on Q1 seasonality on revenue is more just a function of the global-production outlook, specifically for Auto, moving from Q4 into Q1.

是的。關於第一季營收季節性的評論，主要只是全球產量展望的函數，特別是汽車產量從第四季到第一季的變化。

So despite some of the weakness that we're seeing regionally in the China market, it still is the seasonally strongest market in China and we still expect a sequential step-down in Q1 connected to the holiday in the first quarter.

因此，儘管我們在中國市場看到一些區域性的疲弱，但中國仍是季節性最強的市場，我們仍預期第一季會因第一季的假期因素而出現環比下滑。

So third parties got that called at about a 2 million vehicle unit step-down sequentially into the first quarter and so that's really what frames our muted sequential outlook, specifically on Automotive volume.

第三方預估顯示，進入第一季環比將下滑約 200 萬輛，因此這正是我們較為溫和的環比展望的背景，特別是在汽車出貨量方面。

And I wouldn't interpret that to mean anything about our growth prospects in the other segments or what we're seeing in terms of progress in data center. It's really specifically that Automotive seasonality.

我不會把這解讀為我們在其他事業部門的成長前景，或我們在資料中心方面所看到的進展有任何變化。這真的就是汽車業務的季節性因素。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

Hey, guys. Thanks.

嗨，各位。謝謝。

Can you talk about what you're seeing, just in terms of China Automotive exports displacing local production elsewhere? I know not much of a thing in the US at this point but, like, in Europe and in other parts of the world, like, what are you seeing? And how much of a headwind has that been or could it become?

你能談談你所看到的情況嗎，特別是就中國汽車出口在其他地區排擠當地生產這一點而言？我知道目前在美國還不算明顯，但像是在歐洲以及世界其他地區，你看到了什麼？而這對你們造成了多大的逆風，或未來可能會變成多大的逆風？

Sure. Yeah. So let me just comment on what we see in our Auto business broadly and then, I'll let Stephan comment on the China dynamic, specifically.

當然。是的。所以我先就我們汽車業務整體所看到的情況做些評論，然後我會請Stephan特別談談中國的動態。

So, yes, we're seeing challenges in China. But we're not concerned that this is going to be a headwind to our overall Automotive outgrowth story.

所以，是的，我們在中國確實看到挑戰。但我們不擔心這會成為我們整體汽車業務超越市場成長故事的逆風。

And the reason for that is, if you look across the rest of our Automotive business and the rest of our regions, we're outgrowing in every single region. And there's different drivers in each region.

原因是，如果你看我們其餘的汽車業務以及其他地區，我們在每一個地區都跑贏市場成長。而且每個地區的驅動因素都不同。

So, in Europe, stepping up content on EVs as our next-generation vehicle platforms come to market, innovative products like our switchable contactors are driving that.

在歐洲，隨著我們下一代車輛平台上市，我們在電動車上的單車搭載內容提升；像我們可切換接觸器這類創新產品正在帶動成長。

In North America, we continue to gain share in that market, as our ability to supply the market locally and the supply-chain resilience plays in our favor.

在北美，隨著我們能在當地供應市場，以及供應鏈韌性對我們有利，我們持續在該市場提升市占。

In Japan, we've been talking for several quarters about displacing local suppliers and gaining share in that market.

在日本，我們已經談了好幾個季度，關於取代本地供應商並在該市場提升市占。

Korea, we continue to have a longstanding successful relationship with Korean OEMs; high content per vehicle -- and some of those vehicles are very successful in the market.

在韓國，我們與韓國OEM長期維持成功的合作關係；單車搭載內容高——而其中一些車款在市場上非常成功。

Rapid growth in the India market and rapid outgrowth.

印度市場快速成長，我們也快速跑贏市場。

So, yes, while China may lag in the short-term, our view is that the rest of those regions are highly [growthful]. And we expect to continue to outgrow the Automotive market and then (multiple speakers) --

所以，是的，雖然中國短期可能落後，但我們的看法是其他那些地區都非常具有成長性。我們預期將持續跑贏汽車市場，然後（多位講者）——

And let me give you a bit more color around China: So China Auto, yeah, is one market but, overall, that's not the whole story.

我再補充一些關於中國的細節：所以中國汽車，沒錯，是一個市場，但整體而言，那不是全部的故事。

The team around Jackie is managing the transition with discipline. They're winning new business with local OEMs. And they're growing across the rest of the business.

Jackie所帶領的團隊正以紀律性管理這個轉型。他們正在贏得本地OEM的新業務，並且在其餘業務上持續成長。

And let me put -- lay that a little bit deeper because part of your question -- let me start with how the market is changing:

我再把這點講得更深入一些，因為你的問題其中一部分——我先從市場如何變化談起：

I think that's clear -- that the market is shifting precisely toward Chinese OEMs, with multinationals losing local share. Export growth also favors Chinese OEMs, as you've just mentioned. And [JVs] generally do not participate so that's obviously creating a further mix headwind.

我想這很清楚——市場正明確地轉向中國OEM，跨國車廠正在流失本地市占。如你剛提到的，出口成長也有利於中國OEM。而合資企業（[JVs]）通常不參與其中，因此這顯然進一步造成組合面的逆風。

And then, if you exclude exports, the domestic market is down roughly 25%. And, obviously, at the same time, as you all know, pricing pressure remains intense.

此外，如果排除出口，國內市場大約下滑25%。而且顯然同時，如各位所知，價格壓力仍然非常激烈。

And our response to that is, actually, to compete on value and stay disciplined on returns. That's the one side.

我們對此的回應其實是以價值競爭，並在報酬率上保持紀律。這是一個面向。

The other topic is that we're also winning with companies that are shaping China's future. So battery-supply wins really position us for growth, as the architecture gains adoption.

另一個面向是，我們也正在與塑造中國未來的公司合作並取得勝利。因此，在電池供應方面的得標，讓我們在該架構逐步被採用時具備成長定位。

And I'd like to mention that includes sophisticated dual-chemistry systems with global export potential so that's where we can benefit, as well.

我也想提到，這其中包含具備全球出口潛力的高階雙化學體系系統，因此我們也能從中受益。

And then -- and that's my point to the broader story around China: It extends well beyond China Auto. So, within China, Industrials is expected to grow 10% this year; and Commercial Equipment, around 5%.

然後——這也是我想強調的中國更廣泛的故事：它遠不止於中國汽車。因此，在中國境內，工業（Industrials）今年預期成長10%；商用設備（Commercial Equipment）約5%。

So that's just to give you a bit more color around what's happening in China for Sensata.

以上只是讓你更了解Sensata在中國正在發生的情況。

William Stein, Truist Securities.

William Stein，Truist Securities。

Great. I really like the slide that you included in your presentation about the data-center opportunity, especially the significant growth from '25 to '26.

很好。我非常喜歡你們簡報中關於資料中心機會的那張投影片，尤其是從'25到'26的顯著成長。

Can you comment on your expected growth over the next couple of years? There certainly seems to be significant growth opportunity from all the customers in this end market. And I'm hoping you can comment on your growth outlook there beyond '26.

你能評論一下未來幾年你們預期的成長嗎？從這個終端市場的所有客戶來看，似乎確實有很大的成長機會。我也希望你能談談'26之後你們在那裡的成長展望。

Thank you.

謝謝。

So let me frame the whole data-center picture and explain to you why our data-center business is growing today but, actually, the larger opportunity lies ahead of us -- it's much greater.

我先把整個資料中心的全貌框起來，並向你解釋為什麼我們的資料中心業務今天在成長，但其實更大的機會在前方——而且大得多。

So, first, the market is moving in our direction. The data-center market is growing at 15%, same as [doubling]. And this obviously means an overall rising demand for exactly what we do, which is around thermal management, electrical protection, and energy management.

首先，市場正朝對我們有利的方向發展。資料中心市場以15%的速度成長，幾乎等同於（[doubling]）翻倍。這顯然意味著對我們所做的事情——也就是熱管理、電氣保護與能源管理——的整體需求正在上升。

And we're winning in it. Those are the metrics that you've seen on that slide that you just mentioned so the 76% growth, from $27 million to $48 million. And that growth is coming from our existing products and an expanded commercial presence.

而我們也正在其中勝出。你在你剛提到的那張投影片上看到的就是那些指標，也就是從2,700萬美元到4,800萬美元的76%成長。而這個成長來自我們既有產品以及擴大的商業佈局。

And these numbers exclude Dynapower, which offers another level of opportunity in the space. And then, from there, the opportunity actually gets much bigger.

而這些數字不包含Dynapower；Dynapower在這個領域還提供了另一個層級的機會。接著，從那裡開始，機會其實會變得更大。

So we have the seven wins in hyperscalers, which should ramp around 2027. That will really excel. Then, we have technology shifts in the architectures -- around 800-volt architectures -- and liquid cooling, which expands the serviceable content from 1.5 times to do 2.5 times per megawatt.

我們在超大規模雲端業者（hyperscalers）那裡有七個得標案，預計在2027年前後放量。那將會真正加速。此外，架構也在發生技術轉變——大約朝800伏架構——以及液冷，這會把每兆瓦可服務的內容價值從1.5倍擴大到2.5倍。

And then, what's even more compelling in my point of view is that -- is the increasing right to win. So we'll expect that that will translate into a meaningful higher take rate.

然後，在我看來更具吸引力的是——我們的「勝出權」（right to win）正在提升。因此我們預期這將轉化為顯著更高的採用率（take rate）。

And then, I think, overall, from the growth perspective, going forward, what sets us apart in the breadth -- is the breadth of our portfolio. So with overall product portfolio, customers see us, really, as this one-stop shop, from grid to chip.

再者，我認為從未來成長的角度來看，使我們與眾不同的是我們產品組合的廣度——也就是我們投資組合的廣度。因此，憑藉整體產品組合，客戶確實把我們視為從電網到晶片的一站式供應商。

And that's basically giving us a lot of opportunities, going forward. And we can do that on assets that we already have.

這基本上為我們帶來了很多未來的機會。而且我們可以利用既有資產來做到這一點。

So the market is moving our way. And we're already winning. And we can scale, basically, at low-risk (inaudible).

所以市場正朝對我們有利的方向發展。而我們已經在贏。而且我們基本上可以以低風險擴大規模（聽不清）。

That's very helpful, actually. It's a springboard to ask something about Dynapower because you mentioned it.

這其實非常有幫助。這也讓我想以Dynapower為跳板問一個問題，因為你提到了它。

I think, since you acquired this, this might not have grown very much. But, maybe, the growth opportunity is still ahead of us in this end market, specifically.

我想，自從你們收購之後，這項業務可能沒有成長很多。但也許在這個終端市場中，成長機會仍然在前方，特別是就這一塊而言。

But can you talk about how Dynapower has been doing lately; and any other update or details about that business in the recent past and in the near future?

不過你能談談Dynapower最近的表現如何；以及關於這項業務在近期過去與不久將來的任何其他更新或細節嗎？

Thank you.

謝謝。

That's a good question. So Dynapower is really a separate opportunity. Dynapower takes us beyond cooling and protection into the data-center power, itself.

這是個好問題。所以Dynapower其實是一個獨立的機會。Dynapower讓我們不僅止於冷卻與保護，而是延伸到資料中心本身的電力系統。

And, by the way, that's a deliberate strategic choice that we took. So we've reset Dynapower's focus toward data-center power needs. At the same time, we're currently continuing to pursue active clean-energy projects.

另外，順帶一提，這是我們刻意做出的策略性選擇。因此，我們已將 Dynapower 的重點重新聚焦於資料中心的電力需求。同時，我們目前也持續推進積極的潔淨能源專案。

So it's both. So it's clean energy and data center.

所以兩者都有。也就是潔淨能源與資料中心。

And then, why it's so compelling in our point of view -- because these rising power loads play directly into Dynapower. So that creates opportunities for inverters, converters, and rectifiers. And those are used for peak power and peak management.

接著，為什麼從我們的角度看這麼有吸引力——因為這些不斷上升的電力負載正好直接對應到 Dynapower。因此，這為逆變器、轉換器與整流器帶來機會。而這些產品用於尖峰功率與尖峰管理。

And then, I think it's important, also, to mention that, when power is scarce, efficiency wins. The Dynapower products convert energy with high efficiency. And that matters more and more, as data centers compete for grid capacity and as energy efficiency becomes more critical for -- to these AI economics.

另外，我認為也很重要的一點是：當電力稀缺時，效率就會勝出。Dynapower 的產品能以高效率進行能量轉換。而且，隨著資料中心爭奪電網容量、以及能源效率對——對這些 AI 經濟性變得更關鍵時，這一點就愈來愈重要。

So that's another reason why we've shifted strategically. And, so far, we've actually only scratched the surface. So Dynapower is not included in these $48 million that we have in components wins.

所以這也是我們在策略上轉向的另一個原因。而且到目前為止，我們其實只是觸及了表面。因此，Dynapower 並未包含在我們所說的 4,800 萬美元元件贏單之中。

And the opportunity is orders of magnitude larger. And it's all ahead of us. So it's something that's basically coming mid-2027 and onwards.

而這個機會的規模要大上好幾個數量級。而且都在我們前方。所以這基本上會在 2027 年年中及之後開始到來。

So we've refocused data centers; differentiated on efficiency; and positioned, basically, for a much larger opportunity ahead of us.

因此，我們已重新聚焦資料中心；以效率作為差異化；並且基本上為前方更大的機會做好了定位。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Thanks, everyone.

謝謝各位。

You talked about some of the inflationary pressure and your ability to help manage some of that pressure you're seeing. We've all seen the impact from electronics. I think you don't buy a lot of memory but it's obviously expanded the [PCBs], et cetera.

你們談到一些通膨壓力，以及你們協助管理所看到的部分壓力的能力。我們都看到了電子元件帶來的影響。我想你們不會買很多記憶體，但它顯然擴大了（對）[PCBs] 等等的影響。

So can you just help us quantify or dimensionalize some of that pressure you're seeing. Maybe, if it is weighing on some of that margin commentary you talked about for fourth quarter of this year or, even, first quarter of next year; and just remind us about not only the pricing process but the recovery process or lag, if there is one, on that?

所以你們能否幫我們量化或界定一下你們所看到的那部分壓力的規模。也許，這是否正在影響你們提到的今年第四季，甚至明年第一季的一些毛利評論；另外也請提醒我們，不僅是定價流程，還有成本回收流程或是否存在落後期（lag），如果有的話？

Let me start with how we're managing it and then, Andrew can give you some more details on the number side.

我先從我們如何管理開始，接著 Andrew 可以在數字面提供更多細節。

So, at the start, I would say, inflation is being managed systematically; and our margins are protected; and Q4 will be no different. So, looking forward, that's no different.

首先我會說，通膨是以系統化方式在管理；我們的利潤率受到保護；第四季也不會例外。所以往前看，也沒有不同。

And I think it starts with knowing exactly where the exposure is. So memory is generally not an issue for us. It's boards and electronics that are more challenging. And then, obviously, the inflation is driven by data-center demand.

而我認為這要從清楚知道曝險點在哪裡開始。所以記憶體一般來說對我們不是問題。更具挑戰的是電路板與電子元件。然後很明顯，通膨是由資料中心需求所驅動。

And, first, we take responsibility for our own costs. And what does that mean? That means internal cost actions; [VIVE], which is designing costs out of our product; and then, close collaboration with our suppliers.

第一，我們對自身成本負責。那是什麼意思？意思是內部成本行動；[VIVE]，也就是在產品中把成本設計出去；以及與供應商的緊密合作。

And then, in that process, then comes pricing. And prices are then adjusted to the new market reality. And where cost can't be designed out or offset with productivity, we work with our customers on appropriate price adjustments.

接著，在這個過程中，才會進入定價。價格會依新的市場現實進行調整。而在成本無法透過設計移除或以生產力提升抵銷的地方，我們會與客戶合作，進行適當的價格調整。

And in boards and electronics, supply is tight. And pricing reflects that. And we remain very, very disciplined on margins.

在電路板與電子元件方面，供給吃緊。定價也反映了這一點。而我們在利潤率上仍然非常、非常自律。

And then, maybe, I think this is an important point I've mentioned in other calls: That works because our products create real value for our customers. So they're mission-critical. They're designed in nature. And that gives us resilience.

另外，也許我認為這是我在其他電話會議中提過的一個重點：之所以行得通，是因為我們的產品為客戶創造了真正的價值。所以它們是任務關鍵（mission-critical）。它們具有設計導入（designed-in）的特性。這讓我們具備韌性。

And that's exactly why our Auto business for Sensata is so differentiated. So we're clear on exposure; discipline on cost; and, in the end, firm on pricing and resilient because our products are designed in.

而這也正是 Sensata 的汽車業務如此具差異化的原因。所以我們清楚曝險；在成本上自律；最後在定價上堅定；並且因為我們的產品被設計導入而具備韌性。

Yeah. And, Joe, on the dollar impact, it's been a bit of a moving target throughout the year. We've seen -- earlier in the year, metals were the story. We started to see some moderation there. We've seen electronics pick up.

是的。Joe，就美元影響而言，今年以來一直有點變動。我們看到——年初時金屬是主要因素。我們開始看到那方面有所趨緩。我們看到電子元件的影響又升溫。

I think the more important point is that it's not dropping through in our margins. We're either designing the cost out or passing it through in price but we're not seeing a margin impact.

我認為更重要的一點是，它沒有反映到我們的利潤率中。我們要嘛把成本設計出去，要嘛透過價格轉嫁，但我們沒有看到利潤率受到影響。

The various drivers have been moving from quarter to quarter but the margins have held up.

各種驅動因素在不同季度之間移動，但利潤率一直維持住。

And, maybe, as a quick follow-up: Like, in the quarter, like, can you quantify, like, what percent of the organic growth was just passing through some of that pricing?

另外，快速追問一下：像是在這一季，你們能否量化一下，有機成長中有多少百分比只是把那部分定價轉嫁出去？

Yeah. So price was still a net headwind in the quarter of about 1.5% or so in Auto. You would typically expect that to be in the 2% neighborhood. So it's either showing up in price or we're offsetting it in productivity but it's net-neutral.

可以。所以本季在汽車業務中，價格仍然是約 1.5% 左右的淨逆風。你通常會預期大約在 2% 左右。所以它要嘛反映在價格上，要嘛我們用生產力提升去抵銷，但整體是淨中性（net-neutral）。

(Operator Instructions)

（接線員指示）

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊（Barclays）。

If I got this correct, it looks like an Auto outgrowth is trending through this year, 2%, 1%; and then, excluding the termination or liquidated damage, would have been about 2% or 2 points in Q3. And guidance implies around 1 point versus global production, down [4].

如果我理解正確，看起來汽車業務的超越市場成長（outgrowth）在今年的趨勢是 2%、1%；然後，若排除終止或約定賠償（liquidated damage），第三季本來大約會是 2% 或 2 個百分點。而指引意味著相對於全球產量約 1 個百分點，而全球產量下滑 [4]。

Is that accurate, you believe, Andrew?

Andrew，你認為這樣準確嗎？

Yeah. We see market down about 4% and we see revenue down 3%-ish in the fourth quarter so net outgrowth of about 1%.

是的。我們看到市場下滑約 4%，而我們看到第四季營收下滑約 3% 左右，所以淨超越市場成長約 1%。

What slightly confuses me is that China is almost 40% of -- expects to be almost 40% of Q4 global light-vehicle production, looking at third-party estimates.

讓我有點困惑的是，根據第三方估計，中國在第四季全球輕型車產量中占比接近 40%。

I think you said in the past that China is 20%, 25% of Auto. Is that correct or is it higher than that? I think you're underweight on a global basis. Shouldn't you be benefiting from outgrowth from China being down 8% in the market for Q4?

我記得你們過去說中國占汽車業務的 20%、25%。這是正確的嗎，還是比那更高？我覺得你們在全球基礎上是偏低配。既然第四季市場中的中國下滑 8%，你們不應該因而受惠、帶來超越市場成長嗎？

Yeah. So China is about a quarter of our revenue. But, when you look at the impact on outgrowth, there's really two elements:

是的。所以中國約占我們營收的四分之一。但當你看超越市場成長的影響時，主要有兩個要素：

There's the in-market element in terms of our performance in the China market. And then, there's the global-mix impact associated with China production, relative to global production.

一個是在地市場要素，也就是我們在中國市場的表現。另一個是與中國產量相對於全球產量相關的全球組合（global-mix）影響。

When you net those two, undergrowing in China but then, getting a tailwind on a global basis, combined with the growth that we see in other regions, we're netting to outgrowth.

把這兩者相抵後，在中國市場成長落後（undergrowing），但在全球層面因而獲得順風（tailwind），再加上我們在其他地區看到的成長，我們整體仍然呈現超越市場成長。

Thank you.

謝謝。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

Thanks. This is Victor Santiago, on for Amit Daryanani. Thanks for taking my question.

謝謝。我是 Victor Santiago，代替 Amit Daryanani 出席。謝謝讓我提問。

I was hoping to get more color on Aerospace and Defense growth of 4%, which appeared weaker than industry trends and the high-single-digit market growth that you cited in the deck.

我想更深入了解航太與國防 4% 的成長，這看起來比產業趨勢以及你們在簡報中提到的市場高個位數成長還要弱。

Can you talk about what drove the delta during the quarter and expectations, moving forward?

能否談談本季造成差異的原因，以及未來的預期？

In Aerospace and Defense, specifically?

是指航太與國防這一塊，特別是？

Correct. Yes.

沒錯。是的。

Yeah. I think we grew mid-singles in the quarter in Aerospace and Defense, specifically. That's roughly in line with market.

是的。我認為我們本季在航太與國防（特別是這一塊）成長約中個位數百分比。這大致與市場一致。

The broader segment grew stronger. And that's driven by what we're seeing in the truck market in terms of recovery in North America.

更大的事業部門成長更強。這主要是因為我們看到北美卡車市場復甦所帶來的帶動。

Got it. Understood.

了解。明白。

I think, looking at the deck, the marking was that the end market grew high-single-digit percent -- high- single digit versus that mid-single-digit reported growth.

我想，從簡報來看，你們標示終端市場成長為高個位數百分比——高個位數相對於你們公布的中個位數成長。

So this is more so the delta there.

所以差異主要是在這裡。

Sure. Yeah. So, much like Auto, Aerospace outgrowth can be lumpy in any given quarter. What we've seen earlier in the year was an outgrowth tailwind, driven by production mix with commercial light-body aircraft.

當然。是的。所以，和汽車類似，航太的超越市場成長在任何單一季度都可能有波動。我們今年稍早看到超越市場成長的順風，主要來自商用窄體客機的生產組合。

As we lap some of those comps, some of that outgrowth moderates. But this is still a very high-growth segment for us and still one that we would expect to be growthful, moving forward -- and with market outgrowth.

當我們開始與那些比較基期對比時，部分超越市場成長就會趨於溫和。但這對我們而言仍是非常高成長的業務區塊，我們也預期未來仍會持續成長——並且仍將超越市場成長。

It's just -- it can be lumpy from quarter to quarter, depending on the prior-year mix that you're comparing against, given different [shipset] values per aircraft.

只是——由於每架飛機的[shipset]價值不同，取決於你拿來比較的前一年組合，季度之間可能會有波動。

Got it. Understood. Thank you for the clarification.

了解。明白。謝謝你的說明。

Shreyas Patil, Wolfe Research.

Wolfe Research 的 Shreyas Patil。

Hey. Thanks a lot for taking my question.

嗨。非常感謝讓我提問。

Can I just -- to confirm -- so the Auto outgrowth for the quarter of 4 points, that included the one-time payment that you received? The $24 million?

我想確認一下——本季汽車業務超越市場成長 4 個百分點，這包含你們收到的一次性款項嗎？那筆 2,400 萬美元？

So, if I remove that, I think it would imply that, this quarter, you are maybe down 1 point versus the market. Am I looking at that correctly?

所以如果我把那筆拿掉，我認為這表示你們本季可能比市場低 1 個百分點。我這樣理解正確嗎？

I think, when we calculated it, we were about 0.5% of outgrowth so we still had some net outgrowth in the quarter.

我想我們在計算時，大約有 0.5% 的超越市場成長，所以本季仍有一些淨超越市場成長。

Okay. And then, maybe, pivoting to the data-center opportunity, it's impressive that you're already getting to $48 million this year.

好的。那接著轉到資料中心的機會，你們今年就能做到 4,800 萬美元，令人印象深刻。

Can you just remind us how many of those seven awards will be launching next year? And then, how do we think about the run rate for the business, as you get toward the end of '27?

能否提醒我們，七個得標案中有多少會在明年開始導入？另外，當你們走到 2027 年底時，我們該如何看待這項業務的營收運行水準（run rate）？

So a lot of those awards are based on the high-voltage architectures. And what we've been saying is that, the start of revenue, depending on the build-out timing of these individual new architectures, is mid of next year.

其中很多得標案是基於高電壓架構。我們一直在說，營收開始的時間取決於各個新架構的建置時程，大約會在明年年中。

And, from then, we start gradually growing our revenue, based on our thermal-management products, our energy-management products, and so on.

從那之後，我們會基於熱管理產品、能源管理產品等等，逐步拉升營收。

So it basically starts in mid-2027. And, from then, it gradually grows.

所以基本上是從 2027 年年中開始。之後再逐步成長。

Okay. Is there any way -- just to dimension -- if you're doing roughly [50 million] at the moment with those added awards, by the time we exit '27, could this be a triple-digit business or is it just too early to tell?

好的。有沒有辦法——只是想量化一下——如果你們目前在新增得標案後大約是[5,000 萬]美元左右，到 2027 年底時，這會不會成為一個破億美元規模的業務，還是現在判斷仍太早？

It's a bit too early to expose an exact number now. But, as we've mentioned, the opportunities are great for Sensata? And we feel confident that we'll achieve a high-growth rate.

現在要給出精確數字還有點太早。但如同我們提到的，對 Sensata 而言機會很大。我們也有信心能達成高成長率。

So we'll keep you updated from call to call.

所以我們會在每次電話會議持續向各位更新。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes. Thank you. I apologize. I'm hopping between calls so if you already answered this -- but are there any other EV programs that are under review?

是的，謝謝。抱歉。我在不同電話會議之間切換，所以如果你們已經回答過——但是否還有其他電動車（EV）專案正在審查中？

So should we be thinking that there are potentially more of these termination payments, potentially? Or was this a one-off that you don't expect, really, to recur?

所以我們是否應該認為，未來可能還會有更多這類終止補償款（termination payments）？還是這是一次性的，你們基本上不預期會再發生？

We don't expect any reoccurrence in that dimension.

我們不預期在這個層面會再度發生。

Okay. Thank you. Sorry. I missed that.

好的，謝謝。抱歉。我剛剛漏聽了。

And then, just, if we think about the Q4 guidance, I think, last quarter, you had said that Q4 would be roughly flat with Q3. If I take the midpoint of the new guide, it's about 2% below Q3 without the one-time.

另外，如果我們看第四季指引，我記得上季你們說第四季大致會與第三季持平。如果我用新指引的中位數來看，在扣除一次性項目後，大約比第三季低 2%。

So could you just help bridge what has changed at the higher level that's creating a little bit of a different seasonality to the course of the rest of the year?

能否請你們從較高層次協助銜接一下：相較之前，有哪些變化導致今年剩餘期間的季節性走勢有些不同？

Sure, Wamsi. It's really just two factors:

當然，Wamsi。主要就是兩個因素：

One is outperformance in the third quarter, as the market developed a little sooner than we expected. And so that creates a bit of a higher jump-off point. And then, the other is the revision downward in China.

第一是第三季表現優於預期，因為市場發展比我們預期更早一些。因此起跳點會稍微高一些。第二是中國市場的下修。

You net those two out and you get to a number that reconciles to what we expected a quarter ago.

把這兩項相互抵銷後，得到的數字就能與我們一季前的預期對得上。

Okay. Thank you so much.

好的。非常感謝。

This concludes our question-and-answer session.

問答環節到此結束。

I would like to turn the conference back over to Mr. James Entwistle for any closing remarks. Please go ahead.

我想把電話會議交回給 James Entwistle 先生做結語。請開始。

Thank you, operator. And thanks to everyone who joined today's call.

謝謝，接線員。也感謝所有參加今天電話會議的各位。

Before we conclude, I'd like to extend my gratitude to everyone who participated in our recent investor-perception study. Your feedback clarifies shareholder priorities and opportunities to improve, helping to guide our path forward.

在結束之前，我想向所有參與我們近期投資人觀感研究的各位致謝。你們的回饋釐清了股東的優先事項與改善機會，有助於指引我們未來前進的方向。

To close, I'm pleased to announce that, this quarter, we'll be participating in two conferences:

最後，我很高興宣布本季我們將參加兩場會議：

Andrew and Stephan will be attending the RW Baird Global Industrial Conference on Wednesday, November 11, in Chicago.

Andrew 和 Stephan 將於 11 月 11 日（週三）在芝加哥出席 RW Baird 全球工業會議（RW Baird Global Industrial Conference）。

And then, Andrew and I will be attending the UBS Global Industrials and Transportation Conference on Wednesday, December 2, in Florida.

接著，Andrew 和我將於 12 月 2 日（週三）在佛羅里達出席 UBS 全球工業與運輸會議（UBS Global Industrials and Transportation Conference）。

We look forward to connecting with many of you there.

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，您現在可以結束本次電話會議。

Thank you. The conference is now concluded.

謝謝。本次電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以斷線。