Sensata Technologies Holding PLC (ST) 2021 Q3 法說會逐字稿

Good day, and welcome to the Sensata Technologies Q3 2021 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Jacob Sayer, VP, Finance. Please go ahead.

美好的一天，歡迎參加森薩塔科技 2021 年第三季度財報電話會議。（操作員說明）請注意，正在記錄此事件。現在我想將會議交給財務副總裁 Jacob Sayer 先生。請繼續。

Thank you, Sarah, and good morning, everyone. I would like to welcome you to Sensata's Third Quarter 2021 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.

謝謝莎拉，大家早上好。歡迎您參加森薩塔 2021 年第三季度收益電話會議。參加今天電話會議的有森薩塔首席執行官兼總裁傑夫·科特 (Jeff Cote)；和保羅·瓦辛頓 (Paul Vasington)，森薩塔科技首席財務官。

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

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。本演示文稿的 PDF 版本可從森薩塔的投資者關係網站下載。

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

本次電話會議正在錄音，我們將在今天的電話會議結束後不久在投資者關係網站上發佈網絡廣播重播。

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 the future events where the financial performance of the company should involve risks and uncertainties.

在我們開始之前，我想參考幻燈片 2 上的森薩塔安全港聲明。在本次電話會議中，我們將針對公司財務業績可能涉及風險和不確定性的未來事件做出前瞻性聲明。

The company's actual results may differ materially from the projections described in such statements. Factors that might cause such differences include, but are not limited to, those discussed in our Forms 10-Q and 10-K as well as other subsequent filings with the SEC.

公司的實際結果可能與此類聲明中描述的預測存在重大差異。可能導致此類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。

On Slide 3, we show Sensata's GAAP results for the third quarter of 2021. 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 our non-GAAP financial measures.

在幻燈片 3 上，我們展示了森薩塔 2021 年第三季度的 GAAP 業績。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信息將與我們的非公認會計準則財務指標有關。

Reconciliations of our GAAP to non-GAAP financial measures are included in the earnings release and in our presentation materials. The company provides details of its segment operating income on Slides 12 and 13 of the presentation, which are the primary measures management uses to evaluate the performance of the business.

我們的 GAAP 與非 GAAP 財務指標的調節包含在收益發布和我們的演示材料中。該公司在演示文稿的幻燈片 12 和 13 上提供了其部門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's call with highlights of our business during the third quarter of 2021, followed by a quick review of our first sustainability report published recently. He will then provide an update on recent progress in our key electrification and Sensata Insights' strategic growth areas. Paul will cover our detailed financials for the third quarter of 2021, including organic revenue growth and market outgrowth by business as well as segment performance. And he will also provide financial guidance for the fourth quarter of 2021. We'll then take your questions after our prepared remarks.

Jeff 將首先介紹我們 2021 年第三季度的業務亮點，然後快速回顧我們最近發布的第一份可持續發展報告。然後，他將介紹我們關鍵電氣化和 Sensata Insights 戰略增長領域的最新進展。Paul 將介紹我們 2021 年第三季度的詳細財務數據，包括有機收入增長和業務市場增長以及部門業績。他還將提供 2021 年第四季度的財務指導。我們將在準備好的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首席執行官兼總裁 Jeff Cote。

Thank you, Jacob, and welcome, everyone. I'd like to start with some summary thoughts on our strong performance during the third quarter of 2021, as outlined on Slide 4. The business recovery that began this time last year continued during the third quarter. We responded effectively to increased customer demand, which drove 20.6% revenue growth from the prior year period to $951 million, slightly above the guidance range we provided in July.

謝謝你，雅各布，歡迎大家。首先，我想對我們在 2021 年第三季度的強勁表現進行一些總結，如幻燈片 4 所示。去年此時開始的業務復甦在第三季度繼續進行。我們有效地響應了不斷增長的客戶需求，推動收入較上年同期增長 20.6%，達到 9.51 億美元，略高於我們 7 月份提供的指導範圍。

While automotive production was constrained during the quarter due to supply chain shortages, we were able to deliver our customers' orders and produce strong financial results for shareholders. Looking at our performance year-over-year, we once again produced strong market outgrowth well above our target ranges.

儘管由於供應鏈短缺，本季度汽車生產受到限制，但我們仍然能夠交付客戶的訂單，並為股東帶來強勁的財務業績。從我們的同比表現來看，我們再次實現了遠高於我們目標範圍的強勁市場增長。

As a company, we delivered 1,190 basis points of outgrowth during the quarter. However, outgrowth is something that we monitor over a longer period of time than 1 quarter. And since 2018, on average, we have produced 570 basis points of outgrowth as a company, driven by 1,050 basis points of outgrowth in our heavy vehicle off-road business and 650 basis points of outgrowth in our automotive business.

作為一家公司，我們在本季度實現了 1,190 個基點的增長。然而，增長是我們在比一個季度更長的時間內監測的事情。自 2018 年以來，在重型車輛越野業務 1,050 個基點的增長和汽車業務 650 個基點的推動下，我們公司平均實現了 570 個基點的增長。

This demonstrates the vital role we provide for our customers in these key markets. Paul will discuss our strong revenue outgrowth in more detail. Sensata's revenue outgrowth to market will increasingly be driven by our enhanced positioning in megatrend areas.

這證明了我們在這些關鍵市場為客戶提供的重要作用。保羅將更詳細地討論我們強勁的收入增長。森薩塔的市場收入增長將越來越多地受到我們在大趨勢領域的增強定位的推動。

We continue to invest in these growth initiatives both organically and inorganically with Xirgo and now the pending acquisitions of Spear Power Systems, and SmartWitness, expanding not only our capabilities, but also our access to end markets and product portfolios in these pivotal areas.

我們繼續通過 Xirgo 以及目前即將收購的 Spear Power Systems 和 SmartWitness 對這些增長計劃進行有機和無機投資，不僅擴大了我們的能力，而且擴大了我們進入這些關鍵領域的終端市場和產品組合的機會。

Already, we have seen strong revenue growth coming from our electrification activities with more than $220 million estimated revenue this year. We expect continued significant growth in our megatrend areas over the coming years, driven by electrification trends, the infrastructure requirements to support electrification and the proliferation of IoT on stationary and mobile equipment.

我們已經看到電氣化業務帶來的強勁收入增長，今年預計收入超過 2.2 億美元。我們預計，在電氣化趨勢、支持電氣化的基礎設施要求以及固定和移動設備上物聯網激增的推動下，未來幾年我們的大趨勢領域將持續顯著增長。

Sensata today is in a very strong financial position, in part because of our excellent performance over the past year. We have generated more than $530 million in free cash flow over the past 12 months, and our current cash balance of $2 billion enabled Sensata to continue to acquire targeted innovative businesses that will expand our presence in our targeted growth vectors.

森薩塔如今的財務狀況非常強勁，部分原因在於我們過去一年的出色表現。過去 12 個月，我們產生了超過 5.3 億美元的自由現金流，目前 20 億美元的現金餘額使森薩塔能夠繼續收購有針對性的創新業務，從而擴大我們在目標增長領域的影響力。

During the third quarter, we benefited from our resilient, flexible and focused organization that continues to successfully navigate the ever-changing supply chain landscape and deliver on our customers' needs. Not surprisingly, we continue to see elevated costs related to the worldwide material shortages and logistics costs.

在第三季度，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鍊格局並滿足客戶的需求。毫不奇怪，我們繼續看到與全球材料短缺和物流成本相關的成本上升。

We are working diligently to limit those effects including a different commercial approach with our customers. This is a challenging exercise, but very necessary under the current circumstances. Despite these elevated costs, we delivered $201 million in adjusted operating income during the quarter, representing 21.1% in operating margin, substantially higher than the prior year period.

我們正在努力限制這些影響，包括與客戶採取不同的商業方式。這是一項具有挑戰性的工作，但在當前情況下非常必要。儘管成本增加，本季度我們仍實現了 2.01 億美元的調整後營業收入，相當於營業利潤率 21.1%，大幅高於去年同期。

I'd like to recognize the innovation, agility and hard work of our entire team, achieving these strong results during the third quarter. During the quarter Sensata published its first sustainability report, and we're very proud of our progress in these areas.

我想對我們整個團隊的創新、敏捷性和辛勤工作表示認可，在第三季度取得了這些強勁的成果。本季度森薩塔發布了第一份可持續發展報告，我們對在這些領域取得的進展感到非常自豪。

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 very seriously. To that end, we are targeting a 10% reduction in our greenhouse gas emissions intensity by 2026, and we have established a goal to be carbon neutral by 2050, in line with leading companies around the world.

事實上，森薩塔如今生產的每一款產品都讓世界變得更清潔、更安全和更高效。我們還非常認真地承擔減少自身運營和供應鏈碳排放的責任。為此，我們的目標是到 2026 年將溫室氣體排放強度減少 10%，並與世界各地的領先公司保持一致，制定了到 2050 年實現碳中和的目標。

In addition, our report addresses sustainability topics core to Sensata's mission, including diversity, equity inclusion and responsible sourcing. We believe that diversity benefits our employees, customers and shareholders and that a diverse workforce makes us a better company.

此外，我們的報告還討論了森薩塔使命的核心可持續發展主題，包括多元化、公平包容和負責任的採購。我們相信，多元化有利於我們的員工、客戶和股東，多元化的員工隊伍使我們成為一家更好的公司。

We have established goals for our leadership team to improve female representation and management roles at Sensata to 30% and to reach 25% racial diversity in U.S. management roles by 2026, while reducing turnover, improving internal development and promotion rates.

我們為領導團隊制定了目標，到2026 年，將森薩塔的女性代表性和管理職位提高到30%，美國管理職位的種族多樣性達到25%，同時減少人員流動，提高內部發展和晉升率。

We are serious about achieving meaningful progress against these goals and consequently are tying a portion of senior executive short-term incentive compensation to annual improvements. We look forward to keeping all our stakeholders updated on these and other important ESG initiatives in the coming years.

我們認真地希望在這些目標上取得有意義的進展，因此將部分高級管理人員短期激勵薪酬與年度改進掛鉤。我們期待在未來幾年向所有利益相關者通報這些及其他重要 ESG 舉措的最新情況。

Moving to Slide 6. Sensata is making excellent progress in winning new business and electrification components, in part because we take a holistic view of electrification and its growing impact on all the segments we serve. Electric light vehicles capture a lot of attention. And Sensata provides the manufacturers of these vehicles with not only new EV-specific components, but also with many of our innovative and differentiated components from traditional vehicles like braking, tire and environmental control.

轉到幻燈片 6。森薩塔在贏得新業務和電氣化組件方面取得了巨大進展，部分原因是我們對電氣化及其對我們服務的所有細分市場日益增長的影響有全面的看法。電動輕型汽車引起了廣泛關注。森薩塔不僅為這些車輛的製造商提供新的電動汽車專用組件，還提供許多與傳統車輛不同的創新和差異化組件，例如製動、輪胎和環境控制。

Specific to EVs, we also provide and are developing several components that enable safe and efficient operation of electrified platforms such as high-voltage electrical protection, advanced temperature sensing, highly sensitive electric motor position and next-generation current sensing. As an example, during the third quarter, we were awarded new E-motor position business with a large European OEM, representing $2.6 million in annual revenue.

針對電動汽車，我們還提供並正在開發多種組件，使電氣化平台能夠安全高效地運行，例如高壓電氣保護、先進的溫度傳感、高靈敏度電動機位置和下一代電流傳感。例如，在第三季度，我們獲得了一家大型歐洲 OEM 的新電機定位業務，年收入為 260 萬美元。

In addition, we benefit from the upgrading of certain systems in EVs. For example, when the climate control system is upgraded to a heat pump to manage the temperature of both the cabin as well as the battery pack, the sensor package is upgraded and Sensata benefits. In the important area of braking, Sensata is a global leader. During the quarter, we won 2 new business opportunities that were significant, one with brake system leader, Continental for new electronic stability control systems covering both traditional internal combustion engine vehicles as well as a greater than $11 million in new business on electric vehicles that further extends our leadership position in that market.

此外，我們還受益於電動汽車某些系統的升級。例如，當氣候控制系統升級為熱泵來管理座艙和電池組的溫度時，傳感器套件也會升級，森薩塔將從中受益。在重要的製動領域，森薩塔處於全球領先地位。本季度，我們贏得了2 個重要的新業務機會，其中一個是與製動系統領導者大陸集團合作，提供新型電子穩定控制系統，涵蓋傳統內燃機汽車，以及超過1100 萬美元的電動汽車新業務，進一步推動了電動汽車業務的發展。擴大我們在該市場的領導地位。

We have described the revenue increase that we received from EVs as compared to internal combustion vehicles in terms of an average 20% uplift in content per vehicle. This is a demonstrated figure based on actual revenues and vehicle production. Our design win activity within electrification has been growing rapidly. We saw an 80% rise in electrification wins last year. And so far this year, approximately 50% of our automotive design wins are with electric vehicles. Another dramatic uptick from the prior periods.

我們描述了與內燃機汽車相比，我們從電動汽車獲得的收入增長，即每輛車的內容平均增加了 20%。這是基於實際收入和車輛產量的演示數字。我們在電氣化領域的設計獲勝活動一直在快速增長。去年，我們看到電氣化勝利增長了 80%。今年到目前為止，我們贏得的汽車設計中約有 50% 是電動汽車。與之前時期相比又一個顯著的上升。

Looking forward, based upon the business wins we're gaining and the products we are developing, we estimate that our battery electric vehicle content is on path to double that of an internal combustion engine vehicle on average within 5 years.

展望未來，根據我們所獲得的業務勝利和我們正在開發的產品，我們估計我們的電池電動汽車含量將在 5 年內平均成為內燃機汽車的兩倍。

On Slide 7, we show how Sensata is expanding in clean energy solutions, moving up the stack from high-voltage components used by large customers with the resources to design these into their electrified offerings to subsystems and full battery energy storage systems for customers in a multitude of end markets. Electrification is happening everywhere, not just in passenger vehicles. Manufacturers of bikes, heavy trucks, material handling equipment, marine vessels and even aircraft and spacecraft are addressing ever-tightening greenhouse gas emissions regulations and taking advantage of falling battery costs to provide electrified solutions to their customers.

在幻燈片7 中，我們展示了森薩塔如何在清潔能源解決方案領域進行擴展，從大客戶使用的高壓組件向上提升堆棧，並擁有將這些組件設計到其電氣化產品中的資源，再到為客戶提供的子系統和全電池儲能係統。眾多的終端市場。電氣化無處不在，而不僅僅是乘用車。自行車、重型卡車、物料搬運設備、船舶甚至飛機和航天器的製造商正在應對日益嚴格的溫室氣體排放法規，並利用電池成本下降的機會為其客戶提供電氣化解決方案。

However, not all of these customers can design all aspects of the electrified solution in-house. Thanks to capabilities we have added via acquisition, Sensata can now provide either the subsystem of assembled components to manage battery charging in the form of a power distribution unit, or using technology from lithium balance and Spear Power, we can provide the full energy storage system, including battery management and a customized battery pack.

然而，並非所有這些客戶都能在內部設計電氣化解決方案的所有方面。得益於我們通過收購增加的功能，森薩塔現在可以提供組裝組件的子系統，以配電單元的形式管理電池充電，或者使用鋰平衡和 Spear Power 的技術，我們可以提供完整的能量存儲系統，包括電池管理和定制電池組。

By providing a full suite of offerings, our electrification and clean energy solutions, serviceable addressable market expands dramatically, reaching $15 billion by 2030. As an example of the solutions we offer during the quarter, a large premier European heavy vehicle OEM awarded Sensata design for a mega-watt size charging unit to help power their future electric commercial vehicles. This strategically important business win is worth more than $20 million in annualized revenue once it reaches its expected production run rate. This pivotal development means we can increase our content per heavy truck from the current 100 to 200 on average to more than 1,000 per electric heavy vehicle.

通過提供全套產品、我們的電氣化和清潔能源解決方案，可服務的目標市場急劇擴大，到 2030 年將達到 150 億美元。作為我們在本季度提供的解決方案的一個例子，一家大型歐洲頂級重型汽車 OEM 授予森薩塔設計兆瓦級充電裝置，以幫助為其未來的電動商用車提供動力。一旦達到預期的生產運行率，這一具有戰略意義的業務勝利的年化收入價值將超過 2000 萬美元。這一關鍵發展意味著我們可以將每輛重型卡車的含量從目前的平均 100 至 200 增加到每輛電動重型車輛的 1,000 多個。

In addition, through the pending acquisition of Spear Power, we can provide full battery storage systems for a variety of specialty transportation markets. For example, Spear is powering electric ferries including the upgrading to electric of the Washington State Ferry system. These are highly demanding solutions that include very robust safety features proprietary to Spear and works excited above the roles Spear is playing in these and other land, sea and air transportation markets. Similar to what we did for our Insights Group back in June, in early 2022, we'll webcast a key chain covering our electrification components and clean energy solutions initiatives. So listeners can gain a better understanding of our offerings, the evolving markets and our go-to-market strategies in these key growth vectors for Sensata. We look forward to sharing more details about these rapidly growing involving areas then.

此外，通過即將收購 Spear Power，我們可以為各種專業運輸市場提供完整的電池存儲系統。例如，Spear 正在為電動渡輪提供動力，包括將華盛頓州渡輪系統升級為電動渡輪。這些都是要求很高的解決方案，其中包括 Spear 專有的非常強大的安全功能，並且其工作效果超出了 Spear 在這些以及其他陸地、海上和空中運輸市場中所扮演的角色。與我們 6 月份為 Insights Group 所做的類似，我們將在 2022 年初通過網絡廣播涵蓋我們的電氣化組件和清潔能源解決方案計劃的關鍵鏈。因此，聽眾可以更好地了解我們的產品、不斷發展的市場以及我們在森薩塔這些關鍵增長向量中的入市策略。我們期待屆時分享有關這些快速增長的涉及領域的更多細節。

On Slide 8, we share an update on our continued progress in Sensata Insights. The Insights initiatives addresses a fast and growing market, and we're pleased by the traction we are gaining with both current and new customers across various sectors. The ongoing widespread semiconductor shortage is constraining our Insights business, and we are unable to deliver on all of that expanding demand.

在幻燈片 8 中，我們分享了有關 Sensata Insights 持續進展的最新信息。Insights 計劃針對的是一個快速增長的市場，我們對各個行業的現有和新客戶所獲得的關注感到很高興。持續廣泛的半導體短缺限制了我們的洞察業務，我們無法滿足所有不斷增長的需求。

You'll recall that these solutions are designed into customers' fleets, the revenue is sticky and so our orders are building for future delivery once these shortages subside.

您會記得，這些解決方案是為客戶的車隊設計的，收入是粘性的，因此我們的訂單正在為未來交付一旦這些短缺消退而建立。

Our Insights order book for delivery over the next 12 months now stands at more than $85 million. As evidenced by the value-added nature of our solutions, we were recently awarded new business with telematics service providers in a large global shipping company together worth more than $9 million of revenue over the next 12 months.

我們未來 12 個月內交付的 Insights 訂單目前已超過 8500 萬美元。正如我們解決方案的增值性質所證明的那樣，我們最近與一家大型全球航運公司的遠程信息處理服務提供商獲得了新業務，在未來 12 個月內的總收入將超過 900 萬美元。

I'm also pleased to announce the expansion of our Insight offering with the pending acquisition of SmartWitness, a privately held innovator of video telematics technology for heavy and light-duty fleets. SmartWitness Solutions comprise proprietary software and hardware, purpose-built for telematics service providers providing a complementary fit with our Insights business.

我還很高興地宣布，我們即將收購 SmartWitness，擴大我們的 Insight 產品範圍。SmartWitness 是一家為重型和輕型車隊提供視頻遠程信息處理技術的私營創新公司。SmartWitness 解決方案由專有軟件和硬件組成，專為遠程信息處理服務提供商而設計，與我們的 Insights 業務形成互補。

Since its founding in 2007, SmartWitness has been a pioneer in video telematics that expands on traditional offerings to include contextually aware data capture that enhances the monitoring of vehicles, their surrounding -- and their surroundings to increase safety and lower insurance costs for fleets.

自2007 年成立以來，SmartWitness 一直是視頻遠程信息處理領域的先驅，它在傳統產品的基礎上進行了擴展，包括上下文感知數據捕獲，從而增強對車輛及其周圍環境的監控，從而提高車隊的安全性並降低保險成本。

SmartWitness systems are logging 50 million miles of information every day. In sum, we're really encouraged by our continued progress in our megatrend growth initiatives. As I've said before, we see numerous opportunities to utilize our strong financial position, our engineering capabilities, our supply chain and our customer relationships to meaningfully enlarge our addressable markets through organic efforts as well as bolt-on acquisitions and partnerships within these megatrends.

SmartWitness 系統每天記錄 5000 萬英里的信息。總之，我們對大趨勢增長計劃的持續進展感到非常鼓舞。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、供應鍊和客戶關係，通過有機努力以及這些大趨勢中的補強收購和合作夥伴關係，有意義地擴大我們的潛在市場。

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

我現在想把電話轉給保羅。

Thank you, Jeff. Key highlights for the third quarter, as shown on Slide 10, include: revenue of $951 million, an increase of 20.6% from the third quarter of 2020. Organic revenue increased 16.6%. The acquisition of Xirgo increased revenue by 2.3% and changes in foreign currency increased revenue by 1.7%.

謝謝你，傑夫。如幻燈片 10 所示，第三季度的主要亮點包括：收入達 9.51 億美元，較 2020 年第三季度增長 20.6%。有機收入增長 16.6%。收購 Xirgo 使收入增加 2.3%，外匯變動使收入增加 1.7%。

Adjusted operating income was $201 million, an increase of 29.8% compared to the third quarter of 2020, primarily due to higher revenues, partially offset by elevated costs related to the industry-wide supply chain shortages, higher spend to support megatrend growth initiatives and higher incentive compensation aligned to improve financial performance.

調整後營業收入為 2.01 億美元，較 2020 年第三季度增長 29.8%，主要是由於收入增加，但部分被全行業供應鏈短缺相關的成本增加、支持大趨勢增長計劃的支出增加以及激勵性薪酬與改善財務績效相一致。

Adjusted net income was $138.6 million, an increase of 33.8% compared to the third quarter of 2020, largely due to the significant increase in operating income. Adjusted EPS was $0.87 in the third quarter, an increase of 31.8% compared to the prior year quarter.

調整後淨利潤為1.386億美元，較2020年第三季度增長33.8%，很大程度上得益於營業收入的大幅增長。第三季度調整後每股收益為 0.87 美元，比去年同期增長 31.8%。

Now I discuss our performance by end market in the third quarter of 2021 as outlined on Slide 11. Our organic revenue increase of 16.6% year-on-year includes market growth of 470 basis points and outgrowth of 1,190 basis points, again demonstrating Sensata's ability to consistently outgrow its end markets.

現在，我將討論 2021 年第三季度我們按終端市場劃分的業績，如幻燈片 11 所示。我們的有機收入同比增長 16.6%，其中市場增長 470 個基點，副增長 1,190 個基點，再次證明森薩塔有能力持續超越終端市場。

Our heavy vehicle off-road business posted our organic revenue increase of 58.9%, representing end market growth of 31.4% and 2,400 basis points of markup outgrowth in the third quarter. Our China on-road truck business continued to post better-than-expected growth from the adoption of NS VI emission regulations.

我們的重型車輛越野業務第三季度有機收入增長 58.9%，終端市場增長 31.4%，加價增長 2,400 個基點。由於國六排放法規的實施，我們的中國公路卡車業務繼續實現好於預期的增長。

And we are also benefiting from a wave of electrical, mechanical operator controls being installed in new offer equipment. Our automotive business posted an organic revenue increase of 5.2%, representing end market contraction of 21.6% and 1,150 basis points of market outgrowth.

我們還受益於新設備中安裝的電氣、機械操作員控制裝置的浪潮。我們的汽車業務有機收入增長 5.2%，終端市場收縮 21.6%，市場增長 1,150 個基點。

Our automotive business benefited from new product launches and powertrain and emissions, safety and electrification-related applications and systems. Recall, we saw an approximate $35 million inventory contraction a year ago as the automotive industry ramped up production from slowdowns, shutdowns earlier in 2020.

我們的汽車業務受益於新產品的發布以及動力總成和排放、安全和電氣化相關的應用和系統。回想一下，一年前，隨著汽車行業因 2020 年初的經濟放緩和停產而提高產量，我們看到庫存減少了約 3500 萬美元。

In addition, we were able to fulfill customers' orders within the current quarter, even if those shipments exceeded the eventual production in the quarter due to other component delays. Within the third quarter of 2021, we estimate an incremental build quarter-over-quarter of approximately $35 million of inventory at our customers. Our industrial business revenue increased 17.9% organically, as global industrial end markets continued to recover in the quarter.

此外，我們能夠在本季度內履行客戶的訂單，即使由於其他組件延遲而導致這些發貨量超過了本季度的最終產量。在 2021 年第三季度，我們預計客戶的庫存將環比增量增加約 3500 萬美元。隨著本季度全球工業終端市場持續復甦，我們的工業業務收入有機增長 17.9%。

Strong growth in new electrification launches and heating, ventilation and air conditioning, enabled our industrial business to grow faster than market this quarter. Our aerospace business increased 8.3% organically, reflecting somewhat improved OEM production and air traffic that later drives our aerospace aftermarket business. New product launches, primarily in defense and improvements in aftermarket enabled our aerospace business to grow faster than market this quarter.

新電氣化產品的推出以及供暖、通風和空調的強勁增長使我們的工業業務本季度的增長速度快於市場。我們的航空航天業務有機增長了 8.3%，反映出 OEM 生產和空中交通有所改善，這隨後推動了我們的航空航天售後市場業務。新產品的推出（主要是在國防領域）和售後市場的改進使我們的航空航天業務本季度的增長速度快於市場。

Now I'd like to comment on the performance of our 2 business segments in the third quarter of 2021. Starting with Performance Sensing on Slide 12. Our Performance Sensing business reported revenues of $706.5 million, an increase of 21.6% compared to the same quarter last year. Excluding the positive impact from foreign currency of 1.8% and the positive impact from the Xirgo acquisition of 3.1%, Performance Sensing delivered 16.7% organic revenue growth.

現在我想談談我們2021年第三季度兩個業務部門的業績。從幻燈片 12 上的性能感知開始。我們的性能傳感業務收入為 7.065 億美元，比去年同期增長 21.6%。排除外匯帶來的 1.8% 的積極影響和收購 Xirgo 帶來的 3.1% 的積極影響，Performance Sensing 實現了 16.7% 的有機收入增長。

Performance Sensing operating income was $193.7 million, an increase of 27.8% as compared to the same quarter last year, with operating margins of 27.4%. The increase in segment operating income was primarily due to higher revenues, somewhat offset by elevated costs related to the industry-wide supply chain shortage.

Performance Sensing 營業收入為 1.937 億美元，較去年同期增長 27.8%，營業利潤率為 27.4%。部門營業收入的增長主要是由於收入增加，但在一定程度上被全行業供應鏈短缺導致的成本上升所抵消。

Performance Sensing generated incremental margin of 37% in the quarter on higher organic revenue as compared to the prior year period. As shown on Slide 13, Sensing Solutions reported revenues of $244.6 million in the third quarter of 2021, an increase of 17.9% as compared to the same quarter last year. Excluding the positive impact of foreign currency of 1.5% Sensing Solutions delivered 16.4% organic revenue growth. Sensing Solutions' operating income was $75.3 million, an increase of 29.3% from the same quarter last year, with operating margins of 30.8%.

由於有機收入高於去年同期，Performance Sensing 在本季度實現了 37% 的增量利潤。如幻燈片 13 所示，Sensing Solutions 報告 2021 年第三季度收入為 2.446 億美元，較去年同期增長 17.9%。排除 1.5% 的外匯積極影響，傳感解決方案實現了 16.4% 的有機收入增長。Sensing Solutions的營業收入為7530萬美元，比去年同期增長29.3%，營業利潤率為30.8%。

The increase in segment operating income was primarily due to higher revenues. Sensing Solutions generated incremental margin of 46% in the third quarter on higher organic revenue as compared to the prior year period. On Slide 14, corporate and other operating expenses not included in segment operating income were $72.7 million in the third quarter of 2021.

分部營業收入的增加主要是由於收入增加。與去年同期相比，由於有機收入增加，傳感解決方案在第三季度實現了 46% 的增量利潤。在幻燈片 14 中，2021 年第三季度未計入部門營業收入的公司和其他營業費用為 7270 萬美元。

Excluding charges added back to our non-GAAP results, corporate and other costs were $65.7 million, an increase of $12.3 million from the prior year quarter, reflecting higher research and development and business development spend to support our megatrend growth initiatives and higher global incentive compensation costs aligned to our improving financial performance.

不計入非 GAAP 業績中的費用，公司及其他成本為 6570 萬美元，比去年同期增加 1230 萬美元，反映出支持我們大趨勢增長計劃和更高全球激勵薪酬的研發和業務開發支出增加成本與我們不斷改善的財務業績相一致。

Slide 15 shows Sensata's third quarter 2021 non-GAAP results. Adjusted operating income increased 29.8% compared to the same quarter last year. And adjusted operating margin increased 150 basis points to 21.1%. The increase in both adjusted gross margin and adjusted operating margin largely reflects the rapid increase in revenue from depressed levels experienced last year due to the COVID-19 pandemic, offset somewhat by increased costs related to industry-wide supply chain shortages net of recovery of some of these costs from customers.

幻燈片 15 顯示了森薩塔 2021 年第三季度非 GAAP 業績。調整後營業收入較去年同期增長29.8%。調整後的營業利潤率增加了 150 個基點，達到 21.1%。調整後毛利率和調整後營業利潤率的增長在很大程度上反映了收入從去年因COVID-19 大流行而經歷的低迷水平中迅速增加，但在一定程度上被與全行業供應鏈短缺相關的成本增加（扣除部分恢復後的收入）所抵消。這些成本來自客戶。

We've included on this slide an adjusted operating income margin log from the third quarter of 2020 to the third quarter of 2021. As shown on Slide 16, we generated $88 million in free cash flow during the third quarter. Free cash flow was impacted in the quarter by our decision to increase raw material purchases early in the quarter in order to maximize production flexibility given the widespread partial reduce in our supply chain.

我們在這張幻燈片中包含了 2020 年第三季度至 2021 年第三季度調整後的營業利潤率日誌。如幻燈片 16 所示，我們在第三季度產生了 8800 萬美元的自由現金流。由於我們的供應鏈普遍出現部分減少，我們決定在本季度初增加原材料採購，以最大限度地提高生產靈活性，因此本季度的自由現金流受到了影響。

For the full year, we currently expect free cash flow conversion to be approximately 80% of adjusted net income as a result of higher inventory levels. For the full year 2021, we expect capital expenditures to be in the range of $145 million to $155 million. Sensata's net debt-to-EBITDA ratio was 2.5x at the end of September, 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 market position within our key growth vectors of Electrification and Insights. In addition, we intend to resume our share repurchase program within the fourth quarter. And as noted, we have $302 million available on our current repurchase authorization.

由於庫存水平較高，我們目前預計全年自由現金流轉換約為調整後淨利潤的 80%。2021 年全年，我們預計資本支出將在 1.45 億美元至 1.55 億美元之間。截至 9 月底，森薩塔的淨債務與 EBITDA 比率為 2.5 倍，是我們目標運營淨槓桿範圍的下限。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關鍵增長領域的市場地位的業務。此外，我們打算在第四季度內恢復股票回購計劃。如前所述，我們當前的回購授權中有 3.02 億美元的可用資金。

We are providing financial guidance for the fourth quarter of 2021, as shown on Slide 17. Our expectations are based upon the end market outlook that I will discuss materially. We expect to generate revenues between $895 million and $925 million in the fourth quarter of 2021, representing a reported revenue change between a 1% decline and 2% growth compared to the fourth quarter of 2020, with the impact of foreign currency, increasing revenues at the midpoint of guidance by about $2.6 million.

我們正在提供 2021 年第四季度的財務指導，如幻燈片 17 所示。我們的預期基於我將重點討論的最終市場前景。我們預計2021 年第四季度的收入將在8.95 億美元至9.25 億美元之間，與2020 年第四季度相比，報告的收入變化在下降1% 至增長2% 之間，受外匯影響，收入增加指導中值約 260 萬美元。

Excluding the impact of foreign currency and the Xirgo acquisition, we expect an organic revenue change ranging from a 3% decline to flat in the fourth quarter. Our current fill rate is approximately 95% of the revenue guidance midpoint for the fourth quarter. We expect to report adjusted operating income between $180 million and $190 million. At the midpoint, adjusted operating income margin is expected to be 20.3%, which includes 100 basis points of increased operating costs associated with global supply chain shortages, net of customer recovery actions.

排除外彙和 Xirgo 收購的影響，我們預計第四季度的有機收入變化範圍從下降 3% 到持平。我們目前的填充率約為第四季度收入指導中點的 95%。我們預計調整後的營業收入將在 1.8 億美元至 1.9 億美元之間。調整後的營業利潤率中值預計為 20.3%，其中包括與全球供應鏈短缺相關的運營成本增加 100 個基點（扣除客戶恢復行動）。

On the bottom line, we expect to report adjusted net income between $121 million and $131 million and adjusted EPS between $0.76 and $0.82, which includes a $0.02 increase of foreign currency at the guidance midpoint. At the bottom of the slide, we have provided an adjusted -- an adjusted operating income margin log for the fourth quarter of 2020 to the fourth quarter of 2021.

就底線而言，我們預計調整後淨利潤將在 1.21 億美元至 1.31 億美元之間，調整後每股收益將在 0.76 美元至 0.82 美元之間，其中包括在指導中點增加 0.02 美元的外匯。在幻燈片底部，我們提供了 2020 年第四季度至 2021 年第四季度調整後的營業利潤率日誌。

On Slide 18, we provide our revised estimates for OEM production growth for 2020 as compared to the expectations we shared in late July. We currently expect automotive production to be down approximately 3% this year from last year, given ongoing production slowdowns caused by global supply chain shortages. Our outlook is more conservative than IHS Automotive production estimates for the fourth quarter as we do not see production constraints from the global supply chain shortages lifting in the near term.

在幻燈片 18 中，我們提供了與 7 月底分享的預期相比對 2020 年 OEM 產量增長的修訂估計。鑑於全球供應鏈短缺導致生產持續放緩，我們目前預計今年汽車產量將比去年下降約 3%。我們對第四季度產量的預期比 IHS Automotive 的預期更為保守，因為我們認為全球供應鏈短缺造成的生產限制不會在短期內解除。

While we are not sharing specifics yet, the current IHS global automotive production expectations of 10% growth in 2022 suggest that supply chain shortages will be considerably next year, a view we do not share given current trends. We intend to provide detailed financial guidance for 2022 during our fourth quarter earnings call in early February. However, at a high level, we currently expect Sensata's revenue growth in 2022 to align with the growth framework we have previously shared.

雖然我們尚未透露具體細節，但 IHS 目前對 2022 年全球汽車產量增長 10% 的預期表明，明年供應鏈短缺將嚴重，但考慮到目前的趨勢，我們不同意這一觀點。我們打算在 2 月初的第四季度財報電話會議上提供詳細的 2022 年財務指引。然而，從總體上看，我們目前預計森薩塔 2022 年的收入增長將與我們之前分享的增長框架保持一致。

Sensata's revenue by end market should grow consistent with each market's production growth, plus our targeted outgrowth of approximately 400 to 500 basis points across the whole company. In addition, we intend to continue our serial M&A approach to further expand our market position in our megatrend areas, and we aim to have this activity at a material amount to revenue growth each year.

森薩塔終端市場的收入增長應與每個市場的產量增長一致，加上我們整個公司約 400 至 500 個基點的增長目標。此外，我們打算繼續採取系列併購方式，以進一步擴大我們在大趨勢領域的市場地位，我們的目標是使這項活動每年對收入增長產生重大影響。

Now let me turn the call back to Jeff for closing comments.

現在讓我把電話轉回傑夫以徵求結束意見。

Thanks, Paul. Let me wrap up with a few key messages as outlined on Slide 19. Sensata has responded very well to the rapid changes in many of our end markets, demonstrating the strength, resiliency and reliability of our business and organizational model, which enabled us to capitalize on this recovery and the end market demand and deliver for our customers.

謝謝，保羅。讓我總結幻燈片 19 中概述的一些關鍵信息。森薩塔對我們許多終端市場的快速變化做出了很好的反應，展示了我們業務和組織模式的實力、彈性和可靠性，這使我們能夠利用這種複蘇和終端市場需求並為我們的客戶提供服務。

Our quick response to shifting demand positions us well as a trusted resource for our customers. We are delivering consistently robust end market outgrowth. We remain confident in our ability to sustain this attractive end market outgrowth into the future based on our strong levels of new business awards, in our large and expanding pipeline of new opportunities.

我們對不斷變化的需求的快速響應使我們成為客戶值得信賴的資源。我們正在實現持續強勁的終端市場增長。基於我們強大的新業務獎項水平以及我們龐大且不斷擴大的新機會渠道，我們仍然有信心在未來維持這一有吸引力的終端市場增長。

We continue to invest in our megatrend-driven growth initiatives that are opening up large and rapidly growing opportunities for Sensata across all of our end markets. We are making excellent progress in electrified components, clean energy solutions and Sensata Insights, both through organically targeted areas around new business and through inorganic activity associated with bolt-on acquisitions.

我們繼續投資於大趨勢驅動的增長計劃，這些計劃為森薩塔在所有終端市場帶來了巨大且快速增長的機會。通過圍繞新業務的有機目標領域以及與補強收購相關的無機活動，我們在電氣化組件、清潔能源解決方案和森薩塔洞察方面取得了巨大進展。

We continue to believe that the overall business environment provides interesting opportunities to further strengthen our portfolio through strategically important value-creating acquisitions and/or joint ventures. In addition, we are pursuing new technology collaborations and partnerships with third parties to expand our capabilities and accelerate our megatrend-driven growth potential.

我們仍然相信，整體商業環境提供了有趣的機會，可以通過具有戰略意義的創造價值的收購和/或合資企業進一步加強我們的投資組合。此外，我們正在尋求與第三方的新技術合作和夥伴關係，以擴大我們的能力並加速我們大趨勢驅動的增長潛力。

We expect to continue to deliver industry-leading margins for our shareholders, while also increasing investments in our growth opportunities and our people. And finally, I'm excited about Sensata's long-standing mission to help create a cleaner, safer and more connected world, not just through our customers' products but also through our own operations.

我們期望繼續為股東提供行業領先的利潤，同時增加對增長機會和員工的投資。最後，我對森薩塔的長期使命感到興奮，即不僅通過我們客戶的產品，還通過我們自己的運營，幫助創建一個更清潔、更安全和更互聯的世界。

We believe we are meaningfully contributing to a better world. We are incorporating ESG considerations into our strategy, as illustrated in our new sustainability report to bolster 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. Now I'll turn the call back to Jacob.

我們相信我們正在為建設更美好的世界做出有意義的貢獻。正如我們新的可持續發展報告所示，我們正在將 ESG 考慮因素納入我們的戰略中，以促進公司所有利益相關者的長期可持續發展和成功。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信息。現在我將把電話轉回給雅各布。

Thank you, Jeff. We'll now move to Q&A. Given the large number of listeners on the call, please limit yourself to 1 question each. Sarah, please go ahead and assemble the Q&A roster.

謝謝你，傑夫。我們現在進入問答環節。鑑於此次電話會議的聽眾人數眾多，請限制每個問題 1 個問題。莎拉，請繼續整理問答名單。

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

（操作員說明）我們的第一個問題來自美國銀行的 Wamsi Mohan。

I was wondering if you could maybe just give us some more color on the channel fill dynamics, how broad-based this is. If we use $30 to $40 of content per vehicle, we're talking about roughly 1 million units. But the production changes are quite large. And Jeff, you noted that going into '22, it seems that IHS maybe is a bit too optimistic. So is the guide sort of a 4Q encapsulating all the channel inventory dynamics? Or do you think this persists into 2022? And if I could, could you also just maybe quickly talk about the China issues, both around power rationalization and resurgence of COVID, if you're seeing any impact from that?

我想知道您是否可以給我們更多關於通道填充動態的顏色，它的基礎有多廣泛。如果我們每輛車使用 30 到 40 美元的內容，我們談論的是大約 100 萬台。但生產變化相當大。Jeff，你注意到進入 22 年，IHS 似乎有點過於樂觀了。那麼，該指南是不是包含了所有渠道庫存動態的 4Q 指南？或者您認為這種情況會持續到 2022 年嗎？如果可以的話，您是否也可以快速談談中國問題，包括權力合理化和新冠疫情死灰復燃，如果您看到了其中的任何影響？

Sure. So let me touch on Q4. So IHS forecast automotive production at about $16.5 million, $16.6 million. We've called it lower than that, about $15 million. In addition, given that we know there has been some of our parts built up in inventory, we are expecting a little bit of depletion on that. I think that's a little bit of a conservative guide, but we're watching it closely.

當然。那麼讓我談談第四季度。因此IHS預測汽車產量約為1650萬美元、1660萬美元。我們稱其為低於該數字，約為 1500 萬美元。此外，鑑於我們知道我們的一些零件已經積壓庫存，我們預計庫存會有所消耗。我認為這有點保守，但我們正在密切關注。

We want to make sure that we're not going above and beyond to deliver for customers so they could just have it sit in inventory. We'd rather address that as it occurs and serve other customers because the shortage is impacting all of our customers and all of the end markets.

我們希望確保我們不會超出為客戶提供的服務，這樣他們就可以將其放在庫存中。我們寧願在發生這種情況時解決這個問題並為其他客戶提供服務，因為短缺正在影響我們所有的客戶和所有的終端市場。

As it relates to 2022, a couple of dynamics there. Obviously, we're not providing guidance for '22, but we would like to look ahead as everybody does. Specific as it relates to the automotive market, the call right now, traditionally, IHS has been a little bit more aggressive in terms of their call. When we look at the supply chain challenges that we're facing, the bad news is I think it will extend into 2022.

與 2022 年相關，有一些動態。顯然，我們不會為 22 世紀提供指導，但我們希望像每個人一樣展望未來。由於它與汽車市場相關，所以現在的呼籲，傳統上，IHS 在他們的呼籲方面更加激進一些。當我們審視我們面臨的供應鏈挑戰時，壞消息是我認為這種情況將延續到 2022 年。

The good news is that based upon the commit levels that we're seeing from our suppliers would suggest that fourth quarter may be the low point in terms of the ability to deliver. So as some of that capacity -- increased capacity comes online, we think there will be a mitigation from the fourth quarter level. So it will start to taper a little bit.

好消息是，根據我們從供應商那裡看到的承諾水平，第四季度可能是交付能力的最低點。因此，隨著部分產能的增加，我們認為第四季度的水平將會有所緩解。所以它會開始逐漸變細。

So we'll keep monitoring that and give a perspective. But we're very mindful of that. We're mindful of the inventory that's been built. We're also mindful of the fact that North American vehicle inventory is at an all-time low 24 days. So that's going to need to be replenished at some point.

因此，我們將繼續監控這一情況並給出一個觀點。但我們非常注意這一點。我們留意已建立的庫存。我們還注意到北美車輛庫存 24 天處於歷史最低水平。因此，在某個時候需要補充。

So there are a lot of moving parts in terms of the overall look. And obviously, you have to look at the other end markets that we serve. Automotive is a big one that we serve. But when you look at the others, there is a continued opportunity for growth in those markets as we go into Q4 and also into 2022.

因此，就整體外觀而言，有很多活動部件。顯然，您必須看看我們服務的其他終端市場。汽車是我們服務的一大領域。但當你看看其他市場時，隨著我們進入第四季度以及 2022 年，這些市場仍有持續增長的機會。

And I've lost -- the question on China, I think, is just around what's happening there in terms of COVID and so forth. The business is operating quite well there. It's amazing how resilient we have been, but everybody has been in terms of managing through this. We don't see any impact right now in terms of COVID other than we're continuing with protocols. In the U.S., we're addressing the executive order associated with vaccine mandates.

我輸了——我認為，關於中國的問題只是圍繞著那裡正在發生的新冠疫情等問題。那裡的生意經營得很好。令人驚訝的是我們的恢復能力如此之強，但每個人都在應對這一問題。除了繼續執行協議外，我們目前沒有看到新冠疫情帶來任何影響。在美國，我們正在處理與疫苗授權相關的行政命令。

So there's still a lot of stuff that's happening in terms of engagement with our employees and making sure we keep them safe. But all in, I feel as though it's become a little bit of the new norm for us, and we're managing through that very well. Hopefully, that answers your question, Wamsi.

因此，在與員工的互動以及確保他們的安全方面，仍有很多工作要做。但總而言之，我覺得這已經成為我們的新常態，而且我們處理得很好。希望這能回答你的問題，Wamsi。

Our next question comes from Matt Sheerin with Stifel.

我們的下一個問題來自 Stifel 的 Matt Sheerin。

Yes. Jeff, I just wanted to ask regarding your comment about doubling the EV content in light vehicles in the next 5 years from the base of about, I guess, 20% incremental content today. Where in that product portfolio, would you see that coming? Is that from your existing products and technologies? Or are there other incremental products or areas that you're looking at?

是的。傑夫，我只是想問一下您關於在未來 5 年內將輕型汽車中的電動汽車含量在目前大約 20% 增量的基礎上翻一番的評論。您認為該產品組合中的哪個部分會出現？這是你們現有的產品和技術嗎？或者您正在關注其他增量產品或領域嗎？

A little of both. But candidly, based upon my comments, I think the listeners probably can appreciate that we tend to be fairly digital in terms of what we've demonstrated. We got a lot of feedback that the 20% uplift was good, but not hugely exciting.

兩者都有一點。但坦率地說，根據我的評論，我認為聽眾可能會意識到，就我們所展示的內容而言，我們往往相當數字化。我們收到很多反饋，認為 20% 的提升雖然不錯，但並不是非常令人興奮。

We went back and realized that, that is demonstrated capability that we're experiencing right now. We've seen a very dramatic uplift in the wins that we've seen around electrified components with our automotive OEMs, but also with our other customers.

我們回過頭來意識到，這就是我們現在正在經歷的展示的能力。我們看到，我們與汽車原始設備製造商以及其他客戶的電氣化組件方面的合作取得了非常顯著的提升。

We've talked about power distribution units and other major wins associated with electrification. And what we've now done is gone back and said, okay, based upon the transition that we would expect, no one's going to get it perfectly right, but we know there's going to be a transition to migration more towards electrified vehicles.

我們討論了配電裝置以及與電氣化相關的其他重大勝利。我們現在所做的就是回過頭來說，好吧，根據我們預期的過渡，沒有人會完全正確，但我們知道將會有一個過渡，更多地向電動汽車遷移。

As we look at that and we also look at what we've sold with customers, already, we see a line of sight to that doubling. The thing is we quote net NBOs. So when there is a -- there isn't a new socket, but it's the same socket in the new application. That wouldn't count toward our NBO growth.

當我們審視這一點以及我們向客戶銷售的產品時，我們已經看到了翻倍的前景。問題是我們引用淨 NBO。因此，當存在時，沒有新的套接字，但它在新應用程序中是相同的套接字。這不計入我們的 NBO 增長。

And as we've said, there's a lot of content on vehicles that applies in battery electric vehicles as well as internal combustion engines. So we don't have to refill that pipeline. But a further evaluation of that trend, continued wins, more investment that we're making, partnerships we're striking allow us to feel very confident in that trend in terms of being able to double the content per vehicle. Hopefully, that's helpful.

正如我們所說，有很多關於車輛的內容適用於純電動汽車和內燃機。所以我們不必重新填充該管道。但對這一趨勢的進一步評估、持續的勝利、我們正在進行的更多投資、我們正在建立的合作夥伴關係，讓我們對這一趨勢非常有信心，能夠將每輛車的內容增加一倍。希望這有幫助。

Our next question comes from Amit Daryanani with Evercore.

我們的下一個問題來自 Evercore 的 Amit Daryanani。

I guess my question really -- Jeff, it's you, but I think when you talk about the December quarter guide, you're sort of implying that Sensata's auto revenues will undergo auto production trends as that's due to depletion of your inventory that's sitting in the channel. Is that fair -- is there a way to think about how much extra inventory Sensata's out in the channel and how long does it take to normalize? And if I could just ask, Paul, could you just remind me how this free cash flow rewards back to this 80% conversion? And does that happen in December? Or is that -- is it more a calendar '22 narrative?

我想我的問題確實是——傑夫，是你，但我認為當你談論12 月季度指南時，你有點暗示森薩塔的汽車收入將經歷汽車生產趨勢，因為這是由於你的庫存耗盡所致。這個頻道。這公平嗎？有沒有辦法考慮森薩塔在渠道中有多少額外庫存以及需要多長時間才能恢復正常？Paul，如果我能問一下，您能否提醒我，自由現金流如何回報 80% 的轉化率？那會發生在十二月嗎？或者這更像是 22 年日曆的敘述？

Yes. So I'll hit the Q4 and then Paul can hit the other topic. So we've already stated, we're expecting about 1.5 million units less than IHS in terms of actual production in the fourth quarter. But we also expect some of the inventory in the supply chain to deplete. So that's big into the guide that we provided for the fourth quarter.

是的。所以我會討論第四個問題，然後保羅可以討論另一個話題。因此，我們已經說過，就第四季度的實際產量而言，我們預計比 IHS 少約 150 萬台。但我們也預計供應鏈中的部分庫存將會耗盡。因此，這是我們為第四季度提供的指南的重要內容。

In terms of the amount of inventory, call it $100 million, $125 million of inventory across the company that's been built. That's been largely over the last year. That's been largely focused in auto. But I would also point out that if you also look at the North American vehicle inventory of 24 days, just replenishing that back to a more normalized 50 or 60 would absorb a lot of that inventory in the market.

就庫存量而言，稱其為 1 億美元，整個公司的庫存量為 1.25 億美元。這主要是去年的事情。這主要集中在汽車領域。但我還要指出，如果你也看看北美 24 天的汽車庫存，只需將其補充到更正常的 50 或 60 輛就會吸收市場上的大量庫存。

But as that production occurs as that production is quoted, assuming our customers actually normalize their raw inventory, we will see production exceed our revenue. Now I think it's a bit of a discussion that we're having with customers because they want all the parts we can make for them, right? They want to make sure that given the complexity of their bills, they're very willing to carry a little bit more raw material now, but we want to make sure, again, that we're serving all of our customers, and it makes no sense for us to pay higher logistics costs and expedite fees to get customers' product that sits in their inventory. So that's an ongoing dialogue that we're having, and we'll continue to manage it very closely and give you updates as we see it.

但是，當生產按照報價進行時，假設我們的客戶實際上將其原材料庫存標準化，我們將看到產量超過我們的收入。現在我認為我們正在與客戶進行一些討論，因為他們想要我們可以為他們製造的所有零件，對吧？他們希望確保考慮到賬單的複雜性，他們現在非常願意攜帶更多的原材料，但我們想再次確保我們為所有客戶提供服務，這使得對於我們來說，支付更高的物流成本和加急費用來獲取客戶庫存中的產品是沒有意義的。因此，這是我們正在進行的對話，我們將繼續密切管理它，並向您提供我們所看到的最新情況。

So the question, I think, is the 80% conversion related to 2021. It's lower than we originally anticipated when we started the year and we made a conscious decision to build inventory, take on raw materials earlier to make sure that we were able to serve customers' needs, a conscious decision. For next year, I mean, we've been looking at a free cash conversion rate in the mid-80s. And that's what we're going to continue to target as good performance versus thought.

所以我認為問題是 80% 的轉化與 2021 年相關。它比我們年初時的預期要低，我們有意識地決定建立庫存，提前獲取原材料，以確保我們能夠滿足客戶的需求，這是一個有意識的決定。我的意思是，明年我們一直在關注 80 年代中期的自由現金兌換率。這就是我們將繼續追求的目標，即良好的表現與思想。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

So I think if you can elaborate on the supply chain dynamic that's underpinning some of the more cautious comments the company is providing as it thinks about the outlook for 4Q and also into next year. What are some of the most difficult things as it relates to supply chain for Sensata? Any particular components that are most short for the company. And if you could talk about the shortages you're seeing not only for Sensata, but what do you think is maybe impacting some of your customers as well? And any added color on that, I think, would be helpful.

因此，我認為您能否詳細說明供應鏈動態，該動態支撐了該公司在考慮第四季度和明年的前景時提供的一些更為謹慎的評論。森薩塔供應鏈中最困難的事情是什麼？公司最縮寫的任何特定組件。如果您能談談您不僅看到森薩塔的短缺問題，而且您認為什麼也可能影響您的一些客戶？我認為任何添加的顏色都會有幫助。

Yes, sure. So first, obviously, it's an industry issue. I think everybody understands that it's not specific to Sensata. It's most acute in electronics at the foundry level, so capacity at the foundry level, I think these are sort of pretty well-known facts. And in that capacity it takes a while to get put in place.

是的，當然。首先，顯然這是一個行業問題。我想每個人都明白這並不是森薩塔特有的。這在代工廠層面的電子產品中最為嚴重，因此代工廠層面的產能，我認為這些都是眾所周知的事實。在這種情況下，需要一段時間才能到位。

Now over the last 18 months, as that's been happening, obviously, our suppliers have been moving their capacity around to serve needs. I think we've done really well in terms of getting our fair share of that allocation. So that's a very positive thing.

在過去 18 個月裡，隨著這種情況的發生，我們的供應商顯然一直在調整其產能以滿足需求。我認為我們在獲得公平份額方面做得非常好。所以這是一件非常積極的事情。

It's beyond electronics, though. I mean, we all experience it in our every day. Everything is short today, right? Supply chain issues, not only at capacity-demand question, but just logistics in general is very challenged in terms of finding labor to unload container trucks and so forth.

不過，它超出了電子產品的範圍。我的意思是，我們每天都會經歷它。今天一切都很短，對吧？供應鏈問題，不僅是產能需求問題，而且整個物流在尋找勞動力卸載集裝箱卡車等方面都面臨著很大的挑戰。

So it continues to be a problem that everyone is experiencing. As we've talked about in the past, many of our electronics are customized. So we feel as though we've been impacted less as a result of that because in a lot of cases, those are areas that our suppliers would focus on as opposed to more standard off-the-shelf electronics. Candidly, that's what's impacting our Insights business a little more. The solution is differentiated and customized but saw a lot of the electronics that go into it are more standards.

因此，這仍然是每個人都遇到的問題。正如我們過去談到的，我們的許多電子產品都是定制的。因此，我們覺得我們受到的影響較小，因為在很多情況下，這些是我們的供應商會關注的領域，而不是更標準的現成電子產品。坦率地說，這對我們的洞察業務影響更大。該解決方案是差異化和定制化的，但其中的許多電子產品都更加標準。

So we're seeing a little bit more of a shortage in a crunch when there are standard ASICs that we're going after. And then the last point I would make here is during 2021, first half of the year, we were being partners with our customers and we didn't go after a lot of this cost recovery, but the second half of '21, we've had more direct conversations with them.

因此，當我們追求標準 ASIC 時，我們會在緊要關頭看到更多的短缺。我要在這裡說的最後一點是在 2021 年上半年，我們與客戶成為合作夥伴，我們並沒有追求大量的成本回收，但“21 年下半年，我們”我們與他們進行了更直接的對話。

We've had some very good success. And given that this is going to continue both in terms of raw material costs and logistics costs. We're having those conversations with customers to make sure that Sensata shareholders are not the ones that take the hit. We want to be good partners. We want to deliver, but we need to share in the costs associated with making sure we can continue to deliver.

我們已經取得了一些非常好的成功。鑑於原材料成本和物流成本方面這種情況都將持續下去。我們正在與客戶進行這些對話，以確保森薩塔股東不會受到打擊。我們希望成為良好的合作夥伴。我們想要交付，但我們需要分擔與確保我們能夠繼續交付相關的成本。

Our next question comes from Luke Junk with Baird.

我們的下一個問題來自盧克·垃圾和貝爾德。

Jeff, I was hoping you could comment further on the view that content here is on a path to double ICEs within the next 5 years. And I was hoping if we could specifically talk about some of the key levers and drivers that you're looking at. In particular, any products you see growing in importance for Sensata? And maybe the best ones to look at this would be, directionally, if we look at power-related products versus traditional sensing products. Is there something -- any additional color would be appreciated.

Jeff，我希望您能進一步評論以下觀點：這裡的內容將在未來 5 年內將 ICE 翻倍。我希望我們能具體談談您正在關注的一些關鍵槓桿和驅動因素。特別是，您認為哪些產品對於森薩塔來說變得越來越重要？也許最好的方法是，從方向上看，我們將電力相關產品與傳統傳感產品進行比較。有什麼東西嗎——任何額外的顏色將不勝感激。

Sure. Yes. So if you were to rewind the clock 3, 5 years, most of our components were obviously serving largely combustion engines. We've been very transparent about the activity that we've been undergoing in terms of M&A activity and additional engineering investment to make sure that we can serve our customers going forward.

當然。是的。因此，如果你把時間倒回 3、5 年，我們的大多數組件顯然主要是為內燃機服務的。我們對在併購活動和額外工程投資方面正在進行的活動非常透明，以確保我們能夠為客戶提供未來的服務。

So that's the backdrop, right? We've always talked about the fact that although we have expertise in individual sensing parameters pressure, as an example, temperature, position, we have thousands of products that we bring to our customers. We take modular technology, and we package it in a way that serves the application with those traditional sensing parameters.

所以這就是背景，對嗎？我們一直在談論這樣一個事實：儘管我們在單個傳感參數壓力（例如溫度、位置）方面擁有專業知識，但我們為客戶提供了數千種產品。我們採用模塊化技術，並將其封裝為具有傳統傳感參數的應用程序。

It's not a lot different in the electrified world. So if you think of our contactor capability, we have the GIGAVAC capability, we have the capability with higher levitation. We have E-motor position that we've transformed from position sensors that we have. We have a building capability around current sensing. A lot of our pressure and temperature apply in terms of the environment for an electric platform.

在電氣化世界中，情況並沒有太大不同。所以如果你想到我們的接觸器能力，我們有 GIGAVAC 能力，我們有更高懸浮的能力。我們的電動馬達位置是由我們現有的位置傳感器轉變而來的。我們擁有圍繞電流傳感的構建能力。我們的很多壓力和溫度都適用於電動平台的環境。

So the goal is not to have 1 capability that we're relying on. It's to make sure that we're ubiquitous in terms of an EV platform. And the combination of the capabilities and product solutions that we have for an over built on by the other applications, like high-voltage current sensing and also protection we feel as though we've got a really good portfolio right now to be able to go to customers and help them solve the challenges that they're facing.

因此，我們的目標不是擁有一種我們所依賴的能力。這是為了確保我們在電動汽車平台方面無處不在。我們擁有的功能和產品解決方案的組合，是在其他應用的基礎上進行的，例如高壓電流感應和保護，我們覺得我們現在擁有一個非常好的產品組合，可以繼續前進並幫助他們解決所面臨的挑戰。

We'll continue to work at it, right? I mean it's a very small portion of the fleet yet, but there are a lot of wins that we're getting associated with solutions that we're bringing to our customers. And it's been a very rapid growth of development around opportunities as we're working with those customers to bring things to market very quickly. And that trend has created more confidence in our ability to see this being a real significant tailwind to us as a company.

我們會繼續努力，對嗎？我的意思是，它只佔機隊的一小部分，但我們為客戶提供的解決方案帶來了很多勝利。隨著我們與這些客戶合作，將產品快速推向市場，圍繞機遇的開發增長非常迅速。這種趨勢讓我們更有信心，相信這對我們公司來說是一個真正重要的推動力。

Our next question comes from Brian Johnson with Barclays.

我們的下一個問題來自巴克萊銀行的布萊恩·約翰遜。

Just want to flesh a little bit more the inventory question. I guess first question is, a lot of the pure auto suppliers have very severe decrementals due to top start nature production in the quarter. Is most of the work you do in automotive from a catalog and therefore not customized to an OEM. And does that allow you to have smoother decrementals when 1 model up, 1 factory is up, 1 factory is down on your customers' end?

只是想進一步充實庫存問題。我想第一個問題是，許多純汽車供應商由於本季度的開工自然產量而出現了非常嚴重的衰退。您在汽車領域所做的大部分工作都是通過目錄進行的，因此不是針對 OEM 進行定制的。當客戶端有 1 個模型上線、1 個工廠上線、1 個工廠宕機時，這是否可以讓您的遞減更加平滑？

Yes, definitely not every one of our products. We have 15,000 different products that we bring to customers. They're not drop in. They are very much customized to the application, many -- very frequently sole-sourced with them. I would just say that we've built inventory and I think we've managed through this better. We're not the bottleneck, right, with our customers, which is a nice place to be.

是的，絕對不是我們的每一款產品。我們為客戶提供 15,000 種不同的產品。他們不會進來。它們針對應用程序進行了高度定制，許多——通常是與它們獨家採購。我只想說我們已經建立了庫存，並且我認為我們已經更好地管理了這個問題。我們不是客戶的瓶頸，對吧，這是一個很好的地方。

We're in escalation with a lot of customers, but I'll tell you, I've talked with a lot of them. And the feedback I get is we're not the biggest problem. That's good. I like not being the biggest problem, and I'm okay with building a little bit of inventory to give a buffer, if you will, to our customers.

我們正在與很多客戶升級，但我會告訴你，我已經與很多客戶進行了交談。我得到的反饋是我們不是最大的問題。那挺好的。我不喜歡成為最大的問題，而且如果您願意的話，我可以建立一點庫存來為我們的客戶提供緩衝。

But I do want to make sure that it doesn't get out of hand because eventually, it's going to come around, right? They're going to take that inventory out at some point and then will lag the performance. So we don't want great performance during a tough time to result in a negative in the long term. So we're keeping a close eye on it.

但我確實想確保它不會失控，因為最終它會出現，對吧？他們會在某個時候把庫存拿出來，然後就會落後於業績。因此，我們不希望在困難時期取得出色的表現，從而導致長期的負面影響。所以我們正在密切關注它。

Our next question comes from Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Yes. It's Samik Chatterjee. Jeff, I guess when you outlined the content outperformance since 2018. And I think previously the narrative was about 400 to 600 basis points outperformance and you've consistently done better than that in both autos as well as heavy vehicles.

是的。我是薩米克·查特吉。Jeff，我想當您概述 2018 年以來內容表現出色時。我認為之前的說法是表現優於 400 到 600 個基點，而且無論是汽車還是重型車輛，你的表現一直都比這更好。

So I'm just thinking with the road map that you have on electrification and battery electric vehicles, when -- what are you thinking in terms of visibility, in terms of raising that outperformance guide?

所以我只是在思考你們關於電氣化和電池電動汽車的路線圖，當——你們在可見性方面、在提高卓越績效指南方面有什麼想法？

And is it -- are there any concerns about hitting an air pocket as the transition happens in the industry? Or is it pretty much smooth sailing from here in that content outperformance should really start to continue to build from that level?

隨著行業的轉變，是否有人擔心會出現氣泡？或者說，從現在開始，內容的表現是否真的應該從這個水平開始繼續發展，一帆風順？

Yes. Thanks, Samik. So historically, we've referenced outgrowth in automotive and HVOR. I think to just make the story simpler. And by the way, we did that because of mix in the business and how it grows and so forth. We did it to create more transparency, but I fear that we might have complicated the story.

是的。謝謝，薩米克。從歷史上看，我們提到了汽車和 HVOR 的增長。我認為只是讓故事變得更簡單。順便說一句，我們這樣做是因為業務的混合及其增長方式等等。我們這樣做是為了提高透明度，但我擔心我們可能會讓事情變得複雜。

At the end of the day, our goal is to make sure that as a company, we have outgrowth over market. We know markets will ebb and flow. That's the nature of the end markets that we serve. And that's why we've quoted the 570 basis points since '18 across the company. It's really driven by HVOR and auto, but we do see outgrowth in industrial and aerospace as well, just not as pronounced.

歸根結底，我們的目標是確保作為一家公司，我們的增長超過市場。我們知道市場會潮起潮落。這就是我們所服務的終端市場的本質。這就是為什麼我們自 18 年以來在整個公司引用了 570 個基點。它確實是由 HVOR 和汽車驅動的，但我們也確實看到了工業和航空航天領域的增長，只是不那麼明顯。

The call for 400 to 500 go forward and our confidence in that. Again, it's what we have really strong confidence in. The more near term, outgrowth exceeding the targets is it has a lot to do with you're off a smaller base in 2020. So once we get into a more normalized environment, we would expect those outgrowth numbers to normalize a little bit.

400 到 500 人的呼籲繼續進行，我們對此充滿信心。再說一遍，這是我們非常有信心的。從近期來看，增長超過目標與 2020 年基數較小有很大關係。因此，一旦我們進入更加正常化的環境，我們預計這些增長數字會稍微正常化。

And so we just want more time where we've demonstrated beating the target before we raise. We're going to share what we have high level of confidence in. But certainly, we've demonstrated the ability to do better than what we've said and we'll aim to keep doing that, but we feel really comfortable with the forward 400 to 500 across the company and then the other quotes of 4 to 6 in auto and 6 to 8 in HVOR going forward. So hopefully, that helps.

因此，我們只需要更多的時間來證明我們在加註之前已經超越了目標。我們將分享我們非常有信心的內容。但當然，我們已經證明了我們有能力做得比我們所說的更好，我們的目標是繼續這樣做，但我們對整個公司的遠期 400 到 500 以及其他 4 到 500 的報價感到非常滿意。未來自動駕駛為6，HVOR 為6 至8。希望這會有所幫助。

Our next question comes from Michael Filatov with Berenberg.

我們的下一個問題來自邁克爾·菲拉托夫和貝倫貝格。

Just on the doubling of the EV content, not to be the dead horse there. just the margin profile of that extra content you're seeing on electric vehicles. Could you maybe talk about how that will impact sort of the business margin and maybe where that margin profile is more attractive within the actual electric vehicle content mix?

只是將電動汽車含量加倍，而不是成為那裡的死馬。只是您在電動汽車上看到的額外內容的利潤概況。您能否談談這將如何影響業務利潤率，以及在實際的電動汽車內容組合中，利潤率狀況在哪些方面更具吸引力？

Yes. So we exclusively focus on really hard to do applications that will achieve differentiated margins. So we steer very clear of commoditized applications that -- and huge commoditized that's probably unfair, applications that can be served with semiconductor packaging that don't require any sophisticated packaging and calibration, environmental control for harsh environments.

是的。因此，我們只專注於真正難以實現的應用程序，以實現差異化的利潤。因此，我們非常避開商品化的應用程序，這些應用程序可能是不公平的，可以通過半導體封裝提供服務，不需要任何復雜的封裝和校準，以及惡劣環境下的環境控制。

They're valuable sockets, but others can serve them. Where we do really well is in applications that are hard to do in harsh environments, and that's where we bring a lot of capability. We always focus on them, right? And so we're not going to deviate. That generates the premier margins that we experience as a company.

它們是很有價值的套接字，但其他套接字也可以為它們提供服務。我們真正擅長的地方是在惡劣環境下難以完成的應用程序，而這正是我們帶來大量功能的地方。我們總是關注他們，對嗎？所以我們不會偏離。這為我們公司帶來了最高的利潤。

Now let me speak to how that will transition on new product launches. We've always seen new products that are at lower volumes have lower margins as they ramp, right? You're getting the kinks worked out of the automated manufacturing, you're gaining scale on your raw materials, you're utilizing your factory capabilities in terms of absorption, your yields start to increase dramatically.

現在讓我談談這將如何在新產品發佈時轉變。我們總是看到產量較低的新產品隨著產量的增加其利潤率也較低，對吧？您正在解決自動化製造中的問題，您正在擴大原材料的規模，您正在利用工廠的吸收能力，您的產量開始急劇增加。

But we're factoring that in. We don't see this transition as being hugely disruptive. The long-term margin profile of these products that we're engaging with our customers on will continue to have the differentiated margin profile that we have as an organization, as a company, and we'll continue to make sure we do that. It's not -- It doesn't just happen, right? It's the building of the scale. It's making sure that we're constantly redesigning, sourcing differently to make sure that we can drive the margin profile and make sure that we're competitive from a cost standpoint.

但我們正在考慮這一點。我們不認為這種轉變具有巨大的破壞性。我們與客戶合作的這些產品的長期利潤狀況將繼續具有我們作為一個組織、一家公司所擁有的差異化利潤狀況，我們將繼續確保我們做到這一點。這不是——這不會自然發生，對吧？這是規模的建立。它確保我們不斷地重新設計、以不同的方式採購，以確保我們能夠提高利潤率，並確保我們從成本的角度具有競爭力。

Our next question comes from William Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 William Stein。

We've spoken quite a bit about inventory levels. But I still have a question about it. I'm looking to hopefully distill all of it into 1 comment. So can you remind us to what degree the inventory that you -- the excess inventory at your customers that you cited last quarter, do you believe was in raw form to them? In other words, they were holding your part versus in a car that was 99% complete, just waiting for 1 semiconductor to drop in. Can you also remind us of the dollar of inventory you believe was in excess last quarter, what that is this quarter again because I've heard a couple of numbers, but I might have missed it. And then the timing that you expect that inventory to be depleted and if that wasn't enough, maybe also talk about the planned inventory builds that we've heard OEMs want to do for strategic components. Does that affect your orders as part build planned. Sorry for the long-winded question.

我們已經談過很多關於庫存水平的問題。但我對此仍有疑問。我希望將所有內容提煉成 1 條評論。那麼，您能否提醒我們，您認為上季度您提到的客戶的過剩庫存在多大程度上是原始形式？換句話說，他們保留著你的零件，而不是在一輛已經完成 99% 的汽車中，只是等待 1 個半導體投入使用。您能否也提醒我們您認為上個季度過剩的庫存金額是多少，本季度又是多少，因為我聽過幾個數字，但我可能錯過了。然後是您預計庫存耗盡的時間，如果這還不夠，也許還可以談論我們聽說 OEM 想要為戰略組件進行的計劃庫存建設。這是否會影響您作為部分構建計劃的訂單？抱歉問了這麼長的問題。

Will, I'll try to fill this down to something simple. So we built -- we believe that our customers built about $25 million of inventory in Q2 and $35 million this quarter. And so we're shipping to them above production.

威爾，我會嘗試將其簡化為一些簡單的內容。因此，我們相信我們的客戶在第二季度建立了約 2500 萬美元的庫存，在本季度建立了 3500 萬美元的庫存。因此，我們將高於生產量的產品運送給他們。

With that said, given the fact that we think we're a very good supplier, we're not bottleneck, the assumption would be, and there's no facts to support that a lot of our parts are probably sitting in vehicles that are work in progress that will get released to the market at some point.

話雖如此，鑑於我們認為我們是一個非常好的供應商，我們不是瓶頸，假設是，並且沒有事實支持我們的很多零件可能位於正在工作的車輛中進展將在某個時候發佈到市場。

Given the fact that we're shipping well, we're having lots of discussions to meet their quarter demand, there's a lot of anxiety in the supply chain. And so that's how I would stack it up in terms of what's happening this year. Hard to say when it's going to unwind. But to Jeff's point, there's a lot of -- inventory levels in the dealerships are very well. So likely that's something that we'll need to get rebuilt. And so that's positive. That's a positive tailwind to what being seen right now.

鑑於我們的運輸狀況良好，我們正在進行大量討論以滿足他們的季度需求，供應鏈中存在很多焦慮。這就是我對今年發生的事情的總結。很難說什麼時候能放鬆。但就傑夫而言，經銷商的庫存水平非常好。這很可能是我們需要重建的東西。所以這是積極的。這對目前所看到的情況來說是一個積極的推動力。

I don't think that's going to change much in the current supply chain constraints that we're seeing, but it's likely a longer term, mitigating factors to some of the inventory that's been built in the channel today.

我認為這不會對我們所看到的當前供應鏈限制產生太大變化，但這可能是一個較長時期的情況，會減輕目前渠道中建立的一些庫存的因素。

Our next question comes from Nik Todorov with Longbow.

我們的下一個問題來自長弓的尼克·托多羅夫。

Jeff, I think I heard you talked about implementing a differentiated or different commercial approach to addressing the rising costs. Maybe can you expand there? What are you doing differently when you negotiate those with direct customers? And then maybe can you talk about how much of the inflation costs you've seen so far, you've been able to pass through to direct customers so far this year? And how should the investors think about once we start the new calendar year in terms of passing through those?

傑夫，我想我聽到你談到實施差異化或不同的商業方法來解決成本上升的問題。也許你可以在那裡擴展？當您與直接客戶談判時，您採取了哪些不同的做法？然後，也許您能談談到目前為止您所看到的通貨膨脹成本有多少，今年到目前為止您已經能夠轉嫁給直接客戶嗎？一旦我們開始新的一年，投資者應該如何思考如何度過這些？

Sure. So 2021, we've recovered about half of the cost that we've incurred and given that we're expecting those costs to continue, we're going to aim to get all of that going forward. Certainly, we've been able to achieve that in Q3 and Q4. So I had mentioned that in the first half of the year, we sort of held off on that until we determined whether or not it was going to be persistent.

當然。因此，到 2021 年，我們已經收回了大約一半的成本，並且考慮到我們預計這些成本將繼續存在，我們的目標是讓所有這些都向前推進。當然，我們已經在第三季度和第四季度實現了這一目標。所以我曾提到，在今年上半年，我們有點推遲了這一計劃，直到我們確定它是否會持續下去。

And it's not one size fits all. Every customer is different and the trade-offs are unique. And so -- but it's very strategic in terms of how we're engaging with customers to optimize all of the levers that we have available. But we're committed to making sure that we serve our customers, but that we share in the costs associated with achieving now.

而且它不是一刀切的。每個客戶都是不同的，權衡也是獨特的。所以，但就我們如何與客戶互動以優化我們可用的所有槓桿而言，這是非常具有戰略意義的。但我們致力於確保我們為客戶提供服務，但我們分擔與現在實現目標相關的成本。

Our next question comes from Rod Lache with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Rod Lache。

This is Shreyas on for Rod. So just wanted to clarify a couple of points. So I think you had mentioned earlier, there was about $100 million to $125 million of inventory build that you've experienced so far this year. So should we be assuming that inventory basically unwinds as we go through Q4 and then probably into next year? And is that embedded in that 4 to 5 points of growth over market that you were kind of talking about before?

這是羅德的施里亞斯。所以只是想澄清幾點。所以我想你之前提到過，今年到目前為止，你已經經歷了大約 1 億至 1.25 億美元的庫存建設。那麼，我們是否應該假設庫存在第四季度基本上會減少，然後可能會進入明年？這是否體現在您之前談到的市場增長 4 到 5 個百分點中？

And then you mentioned that you're starting to see a recovery in some of the supply chain costs that you've been incurring this year. So does that suggest that all else equal, the headwind that you're experiencing this year would likely moderate if you continue to receive those recoveries?

然後您提到，您開始看到今年發生的一些供應鏈成本有所回升。那麼，這是否表明，在其他條件相同的情況下，如果您繼續獲得這些復甦，您今年所經歷的逆風可能會緩和？

So it's Paul. A couple of things. We talked -- there's a year-over-year impact that after taking into consideration. Last year inventory were contracting, this year where they're building. So we look at it on a year-over-year basis, it's bigger than whatever got built this year because we had inventory contracting last year.

所以是保羅。有幾件事。我們討論過——考慮到這一點後，會產生逐年影響。去年庫存在收縮，今年庫存卻在增加。因此，我們逐年審視它，它比今年建造的任何建築都大，因為我們去年進行了庫存承包。

As it relates to Q4, we've been benefiting from this build shipping above production. In Q4, we're assuming we're going to be pretty much delivering to production. But last year, there was a contraction. So it's how you want to think about year-over-year versus sequential. But just think of Q4 as largely related to the production that's being estimated we're estimating at 15 is what we're going to serve, 15 million cars excluded in the fourth quarter.

由於與第四季度相關，我們一直受益於高於生產的構建運輸。在第四季度，我們假設我們將基本上交付生產。但去年出現了收縮。因此，這就是您要如何考慮同比與連續的情況。但想想第四季度很大程度上與我們預計的產量有關，我們估計我們將提供 15 輛汽車，第四季度不包括 1500 萬輛汽車。

And the only other thing I'd mention is I think you commented about the outgrowth, we exclude inventory from the outgrowth that we have in the market when it's material.

我唯一要提到的另一件事是，我認為您對副產品發表了評論，我們將庫存從市場上的副產品中剔除，當它是實質性的時。

Our next question comes from Joseph Spak with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

And not to beat a dead horse here, but I know you're sort of talking about your fourth quarter outlook below IHS. And I know we got to make some adjustments there because you look at it on your mix basis and exclude Xirgo, et cetera. But even if you do that, it seems like production is at least flattish, if not still higher than the third quarter, and then you're guiding the total revenues down sequentially. So it does seem like you're assuming a good amount of that inventory unwinds. And I'm just trying to understand that because going back to Paul, your comments, I mean, it seems like the automakers might not really be in a position to have that happen in the near term given the dealer inventory situation. So I just want to try to square those 2 sentiments.

並不是說這裡已經死了，但我知道你是在談論低於 IHS 的第四季度前景。我知道我們必須在那裡做出一些調整，因為你會根據混音基礎來查看它並排除 Xirgo 等。但即使你這樣做，看起來產量至少是持平的，如果不是仍然高於第三季度，那麼你就會引導總收入連續下降。因此，您似乎確實假設有大量庫存被釋放。我只是想理解這一點，因為回到保羅，你的評論，我的意思是，考慮到經銷商的庫存情況，汽車製造商似乎在短期內可能無法真正實現這種情況。所以我只是想嘗試調和這兩種情緒。

Just trying to get really simple. I mean, our Q3 revenue production was $14.4 million but we benefited from inventory build, right? In Q4, production is $15 million, so it's up about 4%. We're not assuming that inventory build will continue. That's the difference. And our automotive business is slightly down. You're right, most sequentially. Those are the dynamics because we're not expecting to get that additional revenue from shipping more than what's being produced at the OEM.

只是想變得非常簡單。我的意思是，我們第三季度的收入為 1440 萬美元，但我們受益於庫存建設，對嗎？第四季度的產量為 1500 萬美元，因此增長了約 4%。我們並不假設庫存增加將會繼續。這就是區別。我們的汽車業務略有下降。你是對的，最有順序的。這些都是動態，因為我們預計不會從超過 OEM 生產的運輸量中獲得額外收入。

Yes. That's auto, right? So on HVOR Q3 to Q4, we're expecting the market to contract a little bit. Industrial Q3 to Q4, we're expecting the market to contract a little bit.

是的。那是自動的吧？因此，在 HVOR 第三季度至第四季度，我們預計市場將略有收縮。工業第三季度到第四季度，我們預計市場將略有收縮。

That's seasonal.

那是季節性的。

Yes, that's seasonal, right? But that has to be factored into the Q3, Q4 transition as well. Aero is the other one that's up a tiny bit from Q3 to Q4. So when you look at the whole mix of the business, it's complicated. But when you look at the whole mix, the guide makes sense, and it's just a lot of moving.

是的，這是季節性的，對嗎？但這也必須考慮到第三季度和第四季度的轉型中。Aero 是另一個從第三季度到第四季度略有上升的產品。因此，當你審視整個業務組合時，就會發現它很複雜。但當你看到整個組合時，指南是有道理的，而且非常令人感動。

And the fill is 95%, a little bit less than last quarter, but last quarter, we're expecting more orders to drop out given some of the shutdowns. We're expecting a little less of that. So that's why the fill being a bit lower, we think is appropriate given where we're forecasting the revenue to be at the point guide. It's largely consistent with what we saw in Q3.

填充率為 95%，比上季度略少，但由於部分工廠停工，我們預計上季度會有更多訂單流失。我們對此的期望會稍低一些。因此，考慮到我們預測收入將達到指導點，我們認為填充率略低是合適的。這與我們在第三季度看到的情況基本一致。

Our next question comes from David Kelley with Jefferies.

我們的下一個問題來自杰弗里斯的大衛·凱利。

Maybe just a question on the fourth quarter margin guidance and the sequential view of the step down from Q3, I'm assuming in part related to the sequential guided revenue step down. But could you just give us a sense of how you're thinking about some of the sequential input cost levers into the fourth quarter? Or if there's anything mix related we should be thinking through in modeling?

也許只是關於第四季度利潤指導和第三季度下降的順序視圖的問題，我假設部分與指導收入的連續下降有關。但您能否讓我們了解一下您如何考慮第四季度的一些連續投入成本槓桿？或者是否有任何與混合相關的事情我們應該在建模中考慮？

You've got it right. The difference from Q3 to Q4, the drop we're dropping about $40 million-ish in the revenue and about $16 million is coming out on the bottom line. So it's -- a lot of it is just volume conversion and leverage that we lose. There is a little bit of an expectation of higher logistics costs as logistics rates continue to just given the constraints are global logistics channels. Those would be the 2 main drivers sequentially.

你說得對。第三季度與第四季度的差異是，我們的收入下降了約 4000 萬美元，而淨利潤下降了約 1600 萬美元。所以，我們損失的大部分只是成交量轉換和槓桿。由於全球物流渠道的限制，物流費率繼續上漲，因此預計物流成本將會上升。這些將依次成為兩個主要驅動因素。

Our next question comes from Chris Snyder with UBS.

我們的下一個問題來自瑞銀集團的克里斯·斯奈德。

Also just kind of want to follow up on the commentary on the EV content per vehicle can be double ICE within 5 years because this is a really significant change from the recent plus 20% run rate. So this trying to impact us more. I guess it's not super clear to me what is driving that 80% delta relative to expectations, just 3 to 6 months ago. Is it that the market opportunity is stronger than previously thought? Are our share gains accelerating kind of based on what you're seeing on orders? And I just want to confirm this does not include incremental M&A?

另外，我想跟進有關每輛車的電動汽車含量可以在 5 年內將 ICE 增加一倍的評論，因為這與最近加 20% 的運行率相比是一個非常重大的變化。所以這試圖對我們產生更多影響。我想我還不太清楚是什麼推動了 3 到 6 個月前相對於預期 80% 的增量。是不是市場機會比之前想像的要強？根據您所看到的訂單情況，我們的份額增長是否在加速？我只是想確認這不包括增量併購？

Yes, it does not include incremental M&A. And so the -- again, the 20% is a demonstrated capability. If you take in 2020 and 2021 total revenue from electric vehicles divided by electric vehicles produced. It's a 20% uplift from the balance of the automotive business, right?

是的，它不包括增量併購。因此，再次強調，20% 是經過驗證的能力。如果將 2020 年和 2021 年電動汽車總收入除以電動汽車產量。汽車業務的餘額增長了 20%，對嗎？

So it's a demonstrated. There's a lot that needs to happen in terms of seeing how those vehicle platforms roll out. But the -- a lot of the business is, one, we have a long-cycle business, right? So the last several years, we've quoted the amount of new business wins that we've had that are really specifically focused on electric vehicles. We're getting a better feel for what capability or what products that we have will port right over into the new electrified platforms as our customers start to put the finishing touches on their launch schedules associated with those.

所以這是一個演示。要了解這些車輛平台的推出方式，還需要做很多事情。但是，很多業務是，第一，我們有一個長周期業務，對吧？因此，在過去幾年中，我們引用了我們獲得的新業務的數量，這些業務確實專門針對電動汽車。隨著我們的客戶開始對與這些相關的發佈時間表進行最後的修改，我們對我們擁有的哪些功能或產品將直接移植到新的電氣化平台有了更好的認識。

And so we're just providing the visibility into the next 3 to 5 years, what we see and how that will transition. It's -- no one knows that the final answer is to how many electric vehicles, but if you use a 25%, 30% total electric vehicle park and 5 years, market is going to grow, content is going to continue to grow.

因此，我們只是提供未來 3 到 5 年的可見性、我們所看到的以及將如何轉變。沒有人知道最終的答案是有多少電動汽車，但如果你使用 25%、30% 的電動汽車停車場，5 年內，市場將會增長，內容也會繼續增長。

And obviously, in electric vehicles, we're going to continue to see incremental content on those vehicles in the light vehicle market, but even more accentuated in some of the stationary equipment in every vehicle market where we're providing more than just sensor content. So it continues to be a really exciting, fast-moving area that will continue to provide data points and reference points so that you can monitor our progress.

顯然，在電動汽車方面，我們將繼續看到輕型汽車市場中這些車輛的內容不斷增加，但在每個汽車市場的一些固定設備中更為突出，我們提供的不僅僅是傳感器內容。因此，它仍然是一個非常令人興奮、快速發展的領域，將繼續提供數據點和參考點，以便您可以監控我們的進展。

Our next question comes from Joe Giordano with Cowen.

我們的下一個問題來自喬·佐丹奴和考恩。

I think we've got some of the things at this point, but just curious your when you scale your content, and things like that, like what does that contemplate in terms of megatrend spend associated with that? And particularly, as you do all these kind of bolt-on, does that megatrend number ramp with that? How do you kind of see that going over the next couple of years?

我認為我們現在已經掌握了一些東西，但只是好奇當你擴展你的內容時，以及類似的事情，比如與此相關的大趨勢支出方面考慮了什麼？特別是，當您進行所有這些補充時，大趨勢數字是否會隨之增加？您如何看待未來幾年的發展？

I think for next year, we're -- our current planning model is to staying at $50 million, $55 million range for megatrend spend. The composition of that spend may change. It may end up pivoting more towards where we think the success will be in terms of scaling growth. So more to come on that as we develop our guide for next year with an aggregate number. Right now, the target is about -- keep it at that $55 million level.

我認為明年，我們目前的規劃模型是保持 5000 萬美元至 5500 萬美元的大趨勢支出範圍。該支出的構成可能會發生變化。它最終可能會更多地轉向我們認為在規模增長方面會取得成功的方向。當我們制定明年的指南並提供總數時，還會有更多內容。目前的目標是——保持在 5500 萬美元的水平。

Our next question comes from James Suva with Citi.

我們的下一個問題來自花旗銀行的詹姆斯·蘇瓦。

A question on the logistics and the supply chain issues. Are you having to -- or starting to consider put into your contracts like additional riders or, I guess, indexing to raw materials or shipping or things like that? Because I'm just wondering if these things are prolonged so it could potentially protect your profitability somewhere. I'm just kind of wondering how it's going because I know you have very long-term relationships with your customers in a long sight of visibility into the designs.

關於物流和供應鏈問題的問題。你是否必須——或者開始考慮將額外的附加條款納入你的合同中，或者我猜，對原材料或運輸或類似的事情進行索引？因為我只是想知道這些事情是否會延長，從而可能在某個地方保護您的盈利能力。我只是想知道事情進展如何，因為我知道您與客戶有著非常長期的關係，並且對設計有長遠的了解。

Yes. So it's a great question, Jim. Typical contracts, it was not unusual to have rate of exchange riders or metal commodity riders in them, but inflation riders are something that I don't -- haven't seen in a lot of commercial agreements, but we're clearly having those conversations that's the legal side of it. The reality is, is that our customers want us to be able to serve them. We do have very long-standing decades long relationships with our customers. and we'll get to the right answer with them in terms of navigating through this challenge.

是的。所以這是一個很好的問題，吉姆。典型的合同中包含匯率附加條款或金屬商品附加條款並不罕見，但通貨膨脹附加條款是我沒有的——在很多商業協議中都沒有看到，但我們顯然有這些附加條款這是法律方面的對話。現實情況是，我們的客戶希望我們能夠為他們提供服務。我們確實與客戶有著數十年的長期合作關係。我們將與他們一起找到正確的答案來應對這一挑戰。

Again, it's not -- it's never an easy conversation to have this type of discussion with customers. But they understand the world we're living in. They understand the world that everybody is living in. And for the most part, we feel good. But we will drive more into the contractual element, but it's a dialogue with them around how we partner.

再說一次，與客戶進行這種類型的討論從來都不是一件容易的事情。但他們了解我們生活的世界。他們了解每個人所生活的世界。在大多數情況下，我們感覺良好。但我們將更多地關注合同元素，但這是與他們圍繞我們如何合作的對話。

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。

I'd like to thank everyone for joining us this morning and for hanging in there through all those questions. Sensata will be participating in upcoming investor conferences this quarter, including Baird's Industrial Conference and the Melius Industrial Conference in New York during the quarter. As Jeff mentioned, we also expect to offer a webinar on our electrification components in Clean Energy Solutions initiatives early next year.

我要感謝大家今天早上加入我們並堅持回答所有這些問題。森薩塔將參加本季度即將舉行的投資者會議，包括本季度在紐約舉行的貝爾德工業會議和 Melius 工業會議。正如傑夫提到的，我們還希望在明年初舉辦一次關於清潔能源解決方案計劃中的電氣化組件的網絡研討會。

We look forward to seeing you at one of those events or on our fourth quarter earnings call in early February. Thank you all for joining us this morning and for your interest in Sensata. Operator, you may now end the call.

我們期待在其中一場活動或二月初的第四季度財報電話會議上見到您。感謝大家今天早上加入我們以及對森薩塔的興趣。接線員，您現在可以結束通話了。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。