Sensata Technologies Holding PLC (ST) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Sensata Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加森薩塔 2021 年第四季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Jacob Sayer, Vice President, Finance, Investor Relations, Sensata Technologies. Please go ahead.

現在我想將會議交給森薩塔科技公司財務、投資者關係副總裁 Jacob Sayer。請繼續。

Thank you, Andrew, and good morning, everyone. I'd like to welcome you to Sensata's fourth quarter earnings conference call. Joining me on today's call are Jeff Cote, Sensata's CEO and President; and Paul Vasington, Sensata's Chief Financial Officer.

謝謝你，安德魯，大家早安。歡迎您參加森薩塔第四季財報電話會議。參加今天電話會議的有森薩塔執行長兼總裁傑夫·科特 (Jeff Cote)；和保羅‧瓦辛頓 (Paul Vasington)，森薩塔科技財務長。

In addition to the financial results press release we've issued earlier today, we will be referencing a slide presentation during today's conference call. The PDF of this presentation can be downloaded from Sensata's Investor Relations website. This conference call is being recorded, and we'll post a replay webcast on the Investor Relations website shortly after the conclusion of today's call.

除了我們今天早些時候發布的財務業績新聞稿外，我們還將在今天的電話會議上引用幻燈片演示。本簡報的 PDF 版本可從森薩塔的投資者關係網站下載。本次電話會議正在錄音，我們將在今天的電話會議結束後不久在投資者關係網站上發佈網路廣播重播。

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

在我們開始之前，我想參考投影片 2 上的森薩塔安全港聲明。本公司的實際結果可能與此類聲明中所述的預測有重大差異。可能導致這些差異的因素包括但不限於我們的 10-Q 和 10-K 表格以及隨後向 SEC 提交的其他文件中討論的因素。

We encourage you to review our GAAP financial statements in addition to today's presentation. Most of the subsequent information that we will discuss during today's call will relate to non-GAAP financial measures. Our GAAP to non-GAAP financials, including reconciliations, are included in our earnings release and the appendices of our presentation materials. The company provides details of its segment operating income on Slides 8 and 9 of the presentation which are the primary measures management uses to evaluate the performance of the business.

除了今天的演示之外，我們鼓勵您查看我們的 GAAP 財務報表。我們將在今天的電話會議中討論的大部分後續資訊將與非公認會計準則財務指標有關。我們的 GAAP 與非 GAAP 財務資料（包括調整表）包含在我們的收益發布和簡報資料的附錄中。該公司在簡報的幻燈片 8 和 9 中提供了其分部營業收入的詳細信息，這是管理層用來評估業務績效的主要指標。

Jeff will begin today with highlights of our business during the fourth quarter and full year 2021. He will then provide an update on our recent progress in our key Electrification and Insights strategic growth areas. Paul will cover our detailed financials for the fourth quarter of 2021, including revenue growth and market outgrowth by business unit, and he will also provide financial guidance for the first quarter and full year 2022. We will then take your questions after our prepared remarks.

Jeff 今天將首先介紹我們在 2021 年第四季和全年的業務亮點。 Paul 將介紹我們2021 年第四季的詳細財務數據，包括按業務部門劃分的收入成長和市場成長，他還將提供2022 年第一季和全年的財務指導。發言後回答您的問題。

Now I'd like to turn the call over to Sensata's CEO and President, Jeff Cote.

現在我想將電話轉給森薩塔的執行長兼總裁 Jeff Cote。

Thank you very much, Jacob, and welcome, everyone. I'd like to start with some summary thoughts on our strong performance during the fourth quarter and full year 2021, as outlined on Slide 3.

非常感謝你，雅各布，歡迎大家。首先，我想對我們在第四季和 2021 年全年的強勁表現進行一些總結，如投影片 3 所述。

While automotive production declined substantially during the quarter compared to prior year due to supply chain shortages, we responded effectively to deliver our customers' orders against strong consumer demand and produced solid financial results for shareholders, delivering $935 million in revenue, or growth of 3.1% from the prior-year period, above the guidance range we provided in October.

儘管由於供應鏈短缺，本季汽車產量較上年大幅下降，但我們有效應對，在強勁的消費者需求下交付客戶訂單，並為股東創造了穩健的財務業績，實現收入9.35 億美元，增長3.1 %與去年同期相比，高於我們 10 月提供的指引範圍。

We once again produced strong market outgrowth, well above our target range. As a company, we delivered 800 basis points of outgrowth during the quarter and 960 basis points for the year. Since 2018, on average, we have produced 640 basis points of outgrowth annually. This demonstrates Sensata's secular growth potential and the vital role we play for our customers. Paul will discuss our strong revenue outgrowth in more detail.

我們再次實現了強勁的市場成長，遠高於我們的目標範圍。作為一家公司，我們在本季實現了 800 個基點的成長，全年實現了 960 個基點的成長。自 2018 年以來，我們平均每年實現 640 個基點的成長。這證明了森薩塔的長期成長潛力以及我們為客戶發揮的重要作用。保羅將更詳細地討論我們強勁的收入成長。

Sensata was awarded a record $640 million of new business wins during full year 2021, nearly half of it coming from our megatrend growth vectors. We expect these new business wins to translate into Sensata's future revenue outgrowth. Sensata's revenue outgrowth to market is increasingly driven by our rapidly growing positions in the megatrend areas of Electrification and Insights.

森薩塔在 2021 年全年贏得了創紀錄的 6.4 億美元新業務，其中近一半來自我們的大趨勢成長向量。我們預計這些新業務的勝利將轉化為森薩塔未來的收入成長。森薩塔的市場收入成長日益受到我們在電氣化和洞察大趨勢領域快速成長的地位的推動。

We continue to invest in these growth initiatives, both organically and inorganically. Xirgo and SmartWitness expanded our capabilities in the telematics and Insights ecosystems, while Lithium Balance, the Churod joint venture, Spear Power and Sendyne added to our differentiated Electrification product and solution offerings.

我們繼續對這些成長計劃進行有機和無機投資。 Xirgo 和 SmartWitness 擴展了我們在遠端資訊處理和 Insights 生態系統方面的能力，而 Lithium Balance、Churod 合資企業、Spear Power 和 Sendyne 則增加了我們差異化的電氣化產品和解決方案。

During the fourth quarter, we benefited from our resilient and flexible and focused organization that continues to successfully navigate the ever-changing supply chain landscape and deliver on our customers' needs. We are working diligently to limit the effects of supply chain challenges, including working with our customers, to offset these costs commercially. Despite these elevated costs, we delivered $198 million in adjusted operating income during the quarter, representing 21.1% in operating margin for the fourth quarter.

在第四季度，我們受益於我們富有彈性、靈活且專注的組織，該組織繼續成功駕馭不斷變化的供應鏈格局並滿足客戶的需求。我們正在努力限制供應鏈挑戰的影響，包括與客戶合作，以在商業上抵消這些成本。儘管成本增加，我們在本季實現了 1.98 億美元的調整後營業收入，相當於第四季度營業利潤率的 21.1%。

Full year revenue grew by 26%. Operating margins for the year were 21.1%. And adjusted EPS grew by a very impressive 61%. I'd like to recognize the innovation, agility and hard work of our entire team in achieving these strong results.

全年營收成長26%。本年度營業利益率為 21.1%。調整後每股收益成長了 61%，令人印象深刻。我想對我們整個團隊在取得這些出色成果方面所表現出的創新、敏捷性和辛勤工作表示認可。

As you may recall, Sensata published its first sustainability report in September, and we're very proud of our progress in these areas. Virtually every product Sensata makes today results in a cleaner, safer and more efficient world. We also take our responsibility to reduce the carbon emissions from our own operations and our supply chain seriously.

您可能還記得，森薩塔在 9 月發布了第一份永續發展報告，我們對在這些領域的進展感到非常自豪。事實上，森薩塔如今生產的每一款產品都讓世界變得更乾淨、更安全、更有效率。我們也認真承擔減少自身營運和供應鏈碳排放的責任。

To that end, we established specific goals in each area of environment, social and governance in line with leading companies around the world, and we made good progress in 2021 against these goals. For example, Sensata's Board of Directors is now 36% diverse and we are investing $3.3 million in energy-saving capital improvements during the coming year. We will report out on our continued progress in an updated sustainability report later this year.

為此，我們與全球領先企業共同製定了環境、社會和治理各個領域的具體目標，並在 2021 年朝著這些目標取得了良好進展。例如，森薩塔的董事會現在有 36% 的多元化，我們將在來年投資 330 萬美元用於節能資本改善。我們將在今年稍後更新的永續發展報告中報告我們的持續進展。

Moving to Slide 4. Sensata is making excellent progress in winning new business in Electrification components, subsystems and full turnkey solutions, in part because we take a holistic view of electrification and its growing impact on all the markets we serve.

轉到投影片 4。影響有全面的看法。

During 2021, we saw a dramatic uptick in the amount of new Electrification business awarded to Sensata, amounting to $270 million in annual future revenue. We are discussing with customers additional opportunities representing a future pipeline of over $1 billion in potential new Electrification business.

2021 年，我們看到森薩塔獲得的新電氣化業務數量大幅增加，未來年收入達 2.7 億美元。我們正在與客戶討論更多機會，這些機會代表未來潛在的新電氣化業務超過 10 億美元的管道。

Revenue from Electrification efforts across our business was $260 million in 2021, including automotive, heavy vehicle, off-road and clean energy solutions. We are expecting a greater than 50% increase in revenue in 2022 from these efforts. And Electrification revenue in automotive is expected to grow over 70%, supporting our view that battery electric content per vehicle reaches 2x that of internal combustion engine vehicles within 5 years.

2021 年，我們整個業務的電氣化工作收入為 2.6 億美元，包括汽車、重型車輛、越野和清潔能源解決方案。我們預計，透過這些努力，2022 年營收將成長 50% 以上。汽車電氣化收入預計將增加 70% 以上，這支持了我們的觀點，即每輛車的電池電量在 5 年內達到內燃機汽車的 2 倍。

As an example of the expansion of sensing and electrified solutions, we were awarded new e-motor temperature and position sensing business with a large European OEM, representing over $30 of content per electric motor. And this content doubles in vehicles with dual motor configurations.

作為感測和電氣化解決方案擴展的一個例子，我們獲得了一個大型歐洲 OEM 的新馬達溫度和位置感測業務，每台馬達的內容超過 30 美元。在具有雙馬達配置的車輛中，該內容加倍。

During the quarter, we acquired Sendyne to add their differentiated, current sensing, isolation monitoring and simulation technology to Sensata's expansive offerings. These are critical components in transportation as well as industrial high-voltage energy storage architectures.

本季度，我們收購了 Sendyne，將其差異化的電流感測、隔離監控和模擬技術添加到森薩塔的廣泛產品中。這些是交通運輸以及工業高壓儲能架構中的關鍵組件。

On February 22, we'll webcast a teach-in covering our Electrification product and solution set and customer use cases so listeners can gain a better understanding of the rapidly evolving market, our offerings and our go-to-market strategies in this key growth vector for Sensata. We hope that you can join us.

2 月22 日，我們將進行網路直播，內容涵蓋我們的電氣化產品和解決方案集以及客戶使用案例，以便聽眾可以更好地了解快速發展的市場、我們的產品以及我們在這一關鍵增長中的入市策略森薩塔的向量。我們希望您能加入我們。

On Slide 5, we share an update on our continued progress in Sensata Insights. The Insights initiative addresses the large and fast-growing telematics space, and we're pleased by the traction we are gaining. As evidenced by the value-added nature of our solutions, we were awarded new business worth $37 million during 2021, and we have identified a pipeline of more than $200 million in potential future business wins that we are discussing with customers.

在幻燈片 5 中，我們分享了森薩塔洞察的持續進展的最新情況。 Insights 計畫針對的是龐大且快速成長的遠端資訊處理領域，我們對所獲得的關注感到很高興。正如我們解決方案的增值性質所證明的那樣，我們在 2021 年獲得了價值 3700 萬美元的新業務，並且我們已經確定了正在與客戶討論的超過 2 億美元的潛在未來業務勝利管道。

The Insights growth initiative generated $75 million of revenue during 2021 and is expected to grow by greater than 100% in 2022. An example of a large recent win includes a tire pressure and gateway solution that will be installed by a leading heavy-duty trucking firm with a total contract value of $17 million. This solution enables the fleet to remotely monitor tire condition across their trucks, to streamline their maintenance efforts, saving money while also preventing accidents and roadside events.

Insights 成長計畫在2021 年創造了7,500 萬美元的收入，預計到2022 年將成長超過100%。公司安裝合約總價值1700萬美元。該解決方案使車隊能夠遠端監控卡車的輪胎狀況，簡化維護工作，節省資金，同時防止事故和路邊事件。

I'm also pleased by the progress we've made in quickly integrating SmartWitness into our Insights business, and we are already winning business on a combined basis. SmartWitness' video solution comprised proprietary software and hardware purpose-built for telematics service providers, and they were given an innovation award at the recent Consumer Electronics Show.

我也對我們在將 SmartWitness 快速整合到我們的 Insights 業務中所取得的進展感到高興，並且我們已經在綜合基礎上贏得了業務。 SmartWitness 的視訊解決方案包括專為遠端資訊處理服務提供商構建的專有軟體和硬件，並在最近的消費電子展上獲得了創新獎。

In summary, I'm really encouraged with our continued progress in these megatrend growth initiatives. As I've said before, we see numerous opportunities to utilize our strong financial position, engineering capabilities, supply chain and customer relationships to meaningfully enlarge our addressable markets through organic efforts as well as bolt-on acquisitions and partnerships within these areas.

總之，我對我們在這些大趨勢成長計畫中不斷取得的進展感到非常鼓舞。正如我之前所說，我們看到了許多機會，可以利用我們強大的財務狀況、工程能力、供應鏈和客戶關係，透過這些領域內的有機努力以及補強收購和合作夥伴關係，有意義地擴大我們的潛在市場。

Now I'd like to turn the call over to Paul.

現在我想把電話轉給保羅。

Thank you, Jeff. Key highlights for the fourth quarter, as shown on Slide 7, include revenue of $934.6 million, an increase of 3.1% from the fourth quarter of 2020. Adjusted operating income was $197.6 million, an increase of 1% compared to the fourth quarter 2020, primarily due to acquisitions and favorable foreign currency, somewhat offset by lower organic volume and higher megatrend spend.

謝謝你，傑夫。如投影片 7 所示，第四季的主要亮點包括營收 9.346 億美元，較 2020 年第四季成長 3.1%。由於收購和有利的外匯，但在一定程度上被有機銷售的下降和大趨勢支出的增加所抵消。

For the full year 2021, record revenue of $3.8 billion represented an increase of 25.5% over 2020. Adjusted operating margin of 21.1% represented an increase of 260 basis points from the prior year. And adjusted earnings per share of $3.56, an impressive increase of 61.1% from 2020 and the same level of earnings per share we set in 2019.

2021 年全年營收創紀錄達 38 億美元，較 2020 年成長 25.5%。調整後每股盈餘為 3.56 美元，較 2020 年成長 61.1%，與我們 2019 年設定的每股盈餘水準相同。

Now I'd like to comment on the performance of our 2 business segments in the fourth quarter of 2021, starting with Performance Sensing on Slide 8. Our Performance Sensing business reported revenues of $685.1 million, a decline of 0.6% compared to the same quarter last year. This was driven primarily by the 16% market decline in automotive, offset by our substantial market growth of 520 basis points in automotive and 1,700 basis points in heavy vehicle, off-road; as well as revenue from acquisitions. Automotive customers appear to have consumed a small amount of inventory built earlier in the year.

現在我想談談我們 2021 年第四季 2 個業務部門的業績，從投影片 8 上的效能感測開始。這主要是由於汽車市場下降 16%，但被我們汽車市場 520 個基點和重型車輛、越野車 1,700 個基點的大幅增長所抵消；以及收購帶來的收入。汽車客戶似乎消耗了今年稍早建立的少量庫存。

Performance Sensing operating income was $185.6 million, with operating margins of 27.1%. Segment operating income increased due to acquisitions and favorable foreign currency, offset by the impact of lower organic volume.

Performance Sensing 營業收入為 1.856 億美元，營業利益率為 27.1%。由於收購和有利的外匯，部門營業收入增加，但被有機銷售下降的影響所抵消。

As shown on Slide 9, Sensing Solutions reported revenues of $249.5 million in the fourth quarter of 2021, an increase of 14.7% as compared to the same quarter last year. This was driven primarily by growth in the industrial markets and strong market outgrowth, including the launch of new industrial Electrification applications.

如投影片 9 所示，Sensing Solutions 報告 2021 年第四季營收為 2.495 億美元，較去年同期成長 14.7%。這主要是由工業市場的成長和強勁的市場成長所推動的，包括新工業電氣化應用的推出。

Sensing Solutions operating income was $74.5 million, an increase of 5.4% from the same quarter last year, with operating margins of 29.8%. The increase in segment operating income was primarily due to higher volumes, partly offset by higher supply chain costs.

感測解決方案營運收入為 7,450 萬美元，比去年同期成長 5.4%，營運利潤率為 29.8%。部門營業收入的增加主要是由於銷售增加，但部分被供應鏈成本增加所抵銷。

On Slide 10, corporate and other operating expenses not included in segment operating income were $72.8 million in the fourth quarter of 2021. Excluding charges added back to our non-GAAP results, corporate and other costs were $61 million, an increase of $2.5 million from the prior-year quarter, reflecting higher research and development and business development spend to support our megatrend growth initiatives. We currently expect between $60 million and $70 million in megatrend-related spend in 2022 to design and develop differentiated sensor-rich connected data solutions for the fast-growing and transformational megatrend vectors of Electrification and Insights.

在投影片10 中，2021 年第四季未計入分部營業收入的公司和其他營運費用為7,280 萬美元。年增加了250 萬美元。目前，我們預計2022 年大趨勢相關支出將達到6000 萬至7000 萬美元，用於設計和開發差異化的、富含感測器的互聯數據解決方案，以適應快速增長和變革性的電氣化和洞察大趨勢向量。

As shown on Slide 11, we generated $117 million in free cash flow during the fourth quarter. Free cash flow was impacted in the quarter by our decision to increase raw material purchases in order to maximize production flexibility, given the widespread part shortage in our supply chain. For the full year 2022, we expect free cash flow conversion to be approximately 80% of adjusted net income and we expect capital expenditures to be in the range of $165 million to $175 million.

如投影片 11 所示，我們在第四季產生了 1.17 億美元的自由現金流。鑑於我們的供應鏈中普遍存在零件短缺，我們決定增加原材料採購以最大限度地提高生產彈性，本季的自由現金流受到影響。對於 2022 年全年，我們預計自由現金流轉換將約為調整後淨利潤的 80%，預計資本支出將在 1.65 億美元至 1.75 億美元之間。

Sensata's net debt-to-EBITDA ratio was 2.8x at the end of December, near the bottom end of our target operating net leverage range. Sensata's primary use of cash on hand is to acquire businesses that will extend our position within our key growth vectors of Electrification and Insights. We expect our net leverage ratio to decline to 2.2x by the end of 2022, excluding the impact of further M&A.

截至 12 月底，森薩塔的淨債務與 EBITDA 比率為 2.8 倍，接近我們目標營運淨槓桿範圍的下限。森薩塔手頭現金的主要用途是收購能夠擴大我們在電氣化和洞察力關鍵成長領域的地位的業務。我們預計，到 2022 年底，剔除進一步併購的影響，我們的淨槓桿率將下降至 2.2 倍。

In addition, we resumed our share repurchase program in the fourth quarter, purchasing $48 million worth of shares. And the Board recently issued a new share repurchase authorization in the amount of $500 million.

此外，我們在第四季度恢復了股票回購計劃，購買了價值 4,800 萬美元的股票。董事會最近發布了金額為 5 億美元的新股回購授權。

We are providing financial guidance in the first quarter of 2022, as shown on Slide 12. Our expectations are based upon the end market outlook as shown on the page. We are more conservative than IHS regarding global light vehicle production in the quarter, down 9% versus down 2% on a revenue-adjusted basis. The revenue components of our guide include markets, outgrowth, completed acquisitions and foreign exchange.

我們將提供 2022 年第一季的財務指導，如投影片 12 所示。對於本季全球輕型車產量，我們比 IHS 更保守，下降 9%，而按收入調整後下降 2%。我們指南的收入組成部分包括市場、成長、已完成的收購和外匯。

We do not expect supply chain inventory to unwind during the quarter. Our current fill rate is approximately 96% of the revenue guidance midpoint for the first quarter. At the midpoint, adjusted operating income margin is expected to be 18.5%, which includes the impact of lower organic revenue and normal price movements when compared to the same period last year. We are making good progress offsetting increased operating costs associated with global supply chain challenges, with customers that continue to face rising material and labor inflation.

我們預計本季供應鏈庫存不會減少。我們目前的填充率約為第一季營收指引中點的 96%。調整後的營業利潤率中位數預計為 18.5%，其中包括與去年同期相比較低的有機收入和正常價格變動的影響。我們正在取得良好進展，抵消了與全球供應鏈挑戰相關的營運成本增加，以及繼續面臨材料和勞動力通膨上升的客戶。

In addition, we are increasing investments for growth in megatrend-related areas as well as in our recent acquisitions, which will have lower margins than our core business as we invest to rapidly scale these new growth vectors. Sensata's adjusted operating margins typically decline sequentially from the fourth quarter to the first quarter, primarily due to annual pricing changes with customers and this year are further impacted by the rise of inflation. This decline typically offset by productivity improvement throughout the balance of the year, and we expect this to be the case again in 2022, particularly as revenue grows through the year.

此外，我們正在增加對大趨勢相關領域以及最近收購的成長投資，隨著我們投資以快速擴大這些新的成長載體，這些領域的利潤率將低於我們的核心業務。森薩塔調整後的營業利潤率通常從第四季度到第一季連續下降，這主要是由於客戶的年度定價變化，而今年又進一步受到通膨上升的影響。這種下降通常會被全年生產力的提高所抵消，我們預計 2022 年將再次出現這種情況，特別是隨著全年收入的增長。

We are also providing financial guidance for full year 2022, as shown on Slide 13. Our expectations are based upon an end-market outlook that I will discuss in a moment. Revenue growth between 8% and 12% includes the impact of markets, outgrowth, acquisitions and foreign currency. We do not expect the roughly $90 million of inventory built in the automotive supply chain during 2021 to reoccur in 2022. At the midpoint, adjusted operating income margin is expected to be 20.7%, which includes volume leverage and productivity more than offsetting price and input cost inflation impacts and increased investments for growth.

我們還提供 2022 年全年的財務指導，如幻燈片 13 所示。 8% 至 12% 之間的營收成長包括市場、成長、收購和外匯的影響。我們預計2021 年汽車供應鏈中建立的約9,000 萬美元的庫存不會在2022 年再次出現。投入成本通膨影響和增加成長投資。

On Slide 14, we provide our estimates for OEM production growth for 2022 as compared to 2021. We currently expect automotive production to increase approximately 7% this year. Once again, our outlook is more conservative than current IHS automotive production estimates, as we see production constraints from global supply chain shortages lifting slowly through the year.

在幻燈片 14 中，我們提供了 2022 年 OEM 產量成長（與 2021 年相比）的估計。我們的前景再次比 IHS 目前的汽車產量預測更為保守，因為我們看到全球供應鏈短缺造成的生產限制在今年緩慢緩解。

As Jeff highlighted earlier, Sensata's organic revenue outgrowth to the market, as shown on Slide 15, has grown annually since we set those targets at the end of 2017. On average, over that time, the company has delivered 640 basis points outgrowth. And last year, we delivered 960 basis points of outgrowth.

正如Jeff 之前所強調的那樣，自從我們在2017 年底設定這些目標以來，森薩塔對市場的有機收入增長（如幻燈片15 所示）每年都在增長。了640 個基點的成長。去年，我們實現了 960 個基點的成長。

Looking forward, we are simplifying the outgrowth target to be a company-wide target of 400 to 600 basis points of revenue growth above markets. And for 2022, we expect to be at the top end of that range. Each of our businesses will continue to contribute to that total, some higher and some lower in any period, so that in aggregate we reflect the value of our innovative engineered solutions for all our customers through revenue that grows faster than underlying markets.

展望未來，我們將把成長目標簡化為全公司營收成長高於市場 400 至 600 個基點的目標。到 2022 年，我們預計將達到該範圍的上限。我們的每項業務都將繼續為此總額做出貢獻，在任何時期都有的更高，有的更低，因此總的來說，我們透過比基礎市場增長更快的收入來反映我們創新工程解決方案為所有客戶提供的價值。

In addition to the organic revenue growth over market, we also intend to grow by acquiring businesses that give us access to fast-growing differentiated applications that address our customers' needs. Our long-term target is to acquire new revenue streams that add an additional 400 to 600 basis points of inorganic M&A revenue growth to Sensata each year. Our acquisition engine is warming up. We achieved 250 basis points of acquired revenue growth last year, rising to 370 basis points in the fourth quarter.

除了市場上的有機收入成長外，我們還打算透過收購業務來實現成長，這些業務使我們能夠獲得快速成長的差異化應用程序，以滿足客戶的需求。我們的長期目標是獲得新的收入來源，每年為森薩塔增加 400 至 600 個基點的無機併購收入成長。我們的收購引擎正在升溫。去年我們實現了 250 個基點的收購收入成長，第四季升至 370 個基點。

Now let me turn it back to Jeff for closing comments.

現在讓我把它轉回傑夫以徵求結束意見。

Thank you, Paul, and let me wrap up with a few key messages, as outlined on Slide 16.

謝謝 Paul，最後請允許我總結一些關鍵訊息，如幻燈片 16 所述。

Sensata's business and organizational model is strong, resilient and reliable. We deliver mission-critical, highly engineered solutions required by our customers. We aim to outgrow the markets we serve in total by 400 to 600 basis points per year. We are confident in our ability to sustain this attractive end-market outgrowth based on our record levels of new business awards and our large and expanding pipeline of new opportunities.

森薩塔的業務和組織模式強大、有彈性且可靠。我們提供客戶所需的關鍵任務、高度工程化的解決方案。我們的目標是每年成長 400 至 600 個基點，超過我們所服務的市場總量。基於我們創紀錄的新業務獎項水平以及我們龐大且不斷擴大的新機會管道，我們對維持這種有吸引力的終端市場成長的能力充滿信心。

We continue to invest in our megatrend growth initiatives that are opening up large and rapidly growing opportunities for Sensata across all our end markets. We are making excellent progress in Electrification and Insights, both organically through strong new business wins and inorganically through bolt-on acquisitions or joint ventures. We are targeting adding 400 to 600 basis points of inorganic revenue growth annually.

我們繼續投資於我們的大趨勢成長計劃，這些計劃為森薩塔在所有終端市場帶來了巨大且快速成長的機會。我們在電氣化和洞察方面取得了巨大進展，無論是透過強大的新業務贏得有機發展，還是透過補強收購或合資企業無機發展。我們的目標是每年增加 400 至 600 個基點的無機收入成長。

We will continue to innovate on behalf of our customers. solving their hard-to-do engineering challenges in sensing and electrical protection. We will also continue to provide differentiated Electrification and Insights solutions to a broad array of customers. Solving these mission-critical challenges enables Sensata to continue to deliver industry-leading margins for our shareholders while also increasing investments in our growth opportunities and our people.

我們將代表客戶不斷創新。解決感測和電氣保護方面難以解決的工程挑戰。我們也將繼續為廣大客戶提供差異化的電氣化和洞察解決方案。解決這些關鍵任務挑戰使森薩塔能夠繼續為我們的股東提供領先業界的利潤，同時增加對我們的成長機會和員工的投資。

And finally, I'm excited about Sensata's long-standing mission to help create a cleaner, safer and more connected world, not just for our customers' products, but also through our own operations. We believe we are meaningfully contributing to a better world. We are on our way to achieving the targets laid out in our first sustainability report, bolstering the long-term sustainability and success of the company for all of its stakeholders. We look forward to reporting more about our progress in these areas in future updates.

最後，我對森薩塔的長期使命感到興奮，即幫助創造一個更清潔、更安全和更互聯的世界，不僅是為了我們客戶的產品，還透過我們自己的營運。我們相信我們正在為建立更美好的世界做出有意義的貢獻。我們正在努力實現第一份永續發展報告中規定的目標，為所有利害關係人增強公司的長期永續發展和成功。我們期待在未來的更新中報告更多有關我們在這些領域的進展的資訊。

Now I'd like to turn the call back to Jacob.

現在我想把電話轉回雅各。

Thank you, Jeff. We'll now move to Q&A. (Operator Instructions) Andrew, go ahead and start the Q&A roster.

謝謝你，傑夫。我們現在進入問答環節。 （操作員指示）安德魯，開始問答名單。

(Operator Instructions) The first question comes from Wamsi Mohan with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Wamsi Mohan。

Yes. In your last call, you had called for about $9 million in supply chain headwinds year-over-year in the fourth quarter, and it seems like it came in much lower, impacting you by just a $0.01 headwind. Why was it so much better than expected? And why is that benefit not flowing into the first quarter where it seems to be hitting you relatively hard again, if I'm interpreting your comments and numbers correctly?

是的。在您上次的電話會議中，您曾預計第四季度的供應鏈逆風將同比增加約 900 萬美元，但實際情況似乎要低得多，僅對您造成了 0.01 美元的逆風影響。為什麼比預期好這麼多？如果我正確地解釋了您的評論和數字，為什麼這種好處沒有流入第一季度，第一季似乎又對您造成了相對較大的打擊？

Wamsi, it's Paul. I think we've done a better job than expected around trying to recover costs from customers. And so that's worked out quite well. But the costs keep rising, and so we're chasing it a bit. And so as we look at the first quarter, material prices and inflation conditions around labor have continued to rise. We continue to work with customers to recover a large portion of that cost.

萬西，是保羅。我認為我們在向客戶收回成本方面做得比預期的要好。所以效果很好。但成本不斷上升，所以我們正在追逐它。因此，當我們觀察第一季時，圍繞勞動力的材料價格和通膨狀況持續上漲。我們將繼續與客戶合作，以收回大部分成本。

But in the first quarter, it's a bigger impact. And throughout the rest of the year, we have a number of different productivity initiatives that we have to fall back those impacts, whether it's continuing to improve the performance of our sites, restructuring our costs and being more cost effective and also the benefit of volume leverage as we see revenues growing sequentially through the year.

但在第一季度，影響更大。在今年剩下的時間裡，我們有許多不同的生產力舉措，我們必須減少這些影響，無論是繼續提高我們網站的效能，重組我們的成本，提高成本效益，以及產量的好處槓桿，因為我們看到全年收入連續成長。

So you can see a big step-up in Q2, 3 and 4. And that's with the supply chain starting to soften a little bit and getting better supply from customers and our customers also -- from the suppliers and our customers also seeing better supply conditions.

因此，您可以看到第二季、第三季和第四季出現了巨大的進步。也看到了更好的供應狀況。

The next question comes from Scott Davis with Melius Research.

下一個問題來自 Melius Research 的 Scott Davis。

I'm going to ask just maybe a little bit of a long question, hopefully not too long for you. But the 4 acquisitions that you made seem interesting. Can you give us a little bit of color on what gaps they fill for you and how they're integrating and how you plan on integrating them and maybe some early read on what you're seeing or what you like about those deals? Specifically something -- a little bit more color, I think I'm looking for.

我會問一個可能有點長的問題，希望對你來說不會太長。但您進行的 4 次收購看起來很有趣。您能否向我們介紹它們為您填補了哪些空白、它們如何整合以及您計劃如何整合它們，也許您可以提前了解您所看到的內容或您喜歡這些交易的哪些方面？具體來說，我想我正在尋找更多的顏色。

Yes, Scott, I'll be glad to. So they're really to fill out our portfolio of offering around these megatrend areas. So we've been very clear for the last several years that the area of IoT or Insights and Electrification were focus areas for us as a company, and we've been investing more organically through the funding that we describe as megatrend spend in our corporate segment. We've also been very clear that our M&A activity was going to be focused in these 2 areas. And we also have talked about the fact that it's going to be more of a serial approach as opposed to a big bang approach.

是的，斯科特，我很樂意這樣做。因此，他們確實是為了充實我們圍繞這些大趨勢領域提供的產品組合。因此，過去幾年我們非常清楚，物聯網或洞察和電氣化領域是我們公司的重點領域，我們一直透過我們稱之為企業大趨勢支出的資金進行更有機的投資部分。我們也非常明確，我們的併購活動將集中在這兩個領域。我們也討論過這樣一個事實，即它將更多地採用串行方法，而不是大爆炸方法。

And so I think it's less about filling gaps, it's about building out a portfolio for the future based upon what we're hearing from our customers and where the markets are going. And every time we identify another opportunity, it rounds out that solution set in terms of how we go to market, what the offering is and other capabilities.

因此，我認為這不是填補空白，而是根據我們從客戶那裡聽到的信息以及市場的走向來建立未來的投資組合。每次我們發現另一個機會時，都會根據我們如何進入市場、提供什麼以及其他功能來完善該解決方案集。

In terms of your question regarding integration, it's a great question because some of these businesses are very different in terms of the solution that they're providing and also the markets that they go after. You know that the bulk of our core business is a long-cycle OEM business. And when you're going after an Insights opportunity with a large fleet, that can be a much shorter cycle approach, and you need to bring something to market in a quarter, not in 5 years.

就您有關整合的問題而言，這是一個很好的問題，因為其中一些企業在提供的解決方案以及所追求的市場方面非常不同。您知道，我們的核心業務大多是長週期的 OEM 業務。當您尋求擁有大型機隊的洞察機會時，這可能是一種週期短得多的方法，並且您需要在一個季度而不是 5 年內將產品推向市場。

So from an integration standpoint, we're running these as business units within our segments. They have separate general managers to run these businesses. And we're being very mindful to make sure that we retain the great talent that we brought in and that we're executing in the market.

因此，從整合的角度來看，我們將這些作為我們細分市場中的業務部門來運作。他們有單獨的總經理來經營這些業務。我們非常注意確保留住我們引進的優秀人才並在市場上執行。

In terms of early read, we're expecting significant growth from these 2 vectors in 2022, we quoted that. In the Electrification side, we're expecting 50% or greater growth as a company. On the Insights side, over 100% growth. Now that's a mix of organic and inorganic. But it's pretty impressive in terms of what the team has been able to build in a very short period of time by focusing on these segments.

我們引用了這一點，就早期閱讀而言，我們預計這 2 個載體將在 2022 年顯著增長。在電氣化方面，我們預計公司將實現 50% 或更高的成長。在洞察方面，成長超過 100%。現在這是有機和無機的混合體。但就團隊在很短的時間內專注於這些細分市場所取得的成果而言，這是相當令人印象深刻的。

And we believe it justifies a little bit heavier and in terms of investments going into 2022. And so you see that in our megatrend spend in our guide for the year. So sorry for the long-winded message, but it's a very good one, and I appreciate the opportunity to share some thoughts.

我們認為，就進入 2022 年的投資而言，增加一點投資是合理的。對於冗長的信息感到抱歉，但這是一個非常好的信息，我很高興有機會分享一些想法。

The next question comes from Christopher Glynn with Oppenheimer.

下一個問題來自克里斯托弗·格林和奧本海默。

I wanted to talk about the $640 million of the net new business wins, up quite a bit over the prior year. Maybe you had some nice chunky wins in there, but Electrification is really coming on for you. Just curious if you think you can replicate that number or if a little more volatile path over the next couple of years is more in the cards.

我想談談 6.4 億美元的淨新業務收入，比前一年增長了不少。也許您在那裡取得了一些不錯的重大勝利，但電氣化確實正在為您而來。只是好奇你是否認為你可以複製這個數字，或者未來幾年是否有可能出現更不穩定的路徑。

Yes. Thanks, Chris. We're really excited about it. So I'm glad that you're noting the significant amount of wins. Before I dive into the -- some of the details, I'd tell you that it accelerated throughout the year as well, which was equally impressive, especially given what -- the commentary Paul provided in terms of cost inflation and going back to our customers to engage with them regarding recovery. We're not seeing that impact our ability to win business with our customers, which is great.

是的。謝謝，克里斯。我們對此感到非常興奮。所以我很高興您注意到大量的勝利。在我深入探討一些細節之前，我想告訴你，它在全年中也加速了，這同樣令人印象深刻，特別是考慮到保羅在成本通脹方面提供的評論，並回到我們的客戶與他們就恢復事宜進行互動。我們沒有看到這會影響我們贏得客戶業務的能力，這很好。

In terms of the acceleration here, we got $465 million wins last year, $400 million on average the 3 years prior. As the business grows, you're going to see a natural lift on this, but obviously the NBOs are growing faster than that, as we really focus on these megatrend areas. And we gave a little bit of insight into what the opportunity set looks like. In Electrification, we have over $1 billion group of business that we're pursuing. Now obviously, we're not going to get all of that. And we have over $200 million of opportunity just in the Electrification and Insights here, plus all of the other core business aspects that we're pursuing.

就加速而言，我們去年贏得了 4.65 億美元的勝利，前 3 年平均贏得了 4 億美元。隨著業務的成長，你會看到這方面的自然提升，但顯然 NBO 的成長速度比這更快，因為我​​們真正專注於這些大趨勢領域。我們對機會集的情況進行了一些深入的了解。在電氣化領域，我們正在追求價值超過 10 億美元的業務。顯然，我們不會得到所有這些。僅在電氣化和洞察方面，以及我們正在追求的所有其他核心業務方面，我們就擁有超過 2 億美元的機會。

So we're going to continue to try to push this to make sure that we can deliver on our 400 to 600 basis points of outgrowth going forward. And we feel really good about the success that we're seeing.

因此，我們將繼續努力推動這一目標，以確保我們能夠實現未來 400 至 600 個基點的成長。我們對所看到的成功感到非常高興。

The next question comes from Matt Sheerin with Stifel.

下一個問題來自 Stifel 的 Matt Sheerin。

I wanted to just ask a clarification question regarding your commentary of inventory build at customers. I think you talked about $90 million. Is that still a headwind that you're seeing this quarter? I think you said that you don't see it playing out in 2022. I just want to clarify that.

我想問一個關於您對客戶庫存建設的評論的澄清問題。我想你談到了 9000 萬美元。這仍然是您本季看到的逆風嗎？我想你說過你不會看到它在 2022 年發生。

Sure. I'll try to answer that one for you. So this year, we shipped into customers about $90 million more than production. So that was a nice tailwind. We served our customers well based on what they ordered. We're not expecting that to repeat next year. So we want to be very clear that, that $90 million is a year-over-year headwind for revenue.

當然。我會盡力為您解答這個問題。因此，今年我們向客戶出貨的金額比生產量多了約 9,000 萬美元。所以這是一個很好的順風。我們根據客戶的訂單為他們提供良好的服務。我們預計這種情況明年不會重演。因此，我們想非常清楚地表明，9000 萬美元對收入來說是一個同比阻力。

In the fourth quarter, which is included in that $90 million impact, we did -- it does look, based on our analytics, that our customers did consume some of that inventory that was built up during the earlier part of the year.

在第四季度，這包括在 9000 萬美元的影響中，我們確實做到了——根據我們的分析，我們的客戶確實消耗了今年早些時候建立的一些庫存。

The next question comes from Mark Delaney with Goldman Sachs.

下一個問題來自高盛的馬克·德萊尼。

I'm hoping to talk a little bit more on the investments the company is making, targeting these fast-growing areas, we're having some nice order momentum and the impact it's having on margins. I think the '22 margin, talked about a 90 bps headwind. Could you be a little bit more specific on the buckets that add up to that 90 bps?

我希望更多地談論公司正在進行的投資，針對這些快速成長的領域，我們有一些不錯的訂單動能及其對利潤率的影響。我認為 22 年的利潤率談到了 90 個基點的逆風。您能否更具體地說明總計達到 90 bps 的儲存桶？

Megatrend, I think, is a big part of it, but it seems like there's some others. But at a higher level, when do you think the company will be at a point where it's making these very important investments but also where margins would actually start to expand as revenue grows?

我認為，大趨勢是其中很重要的一部分，但似乎還有其他一些。但在更高的層面上，您認為公司什麼時候會進行這些非常重要的投資，而隨著收入的成長，利潤率實際上會開始擴大？

Yes. So Mark, let me touch on the commercial side and why we're doing it, and then Paul can provide a little bit of color and unpacking regarding the investment and impact on margin.

是的。馬克，讓我談談商業方面以及我們這樣做的原因，然後保羅可以提供一些有關投資和對利潤率影響的解釋和解釋。

So hopefully, the growth rates that I described in terms of 2021 to '22 in these very specific growth vectors is evidence that it's a worthwhile effort to invest in these growth areas. In addition, the level of new business wins and the percent of them that are coming from these growth vectors hopefully is validation.

因此，我所描述的 2021 年至 22 年這些非常具體的成長向量的成長率有望證明，在這些成長領域進行投資是值得的。此外，新業務獲勝的水平以及來自這些成長向量的百分比有望得到驗證。

Obviously, we're seeing that in terms of customer engagement and opportunities that we have, but we understand that we need to show our investors proof points that this incremental investment is worthwhile in terms of investing in to grow the business going forward. It's the direction of where a lot of our customers in the industries are going. It's a great opportunity for us. And I think we've shown some very early -- very strong proof points that it's gaining momentum and it's a well worthwhile investment.

顯然，我們在客戶參與度和機會方面看到了這一點，但我們明白，我們需要向投資者證明，這種增量投資對於未來業務成長的投資是值得的。這是我們許多產業客戶的發展方向。這對我們來說是一個很好的機會。我認為我們已經展示了一些非常早期、非常有力的證據表明它正在獲得動力並且這是一項非常值得的投資。

Yes. I agree. So Mark, the 90 bps is a combination of both the increased investment in the megatrends organically, which we called out in the slides, and is also the impact of the acquisitions that, as I mentioned in prepared remarks, have lower margins than the core business. So they're not going to expand margins, they are going to be a margin dilution for a period of time as we scale those up.

是的。我同意。因此，馬克，90 個基點是我們在幻燈片中提到的對大趨勢的有機投資增加的組合，也是收購的影響，正如我在準備好的評論中提到的，收購的利潤率低於核心業務商業。因此，他們不會擴大利潤率，而是在我們擴大利潤率的一段時間內稀釋利潤率。

I think it's the right investment. You can see it's helping in terms of -- for the proof point, I would say, in the NBOs. And it's future technology that we see huge revenue opportunity in these key growth vectors that we're investing in.

我認為這是正確的投資。我想說，你可以看到它在 NBO 方面有幫助。我們在投資的這些關鍵成長向量中看到了巨大的收入機會，而正是未來的技術。

And yes, over time, as these businesses start to scale and we start to be able to create modular designs for which we can leverage volume on, yes, they'll become much more profitable than they are today. And that is the strategy. And that is something we have shown historically we do extremely well.

是的，隨著時間的推移，隨著這些業務開始規模化，我們開始能夠創建可以利用數量的模組化設計，是的，它們將變得比今天更有利可圖。這就是策略。從歷史上看，我們在這方面做得非常好。

The next question comes from Samik Chatterjee with JPMorgan.

下一個問題來自摩根大通的 Samik Chatterjee。

I guess I wanted to ask on the inorganic M&A and revenue growth target of 400 to 600. Clearly, that implies you have to accelerate what you've been doing already to some extent. So wanted to kind of get your thoughts around it. Is it you've acquired a fair amount of assets recently that you're targeting to try and sort of keep the size similar, try and do more of the same? Or are you trying to sort of now look at larger size acquisitions? And maybe if you can talk about the pipeline, how you think about that pipeline shaping up between automotive, related to maybe other segments that are non-auto.

我想我想問的是 400 至 600 的無機併購和收入成長目標。所以想了解一下你的想法。您最近是否收購了相當數量的資產，您的目標是嘗試保持相似的規模，嘗試做更多相同的事情？或者您現在是否想考慮進行更大規模的收購？也許如果你可以談談管道，你如何看待汽車之間形成的管道，可能與其他非汽車領域相關。

Yes. I'd be glad to address that. So the focus is going to be in the megatrend areas, right? So we haven't had any surprises during 2021. We've talked about Electrification, Insights being the focus area, and the acquisitions and the joint ventures that we've done have been in those areas. So we're going to stay focused on that.

是的。我很樂意解決這個問題。所以重點將放在大趨勢領域，對吧？因此，我們在 2021 年沒有出現任何意外。所以我們將繼續關注這一點。

Our goal is serial M&A, so it's not lumpy. That does not mean that if a great opportunity comes along that is more sizable, we wouldn't entertain that. But that's not the focus area for us. It's to make sure that every year we can show some level of growth, 400 to 600 basis points is the target, against this inorganic growth initiative in the focused areas to drive our strategy. We're going to stay financially disciplined. So we're not going to do deals just to get to that. We're going to be very transparent regarding our progress.

我們的目標是連續併購，所以它不是不穩定的。這並不意味著如果出現一個更大的好機會，我們就不會接受。但這不是我們的重點領域。這是為了確保我們每年都能表現出一定程度的成長，目標是 400 到 600 個基點，與重點領域的無機成長舉措相結合，以推動我們的策略。我們將保持財務紀律。因此，我們不會僅僅為了實現這一目標而進行交易。我們將對我們的進展非常透明。

And it took some time to build the funnel, right? So we really started this in late 2020 in terms of our serial M&A strategy. We executed against that in 2021 with some deals early in the year, April with Xirgo and then some later in the year. So we were able to achieve 2.5% inorganic growth in 2021. Obviously, the lapping effect of those transactions results in about 2.5% already baked for 2022, which is in the guide that we've provided.

建置漏斗需要一些時間，對嗎？因此，我們在 2020 年底才真正開始實施系列併購策略。我們在 2021 年執行了一些交易，在年初、4 月與 Xirgo 進行了一些交易，然後在今年稍後進行了一些交易。因此，我們能夠在 2021 年實現 2.5% 的無機成長。

But the guide does not include or assume any additional M&A. If we do M&A, that will be in addition to what we've produced there. And that's what we're going to execute against and continue to try to stay focused on doing just that.

但該指南不包括或假設任何額外的併購。如果我們進行併購，這將不包括我們在那裡生產的產品。這就是我們要執行的目標，並繼續努力專注於這樣做。

The next question comes from Steven Fox with Fox Advisors.

下一個問題來自福克斯顧問公司的史蒂文·福克斯。

I was wondering if you could dig into your thinking on HVOR markets for '22. I know you don't want to give any specific outgrowth there, but maybe sort of where you think you're benefiting from outgrowth generally.

我想知道您是否可以深入探討一下您對 22 年 HVOR 市場的看法。我知道你不想在那裡提供任何具體的成果，但也許是你認為你整體上從成果中受益的地方。

Yes. The outgrowth -- so company-wide, we believe we'll be on the high end of our range that we provided of 400 to 600. HVOR has really been an area that we benefited significantly from in terms of outgrowth due to a lot of different reasons in terms of market trends but also the offering set that we have in that market. And we would expect HVOR outgrowth to continue.

是的。產出－所以在全公司範圍內，我們相信我們將處於我們提供的 400 到 600 範圍的高端。市場的產品組合方面都有不同的原因。我們預計 HVOR 的成長將持續。

The market itself in HVOR is -- we're forecasting globally to be pretty flat this year. In the first quarter, it's going to be down pretty dramatically, about 13%, 14%. That's variable by market. In the first quarter, I think every market that we serve is down a little bit, but China on-road is down more than the most of the other categories. And for the full year, we would expect some modest growth everywhere but in China on-road. And so that's a little bit more color in terms of unpacking the HVOR business.

我們預測今年全球 HVOR 市場將相當穩定。第一季度，它會大幅下降，大約13%、14%。這因市場而異。在第一季度，我認為我們服務的每個市場都有所下降，但中國公路市場的下降幅度超過了大多數其他類別。就全年而言，我們預計除中國以外的其他地區都會出現小幅成長。因此，從拆解 HVOR 業務的角度來看，這有點色彩豐富。

The next question comes from Luke Junk with Baird.

下一個問題來自盧克·垃圾和貝爾德。

Jeff, hoping you could touch on your outlook for organic megatrend spending this year. Last quarter, I think you had given an indication initially of $50 million to $55 million in spend or so versus the $60 million to $70 million outlook that you outlined today. What's the upside there? And especially, is there any updated perspective you can provide on the mix of spending between your major growth opportunities?

傑夫，希望您能談談對今年有機大趨勢支出的展望。上個季度，我認為您最初表示支出為 5000 萬至 5500 萬美元左右，而您今天概述的前景為 6000 萬至 7000 萬美元。那裡有什麼好處？特別是，對於主要成長機會之間的支出組合，您是否可以提供任何最新的觀點？

Sure. So we spent about what we said we were going to in 2021. Fourth quarter was a little bit lower, primarily due to vacation schedules and other things that brought down that spend in the fourth quarter. Wasn't at all due to our lack of continued commitment around that. And we thought long and hard, we believe that an incremental investment in this area, given the success that we're seeing, is justified. It's not a significant ramp. It's another $10 million on the high end, $60 million to $70 million for the year. But we will continue to be very disciplined in terms of our approach on that and make sure that we're allocating that investment to where we're seeing commercial success with our customers.

當然。因此，我們的支出大約是我們所謂的 2021 年支出。根本不是因為我們缺乏對此的持續承諾。我們經過深思熟慮，認為鑑於我們所看到的成功，在這一領域的增量投資是合理的。這不是一個重要的坡道。高端還需要 1000 萬美元，全年 6000 萬至 7000 萬美元。但我們將繼續嚴格遵守我們的做法，並確保我們將投資分配到我們與客戶取得商業成功的領域。

In terms of the split, the majority is in the megatrend-related areas. There are some other -- some small amounts of spend in there that are new growth opportunities within each of our end markets. But the vast majority of it is in Electrification and Insights, and equally split, maybe a little bit more slanted more toward the Electrification given the magnitude of the opportunity that we're seeing there and the need to invest long term with our customers regarding this trend.

從劃分來看，大部分集中在大趨勢相關領域。還有一些其他的——一些少量的支出，是我們每個終端市場中新的成長機會。但其中絕大多數是在電氣化和洞察方面，並且平均分配，考慮到我們在那裡看到的機會的巨大以及與我們的客戶對此進行長期投資的需要，也許更傾向於電氣化。

The next question comes from Nik Todorov with Longbow Research.

下一個問題來自 Longbow Research 的 Nik Todorov。

Yes. I have a question on the EV wins. Maybe can you help us understand the mix between that? Maybe if you think about between components versus subsystem solutions versus turnkey solutions, and how do you expect that mix to trend over time?

是的。我有一個關於電動車獲勝的問題。也許你能幫助我們理解它們之間的混合嗎？也許如果您考慮一下元件與子系統解決方案與交鑰匙解決方案之間的關係，您預計這種組合隨著時間的推移會如何發展？

Yes. Great question. The vast majority is on OEM wins on components. You'll note that -- and automotive-focused as well. So that's where the bulk of the wins are.

是的。很好的問題。絕大多數是 OEM 贏得了零件。您會注意到這一點——並且也以汽車為中心。這就是大部分勝利的所在。

When you start talking about subsystems and turnkey solutions, you're migrating out of automotive into heavy vehicle, off-road industrial applications. And most notably, Spear Power is an example of one of those turnkey solutions where we're providing energy storage solutions into specialty vehicle markets.

當您開始談論子系統和交鑰匙解決方案時，您正在從汽車轉向重型車輛、越野工業應用。最值得注意的是，Spear Power 是交鑰匙解決方案的一個例子，我們為特種車輛市場提供儲能解決方案。

So it's different than a component play, but the vast majority of the end deal wins that we experienced in 2021 were in the markets that you know well in terms of automotive. And it gives us, again, more confidence in our line of sight to double the content. So it's all connected in terms of our commitment to get to that double content per vehicle on battery electric in the next 5 years.

因此，這與零件競爭不同，但我們在 2021 年經歷的絕大多數最終交易勝利都發生在您熟悉的汽車市場。它再次讓我們對我們的視線更有信心，使內容加倍。因此，這一切都與我們承諾在未來 5 年內實現每輛車的電池電動含量翻倍有關。

The next question comes from Chris Snyder with UBS.

下一個問題來自瑞銀集團的克里斯·史奈德。

I believe in the prepared remarks, the company said it expects Electrification auto revenue to grow 70% in 2022. Could you disclose how much of this is organic? And then what type of unit growth is underpinned by this forecast? So we can get some visibility into electric content per vehicle expectations.

我相信在準備好的演講中，該公司表示預計 2022 年電氣化汽車收入將成長 70%。那麼這個預測支援什麼類型的單位成長呢？因此，我們可以對每輛車的電動內容期望有一定的了解。

Yes. So -- yes, so automotive specifically, and as I just mentioned on the prior caller's question from Nik, that's largely on the component side. And we're expecting that to grow 70%. It will grow faster than our expectation for battery electric vehicles. So again, it supports the notion that we're going to see double the content per vehicle as this market grows.

是的。所以——是的，特別是汽車領域，正如我剛剛在尼克的前一個來電者的問題中提到的，這主要是在組件方面。我們預計這一數字將成長 70%。其成長速度將超出我們對純電動車的預期。因此，它再次支持了這樣一個觀點：隨著這個市場的成長，我們將看到每輛車的內容翻倍。

I think it is important also to note that most forecasters and we would forecast that over the next 3 years, all types of vehicles will grow in terms of market. So the automotive market is nowhere near peak. So our forecast would be that over the next 3 years, we see growth across all of those segments, internal combustion engines as well. But then after that 3-, 4-year market starts to cross over where battery electric vehicles become faster grower, and then you start to see some obsolescence on the internal combustion side.

我認為還需要注意的是，大多數預測者和我們都預測，在未來 3 年內，所有類型的車輛的市場都將成長。因此，汽車市場遠未達到頂峰。因此，我們的預測是，在未來 3 年裡，我們看到所有這些細分市場（包括內燃機）都將成長。但在 3 年、4 年市場開始跨越時，電池電動車變得更快成長，然後你開始看到內燃機方面的一些過時。

And so plug-ins and battery electric is expected to grow about 40% units production from '21 to '22, and we're growing around 70%. So significant outgrowth to the production, which drives up our content per vehicle about $5.

因此，從 21 年到 22 年，插電式和電池電動車的產量預計將成長約 40%，而我們的成長率約為 70%。產量大幅成長，每輛車的內容增加了約 5 美元。

The next question comes from Shreyas Patil with Wolfe Research.

下一個問題來自 Wolfe Research 的 Shreyas Patil。

Just when I was -- wanted to -- just 2 things. I just wanted to confirm how should we be thinking about typical incremental margins for the business. I think in the past, you've talked about maybe 35% to 40% flow through. And then you mentioned, obviously, the acquisitions would convert at lower incrementals initially, but should we be assuming that -- or how should we think about how long it will take to get the margins on those programs up to corporate average where you are today and then potentially even above that to support margin expansion?

就在我想要做的時候，只有兩件事。我只是想確認我們應該如何考慮業務的典型增量利潤。我想在過去，您談到可能有 35% 到 40% 的流量。然後你提到，很明顯，收購最初將以較低的增量進行轉換，但我們是否應該假設——或者我們應該如何考慮需要多長時間才能使這些計劃的利潤率達到今天的公司平均水平然後甚至可能高於這個水準以支持利潤率擴張？

So if you look back, historically, on average, maybe we haven't been as clear as we should be, but on average, our incremental profit and incremental revenue runs at about 30%. And that's about what we saw in '21. And for '22, if you're unpacking, you pack out the impact of our growth investments and the acquisition impacts, we're largely in that range. So that's a pretty good benchmark to use.

所以如果你回顧歷史，平均而言，也許我們還沒有達到應有的清晰程度，但平均而言，我們的增量利潤和增量收入運行在 30% 左右。這就是我們在 21 年看到的情況。對於 22 年，如果你要分析我們的成長投資的影響和收購的影響，我們基本上就在這個範圍內。所以這是一個非常好的使用基準。

But as we said in the past, subject to other things that may happen such as increasing our megatrend investment over the inorganic efforts around driving our growth vectors. So I think that's a good proxy in normal terms, 30%.

但正如我們過去所說，受其他可能發生的事情的影響，例如增加我們對推動成長向量的無機努力的大趨勢投資。所以我認為從正常情況來看，30% 是一個很好的指標。

As we go forward in terms of driving better margins in the acquired business, we certainly expect that. But that will come with scale, and that will come with designs that are more marginalized that we can create the scale from. Today, not the case. A lot of new designs and activities in the market around new developing markets make it a little bit more fragmented and more challenging to get that volume scale that we normally would expect.

當我們在提高所收購業務的利潤率方面不斷前進時，我們當然期望這一點。但這將伴隨著規模，並將伴隨著更邊緣化的設計，我們可以從中創造規模。今天，情況並非如此。圍繞新興市場的許多新設計和活動使得獲得我們通常預期的銷售規模變得更加分散和更具挑戰性。

But over time, we will achieve that, we will get that. And we expect these businesses with similar business models to have similar margins to our core business. Some businesses will have higher cost to serve, but they will be extremely vocal, and we think that's okay.

但隨著時間的推移，我們將實現這一目標，我們將得到這一目標。我們預計這些具有相似業務模式的業務將具有與我們的核心業務相似的利潤率。有些企業的服務成本會更高，但他們的聲音會很大，我們認為沒關係。

The next question comes from Jim Suva with Citi.

下一個問題來自花旗銀行的吉姆·蘇瓦。

In your prepared comments, I believe you mentioned around $90 million of excess shipments into your customers or the channel. My question is, is that due to your customers or subassemblies just not having enough parts to complete the entire automotive car vehicle? Or are they sitting on a lot somewhere or in the supply chain? Or was it out of concern of not having enough components where your customers are just ordering a little bit more to make sure there's no hiccups? Or was it like a catch-up from 2020 because we've been in supply chain issues basically for a couple of years now?

在您準備好的評論中，我相信您提到了向您的客戶或管道的大約 9000 萬美元的超額發貨。我的問題是，這是因為您的客戶或子組件沒有足夠的零件來完成整輛車嗎？或者他們在某個地方或供應鏈中佔據了很多地位？或者是因為擔心沒有足夠的組件，您的客戶只是多訂購一點以確保不會出現問題？還是說這就像 2020 年的追趕，因為我們基本上已經陷入供應鏈問題好幾年了？

So I guess, Jeff, I can tackle it. I would start with -- we continue to be a very good supplier to our customers. And so that demand was placed on us and we delivered to that demand. Our analytics based on some parts that we have that have really high market share.

所以我想，傑夫，我可以解決這個問題。首先，我們將繼續成為客戶的優秀供應商。因此，我們提出了這個要求，我們滿足了這個要求。我們的分析是基於我們擁有的一些具有非常高市場份額的零件。

In 2021, it was clear that we were shipping more product to customers than they were producing, which gives us the $90 million of buildup of our parts in their warehouses or in cars that are partially complete or almost fully complete. We do not expect that buildup again in 2022. And so it's a year-over-year headwind of $90 million to our revenue growth.

2021 年，很明顯，我們向客戶運送的產品多於他們生產的產品，這使我們在他們的倉庫或部分完成或幾乎完全完成的汽車中積累了 9000 萬美元的零件。我們預計 2022 年不會再次出現這種情況。

That's all we're just trying to illustrate, but we continue to serve our customers extremely well. We serve to their demand. And we work very hard to do that, and we're very proud of that outcome.

這就是我們只是想說明的，但我們將繼續為我們的客戶提供非常好的服務。我們滿足他們的需求。我們非常努力地做到這一點，我們對這一結果感到非常自豪。

Yes. The only thing I'd add, Jim, is a point that you actually made, which is, if you look at the year-over-year, if you go back to 2020, we do believe we left 2020 with many of our customers depleted versus a normal average. So some of that growth in inventory during '22 (sic) ['21] was to get back to normal levels. And call it, half was to get back to normal levels and the other half was to build inventory that at some point will unwind. But we're not assuming that it will happen certainly in early part of 2022 or for the balance of the year.

是的。吉姆，我唯一要補充的是，您實際上提出了一個觀點，那就是，如果您回顧去年的情況，如果您回到 2020 年，我們確實相信我們的許多客戶都已經離開了 2020 年與正常平均值相比已耗盡。因此，22 年（原文如此）[21] 期間庫存的部分成長是為了恢復到正常水準。總而言之，一半是恢復到正常水平，另一半是建立庫存，並在某個時候釋放庫存。但我們並不認為這肯定會在 2022 年初或今年餘下發生。

The next question comes from Brian Johnson with Barclays.

下一個問題來自巴克萊銀行的布萊恩·約翰遜。

This is Jason Stuhldreher on for Brian. Maybe just back to the cost question, which we addressed first. As we think about sort of your success in recovering elevated costs in 4Q last year, moving to this year, elated costs, some of which may not be recovered right away. But the balance of the year, I think, as you mentioned, Paul, there are kind of some definite -- or some initiatives in place to get those back.

我是傑森·斯圖爾德雷赫 (Jason Stuhldreher) 替補布萊恩 (Brian) 發言。也許回到我們首先解決的成本問題。當我們考慮到您在去年第四季成功收回增加的成本時，今年，令人興奮的成本，其中一些可能無法立即收回。但我認為，正如你所提到的，保羅，今年剩下的時間裡，有一些明確的——或者一些舉措來恢復這些。

I guess, specifically, when it comes to getting cost recoveries back from customers, any indication on sort of what percent of elevated costs, whether that's material, whether that's labor, customers are willing to sort of give you back and what the timing of that is? Because it sounded like in the remainder of the year, the initiatives were more cost related rather than recoveries related. And so is there a potential upside to the margin target if recovery is kind of coming better than expected?

我想，具體來說，當涉及到從客戶那裡收回成本時，任何關於增加成本的百分比的任何跡象，無論是物質的，還是勞動力的，客戶都願意給你回饋，以及回饋的時間。因為聽起來像是在今年剩餘時間裡，所以這些措施與成本相關，而不是與回收相關。那麼，如果經濟復甦優於預期，那麼利潤率目標是否有潛在的上行空間？

I would say that in each of our businesses, the activity to offset these rising -- whether it was the impact of the chip shortage because we're expediting lots of material or rising material or rising labor, it varies by business and how you do that commercially. And in some of our market -- some of our business, it is just more challenging. They really want to see the detail of what the costs were.

我想說的是，在我們的每項業務中，抵消這些上漲的活動——無論是晶片短缺的影響，因為我們正在加快大量材料的運輸，還是不斷增加的材料或不斷增加的勞動力，這取決於業務和你的做法。在我們的一些市場——我們的一些業務中，這更具挑戰性。他們確實想了解成本的詳細資訊。

I think our teams have done an exceptionally good job working with our customers based on their expectations in getting recovery, and that recovery has accelerated throughout 2021. But the challenge is that material prices are rising day 1 out of 2022. Buyers are raising prices, and we have to continue to knock that down through a number of activities. One is working with customers to recover more. Two is being more productive, and we have lots of levers on the productivity side to drive our costs down and to be more efficient.

我認為我們的團隊根據客戶對復甦的期望與客戶合作做得非常好，並且復甦在 2021 年加速。一系列活動來減少這種情況。一是與客戶合作以恢復更多。二是提高生產力，我們在生產力方面有許多槓桿來降低成本並提高效率。

And as volumes grow throughout the year, we are going to get the benefit of that volume leverage on our fixed costs. So it's a combination of things, but we feel pretty comfortable that we can achieve the outcome that we set out here in terms of productivity improvement.

隨著全年銷售量的成長，我們將受益於固定成本的銷售槓桿。因此，這是多種因素的結合，但我們對能夠實現我們在生產力提高方面提出的成果感到非常滿意。

Yes. The only thing I'd add to that would be, the nature of how we've gone after this has obviously changed as the fact pattern has evolved, right? So early 2021, we were absorbing a lot of these costs when there was a question as to whether or not if the cost inflation we were seeing was more transient or sustained, second half of the year with surcharges.

是的。我唯一要補充的是，隨著事實模式的演變，我們的處理方式的本質已經明顯改變，對嗎？因此，2021 年初，我們吸收了許多此類成本，當時有人問我們看到的成本通膨是短暫的還是持續的，下半年會產生附加費。

As we go into 2022 and beyond, it's not a surcharge anymore. We're adjusting prices. Our customers understand that. They're doing that in the markets that they serve. And it's never an easy conversation with customers, but it's understandable. Everybody understands that there is cost inflation occurring broadly in the market and Sensata needs to respond to that to continue to make sure that they perform for the shareholder.

進入 2022 年及以後，不再收取附加費。我們正在調整價格。我們的客戶明白這一點。他們在他們服務的市場上這樣做。與客戶的對話從來都不是一件容易的事，但這是可以理解的。每個人都知道市場上普遍存在成本通膨，森薩塔需要對此做出反應，以繼續確保為股東提供服務。

The next question comes from David Kelley with Jefferies.

下一個問題來自傑弗里斯的大衛凱利。

Maybe just on the industrial end market step-down in 2022 that you're expecting, can you talk about where you see pullback or maybe give us a sense of demand and order patterns in industrials? And just curious if there's any conservatism here following the strength of your 2021 industrial revenue growth?

也許就您所期望的 2022 年工業終端市場下降而言，您能談談您認為哪裡會出現回落，或者讓我們了解一下工業領域的需求和訂單模式嗎？只是想知道，在 2021 年工業收入成長強勁之後，是否存在任何保守主義情緒？

Yes, it's a great question. We have a fairly diversified industrial market base that we're serving. So what you're pointing out is something we're constantly looking at to try to understand what's going to happen in the industrial market, but it's very diversified in terms of the market that we serve. And we're -- you said it, we're calling basically flat for -- 2020, up a little bit, call it 3% in the first quarter of the year.

是的，這是一個很好的問題。我們所服務的工業市場基礎相當多元化。所以你指出的是我們一直在關注的事情，試圖了解工業市場將發生什麼，但就我們服務的市場而言，它非常多樣化。你說過，我們認為 2020 年的成長率基本上持平，略有上升，稱今年第一季成長率為 3%。

And we'll continue to unpack that, but it's a wide base. We tend to look at things like PMI index and other very high-level indicators as well as our fill rates in the individual quarter. So the fact that the first quarter is going to be a little bit stronger means that we'll watch it closely and see how that translates through the balance of the year.

我們將繼續解開它，但它是一個廣泛的基礎。我們傾向於關注 PMI 指數和其他非常高水準的指標以及各個季度的填充率等指標。因此，第一季的表現將會稍微強勁，這意味著我們將密切關注這一情況，看看這將如何影響今年的剩餘時間。

The next question comes from Joe Giordano with Cowen.

下一個問題來自喬·佐丹奴和考恩。

I just want to clarify on the cost recoveries in auto. Like are these like visible to you with like a defined start date? Like do you kind of know that price kicks in like in the second half or something like that just based on these discussions on average? And is there like a certainty that those discussions have already kind of crystallized into something and it's just the timing of when that kicks in?

我只是想澄清一下汽車產業的成本回收。這些對您來說是否可見，並且有明確的開始日期？就像你是否知道價格會在下半年或類似的情況僅基於這些平均討論？是否可以肯定的是，這些討論已經具體化為某種東西，而只是開始的時機？

So let's just split the 2. I mean if you're talking about productivity that our automotive customers expect to see every year, that typically happens at the beginning of the year. Every year, the business awards have a certain level of productivity of price downs that they would expect may kick in at the beginning of the year because we get the benefit of being on those platforms for 5 to 10, if not longer years.

因此，讓我們將兩者分開。每年，商業獎項都有一定程度的降價生產力，他們預計這些降價可能會在年初開始，因為我們在這些平台上待了 5 到 10 年，甚至更長的時間，從中受益。

As specific to the recovery, and I don't know if it's -- we want to get too much into the digital plumbing here, but our commercial teams work with our supply chain to understand the rising costs that we are incurring, whether it's material or logistics costs, by customer. And then we use that information to work with our customers to have them share a portion of that cost, the more the better, obviously. But it is a very integrated activity within our business to then present that to our customers.

至於復甦的具體情況，我不知道是否——我們想在數位管道方面投入太多，但我們的商業團隊與我們的供應鏈合作，以了解我們所承受的成本上升，無論是物質成本還是成本上升。然後我們利用這些資訊與客戶合作，讓他們分擔一部分成本，顯然越多越好。但這是我們業務中非常全面的活動，然後將其呈現給我們的客戶。

As Jeff said, we did that in the midst of a lot of supply chain shortages, a lot of demand, expediting to customers, customers hand them out the product. And now we're moving to more long-term view of these costs -- rising costs will likely be with us. So we're taking a different commercial approach to get better pricing over time to reflect that higher cost base that we're likely to experience for a period of time.

正如傑夫所說，我們在供應鏈嚴重短缺、需求旺盛的情況下做到了這一點，加快了向客戶的速度，客戶向他們分發了產品。現在我們對這些成本採取更長遠的看法——成本上升可能伴隨著我們。因此，我們正在採取不同的商業方法來隨著時間的推移獲得更好的定價，以反映我們可能在一段時間內經歷的更高的成本基礎。

The next question comes from Michael Filatov with Berenberg Capital Markets.

下一個問題來自貝倫貝格資本市場公司的麥可‧菲拉托夫。

I was wondering if you could provide a little bit more kind of quantitative detail around some of the cost headwinds you're expecting to experience in 2022, right? I mean there's everything from material cost inflation to logistics and labor costs. Is there any way you could maybe quantify those buckets in terms of the headwind you're expecting this year and maybe how you anticipate offsetting those?

我想知道您是否可以就您預計在 2022 年遇到的一些成本不利因素提供更多的定量細節，對吧？我的意思是，從材料成本通膨到物流和勞動力成本，一切都在發生。有沒有什麼方法可以根據今年預期的逆風來量化這些桶，以及您預計如何抵消這些逆風？

I know you just talked a lot about sort of recoveries and maybe commercial negotiations, but also specifically on those commercial negotiations at the start of the year, was there any really material change you were able to accomplish with those negotiations?

我知道您剛剛談到了很多關於復甦以及商業談判的問題，而且特別是在年初的那些商業談判上，您透過這些談判能夠實現任何真正的實質改變嗎？

Well, as we laid out in the presentation, net -- we still think that -- we still believe in our model and our guide provided that we're going to have some margin expansion due to net productivity. And that's a big bucket of lots of things. It's price -- it's all the things I just talked about as well as other activities that we're taking on to drive the cost profile for the business. So net-net, we think we'll expand our margins through productivity gains.

好吧，正如我們在演示中所闡述的那樣，淨 - 我們仍然認為 - 我們仍然相信我們的模型和我們的指南，前提是我們將因淨生產力而實現一些利潤率擴張。這是一大桶很多東西。這是價格——這是我剛才談到的所有事情以及我們為推動業務成本狀況而採取的其他活動。因此，我們認為我們將透過提高生產力來擴大利潤。

The biggest challenge is material. Material prices are rising, that shouldn't be a surprise to anybody. It's broad-based. Suppliers are using that as a leverage of the supply chain situation to be able to raise prices. And so that is the largest impact. And we are, like I said, working with customers and internally looking for ways to mitigate that rising cost.

最大的挑戰是物質。材料價格上漲，這對任何人來說都不足為奇。它的基礎廣泛。供應商利用這一點作為供應鏈狀況的槓桿來提高價格。這是最大的影響。正如我所說，我們正在與客戶合作，並在內部尋找減輕成本上升的方法。

Labor inflation is also rising around the world, that shouldn't be a surprise. And it depends on which jurisdiction and potentially, but clearly that's another headwind that we need to be more productive in our manufacturing sites to mitigate that rising costs. And we have good productivity plans within the plans to do that. We feel like we have a lot of actions -- a lot of defined actions that we're working that should deliver the outcome that we shared with you today.

世界各地的勞動力通膨也在上升，這不足為奇。這取決於哪個司法管轄區以及潛在的情況，但顯然這是另一個不利因素，我們需要提高製造工廠的生產力，以減輕成本上升的影響。我們在計劃中製定了良好的生產力計劃來實現這一目標。我們覺得我們有很多行動——我們正在採取很多明確的行動，這些行動應該能夠帶來我們今天與你們分享的成果。

The next question comes from Amit Daryanani with Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

I apologize if this was addressed already. But when I think about the 200 basis points of margin drop that's embedded in the March quarter guidance to volume and productivity, I believe, is there a way to decouple this and talk about how much of the headwind is the productivity issue, the supply chain issues versus volume?

如果這個問題已經解決，我深表歉意。但當我想到 3 月份季度銷量和生產力指引中包含的 200 個基點的利潤率下降時，我相信有沒有辦法將其脫鉤，並討論生產力問題、供應鏈有多少阻力問題與數量？

And then as you ramp this up throughout the year, I think you talked about margins ranging from mid 18% to 21%. What's enabling the margin expansion? Is that these productivity inefficiencies going away or volume kind of kicking in? If you really break those 2 up, that would be really helpful.

然後，當你全年提高這一水平時，我認為你談到了 18% 到 21% 之間的利潤率。是什麼推動了利潤率的擴大？是這些生產力低落的現象消失了還是數量開始增加了？如果你真的把這兩個分開，那將會非常有幫助。

So happy to help there. So we talked about -- every year, we have new pricing with customers in the automotive side, which usually is lower than the year before. So that's nothing new. This drop surprisingly from Q4 to Q1 is very similar on average what you've seen in the last 10 years.

很高興能在那裡提供幫助。所以我們談到——每年，我們都會向汽車領域的客戶提供新的定價，通常會低於前一年。所以這不是什麼新鮮事。令人驚訝的是，從第四季到第一季的下降幅度與過去 10 年的平均下降非常相似。

What's different would be the material costs that are rising more quickly, so the new pricing is going to affect some suppliers. And the growth investment, which we should be spending more of the time, I think, talking about because that really is going to drive our future. And so it's a combination of the businesses we acquired, which we noted, and also the increased megatrend spend from, I think, $12 million to $3 million or $4 million more in Q1. Those are the major drivers.

不同的是材料成本上漲得更快，因此新的定價將影響一些供應商。我認為我們應該花更多時間討論成長投資，因為這確實會推動我們的未來。因此，這是我們注意到的收購業務的結合，也是大趨勢支出的增加，我認為第一季從 1200 萬美元增加到 300 萬美元，或增加了 400 萬美元。這些是主要的驅動因素。

And as time goes on, 21% margin business, as volumes grow, we get a lot more profit contribution and volume scale. We don't have to add a whole lot of -- there's no fixed cost associated with that. So we get volume leverage from volume fill. And that's what we expect to happen throughout the year, as long as a lot of the actions we're taking to drive better cost start to kick in and we get a lot of traction there.

隨著時間的推移，21%的利潤率業務，隨著銷量的成長，我們獲得了更多的利潤貢獻和銷售規模。我們不必添加很多東西——沒有與之相關的固定成本。因此，我們從成交量填充中獲得成交量槓桿。這就是我們預計全年都會發生的情況，只要我們為降低成本而採取的許多行動開始發揮作用，並且我們在那裡獲得了巨大的推動力。

Yes. We have a follow-up from Chris Snyder with UBS.

是的。我們有瑞銀 (UBS) 克里斯·斯奈德 (Chris Snyder) 的後續報導。

I just want to follow up on my previous question. You guys kind of talked to 70% auto Electrification growth versus around 40% EV unit growth. So that content per vehicle growth that we're seeing, is that more so driven by a higher revenue pie on these next-wave EVs that are coming to market? Or is it more so driven by a similar revenue pie and you're just taking much higher share of that?

我只想跟進我之前的問題。你們談到了汽車電氣化成長 70%，而電動車單位成長約 40%。那麼，我們所看到的每輛車內容的成長，是否更多是由即將上市的下一代電動車的更高收入所驅動的？或者它更多是由類似的收入蛋糕驅動的，而你只是獲得了更高的份額？

Yes, absolutely, Chris. So the former, right? So the scope of the opportunity set that we've identified that we can serve for our customers is bigger. The share that we're experiencing is pretty similar. Our goal is to be #1 or #2 in the particular application or a path to get there. That has not changed. We want to be a leader. And so it's really about the size of the pie becoming bigger given the capabilities that we have as an organization to help our customers deliver on this change in their markets. So that's where we are.

是的，絕對是，克里斯。所以是前者，對嗎？因此，我們已經確定可以為客戶提供服務的機會範圍更大。我們所經歷的分享非常相似。我們的目標是在特定應用程式或實現目標的路徑中成為#1 或#2。這一點沒有改變。我們想成為領導者。因此，考慮到我們作為一個組織所擁有的能力來幫助我們的客戶實現市場的這種變化，這實際上是蛋糕的規模變得更大。這就是我們現在的情況。

The next question comes from Joe Spak with RBC Capital.

下一個問題來自 RBC Capital 的 Joe Spak。

Just maybe on the outgrowth and sort of tying some of the EV commentary together. I know you're talking 400 to 600 basis points of outgrowth overall. But given that the Electrification business is primarily related to automotive, it would seem, and your 50% growth we're talking about like an EV target of about $1 billion seemingly by mid-decade, what type of outgrowth specifically in auto is embedded in that?

也許只是將一些電動車評論結合在一起。我知道您所說的是整體成長 400 到 600 個基點。但考慮到電氣化業務主要與汽車相關，我們所說的50% 的成長似乎就像到20 世紀中期實現約10 億美元的電動車目標一樣，汽車領域的具體成長類型具體體現在什麼類型的成長上？

Yes. So where we've been on auto outgrowth has been, again, at the high end of our -- what we had quoted as 400 to 600 in the automotive business. So I would expect that as we continue to penetrate the market in terms of these new applications, that we'll continue to see the high end of that range in auto. It's going to be a little bit lumpy depending on when things launch, I think you all know that, and that's why we were going with the full company outgrowth.

是的。因此，我們在汽車業務方面的成長再次處於高端——我們所說的汽車業務 400 到 600。因此，我預計，隨著我們繼續在這些新應用中滲透市場，我們將繼續在汽車領域看到該系列的高端產品。根據產品發布的時間，它會有點不穩定，我想你們都知道這一點，這就是為什麼我們要支持整個公司的發展。

And we'll continue to monitor our NBOs that we win with customers, that is the best indicator of long-term outgrowth that we expect in these businesses. But given the level of NBOs that we've won, we have a lot of confidence in our ability to continue to do so.

我們將繼續監控我們贏得客戶的 NBO，這是我們預期這些業務長期成長的最佳指標。但考慮到我們贏得的 NBO 的水平，我們對繼續這樣做的能力充滿信心。

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

我們的問答環節到此結束。我想將會議轉回雅各布·塞耶（Jacob Sayer）發表閉幕詞。

Thank you, operator. I'd like to thank everyone for joining us this morning. Sensata will be participating in upcoming investor conferences sponsored by Barclays, Wolfe, Berenberg and Morgan Stanley during the first quarter. And as Jeff mentioned, we also expect to offer a webinar on our Electrification initiatives on February 22. So we look forward to seeing you at one of those events or on our first quarter earnings call in late April.

謝謝你，接線生。我要感謝大家今天早上加入我們。森薩塔將參加第一季由巴克萊、沃爾夫、貝倫貝格和摩根士丹利主辦的投資者會議。正如傑夫所提到的，我們也預計於 2 月 22 日舉辦有關我們的電氣化計畫的網路研討會。

Thank you for joining us this morning and for your interest in Sensata. Andrew, you may now end the call.

感謝您今天早上加入我們以及您對森薩塔的興趣。安德魯，你現在可以結束通話了。

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

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。